思杰系統 (CTXS) 2021 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Citrix Q3 2021 Conference Call. (Operator Instructions) Please also note today's event is being recorded. And at this time, I'd like to turn the conference call over to Traci Tsuchiguchi. Please go ahead.

大家早上好，歡迎參加 Citrix 2021 年第三季電話會議。 （操作員指示）另請注意，今天的活動正在被記錄。現在，我想將電話會議交給 Traci Tsuchiguchi。請繼續。

Good morning, and thank you for joining us for today's third quarter 2021 earnings call. Participating on the call will be Bob Calderoni, Chairman and Interim Chief Executive Officer; and Arlen Shenkman, Executive Vice President and Chief Financial Officer. Please note that we have posted our third quarter earnings letter to our Investor Relations website.

早安，感謝您參加今天的 2021 年第三季財報電話會議。參加電話會議的有董事長兼臨時執行長 Bob Calderoni；以及執行副總裁兼財務長 Arlen Shenkman。請注意，我們已將第三季收益函發佈到我們的投資者關係網站。

I'd like to remind you that today's conversation will contain forward-looking statements made under the safe harbor provision of the U.S. securities law. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated. Additional information concerning these and other factors is highlighted in today's earnings letter and in the company's filings with the SEC. Copies are available from the SEC or on our Investor Relations website.

我想提醒您，今天的對話將包含根據美國證券法的安全港條款做出的前瞻性陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與預期結果有重大差異。有關這些因素和其他因素的更多資​​訊已在今天的收益函和公司向美國證券交易委員會提交的文件中重點介紹。 您可以從美國證券交易委員會 (SEC) 或我們的投資者關係網站取得副本。

On this call, we will discuss various non-GAAP financial measures as defined by SEC's Regulation G. A reconciliation of the differences between GAAP and non-GAAP financial measures discussed on today's call can be found at the end of our earnings letter found on the Investor Relations page of our website.

在本次電話會議上，我們將討論美國證券交易委員會 (SEC) G 條例定義的各種非​​公認會計準則 (non-GAAP) 財務指標。今天電話會議上討論的公認會計準則 (GAAP) 和非公認會計準則 (non-GAAP) 財務指標之間的差異可在我們網站投資者關係頁面上的收益信函末尾找到。

Now I'd like to turn it over to Bob Calderoni, our Chairman and Interim Chief Executive Officer. Bob?

現在我想把發言權交給我們的董事長兼臨時執行長 Bob Calderoni。鮑伯？

Thanks, Traci. Good morning, and thank you for joining us. For those of you whom I've not yet met, I'm Bob Calderoni, Chairman of the Board and Interim CEO. And as you know, I stepped into this new role just a few weeks ago. And while I will need some time before I can share with you my views on 2022 and beyond, I thought I would give you some of my early observations on the business.

謝謝，特蕾西。早安，感謝您加入我們。對於那些我還沒見過的人，我是董事會主席兼臨時執行長鮑勃·卡爾德羅尼 (Bob Calderoni)。正如你們所知，我幾週前才剛擔任這個新職位。雖然我需要一些時間才能與大家分享我對 2022 年及以後的看法，但我想先跟大家講講我對這項業務的一些早期觀察。

Today, I see a business with very strong assets and a solid foundation. Citrix, as you know, is the leader in its markets. We're #1 in the VDI DaaS market, and we're #2 in the ADC market. And those market positions are supported by strong technology advantages. The markets we participate in are healthy and growing, and our important VDI DaaS business has some strong secular tailwinds with trends supporting secure remote hybrid work.

今天，我看到一家擁有非常強大資產和堅實基礎的企業。眾所周知，Citrix 是其市場領域的領導者。我們在 VDI DaaS 市場排名第一，在 ADC 市場排名第二。而這些市場地位正是由強大的技術優勢所支撐的。我們參與的市場健康且不斷成長，我們重要的 VDI DaaS 業務具有一些強勁的長期順風，趨勢支持安全的遠端混合工作。

We have a strong and loyal customer base across the globe, and we have strong presence in every industry vertical. And from a business perspective, we've proven success in our transition to the cloud with over $1 billion of SaaS ARR, and we have largely transitioned our model to recurring revenues with over $3 billion of ARR.

我們在全球擁有強大而忠誠的客戶群，並且在每個垂直行業中擁有強大的影響力。從業務角度來看，我們已成功轉型為雲端運算公司，SaaS ARR 超過 10 億美元，我們已基本將模式轉變為經常性收入，ARR 超過 30 億美元。

I believe the overall health and velocity of our business is best demonstrated by the fact that we expect our total ARR to grow nearly 10% this year on an organic basis. And I'll remind you, this growth is following a rather extraordinary year in 2020 that benefited from an unusual COVID demand.

我認為，我們預計今年我們的總 ARR 將有機成長近 10%，這一事實最能體現我們業務的整體健康狀況和發展速度。我要提醒大家的是，這一增長是在 2020 年相當不平凡的一年之後實現的，這一年得益於不同尋常的 COVID 需求。

Another important metric signaling the health of any recurring revenue business is renewal rates. And while we do not disclose our renewal rates, I can say the rates are both strong and improving.

另一個反映經常性收入業務健康狀況的重要指標是續約率。雖然我們沒有透露我們的續約率，但我可以說我們的續約率既強勁又在不斷提高。

There's lot to point to on the positive side, but I think it's fair to say there've also been some missteps along the way, which is clearly overshadowing our success. These missteps are largely in our go-to-market motion and in our own forecasting, and I'm confident they're all fixable.

積極的一面有很多，但我認為公平地說，一路走來也有一些失誤，這顯然給我們的成功蒙上了陰影。這些失誤主要存在於我們的行銷行動和我們自己的預測中，我相信它們都是可以解決的。

We need to shore up our channel programs and put in place the right incentives for our channel partners. And we need to focus sales investments on direct selling quota-carrying individuals and eliminate excess investments in overlays and shared commissions.

我們需要加強我們的通路計劃，並為我們的通路合作夥伴提供正確的激勵措施。我們需要將銷售投資集中在承擔直銷配額的個人身上，並消除對覆蓋和共享佣金的過度投資。

We're going to address all of these issues as part of our planning for 2022, and I will share more of that with you as part of our Q4 earnings call. Much of this work is underway, but not yet complete.

我們將在 2022 年規劃中解決所有這些問題，我將在第四季財報電話會議上與大家分享更多相關資訊。大部分工作正在進行中，但尚未完成。

I can say, however, the objectives for this work are very clear. We strive to be more predictable, delivering solid growth again in our total ARR along with better margins and cash flow. My priorities have set us on a course to deliver the long-term sustainable growth and profitability, I know we are capable of achieving.

但我可以說，這項工作的目標非常明確。我們努力提高可預測性，再次實現總 ARR 的穩健成長以及更好的利潤率和現金流。我的優先事項使我們走上了實現長期可持續增長和盈利的道路，我知道我們有能力實現這一目標。

I'm very happy to be in this role. I look forward to working with the rest of the management team to achieve these objectives. And I look forward to talking with many of you over the coming months.

我很高興能擔任這個角色。我期待與其他管理團隊一起努力實現這些目標。我期待在接下來的幾個月裡與你們中的許多人進行交談。

With that said, let me now open the call for your questions.

話雖如此，現在讓我開始回答你們的提問。

(Operator Instructions) And our first question comes from Kirk Materne from Evercore ISI.

（操作員指示）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Okay. Bob, just a couple of things, maybe as you settle in. I assume by your comments, there's not going to be any changes to the go-to-market motion for the fourth quarter. Anything that will be changed would be in the beginning of next year.

好的。鮑勃，只有幾件事，也許等你安頓下來後再說。根據你的評論，我認為第四季的上市動議不會有任何變化。任何改變都將在明年年初發生。

And then, I guess, secondly, on the go-to-market side, can you just talk a little bit more about the channel kind of what's going on this year that hasn't worked, meaning is it the visibility into the channel pipeline isn't there? It's just an execution between sort of your expectations and what the channels delivered? I'm trying to get a little bit better sense of what's maybe gone wrong on that front and how you think about correcting it or is it again, you're just getting an early view on this?

其次，我想，在市場進入方面，您能否再多談一下通路方面的情況，看看今年哪些方面沒有發揮作用，這意味著通路通路的可見性是否存在？這只是您的期望和通路交付內容之間的一種執行嗎？我試圖更好地了解這方面可能出了什麼問題，以及您如何考慮糾正它，或者您只是對此有初步的看法？

Yes, Kirk, certainly. Look, the company talked about, I think, in an earlier conference call about some of the changes that were made to the channel over the past year or 2 that reduced the profitability of some of our channel partners' business as it related to Citrix and really some changes in our compensation program, which I think need to be tweaked.

是的，柯克，當然了。你看，我認為公司在早些時候的電話會議中談到了過去一兩年對渠道所做的某些改變，這些改變降低了我們一些渠道合作夥伴與 Citrix 相關的業務的盈利能力，而且我們的薪酬計劃也發生了一些變化，我認為這些變化需要進行調整。

The issue really was about how we're compensating and incenting our channel partners. The channel is still there. The channel hasn't gone away. They're not selling somebody else's products. They're just focusing on other parts of their business. And like any part of a sales organization, and the channel is part of our sales organization, we want to make it more profitable for them to do business with us.

問題實際上在於我們如何補償和激勵我們的通路夥伴。該頻道仍然存在。該頻道尚未消失。他們不銷售別人的產品。他們只是專注於業務的其他部分。就像銷售組織的任何部分一樣，通路也是我們銷售組織的一部分，我們希望讓他們與我們做生意更有利可圖。

So there are a few actions we've taken. We've already started to take with our channel partners and automate the business more attractive to them. The first was we recently moved over some of our stalled and uncovered pipeline, and we're sharing that with them to give them leads and opportunities for new business.

因此我們採取了一些行動。我們已經開始與通路合作夥伴合作，使業務自動化對他們更具吸引力。首先，我們最近轉移了一些停滯和未覆蓋的管道，並與他們分享，為他們提供新業務的線索和機會。

We've also modified some of our compensation programs. Think of it as like a (inaudible) [stiff] in the short term here to encourage more focus on the Citrix business. We're going to do things in a more structured way for 2022, like compensation plans, you typically start them out at the beginning of the year. So we'll be more structured in our approach in 2022, but we didn't want to wait before we put some incentives in place.

我們也修改了一些薪酬計畫。可以將其視為短期內的（聽不清楚）[僵硬]，以鼓勵更多關注 Citrix 業務。我們將以更結構化的方式開展 2022 年的工作，例如薪酬計劃，通常會在年初開始實施。因此，我們將在 2022 年採取更結構化的方法，但我們不想等到實施一些激勵措施之後再採取行動。

And then lastly, we're really working with them around educating them on the transition motion of transitioning existing customers to the cloud and giving them financial incentives. So we think that's not only good business for us, but we think there's really good opportunities for them to expand their business and add more value to their customers if they help them move to our cloud as well.

最後，我們確實在與他們合作，教育他們如何將現有客戶過渡到雲端，並為他們提供財務誘因。因此，我們認為這不僅對我們來說是一筆好生意，而且我們認為，如果他們也幫助客戶遷移到我們的雲端，他們就有很好的機會擴展業務並為客戶增加更多價值。

So more to be done. Clearly, we just have to reverse some of the things that we did over the last year or 2 and make the business more attractive. And just like a sales force, if you make it more attractive to sell something, you'll get more of it sold and it's fixable. It might take a little bit of time before we see the uptick, but I'm pretty confident we will.

因此還有很多工作要做。顯然，我們必須扭轉過去一兩年來所做的一些事情，讓業務更具吸引力。就像銷售團隊一樣，如果你讓某樣東西更有吸引力，你就會賣出更多的產品，而且這是可以解決的。我們可能需要一點時間才能看到上升趨勢，但我非常有信心我們會看到。

That's great. And if I can just ask one quick one to Arlen. Arlen, I realize there's a lot of moving parts on the income statement, but EMEA was down again this quarter. Is that masking, I guess, what's going on from an ARR basis as we go through this perpetual to cloud shift? Or is EMEA just a little bit behind kind of where you'd want it to be? It might be a bit of both? I was just wondering if you could add some color on that front.

那太棒了。我可以快速問阿倫一個問題。阿倫，我知道損益表上有很多變動部分，但本季歐洲、中東和非洲地區的業績再次下滑。我想，當我們經歷這種永久的雲端轉變時，這是否會掩蓋 ARR 基礎上發生的事情？或者 EMEA 地區是否只是稍微落後於您所希望的水平？可能兩者都有吧？我只是想知道您是否可以在這方面添加一些顏色。

Yes. Thanks, Kirk. I think that it's really just a transition. And we've consistently seen that the U.S. is ahead of Europe in terms of moving to the cloud. And that fast transition is what's causing that headwind in terms of where they're headed. And I think we've seen it in the last couple of quarters, and we'll continue to see it as a good transition, but nothing more than that.

是的。謝謝，柯克。我認為這實際上只是一種過渡。我們一直看到，美國在遷移到雲端運算方面領先歐洲。而這種快速的轉變正是導致他們在前進路上遇到阻力的原因。我認為我們在過去幾個季度已經看到了這一點，我們將繼續將其視為一個良好的過渡，但僅此而已。

Our next question comes from Tyler Radke from Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

Welcome back, Bob. I wanted to just ask you, kind of some initial thoughts on the restructuring actions that you announced here for Q4. Obviously, the company has been through a lot in terms of realignment over the years. And just kind of curious where you see the biggest areas of low-hanging fruit and just kind of what your initial take on the cost actions are?

歡迎回來，鮑伯。我只是想問一下您對您宣布的第四季度重組行動的一些初步想法。顯然，該公司多年來經歷了許多重組。我只是有點好奇，您認為最容易實現的目標領域在哪裡，以及您對成本行動的初步看法是什麼？

Yes. Well, the first thing I'd say is everything we're doing in terms of restructuring is, first and foremost, focused on growth. And I think this is something I've long believed that any business that is focused does a better job on execution and that includes not only margins, but that includes growth. So we are looking to ensure that we're making all of the necessary investments that support our growth. And we're looking to remove distractions that not only depress margins, but distract us from growth. So I think focus is an important part of it.

是的。嗯，我想說的第一件事是，我們在重組方面所做的一切，首先都是為了成長。我認為這是我長期以來一直相信的事情，任何專注的企業都能更好地執行，這不僅包括利潤，還包括成長。因此，我們希望確保進行所有必要的投資來支持我們的成長。我們希望消除那些不僅會降低利潤率，還會阻礙我們實現成長的干擾因素。所以我認為專注是其中一個重要的部分。

I think the other thing I would say about it is we are going to keep or increase our direct quota-carrying individuals. And we're going to increase I mentioned earlier, we're going to be making some changes and are making changes that will increase the compensation that we're providing to our channel partners. So this is, again, in support of growth, there will be more investment into the front line and revenue-generating aspects of our business.

我想說的另一件事是，我們將保留或增加直接承擔配額的個人。正如我之前提到的，我們將做出一些改變，這些改變將增加我們為通路合作夥伴提供的補償。因此，這再次支持了成長，我們將對業務的前線和創收方面進行更多投資。

And then with that said, I think we're going to get more efficient in other parts of the business. So I think one of the things I found early on, and I'm saying that the go-to-market organization, is we introduced far too many overlays over the last 12 to 18 months. And we've got too many instances where we have too many people getting compensated on the same deal. I don't think that's a good thing. I think that not only adds more cost, I think it also takes away sales capacity at the same time. So we're looking to drive a lot of those changes in the organization.

話雖如此，我認為我們業務的其他部分將會變得更有效率。所以我認為我早期發現的一件事，也就是我說的行銷組織，是我們在過去 12 到 18 個月內推出了太多的覆蓋範圍。我們有太多的例子，有太多的人因為同一筆交易而獲得報酬。我認為這不是一件好事。我認為這不僅增加了成本，同時也會降低銷售能力。因此，我們希望在組織內推動許多這樣的變革。

And then in other parts of the organization, in R&D, it really is the product portfolio. Again, the things that are most important to us that are closely tied to our growth of VDI DaaS, ADC and in our content solutions, we're going to shore up and make sure we're making all of the investments needed in those areas and anything else that we don't have a lot of confidence in is going to be a material driver of growth, we're going to remove those.

然後在組織的其他部分，在研發中，它其實就是產品組合。再次強調，對我們來說最重要的事情與我們的 VDI DaaS、ADC 和內容解決方案的成長密切相關，我們將鞏固並確保我們在這些領域進行所有必要的投資，而任何其他我們不太有信心的事情都將成為成長的物質驅動力，我們將刪除它們。

So I'm confident at the end of it, we'll have an organization better positioned to grow, and I think one that will also see margins improve and drive significantly more cash flow. I definitely see 2021 as a trough year for both margins and cash flow. So I think we're going to come out of this a much stronger company and one that can deliver and create more value.

因此，我相信最終我們的組織將更具發展潛力，我認為我們的組織利潤率也會提高，現金流也會顯著增加。我確信 2021 年將是利潤率和現金流的低谷年。因此我認為，我們將走出困境，成為一家更強大的公司，能夠提供和創造更多的價值。

Yes. And maybe to follow up on the free cash flow, and I don't know if this makes sense for Arlen. But obviously, just from the looks of the performance year-to-date and kind of initial comments for Q4, it looks like free cash flow is going to be down pretty significantly this year. And I'm just wondering if you could unpack kind of the drivers of that. How much is related to the restructuring kind of onetime items?

是的。也許是為了跟進自由現金流，我不知道這對阿倫來說是否有意義。但顯然，僅從今年迄今的表現和第四季的初步評論來看，今年的自由現金流似乎將大幅下降。我只是想知道您是否可以解開其中的驅動程式。有多少與重組類一次性項目有關？

And if we can kind of think about the 2020 is the kind of a more of a normalized growth rate. Just any comments you can kind of bridge between what's implied in free cash flow for 2021, what could be driven by onetime items relative to what you saw last year?

如果我們能夠思考一下，2020 年的成長率將會更加正常。您能否就 2021 年自由現金流隱含的內容與去年相比可能由一次性專案推動的內容進行一些評論？

Tyler, I would think of it -- first of all, as you know, there's a lot of moving parts to free cash flow. And for us to kind of normalize, this business is very complicated. So one of the reasons we highlighted in the letter was the fact that we had an increase in compensation expense in '21, which would try to help drive the conversation towards where you're going, which is what does normalized free cash flow really look like.

泰勒，我會考慮這一點——首先，如你所知，自由現金流有很多活動部件。對我們來說，要讓這項業務正常化，它非常複雜。因此，我們在信中強調的原因之一是，我們在 21 年的薪資支出有所增加，這將有助於推動對話朝著你的目標發展，即正常化的自由現金流到底是什麼樣的。

I think if you look at it on a multiyear basis and you think about how we're going to drive the company, I think it's fair to think of it as much more stabilized, and as Bob said, at a trough because there are factors that go into that. That being said, what we haven't included obviously, is free cash flow guidance for the year. And we haven't taken into account anything that might happen as a result of a restructuring. So that's not included in anything we might do.

我認為，如果從多年的角度來看待這個問題，並思考我們將如何推動公司發展，那麼可以合理地認為，這個問題更加穩定，正如鮑勃所說，處於低谷，因為存在一些影響因素。話雖如此，我們顯然沒有包括今年的自由現金流指導。我們還沒有考慮到重組可能帶來的任何後果。所以這不包括在我們可能做的任何事情中。

But I think to your concept updating about free cash flow on a more normalized basis, if you were to look at the last few years, it was probably an accurate way to think about it conceptually.

但我認為，如果您回顧過去幾年，以更規範化的方式更新自由現金流的概念，這可能是從概念上思考它的準確方法。

Yes. I think this year again, being a trough, we do have some cash flow headwinds this year that were spillover, as Arlen said, from last year. Last year's revenue growth, the storage and COVID, I think, drove a lot of added commissions and bonuses. And that largely gets paid out in the first quarter of the following year. So that spillover is sort of at least $100 million, I think, from last year into this year.

是的。我認為今年再次處於低谷，我們今年確實面臨一些現金流逆風，正如阿倫所說，這些逆風是去年延續下來的。我認為，去年的收入成長、儲存和 COVID 推動了大量佣金和獎金的增加。這些款項大部分會在隔年第一季支付。因此，我認為從去年到今年的溢出效應至少有 1 億美元。

And then as you can see, our margins are down this year. So that's -- we shouldn't have that spillover effect next year. And I won't quantify the margin improvement yet. It's premature, but we'll reverse the headwind on margin. And so I expect cash flow to be an inflection point here off of 2021 and get back on the right track and have much higher levels in the coming year or 2.

正如您所看到的，今年我們的利潤率下降了。所以——明年我們不應該產生這種外溢效應。我現在還不會量化利潤率的提升。雖然現在還為時過早，但我們會扭轉利潤方面的不利局面。因此，我預計現金流將成為 2021 年的轉捩點，並重回正軌，並在未來一兩年達到更高的水平。

Our next question comes from Mark Moerdler from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

I know it's a lot you have going on and getting up to speed on. Two questions, if you don't mind. A big portion of the complexity, the problems of Citrix was the fact that you were selling both perpetual licenses and term license in cloud. And you've now gotten rid of perpetual licenses for Workspace, which is a good step. But what are your plans for term licenses? Can you modify them to make them ratably recognized? Are you going to disincent to sell term licenses? And then I have a follow-up for Arlen.

我知道你有很多事情要做，而且要盡快完成。如果你不介意的話，我有兩個問題。複雜性的很大一部分，Citrix 的問題在於您在雲端中同時銷售永久授權和短期授權。現在您已經擺脫了 Workspace 的永久許可證，這是一個很好的舉措。但是您對期限許可證有什麼計畫？您可以修改它們以使它們得到認可嗎？您是否打算停止銷售期限許可證？然後我要跟進一下阿倫的狀況。

Look, I think the -- there's a ratable model, and then there's a delivery model. On the ratable model, we've recurring basis. We've moved -- we've largely moved all of our revenues to recurring revenues. It's not all ratable, but it's all recurring. And I think that's the most important thing because I think we will increase the lifetime revenue from our customers by doing that.

看，我認為——有一個可評估模型，然後有一個交付模型。在按比例計算的模型上，我們採用循環基礎。我們已經將所有收入基本轉為經常性收入。雖然並非所有事物都是可評估的，但所有事物都是重複發生的。我認為這是最重要的事情，因為我認為這樣做可以增加客戶的終身收入。

As far as driving the delivery model, I think it's wrong to try to force a customer to a delivery model that doesn't work for them. We can incent them. We can encourage them. I think we've largely done that. We see the growth in our SaaS business. We're over $1 billion now in SaaS revenue. It's growing nicely. But I think when we -- any company that tries to force customers to do something that's not in their best interest is probably not a good thing to do.

就推動交付模式而言，我認為試圖強迫客戶採用不適合他們的交付模式是錯誤的。我們可以激勵他們。我們可以鼓勵他們。我認為我們基本上已經做到了這一點。我們看到了 SaaS 業務的成長。現在我們的 SaaS 收入已經超過 10 億美元。它長得很好。但我認為，任何公司如果試圖強迫客戶做不符合他們最佳利益的事情，這可能都不是一件好事。

So I feel really good that we've got the business recurring. And while it'd be easier to follow us, if it was all ratable, I think the best metric now to look at is the annualized recurring revenue on a total basis. I think that sorts out all the noise of the business model transition. It also sorts out the noise of having different licensing models.

因此，我很高興我們的業務能夠持續下去。雖然如果一切都按比例計算的話，我們會更容易跟進，但我認為現在最好的指標是整體年度經常性收入。我認為這可以消除商業模式轉型帶來的所有噪音。它還可以解決不同許可模式帶來的噪音。

And if we look at that, I'm very encouraged by the results. We have 13% growth in that metric through 3 quarters of this year. We're saying, for the full, year, we'll be approximately 10% for the full year, and I feel really good about that. And I think that is a metric that's most important to me in understanding the health and velocity of the business. And I think we can provide that transparency for investors being that it is all recurring revenue. And that's something you'll see an increasing focus on both us internally and I think in our marketing messages out to you and to other investors as well. So that's really good.

如果我們看一下，我對結果感到非常鼓舞。今年前三個季度，該指標成長了 13%。我們說，就全年而言，我們的成長率將達到約 10%，我對此感到非常滿意。我認為這是了解業務健康狀況和發展速度最重要的指標。我認為我們可以為投資者提供這種透明度，因為這都是經常性收入。您會發現我們內部越來越關注這一點，而且我認為我們向您和其他投資者發出的行銷訊息也越來越關注這一點。這真的很好。

Now I do think customers are naturally going to migrate for the cloud delivery model. We just want them to do that on a rate and pace that makes sense for them because Citrix' infrastructure is oftentimes tied to a much bigger decision around the cloud, not just about Citrix. And I think we've got to recognize that reality.

現在我確實認為客戶自然會遷移到雲端交付模式。我們只是希望他們以適合自己的速度和節奏去做這件事，因為 Citrix 的基礎架構通常與雲端相關的更大決策有關，而不僅僅是 Citrix。我認為我們必須認識到這個現實。

Lower than we've seen for many other companies in the industry. What pulls it down to 1.7 years. Is it the term licenses? Is it networking software? Any color would be appreciated.

比我們見到的業內許多其他公司都要低。是什麼讓它縮短至 1.7 年？這是許可證這個術語嗎？它是網路軟體嗎？任何顏色都會受到歡迎。

Yes. I think you cut out there for a second, Mark. But I think your question was about duration, the 1.7. And I think the other way to think about it is, look, first of all, we're happy with 1.7 is as you recognize, if you compare it to the fourth quarter when we had a high, is a high for us. And obviously, as we continue to sell SaaS licenses, we expect that will continue to go up.

是的。馬克，我想你剛才說得有點過了。但我認為你的問題是關於持續時間，即 1.7。我認為另一種思考方式是，首先，我們對 1.7 感到滿意，正如你所認識到的，如果你將它與第四季度我們的最高點進行比較，這對我們來說是一個高點。顯然，隨著我們繼續銷售 SaaS 許可證，我們預計這一數字將繼續上升。

That being said, the combination of the transition of the ADC business, which we see that as on-prem business as well as the SaaS business puts us in a position where we're going to have modifications for that duration. Some of those things include termination of contracts. Some of those are going to be the transition of the business.

話雖如此，ADC 業務的轉型（我們將其視為內部部署業務）和 SaaS 業務的結合使我們處於將在此期間進行修改的境地。其中一些事項包括終止合約。其中一些將是業務的轉型。

But with where we are, we're happy with where we are in terms of our threshold. We expect that will continue to go up, but we're not going to do anything to push that up faster other than the transition itself, which will continue over time.

但就我們目前的水平而言，我們對我們的門檻感到滿意。我們預計這一數字將繼續上升，但除了轉型本身之外，我們不會採取任何其他措施來加快這一數字的上升，而轉型將隨著時間的推移而持續下去。

Yes. This is a great example of my earlier point about why the focus has to be on ARR because the duration goes up or down. I mean, obviously, duration, I'd rather sign longer-term deals than shorter-term deals. But if duration goes up or down, it creates noise in reported revenues, and we could be having a good quarter, but have less duration and that could be a misleading indicator and vice versa.

是的。這是我之前提到的為什麼必須關注 ARR 的一個很好的例子，因為持續時間會上升或下降。我的意思是，顯然，就期限而言，我寧願簽署長期協議，而不是短期協議。但如果持續時間增加或減少，就會對報告的收入產生噪音，我們可能會有一個好的季度，但持續時間較短，這可能是誤導性指標，反之亦然。

So I'm going to increasingly point everybody to ARR as a metric that normalizes all of that. And I think that's going to be a better indicator of our underlying health and velocity.

因此，我將越來越多地向大家指出 ARR 是一個規範所有這一切的指標。我認為這將成為我們基本健康和速度的更好指標。

Our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Bob, just I want to talk through when you talk about the confidence of the trough in the margin and cash flow. Most companies that are less than 15% penetrated into the cloud and have a number of the items that you listed on your to-do list, it seems like there's quite a bit of investment you have to put in. What gives you confidence given all those investments that you can manage through that this being the trough year?

鮑勃，我只是想談談你對利潤率和現金流低谷的信心。大多數雲端運算滲透率不到 15% 的公司，而且都擁有您待辦事項清單上的許多項目，看起來您需要投入相當多的投資。考慮到您能夠管理的所有這些投資，是什麼讓您有信心今年是低谷期？

Look, I'm a firm believer that a business like Citrix, a software business in our scale, could do both. I think that we can grow at reasonable levels, and I think we can have respectable profitability.

你看，我堅信像 Citrix 這樣的企業，像我們這樣規模的軟體企業，可以同時做到這兩點。我認為我們可以在合理的水平上成長，而且我認為我們可以獲得可觀的獲利能力。

Our margins went down this year largely because we set unrealistic expectations at the beginning of the year for a level of bookings that were greater than what was a surge in 2020. I think everyone would -- I don't think it would be a surprise that booking levels would be lower this year than 2020, but the higher than the trend line, if we look past 2020. I'm looking at the pre-COVID trend line, they're higher. And I think we would have felt a lot differently about the year if we had a better, I think, better internal forecasting what this year looked like.

我們今年的利潤率下降主要是因為我們在年初設定了不切實際的預期，認為預訂量會高於 2020 年的激增水準。我想每個人都會——我認為今年的預訂量低於 2020 年並不奇怪，但如果我們回顧 2020 年以後，它會高於趨勢線。我看的是新冠疫情之前的趨勢線，它們比較高。我認為，如果我們對今年的情況有更好的內部預測，我們對今年的感受就會有很大不同。

But a lot of negative things happen when you're not realistic. The first thing is you wind up setting quotas too high, and that's not good for your sales force. We also allow spending to come into the company for revenue that you're not going to get. And you saw the margins of the business come down from 30% last year to 26%, the thereabouts for 2021. I think this is a margin restoration program more than these are all very fixable operating things that we have to work on.

但當你不現實時，就會發生很多負面的事情。首先，你最終設定的配額太高，這對你的銷售團隊來說並不好。我們還允許支出進入公司，以獲得您不會獲得的收入。您會發現，業務利潤率從去年的 30% 下降到了 2021 年的 26% 左右。我認為這更多的是一項利潤率恢復計劃，這些都是我們必須努力解決的非常可修復的營運問題。

As I said in my comments earlier, this is not about limiting growth. This is about funding growth. But anything that isn't funding growth, I think, is a distraction, and we're going to walk and shoot them. I think we can do both. And this organization can do it.

正如我之前的評論中所說，這並不是要限製成長。這是為了資助增長。但我認為，任何不能為成長提供資金的東西都會分散我們的注意力，我們會對他們採取驅逐和槍擊行動。我認為我們可以兩者兼顧。這個組織可以做到這一點。

And maybe any time a new leader comes in, there's concern about how big the shakeup is going to be. When you think about kind of the fine tune versus overhaul, how would you characterize the magnitude of changes you want to make?

或許每當有新領導人上任時，人們都會擔心會發生多大的變化。當您考慮微調與徹底改革時，您會如何描述您想要做出的改變的幅度？

Strategy is intact. This is a business that has a lot of tailwinds. I think remote hybrid work is here to stay. I think there is a lot of secular tailwinds in this business that should fuel growth for quite some time. I feel really good about that. I don't think the strategy needs to be overhauled at all. I think these are fixable operational things.

策略完好。這是一個有很多順風的行業。我認為遠端混合工作將會繼續存在。我認為這個行業有很多長期的順風因素，應該會在相當長的一段時間內推動成長。我對此感覺非常好。我認為該策略根本不需要徹底改革。我認為這些都是可以修復的操作問題。

Sometimes companies focus on growth and only growth. And I think it takes more than that to run a successful business. I think you can be operationally sound and you can grow a business. It's not a either/or. It is a both. And I don't think we're choking off growth by having a little better margin than we have in this business.

有時公司只專注於成長。我認為經營一家成功的企業需要的不僅僅是這些。我認為您可以穩健地運作並發展業務。這並不是非此即彼的問題。兩者皆有。我並不認為我們在這個行業的利潤率略高會阻礙成長。

Our next question comes from Karl Keirstead from UBS.

下一個問題來自瑞銀的 Karl Keirstead。

Just to follow up on that last question. When you say that the strategy doesn't need an overhaul and these are fixable operational issues, that sends a signal that you're really not contemplating the outright exit or sale of any major Citrix businesses or product lines. And I noticed you did express a commitment to the ADC as a service. Is that the correct interpretation, Bob?

只是想繼續回答最後一個問題。當您說該策略不需要徹底改革並且這些都是可解決的營運問題時，這表示您實際上並沒有考慮徹底退出或出售任何主要的 Citrix 業務或產品線。我注意到您確實表達了對 ADC 服務的承諾。這是正確的解釋嗎，鮑伯？

We have three businesses largely today. We're in the VDI DaaS business, we're in the ADC business, and we're in content solutions, largely, the right business. Those are, when I think about the business that we're in. And so I feel good about all three of those businesses. So we are investing in ADC as a service, and we'll continue to do that. I see ADC as an important part of our VDI and DaaS solutions. So we're largely going to stay in those three businesses.

我們目前主要有三項業務。我們從事 VDI DaaS 業務，我們從事 ADC 業務，我們從事內容解決方案，基本上，都是正確的業務。當我想到我們所從事的業務時，就會想到這些。因此，我對這三項業務都感到滿意。因此，我們正在投資 ADC 即服務，並且我們將繼續這樣做。我認為 ADC 是我們 VDI 和 DaaS 解決方案的重要組成部分。所以我們基本上會繼續經營這三項業務。

But like every company, there's always investments that are being made around the edges of all of that stuff. And sometimes those investments are synergistic to what we're doing. And sometimes those investments are, I think, distractions. And so that's where we're doing a portfolio analysis right now.

但就像每一家公司一樣，我們總是會在所有這些方面進行投資。有時這些投資與我們正在做的事情有協同作用。我認為，有時候這些投資反而會分散注意力。這就是我們現在正在進行的投資組合分析。

If it's fine, it will have a meaningful contribution to the growth, it's going to get well funded. And if it isn't, it's going to get defunded. And it's clear that we're doing that. So at a high level, no change. Obviously, at a detailed level, there has to be some change, but I think it's going to be something that will support growth and not limit growth.

如果一切順利，它將對成長做出有意義的貢獻，並獲得充足的資金。如果不是這樣，它將被取消資助。很顯然我們正在這麼做。因此從高層次來看，沒有變化。顯然，從細節上講，必須做出一些改變，但我認為這將支持成長，而不是限製成長。

Companies that can put more wood behind fewer arrows, I think are going to be more successful than companies who have spread themselves too thin across too many priorities. I've been telling the organization since I got here when everything is important, nothing is important. So we have to focus on what's important.

我認為，那些能夠用更少的錢投入更多精力的公司，會比那些將精力分散在太多優先事項上的公司更成功。自從我來到這裡，我就一直告訴組織，當一切都很重要時，就沒有什麼是重要的。所以我們必須專注於重要的事情。

Got it. Makes sense. I guess one of the other things that I think is important that I haven't heard as much on, on this call is around Wrike. That was Citrix' largest acquisition by far over the last several years. I did notice that you trimmed your ARR guide a little bit for Wrike. Bob, Arlen, what's the plan to perhaps do a better job around driving synergies and reducing attrition around Wrike, such that, that can be an important part of the growth story at Citrix?

知道了。有道理。我想我認為另一件重要的事情是我在這次電話會議上沒有聽到太多關於 Wrike 的討論。這是 Citrix 過去幾年來最大的一筆收購。我確實注意到您針對 Wrike 稍微修剪了 ARR 指南。鮑伯、阿倫，你們有什麼計畫可以更好地推動協同效應並減少 Wrike 的員工流失，從而使其成為 Citrix 發展歷程的重要組成部分？

Yes. Look, Wrike, the company did change its forecast for the full year. ARR went from $180 million to $90 million estimate to $170 million to $180 million. So from that point of view, I think it has slightly underperformed really our expectations. But it's still growing nicely. I think we've got mid-20s kind of growth in the ARR there. So it's still a good growth business. I see it as continuing to be accretive to our growth. And I think we can do better than that. The market is growing pretty strong in that business, and we have a good product.

是的。看看，Wrike，該公司確實改變了其全年預測。 ARR 從預估的 1.8 億美元至 9,000 萬美元上升至 1.7 億美元至 1.8 億美元。因此從這個角度來看，我認為它的表現確實略低於我們的預期。但它仍然生長得很好。我認為我們的 ARR 成長率達到了 25% 左右。所以這仍然是一個成長良好的業務。我認為它將繼續促進我們的成長。我認為我們可以做得更好。該行業的市場成長相當強勁，而且我們擁有優質的產品。

Like all acquisitions, I think there's always some confusion that happens in an organization after an acquisition, and I think some of that is true here. But again, that's -- I see that as temporary. And all of those things can get settled down and start driving to a higher level of growth.

與所有收購一樣，我認為收購後組織中總是會存在一些混亂，我認為這次收購確實存在一些混亂。但再說一遍，我認為這只是暫時的。所有這些事情都可以安定下來並開始推動更高水準的成長。

Our next question comes from Sanjit Singh from Morgan Stanley.

下一個問題來自摩根士丹利的 Sanjit Singh。

The question really is around what you think the source of the issue is. And I sort of listened to the questions that have been given and your answers. And it seems to me that you're really pointing at kind of the efficiency of the business and the efficiency of operations rather than the pace of the cloud transition. I just want to make sure that I'm sort of interpreting that correctly.

問題其實在於您認為問題的根源是什麼。我聽了大家提出的問題和你們的回答。在我看來，您真正關注的是業務效率和營運效率，而不是雲端轉型的速度。我只是想確保我的解釋是正確的。

When you look at the ARR growth and more importantly, the 15% of the base that has moved on the cloud, are you happy with those metrics? I mean, we always want things to get better. But high level, do you think that pace that we've seen over the last 4 to 6 quarters, has that been the pace that you guys have been satisfied with? Is it just sort of the efficiency at which you're executing through the cloud transition being more of the issue?

當您看到 ARR 的成長，更重要的是，有 15% 的用戶轉移到了雲端時，您對這些指標滿意嗎？我的意思是，我們總是希望事情變得更好。但從高層來看，您是否認為我們在過去 4 到 6 個季度中看到的速度是令您滿意的速度？您是否只是在執行雲端轉換時的效率才是更重要的問題？

No, I don't think it's the right way to read this that the focus is on efficiencies versus pace of transition. I think quite the contrary. To me, velocity of the business is the #1 focus. And there, it's on total ARR and a 13% growth across the board. I think that's been really good this year at that level there.

不，我認為專注於效率而不是轉型速度並不是正確的解讀方式。我認為恰恰相反。對我來說，業務速度是首要關注點。而且，其整體 ARR 全面成長了 13%。我認為今年那裡的水平確實很好。

Clearly, we want to continue to drive the pace of transition. That's not only new sales to our cloud platform, but also moving existing customers off of on-prem and onto the cloud platform, and that's accelerating. And I think that's a continued focus of the company there.

顯然，我們希望繼續推動轉型步伐。這不僅是我們雲端平台的新銷售，而且還將現有客戶從本地轉移到雲端平台，而且這一進程正在加速。我認為這是該公司持續關注的重點。

So don't mistake the comments that we want to have higher margins with priority over growth. Growth is the #1 priority. But like I said earlier, we can both continue to fuel our growth and also be a more profitable company than we are in 2021.

因此，請不要誤解我們想要獲得更高的利潤，而要優先考慮成長。成長是第一要務。但就像我之前說的，我們既可以繼續推動成長，也可以成為比 2021 年更有獲利的公司。

Our margins didn't come down this year because we were fueling too much growth. Our margins came down to us. We made a couple of mistakes in the go-to-market motion that we need to clean up, and we're going to clean them up.

今年我們的利潤率沒有下降，因為我們推動了太多的成長。我們的利潤歸我們自己了。我們在上市動議中犯了一些錯誤，需要糾正，我們將會糾正這些錯誤。

Understood. And just to follow up on the broader margin question. I think if we take a step back philosophically, and when we talk about Citrix' cloud transition over the last several years, I think you guys have been distinctive in sort of the messaging to the market that we're going to have a cloud transition and broadly, margins, revenue growth and cash flow were all going to improve during this transition to subscription and then ultimately to SaaS, which is distinctive, right, in most other software companies that are going through cloud transition, the message to investors typically, hey, we have to digest a period of potentially slower growth, maybe lower margins, but the unit economics of our cloud tradition are so compelling that you come out the other side looking really strong from a cash flow position.

明白了。只是為了跟進更廣泛的利潤問題。我認為，如果我們從哲學角度退一步來看，當我們談論過去幾年 Citrix 的雲端轉型時，你們向市場傳遞的訊息非常獨特，即我們將進行雲端轉型，從廣義上講，在向訂閱轉型，最終向 SaaS 轉型的過程中，利潤率、收入成長和現金流轉型的單位經濟效益非常引人注目，從現金流狀況來看，你們的表現非常強勁。

So understanding like you're going to be investing in direct sales people to drive that growth. But philosophically, the point around growing margins, cash flow in concert with the SaaS transition, is that -- do you feel confident that that's still the right path to go?

因此，您可以理解，您將要投資直銷人員來推動這一成長。但從哲學角度來看，利潤率成長、現金流與 SaaS 轉型相結合的意義在於——您是否有信心這仍然是正確的道路？

Yes. I think, again, we're not emphasizing margins over growth. We're -- this -- I should maybe call this a margin restoration program that it will improve our margins. But the #1 focus is on the growth and in supporting the transition. And I think the company is making good progress on that transition. And a lot of the changes that we're talking about here, I think, are going to be focused around that.

是的。我認為，我們不會過度強調利潤率而忽視成長。我們——這個——我或許應該稱之為利潤恢復計劃，它將提高我們的利潤率。但首要關注的是成長和支持轉型。我認為公司在這轉型過程中取得了良好的進展。我認為，我們在此討論的許多變化都將集中於此。

So we're going to increase the direct quota carrying individuals. We're going to increase the channel investments that are driving the front line. We're going to take away things aren't adding to growth, just adding to expense. I mean, having a bunch of overlays that are not directly accountable for delivering sales and having shared compensation doesn't add to growth. It's a -- that investment would be better made somewhere else if you're really focused on growth, and that's what we're looking to do.

因此，我們將增加直接攜帶配額的個人。我們將增加對推動第一線發展的通路投資。我們要去掉那些不會促成成長、只會增加開支的東西。我的意思是，擁有一堆不直接負責銷售和共享薪酬的覆蓋層不會促進成長。如果你真的專注於成長，那麼最好將投資轉移到其他地方，而這正是我們所希望做的。

So look, we haven't set the objectives yet for 2022 and really just given a directional statement at this point that we're going -- 2021 is a trough year for both margin and cash flow. But don't read that to think it's in lieu of growth. This is in support of growth. Growth is our #1 objective.

所以，我們還沒有設定 2022 年的目標，實際上只是給了一個方向性的聲明——2021 年是利潤率和現金流的低谷年。但不要以為它代替了增長。這是為了支持增長。成長是我們的首要目標。

And our next question comes from Dan Bergstrom from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Dan Bergstrom。

Okay. Yes, this is actually Matt Hedberg. So yes, I guess, Bob, first of all, it's good to hear voice. I was encouraged to hear that you noted renewal rates are strong and improving, which is really good to hear. And I guess, when you sort of -- and I know you're sort of just kind of looking at the review process. But I guess, what gives you confidence that, that can continue into this period of change and focus on growth and margin?

好的。是的，這實際上是 Matt Hedberg。是的，我想，鮑勃，首先，聽到聲音是件好事。我很高興聽到您說續約率很高並且還在不斷提高，這真是令人高興。我想，當你有點——我知道你只是在看審查過程。但我想，是什麼讓您有信心能夠繼續進入這段變革時期並專注於成長和利潤？

Well, I think it's an indication of the strength of our business. And I think, look, there's a narrative out there right now that's crushing the health and the strength of the business out there, and I think it's misinformed. I think we've got a business here that's very healthy. I think you can see that reflected in the growth in our ARR at 13%. I think you can see it in the fact that we have very strong renewal rates and they're getting better. That's a sign of a very healthy business and a very healthy competitive environment.

嗯，我認為這顯示了我們的業務實力。我認為，現在有一種說法正在破壞企業的健康和實力，我認為這是錯誤的。我認為我們這裡的業務非常健康。我想您可以從我們的 ARR 13% 的成長中看到這一點。我想您可以從我們的續約率非常高並且還在不斷提高這一事實中看出這一點。這顯示業務非常健康，競爭環境也非常健康。

And I think on the point of competition out there, I would point out that Microsoft is a big partner of ours. And that -- again, this is a little bit contrary to the narrative right now, but we partner with them because it's a symbiotic relationship to where they see a lot of value in moving Citrix' infrastructure to Azure. It drives a lot of Azure consumption. And it's a good business for us. So in those deals that we're working on, Microsoft as a partner, we monitor the deals.

我認為，就競爭而言，我想指出微軟是我們的重要合作夥伴。而且 — — 再說一次，這與現在的說法有點相反，但我們與他們合作是因為這是一種共生關係，他們認為將 Citrix 的基礎設施遷移到 Azure 具有很大的價值。它推動了大量 Azure 的消耗。這對我們來說是一筆好生意。因此，在我們正在進行的交易中，微軟作為合作夥伴，我們會監控這些交易。

So we have a significant uptick in both the number of deals that we're working on jointly and we also see a significant uptick in the size of those deals that we're working on with Microsoft. So I think there's a lot of metrics here that are very, very encouraging that are inconsistent with the narrative out there.

因此，我們共同進行的交易數量顯著增加，我們與微軟進行的交易規模也顯著增加。所以我認為這裡有很多非常令人鼓舞的指標，但與外界的敘述不一致。

And I think part of that narrative, I think, is of our own billing because we obviously stumbled in the first couple of quarters this year and missed our reported revenue objectives. And that's the reason why I'm pointing to ARR to say throughout all of that noise, we have really solid double-digit growth in our ARR and all the other metrics would suggest strength in our business are there, (inaudible) partnership with Microsoft.

我認為這種說法的一部分是我們自己的原因，因為我們在今年前幾季顯然遇到了困難，沒有達到報告的收入目標。這就是為什麼我要指出 ARR，在所有這些噪音中，我們的 ARR 確實實現了穩健的兩位數增長，所有其他指標都表明我們的業務實力雄厚，（聽不清）與微軟的合作夥伴關係。

If I look at the SaaS growth, if I look at the transition of our existing customers from on-prem to the cloud, these are all, to me, votes of confidence in the business. And making that transition to the Citrix Cloud, some of our biggest and most complicated customers and making that move, to me, that's a tremendous vote of confidence in the Citrix business long term. And that, I think, is part of the reason why we see strong renewal rates.

如果我看一下 SaaS 的成長，如果我看一下我們現有客戶從本地到雲端的轉變，那麼對我來說，這些都是對業務的信任投票。而對於我們一些最大、最複雜的客戶來說，向 Citrix Cloud 的轉變，對我來說，是對 Citrix 業務長期發展的巨大信任。我認為，這也是我們看到強勁續約率的原因之一。

Got it. That's helpful. That's helpful, Bob. And then obviously, Citrix is really sort of built upon really enabling flexible work, hybrid work. As you sort of talking to customers maybe more directly in your new role, how do you see that as -- I mean, you noted tailwinds across a lot of your businesses. How important is Citrix in that narrative of sort of post-COVID hybrid work because it always struck me that you guys are -- should be really well positioned to leverage a lot of the learnings since 2020?

知道了。這很有幫助。這很有幫助，鮑伯。顯然，Citrix 實際上是建立在實現彈性工作和混合工作的基礎上的。當您在新角色中更直接地與客戶交談時，您如何看待這一點——我的意思是，您注意到您的許多業務都順風順水。 Citrix 在後疫情時代混合工作敘事中有多重要？我一直覺得，你們應該能夠很好地利用自 2020 年以來積累的大量經驗教訓。

Well, I think it's very important. And in fact, might even be more important. Last year was a mad scramble for a lot of companies. Citrix got a lot of benefit from that, and there was a lot of incremental business that came our way. But there are a lot of different ways companies solved this big problem last year. And I think, over time, people are going to start to realize that remote work has a very big security aspect to it, a very big performance aspect to it, not just a connectivity aspect to it. And I think as remote hybrid work becomes more permanent and not reactive, I think it's going to move more towards the use cases where Citrix actually has strength.

嗯，我認為這非常重要。事實上，甚至可能更為重要。去年對很多公司來說都是瘋狂的爭奪之年。 Citrix 從中獲益良多，並為我們帶來了大量增量業務。但去年公司採取了許多不同的方法來解決這個大問題。我認為，隨著時間的推移，人們將開始意識到遠端工作不僅具有連接性，還具有非常大的安全性和效能方面。我認為，隨著遠端混合工作變得更加持久而不是被動，它將更多地轉向 Citrix 真正具有優勢的用例。

I mean, one of the big advantages of Citrix is our performance levels and the HDX technology that we have in our DDI. I mean, that's something that is orders of magnitude, more performance than any other form of facilitating remote hybrid work. So actually thinking as security becomes a bigger and bigger issue, I think it's going to move more towards complex use cases that require Citrix and also put some of the other alternatives at a disadvantage out there.

我的意思是，Citrix 的一大優勢是我們的效能水準和我們在 DDI 中擁有的 HDX 技術。我的意思是，這比任何其他形式的遠端混合工作都要高效得多。因此，實際上，隨著安全性成為一個越來越大的問題，我認為它將更多地轉向需要 Citrix 的複雜用例，同時也會使其他一些替代方案處於不利地位。

So this is a secular tailwind that is real, that is going to be there forever. And I think some of the underlying currents also move in Citrix direction as well.

所以這是一個真實存在的長期順風，它將永遠存在。我認為一些潛在的潮流也朝著 Citrix 的方向發展。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Bob Calderoni, for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給鮑伯卡爾德羅尼 (Bob Calderoni)，請他做最後發言。

Great. Thanks, everyone, for joining us today. I just want to leave you with a few final thoughts. As I mentioned in a number of my comments, I feel terrific about the strength of the underlying business. Our progress and the rate and pace, I'm moving to the cloud is all good. It's also good at moving to recurring revenues. It's all going well. And we have good momentum in the overall health of the business reflected in our ARR growth for 2021 growing at nearly 10%.

偉大的。感謝大家今天加入我們。我只想給你們留下一些最後的想法。正如我在許多評論中提到的那樣，我對基礎業務的實力感到非常滿意。我們的進展、速度和步伐，轉向雲端一切都很好。它也擅長轉向經常性收入。一切進展順利。我們業務整體健康狀況良好，2021 年 ARR 成長率接近 10%。

Like every business, there are things we can get better at. I believe we've got an understanding of what they are. We're working on our plans to deliver continued success in 2022 and beyond. And I look forward to sharing those plans with all of you at the next scheduled conference call. So until then, thank you very much.

就像所有企業一樣，有些事情我們可以做得更好。我相信我們已經了解它們是什麼了。我們正在製定計劃，以在 2022 年及以後繼續取得成功。我期待在下次電話會議上與大家分享這些計畫。所以直到那時，非常感謝你。

Ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for joining today's presentation. You may now disconnect your lines.

女士們、先生們，今天的電話會議就到此結束。我們非常感謝您參加今天的演講。現在您可以斷開線路了。