Commvault Systems Inc (CVLT) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Commvault Q2 Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Commvault Q2 2023 財年收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Mike Melnyk, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管 Mike Melnyk。請繼續。

Thanks, Andrea. Good morning, and welcome to our earnings conference call. I'm Mike Melnyk, Head of Investor Relations, and I'm joined by Sanjay Mirchandani, Commvault's CEO; and Gary Merrill, Commvault's CFO. An infographic with key financial and operating metrics is posted on the Investor Relations website for your reference.

謝謝，安德里亞。早上好，歡迎來到我們的收益電話會議。我是投資者關係主管 Mike Melnyk，Commvault 的首席執行官 Sanjay Mirchandani 也加入了我的行列；和 Commvault 的首席財務官 Gary Merrill。包含關鍵財務和運營指標的信息圖已發佈在投資者關係網站上，供您參考。

Statements made on today's call will include forward-looking statements about Commvault's future expectations, plans and prospects. All such forward-looking statements are subject to risks, uncertainties and assumptions. Please refer to the cautionary language in today's earnings release and Commvault's most recent periodic reports filed with the SEC for a discussion of the risks and uncertainties and that could cause the actual results to be materially different from those contemplated in these forward-looking statements. Commvault does not assume any obligation to update these statements.

在今天的電話會議上發表的聲明將包括有關 Commvault 未來預期、計劃和前景的前瞻性聲明。所有此類前瞻性陳述均受風險、不確定性和假設的影響。請參閱今天的收益發布和 Commvault 向美國證券交易委員會提交的最新定期報告中的警示性語言，以討論風險和不確定性，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中預期的結果存在重大差異。 Commvault 不承擔任何更新這些聲明的義務。

During this call, Commvault's financial results are presented on a non-GAAP basis. A reconciliation between the non-GAAP and GAAP measures can be found on our website.

在此次電話會議中，Commvault 的財務業績是在非 GAAP 基礎上公佈的。可以在我們的網站上找到非 GAAP 和 GAAP 措施之間的對賬。

Thanks again for joining us. Now I'll turn the call over to Sanjay for his remarks. Sanjay?

再次感謝您加入我們。現在我將電話轉給 Sanjay 聽取他的意見。桑傑？

Thanks, Michael. Good morning. I'm pleased to share that we delivered record fiscal Q2 results, which I'll discuss in constant currency. Software and products revenue increased 16%. Growth was driven by strength in the Americas and our continued success in winning large transactions. Our best-in-class technology continues to resonate in the enterprise, where data protection and ransomware remain top of mind. ARR growth continues to be strong, increasing 18% year-over-year. Combined subscription and SaaS ARR grew over 40% and year-over-year and now represents a healthy 60% of our total ARR. Metallic continues to fuel this growth, I'll share more shortly.

謝謝，邁克爾。早上好。我很高興與大家分享，我們交付了創紀錄的第二季度財報，我將以固定匯率進行討論。軟件和產品收入增長了 16%。美洲的實力以及我們在贏得大筆交易方面的持續成功推動了增長。我們一流的技術繼續在企業中引起共鳴，其中數據保護和勒索軟件仍然是首要考慮因素。 ARR 增長繼續強勁，同比增長 18%。合併訂閱和 SaaS ARR 同比增長超過 40%，現在占我們總 ARR 的 60%。金屬繼續推動這種增長，我將很快分享更多。

These results are proof that our strategy is working in 3 ways. First, over the past 3 years, we've been focused on transforming the business and have returned the company to responsible growth. Our focus on driving ARR, now over $600 million, gives us a predictable model for future growth.

這些結果證明我們的策略在三個方面發揮了作用。首先，在過去的 3 年裡，我們一直專注於業務轉型，並使公司恢復了負責任的增長。我們專注於推動 ARR，目前已超過 6 億美元，這為我們提供了一個可預測的未來增長模型。

Second, our unified software and SaaS portfolio is a differentiator and a competitive advantage because customers want and need both. This is helping us land marquee customers. I'll share some examples in a minute.

其次，我們的統一軟件和 SaaS 產品組合是差異化因素和競爭優勢，因為客戶想要並且需要兩者。這正在幫助我們吸引大客戶。我將在一分鐘內分享一些例子。

In addition to transitioning to a subscription software model, we organically funded and delivered a hyper-growth and world-class SaaS platform. As a reminder, Metallic launched commercially in October of 2020. We see this as a marker against which to measure its success because in 2 years, we have achieved phenomenal growth.

除了過渡到訂閱軟件模式外，我們還有機地資助並交付了一個高速增長的世界級 SaaS 平台。提醒一下，Metallic 於 2020 年 10 月推出商業版。我們將此視為衡量其成功的標誌，因為在 2 年內，我們取得了驚人的增長。

Metallic is a logo acquisition machine that is complementary to our software business. We ended the quarter with over 2,500 Metallic customers. In Q2, 70% of Metallic customer additions were new to Commvault. Half of those have another Commvault product, and 1/3 have multiple Metallic offerings, reinforcing that, in today's world, customers need both software and SaaS.

Metallic 是一個徽標獲取機器，是對我們軟件業務的補充。本季度結束時，我們擁有超過 2,500 名 Metallic 客戶。在第二季度，70% 的 Metallic 新增客戶是 Commvault 的新客戶。其中一半擁有另一種 Commvault 產品，1/3 擁有多種 Metallic 產品，這進一步證明，在當今世界，客戶既需要軟件又需要 SaaS。

Microsoft M365 and Metallic Recovery Reserve, part of our ransomware offering, continue to drive adoption, and our other offerings are gaining traction. Our Metallic SaaS offering surpassed $75 million in ARR in less than approximately 2 years. This makes Metallic one of the fastest-growing SaaS offerings in this industry. It's very clear that we're outpacing benchmarks, and reinforces that Metallic will be a big part of our future.

Microsoft M365 和 Metallic Recovery Reserve 是我們勒索軟件產品的一部分，繼續推動採用，我們的其他產品也越來越受歡迎。我們的 Metallic SaaS 產品在不到大約 2 年的時間內 ARR 超過 7500 萬美元。這使得 Metallic 成為該行業中增長最快的 SaaS 產品之一。很明顯，我們正在超越基準，並強化了 Metallic 將成為我們未來的重要組成部分。

The third proof point that our strategy is working is our go-to-market execution. Through our investments in talent and operational excellence, combined with our partner ecosystem and a lot of smart work, we have reinvigorated growth to materially improve our efficiency and reinforced our leadership position as the #1 ranked vendor in data center, cloud and edge environments.

我們的策略正在發揮作用的第三個證據是我們的上市執行。通過我們對人才和卓越運營的投資，結合我們的合作夥伴生態系統和大量智能工作，我們重振了增長，顯著提高了我們的效率，並鞏固了我們作為數據中心、雲和邊緣環境中排名第一的供應商的領導地位。

But we're not done. In fact, I'm even more excited and confident with the opportunity in front of us because we offer elegant solutions to our customers' hard data problems in an increasingly difficult world. After all, our customers are relying on data to modernize and grow their businesses, yet data is fluid, moving from on-prem to the edge to the cloud and back again; and it is remote, fragmented and exposed to new threats every day.

但我們還沒有完成。事實上，我對擺在我們面前的機會更加興奮和自信，因為我們為客戶在日益困難的世界中遇到的硬數據問題提供了優雅的解決方案。畢竟，我們的客戶依靠數據來實現業務現代化和發展，但數據是流動的，從本地移動到邊緣再到雲端，然後再返回；而且它地處偏遠、支離破碎，每天都面臨著新的威脅。

As a trusted and proven provider, we offer customers a future-proof data protection strategy to ensure their data is always available. This begins before the data is compromised. After all, an organization's ability to recover from a ransomware attack or other threat is only as good as the quality of the backup, which is why we launched Metallic ThreatWise, built on the TrapX technology that we acquired in February. ThreatWise is a SaaS-delivered intelligent early warning system that proactively surfaces unknown and 0-day threats to help ensure your backup copies on compromised.

作為值得信賴且經過驗證的提供商，我們為客戶提供面向未來的數據保護策略，以確保他們的數據始終可用。這在數據洩露之前就開始了。畢竟，組織從勒索軟件攻擊或其他威脅中恢復的能力取決於備份的質量，這就是我們推出 Metallic ThreatWise 的原因，它基於我們在 2 月份收購的 TrapX 技術構建。 ThreatWise 是一種 SaaS 交付的智能預警系統，可主動發現未知威脅和零日威脅，以幫助確保您的備份副本受到威脅。

We believe that data security is nonnegotiable, which is why it is implicit in our offerings. Commvault is the only data protection provider with these proactive and responsive protection, security and recovery capabilities today. And customers see the value.

我們相信數據安全是不容妥協的，這就是為什麼它隱含在我們的產品中。 Commvault 是當今唯一擁有這些主動和響應式保護、安全和恢復功能的數據保護提供商。客戶看到了價值。

For example, Woodward, Inc., a multinational Fortune 1000 company, turned to Commvault Software and Metallic to consolidate multiple data protection products to better protect its data and increase efficiencies. Commvault now handles all of the company's data in all locations while meeting its recovery point and recovery time objectives.

例如，財富 1000 強跨國公司伍德沃德公司求助於 Commvault Software 和 Metallic 來整合多種數據保護產品，以更好地保護其數據並提高效率。 Commvault 現在處理公司所有位置的所有數據，同時滿足其恢復點和恢復時間目標。

Another great example of how customers are leveraging both software and SaaS for their data protection needs was our recent win with a Fortune 500 manufacturer. This company decided to choose its global -- sorry, to close its global data centers and fully adopt a multi-cloud strategy. While multiple vendors, including the incumbent, vied for the business, only Commvault could deliver an elegant solution to migrate workloads to cloud and support a 0-loss strategy, all on one platform.

客戶如何利用軟件和 SaaS 來滿足他們的數據保護需求的另一個很好的例子是我們最近與一家財富 500 強製造商的合作。該公司決定選擇其全球——抱歉，關閉其全球數據中心並全面採用多雲戰略。儘管包括現有供應商在內的多家供應商都在爭奪這項業務，但只有 Commvault 能夠提供一個優雅的解決方案，將工作負載遷移到雲並支持零損失策略，所有這些都在一個平台上進行。

Both examples demonstrate how providing comprehensive enterprise-grade software and SaaS data protection across all workloads and environments is a distinct competitive advantage.

這兩個示例都展示了跨所有工作負載和環境提供全面的企業級軟件和 SaaS 數據保護如何成為一項獨特的競爭優勢。

Now I'll turn it over to Gary for a discussion of our financial results. Gary?

現在我將把它交給加里討論我們的財務結果。加里？

Thanks, Sanjay, and good morning, everyone. I will start with a quick recap of the quarter with growth rates on a year-over-year basis unless otherwise stated.

謝謝，Sanjay，大家早上好。除非另有說明，否則我將首先快速回顧一下本季度的同比增長率。

Total revenues for the quarter increased 6% to $188 million. On a constant currency basis, Total revenue growth was 12%. Our growth in the quarter was driven by strong execution, even though currency in the macro continued to be headwinds, Continued strengthening of the U.S. dollar since our first quarter call adversely impacted Q2 revenue by approximately $3 million.

本季度總收入增長 6% 至 1.88 億美元。按固定匯率計算，總收入增長 12%。我們本季度的增長是由強勁的執行力推動的，儘管宏觀貨幣繼續受到不利影響，自我們第一季度電話會議以來美元持續走強對第二季度收入產生了約 300 萬美元的不利影響。

Software and products revenue for the quarter was $82 million, increasing 10% year-over-year and 16% on a constant currency basis. From a geographical perspective, both of our Americas and international regions delivered strong year-over-year constant currency growth.

本季度軟件和產品收入為 8200 萬美元，同比增長 10%，按固定匯率計算增長 16%。從地理角度來看，我們的美洲和國際地區都實現了強勁的同比穩定貨幣增長。

Specifically, our Americas region increased 20%, which was driven by large new customer transactions. Data protection and related security concerns are key spending priorities for organizations, and our ability to support large enterprise workloads across a mix of environment is a key driver for our growth. On a constant currency basis, our international region drove 9% year-over-year growth in software and products revenue. The increase was also driven by strength in larger enterprise transactions.

具體而言，我們的美洲地區增長了 20%，這是由大量新客戶交易推動的。數據保護和相關的安全問題是組織的主要支出優先事項，我們在混合環境中支持大型企業工作負載的能力是我們增長的關鍵驅動力。按固定匯率計算，我們國際地區的軟件和產品收入同比增長 9%。這一增長還受到大型企業交易實力的推動。

On a consolidated basis, revenue from software transactions over $100,000 increased 18% year-over-year and represented 72% of software revenue. We were pleased to see both a 6% increase in the volume of such transactions, combined with an 11% increase in average deal size reaching $346,000.

在綜合基礎上，超過 100,000 美元的軟件交易收入同比增長 18%，佔軟件收入的 72%。我們很高興地看到此類交易量增加了 6%，平均交易規模增加了 11%，達到 346,000 美元。

Our technology continues to resonate with enterprise customers looking to modernize their data protection approach to enable a hybrid cloud strategy. Subscription software revenue increased 32% year-over-year to $63 million and represented 76% of total software revenue, which compares to only 63% of total software revenue in Q2 of the prior year. Our progress toward a subscription-led software business has given more predictability and resilience to our business model.

我們的技術繼續與希望對其數據保護方法進行現代化改造以實現混合雲戰略的企業客戶產生共鳴。訂閱軟件收入同比增長 32% 至 6300 萬美元，佔軟件總收入的 76%，而去年第二季度僅佔軟件總收入的 63%。我們在以訂閱為主導的軟件業務方面取得的進展為我們的業務模型提供了更多的可預測性和彈性。

Moving from reported revenue results, I will now give some insight to our annualized recurring revenue, or ARR, metrics. Our total ARR increased 11% to $604 million as reported and accelerated to 18% year-over-year growth in constant currency. ARR growth is being driven by Metallic and subscription software. The combination of only subscription and Metallic ARR is now $400 million with growth of 44% and representing 2/3 of our total ARR. As Sanjay mentioned, Metallic recently crossed $75 million in ARR, which is about 50% higher since the start of the fiscal year.

從報告的收入結果來看，我現在將對我們的年度經常性收入或 ARR 指標給出一些見解。據報導，我們的 ARR 總額增長了 11%，達到 6.04 億美元，按固定匯率計算，同比增長加速至 18%。 ARR 的增長是由 Metallic 和訂閱軟件推動的。僅訂閱和金屬 ARR 的組合現在為 4 億美元，增長 44%，占我們總 ARR 的 2/3。正如 Sanjay 所提到的，Metallic 最近的 ARR 超過了 7500 萬美元，比本財年開始時高出約 50%。

Now I will discuss expenses and profitability. Gross margins for the second quarter were 83.5%, which is consistent with the prior quarter despite the foreign exchange pressure. Total operating expenses were $119 million, flat versus the prior year and down 3% sequentially. We are managing our people, facilities and third-party expenses by focusing investments are our most critical priorities. Non-GAAP EBIT was $35 million, resulting in an EBIT margin of 19%. Free cash flows for the quarter were $49 million.

現在我將討論費用和盈利能力。儘管存在外匯壓力，第二季度的毛利率為 83.5%，與上一季度持平。總運營費用為 1.19 億美元，與上年持平，環比下降 3%。我們通過集中投資來管理我們的人員、設施和第三方費用，這是我們最重要的優先事項。非美國通用會計準則息稅前利潤為 3500 萬美元，息稅前利潤率為 19%。本季度的自由現金流為 4900 萬美元。

In Q2, we repurchased 703,000 shares of our common stock for $40 million. Through the first half of the year, we repurchased 1 million shares of common stock, returning $59 million to our shareholders. These first half repurchases represented 83% of our first half free cash flows.

在第二季度，我們以 4000 萬美元回購了 703,000 股普通股。整個上半年，我們回購了 100 萬股普通股，向股東返還了 5900 萬美元。這些上半年回購占我們上半年自由現金流的 83%。

We ended the quarter with no debt and $262 million in cash on the balance sheet, of which, 60% is located outside of the United States. Our foreign cash balances support the operating needs of the business spread across over 35 countries.

我們在本季度末沒有債務，資產負債表上有 2.62 億美元的現金，其中 60% 位於美國境外。我們的國外現金餘額支持遍布超過 35 個國家/地區的業務的運營需求。

I would now like to give a brief update on the progress against our Investor Day objectives from January 2021. As a reminder, those objectives included: Compounded annual total revenue growth in the range of 6% to 7%; and the combination of total revenue growth and EBITDA margin of 32% by the end of fiscal 2023, which is our current fiscal year.

我現在想簡要介紹一下我們從 2021 年 1 月開始的投資者日目標的進展情況。提醒一下，這些目標包括：年總收入複合增長率在 6% 到 7% 之間；到 2023 財年（我們當前的財年）結束時，總收入增長和 EBITDA 利潤率將達到 32%。

When measured on a constant currency basis, I am pleased to report that we've achieved these objectives 6 months ahead of the expected time line. Over the last 4 quarters, on a constant currency basis, total revenues increased 11%, and we delivered an EBITDA margin of 22.6%, resulting in a Rule of calculation of 34%, which is 2 points ahead of our original target of 32%. Continued progress against the Rule of 40 over the long term will remain a key objective.

如果以固定貨幣為基礎衡量，我很高興地報告，我們已經比預期時間提前 6 個月實現了這些目標。過去 4 個季度，按固定匯率計算，總收入增長 11%，我們的 EBITDA 利潤率為 22.6%，計算規則為 34%，比我們最初的目標 32% 高出 2 個百分點.從長遠來看，繼續推進 40 條規則仍將是一個關鍵目標。

Now I will discuss our financial outlook for the fiscal third quarter. With the stronger U.S. dollar since our July call, we expect an additional $4 million of headwind on total revenues. As a result, we now expect fiscal Q3 total revenues to be in the range of $202 million to $205 million. At the midpoint of guidance, this represents 7% constant currency total revenue growth. Considering current foreign exchange rates, we expect Q3 software revenue to be in the range of $97 million to $100 million. On a constant currency basis, the midpoint of our software revenue guidance would be up 7% year-over-year.

現在我將討論我們對第三財季的財務展望。由於自我們 7 月的電話會議以來美元走強，我們預計總收入將增加 400 萬美元的逆風。因此，我們現在預計第三財季總收入將在 2.02 億美元至 2.05 億美元之間。在指導的中點，這代表 7% 的不變貨幣總收入增長。考慮到當前的匯率，我們預計第三季度軟件收入將在 9700 萬至 1 億美元之間。在固定匯率的基礎上，我們的軟件收入指引的中點將同比增長 7%。

As I mentioned earlier, we are winning net new business, including competitive displacements. We continue to closely monitor customer spending patterns, changes in budget priorities and other potential risks to our business due to the ongoing macroeconomic uncertainty. As a result, we are aware this new business may take longer to close, especially as part of larger IT transformation projects. In light of global uncertainty, we continue to be maniacally focused on managing expenses, balancing profitability while investing in growth initiatives, such as Metallic.

正如我之前提到的，我們正在贏得淨新業務，包括競爭性取代。由於持續的宏觀經濟不確定性，我們將繼續密切監控客戶支出模式、預算優先級的變化以及我們業務面臨的其他潛在風險。因此，我們意識到這項新業務可能需要更長時間才能關閉，尤其是作為大型 IT 轉型項目的一部分。鑑於全球不確定性，我們繼續瘋狂地專注於管理費用、平衡盈利能力，同時投資於 Metallic 等增長計劃。

At these revenue levels, we expect Q3 consolidated gross margins to be up slightly on a sequential basis to approximately 84%. Q3 operating expenses are expected to be approximately $125 million, down 2% year-over-year. At the midpoint of our revenue guidance, Q3 EBIT margins will be approximately 21.5%. Our projected share count for Q3 is approximately 45.5 million shares.

在這些收入水平下，我們預計第三季度綜合毛利率將環比小幅上升至約 84%。第三季度運營費用預計約為 1.25 億美元，同比下降 2%。在我們收入指引的中點，第三季度息稅前利潤率約為 21.5%。我們預計第三季度的股票數量約為 4550 萬股。

One item I would like to point out is that second half free cash flow will include approximately $7 million of incremental federal tax payments related to the capitalization of research and development provisions enacted as part of 2017 tax reform.

我想指出的一個項目是，下半年的自由現金流將包括大約 700 萬美元的增量聯邦稅款，這些稅款與作為 2017 年稅制改革的一部分制定的研發條款資本化有關。

Our team is focused on execution. We will maintain our responsible growth operating philosophy and expect to continue to return at least 75% of free cash flow to our shareholders through repurchases, all while continuing to accelerate our Metallic business.

我們的團隊專注於執行。我們將保持我們負責任的增長經營理念，並期望通過回購繼續將至少 75% 的自由現金流返還給我們的股東，同時繼續加速我們的金屬業務。

I will now turn the call back to Sanjay for his closing remarks. Sanjay?

我現在將把電話轉回給 Sanjay，聽取他的結束語。桑傑？

Thanks, Gary. Before we turn to questions, I want to invite you to join us at our upcoming Connections event. Over the next few days, we will be virtually hosting thousands of customers, prospects and partners as we highlight our portfolio, including many new offerings and announcements. I hope you tune in.

謝謝，加里。在我們開始提問之前，我想邀請您參加我們即將舉行的 Connections 活動。在接下來的幾天裡，我們將以虛擬方式接待成千上萬的客戶、潛在客戶和合作夥伴，同時重點介紹我們的產品組合，包括許多新產品和公告。我希望你收聽。

Now let's open it up for questions.

現在讓我們打開它來提問。

(Operator Instructions) Our first question comes from Jim Fish with Piper Sandler.

（操作員說明）我們的第一個問題來自 Jim Fish 和 Piper Sandler。

Nice-looking quarter on the constant currency basis and the ARR. Gary, you just mentioned that it's taking a bit longer to close new business. I guess what are you guys seeing with the customers' desire to consolidate more onto one data management vendor? And what do you guys see as the white space opportunity, specifically within your installed base today for replacing multiple solutions in kind of the customer environment, including with Metallic?

按固定匯率和 ARR 計算的漂亮季度。加里，你剛才提到關閉新業務需要更長的時間。我想你們對客戶希望將更多內容整合到一個數據管理供應商有什麼看法？你們認為什麼是空白機會，特別是在您今天的安裝基礎中，用於替換客戶環境中的多種解決方案，包括 Metallic？

Jim, it's Sanjay. Let me take a stab at it. So one of the examples I gave was a Fortune company that took out several products over the years that they had, and replaced it one architecture, ours, using both Metallic and software. We see this every day. Over the course of last quarter, roughly 50% of our Metallic customers also had Commvault technology. So it's both. And we see this every day.

吉姆，是桑傑。讓我試一試。因此，我舉的一個例子是一家財富公司，他們淘汰了多年來擁有的幾款產品，並用我們的架構替換了它，同時使用 Metallic 和軟件。我們每天都看到這一點。在上個季度，大約 50% 的 Metallic 客戶也擁有 Commvault 技術。所以兩者都是。我們每天都看到這一點。

And with ransomware, with ransomware, our premise is less is more. The less layers of technology, different technologies that you put in, the safer you can be because you have a single pane of glass and you have a singular way of dealing with it. And that's what we're seeing. We're seeing our technology being pulled in to unify, to bring one layer of visibility and protection into customers. We see this every day. That's how we win.

對於勒索軟件，對於勒索軟件，我們的前提是少即是多。技術層次越少，你採用的不同技術，你就越安全，因為你有一個單一的玻璃面板，你有一種處理它的獨特方式。這就是我們所看到的。我們看到我們的技術被引入統一，為客戶帶來一層可見性和保護。我們每天都看到這一點。這就是我們獲勝的方式。

Jim, it's Gary. Good to hear from you. I have a couple of quantifications. From a land perspective, we saw one of our best lands, so a new customer on the software side, in over 6 quarters. So really strong results in the land in the Americas, driven by some of that consolidation. We've had a really strong focus on landing net new customers, and those efforts in that pipeline is building.

吉姆，是加里。很高興聽到你的消息。我有幾個量化。從土地的角度來看，我們看到了我們最好的土地之一，因此在軟件方面的新客戶超過 6 個季度。在某些整合的推動下，在美洲的土地上取得了非常強勁的成果。我們非常重視吸引新客戶，並且正在努力建立這一渠道。

In the larger deals.

在較大的交易中。

On the large deals, yes.

在大宗交易中，是的。

And so that also helps when you -- the deals are getting longer -- larger, sorry. And as a result, that's because we're replatforming across multiple products.

因此，當您 - 交易時間越來越長 - 規模越來越大時，這也會有所幫助，抱歉。因此，這是因為我們正在跨多個產品進行平台重組。

That's helpful, guys. And what are you guys seeing with customers' willingness to sign multiyear durations? I understand the typical duration on the term subscription side is roughly 3 years. But really, what I'm asking is if you're seeing any desire to move that 3 years down, actually closer to 2, just given the macro environment.

這很有幫助，伙計們。你們對客戶願意簽署多年期限的意願有何看法？我了解期限訂閱方面的典型持續時間大約為 3 年。但實際上，我要問的是，考慮到宏觀環境，您是否希望將這 3 年提前，實際上更接近 2 年。

And just also confirming here that, really, on a billings basis here, it was primarily just FX issues on the deferred revenue. Because if I take off the cash flow statement for the change in deferred revenue, you actually end up with a billings beat. Was there any pressure on the duration side of things, though?

並且還要在這裡確認，實際上，在這裡的賬單基礎上，它主要只是遞延收入的外匯問題。因為如果我從現金流量表中扣除遞延收入的變化，你實際上會得到一個比比林斯節拍。但是，事情的持續時間方面有什麼壓力嗎？

Jim, it's Gary. I'll handle both of those. From a term perspective on subscription, we're holding pretty steady. We're seeing some -- a little bit of term pressure, but we're managing through it. And the range of our terms is still consistent with the growth metrics and the term metrics that you mentioned.

吉姆，是加里。我會處理這兩個。從訂閱的角度來看，我們保持相當穩定。我們看到了一些 - 一點點壓力，但我們正在通過它進行管理。我們的術語範圍仍然與您提到的增長指標和術語指標一致。

Your second point was on, correct me if I'm wrong, deferred revenue. So deferred revenue was actually up 18% constant currency. So if you look at deferred revenue, I think deferred revenue, generally on a constant currency basis, will align with ARR growth. And both of them on a constant currency basis was 18% and strongly driven by Metallic on both sides.

你的第二點是，如果我錯了，請糾正我，遞延收入。因此，遞延收入實際上增長了 18%（固定匯率）。因此，如果您查看遞延收入，我認為遞延收入（通常以固定貨幣為基礎）將與 ARR 增長保持一致。在固定匯率的基礎上，它們都是 18%，並且雙方都受到金屬的強烈推動。

Our next question comes from Eric Martinuzzi from Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

[Yes, something is] expected on kind of where the macro is now versus what it was as we exited Q1. You talked about then a slowdown in June. Well, we've got 4 months under our belt since then. How do you compare it now versus 4 months ago?

[是的，有些事情] 預計宏觀現在的位置與我們退出第一季度時的情況相比。你談到了 6 月份的經濟放緩。好吧，從那以後我們已經有 4 個月的時間了。您如何比較現在與 4 個月前的情況？

Andrea, we're having audio problems with Eric's question. Eric, can you redial in? We're not able to understand the question from the audio.

安德里亞，我們在回答埃里克的問題時遇到了音頻問題。埃里克，你能重撥嗎？我們無法從音頻中理解問題。

(technical difficulty)

（技術難度）

Eric, your line is open, please go ahead.

埃里克，你的線路是開放的，請繼續。

Okay. Is the audio any better?

好的。音頻好點了嗎？

Much better.

好多了。

Okay. Yes. My question was regarding the macro color that you gave now versus kind of the initial slowdown that you saw at the end of June. You got 4 months since then. Just wondering if you could juxtapose the 2 or if there's been no change.

好的。是的。我的問題是關於你現在給出的宏觀顏色與你在 6 月底看到的最初放緩的類型。從那以後你有 4 個月的時間。只是想知道您是否可以將 2 並置，或者是否沒有變化。

Eric, it's Sanjay. I'll start, and I'm sure Gary will have a point of view. We've been super focused on what we control, which is execution. And really, looking at everything we're doing, we learned a lot from the supply chain earlier last year and sort of applied those best practices to how we're looking at the pipeline, close rates things like that. So there's a lot of inspection, and we're focused on and we're getting that right as part of our execution.

埃里克，我是桑傑。我要開始了，我相信 Gary 會有自己的觀點。我們一直非常專注於我們控制的事情，即執行。實際上，看看我們正在做的一切，去年早些時候我們從供應鏈中學到了很多東西，並將這些最佳實踐應用於我們如何看待管道，關閉率之類的事情。所以有很多檢查，我們專注於並將其作為執行的一部分。

I will say to you that between the 2 quarters, we thought we probably saw deals that's taking longer to close. Okay? Just across the board, a lot more scrutiny, a lot more conversation, challenging some of our data science models on close rates and predictability. But we were focused on execution and came through.

我會告訴你，在這兩個季度之間，我們認為我們可能看到交易需要更長的時間才能完成。好的？就整體而言，更多的審查、更多的對話，在收盤率和可預測性方面挑戰了我們的一些數據科學模型。但我們專注於執行並通過了。

I will say it got harder over the course of the quarter. Europe in particular got harder over the course of the quarter. The Americas had a strong quarter, but again, scrutiny was across the board. So I'll say that was a common theme.

我會說在本季度的過程中變得更加困難。尤其是歐洲，在本季度變得更加艱難。美洲有一個強勁的季度，但同樣，審查是全面的。所以我會說這是一個共同的主題。

Gary, anything you want to add to that?

加里，你想補充什麼嗎？

Yes. And as we look out even, Eric, into fiscal Q3, we're expecting some of that to continue. And that's somewhat reflected into our outlook for Q3. Fiscal Q3 is our strongest seasonal quarter, generally for Commvault, tied to year-end budget timing, but we're factoring some of those macro headwinds we see on timing. The demand is there, it's just really time to close -- on time to close factored into our outlook.

是的。甚至，埃里克，當我們展望第三財季時，我們預計其中的一些會繼續下去。這在某種程度上反映在我們對第三季度的展望中。第三財季是我們最強勁的季節性季度，通常對 Commvault 而言，與年終預算時間相關，但我們正在考慮我們在時間上看到的一些宏觀不利因素。需求就在那裡，現在真的是關閉的時候了 - 準時關閉我們的前景。

Yes, the pipeline is good. It's just the timing.

是的，管道很好。這只是時機。

Yes.

是的。

Yes. And that is you're anticipating the continued -- better in the U.S. is anticipated to continue. And worse in EMEA is expected to continue?

是的。那就是你預計美國會繼續 - 更好的情況預計會繼續。預計 EMEA 的情況會更糟嗎？

I think, Eric, we're not expecting necessarily worse in EMEA. I think continued is what we've seen. And on a relative basis, relatively stronger in the U.S., yes.

我認為，埃里克，我們預計 EMEA 的情況不一定會更糟。我認為繼續是我們所看到的。相對而言，美國相對更強，是的。

Yes. [Q2 is up]...

是的。 【Q2來了】...

Yes. And then I saw the -- you kind of stepped up the repurchase program here in Q2. Was that simply tied to the better cash flow in Q2? Or was that just opportunistic on the price point?

是的。然後我看到——你在第二季度加強了回購計劃。這是否僅僅與第二季度更好的現金流有關？或者這只是價格點上的機會主義？

Yes. Eric, good highlight on the cash flow. We had very strong free cash flows during the quarter, and even for the first half of the year. Our free cash flows are up double digits, I think, approximately 15%. And our commitment to return at least 75% of free cash flows back to our shareholders. And at the first half mark, we're at 83%. So we've aligned our Q2 repurchases to make sure we're -- we stay ahead of our objective.

是的。埃里克，很好地強調了現金流。我們在本季度甚至上半年都有非常強勁的自由現金流。我認為，我們的自由現金流增長了兩位數，約為 15%。我們承諾將至少 75% 的自由現金流返還給我們的股東。在上半場，我們達到了 83%。因此，我們調整了第二季度的回購，以確保我們——我們保持領先於我們的目標。

Okay. And then final question for me comes on the services gross margin. I did notice they're relatively flat sequentially, but a slight downtick on the gross margin. What's behind that?

好的。然後我的最後一個問題是服務毛利率。我確實注意到它們的順序相對持平，但毛利率略有下降。那背後是什麼？

Yes. Eric, when you think about services gross margins, there's 2 pieces in that gross margin. The first piece is our customer support revenue, okay? The customer support revenue. And the biggest driver on the headwind there is actually FX. If you look at our press release, we disclosed the customer support revenue, and it was down approximately 12% year-over-year. But FX-adjusted, it's only down about 5%.

是的。埃里克，當你考慮服務毛利率時，毛利率有兩部分。第一部分是我們的客戶支持收入，好嗎？客戶支持收入。而最大的不利因素實際上是外匯。如果你看一下我們的新聞稿，我們披露了客戶支持收入，同比下降約 12%。但經外匯調整後，僅下降了約 5%。

So currency being the biggest on the services and customer support. That's being really fully offset by the other services, which includes our Metallic revenue. So that's where you'll see major growth year-over-year and quarter-over-quarter as we start to accelerate Metallic.

因此，貨幣在服務和客戶支持方面是最大的。這真的完全被其他服務所抵消，其中包括我們的金屬收入。因此，隨著我們開始加速 Metallic，您將看到同比和環比的大幅增長。

Our next question comes from Jim Fish with Piper Sandler.

我們的下一個問題來自 Jim Fish 和 Piper Sandler。

Couldn't resist asking another, just quickly. With over 2,500 customers now in Metallic, my math would kind of imply we're actually seeing a deal size uplift for Metallic versus the last few quarters. I guess, trying to understand what's causing that specifically.

忍不住問另一個，很快。 Metallic 現在有超過 2,500 名客戶，我的數學暗示我們實際上看到 Metallic 的交易規模與過去幾個季度相比有所提升。我想，試圖了解具體是什麼原因造成的。

Jim, it's Gary. I wouldn't say a deal uplift. I think it depends on the segment. Where we're seeing really good strength in focusing on is building a velocity business, right? So there will be some timing quarter-to-quarter on maybe some of the larger Metallic deals. But our real focus is driving velocity and really getting that tailwind going, tied to both the renewal cycle and landing net new customers. So at times, we're a little less focused on the actually ASP overall, but making sure we're building that repeatable expansion and driving kind of best-in-class net dollar retention.

吉姆，是加里。我不會說交易提升。我認為這取決於細分市場。我們在專注於建立速度業務方面看到了真正的優勢，對嗎？因此，對於一些較大的金屬交易，每個季度都會有一些時間安排。但我們真正的重點是提高速度並真正推動順風，這與續訂週期和吸引新客戶密切相關。因此，有時我們不太關注實際的 ASP 整體，但要確保我們正在構建可重複的擴展並推動一流的淨美元保留率。

One of the things, Jim, we're most proud of is, this quarter alone on a unit basis, 70% of the new Metallic customers were new to Commvault. So -- which doesn't show up necessarily in the financial statement this quarter, but will show up over time as we onboard and expand and really drive that growth.

吉姆，我們最引以為豪的一件事是，僅在本季度，70% 的新 Metallic 客戶都是 Commvault 的新客戶。所以 - 這不一定會出現在本季度的財務報表中，但隨著我們的加入和擴張並真正推動增長，會隨著時間的推移出現。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the solid execution. I apologize if I missed this, but the 2,500 customers on Metallic, can you just help us appreciate what that was maybe exiting the last fiscal year? Just to kind of think about the trajectory of that.

恭喜執行力強。如果我錯過了這一點，我深表歉意，但是 Metallic 的 2,500 名客戶，你能幫我們了解上一財年可能退出的內容嗎？只是想考慮一下它的軌跡。

And I think, in addition, I'm just curious is like as you compete with Metallic in the market, who do you see?

而且我想，此外，我很好奇當你在市場上與金屬競爭時，你看到了誰？

It's Gary. I'll start with the first question. And maybe, Sanjay, you can talk maybe about the competitive side from this standpoint.

是加里。我將從第一個問題開始。也許，桑傑，你可以從這個角度談談競爭方面。

Yes, as we mentioned, we're -- at this point, we're well over 2,500 at this point. Exiting the fiscal year, we were less -- we were well less than 2,000, to kind of give you a benchmark at the clip we're kind of growing at kind of broad strokes.

是的，正如我們提到的，我們 - 在這一點上，我們在這一點上遠遠超過 2,500。在本財年結束時，我們的人數減少了——我們遠遠少於 2,000 人，這可以給你一個基準，說明我們正在以一種廣泛的方式增長。

Yes. That's a big part. Again, Aaron, coming -- it's Sanjay. Coming back to how we win. It's the -- it's our ability to bring a common platform, a unified platform with software and SaaS, that allows us to win every time. And when you look at just point -- small point SaaS players, they can't do the enterprise workloads. They can't do the left-to-right on ransomware. And if you look at the traditional software players, they don't extend -- I mean, their architectures to extend into the cloud, into SaaS, leave much to be desired for customers. That's why we've been winning.

是的。那是很大一部分。再次，Aaron，來了—— Sanjay。回到我們如何獲勝。這是——我們有能力帶來一個通用平台，一個帶有軟件和 SaaS 的統一平台，這讓我們每次都能獲勝。當你只看點——小點 SaaS 播放器時，他們無法完成企業工作負載。他們不能在勒索軟件上進行從左到右的操作。如果你看看傳統的軟件玩家，他們不會擴展——我的意思是，他們的架構擴展到雲中，擴展到 SaaS 中，這給客戶留下了很多不足之處。這就是我們一直獲勝的原因。

And this has been our strategy now for 2 years. We've said it's bringing the two together that's going to allow customers to make natural choices on their journey to the cloud, not unnatural choices. So in and of itself, Metallic's an incredibly powerful next-generation SaaS offering; combined with our software architecture, it's pretty unbeatable.

這是我們兩年來的戰略。我們已經說過，將兩者結合在一起將使客戶能夠在他們的雲之旅中做出自然的選擇，而不是不自然的選擇。因此，就其本身而言，Metallic 是一個非常強大的下一代 SaaS 產品；結合我們的軟件架構，它是無與倫比的。

And I think if you think about the financial implication, so about half of the Metallic customers today also have Commvault software. So driving that software growth today through that installed base, while building this ARR of now $75 million and growing, is securing our visibility, future -- on future revenue growth.

而且我認為，如果你考慮財務影響，那麼今天大約有一半的 Metallic 客戶也有 Commvault 軟件。因此，通過安裝基礎推動今天的軟件增長，同時建立現在 7500 萬美元並不斷增長的 ARR，正在確保我們在未來收入增長方面的知名度。

It's -- when I talk to CIOs, when I talk to CEOs, and they ask me, "Should we go SaaS or should we go software?" And I go, "That's the most unnatural choice for you to make. You need both. And depending where you are in your journey, you need both. And any provider that makes you choose unnaturally isn't doing you much of a service."

這是——當我與 CIO 交談時，當我與 CEO 交談時，他們問我，“我們應該選擇 SaaS 還是應該選擇軟件？”我走了，“這是你做出的最不自然的選擇。你需要兩者。根據你在旅途中所處的位置，你需要兩者。任何讓你做出不自然選擇的提供者都沒有為你提供太多服務。 “

So we go in with an architecture, and customers can start with software or start with SaaS, change back and forth, move workloads back and forth, change their minds. And our software and our SaaS -- our offering allows them to do that transparently. And that's the -- that's why we win. That's why we win every time.

所以我們採用一種架構，客戶可以從軟件開始或從 SaaS 開始，來回改變，來回移動工作負載，改變他們的想法。我們的軟件和我們的 SaaS——我們的產品允許他們透明地做到這一點。這就是——這就是我們獲勝的原因。這就是為什麼我們每次都贏。

Yes. That's very helpful. And that 50% of Metallic customers having another Commvault product, where do you think that you can ultimately drive that to? Do you think that it's 75% of those customers ultimately over time purchase Commvault products? Do you think it stays at 50%? Just curious to how you think about that monetization kind of flywheel of expanding your customer base?

是的。這很有幫助。 50% 的 Metallic 客戶擁有另一種 Commvault 產品，您認為您最終可以將其推向何處？您是否認為這些客戶中有 75% 最終會隨著時間的推移購買 Commvault 產品？你認為它保持在50%嗎？只是想知道您如何看待擴大客戶群的貨幣化飛輪？

Honestly, I expect every customer to, over time, need both, okay? It's super -- if you're on a journey -- I was a CIO on a journey. When you're on a journey that's multiyear, whether it's being accelerated or not because of pandemic or supply chain or anything else, if you're on that journey, you need the optionality. And what we give our customers is that optionality.

老實說，我希望每個客戶隨著時間的推移都需要兩者，好嗎？這太棒了——如果你在旅途中——我是旅途中的首席信息官。當你踏上一段多年的旅程時，無論是否因為流行病或供應鍊或其他任何原因而加速，如果你在這段旅程中，你需要選擇權。我們為客戶提供的就是這種選擇權。

So we -- there is no reason to believe that our customer base, both the more traditional software customer base and the SaaS base, doesn't -- don't need both, okay? Now if 70% of our customers in the last quarter for Metallic were new to the company, every one of them becomes a potential to pull software, okay? So that's our play, that's our playbook, and that's how we go to market.

所以我們 - 沒有理由相信我們的客戶群，包括更傳統的軟件客戶群和 SaaS 群，不需要 - 兩者都不需要，好嗎？現在，如果上個季度我們的 Metallic 客戶中有 70% 是公司的新客戶，那麼他們每個人都有可能拉動軟件，好嗎？所以這就是我們的遊戲，這就是我們的劇本，這就是我們進入市場的方式。

Yes. That's helpful. And then the final question, I'll cede the floor, is on the partnership ecosystem. Any kind of updates of if there's been any changes that you're excited about on the partner side, if it's Microsoft or Azure, just curious of how that's evolved.

是的。這很有幫助。最後一個問題，我將放棄發言權，是關於合作夥伴生態系統的。任何類型的更新，如果您對合作夥伴方面有任何變化感到興奮，如果它是 Microsoft 或 Azure，只是好奇它是如何演變的。

Aaron, it's been a huge focus area for us over the past 6 months. So starting with -- we brought in a new -- a very seasoned industry leader, Alan Atkinson, into the team. And he's been -- he's singularly focused on really building our next-generation ecosystem.

亞倫，在過去的 6 個月裡，它一直是我們關注的重點領域。因此，我們首先引入了一位經驗豐富的行業領導者 Alan Atkinson 加入團隊。他一直——他非常專注於真正構建我們的下一代生態系統。

We've got -- we've strengthened our relationships with the cloud providers, in particular Microsoft and Oracle. We had a very strong showing at their customer events recently, very strong showing. I mean, it's the first trade show I've been at in person, the Oracle one, in what -- since the pandemic. And our booth was overrun, overrun with folks who wanted to know more about how we're doing -- how we worked with OCI, with Oracle workloads, ransomware with Oracle. These are all relevant things.

我們已經——我們加強了與雲提供商的關係，尤其是微軟和甲骨文。我們最近在他們的客戶活動中表現非常出色，表現非常出色。我的意思是，這是自大流行以來我親自參加的第一個貿易展，甲骨文展。我們的展位人滿為患，擠滿了想更多地了解我們的工作情況的人——我們如何與 OCI、Oracle 工作負載、勒索軟件與 Oracle 合作。這些都是相關的事情。

And our partner ecosystem, I would say to you, we are more focused today on our partner ecosystem than we've probably ever been as a company. Our success with Metallic is and will continue to be largely with partners.

而我們的合作夥伴生態系統，我想對你說，我們今天比以往任何時候都更關注我們的合作夥伴生態系統。我們在 Metallic 方面的成功現在並將繼續主要取決於合作夥伴。

And just to give you an example, just to give you one example. And to me, that's a very important one. Our Connections event that I shamelessly plugged in my close during the prepared comments that starts tomorrow, is we have incredible sponsorship from our partner community, okay? Incredible sponsorship. So that's testimony to the strength of the relationships. We are very committed. We've never been more committed to partnerships than we are today.

只是給你一個例子，只是給你一個例子。對我來說，這是一個非常重要的問題。在明天開始的準備好的評論中，我無恥地插入了我們的連接事件，我們是否得到了合作夥伴社區的難以置信的讚助，好嗎？難以置信的讚助。所以這證明了這種關係的力量。我們非常投入。我們從未像今天這樣致力於合作夥伴關係。

Our next question comes from Thomas Blakey of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Thomas Blakey。

I have a few. I believe, Gary, you mentioned that the Metallic gross margin headwinds should be abating. Solid ARRs, great, great numbers here. Just wondering if you could just maybe comment from an update perspective on Metallic gross margin. And I have a couple of follow-ups after that.

我有幾個。我相信，加里，你提到金屬毛利率的逆風應該會減弱。穩固的 ARR，非常非常棒的數字。只是想知道您是否可以從更新的角度對金屬毛利率發表評論。之後我有幾個後續行動。

Tom, good to hear from you. So we're making great progress on Metallic gross margins. I'm really pleased that our gross margin for Metallic is improving every quarter, quarter-over-quarter. So we're on the trajectory that we need to be at. We're probably still another, as we said before, 1 to 2 years out from best-in-class SaaS margins, but we're on our path and we're making the progress we need to make to stay on track.

湯姆，很高興收到你的來信。因此，我們在金屬毛利率方面取得了很大進展。我真的很高興我們的金屬毛利率每個季度都在提高，每個季度都在提高。所以我們正處於我們需要的軌道上。正如我們之前所說，我們可能還需要 1 到 2 年才能獲得一流的 SaaS 利潤率，但我們正在前進，我們正在取得我們需要取得的進展，以保持在正軌上。

So from a consolidated gross margin, the comments I think I made last quarter is I felt we were at the low point for the year on consolidated gross margins, and that's continuing to hold. Even for the guidance I give for fiscal Q3, I'm expecting some modest gross margin improvement on the consolidated standpoint, and I expect that to continue through fiscal Q4 as well.

因此，從綜合毛利率來看，我認為我上個季度發表的評論是我認為我們在綜合毛利率方面處於今年的低點，而且這種情況將繼續存在。即使對於我為第三財季給出的指導，我預計從綜合角度來看毛利率會有一些適度改善，而且我預計這種情況也將持續到第四財季。

Very clear, Gary, and solid progress on Metallic, if not ahead of expectations here.

非常清楚，Gary，Metallic 取得了堅實的進展，即使沒有超出預期。

On the maintenance ARR, it looks like maybe exiting last year, like a negative teens number. It looks like it might have accelerated to the negative 20% kind of levels, if I'm doing my math correctly with your disclosures on Metallic and subscription and Metallic ARR. Just again, looking for kind of a bottom there. Any updates you can kind of talk about there on the maintenance and subscription transition? That would be helpful.

在維護 ARR 方面，看起來去年可能會退出，就像負數一樣。看起來它可能已經加速到負 20% 的水平，如果我正確地計算你在金屬和訂閱和金屬 ARR 上的披露。再一次，在那裡尋找底部。關於維護和訂閱過渡，您可以談談任何更新嗎？那會很有幫助。

Absolutely. It's all FX. So let me give you a little -- quantify it for you. If you just look at our maintenance revenue for fiscal Q2, which is contained in the tables to our earnings release. On an actual basis, we're down 11% year-over-year. FX-adjusted, we're down 5%. 5%.

絕對地。都是外匯。所以讓我給你一點——為你量化。如果你只看一下我們第二財季的維護收入，它包含在我們收益發布的表格中。實際上，我們同比下降了 11%。經外匯調整後，我們下跌了 5%。 5%。

So it is 5% down. The last 2 quarters, it's also been roughly 5%. So if you're thinking about what you should expect to see from a go-forward perspective, we're in that low single-digit declined on maintenance revenue, which is reflective of some of the strategic choices we're making of converting our customers into our new modern subscription offering.

所以它下降了5%。在過去的兩個季度裡，它也大約是 5%。因此，如果您正在考慮從未來的角度來看您應該期待看到什麼，我們的維護收入處於低個位數下降，這反映了我們正在做出的一些戰略選擇，以轉變我們的客戶進入我們新的現代訂閱服務。

Very helpful and clear as usual, Gary. And then my last question is, on large deals, continued success there, understanding the macro headwinds that might be creeping up here. Is the large deal kind of metrics you've shared with us actually maybe being capped by Metallic? It's interesting that you say half the Metallic customers are also taking Commvault software. As I understand it, those are like relatively smaller deals, the Metallic deals, I mean, maybe I'm wrong in that characterization, but maybe the large deals are actually larger. That's my final question.

像往常一樣非常有幫助和清晰，加里。然後我的最後一個問題是，在大宗交易中，在那裡持續取得成功，了解這裡可能會出現的宏觀逆風。您與我們分享的大量指標實際上是否可能受到 Metallic 的限制？有趣的是，您說一半的 Metallic 客戶也在使用 Commvault 軟件。據我了解，這些交易就像相對較小的交易，金屬交易，我的意思是，也許我的描述是錯誤的，但也許大交易實際上更大。這是我的最後一個問題。

Let me just give you the more business point of view on it. Tom, the way the workloads work right now for us, between software and Metallic, they're actually very complementary. In fact, part of our ransomware protection, we call it Metallic Recovery Reserve, is delivered through Metallic, but from our software. So you can invoke it through the software, but it gets delivered -- that immutable copy gets delivered in the cloud through Metallic. So we're intrinsically tying these as complementary capabilities.

讓我給你更多的商業觀點。湯姆，工作負載現在為我們工作的方式，在軟件和金屬之間，它們實際上是非常互補的。事實上，我們的勒索軟件保護的一部分，我們稱之為 Metallic Recovery Reserve，是通過 Metallic 提供的，但來自我們的軟件。所以你可以通過軟件調用它，但它是交付的——那個不可變的副本是通過 Metallic 在雲中交付的。因此，我們本質上將這些作為互補功能聯繫起來。

And so in most cases, customers will look at an on-premise solution and then say, "Oh, we'd like the ransomware protection." At that point, it kicks into a Metallic delivery. And sometimes, 30%, 30-plus percent of our customers, have more than one Metallic offering. So they may start with ransom in protection and then add on Office 365 or virtual machines or something else.

因此在大多數情況下，客戶會查看本地解決方案，然後說，“哦，我們想要勒索軟件保護。”那時，它開始進入金屬交付。有時，30%、30% 以上的客戶擁有不止一種金屬產品。因此，他們可能會從保護贖金開始，然後添加 Office 365 或虛擬機或其他東西。

So it works -- thus far, it works really in tandem and they complement each other, if that makes sense.

所以它起作用了——到目前為止，它實際上是協同工作的，它們相互補充，如果這有意義的話。

No, it is helpful (technical difficulty) in driving the deal size up.

不，這有助於（技術難度）推動交易規模的擴大。

It actually does. I mean, they complement each other. Obviously, not to the same level of software, but more and more, we see that the attach. And to me, that's the most important motion that for the future, is seeing customers naturally attach both things, depending on workload.

它確實如此。我的意思是，它們相互補充。很明顯，不是同級別的軟件，而是越來越多，大家看到的是attach。對我而言，這是未來最重要的動議，即看到客戶根據工作量自然而然地附加這兩種東西。

thank you. I'm showing...

謝謝你。我在展示...

And we're not seeing any more hands in the queue. I think we can end the call, please.

我們再也看不到隊列中的任何人手了。我想我們可以結束通話了。

Participation in today's conference. This concludes the program. You may now disconnect.

參加今天的會議。程序到此結束。您現在可以斷開連接。