Commvault Systems Inc (CVLT) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the comparable Q4 FY 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. Finally, a reminder, this conference is being recorded. I would now like to turn the conference over to Mike Melnick, Head of Investor Relations. Please go ahead.

感謝您的耐心等待，並歡迎參加類似的 2024 財年第四季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。如果您想撤回問題，請再次按星號鍵。最後提醒一下，本次會議正在錄製中。我現在想將會議交給投資者關係主管 Mike Melnick。請繼續。

Good morning, and welcome to our earnings conference call are Michael. I'd now like Head of Investor Relations, and I'm joined by Sanjay Mirchandani from both CEO and Gary marrow, Campbell, CFO and earnings presentation with key financial and operating metrics posted on the Investor Relations website. For reference. Statements made on today's call will include forward-looking statements about combo 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 conference calls. Most recent periodic reports filed with the SEC for a discussion of risks and uncertainties that could cause the Company's actual results to be materially different from those contemplated any forward looking statements. Combos does not assume any obligation to update these statements during this call, Campbell's financial results are presented on a non GAAP basis. Reconciliation between non-GAAP and GAAP measures can be found on our website. Thank you again for joining us. Now I'll turn it over to Sanjay for his opening remarks. Sanjay?

早安，歡迎來到我們的財報電話會議，麥可。我現在希望擔任投資者關係主管，執行長桑傑·米爾昌達尼(Sanjay Mirchandani) 和首席財務官加里·馬羅(Gary Marrow) 也將加入我的行列，並在投資者關係網站上發布收益報告，其中包括關鍵的財務和營運指標。以供參考。今天的電話會議上發表的聲明將包括有關組合未來預期、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電話會議中的警告性語言。最近向美國證券交易委員會提交的定期報告討論了可能導致公司實際結果與任何前瞻性陳述預期結果存在重大差異的風險和不確定性。 Combos 不承擔在本次電話會議期間更新這些報表的任何義務，金寶湯的財務業績是根據非公認會計原則（non GAAP）公佈的。非 GAAP 和 GAAP 指標之間的調整可以在我們的網站上找到。再次感謝您加入我們。現在我將請 Sanjay 致開幕詞。桑傑？

Thank you, Mark. Good morning and thanks for joining us today. Q4 was an outstanding quarter, capping a breakout year for cobalt and setting the stage for fiscal year '25 and beyond. We ended our fiscal year with continued strong momentum across all primary KPI.s highlights from Q4 include total revenue increased 10% to $223 million. Total ARR rose 15% to $770 million. Subrsciption ARR increased 25% to nearly $600 million SaaS ARR jumped 65% to $168 million. Can we close the year with over 5,000 SaaS customers, and we did this profitably.

謝謝你，馬克。早安，感謝您今天加入我們。第四季度是一個出色的季度，為鈷的突破年度畫上了句號，並為 25 財年及以後奠定了基礎。我們以持續強勁的勢頭結束了本財年，第四季度所有主要 KPI 的亮點包括總收入增長 10%，達到 2.23 億美元。總 ARR 成長 15%，達到 7.7 億美元。訂閱 ARR 成長 25%，達到近 6 億美元；SaaS ARR 成長 65%，達到 1.68 億美元。我們能否以超過 5,000 名 SaaS 客戶結束這一年，我們做到了盈利。

Our Q4 and fiscal year results shine a bright light on the critical role combo play in a world dominated by ransomware attacks and cyber threats. Organizations need to know that when they are hit, they can recover. This is what we empower our customers to be resilient and pickup. Our financial results speak to the multiyear journey. We started five years ago when I joined combo, I said the company had great bonds with a strong financial foundation and best in class technology, and we had a tremendous opportunity to unlock a new level of growth within the company. With that goal in mind, we reinvigorated our brand and go-to-market motion, strengthened our partner ecosystem and expanded our routes to market, and we double down on comp, of course, drives innovation.

我們的第四季和財年業績凸顯了組合在勒索軟體攻擊和網路威脅主導的世界中發揮的關鍵作用。組織需要知道，當他們受到打擊時，他們可以恢復。這就是我們賦予客戶彈性和恢復能力的原因。我們的財務表現說明了多年的歷程。五年前，當我加入康寶時，我說公司有著良好的聯繫，擁有雄厚的財務基礎和一流的技術，我們有巨大的機會在公司內部釋放新的成長水平。考慮到這一目標，我們重振了我們的品牌和進入市場的行動，加強了我們的合作夥伴生態系統並擴大了我們的市場路線，我們加倍努力，當然，推動了創新。

To that point, we launched a hyper-growth SaaS offering that is one of the fastest growing of its kind in the industry today. And we transformed our business model from legacy perpetual, the modern subscription and SaaS. We did all of this while focusing the company to sustainable and profitable growth with some notable results over the past three years. Since fiscal year 22, total ARR increased at a 15% CAGR subscription ARR grew at 31%, CAGRr and ARR from a hyper-growth SaaS offering more than tripled.

為此，我們推出了一款高速成長的 SaaS 產品，它是當今業界成長最快的產品之一。我們將傳統的永久業務模式轉變為現代訂閱和 SaaS。我們在完成所有這些工作的同時，專注於公司的可持續和盈利增長，並在過去三年中取得了一些顯著的結果。自第 22 財年以來，總 ARR 以 15% 的複合年增長率增長，訂閱 ARR 增長了 31%，高速增長的 SaaS 產品的複合年增長率和 ARR 增長了兩倍多。

We consistently delivered profit margins of 20% or better. We generated over $500 million of free cash and returned over $600 million of cash to shareholders through stock repurchases. I'm extremely proud of what we've accomplished and would like to thank our customers, partners and employees for their trust and commitment to cobalt. Our job is only getting more excited. In November, we shifted our company and everything. It represents the cyber resilience. As I alluded to previously, the biggest challenge organizations face today, the unrelenting breadth and scale of cyberattacks. We're talking automated, intelligent and state-sponsored attacks.

我們始終保持 20% 或更高的利潤率。我們產生了超過 5 億美元的自由現金，並透過股票回購向股東返還了超過 6 億美元的現金。我對我們所取得的成就感到非常自豪，並感謝我們的客戶、合作夥伴和員工對鈷的信任和承諾。我們的工作只會變得更加令人興奮。十一月，我們搬遷了公司和一切。它代表了網路彈性。正如我之前提到的，當今組織面臨的最大挑戰是網路攻擊的廣度和規模。我們談論的是自動化、智慧和國家支持的攻擊。

These attacks with immense pressure and CSOs, the C-suite and the Board to rapidly recover and be resilient. This is exactly what we enable with a combo of cloud cyber resilience platform, Sucampo cloud. We offer autonomous recovered so that customers can recover the environment at scale, customers can proactively perform health checks and detect anomalies and threats. They can utilize our AI technology to enhance the recovery process, and they can secure and recover their data across any workload, any infrastructure and from any location to any location, all at the lowest possible TCO. one of our marquee clients this quarter is Albertsons Companies, a Fortune 100 grocer that migrated the retail. I wanted to strengthen the cyber resiliency, amended combos, unique and differentiated platform to provide additional security recovery, workload protection and cloud integration.

這些攻擊給公民社會組織、最高管理階層和董事會帶來了巨大的壓力，要求他們迅速恢復並保持彈性。這正是我們透過雲端網路彈性平台 Sucampo 雲端的組合所實現的。我們提供自主恢復，以便客戶可以大規模恢復環境，客戶可以主動執行健康檢查並檢測異常和威脅。他們可以利用我們的人工智慧技術來增強恢復過程，並且可以在任何工作負載、任何基礎設施、從任何位置到任何位置保護和恢復數據，所有這些都以盡可能低的 TCO 實現。本季我們的大客戶之一是 Albertsons Companies，這是一家遷移零售業務的財富 100 強雜貨商。我想加強網路彈性、修改組合、獨特且差異化的平台，以提供額外的安全恢復、工作負載保護和雲端整合。

Last year as a particularly difficult year for hospital systems as cyber and ransomware attacks nearly doubled with the risk of an attack. Top of mind, a large network of hospitals in Latin America was concerned about their ability to recover from a cyber attack with Catapult. They have peace of mind that they can easily and quickly recover, have hit with one platform. They can manage their on-prem remote and cloud data, and we protect an immutable copy of the data, which is critical for recovery. These are just two examples of why we're winning in the market and are frequently chosen over competitive offerings. But we're not stopping there. We're taking recovery even further with Kampo clean room recovery.

去年對醫院系統來說是特別困難的一年，因為網路和勒索軟體攻擊幾乎增加了一倍，攻擊風險也增加了一倍。最重要的是，拉丁美洲的大型醫院網路擔心他們從彈射器網路攻擊中恢復的能力。他們高枕無憂，因為他們可以輕鬆快速地恢復，透過一個平台獲得打擊。他們可以管理本地遠端和雲端數據，而我們保護數據的不可變副本，這對於恢復至關重要。這些只是我們在市場上獲勝並經常在競爭產品中脫穎而出的兩個例子。但我們不會就此止步。我們透過漢方潔淨室恢復進一步推進恢復。

Yesterday, we announced how this new and unique offering empowers organizations to be ready to recover. By providing a clean, isolated and on-demand recovery location in the cloud, they can spin up as many workloads have been. Clean-room. Recovery also enables users to proactively to the response plans so they can quickly recover when bad actors Striker building on these unrivaled capabilities. two weeks ago, we closed on the acquisition of a products.

昨天，我們宣布了這項新的獨特產品如何幫助組織做好恢復準備。透過在雲端提供乾淨、隔離和按需的復原位置，它們可以啟動盡可能多的工作負載。整理房間。復原還使用戶能夠主動制定回應計劃，以便在不良行為者 Striker 建立這些無與倫比的功能時能夠快速恢復。兩週前，我們完成了一款產品的收購。

With this technology, customers will be able to rapidly discover, rebuild and get that critical cloud applications and production infrastructure fully operational as an outage or cyberattack with the dynamics and public clouds. This rebuild will take minutes or hours rather than days or weeks after all in the unfortunate event of an attack time is money by marrying tar balls, extensive risk readiness and recovery capabilities with the product is cloud native mobile capabilities. We help customers shorten recovery times after and attack. This takes cyber resilience to a whole new level.

借助這項技術，客戶將能夠快速發現、重建關鍵雲端應用程式和生產基礎設施，並在發生中斷或網路攻擊時透過動態和公有雲全面運作。這種重建將需要幾分鐘或幾小時，而不是幾天或幾週，畢竟在不幸的攻擊事件中，透過將焦油球、廣泛的風險準備和恢復功能與產品的雲原生移動功能相結合，時間就是金錢。我們幫助客戶縮短攻擊後的恢復時間。這將網路彈性提升到一個全新的水平。

In closing, I believe we are the best company with the best people and by far the best platform for cyber resilience in the industry with cabo cloud, we believe that we can offer the most comprehensive enabled platform for CSOs and CIOs to work together. It was engineered with a hybrid enterprise and mine to enable customers to manage their resilience across any workload environment. All cash available as software SaaS or both.

最後，我相信我們是最好的公司，擁有最優秀的人才，並且是迄今為止業界最好的網路彈性平台，我們相信我們可以為 CSO 和 CIO 提供最全面的支援平台，以便他們合作。它採用混合企業和礦山設計，使客戶能夠在任何工作負載環境中管理其彈性。所有現金均可作為軟體 SaaS 或兩者兼而有之。

That way if our customer suffer an attack, we helped us to confidently and quickly recovered their business and stay resilient. We believe fiscal year 25 will be zero year for cobalt to continue accelerating our growth. With that, I'll turn it over to Gary to discuss the numbers and provide more insights on our forward outlook. Gary.

這樣，如果我們的客戶遭受攻擊，我們可以幫助我們自信、快速地恢復他們的業務並保持彈性。我們相信第 25 財年將是鈷繼續加速成長的零年。接下來，我將把它交給加里來討論這些數字，並就我們的未來前景提供更多見解。加里.

Thank you, Sanjay. As Sandy mentioned, we closed the fiscal year with strong momentum with all of our key primary metrics coming in ahead of expectations. Our cyber resilience platform and related messaging is resonating in the market in our team, executed in the field, driving another quarter of double digit revenue growth. I'll recap Q4 and full fiscal year '24 results before discussing our outlook for fiscal year '25.

謝謝你，桑傑。正如桑迪所提到的，我們以強勁的勢頭結束了本財年，所有關鍵主要指標都超出了預期。我們的網路彈性平台和相關訊息傳遞在我們團隊的市場中引起共鳴，並在現場執行，推動了另一個季度兩位數的營收成長。在討論我們對 25 財年的展望之前，我將回顧第四季度和 24 財年的全部業績。

As a reminder, all growth rates are on a year-over-year basis unless otherwise noted, total revenue grew 10% to $223 million, driven by a 27% increase in subscription revenue, which now exceeds 50% of total revenue. Subscription revenue growth was fueled by increased contributions from our saas portfolio and solid double digit growth in term software licenses.

需要提醒的是，除非另有說明，所有成長率均按年計算，總收入增長了10%，達到2.23 億美元，這得益於訂閱收入增長27%，目前訂閱收入已超過總收入的50% 。訂閱收入的成長得益於我們的 SaaS 產品組合貢獻的增加以及定期軟體授權的兩位數穩定成長。

Our software revenue growth reflected a healthy balance between renewals and our strongest land and expand quarter of the fiscal year. Once again, we saw improved close rates in over $100,000, increased 13% as we close and accelerated volume of larger deals. From a geographic perspective, the Americas and International region had strong performance with those regions posting double digit term software growth. Our Americas region delivered its best new customer acquisition quarter of the year as our cyber resiliency platform gained additional traction in the enterprise market.

我們的軟體收入成長反映了續訂與我們最強勁的土地和本財年季度擴張之間的健康平衡。我們再次看到成交率提高了 10 萬美元以上，隨著成交量的增加以及較大交易量的增加，成交率增加了 13%。從地理角度來看，美洲和國際地區表現強勁，這些地區的定期軟體成長達到兩位數。隨著我們的網路彈性平台在企業市場獲得了額外的關注，我們的美洲地區實現了今年最好的新客戶獲取季度。

Q4. Perpetual license revenue was flat sequentially at $15 million as perpetual licenses are generally sold in limited verticals and geographies. We expect the headwinds from perpetual license sales to diminish in fiscal year '25 and beyond.

Q4。永久許可證收入環比持平，為 1500 萬美元，因為永久許可證通常在有限的垂直領域和地區銷售。我們預計永久許可證銷售帶來的阻力將在 25 財年及以後減少。

Q4 customer support revenue, which includes support for both our term based and perpetual software licenses, with $77 million flat sequentially and year over year. For the full year. Customers for revenue from term software and related arrangements accelerated to 47% of total customer support. This compares to just 40% in fiscal year '23, and we expect customer support revenue from term-based software licenses to become the majority of our customer support revenue in fiscal year '25, driven by the attach on term software license growth.

第四季客戶支援收入，包括對基於期限和永久軟體許可證的支持，環比和同比持平 7700 萬美元。全年。來自術語軟體和相關安排的客戶收入加速上升至總客戶支援的 47%。相較之下，23 財年這一數字僅為 40%，我們預計，在定期軟體授權附加成長的推動下，來自定期軟體授權的客戶支援收入將成為 25 財年客戶支援收入的大部分。

Now I'll discuss ARR. Q4 total ARR was $770 million, an increase of 15% year over year, which reflects the underlying strength of our business when our revenue was presented on an annualized basis, subscription ARR, including term-based licenses and SaaS contracts, grew 25% year over year to $597 million. This includes $168 million of SaaS ARR, which jumped 65% from a year ago. On a quarter over quarter basis,

現在我將討論ARR。第四季總ARR 為7.7 億美元，同比增長15%，這反映了我們業務的潛在實力（當我們的收入按年化計算時），訂閱ARR（包括基於期限的許可和SaaS 合約）同比增長25 %全年增至 5.97 億美元。其中包括 1.68 億美元的 SaaS ARR，比一年前增加了 65%。從環比來看，

Q3 to Q4 SaaS ARR growth was impacted by $2 million of foreign exchange headwinds as the US dollar strengthened primarily versus the euro in fiscal Q4. On a constant currency basis, we added approximately $18 million of net new SaaS ARR in both fiscal Q3 and fiscal Q4 as the underlying strength of our SaaS business continues.

第三季至第四季 SaaS ARR 成長受到 200 萬美元外匯逆風的影響，因為第四財季美元主要兌歐元走強。在固定貨幣基礎上，隨著我們 SaaS 業務的潛在優勢持續發揮，我們在第三財季和第四財季的淨新 SaaS ARR 增加了約 1800 萬美元。

New SaaS ARR contributed two thirds of our total ARR growth for the full fiscal year 24, and that there are now represents 22% of total ARR compared to just 15% a year ago. From a customer perspective, existing customer expansion was strong with Q4. Saas net dollar retention of 123% being benefited by both upsell and cross-sell activities.

新的 SaaS ARR 貢獻了我們 24 整個財年總 ARR 成長的三分之二，現在佔總 ARR 的 22%，而一年前僅為 15%。從客戶角度來看，現有客戶在第四季度擴張強勁。 Saas 淨美元保留率為 123%，受益於追加銷售和交叉銷售活動。

Now I'll discuss expenses and profitability. Fiscal Q4 gross margins were 83.2%, an increase of 30 basis points sequentially, reflecting the healthy mix continued SaaS gross margin improvement. Fiscal Q4 operating expenses increased 13% to $139 million, reflecting higher year-end commissions and bonuses against a record revenue quarter.

現在我將討論費用和獲利能力。第四財季毛利率為 83.2%，較上一季成長 30 個基點，反映出 SaaS 毛利率持續改善的健康組合。第四財季營運支出成長 13%，達到 1.39 億美元，反映出年終佣金和獎金相對創紀錄的季度收入增加。

We ended the quarter with approximately 2900 employees, which was flat sequentially and an increase of 4% year over year. Non-gaap EBIT for Q4 was $45 million. In non-GAAP EBIT margins were 20.2%. Our Q4 free cash flows grew 18% year over year to $79 million, reflecting continued growth in SaaS. Deferred revenue and strength of our Software and Subscription business typically include upfront payments on multiyear contracts.

本季末，我們擁有約 2900 名員工，與上一季持平，年增 4%。第四季非 GAAP 息稅前利潤為 4,500 萬美元。非 GAAP 息稅前利潤率為 20.2%。我們第四季的自由現金流年增 18% 至 7,900 萬美元，反映出 SaaS 的持續成長。我們的軟體和訂閱業務的遞延收入和實力通常包括多年合約的預付款。

In Q4, we repurchased $50 million of stock under our repurchase program. Now I'll discuss the full year fiscal '24 results. Total revenue increased 7% to $839 million, driven by double-digit growth in the second half of the year. We are pleased with the acceleration in total revenue growth throughout the fiscal year, and we expect our business momentum to continue into fiscal year '25.

第四季度，我們根據回購計畫回購了 5,000 萬美元的股票。現在我將討論 24 財年全年業績。受下半年兩位數成長的推動，總營收成長 7%，達到 8.39 億美元。我們對整個財年總收入成長的加速感到高興，我們預計我們的業務動能將持續到 25 財年。

Subscription revenue increased 23% to $429 million, crossing over 50% of our total revenue. Fiscal year '24 operating expenses were 61% of total revenue compared to 62% in the prior year, demonstrating operating expense leverage in our responsible growth model. Full year. Non-gaap EBIT grew 11% to $177 million. Non-gaap EBIT margins improved 70 basis points to 21.1%.

訂閱收入成長了 23%，達到 4.29 億美元，占我們總收入的 50% 以上。 2024 財年營運費用佔總營收的 61%，而前一年為 62%，這顯示我們負責任的成長模式中的營運費用槓桿。全年。非 GAAP 息稅前利潤成長 11%，達到 1.77 億美元。非 GAAP 息稅前利潤率提高 70 個基點，達到 21.1%。

Moving to some key balance sheet and cash flow metrics. We ended the quarter with no debt and $313 million in cash with approximately $100 million in the United States. Full year fiscal '24 free cash flows improved 20% year over year, reaching the milestone of $200 million. For the full fiscal year.

轉向一些關鍵的資產負債表和現金流量指標。截至本季末，我們沒有債務，現金為 3.13 億美元，其中約 1 億美元在美國。 24 財年全年自由現金流年增 20%，達到 2 億美元的里程碑。整個財政年度。

We also returned $184 million to shareholders as part of our share repurchase program, representing 92% of free cash flow. Our average price of shares we repurchased during fiscal year 24 with $74. Now I'll discuss our outlook for fiscal Q1 and the full fiscal year '25. With our subscription software evolution can complete, we are now focused on accelerating our total revenue growth rate while continuing to generate strong free cash flows and provide.

作為股票回購計畫的一部分，我們也向股東返還了 1.84 億美元，相當於自由現金流的 92%。我們在第 24 財年回購股票的平均價格為 74 美元。現在我將討論我們對第一財季和整個財年 '25 的展望。隨著我們的訂閱軟體進化的完成，我們現在專注於加快我們的總收入成長率，同時繼續產生強勁的自由現金流和供應。

For fiscal Q1, we expect subscription revenue, which includes both the software portion of term-based licenses and sense to be $116 million to $119 million. This represents 21% year over year growth at the midpoint. As a result, we expect revenue to be $213 million to $216 million with growth of 8% at the midpoint.

對於第一財季，我們預計訂閱收入（包括基於期限的許可的軟體部分和感知）為 1.16 億至 1.19 億美元。這意味著中點年增 21%。因此，我們預計營收將達到 2.13 億美元至 2.16 億美元，中間成長率為 8%。

At these revenue levels, we expect Q1 consolidated gross margins to be in the range of 81% to 82%. We expect Q1 non-GAAP EBIT margins to be in the range of 18% to 19%. Q1 operating expenses will include approximately 200 basis points of investments related to Ally fiscal year sales kickoff that occurred earlier this month. And our normal appearance at the RSA Conference in May to the West did not incur in the prior year.

在這些收入水準上，我們預計第一季綜合毛利率將在 81% 至 82% 之間。我們預計第一季非 GAAP 息稅前利潤率將在 18% 至 19% 之間。第一季營運支出將包括約 200 個基點的與本月稍早發生的 Ally 財年銷售啟動相關的投資。而我們在 5 月向西方舉行的 RSA 會議上的正常亮相在去年並沒有發生。

Our projected diluted share count for fiscal Q1 is approximately 45 million shares. Now I wanted to give our initial outlook for the full fiscal year '25. We expect fiscal year '25 total ARR growth of 14% year over year. We expect subscription ARR to increase in the range of 21% to 23% year over year. From a revenue perspective, we expect subscription revenue to be in the range of $514 milion to $518 million, grown 20% year over year at the midpoint, with strong contribution from both term software licenses and SaaS. We expect total revenue growth to accelerate and be in the range of $904 million to $914 million, an increase of 8% at the midpoint.

我們預計第一財季的稀釋後股票數量約為 4500 萬股。現在我想給出我們對 ​​25 年整個財年的初步展望。我們預計 25 財年總 ARR 年增 14%。我們預計訂閱 ARR 將年增 21% 至 23%。從營收角度來看，我們預計訂閱收入將在 5.14 億美元至 5.18 億美元之間，中期年增 20%，其中定期軟體授權和 SaaS 的貢獻強勁。我們預計總營收成長將加速，介於 9.04 億美元至 9.14 億美元之間，中位數成長 8%。

Moving to full year fiscal 25 margin EBIT and cash flow outlook, we expect gross margins to be in the range of 81.5% to 82.5%, inclusive of the accelerating contribution of our SaaS business. We also expect non-GAAP EBIT margins to be in the range of 20% to 21%, including a Q1 event costs that did not occur in the prior year. And seven focused investments to accelerate our revenue momentum.

展望全年 25 財年息稅前利潤和現金流前景，我們預計毛利率將在 81.5% 至 82.5% 之間，其中包括 SaaS 業務的加速貢獻。我們也預期非 GAAP 息稅前利潤率將在 20% 至 21% 之間，其中包括上一年未發生的第一季事件成本。七項重點投資可加速我們的營收成長。

Operating margins to be seasonally stronger in the second half of the fiscal year. Compared to the first half, we expect full year free cash flows of at least $200 million. Our Board of Directors recently increased the authorization on our share repurchase program to $250 million. We expect to continue with our existing practice of repurchasing at least 75% of our annual free cash flows in fiscal year '25 w e are also lowering our non-GAAP tax rate from 27% down to 24%.

本財年下半年的營業利潤率將季節性增強。與上半年相比，我們預計全年自由現金流至少為 2 億美元。我們的董事會最近將股票回購計畫的授權增加到 2.5 億美元。我們預計將繼續採用現有做法，即在 25 財年回購至少 75% 的年度自由現金流，我們也將非 GAAP 稅率從 27% 降至 24%。

We believe that a 24% hit rate expectations over the next few years. Given the current cyber market tailwinds, the predictability of our large and growing subscription revenue base and our execution momentum in the field. I'd like to discuss our next major milestone. Today I'm excited to share that as we exit fiscal year '26, we expect to see total ARR of $1 billion with subscription ARR representing 90% of total ARR, including an accelerating SaaS contribution ranging from $310 million to $330 million.

我們認為未來幾年的命中率預期為24%。考慮到當前網路市場的順風，我們龐大且不斷增長的訂閱收入基礎的可預測性以及我們在該領域的執行動力。我想討論我們的下一個重要里程碑。今天，我很高興與大家分享，當我們結束26 財年時，我們預計總ARR 為10 億美元，其中訂閱ARR 佔總ARR 的90%，其中SaaS 貢獻不斷增加，從3.1 億美元到3.3 億美元不等。

For additional details and trends on all of our key metrics, please take time to review our investor deck contained in the investor relations section of our website. Operator, you can now open the line for questions.

有關我們所有關鍵指標的更多詳細資訊和趨勢，請花時間查看我們網站投資者關係部分中包含的投資者資料。接線員，現在可以撥打電話提問。

(Operator Instructions) Aaron Rakers from Wells Fargo.

（操作員說明）來自富國銀行的 Aaron Rakers。

Yes, thanks for taking the question and congrats on the solid results. I'm curious as we as we think about the guidance that you've given for the full year of on your ARRI., particularly with the subscription side, I just the growth in subscription in general, how would I characterize the renewal opportunity, right? Relative to the kind of the new subscription growth that you're expecting? Any kind of framework of the base of renewables relative to new would be would be helpful clarity of our fixed bearing?

是的，感謝您提出問題並祝賀我們取得了可喜的成果。我很好奇，當我們考慮您對 ARRI 全年的指導時，特別是在訂閱方面，我只是訂閱的總體增長，我將如何描述續訂機會，正確的？相對於您預期的新訂閱成長情況？任何類型的再生能源相對於新能源的基礎架構都將有助於明確我們的固定方向？

It's Gary. Good morning. I think thanks for joining us on. I'll start off and take your question. And yes, we're really pleased and excited about the momentum that we had in the business and looking forward to accelerated revenue growth of net revenue growth will be driven by subscription revenue. As you know, that contains both our software and SaaS in that. And with the momentum that we see, we will see a balanced contributions between our land-and-expand business and our renewal business. And we will see incremental renewal tailwinds again in fiscal year, not to the extent that we necessarily solve in fiscal year 24.

是加里。早安.我想感謝您加入我們。我將開始回答你的問題。是的，我們對業務的發展勢頭感到非常高興和興奮，並期待訂閱收入將推動淨收入成長加速。如您所知，其中包含我們的軟體和 SaaS。憑藉我們所看到的勢頭，我們將看到我們的土地擴張業務和更新業務之間的平衡貢獻。我們將在本財年再次看到增量更新的順風車，但不會達到我們在第 24 財年必然解決的程度。

Okay. They are they will start to normalize as we get into' 25 and beyond, especially since our term, our average terms are down around about two years now. So the consoles will go up, but the percentage increase will be less than we thought of in FY24. And we think that most of, you know, strong balanced between land-and-expand anywhere else.

好的。當我們進入 25 歲及以後，它們將開始正常化，特別是自從我們任期以來，我們的平均任期現在下降了大約兩年。因此，遊戲機數量將會增加，但增幅將低於我們在 2024 財年的預期。我們認為，您知道，大多數情況下，土地和其他地方的擴張之間存在著強烈的平衡。

Yes, yes, very helpful. And then as a quick follow-up, I'm just curious when I unpack the guidance for the full year in the prepared remarks, you talked about kind of a diminishing headwind related to the perpetual business in the mix shift towards subscription component or term within the customer support power. Like when I look at the guidance, it looks like you're implying maybe a 4% or 5% decline in those combined, call it mature slash declining the new pieces of revenue over the last year. I feel is that conservative? What would we expect that that's not how much conservatism you're baking into that? Those pieces of the revenue guide

是的，是的，非常有幫助。然後作為一個快速的後續行動，我只是很好奇，當我在準備好的評論中解開全年的指導時，您談到了與向訂閱組件或術語的混合轉變中的永久業務相關的逆風正在減弱在客戶支援能力範圍內。就像當我查看指南時，您似乎暗示這些組合可能會下降 4% 或 5%，稱之為去年新收入的成熟大幅下降。我覺得這樣保守嗎？如果這不是你所灌輸的保守程度，我們會期望什麼呢？收入指南的那些部分

With the tailwinds we've seen are starting to diminish, I think thinking about somewhere between flat and low single-digit decline, Aaron's kind of what you see reflected in our guidance. So I would expect that perpetual business headwinds were now and that run rate of, you know, $12 million to $15 million a quarter. We expect that customer support line to be that low single digits, probably hovering around roughly a $300 million for the full year. So what you'll see is those tailwinds now have essentially been eliminated and is there more roughly flattish to slightly down. So that's basically what we see and that's what's implied within the guidance.

隨著我們看到的順風車開始減弱，我認為考慮一下平坦和低個位數下降之間的某個地方，亞倫的那種你在我們的指導中看到的反映。因此，我預計現在會出現永久性的業務逆風，並且每季的運行率為 1200 萬至 1500 萬美元。我們預期客戶支援熱線將是那麼低的個位數，全年可能徘徊在 3 億美元左右。因此，您將看到的是，這些順風現在基本上已經消除，並且是否存在更大致平坦或略有下降的情況。這基本上就是我們所看到的，也是指南中所暗示的。

A perfect answer.

一個完美的答案。

Your next question is from the line of James Fish from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 James Fish。

Thanks for questions and great and the fiscal year, congrats on how much of the additional investments as we're looking at our margins kind of coming down. Understanding there's some of that stuff here that you guys have historically not participated in, but you guys are getting more active in which case I'm sure you're seeing I'm not in a new CMO is pleased about, but how much of the additional investment are more on the indirect channel side? And how should we think about the percentage of the business coming via is indirect sources? Now?

感謝您的提問和偉大的財政年度，並祝賀我們在利潤率下降的情況下增加了多少額外投資。了解這裡有一些你們過去沒有參與過的事情，但你們變得更加活躍，在這種情況下，我確信你們看到我對新的 CMO 並不感到高興，但是有多少追加投資更多是在間接通路方面？我們應該如何考慮間接來源的業務百分比？現在？

It's Gary, I'll jump in and take this one as well. So from from a margin perspective, and what we've guided to was roughly say, flattish in the guidance, and we continue to see that acceleration on the top line in place. So you'll see the impact from the from the SaaS business. Our metallic business continues moved to accelerate and that Hydro down propelled them a slightly different margin profile, which we which we absorb. And then when you move down to our backs and some of the investments, a good chunk of the investments are what I what I call it out on the prepared on the prepared remarks you guys as it relates to some of these events, especially, we're excited to up to attend our site just early next early next month.

我是加里，我也加入並接受這個。因此，從利潤率的角度來看，我們的指導粗略地說是持平的，我們繼續看到營收加速成長。因此，您將看到 SaaS 業務的影響。我們的金屬業務繼續加速發展，而海德魯的下降使他們的利潤率略有不同，我們吸收了這一點。然後，當你回到我們的背後和一些投資時，很大一部分投資就是我在準備好的評論中所說的，因為它與其中一些事件有關，特別是，我們我們很高興能在下個月初參加我們的網站。

And when you move past some of that partners and the ecosystem is a huge focus area for us that during the year, some of the work that we're doing in the ecosystem, especially with the hyperscalers and actually tied to some of the clean room up functionality and announced that we made should really start to propel momentum and ecosystem leverage for us as we go. So it's not only the hyperscalers, but it's also the alliance partners that are out there as well as leveraging security partners in building the integration with the security partner in this port security partner. It does system. So just if you could call it that you have is that that investment and focus into the ecosystem is a big driver for us in FY25.

當你超越一些合作夥伴時，生態系統對我們來說是一個巨大的重點領域，在這一年中，我們在生態系統中所做的一些工作，特別是與超大規模企業的合作，實際上與一些潔淨室相關功能並宣布我們所做的應該真正開始推動我們前進的動力和生態系統的槓桿作用。因此，不僅是超大規模企業，還有聯盟合作夥伴，以及利用安全合作夥伴與該連接埠安全合作夥伴中的安全合作夥伴建立整合。它做系統。因此，如果你可以稱之為你所擁有的，那就是對生態系統的投資和關注是我們 25 財年的一大推動力。

Makes sense on just a quick hallmark. one, continue to go over any contribution from U.S. plastics in fiscal 25. And Vijay, first, you obviously a big merger occurred towards the end of your fiscal year. What are you guys seeing from that combination at this point, from either a customer angle or a partner and goal in terms of the impacts to Copart two combo?

僅憑一個快速標誌就有意義。第一，繼續回顧 25 財年美國塑膠產業的貢獻。你們從客戶角度或合作夥伴角度以及目標角度對 Copart 兩個組合的影響有何看法？

I'll take off and we give it some of the others. So first as it relates to operating. So we're actually really excited because it gives us optionality and brings us even further into the world of cyber resiliency, guys. It's a young company. So within I'm not a lot of not as employees, probably about 25 25 customers. So as we start to build through that integration here pretty quickly, we'll start to see contribution probably, you know, in fiscal Q2, fiscal fiscal Q3.

我會起飛，我們給它一些其他的。首先是與營運有關。所以我們實際上非常興奮，因為它給了我們選擇權，讓我們進一步進入網路彈性的世界，夥計們。這是一家年輕的公司。因此，我內部的非員工人數不多，大概有 25 25 位客戶。因此，當我們開始很快地透過這種整合進行建構時，我們可能會開始在第二財季、第三財季看到貢獻。

But fundamentally, what it helps us do is really built bringing rebuild into the combo cloud is a major your competitive differentiation for us because as a customer rebuilds from a ransomware attack going from recovering your data to rebuilding and recovering your applications is a game changer. We think in this environment.

但從根本上說，它幫助我們做的是真正建立將重建帶入組合雲，這對我們來說是一個主要的競爭優勢，因為當客戶從勒索軟體攻擊中重建時，從恢復資料到重建和恢復應用程式是一個遊戲規則的改變者。我們在這樣的環境下思考。

Yes, for the for the merger that I think you're alluding to on it date was announced. We got calls from prospects who are existing incumbents for them and asking us to sort of help them understand what the optionality was. Since then we've converted several of those from incumbent customers at the competitors over onto onto our platform. And there are many more in the pipeline. In fact, partners partners feel alienated on this and have come to us asking us to serve with regard to new ways to work with them into and with their customers tomorrow, we're going to you're going to see of a campaign that's going to be quite good as they go to customers between us and a partner, really helping them move away from from from the competitor. So it's all good for us. We see it as an opportunity. There's a lot of uncertainty and uncertainty doesn't make customers safe. And so we're going in the combo cloud and really helping customers to see a safer future.

是的，對於我認為您提到的合併宣布日期。我們接到了潛在客戶的電話，他們是他們現有的現任者，要求我們幫助他們了解什麼是可選擇的。從那時起，我們已將競爭對手的現有客戶中的一些客戶轉移到我們的平台上。還有更多正在醞釀。事實上，合作夥伴對此感到疏遠，並來找我們，要求我們提供與他們合作的新方式以及與他們的客戶明天的合作，我們將讓您看到一場正在進行的活動當他們在我們和合作夥伴之間接觸客戶時，要表現得非常好，真正幫助他們遠離競爭對手。所以這對我們來說都是好事。我們認為這是一個機會。存在著許多不確定性，不確定性並不能讓客戶安全。因此，我們將進入組合雲端並真正幫助客戶看到更安全的未來。

Thank you.

謝謝。

Your next question comes from the line of Howard Ma from Guggenheim Securities.

您的下一個問題來自古根漢證券公司的霍華德馬。

Great. Thanks, Sanjay. Can you talk about how compound cloud, how the portfolio can you talk about the portfolio and demand drivers and how and how that will continue to evolve as you march towards your fiscal 26 targets that you laid out today? In particular, some of your peers in this space tended to prefer a cloud-first approach. If you compare that with cabo strategy of giving customers more flexibility in terms of where they choose to protect their workloads, whether it's on-prem or cloud, can you talk about how important is this hybrid approach to achieving our long-term targeted? Thanks,

偉大的。謝謝，桑傑。您能否談談雲端的複合性、投資組合如何談論投資組合和需求驅動因素，以及隨著您向今天制定的 26 財年目標邁進，這些將如何以及如何繼續發展？特別是，這個領域的一些同行傾向於選擇雲端優先方法。如果您將此與Cabo 策略進行比較，即為客戶提供更大的靈活性，讓他們選擇在何處保護其工作負載（無論是本地還是雲端），您能否談談這種混合方法對於實現我們的長期目標有多重要？謝謝，

Great, for good therapy to Howard. So you know, the way we are looking at the next eight quarters and beyond is about the customer and putting the customer safety. First, our entire capability, even company, which was originally data protection, has pivoted and been enhanced food and combo cloud for cyber resilience. And at the heart, cyber resilience is a customer's ability to recover in the face of an attack.

太好了，為霍華德提供了良好的治療。所以你知道，我們對未來八個季度及以後的展望是關於客戶和客戶安全的。首先，我們的整個能力，甚至公司，最初是資料保護，已經轉向並增強了網路彈性的食品和組合雲。從本質上講，網路彈性是客戶面對攻擊時恢復的能力。

So we continue to flesh out our capabilities and we don't separate out artificially like some of our competitors do on-premise workloads from cloud workloads because eventually in the hybrid world, workloads will move and they will live in different places at different times and in different clouds. We think that the heart of everything we do with a hybrid foreclose, the broadest breadth of workload that a customer could ever think of we will cover events. If you look at the architecture that we have, it decouples storage, you know, from well under control plan, and that gives customers that additional capability of being able to run anywhere right anyway, that is what matters. And that gives them more insulated more than if it makes their their architecture more insular and more secure.

因此，我們繼續充實我們的能力，我們不會像我們的一些競爭對手那樣人為地將本地工作負載與雲端工作負載分開，因為最終在混合世界中，工作負載將會移動，並且它們將在不同的時間位於不同的地方，並且在不同的雲層中。我們認為，我們透過混合止贖所做的一切工作的核心，即客戶所能想到的最廣泛的工作量，我們將涵蓋事件。如果你看看我們擁有的架構，你知道，它將儲存與完全受控的計劃分離，這為客戶提供了無論如何都能在任何地方運行的額外能力，這才是重要的。與使他們的架構更加孤立和更加安全相比，這使他們更加隔離。

So between the architecture and the amount of innovation reporting into the amount of innovation we're putting into our backup compounds are platform. All of this will keep us newbuilds that as we move forward, we will be the question about, you know, plus first versus not everything we do is place. We've moved over four exabytes of data conservatively in the last couple of years into the public cloud, okay? Our ability to do things in the cloud is second to none because we use native capabilities. We don't stage and we don't move things into an appliance before we move into the cloud, like some of our competitors do. So we're very confident on the architecture. We're very confident that everything we do ends up somehow in the cloud architecture was read builds through metallic incomparable cloud over the last couple of years to be totally cloud-native. And with the acquisition of a products, we take cloud native to the next level with application level care rebuild of which makes our resilience portfolio even richer. So probably more than you wanted, Howard, but you'll see why we're so excited about about where we're going with this.

因此，在架構和創新量之間，報告我們在備份化合物中投入的創新量是平台。所有這一切都將使我們保持新的狀態，隨著我們的前進，我們將面臨的問題是，首先，我們所做的一切都不是到位的。在過去的幾年裡，我們已經保守地將超過 4 艾位元組的資料轉移到公有雲中，好嗎？我們在雲端執行任務的能力是首屈一指的，因為我們使用本機功能。在遷移到雲端之前，我們不會像一些競爭對手一樣進行分階段，也不會將內容遷移到裝置中。所以我們對這個架構非常有信心。我們非常有信心，我們所做的一切最終都會以某種方式在雲端架構中透過過去幾年的金屬無與倫比的雲端讀取構建，從而完全雲原生。透過收購產品，我們透過應用程式級護理重建將雲端原生提升到一個新的水平，這使我們的彈性產品組合更加豐富。霍華德，這可能比你想要的要多，但你會明白為什麼我們對我們的進展如此興奮。

Thanks, R.J. I mean, I think we always want more data center or from. Can you talk a little bit more about the product acquisition just mentioned to me, it seems like the ability to rebuild upon applications and configurations seems pretty unique in, if you will, a product we use, I guess, going to be used most with the most commonly used third parties that applications United, I guess salesforce ServiceNow and Workday is the world or is it more for custom apps or the Boston? And if this will be, will this be a standalone skew or just integrated into the platform?

謝謝，R.J.我的意思是，我認為我們總是想要更多的資料中心或來自。您能多談談剛才向我提到的產品採購嗎？的第三方應用程式United，我猜salesforce ServiceNow 和Workday 是世界上的，還是客製化應用程式或波士頓更多？如果是的話，這是一個獨立的偏差還是只是整合到平台中？

So it 's the latter is the complexity comes with it. So our core our core SaaS metallic platform covers a lot of these ready-made, if you would SaaS apps out there, right? So we know how to do those. But at the offices of the world for dynamics or what have you so that that goes through a more standard ability for us to protect with with cloud native apps as customers migrate more and more of the app into the cloud, managing those apps and giving them the level of resiliency and ransomware protection that we could get a more traditional apps gets harder and they use native cloud, native cloud native capabilities as they move their workloads into the cloud. What chronic study is discovers.

因此，後者是隨之而來的複雜性。因此，我們的核心 SaaS 金屬平台涵蓋了許多現成的，如果您願意使用 SaaS 應用程式的話，對嗎？所以我們知道如何做到這些。但是，在世界各地的辦公室中，隨著客戶將越來越多的應用程式遷移到雲端中，管理這些應用程式並向它們提供雲端原生應用程序，我們可以透過更標準的能力來保護它們。可以獲得更傳統的應用程式的彈性和勒索軟體保護等級變得更加困難，當他們將工作負載轉移到雲端時，他們使用本機雲端、本機雲端本機功能。長期的研究是發現什麼。

All of those assets that they have that make up an app tells you a very clearly what is and isn't protected brings it into the fall. And then whether you're doing it for practice or you're doing it for real allows you to rebuild that application step-by-step very quickly. It's, you know, cloud-native apps can be tend to be persistent and less Couple, if you will have been traditional apps now to where it really where the rubber really hits the road. Howard is, you know, in our experience, and we've done this many, many times when our customers breached and this is trying to recover from at a time about a third of it, the time roughly plus minus is on bringing back the data. And once we've got good clean validated data from us, they spent roughly two thirds of the time beyond that, bringing back apps and verifying apps. And now with this capability with chronic, we hopefully can give them an end-to-end solution on the platform with resilience and ability to bring back their apps of very quick.

他們擁有的構成應用程式的所有資產都非常清楚地告訴您什麼是受保護的，什麼是不受保護的，並將其帶入秋季。然後，無論您是為了練習還是真正這樣做，都可以讓您非常快速地逐步重建該應用程式。您知道，如果您現在使用傳統應用程序，雲端原生應用程式可能會更持久且更少耦合。霍華德，你知道，根據我們的經驗，當我們的客戶違規時，我們已經這樣做了很多很多次，並且試圖從大約三分之一的時間中恢復，大約正負的時間是恢復數據。一旦我們從我們那裡獲得了良好、乾淨、經過驗證的數據，他們就會花費大約三分之二的時間，帶回應用程式並驗證應用程式。現在，憑藉這種長期的能力，我們希望能夠在平台上為他們提供端到端的解決方案，具有彈性並能夠非常快速地恢復他們的應用程式。

Now the way it's going to be delivered to market for the through the summer. It's going to be as agile as it is available at all in it as basically two SKUs today, you can either take a basic scenario where you can take an enterprise-grade skew when and roll it out. It's very simple itself discovered that runs the field. And over the course pass to some are we going to bring more of the the combos Magic Intuit and enhanced more of the capabilities. We've got a very rich roadmap in front of us. I'm going to talk about it right now. But rest assured that lifecycle management and policy applications around broad datasets when you're trying to rebuild apps will definitely make its way into the product.

現在，它將在整個夏季交付市場。它將像今天基本上有兩個 SKU 一樣敏捷，您可以採用一個基本場景，在該場景中可以採取企業級傾斜，然後將其推出。跑場本身就發現很簡單。在整個過程中，我們將帶來更多的 Magic Intuit 組合和增強的更多功能。我們面前有一個非常豐富的路線圖。我現在要談談它。但請放心，當您嘗試重建應用程式時，圍繞廣泛資料集的生命週期管理和策略應用程式肯定會進入產品。

Great. Thanks so much.

偉大的。非常感謝。

Your next question comes from the line of Eric Martinuzzi from Lake Street.

您的下一個問題來自 Lake Street 的 Eric Martinuzzi。

. Yes, I wanted to better understand the outperformance in your Q4. It sounds like you're just basically versus what you're expecting for Q4. We had a little bit better performance or maybe execution on the term agreements side of the subscription. But could you narrow that down maybe by geography or vertical eight points to call out there?

。是的，我想更了解你們第四季的優異表現。聽起來您對第四季的預期基本上與預期不符。我們在訂閱的條款協議方面有更好的表現或執行。但你能否透過地理或垂直八點來縮小範圍？

Hey, Eric, it's Gary. I'd like to talk to you this morning is related to Q4. And as you mentioned, we're really pleased. There was there was an amazing quarter for us, capped off a really strong year, okay. And we saw immediate benefit from some of the cyber resiliency offerings that we announced. Going back to our shift event that we had this past November, we announced kind of our platform approach with a few different tiers and and expecting that some of the benefit from our new cyber resiliency, packaging pricing and functionality. And we saw immediate benefit in the quarter.

嘿，艾瑞克，我是加里。今天早上我想和大家談談第四季的狀況。正如您所提到的，我們真的很高興。我們度過了一個令人驚嘆的季度，為非常強勁的一年畫上了句號，好吧。我們從我們宣布的一些網路彈性產品中看到了直接的好處。回到去年 11 月舉行的輪班活動，我們宣布了具有幾個不同層級的平台方法，並期望從我們新的網路彈性、打包定價和功能中受益。我們在本季看到了立竿見影的好處。

So very pleased with how quickly our customers are adopting that functionality and what it's doing to help drive us predictability and momentum in the business. You tie that with better execution in the field and our execution been in close rates and ability to deliver against numbers end up and close against the qualified pipeline ends up in a very strong quarter. From a geographic perspective, we saw performance across both regions, both our Americas region agents as well as our European region.

我們對客戶採用該功能的速度以及它在幫助我們提高業務的可預測性和動力方面所做的工作感到非常滿意。您將其與更好的現場執行力聯繫起來，我們的執行力接近，並且有能力交付最終的數字，並接近合格的管道，最終在非常強勁的季度中結束。從地理角度來看，我們看到了兩個地區的表現，包括我們的美洲地區代理商和歐洲地區。

And if I had to call out one thing in specific, the penetration we saw in the Americas on new customer was all of the strongest quarters we've had in quite some time.

如果我必須具體指出一件事，我們在美洲看到的新客戶滲透率是我們相當長一段時間以來最強勁的季度。

Okay. And then taking that Q4 performance. And then just looking out into 2025 outlook, the pipeline, I hesitate to kind of boil it down into a world of the DR versus cyber resiliency button. What are you seeing in the pipeline as far as maybe cyber resiliency as a per

好的。然後再看看第四季的表現。然後，展望 2025 年的前景和管道，我猶豫是否將其歸結為災難復原與網路彈性按鈕的世界。就網路彈性而言，您在管道中看到了什麼？

This is Sanjay. It's I don't think we're at this point releasing the mix shift. But the way I like that characterizes system are in really three states fundamental of their assets, their data assets and even application assets, moving that to a highly automated DR capability and scale capability to be able to start just by bringing back your workloads is about bringing them back, verified scale. So can you kind of automation, AI capabilities and then extending that all the way to the ultimate sort of capability, which is recovering from a cyber resilience? We really believe in cyber resilience to have a foolproof recovered. Now that also means that you connect back in on the perimeter partners on the defense side effects. And so it's a deep integration of security capabilities, AI capabilities in automation and obviously our core, which is about our ability to win back customers to life in the two through protection. So, you know, it's early for us in if you would in a in a skew, you are product based delivery model. But needless to mention, every customer we speak to want to be on the right-hand side of that of that capability with the cyber resilience, our goals with our partners is to move them through that journey just as fast as they are capable of absorbing what it takes understand.

這是桑傑。我認為我們目前還沒有發布混合轉變。但我喜歡的方式描述系統實際上處於其資產、資料資產甚至應用程式資產的三種基本狀態，將其轉移到高度自動化的災難復原功能和擴展能力，以便能夠透過恢復工作負載來開始把它們帶回來，驗證規模。那麼，你能否實現自動化、人工智慧功能，然後將其一直擴展到最終的功能，也就是從網路彈性中恢復？我們堅信網路彈性可以萬無一失地恢復。現在，這也意味著你可以重新連結到外圍夥伴，以應對防守的副作用。因此，這是安全功能、自動化中的人工智慧功能的深度集成，顯然也是我們的核心，即我們透過保護在兩者中贏得客戶生命的能力。所以，你知道，如果你想採用基於產品的交付模式，那麼現在對我們來說還為時過早。但不用說，與我們交談的每一位客戶都希望能夠擁有網路彈性，我們與合作夥伴的目標是讓他們以盡可能快的速度完成這一旅程。

Thank you.

謝謝。

Jason Ader from William Blair.

威廉布萊爾的傑森阿德。

Thank you. Good morning, guys. two quick questions. one is some do you expect a term to grow double digits in FY25? And then the second question is just on the data security Splash, cyber resilience, branding. And I know you guys have had pushed this concept as well as rubric and others. Are you starting to see more of your technology being sold into the C-suite budget versus the CIO. budget? In other words, is the branding aligning with the reality of how customers are actually budgeting for your technology?

謝謝。早上好傢伙。兩個簡單的問題。其中之一是您預計 2025 財年某個期限將成長兩位數嗎？第二個問題是關於資料安全 Splash、網路彈性、品牌。我知道你們已經推動了這個概念以及標題和其他概念。您是否開始看到更多的技術被出售給首席高階主管預算而不是資訊長？預算？換句話說，品牌是否符合客戶實際為您的技術制定預算的實際情況？

Yes. Jason carry out with the first one, and I'll pass over to Sanjay to talk about your of your second part as it relates to contribution in FY25, we built now a very repeatable business model with recurring revenues function. And so with that, that will get contribution from within that subscription line, we will get strong contribution from all three resorts that those sources would be our renewal business. Our land expand business on the terminals and the highest level of acceleration will be tied to our SaaS business. You'll be able to model it. If you just kind of take a look at our saas ARR where we end of the year looking at a pretty good sense for what our SaaS contribution will be, which would be very strong again. But it will be complemented with them with good growth from the term software licenses as well and Saga pass it to you on the second part .

是的。 Jason 執行第一部分，我將由 Sanjay 談論您的第二部分，因為它與 2025 財年的貢獻有關，我們現在建立了一個具有經常性收入功能的非常可重複的商業模式。因此，這將從該訂閱線內獲得貢獻，我們將從所有三個度假村獲得強大的貢獻，這些來源將成為我們的續訂業務。我們在碼頭上的土地擴展業務和最高水準的加速將與我們的 SaaS 業務連結在一起。您將能夠對其進行建模。如果你看一下我們的 SaaS ARR，我們在年底對我們的 SaaS 貢獻將有一個很好的認識，這將再次變得非常強勁。但它也將透過軟體許可證一詞的良好增長得到補充，並且 Saga 在第二部分將其傳遞給您。

So the short answer is yes, absolutely CSOs, um, we have vested more see sales in the last six, seven months and probably the prior two years only because their requirements have increased. And it's not just about perimeter security. It is about recovery. And recovery traditionally has lived with IT. So Ofcom, all cloud platform, bridges. And we think a very unique and what we do, the needs of a classic Cecil organizations, responsibilities with a classic IT infrastructure organizations, responsibly the data protection, we bridge the two. We also have rich CIS and non-CIS, which is very important to capabilities. You need more unification. We also integrate with the perimeter with the lifestyle of Palo Alto with a lot of dark Tracy, we integrate with their capabilities so that their intelligence is that into our capability that our intelligence has been impacted. But there's so it is a unified platform for both security organization and the IT infrastructure organization in most companies, and that is very appealing.

所以簡短的答案是肯定的，絕對是公民社會組織，嗯，我們在過去的六、七個月，甚至可能是前兩年，已經授予了更多的銷售收入，只是因為他們的要求增加了。這不僅涉及週邊安全。這是關於恢復的。傳統上，恢復與 IT 息息相關。 Ofcom、所有雲端平台、橋樑。我們認為非常獨特，我們所做的就是經典 Cecil 組織的需求、經典 IT 基礎設施組織的責任、負責任的資料保護，我們將兩者連結起來。我們還有豐富的CIS和非CIS，對能力來說非常重要。你們需要更多的統一。我們也與帕洛阿爾託的生活方式和許多黑暗特雷西的周邊整合，我們與他們的能力整合，這樣他們的智力就融入了我們的能力，我們的智力受到了影響。但它對於大多數公司的安全組織和 IT 基礎設施組織來說都是一個統一的平台，這非常有吸引力。

So it's not a pivot on one side of the other recovery as a team sport when you get paid and time is of essence, we believe are the only platform with the capability to get that out to get customers back up. It was last year.

因此，作為一項團隊運動，當你獲得報酬並且時間至關重要時，這不是另一邊復甦的支點，我們相信這是唯一有能力讓客戶恢復的平台。那是去年的事了。

And then just a quick follow up to Sanjay. Do you foresee the industry starting to see consolidation? Peter, between kind of your line of business is open backup and recovery and and cyber resilience with more traditional security companies who some of our the on the Symantec Veritas, you know, a decade ago concept.

然後快速跟進 Sanjay。您預計該行業將開始整合嗎？ Peter，您的業務範圍是開放式備份和恢復以及網路彈性，與更傳統的安全公司合作，這些公司是我們十年前的賽門鐵克 Veritas 的概念。

I don't think I'm following your question for you, but perimeter security, IT consolidation by what we call legacy backup convergence between security vendors and traditional backup vendors. Yes. So there is no resilience without core security. So over the years, we have filled all all of the required zero Trust type market. Taxes plus plus plus into our technology to make the data that we protect more secure and more verifiable undercover. What we've also done, which I think is unique to us to us is what are competing with the traditional security players were integrated with the traditional security players because that is therefore take. But the recovery is a team sport, like I said earlier, and you need to have the intelligence to make sure that the data that shows that to restoring this recovery is actually clean is actually the way you wanted. And so that having the threat intelligence out of the risk assessment and having all of that integrated into our capabilities with partnerships and some of it, our own makes the platform more robust than anybody else. And we know what we're really good at and we're going to and we protect customers' data in a difficult world. We said that for many years, and we continue to put that at the heart of what we do. That doesn't mean we don't partner.

我不認為我正在為您解答您的問題，而是透過我們所謂的安全供應商和傳統備份供應商之間的遺留備份整合來實現外圍安全和 IT 整合。是的。因此，沒有核心安全就沒有彈性。所以多年來，我們已經填補了所有需要零信任類型的市場。對我們的技術徵稅，使我們保護的資料更安全、更可驗證。我們還做了什麼，我認為這對我們來說是獨一無二的，那就是與傳統安全參與者競爭的東西與傳統安全參與者集成，因為這是因此採取的。但恢復是一項團隊運動，就像我之前所說的那樣，您需要擁有智慧來確保顯示恢復正常的數據實際上是您想要的方式。因此，將威脅情報從風險評估中剔除出來，並將所有這些情報整合到我們與合作夥伴以及我們自己的一些能力中，使該平台比其他任何人都更強大。我們知道自己真正擅長什麼，我們將在困難的世界中保護客戶的資料。我們多年來一直這麼說，並且繼續將其作為我們工作的核心。這並不意味著我們不合作。

Thank you.

謝謝。

Rudy Kissinger from D.A. Davidson.

來自 D.A. 的魯迪·基辛格戴維森。

Yes, thanks for taking my questions and congrats on the strong numbers here. I know it's still early with cyber resilience, but could you talk about maybe the expected ASP uplift, you know that you expect in some of these deals? And in when this year, should we maybe start to see some material contribution from new business standpoint from cyber resilience?

是的，感謝您提出我的問題，並祝賀這裡的強勁數字。我知道網路彈性還為時過早，但您能否談談預期的平均售價提升，您知道您對其中一些交易的預期嗎？今年什麼時候，我們是否應該開始從網路彈性的新業務角度看到一些實質貢獻？

It really is very good morning, and thanks for and it's still early for us. So we're not right at the point where we're going to start giving maybe specific contribution in uplifts. I will say though, that during the quarter, we already sold hospices. So our results for its reflect contribution as well in some of our own results relative to export patients are related to that to the that contribution. And we're building pipeline. And that's the key point. And it's more about building the pipeline and built and taking our customers through that journey from where they are today to ultimate cyber resilience.

這確實是一個非常好的早晨，謝謝你，對我們來說現在還早。因此，我們現在還沒有開始為提升做出具體貢獻。不過我要說的是，在本季度，我們已經賣掉了安寧療護醫院。因此，我們的結果反映了貢獻，以及我們自己的一些與輸出患者相關的結果與該貢獻相關。我們正在建造管道。這就是關鍵點。更重要的是建立管道，建立並帶領我們的客戶完成從今天到最終網路彈性的旅程。

So it's not just you go from here to there. It's a journey and we can do there that multiple ways they can build that over time. We have other bundling and packaging options that they can go straight there. And with some of the functionality we released with like cleaning room technology today, right, we're giving them the opportunity to build that on through through that journey. But maybe Sanjay pathway.

所以這不僅僅是你從這裡到那裡。這是一個旅程，隨著時間的推移，我們可以透過多種方式來實現這一目標。我們還有其他捆綁和包裝選項，他們可以直接使用。透過我們今天發布的一些功能，例如潔淨室技術，我們為他們提供了在整個旅程中建立這些功能的機會。但也許桑傑途徑。

I'll just give you a an observation of data appointed customers that have been reached completely gravitate towards the cyber resilience, messaging and capabilities because they know what it takes to recover and it is hard. So are our cyber resilience capabilities in the platform, CIS and non-CIS a very appealing. We'd like Gary said, we've already seen some success. The pipeline is building and all the conversations we're having with customers gravitate towards how fast can we get to be really resilient. And that comes with two things are an incredible ability to recover, which which we bring to the table. And with our unique innovation on clean-room, it's our capability, as Gary mentioned, your ability to test your readiness as often as you walk across all workloads so that you are truly ready for that, that attack if it happens. So again, it's a it's not yet the packages newish, but the desire and customers and understanding of where they need to be isn't that especially when different. Rich.

我只是向您提供對資料指定客戶的觀察，這些客戶完全被網路彈性、訊息傳遞和功能所吸引，因為他們知道恢復需要什麼，而且很難。我們在平台、CIS 和非 CIS 的網路彈性能力也非常有吸引力。正如加里所說，我們已經取得了一些成功。管道正在建設中，我們與客戶進行的所有對話都集中在我們能夠以多快的速度實現真正的彈性。隨之而來的還有兩件事，那就是令人難以置信的恢復能力，我們將其帶到了桌面上。憑藉我們在無塵室方面的獨特創新，正如加里所提到的，我們有能力在處理所有工作負載時經常測試您的準備情況，以便您可以真正做好準備，應對這種攻擊（如果發生）。再說一次，這並不是包裝新奇，而是慾望和客戶以及對他們需要去的地方的理解並不是特別是當不同時。富有的。

And that concludes today's Q&A session. Now would like to turn the conference back over to Mike for closing remarks.

今天的問答環節到此結束。現在我想將會議轉回麥克進行閉幕致詞。

Thanks, Balu, for those. For those of you who will be out at RSA in San Francisco, we're going to have an exciting boots with exhibitors, and we'll have our executive management team present as well as the number of our field personnel. So we hope you can join us at RSA next week. As a reminder, a recap of the call, we have a presentation posted on our Investor Relations website, and you can reach out to me with any questions. Thanks for joining today, and we look forward to speaking with you soon.

謝謝巴魯。對於那些將參加舊金山 RSA 的人來說，我們將與參展商一起舉辦令人興奮的活動，我們的執行管理團隊以及我們的現場人員也將出席。因此，我們希望您下週能夠加入 RSA。作為提醒和電話會議的回顧，我們在投資者關係網站上發布了演示文稿，如有任何問題，您可以與我聯繫。感謝您今天加入，我們期待很快與您交談。

This conc ludes today's conference call and enjoy the rest of your day. You may now disconnect.

今天的電話會議到此結束，祝您今天剩下的時間愉快。您現在可以斷開連線。