Commvault Systems Inc (CVLT) 2025 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Kath and I will be your conference operator today.

我叫凱絲，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Commvault Q1 FY 2025 Earnings Conference Call.

此時此刻，我歡迎大家參加 Commvault 2025 財年第一季財報電話會議。

(Operator Instructions).

（操作員說明）。

I would now like to turn the call over to Mike Melnyk, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Mike Melnyk。

Please go ahead.

請繼續。

Good morning, and welcome to our earnings conference call.

早上好，歡迎參加我們的財報電話會議。

Before we begin, I'd like to remind you that statements made on today's call will include forward looking statements about Commvault's future expectations, plans and prospects.

在開始之前，我想提醒您，今天的電話會議中所做的陳述將包括有關 Commvault 未來期望、計劃和前景的前瞻性陳述。

All such forward looking statements are subject to risks, uncertainties and assumptions.

所有此類前瞻性陳述均受風險、不確定性和假設的影響。

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 that could cause the company's actual results to be materially different from those contemplated in these forward-looking statements.

請參閱今天的收益報告中的警示性語言以及 Commvault 向 SEC 提交的最新定期報告，以了解可能導致公司實際結果與這些前瞻性聲明中預期結果存在重大差異的風險和不確定性的討論。

Commvault does not assume any obligation to update these statements.

Commvault 不承擔更新這些聲明的任何義務。

During this call Commvault's financial results are presented on a non-GAAP basis.

在本次電話會議中，Commvault 的財務表現是按照非公認的會計準則 (Non-GAAP) 計算。

A reconciliation between the non-GAAP and GAAP measures can be found on our website.

您可以在我們的網站上找到非公認會計原則和公認會計原則衡量標準之間的調節表。

Thank you again for joining us.

再次感謝您加入我們。

Now I'll turn it over to our CEO Sanjay Mirchandani for his opening remarks.

現在我將請我們的執行長 Sanjay Mirchandani 致開幕詞。

Sanjay?

桑傑？

Thanks Mike.

謝謝邁克。

Good morning and thank you for joining today's call.

早安，感謝您參加今天的電話會議。

Q1 was an outstanding quarter and start to our fiscal year.

第一季是個出色的季度，也是我們財年的開始。

We saw great momentum across all our primary KPIs this quarter.

本季我們所有主要 KPI 都呈現出強勁的勢頭。

Total revenue increased 13% to $225 million.

總營收成長 13%，達到 2.25 億美元。

Total ARR rose 17% to $803 million.

總 ARR 成長 17%，達到 8.03 億美元。

Subscription ARR accelerated 27% to $636 million.

訂閱 ARR 成長 27%，達到 6.36 億美元。

SaaS ARR jumped 66% to $188 million, and we did this profitably while investing in growth initiatives and hitting record Q1 free cash flow margins.

SaaS ARR 躍升 66% 至 1.88 億美元，我們在投資成長計畫並創下第一季自由現金流利潤率的同時實現了盈利。

Our Commvault Cloud platform continues to accelerate our growth as more companies turn to us for industry leading cyber resilience.

隨著越來越多的公司向我們尋求領先業界的網路彈性，我們的 Commvault 雲端平台繼續加速我們的成長。

We're rapidly becoming an integral part of the security conversation.

我們正迅速成為安全對話中不可或缺的一部分。

In Q1, we had more conversations with CISOs and CIOs than ever before, which contributed to our rapid results and set the stage for continued momentum through the fiscal year.

在第一季度，我們與 CISO 和 CIO 的對話比以往任何時候都多，這有助於我們快速取得成果，並為整個財年的持續發展勢頭奠定了基礎。

The need for resilience is paramount.

恢復能力的需求至關重要。

Whether that's recovering from a cyberattack, a natural disaster, human error, or as we've recently seen, a massive global outage from a faulty patch.

無論是從網路攻擊、自然災害、人為錯誤中恢復，還是像我們最近看到的那樣，由於錯誤修補而導致的大規模全球中斷。

We help our customers navigate these challenges in three critical areas, risk, readiness and recovery.

我們幫助客戶在風險、準備和恢復這三個關鍵領域應對這些挑戰。

Let's discuss each one.

讓我們逐一討論一下。

First, we help businesses reduce their risk.

首先，我們幫助企業降低風險。

According to our recent Cyber Resilience readiness report, 83% of organizations have experienced a material security breach, with over 50% occurring in the past year alone.

根據我們最近的網路彈性準備報告，83% 的組織經歷過重大安全漏洞，其中超過 50% 的組織僅在過去一年就發生過。

Capabilities like Commvault ThreatWise reduce risk by providing advanced threat detection.

Commvault ThreatWise 等功能可透過提供進階威脅偵測來降低風險。

In Q1, sales of our ThreatWise offerings doubled year-over-year.

第一季度，我們的 ThreatWise 產品銷售額較去年同期翻了一番。

Additionally, while AI enhances cyber resilience, it can also create a bigger attack surface for organizations.

此外，雖然人工智慧增強了網路彈性，但它也可以為組織創造更大的攻擊面。

Our AI enabled active insights technology is helping customers conduct real time threat analysis to assess their fiber resilience.

我們支援人工智慧的主動洞察技術正在幫助客戶進行即時威脅分析，以評估他們的光纖彈性。

Second, in addition to managing their risk, businesses need to be ready.

其次，除了管理風險之外，企業還需要做好準備。

That includes being ready for the type of global outage we saw a week ago, which includes having an immutable air gap copy of your data.

這包括為我們一周前看到的全球中斷類型做好準備，其中包括擁有資料的不可變氣隙副本。

We provide that to over 3000 of our customers every day with our Air Gap Protect offering.

我們每天透過 Air Gap Protect 產品為超過 3000 名客戶提供此服務。

That said, research shows that bad actors are going to get in.

也就是說，研究顯示不良行為者將會介入。

So how do businesses know that they can be ready when that happens?

那麼，企業如何知道自己在這種情況發生時已經做好準備呢？

It comes down to regularly testing cyber recovery plans.

這歸結為定期測試網路復原計劃。

We revolutionize how that's done.

我們徹底改變了這樣做的方式。

Our Cleanroom Recovery offering enables businesses to easily, frequently, and affordably test their cyber recovery plans in advance, in good times, across workloads, at scale on demand.

我們的無塵室恢復產品使企業能夠輕鬆、頻繁且經濟地提前、在良好時期、跨工作負載、按需大規模測試其網路復原計畫。

Nobody else does this.

沒有其他人這樣做。

While this offering is new to the market, global pharmaceutical, healthcare and transportation organizations have already invested in our Cleanroom technology and are taking advantage of it.

雖然該產品對市場來說是新產品，但全球製藥、醫療保健和運輸組織已經投資了我們的無塵室技術並正在利用它。

And at the RSA conference, Commvault was named the winner for Trailblazing Cyber Resilience by Cyber Defense Magazine.

在 RSA 會議上，Commvault 被《網路防禦雜誌》評為「開創性網路彈性」獲獎者。

Third, when reached, businesses need to recover their data and rebuild their cloud applications fast.

第三，當達到這一目標時，企業需要快速恢復資料並重建雲端應用程式。

Traditionally, this has taken weeks or months.

傳統上，這需要數週或數月的時間。

Not anymore.

不再。

The Appranix technology required at the start of the quarter is allowing customers to reduce that time to days or hours.

本季初所需的 Appranix 技術使客戶能夠將時間縮短至數天或數小時。

We'll have much more to say about this groundbreaking capability in the coming months as we integrate and enhance this offering within our Commvault Cloud Platform.

隨著我們在 Commvault 雲端平台中整合和增強此產品，我們將在未來幾個月內對此突破性功能進行更多討論。

Our ability to help customers reduce their risk, enhance their readiness, and quickly recover is critical to enabling their resilience.

我們幫助客戶降低風險、增強準備狀態並快速恢復的能力對於增強他們的彈性至關重要。

However, customers also turn to us to help securely accelerate the hybrid cloud modernization journeys.

然而，客戶也求助於我們來幫助安全地加速混合雲現代化之旅。

I'm proud that as of today, we've enabled customers to move approximately five exabytes of data in the public cloud.

我很自豪的是，截至今天，我們已經使客戶能夠在公有雲中移動約 5 艾字節的資料。

That's nearly a tenfold increase over the past five years, and we do this while enabling them to do it efficiently while minimizing the total cost of ownership.

在過去的五年裡，這一數字成長了近十倍，我們在實現這一目標的同時，也使他們能夠有效率地實現這一目標，同時最大限度地降低總擁有成本。

For example, we recently helped Lendlease, a global real estate lender, migrate its data center footprint onto the cloud while reducing complexity and gaining significant operational efficiencies.

例如，我們最近幫助全球房地產貸款機構 Lendlease 將其資料中心足跡遷移到雲端，同時降低了複雜性並顯著提高了營運效率。

As a result, they achieved a 50% lower total cost of ownership for data management using Commvault cloud.

結果，他們使用 Commvault 雲端將資料管理的總擁有成本降低了 50%。

Additionally, Enot Group, a leading global energy provider, harnessed Commvault cloud to modernize its on premise and cloud infrastructure to drive improved operational efficiencies, reduce overhead, and enhance business continuity across its network.

此外，全球領先的能源供應商 Enot Group 利用 Commvault 雲端對其本地和雲端基礎設施進行現代化改造，以提高營運效率、減少開銷並增強整個網路的業務連續性。

It now takes them 67% less time to restore their data while achieving an 88% cost to system recovery and a 40% reduction in operating expenses.

現在，他們恢復資料的時間減少了 67%，同時系統恢復成本降低了 88%，營運費用降低了 40%。

And being a trusted, proven partner doesn't stop there.

成為值得信賴、經過驗證的合作夥伴不止於此。

During the quarter, we also extended our cyber resiliency leadership for government organizations.

本季度，我們也擴大了對政府組織的網路彈性領導力。

Among our top competitors, we are the only company to achieve FedRAMP High authorization, with this, Commvault Cloud for government can now securely handle controlled, unclassified information in cloud computing environments for government agencies and contractors.

在我們的頂級競爭對手中，我們是唯一一家獲得FedRAMP 高授權的公司，透過這項授權，Commvault Cloud for Government 現在可以為政府機構和承包商安全地處理雲端運算環境中的受控、非機密信息。

Additionally, Commvault Cloud is now on the AWS marketplace for the US FEDERAL Government.

此外，Commvault Cloud 現已登陸美國聯邦政府的 AWS 市場。

Finally, during the quarter, we continued to strengthen our executive bench to drive our next wave of growth and evolution.

最後，在本季度，我們繼續加強我們的高階主管團隊，以推動我們的下一波成長和發展。

A few weeks ago, we announced that Gary Merrill will become the company's first Chief Commercial Officer, leading our sales and partner teams.

幾週前，我們宣布加里·梅里爾 (Gary Merrill) 將成為公司首任首席商務官，領導我們的銷售和合作夥伴團隊。

Throughout his tenure at Commvault and as our CFO, Gary has worked closely with our sales and partner teams globally.

在擔任 Commvault 和財務長期間，Gary 一直與我們在全球的銷售和合作夥伴團隊密切合作。

In his new role, we believe he's ideally suited to lead the chart for Commvault.

在他的新角色中，我們相信他非常適合領導 Commvault 的發展。

With this change, we're excited to announce that Jen DiRico will join us as CFO on August 12.

隨著這一變化，我們很高興地宣布 Jen DiRico 將於 8 月 12 日加入我們，擔任財務長。

Jen spent close to a decade at Toast, where she was instrumental in its successful IPO.

Jen 在 Toast 工作了近十年，為該公司的成功首次公開募股發揮了重要作用。

As a member of the toll's senior leadership team, she contributed to the company's significant success and expansion, including growing its ARR to over $1 billion.

作為收費公司高級領導團隊的成員，她為公司的重大成功和擴張做出了貢獻，包括將其 ARR 提高到超過 10 億美元。

We believe Jen's extensive financial and operational experience will enable us to accelerate growth here at Commvault as well.

我們相信 Jen 豐富的財務和營運經驗也將使我們能夠加速 Commvault 的發展。

Jen will lead our earnings discussions after she officially joins the company in a couple of weeks.

Jen 將在幾週後正式加入公司後主持我們的收益討論。

Today, Danielle Abrahamsen, our Chief Accounting Officer who I've worked with on earnings calls for 22 straight quarters, will lead this discussion as Gary tends to a personal family matter.

今天，我們的首席會計官丹妮爾·亞伯拉罕森（Danielle Abrahamsen）將主持這次討論，因為加里傾向於處理個人家庭事務，她已連續 22 個季度與我一起參與收益電話會議。

With that, I will now turn the call over to Danielle to discuss our results.

現在，我將把電話轉給丹妮爾，討論我們的結果。

Danielle?

丹妮爾？

Thank you, Sanjay, and good morning everyone.

謝謝桑傑，大家早安。

As Sanjay mentioned, we had a record start to the fiscal year, delivering our third consecutive quarter of double digit total revenue growth with accelerating momentum across all our key metrics.

正如桑傑所提到的，我們在本財年取得了創紀錄的開局，連續第三個季度實現兩位數的總收入增長，所有關鍵指標的勢頭都在加速。

I'll recap our Q1 results before providing our Q2 outlook and increased guidance for the full fiscal year '25.

在提供我們的第二季展望和 25 年整個財年的增加指引之前，我將回顧我們第一季的業績。

As a reminder, all growth rates are on a year-over-year basis unless otherwise noted.

提醒一下，除非另有說明，所有成長率均為年成長率。

For fiscal Q1, total revenue growth accelerated 13% to $225 million, driven by a 28% increase in subscription revenue, which now exceeds 55% of total revenue.

第一財季，訂閱營收成長 28%，佔總營收的 55% 以上，推動總營收成長 13%，達到 2.25 億美元。

Subscription revenue growth was fueled by increased contributions from our SaaS portfolio and continued double digit growth in term software licenses, well ahead of the market growth rate.

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持續兩位數的成長，遠遠領先於市場成長率。

Our software revenue growth reflected a healthy balance between renewals and another strong quarter of land and expand business.

我們的軟體收入成長反映了續約與土地和擴張業務另一個強勁季度之間的健康平衡。

Once again, we saw revenue from term software transactions over $100,000 increase by 13% as we close an accelerated volume of larger deals.

隨著我們加速完成較大交易量，我們再次看到超過 100,000 美元的定期軟體交易收入增加了 13%。

From a product perspective, our Commvault Cloud platform is resonating in the market as we have started to monetize our cyber resilience offerings.

從產品角度來看，隨著我們開始將網路彈性產品貨幣化，我們的 Commvault 雲端平台正在市場上引起共鳴。

From a geographic perspective, we were also pleased as both the Americas and International regions had impressive growth with each achieving double digit term software and total revenue growth.

從地理角度來看，我們也很高興，因為美洲和國際地區都取得了令人矚目的成長，每個地區都實現了兩位數的定期軟體和總收入成長。

Q1 perpetual license revenue was $14 million.

第一季永久授權收入為 1400 萬美元。

As perpetual licenses are sold in limited verticals and geographies, we believe we are approaching a steady state run rate of perpetual license sales; Q1 customer support revenue, which includes support for both our term based and perpetual software licenses, was $76 million, down 1% sequentially and year-over-year.

由於永久許可證在有限的垂直領域和地區銷售，我們相信我們正在接近永久許可證銷售的穩定狀態運行率；第一季客戶支援收入（包括對基於期限和永久軟體許可證的支援）為 7,600 萬美元，比上一季和同比下降 1%。

In Q1, we reached the key inflection point where customer support revenue derived from term software and related arrangements crossed over 50% of total customer support revenue compared to 44% in Q1 of the prior year.

在第一季度，我們達到了關鍵拐點，來自術語軟體和相關安排的客戶支援收入佔客戶支援總收入的 50% 以上，而上一年第一季為 44%。

Now I'll discuss ARR.

現在我將討論ARR。

Q1 total ARR growth accelerated 17% to $803 million.

第一季總 ARR 成長加速 17%，達到 8.03 億美元。

Subscription ARR, including term-based licenses and SaaS contracts, grew 27% year-over-year to $636 million, or 79% of total ARR.

訂閱 ARR（包括基於期限的授權和 SaaS 合約）年增 27%，達到 6.36 億美元，佔總 ARR 的 79%。

This includes $188 million of SaaS ARR, which jumped 66% from a year ago.

其中包括 1.88 億美元的 SaaS ARR，比一年前成長 66%。

SaaS continues to be the primary driver of our new ARR growth, contributing over 60% of our total ARR growth in the quarter.

SaaS 仍然是我們新的 ARR 成長的主要驅動力，佔本季總 ARR 成長的 60% 以上。

SaaS now represents 23% of total ARR compared to just 17% a year ago.

SaaS 現在佔總 ARR 的 23%，而一年前僅為 17%。

From a customer perspective, we added approximately 600 subscription customers during the quarter and ended the quarter with 9900 subscription customers, representing over 65% of our installed base.

從客戶的角度來看，我們在本季增加了約 600 名訂閱客戶，到本季末增加了 9,900 名訂閱客戶，占我們安裝基礎的 65% 以上。

Existing customer expansion was strong with Q1 SaaS net dollar retention of 127% being benefited by both upsell and cross sell activities.

現有客戶擴張強勁，第一季 SaaS 淨美元保留率為 127%，受益於追加銷售和交叉銷售活動。

We saw accelerated growth in SaaS ARR from hybrid cloud workloads and our newer workloads such as Active Directory and Cleanroom.

我們看到混合雲工作負載以及 Active Directory 和 Cleanroom 等新工作負載帶來的 SaaS ARR 加速成長。

Now I'll discuss expenses and profitability fiscal Q1 gross margins was 83%, roughly flat year-over-year, benefiting from continued SaaS gross margin improvement and the growth in term software licenses.

現在我將討論費用和獲利能力，第一財季毛利率為 83%，與去年同期基本持平，受益於 SaaS 毛利率的持續改善和定期軟體授權的成長。

Fiscal Q1 operating expenses increased 15% to $137 million, including costs associated with our appearance at the RSA conference, a live in person sales kickoff event, and higher commissions and bonuses on record revenue.

第一財季營運支出成長了 15%，達到 1.37 億美元，其中包括與我們出席 RSA 會議、現場銷售啟動活動以及創紀錄收入的更高佣金和獎金相關的費用。

We ended the quarter with approximately 3000 employees, an increase of 4% sequentially, including strategic resource investments and on-boarding the employees brought over through the Appranix acquisition.

本季末，我們擁有約 3,000 名員工，較上季成長 4%，其中包括策略資源投資和透過收購 Appranix 引進的員工入職培訓。

Non-GAAP EBIT for Q1 was $48 million and non-GAAP EBIT margins were 21.5%, demonstrating our commitment to a responsible growth philosophy.

第一季的非 GAAP 息稅前利潤為 4,800 萬美元，非 GAAP 息稅前利潤率為 21.5%，這反映了我們對負責任成長理念的承諾。

Moving to some key balance sheet and cash flow metrics, we ended the quarter with no debt and $288 million in cash.

轉向一些關鍵的資產負債表和現金流量指標，本季末我們沒有債務，現金為 2.88 億美元。

Our Q1 free cash flow grew 16% year-over-year to $44 million, reflecting continued growth in SaaS deferred revenue and the strength of our software subscription business, which typically includes upfront payment on multi-year contracts.

我們第一季的自由現金流年增 16%，達到 4,400 萬美元，反映出 SaaS 遞延收入的持續成長以及我們軟體訂閱業務的實力（通常包括多年合約的預付款）。

In Q1, we repurchased $51 million of stock, representing 117% of free cash flow.

第一季度，我們回購了 5,100 萬美元的股票，相當於自由現金流的 117%。

We now have $205 million remaining on our existing share repurchase authorization.

目前，我們現有的股票回購授權還剩 2.05 億美元。

Now I'll discuss our outlook for fiscal Q2 and our improved guidance for fiscal year '25.

現在我將討論我們對第二財季的展望以及我們對 25 財年改進的指導。

For fiscal Q2, we expect subscription revenue, which includes both the software portion of term based licenses and SaaS, to be $120 million to $124 million.

對於第二財季，我們預計訂閱收入（包括基於期限的授權和 SaaS 的軟體部分）將為 1.2 億至 1.24 億美元。

This represents 25% year-over-year growth at the midpoint.

這意味著中點同比增長 25%。

As a result, we expect total revenue to be $218 million to $222 million, with a growth of 9% at the midpoint.

因此，我們預計總收入為 2.18 億美元至 2.22 億美元，中間成長率為 9%。

At these revenue levels, we expect Q2 consolidated gross margin to be in the range of 81% to 82%.

在這些收入水準上，我們預計第二季綜合毛利率將在 81% 至 82% 之間。

We expect Q2 non-GAAP EBIT margin to be in the range of 19% to 20%.

我們預計第二季非 GAAP 息稅前利潤率將在 19% 至 20% 之間。

Our projected diluted share count for fiscal Q2 is approximately 45 million shares.

我們預計第二財季的稀釋後股票數量約為 4500 萬股。

As you saw in this morning's press release, we have raised our outlook for the full fiscal year '25.

正如您在今天早上的新聞稿中看到的，我們上調了對 25 財年整個財年的展望。

We now expect fiscal year '25 total ARR growth of 15% year-over-year.

我們現在預計 25 財年的總 ARR 將年增 15%。

We expect subscription ARR to increase in the range of 23% to 25% year-over-year.

我們預計訂閱 ARR 將年增 23% 至 25%。

From a full year fiscal '25 revenue perspective, we now expect subscription revenue to be in the range of $522 million to $527 million, growing 22% year-over-year at the midpoint, with strong contribution from both term software licenses and SaaS.

從 25 財年全年收入的角度來看，我們現在預計訂閱收入將在 5.22 億美元至 5.27 億美元之間，中間同比增長 22%，其中定期軟體許可和 SaaS 的貢獻強勁。

We now expect total revenue growth to accelerate and be in the range of $915 million to $925 million, an increase of approximately 9.5% at the midpoint.

我們現在預計總營收成長將加速，在 9.15 億美元至 9.25 億美元之間，中位數成長約 9.5%。

Moving to our updated full year fiscal '25 margin, EBIT and cash flow outlook, we continue to expect gross margins to be in the range of 81.5% to 82.5%, inclusive of the accelerating contribution of our SaaS business.

轉向我們更新後的 25 財年全年利潤率、息稅前利潤和現金流前景，我們繼續預計毛利率將在 81.5% 至 82.5% 之間，其中包括我們 SaaS 業務的加速貢獻。

We also continue to expect non-GAAP EBIT margins to be in the range of 20% to 21%, inclusive of certain focused investments to continue our revenue momentum.

我們也繼續預期非 GAAP 息稅前利潤率將在 20% 至 21% 之間，其中包括某些旨在維持我們收入成長動能的重點投資。

From a free cash flow perspective, we continue to expect full year free cash flow of at least $200 million.

從自由現金流的角度來看，我們仍然預計全年自由現金流至少為 2 億美元。

And lastly, we expect to continue with our existing practice of repurchasing at least 75% of our annual free cash flow.

最後，我們預計將繼續回購至少 75% 的年度自由現金流的現有做法。

As a reminder, for fiscal year '25, we lowered our non-GAAP tax rate from 27% down to 24%.

謹此提醒，在 25 財年，我們將非 GAAP 稅率從 27% 降至 24%。

We believe that a 24% rate more closely aligns with our effective tax rate expectations over the next few years.

我們認為 24% 的稅率更符合我們未來幾年的有效稅率預期。

Given our initial momentum to start fiscal year '25, our updated fiscal year '25 outlook, the current cyber market tailwinds, and our execution momentum in the field, we remain confident that we can deliver on our fiscal '26 ARR aspirations of 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.

鑑於我們開始 '25 財年的最初動力、更新的 '25 財年展望、當前的網絡市場順風以及我們在該領域的執行動力，我們仍然有信心能夠實現 '26 財年 ARR 總 ARR 的願望10 億美元，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 earnings presentation contained in the investor relations section of our website.

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收益演示。

Operator, you can now open the line for questions.

接線員，現在可以撥打電話提問。

Thank you.

謝謝。

We will now begin the question-and-answer session.(Operator Instructions)

我們現在開始問答環節。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the question.

是的，感謝您提出問題。

Congrats on the solid results here in the quarter.

恭喜本季取得的穩健業績。

Maybe I'll just start by asking the current macro environment, maybe the deal activity flow pipeline discussion and then kind of tied to that, Sanjay, I'd be interested in what you're hearing from customers following the CrowdStrike downage.

也許我會先詢問當前的宏觀環境，也許是交易活動流程管道討論，然後與此相關，Sanjay，我對您在 CrowdStrike 宕機後從客戶那裡聽到的消息感興趣。

Obviously, the cyber resiliency strategy for Commvault is resonating, curious of what your customer engagements have been like?

顯然，Commvault 的網路彈性策略引起了共鳴，好奇您的客戶參與情況如何？

I know be it early, but since that outage a week or so ago.

我知道要早點，但自從大約一周前停電以來。

Good.

好的。

Aaron, thanks for the question.

亞倫，謝謝你的提問。

Good morning.

早安.

It's been a good quarter because fundamentally, we're solving a hard problem for our customers with resilience in general, but cyber resilience in particular.

這是一個不錯的季度，因為從根本上來說，我們正在為客戶解決一個具有整體彈性的難題，特別是網路彈性。

And what we're seeing is, macroeconomic situation is we're kind of drawing a straight line, as it was.

我們看到的是，宏觀經濟狀況是我們正在畫一條直線，就像以前一樣。

And from the previous quarters, our pipeline looks good.

從前幾個季度來看，我們的管道看起來不錯。

We're having a lot of conversations with CISOs and CIOs at the same time around resilience.

我們同時與 CISO 和 CIO 圍繞復原力進行了大量對話。

And what the CrowdStrike incident really brought to the fore wasn't so much of a direct line to us and what we do outside of our secure cloud capabilities, Air Gap Protect, which had just been a malicious thing, customers would have had an offsite secure copy.

CrowdStrike 事件真正引起關注的並不是我們的直接聯繫，而是我們在安全雲功能、Air Gap Protect 之外所做的事情，這只是一個惡意的事情，客戶本來會在異地進行操作安全副本。

It's bringing up the conversation repeatedly around resilience.

它反覆引發圍繞復原力的討論。

And this was not a malicious situation.

這並不是惡意的情況。

It was a trusted environment that went wrong.

這是一個值得信賴的環境出了問題。

And you need to be resilient to recover from that, just as you would with cyber.

您需要有彈性才能從中恢復，就像網路一樣。

Had it been a cyber situation, we'd still be sort of scrambling, trying to figure out what happened, what our environment looks like, what do we need to do to fix it?

如果是網路情況，我們仍然會手忙腳亂，試圖弄清楚發生了什麼，我們的環境是什麼樣的，我們需要做什麼來解決它？

So, the conversation around resilience is categorically resonating and making a difference.

因此，圍繞復原力的對話絕對會引起共鳴並產生影響。

Yeah, very good.

是的，非常好。

And then just as a quick follow up, you mentioned the 127% net dollar retention number and you mentioned good upsell cross sell opportunities.

然後，作為快速跟進，您提到了 127% 的淨美元保留率，並提到了良好的追加銷售交叉銷售機會。

I'm curious with metallic of, is there any kind of added commentary or quantification that you could give us in terms of what you're seeing from across sell opportunity perspective as that business continues to grow rapidly?

我對金屬很好奇，隨著該業務持續快速成長，您是否可以從銷售機會的角度向我們提供任何補充評論或量化？

Let me give you a little bit of color and then Danielle will fill in some numbers for you.

讓我給你一點顏色，然後丹妮爾將為你填寫一些數字。

What we're seeing is our new workloads, our hybrid workloads growing quite substantially.

我們看到的是新的工作負載，我們的混合工作負載大幅成長。

So outside of the office 365 type workloads, we're seeing our secure storage Air Gap Protect, Active Directory and our Kubernetes container cloud-based workloads growing handsomely.

因此，除了 Office 365 類型的工作負載之外，我們還看到安全儲存 Air Gap Protect、Active Directory 和基於 Kubernetes 容器雲端的工作負載正在大幅成長。

That bodes well for us because that shows mission critical cloud native applications being backed up and secured in the cloud.

這對我們來說是個好兆頭，因為這表明任務關鍵型雲端原生應用程式在雲端中得到備份和保護。

We've got over 3000 customers using Air Gap Protect, which is substantial.

我們有超過 3000 位客戶使用 Air Gap Protect，數量相當可觀。

And we talked about threat wise, our threat deception capability doubling year-on-year.

我們談到了威脅方面，我們的威脅欺騙能力逐年翻倍。

We've seen Active Directory get off a great start.

我們已經看到 Active Directory 取得了良好的開端。

So we're seeing that there's a lot of, a third of our customers tend to have more than one product out of the door.

因此，我們發現有許多（三分之一的）客戶往往會推出不只一種產品。

Okay.

好的。

So there's good traction.

所以有很好的牽引力。

I'll let Danielle add some more color there if you want.

如果你願意的話，我會讓丹妮爾在那裡添加更多的顏色。

Yeah.

是的。

Thanks, Aaron.

謝謝，亞倫。

Thanks for the question.

謝謝你的提問。

Good morning.

早安.

So when we launched our Commvault cloud platform.

所以當我們推出 Commvault 雲端平台時。

Our objective was really to create one unified platform that allowed our customers to easily navigate between their software and their SaaS offerings.

我們的目標實際上是創建一個統一的平台，使我們的客戶能夠輕鬆地在他們的軟體和 SaaS 產品之間導航。

And so what that did is it allowed us a natural opportunity to monetize on that navigation.

因此，它的作用是讓我們有一個自然的機會透過該導航獲利。

And we really saw, we've really seen the traction in that.

我們確實看到了，我們確實看到了其中的吸引力。

In particular, about a year ago, right, we saw about, call it a quarter of our cross sell opportunities coming from out of our expand revenue.

特別是，大約一年前，我們看到，我們四分之一的交叉銷售機會來自我們擴大的收入。

That number is closer to a third today.

今天這個數字接近三分之一。

So we are really seeing the way that customers are buying, changing the way that Sanjay spoke about in his opening remarks.

因此，我們確實看到了客戶的購買方式，改變了桑傑在開場白中談到的方式。

Very good.

非常好。

Thank you, guys.

謝謝你們，夥計們。

Thank you.

謝謝。

Howard Ma, Guggenheim Securities.

霍華德·馬，古根漢證券。

Great.

偉大的。

Thank you.

謝謝。

Sanjay hats off to you and the team for the strong performance.

Sanjay 向您和團隊的出色表現致以敬意。

It looks like a clean print all around.

看起來周圍都是乾淨的印刷品。

I want to ask you about investments in two areas that may be underpenetrated for Commvault, and those are the government vertical and the Asia Pacific region.

我想詢問您有關 Commvault 可能未充分滲透的兩個領域的投資，即政府垂直領域和亞太地區。

So Commvault cloud recently achieved a FedRAMP High authorization, as you just mentioned in your prepared remarks.

正如您剛才在準備好的演講中提到的那樣，Commvault 雲端最近獲得了 FedRAMP High 授權。

You also expanded your partnership with Carahsoft, targeting the US intelligence community.

您還擴大了與 Carahsoft 的合作夥伴關係，目標是美國情報界。

And then in Asia Pac, you recently hired a field CTO focus on security in that region.

然後在亞太地區，您最近聘請了一位專注於該地區安全的現場首席技術長。

My question to you is, how impactful are those investments, and should we expect them to bear fruit this year?

我向您提出的問題是，這些投資的影響力有多大？

Hey, Howard, good to hear from you and thank you for your support.

嘿，霍華德，很高興收到你的來信，感謝你的支持。

So, government, federal government, governments around the world are a definite area of focus.

因此，政府、聯邦政府、世界各地的政府都是一個明確的重點領域。

We went through the long journey of getting our technology FedRAMP High certified, and we're in a very rarefied space with that certification.

我們經歷了使我們的技術獲得 FedRAMP High 認證的漫長旅程，並且我們處於一個獲得該認證的非常稀缺的領域。

Most of our competitors don't even come close on the level of certification that we have.

我們的大多數競爭對手的認證水平甚至無法接近我們。

In addition, we're making our technology far easier to obtain and access by being on marketplaces like the AWS, Federal marketplace, Government marketplace that we just announced.

此外，透過我們剛剛宣布的 AWS、聯邦市場、政府市場等市場，我們使我們的技術更容易取得和存取。

So, you know, from a safety level and you know that federal government agencies are looking for.

所以，你知道，從安全層面來看，你知道聯邦政府機構正在尋找。

We have it access.

我們可以訪問它。

We're getting there.

我們快到了。

And we're also investing in specialized field resources, as you've observed with our field CTO community, that are deep, deep, deep, deeply rooted in security issues, cyber issues, and can take some of our capabilities from a compliance point of view and standards point of view to governments around the world.

正如您在我們的現場首席技術官社群中所觀察到的那樣，我們還投資於專業的現場資源，這些資源深深紮根於安全問題、網路問題，並且可以從合規性角度利用我們的一些能力世界各國政府的觀點和標準。

So it's an active area of investment for us, mostly on the product side now, a little bit on the go to market side.

因此，這對我們來說是一個活躍的投資領域，現在主要是在產品方面，還有一點是在市場方面。

Okay.

好的。

So that's kind of how we're thinking about it.

這就是我們的想法。

If you look also on the channel so Carahsoft etc, that's the go to market side that we're enabling and making sure we're close with.

如果您也查看 Carahsoft 等管道，這就是我們正在啟用並確保我們接近的市場方向。

On APAC.

在亞太地區。

We are doing some modest growth there.

我們在那裡取得了一些適度的成長。

Our focus has historically been Asia Pacific as it is ANZ and Australia, New Zealand, Singapore, Southeast Asia and a little bit in mainland China.

我們的重點歷來是亞太地區，包括澳新銀行、澳洲、紐西蘭、新加坡、東南亞以及中國大陸的一小部分。

That's been our focus area.

這是我們的重點領域。

We're continuing to go deeper.

我們正在繼續深入。

There's a lot of opportunity there coming up and we're investing there.

那裡有很多機會，我們正在那裡投資。

So, but it's, again, it's part of our plan and it's part of everything we've shared as part of fiscal year '25.

所以，但這又是我們計畫的一部分，也是我們在 25 財年分享的所有內容的一部分。

Got it.

知道了。

Well, thank you for that added color.

嗯，謝謝你添加的顏色。

And I want to ask Danielle as well.

我也想問丹妮爾。

I was trying to figure out the strength in the subscription and SaaS and specifically new term license, at least the way that we try to back into it.

我試圖找出訂閱和 SaaS 的優勢，特別是新期限許可證，至少是我們嘗試回歸的方式。

The question for you is that it makes me wonder, has your gross renewal rate, has that been ticking up and also are you benefiting more from one year subscription renewals this year?

你的問題是，這讓我想知道，你的總續訂率是否有所上升，以及你今年是否從一年訂閱續訂中受益更多？

Thanks.

謝謝。

Yeah thanks, Howard.

是的，謝謝，霍華德。

Thanks for the question.

謝謝你的提問。

Good morning.

早安.

So the first thing I want to say this quarter, Q1, we saw very balanced contribution from all the items on our subscription line.

因此，本季我想說的第一件事是，第一季度，我們看到訂閱線上所有項目的貢獻非常平衡。

Right.

正確的。

That's our software renewals, our software land expand opportunities, and our staff.

這就是我們的軟體更新、我們的軟體土地擴展機會以及我們的員工。

When I think about term in particular, and I think I mentioned this in my prepared remarks, right.

當我特別考慮術語時，我想我在準備好的發言中提到了這一點，對吧。

We actually saw 13% growth rate on our large deals, on our over $100,000 deals.

實際上，我們的大型交易（金額超過 100,000 美元）的成長率為 13%。

And much of that was actually driven by volume.

其中很大一部分實際上是由數量驅動的。

So you mentioned our GRR rate.

所以您提到了我們的 GRR 率。

We are seeing our GRR rate strengthen.

我們看到我們的 GRR 率有所加強。

So we are seeing good signs.

所以我們看到了好的跡象。

But I really want to highlight the fact that the success of the quarter really came from that balanced contribution of all those pieces in the subscription line.

但我真的想強調一個事實，即本季度的成功實際上來自訂閱線中所有這些部分的平衡貢獻。

Great.

偉大的。

Thanks so much Danielle.

非常感謝丹妮爾。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys.

嘿，夥計們。

Nice quarter there.

那裡不錯。

Actually, wanting to go back to last quarter a little bit where you guys had another good quarter.

事實上，我想回到上個季度，你們又度過了一個美好的季度。

And actually, that Dell announcement kind of went fairly unnoticed.

事實上，戴爾的這項聲明並沒有引起人們的注意。

Just any update on how that relationship has kind of gone out of the gate and sort of the ability to hit milestones from here?

只是關於這種關係如何走出大門以及從這裡達到里程碑的能力的任何更新嗎？

Hey, Jim, it's Sanjay.

嘿，吉姆，我是桑傑。

How are you?

你好嗎？

So, you know, as we said when we announced it sort of right around this time last quarter, it was, we said it was a long-term sort of initiative for us to go after the installed base, the Veritas Install Base, and partnering with Dell on their data domain install base.

所以，你知道，正如我們在上個季度的這個時候宣布的那樣，我們說這是我們追求安裝基礎、Veritas 安裝基礎和與戴爾在數據域安裝基礎上進行合作。

This is a, we're going to, you know, we're going to compete till we decide, until the customer decides they want both of us.

這是，我們將，你知道，我們將競爭，直到我們決定，直到客戶決定他們想要我們兩個。

So that's how, you know, that's how it's working.

這就是它的運作方式。

We're in situations where customers want us to come in, want us to do a proof of concept, want us to help them move.

我們面臨的情況是，客戶希望我們介入，希望我們進行概念驗證，希望我們幫助他們搬家。

We're in the throes of it.

我們正處於痛苦之中。

And I never expected to be a 60–90-day big hit.

我從來沒想過自己會成為 60-90 天的大熱門。

This is a ramp that is taking out an entrenched install base that will take a little bit of time and it's moving exactly the way we'd expect and want.

這是一個坡道，它正在拆除一個根深蒂固的安裝基地，這需要一點時間，而且它的移動方式正是我們所期望和想要的。

So nothing yet, but more down the road.

所以還沒有什麼，但未來還會有更多。

We will share more data down the road.

我們將在未來分享更多數據。

Yeah, makes sense.

是的，有道理。

And Danielle, thanks for all the color and for jumping on the call here with us as we think about this fiscal Q2 guide, why the sequential drop on subscription?

丹妮爾（Danielle），感謝您的所有色彩，並在我們思考第二季度財報指南時與我們一起參加電話會議，為什麼訂閱量會連續下降？

Understanding the duration on term deals is getting closer and closer to two years.

了解定期交易的期限越來越接近兩年。

But if we look back three years ago when deals were kind of being signed at three-year durations more, so it was better than down sequentially and metallic spend actually accelerating.

但如果我們回顧三年前，當時簽署的協議期限多為三年，所以這比連續下降要好，而且金屬支出實際上正在加速。

So I guess is this just being prudently conservative or is there something on the macro side that you guys are a little bit more cautious on?

所以我想這只是謹慎保守，還是在宏觀方面你們有些比較謹慎？

Hi, Jim.

嗨，吉姆。

Yeah, no, thanks for the question.

是的，不，謝謝你的提問。

So I wouldn't say we're being prudently conservative.

所以我不會說我們是謹慎保守的。

I mean, we raised our guidance going into Q2, and a lot of what you see is actually the momentum that we're seeing in SaaS.

我的意思是，我們提高了進入第二季度的指導，您看到的許多實際上是我們在 SaaS 中看到的勢頭。

So there's a couple pieces that go into that subscription line I mentioned.

因此，我提到的訂閱行中有一些內容。

Right.

正確的。

The subscription renewals, which we're going into a slightly, we have a slightly smaller renewal pool in Q2.

我們將稍微討論一下訂閱續訂，我們在第二季的續訂池稍微小一點。

So we're factoring into that.

所以我們正在考慮這一點。

But really it goes back into the momentum and the capitalization of our staff in that line.

但實際上，這又回到了我們在該領域員工的動力和資本。

Right.

正確的。

And obviously, SaaS is recognized ratably, so we don't see the benefit of that, you know, in the following quarter.

顯然，SaaS 得到了廣泛認可，因此我們在下個季度看不到它的好處。

But instead, over time.

但隨著時間的推移。

And I think you can really see that in the growth rate we're seeing in our SaaS ARR.

我認為您可以從 SaaS ARR 的成長率中真正看到這一點。

Makes sense.

有道理。

Thanks, guys.

謝謝，夥計們。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

Rudy Kessinger, DA Davidson.

魯迪·凱辛格，地方檢察官戴維森。

Hey, guys, thanks for taking my questions.

嘿，夥計們，謝謝你回答我的問題。

And I'd like to congratulate these.

我要祝賀這些。

The net new ARR figures especially look very, very impressive.

尤其是新的 ARR 淨值看起來非常非常令人印象深刻。

I know it sounds like you're saying strengthening the quarter was kind of broad based.

我知道聽起來您是在說加強本季的基礎是廣泛的。

I want to maybe narrow in on two issues.

我想把範圍縮小到兩個問題。

Firstly, cyber resilience.

首先，網路彈性。

I believe I heard you say you're starting to monetize that.

我相信我聽到你說你開始將其貨幣化。

Could you just expand on that?

能擴展一下嗎？

How materially did that contribute in the quarter?

這對該季度的貢獻有多大？

And is there any color you can share just on the type of ASD uplift you're seeing in deals that include some of your cyber resilience products?

您是否可以分享您在包含某些網路彈性產品的交易中看到的 ASD 提升類型？

Yeah.

是的。

Thanks, Rudy, for the question.

謝謝魯迪提出這個問題。

Good morning.

早安.

Maybe I'll start and talk about the quarter, and then I'll hand it over to Sanjay to talk about what we're seeing in the broader market.

也許我會開始談論本季度，然後我會將其交給 Sanjay 來談論我們在更廣泛的市場中看到的情況。

Right.

正確的。

So, we had a material contribution from our cyber resiliency offerings this quarter, in particular, our cyber recovery and our autonomous recovery bundle.

因此，本季我們的網路彈性產品做出了重大貢獻，特別是我們的網路復原和自主復原捆綁包。

And actually, that traction that we saw this quarter is part of what gave us the confidence to raise the guidance for the rest of the year.

事實上，我們本季看到的這種勢頭使我們有信心提高今年剩餘時間的指導。

Sanjay, you want to talk through?

Sanjay，你想談談嗎？

Yeah.

是的。

So really, the way to think about our cyber resilience, it isn't one skew.

因此，實際上，思考我們的網路彈性的方式並不是一種偏差。

It's an overall platform with Commvault Cloud that delivers services that are integrated.

它是一個包含 Commvault Cloud 的整體平台，可提供整合的服務。

So in other words, a customer using our software, let's say our cyber resilience Skew, can avail of services that are delivered through the cloud, through our SaaS based capabilities like Air Gap Protect or ThreatWise.

換句話說，使用我們的軟體（假設是我們的網路彈性 Skew）的客戶可以透過我們基於 SaaS 的功能（例如 Air Gap Protect 或 ThreatWise）利用透過雲端提供的服務。

Okay.

好的。

So it's an integrated play.

所以這是一個綜合性的遊戲。

And what we're seeing is.

我們所看到的是。

What we're seeing is that the uplift we're getting is the customer's actually looking at the platform in its entirety for that solution.

我們看到的是，我們得到的提升是客戶實際上在整個平台上尋找該解決方案。

And since we've released the autonomous and cyber resilience Skews, which integrate these services, we've seen a marked uplift in the pipeline and to some level, even in Q1 on the contribution.

自從我們發布了整合了這些服務的自主和網路彈性 Skews 以來，我們已經看到管道中的貢獻顯著上升，甚至在第一季也達到了一定程度。

So that's the way to think about it.

這就是思考這個問題的方式。

Okay.

好的。

Got it.

知道了。

And I know James just asked about Dell, and it sounds like you sound confident on it but

我知道詹姆斯剛剛問起戴爾，聽起來你對此很有信心，但是

--

--

It's work in progress.

該工作正在進行中。

We are competitors.

我們是競爭對手。

We are also collaborators.

我們也是合作者。

So it's a relationship that we're building out and we're excited about it.

所以這是我們正在建立的關係，我們對此感到興奮。

I think the potential is massive and the work is going on.

我認為潛力是巨大的，而且工作正在進行中。

The teams are working well.

團隊運作良好。

I guess the broader question, I guess, is going to be just the pace of legacy displacement between no, Dell and obviously a couple others.

我想，更廣泛的問題將是戴爾和其他幾家公司之間的遺留問題的轉移速度。

Have you seen any increase in the pace of legacy displacements over the last couple of quarters, or is it been kind of steady state?

在過去的幾個季度中，您是否看到遺產流離失所的速度有任何增加，或者是否處於某種穩定狀態？

No, no.

不，不。

We have.

我們有。

We have, you know, whether it's ransomware or resilience, you know, there is a, there is a marked focus by boards, by audit committees, leadership teams, inside companies to say, are we resilient?

我們有，你知道，無論是勒索軟體還是彈性，你知道，董事會、審計委員會、領導團隊、公司內部都有一個明顯的焦點，就是我們有彈性嗎​​？

Do we have the best technology and the best capabilities to protect ourselves?

我們是否擁有最好的技術和最好的能力來保護自己？

And some of the legacy stuff is incomplete.

而且一些遺留的東西是不完整的。

And so there is a big part of our pipeline is refresh of some of the install, of the installed base.

因此，我們管道的很大一部分是更新一些安裝和安裝基礎。

Got it.

知道了。

That's helpful.

這很有幫助。

Great.

偉大的。

Thanks again.

再次感謝。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Mike Melnyk for closing remarks.

現在我將把會議轉回麥克·梅爾尼克（Mike Melnyk）作閉幕詞。

Thanks for everyone for joining us today.

感謝大家今天加入我們。

As a reminder, we have a presentation on the investor relations website.

提醒一下，我們在投資者關係網站上有一個演示。

If you have any questions, feel free to reach out to me and we will look forward to seeing you at some upcoming conferences.

如果您有任何疑問，請隨時與我聯繫，我們期待在即將舉行的一些會議上見到您。

Thanks very much.

非常感謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。