Commvault Systems Inc (CVLT) 2025 Q2 法說會逐字稿

Thank you for standing by. I would like to welcome everyone to the Commvault Q2 FY 2025 Earnings Conference Call. I would now like to turn the call over to Mike Melnyk, Head of Investor Relations. Please go ahead, sir.

謝謝你的支持。我歡迎大家參加 Commvault 2025 財政年度第二季財報電話會議。我現在想將電話轉給投資者關係主管 Mike Melnyk。請繼續，先生。

Good morning and welcome to our earnings conference call. 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.

早上好，歡迎參加我們的財報電話會議。在我們開始之前，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. 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.

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. 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. Thank you again for joining us.

Commvault 不承擔更新這些聲明的任何義務。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。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。再次感謝您加入我們。

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

現在我將請我們的執行長 Sanjay Mirchandani 致開幕詞。桑傑.

Thanks, Mike. Good morning, and thank you for joining today's call. Q2 was an exceptional quarter with momentum once again accelerating across all our primary KPIs. During the quarter, total revenue increased 16% to $233 million, our fourth consecutive quarter of double-digit revenue growth.

謝謝，麥克。早安，感謝您參加今天的電話會議。第二季度是一個特殊的季度，我們所有主要 KPI 的勢頭再次加速。本季總營收成長 16%，達到 2.33 億美元，連續第四個季度實現兩位數營收成長。

Total ARR accelerated 20% to $853 million, Subscription ARR rose 30% to $687 million. SaaS ARR jumped 64% to $215 million and now represents 25% of our total ARR. And free cash flow grew 34% to $54 million, with 97% of that free cash flow returned through share repurchases.

總 ARR 成長 20%，達到 8.53 億美元，訂閱 ARR 成長 30%，達到 6.87 億美元。 SaaS ARR 躍升 64%，達到 2.15 億美元，目前占我們總 ARR 的 25%。自由現金流成長了 34%，達到 5,400 萬美元，其中 97% 的自由現金流透過股票回購返還。

It has never been clearer that what we do matters. In an age of nonstop threats and cyber-attacks, organizations need to be ready. And once that moment comes, they need to be able to quickly recover without missing a heartbeat. This is even more important in the cloud-first world that we live in today.

我們所做的事情至關重要，這一點從未如此清晰。在威脅和網路攻擊不斷的時代，組織需要做好準備。一旦那一刻到來，他們需要能夠快速恢復而不會錯過任何心跳。這在我們今天所處的雲端優先世界中更為重要。

Let me say more on that. IDC reported that 73% of all new data that will be stored in the Cloud and that spending on public Cloud services is expected to double in the next four years. However, traditional static approaches to business continuity and outdated point solutions are grossly inadequate for today's dynamic digital cloud-first enterprises.

讓我對此多說一些。 IDC 報告稱，73% 的新數據將儲存在雲端中，公共雲服務的支出預計在未來四年內將翻倍。然而，傳統的靜態業務連續性方法和過時的單點解決方案對於當今動態的數位雲端優先企業來說是遠遠不夠的。

This is why we've been innovating and re-envisioning a world we call continuous business, where resilience and security are implicit. It is built on three fundamental principles. First, to be truly resilient organizations must own their cloud-first environment and be able to scale it, shrink it, manage it and secure it any way they want.

這就是為什麼我們一直在創新和重新構想一個我們稱之為持續業務的世界，其中隱含著彈性和安全性。它建立在三個基本原則之上。首先，要成為真正具有彈性的組織，必須擁有自己的雲端優先環境，並且能夠以自己想要的方式擴展、縮小、管理和保護它。

After all, if their businesses is in the cloud, then keeping their cloud resilient is their business. Next, multi-cloud is not universal. So, customers need agility, diversity and portability across clouds to reduce lock-in, improve the redundancy and embrace scalability to meet the business needs.

畢竟，如果他們的業務位於雲端中，那麼保持雲端的彈性就是他們的職責。其次，多雲並不普遍。因此，客戶需要跨雲端的敏捷性、多樣性和可移植性，以減少鎖定、提高冗餘並採用可擴展性來滿足業務需求。

And third, one size does not fit all in today's dynamic environment. So, their platform was seamlessly enable resilience across all its cloud environments, regions, accounts, applications and workloads and manage it all with a true single pane of glass.

第三，在當今動態的環境中，一種方法並不適合所有情況。因此，他們的平台無縫地實現了跨所有雲端環境、區域、帳戶、應用程式和工作負載的彈性，並透過真正的單一管理平台進行管理。

Commvault Cloud is the only platform that can do all of this while providing the breadth to support the broadest workloads, cloud and applications as well as the depth to go deep with cloud-first recovery capabilities.

Commvault Cloud 是唯一能夠完成所有這些的平台，同時提供支援最廣泛的工作負載、雲端和應用程式的廣度，以及深入了解雲端優先恢復功能的深度。

At our Shift event earlier this month, we announced our next generation of cloud-first technology innovations and partnerships to offer new states of all this business availability and Cyber Resilience for the modern cloud-first enterprise. While many competitors are playing catch up in terms of the workloads we support, we introduced Commvault Cloud Rewind, it's a truly unique offering that transforms and simplifies recovery of the cloud.

在本月稍早的 Shift 活動中，我們宣布了下一代雲端優先技術創新和合作夥伴關係，為現代雲端優先企業提供所有業務可用性和網路彈性的新狀態。雖然許多競爭對手在我們支援的工作負載方面正在追趕，但我們推出了 Commvault Cloud Rewind，它是一個真正獨特的產品，可以轉變並簡化雲端的恢復。

This technology integrates capabilities from our Appranix acquisition and leverages automation to enable customers to discover, map and recover not just their data, but their cloud applications often in minutes. Cloud Rewind also works across clouds, so breadth is the name of the game. We're hearing great things from our customers.

該技術整合了我們收購的 Appranix 的功能，並利用自動化，使客戶不僅能夠發現、映射和恢復他們的數據，而且通常在幾分鐘內就能發現、映射和恢復他們的雲端應用程式。 Cloud Rewind 也可以跨雲端運行，因此廣度是遊戲的名稱。我們從客戶那裡聽到了很棒的消息。

Frontale, a company steep e-discovery and digital forensic investigation, noted that "New capabilities like resource discovery, dependency mapping and cloud reconstruction not only ensure our data is safe, but also pave a clear path to recovery.

Frontale 是一家專注於電子發現和數位取證調查的公司，該公司指出：「資源發現、依賴關係映射和雲端重建等新功能不僅確保我們的資料安全，而且還為復原鋪平了一條清晰的道路。

With Cloud Rewind's simple and efficient club dashboard, recovery is quick and reliable, drastically reducing cyber recovery complexity. These advancements are just one more reason we trust Commvault with our cloud.

透過 Cloud Rewind 簡單且有效率的俱樂部儀表板，復原快速可靠，大大降低了網路復原的複雜性。這些進步只是我們信任 Commvault 雲端的另一個原因。

In addition, we announced that our platform will help automate the manual and error-prone process of recovering active directory from a ransomware incident. Active Directory is the anchor around which modern identity access management architectures are built.

此外，我們還宣布我們的平台將幫助自動化從勒索軟體事件中恢復 Active Directory 的手動且容易出錯的過程。 Active Directory 是建立現代身分存取管理架構的基礎。

It is often targeted by bad actors because it controls access to an organization's most critical assets. Commvault Cloud will automate and orchestrate the complex steps required to recover and configure after directory from a previous such state to improve cyber resiliency.

它經常成為不良行為者的目標，因為它控制對組織最關鍵資產的存取。 Commvault Cloud 將自動執行和編排從先前的此類狀態復原和配置目錄所需的複雜步驟，以提高網路彈性。

We expect to release an enhanced Active Directory offering shortly. We also announced at Shift, deep integrations and expanded relationships with strategic cloud partners, AWS and Google Cloud. We're bringing the breadth of the Commvault Cloud Cyber Resilience platform to AWS customers.

我們預計很快就會發布增強的 Active Directory 產品。我們也在 Shift 上宣布與策略雲端合作夥伴 AWS 和 Google Cloud 進行深度整合並擴大關係。我們正在為 AWS 客戶提供廣泛的 Commvault Cloud Cyber​​ Resilience 平台。

And with our recent Clumio acquisition, we're bringing innovative recovery capabilities to Amazon S3. This depth is paramount as many organizations rely on S3 to store large data and growing data sets.

透過最近收購 Clumio，我們為 Amazon S3 帶來了創新的復原功能。這種深度至關重要，因為許多組織依賴 S3 來儲存大數據和不斷增長的資料集。

With Google Cloud, we're offering comprehensive data protection and Cyber Resilience capabilities to Google Workspace customers. This includes Gmail, Google Drive and share drives, no e-mail left be. And all of this, of course, complements what we already do today with Microsoft Azure and Oracle Cloud.

透過 Google Cloud，我們為 Google Workspace 客戶提供全面的資料保護和網路彈性功能。這包括 Gmail、Google 雲端硬碟和共享雲端硬碟，不再有電子郵件。當然，這一切都補充了我們今天已經透過 Microsoft Azure 和 Oracle Cloud 所做的事情。

Our multi-cloud strategy is simple, meet customers where they are and give them the cloud-first resilience capabilities they need for continuous business. And we're serious when we say no workload, no cloud and no application left behind.

我們的多雲策略很簡單，滿足客戶的需求，並為他們提供持續業務所需的雲端優先彈性能力。當我們說沒有工作負載、沒有雲端、沒有應用程式落後時，我們是認真的。

For example, Constellation Energy, the nation's largest producer of clean emissions pre-energy chose our Commvault Cloud platform to advance their Cyber Resilience capabilities, enhance operational efficiency and further address regulatory requirements across its multiple clouds and on-premise environments.

例如，美國最大的清潔排放預能源生產商 Constellation Energy 選擇我們的 Commvault 雲端平台來提升其網路彈性能力、提高營運效率並進一步滿足跨多個雲端和本地環境的監管要求。

This quarter, we also teamed up with Pure Storage to help financial services customers that stringent compliance regulations, starting with EU's DORA regulation that takes effect in Jan 2025. Our joint offering is focused on two critical areas: first, risk management. including protection, detection, response and recovery. Second, operational tests.

本季度，我們也與 Pure Storage 合作，幫助金融服務客戶遵守嚴格的合規法規，從 2025 年 1 月生效的歐盟 DORA 法規開始。包括保護、偵測、回應和恢復。第二，操作測試。

Together with Pure, we deliver the ability to continuously test Cyber Recovery into secure isolated environments like Clean Room. In closing, our unique approach to Cyber Resilience is resonating in the market.

我們與 Pure 一起提供了在無塵室等安全隔離環境中持續測試網路復原的能力。最後，我們獨特的網路彈性方法在市場上引起了共鳴。

Our ability to democratize cloud and on-prem workload natively has allowed us to land new customers and expand with our existing base, be it SaaS or software. All of this gives us confidence that we can continue to deliver solid financial results.

我們在地化雲端和本地工作負載的能力使我們能夠吸引新客戶並擴展我們現有的基礎（無論是 SaaS 還是軟體）。所有這些都讓我們有信心能夠持續實現穩健的財務表現。

With that, I'll introduce our new CFO, Jen DiRico. Jen, we're happy to have you on board. Over to you to discuss our results and outlook for fiscal year '25.

接下來，我將介紹我們的新任財務長 Jen DiRico。 Jen，我們很高興您加入。現在請您討論我們 25 財年的業績和展望。

Thank you, Sanjay. It's great to be here, and thanks to the entire Commvault team for the warm welcome. I knew I was joining a great company. But in a few short months, I have been here, it is clear that the team has created something extraordinary. I'm excited to be a part of this.

謝謝你，桑傑。很高興來到這裡，並感謝整個 Commvault 團隊的熱情歡迎。我知道我正在加入一家偉大的公司。但在我來到這裡的短短幾個月裡，很明顯地這個團隊創造了一些非凡的東西。我很高興能參與其中。

It's also been the great to partner closely with Gary during the transition as well as the rest of the leadership team. As Sanjay shared, Q2 was a record quarter across all parts of our business. Our Commvault Cloud platform is resonating as for enterprises now more than ever need to be resilient.

在過渡期間與加里以及領導團隊其他成員密切合作也是一件很棒的事情。正如桑傑 (Sanjay) 分享的那樣，第二季是我們所有業務部門創紀錄的季度。我們的 Commvault 雲端平台引起了共鳴，因為企業現在比以往任何時候都更需要具有彈性。

This results ahead of the high end of our guidance across all key metrics and give us confidence in our ability to seize the opportunities ahead. Today, I will share our Q2 results and operating metrics and then provide our guidance on Q3 and FY25. As a reminder, all growth rates are on a year-over-year basis unless otherwise noted.

這項結果超出了我們所有關鍵指標的指導上限，讓我們對抓住未來機會的能力充滿信心。今天，我將分享我們第二季的業績和營運指標，然後提供我們對第三季和 2025 財年的指導。提醒一下，除非另有說明，所有成長率均為年成長率。

Our differentiated Commvault Cloud platform continues to gain momentum, especially with the cyber challenges enterprises are facing today. In Q2, we continued to see an acceleration in the monetization of our cyber resiliency offerings. That, combined with field execution resulted in total revenue growth of 16% to $233 million. This was led by a 37% increase in subscription revenue. We are proud to deliver our fourth consecutive quarter of double-digit total revenue growth.

我們的差異化 Commvault 雲端平台持續獲得發展勢頭，尤其是在企業當今面臨的網路挑戰的情況下。在第二季度，我們繼續看到網路彈性產品的貨幣化加速。再加上現場執行，總收入成長了 16%，達到 2.33 億美元。這是由訂閱收入成長 37% 帶動的。我們很自豪能夠連續第四個季度實現兩位數的總收入成長。

Growth in subscription revenue came from both increased contributions from our SaaS portfolio and continued double-digit growth in term software licenses, well ahead of the market growth rate. The contribution from our term software transactions exceeding $100,000 increased by 23% and benefited from a 12% increase in the average deal size.

訂閱收入的成長來自於我們的 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。超過 10 萬美元的定期軟體交易貢獻增加了 23%，受益於平均交易規模增加 12%。

This expansion reflects a healthy sales mix of our autonomous and Cyber Resilience bundles. Q2 customer support revenue, which includes support for both churn-based and perpetual software licenses, grew 1% to $78 million.

這種擴張反映了我們的自主和網路彈性捆綁包的健康銷售組合。第二季客戶支援收入（包括基於流失的軟體許可證和永久軟體許可證的支援）成長了 1%，達到 7,800 萬美元。

Customer support revenues derived from term software and related arrangements now represents 54% of customer support revenue, up 800 basis points compared to only 46% in Q2 of the prior year. Q2 total ARR growth accelerated 20% to $853 million.

來自定期軟體和相關安排的客戶支援收入目前佔客戶支援收入的 54%，比去年第二季的僅 46% 成長了 800 個基點。第二季總 ARR 成長加速 20%，達到 8.53 億美元。

Subscription ARR encompassing term-based licenses and SaaS contracts, increased by 30% reaching $687 million or 81% of total ARR. This includes $215 million in SaaS ARR, which increased 64% year-over-year, continuing along its hyper growth trajectory.

包括基於期限的許可和 SaaS 合約的訂閱 ARR 增長了 30%，達到 6.87 億美元，佔總 ARR 的 81%。其中包括 2.15 億美元的 SaaS ARR，年增 64%，繼續保持高速成長軌跡。

During the quarter, we added approximately 600 new subscription customers and have now surpassed 10,000 subscription customers worldwide, including over 6,000 SaaS customers. In our existing customer base, we continue to see strong trends in multi-product adoption.

本季度，我們增加了約 600 個新訂閱客戶，目前全球訂閱客戶數量已超過 10,000 個，其中包括 6,000 多個 SaaS 客戶。在我們現有的客戶群中，我們持續看到多產品採用的強勁趨勢。

For example, we closed a significant deal with an international energy provider for Cleanroom Recovery, Air Gap Protect as well as protection for their VMs, Kubernetes and M365 Instance.

例如，我們與一家國際能源供應商達成了一項重要協議，涉及無塵室恢復、氣隙保護以及對其虛擬機器、Kubernetes 和 M365 實例的保護。

Existing customer expansion remained healthy with a Q2 SaaS net dollar retention rate of 127%, driven by both upsell and cross-sell. SaaS ARR saw notable growth from emerging products such as Cleanroom Recovery, ThreatWise and mission-critical offerings, including Active Directory.

在追加銷售和交叉銷售的推動下，現有客戶擴張保持健康，第二季 SaaS 淨美元保留率為 127%。 SaaS ARR 因 Cleanroom Recovery、ThreatWise 等新興產品和 Active Directory 等關鍵任務產品而顯著成長。

These trends continue to support our confidence for further expansion opportunities with the newest products we announced at Shift. As we think about our future growth opportunities, we recognize the importance of making key strategic investments while continuing to demonstrate our responsible growth philosophy, and this quarter was no different, evidenced by our outperformance against both our total revenue and profitability targets.

這些趨勢繼續支持我們對透過我們在 Shift 上宣布的最新產品進一步擴展機會的信心。當我們思考未來的成長機會時，我們認識到進行關鍵策略投資的重要性，同時繼續展示我們負責任的成長理念，本季度也不例外，我們在總收入和盈利目標方面的優異表現就證明了這一點。

In fiscal Q2, gross margins improved 20 basis points year over year to 82.2% as we continue to drive leverage in our SaaS hosting costs. Operating expenses increased 17% to $143 million, reflecting our planned investments to accelerate revenue momentum as well as an increase in commission and bonuses due to record revenue growth.

在第二財季，隨著我們繼續提高 SaaS 託管成本的槓桿率，毛利率比去年同期提高了 20 個基點，達到 82.2%。營運支出成長 17%，達到 1.43 億美元，反映出我們計劃進行投資以加速收入成長勢頭，以及由於創紀錄的收入成長而增加佣金和獎金。

Non-GAAP units grew 14% to $48 million, below our 16% total revenue growth, consistent with our philosophy to drive operating leverage in the model. Non-GAAP EBIT margins were 20.5%, 100 basis points higher than the midpoint of our guidance. Now moving to some key balance sheet and cash flow metrics.

非 GAAP 單位成長了 14%，達到 4,800 萬美元，低於我們 16% 的總收入成長，這與我們在模型中提高營運槓桿的理念是一致的。非 GAAP 息稅前利潤率為 20.5%，比我們指引的中位數高出 100 個基點。現在轉向一些關鍵的資產負債表和現金流量指標。

We ended the quarter with no debt and $303 million in cash. As we continue to invest in our future, we remain opportunistic around technologies that further the depth and breadth of our platform. On October 1, we closed our previously announced acquisition of Clumio for approximately $47 million, funded with cash from our balance sheet. For several weeks into integration, and Sanjay and I look forward to providing an update on our Q3 earnings.

本季結束時，我們沒有債務，現金為 3.03 億美元。隨著我們繼續投資未來，我們仍然會圍繞科技保持機會主義，以進一步拓展我們平台的深度和廣度。 10 月 1 日，我們完成了先前宣布的以約 4700 萬美元收購 Clumio，資金來自我們的資產負債表中的現金。經過幾週的整合，桑杰和我期待著提供第三季收益的最新資訊。

Our Q2 free cash flow grew 34% to $54 million, reflecting continued growth in SaaS deferred revenue and the strength of our Software Subscription business, which typically includes upfront payment on multiyear contracts.

我們第二季的自由現金流成長了 34%，達到 5,400 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 Q2, we repurchased $52 million of stock representing 97% of free cash flow. Fiscal year-to-date through September 30, 2024, we repurchased $103 million of stock, representing 106% of free cash flow. We plan to repurchase at least 75% of our free cash flow for the full fiscal year.

第二季度，我們回購了 5,200 萬美元的股票，相當於自由現金流的 97%。截至 2024 年 9 月 30 日的財年迄今，我們回購了 1.03 億美元的股票，相當於自由現金流的 106%。我們計劃在整個財年回購至少 75% 的自由現金流。

As we reflect on the strength we saw in the first half of fiscal '25 and the positive customer reactions to our new operative Shift, we are pleased to share our outlook for fiscal Q3 and once again raise our guidance for fiscal year '25.

當我們反思我們在25 財年上半年看到的實力以及客戶對我們新的營運轉變的積極反應時，我們很高興分享我們對第三財季的展望，並再次提高我們對25 財年的指導。

For fiscal Q3, we expect Subscription revenue, which includes both the software portion of term-based licenses and SaaS to be in the range of $143 million to $147 million. This represents 27% year-over-year growth at the midpoint.

對於第三財季，我們預計訂閱收入（包括基於期限的授權的軟體部分和 SaaS）將在 1.43 億美元至 1.47 億美元之間。這意味著中位數年增 27%。

We expect total revenue to be in the range of $243 million to $247 million, with a growth of 13% at the midpoint. At these revenue levels, we expect Q3 consolidated gross margins to be in the range of 81% to 82%. Gross margins reflect modest solutions from the acquired Clumio assets.

我們預計總收入將在 2.43 億美元至 2.47 億美元之間，中間成長率為 13%。在這些收入水準上，我們預計第三季綜合毛利率將在 81% 至 82% 之間。毛利率反映了所收購的 Clumio 資產的適度解決方案。

Even with incremental costs of the Clumio acquisition and our customer event lending, we expect Q3 non-GAAP EBIT margins to remain in the range of 20% to 21%. Our projected diluted share count for fiscal Q3 is approximately 45 million shares. With the strong results we've done in the first half and the demand we see moving into Q3, we are once again raising our outlook for the full fiscal year '25.

即使收購 Clumio 和我們的客戶活動貸款的成本增加，我們預計第三季非 GAAP 息稅前利潤率仍將保持在 20% 至 21% 的範圍內。我們預計第三財季的稀釋後股票數量約為 4500 萬股。鑑於我們在上半年取得的強勁業績以及我們看到進入第三季度的需求，我們再次提高了對 25 年整個財年的展望。

We now expect fiscal year '25 total ARR growth of approximately 18% year over year. We expect Subscription ARR to increase in the range of 26% to 28% year-over-year. From a full year fiscal '25 revenue perspective, we now expect subscription revenue to be in the range of $552 million to $557 million, growing 29% at the midpoint with strong contribution from both term software licenses and SaaS.

我們現在預計 25 財年的總 ARR 將年增約 18%。我們預計訂閱 ARR 將年增 26% 至 28%。從 25 財年全年營收的角度來看，我們現在預計訂閱收入將在 5.52 億美元至 5.57 億美元之間，中間成長 29%，其中定期軟體授權和 SaaS 的貢獻強勁。

We now expect total revenue growth to accelerate and be in the range of $952 million to $957 million, an increase of approximately 14% at the midpoint. Moving to our updated full year fiscal '25 margin, EBIT and cash flow outlook. We continue to expect gross margins to be approximately 81.5% to 82.5%, inclusive of the accelerating contribution of our SaaS business.

我們現在預計總營收成長將加速，在 9.52 億美元至 9.57 億美元之間，中位數成長約 14%。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。我們仍預期毛利率約為 81.5% 至 82.5%，其中包括 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%. From a free cash flow perspective, we expect full year free cash flow to exceed $200 million. Lastly, we are currently trending ahead of the targets that we originally shared for FY26.

我們也繼續預期非 GAAP 息稅前利潤率將在 20% 至 21% 之間。從自由現金流角度來看，我們預計全年自由現金流將超過2億美元。最後，我們目前的趨勢是領先我們最初為 2026 財年設定的目標。

In closing, we are proud of our execution and momentum through the first half of 2025. We are on track for a strong second half of the year and are well positioned to see the market opportunities ahead.

最後，我們對 2025 年上半年的執行力和勢頭感到自豪。

Now I will turn it back to the operator to open the line for questions.

現在我將把它轉回接線員以打開提問線路。

(Operator Instructions)

（操作員說明）

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yes, yes, thank you very much. Thanks for taking the questions. I have a couple here real quick. And first of all, congrats on the continued very strong results, very impressive. I guess my first question is, when we look at the subscription business and in particularly the SaaS business, I'm curious if you could unpack a little bit the up-sell and maybe cross-sell motion that the company has been seeing.

是的，是的，非常感謝。感謝您提出問題。我這裡很快就有一對了。首先，恭喜您持續取得非常強勁的成績，非常令人印象深刻。我想我的第一個問題是，當我們審視訂閱業務，特別是 SaaS 業務時，我很好奇您是否可以稍微解釋一下該公司一直以來看到的追加銷售和交叉銷售動向。

Any changes in this last quarter? I think a couple of quarters ago or so, you've given some metrics around that ability to have the SaaS business and cross-sell into the core storage management platform. So, any kind of updated metrics around that would be great.

上個季度有什麼變化嗎？我認為大約幾個季度前，您已經針對擁有 SaaS 業務和交叉銷售核心儲存管理平台的能力給出了一些指標。因此，任何與此相關的更新指標都會很棒。

Hey Aaron, it's Sanjay. Thanks. I'm going to hand this over to Jen, our new CFO. I just wanted to welcome her on the call, and I'm going to hand it over to her to answer the question.

嘿亞倫，我是桑傑。謝謝。我將把這個任務交給我們新任財務長 Jen。我只是想歡迎她打電話來，然後我就把問題交給她來回答。

Thanks, Aaron, for the question. And thank you, Sanjay. So our -- we're really excited about the momentum we're seeing in our SaaS business, over $250 million in SaaS ARR this quarter is a record for us, and we're excited about that.

謝謝亞倫提出這個問題。謝謝你，桑傑。因此，我們對 SaaS 業務的發展勢頭感到非常興奮，本季 SaaS ARR 超過 2.5 億美元，這對我們來說是創紀錄的，我們對此感到興奮。

The momentum that we're seeing in our SaaS ARR really comes down to the continued execution from the sales team as well as the fact that our staff NRR was 127%, right? And that's driven through a combination of upsell and cross-sell, that would be breaking down by one third cross-sell and two third upsell.

我們在 SaaS ARR 中看到的勢頭實際上歸功於銷售團隊的持續執行以及我們的員工 NRR 為 127%，對嗎？這是透過追加銷售和交叉銷售相結合來推動的，這將由三分之一的交叉銷售和三分之二的追加銷售來細分。

And we are continuing to see traction in our Cyber Resilience products, and we’re excited about the new products we’re launching. I would say, overall, our emerging workloads are really pretty picking up momentum and we’re excited what we’re seeing.

我們繼續看到網路彈性產品的吸引力，我們對即將推出的新產品感到興奮。我想說，總的來說，我們的新興工作負載確實正在強勁增長，我們對所看到的感到興奮。

Yes. Workloads like ThreatWise, workloads like Active Directory, Cleanroom, these are all -- these have all been launched in the past, I don't know, let's say, 6 to 12 months and are really seeing into proof of concept and being deployed. So, those are kind of emerging workloads.

是的。像 ThreatWise 這樣的工作負載，像 Active Directory、Cleanroom 這樣的工作負載，這些都是過去啟動的，我不知道，比如說 6 到 12 個月，並且正在真正研究概念驗證和部署。所以，這些都是新興的工作負載。

Yes. And then a quick follow-up question. You mentioned, obviously, the relationships with AWS and Google on the call. But one other relationship I'm curious about is how are we thinking about the alignment with Dell.

是的。然後是一個快速的後續問題。顯然，您在電話中提到了與 AWS 和 Google 的關係。但我很好奇的另一種關係是我們如何考慮與戴爾的聯盟。

And I think in particular, with maybe the data domain platform, any update on how that relationship's evolved and whether or not we should think about that as being a incremental contributor to growth as we look out over the next couple of quarters. Thank you.

我特別認為，也許是資料域平台，有關這種關係如何演變的任何更新，以及我們在未來幾季展望時是否應該將其視為成長的增量貢獻者。謝謝。

Sure, sure. So, just on the AWS and Google, it's building on what we've already got. And with AWS, it's bringing some of our core platform capabilities and to -- based on customer demand in true multi-cloud environments. The Clumio acquisition also underscores our commitment to making sure that we've got the best-of-breed capabilities on all major clouds.

當然，當然。因此，就 AWS 和 Google 而言，它是建立在我們已有的基礎上的。透過 AWS，它帶來了我們的一些核心平台功能，並基於真正的多雲環境中的客戶需求。收購 Clumio 也強調了我們致力於確保我們在所有主要雲端上擁有最佳功能的承諾。

With Google, it was support for Google Workspace. We've been on this for a while, building this out to bring the capabilities we have on the Microsoft 365 at that level. So, now we've got both major suites completely covered.

對於 Google，它是對 Google Workspace 的支援。我們已經在這方面投入了一段時間，旨在將我們在 Microsoft 365 上擁有的功能帶到該級別。所以，現在我們已經完全覆蓋了兩個主要套房。

Again, these are all incrementally growing our existing partnerships. The bit around the Dell data domain and our partnership, if you would, is work in progress. When we announced it, Aaron, I was very clear that this is not a short-term thing.

同樣，這些都在逐步發展我們現有的合作關係。如果您願意的話，圍繞戴爾資料域和我們的合作夥伴關係的工作正在進行中。當我們宣布這一消息時，亞倫，我很清楚這不是一個短期的事情。

Taking out entrenched sort of incumbents needs an overall strategy, need Cyber Resilience end-to-end, and that's exactly the kind of wins we're having. This is work in progress. We're working together. It's moving along well. We've got lots of lots of good stuff happening, but I'm not putting out a number in any way around that specifically.

消滅根深蒂固的現有企業需要整體策略，需要端到端的網路彈性，而這正是我們所取得的勝利。這項工作正在進行中。我們正在一起工作。進展順利。我們已經發生了很多好事，但我不會以任何方式具體給出一個數字。

Yes, fair enough. Thank you, guys.

是的，很公平。謝謝你們，夥計們。

Rudy Kessinger, D A Davidson.

魯迪·凱辛格，D·A·戴維森。

Hey guys, thanks for taking my questions and I'll add my congrats to another very strong quarter. The SaaS ARR is obviously highly impressive. I think equally as impressive or certainly interesting is the growth on your term license ARR has accelerated the past couple of quarters.

嘿夥計們，感謝您提出我的問題，我將祝賀又一個非常強勁的季度。 SaaS ARR 顯然非常令人印象深刻。我認為同樣令人印象深刻或當然有趣的是，您的定期許可證 ARR 的成長在過去幾個季度中加速了。

Some of your competitors are pretty much ignoring the on-premise segment of the market at this point. Could you just talk about the competitive landscape there in the on-premise segment of the market and just the opportunity there and what you're seeing from a legacy displacement standpoint?

目前，您的一些競爭對手幾乎忽略了市場的本地部分。您能否談談本地市場的競爭格局、機會以及您從傳統替代的角度看到的情況？

Absolutely. Rudy, Sanjay. First and foremost, we've said this -- I've said it as long as I've been here, it's a hybrid world. And in the cloud side, on the cloud side, it's truly multi-cloud now, and we're pivoting to saying cloud first.

絕對地。魯迪、桑傑.首先也是最重要的，我們已經說過了──自從我在這裡以來我就一直說過，這是一個混合的世界。在雲端方面，在雲端方面，現在是真正的多雲，我們正在轉向雲端優先。

In other words, it doesn't matter if the workload in some ways runs in the cloud or as a SaaS workload, your data has a high propensity to land in the cloud. So, having first-class capabilities on any cloud being truly multi-cloud matters.

換句話說，無論工作負載以某種方式運行在雲端還是作為 SaaS 工作負載，您的資料都非常有可能落入雲端。因此，在任何雲端上擁有一流的功能成為真正的多雲很重要。

That does not preclude the fact that on-premise capabilities continue to grow. okay? And we are, I think, the broadest capability -- set of capabilities, and we have a platform advantage on-premise.

這並不排除本地功能持續成長的事實。好的？我認為，我們擁有最廣泛的能力——一系列能力，我們擁有本地平台優勢。

Now from the days of Metallic, when we launched Metallic, I'll take you back a little bit, it wasn't so long ago, we talked about one platform, whether it's a SaaS workload, whether it's a cloud workload or an on-premise workload, you get one pane of glass because workloads should be able to move freely based on customer requirements.

現在，從 Metallic 時代開始，當我們推出 Metallic 時，我會帶您回顧一下，不久前，我們討論了一個平台，無論是 SaaS 工作負載，無論是雲端工作負載還是 on - 前提工作負載，您可以獲得一站式管理平台，因為工作負載應該能夠根據客戶要求自由移動。

That strategy, if anything, has held us in good stead, and we are best-in-class because customers don't have to make unnatural choices between a workload living here or living there on one cloud or the other.

如果說這種策略有什麼作用的話，那就是我們處於有利地位，而且我們是同類中最好的，因為客戶不必在工作負載駐留在此處或駐留在一個雲或另一個雲上之間做出不自然的選擇。

With our platform, you get seamless portability across your workloads. And we're continuing to invest on our on-premise capabilities. We announced a bunch of features and capabilities on this at Shift a couple of weeks ago. And as you can tell, it's not at the cost of cloud.

透過我們的平台，您可以在工作負載之間實現無縫移植。我們將繼續投資於我們的本地能力。幾週前，我們在 Shift 上宣布了一系列與此相關的功能和功能。正如您所知，這並不以雲端為代價。

Yes. Got it. That's helpful. Jen, if I look at the guide here, in the first half, your net new ARR growth was 93% year-over-year. It's implied at down mid-single digits in the second half, even lower than that organically if we assume some contribution from Clumio, was there any large pull forwards or early renewals that contributed in the first half?

是的。知道了。這很有幫助。 Jen，如果我看這裡的指南，上半年，您的新 ARR 淨增長比為 93%。這意味著下半場下降了中個位數，如果我們假設 Clumio 做出了一些貢獻，甚至低於有機數字，上半場是否有任何大的前移或提前續約？

Or just how does the second half pipeline look relative to the first half? Just trying to pair what looks like a very, very conservative second half guide versus what you just put up in the first half.

或者後半部管道相對於前半部看起來如何？只是試圖將看起來非常非常保守的下半部分指南與您剛剛在上半部分提出的內容配對。

Thanks for the question, Rudy. And I would just reiterate, we're really, really proud of the execution that we saw in the first half of the year. It really does a testament to not only what we're seeing from a product perspective, but overall execution to the sales team.

謝謝你的提問，魯迪。我想重申一下，我們對今年上半年的執行情況感到非常非常自豪。它不僅證明了我們從產品角度看到的情況，而且證明了銷售團隊的整體執行力。

As we think about the second half of the year, you may have seen in our press release that we had about 1% FX benefit from our -- in our Q2 revenue. On an ARR basis, that equates to a couple of points.

當我們考慮今年下半年時，您可能在我們的新聞稿中看到，我們從第二季的收入中獲得了約 1% 的外匯收益。在 ARR 的基礎上，這相當於幾個點。

And so, as I think about it as my first quarter as CFO, I would continue our responsible growth strategy and also the guidance philosophy that the management team have already put into place.

因此，當我認為這是我擔任財務長的第一個季度時，我將繼續我們負責任的成長策略以及管理團隊已經實施的指導理念。

And so, if you take a look back over the prior four quarters, for averaging about $29 million in ARR on an average, there's fluctuations to that number. And I think what you'll see is our second half of the year guidance is consistent with that.

因此，如果您回顧前四個季度，平均 ARR 約為 2900 萬美元，您會發現該數字有波動。我認為你會看到我們下半年的指導與此一致。

That's helpful. Thank you and congrats again, Guys.

這很有幫助。謝謝你們，再次恭喜你們，夥伴們。

Yes, thank you.

是的，謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys. A couple of questions here. I know you don't break out with an international exactly between APAC and EMEA. But EMEA -- let's call it has been pretty decent. Obviously, U.S. was really strong this quarter based on your disclosures, our Americas was.

嘿夥計們。這裡有幾個問題。我知道您不會在亞太地區和歐洲、中東和非洲地區之間爆發國際化。但歐洲、中東和非洲地區——我們可以這麼說，表現相當不錯。顯然，根據您的披露，美國本季非常強勁，我們的美洲確實如此。

Is there any way to understand what you guys are seeing at this point for pipeline related to Dora specifically in EMEA?

有什麼方法可以了解你們目前所看到的與 Dora 相關的管道（特別是在歐洲、中東和非洲地區）的情況嗎？

Hey there. It's Sanjay. So, with DORA, there's been a lot of work -- we've been doing a lot of work leading up to the regulation, which I think kicks in, in Jan. And we've been working on our own platform, building in building regulatory and compliance capabilities, but also partnering with others, whether it be systems integrators who are actually implementing the systems for customers have been implementing customers that will continue to or with partners like Pure, where between that platform and our we're bringing sort of engineered capabilities for DORA compliance out of the box.

嘿。這是桑傑。因此，對於 DORA，我們做了很多工作——我們在監管方面做了很多工作，我認為監管將於一月份開始實施。其他人則合作，無論是實際為客戶實施系統的系統整合商，還是與Pure 這樣的合作夥伴一起實施的客戶，在該平台和我們之間，我們正在帶來排序開箱即用的DORA 合規性工程功能。

So, we think DORA has been contributing between Europe to our business and will continue to as customers roll out the full breadth of what's required.

因此，我們認為 DORA 一直在歐洲之間為我們的業務做出貢獻，並將繼續為客戶提供全面的需求。

Got it. And then, Jen, for you. Building off of Rudy's question a little bit here. Can you just unpack on the guide raise?

知道了。然後，Jen，為了你。這裡稍微以魯迪的問題為基礎。你能在引導加薪時打開行李嗎？

How much of it is what you guys are seeing in terms of, call it, ELAs or consolidation platformization coming in this year versus I think people are missing that Appranix was helpful in fiscal Q1 as just a reminder, as we think about in fiscal '26, but how much is coming in for Appranix and Clumio on the ARR side this year?

其中有多少是你們看到的，稱之為ELA 或今年即將推出的整合平台化，而我認為人們錯過了Appranix 在第一財季的幫助，這只是一個提醒，正如我們在財年中所考慮的那樣。

Yes. Thanks for the question. Like I said before, we are really proud of the momentum we're seeing in our organic business. And the strength of that came through in the first half of the year. As we think about the second half of the year, we are excited about our -- the acquisitions we've done.

是的。謝謝你的提問。正如我之前所說，我們對有機業務的發展勢頭感到非常自豪。這種力量在今年上半年就顯現出來了。當我們思考今年下半年時，我們對我們所做的收購感到興奮。

Clumio, in particular, was very much an acquisition for us to broaden the technology and increase the talent here at Commvault and continue to accelerate our innovation and need for customers. As I look to the second half of the year from a guidance perspective, most of this is organic.

尤其是 Clumio，對我們來說是一項收購，旨在拓寬 Commvault 的技術並增加人才，並繼續加速我們的創新和滿足客戶的需求。當我從指導角度展望下半年時，其中大部分是有機的。

We could share that Clumio was accretive, but it's not material. And so, as you think about the impact in the second half of the year, it's a few million dollars per quarter. But again, I would point you back to the strength of the business from an organic perspective.

我們可以說 Clumio 具有增值性，但這並不重要。因此，當你考慮到下半年的影響時，你會發現每季有幾百萬美元。但我還是想從有機的角度向您指出業務的實力。

And we're -- we're in the throes of literally, it's been a few weeks. So, we're in the throes of actually starting the integration process with the Clumio team, and we're very hopeful that this thing will get integrated quickly. And the customers will get consolidated and expand nicely.

我們確實處於陣痛之中，已經過去幾週了。因此，我們正處於與 Clumio 團隊實際開始整合過程的陣痛之中，我們非常希望這個東西能夠快速整合。客戶將得到很好的鞏固和擴展。

With the Appranix, we've had a few more months of a head start. And with Cloud Rewind, which we announced a couple of weeks ago, which is a rebadged rebuild version of Appranix. We've already got new customers, and we've got a very healthy deadline that's lining up.

有了 Appranix，我們又領先了幾個月。還有幾週前我們宣布的 Cloud Rewind，它是 Appranix 的重新標記重建版本。我們已經有了新客戶，而且我們已經有了一個非常健康的截止日期。

Again, this isn't a carryforward piece. This is all organic. I consider it organic as it's now part of family.

再說一次，這不是一個結轉作品。這都是有機的。我認為它是有機的，因為它現在是家庭的一部分。

Yes, makes sense. Guys, thanks.

是的，有道理。夥計們，謝謝。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Thanks. Good morning, guys. A couple of quick ones. On the revenue side, did you disclose the growth rate there? I don't know if that's something that you're doing every quarter. But if not, it would be great to get that.

謝謝。早安，夥計們。幾個快速的。在收入方面，您是否透露了那裡的成長率？我不知道你是否每季都會這樣做。但如果沒有，那就太好了。

We don't disclose that right now. We focus on the software or the overall software number, which the software number this quarter grew 37% -- on subscription.

我們現在不透露這一點。我們關注軟體或整體軟體數量，本季軟體數量增加了 37%——基於訂閱。

Okay. And then just as it thinking about operating margin outlook, I understand there's some -- the acquisitions that you've done. -- what we're talking about. You guys are about to hit $1 billion in revenue running at 20% -- 20% to 21% operating margin.

好的。然後，就在考慮營業利潤率前景時，我了解到您已經完成了一些收購。 ——我們正在談論什麼。你們的收入即將達到 10 億美元，營業利益率為 20% 至 21%。

How do you feel about that number? I mean, from kind of at-scale software companies, that seems low to me. What are your thoughts on kind of where that goes over time? And how do you get there?

您對這個數字有何感想？我的意思是，從某種規模的軟體公司來看，這對我來說似乎很低。隨著時間的推移，您對這種情況有何看法？你如何到達那裡？

Yes. Great question. Thank you. I would say if we do know, we are committed to responsible, profitable growth. In 2025, we have shared that we are investing to accelerate our growth and capture market share. All at the same time, we are working to ensure that we increase leverage within the business.

是的。很好的問題。謝謝。我想說的是，如果我們確實知道的話，我們將致力於負責任的、有獲利的成長。 2025 年，我們表示我們正在投資以加速成長並佔領市場份額。同時，我們正在努力確保提高業務槓桿率。

You saw that this quarter in the past, and ultimately, we're committed to doing both of those things across, and we will continue to expand margins over time, while also accelerating the growth, and I would just point you back to the guidance that we shared today for the FY25.

您在過去的這個季度看到，最終，我們致力於完成這兩件事，隨著時間的推移，我們將繼續擴大利潤率，同時加速增長，我只想向您指出指導我們今天分享了2025 財年的信息。

Okay. And then, Sanjay, if I could use one last one in for you. Something that we're hearing about more is consolidation of backup systems where customers have accumulated sort of multiple different products over the years from multiple different vendors. Can you just talk through what you're seeing on that front and how that's impacted your business?

好的。然後，桑傑，我可以為你使用最後一張嗎？我們聽到更多的是備份系統的整合，多年來客戶累積了來自多個不同供應商的多種不同產品。您能談談您在這方面看到的情況以及這對您的業務有何影響嗎？

Just I've been saying this for a while that there is a platform consolidation required in the industry. Just over the years, there have been too many big part programs. There have been too many best-of-breed capabilities that have been inserted into enterprises, which -- and I think I've said -- I said last quarter, I'd say again, in this case, more is not necessarily better.

我已經說過一段時間了，產業需要平台整合。就在這些年裡，已經有太多的大型專案。企業中已經融入了太多的最佳功能，我想我已經說過了，上個季度我說過，我會再說一遍，在這種情況下，更多不一定更好。

And so having an end-to-end capability that really allows you to see every single workload every application and every cloud and one pane of glass is the right approach. Now -- it's a journey. This is not easy.

因此，擁有一種真正允許您查看每個應用程式、每個雲端和一個管理平台的每個工作負載的端到端功能是正確的方法。現在——這是一段旅程。這並不容易。

We've been in business for 20 years or 15 years or 10 years. You've got a little bit of everything and for customers to really make that call and do that migration needs time and decisions. And our platform is deeper suited.

我們已經經營了 20 年、15 年或 10 年。您已經掌握了所有內容，而讓客戶真正做出決定並進行遷移需要時間和決策。我們的平台更適合。

That is exactly how we win. No workload left behind. And now we've gone further to say no application and no cloud left behind. We're changing the dynamics because we were the data guys. We are the data guys.

這正是我們獲勝的方式。沒有留下任何工作量。現在我們更進一步說，沒有任何應用程式和雲端被拋在後面。我們正在改變動態，因為我們是資料人員。我們是數據人。

We would always say, we'll bring your data back and then the customer has to go bring the rest of it back. Now we're saying, it's a hard science problem even from that point on, and we want to be part of that. And we're helping -- so if you look at the Appranix capability.

我們總是說，我們會帶回您的數據，然後客戶必須帶回其餘數據。現在我們說，即使從那時起，這也是一個硬科學問題，我們希望成為其中的一部分。我們正在提供協助——如果你看看 Appranix 的功能。

And if you look at some of the ambition we have around Clumio, that's exactly where we're going to go, we're going to go the entire distance and one platform allows customers to do any workload, any cloud, any application whether it starts on-premise, on the edge or in the cloud and wants to move between them.

如果你看看我們圍繞 Clumio 的一些雄心壯志，這正是我們要去的地方，我們將走完全程，一個平台允許客戶執行任何工作負載、任何雲、任何應用程序，無論是從本地、邊緣或雲端開始，並希望在它們之間移動。

So that's been our stated direction. And we are putting every ounce of engineering energy we've got into that.

這就是我們既定的方向。我們正在投入我們所擁有的每一分工程精力。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Howard Ma, Guggenheim.

霍華德·馬，古根漢。

Thanks. And I want to add my congratulations as well on the exceptionally strong results. I want to ask, I guess, for both Sanjay and for Jen, what is driving the strength in your on-premise Subscription business?

謝謝。我還要對異常強烈的結果表示祝賀。我想問 Sanjay 和 Jen，是什麼推動了你們的本地訂閱業務的發展？

And when we think about the upside in the quarter, the Q2 upside and the raised full year forecast, how much of that is renewal timing is because you have more one-year deals now up for renewal? Or is it -- is it not that?

當我們考慮本季的成長、第二季的成長以及上調的全年預測時，續約時機有多少是因為現在有更多的一年期交易需要續約？或者是——不是這樣嗎？

Is it primarily due to workload expansions and new logos, and if it is new logos, where is the market share? Where are the gains coming from? Because I would think that with the acquisition of Veritas by Cohesity in your new partnership with Dell, there's -- I would think there's less to win going forward from the two biggest share builders?

主要是因為工作量擴大和新標識嗎？收益從哪裡來？因為我認為，隨著你們與戴爾建立新的合作夥伴關係，Cohesity 收購了 Veritas，我認為未來從兩家最大的股票建設者那裡贏得的勝利會減少嗎？

It's the latter. It's Sanjay here. Good to hear from you. It's the latter. We're taking share. we're taking share because of the -- my earlier response because of the breadth of our platform because we democratize the fact that the workload could start anywhere and anywhere and live anywhere. And we protect it all the way.

是後者。我是桑傑。很高興收到你的來信。是後者。我們正在分享。我們之所以獲得份額，是因為我之前的回應是因為我們平台的廣度，因為我們使工作量可以在任何地方開始並在任何地方存在這一事實變得民主化。我們全程保護它。

Now, the market, if you look at the traditional on-premise market and depending on who survey you look at, it's flat to low single digits of growth, mostly flat. So, if we're growing the way we're growing and have been for the past many quarters, we're taking share from incumbents and we're an enterprise player at heart.

現在，如果你看看傳統的本地市場，根據你所關注的調查對象，你會發現它的成長持平到低個位數，大部分持平。因此，如果我們按照過去幾季的成長方式成長，我們就會從現有企業手中奪取份額，並且我們本質上是一家企業參與者。

So, am I taking share from Veritas Cohesity? Absolutely. Am I taking share from some of the other incumbents? Absolutely. And we continue to do that because our platform breadth is second to none. That's how we win. Now subscription versus nonsubscription we lead with subscription. That's what the sales force leads with if it's an on-premise sale.

那麼，我是否從 Veritas Cohesity 獲得了份額？絕對地。我是否從其他現任者那裡獲得了份額？絕對地。我們將繼續這樣做，因為我們的平台廣度是首屈一指的。這就是我們獲勝的方式。現在訂閱與非訂閱相比，我們以訂閱為主。如果是現場銷售，這就是銷售人員的領導方式。

Got it. Thank you for the directness. I just have a quick follow-up. When we think about the contribution of Clumio and Appranix, which Jen just shared some details on, if we think about the seasonality for net-new ARR in the SaaS business, should that result in more acceleration this year in the back half than last year?

知道了。謝謝你的直接。我只是快速跟進。當我們考慮 Clumio 和 Appranix 的貢獻時（Jen 剛剛分享了一些細節），如果我們考慮 SaaS 業務中淨新 ARR 的季節性，這是否會導致今年下半年比去年有更多加速？

You want to repeat the question?

你想重複這個問題嗎？

Yes. Can you repeat the question?

是的。你能重複一下這個問題嗎？

Sorry. So, the question is should we expect more acceleration in a SaaS net new ARR in the back half of this year versus last year, considering that the increased contributions from Clumio and Appranix?

對不起。因此，問題是，考慮到 Clumio 和 Appranix 的貢獻增加，我們是否應該預期今年下半年 SaaS 淨新 ARR 比去年更快？

Yes. Great question. I think as it relates to the second half of the year guidance, right, the seasonality, the uptick is already implied in the guidance that we've given. And I would just go back to my second half answer around the fact that on average, over the last four quarters, we've seen about $29 million in net new ARR per quarter.

是的。很好的問題。我認為，由於它與下半年的指導有關，對，季節性，上升已經暗示在我們給出的指導中。我只想回到我的後半部分答案，圍繞著這樣一個事實：平均而言，在過去四個季度中，我們每季的淨新 ARR 約為 2900 萬美元。

And I think that's the right number for us for our model.

我認為對於我們的模型來說，這個數字是正確的。

And what I would add is we see Appranix pipeline being built up because they've been in the family now for a few months and the product has been integrated into Commvault Cloud. We expect to see the same process go through with Clumio.

我要補充的是，我們看到 Appranix 管道正在建立，因為它們已經進入該系列幾個月了，並且該產品已整合到 Commvault Cloud 中。我們希望看到 Clumio 也能經歷同樣的過程。

And I think you'll see more of the impact in fiscal year '26.

我認為您將在 26 財年看到更多影響。

Got it. Great. Thanks so much.

知道了。偉大的。非常感謝。

Seeing as there are no more questions in the queue, that does conclude our question-and-answer session. I will now turn the call back over to the Commvault team for closing remarks.

鑑於隊列中沒有更多問題，我們的問答環節就結束了。我現在將把電話轉回 Commvault 團隊以供結束發言。

Thanks, everyone, for joining our call today. If you need any additional information, please review our investor presentation on the Investor Relations website. We look forward to speaking with you. Thank you.

感謝大家今天加入我們的電話會議。如果您需要任何其他信息，請查看投資者關係網站上的投資者介紹。我們期待與您交談。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。