Commvault Systems Inc (CVLT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

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

我叫 Desiree，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 third-quarter fiscal year 2025 earnings conference call.

此時此刻，我歡迎大家參加 Commvault 2025 財年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Michael Melnyk, Head of Investor Relations.

我現在想將會議交給投資者關係主管 Michael Melnyk。

You may begin.

你可以開始了。

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.

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 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.

請參閱今天的財報和 Commvault 向 SEC 提交的最新定期報告中的警示性語言，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 不承擔在本次電話會議期間更新這些聲明的任何義務。

Commvault's financial results are presented on a Non-GAAP basis.

Commvault 的財務表現是按照非公認的會計原則 (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。

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

我將把它交給我們的執行長桑傑·米爾昌達尼 (Sanjay Mirchandani)，讓他致開幕詞。

Sanjay?

桑傑？

Thanks, Mike.

謝謝，麥克。

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

早安，感謝您參加今天的電話會議。

Q3 was another record-breaking quarter for Commvault.

第三季是 Commvault 另一個破紀錄的季度。

Total revenue increased 21% to $263 million.

總營收成長 21%，達到 2.63 億美元。

Subscription revenue grew 39% to $158 million.

訂閱收入成長 39%，達到 1.58 億美元。

Total ARR improved 21% in constant currency.

以固定匯率計算，總 ARR 提高了 21%。

SaaS ARR jumped 75% in constant currency and we did this profitably, recording Non-GAAP EBIT margins of 20.8%.

以固定匯率計算，SaaS ARR 躍升了 75%，我們實現了盈利，非 GAAP 息稅前利潤率為 20.8%。

At a time where cyber resilience and data security could not be more top of mind for CISOs and IT leaders, we saw a strong uptick in transaction volume, impressive growth in our land-and-expand business, and an acceleration in our organic growth rate.

在網路彈性和資料安全成為 CISO 和 IT 領導者最關心的問題之際，我們看到交易量強勁成長、土地擴張業務顯著成長以及有機成長率加速。

As we look to the future, we believe that Commvault is strategically positioned to succeed and win.

展望未來，我們相信 Commvault 的策略定位足以取得成功和勝利。

This is bolstered by three fundamental growth drivers.

這是由三個基本成長動力支撐的。

First, the cyber resilience market has never been more dynamic or full of promise.

首先，網路彈性市場從未如此充滿活力或充滿希望。

We are uniquely positioned to capitalize on this today.

今天，我們處於獨特的地位，可以利用這一點。

Customers face unrelenting cyber attacks, a shifting regulatory landscape, and the exponential growth of data from cloud-native and AI-generated applications.

客戶面臨無休無止的網路攻擊、不斷變化的監管環境以及來自雲端原生和人工智慧生成的應用程式的指數級增長的數據。

To deal with this, enterprises need a unified resilience platform that spans the hybrid multi-cloud environment.

為了解決這個問題，企業需要一個跨越混合多雲環境的統一彈性平台。

This is where Commvault thrives.

這就是 Commvault 蓬勃發展的地方。

Our Commvault Cloud platform is enterprise-grade and enables customers to easily protect and secure vast amounts of data including AI and ML data sets across clouds.

我們的 Commvault 雲端平台是企業級的，使客戶能夠輕鬆保護大量數據，包括跨雲端的 AI 和 ML 數據集。

And given most customers are utilizing multiple clouds, we're innovating across all major providers.

鑑於大多數客戶都在使用多個雲，我們正在對所有主要提供者進行創新。

During the quarter, we announced that Commvault Cloud platform will be available to AWS customers.

在本季度，我們宣布 Commvault 雲端平台將向 AWS 客戶開放。

We also introduced advanced cloud backup and cyber recovery capabilities for Google Workspace.

我們也為 Google Workspace 引進了先進的雲端備份和網路復原功能。

This builds on what we already do today with Microsoft Azure and Oracle Cloud.

這建立在我們今天已經在 Microsoft Azure 和 Oracle Cloud 上所做的事情的基礎上。

With respect to cloud, we're also innovating in unique ways to address critical recovery challenges.

在雲端方面，我們也以獨特的方式進行創新，以應對關鍵的恢復挑戰。

For example, one of the most complex and time-consuming steps to recover a business after a cyber attack is rebuilding and validating mission-critical cloud-native applications.

例如，在網路攻擊後恢復業務最複雜、最耗時的步驟之一是重建和驗證任務關鍵型雲端原生應用程式。

Previously, this could take weeks or months.

以前，這可能需要數週或數月的時間。

Today, with Cloud Rewind which includes technologies from our Appranix acquisition, customers can do this in a fraction of the time.

如今，借助包含我們收購的 Appranix 技術的 Cloud Rewind，客戶可以在很短的時間內完成此操作。

ARR associated with this offering has more than doubled since we acquired Appranix a few months ago.

自從幾個月前我們收購 Appranix 以來，與此產品相關的 ARR 增加了一倍以上。

Cloud Rewind has become a highly differentiated capability within our platform which brings us to the second fundamental growth driver, the need for our game-changing driver resilience offerings.

Cloud Rewind 已成為我們平台內高度差異化的功能，這為我們帶來了第二個基本成長動力，即對我們改變遊戲規則的驅動彈性產品的需求。

They're unlike anything on the market and they make our industry-leading platform even stronger.

它們不同於市場上的任何產品，它們使我們領先業界的平台變得更加強大。

Today, customers demand predictability, fast recoveries, and solutions to address the latest threats.

如今，客戶需要可預測性、快速恢復以及解決最新威脅的解決方案。

That's what our next generation offerings do.

這就是我們下一代產品的作用。

Security is built in, not bolted on, without innovating the competition every level.

安全性是內建的，而不是附加的，沒有在每個級別的競爭中進行創新。

Let me give you an example to be truly resilient.

讓我舉一個真正有彈性的例子。

You need a predictable recovery plan that can be automated and used at a moment's notice.

您需要一個可預測的恢復計劃，該計劃可以自動化並立即使用。

And you must be able to practice that recovery in good times so that it can be ready for the bad times.

而且你必須能夠在順境中練習這種恢復，以便為逆境做好準備。

This is what we uniquely provide with Threat Scan and Cleanroom Recovery, both our core offerings on our Commvault Cloud platform.

這就是我們透過威脅掃描和無塵室恢復提供的獨特功能，這兩個產品都是我們 Commvault 雲端平台上的核心產品。

With Cleanroom, customers love the sense of security it provides.

透過 Cleanroom，客戶喜歡它提供的安全感。

Emerson Electric commented, "Cleanroom Recovery not only enables organizations to test their recovery plans often, but know that if they're hit, they can be resilient."

艾默生電氣評論道：“潔淨室恢復不僅使組織能夠經常測試他們的恢復計劃，而且知道如果他們受到打擊，他們可以恢復過來。”

In terms of addressing the latest threats, we've just announced that we will be offering customers with a full and automated recovery of Microsoft Active Directory.

在應對最新威脅方面，我們剛剛宣布將為客戶提供 Microsoft Active Directory 的全面自動復原。

This is absolutely critical.

這絕對是至關重要的。

Active Directory controls authentication and access to critical business systems for hundreds and millions of users worldwide.

Active Directory 控制著全球數億用戶對關鍵業務系統的身份驗證和存取。

Because it is so essential, it's also become a primary target for cyber attacks.

因為它如此重要，所以它也成為網路攻擊的主要目標。

In fact, research shows it is the target in 9 out of 10 cyber attacks.

事實上，研究顯示十分之九的網路攻擊都是以它為目標。

If hit, your business will come to a halt.

如果受到打擊，您的生意將陷入停頓。

Starting this spring, we plan to address this threat and in transformative ways making it super simple for organizations to recover their entire active directory systems.

從今年春天開始，我們計劃解決這一威脅，並以變革性的方式使組織能夠非常簡單地恢復其整個活動目錄系統。

And even better, customers will be able to do this with Commvault Cloud, the same platform that today protects more workloads than any other vendor.

更好的是，客戶將能夠使用 Commvault Cloud 來實現這一點，該平台如今比任何其他供應商都能保護更多的工作負載。

Nobody else offers this capability on one platform.

沒有其他人在一個平台上提供這種功能。

Customers are thrilled.

顧客們都很興奮。

A spokesperson for the Nevada Department of Transportation said, "Commvault's innovation with Active Directory will provide us with the confidence and peace of mind that not only can we recover our active directory data, but we'll be able to do so quickly and accurately."

內華達州交通部的一位發言人表示：“Commvault 在 Active Directory 方面的創新將使我們充滿信心和安心，我們不僅可以恢復 Active Directory 數據，而且能夠快速、準確地恢復。 ”

In just one year since launching our initial Active Directory capabilities, we've seen a meaningful uptick in adoption.

自從推出最初的 Active Directory 功能以來僅一年時間，我們就看到採用率顯著上升。

With our expanded offering, we're even more excited about its potential.

隨著我們產品的擴展，我們對其潛力更加興奮。

Another innovation that has customers talking is Clumio Backtrack which provides a revolutionary way to expedite the recovery of massive Amazon S3 data sets.

另一項引起客戶熱議的創新是 Clumio Backtrack，它提供了一種革命性的方法來加快恢復海量 Amazon S3 資料集。

Many companies are storing AI and ML data sets in S3.

許多公司將 AI 和 ML 資料集儲存在 S3 中。

So having the ability to recover that data is paramount.

因此，擁有恢復資料的能力至關重要。

We unveiled new automation that can rapidly revert billions of objects to a specific version at a specific point in time.

我們推出了新的自動化功能，可以在特定時間點快速將數十億個物件還原到特定版本。

Nobody else does this.

沒有其他人這樣做。

We just announced Backtrack at AWS re:Invent and look forward to sharing more in the coming quarters.

我們剛剛在 AWS re:Invent 上宣布了 Backtrack，並期待在未來幾季分享更多內容。

These cyber resilience offerings bring even more depth and breadth to our platform.

這些網路彈性產品為我們的平台帶來了更大的深度和廣度。

They appeal to CISOs and IT leaders alike, and they lead to the adoption of net new workloads while fueling momentum around land-and-expand opportunities.

它們對 CISO 和 IT 領導者都有吸引力，並且會帶來淨新工作負載的採用，同時推動圍繞土地和擴張機會的動力。

This brings us to our third growth driver, a strong go-to market motion combined with an incredible partner ecosystem to scale our business globally.

這為我們帶來了第三個成長動力，即強大的市場進入動力與令人難以置信的合作夥伴生態系統相結合，以在全球範圍內擴展我們的業務。

The strategy that we put in place to segment and refine our go-to market motion over the last several quarters are paying dividends.

在過去幾個季度中，我們為細分和完善我們的市場推廣活動而製定的策略正在帶來紅利。

Our cyber resilience marketing message is resonating with customers, and we're seeing record inflows and pipeline growth.

我們的網路彈性行銷訊息引起了客戶的共鳴，我們看到了創紀錄的資金流入和管道成長。

And in Q3, we saw increased transaction volumes, strong close rates, accelerating customer numbers, and robust expansion activity.

在第三季度，我們看到交易量增加、成交率強勁、客戶數量不斷增加以及擴張活動強勁。

These contributions were balanced across geographies, verticals, and market segments.

這些貢獻在地理、垂直產業和細分市場之間是平衡的。

From seven-figure software transactions to a record number of velocity-based SaaS wins.

從七位數的軟體交易到創紀錄數量的基於速度的 SaaS 勝利。

The result was another double-digit increase in sales force productivity in Q3.

結果是第三季銷售人員生產力再次實現兩位數成長。

These advances are further augmented by our enhanced and growing partner ecosystem which enables us to extend our reach globally.

我們增強和不斷發展的合作夥伴生態系統進一步增強了這些進步，使我們能夠在全球範圍內擴大影響力。

In Q3, we saw solid contributions from alliance partners like Hitachi, HBE, Kyndryl, and Dell.

在第三季度，我們看到了日立、HBE、Kyndryl 和戴爾等聯盟合作夥伴的堅實貢獻。

This included a large enterprise win with a healthcare provider that combined Commvault HyperScale X on Dell's hardware with our Air Gap Protect offering for immutable protection of the customer's most critical data.

其中包括與一家醫療保健提供者的大型企業合作，該提供者將戴爾硬體上的 Commvault HyperScale X 與我們的 Air Gap Protect 產品相結合，為客戶最關鍵的資料提供不可變的保護。

We also saw improved momentum with the HyperScale X as the number of marketplace transactions more than doubled.

隨著市場交易數量增加一倍以上，我們也看到了 HyperScale X 的成長動能。

With compliance in mind, we offered a new partnership with Pure.

考慮到合規性，我們與 Pure 建立了新的合作關係。

And we're actively working to strengthen integrations with leading AI providers like Databricks.

我們正在積極努力加強與 Databricks 等領先人工智慧提供者的整合。

With respect to AI, we've prioritized investments in critical AI capabilities that can proactively identify anomalies, detect threats, and identify ideal recovery points to bounce back after an attack.

在人工智慧方面，我們優先投資於關鍵人工智慧功能，這些功能可以主動識別異常、檢測威脅並確定理想的恢復點以在攻擊後反彈。

These capabilities are pivotal to recovery and resilience.

這些能力對於恢復和復原力至關重要。

Let me take a moment to summarize the growth drivers that position us for ongoing financial success.

讓我花點時間總結一下使我們能夠持續財務成功的成長動力。

First, cyber resilience has shaped the addressable market opportunity and the emergence of new use cases has increased the size and accelerated the growth potential of the market.

首先，網路彈性塑造了可尋址的市場機會，新用例的出現擴大了市場規模並加速了市場的成長潛力。

Second, in this more complex and dynamic hybrid-type world, point products don't cut it.

其次，在這個更複雜、更動態的混合型世界中，單點產品並不能解決問題。

Our Commvault Cloud platform offers customers depth of coverage and breadth of offerings with exceptional choice and flexible consumption.

我們的 Commvault 雲端平台為客戶提供覆蓋深度和廣度的產品以及卓越的選擇和靈活的消費。

Third, maintaining our relentless focus on execution is critical to our success.

第三，堅持不懈地專注於執行對於我們的成功至關重要。

This flows through all layers within our organization and extends across our growing partner ecosystem.

這貫穿我們組織內的各個層面，並延伸到我們不斷發展的合作夥伴生態系統。

Our year-to-date financial performance proves that now more than ever we need to continue these investments to further accelerate our growth profile.

我們今年迄今的財務表現證明，我們現在比以往任何時候都更需要繼續這些投資，以進一步加快我們的成長速度。

In closing, it's no longer enough to just recover your data today.

最後，今天僅僅恢復資料已經不夠了。

It's all about enabling continuous business for our customers from how they prepare for the inevitable disruption, to how quickly they get their business up and running following an attack.

這一切都是為了讓我們的客戶能夠持續開展業務，從如何為不可避免的中斷做好準備，到在遭受攻擊後如何快速啟動和運行業務。

This is what matters most for a modern hybrid and multi-cloud enterprise.

這對於現代混合和多雲企業來說最重要。

And it is what we enable today.

這就是我們今天所實現的。

Now, I'll turn it over to our Chief Financial Officer, Jen DiRico, to discuss our results.

現在，我將把它交給我們的財務長 Jen DiRico，討論我們的結果。

Jen?

珍？

Thanks, Sanjay.

謝謝，桑傑。

As Sanjay noted, Q3 was another excellent quarter driven by strong execution and record close rates.

正如桑傑所指出的那樣，在強勁的執行力和創紀錄的成交率的推動下，第三季又是一個出色的季度。

Our investments in growth-oriented initiatives and new product innovations are yielding positive results as demonstrated by the acceleration in our customer additions and our organic growth rate.

我們對以成長為導向的計劃和新產品創新的投資正在產生積極的成果，我們的客戶增加和有機成長率的加速證明了這一點。

I want to thank all the Vaulters that contributed to the fantastic results this quarter and year-to-date.

我要感謝所有為本季和今年迄今為止的出色成績做出貢獻的跳馬運動員。

Now, I'll discuss our Q3 results and operating metrics followed by an update on our improved guidance for Q4 and FY '25.

現在，我將討論我們第三季的業績和營運指標，然後更新我們對第四季和 25 財年改進的指導。

Please note that all growth rates are compared on a year-over-year basis unless otherwise specified.

請注意，除非另有說明，所有成長率都是按年比較的。

Total revenue increased 21% to $263 million driven by a robust 39% increase in subscription revenue.

在訂閱收入強勁成長 39% 的推動下，總營收成長了 21%，達到 2.63 億美元。

The growth in subscription revenue resulted from continued SaaS momentum and significant improvement in the volume of both term software and SaaS transactions compared to the prior year revenue from term software transactions over $100,000 increased by 18%, benefiting from a 30% rise in volume.

訂閱收入的成長得益於持續的SaaS 勢頭以及定期軟體和SaaS 交易量的顯著改善，與前一年相比，超過100,000 美元的定期軟體交易收入增長了18%，受益於交易量增長30% 。

This included more than a dozen wins, over $1 million.

其中包括十幾場勝利，獎金超過 100 萬美元。

In addition, we saw robust growth in landing new large enterprise customers this quarter including Equinox, AXA, Vanderbilt University Medical Center, and DenizBank Financial Services.

此外，本季我們發現新的大型企業客戶數量強勁成長，包括 Equinox、AXA、范德比爾特大學醫學中心和 DenizBank Financial Services。

Given the breadth and depth of offerings across our platform, we are the vendor of choice to serve large complex enterprises that have mission-critical data sitting in on-premise, hybrid, and cloud environments.

鑑於我們平台上產品的廣度和深度，我們是為在本地、混合和雲端環境中擁有關鍵任務資料的大型複雜企業提供服務的首選供應商。

I also want to note that our investments around our velocity motion continue to bear fruit.

我還想指出，我們圍繞速度運動的投資繼續取得成果。

We added a record number of SaaS customers this quarter.

本季我們新增的 SaaS 客戶數量創歷史新高。

We're pleased with this increase in volume with the small and medium-sized enterprises as we welcome the opportunity to grow with customers on their hybrid cloud journeys.

我們對中小型企業數量的增加感到高興，因為我們很高興有機會在客戶的混合雲之旅中與他們一起成長。

Now turning to ARR, Q3 total ARR grew 18% to $890 million.

現在轉向 ARR，第三季總 ARR 成長了 18%，達到 8.9 億美元。

On a constant currency basis, total ARR accelerated 21% to $911 million, reflecting an acceleration in our organic growth rate as well as incremental contributions from Clumio which contributed $24 million.

以固定匯率計算，總 ARR 成長 21%，達到 9.11 億美元，反映出我們有機成長率的加速以及 Clumio 的增量貢獻（貢獻了 2,400 萬美元）。

Please refer to the Appendix of our quarterly earnings presentation to review the constant currency bridge.

請參閱我們季度收益報告的附錄，以了解固定匯率橋。

Subscription ARR, which includes term-based licenses and SaaS contracts, increased by 29%, reaching $734 million, accounting for 83% of total ARR.

訂閱 ARR（包括基於期限的許可和 SaaS 合約）成長了 29%，達到 7.34 億美元，佔總 ARR 的 83%。

This includes $259 million in SaaS ARR which grew 71%, continuing its hyper growth trajectory.

其中包括 2.59 億美元的 SaaS ARR，成長了 71%，繼續保持高速成長軌跡。

On a constant currency basis, subscription ARR increased 32% and SaaS ARR to 75%.

以固定匯率計算，訂閱 ARR 成長了 32%，SaaS ARR 成長至 75%。

Including Clumio customers, we added over 1,000 new subscription customers, surpassing 11,000 customers worldwide, including over 7,000 SaaS customers.

包括 Clumio 客戶在內，我們新增了 1,000 多個新訂閱客戶，全球客戶數量超過 11,000 個，其中 SaaS 客戶超過 7,000 個。

We continue to benefit from increased multiproduct adoption among both new and existing customers.

我們持續受益於新舊客戶多產品採用率的提高。

For example, we closed a seven-figure transaction with a leading global technology infrastructure company that added risk analysis, threat scan, and compliance to bolster their overall cyber resilience posture.

例如，我們與一家領先的全球技術基礎設施公司完成了一筆七位數的交易，該交易增加了風險分析、威脅掃描和合規性，以增強其整體網路彈性態勢。

A multinational HR and workforce management group chose our Air Gap Protect, Cloud Rewind, and Active Directory to securely accelerate their hybrid cloud journey.

跨國人力資源和勞動力管理團隊選擇了我們的 Air Gap Protect、Cloud Rewind 和 Active Directory 來安全地加速其混合雲之旅。

And we closed a seven-figure deal with a national partnership of independent insurance brokers that chose Air Gap Protect, VMs, and Kubernetes to secure their cloud-first infrastructure.

我們與一家由獨立保險經紀人組成的全國性合作夥伴達成了一項價值七位數的協議，該經紀人選擇了 Air Gap Protect、VM 和 Kubernetes 來保護其雲端優先基礎設施的安全。

These are just a few examples of customers that are bypassing point solutions and top grading vendors to utilize the extensive capabilities of our Commvault Cloud platform for enhanced cyber resilience in a hybrid cloud world.

這些只是繞過單點解決方案和頂級供應商的客戶的幾個例子，他們利用我們 Commvault 雲端平台的廣泛功能來增強混合雲世界中的網路彈性。

Existing customer expansion remains healthy with a Q3 SaaS net dollar retention rate steady at 127% driven by both upsell and cross-sell.

現有客戶擴張保持健康，在追加銷售和交叉銷售的推動下，第三季 SaaS 淨美元保留率穩定在 127%。

SaaS ARR sought notable growth from new products such as Active Directory, Cloud Rewind, ThreatWise, and other mission-critical offerings.

SaaS ARR 從 Active Directory、Cloud Rewind、ThreatWise 和其他關鍵任務產品等新產品中尋求顯著成長。

These trends continue to support our competence and further expansion opportunities with the newest products we announced at shift.

這些趨勢繼續支持我們的能力和透過我們在輪班發布的最新產品進一步擴展的機會。

Now I'll discuss our consistent profitability and free cash flow which demonstrates our commitment to a responsible growth philosophy.

現在我將討論我們持續的獲利能力和自由現金流，這表明我們致力於負責任的成長理念。

Q3 growth margins were 82%, reflecting our accelerating mix shift towards SaaS which represented 29% of total ARR versus just 20% one year ago.

第三季的成長率為 82%，反映出我們快速向 SaaS 組合轉型，SaaS 佔總 ARR 的 29%，而一年前僅為 20%。

Gross margins also reflect modest solution from the Clumio acquisition.

毛利率也反映出收購 Clumio 帶來的適度解決方案。

Consistent with our prior guidance, operating expenses of $160 million represented 61% of total revenue consistent with prior quarter and prior year.

與我們先前的指引一致，營運費用為 1.6 億美元，佔上一季和前一年總收入的 61%。

Q3 operating expenses included costs associated with shift in London, the onboarded Clumio employees, and our continued investments to accelerate revenue momentum which include higher commission and bonuses on record sales results.

第三季營運費用包括與倫敦轉移、Clumio 員工入職相關的成本，以及我們為加速收入成長而持續進行的投資，其中包括創紀錄的銷售業績帶來的更高佣金和獎金。

Non-GAAP EBIT grew 17% to $55 million and Non-GAAP EBIT margins of 20.8% came in at the high end of our guidance range.

非 GAAP 息稅前利潤成長 17%，達到 5,500 萬美元，非 GAAP 息稅前利潤率為 20.8%，處於我們指導範圍的高端。

Now moving to some key balance sheet and cash flow metrics.

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 $244 million in cash which reflects the previously disclosed purchase of Clumio.

本季結束時，我們沒有債務，現金為 2.44 億美元，這反映了先前披露的對 Clumio 的收購。

We are excited about the progress made towards integrating Clumio.

我們對整合 Clumio 所取得的進展感到興奮。

It furthers our ability to go deeper in the cloud and positions us to capitalize on potential AI-related opportunities.

它增強了我們深入雲端運算的能力，並使我們能夠利用潛在的人工智慧相關機會。

As we continue to invest in our future, we remain opportunistic around technologies that further the depth and breadth of our platform.

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。

Q3 free cash flow of $30 million was impacted by material foreign exchange headwinds.

第三季自由現金流為 3,000 萬美元，受到重大外匯不利因素的影響。

And tax payments made in the quarter tied to higher-than-projected full-year pretax income.

本季繳納的稅款與高於預期的全年稅前收入相關。

In Q3, we repurchased $32 million of stock, representing 107% of free cash flow for the quarter.

第三季度，我們回購了 3,200 萬美元的股票，相當於該季度自由現金流的 107%。

Fiscal year-to-date through December 31, 2024, we repurchased $135 million of stock representing 106% of free cash flow.

截至 2024 年 12 月 31 日的財年迄今，我們回購了 1.35 億美元的股票，相當於自由現金流的 106%。

We still plan to repurchase at least 75% of our free cash flow for the full fiscal year.

我們仍計劃在整個財年回購至少 75% 的自由現金流。

Given our strong results year-to-date, combined with accelerating customer demand and a healthy pipeline, we are pleased to share our outlook for fiscal Q4 and once again, raise our guidance for fiscal year '25.

鑑於我們今年迄今的強勁業績，加上不斷增長的客戶需求和健康的管道，我們很高興分享我們對第四財季的展望，並再次提高我們對 25 財年的指導。

For fiscal Q4, we expect subscription revenue, which includes both the software portion of term-based licenses and SaaS, to be in the range of $160 million to $164 million.

對於第四財季，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 1.6 億至 1.64 億美元之間。

This represents 35% year-over-year growth at the midpoint.

這意味著中點年增 35%。

We expect total revenue to be in the range of $260 million to $264 million with growth of 18% at the midpoint.

我們預計總收入將在 2.6 億美元至 2.64 億美元之間，中間成長率為 18%。

At these revenue levels, we expect Q4 consolidated gross margins to be in the range of 81% to 82%.

在這些收入水準上，我們預計第四季度綜合毛利率將在 81% 至 82% 之間。

We expect Q4 Non-GAAP EBITmargins to remain the range of 20% to 21%.

我們預計第四季非 GAAP 息稅前利潤率將維持在 20% 至 21% 的範圍內。

Our projected diluted share count for fiscal Q4 is approximately 45 million shares.

我們預計第四財季的稀釋後股票數量約為 4500 萬股。

We are once again raising our outlook for the full fiscal year '25.

我們再次上調 25 年整個財年的展望。

We now expect fiscal year '25 total ARR growth of 19% to 20% year-over-year.

我們現在預計 25 財年的總 ARR 將年增 19% 至 20%。

We expect subscription ARR to increase in the range of 28% to 30% year-over-year.

我們預計訂閱 ARR 將年增 28% 至 30%。

From a full-year fiscal '25 revenue perspective, we now expect subscription revenue to be in the range of $575 million to $580 million growing 35% at the midpoint with strong contribution from both term software licenses and SaaS.

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 5.75 億美元至 5.8 億美元之間，中間成長 35%，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 $980 million to $985 million, an increase of approximately 17% at the midpoint.

我們現在預計總營收成長將加速，在 9.8 億美元至 9.85 億美元之間，中位數成長約 17%。

Moving to our updated full-year fiscal '25 margin, EBIT, and cash flow outlook.

接下來是我們更新的 25 財年全年利潤率、息稅前利潤和現金流前景。

We continue to expect growth margins to be 81% to 82%.

我們繼續預期成長率為 81% 至 82%。

We also continue to expect Non-GAAP EBIT margins to be in the range of 20% to 21%.

我們也繼續預期非 GAAP 息稅前利潤率將在 20% 至 21% 之間。

From a free cash flow perspective, we expect full-year free cash flow of $170 million to $200 million.

從自由現金流角度來看，我們預計全年自由現金流為 1.7 億至 2 億美元。

Our revised outlook reflects foreign currency headwinds that were more pronounced in Q3 and expected to continue in Q4.

我們修訂後的前景反映了第三季更明顯的外匯逆風，預計第四季將持續下去。

As I reflect on FY '25, our strong year-to-date financial performance demonstrates that our strategy is working, our cyber resilience message is resonating, our team is executing, and our investments are paying off.

當我回顧 25 財年時，我們年初至今的強勁財務表現表明，我們的策略正在發揮作用，我們的網路彈性訊息正在引起共鳴，我們的團隊正在執行，我們的投資正在獲得回報。

Looking forward to FY '26, we are currently trending ahead of the financial targets that we originally shared, and we now expect to achieve those targets earlier than our initial plan.

展望 26 財年，我們目前的趨勢是領先於我們最初共享的財務目標，並且我們現在期望比我們最初的計劃更早實現這些目標。

As Sanjay noted, we couldn't be more excited about the market and the opportunity in front of us.

正如 Sanjay 指出的那樣，我們對市場和擺在我們面前的機會感到非常興奮。

The revenue driving investments we are making have positioned us to be the cyber resilience provider of choice for enterprise businesses and have contributed to our outstanding financial performance year-to-date.

我們正在進行的收入驅動投資使我們成為企業首選的網路彈性供應商，並為我們今年迄今為止的出色財務表現做出了貢獻。

We remain committed to investing in these growth, driving initiatives to further accelerate our momentum in FY '26.

我們仍致力於投資這些成長，推動各項措施進一步加速我們在 26 財年的發展動能。

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。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah.

是的。

Thanks for taking the questions and congrats on another solid quarter out of you guys.

感謝您提出問題，並祝賀你們又一個堅實的季度。

So I guess, Jen, I'd like to double click a little bit on the momentum you're seeing in your SaaS customer base. 1,000 new customers seems like a fairly sharp acceleration from the plus 600 a quarter over the prior two quarters.

所以我想，Jen，我想雙擊一下您在 SaaS 客戶群中看到的勢頭。與前兩個季度每季新增 600 名客戶相比，新增 1,000 名客戶似乎出現了相當大的成長。

Maybe you can unpack that a little bit.

也許你可以稍微解開一下。

How much did Clumio add to that contribution?

Clumio 為這項貢獻增加了多少？

And then also, can you talk a little bit about how many of your customers have more than one SaaS offering today and how you think about that progression as we look into fiscal '26?

另外，您能否談談目前有多少客戶擁有不只一種 SaaS 產品，以及在我們研究 26 財年時您如何看待這項進展？

Thanks so much for the question, Aaron.

非常感謝你的提問，亞倫。

And we're really proud of our overall performance, in particular, the SaaS acceleration in our organic growth rate.

我們對我們的整體表現感到非常自豪，特別是 SaaS 加速了我們的有機成長率。

If we think about the number of customers we added, about 1,000 as you remarked, subscription customers, I would say to you that we were running about 600 in the past run rate.

如果我們考慮我們新增的客戶數量，如您所說，大約 1,000 個訂閱客戶，我會告訴您，我們在過去的運行率中運行了大約 600 個。

I would say, another 200 or so, plus or minus, come from Clumio.

我想說，另外 200 個左右（無論上下）來自 Clumio。

And the remainder are all organic.

其餘的都是有機的。

So we're really proud of that.

所以我們對此感到非常自豪。

And then in addition, as it relates to your second question around a number of products, first of all, I would say we're really proud of the 127% SaaS NRR.

此外，由於它涉及您關於許多產品的第二個問題，首先，我想說我們對 127% 的 SaaS NRR 感到非常自豪。

It still remains about two-thirds upsell, one-third cross-sell.

仍有大約三分之二是追加銷售，三分之一是交叉銷售。

However, I've shared in the past that we're around 30% or so of customers have two or more products.

然而，我過去曾表示，我們大約 30% 左右的客戶擁有兩種或更多產品。

But I would point you to the fact that we still have a lot of opportunity specifically around some of our emerging and new products, Active Directory, Cloud Rewind.

但我想向您指出一個事實，即我們仍然有很多機會，特別是在我們的一些新興產品、Active Directory、Cloud Rewind 方面。

Cloud Rewind in particular grew 2x from the time of acquisition.

尤其是 Cloud Rewind 自收購以來成長了 2 倍。

And so while it's early days for us, we are very, very excited about the potential and believe we have a lot of opportunity to cross-sell into the existing base.

因此，雖然對我們來說還處於早期階段，但我們對潛力感到非常非常興奮，並相信我們有很多機會在現有基礎上進行交叉銷售。

Yes.

是的。

And then the final question, you mentioned tracking ahead of your fiscal '26 targets.

最後一個問題，您提到提前追蹤 26 財年目標。

Can you just remind us what your targets -- what you've previously outlined were?

您能否提醒我們您的目標是什麼—您之前概述的目標是什麼？

And any context of the progression as we look into fiscal '26?

當我們研究 26 財年時，進展如何？

Great question.

很好的問題。

So our previous guidance has been $1 billion ARR and $330 million SaaS ARR by the end of FY '26.

因此，我們先前的指導方針是，到 26 財年末，ARR 為 10 億美元，SaaS ARR 為 3.3 億美元。

I shared that we were tracking ahead of that.

我分享說我們正在提前追蹤。

I think the best way to think about our growth is last quarter, I shared that we were on average adding about $30 million in net new ARR a quarter.

我認為考慮我們成長的最佳方式是上個季度，我分享說我們每季的淨新 ARR 平均增加約 3000 萬美元。

This past quarter, we added $38 million net new ARR on a constant currency basis.

上個季度，以固定匯率計算，我們增加了 3,800 萬美元的淨新 ARR。

And so I think that's the best way to think about how we're tracking on the future.

所以我認為這是思考我們如何追蹤未來的最佳方式。

Yes.

是的。

Thank you.

謝謝。

Eric Heath, KeyBanc Capital Markets.

艾瑞克‧希思 (Eric Heath)，KeyBanc 資本市場。

Hey.

嘿。

Thanks for taking the question and glad to be on the call with you guys today.

感謝您提出問題，很高興今天與大家通話。

So Sanjay, maybe just a big-picture question.

所以桑傑，也許只是一個大局問題。

Would love to get some of your perspective on this acceleration in the business.

希望了解您對業務加速發展的一些看法。

Just curious how much of the acceleration do you think is from external factors that might be happening in the marketplace, whether it's mergers or regulation, versus better internal execution?

只是好奇您認為市場上可能發生的外部因素（無論是合併還是監管）帶來的加速有多少是來自於更好的內部執行？

I think the way we look at it is we do one thing for our customers day in and day out which is make them more resilient, give them the ability to recover in the face of an attack or any kind of catastrophic situation.

我認為我們看待這個問題的方式是，我們日復一日地為客戶做一件事，那就是讓他們更有彈性，讓他們有能力在面對攻擊或任何災難性情況時恢復。

So ransomware attacks, cyber attacks are not going down, they're actually increasing.

因此，勒索軟體攻擊和網路攻擊不但沒有減少，反而增加。

And what we're doing is continue to build out a platform, Commvault Cloud, that enables customers in a hybrid multi-cloud world to be able to protect any workload anywhere and be able to recover it in a very predictable way.

我們正在做的是繼續建立一個平台 Commvault Cloud，使混合多雲世界中的客戶能夠保護任何地方的任何工作負載，並能夠以非常可預測的方式恢復它。

So our innovation in the platform is definitely a tailwind, a driver of the growth we're seeing.

因此，我們在平台上的創新絕對是順風車，是我們所看到的成長的驅動力。

And we're solving a really hard problem for our customers.

我們正在為客戶解決一個非常困難的問題。

Combine that with over the past three to four quarters, we've been quite open and transparent about the way we're aligning our go-to market resources, driving efficiency, productivity across it.

結合過去三到四個季度，我們對調整市場資源、提高效率和生產力的方式一直相當開放和透明。

Getting closer to our customers with our customer success team.

與我們的客戶成功團隊一起拉近與客戶的距離。

I think all of that is beginning to take great shape and come together well for us.

我認為所有這些都已開始成型，並且對我們來說很好地結合在一起。

So it's a combination of solving the hard problem with a good platform and executing to the best of our ability.

因此，這是用一個好的平台解決難題和盡我們最大的能力執行的結合。

Thanks for that.

謝謝你。

And Jen, a question for you to follow up on some of the net new ARR comments and hopefully it doesn't get too much in the weeds.

Jen，有個問題要請您跟進一些新的 ARR 淨評論，希望它不會引起太多爭議。

But curious if there's anything to call out as it relates to the 3Q and 4Q seasonality because when I look at the 3Q net new ARR on a constant currency organic basis, it was similar to the prior two quarters and the 4Q guidance seems like it implies a similar net new ARR on a constant currency basis as 3Q.

但我很好奇是否有任何與第三季度和第四季度季節性相關的內容需要指出，因為當我在固定貨幣有機基礎上查看第三季度淨新ARR 時，它與前兩個季度類似，而第四季指引似乎暗示了這一點以固定匯率計算的淨新 ARR 與第三季類似。

So just curious if there's any reason why that seasonality should be the case when I usually think of the second half being a bit stronger with a bigger renewal base.

因此，我很好奇，當我通常認為下半年會因更新基礎更大而更強一些時，是否有任何理由會出現這種季節性。

So kind of a lot to maybe unpack there, but just any color or anything to call out the seasonality.

可能有很多東西可以在那裡打開，但只是任何顏色或任何可以表明季節性的東西。

Yeah, absolutely.

是的，絕對是。

So I would say, overall, the second half of the year, like you shared, is usually -- it's historically and seasonally stronger than the first.

所以我想說，總的來說，下半年，就像你分享的那樣，通常——從歷史和季節性上看都比上半年更強。

Q3 had an additional -- a little bit of a higher renewal population.

第三季的更新人口增加。

However, on average, as we think about Q4, our guidance focuses on the fact that we have strong pipeline and field execution.

然而，平均而言，當我們考慮第四季度時，我們的指導重點是我們擁有強大的管道和現場執行力。

We're continuing to see continued momentum in both our land-and-expand and our security offerings are continuing to gain a lot of traction.

我們繼續看到我們的土地和擴張的持續勢頭，我們的安全產品也繼續獲得很大的吸引力。

And then the last thing I would call out is there's really and from just an organic, it's mostly organic growth.

我要指出的最後一件事是，確實存在有機增長，而且主要是有機增長。

Only, let's say, a point or two from Clumio.

只能說，Clumio 的一兩分。

And I think the best way to look at the overall seasonal nature is to take a look at how our ARR continues to grow because it really helps neutralize any seasonality.

我認為了解整體季節性的最佳方法是看看我們的 ARR 如何持續成長，因為它確實有助於抵消任何季節性。

Okay.

好的。

Thanks. and congrats again on the organic acceleration.

謝謝。再次恭喜有機加速。

Thank you very much.

非常感謝。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah.

是的。

Thanks, guys.

謝謝，夥計們。

Really impressive revenue growth.

收入成長確實令人印象深刻。

I guess my question is when do you expect to see more operating leverage?

我想我的問題是您預計什麼時候會看到更多的營運槓桿？

And maybe just some of the puts and takes as you think about the outlook for operating margin?

也許只是您在考慮營業利潤率前景時的一些看跌期權和看跌期權？

Thanks for the question.

謝謝你的提問。

So first of all, I think we've shared in the past that FY '25 was absolutely a year of investment to accelerate our revenue growth, and you're absolutely seeing that in our results, five quarters of double-digit growth.

首先，我認為我們過去曾說過，25 財年絕對是加速我們營收成長的投資一年，您絕對可以在我們的業績中看到這一點，五個季度實現兩位數成長。

This quarter, I can walk through a little bit of where the investments went with the increased revenue acceleration.

本季度，我可以大致了解隨著收入加速成長而進行的投資的去向。

At the first, you're seeing more SaaS in our revenue profile.

首先，您將在我們的收入概況中看到更多的 SaaS。

And as we've shared before, that has a more diluted margin than overall term software license.

正如我們之前分享的，這比整體期限軟體授權的利潤稀釋程度更大。

Second of all, we had Clumio in that mix as well and we shared the last quarter, it would be dilutive for two to three quarters.

其次，我們也將 Clumio 納入其中，我們共享了最後一個季度，這將稀釋兩到三個季度。

The third is the fact that we've seen massive overperformance in our revenue results.

第三個事實是，我們的收入績效大幅超出預期。

And that's related to the fact -- and so you'll see additional commission and bonuses in the sales and marketing line.

這與事實有關——所以你會在銷售和行銷部門看到額外的佣金和獎金。

And then fourth, ultimately, we're continuing to invest, like I said.

第四，最終，正如我所說，我們將繼續投資。

But if I zoom out, year-to-date, we're at a rule of 39 this quarter, a rule of 42.

但如果我縮小範圍，今年迄今為止，我們本季的規則是 39，規則是 42。

So overall, we're really pleased with the performance.

總的來說，我們對錶現非常滿意。

Okay.

好的。

Thank you.

謝謝。

And then one quick follow-up, did you say what the revenue contribution was from acquisitions?

然後快速跟進，您是否說過收購帶來的收入貢獻是多少？

I didn't catch that.

我沒聽清楚。

So we shared that Clumio was $24 million of ARR and so if you think about that, it's approximately $6 million from a revenue perspective in quarter.

因此，我們認為 Clumio 的 ARR 為 2400 萬美元，如果您考慮一下這一點，從本季度收入的角度來看，大約為 600 萬美元。

Is there any other impact from acquisitions?

收購還有其他影響嗎？

Appranix was not meaningful at that point.

Appranix 在那時沒有任何意義。

All right.

好的。

Thank you.

謝謝。

Good luck.

祝你好運。

Yeah.

是的。

Of course.

當然。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

Yeah.

是的。

Hi.

你好。

Thank you.

謝謝。

And thanks for taking my question.

感謝您提出我的問題。

I'd really (technical difficulty) to dive a little bit more into the SaaS and particularly on the cyber security offerings that you're putting out now.

我真的（技術難度）更深入地研究 SaaS，特別是你們現在推出的網路安全產品。

What percentage of customers or what number of modules are your SaaS customers using?

您的 SaaS 客戶使用的客戶百分比或模組數量是多少？

Anything on the security side?

安全方面有什麼嗎？

Have you seen an acceleration on that front?

您看到這方面的加速了嗎？

And I will have a follow-up in that regard.

我將對此進行後續跟進。

Hey Param.

嘿帕拉姆。

It's Sanjay.

這是桑傑。

Thanks for the questions.

感謝您的提問。

The platform is built to deliver what we call built-in security, not bolted-on security.

該平台的建構是為了提供我們所謂的內建安全性，而不是附加安全性。

And customers -- So the platform in itself enhances the customer security profile and resilience greatly.

而客戶——因此平臺本身大大增強了客戶的安全性和彈性。

Just as a benchmark, we're also the only provider that is FedRAMP high certified that has gone through the stringent process of FedRAMP high.

作為基準，我們也是唯一獲得 FedRAMP High 認證並經過 FedRAMP High 嚴格流程的提供者。

So the platform in and of itself is a very secure platform for our customers.

因此，對於我們的客戶來說，該平臺本身就是一個非常安全的平台。

It just raises their profile.

這只會提高他們的形象。

If you look at the capabilities we're building in and of itself, features like Cleanroom which is about recovery; Active Directory which is about recovery, okay, and making you more secure; our AGP or Air Gap Protect which is our immutable capabilities on which they can -- customers can write important data and/or other things that they want to keep secure.

如果你看看我們正在建立的功能本身，例如 Cleanroom 等與復原有關的功能； Active Directory 是關於復原的，好吧，並且讓您更安全；我們的 AGP 或 Air Gap Protect 是我們的不可變功能，客戶可以在其中寫入重要資料和/或其他他們想要保證安全的內容。

So all of those features as examples give you more security.

因此，所有這些功能作為範例都為您提供了更多的安全性。

The ability to backtrack, our Clumio acquisition, to roll back billions of objects in S3 in the advent of an attack.

回溯能力（我們收購的 Clumio）可在攻擊發生時回溯 S3 中的數十億個物件。

All of this makes you more secure and security from the lens of being able to come back to life, recover.

這一切都讓您更有安全感，能夠起死回生、康復。

So the platform in and of itself is highly secure and certified.

因此，該平臺本身是高度安全且經過認證的。

And we build great capabilities into the technology, the innovations we do that give customers optionality and more.

我們在技術和創新中融入了強大的功能，為客戶提供了更多選擇。

And I'll close by saying we just announced an integration with CrowdStrike's Falcon platform which allows us to, for example, take feeds from CrowdStrike, show it in the cloud, and then enable actions automatically if needed to either restore, move data out, do a scan, whatever action a customer wishes to take based on intelligence that we gather from our partners.

最後我要說的是，我們剛剛宣布與 CrowdStrike 的 Falcon 平台集成，該平台使我們能夠從 CrowdStrike 獲取源，將其顯示在雲中，然後根據需要自動啟用操作以恢復、移出數據、根據我們從合作夥伴收集的情報，進行掃描，客戶希望採取的任何行動。

So as you can tell, the platform -- we like to think of the platform as being implicitly secure with added dimensions of capabilities that we give customers options on.

如您所知，我們喜歡將該平台視為隱式安全的平台，並為客戶提供更多功能選擇。

Got it.

知道了。

So if I were to put that in the context of module expansion and overall SaaS, is there some way to think about it, the other additional modules that you intend to bring on either organically or potentially with M&A that would be a natural evolution of the platform?

因此，如果我將其放在模組擴展和整體 SaaS 的背景下，是否有某種方式可以考慮它，您打算有機地或潛在地通過併購引入的其他附加模組將是 SaaS 的自然演變平台？

Could you repeat your question?

你能重複一下你的問題嗎？

I'm trying to unpack it, I'm sorry.

我正在嘗試拆開它，抱歉。

Yeah.

是的。

Sorry, this is a little bit too much.

抱歉，這有點太多了。

I want to understand in terms of module expansion, right, you talked about one or two SaaS modules, I'm thinking in terms of security modules that could be added on, A, organically or B, if you have any gaps with M&A that would be interesting to expand your platform.

我想了解模組擴展方面，對吧，你談到了一兩個SaaS模組，我在考慮可以添加的安全模組，A，有機地或B，如果你與併購有任何差距擴展您的平台會很有趣。

I think what we have today is second to none.

我認為我們今天所擁有的一切是首屈一指的。

Honestly, the pickup we're getting on our Cleanroom capabilities which we innovated around Active Directory which we just announced an enhancement to that I think is going to be amazing for customers to feel more secure against cyber attacks, our acquisitions through Appranix with Rewind, we call the product Rewind now, and the ability to bring back the live cloud-native applications, configurations, data, all of it, and backtrack, which I talked about a little earlier, all of these are accretive.

老實說，我們圍繞 Active Directory 進行創新的 Cleanroom 功能得到了提升，我們剛剛宣布了一項增強功能，我認為這會讓客戶感覺更安全，免受網絡攻擊，我們通過 Appranix 和 Rewind 進行的收購，我們現在將產品稱為“倒帶”，以及帶回即時雲端原生應用程式、配置、數據以及所有這些的能力，以及我之前談到的回溯，所有這些都是增值的。

All of these are choices customers have in a very logical way in the platform to grow their resilience profile.

所有這些都是客戶在平台中以非常合乎邏輯的方式進行的選擇，以增強他們的彈性。

Okay?

好的？

So it's not about one or the other.

所以這不是一個或另一個的問題。

It's a natural extension of their ability and their desire to be more resilient as they mature in their journey.

這是他們能力的自然延伸，也是他們在成長過程中變得更堅韌的願望的自然延伸。

Got it.

知道了。

Thanks.

謝謝。

Thanks a lot, Sanjay.

非常感謝，桑傑。

I'll go back in line.

我回去排隊。

Thank you.

謝謝。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Hey guys.

嘿夥計們。

Thanks for taking my questions again.

感謝您再次提出我的問題。

I'll have micrographs in the quarter that the organic growth acceleration is very impressive, the rule of 40 improvement, et cetera.

我將在本季度獲得顯微照片，顯示有機成長加速非常令人印象深刻，40 改進規則等等。

So very nice numbers here.

這裡的數字非常好。

I want to go back to maybe a question I was asked earlier.

我想回到我之前被問到的一個問題。

I know you said, I think, maybe 30% of your customers have two plus SaaS products.

我知道你說過，我認為，也許 30% 的客戶擁有兩種以上 SaaS 產品。

I guess, put differently, I'm curious when you look over your entire subscription customer base, just what percent of the data backup and recovery estate haven't captured at this point?

我想，換句話說，我很好奇當您查看整個訂閱客戶群時，此時尚未捕獲的資料備份和恢復資產的百分比是多少？

How much cross-sell and upsell room is there, not just on SaaS, but on term license as well to continue to expand with those existing customers?

交叉銷售和追加銷售空間有多大，不僅在 SaaS 上，而且在定期許可上以及繼續與現有客戶一起擴展？

Without giving too much away, really, because this is a competitive space, this is a competitive area for us.

確實，沒有放棄太多，因為這是一個競爭性的空間，這對我們來說是一個競爭性的領域。

As Jen mentioned, cross-sell is a massive opportunity for us.

正如 Jen 所提到的，交叉銷售對我們來說是一個巨大的機會。

The offerings that we've released, let's say, just in the last 12 months, and the pipeline that we have coming out over the next 6 to 12 months gives us an unprecedented opportunity to go in and very seamlessly give customers access to all of that, all of these new feature sets inside of the platform.

比方說，我們在過去 12 個月內發布的產品，以及我們在未來 6 到 12 個月內推出的產品線，為我們提供了前所未有的機會，可以讓客戶非常無縫地訪問所有產品。的所有這些新功能集。

So whether the customer is using software predominantly and a little bit of SaaS or using (inaudible) with us with SaaS S and I was looking at some of our more data center capabilities, our platform is designed for hybrid multi-cloud scenarios and we can move broader and deeper than anyone else.

因此，無論客戶主要使用軟體和少量 SaaS，還是與我們一起使用（聽不清楚）SaaS S，我正在研究我們的一些更多資料中心功能，我們的平台專為混合多雲場景而設計，我們可以比任何人都走得更廣、更深。

So short answer without giving too much away is everything we're building aligns very well with the way the customer grows their resilience profile with us, okay, on the Commvault Cloud platform.

因此，簡短的回答是，我們正在建立的一切都與客戶在 Commvault 雲端平台上與我們一起提高彈性配置檔案的方式非常吻合，但沒有透露太多內容。

So if you take it apart, you'll see how these offers are quitely integrated and quite seamless in the way for customers to embrace and and rollout.

因此，如果您將其拆開，您會發現這些產品是如何完全整合且無縫地供客戶接受和推出的。

Okay.

好的。

And then, Jen, really appreciate these constant currency disclosures.

然後，Jen 非常欣賞這些不斷披露的貨幣資訊。

I guess in your revised fiscal '25 growth guidance of 19% to 20%, what is that constant currency?

我想在你們修訂後的 25 財年成長指引中 19% 至 20% 中，這個不變的貨幣是什麼？

So I think the best way to think about overall the ARR acceleration is if I go back to the $30 million that we said, quarter-over-quarter is the best way to think about that.

因此，我認為考慮整體 ARR 加速的最佳方式是，如果我回到我們所說的 3000 萬美元，季度環比是考慮這一點的最佳方式。

And ultimately, the guidance is based off of this quarter's FX.

最終，該指引基於本季度的外匯。

Okay.

好的。

Got it.

知道了。

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。

And I want to add my congratulations as well on a strong quarter.

我還想對強勁的季度表示祝賀。

I have one for Sanjay and one for Jen.

我有一份給 Sanjay，一份給 Jen。

So for Sanjay and it's related to -- it's like a subset of the prior question.

因此，對於 Sanjay 來說，它與先前的問題有關。

What is your sense of the greenfield opportunity for protecting that apps and cloud-native workloads?

您對保護應用程式和雲端原生工作負載的新機會有何看法？

So that's really on the cloud side, specifically, that are not already protected by a third party vendor.

所以這其實是在雲端，特別是尚未受到第三方供應商的保護。

And as it relates to Commvault, as Commvault continues to expand your breadth of offerings, and it's really been impressive, Google Workspace, Active Directory, Appranix, Clumio, are you guys -- is this one scenario that you guys could accelerate SaaS and new ARR going forward?

就 Commvault 而言，隨著 Commvault 不斷擴大產品範圍，這確實令人印象深刻，Google Workspace、Active Directory、Appranix、Clumio，你們是否 - 這是你們可以加速 SaaS 和新業務的場景？ ？

Yes.

是的。

Short answer is yes, Howard.

簡短的回答是肯定的，霍華德。

I absolutely believe that we know we are so focused on being a true hybrid multi-cloud provider for our customers that there's no workload and no cloud left behind.

我絕對相信，我們知道我們非常專注於成為客戶的真正混合多雲提供者，因此不會留下任何工作負載，也不會留下任何雲端。

We're doing it as much as we can to really broaden our horizon.

我們正在盡我們所能真正拓寬我們的視野。

Our offerings on the cloud then go as deep as we can with all the cloud.

然後，我們在雲端上的產品將盡可能深入所有雲端。

This quarter, we announced much deeper partnerships with AWS.

本季度，我們宣布與 AWS 建立更深入的合作夥伴關係。

The Clumio acquisition furthered our capabilities with S3 on AWS, Google Workspace more recently on the app side.

收購 Clumio 進一步增強了我們在 AWS 上的 S3 以及最近在應用程式方面的 Google Workspace 的能力。

And we've always supported Azure a great length alongside OCI.

我們始終與 OCI 一起長期支援 Azure。

So it's no secret.

所以這不是什麼秘密。

We believe that the more we have, both depth and breadth, for cloud-native offerings, cloud-first offerings for our customers, the safer they are.

我們相信，我們為客戶提供的雲端原生產品、雲端優先產品的深度和廣度越多，他們就越安全。

A lot of customers, actually, cloud data is the one that's less exposed that as customers move to the cloud, get more sophisticated in their offerings, go beyond snapshots offerings like our our Rewind, which was the Appranix, and it's hard.

實際上，對於許多客戶來說，雲端數據是較少暴露的數據，隨著客戶遷移到雲端，他們的產品變得更加複雜，超越快照產品（例如我們的 Rewind，即 Appranix），這很難。

It really allow customers to not only in a single click, protect the application, the data, the prioritization of the resources, the configuration, and then be able to test and bring it back at will across clouds.

它確實允許客戶不僅只需單擊即可保護應用程式、資料、資源的優先順序、配置，然後能夠跨雲端隨意測試和恢復。

So there's a lot we've built and there's a lot we continue to build in there.

所以我們已經建造了很多東西，我們還在繼續建造很多東西。

Backtrack, for example, the ability to bring back billions of objects to a prior version in a fraction of the time it would take you to even fathom what happened.

例如，回溯功能可以在很短的時間內將數十億個物件恢復到先前的版本，而您甚至可以弄清楚發生了什麼。

These are all groundbreaking capabilities, all cloud-first.

這些都是突破性的功能，都是雲端優先的。

And we'll continue to drive that and make it seamlessly available through the platform to even our software-based customers, the customers that are still primarily in their own data centers can avail of these capabilities seamlessly through Commvault Cloud and continue to grow with us, whether it be Office 365, Air Gap Storage, Cleanroom capabilities, Active Directory.

我們將繼續推動這一目標，並透過該平台將其無縫提供給我們基於軟體的客戶，主要仍位於自己資料中心的客戶可以透過 Commvault Cloud 無縫利用這些功能，並繼續與我們一起成長，無論是Office 365、氣隙儲存、無塵室功能還是Active Directory。

Seamless.

無縫的。

That's really good color, Sanjay, and it's very encouraging.

桑傑，這顏色真的很好，非常令人鼓舞。

In our own checks, people have told us that the Appranix and Clumio technology, they are pretty unique.

在我們自己的檢查中，人們告訴我們 Appranix 和 Clumio 技術非常獨特。

I said I had a follow-up for Jen and it's related to Rudy's second question too, I promise we did not have brainstorms before this.

我說我對 Jen 有一個後續行動，這也與 Rudy 的第二個問題有關，我保證在此之前我們沒有進行過腦力激盪。

I want to ask the FX, the total ARR FX question another way.

我想以另一種方式詢問外匯，總 ARR 外匯問題。

Because if you look at Q2, the Q2, I believe, the impact was a -- it was a one point tailwind, right?

因為如果你看看第二季度，我相信第二季度的影響是——這是一個點的順風，對吧？

And then in Q3, you just disclosed it's a 3-point headwind that's like a 4-point swing.

然後在第三季度，您剛剛透露這是一個 3 點逆風，就像 4 點搖擺一樣。

And so is the right way to think about the total ARR guide, the raise, maybe it's more like a 4- to 5-point raise, instead of instead of 1 to 2 reported?

那麼，考慮總 ARR 指南、加薪的正確方法是，也許它更像是 4 到 5 點的加薪，而不是報告的 1 到 2 點？

I don't if I'm doing the math right or wrong there.

我不知道我的數學計算對還是錯。

Yeah.

是的。

I think you're definitely in the ballpark.

我想你肯定在球場上。

But I would encourage you to go back to the Appendix in the investor relations presentation where we state, like you said, in a prior quarter, the organic on a constant currency basis net new ARR was $37 million and then this quarter of $38 million.

但我鼓勵您回到投資者關係簡報的附錄中，正如您所說，在上一季度，以固定匯率計算的有機淨新 ARR 為 3700 萬美元，本季為 3800 萬美元。

And so I think, overall, the 30, plus or minus, is the right way to think about the continued growth.

因此，我認為，總體而言，30（無論正負）是考慮持續成長的正確方法。

Sorry.

對不起。

One last thing, Jen, that $38 million, does that include Clumio or is that organic constant currency or is that

Jen，最後一件事，那 3800 萬美元是否包括 Clumio，或者是有機恆定貨幣還是那個

--

--

That's truly organic net new ARR at constant currency.

這確實是以固定匯率計算的有機淨新 ARR。

In addition to the $38 million, we added $24 million from Clumio.

除了 3800 萬美元之外，我們還從 Clumio 獲得了 2400 萬美元。

Okay.

好的。

Got it.

知道了。

Thanks so much for that.

非常感謝。

You're very welcome.

非常不客氣。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys.

嘿夥計們。

You guys have seen much consolidation in calendar '24 in the space including a few deals yourselves.

你們已經在 24 年曆中看到了該領域的大量整合，包括你們自己的一些交易。

Sanjay, for you, how are you thinking about the opportunity for further consolidation?

Sanjay，對您來說，您如何看待進一步整合的機會？

And Jen, on your side, not to continue to talk about this, but if I take Clumio and given the disclosures around Appranix in the filings, and factor in the FX changes, we're getting closer to 17% organic constant currency growth which is actually similar to the last few quarters.

Jen，站在你這邊，不要繼續談論這個問題，但如果我考慮 Clumio 並考慮到文件中有關 Appranix 的披露，並考慮到外匯變化，我們將接近 17% 的有機恆定貨幣增長率其實和前幾個季度差不多。

Is that the right way to really think about sustainable growth for the business especially as you're talking about the billion target being achieved earlier than expected?

這是真正考慮業務可持續成長的正確方法嗎，特別是當您談論比預期更早實現十億目標時？

I'll go first, Jim.

我先走了，吉姆。

Your question around consolidation, how do I think about further consolidation.

你關於整合的問題，我如何看待進一步的整合。

I mean, we're looking forward.

我的意思是，我們很期待。

And when we look forward on the platform, there are areas that we definitely think, whether it be AI-based data sets, AI application backup, large data lakes.

當我們展望這個平台時，我們肯定會想到一些領域，無論是基於人工智慧的資料集、人工智慧應用程式備份、大數據湖。

They're going to require very different technologies to protect and be resilient with than something we did five years ago or even three years ago or something we did with Kubernete three years ago.

與我們五年前甚至三年前或三年前對 Kubernetes 所做的技術相比，它們將需要非常不同的技術來保護和恢復。

So one size doesn't fit all.

因此，一種尺寸並不適合所有情況。

And as much as our innovation engine is on fire, there are some good technologies out there like Clumio, like Appranix that actually bring incredible value to our customers very quickly.

儘管我們的創新引擎正在燃燒，但仍有一些優秀的技術（例如 Clumio、Appranix）實際上很快就為我們的客戶帶來了令人難以置信的價值。

I also believe that in this business and we're seeing a lot of focus in our space now, we were the only player in the public markets for a long, long time.

我還相信，在這個行業中，我們現在看到我們的領域受到了很多關注，在很長一段時間裡，我們是公開市場上唯一的參與者。

And what we learned, if we learned anything, was clearly, single workloads don't win.

如果我們學到了什麼的話，我們所學到的就是，單一工作負載顯然不會獲勝。

You need breadth and depth of workloads and environments to really be valuable to customers because that's how you protect.

您需要工作負載和環境的廣度和深度才能真正對客戶有價值，因為這就是您的保護方式。

You can't have partial.

你不能有部分。

You need to be completely covered and completely be resilient.

你需要完全被覆蓋並且完全有彈性。

So we think that that's going to be key too.

所以我們認為這也將是關鍵。

And we're very happy with the acquisitions we've made.

我們對我們所做的收購感到非常滿意。

Appranix, in a few months, we've doubled the revenue, the contribution from that.

Appranix，在幾個月內，我們的收入以及由此帶來的貢獻翻了一番。

And with Clumio, everything we've seen is great and the pipeline is growing.

對於 Clumio，我們所看到的一切都很棒，而且管道正在不斷增長。

Jen?

珍？

Thanks, Sanjay.

謝謝，桑傑。

And then, Jim, to your second question.

然後，吉姆，回答你的第二個問題。

First of all, I would highlight the fact that, yes, you're right, our FY '25 results includes not only our organic performance and a few points from Clumio.

首先，我要強調一個事實，是的，你是對的，我們 25 財年的表現不僅包括我們的有機表現和 Clumio 的一些要點。

And so we sit at between 17% or 18% on an organic growth rate.

因此，我們的有機成長率在 17% 到 18% 之間。

As you think about going forward, I think 15% ARR growth year-over-year is not a bad place for you to be.

當你考慮未來時，我認為 15% 的 ARR 年成長對你來說並不是一件壞事。

As we think about just overall our organic continued contribution.

當我們整體考慮我們的有機持續貢獻時。

We'll have more.

我們會有更多。

That's helpful.

這很有幫助。

And we'll share more in the next quarter.

我們將在下個季度分享更多資訊。

Sounds good.

聽起來不錯。

Sanjay, just circling back, some concerns -- obviously, we're talking about IT budgets for '25 here, but there's some concerns around how Europe looks.

Sanjay，剛剛回過頭來，有一些擔憂 - 顯然，我們在這裡討論的是 25 年的 IT 預算，但也有人擔心歐洲的情況。

So how should we think about the growth in Europe this year versus last, especially in light of a lot of those entities having to go through the DORA regulation this past month?

那麼，我們應該如何看待歐洲今年與去年相比的成長，特別是考慮到許多實體在上個月必須透過 DORA 監管？

I mean DORA has been coming for a while.

我的意思是多拉來已經有一段時間了。

So we've been working with customers for, not this quarter, we can start this quarter, we've been working for a while to really make sure that they were ready for the compliance that they had to do as an example.

因此，我們一直在與客戶合作，而不是這個季度，我們可以從這個季度開始，我們已經工作了一段時間，以真正確保他們為他們必須遵守的合規性做好了準備。

And all over the world, there's different regulations that customers have to abide by.

在世界各地，客戶必須遵守不同的法規。

If you look at our business this past quarter, it was quite evenly spread between Americas and international.

如果你看看我們上個季度的業務，你會發現美洲和國際市場的分佈相當均勻。

Europe actually had a pretty good quarter for us this last quarter.

事實上，歐洲上個季度的季度表現相當不錯。

And without getting too much into our fiscal year '26 and the rest of calendar year '25, we're not looking at any substantial changes between our assumptions so far.

在不對我們的 26 財年和 25 日曆年的剩餘時間進行過多介紹的情況下，我們到目前為止還沒有看到我們的假設發生任何重大變化。

Thomas Blakey, Cantor Fitzgerald.

托馬斯·布萊基，康托·菲茨杰拉德。

Hey guys.

嘿夥計們。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

Great quarter.

很棒的季度。

My first question is on term license.

我的第一個問題是關於定期許可證的。

I just wanted to double click on that, Sanjay, if you could.

我只是想雙擊它，Sanjay，如果可以的話。

What are you seeing in terms of renewal conversations?

您在續約對話上看到了什麼？

How are those going?

那些進展如何？

And specifically, I want to know about the color related to expansion?

具體來說，我想知道與擴展相關的顏色？

You called out expansion.

你呼籲擴張。

Obviously, it's working on the SaaS side.

顯然，它是在 SaaS 方面發揮作用。

But on the term license side specifically, how is cyber kind of helping with the term license renewals?

但具體而言，在術語許可證方面，網路如何幫助術語許可證續約？

How does the renewal pipeline look?

更新管道看起來如何？

And in the past, capacity has been the main driver here, kind of a 105%, 110% NRR, what can we expect here and what are you seeing in the nearer term?

過去，容量一直是這裡的主要驅動因素，NRR 大約為 105%、110%，我們可以期待什麼？

And I have a follow-up.

我有一個後續行動。

So I'll start and just let you know that on a software term license, Q3 was very, very strong for us.

因此，我首先要讓您知道，在軟體期限許可方面，Q3 對我們來說非常非常強大。

We continue to see strong inflows.

我們繼續看到強勁的資金流入。

Q3 has historically been a strong renewal-type quarter for us and that continues to be the case.

從歷史上看，第三季度對我們來說是一個強勁的更新季度，而且情況仍然如此。

And overall, from an NRR perspective, that 105% to 110% is still absolutely the right ballpark.

總體而言，從 NRR 的角度來看，105% 到 110% 仍然絕對是正確的大致範圍。

Yeah.

是的。

And more qualitatively, what we've done is this year, we've built out a customer success organization that is working very closely with our customer base on making sure that they are resilient, that they have the latest and greatest technology, they're enabled.

從更定性的角度來說，我們今年所做的就是，我們建立了一個客戶成功組織，該組織與我們的客戶群密切合作，確保他們具有彈性，他們擁有最新、最好的技術，他們」重新啟用。

And that we're working closely with them to make sure that the best of what we have they have access to.

我們正在與他們密切合作，以確保他們能夠獲得我們所擁有的最好的東西。

So that's helping really with the conversations around renewals, pipeline around renewals.

因此，這確實有助於圍繞續訂的對話，圍繞著續訂的管道。

Our newer offerings, especially the ones that give them Air Gap Protect, gives them our immutable storage, gives them active directory protection, these are very accessible and important add-ons that enable the cycle.

我們的新產品，特別是那些為他們提供氣隙保護的產品，為他們提供不可變的存儲，為他們提供活動目錄保護，這些都是非常容易訪問且重要的附加組件，可以實現循環。

So, so far, as Jen said, quantitatively, our renewal last quarter, that's all we can talk about, were super healthy.

因此，到目前為止，正如 Jen 所說，從數量上來說，我們上個季度的續約，這就是我們所能談論的，是非常健康的。

And we think they're going to continue to be a solid business for us.

我們認為他們將繼續成為我們的一項可靠業務。

And just to qualify there or summarize there before I get to the second question, with all the new product and packaging that Gary's working on, all the new cyber products, on the term license side specifically, can we expect that 105%, 110% to expand going forward?

在我討論第二個問題之前，先進行一下限定或總結，Gary 正在開發的所有新產品和包裝，所有新的網路產品，特別是在術語許可方面，我們可以期望 105%、110%繼續擴大？

Now without offering guidance and just to get them wondering qualitatively from your conversations.

現在不提供指導，只是讓他們從你的談話中定性地思考。

I think I'll step in here.

我想我會介入這裡。

I think the best way to think about our overall NRR for software is still in the 105% to 110%.

我認為考慮軟體整體 NRR 的最佳方式仍然是 105% 到 110%。

What I would point you to is the opportunity to support both hybrid workloads and our SaaS NRR of 127% and the opportunity to continue to push our cross-sell motion.

我想向您指出的是支持混合工作負載和 127% 的 SaaS NRR 的機會，以及繼續推動我們的交叉銷售活動的機會。

Yeah.

是的。

Yeah.

是的。

That's super impressive and thank you for that, Jen.

這真是令人印象深刻，謝謝你，Jen。

My follow-up question is on margins like everybody else has been harping on.

我的後續問題是關於邊緣的，就像其他人一直在喋喋不休的那樣。

I just wanted to say, we kind of look out, first and foremost, what was the Clumio headwind on maybe operating margin here in the current and next quarter, especially the next quarter that we're in now?

我只是想說，我們首先要關注的是，Clumio 在本季度和下個季度（尤其是我們現在所處的下個季度）的營運利潤率方面面臨的阻力是什麼？

And if you look out fiscal '26, Jennifer, how are you balancing growth and leverage there with all the moving parts here?

如果你看看 26 財年，珍妮佛，你如何平衡那裡的成長和槓桿與這裡的所有活動部件？

That'll be helpful.

這會有幫助的。

And thank you again.

再次感謝您。

Great quarter.

很棒的季度。

Great question.

很好的問題。

So for us, I'll answer the question around Clumio, we said it would be dilutive for a couple of quarters, two or three quarters.

因此，對我們來說，我將回答有關 Clumio 的問題，我們說這會稀釋幾個季度、兩個或三個季度。

I would say a point or two is the right way to think about dilution on the margin side of things.

我想說一兩點是考慮利潤方面稀釋的正確方法。

But if I zoom out and think about continued investment, you heard both Sanjay and I talk about the fact that the market is absolutely growing for cyber resiliency products.

但如果我縮小範圍並考慮持續投資，您會聽到 Sanjay 和我談論這樣一個事實：網路彈性產品的市場絕對在成長。

The demand for our Commvault Cloud products absolutely resonate, and we continue to see robust demand from our customers.

對我們 Commvault 雲端產品的需求絕對引起共鳴，並且我們繼續看到客戶的強勁需求。

And also, we see a really strong execution from our own team.

而且，我們看到我們自己團隊的執行力非常強大。

Increased close rates, double-digit productivity.

成交率提高，生產力達兩位數。

All that to say that when we're in a decision, we win the majority of the time.

所有這些都表明，當我們做出決定時，大多數時候我們都會獲勝。

And so as we think about FY '26 investments, of course, we will be balanced.

因此，當我們考慮 26 財年的投資時，我們當然會保持平衡。

But at the same time, we know that we want to be in incrementally even more decisions because we know the market, it's the right time for us to continue to capture market share.

但同時，我們知道我們希望逐步做出更多決策，因為我們了解市場，現在是我們繼續佔領市場份額的正確時機。

And at the risk of repeating ourselves, we're clipping the rule of 40 consistently.

冒著重複的風險，我們不斷地削減 40 的規則。

We're very proud of that because as much as we're growing 21% on the top line, margins too are very, very healthy, and we're making balanced investments.

我們對此感到非常自豪，因為儘管我們的營收成長了 21%，但利潤率也非常非常健康，而且我們正在進行平衡投資。

We've always said responsible growth, and we continue with that trajectory.

我們一直強調負責任的成長，並且我們將繼續遵循這一軌跡。

Very impressive.

非常令人印象深刻。

Thank you.

謝謝。

Thank you.

謝謝。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah.

是的。

Thanks for the follow-up.

感謝您的跟進。

I wanted to go just on a partner ecosystem.

我只想進入合作夥伴生態系統。

You mentioned obviously this last quarter, announcing engagement with AWS with Commvault Cloud platform.

您顯然提到了上個季度，宣布透過 Commvault 雲端平台與 AWS 合作。

You also referenced Microsoft Active Directory.

您也引用了 Microsoft Active Directory。

I'm curious, as you think about these opportunities, Sanjay, does it take a while to see these start to come to fruition as far as incremental revenue opportunities or do you think that we should be considering that as an incremental driver already starting in this current and maybe into the June quarter?

我很好奇，桑傑，當您考慮這些機會時，是否需要一段時間才能看到這些機會開始實現增量收入機會，或者您認為我們應該將其視為已經開始的增量驅動因素嗎？也許進入六月季度？

I'm just curious how you think about the ramp of those.

我只是好奇你如何看待這些斜坡。

It takes time because you build it, you got to make sure that the customer understands, it fits into their life cycle.

這需要時間，因為你建立它，你必須確保客戶理解，它適合他們的生命週期。

So it does take a little bit of time.

所以這確實需要一點時間。

Some go faster than others.

有些人比其他人走得更快。

We've been very, very pleased with Active Directory, as an example.

例如，我們對 Active Directory 非常非常滿意。

That one has a lot of quick wins.

那一個有很多快速的勝利。

Customers see the value.

客戶看到了價值。

They're able to put it into place quickly.

他們能夠快速地將其落實到位。

It's the right price point.

這是合適的價位。

So for some, it's a lot easier as a workload to absorb.

因此，對某些人來說，這是一種更容易吸收的工作量。

It took us a while to get it all done.

我們花了一段時間才完成這一切。

But Google Workspace also, that was built out of customer demand.

但 Google Workspace 也是根據客戶需求而建構的。

And so all of this I think has a ramp.

所以我認為所有這一切都有一個斜坡。

Nothing happens overnight.

一夜之間什麼事也不會發生。

It has a ramp.

它有一個坡道。

And one of the other things that we're also investing that's important because accessibility for customers, ease of use in deploying, marketplaces, hyperscale marketplaces, so whether it's the Microsoft marketplace or the AWS marketplace.

我們也投資的另一件事很重要，因為客戶的可存取性、部署的易用性、市場、超大規模市場，無論是 Microsoft 市場還是 AWS 市場。

Supporting those also enables us to be able to get the product into the hands of customers faster because it's a natural way for them to acquire.

支援這些也使我們能夠更快地將產品交到客戶手中，因為這是他們獲取產品的自然方式。

And then as a quick follow-up just characterization of the competitive landscape.

然後作為快速跟進，描述競爭格局。

Who do you see the most and who do you see as the kind of opportunity set that you're able to displace?

您最常見到誰，您認為誰是您能夠取代的機會集？

We have been very clear that what we focus on is resilience.

我們非常清楚，我們關注的是韌性。

And resilience equates to the customer's ability to recover their business, their continuous capabilities, their connected businesses.

彈性相當於客戶恢復業務、持續能力和互聯業務的能力。

We do that in a scalable way within a hybrid multi-cloud enterprise.

我們在混合多雲企業中以可擴展的方式做到這一點。

People do big parts of that.

人們做了其中很大一部分。

They don't do everything we do with the scale we do with that which is why we've been here in the public markets since 2006.

他們所做的一切並沒有像我們那樣規模化，這就是我們自 2006 年以來一直進入公開市場的原因。

Very clearly good at what we do.

顯然我們很擅長我們所做的事情。

We have 1,100 patents in that space.

我們在該領域擁有 1,100 項專利。

So we take that innovation.

所以我們採取了這種創新。

And we take the way we bring things to market very seriously.

我們非常重視將產品推向市場的方式。

So Cleanroom, Backtrack, these sort of technologies I don't think are available with our competitors.

我認為 Cleanroom、Backtrack 等技術是我們的競爭對手所沒有的。

So our FedRAMP High, we're the only ones who have that certification.

因此，我們的 FedRAMP High 是唯一擁有該認證的人。

These are the kinds of things that make us very different and valuable, I believe, to our customers.

我相信，正是這些因素使我們與眾不同，對我們的客戶來說也很有價值。

So we're going to keep going that route.

所以我們將繼續沿著這條路走。

We're going to keep separating ourselves with great innovation.

我們將透過偉大的創新不斷脫穎而出。

And we're kind of excited about the future.

我們對未來感到有點興奮。

Thank you.

謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the call back over to Mr. Melnyk for closing remarks.

我想將電話轉回給梅爾尼克先生做總結發言。

Thank you, everyone, for joining this morning.

謝謝大家今天早上的加入。

As a reminder, you can look at our earnings presentation available on the Investor Relations website to get a constant currency bridge.

提醒一下，您可以在投資者關係網站上查看我們的收益演示，以獲得恆定的貨幣橋樑。

And we'll be available for questions and feel free to reach out.

我們將隨時解答您的問題，並隨時與我們聯繫。

Thank you again.

再次感謝您。

Ladies and gentlemen, this concludes the conference call.

女士們、先生們，電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。