Commvault Systems Inc (CVLT) 2025 Q4 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Commvault Q4 fiscal year 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Michael Melnyk, Head of Investor Relations. Please go ahead.

感謝您的支持。現在，我歡迎大家參加 Commvault 2025 財年第四季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係主管 Michael Melnyk。請繼續。

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

早上好，歡迎參加我們的收益電話會議。在我們開始之前，我想提醒您，今天的電話會議上的陳述將包括有關 Commvault 未來期望、計劃和前景的前瞻性陳述。所有此類前瞻性陳述均受風險、不確定性和假設的影響。

Please refer to the cautionary language in today's earnings release and Commvault's most recent periodic reports filed with the SEC for a discussion of the risks and uncertainties that could cause the company's actual results to be materially different from those contemplated in these forward-looking statements. Commvault does not assume any obligation to update these statements.

請參閱今天的收益報告中的警示性語言以及 Commvault 向美國證券交易委員會提交的最新定期報告中的警示性語言，以了解可能導致公司實際結果與這些前瞻性陳述中預期的結果存在重大差異的風險和不確定性。Commvault 不承擔更新這些聲明的任何義務。

During this call, Commvault's financial results are presented on a non-GAAP basis. A reconciliation between the non-GAAP and GAAP measures can be found on our website. Thank you again for joining us. Now I'll turn it over to our CEO, Sanjay Mirchandani, for his opening remarks. Sanjay?

在本次電話會議中，Commvault 的財務表現以非 GAAP 為基礎呈現。您可以在我們的網站上找到非 GAAP 指標與 GAAP 指標之間的對帳表。再次感謝您的參與。現在，我將把時間交給我們的執行長 Sanjay Mirchandani，請他致開幕詞。桑傑？

Thanks, Mike. I apologize if I'm a bit raspy. I'm recovering from flu. Good morning, and thank you for joining today's call. I'm excited to share the results of another record-breaking Q4 and full fiscal year 2025.

謝謝，麥克。如果我說話有點粗魯，我深感抱歉。我的流感正在康復中。早安，感謝您參加今天的電話會議。我很高興與大家分享另一個破紀錄的 2025 財年第四季和全年業績。

First, let's talk about the quarter. Total revenue increased 23% to $275 million. Subscription revenue grew 45% to $173 million. Total ARR improved 21% to $930 million, and SaaS ARR jumped 68% to $281 million. Fiscal year '25 was a pivotal year.

首先，我們來談談本季的情況。總收入成長23%至2.75億美元。訂閱收入成長 45% 至 1.73 億美元。總 ARR 成長 21% 至 9.3 億美元，SaaS ARR 成長 68% 至 2.81 億美元。25 財年是關鍵的一年。

We reimagined resiliency for a cloud-first world. We doubled down on innovation and execution, and we firmly positioned ourselves as a growth company. We delivered highly differentiated data security and recovery offerings that make customers more resilient, including clean room, Active Directory, force level recovery and cloud rewind.

我們重新構想了雲端優先世界的彈性。我們加倍重視創新和執行，堅定地將自己定位為成長型公司。我們提供了高度差異化的資料安全性和復原產品，使客戶更具彈性，包括無塵室、Active Directory、強製等級復原和雲端回放。

We extended our partner ecosystem, including integrations with leading security players like Acante, Dasera, Google Threat Intelligence, Splunk and Wizz. We integrated two acquisitions that expand the breadth and depth of our platform, reaching new cloud buyers and serve new markets, notably with AWS workloads.

我們擴展了合作夥伴生態系統，包括與 Acante、Dasera、Google Threat Intelligence、Splunk 和 Wizz 等領先安全公司的整合。我們整合了兩項收購，擴大了我們平台的廣度和深度，接觸了新的雲端買家並服務新的市場，特別是 AWS 工作負載。

We reignited growth in our land business, adding nearly 3,000 subscription customers. We drove a double-digit improvement in sales productivity. And on a Rule of 40 basis, we achieved 41 for the full fiscal year. As we begin fiscal year '26, Commvault has never been better positioned to succeed and win. Let me talk about our three fundamental growth drivers.

我們的土地業務重新開始成長，增加了近 3,000 名訂閱客戶。我們推動了銷售效率的兩位數提升。按照 40 個規則，我們整個財政年度實現了 41 個。當我們開始 26 財年時，Commvault 已經做好了前所未有的準備去取得成功和贏得勝利。讓我來談談我們的三個基本成長動力。

First, we expect to benefit from strong secular tailwinds tied to cyber resilience. Second, in a cloud-first world, our approach to continuous business is second to none. Third, we're executing both internally and with our growing partner ecosystem. I'll discuss each driver in more detail. First, cyber resilience remains a top strategic priority for organizations.

首先，我們預計將受益於與網路彈性相關的強勁長期順風。其次，在雲端優先的世界中，我們對持續業務的方法是首屈一指的。第三，我們在內部和不斷壯大的合作夥伴生態系統中共同執行。我將更詳細地討論每個驅動程式。首先，網路彈性仍是組織的首要策略重點。

Ransomware and sophisticated cyber-attacks are increasing in frequency. Cloud environments are more complex, and there are emerging use cases around AI. As such, organizations are increasingly turning to Commvault to keep their business continuous. Some recent notable customer wins include American Tower, Cinemark Holdings, Janus International, McGraw Hill and Blue Origin, among others.

勒索軟體和複雜的網路攻擊的頻率正在增加。雲端環境更加複雜，並且圍繞著人工智慧的用例不斷湧現。因此，越來越多的組織開始採用 Commvault 來維持業務的連續性。最近贏得的一些著名客戶包括 American Tower、Cinemark Holdings、Janus International、McGraw Hill 和 Blue Origin 等。

Whether it's on-prem or in the cloud, Commvault gives customers the flexibility to choose the best resilience solution at the lowest total cost of ownership. For example, this quarter, we helped one of Europe's largest financial institutions enhance its resilience while consolidating multiple data centers. By deploying Commvault Hyperscale X, this customer significantly reduced its hardware costs, simplified its day-to-day operations and enhanced its overall cyber resilience posture.

無論是在本地還是在雲端，Commvault 都能讓客戶靈活地以最低的整體擁有成本選擇最佳的彈性解決方案。例如，本季度，我們幫助歐洲最大的金融機構之一整合了多個資料中心，同時增強了其彈性。透過部署 Commvault Hyperscale X，該客戶顯著降低了硬體成本，簡化了日常營運並增強了整體網路彈性態勢。

As customers threats grow and become more sophisticated, we're supporting GDPR and DORA in the EU and SOCI and APRA in Australia. Our ability to support compliance is contributing to strong growth internationally. For example, in EMEA, we partnered with Accenture Italia to support a leading Italian banking group with DORA compliance.

隨著客戶威脅的成長和變得更加複雜，我們支持歐盟的 GDPR 和 DORA 以及澳洲的 SOCI 和 APRA。我們支持合規的能力正在促進國際上的強勁成長。例如，在歐洲、中東和非洲地區，我們與埃森哲義大利公司合作，支持一家領先的義大利銀行集團遵守 DORA 規定。

The same bank transitioned away from two legacy vendors and consolidated on Commvault to enhance its cyber resilience posture. And in APAC, a large global financial services company chose Commvault to protect its AWS workloads using an air gap immutable copy of its data to support compliance requirements. We also offered this customer a more elegant solution at a lower total cost of ownership than the incumbent provider.

該銀行從兩家傳統供應商轉型至 Commvault，以增強其網路彈性態勢。在亞太地區，一家大型全球金融服務公司選擇 Commvault 來保護其 AWS 工作負載，使用其資料的氣隙不可變副本來滿足合規性要求。我們也為該客戶提供了比現有供應商更低的整體擁有成本的更優雅的解決方案。

Our success extended into highly regulated industries like healthcare and financial services. This was evident in Q4 and we landed one of America's largest financial institutions.

我們的成功延伸至醫療保健和金融服務等嚴格監管的行業。這在第四季度得到了體現，我們入駐了美國最大的金融機構之一。

We had a number of big wins with banks this quarter, and you'll hear more examples of that throughout my prepared remarks. These strong customer testimonials reflect current tailwinds in the industry and lead us to our second growth driver, our unique approach to continuous business, a state of always-on business availability and resilience for the modern enterprise.

本季度，我們與多家銀行取得了重大合作，在我的準備發言中，您將聽到更多這樣的例子。這些強而有力的客戶評價反映了業界當前的順風，並引領我們走向第二個成長動力，即我們獨特的持續業務方法，即現代企業始終在線的業務可用性和彈性狀態。

With continuous business, traditional backup and disaster recovery solutions are no longer enough. Customers require a platform with the breadth and depth that can help them rapidly recover their entire business, data, applications and infrastructure together. That's what Commvault's offerings uniquely provide.

隨著業務的持續發展，傳統的備份和災難復原解決方案已不再足夠。客戶需要一個具有廣度和深度的平台，可以幫助他們快速恢復整個業務、資料、應用程式和基礎設施。這就是 Commvault 產品所獨有的功能。

Let's look at a few examples, starting with Active Directory. Often call the backbone of enterprise ID. It's estimated that Active Directory and Entra ID manage authentication for more than 600 million users worldwide and control access to critical business systems, protecting everything from workstation logins to physical building access.

讓我們來看幾個例子，從 Active Directory 開始。通常稱企業骨幹為ID。據估計，Active Directory 和 Entra ID 管理著全球超過 6 億用戶的身份驗證並控制對關鍵業務系統的訪問，保護從工作站登入實體建築訪問的一切。

If Active Directory goes offline, business operations can grant to halt. It's no surprise that bad actors make Active Directory a primary target in 9 out of 10 cyberattacks. And to Commvault. Commvault recently introduced Active Directory force level recovery, automating rapid recovery of everything from users, groups and permissions to domain controllers across the organization.

如果 Active Directory 離線，業務運作可以暫停。毫不奇怪，在 10 起網路攻擊中，有 9 起都是惡意行為者將 Active Directory 作為主要目標。以及 Commvault。Commvault 最近推出了 Active Directory 強制等級恢復，可自動快速恢復整個組織內從使用者、群組和權限到網域控制站的所有內容。

What could take days to recover now takes a fraction of the time. In Q4, Active Directory was one of the company's fastest-growing SaaS offerings. A second example of how we're enabling continuous business is Cloud Rewind.

以前需要幾天才能恢復的情況現在只需花費一小部分時間。在第四季度，Active Directory 是該公司成長最快的 SaaS 產品之一。我們實現持續業務的第二個例子是 Cloud Rewind。

After a cyberattack, one of the most complex, costly and time-consuming steps in the recovery process is rebuilding cloud-native applications that power and run their data. This can take weeks, a luxury our customers do not have. Commvault Cloud Rewind enables customers to rapidly rebuild their applications and the infrastructure and configurations that power them so they can get back to business. And as more organizations embrace AI, they need to be able to recover AI data at a moment's notice. This brings me to a third example of how we're enabling continuous business.

遭受網路攻擊後，復原過程中最複雜、最昂貴、最耗時的步驟之一是重建為其資料提供支援和運行的雲端原生應用程式。這可能需要數週時間，而我們的客戶卻無法享受這樣的奢侈。Commvault Cloud Rewind 使客戶能夠快速重建其應用程式以及為其提供支援的基礎架構和配置，以便他們能夠恢復業務。隨著越來越多的組織採用人工智慧，他們需要能夠隨時恢復人工智慧資料。這讓我想到了我們如何實現持續業務的第三個例子。

Many companies store massive AI data repositories on Amazon S3. If that data crossed or lost, our Commvault Cloud offerings like Backtrack can help customers rapidly recover these massive data sets with billions of objects fast. In fact, according to our research, Clumio's server-less orchestration engine can scale to hundreds of petabytes and restore data at 10 times the speed of other solutions. The need for the technology has never been greater. For example, Atlassian, the software company, chose Clumio to help protect dozens of petabytes of Amazon S3 data and billions of objects across numerous geographies.

許多公司在 Amazon S3 上儲存大量 AI 資料儲存庫。如果資料交叉或遺失，我們的 Commvault Cloud 產品（如 Backtrack）可以幫助客戶快速恢復包含數十億個物件的大量資料集。事實上，根據我們的研究，Clumio 的無伺服器編排引擎可以擴展到數百 PB，並以其他解決方案 10 倍的速度恢復資料。這項技術的需求從未如此強烈。例如，軟體公司 Atlassian 選擇 Clumio 來幫助保護數十 PB 的 Amazon S3 資料和遍布眾多地區的數十億個物件。

Clumio's massively scalable solution significantly reduced backup and restore times and helped cut costs by more than 50%. This showcases Clumio's enterprise-grade data protection at cloud scale, where traditional solutions simply can't compete. The three offerings I just discussed, Active Directory, Cloud Revine, and Clumio Backtrack are pivotal to enabling continuous business. And when it comes to addressing key customer pain points, they're even better together. This brings us to our third major growth driver for fiscal year '26, executing internally and with our partner ecosystem.

Clumio 的大規模可擴展解決方案顯著減少了備份和恢復時間，並幫助降低了 50% 以上的成本。這展示了 Clumio 在雲端規模上的企業級資料保護，這是傳統解決方案根本無法比擬的。我剛剛討論的三種產品，Active Directory、Cloud Revine 和 Clumio Backtrack 對於實現持續業務至關重要。在解決關鍵客戶痛點方面，他們的合作效果更佳。這是我們 26 財年的第三個主要成長動力，即內部執行和與我們的合作夥伴生態系統的合作。

We drove record levels of inflow, improved close rates, and increased rep productivity while growing our sales force. Building on that momentum, in Q4, we saw a record contribution from partners to our land business. I'll share just a few examples. Partnering with Hitachi and Pure, we displaced two incumbent providers to help a Fortune 500 global finance firm standardize its platform and enhance its cyber resilience with strict time to recovery efforts. Our ability to secure the entire data estate at scale was key to this win.

我們在擴大銷售隊伍的同時，也推動了創紀錄的流入量、提高了成交率並提高了銷售代表的生產力。在此勢頭的基礎上，在第四季度，我們看到合作夥伴對我們的土地業務做出了創紀錄的貢獻。我只分享幾個例子。我們與日立和 Pure 合作，取代了兩家現有供應商，幫助一家財富 500 強全球金融公司標準化其平台，並透過嚴格的恢復時間增強其網路彈性。我們大規模保護整個資料資產的能力是取得這場勝利的關鍵。

Next, with HPE, we enabled a large European bank to enhance its cyber resilience posture and supported the DORA compliance deadlines. And partnering with Kyndryl, we displaced the incumbent to help a large UK bank modernize its cloud footprint and support its DORA compliance. Our ability to protect the most applications with a single solution, address and test security concerns with Commvault clean room, and provide the fastest time to recovery were key competitive differentiators.

接下來，我們與 HPE 合作，幫助一家大型歐洲銀行增強其網路彈性態勢，並支援 DORA 合規期限。我們與 Kyndryl 合作，取代了現任者，幫助一家大型英國銀行實現其雲端運算足跡的現代化，並支持其 DORA 合規性。我們能夠使用單一解決方案保護大多數應用程式、利用 Commvault 無塵室解決和測試安全問題、並提供最快的恢復時間，這些都是我們主要的競爭優勢。

We also doubled down on our relationships with leading hyperscalers, supporting our customers as they accelerate the move to the cloud. This fueled additional growth as our marketplace transactions grew nearly 50% quarter-on-quarter and over 250% year-on-year. Building on the momentum in fiscal year '25, we plan to continue investing in cloud and data security integrations across our partner ecosystem.

我們也加倍加強了與領先的超大規模企業的關係，支持我們的客戶加速向雲端遷移。這推動了進一步的成長，我們的市場交易量較上季成長近 50%，年成長超過 250%。基於 25 財年的良好勢頭，我們計劃繼續投資於整個合作夥伴生態系統的雲端和資料安全整合。

In closing, as we head into fiscal year '26, we believe the opportunity before us is compelling. And as we grow and expand our portfolio into higher-growth adjacent markets like data security and cloud security, we are attracting new buyers and significantly increasing our total addressable market. We now estimate this opportunity to be approximately $24 billion.

最後，當我們進入 26 財年時，我們相信我們面前的機會是誘人的。隨著我們不斷發展並將產品組合擴展到資料安全和雲端安全等更高成長的鄰近市場，我們正在吸引新的買家並大幅增加我們的總目標市場。我們現在估計這個機會的價值約為 240 億美元。

While we continue to monitor the macro environment, our business remains strong, our team is executing, and we're winning new customers. We're confident in our outlook and excited about the future as the most innovative cyber resilience platform in the industry. I want to thank our entire team for their dedication and hard work. Our people are the driving force behind everything we do. And the energy and enthusiasm I witnessed our sales kickoff a few weeks ago is any indication, we are ready to deliver for our customers and partners again in fiscal year '26.

在我們繼續監控宏觀環境的同時，我們的業務仍然強勁，我們的團隊正在執行，我們正在贏得新客戶。作為業界最具創新性的網路彈性平台，我們對自己的前景充滿信心，並對未來感到興奮。我要感謝我們整個團隊的奉獻和辛勤工作。我們的員工是我們所做的一切的驅動力。幾週前我見證了我們銷售啟動時的活力和熱情，這表明我們已準備好在 26 財年再次為我們的客戶和合作夥伴提供服務。

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

現在我將把時間交給我們的財務長 Jen DiRico 來討論我們的表現。珍？

Thanks, Sanjay. As Sanjay noted, Q4 was another excellent quarter, driven by strong performance across geographic regions, increased contributions from our new offerings, elevated new customer growth, and healthy renewal and expansion activity within our installed base.

謝謝，桑傑。正如桑傑所指出的，第四季度又是一個出色的季度，這得益於各地區表現強勁、新產品貢獻增加、新客戶增長加快以及已安裝客戶群的健康更新和擴展活動。

I'm proud to say that our platform and our message are resonating with customers, and our team is executing against a growing market opportunity. I want to thank all the Vaulters that contributed to the best fiscal year that Commvault has ever seen. Now I'll discuss our Q4 results and operating metrics, followed by a discussion of guidance for Q1 and fiscal '26.

我很自豪地說，我們的平台和訊息引起了客戶的共鳴，我們的團隊正在抓住不斷增長的市場機會。我要感謝所有為 Commvault 有史以來最好的財政年度做出貢獻的 Vaulters。現在我將討論我們的第四季業績和營運指標，然後討論第一季和 26 財年的指導。

Please note that all growth rates are compared on a year-over-year basis unless otherwise specified. Total ARR increased by 21% to $930 million on a reported basis. For a like-for-like comparison of FX-adjusted ARR to prior quarters, please refer to page 27 of the Q4 earnings presentation. Subscription ARR grew 31% to $780 million, including a substantial 68% increase in SaaS ARR, totaling $281 million. Subscription ARR now constitutes 84% of total ARR compared to 77% one year ago.

請注意，除非另有說明，所有成長率均以同比計算。據報道，總 ARR 成長 21%，達到 9.3 億美元。有關外匯調整後 ARR 與前幾季的同類比較，請參閱第四季財報的第 27 頁。訂閱 ARR 成長 31% 至 7.8 億美元，其中 SaaS ARR 大幅成長 68%，總額達 2.81 億美元。訂閱 ARR 目前佔總 ARR 的 84%，而一年前為 77%。

We consider subscription ARR to be the best indicator of the company's growth profile as it adjusts for the lower growth of our perpetual license and customer support businesses. Now I'll discuss Q4 revenue trends. Total revenue increased 23% to $275 million, driven by a robust 45% increase in subscription revenue. The growth in subscription revenue was driven by momentum across our SaaS platform, healthy growth in our software land business, and expansion with existing customers. Revenue from term software transactions over $100,000 increased by 38%, benefiting equally from an improvement in volume and average transaction size.

我們認為訂閱 ARR 是公司成長狀況的最佳指標，因為它可以適應我們永久授權和客戶支援業務的較低成長。現在我將討論第四季的營收趨勢。總營收成長 23%，達到 2.75 億美元，這得益於訂閱收入強勁成長 45%。訂閱收入的成長得益於我們 SaaS 平台的發展勢頭、軟體土地業務的健康成長以及現有客戶的擴張。超過 10 萬美元的學期軟體交易收入成長了 38%，這同樣受益於交易量和平均交易規模的提高。

This included more than a dozen transactions over $1 million. Many of these transactions carried multi-year terms as customers view Commvault as the strategic partner of choice to help them address their evolving cyber resilience needs. This presents an exciting opportunity for us to grow and expand with them as their needs evolve.

其中包括十幾筆價值超過 100 萬美元的交易。由於客戶將 Commvault 視為幫助他們滿足不斷變化的網路彈性需求的首選策略合作夥伴，因此許多交易都具有多年期限。這為我們提供了一個令人興奮的機會，讓我們能夠隨著他們需求的變化而共同成長和擴張。

For example, we recently landed one of the world's largest consumer product companies that was using a costly patchwork of competitive offerings. Commvault centralized its numerous heterogeneous workloads, enhanced its data security, and lowered its costs across multiple clouds, factories, and data centers.

例如，我們最近收購了世界上最大的消費品公司之一，該公司正在使用成本高昂的拼湊式競爭產品。Commvault 集中了其眾多異質工作負載，增強了其資料安全性，並降低了跨多個雲端、工廠和資料中心的成本。

Our growth this quarter wasn't limited to large deals. Q4 was also the best volume quarter of the year for term software transactions under $100,000, and we added 700 new subscription customers, surpassing 12,000 worldwide. Existing customer expansion remained healthy with Q4 SaaS net dollar retention rate steady at 127%, driven by both upsell and cross-sell.

本季我們的成長不僅限於大型交易。第四季也是今年 10 萬美元以下定期軟體交易量最好的一個季度，我們增加了 700 個新訂閱客戶，全球訂閱客戶總數超過 12,000 個。現有客戶擴張保持健康，第四季 SaaS 淨美元留存率穩定在 127%，這得益於追加銷售和交叉銷售。

SaaS ARR saw notable growth from new products, particularly Active Directory, Cleanroom and Threat Scan. For example, we secured a seven figure multi-year renewal with an existing Commvault customer that recognize the value and innovation that we deliver.

SaaS ARR 從新產品中看到了顯著的成長，尤其是 Active Directory、Cleanroom 和 Threat Scan。例如，我們與現有的 Commvault 客戶達成了七位數的多年續約協議，該協議認可我們提供的價值和創新。

This Fortune 500 clean energy production company expanded existing workloads, including Air Gap Protect, VMs, M365 and Active Directory. In addition, to help mitigate the impact of cyber incidents and support continuous business operations, the company added numerous cyber offerings, including risk analysis, Threat Scan and Cleanroom.

這家財富 500 強清潔能源生產公司擴展了現有的工作負載，包括 Air Gap Protect、VM、M365 和 Active Directory。此外，為了幫助減輕網路事件的影響並支持持續的業務運營，該公司增加了許多網路產品，包括風險分析、威脅掃描和無塵室。

This customer is an example of why we are winning in the market and how we plan to build on this momentum in FY26. One of our strategic priorities for FY26 is to drive increased multiproduct adoption of our SaaS offerings. Today, approximately 30% of SaaS customers utilize multiple offerings.

這位客戶就是我們在市場上取得成功的原因以及我們計劃如何在 2026 財年繼續保持這一勢頭的一個例子。我們 2026 財年的策略重點之一是推動更多產品採用我們的 SaaS 產品。如今，大約 30% 的 SaaS 客戶使用多種產品。

As we have shared in the past, there is significant potential to drive this percentage higher over time by monetizing our cyber offerings like Active Directory, Threat Scan and Cleanroom as well as our enhanced AWS offerings like Clumio Backtrack. Today, approximately 30% of SaaS customers utilize multiple offerings.

正如我們過去所分享的，透過將我們的網路產品（如 Active Directory、Threat Scan 和 Cleanroom）以及增強 AWS 產品（如 Clumio Backtrack）貨幣化，這一百分比具有很大的潛力。如今，大約 30% 的 SaaS 客戶使用多種產品。

As we have shared in the past, there is significant potential to drive this percentage higher over time by monetizing our cyber offerings like Active Directory, ThreatScan and Cleanroom as well as our enhanced AWS offerings like Clumio Backtrack.

正如我們過去所分享的，透過將我們的網路產品（如 Active Directory、ThreatScan 和 Cleanroom）以及增強 AWS 產品（如 Clumio Backtrack）貨幣化，這一百分比具有很大的潛力。

Now I'll discuss our consistent profitability and free cash flow, which demonstrates our commitment to a responsible growth philosophy. Fiscal Q4 gross margins were 83.1% reflecting a strong mix of term software sales, combined with a continued focus on driving optimization in our SaaS margins.

現在我將討論我們持續的獲利能力和自由現金流，這表明了我們對負責任的成長理念的承諾。第四財季毛利率為 83.1%，反映了定期軟體銷售的強勁成長，同時我們持續專注於推動 SaaS 利潤率的最佳化。

Going forward, we continue to expect total gross margins to be in the low 80% range over time as SaaS becomes a larger mix of the overall business. Operating expenses of $168 million represented 61% of total revenue compared to 62% in the prior year. Q4 operating expenses included previously disclosed growth driving investments and higher commission and bonuses on record sales results.

展望未來，隨著 SaaS 在整個業務中所佔比例越來越大，我們預計總毛利率將維持在 80% 左右。營運費用為 1.68 億美元，佔總收入的 61%，而去年同期為 62%。第四季營運費用包括先前揭露的成長驅動投資以及創紀錄的銷售業績帶來的更高的佣金和獎金。

Non-GAAP EBIT grew 31% to $59 million, with margins up 130 basis points year-over-year to 21.5%. Non-GAAP EBIT benefited from strong flow-through of revenue outperformance, which was driven by the continued hyper growth of our SaaS platform and a record quarter for term software transactions.

非公認會計準則息稅前利潤成長 31% 至 5,900 萬美元，利潤率年增 130 個基點至 21.5%。非公認會計準則息稅前利潤受益於強勁的收入流出，這得益於我們 SaaS 平台的持續高速增長以及定期軟體交易創紀錄的季度。

Now moving to some key balance sheet and cash flow metrics. We ended the quarter with no debt and $302 million in cash. Q4 free cash flow of $76 million and full year free cash flow of $204 million came in at the high end of our guidance. The biggest drivers of free cash flow are deferred revenue from SaaS contracts and the strength of our term software business, which typically includes upfront payments on multiyear contracts.

現在轉向一些關鍵的資產負債表和現金流指標。本季結束時，我們沒有債務，並且擁有 3.02 億美元現金。第四季自由現金流為 7,600 萬美元，全年自由現金流為 2.04 億美元，均達到我們預期的高點。自由現金流的最大驅動力是來自 SaaS 合約的遞延收入和我們的定期軟體業務的強勁表現，後者通常包括多年期合約的預付款。

For the fiscal year ending March 31, 2025, we repurchased $165 million of stock, representing 81% of free cash flow, again, exceeding our guidance to return at least 75%.

在截至 2025 年 3 月 31 日的財政年度，我們回購了價值 1.65 億美元的股票，佔自由現金流的 81%，再次超過了我們至少 75% 的回報率預期。

Now I'll discuss our outlook for Q1 and fiscal year '26. I'm extremely proud of what we accomplished in fiscal year 2025. The rate of innovation at Commvault is impressive, and the breadth and depth of our platform is unmatched. As Sanjay said earlier, our innovations allow us to address new use cases, new buying personas and significantly expand our total addressable market, which we now estimate to be over $24 billion. We're excited about this larger, higher growth market opportunity and confident in our team's ability to execute.

現在我將討論我們對 2026 年第一季和財年的展望。我對我們 2025 財年的成就感到非常自豪。Commvault 的創新速度令人印象深刻，我們平台的廣度和深度無與倫比。正如桑傑之前所說，我們的創新使我們能夠解決新的用例、新的購買角色，並顯著擴大我們的總目標市場，我們現在估計該市場超過 240 億美元。我們對這個更大、更高成長的市場機會感到興奮，並對我們團隊的執行能力充滿信心。

At the same time, we're closely monitoring the macro environment and potential changes in demand trends. For fiscal Q1 '26, we expect subscription revenue, which includes both the software portion of term-based licenses and SaaS to be in the range of $166 million to $170 million. This represents 35% year-over-year growth at the midpoint.

同時，我們正在密切關注宏觀環境和需求趨勢的潛在變化。對於 2026 財年第一季度，我們預計訂閱收入（包括基於期限的許可證的軟體部分和 SaaS）將在 1.66 億美元至 1.7 億美元之間。這意味著中期年增 35%。

We expect total revenue to be in the range of $266 million to $270 million, with growth of 19% at the midpoint. At these revenue levels, we expect Q1 consolidated gross margins to be in the range of 81% to 82%.

我們預計總收入將在 2.66 億美元至 2.7 億美元之間，中間值成長率為 19%。在這些收入水準下，我們預計第一季綜合毛利率將在 81% 至 82% 之間。

We expect Q1 non-GAAP EBIT margins of approximately 21%. Our projected diluted share count for fiscal Q1 is approximately 45 million shares. Now I'm happy to share our initial FY26 outlook. We expect fiscal year '26 total ARR growth of 16% to 17% year-over-year. This will be driven by subscription ARR which we expect to increase in the range of 22% to 23% year-over-year.

我們預計第一季非公認會計準則息稅前利潤率約為 21%。我們預計第一財季的稀釋股數約為 4,500 萬股。現在我很高興分享我們對 26 財年的初步展望。我們預計 26 財年總 ARR 將年增 16% 至 17%。這將受到訂閱 ARR 的推動，我們預計訂閱 ARR 將年增 22% 至 23%。

Beginning in FY26, we will report ARR on both a reported and an FX-adjusted basis using rates as of March 31, 2025. For a historical comparison, please refer to page 27 of our Q4 earnings presentation, which includes FY25 ARR rebased using these same rates. From a full year fiscal '26 revenue perspective, we expect subscription revenue to be in the range of $727 million to $732 million, growing 24% at the midpoint with strong contribution from both term software licenses and SaaS.

從 2026 財年開始，我們將使用截至 2025 年 3 月 31 日的匯率，以報告和外匯調整後的方式報告 ARR。如需進行歷史比較，請參閱我們第四季財報的第 27 頁，其中包括使用相同利率重新調整的 FY25 ARR。從 26 財年全年營收角度來看，我們預計訂閱營收將在 7.27 億美元至 7.32 億美元之間，中期成長 24%，其中定期軟體授權和 SaaS 的貢獻較大。

We expect total revenue of $1.13 billion to $1.14 billion, an increase of 14% at the midpoint. Moving to our full year fiscal '26 margin, EBIT and cash flow outlook. We expect gross margins to be 81% to 82%. This range reflects continued growth in our SaaS platform, which carries a different gross margin profile than software. We expect non-GAAP EBIT margins to be approximately 21%. Non-GAAP EBIT margins include our continued investments around additional growth-driving initiatives. We are projecting full year free cash flow of $210 million to $215 million.

我們預計總收入為 11.3 億美元至 11.4 億美元，中間值成長 14%。轉向我們對 26 財年全年利潤率、息稅前利潤和現金流的展望。我們預期毛利率為81%至82%。這一範圍反映了我們 SaaS 平台的持續成長，其毛利率狀況與軟體不同。我們預計非公認會計準則息稅前利潤率約為 21%。非公認會計準則息稅前利潤率包括我們對額外成長驅動計畫的持續投資。我們預計全年自由現金流為 2.1 億美元至 2.15 億美元。

This guidance reflects our transition to a cash taxpayer following the full utilization of our tax carryforward credits in fiscal 2025. From a capital allocation standpoint, our three core priorities remain unchanged: strategic M&A, share repurchases and reinvestment in the business. As we shared last quarter, the mix across these pillars may shift based on the opportunities we see in the market.

本指引反映了我們在 2025 財年充分利用稅收結轉抵免後向現金納稅人的轉變。從資本配置的角度來看，我們的三大核心重點保持不變：策略併購、股票回購和業務再投資。正如我們上個季度所分享的，這些支柱的組合可能會根據我們在市場上看到的機會而改變。

In closing, the investments we made in FY25 have positioned us well to capture a significantly larger market opportunity in FY26 and beyond. While we remain mindful of the broader macro environment, we're confident in our trajectory.

最後，我們在 25 財年進行的投資使我們在 26 財年及以後能夠抓住更大的市場機會。雖然我們仍然關注更廣泛的宏觀環境，但我們對我們的發展軌跡充滿信心。

Our initial FY26 guidance shows we are on pace to exceed our $1 billion total ARR and $330 million SaaS ARR targets ahead of schedule. To build on this momentum, we plan to continue to invest with focus and pace as we scale our leadership in cyber resilience.

我們最初的 FY26 指導顯示，我們預計提前超越 10 億美元的總 ARR 和 3.3 億美元的 SaaS ARR 目標。為了保持這一勢頭，我們計劃繼續有重點、有節奏地進行投資，擴大我們在網路彈性方面的領導地位。

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

現在我將把話題轉回給接線員，以便開通問答熱線。

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

謝謝。我們現在開始問答環節。（操作員指示）

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Hey, good morning, Sanjay, Jen. I just wanted to ask about the macro. Can you just talk about what you're hearing talking to customers, how they're thinking about the macro at this point in the month of April, how they're thinking about cyber resilience? And if there's any changes to sales cycles at this point or close rates in the last few weeks? And then lastly, Jen, just how you're thinking about these factors when you're thinking about building the guidance for fiscal '26?

嘿，早安，桑傑，珍。我只是想問一下宏。您能否談談您在與客戶交談時聽到的內容，他們如何看待四月份的宏觀經濟形勢，如何看待網路彈性？目前銷售週期或過去幾週的收盤率是否有任何變化？最後，Jen，當您考慮制定 26 財年指導時，您是如何考慮這些因素的？

Sure. Eric, so obviously, we've been spending a lot of time looking and hearing, and checking on what we should be assuming as part of our fiscal year '26 plan. At this point, the best indicators are conversations with customers and partners. And everything we're hearing so far is that cyber resilience continues to be a priority. And we don't see anything dramatically different from our assumptions going into Q1.

當然。艾瑞克，顯然，我們花了很多時間去觀察、傾聽和檢查我們應該在 26 財年計畫中假設什麼。此時，最好的指標是與客戶和合作夥伴的對話。到目前為止，我們所聽到的都是，網路彈性仍然是優先事項。我們認為第一季的情況與我們的假設沒有太大差異。

Now again, it's what we know and what we're close to. Having said that, we do have some very clear outcomes from the COVID period when we had supply chain issues. And so we've done things like we don't sell hardware.

再說一遍，這是我們所知道的和我們所接近的。話雖如此，我們在新冠疫情期間遇到的供應鏈問題確實帶來了一些非常明顯的後果。因此，我們採取了一些措施，例如不銷售硬體。

So we don't have any direct dependency on hardware, but customers obviously do some times if they're installing our software or we give them optionality with SaaS. So to net it out, I'd say it's a wait and watch. But at this point, no significant change between Q4 and Q1. Jen, do you want to add anything?

因此，我們不會直接依賴硬件，但如果客戶安裝我們的軟體或我們為他們提供 SaaS 選項，他們顯然有時會依賴硬體。因此，總的來說，我認為還是等待和觀察。但目前來看，第四季與第一季之間沒有顯著變化。Jen，還有什麼要補充嗎？

Yeah, sure. And so in terms of how we thought about guidance, the first thing I would just say to you is our philosophy is consistent with historicals. And I think overall, what you're hearing in our guidance is a balance between being prudent but also understanding there's a true need for our cyber resilience products and our own internal execution. And so as Sanjay said, we have constant conversations with partners and suppliers. And at this point, I think it's a balance, and we're feeling confident about the guidance that we've set out

是的，當然。因此，就我們如何看待指導而言，我首先要說的是，我們的理念與歷史是一致的。我認為總的來說，您在我們的指導中聽到的是在謹慎與理解我們的網路彈性產品和我們自己的內部執行的真正需求之間的平衡。正如桑傑所說，我們與合作夥伴和供應商保持持續的對話。目前，我認為這是一種平衡，我們對制定的指導方針充滿信心

That's great. And Jen, if I could just ask on the operating margin guidance. It's about flat year-over-year, again for the second year. I understand the momentum in the business and the reason to invest. But just a little bit more clarity on how you're thinking about the growth versus margin trade-off, where the investments are, and just maybe I would have thought we'd see some expansion kind of rolling off the Clumio acquisition last year that had some headwinds. Thanks.

那太棒了。Jen，可以問一下營業利益率指引嗎？與去年同期相比基本持平，這已經是第二年了。我了解業務的發展動能和投資的原因。但是，您如何看待成長與利潤之間的權衡，投資在哪裡，以及我可能認為我們會看到去年收購 Clumio 後出現某種擴張，儘管這遇到了一些阻力。謝謝。

So first of all, I would say we're really pleased with our FY25 performance. We hit Rule of 41 for the year, Rule of 45 for the quarter. As we think about next year, right, all of the same things we've seen around the secular tailwinds, our internal execution, the amount of buying decisions that continue in the market, lead us to want to continue to invest behind that opportunity. And so we're balancing those two things. And so ultimately, what I would say to you is we're continuing to invest behind the opportunity while also being thoughtful around our overall profitability.

首先，我想說我們對 25 財年的表現非常滿意。我們今年達到了 41 規則，本季達到了 45 法則。當我們考慮明年時，我們看到的長期順風、內部執行、市場上持續的購買決策數量等所有相同的事情，都促使我們想要繼續投資於這個機會。所以我們正在平衡這兩件事。所以最終，我想告訴你們的是，我們將繼續投資於這個機會，同時也會認真考慮我們的整體獲利能力。

And SaaS as a business is growing, that has a different margin profile. So all things considered, we think it's a pretty good plan.

SaaS 作為一項業務正在成長，其利潤狀況有所不同。所以綜合考慮，我們認為這是一個非常好的計劃。

Well, Demi, we'll take the next question, please.

好吧，黛米，請我們回答下一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question, and congrats on the solid fiscal year and the results. A couple of questions, if I can, real quick. In terms of Clumio, I think last quarter, you had alluded to that being roughly about a $24 million contribution in this last quarter. I'm curious if you could maybe help us appreciate how much Clumio provided this last quarter and kind of the momentum you're seeing there as you integrate that acquisition and really drive that business?

是的，感謝您提出這個問題，並祝賀您財政年度的穩健表現和取得的成果。如果可以的話，我快速問幾個問題。就 Clumio 而言，我想上個季度，您曾提到其貢獻約為 2400 萬美元。我很好奇，您是否可以幫助我們了解 Clumio 在上個季度提供了多少收益，以及在整合此次收購並真正推動業務發展時您所看到的勢頭？

So first, I'll tell you is we're really excited, we continue to be very excited about Clumio in terms of what it does in terms of expanding to additional customers and market segments. Going forward, we shared with you the Clumio business last quarter to give you complexion. Going forward, because we've integrated it fully into the platform, I won't be sharing specific guidance. What I can tell you is as we think about next year's guidance, there's about 100 bps in the number on total revenue.

首先，我要告訴你的是，我們真的很興奮，我們繼續對 Clumio 在擴展到更多客戶和細分市場方面所做的事情感到非常興奮。展望未來，我們在上個季度與您分享了 Clumio 業務，以便為您提供概況。展望未來，由於我們已將其完全整合到平台中，因此我不會分享具體的指導。我可以告訴你的是，當我們考慮明年的指導時，總收入的數字大約有 100 個基點。

And Aaron, Sanjay here. Just on the product, Clumio brings us some very unique capabilities with our ability to handle extremely large data sets on S3 and AWS, our ability to literally backtrack to previous versions in a fraction of the time, and even a capability that nobody has in the business. This bodes very well for large data sets and AI-type applications, data lakes. So we're really excited about it. We've put a considerable amount of focus on it for the new fiscal year.

還有 Aaron，Sanjay。僅在產品上，Clumio 就為我們帶來了一些非常獨特的功能，包括處理 S3 和 AWS 上的超大資料集的能力、在很短的時間內回溯到以前版本的能力，甚至還有業內任何人都不具備的功能。這對於大型資料集和人工智慧類型的應用程式、資料湖來說是一個非常好的兆頭。所以我們對此感到非常興奮。我們在新財政年度對此投入了相當大的精力。

And we think it's going to be a big differentiator. Now of course, we're not calling out numbers specifically around Clumio because it's part of our go-to-market and part of our overall offer.

我們認為這將是一個很大的區別因素。當然，現在我們不會特別提及 Clumio 的具體數字，因為它是我們進入市場的一部分，也是我們整體產品的一部分。

Yeah, fair enough. And then as a real quick follow-up, Jen, you talked about, obviously, the cross-sell, upsell opportunity. I think the 30% number is consistent with what we saw, I think, last quarter, maybe the last couple of quarters. I'm curious if you could help us appreciate the context of how much your SaaS portfolio has expanded.

是的，很公平。然後作為一個真正快速的後續問題，Jen，你顯然談到了交叉銷售和追加銷售的機會。我認為 30% 這個數字與我們上個季度，甚至過去幾季看到的情況一致。我很好奇您是否可以幫助我們了解您的 SaaS 產品組合擴充的程度。

And maybe in that definition of like, how do you define success? Like 30% goes to 50%? Or how are you thinking about that cross-sell opportunity within that SaaS customer base as you look out through the course of this next year?

也許在這樣的定義中，您如何定義成功？例如 30% 變成 50%？或者，展望明年，您如何看待 SaaS 客戶群中的交叉銷售機會？

Yeah, it's a great question, and I would say first of all, we really continue to be proud of the fact that our SaaS net dollar retention remains at 127%. As I've shared and consistent with prior quarters, that mix is largely two-third upsell, one-third cross-sell. We continue to see the continued adoption of newer offerings as well as our cyber offerings, things like AirGraft Protect, Active Directory, Cleanroom, ThreatScan, they made up 25% of our net new ARR this past quarter.

是的，這是一個很好的問題，首先我想說，我們真的為我們的 SaaS 淨美元保留率保持在 127% 而感到自豪。正如我所分享的並且與前幾季一致，這種組合主要是三分之二的追加銷售，三分之一的交叉銷售。我們繼續看到新產品以及網路產品的持續採用，例如 AirGraft Protect、Active Directory、Cleanroom、ThreatScan，它們占我們上個季度淨新 ARR 的 25%。

And so while the mix is similar to prior quarters, I would say the absolute number of multiproduct customers is materially up. And you heard in my prepared remarks, a couple of great examples of customers that are taking on more than one product. And so ultimately, I think we're really pleased. You heard this be a strategic priority. Without giving any sort of guidance, I think if you look at other peers in the industry where we show over time two, three, four products, I mean that's what we're looking to see over time.

因此，雖然產品組合與前幾季相似，但我認為多產品客戶的絕對數量大幅增加。在我的準備好的演講中，您聽到了幾個客戶購買多種產品的很好的例子。所以最終，我認為我們真的很高興。您聽說過這是一個戰略重點。在沒有給出任何指導的情況下，我想如果你看看行業中的其他同行，我們會隨著時間的推移展示兩、三、四種產品，我的意思是這就是我們希望看到的。

Yeah, thank you.

是的，謝謝。

Thank you.

謝謝。

Paramveer Singh, Oppenheimer.

帕拉姆維爾·辛格，奧本海默。

Yeah, hi, and thank you for taking my question. Really wanted to get a sense of what are you seeing in the competitive landscape? How that's changed after the close of the acquisition of Veritas by Cohesity. And you also mentioned that some of the other vendors such as Rubrik tend to be more stronger in cybersecurity. How are you addressing that? I would love to understand that. Thank you.

是的，你好，謝謝你回答我的問題。真的想了解一下競爭格局中的狀況嗎？Cohesity 收購 Veritas 之後，情況發生了怎樣的變化？您也提到，Rubrik 等其他一些供應商在網路安全方面往往更強大。您如何解決這個問題？我很想了解這一點。謝謝。

Sure. So our strategy has been about resilience. We've been on the journey of helping our customers be more resilient, which if you double-click is giving them a strong ability to recover in the face of either a cyberattack or any other type of situation. We're very focused on that. And we choose our battles carefully.

當然。所以我們的策略是注重彈性。我們一直致力於幫助客戶提高恢復能力，雙擊即可讓他們擁有強大的恢復能力，無論是面對網路攻擊還是任何其他類型的情況。我們非常關注這一點。我們會謹慎地選擇我們的戰鬥。

We believe with the best, our technology with Commvault Cloud in a hybrid world is the broadest capability there is. So customers work with us, and we shared a lot of new customers, large customers that have adopted the platform to make them more resilient. Now the overall on-premise market that some of the competitors you mentioned play in is flat to very low single digit. If you look at our growth, be it on revenue or ARR, it's healthy double digit, and that means we're taking share, right?

我們相信，憑藉最佳技術，我們在混合世界中採用的 ​​Commvault Cloud 技術具有最廣泛的功能。因此，客戶與我們合作，我們分享了許多新客戶，大客戶都採用了該平台來增強他們的彈性。現在，您提到的一些競爭對手所處的整體內部部署市場處於持平狀態，跌幅甚至非常低的個位數。如果你看看我們的成長，無論是收入還是 ARR，都是健康的兩位數，這意味著我們正在佔據市場份額，對嗎？

Sanjay, if I may follow up on that. One of the earlier questions was about the investments you're making organically, right? So I wanted to understand what type of workloads or capabilities do you want to focus on in the next year to three years that you feel are largely untapped at this point?

桑傑，我可以跟進一下嗎？之前的一個問題是關於您進行的投資，對嗎？所以我想了解一下，在未來一到三年內，您希望專注於哪些類型的工作量或能力，而您認為這些工作量或能力目前基本上還沒有開發？

Yeah, so if you look at, if you look at sort of where we think that, the way we've been sharing our platform, one is about anything to help customers with, it's not so much workload, but capabilities to help customers recover. So things like Cleanroom, our ability to help them recover with Active Directory forest level, which is fairly, which is really good technology, right, like not very needed.

是的，所以如果你看一下，如果你看一下我們的想法，我們共享平台的方式，一是可以幫助客戶做任何事情，這不是那麼多的工作量，而是幫助客戶恢復的能力。因此，像 Cleanroom 這樣的東西，我們能夠透過 Active Directory 林級幫助他們恢復，這相當不錯，是一項非常好的技術，對吧，雖然不是很需要。

If you look at what we're doing with Plumio and the Plumio capabilities, it's about scale and the ability to scale out, hundreds of petabytes of data in minutes and hours versus what would take, unpredictable amounts of time if customers need to roll back something. If you look at a rewind technology that we acquired through Aranics, which allows you to sort of rebuild at the click of a button, and literally, I mean click of a button, entire cloud native applications, configurations, the infrastructure that's needed to support it, and the data, of course, we are, we're changing the game.

如果您看一下我們對 Plumio 和 Plumio 功能所做的事情，您會發現它與規模和擴展能力有關，可以在幾分鐘和幾小時內處理數百 PB 的數據，而如果客戶需要回滾某些內容，則需要花費不可預測的時間。如果您看一下我們透過 Aranics 獲得的倒帶技術，它允許您透過點擊按鈕進行重建，字面上，我的意思是點擊按鈕，整個雲端原生應用程式、配置、支援它所需的基礎設施，當然，我們正在改變遊戲規則。

We're changing what. Protection means and what resilience means. Now with that we're obviously enhancing emerging workloads, be there, stuff that supports AI, be it things like factor databases, whether it's more cloud capabilities. So we continue to enhance the workloads, but really what we're really enhancing is our ability to make customers more resilient.

我們正在改變什麼。保護意味著什麼以及彈性意味著什麼。現在，我們顯然正在增強新興的工作負載，包括支援人工智慧的東西，無論是因子資料庫之類的東西，還是更多的雲端功能。因此，我們繼續增加工作量，但實際上我們真正增強的是讓客戶更有彈性的能力。

In the face of something that that brings that business down.

面對一些導致業務下滑的事情。

Great. And it's one last one if I could squeeze that in. Sanjay, I want to really get your view on this whole idea that, backup vendors could be the source of truth into LLMs and feed into it. Some of your competitors have talked about it. I want to get your sense. Do you think that's realistic or is that something that Commvault might want to get into over the next year or so?

偉大的。如果我能擠出時間的話，這是最後一個了。Sanjay，我真的想聽聽你對這個想法的看法，即備份供應商可以成為 LLM 的真相來源並為其提供資訊。您的一些競爭對手已經談論過這個問題。我想了解你的意思。您認為這是現實的嗎？或者這是 Commvault 未來一年左右想要涉足的領域嗎？

We always tend to mention something when we have capabilities to support it. That's the truth. Directionally, I would say that we, as in Commvault have been a very good source of the truth. And to do that, you have to be application aware. Okay?

當我們有能力支持某事時，我們總是傾向於提及它。這是事實。從方向上來說，我想說，我們就像 Commvault 一樣，是一個非常好的真相來源。要做到這一點，您必須了解應用程式。好的？

So even in historical applications, on-premise applications, which were tightly coupled and engineered, bringing back state, bringing back the application to the way it was when there was an error or a failure has always been where we shine. Now with AI apps, the prominence of the applications and the componentry of that it's very important. In fact, I would go as far as saying it's more important because of the way these apps are built and used. So I'm not getting ahead of myself, but to say that we could have a very good role to play in something like that is fair.

因此，即使在歷史應用程式中，內部部署應用程式也是緊密耦合和設計的，恢復狀態，將應用程式恢復到出現錯誤或故障時的狀態一直是我們擅長的。現在有了人工智慧應用，應用程式的突出地位及其組成部分就變得非常重要。事實上，我甚至會說，由於這些應用程式的建構和使用方式，這一點更為重要。所以我不想妄自菲薄，但公平地說，我們可以在這樣的事情中發揮非常好的作用。

Thank you for sharing your insights on me. I appreciate it. Thank you.

感謝您與我分享您的見解。我很感激。謝謝。

Rudy Kessinger, DA Davidson.

魯迪·凱辛格，DA 戴維森。

Hey, great, thanks for taking my questions guys. On the ARR guide, could you just give us some parameters, I guess, around expected net new ARR in Q1 or just seasonality we should be in mind of for the year? I know Q2, Q3 were your strongest years last year. Just how should that low $150 million-ish of net new ARR fall throughout the year?

嘿，太好了，謝謝大家回答我的問題。關於 ARR 指南，您能否給我們一些參數，我想，圍繞第一季預期的淨新 ARR 或我們應該考慮的年度季節性因素？我知道去年 Q2、Q3 是你最強的一年。那麼，全年淨新 ARR 的低點 1.5 億美元左右應該如何下降？

Yeah, I think what you can expect to see is typical seasonality of what we saw in FY25. I think the baseline of $30 million to $35 million on a quarterly basis is still the right way to think about the business, especially given the strength that we saw in particular in Q3 this past quarter.

是的，我認為您可以預期看到的是我們在 25 財年看到的典型季節性。我認為，每季 3,000 萬至 3,500 萬美元的基準仍然是思考業務的正確方式，尤其是考慮到我們在過去這個季度第三季度看到的強勁表現。

Got it. And then I just want to drill down, maybe I know it was already asked about the guide and what it implies from a macro standpoint, just maybe to be clear, you talked about record sales productivity and improvement to your year in Q4, et cetera. What does the guide imply from a sales productivity closed rate, et cetera Standpoint? Does it imply things are flat with last year or further improvements, building on last year?

知道了。然後我只想深入探討一下，也許我知道已經有人問過指南以及它從宏觀角度意味著什麼，只是為了清楚起見，您談到了創紀錄的銷售生產力和第四季度的改善等等。從銷售生產力、成交率等角度來看，該指南意味著什麼？這是否意味著情況與去年持平，還是在去年的基礎上進一步改善？

Yeah, Rudy, I would just go back to my comments around we're being prudent about the macro, but also understanding we have a great opportunity in front of us. And so what I would say is we're not assuming massive gains in productivity, but we're quite confident in the durability of our model over the long term.

是的，魯迪，我只是想回到我的評論，我們對宏觀持謹慎態度，但同時也明白我們面前有一個很好的機會。所以我想說的是，我們並不期望生產力大幅提高，但我們對我們的模式的長期持久性非常有信心。

Got it. Great. Thank you. And, congrats again on the quarter.

知道了。偉大的。謝謝。再次恭喜本季取得的成績。

Thanks, Rudy.

謝謝，魯迪。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey guys, appreciate the questions here. Can you just walk us through the growth on the international arena this year between EMEA and APAC? And more specifically, how you're thinking about durability of growth and really answering why won't some of the DRA tailwinds that you guys even talked about in your prepared remarks start to subsidize throughout the year just given that implementation date back in January?

嘿夥計們，我很感謝你們的提問。您能否向我們介紹一下今年歐洲、中東和非洲地區以及亞太地區在國際舞台上的成長？更具體地說，您如何看待成長的持久性，並真正回答為什麼你們在準備好的發言中談到的一些 DRA 順風不會在全年開始補貼，因為實施日期是一月份？

Yeah, Thanks. I would say to you that overall, from a guidance perspective, we're expecting balanced growth where we already saw it. This past quarter, we saw balanced growth across our regions, right? And overall, EMEA actually had a really strong quarter without giving you too much detail on that.

是的，謝謝。我想告訴你，總體而言，從指導角度來看，我們預計已經實現平衡成長。上個季度，我們看到各個地區都實現了均衡成長，對嗎？整體而言，歐洲、中東和非洲地區本季表現確實非常強勁，但我不會透露太多細節。

Ultimately, I would say to you, as we think about next year, overall, we're incorporating what we know about the macro and also feeling quite confident in our pipelines after we talk to customers and partners.

最後，我想對你們說，當我們考慮明年時，總體而言，我們正在結合我們對宏觀的了解，並且在與客戶和合作夥伴交談後對我們的管道充滿信心。

Jim, also on the regulatory stuff, it's not a one-and-done. These things are constantly evolving depending on the size of the institution, depending on the branches, it's not one-and-done. So it's a process that goes over time.

吉姆，關於監理事宜，這不是一次性的事。這些事情根據機構的規模和分支機構的不同而不斷發展，並不是一蹴可幾的。所以這是一個隨著時間而進行的過程。

Got it. And Sanjay, you had kind of talked about this and actually you as well Jen driving greater stickiness. So how are we supposed to think about the packaging or perhaps bundling that you could see, particularly on the Cloud or SaaS side versus having customers purchase individual SKUs moving forward?

知道了。桑傑，您已經談論過這個問題，實際上您和 Jen 也都在推動更大的粘性。那麼，我們應該如何看待您所看到的包裝或捆綁，特別是在雲端或 SaaS 方面，而不是讓客戶購買單獨的 SKU？

Yeah, that's a great question. So let me take the second half of your question first. There will always be specific workloads that customers need to protect. So that will never go away. So I'm an Oracle shop. Tomorrow, I buy a company that has SAP. I need to incorporate SAP into the same single plane of glass, same policy. So that will continue. Where we have spent a lot of our time, effort and in turn, the way we create IP is around resilience. Now resilience isn't a simple thing.

是的，這是一個很好的問題。那麼讓我先回答一下你問題的後半部。客戶總是需要保護特定的工作負載。所以它永遠不會消失。所以我是一家 Oracle 商店。明天，我將收購一家擁有 SAP 的公司。我需要將 SAP 納入同一個單一玻璃平面、同一個政策。這種情況將會持續下去。我們投入了大量的時間和精力，反過來，我們創造 IP 的方式也圍繞著彈性。現在，復原力並不是一件簡單的事。

Resilience means different things to different companies. And we're working with this concept of a minimum viable company where what does it take to come back to life in a minimum capacity? Let's say, your data center gets messed up or you get a cyberattack or whatever the cause is, what is your predictable way? What is your predictable resilience to come back to life in a minimum way? Now some of that is process, some of that is skills, some of that is technology.

對不同的公司來說，韌性意味著不同的東西。我們正在研究最小可行公司的概念，即需要什麼才能以最小的產能恢復生機？假設您的資料中心出現問題或遭受網路攻擊或其他原因，您的可預測方式是什麼？您預計以何種程度的恢復能力來以最低限度的方式恢復生活？其中一些是流程，一些是技能，一些是技術。

And we're working with partners to help customers think through this and build this out. So then when you look at products like Air Gap Protect and Cleanroom and AD forest level recovery and other workloads that we back up, all of this falls into the construct of resilience. And customers tend to then think about and will continue, hopefully, to think about resilience as the outcome and what do we need to do to make that happen. And then we see that the stacking of what we're bringing to market makes a lot of sense. And the packaging around that makes a lot of sense.

我們正在與合作夥伴合作，幫助客戶思考並實現這一目標。因此，當您查看 Air Gap Protect 和 Cleanroom 以及 AD 林級復原等產品以及我們備份的其他工作負載時，所有這些都屬於彈性構造。然後，客戶往往會思考並將繼續思考彈性作為結果，以及我們需要做什麼才能實現這一目標。然後我們發現，我們推向市場的產品堆疊非常有意義。且周圍的包裝非常有意義。

Hence, Jen's comments about being able to cross-sell other abilities. And we don't distinguish between SaaS and software. So you could be a software customer and still available our SaaS capabilities depending on what it is. Hopefully, that added some color.

因此，Jen 評論說能夠交叉銷售其他能力。而且我們不區分SaaS和軟體。因此，您可以成為軟體客戶，但仍可以使用我們的 SaaS 功能（取決於具體情況）。希望這能增添一些色彩。

Got it thanks.

明白了，謝謝。

(Operator Instructions)

（操作員指示）

Howard Ma, Guggenheim Securities.

古根漢證券公司的 Howard Ma。

Great, thanks for taking the question, Jen, you mentioned earlier on SaaS NRR, the mix between upsell and cross-sell. Do we expect the mix to shift more to cross-sell in FY26 given your pace of product innovation? And what I'm getting at is, correct me if I'm wrong, but when I think about your product set like in terms of like a layer cake approach, you have what I'd call backing up Cloud-native workloads, M365, Salesforce, VM, and then you have more security-specific modules, ThreatWise and the like.

太好了，謝謝你回答這個問題，Jen，你之前提到了 SaaS NRR，即追加銷售和交叉銷售的組合。考慮到您的產品創新步伐，我們是否預期 26 財年的產品組合將更多地轉向交叉銷售？我的意思是，如果我錯了，請糾正我，但是當我將您的產品集視為一種分層蛋糕方法時，您擁有我所說的備份雲原生工作負載、M365、Salesforce、VM，然後您擁有更多特定於安全的模組、ThreatWise 等。

I don't know if Air Gap Protect, and Cleanroom Recovery fit in that bucket or the Cloud-native bucket, but perhaps both. And then Sanjay also mentioned that the newer modules at Active Directory, which you guys have emphasized a lot, the Clumio.

我不知道 Air Gap Protect 和 Cleanroom Recovery 是否適合該儲存桶或雲端原生儲存桶，但也許兩者都適合。然後 Sanjay 也提到了 Active Directory 中的較新模組 Clumio，你們對此進行了大量的強調。

Can you kind of give us a sense like where are you on, I don't know if those are the right three buckets, but in terms of a layer cake approach, should that drive more of a shift to cross-sell then instead of upsell this year? Thank you.

您能否讓我們了解一下您的情況，我不知道這是否是正確的三個方面，但就分層蛋糕方法而言，今年這是否應該推動更多的轉向交叉銷售而不是追加銷售？謝謝。

It's a great question. While I won't guide any specific mix, we do expect expansion in our multiproduct adoption over time because it is a strategic focus for us. And you're absolutely right, as you think about the cyber products, Cleanroom, Air Gap Protect, GassScan, Cloud Rewind, Clumio, all Active Directory, all important products as we think about the expansion and the overall cross-sell motion.

這是一個很好的問題。雖然我不會指導任何特定的組合，但我們確實希望隨著時間的推移擴大多產品採用率，因為這是我們的策略重點。您說得完全正確，當您考慮網路產品、Cleanroom、Air Gap Protect、GassScan、Cloud Rewind、Clumio、所有 Active Directory 以及我們考慮擴展和整體交叉銷售動向時，所有重要的產品都是如此。

Okay. Got it. Thanks. As a follow-up, and I'll keep this one a little shorter. So a similar question on the term subscription side. How much of that strength is driven by improvement or perhaps stability in gross retention and renewal timing as compared to new term subscription licenses?

好的。知道了。謝謝。作為後續，我會把這個說得更簡短。因此，在訂閱方面也存在類似的問題。與新的定期訂閱授權相比，這種優勢在多大程度上是由總保留和續訂時間的改善或穩定所推動的？

And how much is the hybrid approach, the Commvault Cloud hybrid approach driving cross-sell of HyperScale X? Like is it really the hybrid rather approach? Or is it just existing customers buying more, expanding more, but not necessarily hybrid?

混合方法、Commvault Cloud 混合方法對 HyperScale X 交叉銷售的推動作用有多大？這真的是混合方法嗎？或只是現有客戶購買更多、擴張更多，但不一定是混合的？

Yeah, so first, I will start with you. The software term license portion this quarter was particularly strong, not only in land but also in the renewal and expansion. And so to your point, we absolutely see that customers come to Commvault because we can not only protect their on-premise workloads quite well, they can grow with us as they add more platforms in the cloud, et cetera. And so I don't know, Sanjay, if you want to add anything to that.

是的，首先，我從你開始。本季的軟體定期許可部分錶現尤為強勁，不僅在土地方面，而且在續約和擴展方面也是如此。正如您所說，我們確實看到客戶選擇 Commvault，因為我們不僅可以很好地保護他們的內部工作負載，而且隨著他們在雲端中添加更多平台，他們還可以與我們一起成長，等等。所以我不知道，桑傑，你是否想對此進行補充。

The hybrid, what we bring to customers with our true hybrid multi-cloud approach, is what separates us from the pack. Our singular cloud platform, Commvault Cloud, you don't need to worry about having an Air Gap copy if you're an on-premise HyperScale X customer. It just happens for you. You can choose the cloud you want, and we'll make the rest of it happen. Active Directory, it's completely transparent as the service runs.

我們透過真正的混合多雲方法為客戶帶來的混合，是我們與眾不同之處。我們的單一雲端平台 Commvault Cloud，如果您是本地 HyperScale X 客戶，則無需擔心擁有 Air Gap 副本。它只是發生在你身上。您可以選擇您想要的雲，剩下的交給我們。Active Directory，當服務執行時它是完全透明的。

So we have been able to bridge that experience for our customers regardless whether they adopt with us with a HyperScale X starting point or they come in from the cloud and then realize that, hey, it's easy enough for me to have a single pane of glass for my on-premise workloads. So we have cases of both. And as our product capabilities that we've shared a little bit about today already evolve and have evolved, customers see this as the value proposition okay?

因此，無論客戶是從 HyperScale X 開始採用我們的產品，還是從雲端進入，我們都能夠為他們提供這種體驗，然後他們意識到，對我來說，擁有一個用於本地工作負載的單一管理平台是很容易的。所以，我們有兩種情況。隨著我們今天分享的產品功能不斷發展，客戶將其視為價值主張，好嗎？

And I've said this for years, artificial separation between a Cloud or a SaaS-based capability and an on-premise capability is giving customers choices that they don't need to make or giving them things to do that they don't need to. So we try and abstract that away and give you a unified approach. We're very unique in that.

多年來我一直在說，人為地將雲端或基於 SaaS 的功能與內部部署功能分開，會給客戶帶來他們不需要做出的選擇，或者讓他們做他們不需要做的事情。因此，我們嘗試將其抽象化並為您提供統一的方法。在這方面我們非常獨特。

Great, thanks so much.

太好了，非常感謝。

Thank you. Thanks for the question.

謝謝。謝謝你的提問。

Seeing no further questions at this time, that does conclude our question-and-answer session. I will turn the call back over to Mike Melnyk for closing remarks.

目前沒有其他問題，我們的問答環節到此結束。我將把電話轉回給邁克·梅爾尼克 (Mike Melnyk) 做最後發言。

Thanks for joining the call this morning. For those of you who are in San Francisco, we encourage you to stop by the North Hall at RSAC and visit our experience booth, 5678. We have made some exciting announcements around this event and reach out with any questions after that. Thanks so much.

感謝您今天早上參加電話會議。對於在舊金山的人，我們鼓勵您前往 RSAC 北廳參觀我們的體驗展位 5678。我們圍繞著此次活動發布了一些令人興奮的公告，並在之後解答任何問題。非常感謝。

This concludes this conference call, you may now disconnect.

本次電話會議到此結束，您可以掛斷電話了。