Commvault Systems Inc (CVLT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Commvault first-quarter fiscal year 2026 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫 Desiree，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Commvault 2026 財政年度第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Mike Melnyk, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管 Mike Melnyk。你可以開始了。

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

早上好，歡迎參加我們的收益電話會議。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。

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

所有此類前瞻性陳述均受風險、不確定性和假設的影響。請參閱今天的收益報告中的警示性語言以及 Commvault 向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？

Good morning, and thank you for joining today's call. Commvault had a tremendous start to our fiscal year. Some highlights from the quarter include: total ARR grew 24% to $996 million. Subscription ARR grew 33% to $844 million. Total revenue grew 26% to $282 million.

早安，感謝您參加今天的電話會議。Commvault 在我們的財政年度取得了良好的開端。本季的一些亮點包括：總 ARR 成長 24%，達到 9.96 億美元。訂閱 ARR 成長 33%，達到 8.44 億美元。總收入成長26%至2.82億美元。

Subscription revenue increased 46% to $182 million, and we achieved 47% on a Rule of 40 basis. Our execution has never been better across the business. We continue to see hyper growth with our SaaS platform. SaaS ARR soared 63% to $307 million. And in Q1, we surpassed 8,000 customers, and we're set to surpass our $330 million ARR target well ahead of schedule.

訂閱收入成長 46%，達到 1.82 億美元，以 40 法則計算，我們實現了 47% 的成長。我們整個業務的執行力從未如此出色。我們的 SaaS 平台持續實現高速成長。SaaS ARR 飆升 63%，達到 3.07 億美元。在第一季度，我們的客戶數量超過了 8,000 人，我們預計將提前超越 3.3 億美元的 ARR 目標。

Those stats also speak to our overall land and expand business. In fact, in Q1, across software and SaaS, we had our best land and expand quarter ever. A few notable wins include Honeywell, Equifax, U-Haul, NTT DATA Services and insurance group, Chaucer Lloyd's. Additionally, we've seen tremendous success in emerging routes to market, including cloud marketplaces. During the quarter, we achieved triple-digit growth in marketplace transactions with multiple six-figure and seven-figure deals.

這些統計數據也說明了我們的整體土地和擴張業務。事實上，在第一季度，我們在軟體和 SaaS 領域取得了有史以來最好的落地和擴張表現。一些值得注意的勝利包括霍尼韋爾、Equifax、U-Haul、NTT DATA Services 和保險集團喬叟勞合社。此外，我們也看到新興市場途徑（包括雲端市場）取得了巨大成功。本季度，我們的市場交易量實現了三位數成長，達成了多筆六位數和七位數的交易。

And lastly, in terms of execution, we posted healthy growth across geographies, industries and customer segments from enterprise to SMB. Jen will share more details about this later. None of this would have been possible without the trust of our customers and partners and the hard work and dedication of our team members globally. Thank you all. The strength we demonstrated in Q1 provides us with a solid foundation for the rest of the fiscal year.

最後，在執行方面，我們在各個地區、各個行業以及從企業到中小型企業的客戶群中都實現了健康的成長。Jen 稍後會分享更多有關此事的細節。如果沒有客戶和合作夥伴的信任以及我們全球團隊成員的辛勤工作和奉獻，這一切都不可能實現。謝謝大家。我們在第一季展現的實力為本財年剩餘時間的表現奠定了堅實的基礎。

As we reported in previous quarters, there are three critical drivers that continue to underpin our long-term sustainable growth. First, the cyber resilience market is booming. As CIOs and CISOs alike strive to keep their businesses operating continuously in a world of relentless threats and attacks. Commvault is front and center in this market, and we continue to see healthy growth in our engagement with CISOs. Commvault's offerings uniquely fill the preparedness gap that security and IT teams are so concerned about today.

正如我們在前幾個季度所報告的，有三個關鍵驅動因素繼續支撐我們的長期永續成長。首先，網路彈性市場正在蓬勃發展。在這個充滿無情威脅和攻擊的世界中，資訊長 (CIO) 和資訊安全長 (CISO) 都致力於保持業務持續運作。Commvault 是這個市場的先鋒和中心，我們與 CISO 的合作持續健康成長。Commvault 的產品以獨特的方式填補了安全和 IT 團隊目前非常關注的準備缺口。

CISOs can enhance resilience by proactively assessing risks, scenario planning and running simulations as part of our platform. That's what we do, and we do it better than anyone else. Case in point, we continue to see growth with our Cleanroom Recovery offering that enables customers to test their resiliency in good times, so they're prepared for the hard times.

作為我們平台的一部分，CISO 可以透過主動評估風險、情境規劃和運作模擬來增強彈性。這就是我們所做的，而且我們比任何人都做得更好。舉個例子，我們的無塵室恢復服務持續成長，它使客戶能夠在順境中測試他們的彈性，從而為逆境做好準備。

In Q1, a government institution in the Middle East chose Commvault Cloud and Cleanroom Recovery to regularly test their cyber preparedness. The customer also added Air Gap Protect, Active Directory and Cloud Rewind for enhanced security and rapid recovery following an outage of cyberattack.

第一季度，中東一家政府機構選擇了 Commvault Cloud 和 Cleanroom Recovery 來定期測試其網路防範能力。客戶還添加了 Air Gap Protect、Active Directory 和 Cloud Rewind，以增強安全性並在網路攻擊中斷後快速恢復。

This quarter, we brought cyber preparedness to a new level with the introduction of Recovery Range. This hands-on in-person experience enables security and IT teams to simulate the pressure of real-world attack in a setting that models their own production environment.

本季度，我們透過引入恢復範圍將網路防範提升到了一個新水平。這種親身實踐的體驗使安全和 IT 團隊能夠在模擬自身生產環境的環境中模擬現實世界攻擊的壓力。

Unlike other simulations, defenders can practice their responses, recovery and put their preparedness skills to the test. Our second critical market driver is the breadth of our partner ecosystem. Q1 was a phenomenal quarter for Commvault in terms of extending our reach with partners.

與其他模擬不同，防禦者可以練習他們的反應、恢復並測試他們的準備技能。我們的第二個關鍵市場驅動力是合作夥伴生態系統的廣度。就擴大與合作夥伴的聯繫而言，第一季對於 Commvault 來說是一個非凡的季度。

In addition to doubling down on cloud marketplaces, we announced major partnerships across the ecosystem. We formed a strategic alliance with Deloitte to help enterprises around the world fortify their defenses and swiftly recover from outages and cyberattacks.

除了加倍投入雲端市場之外，我們還宣布了整個生態系統的主要合作夥伴關係。我們與德勤結成戰略聯盟，幫助世界各地的企業加強防禦並迅速從中斷和網路攻擊中恢復。

We took our partnership with CrowdStrike to the next level, announcing an expanded collaboration that brings together their elite incident response services with our industry-leading recovery expertise. These services help customers improve readiness, respond faster and achieve cleaner recoveries.

我們將與 CrowdStrike 的合作提升到一個新的水平，宣布擴大合作，將他們的精英事件響應服務與我們行業領先的恢復專業知識結合起來。這些服務可協助客戶提高準備程度、加快反應速度並實現更清潔的恢復。

From the main stage at HPE Discover Conference, HPE and Commvault announced a strategic partnership to deliver advanced cyber resilience, data protection and disaster recovery capabilities for enterprise hybrid cloud environments.

在 HPE Discover 大會主舞台上，HPE 和 Commvault 宣佈建立策略合作夥伴關係，為企業混合雲環境提供先進的網路彈性、資料保護和災難復原功能。

Lastly, in partnership with Kyndryl, we announced incident recovery services. This holistic solution helps customers mitigate risk, avoid the high cost of downtime and regulatory fines, improve cyber resilience and enable continuous business in the face of cyber threats. And finally, our third driver is our market-leading innovation, which continues to receive major accolades.

最後，我們與 Kyndryl 合作，宣布推出事件復原服務。此整體解決方案可協助客戶降低風險、避免高昂的停機成本和監管罰款、提高網路彈性並在面臨網路威脅時實現持續業務。最後，我們的第三個驅動力是我們市場領先的創新，它繼續獲得重大讚譽。

For the 14th consecutive time, Commvault was named a leader in the Gartner Magic Quadrant for Backup and Data Protection Platforms. In Gartner's critical capabilities reports, we were ranked number one in five out of six use cases, including multi-cloud and SaaS, and we received the highest rating for the AI and ML critical capability.

Commvault 連續第 14 次被評為 Gartner 備份和資料保護平台魔力像限的領導者。在 Gartner 的關鍵能力報告中，我們在六種用例中的五種（包括多雲和 SaaS）中排名第一，並且在 AI 和 ML 關鍵能力方面獲得了最高評級。

Additionally, this year, Gartner recognized Commvault as a sample vendor in the Gartner 2025 hype cycle for data security technologies. In Q1, Commvault also won the outstanding Cyber Resilience Award from Cyber Defense Magazine. We will continue to innovate so our customers can address their most critical resilience challenges. Protecting AI data is part of that. At the Gartner Security and Risk Management Summit in June, analysts reported by 2028, 25% of enterprise breaches will be traced back to AI agent abuse from both external and malicious internal actors.

此外，今年，Gartner 將 Commvault 評為 Gartner 2025 資料安全技術成熟度曲線中的樣本供應商。第一季度，Commvault 也榮獲了《網路防禦期刊》頒發的傑出網路彈性獎。我們將繼續創新，以便我們的客戶能夠應對最關鍵的彈性挑戰。保護人工智慧資料是其中的一部分。在 6 月舉行的 Gartner 安全與風險管理高峰會上，分析師報告稱，到 2028 年，25% 的企業違規行為將歸因於外部和惡意內部行為者對 AI 代理的濫用。

To directly address threats posed by AI and to further advance data security, Commvault recently announced its intent to acquire Satori Cyber, a data and AI security company. This strategic acquisition will add powerful capabilities that strengthen Commvault's data security offerings and empower customers to use AI in a better governed and more responsible way.

為了直接應對人工智慧帶來的威脅並進一步提高資料安全，Commvault 最近宣布有意收購資料和人工智慧安全公司 Satori Cyber。此次策略性收購將增加強大的功能，增強 Commvault 的資料安全產品，並使客戶能夠以更好管理和更負責任的方式使用人工智慧。

The transaction is expected to close later this quarter, so we'll share more on our next earnings call. The bottom line, we have an industry-leading cyber resilience platform, an aggressive AI-minded innovation road map and the proven execution customers rely on to keep their businesses uninterrupted. We hope you can join us in New York City at Commvault Shift on November 11 and 12 as we usher in a whole new era of cloud-native and cyber resilience readiness.

該交易預計將於本季稍後完成，因此我們將在下次收益電話會議上分享更多消息。最重要的是，我們擁有業界領先的網路彈性平台、積極的人工智慧創新路線圖以及客戶所依賴的經過驗證的執行力，以確保他們的業務不間斷。我們希望您能於 11 月 11 日至 12 日在紐約市參加 Commvault Shift 活動，共同開啟雲端原生和網路彈性準備的全新時代。

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

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。

Thanks, Sanjay. As Sanjay mentioned, we delivered a strong start to the fiscal year. The momentum in the cyber resilience market remains strong. Our brand message continues to gain traction. Customer demand is increasing, and our team is effectively leveraging a record number of opportunities.

謝謝，桑傑。正如桑傑所提到的，我們本財年開局強勁。網路彈性市場的發展動能依然強勁。我們的品牌訊息繼續受到關注。客戶需求不斷增加，我們的團隊正在有效地利用創紀錄數量的機會。

I would like to express my gratitude to all the Vaulters whose efforts contributed to our outstanding first quarter results, positioning us for continued success throughout the fiscal year. Now I'll discuss our Q1 results and operating metrics, followed by a discussion of guidance for Q2 and FY26.

我要向所有 Vaulters 員工表示感謝，他們的努力為我們第一季的出色業績做出了貢獻，並為我們在整個財政年度的持續成功奠定了基礎。現在我將討論我們的第一季業績和營運指標，然後討論第二季和 26 財年的指導。

Please note that all growth rates are on a year-over-year basis unless otherwise specified. Total annual recurring revenue increased by 24% to $996 million on a reported basis. On a constant currency basis, applying March 31 FX rates, organic net new ARR grew by $40 million quarter over quarter, a new quarterly record.

請注意，除非另有說明，所有成長率均為同比增長率。據報道，年度經常性總收入成長 24%，達到 9.96 億美元。以固定匯率計算，應用 3 月 31 日的外匯匯率，有機淨新 ARR 環比增長 4000 萬美元，創下季度新高。

For a comparison of FX-adjusted ARR with previous quarters, please refer to our earnings presentation. Subscription ARR grew 33% to $844 million, representing 30% growth on a constant currency basis. This was led by an impressive 63% increase in SaaS ARR to $307 million or 60% growth in constant currency. Subscription ARR now constitutes 85% of total ARR compared to 79% one year ago. As a reminder, we view subscription ARR as the best indicator of the company's growth profile.

有關外匯調整後的 ARR 與前幾季的比較，請參閱我們的收益報告。訂閱 ARR 成長 33% 至 8.44 億美元，以固定匯率計算成長 30%。這得益於 SaaS ARR 的驚人成長，成長了 63%，達到 3.07 億美元，以固定匯率計算成長了 60%。訂閱 ARR 目前佔總 ARR 的 85%，而一年前為 79%。提醒一下，我們認為訂閱 ARR 是公司成長狀況的最佳指標。

Now I'll discuss Q1 revenue trends. Total revenue increased by 26% to $282 million, driven by a 46% rise in subscription revenue. This growth was supported by an exceptionally strong land and expand quarter for both term software and SaaS with gains across regions, industries and transaction sizes, including a significant increase in software transactions exceeding $1 million.

現在我將討論第一季的營收趨勢。總營收成長 26%，達到 2.82 億美元，這得益於訂閱收入成長 46%。這一增長得益於本季學期軟體和 SaaS 的異常強勁的登陸和擴展表現，跨地區、跨行業和跨交易規模均有所增長，其中超過 100 萬美元的軟體交易量大幅增加。

Revenue from term software transactions exceeding $100,000 increased by 39%, reflecting robust growth in both transaction volume and average deal size. Also, we acquired approximately 700 net new subscription customers and total subscription customers are now approaching 13,000.

超過 10 萬美元的定期軟體交易收入成長了 39%，反映出交易量和平均交易規模的強勁成長。此外，我們還獲得了約 700 名新訂閱客戶，目前訂閱客戶總數已接近 13,000 名。

Customer expansion remained robust with Q1 SaaS net dollar retention of 125% as a result of both successful upsell and cross-sell initiatives. Our leading solutions, M365 and Air Gap Protect continued to achieve double-digit quarter-over-quarter growth, complemented by substantial contributions from new products that support customers' business continuity strategies, such as Cleanroom and Active Directory.

由於追加銷售和交叉銷售措施的成功，客戶擴張依然強勁，第一季 SaaS 淨美元保留率為 125%。我們領先的解決方案 M365 和 Air Gap Protect 繼續實現兩位數的環比成長，同時，支援客戶業務連續性策略的新產品（如 Cleanroom 和 Active Directory）也做出了巨大貢獻。

During the quarter, we worked closely with a North American aerospace company to modernize its cyber resilience strategy while remaining audit-ready for FAA and aircraft manufacturer compliance. The customer implemented Commvault's Autonomous Recovery, Air Gap Protect and Active Directory to back up their critical data and support their regulatory requirements. The number of SaaS customers utilizing two or more products increased by 45%.

在本季度，我們與一家北美航空航太公司密切合作，以實現其網路彈性策略的現代化，同時保持對 FAA 和飛機製造商合規審計的準備。客戶實施了 Commvault 的自主復原、Air Gap Protect 和 Active Directory 來備份其關鍵資料並支援其監管要求。使用兩種或兩種以上產品的 SaaS 客戶數量增加了 45%。

As Sanjay highlighted, SaaS continues to be the preferred route to market for many customers. And this quarter, we observed exponential growth through the hyperscaler marketplaces. Another positive development is the 70% increase in customers generating over $100,000 in SaaS ARR during Q1.

正如桑傑所強調的，SaaS 仍然是許多客戶首選的市場途徑。本季度，我們觀察到超大規模市場呈現指數級成長。另一個積極的發展是，第一季產生超過 10 萬美元 SaaS ARR 的客戶數量增加了 70%。

These larger SaaS customers now constitute more than 30% of our SaaS customer base. Due to the complexity of their requirements, this segment typically demonstrates a higher rate of multiproduct adoption than our overall SaaS base.

這些較大的 SaaS 客戶現在占我們 SaaS 客戶群的 30% 以上。由於其需求的複雜性，這一部分通常表現出比我們的整體 SaaS 基礎更高的多產品採用率。

For example, a Fortune 500 life insurance company adopted Commvault after experiencing limitations with native tools for cloud application protection and recovery. The organization standardized M365, files and objects and VMs on Commvault Cloud, resulting in the elimination of silos and changes in recovery time.

例如，一家財富 500 強人壽保險公司在遇到雲端應用程式保護和復原的原生工具限制後採用了 Commvault。該組織在 Commvault Cloud 上對 M365、檔案和物件以及虛擬機器進行了標準化，從而消除了孤島並改變了復原時間。

With the implementation of Air Gap Protect, Active Directory and Cloud Rewind, the company adjusted its data security approach, addressed compliance requirements and enhanced the process of environment rebuilds. This example underscores the long-term monetization potential of our platform. As I mentioned in previous calls, we will continue to lean into this cross-sell motion in the coming quarters.

透過實施 Air Gap Protect、Active Directory 和 Cloud Rewind，該公司調整了其資料安全方法，滿足了合規性要求並增強了環境重建流程。這個例子強調了我們平台的長期獲利潛力。正如我在之前的電話會議中提到的那樣，我們將在未來幾季繼續傾向於這種交叉銷售舉措。

Now I'll discuss our profitability and free cash flow, which demonstrates our commitment to a responsible growth philosophy. Fiscal Q1 gross margins were 82.4%, consistent with our previously shared expectation for total gross margins to remain in the low 80% range.

現在我將討論我們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。第一財季毛利率為 82.4%，與我們先前預期的總毛利率維持在 80% 以下的水準一致。

Operating expenses of $173 million represented 61% of total revenue, consistent with the prior quarter and prior fiscal year. Q1 operating expenses included planned headcount growth, previously disclosed investments to support our strong ongoing growth trajectory and higher commission and bonuses on record sales results. Non-GAAP EBIT grew 21% to $58 million, and non-GAAP EBIT margin was 20.7%.

營運費用為 1.73 億美元，佔總收入的 61%，與上一季和上一財年持平。第一季營運費用包括計劃中的員工人數成長、先前披露的投資以支持我們強勁的持續成長軌跡以及創紀錄的銷售業績帶來的更高的佣金和獎金。非公認會計準則息稅前利潤成長 21% 至 5,800 萬美元，非公認會計準則息稅前利潤率為 20.7%。

In Q1, we achieved 47% on a Rule of 40 basis, which reflects a healthy balance between revenue and profitability. Turning to key balance sheet and cash flow indicators. We ended Q1 with no debt and a cash position of $363 million. Free cash flow was $30 million, primarily driven by continued strength in deferred revenue from SaaS contracts and solid software subscription renewals. During the quarter, we repurchased $15 million of stock and our diluted share count remained flat at 45 million shares.

在第一季度，我們按照 40 規則實現了 47% 的盈利，這反映了收入和盈利能力之間的健康平衡。轉向關鍵資產負債表和現金流指標。我們在第一季結束時沒有債務，現金狀況為 3.63 億美元。自由現金流為 3000 萬美元，主要得益於 SaaS 合約遞延收入的持續強勁以及穩健的軟體訂閱續約。本季度，我們回購了價值 1500 萬美元的股票，稀釋後股份數量保持不變，為 4500 萬股。

As Sanjay mentioned, we announced our intention to acquire Satori Cyber, a data and AI security company. We believe there are extensive opportunities to help customers responsibly utilize AI in their production environments, and Satori can help Commvault accelerate this vision.

正如桑傑所提到的，我們宣布了收購數據和人工智慧安全公司 Satori Cyber 的意向。我們相信，有大量的機會可以幫助客戶在其生產環境中負責任地利用人工智慧，而 Satori 可以幫助 Commvault 加速實現這一願景。

The transaction will be funded from our international cash balance. We expect the transaction to close later this quarter and to be modestly dilutive to margins for the next several quarters. Now I'll discuss our outlook for Q2 and our updated outlook for fiscal year '26.

該交易將由我們的國際現金餘額資助。我們預計該交易將於本季稍後完成，並將對未來幾季的利潤率產生輕微影響。現在我將討論我們對第二季的展望以及對 26 財年的最新展望。

For fiscal Q2 '26, we expect subscription revenue, which includes both the software portion of term-based licenses and SaaS to be in the range of $174 million to $176 million. This represents 31% year-over-year growth at the midpoint.

對於 2026 財年第二季度，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 1.74 億美元至 1.76 億美元之間。這意味著中期年增 31%。

We expect total revenue to be in the range of $272 million to $274 million, with growth of 17% at the midpoint. At these revenue levels, we expect Q2 consolidated gross margins to be in the range of 81% to 82%. We expect Q2 non-GAAP EBIT margins of approximately 20%, including the integration of Satori Cyber.

我們預計總收入將在 2.72 億美元至 2.74 億美元之間，中間值為 17%。在這些收入水準下，我們預計第二季綜合毛利率將在 81% 至 82% 之間。我們預計第二季非 GAAP EBIT 利潤率約為 20%，其中包括 Satori Cyber​​ 的整合。

Now I'm happy to share that we are raising our fiscal year 2026 guidance. As a reminder, ARR guidance is in constant currency using FX rates as of March 31, 2025. For a historical comparison, please refer to our Q1 earnings presentation. We expect constant currency FY26 total ARR growth of 18% year over year. This will be driven by subscription ARR, which we expect to increase by 24% year over year.

現在我很高興地告訴大家，我們正在提高 2026 財年的指導。提醒一下，ARR 指引採用截至 2025 年 3 月 31 日的外匯匯率以固定貨幣表示。如需歷史比較，請參閱我們的第一季財報。我們預計 2026 財年總 ARR 將以固定匯率年增 18%。這將由訂閱 ARR 推動，我們預計將年增 24%。

From a full year fiscal '26 revenue perspective, we expect subscription revenue to be in the range of $753 million to $757 million, growing 28% at the midpoint with strong contributions from both term software licenses and SaaS. We expect total revenue of $1.161 billion to $1.165 billion, an increase of 17% at the midpoint.

從 26 財年全年營收角度來看，我們預計訂閱收入將在 7.53 億美元至 7.57 億美元之間，中期增長 28%，其中定期軟體授權和 SaaS 的貢獻較大。我們預計總收入為 11.61 億美元至 11.65 億美元，中間值成長 17%。

Moving to our full year fiscal '26 margin, EBIT and cash flow outlook. We continue to 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 now expect non-GAAP EBIT margins of approximately 20.5%, including the dilutive impact of Satori.

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。我們繼續預期毛利率為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。我們現在預計非 GAAP EBIT 利潤率約為 20.5%，其中包括 Satori 的稀釋影響。

Non-GAAP EBIT margins also reflect our ongoing investments in additional growth driving initiatives. We continue to expect full year free cash flow of $210 million to $215 million. This guidance reflects our transition to a cash taxpayer following the full utilization of our tax carryforward credits in fiscal 2025. In closing, our Q1 results underscore the strong and accelerating demand for our cyber resilience platform.

非公認會計準則息稅前利潤率也反映了我們對額外成長驅動計畫的持續投資。我們繼續預計全年自由現金流為 2.1 億美元至 2.15 億美元。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。最後，我們的第一季業績凸顯了對我們的網路彈性平台的強勁且不斷加速的需求。

This momentum, combined with our focused investments, positions us well to capture a greater share of the market in FY26 and beyond. While we remain mindful of the broader macro environment, our updated guidance reflects our confidence in the opportunity ahead and our ability to execute against it.

這一勢頭加上我們的重點投資，使我們在 2026 財年及以後佔據更大的市場份額。雖然我們仍然關注更廣泛的宏觀環境，但我們更新後的指引反映了我們對未來機會的信心以及我們執行的能力。

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

現在我將把話題轉回給接線員，以便開通問答熱線。操作員？

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作員指示）富國銀行的 Aaron Rakers。

On the results, continued solid execution. I guess, two quick questions for me. I know, Jen, you had mentioned the operating margin in both this quarter as well as through the full fiscal year does reflect the dilution impact of Satori. I'm curious, from a revenue perspective, are you factoring in any kind of contributions from that acquisition?

從結果來看，繼續紮實執行。我想，我有兩個簡單的問題。我知道，Jen，你提到本季以及整個財年的營業利潤率確實反映了 Satori 的稀釋影響。我很好奇，從收入角度來看，您是否考慮了此次收購帶來的任何貢獻？

And then as a second question, a lot of commentary around the cross-sell, upsell opportunity. I think last quarter, you talked about roughly 30% of your SaaS customers purchasing more than one solution. I'm just curious, I know you mentioned 45% growth. But how do we think about that as we move forward? How successful have you been? And where do you think that can ultimately get to?

第二個問題是，關於交叉銷售和追加銷售機會有很多評論。我認為上個季度您談到大約 30% 的 SaaS 客戶購買了多個解決方案。我只是好奇，我知道你提到了 45% 的成長。但當我們繼續前進時，我們該如何思考這個問題？你有多成功？您認為這最終會達到什麼目的？

Yes. thanks so much for the question, Aaron. I'll start with the first one around Satori. So we're incredibly excited about the Satori acquisition. It absolutely adds technology and talent as we think about expanding our -- the breadth and depth of our platform.

是的。非常感謝你的提問，Aaron。我將從有關 Satori 的第一個開始。因此，我們對 Satori 的收購感到非常興奮。當我們考慮擴展我們平台的廣度和深度時，它絕對會增加技術和人才。

From an overall top line perspective, it is immaterial and not really -- does not factor into any sort of uplift in revenue guidance. As it relates to the cross-sell, we have made really good progress. It's early innings. You heard me say last quarter, this is the first quarter we're actually really focused on it as a company. You heard me say in my prepared remarks that we saw an increase of 45% from a customer perspective using two or more.

從整體營收角度來看，這並不重要，而且實際上不會對收入預期產生任何提升。就交叉銷售而言，我們已經取得了非常好的進展。比賽才剛開始。您聽我上個季度說過，這是我們公司真正關注這個問題的第一個季度。在我準備好的發言中，您聽到我說，從客戶的角度來看，使用兩個或更多設備，我們看到了 45% 的成長。

The other things I would add to you is the fact that you heard in my script that we're seeing numerous customers purchase five or six offerings, right? So there's great progress there. Another stat I'll share with you is within the SaaS net dollar retention rate. Historically, and I've shared with you that, that mix has been 1/3 cross-sell. This past quarter, it was 40%.

我想補充一點的是，您在我的腳本中聽到了我們看到許多客戶購買了五到六種產品，對嗎？因此那裡取得了巨大進步。我要與您分享的另一個統計數據是 SaaS 淨美元保留率。從歷史上看，我已經與你們分享過，這種組合是 1/3 交叉銷售。上個季度，這一比例為 40%。

And so ultimately, I think we're seeing really good traction. And then in addition to that, our security SKUs grew double digits quarter over quarter, contributing into that cross-sell and made up 20% of our net new ARR.

所以最終，我認為我們看到了非常好的進展。除此之外，我們的安全 SKU 季度環比增長了兩位數，為交叉銷售做出了貢獻，並占我們淨新 ARR 的 20%。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Can you guys talk about the bundling strategy that you have right now? You have a lot of different products, obviously, seeing good success with cross-sell. What is the sort of kind of high-level bundling strategy? Is it still a work in progress? Or are you feeling good about where you sit with bundles today?

你們能談談目前的捆綁策略嗎？您擁有許多不同的產品，顯然，交叉銷售取得了良好的成功。什麼樣的高階捆綁策略是這樣的？這項工作仍在進行中嗎？或者您對今天所處的捆綁環境感覺良好嗎？

Jason, Sanjay. Good to hear from you. So there are some logical bundles that we offer customers today that just make sense together like Cleanroom and Active Directory or Office 365 and Active Directory. So we have those sort of packages that customers tend to avail of naturally because they work better together.

傑森，桑傑。很高興收到你的來信。因此，我們今天為客戶提供了一些合乎邏輯的捆綁產品，例如 Cleanroom 和 Active Directory 或 Office 365 和 Active Directory。因此，我們推出了這類套餐，客戶自然會選擇使用這些套餐，因為它們可以更好地協同工作。

As our cyber resilience platform continues to evolve, you'll see more of these logical capabilities coming together with the value proposition. And in November, as I said in my prepared comments, we have Shift, and you'll hear a lot more about how we're looking at our platform there. So hold that question for a little longer, and you'll see a lot more there.

隨著我們的網路彈性平台不斷發展，您將看到更多這些邏輯能力與價值主張結合在一起。正如我在準備好的評論中所說，11 月份，我們將推出 Shift，您將在那裡聽到更多關於我們如何看待我們的平台的資訊。因此，請再思考一下這個問題，你會看到更多。

Howard Ma, Guggenheim Securities.

古根漢證券公司的 Howard Ma。

Great. Excellent quarter, guys. I have one for Sanjay and then one for Jen. For Sanjay, when you think about supplementing future growth through M&A, what are some of the key categories by which your team evaluates opportunities?

偉大的。非常棒的季度，夥計們。我為 Sanjay 準備了一個，然後為 Jen 準備了一個。對於 Sanjay，當您考慮透過併購來補充未來成長時，您的團隊評估機會的關鍵類別是什麼？

And then on the Satori acquisition, are you seeing strong evidence that customers want to procure governance and policy enforcement for AI training from their data protection vendor as opposed to other infrastructure software providers?

那麼關於 Satori 收購，您是否看到強有力的證據表明客戶希望從他們的資料保護供應商而不是其他基礎設施軟體供應商採購 AI 培訓的治理和策略實施？

Howard, so how -- if you look -- it's going to be hard for me to tell you what I'm going after, but I'll tell you what I've gone after. So if you look at the sort of history of acquisitions we've made, they've been really -- if you look at TrapX and what TrapX brought to us, if you look at Appranix, these were core security and cloud-native capabilities as the platform evolves.

霍華德，所以——如果你仔細看——我很難告訴你我要追求什麼，但我會告訴你我已經追求了什麼。因此，如果你看看我們收購的歷史，你會發現它們確實是——如果你看看 TrapX 以及 TrapX 為我們帶來了什麼，如果你看看 Appranix，這些都是平台發展過程中的核心安全和雲端原生功能。

So as customers started moving more complicated workloads, building cloud-native workloads in the cloud, in a multi-cloud environment, we wanted to make sure that the way we protected those and gave resilience, one size doesn't fit all.

因此，當客戶開始轉移更複雜的工作負載，在雲端、在多雲環境中建構雲端原生工作負載時，我們希望確保我們保護這些工作負載並提供彈性的方式並不適合所有情況。

So they flesh out our ability, for example, to be -- to keep customers more secure at the front and then, in turn, protect them in the cloud-native way. Now when we took on Clumio, Clumio gave us very good large AI data protection capabilities.

因此，它們充實了我們的能力，例如，在前端確保客戶更安全，然後反過來以雲端原生的方式保護他們。現在當我們接手Clumio時，Clumio為我們提供了非常好的大型AI資料保護能力。

Now with Satori, you're seeing that we're bringing those two things together. You've got the whole visibility, observability and policy enforcement across semi-structured and structured data that tacks on very well to the unstructured data pieces that our platform has.

現在有了 Satori，你會看到我們將這兩者結合在一起。您可以獲得跨半結構化和結構化資料的整體可見性、可觀察性和策略實施，這些資料可以很好地與我們平台擁有的非結構化資料片段相結合。

And also, as customers start training models, and using AI internally, policy enforcement and observability on LLMs and other things and the data that trains those models naturally fits that. So it's not -- I'll answer both your questions together. So it's not about separate policy enforcement on a separate tool set for just AI, and they will be placed for that.

而且，隨著客戶開始訓練模型並在內部使用人工智慧，LLM 和其他事物上的策略執行和可觀察性以及訓練這些模型的資料自然地適應了這一點。所以不是——我會同時回答你的兩個問題。因此，這不僅僅是針對 AI 在單獨的工具集上執行單獨的政策，而且它們將被放置用於此目的。

But this is really as the models get trained internally and your employees are using the technology, it gets -- you have the same level of visibility as to what's being fed, what's being used, what's being queried. So you get to enforce policy that way. And it will all be natural. It will all be part of the platform. So it will be -- we're going to integrate it very aggressively so that it's just a natural way to work with the platform, what we do already.

但這實際上是隨著模型在內部進行訓練並且您的員工正在使用該技術，它變得——您對所輸入的內容、所使用內容、所查詢內容具有相同級別的可見性。所以你可以透過這種方式來執行政策。這一切都將是自然的。這一切都將成為平台的一部分。所以，我們將非常積極地進行整合，以便它成為與平台合作的自然方式，這也是我們已經在做的事情。

We give you policies already. This is an enhancement. That's how I think about it.

我們已經為您提供保單。這是一種增強。我就是這麼想的。

Got it. That makes a lot of sense, Sanjay. And for Jen, when we look at the full year revenue guidance being raised by more than the Q1 upside, how much do the quality and the size of your renewal base this year versus last year play a factor, including, I guess, potential for seat expansion and security cross-sell?

知道了。這很有道理，桑傑。對於 Jen 來說，當我們看到全年收入預期比第一季有所提高時，今年與去年相比，續約基礎的品質和規模起著多大作用，我猜包括座位擴展和安全交叉銷售的潛力？

Yes. Thanks for the question, Howard. Actually, as we think about the overall revenue guidance, the overall renewal base has been already considered. And ultimately, what you're seeing in the guide is the strength of the business, both on the software and the SaaS side of things.

是的。謝謝你的提問，霍華德。實際上，當我們考慮整體收入指導時，整體更新基礎已經被考慮了。最終，您在指南中看到的是業務實力，包括軟體和 SaaS 方面的實力。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Very strong results all around. I want to dig into maybe just the net new ARR in Q1. It does look like it's skewed much more towards term license relative to SaaS just versus the trend over last year, very strong term license net new ARR. Anything to call out there in terms of how deal dynamics shaped up? Or any color on maybe what was a bit weaker of a SaaS net new ARR quarter?

整體來說，結果非常強勁。我可能只想深入了解第一季的淨新 ARR。與去年的趨勢相比，它看起來更傾向於定期許可而非 SaaS，定期許可淨新 ARR 非常強勁。關於交易動態如何形成，有什麼需要注意的嗎？或對 SaaS 淨新 ARR 季度稍弱的方面有何看法？

Yes. So first of all, I would say our SaaS business performed as expected and in line, and we're very pleased with that. the delta did come from overperformance in the software side of things. At the very, very end of the quarter, we did benefit from higher close rates on a few software deals.

是的。首先，我想說我們的 SaaS 業務表現符合預期，我們對此感到非常滿意。增量確實來自於軟體方面的超額表現。在本季末，我們確實受益於一些軟體交易的更高成交率。

As it relates to as we think about the SaaS business overall and overall net new ARR on a quarterly basis, we believe going forward that you can see north of $20 million in the SaaS net new ARR. And then on the go forward, around $40 million total net new ARR quarter over quarter for the remaining of the year.

當我們考慮 SaaS 業務整體和季度整體淨新 ARR 時，我們相信未來您可以看到 SaaS 淨新 ARR 超過 2000 萬美元。然後繼續前進，今年剩餘時間的季度環比淨新 ARR 總額約為 4000 萬美元。

Okay. I was going to ask about kind of the sequencing of net new ARR for the quarter, that kind of answers that. I guess, maybe a follow-up on that comment you just made about some higher close rates towards the very end of the quarter. Could you just talk about the linearity of the quarter at large and how things trended month-to-month?

好的。我本來想問一下本季淨新 ARR 的排序，這樣就能回答這個問題了。我想，也許是對您剛才關於本季度末收盤率上升的評論的後續跟進。您能否談談整個季度的線性情況以及每月趨勢如何？

Yes. I think, first of all, when we started the quarter, we always expected that we'd be between $30 million and $35 million of net new ARR. And at the very, very end, close rates kind of improved, quite honestly, in like the last week or so of the quarter on a few large deals, and that's really what you saw from a linearity perspective.

是的。我認為，首先，當我們開始本季時，我們一直預計淨新 ARR 將在 3000 萬美元至 3500 萬美元之間。而在最後的階段，說實話，大約在本季最後一周左右，幾筆大筆交易的成交率有所提高，這正是從線性角度所看到的。

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Congrats Sanjay and Jen as well. I'll ask maybe on Fed, if I could, Sanjay, just maybe some of the assumptions you're embedding in the guide, both for Sanjay and Jen and feedback you're hearing because I know it is a big quarter for you guys in Fed for 2Q.

也恭喜 Sanjay 和 Jen。我可能會問美聯儲，如果可以的話，桑傑，也許你在指南中嵌入了一些假設，包括桑杰和 Jen 以及你聽到的反饋，因為我知道對於你們來說，第二季度是美聯儲的重要一季。

Yes, I'll start. And then, of course, Sanjay, feel free to chime in. From a federal perspective, we feel incredibly good about our Fed business. It performed in line with our expectations in Q1.

是的，我這就開始。當然，桑傑，請隨意加入。從聯邦的角度來看，我們對聯邦業務感到非常滿意。它在第一季的表現符合我們的預期。

And overall, we expect to see similar seasonality for the first half of the year because we do know that overall, the Fed is stronger in the first half of the year. And ultimately, I think what we're seeing is that our FedRAMP High certification continues to be a competitive advantage for us.

總體而言，我們預計今年上半年也會出現類似的季節性，因為我們確實知道，總體而言，聯準會在上半年會更加強勁。最終，我認為我們看到的是，我們的 FedRAMP High 認證繼續成為我們的競爭優勢。

You summed it up.

你總結得很到位。

You were hard to hear, Eric. Your question was just around Fed, right? Okay.

你說話太難聽了，艾瑞克。您的問題只是有關美聯儲的，對嗎？好的。

Right. And if I could ask a follow-up, Jen, just on the margins. I know you covered some of it, the reasons for OpEx in the quarter. But just anything you can share why we're not seeing more drop to the bottom line? And maybe just help a little bit more on granularity on organic operating margins for the year.

正確的。如果我可以問一個後續問題，Jen，只是關於邊緣問題。我知道您已經談到了本季營運支出的一些原因。但是您能否解釋為什麼我們沒有看到更多的利潤下降？或許可以對今年的有機營業利潤率提供更多幫助。

Sure. So let me just start by saying I think we're incredibly proud of the overall performance. The business performed in line with our expectations. We had a record quarter, and that related to not only increased bonus and commissions as well as our regular planned headcount additions associated with the investments we plan to make.

當然。首先我要說的是，我們對整體表現感到無比自豪。業務表現符合我們的預期。我們本季的業績創下了紀錄，這不僅與獎金和佣金的增加有關，還與我們計劃進行的投資相關的定期員工人數增加有關。

Now I would just highlight the fact that we landed at a 47 on a Rule of 40. So I think overall, we are balancing the business and profitability and growth quite well. As we think out for the rest of the year, like I said, the dilutive Satori is the only dilutive impact. It's about 50 bps. Other than that, the business is performing exactly how we expected to my original guidance from an overall EBIT perspective.

現在我只想強調一個事實，即我們根據 40 法則得到了 47 分。所以我認為總體而言，我們在業務、獲利能力和成長之間取得了很好的平衡。正如我所說，當我們考慮今年剩餘時間時，稀釋性的 Satori 是唯一的稀釋性影響。大約是50個基點。除此之外，從整體息稅前利潤 (EBIT) 角度來看，業務表現完全符合我們最初預期。

And just one more element of color on that is our SaaS business is growing, and it grew 63% year on year on an ARR basis, and we're seeing more workloads, and that has a different margin profile, which in the overall scheme of things is reflected. So it's goodness. So the growth is there, and we had -- and we're particularly proud of the 47% on a Rule of 40.

另一個亮點是我們的 SaaS 業務正在成長，其 ARR 年成長 63%，而且我們的工作量也在增加，利潤率也有所不同，這在整體情況中有所體現。所以這是好事。所以成長是存在的，而且我們對於 40 法則下的 47% 的成長感到特別自豪。

And I would just close out with saying that from a guidance perspective, our original guidance showed a rule of 36 on a Rule of 40 and my updated guidance shows a rule of 38. So there's already performance and strong balance there.

最後我想說的是，從指導的角度來看，我們最初的指導顯示了 40 條規則中的 36 條規則，而我更新後的指導顯示了 38 條規則。因此，那裡已經具備了性能和強大的平衡性。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

I wanted to go back to something, Jen, you said Microsoft 365 has been sort of a killer application, the lion's share of Metallic. But what are you seeing there with either a number of seats protected or however you want to talk about it versus what are you seeing with some of those newer solutions like Cloud Rewind?

我想回顧一下，Jen，您說過 Microsoft 365 已經成為一種殺手級應用程序，佔據了 Metallic 的最大份額。但是，無論您如何談論它，您看到的保護席位數量與 Cloud Rewind 等一些較新的解決方案相比如何？

As you mentioned, some of them have certainly become substantial. So in other words, what I'm really asking is, is there a way to slice sort of the contribution of, I think you said Microsoft 365 and Air Gap versus some of the other newer products?

正如您所說，其中一些確實已經變得實質。換句話說，我真正想問的是，有沒有辦法區分 Microsoft 365 和 Air Gap 與其他一些較新產品的貢獻？

Sure. So from an M365 and Air Gap Protect, right, those are our oldest products and our most mature. And so they continue to carry the lion's share of the ARR However, our security offerings, Threatwise, ThreatScan, Cleanroom, Appranix, Risk Analysis, those grew double digits quarter over quarter and made up 20% of our net new ARR.

當然。因此，從 M365 和 Air Gap Protect 來看，這些是我們最古老、最成熟的產品。因此，它們繼續佔據 ARR 的最大份額，然而，我們的安全產品 Threatwise、ThreatScan、Cleanroom、Appranix、Risk Analysis 等都環比增長了兩位數，占我們淨新 ARR 的 20%。

We're happy with that.

我們對此感到高興。

Yes. Understood. And then, Sanjay, conversation we always have is just shots on goal. I guess, how are you feeling about what you're getting for shots on goal?

是的。明白了。然後，桑傑，我們一直在談論的就是射門。我猜，你對於射門的感覺如何？

I know there's been a lot more marketing programs going on and Jen related to that. We're about 85% subscription now. So is there a way to think about how much is left for migrations within the base?

我知道有很多行銷計劃正在進行，Jen 也談到了這一點。目前我們的訂閱率約為 85%。那麼有沒有辦法考慮一下基地內還剩下多少可供遷移呢？

Do you want to go, Jen?

你想去嗎， Jen？

Sure. So I would -- first of all, I'll start by saying we're really pleased with the overall performance of 85% of the business being on the recurring base of subscription. As we think about migrations, right, and overall, like our perpetual business continues to be a small amount of the overall revenue.

當然。所以我想說——首先，我要說的是，我們對 85% 的業務基於定期訂閱的整體表現感到非常滿意。當我們考慮遷移時，總體而言，我們的永久業務仍然只佔總收入的一小部分。

We saw that come down this quarter. We're focusing the business on subscription, right? But ultimately, what we're seeing is more and more of our ARR is coming from our land business, right? And so ultimately, the growth is not really coming from the conversions. It's much more about land, in particular, on the SaaS side.

我們發現本季這一數字有所下降。我們的業務重點是訂閱，對嗎？但最終，我們看到越來越多的 ARR 來自我們的土地業務，對嗎？因此，最終，成長實際上並非來自於轉換。這與土地有關，特別是在 SaaS 方面。

And from a conversion point of view, we've always held the line that we don't want to do anything unnatural. Customers have choices. and we give them the choice. We lean in towards a subscription platform, be it SaaS or term license. But if for whatever reason, customers wish to go perpetual, they have that choice right now.

從轉變的角度來看，我們始終堅持不想做任何不自然的事。顧客有選擇，我們也給予他們選擇。我們傾向於訂閱平台，無論是 SaaS 還是期限許可。但如果出於某種原因，客戶希望永久使用，他們現在就可以選擇。

And then as it relates to your question around more shots on goal, right, we said this year was another year of investment to continue to maintain our momentum and growth. And you're seeing that in the top line because it's absolutely leading to more shots on goal, and our execution continues to remain incredibly high.

然後，關於您關於更多射門次數的問題，對，我們說今年是另一個投資年，以繼續保持我們的勢頭和增長。您會在第一行看到這一點，因為這絕對會帶來更多的射門機會，而且我們的執行力仍然保持著令人難以置信的高水準。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

Congratulations on a stellar fiscal 1Q here. Maybe for starters, two questions. Sanjay, could you just maybe give us an update on the potential competitive displacements and maybe consolidating workloads on Commvault, this growth is pretty dynamic, and we've been talking about that for a while.

恭喜您第一季的財務表現十分出色。首先，我想問兩個問題。Sanjay，您能否向我們介紹潛在的競爭取代以及在 Commvault 上整合工作負載的最新情況，這種增長非常活躍，我們已經討論了一段時間了。

I'd love to get a kind of update there in terms of the sustainability of this dynamic growth. And then, Jen, thank you for that color on the north of $20 million net new ARR from SaaS. Can you just maybe talk about any maybe changes there in terms of competition or maybe pricing of whatnot?

我很想了解一下這種動態成長的可持續性的最新情況。然後，Jen，謝謝你對 SaaS 的 2000 萬美元淨新 ARR 的評價。您能否談談競爭或定價等方面可能出現的變化？

We talked about bundling, I think, in a prior question. Or is it just kind of net new conservatism because that doesn't imply a lot of growth on a year-on-year basis from net new ARR that occurred in the last kind of four or five quarters. That would be helpful.

我認為我們在之前的問題中討論過捆綁問題。或者這只是一種淨新保守主義，因為這並不意味著過去四、五個季度的淨新 ARR 年比增長很多。那將會很有幫助。

Yes. So Tom, from a displacement point of view, if you look at just the software on-premise set of capability, that's a market that's growing low single digits. So we're growing in a healthy pattern, which means we are taking share. We're taking share because of a few things. One, our technology continues to lead.

是的。因此，湯姆，從置換的角度來看，如果你只看軟體內部部署功能集，那麼這個市場的成長速度只有個位數。因此，我們正在以健康的模式發展，這意味著我們正在佔據市場份額。我們因為一些事情而獲得份額。一是技術持續領先。

I mean, if you look at all the new Gartner reports, our technology continues to lead in every way. Our delivery model with the partner ecosystem has evolved and continues to evolve every quarter. In my prepared comments, I shared the new partnerships and the impact they're going to have.

我的意思是，如果你看一下所有新的 Gartner 報告，你會發現我們的技術在各個方面都保持領先地位。我們與合作夥伴生態系統的交付模式已經發展並且每個季度都在不斷發展。在我準備好的評論中，我分享了新的合作夥伴關係及其將產生的影響。

The third piece is that the problem we solve, the hard problem we solve for customers goes beyond data protection. We're now looking at entire environments on cloud native. We're looking at true multi-cloud. We're looking at SaaS environments.

第三點是，我們解決的問題，我們為客戶解決的難題不僅僅是資料保護。我們現在正在研究雲端原生的整個環境。我們正在研究真正的多雲。我們正在研究 SaaS 環境。

And so when you -- and we make protection for customers, be it a SaaS workload or a cloud-native workload or an on-premise workload completely transparent. So when you take those factors and the customers have -- customers are definitely consolidating. More in this case, is not better.

因此，當您—我們為客戶提供保護時，無論是 SaaS 工作負載、雲端原生工作負載或內部工作負載，都是完全透明的。因此，當你考慮到這些因素並且客戶有——客戶肯定會合併。在這種情況下，越多不一定越好。

Having more vendors, more policies, more feet on the street to make things work is actually harder. And so there is a definite direction of consolidation to our advantage because our platform uniquely provides that capability at scale and does it in a hybrid environment.

擁有更多的供應商、更多的政策、更多的人來讓事情順利進行實際上是更難的。因此，整合的方向肯定對我們有利，因為我們的平台以獨特的方式提供了大規模的能力，並且在混合環境中實現了這一點。

And Tom, regarding your overall SaaS, ultimately, what you're seeing is just strength in our overall organic business. Yes, Sanjay just said on the competition element, we're not really seeing too many changes there. Ultimately, customers want our full platform and our SaaS platform absolutely meets the moment. So ultimately, it's just growth in the organic business.

湯姆，關於您的整體 SaaS，最終，您所看到的只是我們整體有機業務的實力。是的，桑傑剛才談到競爭因素，我們並沒有看到太多變化。最終，客戶想要我們的完整平台，而我們的 SaaS 平台絕對可以滿足這項需求。所以最終，這只是有機業務的成長。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Again, congrats on a great quarter. I had, I guess, a couple for me. First of all, Jen, there's some of the things we hear from the channel that there are customers who are pulling forward calendar '26 budget plans into actually into '25.

再次恭喜您本季取得如此出色的成績。我想，我有幾個。首先，Jen，我們從通路上聽說有些客戶將 26 年的預算計畫提前到 25 年。

So I'm kind of wondering, as you look at your strong performance, clearly, the market is doing very well. But is there a way for you to tell if there's a pull forward activity within your customers right here right now?

所以我有點好奇，當你看到你的強勁表現時，顯然市場表現非常好。但是，您有沒有辦法知道現在您的客戶中是否有拉動活動？

Yes. Thanks for the question. We spent a lot of time with our go-to-market team here, and we're not seeing any pull forward. It's just strength in the overall market and our products meeting the needs of customers and our team executing incredibly well.

是的。謝謝你的提問。我們在這裡與我們的行銷團隊一起花費了大量時間，但我們沒有看到任何進展。這只是整體市場的實力，我們的產品滿足了客戶的需求，而且我們的團隊表現非常出色。

Excellent. Then maybe as a follow-up, you started the new year. Can you talk about the comp plans? How have they changed, if anything? What are you incentivizing more or less of this year?

出色的。然後也許作為後續，你開始了新的一年。能談談補償計劃嗎？如果有的話，它們有何變化？今年你會激勵自己多做些什麼或少做些什麼？

Sure. So we don't talk -- we don't give a lot of details around the comp plans. But what I can tell you is our team is incentivized to absolutely go after overall recurring revenue, and we are balancing the need between what -- meeting the needs of what customers want. Ultimately, it's all aligned.

當然。所以我們不會談論——我們不會提供有關補償計劃的許多細節。但我可以告訴你的是，我們的團隊有動力追求整體經常性收入，我們正在平衡滿足客戶需求之間的需求。最終，一切都一致了。

Pay-for-performance.

按績效付酬。

It's just a pay-for-performance.

這只是按績效付酬。

That concludes the question-and-answer session. I would like to turn the call back over to Mike Melnyk for closing remarks.

問答環節到此結束。我想將電話轉回給邁克·梅爾尼克 (Mike Melnyk) 做最後發言。

Thank you, everyone, for joining this morning. If you have any additional questions, please feel free to follow up with me by e-mail. And also, as Sanjay mentioned, we encourage everyone to register for the Shift user event in New York City, November 11 and 12. Visit our website for details. Thanks very much.

感謝大家今天上午的參與。如果您有任何其他問題，請隨時透過電子郵件與我聯絡。而且，正如桑傑所提到的，我們鼓勵每個人都報名參加 11 月 11 日和 12 日在紐約舉行的 Shift 用戶活動。請造訪我們的網站以了解詳情。非常感謝。

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

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