Commvault Systems Inc (CVLT) 2026 Q2 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 second quarter fiscal year 2026 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫黛西蕾，今天我將擔任你們的會議接線生。在此，我謹代表 Commvault 公司歡迎各位參加 2026 財政年度第二季財報電話會議。（操作說明）

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

現在我將把會議交給投資者關係主管邁克爾·梅爾尼克。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. 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.

早上好，歡迎參加我們的財報電話會議。在開始之前，我想提醒各位，今天電話會議上發表的聲明將包括有關 Commvault 未來預期、計劃和前景的前瞻性聲明。所有此類前瞻性陳述均受風險、不確定性和假設的影響。請參閱今天發布的盈利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相關內容，以了解可能導致公司實際業績與這些前瞻性聲明中設想的業績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, Commonwealth'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.

在本次電話會議中，Commonwealth 的財務表現將以非公認會計準則 (non-GAAP) 的方式呈現。您可以在我們的網站上找到非GAAP指標與GAAP指標的調節表。再次感謝您的參與。

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

現在我將把發言權交給我們的執行長桑傑·米爾昌達尼，請他致開幕詞。

Good morning, and thank you for joining today's call. Commvault had another strong quarter and an excellent start to the first half of the fiscal year. Highlights include: in constant currency, we added a record $47 million net new ARR. Subscription ARR rose 30% to $894 million. Total revenue grew 18% to $276 million. Additionally, we hit a major milestone earlier than expected.

早安，感謝各位參加今天的電話會議。Commvault 又迎來了一個強勁的季度，並且本財年上半年開局良好。亮點包括：以固定匯率計算，我們新增了創紀錄的 4700 萬美元淨 ARR。訂閱 ARR 成長 30% 至 8.94 億美元。總營收成長18%，達到2.76億美元。此外，我們比預期更早達成了一個重要的里程碑。

Total ARR grew 22%. And with that, we achieved $1 billion in total ARR two quarters earlier than our original March 2026 target. In Q2, SaaS ARR grew 56%, hitting $330 million. This was also two quarters earlier than projected. And for the fiscal first half, we achieved 42 on a rule of 40 basis. We couldn't have done it without the support of our customers and partners and the unwavering commitment to innovation and excellence from the Commvault team.

總年度經常性收入成長了22%。就這樣，我們比原定的 2026 年 3 月目標提前兩個季度實現了 10 億美元的年度經常性收入總額。第二季度，SaaS ARR 成長 56%，達到 3.3 億美元。這比預計的提前了兩個季度。上半年，我們依照 40 的規則達成了 42 的目標。如果沒有客戶和合作夥伴的支持，以及 Commvault 團隊對創新和卓越的堅定承諾，我們不可能取得這樣的成就。

Looking ahead, there are three key business drivers that continue to fuel our growth. One, strong demand for our Commvault Cloud Cyber Resilience platform from our hybrid cloud customers. Two, as I mentioned in prior quarters, the continued move to the cloud, which our platform is tailor-made to support. And three, customers rely on our innovation engine to meet their complex and evolving readiness and resilience requirements. I'll discuss each in more detail.

展望未來，有三個關鍵業務驅動因素將繼續推動我們的成長。第一，我們的混合雲客戶對我們的 Commvault 雲端網路彈性平台有著強烈的需求。第二，正如我在前幾個季度提到的，持續向雲端遷移，而我們的平台正是為此量身定制的。第三，客戶依靠我們的創新引擎來滿足他們複雜且不斷變化的準備和韌性需求。我將更詳細地討論每一個問題。

First, hybrid cloud customers are embracing our Cyber Resilience platform. New attack vectors are constantly emerging. And with AI, data is more distributed and is being used in new ways which introduces more threat vectors for organizations to grapple with. The need for best-in-class detection, protection and recovery is paramount. Traditional data protection approaches don't cut. Customers need a platform that makes them ready to withstand the worst to keep their business continuous. We do this better than anyone else.

首先，混合雲客戶正在接受我們的網路彈性平台。新的攻擊手法層出不窮。隨著人工智慧的發展，數據分佈更加分散，並以新的方式被使用，這給組織帶來了更多需要應對的威脅。一流的檢測、保護和復原能力至關重要。傳統的資料保護方法行不通了。客戶需要一個能夠幫助他們抵禦最壞情況、維持業務持續營運的平台。我們在這方面比任何人都做得更好。

This quarter, we saw strong momentum across our identity and data security focused offerings which grew double digits sequentially and represented nearly 40% of net new ARR. Our fastest-growing SaaS offering this quarter rapidly restores Active Directory and Entra ID to identity protection services.

本季度，我們專注於身分和資料安全的產品業務發展勢頭強勁，環比成長兩位數，佔淨新增 ARR 的近 40%。本季我們成長最快的 SaaS 產品可快速恢復 Active Directory 和 Entra ID 的身分保護服務。

In Q2, a large bank in Asia Pacific chose Commvault's Active Directory offering to quickly recover its identity operations after a cyberattack. They also leveraged ThreatScan to validate clean recovery points and unified its hybrid workloads to close gaps and meet its regulatory requirements. This is cyber resilience in action.

第二季度，亞太地區一家大型銀行選擇 Commvault 的 Active Directory 解決方案，以便在遭受網路攻擊後快速恢復其身分運作。他們還利用 ThreatScan 來驗證乾淨的恢復點，並統一其混合工作負載，以彌補差距並滿足監管要求。這就是網路彈性的實際作用。

As we shared last quarter, we also continue to invest in our partner ecosystem, which makes our platform even stronger. This quarter, we announced a new partnership with BeyondTrust, a global leader in identity security. By integrating their capabilities with the Commvault Cloud platform, we can help joint customers advanced recovery while reducing unauthorized access to credentials, systems and data. We believe the momentum we're seeing across our identity and data security focused offerings will continue in the second half of the year, which brings us to our second growth driver, the continued move to the cloud.

正如我們上個季度所分享的，我們也將繼續投資我們的合作夥伴生態系統，這使我們的平台更加強大。本季度，我們宣布與身分安全領域的全球領導者 BeyondTrust 建立新的合作夥伴關係。透過將他們的功能與 Commvault 雲端平台集成，我們可以幫助共同的客戶進行高級恢復，同時減少對憑證、系統和資料的未經授權存取。我們相信，我們在身分和資料安全領域所看到的成長動能將在今年下半年持續維持，這也引出了我們的第二個成長動力，即持續向雲端遷移。

Cloud-borne and cloud-bound data is accelerating at a tremendous pace, and this is only going to increase with the rapid proliferation of AI. Today, Commvault has moved and protects approximately 8 exabytes of customer data into the cloud. This represents a greater than 40% CAGR over the past five years. We expect this rapid pace of growth to continue fueled by the fact that customers are increasingly storing AI data in the cloud. It makes our Clumio portfolio of offerings for AWS more relevant than ever.

雲端傳播和雲端綁定資料正在以驚人的速度成長，而且隨著人工智慧的快速普及，這一速度只會增加。目前，Commvault 已將大約 8 EB 的客戶資料遷移到雲端並進行保護。這意味著過去五年的複合年增長率超過 40%。我們預計，隨著客戶越來越多地將人工智慧資料儲存在雲端，這種快速成長的趨勢將持續下去。這使得我們面向 AWS 的 Clumio 產品組合比以往任何時候都更具相關性。

Over the past year, we introduced Clumio backtrack for F3 and brought Clumio's unique recovery capabilities of DynamoDB and Apache Iceberg. We are transforming the speed, scale and efficiency in which cloud data can be restored. This quarter, we saw healthy sequential growth in ARR from Clumio and continue to add new customers to the platform, including three Fortune 1000 customers and two Fortune 500 customers.

過去一年，我們為 F3 引入了 Clumio 回溯功能，並帶來了 Clumio 獨特的 DynamoDB 和 Apache Iceberg 恢復功能。我們正在改變雲端資料復原的速度、規模和效率。本季度，Clumio 的 ARR 實現了健康的環比增長，我們繼續為該平台增加新客戶，其中包括三家財富 1000 強客戶和兩家財富 500 強客戶。

And BBVA, one of the world's largest financial institutions chose Commvault to reduce its cloud-native complexity, strengthen its DORA compliance requirements, and protects its mission-critical AWS data. Commvault cloud unified its data protection across three major hyperscalers, and Clumio unlocked a 40% cost savings.

而全球最大的金融機構之一 BBVA 選擇 Commvault 來降低其雲端原生複雜性，加強其 DORA 合規性要求，並保護其關鍵任務 AWS 資料。Commvault 雲端平台統一了三大超大規模雲端服務商的資料保護，Clumio 實現了 40% 的成本節約。

Additionally, we made tremendous progress with cloud-bound enterprises. In Q2, the number of SaaS customers grew nearly 9,000, representing a 40% increase year-over-year. Net dollar retention remains healthy at 125%. And we continue to see strong adoption of our SaaS offerings from existing customers.

此外，我們在雲端企業領域也取得了巨大進展。第二季度，SaaS 客戶數量增加了近 9,000 人，年增 40%。淨美元留存率維持在125%的健康水準。我們看到現有客戶對我們的 SaaS 產品持續給予了強而有力的支持。

A global Fortune 1000 system manufacturer chose Commvault to support its hybrid cloud journey. Today, Commvault safeguards is virtual machines, databases, file systems and Microsoft 365 data. The customer also leverages Air Gap Protect and our integration with Azure Government Cloud to streamline operations and support its compliance initiatives, which brings me to our third growth driver, Commvault's Innovation Engine.

一家全球財富 1000 強系統製造商選擇 Commvault 來支援其混合雲轉型。如今，Commvault 為虛擬機器、資料庫、檔案系統和 Microsoft 365 資料提供安全保障。客戶還利用 Air Gap Protect 以及我們與 Azure 政府雲端的整合來簡化營運並支援其合規計劃，這引出了我們的第三個成長驅動力，即 Commvault 的創新引擎。

Our innovation engine has never been better. Time and again, we've been first-to-market with unique capabilities that address our customers' most critical use cases. Innovations like Cleanroom Recovery, Active Directory and Cloud Rewind are closing the gap for customers evolving readiness and resilience requirements.

我們的創新引擎從未如此強大。我們一次又一次地率先推出獨特的功能，以滿足客戶最關鍵的使用場景。Cleanroom Recovery、Active Directory 和 Cloud Rewind 等創新技術正在縮小客戶在不斷變化的準備和復原能力需求方面的差距。

Top industry analysts are taking notice. We are one of the few companies to be named a leader in the Forrester Wave, the Gartner Magic Quadrant, and just this quarter, the IDC Marketscape on cyber recovery. The IDC MarketScape report highlighted our platform's comprehensive cyber recovery architecture, broad workload support and deep data security integrations for delivering enterprise-grade resilience. This is why customers choose Commvault.

頂尖的產業分析師已經注意到這一點。我們是少數幾家同時被 Forrester Wave、Gartner Magic Quadrant 和本季 IDC Marketscape 網路復原報告評為領導者的公司之一。IDC MarketScape 報告重點介紹了我們平台的全面網路恢復架構、廣泛的工作負載支援和深度資料安全集成，從而提供企業級彈性。這就是客戶選擇 Commvault 的原因。

As enterprises embrace AI, we will help them address evolving resilient requirements. That's why we acquired Satori Cyber, which closed during the quarter and is being integrated into our Commvault Cloud platform. This acquisition is timely as it provides monitoring and front protection for large language models as well as automated discovery, classification and access management for structured data. We will discuss the evolution of resilience in the age of AI and introduce a richer set of innovations ever at Shift, our premier customer event on November 12 in New York City. I hope you can join us.

隨著企業擁抱人工智慧，我們將幫助他們滿足不斷變化的彈性需求。這就是我們收購 Satori Cyber​​ 的原因，該收購已於本季度完成，目前正在整合到我們的 Commvault 雲端平台中。此次收購非常及時，因為它為大型語言模型提供了監控和前端保護，並為結構化資料提供了自動發現、分類和存取管理。我們將在 11 月 12 日於紐約市舉行的 Shift（我們的首要客戶活動）上，探討人工智慧時代韌性的演變，並推出比以往任何時候都更加豐富的創新成果。我希望你能加入我們。

And with that, I would like to turn the call over to our CFO, Jen DiRico, to discuss our results in more detail.

接下來，我想把電話交給我們的財務長 Jen DiRico，讓她更詳細地討論一下我們的表現。

Thanks, Sanjay. Good morning, and thank you for joining us today. Our solid Q2 results confirm that data is moving to the cloud at an accelerating pace. Our Commvault Cloud platform is well situated to benefit from this Shift. Case in point, in Q2, we set new records by adding $47 million in net new ARR and $29 million in net new SaaS ARR on a constant currency basis and we exceeded $1 billion in total ARR, reaching this milestone two quarters earlier than our initial target.

謝謝你，桑傑。早安，感謝各位今天收看我們的節目。我們第二季穩健的業績證實，資料正以越來越快的速度遷移到雲端。我們的 Commvault 雲端平台已做好充分準備，能夠從這項轉變中受益。例如，在第二季度，我們創下了新的紀錄，以固定匯率計算，淨新增 ARR 為 4700 萬美元，淨新增 SaaS ARR 為 2900 萬美元，總 ARR 超過 10 億美元，比我們最初的目標提前兩個季度達到了這一里程碑。

Now I'll discuss our Q2 results and operating metrics followed by an update on Q3 and FY26 guidance. Please note that all growth rates are on a year-over-year basis unless otherwise specified. On a reported basis, total annual recurring revenue increased by 22% to $1.04 billion or 21% on a constant currency basis.

接下來我將討論我們第二季的業績和營運指標，然後更新第三季和2026財年的業績指引。請注意，除非另有說明，所有成長率均為年增速。據報道，年度經常性總收入成長 22%，達到 10.4 億美元，以固定匯率計算成長 21%。

Subscription ARR increased 30% to $894 million, representing 29% growth on a constant currency basis. This was led by 56% growth in SaaS ARR to $336 million. And I'm excited to share that we exceeded our original $330 million SaaS ARR target two quarters earlier than planned. Subscription ARR now constitutes 86% of total ARR compared to 81% one year ago. Subscription ARR is the best indicator of the company's growth.

訂閱 ARR 成長 30% 至 8.94 億美元，以固定匯率計算成長 29%。這主要得益於 SaaS ARR 成長 56%，達到 3.36 億美元。我很高興地宣布，我們提前兩個季度超額完成了原定的 3.3 億美元 SaaS ARR 目標。訂閱收入佔總收入的比例從一年前的 81% 上升到目前的 86%。訂閱 ARR 是衡量公司成長的最佳指標。

Now I'll discuss Q2 revenue trends. Total revenue grew by 18% to $276 million led by a 29% increase in subscription revenue, including 61% growth from our SaaS platform. Term software revenue rose 10% to $93 million. Strong double-digit growth in transaction volume was tempered due to a shift in term duration, which reduced average deal size.

現在我將討論第二季的營收趨勢。總營收成長 18% 至 2.76 億美元，其中訂閱收入成長 29%，包括 SaaS 平台成長 61%。Term 軟體營收成長 10%，達到 9,300 萬美元。交易量強勁的兩位數成長受到交易期限變動的影響，導致平均交易規模下降。

In Q2, customers chose shorter contract duration to maintain flexibility between software and SaaS as they evaluate the timing of their transition to cloud. Q2 SaaS net dollar retention was steady at 125%, benefiting from both successful up-sell and cross-sell initiatives. We saw solid momentum across our identity and resilience offerings such as Air Gap Protect, Active Directory, Cleanroom, Cloud Rewind, Risk Analysis and ThreatScan, which collectively grew double-digit percentages sequentially and represented almost 40% of net new ARR.

第二季度，客戶選擇縮短合約期限，以便在評估向雲端過渡的時間時，保持軟體和 SaaS 之間的靈活性。第二季 SaaS 淨美元留存率穩定在 125%，這得益於成功的追加銷售和交叉銷售措施。我們在身份和彈性產品方面都取得了強勁的成長勢頭，例如 Air Gap Protect、Active Directory、Cleanroom、Cloud Rewind、Risk Analysis 和 ThreatScan，這些產品整體實現了兩位數的環比增長，佔淨新增 ARR 的近 40%。

Active Directory, a mission-critical identity tool for an effective resilient strategy saw usage more than triple year over year as IT leaders adopt our data and identity recovery solution. In just two years, Active Directory is on pace to become one of our largest SaaS offerings.

Active Directory 是一款關鍵任務身分工具，可用於建立有效的彈性策略，隨著 IT 領導者採用我們的資料和身分復原解決方案，其使用量年增超過三倍。在短短兩年內，Active Directory 有望成為我們最大的 SaaS 產品之一。

For example, we expanded our footprint with a large US-based health care services customer who sought to address concerns around identity and resilience as one of its largest competitors suffered a crippling cyberattack. With the addition of Cleanroom, Active Directory enterprise and M365 backup, we are securing this customer against accidental deletion, corruption and providing peace of mind in being able to rapidly recover in case of an event.

例如，我們擴大了與美國大型醫療保健服務客戶的合作範圍，該客戶希望解決身份和恢復能力方面的問題，因為其最大的競爭對手之一遭受了嚴重的網路攻擊。透過新增 Cleanroom、Active Directory 企業版和 M365 備份，我們能夠保護客戶免受意外刪除和資料損壞的影響，並讓客戶安心，能夠在發生事件時快速復原資料。

Additionally, we closed several 7-figure SaaS transactions during the quarter. Further evidence that Commvault Cloud is the gold standard for enterprise-grade resilience at scale. SaaS customers over $100,000 in ARR grew 55% year over year, outpacing growth of the overall SaaS base. Due to the complexity of their requirements, this segment typically demonstrates a higher rate of multi-product adoption than our overall SaaS base.

此外，本季我們也完成了幾筆七位數的 SaaS 交易。進一步證明 Commvault Cloud 是企業級大規模彈性架構的黃金標準。年經常性收入超過 10 萬美元的 SaaS 客戶年增 55%，超過了 SaaS 整體客戶群的成長速度。由於其需求的複雜性，該細分市場通常比我們整體的 SaaS 用戶群表現出更高的多產品採用率。

Now I'll discuss our profitability and free cash flow. Fiscal Q2 gross margins were 80.5%, which reflects the acceleration in the mix of SaaS and Shift in average software duration. Operating expenses of $170 million represented 61% of total revenue, consistent with the prior quarter and prior fiscal year. Q2 operating expenses reflected continued investments to support our strong ongoing growth trajectory.

現在我將討論我們的獲利能力和自由現金流。第二財季毛利率為 80.5%，反映了 SaaS 和軟體平均使用時長變化的加速成長。營運支出為 1.7 億美元，佔總收入的 61%，與上一季和上一財年的情況一致。第二季的營運費用反映了持續的投資，以支持我們強勁的持續成長軌跡。

Non-GAAP EBIT was $51 million. resulting in a margin of 18.6%, which reflects the increased mix of SaaS bookings and the integration costs from Satori. For the first half of fiscal '26, we achieved a 42% on a rule of 40 basis, reflecting a healthy balance between revenue and profitability.

非GAAP息稅前利潤為5,100萬美元，利潤率為18.6%，這反映了SaaS訂單佔比的增加以及Satori的整合成本。2026 財年上半年，我們以 40 法則計算實現了 42% 的利潤率，這反映了收入和盈利能力之間的健康平衡。

Turning to key balance sheet and cash flow indicators. On September 5, we closed a private offering of $900 million of convertible senior notes with a coupon of 0%. This capital raise allows us to optimize our balance sheet and provide additional flexibility for capital allocation decisions. We achieved very favorable terms on this financing, reflecting strong investor demand against a solid market backdrop.

轉向關鍵資產負債表和現金流指標。9 月 5 日，我們完成了 9 億美元的可轉換優先票據私募發行，票面利率為 0%。此次融資將幫助我們優化資產負債表，並為資本配置決策提供更大的靈活性。我們在此次融資中獲得了非常優惠的條件，反映出在穩健的市場背景下投資者的強勁需求。

We repurchased $131 million of stock during the quarter, of which $118 million was executed in conjunction with the convert. We ended the quarter with a diluted share count of approximately 45 million shares. Q2 free cash flow grew 37% year over year to $74 million primarily driven by continued strength in deferred revenue from SaaS contracts and strong cash collections against Q1 sales. We ended Q2 with over $1 billion in cash.

我們在本季回購了價值 1.31 億美元的股票，其中 1.18 億美元與轉換同時執行。本季結束時，我們的稀釋股數約為 4500 萬股。第二季自由現金流年增 37% 至 7,400 萬美元，主要得益於 SaaS 合約遞延收入的持續強勁成長以及第一季銷售現金回收的強勁勢頭。我們在第二季結束時擁有超過 10 億美元的現金。

Now I'll discuss our outlook for Q3 and our updated outlook for fiscal year '26. For fiscal Q3 '26, we expect subscription revenue which includes both the software portion of term-based licenses and SaaS to be in the range of $195 million to $197 million. This represents 24% growth at the midpoint. We expect total revenue to be in the range of $298 million to $300 million with growth of 14% at the midpoint.

現在我將討論我們對第三季的展望以及對 26 財年的最新展望。2026 財年第三季度，我們預計訂閱收入（包括基於期限的授權軟體部分和 SaaS）將在 1.95 億美元至 1.97 億美元之間。這相當於中點成長了 24%。我們預計總收入將在 2.98 億美元至 3 億美元之間，中間值為 14%。

At these revenue levels, we expect Q3 consolidated gross margins to be in the range of 80% to 81%. We expect Q3 non-GAAP EBIT margins of approximately 18% to 19%, which reflects continued strong growth from our SaaS platform and ongoing shift in term software duration.

在這樣的營收水準下，我們預計第三季合併毛利率將在 80% 至 81% 之間。我們預計第三季非GAAP EBIT利潤率約為18%至19%，這反映了我們SaaS平台的持續強勁成長以及軟體期限的持續轉變。

Now I'll discuss our updated 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 page 30 of our Q2 earnings presentation. We now expect constant currency fiscal '26 total ARR growth of 18% to 19% year over year. This will be driven by subscription ARR, which we now expect to increase by 24% to 25% year over year. That represents an increase of 50 basis points at the midpoint for both metrics.

現在我將討論我們更新的 2026 財年指導。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。如需進行歷史比較，請參閱我們第二季財報的第 30 頁。我們現在預計 2026 財年以固定匯率計算的總 ARR 將年增 18% 至 19%。這將主要由訂閱 ARR 驅動，我們預計將年增 24% 至 25%。這意味著兩個指標的中點都增加了 50 個基點。

From a full year fiscal '26 revenue perspective. We continue to expect subscription revenue to be in the range of $753 million to $757 million, growing 28% at the midpoint. Our guidance assumes a continued shift in term duration during the second half of the year. We reiterate total revenue of $1.161 billion to $1.165 billion, an increase of 17% at the midpoint.

從2026財年全年收入的角度來看。我們仍然預計訂閱收入將在 7.53 億美元至 7.57 億美元之間，中間值為 28%。我們的指導假設下半年學期長度將繼續改變。我們重申總收入為 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 now expect gross margins to be 80.5% to 81.5%. 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 18.5% to 19.5%. Non-GAAP EBIT margins reflect our ongoing investments in additional growth driving initiatives. We are raising our full year free cash flow outlook to a range of $225 million to $230 million. This guidance reflects benefits from recent federal tax law changes.

接下來展望我們2026財年的全年利潤率、息稅前利潤和現金流。我們現在預期毛利率為 80.5% 至 81.5%。這一範圍反映了我們 SaaS 平台的持續成長，其毛利率與軟體有所不同。我們現在預期非GAAP EBIT利潤率約為18.5%至19.5%。非GAAP EBIT利潤率反映了我們對其他成長驅動措施的持續投資。我們將全年自由現金流預期上調至 2.25 億美元至 2.3 億美元之間。該指南體現了近期聯邦稅法改革帶來的益處。

To summarize, our first half results are evidence of strong market demand that we believe will continue throughout the year. Thanks to our leadership in innovation, our growth-focused investments and strong execution, we are well positioned to continue taking share of the expanding Cyber Resilience market.

總而言之，我們上半年的業績證明了強勁的市場需求，我們相信這種需求將持續全年。憑藉我們在創新方面的領先地位、以成長為導向的投資以及強大的執行力，我們已做好充分準備，繼續在不斷擴大的網路彈性市場中佔據份額。

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

現在我將把電話交還給接線員，讓他開通提問線路。

(Operator Instructions) Aaron Raker, Wells Fargo.

（操作員說明）亞倫·雷克，富國銀行。

Thanks for taking the questions. I guess maybe to start, Jen, can you talk a little bit about -- a little bit more about the Shift in term duration? I guess -- if I look at the guidance and the reiterated guidance for the full year, it kind of implies a deceleration of growth, call it into the 11% total range. Can you just unpack that a little bit why we would expect to see growth decelerate in fiscal 4Q? And maybe that's tied back to that shift in term?

謝謝您回答問題。Jen，我想先請你談談──再多談談學期時間的變化吧？我想——如果我看一下全年的業績指引和重申的業績指引，這似乎暗示著成長速度將會放緩，估計總成長率會降至 11% 左右。能否稍微解釋一下，為什麼我們預期第四財季的成長會放緩？或許這與任期的轉變有關？

Absolutely. Thanks for the question, Aaron. First, let me just start by saying, I would say this is the -- this is our second best term software ARR quarter and that was coupled by the fact that we saw strong volume as well. So this is the second best net new customer addition quarter for term software. When we unpack the kind of variance in subscription revenue, it really came down to that shift in term duration and effectively back to the levels that we saw a couple of quarters ago.

絕對地。謝謝你的提問，亞倫。首先，我想說的是，這是我們軟體年度經常性收入（ARR）第二好的季度，而且銷量也十分強勁。所以這是長期軟體新增客戶數第二多的季度。當我們分析訂閱收入的波動時，會發現這實際上是由於訂閱期限的改變，實際上已經回到了幾個季度前的水平。

And so when we double click, what we really saw was customers wanting to maintain their flexibility, as I thought about the -- their anticipation move to the cloud. But ultimately, what we were really pleased with was the volume that we saw in our software term business. From a volume perspective, deals greater than $100,000 actually increased 17%. So ultimately, that's really where we see the strength coming from an ARR perspective, and we do believe that is the best indicator of growth.

因此，當我們雙擊時，我們真正看到的是客戶希望保持靈活性，正如我所想的那樣——他們預期會遷移到雲端。但最終，我們真正感到滿意的是我們在軟體術語業務方面的業務量。從交易量來看，超過 10 萬美元的交易實際上增加了 17%。所以歸根結底，從 ARR 的角度來看，這才是真正的優勢所在，我們也相信這是成長的最佳指標。

As we zoom out and think about the second half of the year, right, what we have seen is the continued acceleration of SaaS really meeting the moment from where customers are, and we have the best platform to do that. And ultimately, when we look at the pipeline for the second half of the year, we've been prudent as we think about the pipeline and ultimately have carried through the same trends that we saw in Q2 through the year -- rest of the year. But I would just end by saying the growth in our business really is dictated by the ARR that we see, and we've raised both the subscription ARR and total ARR by 50 basis points.

當我們放眼未來，展望下半年時，我們看到的是 SaaS 的持續加速發展，真正滿足了客戶的需求，而我們擁有實現這一目標的最佳平台。最後，當我們展望下半年的發展規劃時，我們一直保持謹慎，並最終將我們在第二季度看到的趨勢延續到了今年的剩餘時間。最後我想說的是，我們業務的成長實際上取決於我們所看到的 ARR，而我們的訂閱 ARR 和總 ARR 都提高了 50 個基點。

Thanks, Jen. And then as a quick follow-up, I'm curious, kind of sticking on the growth theme a little bit. The slide deck highlights your expectations on a TAM growing, I think it's 12% CAGR over the next couple of years. I guess as we think forward, I mean, Commvault seems to be in a pretty good position is still possibly a share taker. Can you talk about the competitive landscape and whether or not we should think 12% kind of a baseline, and there's the ability to continue to grow above that?

謝謝你，珍。然後，作為後續的快速提問，我很好奇，也算是稍微延續一下成長這個主題。投影片重點介紹了您對 TAM 成長的預期，我認為未來幾年將以 12% 的複合年增長率成長。我想，展望未來，Commvault 目前處境相當不錯，仍有可能成為收購者。您能否談談競爭格局，以及我們是否應該將 12% 視為一個基準線，並認為還有可能繼續在此基礎上成長？

Sure. Aaron, it's Sanjay. How are you? Let me just take me the competitive landscape. So when you look at our growth, healthy double digits has been for a few quarters. This quarter included overall both SaaS and software and when you break down the TAM at least on the more classic data protection side, you'll see that the SaaS market is growing double digits and we're fast outpacing it at 55%-ish ARR growth this quarter on just our SaaS product.

當然。亞倫，我是桑傑。你好嗎？讓我來簡單介紹一下競爭格局。所以，從我們的成長情況來看，已經連續幾季維持了兩位數的健康成長。本季涵蓋了 SaaS 和軟體兩大領域，如果你仔細分析 TAM（至少在更傳統的資料保護方面），你會發現 SaaS 市場正在以兩位數的速度成長，而我們僅憑 SaaS 產品，本季的 ARR 成長率就達到了 55% 左右，遠遠超過了 SaaS 市場。

And when you look at the software TAM, that's probably growing zero to low-single digits and has been again for a while. Our software business is growing at a healthy double digit, which brings you to -- we're taking share and we continue to take share. So I would say that the way we're growing, at least on the software side is our customers are consolidating, desperate platforms over the years. They're rethinking their resilience strategy with us in the wake of all the ransomware and cyber attacks, and we continue to innovate on our platform. I'll let Jen flesh out the rest of your question.

而當你觀察軟體市場規模時，你會發現它的成長率可能只有零到個位數，而且這種情況已經持續了一段時間。我們的軟體業務正以兩位數的健康速度成長，這意味著——我們正在擴大市場份額，並且我們將繼續擴大市場份額。所以我覺得，至少在軟體方面，我們的發展方式是，我們的客戶多年來一直在整合他們迫切需要的平台。在經歷了勒索軟體和網路攻擊之後，他們正在與我們重新思考他們的韌性策略，而我們也將繼續在我們的平台上進行創新。剩下的問題就交給Jen來解答吧。

Yes, sure. And in response to the TAM growing 12%, I would point you back to our overall ARR growth and our subscription ARR. So fundamentally, we still believe we have the continued opportunity to take share in the market and grow faster than the TAM.

當然可以。針對 TAM 成長 12% 的情況，我想請您回顧一下我們的整體 ARR 成長和訂閱 ARR。因此，從根本上講，我們仍然相信我們有機會繼續擴大市場份額，並實現比TAM更快的成長。

Thank you, guys.

謝謝你們。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Thank you. Good morning, guys. So some investors have asked whether we might be seeing the backup modernization cycle kind of winding down after a few years of elevated investments. How do you respond to that, Sanjay? Do you feel like we are sort of, call it, in the back nine of some of that modernization activity in response to ransomware?

謝謝。各位早安。因此，一些投資者開始質疑，在經歷了幾年高額投資之後，我們是否會看到備用電源現代化週期逐漸結束。桑傑，你對此有何回應？你是否覺得我們目前正處於應對勒索軟體的某些現代化活動的後半段？

I don't think so, Jason. I think we haven't seen a slowdown in cyber attacks or new threat vectors and/or the scale at which this is happening. So there's a lot of work to do. It's -- and we're working with customers around the world on very similar types of cyber resilience programs. I don't think so. You may see different implementations in the -- as we go into what I'm affection to calling the AI era. And there'll be different needs.

我不這麼認為，傑森。我認為我們還沒有看到網路攻擊或新的威脅載體出現放緩的跡象，也沒有看到此類事件發生的規模有所縮小。所以還有很多工作要做。我們正在與世界各地的客戶合作，開展非常類似的網路安全彈性計畫。我不這麼認為。隨著我們進入我親切地稱之為人工智慧時代，你可能會看到不同的實現方式。而且需求也會有所不同。

There will be different threat factors. And we're working really hard to make sure that we're one step ahead of what customers are going to encounter. In fact, shameless plug at our Shift event on the 12th of November, we're going to unveil probably the most rich set of capabilities on our platforms ever. And so you'll see a lot more of where we believe the world is headed. And I don't want to give it all the way.

威脅因素會多樣化。我們正在努力確保我們始終領先客戶一步，讓他們能夠應對即將遇到的問題。事實上，在 11 月 12 日的 Shift 活動上，我們將推出我們平台上有史以來最豐富的功能集，在此我們鄭重宣布。因此，您將會看到更多關於我們認為世界未來發展方向的資訊。我不想完全付出。

Okay. Good. And then just as a follow-up for you, Sanjay. Could you offer any comments on the deal announced last week between Veeam and Security AI?

好的。好的。然後，我還有一個後續問題要問你，桑傑。您能否對上週 Veeam 和 Security AI 宣布的交易發表一些評論？

I guess Anand will be the right person to ask that question. But the way we look at it is, we've been saying this for a while. What we've been saying, if you -- I mean, I'm going to guess I've said this for the past three years, where the world of data security and the world of data protection as we know it has to come together if you want to be truly cyber-resilient. And what you're seeing with our acquisition, for example, of Satori Cyber was along the lines, I think, of what we may have done with their acquisition.

我想阿南德應該是問這個問題的合適人選。但我們認為，我們已經這樣說很久了。我們一直在說，如果你——我的意思是，我猜我在過去三年裡一直在說，如果我們想要真正具備網路韌性，那麼我們所知的資料安全領域和資料保護領域必須走到一起。例如，我們收購 Satori Cyber​​ 的做法，我認為，與我們收購他們的做法類似。

The -- where identity, observability, okay, policy enforcement on all things within your enterprise when it pertains to data, all of these things have to work together because as cyber attacks get more sophisticated, if there's like between your data security elements and your data protection elements, you're exposed. And this is the bringing together of it. We announced our acquisition last quarter.

——身分認同、可觀察性、以及企業內部所有與資料相關的策略執行，所有這些方面都必須協同工作，因為隨著網路攻擊變得越來越複雜，如果你的資料安全要素和資料保護要素之間存在任何漏洞，你就會面臨風險。這就是它們的匯聚之處。我們上個季度宣布了這項收購。

Thank you. Good luck.

謝謝。祝你好運。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Hey, guys. Thanks for taking the question. Yes, I would say just looking at some of the net new ARR, it does look like it's still accelerating over the last quarter. So it doesn't really seem like a slowdown, but -- maybe a question for you Jen. Just curious what's giving you the confidence to kind of make the step up in investments and maybe how you're thinking about that trade-off and what is a 50 basis point raise to growth, but a 150 basis point reduction in margin relative to your prior guidance?

嘿，大家好。感謝您回答這個問題。是的，僅從一些新增淨年度經常性收入（ARR）來看，似乎上個季度仍在加速成長。所以看起來不像是經濟放緩，但是——珍，也許我想問你一個問題。我很好奇是什麼讓您有信心加大投資力度，以及您是如何權衡利弊的？與先前的績效指引相比，成長預期提高 50 個基點，但利潤率下降 150 個基點，這究竟意味著什麼？

Thanks for the question, and it's the right one. Ultimately, what we look at is what has and hasn't changed for the year as we think about guidance and our ability to continue to invest. And fundamentally, what has not changed is our ability to continue to take share. We see that in the fact that the volume and ARR is up, the volume number of customers and our overall rep productivity continues to increase.

謝謝你的提問，這個問題問得好。最終，我們關注的是今年哪些方面發生了變化，哪些方面沒有變化，以此來製定業績指引並評估我們繼續投資的能力。從根本上來說，沒有改變的是我們繼續獲取市場佔有率的能力。我們看到，銷售量和 ARR 都在成長，客戶數量和銷售代表的整體生產力也持續提高。

We're also seeing the fact that our net new offerings continue to contribute more and more to our ARR, right? So across the board, when I think about the opportunity to invest, when we go back and when we started this year, there were a couple of key things that we needed to see. And effectively, we're continuing to see them, right? And so ultimately, we said '26 is going to be a year of investment, and we're going to continue on that path because all signals say that the market has not changed.

我們也看到，我們的新增產品和服務對年度經常性收入 (ARR) 的貢獻越來越大，對嗎？所以總的來說，當我考慮投資機會時，回顧過去和今年年初，我們需要考慮幾個關鍵因素。實際上，我們還在繼續看到它們，對吧？因此，最終我們決定 2026 年將是投資之年，我們將繼續沿著這條道路走下去，因為所有跡像都表明市場沒有改變。

Got it.

知道了。

And Eric, this is Sanjay, it's a very competitive landscape. We have to be ahead of what is going on in the market. We run a very responsible business as you're probably tired of hearing me say, where we worry about the top, we worry about the bottom, we want to make sure that we build a sustainable company. So within those constraints, we continue to invest both in product. We're seeing a lot of accolades on our platform, and you haven't seen what we're bringing out yet. And obviously, we have to be where the customers are. So that's the thinking.

艾瑞克，我是桑傑，這是一個競爭非常激烈的行業。我們必須走在市場趨勢的前面。正如你可能已經聽膩了我常說的，我們經營著一家非常負責任的企業，我們既關心上層，也關心基層，我們希望確保我們建立一家可持續發展的公司。因此，在這些限制條件下，我們將繼續在產品方面進行投資。我們的平台獲得了許多讚譽，但你們還沒有看到我們即將推出的產品。顯然，我們必須出現在客戶所在的地方。這就是我的想法。

Thanks, Sanjay. And just on that point, I mean, and a follow-on to Jason's earlier question, but do you perceive the competitive landscape getting more competitive? And how do we think about that high in terms of legacy displacement opportunities? Is it starting to shrink, and that's driving a more competitive environment?

謝謝你，桑傑。就這一點而言，我想接著 Jason 之前的問題問一句，您是否認為競爭格局正變得越來越激烈？那麼，我們如何看待這種高水準與傳統產品替代機會之間的關係呢？它是否開始萎縮，導致競爭環境更加激烈？

It's always been competitive, and it's just getting -- now with cyber being more relevant, more visible in boardrooms and with AI, it becomes a spot where -- it becomes more -- it just becomes more visible and more competitive. Now what we've always done -- and we -- and the reason we've been in business for 30 years and continue to get accolades on our platform is we out-innovate our competitors.

一直以來，網路安全領域都充滿競爭，隨著網路安全在董事會中變得越來越重要、越來越引人注目，以及人工智慧的發展，網路安全領域變得更加——變得更加引人注目，競爭也更加激烈。我們一直以來所做的——也是我們——我們能夠經營 30 年並不斷在我們的平台上獲得讚譽的原因，就是我們在創新方面超越了我們的競爭對手。

And it's the formula that's worked for us and we meet our customers exactly where they are, whether it be on-premise, on the edge, in the cloud, back and forth, and we want to make sure that we deliver the technology to keep our customers protected. And that's how we win. I think there is still ample opportunity to consolidate and there's ample opportunity for us to get customers more resilient.

這套方法對我們來說行之有效，我們能夠精準地滿足客戶的需求，無論是在本地、邊緣、雲端，還是在本地和雲端之間切換，我們都希望確保提供必要的技術來保護客戶。這就是我們取勝之道。我認為我們仍然有很多機會可以整合，也有很多機會讓客戶更具韌性。

Awesome. Thanks, Sanjay.

驚人的。謝謝你，桑傑。

Howard Ma, Guggenheim.

Howard Ma，古根漢。

Great. Thanks for the question and congrats on reaching the $1 billion ARR milestone earlier than you expected. For Sanjay, can you remind investors of the drivers of your term subscription business? You mentioned the share gains and the TAM earlier, but I imagine on-premise data growth is still the single biggest driver and perhaps under-appreciated by investors.

偉大的。感謝您的提問，並祝賀您比預期更早達到了 10 億美元的年度經常性收入 (ARR) 里程碑。Sanjay，您能否提醒投資人貴公司定期訂閱業務的驅動因素？您之前提到了市場份額成長和TAM，但我認為本地數據成長仍然是最大的單一驅動因素，而且可能被投資者低估了。

You gave the 40% CAGR for data growth in cloud. Not sure if you have a sense of the on-prem data growth And one more piece, too, is the identity and data security stat you gave, that's 40% of net new ARR. I wonder to what extent is that also benefiting the on-premise part of your business?

您提到了雲端資料成長的40%複合年增長率。不確定您是否了解本地資料成長情況。還有一點，您提到的身份和資料安全統計數據，佔新增淨 ARR 的 40%。我想知道這在多大程度上也有利於貴公司內部營運部分？

Yes. So Howard, good to hear from you. Our play has always been from the day we dreamed up Metallic, our SaaS offering. Our dream has always been to have the singular platform for hybrid customers. And I've said it over and over again, I don't know how fast the dial will turn on where they move things to the cloud but we want to give them that complete flexibility to be able to do that as well. And as the platform has evolved, we continue to see customers whose primary disposition is on-premise.

是的。霍華德，很高興收到你的來信。從我們構思 Metallic（我們的 SaaS 產品）的那一天起，我們就一直在進行遊戲。我們一直夢想著擁有一個服務於混合型用戶的單一平台。我已經反覆說過很多次了，我不知道他們將業務遷移到雲端的速度會有多快，但我們希望賦予他們完全的靈活性，讓他們也能做到這一點。隨著平台的發展，我們仍然看到許多客戶主要採用本地部署方式。

So we work with our partners whether it be HPE, whether it be Pure, whether it be NetApp to continue to work with our customers on-premise for their workloads that matter there. And as they start moving more workloads or doing more things with the public cloud, our platform is the natural journey. It's a natural platform. It's the way in which they move things over and protect them on the other side. So for us, on-premise continues to be, and we're very proud of it, continues to be a growth driver.

因此，我們會與合作夥伴（無論是 HPE、Pure 或 NetApp）合作，繼續為我們的客戶提供本地部署服務，以滿足他們重要的工作負載需求。隨著他們開始遷移更多工作負載或在公有雲上執行更多操作，我們的平台自然而然地成為了他們的理想選擇。這是一個天然的平台。這是他們將物品運送到另一側並保護它們的方式。因此，對我們來說，本地部署仍然是成長的驅動力，我們為此感到非常自豪。

Now if you look at your second part of your question, on identity and security, that has to be -- that is a malleable thing, that has [ port. ] You don't have separate things going on in the cloud versus on-prem, especially when you have a hybrid environment. And our offerings, whether it be Active Directory or our partnership with Beyond Trust or the other things we're doing around that allows customers to have an integrated protection capability for their identities as they move more workloads into the hybrid growth.

現在，如果你看一下你問題的第二部分，關於身份和安全，那必須是——這是一個可塑性很強的東西，它有[端口]。在雲端和本地，尤其是在混合環境中，你不會遇到完全獨立的事情。我們的產品和服務，無論是 Active Directory，還是我們與 Beyond Trust 的合作，也或是我們正在進行的其他工作，都旨在為客戶打造整合的身份保護能力，幫助他們將更多工作負載遷移到混合成長環境中。

Now it's very important because when your identity is integrated closely with your protection, resilience is a lot deeper. It's a lot better. And we've been doing this for a while. And yes, we're seeing our AD and Entra ID and our identity capabilities, we're starting to become a significant contributor to a net new ARR. So that is a positive sign.

現在這一點非常重要，因為當你的身分與你的保護緊密結合時，你的韌性就會更強。好多了。我們這樣做已經有一段時間了。是的，我們看到，憑藉我們的 AD 和 Entra ID 以及識別功能，我們開始成為淨新增 ARR 的重要貢獻者。這是個正面的訊號。

Thanks, Sanjay. A follow-up for Jen, given the appreciation for Commvault's hybrid strength, are you seeing increased cross-sell between your term customers and SaaS customers? I recall you all gave us that it's probably from 2 years ago, I think it was like 40% of SaaS customers are also term customers. So I wonder if that percentage has gone up. And then specifically with respect to the change in term duration with compression, are higher mix of SaaS customers influencing the -- those that also use term, is that causing them to drag down the contract duration?

謝謝你，桑傑。Jen，鑑於大家對 Commvault 混合優勢的認可，您是否看到長期客戶和 SaaS 客戶之間的交叉銷售增加？我記得你們都說過，這大概是兩年前的事了，我記得當時好像是說 40% 的 SaaS 客戶也是短期客戶。所以我想知道這個比例是否有上升。那麼，具體來說，關於合約期限壓縮的變化，SaaS 客戶比例的增加是否會影響合約期限——那些也使用合約期限的客戶，這是否會導致合約期限縮短？

Yes. So first, let me answer your first question around the mix between software customers also using SaaS. The stat we gave a little while ago was about 30% that continues to tick up slowly, right, but we're seeing that traction. And as Sanjay and I both shared in our script around the fact that customers are really wanting to maintain their flexibility, right? Whether they're starting with us on software or SaaS, the most important thing is that as customers continue to transition their workloads, we have that opportunity. So I think we're seeing that in the numbers. Sanjay, you can add.

是的。首先，讓我回答你關於軟體客戶同時也使用 SaaS 的第一個問題。我們剛才提到的數據是 30% 左右，而且還在緩慢上升，對吧，但我們看到了這種成長勢頭。正如我和 Sanjay 在我們的腳本中都提到的那樣，客戶確實希望保持他們的靈活性，對吧？無論他們最初是使用我們的軟體還是 SaaS，最重要的是，隨著客戶不斷轉變工作負載，我們有機會實現這一目標。所以我覺得我們可以從數據中看到這一點。Sanjay，你可以補充。

And Howard, we obviously help customers with the workloads logically. So there are some that overlap like virtual machines between cloud-driven, SaaS-driven or on-premise driven, that's a choice to give our customers, but things like protecting Microsoft 365 is all cloud driven. So what ends up happening is, as customers -- as we work closely with customers on their journey on their workloads, on their priorities, on their timing, we meet them where they are. And that's just how it works.

霍華德，我們當然會幫助客戶以合乎邏輯的方式處理工作負載。因此，有些方面存在重疊，例如雲端驅動、SaaS 驅動或本機驅動的虛擬機，這是我們為客戶提供的選擇，但像保護 Microsoft 365 這樣的事情完全是雲端驅動的。因此，最終的結果是，作為客戶，當我們與客戶緊密合作，了解他們的工作量、優先順序和時間安排時，我們會在他們所處的位置上滿足他們的需求。事情就是這樣運作的。

And sometimes there's a Shift where they make the cloud a priority over on-premise. But the good news part all the way -- the good news all the way is that they commit to our platform, and then we enable them all the way, whether they're on-premise, on the cloud or on the edge. So I look at this movement as something we've been expecting and something that we're ready for with a tailor-made platform for our enterprise hybrid customers.

有時會出現一種轉變，他們將雲端部署置於本地部署之上。但好消息是——好消息是，他們承諾使用我們的平台，然後我們全程為他們提供支持，無論他們是在本地、雲端還是邊緣。所以我認為這種趨勢是我們一直期待的，我們也為此做好了準備，為我們的企業混合客戶量身定制了一個平台。

Great. Thanks so much.

偉大的。非常感謝。

Rudy Kessinger. D.A. Davidson.

魯迪·凱辛格。D.A.戴維森。

Hey. Great. Thanks, guys. Congrats on a strong quarter. When I look at ARR which obviously matters much more than revenue. Obviously, record net new ARR, and by my math, organic ARR growth at constant currency accelerated a point to 19%. Jen, you talked about ongoing investments in growth initiatives as part of the reason for the EBIT margin guidance coming down in addition to the gross margin compression. Could you just talk about where you're making those incremental investments? And could we see further ARR growth acceleration over the next year or so as a result of those investments?

嘿。偉大的。謝謝各位。恭喜你們本季業績出色。當我查看年度經常性收入（ARR）時，很明顯，它比收入重要得多。顯然，淨新增 ARR 創歷史新高，以我的計算，以固定匯率計算的有機 ARR 成長率加快了一個百分點，達到 19%。Jen，你提到，除了毛利率下降之外，持續投資於成長計畫也是導致息稅前利潤率預期下調的部分原因。您能談談您正在進行哪些方面的增量投資嗎？這些投資能否在未來一年左右的時間內進一步加速推動 ARR 成長？

Yes, sure. So let me start by saying what we did was continue to keep operating expenses at about 61% of revenue that's consistent with prior quarter and prior year. The overall gross margin pressure that we saw really came down to the fact that our SaaS business continues to accelerate, which as we all know is a -- is a great thing and ultimately just has a different margin profile. And then overall, the Shift in term duration. So ultimately, this quarter, the pressure really came down to gross margin.

當然可以。首先我想說的是，我們繼續將營運費用控制在收入的 61% 左右，這與上一季和前一年保持一致。我們看到的整體毛利率壓力實際上歸結於我們的 SaaS 業務持續加速發展，眾所周知，這是一件好事，但最終利潤率結構卻有所不同。總體而言，學期時長發生了變化。所以最終，本季最大的壓力還是落在了毛利率上。

As we think about the back half of the year, ultimately, what I would say to you is the investments we started out with the year in terms of continuing to accelerate our SaaS motion, right? We're still making those plays. As evidenced by the guidance for the back half of the year implies a $45 million of net new ARR on a constant currency basis, which, as you remember, is above that $40 million that I first started the year with. And so ultimately, our investments are paying off, and we're going to continue to execute it.

展望下半年，我最終想對大家說的是，我們在年初進行的投資是為了繼續加速我們的 SaaS 發展，對吧？我們仍在執行這些戰術。從下半年的業績指引來看，以固定匯率計算，淨新增 ARR 為 4,500 萬美元，如您所知，這高於我年初預測的 4,000 萬美元。因此，最終我們的投資正在獲得回報，我們將繼續執行這項策略。

Got it. Thank you. And then any parameters, I guess, for the second half, obviously, you have the total implied net new ARR guidance. But just any parameters in terms of what we should expect from SaaS. I think the prior commentary was $20 million plus. Obviously, you did, I think, $29 million in Q2. Should we expect $25 million plus in SaaS net new ARR now in the second half? Or just any kind of guardrails around the SaaS and term license split in the second half?

知道了。謝謝。那麼，對於下半年的任何參數，顯然，就是總隱含淨新增 ARR 指引。但任何關於我們應該對SaaS抱持期望的參數都行。我認為之前的評論是超過2000萬美元。顯然，我認為你們在第二季度實現了 2900 萬美元的收入。我們是否可以預期下半年 SaaS 新增淨 ARR 將超過 2500 萬美元？或者只是在下半年對 SaaS 和長期許可模式的劃分設置一些限制措施？

Yes. As you think about the split, the best way to think about it is approximately 60% of our net new ARR will be SaaS.

是的。在考慮所得分配比例時，最好的方法是考慮我們新增淨 ARR 中約 60% 將來自 SaaS。

Very helpful. Thank you and congrats again.

非常有幫助。再次感謝並恭喜你。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. I wanted to go back on the contract duration. Is the shorter contract duration being seems more on the existing installed base is the assumption I'm making? Or are you seeing it on new deals as well, a combination of 2? Jen, is there a way to think about where we're at on average duration at this point? And is there a vertical or 2 that's sticking out with this such as, obviously, we're talking federal generally this quarter, but now we're talking about it even more so given the shutdown?

嘿，大家好。我想修改合約期限。較短的合約期限似乎更適用於現有客戶群，這是我的假設嗎？或者您在新的優惠活動中也看到了這種情況，或者兩者兼而有之？Jen，我們目前是如何衡量平均持續時間的呢？有沒有一兩個領域特別突出？例如，顯然，我們本季主要討論的是聯邦政府，但鑑於政府停擺，我們現在討論得更多了？

Yes. So first, what I would say to you is it's actually across the board, where customers are really wanting to maintain that flexibility as they think about either accelerating or just anticipating their journey to the cloud. Quantifying that, we were down 9% from a Shift to term quarter-over-quarter. But again, I would go back to really normalize to what we were seeing three or four quarters ago. And so ultimately, I think that is the -- that's how we're thinking about it.

是的。首先，我想說的是，實際上，客戶普遍希望保持這種靈活性，無論他們是在加速還是只是在規劃他們的雲端遷移之旅。量化來看，我們本季從過渡到長期投資下降了 9%。但話說回來，我還是希望一切能恢復到三、四個季度前的狀態。所以最終，我認為這就是——這就是我們思考這個問題的方式。

I was asking you guys historically have talked about duration here and there, and it used to be about 3 and then you start talking about new customer lands being, I want to say, 2 to 3, Mike can correct me. But where is average duration now? Trying to understand like how much of a headwind duration is right now to term license?

我問你們，你們過去偶爾會談到持續時間，以前是 3，然後你們開始談論新客戶落地時間，我想說的是 2 到 3，Mike 可以糾正我。但現在的平均持續時間是多少？我想了解一下，目前長期許可證的核准會面臨多大的阻力？

Yes. I think, I would say I would just go back to the fact that I think we've shared that in the new deals, it kind of creeping up towards 3 years. Overall, we've seen that go down about 9% ultimately. And that's how we're quantifying the impact.

是的。我認為，我還是要回到我們之前在新協議中提到的事實，那就是它正在悄悄地逼近 3 年。總體而言，我們看到最終下降了約 9%。這就是我們量化影響的方法。

James, I'm Sanjay -- one second, I just want to add to that. I understand that the other metric that I look at very closely or we look at very closely is the number of new deals that we're bringing into the business, okay. And this was the second the largest number of deals of -- new deals that we brought in on term software, okay, in this quarter. So if you look at that, the volume and it's significant, okay, and as customers move to hybrid, it's very logical that they have different implementation plans, and you have to meet them where they are.

詹姆斯，我是桑傑——等一下，我只想補充一點。我知道我非常關注的另一個指標，或者說我們非常關注的另一個指標，是我們為公司帶來的新交易數量，好的。這是本季我們新增的長期軟體交易數量第二多的交易。所以如果你看一下這個數據，你會發現它非常龐大，而且隨著客戶轉向混合模式，他們有不同的實施計劃是很合乎邏輯的，你必鬚根據他們的實際情況來滿足他們的需求。

And then -- I look at this as is something that the transition customers have to go through, and we are ready for it, and we help them while they're going through it on the on-premise side, and we pick it up completely on the cloud side. And that's the way to think about it.

然後——我認為這是客戶在轉型過程中必須經歷的事情，我們已經做好了準備，我們會幫助他們完成本地部署方面的轉型，並在雲端方面完全接管。就應該這樣想。

So look, I understand that there's greater SaaS mix and some term duration headwind here. But if I look at the gross margin, SaaS being sort of mid-60s at this point, the other kind of gross -- I'll say the remainder gross margin was down decently sequentially. Why isn't this just competitive pressures or further discounting in the space?

所以你看，我明白這裡 SaaS 產品佔比更高，而且存在一些期限上的不利因素。但如果我看一下毛利率，SaaS 目前大概在 60% 左右，而另一種毛利率——我會說其餘部分的毛利率環比下降了不少。為什麼這不只是市場競爭壓力或進一步降價造成的呢？

Really, I would just go back to what I shared. It really is around the fact that, the bulk of this is very much the acceleration of SaaS and the shift to terms. There's really nothing else to talk about there.

其實，我還是會回到我之前分享的內容。真正的原因在於，這一切主要源自於 SaaS 的加速發展和向條款的轉變。除此之外，真的沒什麼好說的了。

Okay. Thanks.

好的。謝謝。

Junaid Siddiqui, Truist Securities.

Junaid Siddiqui，Truist Securities。

Great. Thanks for taking my question. Sanjay, as the pace of innovation increases and the cadence of new products that you launch accelerates, and I'm sure we're going to hear a lot more in a couple of weeks at Shift. What are some of the things that you are doing on the pricing and packaging front that can help customers consume more of that platform?

偉大的。感謝您回答我的問題。Sanjay，隨著創新步伐的加快和新產品推出頻率的加快，我相信在接下來的幾周里，我們會在 Shift 大會上聽到更多消息。在定價和包裝方面，你們正在採取哪些措施來幫助客戶更多地使用該平台？

Hi, Junald. Great question. And without giving it all the way, there is -- maybe we -- maybe you and I meet in two weeks and I take you through some of the innovation and how we're thinking about it. But the bottom line, there's a lot of work we're doing in there to make it super easy for customers to take additional services and capabilities as they get the core. So I mean, it's a very logical approach. In other words, if they start with software, we're going to make it super easy for them to consume any service that we have inside of the platform, be it delivered through the cloud or on-premise or on the edge.

你好，朱納德。問得好。不用完全透露，也許我們——也許你我兩週後見面，我帶你了解一些創新之處以及我們是如何思考的。但歸根結底，我們正在做很多工作，讓客戶在獲得核心功能的同時，能夠非常輕鬆地獲得額外的服務和功能。所以我的意思是，這是一種非常合乎邏輯的方法。換句話說，如果他們從軟體入手，我們將讓他們能夠非常輕鬆地使用我們平台內的任何服務，無論這些服務是透過雲端、本地部署還是邊緣部署提供的。

And we've given customers -- we've always given customers because of our architecture, the ability to really run our control plane the way they want. And so if you extrapolate what I'm saying into packaging and ease of consumption, we're working really hard behind the scenes to make this super easy for customers to land some place and then continue to logically build their resilience with new services over time.

而且，由於我們的架構，我們一直以來都為客戶提供了真正以他們想要的方式運行控制平面的能力。因此，如果你把我說的延伸到包裝和易用性方面，我們正在幕後努力工作，讓客戶能夠非常輕鬆地找到所需服務，然後隨著時間的推移，透過新服務不斷增強他們的適應能力。

What's implicit in what we're doing, which is not your question, but I think it's important to understand is we're building a ton of testing tasks that customers have to do to be ready in the face of a cyberattack or an event and making sure that we're building that capability, that automation into the product platform and into the packaging, and that becomes really important. So without getting into the details, and I'm happy to spend time with you at Shift and walk you through it. But when you see the portfolio, I think it will be quite logical how it all comes together.

我們正在做的事情中隱含著一個道理，雖然這不是你的問題，但我認為理解這一點很重要：我們正在構建大量的測試任務，客戶必須完成這些任務才能在面對網絡攻擊或事件時做好準備，並且確保我們將這種能力和自動化構建到產品平台和包裝中，這一點變得非常重要。所以，我就不贅述細節了，我很樂意花時間在Shift上和你一起了解它。但當你看到作品集時，我想你會明白這一切是如何巧妙地組合在一起的。

Great. Thank you. And Jen, just in terms of capital allocation, I know you mentioned you bought some shares, especially in conjunction with the convert. But historically, I think you've talked about allocating north of 75% of free cash flow to buying back shares. Is that still the case? Is that how should we should think about in terms of buyback?

偉大的。謝謝。Jen，就資本配置而言，我知道你提到你買了一些股票，特別是與可轉換債券一起買入的。但從歷史數據來看，我認為你們曾說過將超過 75% 的自由現金流用於回購股票。現在還是這樣嗎？這就是我們該如何看待回購的問題嗎？

Yes. Thanks for the question. So I would say our capital allocation strategy remains consistent. It's on the 3 pillars of share buybacks, M&A, investment and organic investment back into the business. As it relates to share buybacks, you're right, we purchased $118 million of share buybacks with -- conjunction with the convert.

是的。謝謝你的提問。所以我認為我們的資本配置策略保持不變。它由股票回購、併購、投資和內生性投資這三大支柱構成，這些投資都將重新投入業務。關於股票回購，你說得對，我們透過可轉換債券購買了價值 1.18 億美元的股票回購。

Year-to-date, that's been $146 million we've repurchased. We have not had a specific guide, but what I will tell you is that we expect to be opportunistic and active. And ultimately, what we said is from a modeling perspective, that share count should remain approximately flat at about 45 million shares.

今年迄今為止，我們已經回購了價值 1.46 億美元的股票。我們沒有具體的指導方針，但我可以告訴你的是，我們預期會抓住機會，積極主動。最後，從模型角度來看，我們認為股票數量應該保持在 4500 萬股左右的水平。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作說明）

There are no further questions at this time. I would like to turn the call over to Mr. Michael Melnyk for closing remarks.

目前沒有其他問題了。我謹將電話交給麥可‧梅爾尼克先生，請他作總結發言。

Thanks, Desiree. I just want to remind everyone that the invitations to Shift, which is happening on November 12 in New York City have been e-mailed. If you didn't have registration or opportunity to register, you e-mail me at mmelnyk@commvault.com. We look forward to seeing you. You'll be able to see a very innovation-rich day and to hear from our customers, partners and spend some more time with management. So we encourage you to attend, and we look forward to seeing you in New York. Thank you.

謝謝你，黛西蕾。我只想提醒大家，11 月 12 日在紐約市舉行的 Shift 活動的邀請函已經透過電子郵件發送了。如果您沒有註冊或沒有機會註冊，請發送電子郵件至mmelnyk@commvault.com。我們期待您的光臨。您將有機會見證充滿創新的一天，聆聽客戶和合作夥伴的回饋，並與管理層進行更多交流。因此，我們鼓勵您參加，並期待在紐約見到您。謝謝。

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。