Commvault Systems Inc (CVLT) 2026 Q3 法說會逐字稿

Hello and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Commvault Q3 fiscal 2026 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫貝拉，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 財年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Mike Melnyk, Vice President of Investor relations. You may begin.

現在我將把會議交給投資者關係副總裁麥克梅爾尼克。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.

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。

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

請參閱今天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, 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.

在本次電話會議中，Commvault 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。

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

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。桑傑？

Good morning. And thank you for joining us. Q3 was another solid quarter of a Commvault. We reinforced our position as an innovation leader and garnered accolades from partners and industry analysts. Some financial highlights in the quarter include: subscription revenue grew 30% to $206 million. This was fueled by a record land and expand quarter with the addition of 700 new subscription customers. Subscription ARR increased 28% to $941 million. SaaS ARR increased 40% to $364 million, and we achieved the Rule of 40 with a healthy balance between growth and profitability.

早安.感謝您的參與。Commvault 第三季又是穩健的季度。我們鞏固了自身作為創新領導者的地位，並贏得了合作夥伴和產業分析師的讚譽。本季的一些財務亮點包括：訂閱收入成長 30%，達到 2.06 億美元。這得歸功於創紀錄的土地開發和擴張季度，新增了 700 名訂閱客戶。訂閱 ARR 成長 28% 至 9.41 億美元。SaaS ARR 成長 40% 至 3.64 億美元，我們實現了 40 法則，在成長和獲利能力之間取得了健康的平衡。

Our momentum in Q3 and year-to-date reflect the growing need for next generation cyber resilience. In an AI-driven, hybrid and multi-cloud world, resilience cannot be reactive, manual, or fragmented. It needs to be continuous, always on, and unified through a single control plane. Commvault uniquely delivers this innovation. I'm proud to share that in Q3, we were awarded our 1600 lifetime patent. I want to thank our engineering and IT teams for their continued commitment to excellence and innovation focused on customers.

第三季及今年迄今的發展動能反映了市場對下一代網路韌性的日益增長的需求。在人工智慧驅動的混合雲和多雲世界中，韌性不能是被動的、手動的或碎片化的。它需要是連續的、始終在線的，並且透過單一的控制平面統一起來。Commvault 以獨特的方式實現了這項創新。我很自豪地宣布，在第三季度，我們獲得了第 1600 項終身專利。我要感謝我們的工程和IT團隊，感謝他們一直以來對卓越和創新的不懈追求，以及對客戶的關注。

At our SHIFT event in November, we took innovation to the next level with the Commvault Cloud Unity platform release. Unity brings together data security, identity resilience, and cyber recovery on one platform, all enabled by the Metallic AI fabric. With Unity, customers are now equipped to drive their ResOps or resilience operations. ResOps is a discipline that unifies operations, security, and infrastructure across the business. By bringing these silos together, organizations can plan, prepare, and recover from a disruption or cyberattack.

在 11 月的 SHIFT 活動中，我們發布了 Commvault Cloud Unity 平台，將創新提升到了一個新的水平。Unity 將資料安全、身分恢復和網路復原整合到一個平台上，所有這些都由 Metallic AI 架構提供支援。借助 Unity，客戶現在可以更好地開展 ResOps 或彈性營運。ResOps 是一門將企業營運、安全和基礎設施統一起來的學科。透過整合這些資訊孤島，組織可以規劃、準備並從中斷或網路攻擊中恢復。

Customer, partner, and industry feedback has been overwhelmingly positive. Dave Nowak, Deloitte's Cyber Resilience Lead said the Commvault Cloud Unity platform brings these elements together in a way we don't see elsewhere in the market. We're pleased to team with Commvault to help joint customers respond faster, reduce risk, and confidently adopt AI and cloud at scale while advancing resiliency.

客戶、合作夥伴和行業回饋絕大多數都是正面的。德勤網路彈性負責人戴夫諾瓦克表示，Commvault Cloud Unity 平台將這些要素整合在一起，這是我們在市場上其他地方看不到的。我們很高興與 Commvault 合作，幫助共同的客戶更快地做出回應、降低風險，並自信地大規模採用人工智慧和雲端技術，同時提高彈性。

IDC further validated this approach, stating we believe ResOps has an opportunity to resonate with customers as it is concise with powerful implications and operational value. ResOps is a fundamentally different approach from what legacy vendors provide today. Resilience in the age of AI requires us to: One, continuously secure data at the source and monitor for anomalies. Two, control the identities, human and non-human, that access and use the data autonomously. And three, predictably recover data, applications, and operations at massive scale with the lowest total cost of ownership.

IDC進一步驗證了這種方法，並表示我們相信ResOps有機會引起客戶的共鳴，因為它簡潔明了，具有強大的意義和營運價值。ResOps 與傳統供應商目前提供的方法有著本質上的不同。人工智慧時代的韌性要求我們做到：一、持續保護源頭資料並監控異常情況。第二，控制自主存取和使用資料的人和非人身分。第三，以最低的總擁有成本，大規模地可預測地恢復資料、應用程式和操作。

Let's take a moment to discuss each, starting with data security. As enterprises embrace AI and move to the cloud, they must also grapple with evolving and more sophisticated attacks by combining Commvault's Metallic AI fabric with our multipoint threat scan, synthetic recovery, and clean room recovery offerings. Customer scan secure data at the source. Identify, analyze, and quarantine suspicious files, monitor for anomalies, and conduct recoveries with precision so they're ready for an inevitable attack.

讓我們花點時間逐一討論，先從資料安全開始。隨著企業擁抱人工智慧並遷移到雲端，他們還必須應對不斷演變且日益複雜的攻擊，將 Commvault 的 Metallic AI 架構與我們的多點威脅掃描、合成恢復和無塵室恢復產品相結合。客戶掃描源頭安全資料。識別、分析和隔離可疑文件，監控異常情況，並精確地進行恢復，以便為不可避免的攻擊做好準備。

[Case in point]. By embracing our threat scan and risk analysis capabilities, UNC Health, a long-standing customer, is now able to scale its security with its data growth, saving time, reducing risk, supporting compliance, and advancing cyber resilience.

[舉例說明]。透過採用我們的威脅掃描和風險分析功能，作為我們長期客戶的 UNC Health 現在能夠隨著資料成長擴展其安全性，從而節省時間、降低風險、支援合規性並提高網路彈性。

Next, Let's talk about identity resilience. According to CrowdStrike, approximately 80% of breaches involve compromised identities. Attackers don't start by encrypting data. They compromise valid credentials and escalate privileges, putting identity at the center of cyber risk. Commvault Cloud's growing identity resilience capabilities enable enterprises to easily track and mitigate unauthorized or accidental changes to identity systems like Active Directory, Entra ID, and Okta.

接下來，我們來談談身分認同韌性。據 CrowdStrike 稱，約 80% 的資料外洩事件涉及身分資訊外洩。攻擊者不會一開始就對資料進行加密。它們會洩露有效憑證並提升權限，使身分成為網路風險的核心。Commvault Cloud 不斷增強的身份彈性功能使企業能夠輕鬆追蹤和緩解 Active Directory、Entra ID 和 Okta 等身分系統的未經授權或意外變更。

As Eric Baer of Jazwares, a Berkshire Hathaway Company explained, Commvault innovation with identity resilience will allow us to detect and roll back malicious identity changes as they happen, so that we can maintain reliable authentication and access control while strengthening our overall cyber resilience. In Q3, hundreds of customers embraced our identity and resilience capabilities, and ARR from just our Active Directory offering has more than doubled year over year. In just two years, it has become one of our largest SaaS offerings.

正如伯克希爾·哈撒韋公司旗下 Jazwares 的 Eric Baer 所解釋的那樣，Commvault 的身份彈性創新將使我們能夠在惡意身份更改發生時檢測並回滾它們，從而使我們能夠在增強整體網路彈性的同時，保持可靠的身份驗證和存取控制。第三季度，數百家客戶採用了我們的身分和彈性功能，光是我們的 Active Directory 產品帶來的年度經常性收入就比去年同期成長了一倍多。在短短兩年內，它已成為我們最大的 SaaS 產品之一。

And finally, we cannot discuss resilience operations without addressing recovery, particularly for cloud natives and cloud-bound enterprises. In Q3, we saw accelerated momentum with our cloud native offerings, including Clumio. For example, Clarity, a pioneer in AI-driven predictive health, chose Clumio to safeguard its sensitive AI data that fuels next-generation risk prediction models.

最後，我們不能在不討論復原的情況下討論彈性運營，特別是對於雲端原生企業和雲端原生企業而言。第三季度，我們的雲端原生產品（包括 Clumio）發展勢頭加快。例如，人工智慧驅動的預測健康領域的先驅 Clarity 選擇 Clumio 來保護其敏感的人工智慧數據，這些數據為下一代風險預測模型提供動力。

Our ongoing innovation with Clumio also speaks to our long-standing collaboration with Amazon Web Services. In Q3, we achieved AWS resilience competency in the recovery category, and we were named the 2025 AWS Global Storage Partner of the Year.

我們與 Clumio 的持續創新也反映了我們與亞馬遜網路服務的長期合作關係。第三季度，我們在復原類別中獲得了 AWS 彈性能力認證，並被評為 2025 年 AWS 全球年度儲存合作夥伴。

Additionally, GigaOm named Commvault a leader in its cloud data protection radar. Combo Cloud also supports recovery of massive AI workloads and pipelines like object stores, data lakes, analytics platforms, and vector databases. In Q3, we announced a new partnership with Pinecone that will bring greater resilience to the vector databases within enterprise AI stacks. Delivered via Commvault cloud, the solution will support Pinecone deployments across AWS, Azure, and Google Cloud. It's targeted for general availability in Q2 of calendar 2026.

此外，GigaOm 將 Commvault 評為雲端資料保護的領導者。Combo Cloud 也支援大規模 AI 工作負載和管道（如物件儲存、資料湖、分析平台和向量資料庫）的復原。第三季度，我們宣布與 Pinecone 建立新的合作夥伴關係，這將為企業 AI 堆疊中的向量資料庫帶來更大的彈性。該解決方案透過 Commvault 雲端交付，將支援在 AWS、Azure 和 Google Cloud 上部署 Pinecone。預計將於 2026 年第二季全面上市。

We believe that AI is an emerging tailwind for us. It dramatically increases the volume of data that needs to be protected. Introduces new threats that need to be addressed and requires a solution that brings resilience to the services, models and databases that power AI. Our Commvault Cloud Unity platform is ideally suited to help customers address these evolving AI requirements.

我們相信人工智慧將成為我們發展的強勁助力。它大幅增加了需要保護的資料量。引入了需要解決的新威脅，需要一種能夠增強人工智慧服務、模型和資料庫彈性的解決方案。我們的 Commvault Cloud Unity 平台非常適合協助客戶應對這些不斷變化的 AI 需求。

I'd be remiss if I didn't discuss our focus on data and cloud sovereignty. Over the years we've always met our customers' evolving needs, including their data sovereignty requirements. Now we're taking it a step further by supporting regional sovereign clouds. In December, we announced that Commvault is a launch partner for the AWS European Sovereign Cloud.

如果我不談談我們對資料和雲端主權的關注，那就太失職了。多年來，我們始終滿足客戶不斷變化的需求，包括他們的資料主權要求。現在，我們更進一步，開始支援區域主權雲。去年 12 月，我們宣布 Commvault 成為 AWS 歐洲主權雲端的啟動合作夥伴。

Together, our plans are to provide European organizations with a secure solution that is purpose-built for cloud, delivering cost optimized resilience at scale for AWS customers. We're working closely with other partners on cloud sovereignty as well. This is an emerging space, and we'll have more to say about this soon.

我們的共同目標是為歐洲企業提供專為雲端環境打造的安全解決方案，為 AWS 客戶提供規模化、成本優化的彈性。我們也正與其他合作夥伴在雲端主權方面密切合作。這是一個新興領域，我們很快就會就此發表更多看法。

Let me close with this. This quarter, we continue to capitalize on strong market growth through innovation leadership and execution excellence, and we're seeing record customer engagement and adoption. We believe Commvault Cloud Unity is the breakthrough platform customers need in the AI era. And we anticipate we will finish the year with solid results that reflect both our leadership in the market and the trust our customers place in common.

最後我想補充一點。本季度，我們繼續利用強勁的市場成長，透過創新領導力和卓越的執行力，實現了市場成長，並看到了創紀錄的客戶參與度和採用率。我們相信 Commvault Cloud Unity 是人工智慧時代客戶所需要的突破性平台。我們預計今年將取得穩健的業績，這不僅反映了我們在市場上的領導地位，也體現了客戶對我們的共同信任。

Thank you. Now I'll turn it over to our Chief Accounting Officer, Danielle Abrahamsen to discuss the financial details. Danielle.

謝謝。現在我將把發言權交給我們的首席會計官丹妮爾·亞伯拉罕森，由她來討論財務細節。丹妮爾。

Thanks, Sanjay. And good morning, everyone. As Sanjay highlighted, our Q3 results reflect the growing demand for our Commvault cloud platform. As customers continue to rely on us to keep them resilient in the face of attacks while advancing their hybrid cloud and AI journeys. I'll recap our Q3 results and operating metrics, followed by an update on Q4 and fiscal '26 guidance. As a reminder, all growth rates are on a year over year basis unless otherwise noted.

謝謝你，桑傑。大家早安。正如Sanjay所強調的，我們第三季的業績反映了市場對我們Commvault雲端平台日益增長的需求。客戶繼續依賴我們來幫助他們抵禦攻擊，同時推進他們的混合雲和人工智慧之旅。我將回顧我們第三季的業績和營運指標，然後更新第四季和 2026 財年的業績指引。需要提醒的是，除非另有說明，否則所有成長率均為年增速。

For Q3, total revenue growth accelerated 19% to $314 million, driven by a 30% increase in subscription revenue, which reached $206 million. Subscription revenue was led by a robust 44% increase in SaaS revenue and one of our strongest customer acquisition quarters in years. [Term] software revenue grew a healthy 22% to $119 million.

第三季度，總營收成長加速 19%，達到 3.14 億美元，主要得益於訂閱營收成長 30%，達到 2.06 億美元。訂閱收入的成長主要得益於SaaS營收強勁成長44%，以及近年來最強勁的客戶獲取季度之一。 [長期]軟體收入也實現了22%的健康成長，達到1.19億美元。

We saw strong growth across all geographies and customer sizes with notable strength from large enterprise accounts. Revenue from term software transactions over $100,000 rose 25%, driven by notable gains in both transaction volume and average deal size. Additionally, the volume and dollar value of million-dollar software deals increased year over year, underscoring our standing as the preferred vendor for enterprise customers.

我們在所有地區和所有規模的客戶中都實現了強勁成長，其中大型企業客戶的成長尤為顯著。超過 10 萬美元的長期軟體交易收入增加了 25%，這主要得益於交易量和平均交易規模的顯著增長。此外，百萬美元軟體交易的數量和金額逐年增長，凸顯了我們作為企業客戶首選供應商的地位。

We added approximately 700 new subscription customers, and we ended the quarter with over 14,000 subscription customers. Q3 was our best quarter ever for net new term software customer additions, and our second best ever SaaS customer acquisition quarter.

我們新增了約 700 名訂閱用戶，本季末訂閱用戶總數超過 14,000 名。第三季度是我們新增長期軟體客戶數量最多的季度，也是我們SaaS客戶獲取數量第二多的季度。

Now, I'll discuss ARR. Subscription ARR, which we believe is the best indicator of the company's health and growth increased 28% to $941 million. This was driven by 40% growth in SaaS ARR to $364 million. Subscription ARR now represents 87% of total ARR compared to 83% one year ago. Total ARR increased by 22% to $1.085 billion.

現在，我將討論ARR（年度經常性收入）。訂閱 ARR（我們認為這是衡量公司健康狀況和成長的最佳指標）成長了 28%，達到 9.41 億美元。這主要得益於 SaaS ARR 成長 40%，達到 3.64 億美元。訂閱 ARR 目前佔總 ARR 的 87%，而一年前這一比例為 83%。年度經常性收入總額成長22%，達到10.85億美元。

Existing customer expansion was healthy in Q3 with SaaS net dollar retention of 121%, consistent with best in class SaaS platforms. Our SaaS net dollar retention reflects a few things: One, a growing install base which is now over 9,000 customers. Two, the impact of rapidly adding new fast customers, which is forward-looking and not yet reflected in our net dollar retention. And three, a mix shift of some product capabilities with certain early adopter customers.

第三季現有客戶拓展狀況良好，SaaS 淨收入留存率為 121%，與一流的 SaaS 平台保持一致。我們的 SaaS 淨收入留存率反映了以下幾點：一是安裝基礎不斷擴大，目前客戶已超過 9,000 家。第二，快速增加新客戶的影響，這是前瞻性的，尚未反映在我們的淨美元留存率。第三，針對某些早期採用者客戶，對部分產品功能進行組合調整。

We saw solid momentum across our identity and resilience offerings, which collectively represented approximately 30% of net new ARR.

我們在識別和韌性產品方面取得了強勁的成長勢頭，這兩項產品合計約佔新增淨 ARR 的 30%。

Now I'll discuss our profitability and free cash flow. Fiscal Q3 gross margins improved 100 basis points sequentially to 81.5%, which reflects a higher mix of software sales. In addition, we saw improved economies of scale and product efficiencies that we expect to continue in Q4. Operating expenses of $193 million represented 62% of total revenue. Operating expenses reflect higher commission and bonuses on strong year-to-date sales performance and the trailing run rate of initiatives to support our ongoing growth trajectory.

現在我將討論我們的獲利能力和自由現金流。第三財季毛利率較上季提高 100 個基點至 81.5%，反映出軟體銷售佔更高。此外，我們看到了規模經濟和產品效率的提高，我們預計這種趨勢將在第四季度繼續保持。營運支出為 1.93 億美元，佔總收入的 62%。營運費用反映了年初至今強勁的銷售業績帶來的更高佣金和獎金，以及為支持我們持續成長而採取的各項措施的持續進展。

Non-GAAP EBIT was $61 million reflecting in a margin of 19.6%. In fiscal Q3, we achieved the Rule of 40, reflecting a healthy balance between revenue and profitability. Year-to-date, we're operating at a Rule of 41, consistent with our responsible growth philosophy. In line with this approach, at the end of Q3, we initiated a cost optimization program aimed to align our cost structure to the evolving needs of the business.

非GAAP息稅前利潤為6,100萬美元，利潤率為19.6%。在第三財季，我們實現了 40 法則，這反映了收入和獲利能力之間的健康平衡。今年迄今為止，我們一直按照 41 法則運營，這與我們負責任的成長理念相符。秉承這一理念，我們在第三季末啟動了一項成本優化計劃，旨在使我們的成本結構與不斷變化的業務需求保持一致。

Turning to key balance sheet and cash flow indicators. We repurchased $41 million of stock during the quarter, bringing the year-to-date amount to $187 million. We ended the quarter with a diluted share count of approximately 45 million shares. Year-to-date we have generated $105 million of free cash flow. Q3 free cash flow of $2 million was impacted by the timing of collections from sales made later in the quarter and an additional payroll cycle for both the US and Canada. We expect this to normalize in Q4.

接下來，我們來看看關鍵的資產負債表和現金流量指標。本季我們回購了價值 4,100 萬美元的股票，使今年迄今的回購總額達到 1.87 億美元。本季末，稀釋後的股份總數約為 4,500 萬股。今年迄今為止，我們已產生1.05億美元的自由現金流。第三季自由現金流為 200 萬美元，受到季度後期銷售款項收款時間以及美國和加拿大額外工資週期的影響。我們預計這種情況將在第四季恢復正常。

Now I'll discuss our outlook for Q4 and our updated outlook for fiscal year '26. For fiscal Q4 '26, we expect subscription revenue, which includes both the software portion of term-based licenses and SaaS, to be in the range of $203 million to $207 million. This represents 18% growth at the midpoint. We expect total revenue to be in the range of $305 million to $308 million with growth of 11% at the midpoint.

現在我將討論我們對第四季的展望以及我們更新後的2026財年展望。2026 財年第四季度，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 2.03 億美元至 2.07 億美元之間。這相當於中點成長了18%。我們預計總收入將在 3.05 億美元至 3.08 億美元之間，中間值為 11%。

As a reminder, Q4 fiscal year '25 benefited from several multi-year strategic land transactions. At these revenue levels, we expect Q4 consolidated growth margins to be approximately 81%. We expect Q4 non-GAAP EBIT margins of approximately 19%.

需要提醒的是，2025 財年第四季受惠於幾項多年戰略性土地交易。在這樣的營收水準下，我們預期第四季合併成長利潤率約為 81%。我們預計第四季非GAAP EBIT利潤率約為19%。

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 historical comparison, please refer to our Q3 earnings presentation. We expect constant currency fiscal '26 total ARR growth to be approximately 18%, driven by an estimated 24% growth in subscription ARR. This guidance reflects the flow through of our Q3 results and is within our prior range.

現在我將討論我們更新後的2026財年業績指引。提醒各位，ARR 指導值採用截至 2025 年 3 月 31 日的固定匯率計算。如需進行歷史對比，請參閱我們的第三季財報。我們預計 2026 財年以固定匯率計算的總 ARR 成長率約為 18%，這主要得益於訂閱 ARR 預計將成長 24%。該指引反映了我們第三季業績的走向，並符合我們先前的預期範圍。

From a full year fiscal '26 revenue perspective, we are raising subscription revenue to be in the range of $764 million to $768 million growing 30% at the midpoint. We are also increasing total revenue to a range of $1.177 billion to $1.18 billion representing growth of 18% at the midpoint.

從 2026 財年全年營收的角度來看，我們預計訂閱收入將在 7.64 億美元至 7.68 億美元之間，中間值為 30%。我們預計總收入將增加至 11.77 億美元至 11.8 億美元，其中數值成長 18%。

Moving to our full year fiscal '26 margin, EBIT, and free cash flow outlook. We now expect gross margins to be 81% to 81.5%. This increased range reflects continued growth in our SaaS platform. And we are increasing our non-GAAP EBIT margin guidance to a range of 19% to 20%. We now expect our full year free cash flow outlook to range from $215 million to $220 million. This guidance reflects approximately $12 million to $15 million in one-time payments related to our cost optimization program.

接下來展望 2026 財年全年利潤率、息稅前利潤和自由現金流。我們現在預期毛利率為 81% 至 81.5%。產品範圍的擴大反映了我們SaaS平台的持續成長。我們將非GAAP EBIT利潤率預期提高至19%至20%。我們現在預計全年自由現金流將在 2.15 億美元至 2.2 億美元之間。該指導意見反映了與我們的成本優化計劃相關的約 1200 萬至 1500 萬美元的一次性付款。

Finally, from a capital allocation perspective, our board of directors approved recommitting our share repurchase authorization back to $250 million. Share repurchases remain an important part of our capital allocation philosophy, and we intend to remain active and opportunistic in the market.

最後，從資本配置的角度來看，我們的董事會批准將股票回購授權額度重新提高到 2.5 億美元。股票回購仍然是我們資本配置概念的重要組成部分，我們打算繼續積極把握市場機會。

To summarize, the scale and product initiatives we undertook over the last 18 months have contributed to our improved momentum and positioned us as the cyber resilient provider of choice for large enterprises. Commvault Cloud Unity further extends our innovation leadership, and we are excited to capitalize on the strong customer reception to our enhanced platform in fiscal '27 and beyond.

總而言之，在過去 18 個月裡，我們在規模和產品方面的舉措促進了我們發展勢頭的增強，使我們成為大型企業首選的網路彈性提供者。Commvault Cloud Unity 進一步鞏固了我們在創新領域的領先地位，我們很高興能夠在 2027 財年及以後充分利用客戶對我們增強型平台的熱烈反響。

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

現在，我將把電話交還給接線員，讓他開通提問線路。操作員？

(Operator Instructions)

（操作說明）

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thank you very much for taking the question. I have two if I can real quick. First, I was wondering if you could unpack the -- I guess it's the free cash flow, but particularly the accounts receivable increase and the DSO increase in the quarter. I know you had alluded to later in the quarter kind of receivable collection.

是的，非常感謝您回答這個問題。如果可以的話，我能盡快提供兩個。首先，我想請您詳細解釋一下——我猜是指自由現金流，但特別是本季應收帳款增加和應收帳款週轉天數增加的情況。我知道你曾暗示過本季稍後會進行應收帳款催收。

So can you unpack that? Just help me understand why DSO has gone up so much and what you saw towards the end of the quarter just given linearity.

你能解釋一下嗎？請幫我理解一下，為什麼DSO成長了這麼多，以及您在季度末看到的情況，僅基於線性關係來看。

Yeah, hey, Aaron, this is Danielle. Good to talk to you again. So I know I talked about this in my prepared remarks, and you kind of hit on it, but one of the things we saw this quarter -- and it's not uncommon in Q3, I'll be honest, Q3 has a tendency to be one of our most pressured free cash flow quarters, and it's really just because the way the sales cycles work with the calendar year end.

嗨，亞倫，這位是丹妮爾。很高興能再次和你聊天。我知道我在準備好的發言稿中談到了這一點，你也提到了這一點，但我們本季度看到的一件事——說實話，這在第三季度並不罕見，第三季度往往是我們自由現金流壓力最大的季度之一，這實際上只是因為銷售週期與日曆年末的運作方式。

We have a tendency to see more deals close in the last few weeks of the quarter, and this quarter was no exception to that. I can tell you over 60% of our deals actually closed in the last few weeks of the quarter and so what you see in free cash flow is really the reflection of that. The other thing I'll call out is, we had an additional payroll cycle for both the US and Canada, that's not normal for us in a quarter, and obviously the US is one of our largest payrolls, right.

我們往往會看到更多交易在季度末的最後幾週達成，本季也不例外。我可以告訴你，我們超過 60% 的交易實際上是在本季度的最後幾週完成的，因此你在自由現金流中看到的正是這一點的反映。我還要指出一點，我們在美國和加拿大都增加了一個工資發放週期，這在我們一個季度內是不正常的，而且顯然美國是我們最大的工資發放國之一，對吧。

So both of those things are putting pressure on free cash flow. I do want to highlight our free cash flow guidance for the year, if you normalize for the one-time payments that we're making in Q4 tied to the cost optimization program remains unchanged.

因此，這兩件事都對自由現金流造成了壓力。我想重點強調我們今年的自由現金流預期，如果將我們在第四季度為成本優化計劃支付的一次性款項進行調整，則該預期保持不變。

Yeah, and then as a quick follow-up, I can appreciate you're not giving a guidance beyond this fiscal year, but I know in your slide deck you highlight again kind of the (inaudible) expectations growing at a 12%, CAGR, I think $38 billion kind of the longer-term total addressable market opportunity.

是的，然後我想快速跟進一下，我知道您沒有給出本財年以後的業績指引，但我知道您在幻燈片中再次強調了（聽不清）預期增長12%，複合年增長率，我認為長期潛在市場規模將達到380億美元。

I'm curious, when you're asked about kind of the longer-term growth narrative, is the 12% a good underpinning growth rate to think about as we look out beyond this year? How are you thinking about the competitive landscape, the ability to take share in the context of that TM growth expectation? Thank you.

我很好奇，當被問及更長期的成長前景時，12% 的成長率是否是一個值得我們展望今年以後的良好基準成長率？您如何看待競爭格局，以及在TM成長預期下，您有能力獲得市場佔有率？謝謝。

Yeah, no, thanks for the question again. We're not going to talk about next year right now, right? We will obviously alongside the new CFO conversations, we will talk about what we're thinking for next fiscal year at a later time.

好的，不用了，再次感謝你的提問。我們現在就不談明年的事了，對吧？當然，在討論新任財務長人選的同時，我們稍後會討論我們對下一財年的想法。

Hey Aaron, and this is Sanjay. Again just to reiterate, the business is in a good place. We had our best (inaudible) software quarter ever. We had our second-best land SaaS quarter ever. We -- our Rule of 40 continues to be consistent. Across the board, the new platform releases both really well based on everything we've seen.

嗨，亞倫，這位是桑傑。再次重申一下，公司目前營運狀況良好。我們迎來了有史以來最好的（聽不清楚）軟體季度。我們迎來了有史以來第二好的土地SaaS季度業績。我們——我們的40法則依然如故。整體而言，根據我們目前所看到的，新平台的發布表現都非常出色。

So, we will obviously at the right time share more of that. So, but we have no -- I think we will definitely outpace market.

所以，我們當然會在適當的時候分享更多相關資訊。所以，但是我們沒有——我認為我們肯定會超越市場。

Thank you, Sanjay.

謝謝你，桑傑。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah, thank you. Just first on the currency situation, was this in line with your expectations? I know you gave guidance. You had a nice beat on the revenue and the ARR. Did it, was there an extra benefit relative to your expectations from currency?

是啊，謝謝。首先關於匯率問題，這是否符合您的預期？我知道你給了我指導。你對營收和年度經常性收入的預測很準確。這樣做是否帶來了超出您預期的額外收益？

Sorry, Jason, I think I'm a little confused by your question. Which metric are you referring to?

抱歉，傑森，你的問題我有點不懂。你指的是哪個指標？

Well, you gave guidance on a reported basis, right? And I just want to know --

嗯，你提供的指導是基於報告的，對吧？我只想知道--

You're talking about for revenue?

您說的是收入方面嗎？

And ARR, both. Was currency in line with your expectations?

還有 ARR，兩者都是。貨幣匯率是否符合您的預期？

Yeah. So on a reported basis for revenue, currency was in line with our expectation. From an ARR perspective, we actually give -- we don't give -- we only give annual guidance on ARR and we do that on a constant currency basis.

是的。因此，以已公佈的營收數據來看，匯率符合我們的預期。從 ARR 的角度來看，我們實際上只提供年度 ARR 指引，而且是以固定匯率為基礎的指引。

Okay. I got you. All right. And then the net new ARR, I think constant currency was for total net new ARR was $39 million. I believe on the last earnings call, you guys talked about mid-40s.

好的。我接到你了。好的。然後，以固定匯率計算，新增淨 ARR 總額為 3,900 萬美元。我記得在上次財報電話會議上，你們提到40多美元。

So just wanted to understand, was that below what your expectations were? And if so, why?

所以我想了解一下，這是否低於您的預期？如果真是如此，原因是什麼？

Yes. So let me unpack that a little bit, right? So -- and as we mentioned on the call, we had a really strong new customer quarter. It was actually our top term software new customer quarter and our second highest customer acquisition quarter for SaaS. For SaaS, in particular, I will tell you, 70% of our net new ARR was driven by SaaS.

是的。讓我稍微解釋一下，好嗎？正如我們在電話會議上提到的，我們本季新增客戶數量非常可觀。實際上，這是我們軟體新增客戶數量最多的季度，也是SaaS客戶獲取數量第二高的季度。特別是對於 SaaS 而言，我可以告訴你，我們 70% 的新 ARR 都是由 SaaS 驅動的。

As a reminder, we land those customers at lower ASPs, on average, typically 2 to 3x what we would land a software customer with. And so what you're seeing in the ARR is just a reflection of that math. We're still very happy about that because what that does is give us the opportunity to go out, cross-sell and gain further value with those customers. The other comment I'll make is going back to the software land piece, we have a tendency to land those customers at a longer duration. So that does have some modest dilution on ARR.

需要提醒的是，我們獲得這些客戶的平均售價通常較低，一般是獲得軟體客戶的平均售價的 2 到 3 倍。因此，您在 ARR 中看到的只是這種數學計算的反映。我們對此仍然感到非常高興，因為這給了我們機會去向這些客戶進行交叉銷售，並從中獲得更大的價值。我還要補充一點，回到軟體領域，我們往往能與客戶保持更長時間的合作關係。因此，這確實會對年度經常性收入（ARR）造成一定程度的稀釋。

Okay. I guess what I'm getting at, guys, is just what was the delta versus the $45 million that you guys had talked about you ended up with $39 million, something must have not played out as you expected?

好的。我想問的是，各位，你們之前說的是4500萬美元，結果最後只拿到了3900萬美元，這中間到底差了多少？一定有什麼地方沒有按照你們的預期發展吧？

Yes. So this is Sanjay. Jason, it's really just -- we sold a lot of SaaS deals, land deals this quarter. And when you -- that's why you have to look at it on an annual basis because there will be variation quarter-to-quarter. We sell a lot of software, and it was also a big software land quarter for us.

是的。這位是桑傑。Jason，其實就是──我們這一季賣出了許多 SaaS 產品，達成了許多交易。所以，你必須按年度來看待這個問題，因為每季都會有變化。我們銷售了很多軟體，而且這對我們來說也是一個重要的軟體市場季度。

So when you take -- you take that together, it's -- that kind of explains the delta, if you would. But by every stretch of the imagination, it was a very strong quarter.

所以當你把這些因素綜合起來考慮時，就能解釋這個差異了。但無論從哪個角度來看，這都是一個非常強勁的季度。

And Jason, let me just add a little bit more with the numbers, too, which I think might help last quarter for perspective. 61% of our net new ARR was SaaS. This quarter, that's 70%. Again, when you're talking landing these customers at a 2 to 3x smaller ASP than software, that does have a significant impact on ARR.

傑森，我再補充一些數據，我覺得這些數據或許有助於我們更能理解上個季度的狀況。我們新增淨年度經常性收入 (ARR) 中有 61% 來自 SaaS。本季度，這一比例為 70%。再說一遍，當你談到以比軟體低 2 到 3 倍的平均售價來獲取這些客戶時，這確實會對年度經常性收入產生重大影響。

Got you. Okay. So the explanation, if I can summarize is just you're seeing a bigger shift to SaaS than maybe you expected at the beginning -- when you gave the guidance and that had an impact on the number.

抓到你了。好的。所以，如果讓我總結一下，那就是你看到的向 SaaS 的轉變比你最初預期的要大——當你給出指導意見時，這確實對數字產生了影響。

Yes.

是的。

Correct.

正確的。

And larger software deals as well.

以及規模更大的軟體交易。

Planned software deals with longer duration, yes.

是的，計劃性軟體的運作週期更長。

Okay, thank you.

好的，謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, appreciate the questions here. First, how much does Unity impact this shift from sort of term to SaaS, if at all? And second, can you just help us understand if SaaS is so strong, and I get that the base is getting bigger and we're anniversarying Clumio, but why the 4% sequential drop in cloud net retention rate this quarter?

大家好，感謝大家的提問。首先，Unity 對這種從某種形式的服務轉向 SaaS 的轉變究竟有多大影響？如果有影響的話。其次，您能否幫我們理解一下，如果 SaaS 如此強勁，我知道用戶基數越來越大，而且我們即將迎來 Clumio 的周年紀念，但為什麼本季度雲淨留存率環比下降了 4%？

Okay. Jim, it's Sanjay. So Unity -- so we announced it in November. So it's what, you know, shy of 3 months ago. And what Unity really does, if I could just reiterate is it brings together workloads, data wherever they live under 1 control plane.

好的。吉姆，我是桑傑。所以，Unity——我們在11月宣布了它。所以，你知道，那是將近三個月前的事了。Unity 的真正作用，如果我可以重申一下，就是將工作負載和資料（無論它們位於何處）整合到一個控制平面下。

So we're giving customers the ability to manage anything in -- what we call in the AI era under 1 control plane. And that is something that is -- we see as being the future. Now what we do is we also, as you know, cater to customers with large on-premise software and growing SaaS capabilities. And that is their decision on how they wish to implement and the journey they take. So they work in tandem.

因此，我們讓客戶能夠管理一切——在人工智慧時代，我們稱之為在一個控制平面下管理一切。而這正是我們所認為的未來。如您所知，我們現在也為擁有大型本地部署軟體和不斷增長的 SaaS 功能的客戶提供服務。至於如何實施以及採取何種方式實施，那是他們的個人決定。所以它們是協同工作的。

So as far -- at this point, we're not committing to change the model unilaterally in any way next fiscal year. It's a natural thing. We'll meet customers where they are. And what we've really done is take away any kind of complexity a customer may face in the journey to the hybrid and multi-cloud and really make it seamless.

所以就目前而言，我們還沒有承諾在下一個財政年度單方面改變這個模式。這是自然而然的事。我們將到客戶所在的地方與他們見面。我們真正做到的，是消除客戶在遷移到混合雲和多雲的過程中可能遇到的任何複雜性，使其真正無縫。

And Jim, I can take the second part of your question. So as it relates to our SaaS NRR, and I talked a little bit about this in my prepared remarks, but let me double-click into it, right? So a couple of things went into our SaaS NRR this quarter. So the first thing, and you kind of -- you briefed this on your question, right, is that we're dealing with a much larger customer base. So our SaaS customer base is now exceeding 9,000 total customers.

吉姆，我可以回答你問題的第二部分。所以，關於我們的 SaaS NRR，我在準備好的演講稿中稍微談到了這一點，但讓我再深入探討一下，好嗎？所以，本季我們的 SaaS NRR 成長主要受以下幾個因素影響。所以首先，正如你在問題中簡要提到的，我們面對的是更大的客戶群。因此，我們的 SaaS 客戶總數現已超過 9000 家。

So from an absolute dollar perspective, right, adding those same numbers of dollars, you're not getting the same level of uplift that you have historically.

所以從絕對美元的角度來看，沒錯，即使投入同樣多的美元，也無法獲得與歷史上相同的成長水準。

The second thing, and again, you'll hear this right, it's a theme this quarter. We have such a strong new SaaS customer quarter. Obviously, those dollars don't show up in our NRR number yet. And I'll remind you, right, we have 1 sales force that's doing both, right? So that's number two.

第二點，你肯定又聽到了，這是本季的一個主題。我們本季新增SaaS客戶數量非常強勁。顯然，這些美元還沒有計入我們的淨收入比率（NRR）中。我還要提醒各位，我們有一支銷售團隊同時負責這兩項工作，對吧？這是第二點。

The last thing I will call out is there was a modest mix shift in some of our product capabilities among certain early adopter customers, right? We have the benefit of having customers adopt our different innovation early. But with that, we also deal with changes that need to happen over time. That's the beauty of what we offer customers and what Sanjay was describing with the Unity platform that we'll be able to take to a different level next year. But we -- these customers are still our customers.

最後我想指出的是，我們的一些早期採用者客戶的產品功能組合發生了一些小的變化，對吧？我們的優勢在於，客戶能夠儘早接受我們的各種創新。但同時，我們也必須應對隨著時間推移而必須發生的變化。這就是我們為客戶提供的服務的魅力所在，也是 Sanjay 所描述的 Unity 平台的優勢所在，明年我們將能夠將其提升到一個新的水平。但是，這些顧客仍然是我們的客戶。

We're not seeing uptick churn. This is really just our business going through natural maturity.

我們沒有看到客戶流失率上升。這其實只是我們業務自然成熟的過程。

There's no churn impact here. Any unusual that's important.

這裡不存在客戶流失的影響。任何不尋常但重要的事。

Got it. If I could follow up on that 9,000 SaaS as my question here. You have over 9,000 SaaS customers, 14,000 total subscription customers plus, where does SaaS penetration get to? And how much are stand-alone SaaS customers?

知道了。如果我的問題可以跟進那 9,000 個 SaaS 問題的話。您擁有超過 9,000 個 SaaS 客戶，14,000 個訂閱客戶，那麼 SaaS 的滲透率究竟能達到什麼程度？獨立SaaS客戶的數量是多少？

Yes. So we -- I think we've said before, but of those over 9,000, roughly 30% of them also have software tied to them.

是的。所以我們——我想我們之前說過，在這 9000 多台設備中，大約有 30% 的設備還綁定了軟體。

On a growing base.

基礎不斷擴大。

Yes, on a growing base.

是的，而且用戶基數還在持續成長。

And one that I had closely also is that nearly 50% of our enterprise SaaS customers use more than 1 offering, okay? That's up 8, 9 points from last year. So that also shows you that as the hybrid journey becomes real for our customers, the advantage of our platform becomes apparent, especially in the larger complicated enterprise journey, hybrid cloud journeys.

我密切關注的另一個問題是，我們有近 50% 的企業 SaaS 客戶使用不只一種產品，好嗎？比去年提高了8、9個百分點。這也表明，隨著混合雲之旅對我們的客戶而言成為現實，我們平台的優勢就顯而易見了，尤其是在更大型、更複雜的企業混合雲之旅中。

We'll go to the next question, Bella.

貝拉，我們進入下一個問題。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Hey Sanjay Danielle, thanks for taking the question. I just want to follow up on some of the prior questions. But on the SaaS NRR, is there anything from a go-to-market perspective incentive-wise to shift the sales force focus over to landing new logos as opposed to expansion? Is that some of the reason to potentially explain why the SaaS new logos is maybe a little bit stronger while the NRR was a little bit softer.

嗨，Sanjay Danielle，謝謝你回答這個問題。我想就之前的一些問題做個後續說明。但就 SaaS NRR 而言，從市場推廣的角度來看，是否有任何激勵措施促使銷售團隊將重點從拓展客戶轉移到爭取新客戶？這是否能解釋為什麼 SaaS 新標誌的反應速度可能更快一些，而 NRR 的反應速度則稍慢一些呢？

We do our comp plans on an annual basis, Eric. And so there's been no mid-quarter or midyear change to that. It's just between the fact that what we're delivering to our customers in SaaS as part of the platform in conjunction with our software capabilities is what they need. And so we're seeing a healthy pickup there. And also the work we're doing with our ecosystem partners is also making it easy for customers to get access to and use it. So I think the product stands on its own, the SaaS capability stand on its own.

艾瑞克，我們的薪酬方案是每年制定一次的。因此，這一情況沒有出現季度中期或年中變化。關鍵在於，我們透過 SaaS 平台提供給客戶的服務，結合我們的軟體功能，正是他們所需要的。所以我們看到這方面出現了健康的復甦跡象。同時，我們與生態系統合作夥伴的合作也讓客戶更容易取得和使用它。所以我認為這款產品本身就很出色，SaaS 功能也完全可以獨立存在。

Got it. And then just one more maybe clarification. Just help understand what drove some of the term duration elongation this quarter after being on the shorter side of the last quarter or two? And then just anything on expectations for duration on term for next quarter.

知道了。最後，或許還需要補充一點說明。請幫忙解釋一下，是什麼原因導致本季度債券期限有所延長，而前一兩個季度債券期限則相對較短？然後就是關於下個季度合約期限預期方面的任何問題。

Yes. So the way to think about it is what really affects term within a quarter is the number of large deals. That's the biggest contributor to that. And this quarter, the term was heavily influenced by some large new customer deals. So in Q3, we saw a modest pickup and sort of an uptick in the duration quarter-on-quarter.

是的。所以，我們應該這樣理解：真正影響季度內業績的因素是大額交易的數量。這是造成這種情況的最大原因。本季度，該術語受到一些大型新客戶交易的強烈影響。因此，在第三季度，我們看到了小幅回升，並且持續時間環比增加。

And we're winning large customers that are multiyear, which is a darn good thing. What's also important that -- for me to underscore is that our median duration remains in a normal range, okay? And I guess we could have done a better job explaining term last quarter.

我們正在贏得許多簽訂多年合約的大客戶，這真是一件非常好的事情。還有一點很重要──我要強調的是──我們的中位數持續時間仍然在正常範圍內，好嗎？我想我們上個季度本可以更好地解釋這個術語。

Howard Ma, Guggenheim.

Howard Ma，古根漢。

I want to follow on the -- on the constant currency net new ARR threads, the $39 million in the quarter. So it's just given -- Sanjay and Danielle, given your comments earlier, net adds were strong. I think we have more clarity on the SaaS NRR decline. But on the term side, the term net new ARR was -- I think it was about $17 million. So it seems like maybe there was a shortfall in term net new ARR.

我想繼續討論——以固定匯率計算的淨新增 ARR 線程，該季度為 3,900 萬美元。所以，根據你們先前的評論，Sanjay 和 Danielle，淨增人數表現強勁，這是意料之中的。我認為我們對SaaS NRR下降的原因有了更清晰的了解。但就期限而言，期限淨新增 ARR 大約是 1700 萬美元。所以看來短期淨新增年度經常性收入可能有缺口。

And last quarter, average duration compressed, this quarter average duration, it seemed like an upside a little bit. So I'm deducing that maybe it's average term expansion ARR was in aggregate. And I understand that there were some large multiyear deals, but maybe the expansion was a little weaker than expected. And -- and really more importantly, how should we think about it? I guess is $17 million kind of a baseline going forward?

上個季度平均持續時間縮短，而本季平均持續時間似乎略有上升。所以我推斷，這可能是平均期限擴張年度經常性收入 (ARR) 的總體情況。我知道有一些多年期的大額交易，但擴張速度可能比預期的要慢一些。而且──更重要的是，我們該如何看待這個問題？我猜1700萬美元算是未來的基準線吧？

Like what gives you confidence, especially in light of Unity coming out that you can sustain this level of term expansion.

是什麼讓你有信心，尤其是在 Unity 推出之後，能夠維持這種規模的期限擴張？

And I'm sorry, Howard. I want to make sure I understand the question. You're suggesting that the net new ARR for subscription was $17 million. I'm just trying to understand where to -- where you're getting the $17 million from?

對不起，霍華德。我想確認一下我是否理解了這個問題。你的意思是說，訂閱帶來的淨新增 ARR 為 1700 萬美元。我只是想弄清楚——你們是從哪裡弄來這1700萬美元的？

Maybe I -- look, maybe my number is incorrect, but whatever that number was, I'm seeing $18 million. So I guess on a constant currency basis, is that correct that term constant currency net ARR was $18 million, and that average expansion was maybe weaker than you expected and what to think going forward?

也許我——你看，也許我的數字不對，但不管那個數字是多少，我看到的是 1800 萬美元。所以，以固定匯率計算，淨年度經常性收入 (ARR) 為 1800 萬美元，平均擴張速度可能比您預期的要慢，那麼未來該如何看待這個問題呢？

I understand what you're saying. So you're just looking at the term software piece. So this isn't about expansion. I'm going to -- I talked about this before, but maybe let me make sure I'm clear on that. What we saw this quarter is land customers.

我明白你的意思。所以你現在看到的只是「軟體部分」這個術語。所以這與擴張無關。我打算——我之前說過這件事，但也許我應該再確認一下我的意思是否清楚。本季我們看到的是陸地客戶。

And again, we had our strongest land term software customer quarter. We saw land customers come in at much longer durations. Now them coming at a longer duration is part of the business. We've talked about this historically, too.

我們再次迎來了土地租賃軟體客戶數量最多的一個季度。我們發現陸地客戶的停留時間要長得多。現在，延長出勤時間已成為業務的一部分。我們以前也討論過這個問題。

Actually, I think if you look at Q4 of last year, we had kind of a similar type pattern here. But that's really what's driving that change. I mentioned already the SaaS, the growth in the new SaaS customers. I also want to highlight our subscription ARR, if you look at it, it's actually our second best subscription ARR, net new add that we've had in the history of the company, organic, right? You got to look organic.

實際上，我認為如果你看看去年第四季度，我們當時也遇到了類似的模式。但這正是推動這種變化的真正原因。我之前已經提到了SaaS，以及SaaS新客戶的成長。我還想重點介紹一下我們的訂閱 ARR，如果你看一下，它實際上是我們公司歷史上第二高的訂閱 ARR，淨新增用戶數，而且是自然增長的，對吧？你得看起來自然一點。

So again, I talked about the pieces with the new customers. But overall, we're really happy with where we're at and where we'll be for the year.

於是，我又和新客戶們談了這些產品。但總的來說，我們對目前的狀況以及今年的發展方向都非常滿意。

And we could follow up on the one on the other callbacks.

我們可以跟進其他回調。

Maybe just a quick follow-up for you, Sanjay. The restructuring efforts that -- or I should say the incremental restructuring efforts, it seems to be entirely focused in our R&D org and perhaps operations, so R&D and operations. Is that -- so number one, is that true? And what gives you confidence that these cutbacks won't impact your growth prospects?

桑傑，或許我還需要跟進一下。重整工作——或者應該說是漸進式重整工作——似乎完全集中在我們的研發機構，或許還有營運部門，所以是研發和營運部門。所以，第一點，這是真的嗎？你憑什麼確信這些削減不會影響你的成長前景？

Howard, I'm not sure where you're getting that from. That's -- no, we -- time and time again, as part of our regular process, as we get closer to the fiscal year and we look at what our priorities for the next year are and align our P&L to prioritize what we think is going to be part of the future. This quarter, this was -- this exercise was no exception.

霍華德，我不知道你是從哪裡得到這個訊息的。不，我們一次又一次地這樣做，這是我們常規流程的一部分，隨著財政年度的臨近，我們會審視下一年的優先事項，並調整損益表，優先考慮我們認為未來將會發展的部分。本季，情況也是如此——這次也不例外。

Now without getting in too much of the detail, some of it is recurring. Some of it is not recurring. We ran a voluntary retirement program that was well received. And -- so it wasn't on one group or another, it was something we offered up to the whole company. And some of the savings you saw on the EBIT line this quarter and beyond, and then others are going to be put back into the business where we need it.

現在不贅述細節，其中一些內容是反覆出現的。有些事情不會反覆發生。我們推行了一項自願退休計劃，該計劃受到了廣泛好評。所以，這不是某個小組的任務，而是我們向整個公司提出的要求。本季度及以後，您在息稅前利潤 (EBIT) 方面看到的一些節省，以及其他一些節省，將重新投入到我們需要的業務中。

Just -- because I got it from -- in your -- in the press release, it says business technology is the unit. So can you just expand on what these business technology, that function entail?

因為我是從你們的新聞稿中看到的，上面寫著業務技術部門是這個部門。那麼，您能否詳細說明一下這些商業技術和功能具體包含哪些內容？

No, no, no, Howard. Sorry. So there's 2 restructuring plans that we have throughout the year. The first one, we actually talked about in the beginning of the year, and that was tied to some changes we are making in our business technology team, that's not our R&D team. That's our internal business technology team.

不，不，不，霍華德。對不起。因此，我們全年共有兩個重組計劃。第一個問題，我們其實在年初就討論過了，那與我們正在對業務技術團隊進行的一些調整有關，那不是我們的研發團隊。那是我們內部的業務技術團隊。

IT.

它。

IT. The second restructure plan, which is really the one that we talked about in the press release this time and I made the comments on related to some of the cash flow impacts. That one is a company-wide initiative.

它。第二項重組計劃，也就是我們這次在新聞稿中真正討論的計劃，我之前也就一些現金流影響發表了評論。這是一項公司範圍內的舉措。

Yeah. And Howard, actually to be more direct, what this does is strengthen where we want to go, not weaken. So we're not cutting back on R&D or any such thing. This is really about strengthening where we think the opportunity lies. So just aligning the business. This is -- it's a good thing.

是的。霍華德，更直白地說，這樣做反而會加強我們想要去的方向，而不是削弱它。所以，我們並沒有削減研發或其他方面的開支。這實際上是為了加強我們認為機會所在的地方。所以只是在調整業務方向。這是——這是件好事。

Okay. Thank you for clarifying.

好的。謝謝你的澄清。

No worries. Absolutely, thanks, Howard.

不用擔心。當然，謝謝你，霍華德。

Param Singh, Oppenheimer.

Param Singh，奧本海默。

Yeah, hi, thank you and thanks for taking my questions. I had a couple. First, look, this ARR question has been beaten to dead, but I had a slightly different question on it. As I look to the future, and again, I'm not asking for guidance, but as I look forward, typically, these lower ARR SaaS customers will scale, right?

你好，謝謝，也謝謝你回答我的問題。我有兩個。首先，你看，關於 ARR 的問題已經被討論到爛了，但我有一個略有不同的問題。展望未來，我再次聲明，我不是在尋求指導，而是展望未來，通常情況下，這些 ARR 較低的 SaaS 客戶將會擴大規模，對嗎？

And then based on historical trends, do you think it is -- should we assume that there will be some re-acceleration with these customers as they come back with the potential of higher NRR different from this lower baseline and potential increase in net new ARR? Or do you think that since there's a systemic shift towards more SaaS customers coming into the ecosystem, that this will kind of be a new baseline for the next few years until you have a larger SaaS base. How should we think about it logically in the longer term.

那麼，根據歷史趨勢，您認為——我們是否應該假設，隨著這些客戶的回歸，他們的淨收入（NRR）可能會高於目前的較低基線水平，並且淨新增年度收入（ARR）可能會增加，從而出現某種程度的重新加速增長？或者您是否認為，隨著越來越多的 SaaS 客戶進入生態系統，這將成為未來幾年新的基準，直到您擁有更大的 SaaS 用戶群。我們該如何從長遠角度合乎邏輯地思考這個問題？

So I'm going to -- I think I understand your question, so I'm going to answer it. But if I'm not answering what you're asking, please feel free to clarify, right? So yes, so we land these customers at lower ASPs, as I talked about. Historically -- and I think we've said this, historically, we land at roughly $40,000. That's our ASP for these customers.

所以，我想我理解了你的問題，所以我來回答它。但如果我沒回答你的問題，請隨時澄清，好嗎？所以，正如我剛才所說，我們能夠以較低的平均售價吸引這些客戶。從歷史數據來看——我想我們已經說過，從歷史數據來看，我們的最終結果大約是 4 萬美元。這就是我們為這些顧客設定的平均售價。

Right now, we see anywhere from 30% to 40% depending on the quarter, right, of our customer, that cross-sell. I will tell you actually we're seeing even better traction in our enterprise customers. Our enterprise customers -- we're approaching 50% of them having more than 1 SaaS product. That's up 700 basis points from a year ago. Without giving you specific guidance for next year, what I can tell you is we have a history of growing the lifetime value of these customers, and we aspire to continue to do that.

目前，根據季度不同，我們看到客戶的交叉銷售率在 30% 到 40% 之間。實際上，我們在企業客戶方面看到了更好的成長動能。在我們的企業客戶中，近 50% 的客戶擁有不只一款 SaaS 產品。比一年前上升了700個基點。明年我無法給出具體指導，但我可以告訴你們的是，我們一直以來都在提升這些客戶的終身價值，我們也渴望繼續這樣做。

And I think, Param, that with the Unity platform, it will make it even easier for customers to absorb new capabilities seamlessly. That is part of the design of the technology. So we think that being able to cross-sell over time is definitely part of our strategy, as we've shared before.

帕拉姆，我認為，有了 Unity 平台，客戶就能更輕鬆地無縫吸收新功能。這是該技術設計的一部分。因此，我們認為，隨著時間的推移進行交叉銷售絕對是我們策略的一部分，正如我們之前分享的那樣。

So let me go into my second -- yes, go ahead, Danielle.

那麼，讓我開始我的第二個——好的，請開始，丹妮爾。

No. I just wanted to add one more thing, which I thought would maybe be helpful. Our SaaS customers over $100,000 are actually up over 45%.

不。我只想補充一點，我覺得或許會有幫助。我們年收入超過 10 萬美元的 SaaS 客戶實際成長超過 45%。

So let me segue into my second part of my question, which is on Unity. Obviously, it's very early days, but if you could share some feedback. And how should we think about based on that feedback, the adoption of Unity driving higher basically SaaS ARR over time. Is there any way to conceptualize that?

那麼，讓我過渡到我問題的第二部分，也就是關於 Unity 的問題。顯然，現在還為時過早，但如果您能分享一些回饋意見就太好了。根據這些回饋，我們應該如何看待 Unity 的採用如何隨著時間的推移推動 SaaS ARR 的提高？有什麼方法可以將其概念化嗎？

We have conceptualized many things around that platform. We're very excited about it, Param, as you can imagine, at SHIFT, you saw how much we shared. The platform is just literally, we announced it in November. It was broadly -- most of it was broadly available end of the year. We're in the early days of it.

我們圍繞著這個平台構思了很多事情。Param，我們對此感到非常興奮，正如你所想，在 SHIFT 大會上，你看到了我們分享了多少東西。這個平台其實是我們去年11月宣布的。整體而言－大部分產品在年底前都能廣泛取得。我們還處於起步階段。

The pipeline looks great. The feedback from the industry, I shared some on my prepared comments, is very positive.

管道看起來很棒。我在事先準備好的評論中分享了一些來自業界的回饋，這些回饋非常正面。

And it's early days to put out any pattern matching on it. But everything in the product, especially around its AI capabilities and our ability to bring together data security, Identity Resilience and True Recovery is second to none. My goal -- our goal when we built and designed this product was to make it super easy for customers to embrace logical extensions of their resilience capability. So translated into a go-to-market piece, cross-sell becomes friction-free.

現在就進行任何模式配對還為時過早。但該產品的方方面面，尤其是其人工智慧功能以及我們將資料安全、身份彈性和真正恢復功能結合起來的能力，都是首屈一指的。我的目標——也是我們建造和設計這款產品時的目標——是讓客戶能夠非常輕鬆地接受其韌性能力的邏輯擴展。因此，將其轉化為市場推廣策略，交叉銷售就變得毫無阻力。

Right. Okay. And do you feel you need to update your sales team a little bit to pivot to some of these expanding capabilities? Or do you feel --

正確的。好的。您是否覺得需要對銷售團隊進行一些調整，以適應這些不斷擴展的能力？或者你覺得--

They just delivered -- Param, they just delivered an amazing quarter. You guys are doing a great job. We're executing well. And of course, enablement of our team is job 1. They're only as good as how confident they are with the technology.

他們剛剛交出了令人滿意的成績——Param，他們剛剛交出了一份非常棒的季度報告。你們做得非常棒。我們執行得很好。當然，賦能我們的團隊是首要任務。他們的水平取決於他們對技術的自信程度。

So we continue to invest in our people. It's a big part of how we do things. And I'll be honest with you, I'm very proud of our sales team.

因此，我們將繼續投資於我們的員工。這是我們做事方式的重要部分。說實話，我為我們的銷售團隊感到非常自豪。

Okay, I'll get back in line. Thank you so much for answering my questions today.

好的，我這就重新排隊。非常感謝您今天回答我的問題。

Thanks. Thanks, Pam.

謝謝。謝謝你，帕姆。

Rudy Kessinger, DA Davidson.

魯迪·凱辛格，地方檢察官戴維森。

Hey guys, thanks for taking my question. So on the net new ARR, last quarter, you said you expected 60% of net new ARR to come from SaaS. And 60% of $45 million would be $27 million, and you did $27.1 million of SaaS net new ARR in Q3. And so from that lens, it would look like SaaS net ARR is kind of in line with expectations. And then back to Howard's point, it would thus look like term license net new ARR was below expectations or the primary reason for the $6 million delta versus the $45 million kind of baseline that was expected. So could you just, again, follow up on maybe the term net new ARR, was that below expectations?

各位好，感謝你們回答我的問題。所以關於上個季度的新增 ARR，您曾表示預計 60% 的新增 ARR 將來自 SaaS。4500 萬美元的 60% 是 2700 萬美元，而你們在第三季度實現了 2710 萬美元的 SaaS 淨新增 ARR。因此從這個角度來看，SaaS 淨 ARR 似乎與預期基本一致。回到霍華德的觀點，因此，長期許可淨新增 ARR 似乎低於預期，或者說這是造成 600 萬美元差額（預期基準為 4500 萬美元）的主要原因。那麼，您能否再次跟進「淨新增年度經常性收入」這個指標，它是否低於預期？

What was the impact of maybe longer duration on some deals than expected that resulted in some price compression, that ARR compression? I'm just not understanding how, based on these numbers, term was not below expectations.

某些交易的持續時間可能比預期更長，從而導致價格壓縮（即年度經常性收入壓縮），這對這些交易產生了什麼影響？我實在不明白，根據這些數據，為什麼實際表現沒有低於預期。

No, I understand what you're asking, Rudy. And you're spot on with the SaaS net new ARR. So I'm glad you called that out specifically. So what we were assuming for term is that duration would remain consistent with Q2. What we saw is because of these large multiyear, quite frankly, like just long durations new software customers, we did see some pressure on term ARR tied to that. You are correct.

不，我明白你的問題，魯迪。您對 SaaS 新增淨 ARR 的預測完全正確。所以我很高興你特別指出了這一點。因此，我們假設期限將與 Q2 保持一致。我們看到的情況是，由於這些大型的多年期新軟體客戶，坦白說，就像是長期合約一樣，我們確實看到了與此相關的長期年度經常性收入 (ARR) 所面臨的一些壓力。你說得對。

And Rudy, as I've shared this over like repeatedly, we have to look at this on a broader term basis quarter-to-quarter because of the type of business we do, the kinds of customers we cater to, the complexity of the projects that they embark upon, the mix of software versus SaaS, there will be a little bit of variability in how this stuff gets land. The good news is we're adding a ton of new customers in SaaS, which bodes well for the long term. And we had a record absolute record quarter of software land customers with longer durations. So it's -- yes, the number is off a little bit, but it's -- we need to expect a little bit of variability in this over time because this is an annualized thing.

魯迪，正如我反覆強調的，我們必須從更廣泛的季度角度來看待這個問題，因為我們所從事的業務類型、我們服務的客戶類型、他們開展的專案的複雜性、軟體與 SaaS 的組合，這些因素都會導致專案落地方式出現一些變化。好消息是，我們在 SaaS 領域新增了大量客戶，這對長遠發展來說是個好兆頭。我們軟體客戶數量和使用時長都創下了季度絕對新高。所以——是的，這個數字有點偏差，但是——我們需要預料到隨著時間的推移，這個數字會有一些波動，因為這是一個年度數據。

Now if you look at overall ARR for the year, we're talking 22% rough tough growth on $167 million year-on-year increase. So it's actually very handsome. I just feel like there will be a little bit of quarter-to-quarter variability because we sell hybrid solutions for customers. And they have the option of being able to deploy it in the manner in which they want. So I guess we could have done a better job explaining that last quarter. It comes back to the term and that stuff, but I'll keep explaining it until we get it right.

現在，如果你看一下全年的 ARR（年度經常性收入），我們說的是 22% 的強勁成長，比去年同期成長 1.67 億美元。所以它其實非常帥氣。我覺得季度之間可能會有一些波動，因為我們向客戶銷售的是混合解決方案。他們可以選擇以他們想要的方式部署它。所以我覺得我們上個季度可以解釋得更好一些。這又回到了術語之類的東西上，但我會一直解釋下去，直到我們弄清楚為止。

Yes. The only other thing I would call out -- the only other thing I would call out, Rudy, to your point, is -- and we've talked about this other ARR, right? Other ARR, the last couple of quarters has been consistent. We actually saw a decline. The decline almost doubled quarter-over-quarter, and that's really tied to some of our conversions.

是的。我唯一想補充的是──魯迪，就你剛才說的而言，我唯一想補充的是──我們之前也討論過這個 ARR，對吧？其他 ARR 指標在過去幾季一直保持穩定。實際上我們看到的是下降趨勢。環比下降幅度幾乎翻了一番，這實際上與我們的一些轉換有關。

So that was the other piece, just to kind of bring it all together.

所以，這就是另一部分，只是為了把所有內容串連起來。

Okay. And then as a follow-up, I'm curious there was some commentary about you sold maybe more SaaS deals and I seem to maybe interpret that as meaning that prohibits you from also selling some term deals. So I guess I'm curious, like in your pipe for the quarter, did you have a lot of customers where reps were working with them on both potential SaaS and term deals and more of the land tilted towards SaaS than term in the quarter? And then -- sorry for a two-parter here. But on your SaaS ARR, what percentage of your SaaS comes from is calculated from consumption in the current quarter times 4 versus TCV over duration.

好的。另外，我很好奇，有人評論說你可能賣出了更多 SaaS 交易，我似乎將其理解為這意味著你無法再賣出一些長期交易。所以我很好奇，例如在你們本季的業務拓展中，你們的銷售代表是否有很多客戶同時在洽談潛在的 SaaS 和長期合約，並且本季度 SaaS 業務的佔比高於長期合約業務？然後——抱歉，這裡分成了兩個部分。但是，對於您的 SaaS ARR，您的 SaaS 收入佔比是根據當前季度消費量乘以 4 與整個期間的 TCV 計算得出的。

And I'm curious if you were to look at the quarter, your SaaS and the ACV bookings standpoint relative as opposed to ARR, how much stronger might that number have been if you were calculating all of your SaaS ARR as TCV over duration.

我很好奇，如果您從季度角度來看，從 SaaS 和 ACV 預訂量的角度，而不是從 ARR 的角度來看，如果您將所有 SaaS ARR 都按持續時間計算為 TCV，那麼這個數字可能會強勁多少。

That's a tough question. Maybe give us a little time to get the exact number around that. But let me take the first part of your question. But our sales team -- the reason -- the reason we have our go-to-market team, the way it is, is because our platform delivers 2 sets of capabilities. So you can't segment them and say, do this versus that or that versus that.

這是一個棘手的問題。或許給我們一點時間估算出一個比較準確的數字。但讓我先回答你問題的第一部分。但是，我們之所以擁有現在的銷售團隊，是因為我們的平台提供了兩套功能。所以你不能把它們分成幾類，然後說，這樣做對比那樣做，或者那樣對比那樣做。

It really depends on where the customer is and how we meet them where they are.

這真的取決於客戶在哪裡，以及我們如何滿足他們的需求。

So if a customer wants to start with Air Gap Protect and Cleanroom and then move backwards into our on-premise capabilities, that's what we'll do. So the sales team is absolutely aligned to the customer buying model and they're buying capabilities and their needs. So we internally don't trade off 1 license type versus another. That's not ever what we do. It's what the customer needs and how we best align to it. Could you repeat the second part of your question?

因此，如果客戶想要先使用 Air Gap Protect 和 Cleanroom，然後再逐步過渡到我們的本地部署功能，我們就會這樣做。因此，銷售團隊與客戶的購買模式、購買能力、需求完全一致。因此，我們內部不會對不同類型的許可證進行權衡。我們從來不會那樣做。這取決於客戶的需求以及我們如何最好地滿足這些需求。您能重複問題的第二部分嗎？

The second part of my question is like if I just take your $364 million of SaaS ARR, how much of that is calculated from like Clumio products that are just consumption times 4 versus how much is just TCV over duration, the same way you calculate your term license ARR. Because I'm trying to -- you're talking about the ASPs being much lower and the ARR not necessarily showing up yet from some strong bookings. And so I'm trying to understand how much of your net new SaaS bookings come from products that are going to have ARR calculated on a consumption basis as opposed to TCV over duration.

我問題的第二部分是，如果我只看你們 3.64 億美元的 SaaS ARR，其中有多少是根據 Clumio 產品等消費量乘以 4 計算出來的，又有多少是根據期限內的總合約價值 (TCV) 計算出來的，就像你們計算期限許可 ARR 的方式一樣。因為我正在努力——你提到平均售價低得多，而且一些強勁的預訂量尚未反映出年度經常性收入。因此，我想了解你們新增的 SaaS 訂單中有多少來自以消費量計算 ARR 的產品，而不是以持續時間計算 TCV 的產品。

Yes. So I'm not going to give the exact breakout, Rudy. What I can tell you, though, is it's small, it's immaterial on the whole ARR number. So you're not -- it's not overly meaningful in the percentage.

是的。所以，魯迪，我不會透露具體的突破點。但我可以告訴你的是，這個數字很小，對整個 ARR 數據來​​說無關緊要。所以你並不是——從百分比來看，這並不具有太大的意義。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Thanks, Rudy.

謝謝你，魯迪。

Michael Romanelli, Mizuho Securities.

Michael Romanelli，瑞穗證券。

Yeah, hi, thanks for -- yeah, thanks for taking the question. So yeah, I guess I was just wondering if there are any regions and/or verticals that performed better than your internal expectations this quarter? And maybe conversely or any more challenged than you were anticipating?

是的，你好，謝謝——是的，謝謝你回答這個問題。所以，我只是想問一下，本季是否有任何地區或垂直產業的表現超出了你們的內部預期？或許情況恰恰相反，或比你預期的更具挑戰性？

What was the second part, sorry, Michael?

抱歉，邁克爾，第二部分是什麼來著？

Yeah. If any regions or verticals were perhaps more challenged than you were anticipating?

是的。是否有某些地區或垂直領域面臨的挑戰比您預期的更大？

Yeah, it was -- actually, as a quarter is very evenly distributed and almost by design. So we've -- over time, we've worked to derisk the business in both geography as well as in particular verticals. This quarter was -- our international business did very well as did our US business was very, very even. Our SaaS business did well, our software business did well. So there was no particular call out. I think, overall, a well-delivered quarter from my point of view.

是的，確實如此——因為四分之一的分配非常均勻，幾乎是刻意為之。因此，隨著時間的推移，我們一直在努力降低業務在地域和特定垂直領域的風險。本季，我們的國際業務表現非常出色，美國業務也表現非常均衡。我們的SaaS業務表現良好，我們的軟體業務也表現良好。所以並沒有特別的喊話。我認為，總體而言，從我的角度來看，這是一個表現良好的季度。

Got it. Okay. That's helpful. And then maybe just building on a prior question, I apologize if I missed it, but you guys have obviously noted that you expect SaaS to comprise about 60% of total net new ARR for the fiscal year. Just how should we be thinking about that mix shift for the 4Q?

知道了。好的。那很有幫助。然後，或許可以接著之前的問題再問一下，如果我錯過了，請見諒，但你們顯然已經提到，預計 SaaS 將佔本財年新增淨 ARR 總額的 60% 左右。我們該如何看待第四季的產品組合變化？

Yes. I would -- even this quarter, we talked about this. I think Rudy called this out right. From a SaaS perspective, we're still about 60%. So I think that 60% baseline is the right way to think about it.

是的。我會——甚至這個季度，我們也討論過這個問題。我覺得魯迪說得對。從 SaaS 的角度來看，我們仍然佔 60% 左右。所以我認為以 60% 為基準是正確的考慮方式。

Got it. Okay. All right, that's helpful. Thanks.

知道了。好的。好的，這很有幫助。謝謝。

Tom Blakey, Cantor.

湯姆·布萊基，領唱。

Hey guys, thanks for squeezing me in here. Just a couple quick ones. On this duration topic, Danielle, what is the -- I guess, just bluntly, what is the expectation for duration in the guide for fiscal 4Q?

嘿，各位，謝謝你們擠出時間來幫我。就簡單問幾個問題。關於持續時間這個話題，丹妮爾，我想直截了當地問一下，第四財季的業績指引中對持續時間的預期是多少？

Yeah. So we're continuing to assume that duration remains specifically, and Sanjay called this out in his earlier remarks, median duration will remain in a normal range. So that's what we're assuming in our guide.

是的。因此，我們繼續假設持續時間保持不變，正如 Sanjay 在他先前的演講中指出的那樣，中位數持續時間將保持在正常範圍內。所以，這就是我們在指南中所做的假設。

So basically, just quarter-on-quarter a downtick in duration, so to speak. And then -- go ahead.

所以基本上，可以說，持續時間比上一季下降。然後——繼續。

No, no. Yeah, I would say, again, that the duration median will remain the same. And the guide is neither aggressive nor conservative, right? We wanted to give you where we feel like we can meet.

不，不。是的，我再次認為，持續時間的中位數將保持不變。而這位導遊既不激進也不保守，對吧？我們想告訴你我們覺得可以見面的地方。

And frankly, we're getting better at this as customers deploy more complex scenarios, we have to internally be spending a lot of time really finessing how we look at this. And we'll be completely transparent about that.

坦白說，隨著客戶部署更複雜的場景，我們在這方面也做得越來越好，我們內部必須花大量時間來真正改進我們看待這個問題的方式。我們會對此完全公開透明。

No, you have always, Sanjay. I just said duration was an impact ARR this quarter. So I was just trying to understand.

不，你一直都是，桑傑。我剛才說的是，本季的存貨期限對年度經常性收入（ARR）產生了影響。我只是想弄清楚。

I know because it's a tale of 2 cities, right? Here, we get larger duration more land deals and it affects the other side. So -- and then we got a lot of new SaaS deals and smaller duration. And so the -- a little bit of a variability is to be expected, we're getting better. I hope at being able to tell you what that is.

我知道，因為這是《雙城記》，對吧？在這裡，我們獲得了更長的土地交易，這會影響到另一方。所以——然後我們達成了很多新的 SaaS 交易，而且交易期限也更短。所以，出現一些波動是可以預期的，我們正在進步。我希望能夠告訴你那是什麼。

Yes. And this goes hand in hand with the complexity and the expanding kind of sales motion that you guys are going to market with in terms of adding cyber resiliency the last year or so -- a year or 2, Sanjay. So maybe if you could talk about these increasing hybrid deals, the sales cycles, maybe talk about on a like-for-like basis, where a sales cycle is going this last fiscal quarter maybe going forward in your mind, are they expanding? And maybe if you could touch on discounting for everybody on the call. Is there an element of discounting just to address that topic with the extended durations. And that's it for me. Thank you so much.

是的。這與你們在過去一兩年裡，在增加網路彈性方面所採取的複雜且不斷擴展的銷售方式密切相關——桑傑。所以，您能否談談這些不斷增加的混合交易、銷售週期，或許可以談談在同等條件下，上個財季的銷售週期走向，以及您認為未來一段時間的銷售週期是否會擴張？或許您還能談談給所有與會者折扣的事宜。考慮到展期延長，是否有折扣優惠可以解決這個問題？我的故事就到此為止了。太感謝了。

No worries. So hybrid deals, if you start on the software side, if you look at large enterprise customers, and they have technology that goes back sort of legacy technology. The process of getting that conversation going where it becomes a combination now in resilience terms of really looking at data security of all data types, looking at Identity Resilience and then attaching that to world-class recovery, that becomes a fairly sophisticated conversation and that takes time.

不用擔心。所以，混合交易，如果你從軟體方面入手，如果你觀察大型企業客戶，而他們的技術可以追溯到某種遺留技術。要展開這場對話，使其從韌性的角度真正審視所有資料類型的資料安全、身分韌性，並將其與世界一流的復原措施相結合，這本身就是一個相當複雜的對話，需要時間。

And when we get into it, then you realize that some of the workloads, they want to start the cloud. They want to keep on-premise. They want -- they have a timeline under which to move it to the cloud. So then you start working through that. And we've gotten good at it because we've been doing this now -- the cyber resilience conversation, security conversation for a couple of years.

當我們深入了解之後，就會發現有些工作負載需要啟動雲端。他們想繼續在公司內部進行。他們希望——他們有一個時間表，按照這個時間表將系統遷移到雲端。然後你就開始著手解決這個問題。我們之所以能做得這麼好，是因為我們已經從事網路彈性對話、安全對話好幾年了。

We think the new platform and the bringing together of the capabilities under 1 pane of glass will just allow customers, especially with our discovery capabilities, to quickly get up and understand what they have and what is protected, what isn't at what level, what policy. So I think the new platform in time will help shrink our ability and the customer's decision points, I think, to do things.

我們認為，新的平台以及將各項功能整合到一個統一的介面下，將使客戶，特別是藉助我們的發現功能，能夠快速上手並了解他們擁有什麼、哪些內容受到保護、哪些內容未受到保護以及保護級別和策略。所以我認為，隨著時間的推移，新平台將有助於縮小我們的能力範圍，並減少客戶的決策點。

Now the sales force is taking this to market comprehensively, okay. If we try not to go and talk about workloads because that's not a resilient solution. Resilience in my simple way of thinking about it is only as good as the entirety of the workload that you protect. And so that's kind of how we look at it. These deals, when you start can -- it's a very sophisticated sales process, and it's a -- and you have to -- the customers are open to it, cyber threats aren't going down.

現在銷售團隊正在全面地將這款產品推向市場，好的。如果我們盡量避免討論工作負載，因為那不是一個有彈性的解決方案。依我簡單的理解，韌性的好壞取決於你所保護的全部工作量。所以，我們大概就是這樣看待這個問題的。這些交易，當你開始的時候——這是一個非常複雜的銷售過程，而且——你必須——客戶對此持開放態度，網路威脅並沒有減少。

AI, in a good way, generates more data and that data needs to be protected, and we're good at that, okay? So that's kind of how we think about it.

人工智慧會從好的角度產生更多數據，而這些數據需要保護，我們很擅長保護這些數據，好嗎？我們大概就是這麼想的。

You saw that, Sanjay -- sorry, as a follow-up to that. Sorry, I thought I was done there, but you saw that in your net new term record additions. Again, I just wanted to just triple click on -- is this maybe -- in addition to all these records and solid results, is there an element of pipeline building related to this possibly a sales elongation going on.

桑傑，你看到了──抱歉，這是對那件事的後續。抱歉，我以為我已經完成了，但您在新增術語記錄中看到了這一點。我再次想再次確認一下——除了所有這些記錄和可靠的結果之外，這是否可能與銷售管道建設有關，從而導致銷售週期延長？

No. So I was going to -- I think that, firstly, you said discounting earlier in your earlier part of your question, there is no -- we keep a very tight control on that. Our Chief Commercial Officer was our Chief Financial Officer. So there's a very high degree of discipline that goes into discounting inside of our company. So that I don't worry about day in and day out.

不。所以我想說——首先，正如你在問題前面部分提到的，折扣方面沒有——我們對此控制得非常嚴格。我們的首席商務官就是我們的財務長。因此，我們公司在折扣方面有著非常嚴格的紀律。這樣我就不用日復一日地擔心了。

That's not my concern at all. The sales cycle, we believe, and it's early days. So we can talk about it over the quarters to come. We believe that our Commvault Cloud Unity platform will reduce the time it takes for customers to understand resilience the way we designed it and get up and running with us faster. And then we also released a framework for them to sort of look at to operationalize it, we call that ResOps.

那根本不是我關心的問題。我們認為，銷售週期仍處於早期階段。所以我們可以在接下來的幾季裡討論這個問題。我們相信，我們的 Commvault Cloud Unity 平台將縮短客戶理解我們設計的彈性所需的時間，並幫助他們更快地開始使用我們的服務。然後，我們還發布了一個框架供他們參考，以便將其付諸實踐，我們稱之為 ResOps。

We released that -- we announced that in tandem with the platform. And the collective capabilities in there, we think, will allow our team, our partners and our customers prospects in this case, to truly understand how fast they can get up and running with true resilience. So I'm very hopeful about where the platform is.

我們發布了該功能——我們與該平台同步宣布了該功能。我們認為，團隊、合作夥伴和潛在客戶能夠真正了解他們可以多快恢復並真正具備韌性。所以我對這個平台的未來充滿希望。

Thank you very much, Sanjay.

非常感謝你，桑傑。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Yeah, thanks for taking my question. So Danielle, you noted, of course, strong new SaaS customers this quarter, but that these dollars, of course, haven't flowed into NRR yet. Can you just clarify -- and I believe Sanjay was getting to that in terms of the lag effect. Is it purely a function of like how you recognize your SaaS ARR sort of ramping off actual usage, consumption versus potentially some of the peers who use and kind of use that linearity around duration and TCV. So that's part one, and I had a follow-up on Unity.

好的，謝謝你回答我的問題。丹妮爾，你當然也注意到本季新增了不少 SaaS 客戶，但這些資金當然還沒有轉化為淨經常性收入 (NRR)。你能解釋一下嗎——我相信桑傑在談到滯後效應時已經提到了這一點。這是否完全取決於你如何看待你的 SaaS ARR，以及它如何根據實際使用情況和消費量來衡量，而一些同行則可能使用圍繞持續時間和 TCV 的線性增長模式？這是第一部分，接下來我還要講 Unity。

Yeah. So I just want to make sure I understand because I think you're asking 2 different things. So you mentioned SaaS NRR, right? And I had made the comment, one of the things we saw is we had a really strong SaaS new customer quarter. And so obviously, the way that we calculate NRR is we take that same customer cohort from last year and look at where they are this year.

是的。所以我想確認我是否理解正確，因為我覺得你問的是兩個不同的問題。你剛剛提到了SaaS淨經常性收入（NRR），對吧？我曾說過，我們看到的其中一點是，我們的 SaaS 新客戶季度表現非常強勁。因此，很顯然，我們計算 NRR 的方法是，我們選取去年的相同客戶群體，看看他們今年的情況。

So any new customers would not be considered in that calculation. Does that help answer your question? I think that's what you're getting at, but if I'm missing it, let me know.

因此，任何新客戶都不會被納入計算範圍。這樣能解答你的問題嗎？我想這就是你想表達的意思，但如果我理解錯了，請告訴我。

No, that was it, yeah, thanks. Yeah.

不，就是這樣，謝謝。是的。

It's all future value -- future value -- lifetime value of the customer.

這一切都關乎未來價值——未來價值——客戶的終身價值。

Yes. Got it. And then Sanjay, my follow-up then is -- of course, you have the SaaS ARR recognition due to this kind of ramps and I was just curious would -- in that case, kind of a SaaS ACV bookings offer like a much cleaner, better lens into your (inaudible). I think you were getting to that and with Unity gaining traction, should help improve your overall TCV and ARR dynamics. Just curious -- and also your net new ARR comes from SaaS.

是的。知道了。然後，Sanjay，我的後續問題是——當然，由於這種增長勢頭，SaaS ARR 得到了認可，我只是好奇——在這種情況下，SaaS ACV 預訂量是否能提供一個更清晰、更準確的視角來審視你的業務？（聽不清楚）我認為你已經接近目標了，而且隨著 Unity 的發展，應該有助於改善你的整體 TCV 和 ARR 動態。只是好奇問問——另外，你們的新增年度經常性收入（ARR）也來自SaaS產業。

So this is Danielle again. So I just want to make sure it's clear, right? So we do have some consumption and some utility. It's a small portion of our ARR. Most of our ARR is tied to what I'll say is true subscription SaaS customers in that they buy a fixed amount for 1 year, and then that amount is annualized. So I don't know if there's -- I hope that answers your question.

我是丹妮爾。所以我想確認一下是否清楚，對吧？所以我們既有消費也有效用。這只是我們年度經常性收入的一小部分。我們的大部分 ARR 都與我所說的真正的訂閱 SaaS 客戶有關，因為他們購買一年的固定金額，然後該金額按年計算。所以我不知道是否有——我希望這能回答你的問題。

Oh yeah, that's clear. Thanks a lot, yeah.

哦，是的，那很清楚。非常感謝。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Great, good morning and thank you for taking my question. I just wanted to ask about Satori, Sanjay. I know it's in early days, but could you just discuss how Satori is influencing customer adoption and deal sizes in these ransomware driven valuations? And what specific capabilities within Satori are proving most differentiating in these competitive wins? And how do you think about its contribution to growth over the next, let's say, 12 to 18 months?

太好了，早安，謝謝您回答我的問題。Sanjay，我只是想問關於Satori的事。我知道現在還處於早期階段，但您能否談談在勒索軟體引發的估值波動中，Satori 是如何影響客戶採用率和交易規模的？Satori 的哪些具體功能在這些競爭中脫穎而出，成為其致勝法寶？那麼，您認為它在未來 12 到 18 個月內對成長的貢獻如何？

Okay. Sounds good. So where we are with Satori is -- we are in the throes of integrating the product into our platform. And when we acquired Satori, we were, I think, very clear that this would not be a stand-alone capability, but the value -- the true value of Satori was giving our customers the ability to inspect and look at their data, structured, unstructured, and really have a policy-related compliance capability. So that was the premise.

好的。聽起來不錯。目前 Satori 的進展是——我們正在全力將該產品整合到我們的平台中。當我們收購 Satori 時，我認為我們非常清楚，這不會是一項獨立的功能，而 Satori 的價值——Satori 的真正價值在於讓我們的客戶能夠檢查和查看他們的數據（結構化、非結構化），並真正擁有與策略相關的合規能力。這就是前提。

That work, we are in the throes of incorporating into the platform. Our belief is the customers need that capability as part of the platform, unlike some others in the business. Because stand-alone, it's another integration point. And with us, it's a feature you just turn on and then you are protected and you're looking at the compliance requirements and policies across the board.

我們正在全力將這項工作整合到平台中。我們認為，客戶需要將這種功能作為平台的一部分，這與業內其他一些公司的做法不同。因為作為獨立系統，它又是一個整合點。而我們這裡，你只需開啟這項功能，就能獲得保護，並全面了解各項合規要求和政策。

So it's an implicit part of the platform, okay? We believe that the value comes for customers being better protected out of the box without having to do more in-field integrations with third-party products. And we think that's going to raise the value. And it is already raising the value and conversations that we're having. So it's early days, but kind of where we expected it to be.

所以這是平台的一個隱含組成部分，懂嗎？我們認為，其價值在於讓客戶無需進行更多與第三方產品的現場集成，即可獲得更好的保護。我們認為這將提升其價值。它已經提升了我們所進行對話的價值和意義。現在下結論還為時過早，但基本上符合我們的預期。

Great. Thank you.

偉大的。謝謝。

All right, there are no questions at this time.

好的，目前沒有問題。

Ladies and gentlemen, that does conclude our conference call for today. Thank you all for joining and you may now disconnect. Everyone, have a great day.

女士們、先生們，我們今天的電話會議到此結束。感謝各位參與，現在可以斷開連結了。祝大家今天過得愉快。