Commvault Systems, Inc. (CVLT) 2027 Q1 法說會逐字稿

Hello and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Commvault first-quarter fiscal year 2027 earnings conference call. (Operator Instructions)

您好，感謝各位稍候。我叫 John，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Commvault 2027 會計年度第一季財報電話會議。(接線員指示)

I would now like to turn the conference over to Michael Melnyk, Vice President of Investor Relations for Commvault. Please go ahead.

現在我想將會議交給 Commvault 投資人關係副總裁 Michael Melnyk。請開始。

Good morning, and welcome to our earnings conference call. To 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.

各位早安，歡迎參加我們的財報電話會議。首先，我想提醒各位，今天電話會議中的陳述將包含關於 Commvault 未來預期、計畫與前景的前瞻性陳述。所有此類前瞻性陳述均受風險、不確定性與假設影響。

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.

請參閱今日財報新聞稿中的警示性用語，以及 Commvault 最近向美國證券交易委員會（SEC）提交的定期報告，以了解可能導致公司實際結果與這些前瞻性陳述所預期結果出現重大差異的風險與不確定性。Commvault 不承擔更新這些陳述的任何義務。

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.

在本次電話會議中，Commvault 的財務結果以非 GAAP 基礎呈現。非 GAAP 與 GAAP 指標之間的調節表可在我們的網站上查閱。

Thank you again for joining us. Now, I'll turn it over to our CEO, Sanjay Mirchandani, for his opening remarks. Sanjay?

再次感謝各位加入我們。現在我將把時間交給我們的執行長 Sanjay Mirchandani，請他發表開場致詞。Sanjay？

Good morning, and thank you for joining us. In Q1, we delivered results ahead of expectations on both the top and bottom line. A few highlights include: Subscription ARR grew 22% to $1.05 billion. Our SaaS business fueled this goal, growing 38% to $424 million in ARR. Subscription revenue increased 16% to $267 million, led by our SaaS business, which hit a milestone of $100 million of quarterly revenue, and we increased EBIT margins over 200 basis points to approximately 23%.

各位早安，感謝各位加入我們。在第一季，我們在營收與獲利兩端的表現都超出預期。幾項重點包括：訂閱 ARR 成長 22%，達到 10.5 億美元。我們的 SaaS 業務推動了這項成果，ARR 成長 38%，達到 4.24 億美元。訂閱營收成長 16%，達到 2.67 億美元，主要由 SaaS 業務帶動；SaaS 季度營收達到 1 億美元的里程碑；同時我們將 EBIT 利潤率提升超過 200 個基點至約 23%。

Let me step back on the numbers and discuss the one thing driving our continued growth. In one word, it's data. Even before the rise of AI, data was a lifeblood of every organization. Consistence of record, like ERP and CRM systems, to fine art and collaboration applications, organizations run on data.

先暫時從數字退一步，談談驅動我們持續成長的關鍵因素。用一個字來說，就是「資料」。即使在 AI 崛起之前，資料就是每個組織的命脈。從 ERP 與 CRM 等系統的系統紀錄（system of record），到美術資產與協作應用程式，組織的運作都仰賴資料。

Today, AI creates and leverages more data and puts more data at risk. That's why managing and protecting it is more critical than ever. This is exactly what we do, and why AI is a tailworth for us. Commvault is positioned to be the foundational platform for AI resilience, protecting the data, workloads and applications our customers run their business on.

如今，AI 會產生並運用更多資料，也讓更多資料暴露於風險之中。因此，管理與保護資料比以往任何時候都更為關鍵。這正是我們所做的事，也是為什麼 AI 對我們而言是順風（tailwind）。Commvault 已就位，將成為 AI 韌性的基礎平台，保護客戶用來營運其業務的資料、工作負載與應用程式。

AI is changing how organizations think about resilience. As AI creates more data, more identities, and more automated access to that data, having a backup copy is no longer sufficient. Customers are asking whether they can trust the data, govern which agents and humans have access, and how quickly they can recover cleanly when something goes wrong.

AI 正在改變組織對韌性的思考方式。隨著 AI 產生更多資料、更多身分，以及對資料的更多自動化存取，僅僅擁有一份備份副本已不再足夠。客戶正在詢問：他們是否能信任資料、能否治理哪些代理（agents）與人員可以存取，以及當出現問題時能多快乾淨地復原。

Commvault sits right there at the data layer. If the data is compromised, the business is compromised. And if the business can't recover that data to a clean, trusted state, the AI system can't be trusted either. We provide the picks and shouts that enable customers to adopt AI securely and responsibly with clean, trusted, and increasingly automated recovery.

Commvault 正位於資料層的核心位置。如果資料遭到破壞，業務就會受損。而如果企業無法將資料復原到乾淨、可信的狀態，那麼 AI 系統也同樣無法被信任。我們提供工具與能力，讓客戶能以乾淨、可信、且日益自動化的復原方式，安全且負責任地採用 AI。

As AI deployments accelerate in the enterprise, we continue to innovate to help organizations navigate the shift. In Q1, we announced new capabilities to help businesses constantly adopt AI while maintaining control over their data, agents, and resiliency. We believe these offerings will help organizations activate data safely for AI while extending discovery, governance, control and resilience across hybrid environments. We'll share more later when they become generally available.

隨著企業中的 AI 部署加速，我們持續創新，協助組織因應這項轉變。在第一季，我們宣布了新功能，協助企業在持續採用 AI 的同時，仍能維持對其資料、代理（agents）與韌性的控制。我們相信，這些產品將協助組織安全地為 AI 啟用資料，同時在混合環境中延伸探索、治理、控制與韌性能力。待其正式全面推出（generally available）後，我們將在稍後分享更多資訊。

Our Commvault Cloud Platform is a differentiator in how we win in an AI-first world. Today, customers run hybrid environments that leverage decades of infrastructure on-prem and in the cloud, including SaaS applications, legacy systems, and now AI workloads.

我們的 Commvault Cloud Platform 是我們在 AI 優先世界中取勝的差異化優勢。如今，客戶運行的是混合環境，結合了數十年累積的地端與雲端基礎架構，包括 SaaS 應用程式、傳統系統，以及現在的 AI 工作負載。

Upstart competitors were built around a single use case or technology cycle. Commvault has 30 years of innovation experience and offers a breadth of coverage that is unique in our industry. This breadth is evidenced by Clumio, which is one of our biggest year-over-year growth drivers in our SaaS portfolio.

新興競爭對手多半是圍繞單一使用情境或單一技術週期所打造。Commvault 擁有 30 年的創新經驗，並提供在本產業中獨一無二的廣泛覆蓋範圍。這種廣度可由 Clumio 佐證；Clumio 是我們 SaaS 產品組合中年對年成長的最大驅動因素之一。

Purpose built for the cloud native environments, Clumio helps teams recover large-scale data sets quickly and cost-effectively without the burden of deploying or managing additional infrastructure. We believe this momentum will continue as companies strengthen their resilience strategies and protect AI data and large cloud workloads.

Clumio 專為雲原生環境打造，可協助團隊在不需部署或管理額外基礎架構負擔的情況下，以快速且具成本效益的方式復原大規模資料集。我們相信，隨著企業強化其韌性策略並保護 AI 資料與大型雲端工作負載，這股動能將持續延伸。

While most enterprises are well into their cloud journeys, enterprise AI adoption is still in its early experimental stage. Organizations are testing carefully, and they want assurance that they can innovate without putting their data at risk. Commvault delivers that on one platform: protecting data, governing access, identifying risk, and most importantly, recovering quickly when something goes wrong.

雖然多數企業的上雲旅程已進入相當階段，但企業 AI 的採用仍處於早期的實驗階段。組織正在謹慎測試，並希望確信他們能在不讓資料暴露於風險的情況下進行創新。Commvault 以單一平台提供這些能力：保護資料、治理存取、識別風險，最重要的是，在出現問題時能快速復原。

Now let's discuss a recent customer win from the quarter that illustrates our differentiation. Our ability to deliver resilience across some of the largest and most complex data states.

接下來我們談談本季一個近期的客戶得標案例，以說明我們的差異化優勢。也就是我們能在一些最大、最複雜的資料狀態中提供韌性。

In Q1, we landed a free IPO company that was struggling to understand and control their data across multiple cloud environments, including Snowflake, S3, and the cloud. The customer required visibility and answers to simple but critical questions: who has access to the data, can that access be revoked automatically, do they have the audit trails that satisfy regulators and investors alike?

在第一季，我們拿下一家準備 IPO 的公司；該公司一直難以理解並控制其跨多個雲端環境的資料，包括 Snowflake、S3 以及雲端。客戶需要可視性，以及對一些看似簡單但至關重要問題的答案：誰能存取資料、該存取權是否能自動撤銷、他們是否具備能同時滿足監管機構與投資人要求的稽核軌跡？

In partnership with AWS, Commvault delivered a modern data security foundation with full access governance. Customer examples such as this underscore that for an enterprise to be truly resilient, it must move beyond traditional backup, embracing comprehensive tools like proactive threat detection, application rebuild, and verification tools that measure data integrity and trustworthiness.

Commvault 與 AWS 合作，提供具備完整存取治理的現代化資料安全基礎。像這樣的客戶案例凸顯：企業若要真正具備韌性，就必須超越傳統備份，採用更全面的工具，例如主動式威脅偵測、應用程式重建，以及用於衡量資料完整性與可信度的驗證工具。

Our platform delivers this functionality and we're seeing traction with these newer offerings, especially identity resilience, which continues to be a key on ramp to the Commvault Cloud Platform. Here's why. Identity compromise is often the primary target in a cyber-attack because it's the gateway to an organization's IT environment.

我們的平台提供這些功能，我們也看到這些較新的產品帶來的進展，尤其是身分韌性（identity resilience），它持續成為導入 Commvault Cloud Platform 的關鍵切入點。原因如下。在網路攻擊中，身分遭入侵往往是主要目標，因為它是進入組織 IT 環境的入口。

AI exponentially increases the number of non-human identities and agents that can be used to maliciously attack, and it compresses the time it takes to exploit vulnerabilities putting your enterprise at risk. We enable our customers to confidently roll back through a trusted clean state to rapidly restore their business operations. This is becoming a board-level priority.

AI 以指數級增加可被用於惡意攻擊的非人類身分與代理（agents）數量，並壓縮利用漏洞所需的時間，使企業面臨風險。我們讓客戶能有信心地回溯至可信的乾淨狀態，快速恢復其業務營運。這正逐漸成為董事會層級的優先事項。

At that point, we recently landed a global oil and gas customer after it experienced a cyber-attack that exposed their fragmented data protection strategy. Their Active Directory instance was compromised, making business restoration slow and challenging.

也正因如此，我們近期在一家全球石油與天然氣客戶身上取得勝利；該客戶在遭遇網路攻擊後，暴露出其分散式資料保護策略的問題。他們的 Active Directory 執行個體遭到入侵，使得業務復原緩慢且具挑戰性。

By eliminating legacy vendors and consolidating onto the Commvault platform, this customer remediated its resilience gaps and embraced the suite of capabilities, including VM protection, Commvault AirGap, and Identity Resilience to automate identity protection and recovery. These are not isolated product sales, they're reflective of the strength of the broader platform and what we believe will drive the Subscription growth that supports our long-term financial model.

透過淘汰既有供應商並整合至 Commvault 平台，該客戶補強其韌性缺口，並採用一整套能力，包括 VM 保護、Commvault AirGap 與 Identity Resilience，以自動化身分保護與復原。這些並非零星的產品銷售，而是反映更廣泛平台的整體實力；我們相信這將驅動訂閱成長，並支撐我們的長期財務模型。

This momentum underscores why our ecosystem is more important than ever. The easier it is for customers to discover and use convolutions natively within the clouds where the data already resides, the faster platform adoption accelerates.

這股動能凸顯了為何我們的生態系比以往任何時候都更重要。客戶越容易在資料已經所在的雲端中原生地發現並使用卷積（convolutions），平台採用就會加速得越快。

That is why in Q1, we expanded our ecosystem through our strategic partnership with Microsoft. Humble cyber resilience capabilities will be available as a native ISV service on Microsoft Azure, making it easier for customers to integrate resilience directly into their Azure workflows. This helps organizations move faster while maintaining the data security, trust, and resiliency they need.

這也是為什麼在第一季，我們透過與微軟的策略夥伴關係擴大了我們的生態系。Humble 的網路韌性能力將以原生 ISV 服務形式在 Microsoft Azure 上提供，讓客戶更容易將韌性直接整合到其 Azure 工作流程中。這有助於組織在維持其所需的資料安全、信任與韌性的同時，加速推進。

In closing, let me leave you with some key takeaways. First, AI is expanding the surface area for data disruption and cyber attacks. Resilience is increasing in importance, and Commvault sits at the center of that shift. As data and agents grow, so does Commvault.

最後，讓我以幾個重點結語作結。第一，AI 正在擴大資料中斷與網路攻擊的暴露面。韌性的重要性日益提升，而 Commvault 正處於這一轉變的核心。隨著資料與代理（agents）成長，Commvault 也隨之成長。

Second, our platform strategy is delivering results, added new customers, expanded multi-product adoption, and continued to drive strong SaaS growth, reinforcing our position as a leader in cyber resilience.

第二，我們的平台策略正在交出成果：新增客戶、擴大多產品採用，並持續推動強勁的 SaaS 成長，進一步鞏固我們作為網路韌性領導者的地位。

Third, we're scaling this business in a disciplined way. This quarter, strong ARR growth, record profitability and growing free cash flow came together, demonstrating that Commvault is converting cyber resilience leadership into a highly profitable cash generative business.

第三，我們以嚴謹自律的方式擴大這項業務規模。本季，強勁的 ARR 成長、創紀錄的獲利能力與持續成長的自由現金流相互結合，證明 Commvault 正將網路韌性領導地位轉化為高獲利、能產生現金的業務。

Finally, our business didn't miss a beat as we successfully transitioned some key management roles, including Jeff Hayden as our President of Customer and Field Operations and Gary Merrill back as our CFO.

最後，在我們成功完成若干關鍵管理職務交接（包括 Jeff Hayden 出任客戶與現場營運總裁，以及 Gary Merrill 回任 CFO）之際，我們的業務運作依然毫不間斷。

Now, I'll turn things over to Gary to walk through the financial results and our outlook.

現在，我把時間交給 Gary，請他帶大家回顧財務結果與我們的展望。

Thank you, Sanjay, and good morning, everyone. We delivered a strong start to fiscal year '27, exceeding our guidance across all fiscal Q1 metrics. Our performance was driven by our three foundational pillars: new customer additions. Upsell and cross-sell of our Commvault Cloud Platform and new product momentum. This is our first time reporting under the simplified framework we introduced last quarter, which more to the momentum of our Subscription business.

謝謝你，Sanjay，各位早安。我們在 27 會計年度開局表現強勁，會計年度第一季各項指標皆超越我們的指引。我們的表現由三大基礎支柱所驅動：新增客戶。Commvault Cloud Platform 的升級銷售與交叉銷售，以及新產品動能。這是我們首次在上季導入的簡化架構下進行報告，更能反映我們訂閱業務的動能。

So let's jump into our fiscal Q1 results in more detail. I'll start with Subscription ARR and free cash flows, which are our North Star metrics. We encourage you to evaluate these metrics on an annual basis, which aligns to how we plan and manage our business.

接下來我們更詳細地說明會計年度第一季的結果。我先從訂閱 ARR 與自由現金流談起，這兩項是我們的北極星指標。我們鼓勵各位以年度為基礎來評估這些指標，這也與我們規劃與管理業務的方式一致。

In Q1, Subscription ARR increased 22% to $1.05 billion. We added $39 million in net new Subscription ARR, driven by continued strength in our SaaS offerings.

第一季，訂閱 ARR 成長 22%，達到 10.5 億美元。我們新增 3,900 萬美元的訂閱 ARR 淨新增額，主要受惠於我們 SaaS 產品的持續強勁表現。

SaaS ARR grew 38% to $424 million, reflecting both new customer growth and healthy expansion from existing customers during the quarter. We surpassed 10,000 active SaaS customers, an important milestone for Commvault.

SaaS ARR 成長 38%，達到 4.24 億美元，反映本季新客戶成長以及既有客戶的健康擴張。我們的活躍 SaaS 客戶數突破 10,000 家，這是 Commvault 的一項重要里程碑。

Our Q1 Subscription net dollar retention was 114%, consistent with last quarter. As a reminder, Subscription net dollar retention includes both our term software and SaaS contracts measured on an annualized basis using the trailing four quarter average. Our Subscription ARR growth continues to be supported by a strong uptake of our software and SaaS Identity Resilience and data security offerings, which represented more than one-third of net new subscription error.

第一季訂閱淨美元留存率為 114%，與上季一致。提醒一下，訂閱淨美元留存率同時包含我們的定期軟體與 SaaS 合約，並以過去四季平均值換算成年化基礎衡量。我們的訂閱 ARR 成長持續受到軟體與 SaaS 的身分韌性（Identity Resilience）與資料安全產品強勁採用所支撐，這些產品貢獻了超過三分之一的訂閱淨新增錯誤（error）。

In addition, we are delivering strong growth in some of our emerging SaaS offerings, including Clumio S3 protection, Google Workspace, and Azure DevOps. In Q1, 49% of Commvault-managed SaaS customers were using two or more products versus 42% one year ago.

此外，我們在一些新興 SaaS 產品上也實現強勁成長，包括 Clumio S3 保護、Google Workspace 與 Azure DevOps。第一季，49% 由 Commvault 管理的 SaaS 客戶使用兩項或以上產品，相較一年前的 42% 有所提升。

Now, moving to free cash flows. Q1 free cash flow was $51 million, growing 71% year over year, reflecting strong collections on prior quarter sales and continued cash discipline across the business. Our strong Q1 free cash flow puts us on pace against our full year expectations.

接著談自由現金流。第一季自由現金流為 5,100 萬美元，年增 71%，反映前一季銷售款項回收強勁，以及全公司持續的現金紀律。第一季強勁的自由現金流使我們在達成全年預期方面進度良好。

Now, I'll discuss our income statement performance. Q1 Subscription revenue grew 16% to $267 million, fueled by SaaS revenue grew 39% year-over-year. Subscription revenue accelerated to 85% of total revenue compared to 81% in the prior year. And for the first time, SaaS revenue surpassed the $100 million quarterly revenue mark. Our other revenue lines performed in line with our expectations, resulting in total revenue growth of 11% to $314 million.

接下來我說明損益表表現。第一季訂閱營收成長 16%，達到 2.67 億美元，主要由 SaaS 營收年增 39% 所帶動。訂閱營收占總營收比重加速提升至 85%，高於前一年的 81%。且我們首次達成 SaaS 營收單季突破 1 億美元的里程碑。其他營收項目符合我們的預期，使總營收成長 11%，達到 3.14 億美元。

Turning to profitability, Q1 gross margin reached 82.1%, which includes SaaS margins of 70.6%, an increase of 635 basis points year over year. Crossing the 70% SaaS margin threshold is another major milestone for us and demonstrates the scale of our business as well as ongoing product optimization, successful acquisition integration and strategic agreements with our hyperscaler partners. We expect our SaaS gross margin to continue around these fiscal Q1 levels.

在獲利能力方面，第一季毛利率達到 82.1%，其中包含 SaaS 毛利率 70.6%，年增 635 個基點。SaaS 毛利率跨越 70% 門檻是我們另一項重大里程碑，展現了業務規模效益，以及持續的產品最佳化、成功的併購整合，與我們超大規模雲端（hyperscaler）合作夥伴的策略協議。我們預期 SaaS 毛利率將持續維持在本會計年度第一季左右的水準。

Q1 operating expenses increased 7% to $185 million, representing 59% of total revenue and an improvement of 200 basis points year over year. Our headcount was roughly flat year over year, which facilitates margin expansion opportunity while also allowing for reinvestment in strategic go-to-market and product initiatives.

第一季營業費用成長 7%，至 1.85 億美元，占總營收 59%，年減 200 個基點。我們的人力編制與去年同期大致持平，這有助於毛利率擴張的機會，同時也能再投資於策略性的市場推進（go-to-market）與產品計畫。

Non-GAAP EBIT grew to $71 million, representing a non-GAAP EBIT margin of 22.8%, a 210-basis point improvement year over year. This was our best quarterly EBIT margin performance in over a decade and demonstrates our ability to drive margin expansion while continuing to grow Subscription ARR.

非 GAAP EBIT 成長至 7,100 萬美元，非 GAAP EBIT 利潤率為 22.8%，年增 210 個基點。這是我們十多年來最佳的單季 EBIT 利潤率表現，顯示我們在持續成長訂閱 ARR 的同時，也具備推動利潤率擴張的能力。

Moving to share repurchase activity, during the quarter, we repurchased approximately 98,000 shares for total consideration of $10 million. We view this as an initial step toward our fiscal year '27 capital allocation objectives and expect repurchase activity to increase over the coming quarters. Our goal remains to return at least 60% of annual free cash flow to shareholders through share repurchases while maintaining balance sheet flexibility.

接著談股票回購活動：本季我們回購約 98,000 股，總對價 1,000 萬美元。我們將此視為邁向 27 會計年度資本配置目標的第一步，並預期未來幾季回購活動將增加。我們的目標仍是透過股票回購將年度自由現金流至少 60% 回饋給股東，同時維持資產負債表的彈性。

Now turning to guidance. We continue to manage the business against our Subscription ARR, Subscription revenue, EBIT, and free cash flow objectives. While quarterly performance can be influenced by deal mix, renewal timing, contract duration and seasonal patterns across our global markets, our focus remains on delivering against these full-year commitments.

接下來談指引。我們仍以訂閱 ARR、訂閱營收、EBIT 與自由現金流目標來管理業務。雖然單季表現可能受到交易組合、續約時點、合約期間，以及全球市場的季節性型態影響，但我們的重點仍是達成這些全年承諾。

We believe this provides the clearest view of the underlying trajectory of the business. For fiscal Q2, we expect Subscription revenue of $264 million to $268 million, representing year-over-year growth of 20% at the midpoint. This would result in $310 million of total revenue. We expect EBIT margins of approximately 20% and a diluted share count of approximately 42 million shares.

我們相信這能最清楚地呈現業務基本走勢。就會計年度第二季而言，我們預期訂閱營收為 2.64 億至 2.68 億美元，以中位數計算年增 20%。這將帶來 3.10 億美元的總營收。我們預期 EBIT 利潤率約為 20%，稀釋後股數約為 4,200 萬股。

For the full fiscal year 2027, we reiterate our guidance of Subscription ARR in the range of $1.20 billion to $1.21 billion, representing growth of approximately 19% at the midpoint. Subscription ARR growth will continue to be led by our SaaS offerings, which we expect to exceed $500 million of ARR by the end of fiscal 2027.

就 2027 會計年度全年而言，我們重申訂閱 ARR 指引為 12.0 億至 12.1 億美元，以中位數計算約成長 19%。訂閱 ARR 成長將持續由我們的 SaaS 產品所帶動，我們預期在 2027 會計年度結束前，SaaS ARR 將超過 5 億美元。

We are increasing our Subscription revenue guidance to a range of $1.119 billion to $1.129 billion, representing approximately 16% year-over-year growth at the midpoint. We continue to expect total revenue of $1.30 billion to $1.31 billion.

我們將訂閱營收指引上調至 11.19 億至 11.29 億美元，以中位數計算約年增 16%。我們仍預期總營收為 13.0 億至 13.1 億美元。

In addition, for fiscal 2027, we are increasing our full-year non-GAAP EBIT margin guidance by 50 basis points to approximately 21%. We continue to expect full-year free cash flows of $250 million to $260 million. Weighted towards the second half of the fiscal year, with a diluted share count of approximately 42 million shares.

此外，針對 2027 會計年度，我們將全年非 GAAP EBIT 利潤率指引上調 50 個基點至約 21%。我們仍預期全年自由現金流為 2.5 億至 2.6 億美元。現金流將偏重於會計年度下半年，稀釋後股數約為 4,200 萬股。

In closing, cyber resilience remains a strategic priority for organizations navigating an increasingly AI-driven world, and we continue to see meaningful opportunities to both win new customers and expand our existing relationships to drive sustainable growth, margin expansion, strong free cash flow generation, and long-term shareholder value.

最後，面對日益由 AI 驅動的世界，網路韌性仍是各組織的策略優先事項；我們持續看到可觀的機會，既能贏得新客戶，也能擴大與既有客戶的合作關係，以推動可持續成長、利潤率擴張、強勁的自由現金流創造，以及長期股東價值。

With that, I'll open the call for questions. Operator?

接下來，我將開放提問。接線員？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。各位女士、先生，我們現在開始問答環節。（接線員指示）

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for taking the question, and congrats on the results. I guess I want to start maybe just with the demand environment that you're seeing especially following IBM's commentary that they saw a dramatic reprioritization of capital expenditure planned across enterprise budgets exiting this June quarter. So Sanjay, I'd love to hear like as you think about the linearity through the quarter, what -- how do you characterize the demand environment right now?

好的，謝謝讓我提問，也恭喜本季成果。我想先從你們看到的需求環境談起，特別是在 IBM 的評論之後——他們表示，在剛結束的 6 月季度，企業預算中規劃的資本支出出現了大幅重新排序。所以 Sanjay，我很想聽聽你怎麼看本季內的線性走勢——你會如何描述目前的需求環境？

Overall, demand stays strong. And the results reflect a pipeline that we've been building over the course of many quarters. And as we look forward and we look at the Q2 and beyond, Aaron, demand looks strong. Now, we are seeing that a lot more conversation around AI data workloads, which I think bodes well for us. I think the IBM commentary was also around data security and AI resilience prioritization. We do see that. It's early days on how enterprises are deploying mission-critical AI systems, but there's no question about the fact that data is going to grow, and as data grows, it bodes well for us.

整體而言，需求仍然強勁。而這些結果反映了我們在過去多個季度持續建立的銷售管線。展望第二季及之後，Aaron，需求看起來依然強勁。目前我們確實看到更多圍繞 AI 資料工作負載的討論，我認為這對我們是利多。我認為 IBM 的評論也提到資料安全與 AI 韌性的優先順序提升。我們也有看到這個趨勢。企業如何部署關鍵任務的 AI 系統仍在早期階段，但毫無疑問，資料量將會成長；而資料成長對我們是利多。

And then as a quick follow up, just on the Microsoft announcement through this last quarter, maybe just walk us through what's changed, what's the highlights of what seems to be a continually deepening relationship with Microsoft. That would be helpful.

接著快速追問一下，關於上一季微軟的公告，能否帶我們了解一下有哪些改變、重點是什麼？看起來你們與微軟的合作關係正在持續加深。如果能說明一下會很有幫助。

Sure, absolutely. So as a company, we've had a relationship with Microsoft for over 25 years. So it's always been a very solid and important relationship. And periodically, we go back to the drawing board and reset what the priorities are for them, for us, and how we work better together. So this agreement really does, I'd say, three things.

當然，沒問題。我們公司與微軟的合作已超過 25 年。所以一直以來都是非常穩固且重要的關係。我們也會定期回到起點，重新校準他們與我們各自的優先事項，以及如何更好地協作。我會說，這份協議主要做了三件事。

One is having better and deeper engineering connections. We've always had that, this continues to say we're building a lot of AI and AI resilience and how the platforms work better together.

第一是建立更好、更深的工程層面連結。我們一直都有這樣的合作，而這次則進一步表明：我們正在打造更多 AI 與 AI 韌性能力，並讓平台之間能更好地協同運作。

The second is meeting customers where they are. And for that, it's being a native service inside of Azure, being more integrated into the marketplace and things like that so it's easier for the customer to just be able to click and use AI level resilience inside of the Microsoft cloud offerings.

第二是到客戶所在之處與其接軌。在這方面，就是成為 Azure 內的原生服務、更深度整合到市集等，讓客戶更容易只要點一下就能使用微軟雲端產品中的 AI 等級韌性能力。

And the third is just from time to time deepening executive relationships and alignment. So if I hadn't netted out those are the three big areas within the within the announcement. .

第三則是我們會不時深化高層主管之間的關係與策略一致性。如果要我總結，公告中的三大重點大致就是這三個面向。.

Rudy Kessinger, DA Davidson. P

Rudy Kessinger，DA Davidson。P

Great. Thanks for taking my questions. First one, Gary, FX, the dollar strengthened the bit versus last quarter, was that any meaningful headwind to ARR on a quarter-over-quarter basis and within your advised FY '27 ARR guide being just reiterated?

很好。謝謝讓我提問。第一個問題，Gary，關於外匯（FX），美元相較上一季略為走強；這是否在季對季的 ARR 上造成任何顯著逆風？以及在你們重申的 2027 會計年度 ARR 指引中是否已反映？

Hey, Rudy, good to talk to you this morning. So just framing overall, we are last quarter guiding ARR on an annual basis. Specifically related to your question on FX, yes, there was a small to modest impact on related FX as it relates to net new ARR. If we were to use the ARR, it would have been in the low 40s as it relates to millions. So a few million dollar headwind to Subscription ARR.

嗨，Rudy，很高興今天早上和你交流。先做個整體說明：我們上一季是以年度基礎來提供 ARR 指引。就你問的外匯而言，是的，外匯對淨新增 ARR 有小幅到溫和的影響。如果以 ARR 來看，原本會落在 4,000 多萬美元的低段。因此，訂閱 ARR 受到數百萬美元的逆風影響。

Got it, super helpful. And then I want to ask just with memory prices, supply chain issues, just what's the update there last 90 days? I think a lot of us on this call probably continue to hear a lot of chaos from the channel in terms of customers and their inability to get hardware. So what are you guys seeing there that worsen at all versus last quarter, and how are you positioned to handle that going forward?

了解，非常有幫助。接著我想問，關於記憶體價格、供應鏈問題，過去 90 天的最新狀況如何？我想在這通電話上的很多人，可能仍持續從通路端聽到不少混亂情況，像是客戶無法取得硬體。所以你們看到的情況如何？相較上一季有惡化嗎？以及你們未來將如何因應？

Rudy, it's Gary again. I'll handle this one. I would say the hardware constraints that are broadly in the market played out as anticipated and as expected. Hardware availability. It does impact some of our deals, obviously as our software in the on-premise market is tied to hardware. However, we manage that as part of our overall pipeline. So we're managing the puts and takes on the pipeline and navigating the specific issues that come up related to hardware availability only. So it's the timing.

Rudy，我是 Gary，我來回答這題。我會說，市場上普遍存在的硬體限制，基本上如我們預期、也如市場預期地發展。硬體供應可得性。這確實會影響我們部分交易，因為我們在地端市場的軟體與硬體是綁在一起的。不過，我們把這視為整體銷售管線管理的一部分來處理。因此，我們在管線中管理各種利弊取捨，並針對僅與硬體供應可得性相關的特定問題進行應對。所以主要是時點問題。

And that's why the platform approach that we have, and you can see the strength in our SaaS business, we have that flexibility, and we continue to see that acceleration on the SaaS side of the business. And when you balance it out, we're pleased overall with the performance. Even the contribution from term software, net new AR was sequentially flatlined, you can see that we're at a steady state and as we manage that availability, we have opportunity to build from where we're at now.

這也是為什麼我們的平台策略很重要；你也可以看到我們 SaaS 業務的強勁表現——我們具備這種彈性，並且持續看到 SaaS 端的加速成長。綜合平衡之後，我們對整體表現感到滿意。即便是定期軟體（term software）的貢獻，淨新增 AR 也呈現季對季持平；你可以看到我們處於穩定狀態，而隨著我們管理供應可得性，仍有機會在目前基礎上再往上成長。

Yes, one more thing, one of the things that our architecture actually lends itself to is -- without getting super technical, it's a decoupled architecture. And so, we can sweat the asset for existing assets for customers a little longer should they need it, should there be a delay. So we work with them and with our hardware partners and offer them up SaaS, as Gary said. So all in all, we've got a multi-pronged attack set up to address the supply chain issues.

是的，還有一點：我們的架構其實也有助於應對這種情況——不深入技術細節的話，它是一種解耦式架構。因此，若客戶需要、或因延遲而必須如此，我們可以讓客戶既有資產再多撐一段時間、提高資產使用強度。所以我們會與客戶及硬體合作夥伴一起合作，並如 Gary 所說，提供 SaaS 選項。總體而言，我們已採取多管齊下的策略來處理供應鏈問題。

Howard Ma, Guggenheim Securities.

Howard Ma，Guggenheim Securities。

Hey, thanks, and good morning. I also want to ask about the impact of hardware prices on buying behavior. In the case of data protection sold as term Subscription, we've been hearing that some customers might make room for new storage devices by buying shorter-term deals, but we just don't know how widespread that is.

嗨，謝謝，早安。我也想問硬體價格對採購行為的影響。以以定期訂閱（term Subscription）形式銷售的資料保護為例，我們聽到有些客戶可能會透過購買較短期的合約來騰出空間以添購新的儲存裝置，但我們不確定這種情況有多普遍。

And then meanwhile, you just mentioned there are other customers that might sweat assets. Commvault lends itself to that, Sanjay. So in those cases, maybe it doesn't impact term duration, but then you can only sweat those assets for so long. And then there's obviously a third piece too. We have a large cloud business and at least in theory, higher hardware prices should benefit cloud sales too.

同時，你剛才也提到還有其他客戶可能會延長既有資產的使用年限。Sanjay，Commvault 的確很適合這樣做。所以在那些情況下，也許不會影響定期合約的期間，但資產延用也只能撐一段時間。另外顯然還有第三個面向。我們有很大的雲端業務，至少在理論上，較高的硬體價格也應該有利於雲端銷售。

So is there -- I guess the question for you guys is, are you seeing all of those things happen? I imagine probably so, but is there a predominant pattern that we should consider? And so, when we modeled ARR revenue for the rest of the year, is there a predominant pattern?

所以我想你們的問題是，你們是否看到所有這些事情正在發生？我想大概是的，但是否有一個我們應該考量的主導性模式？因此，當我們為今年剩餘時間建模 ARR 營收時，是否存在一個主導性模式？

Howard, it's Gary. I'll jump in on a few of them. You had a couple of different questions from different angles, so maybe some of the more specific items that directly affecting our businesss term. So you hit term in the initial part. Term is consideration in our software business, obviously, for the reasons that you identified, as they think about what their data state looks as they look out two, three years.

Howard，我是 Gary。我先就其中幾點回應。你從不同角度問了幾個不同的問題，所以我先談一些更具體、直接影響我們業務條款的事項。你在一開始提到了合約期限（term）。在我們的軟體業務中，合約期限當然是一項考量，原因正如你所指出的：他們在展望未來兩、三年時，會思考其資料狀態會是什麼樣子。

So in the quarter, we did see some modest headwinds on term. Now we're able to overcome that with strong performance and strong close rates where we outperformed our Subscription revenue side, but we did see mid-single digits sequentially on term length. And that is specifically attributable to the hybrid environment that our customers operate in.

因此在本季，我們確實在合約期限上看到一些溫和的逆風。不過我們透過強勁的表現與很高的成交率克服了這點，在訂閱營收端的表現優於預期，但我們確實看到合約期限在連續季度上出現中個位數百分比的縮短。而這點可明確歸因於客戶所處的混合式環境。

From a margin perspective, if you look at our results, we're operating very effectively on a margin basis, particularly if you look at our gross margins, very strong gross margins, 10-year high on EBIT margins. So that lends itself to the momentum we see on the SaaS [to the] Cloud side of the business, where customers can also prioritize their cloud projects tied to kind of our SaaS and Cloud offerings, where we have less significant impact on pricing and infrastructure, and actually where we're actually getting scale in the business.

從毛利率角度來看，如果你看我們的結果，我們在利潤率面向的營運非常有效率，特別是毛利率表現非常強勁，EBIT 利潤率創 10 年新高。這也反映出我們在業務的 SaaS 與雲端端所看到的動能；客戶也能優先推動與我們 SaaS 與雲端產品相關的雲端專案，在那裡我們受到定價與基礎設施的影響較小，而且我們也正在業務中取得規模效益。

Okay, that's great. And just as a follow up for Sanjay, you described Commvault's agentic resilience strategy and you're helping enterprises. I think of it as three-stage agent access, detecting which data is compromised, and then importantly, rolling back or recovering to more secure states.

好的，這很棒。另外我想追問 Sanjay，你描述了 Commvault 的代理式韌性（agentic resilience）策略，以及你們如何協助企業。我把它想成三個階段的代理存取：偵測哪些資料遭到破壞，然後更重要的是，回滾或復原到更安全的狀態。

Yeah, so the library that allows customers to be able to use core capabilities around the product fully agentically. We call that AI Studio. And then we have Data Activate, which sort of enables organizations to classify, curate data from protected backup copies and then prepare that for data feeds into their learning systems or AI training systems.

是的，我們有一個函式庫，讓客戶能以完全代理式的方式使用產品的核心能力。我們稱之為 AI Studio。接著我們有 Data Activate，讓組織能從受保護的備份副本中對資料進行分類與策展，並為資料饋送到其學習系統或 AI 訓練系統做好準備。

And the third is AI Protect, which will help organizations understand the full impact, the prominence of any agent-driven changes, recover the affected applications and then proceed over time to do a full-stack recovery across these AI environments. All of these are well on their way and expected over the course of the next few months.

第三個是 AI Protect，它將協助組織了解任何由代理驅動的變更所造成的完整影響與其顯著性，復原受影響的應用程式，並隨時間推進，在這些 AI 環境中進行全堆疊復原。這些項目都在順利推進中，預計在接下來幾個月內陸續推出。

Param Singh, Oppenheimer.

Param Singh，Oppenheimer。

Yeah. Hi. Thanks for taking my question. I wanted to get a better understanding of your ARR guidance philosophy. Look, the underlying dynamics seem very strong, big pipeline and Identity Resilience. I want to understand how much of your guidance is conservatism versus incorporating some of the real-time factors with the hardware pricing, such as move to SaaS workloads, push out of deals, or even discounting of software to kind of get deals through. So help me understand what's the push and pull in your thought process with the ARR guide. Thank you. I had a follow-up after that.

是的。嗨。謝謝讓我提問。我想更了解你們對 ARR 指引的理念。你看，基本面動能似乎非常強，管線很大，還有身分韌性（Identity Resilience）。我想了解你們的指引有多少是出於保守，多少是納入一些即時因素，例如硬體定價、轉向 SaaS 工作負載、交易延後，甚至為了促成交易而對軟體折扣。所以請幫我理解，在 ARR 指引的思考過程中，推力與拉力分別是什麼。謝謝。之後我還有一個追問。

Okay, sure. I'll hit that and then you come back with your follow up and nice to talk to you this morning. At a macro level, the strategic framework on guiding Subscription at new ARR is an annual basis. We're off to a good start. Actually. We're right on pace at the end of Q1 where we expected to land.

好的，當然。我先回答這個，然後你再回來問追問；也很高興今天早上和你交流。從宏觀層面來看，我們對訂閱與新增 ARR 的指引策略框架是以年度為基礎。我們開局不錯。其實，在第一季末，我們的進度正好符合我們原先預期的落點。

The guidance consumes all the current conditions that we see. So the situations where there's hardware availability and we're managing that on individual deals relative to our pipeline coverage, the current trends we see are baked into the guidance.

這份指引已納入我們目前看到的所有現況。因此，像是硬體供應可得性這類情況，我們會針對個別交易、相對於我們的管線覆蓋來管理；我們目前看到的趨勢都已反映在指引之中。

We do not have an acceleration or rotation from on premise to cloud. Incremental than what we see today. The key pieces to Subscription net ARR often happen at the time of renewal for cross-sell. With our rich platform, the cross-sell opportunity that we have drives a very significant expand approach at time of renewal at the same time.

我們沒有看到相較於今天所見，有任何從地端到雲端的加速或輪轉。沒有額外的增量變化。訂閱淨新增 ARR 的關鍵部分，往往發生在續約時的交叉銷售。憑藉我們豐富的平台，我們的交叉銷售機會在續約時帶動非常顯著的擴張，同時發生。

Our renewal pools are generally bigger in the second half, but I think consistent with what we said, we will see probably a modest step up in fiscal Q2, and then the majority of our net new ARR will happen in the second-half, tied to the seasonality of our business.

我們的續約池通常在下半年較大；但我想如同我們所說，我們可能會在第二財季看到小幅上升，而我們大部分的淨新增 ARR 會發生在下半年，這與我們業務的季節性相關。

Understood. Thank you so much for that, Gary. And as my follow-up, I wanted to understand, how are you thinking about the share gain opportunity from Veritas, net backup? My understanding is there's a significant amount of renewal that's going to come in the next 12 to 24 months, so that could be a large opportunity. But I want to understand if there's a way to quantify that. And what do you see as something that could be an easy transition towards the Commvault Platform?

了解。非常感謝你，Gary。我的追問是，我想了解你們如何看待從 Veritas、NetBackup 那邊取得市占的機會。我的理解是，未來 12 到 24 個月會有相當大量的續約到期，因此可能是很大的機會。但我想了解是否有方法可以量化。以及你們認為有哪些因素會讓客戶更容易轉換到 Commvault 平台？

Hey, it's Sanjay. That opportunity is something we track closely and is something that we continue to be consistently taking share in that space. I'm not going to be able to give you a number associated with it, but it's definitely something that we've been working with, working on and continue to focus on to resilience in a whole different way, and it's recovery plus plus. There's a lot more that needs to happen to protect yourself, get it ready for AI, move the workloads where they need to, and our platform delivers that. So it's a value-based conversation.

嗨，我是 Sanjay。那個機會我們有密切追蹤，而且我們也持續且穩定地在那個領域取得市占。我無法提供一個對應的數字，但這確實是我們一直在推動、持續投入的重點；我們以完全不同的方式聚焦韌性，這是「復原 plus plus」。要保護自己、為 AI 做好準備、把工作負載移到需要的位置，還有很多事情必須做到，而我們的平台能交付這些能力。所以這是一個以價值為基礎的對話。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Some management transitions that you guys have talked about before, but we're one quarter into your year. Any sort of fine-tuning with the go-to-market approach at this point? I guess how are you guys looking to balance going after growth opportunities versus margin expansion here?

你們之前談過一些管理層的轉換，但現在你們的年度才進行了一季。在這個時間點，對 go-to-market（市場推進）策略有任何微調嗎？我想問的是，你們如何在追求成長機會與擴大利潤率之間取得平衡？

Sanjay here. How are you? Let me see. It's Q1. Q1 is traditionally where you reset things, you revisit things and we did it. We were very thoughtful in being able to bring the leadership change all up in early Q1. And a lot of the work had been done prior. So I say that the big focus for us is we're getting way closer with our largest accounts globally, our strategic relationships.

我是 Sanjay。你好嗎？我想一下。現在是第一季。第一季傳統上就是你重設、重新檢視的時點，而我們也做了。我們非常審慎地在第一季初就完成領導層變動的到位。而且很多工作在此之前就已完成。所以我會說，我們的重點是與全球最大的客戶、我們的策略性關係更緊密地合作。

We continue to make sure that our SaaS offerings are well presented with the specialist team. And it's a little bit of fine tuning, but it's really stuff that Gary was doing as CRO, where Jeff is now is putting his own fingerprints on it. But at the core, the teams are very stable and our focus is on the segments where we felt we had opportunity, mainly our in our SaaS business.

我們也持續確保由專家團隊把我們的 SaaS 產品呈現得很到位。這有一些微調，但本質上是 Gary 在擔任 CRO 時所做的事情；現在 Jeff 接手後也加入了他自己的風格。但核心來說，團隊非常穩定，我們的重點放在我們認為有機會的細分領域，主要是在我們的 SaaS 業務。

James, good to talk to you this morning is that what you're seeing and what our shareholders can see now is the scale opportunity that's in our model. And what I mean by that is if you take a step back and look at our opportunity to accelerate growth, we have that opportunity, but we have that opportunity to do that. The improvements we've made on our gross margins just in the past year with our gross margins up over 600 basis points a year, which drives to the scale and efficiencies of a platform.

James，今天早上很高興和你交流；你所看到的、以及我們股東現在能看到的，是我們模式中存在的規模化機會。我的意思是，如果你退一步看、檢視我們加速成長的機會，我們確實有這個機會，而且也有能力去做到。我們在過去一年裡對毛利率所做的改善——毛利率年增超過600個基點——這反映出平台的規模與效率。

And those scale and efficiencies free up investment opportunities. So what you'll see in our guidance is while we're raising our EBIT guidance for the full year by 50 basis points, we will continue to invest. There is investment areas to take and this will continue to be in sales products. But we're comfortable that we can make those investments while still scaling the business and driving free cash flow growth.

而這些規模與效率會釋放出投資機會。因此你會在我們的財測指引中看到：雖然我們把全年EBIT指引上調50個基點，但我們仍將持續投資。我們有一些投資領域要推進，這將持續投入在銷售與產品上。但我們有信心，在持續擴大業務規模並推動自由現金流成長的同時，也能進行這些投資。

Makes sense. And maybe circling back to what Rudy asked around that managing the indirect hardware element. I don't know if there's a way to think about how much, I'll call it, net push you're seeing potentially or customers even looking to cloud alternatively in price. What was SaaS net retention rate this quarter only?

了解。也許回到Rudy先前問到的、關於管理間接硬體要素的部分。我不確定是否有方法去思考你們可能看到多少——我姑且稱之為——淨推動力，或者客戶是否也在價格因素下轉而考慮雲端。本季SaaS淨留存率（net retention rate）單季是多少？

As we worked through the framework last quarter, simplifying everything around Subscription NRR. Now, 114% reported Subscription NRR. That's flat sequentially and flat year over year. In order for that trend to remain at roughly 114%, that means that both the term side and the SaaS side have to be moving in the same direction. So to give you a little color for this quarter as we transition into this model, in the definition way we reported, that would still keep SaaS NRR above 120%. So I'll give you a trend through this transition.

如同我們上季梳理的框架，我們把一切簡化到以訂閱NRR（Subscription NRR）為核心。目前公告的訂閱NRR為114%。這個數字季比持平、年比也持平。要讓趨勢大致維持在114%左右，代表期限型（term）與SaaS兩邊必須朝同一方向變動。因此就本季、在我們轉換到這個模式的過程中，按我們先前的定義口徑來報告的話，SaaS NRR仍會維持在120%以上。所以我提供你在這段轉換期的趨勢脈絡。

As I look out, I think a framework to think about Subscription NRR going forward is probably plus or minus 200 basis points on either side. So that's where I can see it staying for the remainder of the fiscal year.

往前看，我認為未來訂閱NRR的思考框架，大概是在上下各200個基點的區間內波動。因此我預期在本財年剩餘期間，它大致會維持在這個範圍。

Todd Weller, Stephens.

Todd Weller，Stephens。

We'll come back to Todd. If we go to the next question, please, John.

我們會再回到Todd。請進下一個問題，John。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

All right, thank you. Following up on previous questions regarding supply chain, is this changing the competitive dynamics out there? Obviously, some vendors are seeing greater impact versus others, including you. And I do believe your architecture provides a very flexible options versus some of the other ones.

好的，謝謝。延續先前關於供應鏈的問題，這是否正在改變市場上的競爭態勢？顯然有些供應商受到的影響比其他人更大，包括你們在內。而我確實相信你們的架構相較於其他方案提供了非常彈性的選項。

Does that provide some, perhaps obviously some competitive advantage, but does that provide some tailwind to your new customer metric? Is it something that you're aggressively going after? And how does that new Azure partnership announcement potentially add to that new customer metric this year? Thanks.

這是否帶來一些——顯然是競爭優勢——但是否也會對你們的新客戶指標形成一些順風？這是你們正在積極爭取的方向嗎？另外，今年與Azure的新合作夥伴關係公告，可能會如何推動今年的新客戶指標？謝謝。

Good morning. It's Gary. I'll hit this. There's a couple competitive aspects I think let's frame this. One is the architecture that we articulate is absolutely competitive advantage, okay? You can see the trends in our business with our growth of our SaaS business. And the opportunity that we give our customers to prioritize cloud workloads and cloud migrations while also then working through the supply chain implications on-premise, okay?

早安。我是Gary。我來回答這題。我認為有幾個競爭面向，我們先把框架立起來。第一，我們所闡述的架構絕對是競爭優勢，好的？你可以從我們SaaS業務的成長趨勢看出來。我們讓客戶能優先處理雲端工作負載與雲端遷移，同時也能在本地端（on-premise）因應供應鏈的影響，好的？

One of the unique offerings that we have is even our Clumio business, think about our Clumio business, which really helps resonate the cloud native motion and particularly large-scale data sets like S3 protection where there's massive cloud workloads. So with now an offering out there in the market that really increasingly drives at these large data states that are more cloud native companies, that it's more AI relevant workloads, there's massive opportunity there.

我們其中一個獨特的產品甚至包括Clumio業務；想想我們的Clumio業務，它確實有助於呼應雲原生（cloud native）的趨勢，特別是像S3保護這類的大規模資料集，因為那裡有龐大的雲端工作負載。因此，現在市場上有一個產品供給，能更強力地切入這些大型資料狀態（data states）——這些更偏雲原生的公司、與AI更相關的工作負載——那裡存在巨大的機會。

The Clumio business is one of our fastest growing businesses year over year. So the opportunity that we have for our customers to drive that cloud growth, while working through any availability challenges that they may have that we work with them on just gives you the opportunity for us to continue to growing regardless of the market.

Clumio業務是我們年比成長最快的業務之一。因此，我們讓客戶推動雲端成長的機會，同時也協助他們處理可能遇到的任何供應可得性挑戰，這讓我們有機會不受市場影響、持續成長。

Okay, great. What about, do you expect that to drive your new customer ad metric, the new customer?

好的，很棒。那麼，你預期這會推動你們的新客戶新增指標嗎？也就是新客戶？

Absolutely. Our SaaS business is the driver of our new customer business significantly. Actually, more than the on-premise business. If you think about we crossed over 10,000 SaaS customers this quarter, another major milestone. We had some major milestones for our SaaS business, $100 million of quarterly revenue, $10,000 customer mark.

絕對會。我們的SaaS業務是推動新客戶業務的主要動力，而且非常顯著。實際上，比本地端業務更能帶動新客戶。如果你想想看，我們本季SaaS客戶數突破10,000家，這是另一個重要里程碑。我們SaaS業務也達成一些重大里程碑：單季營收1億美元、客戶數達到10,000家的門檻。

And when it pivots back to the new customer lens, what we find that 40% of our SaaS customers are net new to Commvault. So we're driving massive new logo adoption with straight to our SaaS business, which is relevant to that product or the product implications of meeting customers of where they're at.

回到新客戶的視角，我們發現SaaS客戶中有40%是對Commvault而言的淨新增客戶（net new）。因此，我們透過SaaS業務直接推動大量新Logo採用，這也呼應了產品層面：在客戶所在之處滿足他們的需求。

Are you seeing any changes in deal size or maybe even the deal velocity increasing as you continue to expand your product portfolio and obviously identity becoming a more important part of your overall solution?

隨著你們持續擴展產品組合，且顯然身分（identity）正成為整體解決方案中更重要的一環，你們是否看到交易規模有任何變化，或甚至成交速度（deal velocity）有所提升？

No significant changes on ASP during the quarter, but where we do see strength is you look at the identity and data security pieces of our business. Tied to our more simplified-type framework that we drive measuring towards Subscription ARR, we saw about a third of our Subscription ARR, net new ARR, specifically from our identity and data security offerings. And we continue to expect to see that throughout the remainder of the fiscal year.

本季ASP沒有顯著變化，但我們看到的強勁之處在於：你看我們業務中的身分與資料安全（data security）部分。配合我們更簡化的框架、以訂閱ARR（Subscription ARR）作為衡量指標，我們看到約三分之一的訂閱ARR——也就是淨新增ARR——具體來自於我們的身分與資料安全產品。而我們也預期在本財年剩餘期間會持續看到這樣的趨勢。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Hey, thanks, Sanjay, Gary, for taking the questions. I guess one for Sanjay, one clarification for Gary. So Sanjay, can you just talk more at a macro level in cybersecurity in your business, just how conversations are changing in the past three to four months since meet those in Glasswing come out. Has it impacted how has it impacted the customer conversations? Is it materializing in any way in terms of budgets or sales cycles? Or what's just the broader observation of behavior you're seeing with customers as I digest those?

嗨，謝謝Sanjay、Gary回答問題。我想一題問Sanjay，一題請Gary澄清。Sanjay，你能否從更宏觀的層面談談資安在你們業務中的情況：過去三到四個月，自從那些在Glasswing出現的會議（meet those in Glasswing）之後，對話是如何改變的？它如何影響客戶對話？在預算或銷售週期方面，有以任何方式具體反映出來嗎？或者就更廣泛而言，當我消化這些資訊時，你看到客戶行為有哪些觀察？

Yeah, it's a great question and it's one that's top of mind to customers. I mean, I tell you that over the past few months since the Frontier models, we started looking at all the cyber impact and the capabilities. We're having more conversations than ever. And the questions are around things like non-human identities, and how do you control that? What's the blast radius? How fast can you roll stuff back? Is it even possible?

是的，這是個很好的問題，也是客戶最關心的議題之一。我的意思是，我可以告訴你，過去幾個月自從Frontier模型出來後，我們開始檢視所有網路攻擊的影響與能力。我們的對話比以往任何時候都更多。問題圍繞在像是非人類身分（non-human identities），以及你要如何控管？爆炸半徑（blast radius）是多少？你能多快把東西回滾（roll back）？甚至是否可能？

The conversations are quite different than more traditional recovery conversations. And recently, I'll share an anecdotal experience. Recently, we hosted about top CISO as part of our partnership with Time Magazine. And the questions were all about this, exactly this, non-human identity, blast radius, how fast could you find it? And it's early days in some of the more AI-enabled cyber-attacks, but it's absolutely a reality that everyone's thinking about.

這些對話與更傳統的復原（recovery）對話非常不同。最近我分享一個軼事經驗。最近，我們與《時代雜誌》（Time Magazine）的合作夥伴關係之下，邀請並主辦了約頂尖的CISO。問題全部都在談這些：非人類身分、爆炸半徑、你能多快找到它？在一些更AI賦能的網路攻擊上，現在仍屬早期階段，但這絕對是每個人都在思考的現實。

Now when data is also growing at a pace that it is with AI, there's more data in flight, there's more data in more locations, there's more velocity of data, all of that matters. And having the provenance of what happened to what you can fix automatically becomes the question. So that's more of the tone and manner of what the conversations feel like and it plays right to our platform.

現在，隨著 AI 帶動資料也以同樣的速度成長，傳輸中的資料更多、資料分布在更多位置、資料的流動速度更快，這些都很重要。而能夠掌握「什麼對什麼做了什麼」的來源脈絡（provenance），並可自動修復，就成了關鍵問題。所以這就是對話的語氣與方式大致會是什麼樣子，而這也正好契合我們的平台。

And then, Gary, for you, just to maybe clarify some of your comments from throughout the call today. I mean, looking at seasonality there, I mean, last year we saw an increase in Q1 Subscription net new ARR over comparison from a couple of years ago. But anything to clarify when it comes to seasonality in the Q1? And was there a net headwind to the business from some of the supply chain dynamics and the term deals that you saw in the quarter?

接著，Gary，想請你針對你今天整場電話會議中的一些評論再稍微釐清一下。我是說，從季節性來看，去年我們看到第一季（Q1）訂閱（Subscription）淨新增 ARR 相較於前幾年同期有所增加。但關於 Q1 的季節性，有沒有什麼需要補充說明的？另外，本季你們看到的一些供應鏈動態以及定期（term）合約交易，是否對業務造成了淨逆風？

And then just any color you can share in terms of how to think about the seasonality for 2Q Subscription NRR?

另外，關於如何看待第二季（2Q）訂閱 NRR 的季節性，你能否分享一些看法？

Sure. Once again, this is Gary again. I'll hit that. Year-over-year comparisons, positive or negative, can be tough in the individual. I think the market around hardware availability today is significantly different than it was a year ago, right? So doing strict apples-for-apples comparison can be all.

當然。我再說一次，我是 Gary。我來回答。逐年（year-over-year）的比較，不論是正向或負向，在單一期間都可能很難解讀。我認為目前硬體供應的市場狀況，和一年前相比已經顯著不同，對吧？所以要做嚴格的「蘋果對蘋果」比較可能就會……

If you kind of look at the Term software business, because you're specifically asking about that, the better metric is probably the sequential, where it was the Term software if you look at flat quarter on quarter. So it tells you that we're navigating any individual specific items related to hardware in that business.

如果你看的是定期（Term）軟體業務，因為你特別問到這個，更好的衡量指標可能是序列（sequential），也就是定期軟體若以季對季來看大致持平。這表示我們正在應對該業務中任何與硬體相關的個別特定事項。

If I think about creating the guidance, so I'm sticking to my simplified framework of annual guidance on Subscription ARR. So we're anchored. We're confident in the guidance we gave at the beginning of the year. It was roughly $190 million of net new Subscription ARR. Nothing has changed. I never expected to make any revision to that. I think I even said that last quarter. We likely would revisit that at the first half as it's an annual metric.

如果我從制定指引（guidance）的角度來看，我仍然沿用我簡化的框架：以訂閱 ARR 的年度指引為主。所以我們有明確的錨定。我們對年初給出的指引很有信心。大約是 1.90 億美元的訂閱 ARR 淨新增。沒有任何改變。我從未預期要對此做任何修正。我想我上季也說過。由於這是年度指標，我們可能會在上半年結束時再回頭檢視。

But where we landed at Q1 puts us right on pace where we want to be. If you want to think big picture framing, I would expect a modest step up in fiscal Q2, so sequential improvement in Q2. And then the remainder, which will be weighted toward the second half, okay?

但我們在第一季的落點，讓我們正好維持在我們希望的進度上。如果你要用更宏觀的方式來看，我會預期在會計年度第二季會有小幅上升，也就是第二季相較第一季會有序列改善。然後其餘部分會偏重在下半年，好嗎？

The other contributing factor that can impact Subscription net new ARR, which would be conversions, anything that's coming out of our perpetual business that moved into Subscription net new ARR. The trend in Q1 was lighter than historical trends. On average, we usually saw a contribution mid to high-single digits in the millions of contribution from conversions. Q1 was less than historical average.

另一個可能影響訂閱淨新增 ARR 的因素，是轉換（conversions），也就是從我們的永久授權（perpetual）業務轉到訂閱淨新增 ARR 的部分。第一季的趨勢比歷史趨勢更輕。平均而言，我們通常會看到轉換帶來的貢獻約為數百萬美元、約中到高個位數百萬（mid to high-single digits in the millions）。第一季低於歷史平均。

So what it tells you is that in Q1, there was a couple headwinds related to FX and less than historical trends on conversions, which then gives us the confidence that the underlying organic piece of the business is strong because the parts of the business that are operating very healthily and strong are the pieces that are the long-term growth drivers of the company, particularly our SaaS business.

所以這告訴你的是：第一季有幾個逆風，包含匯率（FX）以及轉換低於歷史趨勢；這反而讓我們更有信心，因為業務的底層有機成長（underlying organic piece）是強勁的——真正運作得很健康、很強的部分，正是公司長期成長的驅動因素，特別是我們的 SaaS 業務。

So that will frame how I see the big picture and bring it back to the quarterly and the moving parts.

所以這就是我看待大局的框架，並把它帶回到季度層面以及各個變動因素。

Todd Weller, Stephens.

Todd Weller，Stephens。

Yes, sorry about that. I appreciate the question. Just would love to get an update on the adoption of Commvault Cloud Unity. What are you seeing there in terms of customer uptake and when do you think that will kind of start to contribute to the cross-sell kind of expansion opportunities?

是的，不好意思。我很感謝這個提問機會。我想請你更新一下 Commvault Cloud Unity 的採用情況。你們看到客戶採用（uptake）方面的狀況如何？以及你認為它大概何時會開始對交叉銷售（cross-sell）這類擴張機會做出貢獻？

Hey, Todd, it's Gary. I'll hit that. So think of Unity not as an individual product, but think about it as a customer experience, right? The ability for our customers to experience the platform and the benefit of managing their workloads, giving them the visibility of their workloads regardless if those workloads are on-premise in the cloud, bring it all together, and action their protection strategy from a single source of truth to console. That's the value to the customer.

嗨，Todd，我是 Gary。我來回答。所以，請不要把 Unity 當作單一產品，而是把它視為一種客戶體驗，對吧？讓客戶能體驗平台，以及管理其工作負載（workloads）的好處；不論這些工作負載是在雲端或在地端（on-premise），都能提供可視性，把一切整合起來，並從單一真實來源（single source of truth）的主控台來執行其保護策略。這就是對客戶的價值。

The value to Commvault is the ability for us to drive cross supplemental because if the customer has the visibility of where they're protected and where they're not, we have the opportunity to help them, to make sure that they're protecting their workloads no matter where they are. So benefits for us then becomes what happens with multi-product adoption and cross-stop. So a little color I can give you on trend there.

對 Commvault 的價值在於，我們能推動交叉補充銷售（cross supplemental），因為當客戶能看見哪些地方有被保護、哪些地方沒有被保護時，我們就有機會協助他們，確保無論工作負載在哪裡，都能受到保護。因此，對我們的好處就會體現在多產品採用與交叉銷售上。我可以補充一些這方面趨勢的資訊。

If we look specifically. At our SaaS business and look at the Commvault managed customers, we're up to just shy of 50% of our customers on that platform or using more than one product. We're 49% of those customers, which is a huge improvement year over year. When I double click into that, where we're actually seeing the most growth, right? The highest level of growth is the customers in the cohort that are three to five products.

如果我們具體來看。以我們的 SaaS 業務、以及 Commvault 代管（managed）的客戶來看，在該平台上的客戶中，使用超過一項產品的比例已接近 50%。這些客戶中有 49% 屬於此類，年增幅度非常大。當我再深入看細項，我們實際上看到成長最多的是哪一群客戶呢？成長最高的是使用三到五項產品的那個客群（cohort）。

So while our headline metrics anchors around greater than two products, what gives us confidence in the ability to drive that cross-sell motion, especially when we get to the second half, is the strength we see in that three to five product cohort.

所以，雖然我們的主要指標是以「大於兩項產品」為錨點，但讓我們對推動交叉銷售動能更有信心、特別是進入下半年時，是因為我們在「三到五項產品」客群看到的強勁表現。

Michael Romanelli, Mizuho.

Michael Romanelli，Mizuho。

Great. Hey, thanks for taking the question. So I just want to follow-up on the identity theme here for a second. So it's obviously become a critical dependency for virtually every enterprise app and workflow. So as support for options online, is the larger opportunity the direct monetization of Identity Resilience? Or the ability to establish Commvault as a more strategic platform within identity, security, and cyber recovery initiatives?

很好。嗨，謝謝讓我提問。我想就「身分（identity）」這個主題再追問一下。很明顯，它已經成為幾乎所有企業應用與工作流程的關鍵依賴。那麼，隨著線上選項的支援，較大的機會是直接將「身分韌性（Identity Resilience）」變現（direct monetization）嗎？還是能夠把 Commvault 建立為在身分、安全與網路復原（cyber recovery）計畫中更具策略性的平臺？

Hey, Michael, it's Sanjay. Great question. So identity, as I said in my prepared remarks, that identity compromise, credential compromise is invariably the first entry point for the bad actors. Now, it only gets more complicated when that is multiplied in the tens of thousands, for example, but with non-human identities.

嗨，Michael，我是 Sanjay。問得很好。所以身分，如同我在事先準備的發言中提到的，身分遭到入侵、憑證遭到入侵，幾乎總是惡意行為者的第一個切入點。而當這種情況被放大到數以萬計時，例如在非人類身分（non-human identities）的情境下，事情只會更複雜。

Then being able to really understand which non-human identity, i.e. Agent, what, where, and what implications, ripple effects it has becomes a starting point in many cases for the provenance of the recovery and the rollback that has to happen. And then whether it's an application that may be rebuilt, whether it's a cloud-native application or data that needs to be brought back in a trusted manner, it's the whole thing, it's the daisy chain of it all working together.

接著，能夠真正理解是哪一個非人類身分（也就是代理程式 Agent）、是什麼、在哪裡，以及它會帶來哪些影響與連鎖效應，往往就成為許多情況下復原與回滾（rollback）所需進行之來源脈絡（provenance）追溯的起點。然後，不論是需要重建的應用程式、雲原生應用程式，或是需要以可信方式把資料帶回來，這是一整套——是一連串環環相扣、共同運作的鏈條。

So we've been saying that now for I'm saying two years that identity when we two years ago at our Shift event when we brought our Identity Resilience capabilities out that this becomes paramount.

所以我們一直在講這件事——我想大概有兩年了——也就是身分的重要性；兩年前在我們的 Shift 活動上，當我們推出身分韌性（Identity Resilience）能力時，我們就說過這會變得至關重要。

To follow-up with the earlier anecdote, I provided on the CISO conversation recently, I did ask the question as to where does identity protection live? And I got 100% sort of hand raise in the room that the CISO organizations were all on point for making sure that Identity Resilience was part of their charter. So you can see how quickly this has become such an important part of both the defense but also the recovery of the Resilience.

延續我先前分享、最近在與 CISO 對話中的那個小故事，我確實問了一個問題：身分保護應該歸屬於哪裡？而我在現場得到的是 100% 幾乎全員舉手，表示各家 CISO 組織都非常明確地把「身分韌性」納入其職責範疇。所以你可以看到，這很快就成為防禦、以及韌性復原兩者中極其重要的一環。

Got it. Super clear. Thanks, Sanjay. And then as my follow up, you recently hired a new Chief Partner Officer with a significant cybersecurity experience. So as Commvault continues its evolution from the more traditional backup and recovery vendor toward a broader cyber resilience platform, where do you see the greatest opportunities to leverage partners to accelerate adoption and expand your reach within the larger enterprise cohort.

了解。非常清楚。謝謝你，Sanjay。接著作為我的追問，你最近聘請了一位新的首席合作夥伴長（Chief Partner Officer），具備相當深厚的資安經驗。因此，隨著 Commvault 持續從較傳統的備份與復原供應商，演進為更廣泛的網路韌性平台，你認為在運用合作夥伴來加速採用、並在更大型企業客群中擴大觸及方面，最大的機會在哪裡？

We've always been clear that the partner ecosystem is pivotal as large enterprises start transforming their resilience thinking. Brian's background plays very well into how our customers and our partners actually, let's leave with the partner conversation are thinking about it because it's security and data security, identity resilience and recovery can't have a lot of life between them.

我們一直很清楚，當大型企業開始轉型其韌性思維時，合作夥伴生態系是關鍵。Brian 的背景非常契合我們的客戶與合作夥伴實際上——先聚焦在合作夥伴這個話題——正在思考的方向，因為安全與資料安全、身分韌性與復原之間，不能彼此割裂、各自為政。

To be truly resilient, those three elements need to come together. That's what we said when we brought up Unity, the platform, that these have to work closely together. And partners don't want to work with 50 different tools to deliver that solution.

要真正具備韌性，這三個要素必須整合在一起。這也是我們在推出 Unity 這個平台時所說的：它們必須緊密協同運作。而合作夥伴也不希望為了交付那樣的解決方案，得同時操作 50 種不同工具。

So coming back to what I said about the provenance of the attack or what was compromised to what needs to be recovered, we're the platform that delivers that, be it on premise, be it on cloud, be it any kind of hybrid. So his background is, obviously, we were very keen on having him on the team because of the background, because he could talk security, he could talk to the partners that are on the front end of the framework, if you would.

所以回到我剛才提到的攻擊溯源（provenance）——也就是哪些東西被入侵、以及哪些需要被復原——我們就是能交付這一切的平台，不論是在地端、不論在雲端、或任何形式的混合環境。因此他的背景很明顯地——我們非常希望他加入團隊，因為他能談安全，也能與位於框架前端的合作夥伴對話，如果你願意這麼說的話。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Yeah, thanks for taking my question. So, Sanjay, you called Clumio one of the stronger growers in the SaaS portfolio. Big picture within Clumio, I think, Gary, briefly described cloud-native customers starting to drive that acceleration. And that customer example you gave around Snowflake, S3, Go Cloud sounds much broader than a conventional deployment in your case.

是的，謝謝讓我提問。所以，Sanjay，你把 Clumio 稱為 SaaS 產品組合中成長較強的一個。從大方向來看，在 Clumio 這邊，我想 Gary 也簡要提到，雲原生客戶開始帶動那個加速。而你舉的那個圍繞 Snowflake、S3、Go Cloud 的客戶案例，聽起來比你們一般的傳統部署要廣泛得多。

So just curious, was that a big driver for Clumio, that deal this quarter? And just how do you view that, and some of these like early examples of a more repeatable platform motion now or was it still remains a more bespoke engagement, and had a quick follow up.

所以我想請教，那筆交易在本季是否是 Clumio 的一個主要驅動因素？以及你如何看待這類早期案例：它是否已經更像是一種可重複的「平台式推進」（platform motion），還是仍然屬於較客製化的專案？我還有一個簡短追問。

Actually, this is Sanjay. It's not bespoke. This is a very clear persona that Clumio is attractive to the cloud natives. The companies that are 100% cloud that have deep commitment to cloud platforms, cloud databases, cloud PaaS layers. And our ability to be able to roll those back at a cost point and a time frame that is incredibly valuable to customers.

其實我是 Sanjay。這不是客製化。這是一個非常明確的客群輪廓（persona）：Clumio 對雲原生客戶很有吸引力。也就是那些 100% 在雲上的公司，對雲平台、雲端資料庫、雲端 PaaS 層有深度承諾。而我們能以一個在成本點與時間框架上都極具價值的方式，讓它們能夠回復（roll back）到先前狀態，這對客戶非常重要。

And we've got customers growing this footprint incredibly well because it goes deep and it goes fast. So the onboarding provisioning of this technology and the ability for us to be able to recover when needed is second to none. And when you combine that with our Rewind capability for cloud-native applications, there's nothing like it in the business.

而且我們看到客戶在這個使用範圍（footprint）上成長得非常好，因為它既深入、也擴張得快。所以這項技術的上線導入與佈建（onboarding provisioning），以及我們在需要時提供復原的能力，都是首屈一指。再加上我們針對雲原生應用的 Rewind 能力，市場上沒有任何同類產品可比。

Very helpful, Sanjay. And Gary, just follow up on the net dollar retention, I know you mentioned multi-product adoption, 49%, very strong progress and rising faster newer offerings. Just in light of that, you mentioned SaaS and there has been around 120% and Subscription is pretty stable at overall 114% over past several quarters.

非常有幫助，Sanjay。Gary，我想追問一下淨美元留存率（net dollar retention）。我知道你提到多產品採用率 49%，進展非常強勁，而且較新的產品成長更快。在此背景下，你也提到 SaaS 大約在 120% 左右，而訂閱（Subscription）在過去幾季整體大致穩定在 114%。

Just curious like what might be offsetting the stronger attach motion today in terms of that metric? And since you mentioned the confidence in the three to five product attach rates in the second half, just curious, how do you see the potential for that NDR to continue to trend out from this point onwards?

我想了解的是：就這個指標而言，目前有哪些因素可能在抵銷更強的加掛/搭售動能（attach motion）？另外，既然你提到對下半年三到五產品加掛率有信心，也想請教你如何看待 NDR 從現在起持續走勢的可能性？

So staying true to the framework that. I outlined last quarter and moving toward Subscription as the combined metric, whether it's across ARR, net dollar retention and revenue, it's kind of the key P&L and related metric, that 114 %is the confidence mark that we have. Where I kind of see the goalpost, for lack of a better way to describe it, as I look out, is probably plus or minus 200 basis points on either side.

我們會持續遵循那個框架。我在上季已經概述過，並且正朝向以「訂閱」作為整合後的指標——不論是跨 ARR、淨美元留存率與營收——它算是關鍵的損益表（P&L）及相關衡量指標；114% 是我們有把握的水位。往前看，我所謂的目標區間（如果要用比較貼切的說法）大概是在上下各 200 個基點的範圍內。

So I see opportunity, obviously, if we continue to drive the multi-product expansion as the year goes, tied to the offerings that we've been talking about, that gives you the framework. Now, I've not factored upside, right, I've not factored upside or incremental improvements of NRR into the guidance. My guidance assumes the trend that we see will continue at the levels that we're currently experiencing.

所以我看到機會，當然，如果我們在今年持續推動多產品擴張，並且與我們一直在談的產品供給相連結，這就提供了你一個框架。不過我沒有把上行空間納入，對吧，我沒有把 NRR 的上行或額外改善納入指引。我的指引是假設我們看到的趨勢會以目前正在經歷的水準延續下去。

Now, the dollars go up because the base, especially as we get to the second half is much bigger, right? as we compound our motion over many years, okay, and the seasonality business that's geared to the secon half. It gives us that confidence of the trends we're seeing, early trends we're seeing, not only in the identity and data security that Sanjay outlined in pretty good detail, but the other offerings like we just talked about Clumio.

接著，金額會上升，因為基礎盤（base）——尤其到下半年——會大得多，對吧？當我們多年來持續複利式推進我們的商業動能，而且這個具季節性的業務更偏向下半年。這讓我們對正在看到的趨勢、早期趨勢更有信心，不僅是 Sanjay 已相當詳細說明的身分與資料安全，還包括我們剛談到的 Clumio 等其他產品。

In my prepared remarks, there's some of our emerging offerings, whether it's Google Workspace or whether it's DevOps workloads. So we're starting to see the trends pick up across the portfolio. Some of those individual products, ASPs, individually or lower. But what it does is drive the ARPA related to the customer as we get that three to five cohort. And that's the metric that we look at.

在我事先準備的講稿中，也提到一些新興產品，不論是 Google Workspace，或是 DevOps 工作負載。所以我們開始看到整個產品組合的趨勢在升溫。其中有些單一產品的 ASP（平均售價）本身較低。但它帶來的效果是：當我們把客戶推進到三到五產品的群組（cohort）時，會拉升與客戶相關的 ARPA。而那就是我們關注的指標。

So it's the combination of the vision that we've laid out probably last November of Unity and the opportunity we have in this platform to drive that cross-sell in some of the early signs of strength that we're seeing.

因此，這是我們大概在去年 11 月提出的 Unity 願景，加上我們在這個平台上推動交叉銷售的機會，以及我們目前看到的一些早期強勁訊號的綜合結果。

And in terms of time, we have room for two final questions for today.

就時間而言，今天我們還有兩個最後的提問名額。

Jason Ader, William Blair.

Jason Ader，William Blair。

Good morning. So Sanjay, it seems like a rising tide in your space, but we're hearing good things about all of your major competitors from our checks. So maybe just talk what really differentiates Commvault at this point and how your win rates are trending?

早安。所以 Sanjay，看起來你們這個領域是水漲船高，但我們從調查看到，你們所有主要競爭對手的口碑也都不錯。所以也許請談談，目前 Commvault 真正的差異化是什麼？以及你們的贏單率（win rates）趨勢如何？

Hey Jason, I think I touched on it earlier, it's the platform, it's the ability for us to take complex hybrid workloads and simplify resilience around it. That's the core of what we do. And Gary talked about it as well, which is it doesn't matter where the workload original ends, we make sure that it's protected and we give full resilience to the enterprise that's working with us on one single platform. Your data can live in the cloud. Your data can start in the cloud. We have the ability to give you a single policy engine that protects you across the board.

嗨 Jason，我想我先前有提到，關鍵在於平台：我們能把複雜的混合式工作負載（hybrid workloads）納入，並把其韌性簡化。這就是我們的核心能力。Gary 也提到過：不管工作負載最初落在哪裡，我們都能確保它受到保護，並在單一平台上為與我們合作的企業提供完整韌性。你的資料可以放在雲端。你的資料也可以從雲端開始。我們有能力提供一個單一的政策引擎（policy engine），讓你在各個面向都能獲得保護。

Now, alongside that, we've got capabilities like Cleanroom, like Threat Scan, Identity Resilience, all of which make recovery that much more bulletproof. The ability for us to be able to understand what happened, whether it be AI-enabled or not. Our ability to take large data estates and applications and bring them back to life.

現在，除此之外，我們還具備像 Cleanroom、Threat Scan、Identity Resilience 等能力，這些都讓復原變得更加滴水不漏。我們能夠理解發生了什麼事，不論是否由 AI 啟用。我們能夠把龐大的資料資產與應用程式恢復運作。

So we win based on our technical capability to take the most complex customer environments and give them resilience. Okay, we have north of 1,600 approved patents, granted patents to the company, and we continue to innovate like never before.

因此，我們憑藉技術能力取勝：能夠處理最複雜的客戶環境並賦予其韌性。好的，我們公司已獲核准的專利超過 1,600 件、已授權的專利也超過 1,600 件，而且我們持續以前所未有的速度創新。

Great, and then just any comment on win rates?

很好，那麼對於贏單率有沒有任何評論？

Jason, it's Gary, I'll take that. We don't specifically obviously disclose our win rates. But if I think about and one area that I look at measuring is as we come into the quarter, what our pipeline look like and our ability to close against the available pipeline and that kind of shows that if our value prop is resonating, okay. If we're able to demonstrate the ability to close that pipeline during the quarter.

Jason，我是 Gary，我來回答。我們當然不會特別揭露我們的贏單率。但如果我思考並衡量的一個面向是：當我們進入季度時，我們的管線看起來如何，以及我們針對可用管線的結案能力；這某種程度上能顯示我們的價值主張是否引起共鳴，對吧。也就是我們是否能在季度內展現把該管線結案的能力。

And if I look at some of those metrics, we see improvement. We see improvement year over year. So that shows to the effectiveness of our ability to compete when we're driving those metrics higher.

如果我看其中一些指標，我們看到改善。我們看到年對年改善。因此，當我們把這些指標推高時，就能顯示我們競爭能力的有效性。

Junaid Siddiqui, Truist Securities.

Junaid Siddiqui，Truist Securities。

Great. Good morning, and thanks for squeezing me in. With enterprise data growth running materially faster than backup spending and that most AI workloads remain unprotected today, how should we think about the timing of monetizing that gap between data growth and protected data growth? And when can those AI workloads become a meaningful contributor to ARR growth?

很好。早安，謝謝讓我插隊提問。在企業資料成長速度明顯快於備份支出、且目前多數 AI 工作負載仍未受保護的情況下，我們應該如何看待資料成長與受保護資料成長之間缺口的變現時點？以及這些 AI 工作負載何時能成為 ARR 成長的有意義貢獻者？

Again, it's Gary. I'll jump in. We think about the movement of accelerated data growth that everybody's somewhat aligned around at Commvault being like a second level beneficiary to that trend. So what I mean by that is as the news that we all hear is AI infrastructure and AI purchasing as it relates to infrastructure exploding, okay? That data has to be put into models, trained, tested, put into production and enterprise applications. That will take time.

同樣是 Gary。我來補充。我們看待加速的資料成長趨勢時，Commvault 在某種程度上是該趨勢的第二層受益者。我的意思是，正如大家聽到的新聞：AI 基礎設施與與基礎設施相關的 AI 採購正在爆發式成長，對吧？那些資料必須被放入模型中，進行訓練、測試、上線，並導入企業應用程式。這需要時間。

So as it relates specifically, I think to your question about how do we factor maybe some of that into our guidance on Subscription net new ARR, accelerating revenue from compared to levels that are today related to AI data sets for AI initiatives into production enterprise applications is not factored into our guidance. So we view that as more of a secular trend. And the secular trend aspect is the important piece because it's not a once-and-done big bang. And we're going to get to see a tailwind this year.

因此，就你提到的問題：我們如何把其中一部分納入對訂閱淨新增 ARR 的指引、以及相較於目前水準、由 AI 資料集推動 AI 計畫進入生產級企業應用所帶來的加速營收——這些並未納入我們的指引。所以我們把它視為較偏長期的結構性趨勢。而結構性趨勢的重要之處在於，它不是一次性的「大爆發」就結束。而且我們今年會看到一股順風。

We view that as we kind of look out in that one to three-year framework that gives us sustained opportunity to drive Subscription ARR growth more on a secular basis, and less dependent on achieving our financial objectives for the current fiscal year.

我們認為，從一到三年的框架來看，這會帶來持續的機會，以更偏結構性的方式推動訂閱 ARR 成長，而較不依賴於達成本財年的財務目標。

Correct, and examples being earlier this month, we released deep support for the newer AI tooling like Snowflake, Databricks, Pinecone, so BigQuery, all of this enables customers to start building and using data in applications, in AI-enabled applications. And we've got, as always, we've got the support for the tooling that they're using and over time, this gets more and more sophisticated and our ability to protect that gets more quantified.

沒錯，例子是本月稍早，我們針對較新的 AI 工具釋出了更深度的支援，例如 Snowflake、Databricks、Pinecone、BigQuery；這些都讓客戶能開始在應用程式、在 AI 啟用的應用程式中建置並使用資料。而且我們一如既往支援他們正在使用的工具；隨著時間推進，這會變得越來越精密，而我們保護它的能力也會更可量化。

Thank you. And just to follow-up on that multi-product adoption that was asked earlier, what are you seeing from customers that's separating those customers that remain single product from those that are expanding into, let's say, two, three or more products? Is it just the size, any particular industries? Just curious what you're seeing out there.

謝謝。另外，延續先前有人問到的多產品採用，你們看到客戶之間有什麼差異，會讓某些客戶仍維持單一產品，而另一些客戶會擴展到例如兩個、三個或更多產品？只是規模差異嗎？有沒有特定產業？只是好奇你們在市場上看到的情況。

It's Gary. Based on how it impacts our model, it's the customers that are prioritizing recovery and what I mean by that is, our customers that believe recovery is like the new wave of security and when you get to a platform approach and leverage our Unity vision, ultimately, what we're doing for our customers is allowing them to bring their businesses back to life effectively and quickly.

我是 Gary。就它如何影響我們的模式而言，關鍵在於那些把「復原」列為優先事項的客戶；我的意思是，我們的客戶相信復原就像是新一波的資安，而當你採用平台化方法並運用我們的 Unity 願景時，最終我們為客戶所做的，是讓他們能有效且快速地讓業務恢復運作。

And if you have to do that using multiple products or multiple vendors or multiple versions, you will not be able to recover your business. Common theme is prioritization of recovery as part of their security posture. That's what drives our cross-sellership.

如果你必須用多個產品、或多個供應商、或多個版本來做到這件事，你將無法讓你的業務復原。共同主題是：把復原作為其資安態勢的一部分來優先處理。這就是推動我們交叉銷售能力的因素。

And if I had to oversimplify it, if you're using one product, it's a purpose it's a point solution that you're invoking. If you're using multiple products, it's resilience that you're invoking.

如果我要把它過度簡化：當你只用一個產品時，你是在啟用一個特定用途的點解決方案。當你使用多個產品時，你是在啟用「韌性」。

Thank you. And that is all the time we have for the Q&A session. I will now turn the call back over to Michael for closing remarks.

謝謝。而我們的問答時間就到這裡。我現在把電話交回給 Michael 作結語。

Thanks, everyone, for joining today. We reached our hard stop. Unfortunately, for those remaining in the queue, we'll prioritize you during the callbacks coming up. And we want to thank everyone for your continued support.

感謝各位今天加入。我們已到必須準時結束的時間點。很遺憾，對於佇列中仍在等待的各位，我們會在接下來的回撥中優先安排你們。也感謝大家持續的支持。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Have a good day.

各位女士先生，今天的電話會議到此結束。您現在可以掛線。祝您有美好的一天。