Dynatrace Inc (DT) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Dynatrace fiscal second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Dynatrace 2025 財年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Noelle Faris, Vice President of Investor Relations. Thank you. You may now begin.

現在我很高興介紹投資者關係副總裁諾埃爾法里斯 (Noelle Faris)。謝謝。你現在可以開始了。

Good morning, and thank you for joining Dynatrace's second-quarter fiscal 2025 earnings conference call. Joining me today are Rick McConnell, Chief Executive Officer; and Jim Benson, Chief Financial Officer.

早安，感謝您參加 Dynatrace 的 2025 財年第二季財報電話會議。今天加入我的是執行長 Rick McConnell；和財務長吉姆·本森。

Before we get started, please note that today's comments include forward-looking statements such as statements regarding revenue, earnings guidance and economic conditions. Actual results may differ materially from our expectations due to a number of risk factors and uncertainties discussed in Dynatrace's SEC filings, including our most recent quarterly report on Form 10-Q that we filed earlier today.

在我們開始之前，請注意，今天的評論包括前瞻性陳述，例如有關收入、盈利指導和經濟狀況的陳述。由於 Dynatrace 向 SEC 提交的文件（包括我們今天早些時候提交的最新 10-Q 表格季度報告）中討論的許多風險因素和不確定性，實際結果可能與我們的預期存在重大差異。

The forward-looking statements contained in this call represent the company's views on November 7, 2024. We assume no obligation to update these statements as a result of new information, future events or circumstances. Unless otherwise noted, the growth rates we discussed today are non-GAAP, reflecting constant currency growth and per share amounts are on a diluted basis. We will also discuss other non-GAAP financial measures on today's call. To see reconciliations between non-GAAP and GAAP measures please refer to today's earnings press release and supplemental presentation, which are both posted in the financial results section of our IR website.

本次電話會議中包含的前瞻性陳述代表了該公司 2024 年 11 月 7 日的觀點。我們不承擔因新資訊、未來事件或情況而更新這些聲明的義務。除非另有說明，我們今天討論的成長率是非公認會計原則的，反映了恆定的貨幣成長率和稀釋後的每股金額。我們還將在今天的電話會議上討論其他非公認會計準則財務指標。若要查看非 GAAP 和 GAAP 指標之間的調節表，請參閱今天的收益新聞稿和補充演示文稿，它們均發佈在我們 IR 網站的財務業績部分。

And with that, let me turn the call over to our Chief Executive Officer, Rick McConnell.

接下來，讓我將電話轉給我們的執行長 Rick McConnell。

Thanks, Noelle. Good morning, everyone. Thank you for joining us for today's call. Our second-quarter performance is the result of the strength of our platform and our ability to execute effectively in a dynamic market. ARR grew 19% year over year.

謝謝，諾艾爾。大家早安。感謝您參加今天的電話會議。我們第二季的業績是我們平台實力以及我們在動態市場中有效執行能力的結果。ARR 年成長 19%。

Subscription revenues increased 20% year over year and trailing 12-month free cash flow margin was 28%. We delivered a strong first half to the fiscal year. I believe the market is increasingly playing to our strengths in AI-driven observability, which we have been delivering for well over a decade, and our Q2 results offer a great proof point.

訂閱收入年增 20%，過去 12 個月的自由現金流利潤率為 28%。我們在本財年上半年取得了強勁的業績。我相信市場正在越來越多地發揮我們在人工智慧驅動的可觀察性方面的優勢，我們十多年來一直在提供這一優勢，我們第二季度的業績提供了很好的證明。

Jim will share more details about our financial performance and guidance in a few moments. But first, I'd like to discuss the trends we're seeing in the observability market, our ongoing commitment to innovation, key customer wins and the evolution of our go-to-market strategy.

吉姆稍後將分享有關我們財務業績和指導的更多詳細資訊。但首先，我想討論一下我們在可觀測性市場中看到的趨勢、我們對創新的持續承諾、贏得關鍵客戶以及我們進入市場策略的演變。

To begin, the world's reliance on software is greater than ever. Innovation, modernization and business resilience are top of mind for business leaders. Downtime and instability can cripple businesses. Organizations are struggling to recruit the required resources to manage their software environments, driving a need for increased productivity. And finally, we all expect exceptional customer experiences, and we hold companies accountable for delivering them. Given this environment, the success and failure of any business today can hinge on its ability to observe and analyze an enormous amount of data and massive increases in its complexity.

首先，世界對軟體的依賴比以往任何時候都更加嚴重。創新、現代化和業務彈性是企業領導者最關心的問題。停機和不穩定可能會削弱企業的實力。組織正在努力招募所需的資源來管理其軟體環境，從而推動了提高生產力的需求。最後，我們都期望卓越的客戶體驗，我們要求公司負責提供這些體驗。在這種環境下，當今任何企業的成功和失敗都取決於其觀察和分析大量數據及其複雜性大幅增加的能力。

The staggering amount of data being generated each day estimated by IDC at over 2.5 quintillion bytes globally cannot be processed manually. Both the tools and processes that organizations use to keep software running with high performance have to evolve in parallel to keep up with this data explosion. In these incredibly complex environments, we believe that AI-driven observability is no longer optional. Organizations are expected to find issues and resolve incidents before they impact customers.

IDC 估計全球每天產生的資料量超過 2.5 兆字節，數量驚人，無法手動處理。組織用來維持軟體高效能運作的工具和流程都必須並行發展，以跟上資料爆炸的步伐。在這些極其複雜的環境中，我們相信人工智慧驅動的可觀察性不再是可選的。組織應該在問題影響客戶之前發現問題並解決事件。

This can't be done efficiently in complex environments through reactive dashboard monitor. Rather, organizations need to be able to trust answers from an end-to-end observability platform to action issues automatically. This is why organizations turn to Dynatrace.

這無法透過反應式儀表板監視器在複雜的環境中有效地完成。相反，組織需要能夠信任端到端可觀察平台的答案，以自動解決問題。這就是組織轉向 Dynatrace 的原因。

We are maniacally focused on ongoing innovation to deliver a highly differentiated AI-driven observability platform, one that we believe delivers unmatched visibility and substantive business value. We began with a massively parallel processing, highly performing data store called Grail to maintain all observability data types, logs, metrics, traces, really user data and importantly, business events in context. Grail then enables us to uniquely apply a power of three AI to analyze billions of interconnected data points to deliver answers, not just data and not just dashboards.

我們瘋狂地專注於持續創新，以提供高度差異化的人工智慧驅動的可觀察性平台，我們相信該平台可以提供無與倫比的可見性和實質的商業價值。我們從一個名為 Grail 的大規模平行處理、高效能資料儲存開始，用於維護所有可觀察性資料類型、日誌、指標、追蹤、真正的使用者數據，以及重要的是上下文中的業務事件。然後，Grail 使我們能夠獨特地應用三種人工智慧的力量來分析數十億個互連的數據點，以提供答案，而不僅僅是數據，也不僅僅是儀表板。

Finally, we leverage our contextual analytics and AI insights to automate responses and help avoid incidents. I'd like to expand on AI and its particular criticality to observability. In a world trying to understand how to harness the wide-ranging benefits of generative AI, it is important to clarify how our power of three AI works. We begin with causal AI, which analyzes billions of data points to help find the needle in the haystack. This isolates precise issues in software and infrastructure. Causal AI doesn't guess based on correlated data. Rather, it evaluates data points in context to deliver causation based answers and enables an automated response.

最後，我們利用上下文分析和人工智慧見解來自動回應並幫助避免事件。我想詳細闡述人工智慧及其對可觀察性的特殊重要性。在一個試圖了解如何利用生成式人工智慧的廣泛好處的世界中，澄清我們的三種人工智慧的力量如何發揮作用非常重要。我們從因果人工智慧開始，它分析數十億個數據點，幫助大海撈針。這隔離了軟體和基礎設施中的精確問題。因果人工智慧不會根據相關數據進行猜測。相反，它會在上下文中評估數據點，以提供基於因果關係的答案並實現自動回應。

Second, predictive AI applies machine learning to take causal AI on step further. It enables the Dynatrace platform to observe changes in the software environment and perform trending forecasting and anomaly detection to optimize performance and ideally prevent or resolve issues before they create business impact.

其次，預測人工智慧應用機器學習使因果人工智慧更進一步。它使 Dynatrace 平台能夠觀察軟體環境的變化，並執行趨勢預測和異常檢測，以優化效能，並在問題造成業務影響之前預防或解決問題。

And finally, generative AI brings the Dynatrace platform to a broader group of end users. In particular, it enables a casual user rather than just a Dynatrace subject matter expert to derive insights from the platform using natural language that then accesses deterministic answers derived from causal and predictive AI. It is this combination of AI techniques, working in unison and leveraging our underlying architecture that truly delivers the power of Dynatrace.

最後，生成式人工智慧將 Dynatrace 平台帶給更廣泛的最終用戶群。特別是，它使臨時用戶（而不僅僅是 Dynatrace 主題專家）能夠使用自然語言從平台中獲取見解，然後訪問從因果和預測人工智慧中得出的確定性答案。正是人工智慧技術的結合，協同工作並利用我們的底層架構，真正發揮了 Dynatrace 的強大功能。

Causal and predictive AI have been at the core of the Dynatrace platform for over a decade. And every Dynatrace customer benefits from our continued advancements in these techniques. A final point on innovation is we strive to provide customers with the clarity and power to understand, act and accelerate their business or mission. Increasingly, organizations aren't just seeking technical insights or root cause analysis. They want to uncover answers and insights locked in their data to transform them into a mission-critical asset.

十多年來，因果人工智慧和預測人工智慧一直是 Dynatrace 平台的核心。每位 Dynatrace 客戶都受益於我們在這些技術方面的不斷進步。創新的最後一點是，我們努力為客戶提供清晰的資訊和能力，以理解、行動和加速他們的業務或使命。越來越多的組織不僅僅尋求技術見解或根本原因分析。他們希望發現數據中鎖定的答案和見解，將其轉變為關鍵任務資產。

I had a CTO recently tell me that their CEO wanted Dynatrace on his desktop to help understand business performance. This is how Dynatrace can truly maximize customer value. We continue to be humbled by third-party analyst reports that recently have recognized Dynatrace as a leader. Dynatrace was positioned furthest for vision and highest in execution in the 2024 Gartner Magic Quadrant for Observability platforms. This is the 14th consecutive time that Gartner has named Dynatrace a leader. We ranked number one across three of the five use cases in the 2024 Gartner Critical Capabilities for Observability platform support.

最近，一位技術長告訴我，他們的執行長希望在他的桌面上安裝 Dynatrace 來幫助了解業務績效。這就是 Dynatrace 真正實現客戶價值最大化的方式。最近第三方分析報告將 Dynatrace 視為領導者，我們繼續對此感到謙卑。Dynatrace 在 2024 年 Gartner 可觀測性平台魔力像限中排名最遠，執行力最高。這是 Gartner 連續 14 次將 Dynatrace 評為領導者。在 2024 年 Gartner 可觀察性平台支援關鍵功能中，我們在五個用例中的三個中排名第一。

We were named a leader in the inaugural 2024 Gartner Magic Quadrant for digital experience monitoring. And we were named to the 2024 Constellation shortlist for observability, AI Ops and digital performance management, recognizing Dynatrace as a leader in driving digital transformation.

我們在 2024 年首屆 Gartner 數位體驗監控魔力像限中被評為領導者。我們被提名為 2024 年星座可觀測性、人工智慧營運和數位績效管理候選名單，認可 Dynatrace 作為推動數位轉型的領導者。

I'd also like to share a few customer wins from this past quarter that helped illustrate the transformational value we're providing to customers. We closed an eight-figure TCV expansion deal with one of the top UK banks to provide end-to-end observability. They are aspiring to be the UK's leading digital bank, and they're standardizing on Dynatrace as the underlying platform to power their center of excellence with AI-driven insights that provide visibility across important business services. A major US airline signed a seven-figure DPS expansion. They were looking to reduce the meantime resolution from over an hour to less than five minutes with multiple tools across their IT ecosystem, they lack a single source of truth and struggled with blind spots.

我還想分享上個季度的一些客戶勝利，這些勝利有助於說明我們為客戶提供的轉型價值。我們與英國一家頂級銀行達成了一項八位數的 TCV 擴張協議，以提供端到端的可觀察性。他們立志成為英國領先的數位銀行，並且正在將 Dynatrace 標準化為基礎平台，透過人工智慧驅動的見解來支援其卓越中心，從而提供重要業務服務的可見性。美國一家主要航空公司簽署了七位數的 DPS 擴張協議。他們希望在整個 IT 生態系統中使用多種工具將同時解析度從一個多小時減少到五分鐘以內，但他們缺乏單一的事實來源，並與盲點作鬥爭。

In collaboration with our partner, DXC, this customer chose Dynatrace to reduce the noise caused by dashboards, displace their legacy tools and provide observability from the application layer to the infrastructure layer, including traces and logs. We closed a seven-figure expansion with a leading finance management platform. This customer had limited visibility into the thousands of incidents occurring in their production environment. They estimated that these incidents were costing them hundreds of thousands of dollars. By extending Dynatrace's AI-driven platform into their production environment, they gained substantive visibility and resultant business value.

透過與我們的合作夥伴 DXC 合作，該客戶選擇 Dynatrace 來減少儀表板引起的噪音、取代其遺留工具並提供從應用程式層到基礎設施層的可觀察性，包括追蹤和日誌。我們透過領先的財務管理平台實現了七位數的擴張。該客戶對其生產環境中發生的數千起事件的了解有限。他們估計這些事件使他們損失了數十萬美元。透過將 Dynatrace 的人工智慧驅動平台擴展到其生產環境中，他們獲得了實質的可見性和由此產生的商業價值。

And finally, a new logo that highlights the evolution of our sales team in emerging markets represented a seven-figure deal with a government agency in the Middle East. These all examples of larger strategic transactions with customers looking for transformational benefits from an end-to-end observability platform.

最後，一個新標誌突顯了我們在新興市場的銷售團隊的發展，代表著與中東政府機構達成的七位數交易。這些都是與客戶尋求從端到端可觀察性平台獲得轉型收益的大型策略交易的例子。

Next, I'd like to turn to the go-to-market changes we rolled out at the beginning of this fiscal year that focused on three primary areas. First, we adjusted our customer segmentation to increase focus on IT 500 and strategic accounts. This heightened attention to larger accounts enables us to drive more transformative platform to plans. Second, we have leaned in with partners through more effective enablement to make it easier to work with Dynatrace over 75% of anchor deals closed in the quarter involved a partner. Third, we have expanded our go-to-market motion beyond application performance to include end-to-end observability and cloud modernization.

接下來，我想談談我們在本財年年初推出的市場化改革，並聚焦在三個主要領域。首先，我們調整了客戶細分，更專注於 IT 500 強和策略客戶。對大客戶的高度關注使我們能夠推動更具變革性的平台實施計劃。其次，我們透過更有效的支援與合作夥伴合作，使與 Dynatrace 的合作變得更加容易，本季完成的主力交易中超過 75% 的交易涉及合作夥伴。第三，我們將市場推廣活動擴展到應用程式效能之外，包括端到端可觀察性和雲端現代化。

Several recent customer wins are a direct benefit of arming the sales force with a broader set of use cases including some of the deals I just noted. Overall, we are pleased with our progress in these go-to-market areas. At the same time, we're only two quarters into these adjustments and we view ourselves as still being early in the pipeline development stages. We continue to support our go-to-market initiatives with increased awareness and customer engagement opportunities across multiple venues. Last month, thousands tuned in to watch our Power of Possible streaming event, which featured several locations around the world and included customers and partners like BT and DXC.

最近贏得的幾項客戶是用更廣泛的用例（包括我剛才提到的一些交易）武裝銷售人員的直接好處。總體而言，我們對這些市場進入領域的進展感到滿意。同時，我們的這些調整才剛剛兩個季度，我們認為自己仍處於管道開發階段的早期階段。我們繼續透過在多個場所提高意識和客戶參與機會來支持我們的市場推廣計劃。上個月，數千人收看了我們的 Power ofpossible 串流活動，該活動在全球多個地點進行，包括 BT 和 DXC 等客戶和合作夥伴。

We focused on customer success stories, highlighting our latest innovations in several areas. First is a dramatically involved user experience with simplified dashboards, streamlined navigation and an updated interface that brings the power of Dynatrace to a wider audience. These advancements make it easier for users to access the insights they need to dive into their data, analyze it in context and drive intelligent automation. Second is next-generation log management and analytics.

我們專注於客戶的成功案例，強調我們在多個領域的最新創新。首先是透過簡化的儀表板、簡化的導航和更新的介面帶來顯著的使用者體驗，將 Dynatrace 的強大功能帶給更廣泛的受眾。這些進步使用戶能夠更輕鬆地獲取深入了解數據、在上下文中分析數據並推動智慧自動化所需的見解。其次是下一代日誌管理和分析。

With these advanced solutions, teams can derive greater value from logs faster and at enormous scale. Customers are now able to automatically ingest, manage and analyze logs without manual setup and without the need to understand query languages, integrating logs in context with other data types such as traces and metrics dramatically enriches AI-driven observability insights. And third, our expanded capabilities for cloud native teams that make it simpler for operations, SREs and platform engineering teams to access deeper ability insights within cloud workloads.

借助這些先進的解決方案，團隊可以更快、更大規模地從日誌中獲得更大價值。客戶現在能夠自動攝取、管理和分析日誌，無需手動設置，也無需了解查詢語言，將上下文中的日誌與追蹤和指標等其他資料類型集成，極大地豐富了人工智慧驅動的可觀察性見解。第三，我們為雲端原生團隊擴展了功能，使營運、SRE 和平台工程團隊能夠更輕鬆地獲取雲端工作負載中更深入的能力洞察。

These enhancements enable organizations to stand left from operations to development teams, to leverage the Dynatrace platform through purpose-built apps for Kubernetes and cross hyperscaler observability. In addition, these capabilities allow developers to drive automated actions through integrations with AWS, GitHub, GitLab, and others to build and maintain more resilient and reliable software. And finally, over the past two months, we had over 2,000 customers and partners attend our regional innovate conferences across six locations globally. These events always make us better by hearing directly from who use our platform to ensure we best prioritize future investments.

這些增強功能使組織能夠從營運團隊到開發團隊，透過專門建立的 Kubernetes 應用程式和跨超大規模可觀察性來利用 Dynatrace 平台。此外，這些功能允許開發人員透過與 AWS、GitHub、GitLab 等整合來驅動自動化操作，以建立和維護更具彈性和可靠的軟體。最後，在過去的兩個月裡，我們有超過 2,000 名客戶和合作夥伴參加了我們在全球六個地點舉行的區域創新會議。這些活動總是透過直接聽取我們平台用戶的意見來讓我們變得更好，以確保我們最好地優先考慮未來的投資。

To wrap up, we had a strong first half, and we remain highly enthusiastic about the opportunity ahead. We believe the market is playing to our strengths by moving toward fewer solutions with a growing need for actionable insights and visibility. And we believe the power of our AI-driven end-to-end observability platform makes an enormous difference.

總而言之，我們上半場表現強勁，我們對未來的機會仍然充滿熱情。我們相信，市場正在透過轉向更少的解決方案來發揮我們的優勢，同時對可行的見解和可見性的需求不斷增長。我們相信，人工智慧驅動的端到端可觀測平台的力量會帶來巨大的改變。

Jim, over to you.

吉姆，交給你了。

Thank you, Rick, and good morning, everyone. Q2 was another quarter of consistent execution by the Dynatrace team as we once again surpassed the high end of all our top line growth and profitability guidance metrics. Our ability to execute successfully in this dynamic macro environment is a testament to the growing criticality of observability in the market.

謝謝你，瑞克，大家早安。第二季度是 Dynatrace 團隊持續執行的另一個季度，我們再次超越了所有營收成長和獲利指導指標的高端。我們在這個動態的宏觀環境中成功執行的能力證明了市場可觀察性日益增長的重要性。

Our highly differentiated AI-driven observability platform, our global team's ability to demonstrate exceptional business value to our customers and the strength and durability of our balanced business model with healthy growth and profitability.

我們高度差異化的人工智慧驅動的可觀察性平台，我們的全球團隊向客戶展示卓越商業價值的能力，以及我們平衡業務模式的實力和持久性以及健康的成長和獲利能力。

Now let's review the second quarter results in more detail. Please note the growth rates referenced will be year over year and in constant currency, unless otherwise stated. Annual recurring revenue, or ARR, was $1.62 billion up 19% year over year. This is an increase of $273 million compared to the same period last year and above our expectations driven by solid expansion bookings, particularly in Europe, and an improvement in booking seasonality related to our move to six-month sales compensation cycles.

現在讓我們更詳細地回顧第二季的業績。請注意，除非另有說明，所引用的成長率將以固定貨幣計算的逐年增長率。年度經常性收入 (ARR) 為 16.2 億美元，年增 19%。與去年同期相比，這一數字增加了2.73 億美元，超出了我們的預期，這是由於預訂量（尤其是歐洲）的強勁擴張所推動的，以及與我們轉向六個月銷售補償週期相關的預訂季節性的改善。

Q2 net new ARR on a constant currency basis was $61 million, up 3% year over year, bringing net new ARR in the first half of fiscal 2025 to $106 million, up 10% year over year. In Q2, we added 143 new logos to the Dynatrace platform. As we have shared in the past, we target landing high-quality new logos that have a greater propensity to expand. In Q2, average ARR per new logo came in at roughly $130,000 on a trailing 12-month basis, in line with our target land size. Our experience has been that customers that land over $100,000 have the greatest propensity to expand.

第二季以固定匯率計算的淨新 ARR 為 6,100 萬美元，年增 3%，使 2025 財年上半年的淨新 ARR 達到 1.06 億美元，年增 10%。在第二季度，我們為 Dynatrace 平台添加了 143 個新標誌。正如我們過去所分享的，我們的目標是開發具有更大擴展潛力的高品質新徽標。第二季度，過去 12 個月每個新標誌的平均 ARR 約為 13 萬美元，與我們的目標土地規模一致。我們的經驗是，金額超過 10 萬美元的客戶最有可能進行擴張。

As Rick mentioned, we continue to attract enterprise customers that are looking to standardize on Dynatrace. They've outgrown their existing DIY or commercial tooling solutions and are coming to Dynatrace for the depth, breadth and automation of our end-to-end observability platform.

正如 Rick 所提到的，我們繼續吸引希望在 Dynatrace 上實現標準化的企業客戶。他們的現有 DIY 或商業工具解決方案已經無法滿足需求，因此來到 Dynatrace 尋求我們端到端可觀測平台的深度、廣度和自動化。

Turning now to retention. Gross retention rate remained stable in the mid-90s, demonstrating the strong customer value inherent in our offerings. Net retention rate came in at 112% in the second quarter, slightly above expectations, driven by early expansions incentivized by our move to six-month sales compensation cycle.

現在轉向保留。毛保留率在 90 年代中期保持穩定，這證明了我們的產品固有的強大客戶價值。第二季的淨保留率達到 112%，略高於預期，這是由於我們轉向六個月銷售補償週期所激勵的早期擴張所推動的。

Our DPS licensing model is rapidly gaining traction. We closed roughly 250 DPS deals globally in Q2. Total DPS customers now represent nearly 30% of our customer base and 15% of our ARR. We believe DPS customers with full access to our platform will trial more platform capabilities and adopt Dynatrace more broadly within their IT environments. This should lead to faster consumption, possibly an earlier expansion and a future net retention rate accretion. And we're seeing early signs of this playing out with DPS customers leveraging twice the amount of capabilities and growing consumption at two times rate compared to our SKU-based customers.

我們的 DPS 授權模式正在迅速獲得關注。第二季度，我們在全球完成了約 250 筆 DPS 交易。現在，DPS 客戶總數占我們客戶群的近 30%，占我們 ARR 的 15%。我們相信，能夠完全存取我們平台的 DPS 客戶將嘗試更多平台功能，並在其 IT 環境中更廣泛地採用 Dynatrace。這應該會導致更快的消費，可能會導致更早的擴張和未來的淨保留率增加。我們看到了這種情況的早期跡象，與我們基於 SKU 的客戶相比，DPS 客戶利用了兩倍的功能，並且消費量以兩倍的速度成長。

We also see DPS as a catalyst for customers adopting our emerging and adjacent solutions. As Rick highlighted, a major US airline signed a seven-figure DPS expansion this quarter. Through their original DPS contract, they were able to trial logs on Grail, which delivered immediate value from having contextual analytics across data types. The flexibility to trial through DPS led to their decision to deploy Dynatrace end-to-end and displace their existing log management and other open source tools.

我們也認為 DPS 是客戶採用我們新興和相關解決方案的催化劑。正如 Rick 所強調的那樣，美國一家大型航空公司本季簽署了七位數的 DPS 擴張協議。透過最初的 DPS 合同，他們能夠在 Grail 上試用日誌，這透過跨資料類型的上下文分析提供了即時價值。透過 DPS 進行試驗的靈活性導致他們決定端到端部署 Dynatrace 並取代現有的日誌管理和其他開源工具。

Moving on to revenue. Total revenue for the second quarter was $418 million, up 19% year over year and exceeding the high end of guidance by $11 million, and subscription revenue for the quarter was $400 million, up 20% year-over-year and exceeding the high end of guidance by $10 million. The revenue upside was driven by strong bookings performance and a modest benefit from DPS on-demand consumption for customers reaching their annual spend commitments early.

轉向收入。第二季總營收為 4.18 億美元，年增 19%，超出指導上限 1,100 萬美元；本季訂閱營收為 4 億美元，年成長 20%，超過指引上限1,000萬美元的指引。營收成長的推動因素是強勁的預訂業績以及 DPS 按需消費為客戶提前實現年度支出承諾帶來的適度收益。

Shifting to margins. Non-GAAP gross margin for the second quarter was 85%, in line with the prior quarter and prior year. Non-GAAP income from operations for the second quarter was $131 million, $15 million above the high end of our guidance range driven by revenue upside and lower payroll spend associated with the timing of hiring in the quarter. This resulted in a non-GAAP operating margin of 31%, exceeding the top end of the guidance range by more than 250 basis points. Non-GAAP net income was $113 million or $0.37 per diluted share. This was $0.04 above the high end of our guidance range.

轉向邊緣。第二季非 GAAP 毛利率為 85%，與上一季及去年同期持平。第二季非公認會計原則營運收入為 1.31 億美元，比我們指導範圍的上限高出 1500 萬美元，這是由於收入增長和與本季度招聘時間相關的工資支出減少所推動的。這導致非 GAAP 營業利潤率為 31%，超出指導範圍上限 250 個基點以上。非 GAAP 淨利為 1.13 億美元，或攤薄後每股收益 0.37 美元。這比我們指導範圍的上限高出 0.04 美元。

We generated $20 million of free cash flow in the second quarter. Due to seasonality and variability in billings quarter to quarter, we believe it is best to view free cash flow over a trailing 12-month period. On a trailing 12-month basis, free cash flow was $436 million or 28% of revenue. As a reminder, this includes a 600 basis point impact related to cash taxes. Pretax free cash flow on a trailing 12-month basis was 34% of revenue and up 39% year over year.

第二季我們產生了 2000 萬美元的自由現金流。由於季度帳單的季節性和變​​化性，我們認為最好查看過去 12 個月期間的自由現金流。過去 12 個月的自由現金流為 4.36 億美元，佔營收的 28%。提醒一下，這包括與現金稅相關的 600 個基點的影響。過去 12 個月的稅前自由現金流佔營收的 34%，年增 39%。

Finally, a brief update on our $500 million share repurchase program. In Q2, we repurchased 835,000 shares for $40 million at an average share price of $47.90. Since the inception of the program in May 2024 through September 30, we repurchased 1.9 million shares for $90 million at an average share price of $46.71. We plan to continue to buy back shares opportunistically based on market conditions, underscoring our confidence in the business, our conviction in the long-term opportunity ahead and commitment to delivering shareholder value.

最後，簡單介紹一下我們 5 億美元的股票回購計畫。第二季度，我們以 4,000 萬美元的價格回購了 835,000 股股票，平均股價為 47.90 美元。自該計劃於 2024 年 5 月啟動至 9 月 30 日期間，我們以 46.71 美元的平均股價回購了 190 萬股股票，耗資 9,000 萬美元。我們計劃繼續根據市場狀況擇機回購股票，強調我們對業務的信心、對未來長期機會的信念以及對實現股東價值的承諾。

Moving now to guidance. Let me walk through some of the key assumptions and insights underpinning our updated guidance. First, we do not assume a material change in the macro environment. While the observability demand environment remains healthy, enterprises continue to be cautious in their spending. Second, we continue to benefit from the growing trend of large observability architecture and vendor consolidation deals.

現在轉向指導。讓我來介紹一下支撐我們更新指南的一些關鍵假設和見解。首先，我們不假設宏觀環境發生重大變化。儘管可觀察性需求環境依然健康，但企業在支出方面仍保持謹慎態度。其次，我們持續受惠於大型可觀測性架構和供應商整合交易的成長趨勢。

As we have said in the past, these deals equally come with an increased level of timing variability. Third and most importantly, from a go-to-market perspective, we continue to work through the maturation of the go-to-market adjustments we made at the beginning of the fiscal year. Through the first half, we are pleased with how our team has executed while minimizing disruption as we implemented these changes.

正如我們過去所說，這些交易同樣伴隨著時間變異性的增加。第三，也是最重要的一點，從進入市場的角度來看，我們將繼續努力使我們在本財年之初所做的進入市場調整變得成熟。整個上半年，我們對我們的團隊在實施這些變革時的執行情況感到滿意，同時最大限度地減少了乾擾。

Having said that, this is still an ongoing progression. We are mindful that more than 30% of our accounts transition to new sales reps, and it takes time to establish relationships and positively impact sales performance. In addition, the acceleration of hiring new sales capacity has resulted in a higher mix of less tenured and therefore, less productive reps compared to historic levels. Further, as part of our go-to-market changes, we introduced six-month sales compensation cycles. This resulted in an improvement in bookings seasonality in the first half, but it's unclear the magnitude of impact these semiannual sales plans will have in the back half of the fiscal year.

話雖如此，這仍然是一個持續的進展。我們注意到，超過 30% 的客戶已過渡到新的銷售代表，建立關係並對銷售業績產生積極影響需要時間。此外，與歷史水準相比，加速招募新的銷售人員導致任期較短的代表數量增多，因此生產力也較低。此外，作為我們進入市場變革的一部分，我們引入了六個月的銷售補償週期。這導致上半年預訂季節性改善，但尚不清楚這些半年度銷售計畫將在本財年下半年產生多大影響。

Factoring this all in, we believe it is best to maintain a prudent posture on ARR guidance and not get ahead of ourselves until the benefits of these changes manifest in an improvement in sales productivity. And with that, let's start with our updated guidance for the full year with growth rates in constant currency. We are maintaining our ARR guidance of $1.72 billion to $1.735 billion, representing 15% to 16% growth year over year. For net new ARR, we expect Q4 to be higher than Q3, consistent with the second half of fiscal 2024. We are raising our revenue guidance by 100 basis points to account for the strength in our second quarter performance.

考慮到這一切，我們認為最好對 ARR 指導保持審慎態度，不要超前，直到這些變化的好處體現在銷售生產力的提高上。接下來，讓我們從以固定匯率計算的全年成長率的更新指引開始。我們維持 17.2 億至 17.35 億美元的 ARR 指引，年增 15% 至 16%。對於淨新 ARR，我們預計第四季將高於第三季度，與 2024 財年下半年一致。我們將營收指引上調 100 個基點，以反映第二季業績的強勁表現。

We are raising total revenue by approximately $19 million at the midpoint to $1.67 billion to $1.68 billion, and we are raising our subscription revenue guidance by $17 million at the midpoint to $1.59 billion to $1.6 billion, both now representing 17% to 18% growth year over year. This ARR and revenue guidance factors in foreign exchange rates as of October 31, resulting in no material changes compared to our prior full year guidance.

我們將總收入中位數提高約1,900 萬美元，達到16.7 億美元至16.8 億美元，我們將訂閱收入指導值中位數提高1,700 萬美元，達到15.9 億美元至16 億美元，兩者目前均代表17%至18% 的成長率一年多了。此 ARR 和收入指引考慮了截至 10 月 31 日的匯率，與我們先前的全年指引相比沒有重大變化。

Turning to our bottom line. The strength and resilience of our financial model are evident in our ongoing margin performance. We continue to invest in future growth opportunities while finding efficiencies in other areas. We continue to prioritize our investments in R&D innovation, customer success and strategic go-to-market areas such as GSI partnerships, demand generation activities and targeted sales capacity. With this in mind, we are raising our full year non-GAAP operating income guidance by $7 million. This translates to non-GAAP operating margin guidance of 28% to 28.25%, up roughly 25 basis points at the high end of the range.

轉向我們的底線。我們財務模型的實力和彈性在我們持續的利潤率表現中顯而易見。我們繼續投資未來的成長機會，同時尋找其他領域的效率。我們繼續優先考慮對研發創新、客戶成功和策略進入市場領域的投資，例如 GSI 合作夥伴關係、需求產生活動和目標銷售能力。考慮到這一點，我們將全年非 GAAP 營業收入指引提高了 700 萬美元。這意味著非 GAAP 營業利潤率指引為 28% 至 28.25%，較該範圍的上限上升約 25 個基點。

We are raising non-GAAP EPS guidance to $1.31 to $1.33 per diluted share, representing an increase of $0.04 at the midpoint of the range. This non-GAAP EPS is based on a diluted share count of 303 million to 305 million shares. This EPS and share count guidance excludes the impact of any share repurchases in Q3 and Q4 due to the opportunistic nature of our program. We are raising free cash flow guidance to $393 million to $404 million, an increase of $6.5 million at the midpoint, representing a free cash flow margin of 23.5% to 24% of revenue.

我們將非 GAAP 每股稀釋每股盈餘指引上調至 1.31 美元至 1.33 美元，相當於該範圍的中點增加了 0.04 美元。此非公認會計準則每股盈餘是基於 3.03 億至 3.05 億股的稀釋股數。由於我們計劃的機會主義性質，本每股收益和股票數量指引不包括第三季和第四季任何股票回購的影響。我們將自由現金流指引提高至 3.93 億美元至 4.04 億美元，中間增加了 650 萬美元，相當於收入的 23.5% 至 24% 的自由現金流利潤率。

Excluding the expected 650 basis point impact from cash taxes, this represents a pretax free cash flow margin of 30% to 30.5%. As a reminder, our first and fourth quarters tend to be our seasonally strongest cash-generating quarters with our second and third quarters being our lowest. We expect third-quarter free cash flow to be lower than historic levels due to timing of billings and cash tax payments.

排除現金稅帶來的 650 個基點的預期影響，這意味著稅前自由現金流率為 30% 至 30.5%。提醒一下，我們的第一季和第四季往往是季節性最強的現金產生季度，而第二季和第三季則是最低的。由於帳單和現金稅繳納的時間安排，我們預計第三季自由現金流將低於歷史水準。

Looking at Q3, we expect total revenue to be between $425 million and $428 million. Subscription revenue is expected to be between $407 million and $410 million. From a profit standpoint, non-GAAP income from operations is expected to be between $117 million to $120 million or 27.5% to 28% of revenue. Non-GAAP EPS is expected to be $0.32 to $0.33 per diluted share. In summary, we are pleased with our second quarter fiscal 2025 performance.

展望第三季度，我們預計總營收將在 4.25 億美元至 4.28 億美元之間。訂閱收入預計在 4.07 億美元至 4.1 億美元之間。從利潤角度來看，非 GAAP 營運收入預計在 1.17 億美元至 1.2 億美元之間，佔營收的 27.5% 至 28%。非 GAAP 稀釋後每股盈餘預計為 0.32 至 0.33 美元。總之，我們對 2025 財年第二季的業績感到滿意。

We have a proven track record of consistent execution. While we remain prudent in our approach to the near-term outlook, we continue to be optimistic about the growth opportunity in front of us and the maturation of our go-to-market evolution to go after it.

我們擁有一致執行的良好記錄。儘管我們對近期前景保持審慎態度，但我們仍然對我們面前的成長機會以及我們進入市場的成熟過程持樂觀態度。

And with that, we will open the line for questions. Operator?

接下來，我們將開通提問專線。操作員？

(Operator Instructions) Pinjalim Bora, JPMorgan.

（操作員指令）Pinjalim Bora，摩根大通。

Congrats on a solid quarter. Jim, I just wanted to learn a little bit more about the ARR or decision to not raise the ARR guide. You had a pretty solid Q2. It seems like the unbilled RPO build sequentially seems massive. I understand the prudence stands, but it sounds like you're a little bit more cautious about the second half despite having completed kind of the first half of all the changes on the sales side and things are looking good.

恭喜季度業績穩健。Jim，我只是想更多地了解 ARR 或不提高 ARR 指南的決定。你的第二季表現相當不錯。未開票的 RPO 構建似乎是巨大的。我理解謹慎的立場，但聽起來你對下半年更加謹慎，儘管已經完成了銷售方面所有變化的上半年，而且情況看起來不錯。

So I wanted to just understand if there is something in the sales cycle, pipeline conversion rates that you're seeing that gives you caution for the second half or maybe was there a pull-forward of deals into Q2 from the second half because of the half yearly quota structure? Any color would be helpful.

因此，我想了解您所看到的銷售週期、通路轉換率中是否存在某些因素讓您對下半年保持謹慎，或者是否由於半年配額結構？任何顏色都會有幫助。

Thanks for the question, Pinjalim. I tried to provide a bit of an outline of that kind of in the opening remarks that I'll just start with. We had a very strong Q2. We had a very strong half one. Our sales team has executed very well.

謝謝你的提問，平賈利姆。我試圖在我將要開始的開場白中提供一些類似的概述。我們的第二季表現非常強勁。我們有一個非常強大的半場。我們的銷售團隊執行得非常好。

We've seen no disruption from the go-to-market changes. So certainly, you've seen companies that have gone through go-to-market changes where there's been disruption. I think we've executed very well through the first six months of the changes that we've made. So very pleased with that.

我們沒有看到上市變化帶來的干擾。當然，您已經看到一些公司經歷了進入市場的變革，但也出現了混亂。我認為我們在前六個月的變革中執行得非常好。對此非常滿意。

Relative to maintaining the guide, I really would position it much more, as I outlined, as just being prudent, these changes that we made, while there's been no disruption, we do have a lot of reps with new accounts. And they've only had these accounts for six months. We have a lot more new reps in the company with the changes that we made, we made changes that introduced new reps that are now in some of these strategic accounts. So we have more, kind of, call it, zero to one-year tenured reps than we historically have. And you did mention an area that was also a benefit that we moved to two six-month compensation plans.

相對於維護指南，我確實更願意將其定位為更加謹慎，正如我所概述的那樣，我們所做的這些更改雖然沒有造成任何干擾，但我們確實有很多代表擁有新帳戶。他們擁有這些帳戶的時間只有六個月。隨著我們所做的改變，我們公司有了更多的新代表，我們所做的改變引入了新的代表，這些代表現在已經出現在其中一些策略客戶中。因此，我們擁有比歷史上更多的、可以稱之為零到一年任期的代表。您確實提到了一個領域，這也是我們轉向兩個六個月補償計劃的一個好處。

And we do believe that we did receive some benefit from a linearity and seasonality perspective, whereas normally 40% of our net new ARR happens in the first half and 60% in the second half, I do think we got some benefit from moving to two six-month plans. It's difficult to completely size. But I would just say we don't want to get ahead of ourselves. We are very optimistic about, one, the changes that we've made; two, the opportunities that are in front of us. We're just being a bit cautious. We're not worried. We're just being cautious.

我們確實相信，我們確實從線性和季節性角度獲得了一些好處，而通常我們的淨新ARR 的40% 發生在上半年，60% 發生在下半年，我確實認為我們從轉向兩個方面獲得了一些好處六個月的計劃。很難完全確定尺寸。但我只想說，我們不想超越自己。我們對我們所做出的改變非常樂觀；二是擺在我們面前的機會。我們只是有點謹慎。我們並不擔心。我們只是保持謹慎。

Understood. If I can have a follow-up. Can you talk maybe about the adoption curve of the DPS customers across the portfolio? Just trying to understand how does the consumption curve look like for logs and AppSec related to kind of your core products?

明白了。如果我能有後續的話。您能否談談 DPS 客戶在整個產品組合中的採用曲線？只是想了解與您的核心產品類型相關的日誌和應用程式安全的消耗曲線是什麼樣的？

I think we shared with this before that one consumption on the platform in total is growing significantly faster than our ARR growth. So consumption in aggregate is very healthy. As you can expect, consumption for the emerging products is growing significantly faster than that. Now admittedly, it's on a smaller number. So good traction in aggregate.

我想我們之前就說過，平台上的總消費成長速度明顯快於我們的 ARR 成長速度。所以消費總量是非常健康的。正如你所預料的那樣，新興產品的消費成長速度明顯快於此速度。現在不可否認的是，這個數字已經減少了。總的來說，牽引力非常好。

And then within our emerging products, we have very good growth. We are growing significantly faster in logs, which doesn't surprise us then in application security that we now have nearly 25% of our customer base on our logs products.

然後在我們的新興產品中，我們有非常好的成長。我們在日誌方面的成長速度顯著加快，這在應用程式安全方面並不令我們感到驚訝，因為我們現在有近 25% 的客戶群使用我們的日誌產品。

We've talked about the adoption curve of customers that start small and then grow. We're seeing a building number of customers that are spending more with logs once they see the benefit of our log solutions. We did announce on some advanced analytics for our log products. We have announced kind of a new pricing model for customers that want -- think of it as more of an all-you-can-eat model. So we're very, very optimistic with the emerging products. And in particular, we think the logs market, in particular, is ripe for us to gain share.

我們已經討論了從小規模開始然後不斷成長的客戶採用曲線。我們看到越來越多的客戶在看到我們的日誌解決方案的好處後在日誌上花費更多。我們確實宣布了針對我們的日誌產品的一些高級分析。我們已經為想要的客戶宣布了一種新的定價模式——將其視為一種無限供應的模式。所以我們對新興產品非常非常樂觀。特別是，我們認為原木市場對於我們獲得份額的時機已經成熟。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

This is [Bo Yen] on for Brent Thill. I guess the first one would be, for the go-to-market changes, you talked about a lot on the Global 500 segment. But for the rest were covering the account slightly below that segment. Any color on sort of what changes you've made there, maybe like the rep to account ratio for that segment right below and any productivity gaps that still need to be addressed there?

我是布倫特希爾 (Brent Thill) 的 [Bo Yen]。我想第一個是，對於進入市場的變化，您在全球 500 強領域談論了很多。但其餘的則涵蓋略低於該部分的帳戶。您在那裡所做的任何改變有什麼顏色，也許就像下面該細分市場的代表與客戶比率以及仍然需要解決的任何生產力差距？

Yes. I think we talked about that a couple of quarters ago, but just to remind you that -- so with the changes that we made that we made the changes that the number of accounts per rep in the top of the pyramid used to be about 8% to 10%. With adding more resources into that area or that segment, we now have about four to five accounts per rep, which we think is the right ratio to get more depth of penetration with our installed base customers and in some cases, customers that we don't have in the IT 500 that we can go penetrate.

是的。我想我們幾個季度前就討論過這個問題，但只是為了提醒您 - 因此，透過我們所做的更改，我們做出了更改，金字塔頂部每個代表的帳戶數量過去約為 8 % 至10% 。透過在該領域或該細分市場中添加更多資源，我們現在每個代表大約有四到五個客戶，我們認為這是正確的比例，可以更深入地滲透我們的已安裝客戶群，在某些情況下，我們不了解的客戶。

Relative to the accounts below that, it hasn't changed fundamentally the number of accounts per rep. It's still a model you can -- that you have fewer accounts per rep top of the pyramid, much more of an account-based, account-focused, account plan oriented model.

相對於下面的帳戶，它並沒有從根本上改變每個代表的帳戶數量。它仍然是一個可以實現的模型——金字塔頂端的每個代表擁有的客戶數量較少，更多的是基於客戶、以客戶為中心、以客戶計劃為導向的模型。

And then below that is more of a territory oriented model. So no fundamental changes in that other than what I would say is we continue to look to that segment of the market and even below that to get broader penetration through leveraging partners, hard to certainly help us in the IT 500 when you're working with the GSI, but some of the regional partners and our other partners can help us and get more tracking below the IT 500 as well. So those are just some of the changes that we made.

再往下是更多以地域為導向的模型。因此，除了我想說的是，我們將繼續關注該細分市場，甚至低於該細分市場，以通過利用合作夥伴獲得更廣泛的滲透，這並沒有根本性的變化，當您與您合作時，很難肯定會幫助我們躋身IT 500 強。這些只是我們所做的一些改變。

Yes. This is worth highlighting that we focus on three areas, as I mentioned in the prepared remarks, segmentation partners as well as go-to-market motion, go-to-market motions. We're oriented around elements like end-to-end observability, of course, application performance monitoring and cloud native. And this is really a package of go-to-market motions that we're putting in place across the portfolio, include some of the enterprise accounts as well as the IT 500 accounts.

是的。值得強調的是，正如我在準備好的發言中提到的那樣，我們重點關註三個領域，細分合作夥伴以及上市動議。我們以端到端可觀察性等元素為導向，當然還有應用程式效能監控和雲端原生。這實際上是我們在整個產品組合中實施的一攬子上市動議，包括一些企業客戶以及 IT 500 強客戶。

And then on DPS, I guess the question is you've seen consumption pick up for the customers who are on DPS. But any customer feedback or early feedback from customers on how DPS has been received among larger spending customers. And separately, on the net new logo side, the DPS have any impact to your average landing ARR?

然後關於 DPS，我想問題是您已經看到使用 DPS 的客戶的消費增加。但任何客戶回饋或客戶的早期回饋都顯示大額消費客戶如何接受 DPS。另外，在網路新標誌方面，DPS對你的平均登陸ARR有什麼影響？

Yes. DPS continues to outpace expectations, to be honest. We have 30% of our customers, 50% of ARR now on DPS. We launched it just in April of last year. So we are on the order of 18 months in and half of our ARR is on DPS.

是的。老實說，DPS 繼續超出預期。我們 30% 的客戶、50% 的 ARR 現在都在 DPS 上。我們是去年四月才推出的。因此，我們的 ARR 大約為 18 個月，一半用於 DPS。

And it is driving around two times consumption growth relative to non-DPS deployment of our legacy pricing model, which was SKU based. So we're very excited to see the DPS adoption and pick up. It gives customers much more flexibility to deploy more capabilities more rapidly and consume faster with less friction. So we're delighted with the DPS evolution.

相對於我們基於 SKU 的傳統定價模式的非 DPS 部署，它推動的消費成長約為兩倍。因此，我們非常高興看到 DPS 的採用和回升。它為客戶提供了更大的靈活性，可以更快速地部署更多功能，並以更少的摩擦更快地消費。所以我們對 DPS 的演變感到高興。

Yes. The only thing I'd add to your last point about new logos that we still average about 70% of our new logos land with DPS. So we still have a very high percentage of new logos at land. And I'd say the land size isn't higher or lower because they're landing with DPS or non-DPS. Again, it's much more a function of what customers are interested in.

是的。關於新徽標，我要在最後一點中補充的唯一一點是，我們仍然平均有 70% 的新徽標帶有 DPS。因此，我們在陸地上的新標誌比例仍然很高。我想說的是，土地面積並不更高或更低，因為它們以 DPS 或非 DPS 著陸。同樣，它更多地取決於客戶的興趣。

And what I would tell you is that it's important for investors to know that this is a journey to Rick's point, we started in April last year, kind of 1.5 years in. We had to go through an evolution of getting the sales organization comfortable going from a SKU-based model selling to a model where they're selling kind of a completely different way of contracting.

我要告訴你的是，對於投資者來說，重要的是要知道這是一個達到 Rick 觀點的旅程，我們從去年 4 月開始，大約 1.5 年了。我們必須經歷一場變革，讓銷售組織適應從基於 SKU 的銷售模式轉變為以完全不同的合約方式進行銷售的模式。

And the good news is, it is now muscle memory for the sales organization to sell DPS. So there's no more learning curve or obstacles. They're quite proficient at doing that. So this is likely to be the common contracting vehicle. And again, we look at the demonstration of what we've shown is that if they can land with DPS, we find that they expand faster.

好消息是，銷售 DPS 現在已成為銷售組織的肌肉記憶。因此，不再有學習曲線或障礙。他們非常擅長這樣做。因此，這很可能是常見的承包工具。再次，我們看一下我們所展​​示的演示，如果他們能夠以 DPS 落地，我們發現他們擴張得更快。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

I wanted to stick on DPS again. You mentioned that it's -- we've sort of 18 months into the launch. In terms of customers sort of renewing on DPS, what are sort of the trend lines there after you get that first full year of experience under DPS pricing. Any sort of trend lines that you've seen when customers start to renew, is that resulting in an uplift of expansion given the stronger underlying consumption trend?

我想再次堅持DPS。您提到，我們發布該產品已經有 18 個月了。就客戶續約 DPS 而言，在您獲得 DPS 定價的第一整年經驗後，趨勢線是什麼樣的。當客戶開始續約時，您看到的任何類型的趨勢線，考慮到更強勁的潛在消費趨勢，是否會導致擴張的提升？

It's a great question. And the answer is that we have higher expansion rates for DPS customers than non-DPS customers that will start with that. So your comment about the cohort classes that were maybe from Q1 and Q2 of last year. We have found that, in aggregate, our DPS customers just expand at a significantly greater rate. Now having said that, I have to be balanced that it is a bit of a skewed sample size in the sense that the customers that you move over to the DPS initially, we're probably customers that were already customers that love Dynatrace and would have expanded significantly anyways.

這是一個很好的問題。答案是，與非 DPS 客戶相比，我們為 DPS 客戶提供的擴張率更高。因此，您對可能來自去年第一季和第二季的隊列課程的評論。我們發現，總的來說，我們的 DPS 客戶的擴張速度要快得多。話雖如此，我必須平衡一下，樣本量有點偏，因為您最初轉移到 DPS 的客戶，我們可能已經是喜歡 Dynatrace 的客戶，並且會擁有無論如何都顯著擴大了。

But having said that, we've certainly seen that we're expanding faster. And more importantly, we're finding that more customers are leveraging more capabilities of that form, which means they're trying things, they're trialing things.

但話雖如此，我們確實看到我們的擴張速度更快。更重要的是，我們發現越來越多的客戶正在利用這種形式的更多功能，這意味著他們正在嘗試新事物，他們正在嘗試新事物。

We talked about a couple things in the prepared remarks where the ability for them to trial without having to go through a sales cycle, ultimately has led in a few cases to larger expansions. We mentioned one in the prepared remarks for logs. And I think we mentioned the logs one in our last quarter call. So we're very pleased with the traction with the DPS and do believe that this is the right contracting vehicle for most customers.

我們在準備好的評論中談到了一些事情，即他們無需經歷銷售週期即可進行試用的能力，最終在某些情況下導致了更大規模的擴張。我們在準備好的日誌備註中提到了這一點。我想我們在上一季的電話會議中提到了日誌。因此，我們對 DPS 的吸引力非常滿意，並且相信這對大多數客戶來說是正確的承包工具。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Just wanted to double-click on the sales front. Would that change to the six-month comp plans, do you feel like anything was pulled into Q2 that may be causing a lower-than-normal pipeline heading into the back half? Or is pipeline still growing pretty healthy and those Q2 deals were more just a healthy result of the new comp plan. Just trying to understand the puts and takes around that.

只是想雙擊銷售介面。這會改變六個月的補償計劃嗎？或者管道是否仍然增長得相當健康，而這些第二季度的交易更多地只是新補償計劃的健康結果。只是想了解圍繞這一點的投入和採取。

No, it's a great question. I would say that the demand environment is still quite healthy. So when we look at kind of pipeline and our pipeline coverage ratios, they're very consistent half one versus half two. So don't view it as there's really been a change in pipeline as a result of moving to two six-month cycles. I do think, as I said in my commentary, I do think we did see a benefit in the first half from deals that otherwise historically would have been booked in the second half were accelerated into the first half because it was an incentive for the sales organization to do that.

不，這是一個很好的問題。我想說，需求環境仍然相當健康。因此，當我們查看管道類型和管道覆蓋率時，它們非常一致，半一與半二。因此，不要將其視為由於轉向兩個六個月週期而導致的管道確實發生了變化。我確實認為，正如我在評論中所說，我確實認為我們確實在上半年看到了好處，因為歷史上本來會在下半年預訂的交易加速到了上半年，因為這是對銷售的激勵組織來做到這一點。

It's difficult to size specifically because you don't know every deal and what would have moved. But I certainly believe we have seen a benefit in seasonality as a result of that which is kind of one of the reasons why we're being a bit cautious for the back half of the year. But I would say we're certainly very confident with the changes we made. We think two six-month sales cycles was the right move. We think all of the other sales segmentation changes we made with the right moves. It's just a matter of allowing this model to mature before we get ahead of ourselves.

很難具體確定規模，因為您不知道每筆交易以及會發生什麼變化。但我當然相信我們已經看到了季節性的好處，這也是我們對今年下半年持謹慎態度的原因之一。但我想說，我們對我們所做的改變非常有信心。我們認為兩個六個月的銷售週期是正確的舉措。我們認為我們所做的所有其他銷售細分變更都是正確的舉措。問題只是在我們超前之前讓這個模型成熟起來。

Sorry, I might add just a comment on overall pipeline drivers. One of the biggest pipeline drivers is going to be the maturity of our reps. And the account execs that we have in place now, which we've added and Jim alluded to this earlier, essentially an above-plan number of reps as we lean into this new segmentation model, we have about 30% of our reps with one year, 10 year or less. And typically, we see lower productivity for reps with lower tenure.

抱歉，我可能只是對整體管道驅動程式添加評論。最大的通路驅動因素之一將是我們所代表的成熟度。我們現在已經就位的客戶經理，我們已經添加了，吉姆之前提到過，當我們傾向於這種新的細分模型時，基本上是高於計劃的代表數量，我們大約有30% 的代表擁有一名年，10年或更短。通常情況下，我們會發現任期較短的銷售代表的生產力較低。

As those reps develop more tenure to get beyond the one-year cycle, then we would expect productivity to increase as well as pipeline. So this is precisely the game plan that we're putting in place associated with the go-to-market movement that we made earlier in this year.

隨著這些代表的任期越來越長，以超越一年的周期，我們預計生產力和管道都會增加。因此，這正是我們正在製定的與今年早些時候制定的上市行動相關的遊戲計劃。

Okay. That's helpful. And then great to hear partners now influence close to 75% of deals. I think that's uptick from about two-thirds last year. Could you talk about what you're seeing on the partner sourced deals front and if they're actually starting to lead more of those deals through the funnel?

好的。這很有幫助。很高興聽到合作夥伴現在影響著近 75% 的交易。我認為這一比例較去年的三分之二上升。您能否談談您在合作夥伴採購交易方面所看到的情況以及他們是否真的開始透過管道引導更多此類交易？

Yes, I'd say it's early. I think historically, we've seen about a third of the partner deals were sourced by the partner. In the first half of this year, that number was closer to half, not quite half of the first half. So we are seeing an increasing number of sourced deals. So I think again, talking about the maturation of the changes that Rick outlined with the segmentation changes, partners and the go-to-market motions or sales plays that I think we're getting traction across the board. Obviously, our goal is to make sure that the partner source continues to increase and their partners become more of a flywheel and an accelerant for growth in the company.

是的，我想說現在還早。我認為從歷史上看，我們看到大約三分之一的合作夥伴交易是由合作夥伴購買的。今年上半年，這個數字接近一半，而不是上半年的一半。因此，我們看到採購交易的數量不斷增加。因此，我再次思考，談論里克概述的變化的成熟度，包括細分變化、合作夥伴以及進入市場的動議或銷售活動，我認為我們正在全面獲得關注。顯然，我們的目標是確保合作夥伴來源不斷增加，讓他們的合作夥伴更成為公司成長的飛輪和加速器。

Brad Reback, Stifel.

布拉德雷巴克、斯蒂菲爾。

Jim, can you give us a sense as we think about the back half guidance, is there much contribution from consumption in there at all? Or is that all upside?

吉姆，當我們考慮後半部的指導時，您能否給我們一個感覺，其中到底有多少來自消費的貢獻？或者這就是全部的好處嗎？

When you say -- for the revenue guidance? or the ARR guidance?

當你說－收入指導？還是ARR指南？

Yes. Well, I was going to say in both, as well as NRR. Just how is all that captured in the P&L?

是的。好吧，我本來想說的是兩者，以及 NRR。損益表中到底是如何體現這些內容的呢？

So obviously, we've seen the benefit of DPS already in our results. So you saw for NRR. NRR was actually, call it, when you -- other than a few bps, it was relatively stable Q4 through Q2, call it 111 and change in Q4. Now we're kind of 112. So NRR is already seeing some of the benefits of not just EPS, but just customers that are consuming more and consuming faster. So again, going to your point about the second half. I think, Brad, we're just being cautious, to be honest, that we don't want to get ahead of ourselves. I don't want to apply to anyone on the call that we're worried about the back half.

顯然，我們已經在結果中看到了 DPS 的好處。所以你看到了 NRR。NRR 實際上是，當你——除了幾個基點之外，第四季度到第二季度相對穩定時，稱其為 111，並在第四季度發生變化。現在我們是112。因此，NRR 已經看到了一些好處，不僅是 EPS，還有消費更多且消費速度更快的客戶。再說一遍，談談下半場的觀點。布拉德，我認為我們只是保持謹慎，說實話，我們不想超越自己。我不想向電話中的任何人提出我們擔心後半部分的問題。

The maintaining guidance is just more a function of we want to allow the sales changes we've made to continue to season a bit less we get ahead of ourselves. So it is not a matter of we think that it's going to be a poor back half. It's just we want to make sure that we allow the changes that we've made, one, to mature. And two, to Rick's point, we have more reps that are new in their roles, and it does take a while to ramp. And we just want to make sure that we're building some level of prudence in what we're outlining so that we don't disappoint. Obviously, our objective is to do better than 15% to 16%.

維持指導更多的是我們希望讓我們所做的銷售變化繼續保持旺季的功能，而不是讓我們有點超前。所以這並不是我們認為後半場會很糟糕的問題。我們只是想確保我們所做的改變能夠成熟。第二，在里克看來，我們有更多的新代表，而且確實需要一段時間才能提升。我們只是想確保我們在概述的內容中保持一定程度的謹慎，這樣我們就不會失望。顯然，我們的目標是做得比 15% 到 16% 更好。

Got it. And then real quickly, we're hearing more about customers using Grail in the platform within line of business for actual operational analytics. Is that happening just organically? Or has that been a bit of a pivot by the sales force to pursue some of those opportunities?

知道了。然後很快，我們就聽到更多有關客戶在業務線平台中使用 Grail 進行實際營運分析的消息。這是自然發生的嗎？或者這是否是銷售人員尋求其中一些機會的一個支點？

Well, to start, Grail is used by essentially all of our cloud-based customers. If you're on AWS, you're on Azure, you're using Grail. So I'd like to piece apart any selection or election to use Grail for any customers who are SaaS-based customers because they're using it by definition. They then have more capabilities associated with Grail and especially if they're on DPS, they just have more capabilities to expand more broadly across the portfolio.

好吧，首先，我們幾乎所有基於雲端的客戶都在使用 Grail。如果您在 AWS 上，您在 Azure 上，您正在使用 Grail。因此，我想將任何使用 Grail 的選擇或選擇分解為所有基於 SaaS 的客戶，因為他們按照定義使用 Grail。然後，他們擁有更多與 Grail 相關的功能，特別是如果他們使用 DPS，他們就有更多的能力在整個產品組合中進行更廣泛的擴展。

So to get back to your question, I would say it really is organic expansion based on the notion that they're already used Grail. They have access to the breadth of the portfolio, and they're able to deploy it broadly from central IT all the way to developers and inclusive of departments. So the setup here enables precisely the kind of expansion that you're talking about.

回到你的問題，我想說這確實是基於他們已經使用 Grail 的概念的有機擴展。他們可以存取廣泛的產品組合，並且能夠將其廣泛部署，從中央 IT 一直到開發人員和各個部門。因此，這裡的設定恰好能夠實現您所討論的那種擴充。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. Let me try that again. I want to stay on that subject. As part of Grail, you obviously will likely get more logs. Like, what are you seeing on the log momentum for you guys? What are you seeing there in terms of one of the things from your customer conference in February, where that there was a lot of unhappiness with kind of the main log vendor out there that is now with a different entity. Do you see there more conversations already kind of that because you are innovating more that you're seeing more traction towards that?

完美的。讓我再試一次。我想繼續討論這個話題。作為 Grail 的一部分，您顯然可能會獲得更多日誌。就像，你們對你們的記錄動能有何看法？從 2 月客戶會議上的一件事來看，您看到了什麼，當時主要的日誌供應商現在與不同的實體有很多不滿。你是否看到已經有更多這樣的對話，因為你正在創新，你看到了更多的吸引力？

I love the question, Raimo. I'll take this one. The log area, we believe, absolutely to Jim's earlier point is very much ripe for disruption. I literally had a large bank out of Australia. The other day, CTO tell me that they were concerned about a meteoric rise in log price -- not pricing, but log cost overall from their existing vendor.

我喜歡這個問題，雷莫。我要這個。我們相信，對於吉姆之前的觀點來說，原木區域絕對是被破壞的時機。我確實在澳洲擁有一家大型銀行。有一天，技術長告訴我，他們擔心原木價格的急劇上漲——不是定價，而是現有供應商的原木整體成本。

This is an example, but a common piece of input that I get there is a strong desire to evolve logs in multiple dimensions. One of them is dimensioned toward integrating logs into AI-driven observability, which is to integrate it as part of your end-to-end observability platform, which gives you a better outcome based on AI analytics applied to all data types and this is precisely the value add that Dynatrace brings.

這是一個例子，但我得到的一個常見的輸入是強烈希望在多個維度上發展日誌。其中之一旨在將日誌整合到人工智慧驅動的可觀察性中，即將其集成為端到端可觀察性平台的一部分，這基於應用於所有資料類型的人工智慧分析為您提供更好的結果，這正是Dynatrace 帶來的附加價值。

The second piece then is from a cost perspective, which is in many customer cases out of control. So what we can do there is essentially through some of our new pricing models provide essentially included queries for a period of time, which basically makes the cost much more predictable and gets it in line. And this is another point of excitement from customers.

第二部分是從成本角度來看，這在許多客戶案例中是無法控制的。因此，我們能做的基本上是透過我們的一些新定價模型提供一段時間內基本上包含的查詢，這基本上使成本更加可預測並使其保持一致。這也是令顧客興奮的另一點。

So overall, we like what we see in the log space. As Jim mentioned, we're now at about 25% of our customer base. This is up about 20% sequentially quarter-over-quarter for us, in logs, and we see a huge opportunity ahead in this area to bring logs into the fray, more significantly for Dynatrace as we look ahead.

總的來說，我們喜歡在日誌空間中看到的內容。正如吉姆所提到的，我們現在的客戶群大約佔 25%。對我們來說，原木數量較上季成長了約 20%，我們看到這一領域存在著將原木納入競爭的巨大機會，展望未來，對 Dynatrace 來說更重要。

Okay. Perfect. And then maybe one for Jim, maybe what did you see on new logos this quarter? Like was there anything to call out for in terms of new logo momentum?

好的。完美的。然後也許是吉姆的一個，也許你在本季的新標誌上看到了什麼？就像新標誌的勢頭有什麼值得稱讚的嗎？

I would say that new logos were -- I would characterize new logos as a little bit light if I'm kind of balanced about it. But not surprising that when we made these sales segmentation changes, it's not surprising that the first traction that you're going to get with the segmentation changes is going to be in the installed base, not so much for new logos because your people are still accounts transition and you're still going through the prospecting phase. So I'd say decent lands.

我想說的是，如果我對此保持平衡的話，我會將新徽標描述為有點輕。但毫不奇怪的是，當我們進行這些銷售細分更改時，您將透過細分變更獲得的第一個牽引力將來自安裝基礎，這並不奇怪，對於新徽標而言並不那麼重要，因為您的員工仍然在帳戶轉換，而您仍在經歷勘探階段。所以我想說的是體面的土地。

I'd say the good news is we continue to land at a size that we believe has the highest propensity to expand, which is we know from experience that if we land over $100,000, that those customers tend to expand faster. And so good land sizes. I'd say the new logos on the unit side were just a little bit light. But again, I think that's a bit of a function of the maturation of the sales model changes and the building of pipeline.

我想說的好消息是，我們繼續以我們認為最有可能擴張的規模進行擴張，我們從經驗中知道，如果我們的規模超過 10 萬美元，這些客戶往往會擴張得更快。土地面積如此之大。我想說的是，單位側的新標誌有點輕。但我再次認為，這在某種程度上是銷售模式變革和通路建立成熟的結果。

Andrew Sherman, TD Cowen.

安德魯謝爾曼，TD·考恩。

Congrats on the quarter. Rick, you talked about having a lot more newer reps with less than one-year tenure. Has the churn of more tenured reps been fairly stable? Or is this just because of your hiring over the past few quarters? And Jim, sales and marketing expense was down quarter over quarter. Anything to call out there?

恭喜本季。里克（Rick），您談到了有更多任期不到一年的新代表。更多終身代表的流失是否相當穩定？或者這只是因為您過去幾個季度的招聘？吉姆，銷售和行銷費用環比下降。那裡有什麼要喊的嗎？

Yes, I'll take that. It's a good question. So I would say the -- this is not a kind of a churn in the sense of that we've seen this uptick in attrition. We've had to do a lot of new hiring. That's not what it's been at all. It's been more of when we made these account segmentation changes is a very different skill profile for someone that's selling into the strategic IT 500 accounts and someone that sells below that. So the adding capacity was more to fill roles. We certainly had some existing reps that could move up to do that. But we added capacity in that area largely from kind of new capacity. So that's kind of the change there.

是的，我會接受的。這是一個好問題。所以我想說，這並不是一種流失，因為我們已經看到了人員流失率的上升。我們不得不招募很多新人。事實根本不是這樣的。當我們進行這些客戶細分變更時，更多的是對於向策略性 IT 500 強客戶進行銷售的人員和向低於該策略客戶的人員進行銷售的人員來說，他們的技能概況非常不同。所以增加的能力更多的是為了填補角色。我們當然有一些現有的代表可以升職來做到這一點。但我們在該領域增加的產能主要來自於新產能。這就是那裡的變化。

So we're in a good position. The fact that we have a bit of a less tenured sales force that, again, we've shown that as they progress that obviously productivity improves. And you couple that with the fact that they have very rich accounts that they're selling into. I'd say there's room for optimism that we'll see some productivity improvement. Relative to sales and marketing spend, it happens seasonally.

所以我們處於有利的位置。事實上，我們的銷售人員任期較短，我們再次證明，隨著他們的進步，生產力明顯提高。再加上他們擁有非常豐富的銷售帳戶。我想說，我們有樂觀的空間，我們會看到生產力有所提升。相對於銷售和行銷支出，它是季節性的。

Seasonally, Q1 to Q2 sales and marketing spend goes down. We have our sales kickoff event in our first quarter being kind of the notable one. And so it's not a matter of anything else other than seasonally, that's what occurs. We still expect to probably have sales and marketing expense in the low 30s for the year.

從季節性來看，第一季到第二季的銷售和行銷支出有所下降。我們第一季的銷售啟動活動是值得注意的。因此，這與季節性無關，這就是發生的情況。我們仍然預計今年的銷售和行銷費用可能會在 30 多美元左右。

Okay. Great. And then what are you assuming for a budget flush in December? How does it feel out there from the enterprise budget flush perspective versus last year?

好的。偉大的。那麼您對 12 月的預算充裕有何假設？從企業預算充裕的角度來看，與去年相比，感覺如何？

Yes. We are not expecting any material budget flush this year. So this guidance assumes kind of muted budget flush, probably consistent with what happened last year.

是的。我們預計今年不會出現任何材料預算短缺。因此，本指引假設預算充裕程度較低，可能與去年發生的情況一致。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

This is Howard Ma on for John. Rick and Jim, if you look at the deals closed in the first half so far, what you've been clear about was driven in part by the change to the six months of the comp cycle, which is -- I understand that's the intended effect. But how would you describe the quality of those deals relative to your expectations? And is there a step-up in observability deals? And could that lead to more avenues for expansion in the back half relative to last year. And also in the back half, as you're thinking about timing of renewal expansions, is there anything that would make you more cautious about timing of those deal closures?

我是霍華德·馬（Howard Ma）為約翰發言。瑞克和吉姆，如果你看看到目前為止上半年完成的交易，你已經清楚的部分是由六個月補償週期的變化所驅動的，我知道這是預期的影響。但您如何描述這些交易相對於您的期望的品質？可觀察性交易是否有加強？與去年相比，這是否會導致下半年有更多的擴張途徑。同樣在後半段，當您考慮續約擴張的時機時，是否有什麼事情會讓您對這些交易結束的時機更加謹慎？

Yes, it's a good question. I guess I hadn't thought about kind of the deals in the first half kind of how are they -- I wouldn't say they're materially different the deals that I've seen in the first half from what they've been historically. So other than maybe we're a little bit more weighted on expansions, maybe than we've been before for the reasons that I outlined. And then relative to kind of the back half of the year. I think I've talked about that at length around what we're expecting, which is we're just building a level of kind of cautiousness.

是的，這是一個好問題。我想我沒有想過上半年的交易是什麼樣的——我不會說它們與我在上半年看到的交易有本質上的不同從歷史上看。因此，除了我所概述的原因之外，我們可能比以前更注重擴展。然後相對於今年下半年。我想我已經圍繞著我們的期望詳細討論了這一點，即我們只是建立了一定程度的謹慎態度。

We're certainly optimistic with the changes that we've made. We're just being cautious relative to not getting ahead of ourselves with the changes. But I certainly don't want to convey that there's wary because there's not wary. It's a matter of just let's let the sales changes, mature more. Let's wait to see when we see the benefit of these productivity improvements before we start kind of reflecting that in improving guides.

我們對我們所做的改變當然感到樂觀。我們只是保持謹慎，不要在變化中超前。但我當然不想表達因為不警戒而感到警戒。問題是讓銷售發生變化，變得更加成熟。讓我們拭目以待，看看我們何時能看到這些生產力改進的好處，然後再開始在改進指南中反映這一點。

I might simply add that we have seen an increase in number of end-to-end observability deals, which are the larger strategic transactions. They do tend to take a little bit longer to get done, and we've seen that increase because that is an accelerated go-to-market motion that we talked about a bit earlier.

我想補充一點，我們看到端到端可觀察性交易數量增加，這些交易是規模更大的策略交易。它們確實往往需要更長的時間才能完成，而且我們已經看到了這種成長，因為這是我們之前討論過的加速進入市場的行動。

That's really encouraging. If I could slip in a follow on to it. At this point in the DPS journey, how much of DPS growth is coming from organic expansions and new logos as compared to migrations? And are you starting to see more of a deal size uplift at the point of migration? So I understand the consumption, the 2x, but at the point of migration, are you seeing any uptick there?

這確實令人鼓舞。如果我能跟進它的話。在 DPS 之旅的這一點上，與遷移相比，DPS 成長有多少來自有機擴張和新標誌？您是否開始在遷移時看到更多交易規模的提升？所以我了解消耗量，2 倍，但是在遷移時，您看到那裡有任何上升嗎？

Yes, it's a good question. I would say not surprisingly that -- if you think about it, that we're seeing good expansions on both existing customers and new logos. Relative to where we're seeing more on one versus the other, I'd say we're seeing it equally. We're still earlier in the journey on the new logo front because the cohort sizes that we had from back in Q1 and Q2 were a little bit less. It's been building, but healthy expansions for both. I think we'll try to squeeze in one more question and then we'll close it out.

是的，這是一個好問題。我想說，如果你仔細想想，我們會看到現有客戶和新標誌都得到了良好的擴展，這並不奇怪。相對於我們在其中一種方面看到的更多，我想說我們對這一點的看法是平等的。我們在新標誌方面還處於早期階段，因為我們在第一季和第二季的隊列規模稍小。它一直在建設，但對雙方來說都是健康的擴張。我想我們會嘗試再提出一個問題，然後我們就結束它。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

This is [Ari Sison] sitting in for Andrew. I was just wondering on the tweaks to the sales and go-to-market. Have you guys like fully staffed the sales org? Or is there more hiring to be done for the rest of the year?

我是[Ari Sison] 代替安德魯。我只是想知道銷售和上市方面的調整。你們喜歡讓銷售團隊配備足夠的人員嗎？或者今年剩下的時間還會有更多的招募工作嗎？

So I mean, we're certainly staffed to where we expected to be ending the first half of the year. But as I mentioned in the prepared remarks, you can expect that we built optionality into our investment envelope for the back half of the year and adding incremental capacity will be part of that.

所以我的意思是，我們的人員配備肯定達到了我們預計今年上半年結束的水平。但正如我在準備好的發言中提到的，您可以預期我們在今年下半年的投資範圍中加入了選擇性，增加增量產能將是其中的一部分。

Okay. Well, that brings us to the end. Thank you all for your engaged questions and ongoing support as usual. To close, it was a strong first half of fiscal 2025, and we're enthusiastic about the opportunity ahead. We look forward to connecting with you at IR events over the coming weeks, and we wish you all a very good day. Thank you.

好的。好了，我們到此結束了。感謝大家一如既往的積極提問和持續支持。最後，2025 財年上半年表現強勁，我們對未來的機會充滿熱情。我們期待在未來幾週的 IR 活動中與您聯繫，並祝大家有個愉快的一天。謝謝。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may now disconnect at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。