Dynatrace Inc (DT) 2025 Q3 法說會逐字稿

Greetings. Welcome to Dynatrace Fiscal third quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Noelle Faris, Vice President, Investor Relations. Thank you. You may begin.

問候。歡迎參加 Dynatrace 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。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。你可以開始了。

Good morning, and thank you for joining Dynatrace's third quarter fiscal 2025 earnings conference call. Joining me today are Rick McConnell, Chief Executive Officer; and Jim Benson, Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements such as statements regarding revenue, earnings guidance and economic conditions.

早安，感謝您參加 Dynatrace 2025 財年第三季財報電話會議。今天與我一起參加的是執行長 Rick McConnell；以及財務長 Jim Benson。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、盈利預測和經濟狀況的陳述。

Actual results may differ materially from our expectations due to a number of risks and uncertainties discussed in Dynatrace's SEC filings, including our most recent quarterly report on Form 10-Q that we filed earlier today. The forward-looking statements contained in this call represent the company's views on January 30, 2025.

由於 Dynatrace 向美國證券交易委員會提交的文件中討論的一系列風險和不確定性，包括我們今天早些時候提交的最新 10-Q 表季度報告，實際結果可能與我們的預期存在重大差異。本次電話會議所包含的前瞻性陳述代表本公司截至 2025 年 1 月 30 日的觀點。

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 discuss 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.

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都是非公認會計準則的，反映的是恆定貨幣成長，每股金額是稀釋後的。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 指標之間的對賬，請參閱今天的收益新聞稿和補充報告，它們都發佈在我們 IR 網站的財務結果部分。

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

現在，請允許我將電話轉給我們的執行長 Rick McConnell。

Thanks, Noelle, and good morning, everyone. Thank you for joining us for today's call. We're proud that Dynatrace once again outperformed our guidance across all top line and profitability metrics. It is a testament to the team's disciplined execution, the strength of our AI-powered observability platform and the significant business value we provide to our customers.

謝謝，諾埃爾，大家早安。感謝您參加今天的電話會議。我們很自豪 Dynatrace 在所有營收和獲利指標上再次超越了我們的預期。它證明了團隊的嚴謹執行力、我們基於人工智慧的可觀察性平台的實力以及我們為客戶提供的重要商業價值。

In Q3, ARR grew 18% year-over-year. Subscription revenue increased 21% year-over-year. And trailing 12-month free cash flow margin was 25%. Jim will share more details about our Q3 performance and fiscal 2025 guidance in a moment. In the meantime, I'd like to discuss observability market tailwinds, our platform differentiation, core growth drivers and customer wins. To begin, our conviction in the observability market opportunity continues to strengthen based on several factors.

第三季度，ARR 年增 18%。訂閱收入較去年同期成長21%。過去 12 個月的自由現金流利潤率為 25%。吉姆稍後將分享有關我們第三季業績和 2025 財年指引的更多詳細資訊。同時，我想討論可觀察性市場的順風、我們的平台差異化、核心成長動力和客戶勝利。首先，基於多種因素，我們對可觀察性市場機會的信心不斷增強。

Cloud modernization drives observability demand and is evidenced by the now more than $220 billion in annualized hyperscaler revenue. Aggressive cloud expansion has, however, contributed to tool sprawl within organizations, resulting both in operational inefficiency and high cost. It's not uncommon for companies to have more than a dozen internal and external observability tools and aim to consolidate them into a more effective unified and lower cost approach.

雲端現代化推動了可觀察性需求，目前超大規模資料中心的年化收入超過 2,200 億美元就是明證。然而，積極的雲端擴張導致了組織內部工具的蔓延，從而造成了營運效率低下和成本高昂。公司擁有十幾種內部和外部可觀察性工具並旨在將它們整合為更有效的統一且成本更低的方法的情況並不少見。

The AI revolution adds another layer of complexity as organizations look to accelerate innovation, deliver better customer service, drive efficiency and obtain a competitive advantage. Each of these market drivers is resulting in an explosion of data, and a massive increase in its scale and complexity that are simply untenable for organizations to manage as they have previously.

隨著企業尋求加速創新、提供更好的客戶服務、提高效率和獲得競爭優勢，人工智慧革命又增加了一層複雜性。每個市場驅動因素都導致資料爆炸性成長，資料規模和複雜性大幅增加，這對於企業先前管理資料來說是難以承受的。

As a result, the need for comprehensive end-to-end observability has become mandatory, especially for larger organizations. We believe that an AI-powered observability platform with sophisticated analytics and automation capabilities is vital in providing the visibility needed for software to work perfectly, and customer feedback reflects just that. This leads me to our primary technology differentiators.

因此，全面的端到端可觀察性的需求已成為強制性的，特別是對於較大的組織而言。我們相信，具有複雜分析和自動化功能的人工智慧可觀察性平台對於提供軟體完美運作所需的可見性至關重要，客戶回饋也反映了這一點。這讓我想到了我們的主要技術差異。

The core of the Dynatrace platform is a massive parallel processing, highly performing data store called Grail, that maintains all observability, security and business data types, logs, metrics, traces, real user data and importantly, business events, all in context. Grail then enables us to uniquely apply AI to analyze billions of interconnected data points in real time to deliver answers, not just data and not just dashboards.

Dynatrace 平台的核心是一個名為Grail 的大規模並行處理、高效能資料存儲，它維護所有可觀察性、安全性和業務資料類型、日誌、指標、追蹤、真實用戶資料以及重要的業務事件，所有這些都包含在上下文中。然後，Grail 使我們能夠以獨特的方式應用 AI 來即時分析數十億個相互連接的數據點，以提供答案，而不僅僅是數據和儀表板。

We then leverage our contextual analytics and AI insights to automate responses and to help avoid incidents. It is our contextual analytics, AI and automation that differentiate us from our peers. Our unified architecture has enabled us to deliver new observability and security capabilities that help customers adopt cloud and AI native technologies with confidence. These include not only the inherent benefits of a full stack observability to help customers anticipate and resolve issues in complex environments, but also enrich business data with IT context to provide insights and recommendations for improved business outcomes. We have been introducing these and other new capabilities for SREs, platform engineers and development teams to extend this differentiation to a broader array of end users.

然後，我們利用上下文分析和人工智慧洞察來自動化回應並幫助避免事故發生。我們的情境分析、人工智慧和自動化使我們有別於同行。我們的統一架構使我們能夠提供新的可觀察性和安全性功能，幫助客戶滿懷信心地採用雲端和人工智慧原生技術。這些不僅包括全端可觀察性的固有優勢，幫助客戶預測和解決複雜環境中的問題，而且還利用 IT 環境豐富業務數據，為改善業務成果提供見解和建議。我們一直在為 SRE、平台工程師和開發團隊推出這些和其他新功能，以將這種差異化擴展到更廣泛的最終用戶。

Next, I'd like to highlight four key growth drivers for Dynatrace. Let's start with AI. As I mentioned, AI is a huge market driver of data. And with our long history in AI, Dynatrace has a unique ability to leverage this opportunity. We parse it into two distinct buckets.

接下來，我想重點介紹 Dynatrace 的四個關鍵成長動力。讓我們從人工智慧開始。正如我所提到的，人工智慧是數據的巨大市場驅動力。憑藉我們在人工智慧領域的悠久歷史，Dynatrace 擁有獨特的能力來利用這一機會。我們將其解析為兩個不同的類別。

First is AIOps, which includes the core AI capabilities we use to deliver observability, security and automation to all customers. AIOps is and has been foundational to the Dynatrace solution for many years, and we keep innovating to enable customers to move from visibility to automation.

首先是 AIOps，它包括我們用來向所有客戶提供可觀察性、安全性和自動化的核心 AI 功能。多年來，AIOps 一直是 Dynatrace 解決方案的基礎，我們不斷創新，幫助客戶從可見性走向自動化。

Our AI-powered observability platform enables customers to automatically detect problems, analyze them and drive automatic remediation actions using an AI system that we believe is the most advanced in our space. We achieve this by leveraging multiple techniques, including causal, predictive and generative AI to rapidly assess billions of the interconnected data points to identify, resolve and prevent issues without tedious and error-prone manual overhead. Second AI driver for Dynatrace is the observability of AI workloads themselves.

我們由人工智慧驅動的可觀察性平台使客戶能夠使用我們認為是該領域最先進的人工智慧系統自動檢測問題、分析問題並推動自動補救措施。我們透過利用多種技術來實現這一目標，包括因果、預測和生成人工智慧，以快速評估數十億個相互連接的數據點，以識別、解決和預防問題，而無需繁瑣且容易出錯的手動開銷。Dynatrace 的第二個 AI 驅動因素是 AI 工作負荷本身的可觀察性。

Secular innovation cycle around AI is being viewed as the biggest sea change ever in the technology landscape. What started with GenAI has quickly evolved to retrieval augmented generation, or RAG, inference AI and more recently, Agentic AI. As with Dynatrace itself, this evolution illustrates a migration from information and insights to automated response. And with the rapid pace of cloud and AI native innovation, enterprises need an observability solution that can adapt to those changes in real time. With the enormous processing power of Grail, we are uniquely positioned to enable enterprises to adopt GenAI and other AI technologies successfully.

圍繞人工智慧的長期創新週期被視為技術領域有史以來最大的變革。從 GenAI 開始，已迅速演變為檢索增強生成 (RAG)、推理 AI 以及最近的 Agentic AI。正如 Dynatrace 本身一樣，這種演進體現了從資訊和見解到自動回應的轉變。隨著雲端運算和人工智慧原生創新的快速發展，企業需要能夠即時適應這些變化的可觀察性解決方案。借助 Grail 強大的處理能力，我們擁有獨特的優勢，可以幫助企業成功採用 GenAI 和其他 AI 技術。

Dynatrace can analyze LLM model performance and behavior, safeguard the quality of application input and output to prevent LLM misuse, deliver multimodel tracing for end-to-end observability, predict changes in cost and calculate the business benefit and ROI. We are already engaged with hundreds of customers in observing their GenAI initiatives.

Dynatrace 可以分析 LLM 模型的效能和行為，保障應用程式輸入和輸出的品質以防止 LLM 濫用，提供多模型追蹤以實現端到端可觀察性，預測成本變化併計算業務收益和投資回報率。我們已經與數百名客戶合作，觀察他們的 GenAI 計劃。

One such customer, a large insurance provider, found that they could accelerate the deployment of AI use cases into production by 60% with the help of Dynatrace AI observability. The second growth driver for Dynatrace is the substantial existing market for log management, which we continue to see as being ripe for disruption. We are well positioned to grow our market share given our unique approach.

一家大型保險公司就是這樣的客戶，他們發現，借助 Dynatrace AI 可觀察性，他們可以將 AI 用例的部署速度提高 60%。Dynatrace 的第二個成長動力是現有大量的日誌管理市場，我們仍然認為該市場已經具備被顛覆的條件。憑藉我們獨特的方法，我們有能力擴大我們的市場份額。

Customers have broadly told us that legacy log management solutions are too expensive, provide too little value and operate independently from existing monitoring tools. This creates operational inefficiencies that lead to delayed incident resolution, increased costs, security vulnerabilities and dissatisfied customers.

客戶普遍告訴我們，傳統的日誌管理解決方案太昂貴、價值太小並且獨立於現有監控工具運作。這會導致營運效率低下，從而引起事件解決延遲、成本增加、安全漏洞和客戶不滿意。

Our next-generation log management and analytics offering integrates logs, traces, metrics and other core observability and security data types into a single platform, providing a holistic view of the health of IT ecosystems. Combined with our AI approach, teams can derive greater value from logs faster and extend them to security use cases.

我們的下一代日誌管理和分析產品將日誌、追蹤、指標和其他核心可觀察性和安全性資料類型整合到單一平台中，提供 IT 生態系統健康狀況的整體視圖。結合我們的 AI 方法，團隊可以更快地從日誌中獲得更大的價值，並將其擴展到安全用例。

Leveraging Grail as our data store, they can do so at enormous scale. And we enable log observability deployment and access without manual setup or the need to understand query languages. We now have well over 1,000 customers leveraging our log solutions. That's up 17% compared to last quarter. Plus, more than 50% of our new logos added over the past year are leveraging logs in their initial deployments.

利用 Grail 作為我們的資料存儲，他們可以大規模地進行存儲。我們支援日誌可觀察性部署和訪問，無需手動設定或了解查詢語言。目前，已有超過 1,000 名客戶利用我們的日誌解決方案。與上一季相比，成長了 17%。此外，我們在過去一年中增加的新徽標中有超過 50% 在其初始部署中利用了日誌。

The third growth driver for Dynatrace is the ongoing investment in our go-to-market strategy. As a reminder, at the beginning of this fiscal year, we introduced go-to-market changes focused on customer segmentation, partner enablement and expanding our sales motion beyond application performance to include end-to-end observability and cloud modernization.

Dynatrace 的第三個成長動力是對我們的市場進入策略的持續投資。提醒一下，在本財年開始時，我們推出了市場變革，重點是客戶細分、合作夥伴支持，並將我們的銷售動向從應用程式效能擴展到端到端可觀察性和雲端現代化。

At the beginning of the year, we made adjustments in our sales force to target IT 500 and strategic accounts. We have since accelerated the addition of sales reps during the second half of the year to increase capacity. Our investments in partner enablement continue to gain traction. In Q3, more than half of the new logos in the quarter were partner originated. We are benefiting from increased customer interest in end-to-end observability and tool consolidation. In Q3, the dollar contribution of deals greater than $1 million grew 55% year-over-year.

年初，我們對銷售團隊進行了調整，以 IT 500 和策略客戶為目標。我們自今年下半年以來加快了銷售代表的增加以提高產能。我們對合作夥伴支持的投資持續獲得青睞。在第三季度，超過一半的新標誌均來自合作夥伴。我們受益於客戶對端到端可觀察性和工具整合的興趣日益濃厚。第三季度，超過 100 萬美元的交易的美元貢獻年增 55%。

Finally, our cloud modernization sales motion contributed to several key wins in the quarter, including one 7-figure TCV deal with a top private bank in India. They were moving their major banking platform to a micro services environment in the cloud, and were struggling with frequent issues impacting end users, which their existing monitoring tools were unable to resolve. During the PoC, Dynatrace provided deeper insights and proactively identified potential issues before they impacted end users.

最後，我們的雲端現代化銷售舉措為我們在本季度取得了幾項關鍵勝利做出了貢獻，其中包括與印度一家頂級私人銀行達成的一項 7 位數的 TCV 交易。他們將主要的銀行平台遷移到雲端的微服務環境，並努力解決影響最終用戶的頻繁問題，而現有的監控工具無法解決這些問題。在 PoC 期間，Dynatrace 提供了更深入的見解，並在影響最終用戶之前主動識別潛在問題。

The final growth driver I wanted to cover is the Dynatrace platform subscription or DPS licensing model, which continues to gain traction rapidly. This customer-friendly licensing model allows trialing of new capabilities without surprise overages or premiums.

我想要介紹的最後一個成長動力是 Dynatrace 平台訂閱或 DPS 授權模式，該模式繼續迅速獲得關注。這種客戶友善的授權模式允許試用新功能而不會產生意外的超額費用或額外費用。

Our DPS customers have full access to our platform, enabling them to adopt Dynatrace more broadly across their IT environment. And now that we have passed the annual anniversaries of several cohorts of DPS customers, we're seeing our thesis play out.

我們的 DPS 客戶可以完全存取我們的平台，使他們能夠在其 IT 環境中更廣泛地採用 Dynatrace。現在，我們已經度過了幾批 DPS 客戶的周年紀念日，我們正在看到我們的論文實施。

In particular, customers that benefit from the value of Dynatrace consume more than customers on our legacy licensing model, and they expand earlier. We now have roughly 1,500 DPS customers globally, representing over 35% of our customer base and roughly 55% of our ARR leveraging this approach. On average, the rate of consumption growth for DPS customers is nearly double the rate of our non-DPS customers.

特別是，受益於 Dynatrace 價值的客戶比採用我們傳統授權模式的客戶消費更多，而且他們擴張得更早。目前，我們在全球擁有約 1,500 個 DPS 客戶，占我們客戶群的 35% 以上，利用此方法的 ARR 約為 55%。平均而言，DPS 客戶的消費成長率幾乎是非 DPS 客戶的兩倍。

Next, I'd like to discuss several notable wins in the quarter that highlight why customers choose Dynatrace. A top Canadian bank signed an 8-figure TCV deal with Dynatrace, displacing an existing tool as part of their ongoing journey to simplify, digitize and personalize their products.

接下來，我想討論本季的幾個顯著的成功，以說明客戶選擇 Dynatrace 的原因。一家加拿大頂級銀行與 Dynatrace 簽署了一份 8 位數的 TCV 協議，以取代現有工具，這是他們不斷簡化、數位化和個性化其產品的一部分。

Dynatrace's ability to automate processes and lower costs led to this key win. A large Midwest retailer signed an 8-figure TCV deal, displacing their log provider and standardizing on Dynatrace. They were already benefiting from the flexibility of DPS, which allowed them to adapt to changing business needs during their peak season.

Dynatrace 的流程自動化和降低成本的能力帶來了這場關鍵勝利。一家大型中西部零售商簽署了一份 8 位數的 TCV 協議，取代了其日誌提供者並在 Dynatrace 上標準化。他們已經受益於 DPS 的靈活性，這使他們能夠適應旺季不斷變化的業務需求。

A major American automobile manufacturer concerned with the risk and cost associated with the deployment of harmful code into production environments, signed a 7-figure TCV expansion with Dynatrace to automate change impact analysis and quickly validate service availability. We won an 8-figure TCV new logo deal with a British semiconductor and software design company.

一家大型美國汽車製造商擔心將有害程式碼部署到生產環境中所帶來的風險和成本，因此與 Dynatrace 簽署了 7 位數的 TCV 擴展協議，以自動化變更影響分析并快速驗證服務可用性。我們與一家英國半導體和軟體設計公司簽訂了一份價值 8 位數的 TCV 新標誌協議。

They were looking to reduce the number of issues occurring on the engineering side of the production process and increase their productivity. With Dynatrace, their IT teams can detect and resolve issues in production significantly faster, allowing them to meet their deployment goals. And more recently, we announced that we have become the official observability and performance analytics technology partner of the Visa Cash App Racing Bulls, also known on the track as VCARB, a Formula One racing team. Every millisecond counts in F1, and the Dynatrace platform will be delivering real-time insights into vehicle dynamics, driver performance and race optimization to give VCARB a competitive edge to maximize performance.

他們希望減少生產過程工程方面出現的問題並提高生產力。借助 Dynatrace，他們的 IT 團隊可以更快地檢測和解決生產中的問題，從而實現部署目標。最近，我們宣布已成為 Visa Cash App Racing Bulls（在賽道上也稱為 VCARB，是一級方程式賽車隊）的官方可觀察性和性能分析技術合作夥伴。在 F1 比賽中，每一毫秒都很重要，Dynatrace 平台將提供有關車輛動態、駕駛員表現和比賽優化的即時洞察，以使 VCARB 獲得競爭優勢並最大限度地提高性能。

Finally, we're excited to host customers, partners and prospects next week at Perform, our annual Customer Conference in Las Vegas. This is going to be our largest customer conference yet, with over 50 customers from around the world taking the stage to share their stories of how they are harnessing the power of Dynatrace to accelerate business-critical initiatives, drive innovation and deliver more reliable software.

最後，我們很高興下週在拉斯維加斯舉行的年度客戶大會 Perform 上接待客戶、合作夥伴和潛在客戶。這將是我們迄今為止最大的客戶會議，來自世界各地的 50 多位客戶將登台分享他們如何利用 Dynatrace 的強大功能來加速關鍵業務計劃、推動創新和提供更可靠軟體的故事。

To wrap up, we are highly enthusiastic about our opportunity ahead. There's a common theme we've covered here today. Customers understand that a unified observability platform is mission-critical. We have a significantly differentiated AI-powered observability platform, and there are several Dynatrace-specific drivers that we see supporting our growth.

總而言之，我們對未來的機會充滿熱情。今天我們在這裡討論一個共同的主題。客戶明白統一的可觀察性平台至關重要。我們擁有顯著差異化的人工智慧可觀察性平台，我們看到有多個 Dynatrace 特定驅動因素可以支援我們的成長。

Jim, over to you.

吉姆，交給你了。

Thank you, Rick, and good morning, everyone. Q3 marked another quarter of consistent execution as we once again surpassed the high end of our top line growth and profitability guidance metrics, showcasing the durability of our balanced business model and ongoing demand for our leading AI-powered observability platform.

謝謝你，里克，大家早安。第三季度標誌著我們又一個持續執行的季度，我們再次超越了營收成長和獲利指導指標的高端，展示了我們平衡的商業模式的持久性以及對我們領先的人工智慧可觀察平台的持續需求。

Now let's review the third 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, ended the third quarter at $1.65 billion, up 18% year-over-year.

現在讓我們更詳細地回顧一下第三季的業績。請注意，除非另有說明，所引用的成長率將是同比且以固定貨幣計算的。第三季末，年度經常性收入（ARR）為 16.5 億美元，年增 18%。

Q3 net new ARR on a constant currency basis was $68 million, down modestly from the same period last year and up 5% year-to-date for fiscal 2025. In Q3, we added 193 new logos to the Dynatrace platform.

以固定匯率計算，第三季淨新 ARR 為 6,800 萬美元，較去年同期略有下降，2025 財年迄今成長 5%。在第三季度，我們在 Dynatrace 平台上新增了 193 個新標誌。

As we have stated in the past, we continue to target landing high-quality new logos that have a greater propensity to expand. Our average ARR per new logo was over $140,000 on a trailing 12-month basis, and up versus both the prior quarter and prior year.

正如我們過去所說的那樣，我們將繼續致力於獲得具有更大擴展傾向的高品質新標誌。在過去 12 個月中，我們每個新標誌的平均 ARR 超過 140,000 美元，並且比上一季和去年都有所上升。

Our value proposition continues to resonate with enterprise customers that are outgrowing their existing DIY or commercial tooling solutions. They are seeking business value from tool consolidation and coming to Dynatrace for the depth, breadth and automation of our unified observability platform.

我們的價值主張繼續與那些現有的 DIY 或商業工具解決方案不再適合的企業客戶產生共鳴。他們正在尋求從工具整合中獲得的商業價值，並選擇 Dynatrace 來獲得我們統一可觀察平台的深度、廣度和自動化。

Once customers experience the benefits of the Dynatrace platform, they are often quick to expand their usage. Average ARR per customer continues to grow, and surpassed $400,000 for the first time, highlighting the continued adoption of the platform and value we provide to customers.

一旦客戶體驗到 Dynatrace 平台的優勢，他們通常會很快擴大使用範圍。每位客戶的平均 ARR 持續成長，並首次超過 40 萬美元，凸顯了我們平台的持續採用以及我們為客戶提供的價值。

Gross retention rate remained in the mid-90s, demonstrating the strategic relevance of the Dynatrace platform as it remains a mission-critical part of our customers' operations. Net retention rate, or NRR, was 111% in the third quarter.

總留存率維持在 90% 左右，證明了 Dynatrace 平台的策略相關性，因為它仍然是我們客戶營運的關鍵部分。第三季的淨留存率（NRR）為 111%。

Our DPS licensing model continues to gain traction and adoption. We now have almost 1,500 DPS customers globally, representing more than 35% of our customer base and over 55% of our ARR.

我們的 DPS 授權模式持續獲得關注和採用。我們目前在全球擁有近 1,500 個 DPS 客戶，占我們客戶群的 35% 以上和 ARR 的 55% 以上。

As Rick mentioned, our expectation when we launched DPS was that customers with full access to the platform would trial more capabilities and adopt Dynatrace more broadly within their IT environment. I'm pleased to say that thesis is proving itself out. What has become clear, as DPS has started to mature and scale, is that the customer-friendly approach to DPS pricing, which does not penalize customers for exceeding commitments, is leading to some customers to consume DPS on demand, instead of renewing early. This on-demand consumption is benefiting subscription revenue growth, which outperformed expectations nicely in Q3. However, it's important to note this revenue is not captured in our ARR or NRR metrics, which only include contractually committed revenue.

正如 Rick 所說，我們推出 DPS 時的期望是，擁有該平台完全訪問權限的客戶將試用更多功能並在其 IT 環境中更廣泛地採用 Dynatrace。我很高興地說這篇論文被證實了。隨著 DPS 開始成熟和擴大規模，顯而易見的是，DPS 定價的客戶友好型方法（不會因超出承諾而對客戶進行懲罰）導致一些客戶按需使用 DPS，而不是提前續約。這種按需消費有利於訂閱收入的成長，第三季的表現遠遠超出了預期。然而，值得注意的是，這筆收入並未計入我們的 ARR 或 NRR 指標中，這些指標僅包括合約承諾的收入。

Let me put some numbers around this to make the impact on our financials clearer. In Q3, we had $7 million of on-demand consumption in our subscription revenue. This contributed to 150 basis points of year-over-year subscription revenue growth.

讓我列出一些數字，以便更清楚地了解其對我們財務的影響。第三季度，我們的訂閱收入中有 700 萬美元來自按需消費。這促使訂閱營收年增150個基點。

On a year-to-date basis, we had $12 million of on-demand consumption revenue. The fact that DPS makes it easier to consume the platform is positive for Dynatrace. The outcome of customers expanding and broadening their usage of the platform, whether that be contractually committed or on demand, drives continued subscription revenue growth. Going forward, we believe investors should assess the underlying health of the business by taking into consideration both ARR, which will still be the largest growth indicator, and on-demand consumption revenue. Our expectation is that as DPS grows and scales so too will on-demand consumption, with likely variability and seasonality quarter-to-quarter.

從年初至今，我們的隨選消費收入為 1200 萬美元。DPS 使得平台的使用變得更加容易，這一事實對於 Dynatrace 來說是一個積極的信號。客戶擴大和拓展平台使用範圍（無論是透過合約承諾還是按需使用）的結果推動了訂閱收入的持續成長。展望未來，我們認為投資者應透過考慮 ARR（仍將是最大的成長指標）和按需消費收入來評估業務的基本健康狀況。我們的預期是，隨著 DPS 的成長和擴大，按需消費也將隨之成長和擴大，並可能出現季度間變化和季節性。

Moving on to revenue. Total revenue for the third quarter was $436 million, up 20% year-over-year and exceeding the high end of guidance by $8 million. This beat includes absorbing a $3 million FX headwind from the strengthening US dollar.

繼續討論收入。第三季總營收為 4.36 億美元，比去年同期成長 20%，比預期最高值高出 800 萬美元。這一超出預期的表現包括吸收因美元走強而產生的 300 萬美元外匯逆風。

Subscription revenue for the third quarter was $417 million, up 21% year-over-year and exceeding the high end of guidance by $7 million as reported and $10 million in constant currency, with the upside primarily driven by the on-demand consumption dynamic I just mentioned.

第三季訂閱營收為 4.17 億美元，年增 21%，超出預期最高水準 700 萬美元（報告），以固定匯率計算為 1,000 萬美元，成長主要得益於按需消費動態。

Shifting to margins, non-GAAP gross margin for the third quarter was 84%, down slightly from the prior quarter and prior year due to increasing cloud hosting costs as we migrate more of our customers to our SaaS solution. Non-GAAP income from operations for the third quarter was $131 million, $11 million above the high end of guidance, driven by increased revenues flowing through to the bottom line. This resulted in a non-GAAP operating margin of 30%, exceeding the top end of guidance by 200 basis points. Non-GAAP net income was $112 million or $0.37 per diluted share. This was $0.04 above the high end of our guidance. We generated $38 million of free cash flow in the third quarter.

轉向利潤率，第三季的非 GAAP 毛利率為 84%，較上一季和去年同期略有下降，因為我們將更多客戶遷移到我們的 SaaS 解決方案，雲端託管成本增加。第三季非公認會計準則營業利潤為 1.31 億美元，比預期最高值高出 1,100 萬美元，這得益於收入增加帶來的利潤。這使得非公認會計準則營業利潤率達到 30%，超出預期最高水準 200 個基點。非公認會計準則淨收入為 1.12 億美元，即每股攤薄收入 0.37 美元。這比我們預期的最高值高出 0.04 美元。我們在第三季產生了 3800 萬美元的自由現金流。

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 $406 million or 25% of revenue.

由於季節性和季度帳單的變化，我們認為最好查看過去 12 個月的自由現金流。在過去 12 個月中，自由現金流為 4.06 億美元，佔營收的 25%。

As a reminder, this includes a 650 basis point impact related to cash taxes. Pretax free cash flow on a trailing 12-month basis was 31% of revenue and up 25% year-over-year.

提醒一下，這包括與現金稅相關的 650 個基點的影響。過去 12 個月的稅前自由現金流佔營收的 31%，較去年同期成長 25%。

On a related tax note, as part of our ongoing strategic tax planning efforts, we completed an IP-related transfer to a Swiss subsidiary, resulting in a noncash $321 million tax benefit to our GAAP net income and EPS. There was no impact to non-GAAP net income or EPS. And while the impact of this IP transfer to fiscal 2025 cash taxes is insignificant, we do expect it will have a more meaningful impact in fiscal 2026 and beyond. More to follow on this in our May earnings call.

在相關稅收說明中，作為我們正在進行的策略性稅收規劃工作的一部分，我們完成了與智慧財產權相關的向瑞士子公司的轉移，從而為我們的GAAP 淨收入和每股收益帶來了3.21 億美元的非現金稅收優惠。對非公認會計準則淨收入或每股盈餘沒有影響。雖然此次智慧財產權轉移對 2025 財年現金稅的影響微乎其微，但我們預計它將對 2026 財年及以後產生更重大的影響。我們將在 5 月的收益電話會議上對此進行更多關注。

Finally, a brief update on our $500 million share repurchase program. In Q3, we repurchased 732,000 shares for $40 million at an average price of $54.64. Since the inception of the program in May 2024 through December 31, we repurchased 2.7 million shares for $130 million at an average price of $48.89.

最後，我們簡單介紹一下我們的 5 億美元股票回購計畫。第三季度，我們以平均價格 54.64 美元回購了 732,000 股，耗資 4,000 萬美元。自 2024 年 5 月該計畫啟動以來至 12 月 31 日，我們以平均 48.89 美元的價格回購了 270 萬股，價值 1.3 億美元。

Moving now to guidance. Let me walk through some of the assumptions and insights underpinning our updated guidance. First, based on our learnings from early DPS cohorts, we believe it is likely that on-demand consumption will be an ongoing and growing part of our subscription revenue stream as the DPS contracting model matures.

現在轉向指導。讓我介紹一下我們更新指引所依據的一些假設和見解。首先，根據我們從早期 DPS 群體中學到的經驗，我們相信，隨著 DPS 承包模式的成熟，隨選消費可能會成為我們訂閱收入流中持續成長的一部分。

To put a finer point on this, going forward subscription revenue growth will be driven by a combination of upfront ARR growth and on-demand consumption on the tail end of contracts for those customers that choose not to renew early once they've exceeded their upfront commitment.

更具體一點，未來訂閱收入的成長將由預付 ARR 成長和合約末尾的按需消費共同推動，這些客戶在超過預付金額後選擇不再提前續約承諾。

Second, the trend of larger and more strategic deals related to observability platform architecture and tool consolidation initiatives continues to grow. The sales funnel is weighted heavily to these types of deals.

其次，與可觀察平台架構和工具整合計畫相關的更大規模、更具策略性的交易趨勢持續成長。銷售漏斗很大程度上依賴這些類型的交易。

While we believe this trend is a net positive for Dynatrace given our highly differentiated AI-powered platform and positions us well to capitalize on these opportunities, it also introduces increased variability in terms of both close timing and deal certainty.

雖然我們相信，鑑於我們高度差異化的人工智慧平台，這一趨勢對Dynatrace 來說是一個淨利好，並使我們能夠充分利用這些機會，但它也增加了交易完成時間和確定性方面的可變性。

Third, we continue to mature the go-to-market adjustments we made in the beginning of this fiscal year. As we expected, it takes time for new reps to build relationships and positively impact sales productivity. Fourth, while the demand environment for observability remains healthy, we do not assume a material change in the macro environment as enterprises continue to be cautious in their spending.

第三，我們持續完善本財年初所做的市場進入調整。正如我們預期的那樣，新銷售代表需要時間來建立關係並對銷售效率產生積極影響。第四，雖然可觀察性的需求環境依然健康，但由於企業在支出方面持續保持謹慎，我們並不認為宏觀環境會發生重大變化。

Finally, with 40% of our business denominated in foreign currency, the strength of the US dollar since our last call creates a sizable headwind. We now expect FX to be a headwind of $38 million to ARR and $17 million to revenue. This represents an incremental headwind of $28 million to ARR and $10 million to revenue. And with that as context, let me outline our updated outlook. We are raising our constant currency full year guidance across all top line growth and profitability metrics. We are increasing our full year ARR growth guidance, 75 basis points at the midpoint, to $1.705 billion to $1.715 billion. This represents 16% to 16.5% growth year-over-year.

最後，由於我們的 40% 業務以外幣計價，自上次會議以來美元走強給我們帶來了巨大的阻力。我們現在預計外匯將對 ARR 造成 3,800 萬美元的阻力，對收入造成 1,700 萬美元的阻力。這意味著 ARR 將減少 2,800 萬美元，收入將減少 1,000 萬美元。基於此，讓我概述一下我們的最新展望。我們正在提高所有營收成長和獲利指標的全年固定匯率預期。我們將全年 ARR 成長預期上調 75 個基點，至 17.05 億美元至 17.15 億美元。這意味著同比增長16%至16.5%。

We are raising our total revenue growth guidance, 150 basis points at the midpoint, to $1.686 billion to $1.691 billion, representing 19% growth year-over-year. And with the uptick in on-demand consumption revenue, we are raising our subscription revenue growth guidance, 250 basis points at the midpoint, to $1.609 billion to $1.614 billion, representing 20% growth year-over-year. This growth rate represents a 350 basis point increase from the midpoint of guidance that we provided at the beginning of this fiscal year.

我們將總營收成長預期上調 150 個基點，至 16.86 億美元至 16.91 億美元，年增 19%。隨著按需消費收入的上升，我們將訂閱收入成長預期上調 250 個基點，至 16.09 億美元至 16.14 億美元，年增 20%。這一成長率比我們在本財年初提供的預期中位數高出了 350 個基點。

Turning to our bottom line, we are raising our full year non-GAAP operating income guidance by $13 million. This translates to non-GAAP operating margin guidance of 28.5% to 28.75%, up 50 basis points at the high end of the range and up roughly 75 basis points from where we landed in fiscal 2024.

談到我們的底線，我們將全年非 GAAP 營業收入預期上調 1,300 萬美元。這意味著非 GAAP 營業利潤率預期為 28.5% 至 28.75%，比範圍高端上漲 50 個基點，比 2024 財年的水平上漲約 75 個基點。

We are raising non-GAAP EPS guidance to a range of $1.36 to $1.37 per diluted share, representing an increase of $0.05 at the midpoint of the range. This non-GAAP EPS is based on a diluted share count of 303 million to 304 million shares. This EPS and share count guidance excludes the impact of any potential share repurchases in Q4. We are raising our free cash flow guidance to $415 million to $420 million, an increase of $19 million at the midpoint, representing a free cash flow margin of 25% of revenue. Excluding an expected 650 basis point impact from cash taxes, this represents a pretax free cash flow margin of 31.5%, which is up 150 basis points from fiscal 2024.

我們將非 GAAP 每股盈餘預期上調至每股 1.36 美元至 1.37 美元，即區間中間值增加 0.05 美元。該非 GAAP 每股盈餘是基於 3.03 億至 3.04 億股的稀釋股數。此每股盈餘和股票數量指引不包括第四季任何潛在股票回購的影響。我們將自由現金流預期上調至 4.15 億美元至 4.2 億美元，中間值增加 1,900 萬美元，代表自由現金流利潤率為收入的 25%。不包括預期的 650 個基點的現金稅影響，這意味著稅前現金流量利潤率為 31.5%，比 2024 財年高出 150 個基點。

Looking at Q4, we expect total revenue to be between $432 million and $437 million. Subscription revenue is expected to be between $410 million and $415 million. From a profit standpoint, non-GAAP income from operations is expected to be between $104 million to $110 million or 24% to 25% of revenue.

展望第四季度，我們預計總營收在 4.32 億美元至 4.37 億美元之間。預計訂閱收入在 4.1 億美元至 4.15 億美元之間。從利潤角度來看，非 GAAP 營業收入預計在 1.04 億美元至 1.1 億美元之間，佔收入的 24% 至 25%。

Keep in mind, we have some seasonal expenses in the fourth quarter, including incremental spending for our Perform customer conference and a structural reset of payroll taxes. We believe it is best to look at margins on a full year basis.

請記住，我們在第四季度有一些季節性支出，包括 Perform 客戶會議的增量支出和工資稅的結構性調整。我們認為最好以全年為基礎來看待利潤率。

Lastly, non-GAAP EPS is expected to be $0.29 to $0.31 per diluted share. In summary, we are pleased with our third quarter fiscal 2025 performance. The observability market is healthy and growing. We have a proven track record of disciplined execution, balancing top line growth with expanding profitability and free cash flow.

最後，非 GAAP 每股盈餘預計為每股 0.29 美元至 0.31 美元。總而言之，我們對 2025 財年第三季的業績感到滿意。可觀察性市場健康且不斷成長。我們在嚴格執行方面有著良好的記錄，能夠平衡營收成長與擴大獲利能力和自由現金流。

While we continue to maintain a prudent approach to the near-term outlook, we are optimistic about the long-term growth opportunities in front of us and the maturation of our go-to-market evolution to go after it.

雖然我們繼續對短期前景保持審慎態度，但我們對眼前的長期成長機會以及我們為實現這一目標而不斷成熟的市場發展策略感到樂觀。

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

現在，我們將開放問答熱線。操作員？

(Operator Instructions) Matt Hedberg, RBC.

（操作員指示）Matt Hedberg，RBC。

Great. Congrats on the results. Jim, we're getting questions on the on-demand piece. So I wanted to kind of ask a little bit of a question there. It seems to be ramping rapidly, which I think is a good thing for long-term adoption of DPS. I guess when you think about your Q4 guidance assumptions, do you have any sense for what's your -- what's implied there for on-demand in 4Q? And I know it's early, but when we think about next year, how should we sort of -- what's the conceptual framework we're thinking about on-demand for fiscal '26 as we think about ARR next year?

偉大的。恭喜你所取得的成果。吉姆，我們收到了有關點播片段的問題。所以我想問一下這個問題。它似乎正在迅速發展，我認為這對於 DPS 的長期採用來說是一件好事。我想，當您考慮第四季度的指導假設時，您是否知道第四季度的按需業務意味著什麼？我知道現在還為時過早，但是當我們考慮明年時，我們應該如何思考——當我們考慮明年的 ARR 時，我們對 26 財年的按需概念框架是什麼？

Yes. Thanks for the question, Matt. I'd say we're learning as the DPS model evolves. And you're absolutely right that what we're seeing is exactly what we wanted to see play out, which is with DPS customers have a vehicle that is a very frictionless model for them to consume more of the platform. And we're seeing that play out that customers that are on DPS consumed at 2 times the rate of customers that are on the SKU-based platform. So DPS is really all about driving consumption.

是的。謝謝你的提問，馬特。我想說，隨著 DPS 模式的發展，我們也不斷在學習。您說得完全正確，我們所看到的正是我們想要看到的結果，即透過 DPS 客戶擁有非常無摩擦的模式，他們可以使用該平台的更多功能。我們發現，使用 DPS 的客戶的消費速度是使用 SKU 平台的客戶的兩倍。因此，DPS 的真正目的是推動消費。

I would say, this phenomenon with on-demand consumption is even something that we didn't expect initially when we came up with DPS that what we're finding is that this means that customers are exceeding their commitments early. And we're finding that some customers are just willing to go in a period of on-demand.

我想說，這種按需消費的現像是我們最初提出 DPS 時沒有預料到的，我們發現這意味著客戶提前超出了他們的承諾。我們發現有些客戶只是願意在按需時段內出行。

Now for us, it's all about subscription revenue. I mentioned in the prepared remarks that we improved our subscription revenue guide from the beginning of the year to now 350 basis points.

現在對我們來說，最重要的是訂閱收入。我在準備好的發言中提到，我們將訂閱收入指南從年初提高到現在的 350 個基點。

Obviously, a component of that is on-demand consumption. And so you really do need to look at Dynatrace, both ARR growth, which is obviously a primary kind of leading indicator. And then what we're seeing here with on-demand consumption, we do believe this will grow as DPS grows. Because it's uncommitted, it's something that, obviously, we're going to continue to build a level of caution in. But if you just look at where we're at year-to-date, $12 million, and you're absolutely right, it has rapidly grown.

顯然，其中一個組成部分是按需消費。所以你確實需要關注 Dynatrace 的 ARR 成長，這顯然是一個主要的領先指標。然後，我們看到按需消費，我們確實相信隨著 DPS 的成長，這個數字也會成長。由於它尚未得到承諾，因此顯然我們將繼續保持一定程度的謹慎。但如果您只看今年迄今為止的水平，即 1200 萬美元，您就完全正確了，它已經快速增長了。

Now it will vary by cohort class by quarter. But if you just equate that, even though it's uncommitted kind of in ARR terms, that's 80 bps of ARR. And so it's a good model.

現在它將根據每個季度的群組類別而變化。但如果你只是將其等同起來，即使從 ARR 角度來看它是未承諾的，那也是 80 個基點的 ARR。所以這是一個很好的模型。

For the fourth quarter specifically, we've modeled like mid-single digits in that because, again, because it's uncommitted, you don't know exactly what it's going to be. But we're very, very pleased with what we're seeing here with DPS because it is driving the consumption that we were hoping it would.

具體來說，對於第四季度，我們模擬了中等個位數的成長，因為，再說一次，因為它還沒有確定，所以你不知道它會是什麼樣子。但我們對 DPS 的表現非常滿意，因為它正在推動我們所希望的消費。

[Fatima Boolani].

[法蒂瑪·布拉尼]。

Just to riff off of Matt's question, Jim, how should we think about the net retention rate trajectory as you continue to see sort of this decoupling or breakage, if you will, between customer consumption behavior and contracted ARR on the grounds of greater DPS consumption and usage?

吉姆，我只是想回答一下馬特的問題，當你繼續看到客戶消費行為和合約 ARR 之間由於 DPS 消費增加而出現脫鉤或斷裂時，我們應該如何看待淨留存率的軌跡？

Okay. So that's a very good question, Fatima. So as I said in the prepared remarks, that neither ARR or NRR has on-demand consumption embedded in it. That is just contractually committed business. But because we're seeing this phenomenon with ODC, that it will not show up in the NRR metric. That does not mean that you will not see with DPS, NRR accretion. As a matter of fact, even though we're very early days with the cohort classes with DPS, we are seeing DPS customers expand at a greater rate and pace than SKU-based customers. I admit there's probably a bit of sampling bias with that. But now that we have 55% of our ARR on that, I'd say the sampling bias component will start to diminish.

好的。這是一個非常好的問題，法蒂瑪。因此，正如我在準備好的發言中所說的那樣，ARR 和 NRR 都沒有嵌入按需消費。這只是合約上承諾的業務。但因為我們在 ODC 中看到了這種現象，所以它不會出現在 NRR 指標中。這並不意味著您不會看到 DPS、NRR 的累積。事實上，儘管我們與 DPS 的同類群組類別合作還處於早期階段，但我們發現 DPS 客戶的擴張速度比基於 SKU 的客戶更快。我承認這可能存在一些抽樣偏差。但現在我們的 ARR 已經達到 55%，我想說抽樣偏差成分會開始減少。

And so you will see NRR, but you will see NRR at the time of an expansion. And because we have on-demand consumption. And just maybe a clarification for investors is most of our ARR that's on DPS is multiyear contracts. So I think it's, call it, 80%-plus of our ARR are multiyear contracts. So the way to think about this is customers contract in, call it, three one-year commitments individually. And so when you have a customer that may be in year one of their contract, that's going through this on-demand consumption component, they don't necessarily have to expand early. They can just go on demand, then they go into year two and think of it as the clock resets.

所以您會看到 NRR，但是您會看到 NRR 是在擴展時出現的。因為我們有按需消費。也許需要向投資者澄清的是，我們 DPS 上的大部分 ARR 都是多年合約。所以我認為，我們的 80% 以上的 ARR 都是多年合約。因此，思考這個問題的方式是，客戶分別簽訂三個為期一年的承諾合約。因此，當您的客戶可能處於合約的第一年，正在經歷這種按需消費組件時，他們不一定需要提前擴張。他們只需按需出行，然後進入第二年，並將其視為時鐘重置。

Now they're obviously consuming at a greater rate and pace. So you will get an expansion. Sometimes you'll get an expansion early in year one, and sometimes you won't get an expansion until later in the contract life. So NRR will benefit. It's just the timing of when do you see ODC and when will you see NRR. And I think as DPS grows and matures, you will see it more reflected in NRR.

現在他們的消費速度和節奏明顯加快了。因此你會得到擴展。有時您會在第一年初獲得擴展，有時您直到合約期限的後期才會獲得擴展。因此 NRR 將從中受益。這只是您何時看到 ODC 以及何時看到 NRR 的時間問題。我認為隨著 DPS 的發展和成熟，您會看到它在 NRR 中得到更多體現。

Will Power, Baird.

威爾鮑爾、貝爾德。

Okay. Great. Rick, I want to come back to some of the introductory comments around AI. You laid out a nice suite of tools that are designed to help on AI fronts, whether it's observing LLMs or helping with agentic work. I guess, I wonder if you could just help highlight, where are you seeing the most traction today?

好的。偉大的。里克，我想回顧一下有關人力智慧的一些介紹性評論。您設計了一套很好的工具，旨在幫助人工智慧方面，無論是觀察 LLM 還是幫助代理商工作。我想知道您是否可以幫助強調一下，您今天在哪裡看到了最大的關注點？

And is agentic AI something that's starting to benefit you and what's the outlook there? And is there any way just to kind of help conceptualize revenue or ARR contribution around all that?

代理人工智慧開始為您帶來益處？有沒有什麼方法可以幫助概念化所有這些收入或 ARR 貢獻？

Thanks, Will. And sorry, [hurt] you off for a bit of a raspy voice this morning, but we'll get through it together. The AI piece, for us, is an absolute tailwind, I would say, across the board. Started with generative AI, it went to RAG, it's continuing with inference. It's moving on to agentic AI.

謝謝，威爾。而且很抱歉，今天早上我的聲音有點沙啞，傷害了你，但我們會一起度過難關。對我們來說，我想說，人工智慧絕對是全方位的順風。從生成式 AI 開始，然後發展到 RAG，最後繼續進行推理。它正在向代理 AI 邁進。

All of this is moving, if you will, from analytics and data, to inference, knowledge, analytics and onward to agents that are driving behavior and automation. And in many ways, we think about our AI strategy at Dynatrace as mirroring that because we're also moving from overall observability to deep answers, and intuitive results all the way through automation. And so we believe that AI is a huge tailwind because at the end of the day, it's driving enormous amounts of data, increases in its complexity and our ability to manage that complexity through a sophisticated observability platform is of paramount importance to our customers.

如果你願意的話，所有這些都在從分析和數據轉向推理、知識、分析，再轉向推動行為和自動化的代理。在很多方面，我們認為 Dynatrace 的 AI 策略都反映了這一點，因為我們也從整體可觀察性轉向深度答案，並透過自動化實現直覺的結果。因此，我們相信人工智慧是一個巨大的順風，因為歸根結底，它會產生大量數據，增加其複雜性，而我們透過複雜的可觀察性平台管理這種複雜性的能力對我們的客戶至關重要。

One last point, the hundreds of customers that we have already using AI observability with Dynatrace are really across the board in sectors and industries. So we see AI being adopted very broadly. They're interested in observing AI workloads, and we believe it is a tailwind for our AI observability capabilities as a result of that.

最後一點，我們已經有數百名客戶使用 Dynatrace 的 AI 可觀察性，他們來自各個產業。因此我們看到人工智慧被廣泛採用。他們對觀察人工智慧工作負載很感興趣，我們相信這對我們的人工智慧可觀察性能力來說是一個順風。

Keith Bachman, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Keith Bachman。

I have a question maybe just sneak in a clarification. If I look at your ARR guidance implied for Q4, if I'm doing the math right quickly, it suggests sort of a mid-60s numbers again in terms of net new, which is down year-over-year. And I know you said -- I think you said that the DPS contracts or the consumption-based element maybe is mid-single digits, but it's still declining year-over-year pursuant to your guidance. I just want to see if there's anything you can help us understand because it sort of starts the jumping off point as we begin to fine-tune our models for FY26.

我有一個問題，也許只是想偷偷澄清一下。如果我查看您對第四季度的 ARR 指引，如果我能夠快速進行計算，您會發現淨新增量再次出現了 60 年代中期的數字，與去年同期相比有所下降。我知道您說過——我認為您說過 DPS 合約或基於消費的要素可能處於中等個位數，但根據您的指導，它仍然在逐年下降。我只是想看看您是否可以幫助我們理解任何內容，因為當我們開始為 FY26 微調模型時，這可以說是一個起點。

And then just a clarification, Jim, I know you said you'd give us more help on taxes. But just philosophically, as we think about '26, we're trying to set our free cash flow. Is the change -- is the cash tax impact just broadly -- is it a help, hurt or neutral, just to help us think about our free cash flow estimates for '26.

然後需要澄清的是，吉姆，我知道你說過你會在稅收方面給我們更多幫助。但從哲學角度來看，當我們思考 26 年時，我們正在嘗試設定我們的自由現金流。這種變化——現金稅的影響是否只是廣義的——是有幫助、有害還是中性的，只是為了幫助我們思考 26 年的自由現金流估計。

Thanks for the questions, Keith. Relative to the ARR guide, I think the primary driver of the ARR guide, we obviously had 15% to 16% growth last time. We're now three quarters of the way through the year. You have one quarter left. So we certainly lopped off the low end of the range, and we did inch it up on the high end.

謝謝你的提問，基斯。相對於 ARR 指南，我認為 ARR 指南的主要驅動因素，我們上次顯然實現了 15% 至 16% 的成長。如今，我們已經度過了今年的四分之三。您還剩下四分之一。因此，我們確實削減了範圍的低端，並且確實在高端上有所提高。

And I'd say we inched it up probably more prudently, largely because I said in my prepared remarks, we actually have the funnel. The funnel is pretty heavily weighted to -- maybe even more so than last year, heavily weighted to a very large strategic binary deals. And when you have a funnel that's weighted that way, you have 90 days left in the year, we're not necessarily expecting the same level of execution that we did last year. We ran the table last year. And so the good news is we think this is a good net positive for Dynatrace because as customers thinking about consolidation, we're actually in a good position to compete with those opportunities.

我想說，我們可能更謹慎地加快了速度，主要是因為我在準備好的發言中說過，我們實際上有漏斗。該漏斗相當重視——可能比去年更重視，非常重視非常大的策略二元交易。當你有一個這樣加權的漏斗時，你今年還剩下 90 天，我們不一定會期望執行水準與去年相同。去年我們經營這家餐廳。因此，好消息是我們認為這對 Dynatrace 來說是一個很好的淨收益，因為作為考慮整合的客戶，我們實際上處於有利地位來與這些機會競爭。

So we think it's a net positive relative to a trend. Obviously, near term, it does introduce a level of close timing variability and deal certainty. So that's kind of the -- maybe the way to think about it on the ARR front. And I think that trend will continue. Even though we're not providing fiscal '26 guide, our expectation is this continued trend will continue into fiscal '26.

因此我們認為，相對於趨勢而言，這是一個淨正面因素。顯然，短期內，它確實會引入一定程度的接近時間變化性和交易確定性。所以這也許是從 ARR 角度思考這個問題的方式。我認為這種趨勢將會持續下去。儘管我們沒有提供 26 財年指南，但我們預計這種持續的趨勢將持續到 26 財年。

And relative to taxes, the very simple way to put it, Keith, is, as you can imagine, we know we are a significant cash taxpayer, 650 basis points of cash taxes as a percent of revenue. And so we've been doing what we can around strategic tax planning, and this IP-related transfer to Switzerland will lower the tax rate for the company.

至於稅收，基思，非常簡單的說法是，你可以想像，我們知道我們是一個重要的現金納稅人，現金稅佔收入的 650 個基點。因此，我們一直在盡我們所能進行策略性稅收規劃，而與智慧財產權相關的向瑞士的轉移將降低公司的稅率。

So this will be a benefit to lower cash taxes in fiscal '26. So it's not a headwind. It's a tailwind. I'll share more about the extent of how much of a tailwind that will be. It will build over the years, but you will see benefit in fiscal '26 from lower cash taxes.

因此，這將有利於降低26財年的現金稅。因此這並不是什麼逆風。這是順風。我將進一步分享其順風程度的具體資訊。它會隨著時間的推移而不斷積累，但你會在 26 財年看到現金稅降低的好處。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Congrats on the quarter. Jim, I just wanted to understand the NRR dynamics one more time, if you might. It seems like the DPS tool overages has increased, you said $7 million last quarter. I think you said low single digits or something like that. So that is a headwind to ARR, I understand.

恭喜本季取得佳績。吉姆，如果可以的話，我只是想再一次了解 NRR 動態。看起來 DPS 工具超額支出增加了，您說上個季度是 700 萬美元。我認為您說的是低個位數或類似數字。所以，我明白，這對 ARR 來說是一個阻力。

But that $7 million is a quarterly number. So the headwind to ARR, would that be an annualized number? And then obviously, from the last quarter, you would have caught up with some of those contracts, which should be a tailwind to ARR, if you have.

但700萬美元是一個季度數字。那麼 ARR 面臨的阻力會是一個年化數字嗎？然後顯然，從上個季度開始，你應該已經趕上了其中一些合同，如果你這樣做的話，這應該會對 ARR 產生推動作用。

But it seems like you might not have caught up in three months, it can take maybe more than that. So I'm trying to understand what is the net of this? Because NRR did downtick sequentially. And I'm trying to understand if you net it out, is that 100%, the downtick from last quarter, is that 100% because of this dynamic would you say?

但看起來你可能在三個月內也無法趕上，也許需要更長的時間。所以我想知道這個網路是什麼？因為 NRR 確實會連續下降。我想了解的是，如果您將其淨化，那麼這是否是 100%，與上一季相比的下降，您認為這是否 100% 是因為這種動態造成的？

Yes. I don't know if I would necessarily the NRR downtick is a result per se of kind of this phenomena of what's going on with ODC. I would say we -- for the quarter and -- actually the -- I would say, year-to-date, we talked about our go-to-market changes with our go-to-market changes really being oriented around customer segmentation and applying more resource at the top of the pyramid, global IT 500 companies. And the good news is, while it takes a while to build relationships, we are starting to see some green shoots from that effort. And so we're starting to see pipeline grow in that space. We are starting to see deal closures in that space.

是的。我不知道 NRR 下降是否必然是 ODC 所發生這種現象的結果。我想說的是，就本季而言，以及實際上，就今年迄今為止而言，我們討論了我們的上市變化，我們的上市變化實際上是圍繞客戶細分展開的。資源投入到金字塔頂端，也就是全球IT 500強企業。好消息是，雖然建立關係需要一段時間，但我們開始看到這項努力帶來的一些曙光。因此我們開始看到該領域的管道成長。我們開始看到該領域的交易達成。

And so I'd say we feel good about the traction even though it's still early days. I'd say the -- below the IT 500, which we call the commercial segment, admittedly, the commercial segment, we're not seeing the same level of performance in the commercial segment around expansions. And so like everything else that -- there's areas that you need to tune in the model. So for us, we're getting traction in the areas we've been focusing on.

因此我想說，儘管現在還處於早期階段，但我們對這種發展勢頭感到滿意。我想說的是 - 在 IT 500 以下，我們稱之為商業領域，誠然，在商業領域，我們在擴張方面沒有看到相同水準的表現。因此，就像其他所有事物一樣——模型中存在一些需要調整的領域。因此對我們來說，我們在我們一直關注的領域正在獲得發展動力。

We need to tune the model a little bit more for the commercial segment where expansions were a little bit less. And that was -- that's probably the area that has pressured NRR. And just relative to making sure people understand how DPS works, I try to use the example of a multiyear contract, for which most of our DPS contracts are. They have 3 1-year individual commitments. So this on-demand consumption phenomenon does not necessarily mean the customer needs to do a renewal.

我們需要針對擴張較少的商業領域對模型進行進一步調整。這就是 — — 這可能是給 NRR 帶來壓力的領域。為了確保人們了解 DPS 的工作原理，我嘗試使用多年期合約的例子，我們的大多數 DPS 合約都是這樣的。他們有 3 項為期 1 年的個人承諾。所以這種按需消費現象並不一定意味著客戶需要續約。

By definition, they're not up for renewal for 3 years. You're in year 1. But they burn through their year 1 commitment early, which means they're consuming more of the platform, which is exactly what we wanted. The customer does not necessarily want to do an early renewal in year 1 because maybe the amount of overage was not substantial. The unit pricing reduction they would get maybe wouldn't be as impactful to go through a broad effort.

根據定義，它們 3 年內不能續約。你現在在第一年。但他們很早就用完了第一年的承諾，這意味著他們消耗了更多的平台，而這正是我們想要的。客戶不一定想在第一年提前續約，因為超額的金額可能不大。他們所獲得的單位價格降低可能不會像透過廣泛的努力那樣具有影響力。

So they're willing to then go into the following reset year. So think of it as year 1, you get on-demand consumption. You're done with your year 1 maybe. Now you're in year 2. But when you're in year 2, this clock starts at 0 again.

因此他們願意進入下一個重置年。所以可以把它想像為第一年，您獲得按需消費。你可能已經完成了第一年的學習。現在你已經進入第二年了。但是當你進入第二年時，這個時鐘又從 0 開始。

So think of it as a contract that's maybe a $6 million TCV. $2 million a year. They spend $2.2 million in the first year with 200 of on-demand consumption. Following year, the clock starts at 0 again. Now granted their run rate is higher, so the likelihood may be that they'll do an early expansion in year 2 increases because maybe the benefit of doing it then.

因此可以將其視為一份 TCV 約為 600 萬美元的合約。每年200萬美元。他們第一年就花了220萬美元，按需消費量為200台。隔年，時鐘又從 0 開始。現在假設他們的運行率更高，因此他們在第二年儘早進行擴張的可能性可能會增加，因為那時這樣做可能有好處。

But that's just kind of how it works. It's not necessarily that because you're on on-demand consumption, that you'll see the following quarter in expansion. It doesn't necessarily work that way. It does work that way in some cases, but because we're very early in the renewal cohort class, sometimes it happens, sometimes customers just go through a reset.

但這就是它的工作原理。這並不一定意味著因為你處於按需消費狀態，你會看到下一季的擴張。但事實不一定如此。在某些情況下，它確實是這樣的，但是因為我們處於更新佇列的早期階段，所以有時會發生這種情況，有時客戶只是進行重置。

And Pinjalim, I would just add that this is a reason that we are suggesting that we increase view not just on ARR, but also on subscription revenue as we look ahead because both of these metrics are going to increasingly matter in a DPS world.

Pinjalim，我想補充一點，這就是我們建議不僅要關注 ARR，還要關注訂閱收入的原因，因為這兩個指標在 DPS 世界中都將變得越來越重要。

And the only other thing I would say, Pinjalim, that I didn't answer in your commentary about the way that -- you were saying, hey, can you annualize maybe this impact that we saw $7 million? I would say that it's uncommitted.

我想說的另一件事是，Pinjalim，我在你的評論中沒有回答這個問題——你說，嘿，你能把我們看到的 700 萬美元的影響年化嗎？我想說的是，它尚未承諾。

So yes, you could annualize it because as DPS grows, you would expect that, yes, that's kind of the way to generally think about it. I'd say because it has variability because it's uncommitted, I'd say we're always going to apply a bit of caution. But your -- kind of your mental model is the right one. If you did annualize that value, that is the amount of kind of the equivalent, uncommitted ARR that it would equate to.

所以是的，您可以將其年化，因為隨著 DPS 的增長，您會預期，是的，這是一種通常的思考方式。我想說，因為它具有可變性，因為它尚未確定，所以我想說我們總是要謹慎一點。但是你的——你的思考模型是正確的。如果您確實將該價值年化，那麼它就相當於未承諾的 ARR 的金額。

And then it's a matter of what's the timing by which the customer does an expansion to then see that show up in ARR.

然後問題是客戶在什麼時間進行擴展，然後才能看到它在 ARR 中顯示出來。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

I just wanted to cycle back on the go-to-market changes that you guys announced earlier this year and just get an update. I wanted to get a sense of where we are in recognizing the sales productivity gains from those changes? And really, what gives management here the confidence? Because I know in Rick's prepared remarks, he had cited the fact that you guys are looking to accelerate this transition. Can you give us an order of magnitude on that front?

我只是想回顧一下你們今年早些時候宣布的市場變化並獲取最新資訊。我想了解我們在認識到這些變化帶來的銷售生產力提高方面處於什麼水平？那麼，究竟是什麼給予管理階層如此大的信心呢？因為我知道，瑞克在準備好的發言中提到，你們正在尋求加速這一轉變。您能給我們這方面的數量級嗎？

Yes. That's a very good question. I won't belabor what we've done around the go-to-market change because you do know that. So we're 3 quarters in, and we certainly didn't expect productivity improvements three quarters in. Your transitioning accounts, especially when you're in strategic accounts, it does take a while to establish relationships.

是的。這是一個非常好的問題。我不會詳細闡述我們在市場進入變革方面所做的努力，因為你們知道這一點。因此，我們已經進入了第三個季度，我們當然沒有預期到第三個季度後生產力會有所提高。您的過渡帳戶，尤其是當您的策略帳戶時，建立關係確實需要一段時間。

I'd say the green shoots and leading indicators, Mike, that we look at is are we starting to see, call it, rolling four-quarter pipeline improve? And the answer is yes. So the first thing you want to know, people are settling in, they're establishing new relationships. What's the first thing we're going to see? Well, we'd like to see that the rolling 4-quarter pipeline is improving.

麥克，我想說，我們所關注的綠芽和領先指標是我們是否開始看到所謂的連續四個季度的管道改善？答案是肯定的。所以你要知道的第一件事是，人們正在安頓下來，建立新的關係。我們首先會看到什麼？好吧，我們希望看到第四季度的滾動管道有所改善。

We are seeing that. And so we are seeing, in some cases, some deal closures in that segment already. So this -- you're already seeing maybe an improvement in deal closures in that segment, penetration in that segment and then within customers that we already had deeper expansion. So I'd say we're still -- we are not at the point of showing an improvement in productivity. But we do feel like where we're at is about where we would expect.

我們正在看到這一點。因此，在某些情況下，我們已經看到該領域的一些交易已經完成。因此，您可能已經看到該領域的交易達成率有所提高，該領域的滲透率有所提高，並且在客戶群方面我們已經進行了更深入的擴展。所以我想說，我們仍然還沒有達到生產力提升的階段。但我們確實感覺到我們現在的狀況與我們預期的差不多。

As I mentioned, that was the focus, which is strategic accounts. There is some work for us to do to tune the commercial segment to get the commercial segment to improve the expansion level that we're seeing. We're not necessarily seeing the same level of activity there. But again, you're always tuning the model. I think that's something that we'll continue to work on as we head into fiscal '26.

正如我所提到的，這就是重點，即策略帳戶。我們需要做一些工作來調整商業部門，以使商業部門提高我們所看到的擴展水平。我們不一定在那裡看到相同程度的活動。但同樣，你總是在調整模型。我認為這是我們在進入26財年時會繼續努力的事情。

Mike, I would just add also that last quarter, we reported on having north of 30% of our reps with less than one year of tenure. We continue to add reps. And so we continue to be in a situation where in which we have 30% or greater than 30% of reps with less than one year of tenure. So productivity will expect to increase as that 10-year increases over the course of time.

麥克，我還要補充一點，上個季度，我們報告說有 30％ 的銷售代表任職時間不到一年。我們繼續增加代表。因此，我們仍然處於這樣的境況：30% 或以上的銷售代表的任職時間不到一年。因此，隨著這 10 年期的延長，生產力也預計會隨之增加。

Also on the partner side, we continue to see traction there. More than three quarter of the deals are transacted through our partner ecosystem, and we're now seeing greater than 50% of new logos transacted through a partner, which is net new business, which we'd like to see as well.

在合作夥伴方面，我們也持續看到發展動能。超過四分之三的交易是透過我們的合作夥伴生態系統達成的，現在我們看到超過 50% 的新標誌是透過合作夥伴達成的，這是淨新業務，這也是我們希望看到的。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Rick, I hope you feel better. Coming back to some of the color, Jim, that you provided on the structure of the DPS contract. That was super helpful, noting that they're multiyear contracts. I guess the question is, what's going to be the triggering event for an expansion, if let's say a customer is in sort of year one of DPS, their renewal is not for another two-plus years. How do you sort of see that?

瑞克，我希望你感覺好一點。回到你提供的有關 DPS 合約結構的一些細節，Jim。這非常有幫助，請注意它們是多年期合約。我想問題是，擴展的觸發事件是什麼，如果假設客戶處於 DPS 的第一年，他們的續約時間是兩年多以後。您如何看待這一點？

How do you sort of see that playing out? And I guess the context here is within these sort of year 1, year two, year three dynamics, are there step-ups in commitments? Or are they sort of like $1 million in year one, $1 million in year two, $1 million in year three? Just a little bit more clarity on what the average DPS contract is sort of constructed.

您覺得這會如何發展？我想這裡的背景是，在第一年、第二年、第三年的動態中，承諾是否有增加？還是第一年 100 萬美元，第二年 100 萬美元，第三年 100 萬美元？對平均 DPS 合約的構成方式有更清楚的認知。

Yes. It's a very good question, Sanjit. I guess I'll take your last question first, that there are customers that they will -- we have a variety of models with DPS. Some are what we call ramp deals. So think of it, to your point, it's a 1 in year one and 2 in year two, 3 in year three.

是的。這是一個非常好的問題，桑吉特。我想我首先要回答你的最後一個問題，有的客戶會——我們有多種帶有 DPS 的型號。有些就是我們所說的「坡道交易」。所以想想看，就你的看法而言，第一年是 1，第二年是 2，第三年是 3。

So it ramps, that's for some customers. Some customers have a TCV deal, where it's over the contract life. So their DPS is over the contract life. Some customers have maybe to your point, a 2 2 2, you're using my example, that it's -- they have the same volumes, but they have them in equivalent resets. And it varies. So it's hard to equate all of them. But the way it will work even -- regardless of kind of the vehicle that you're on, it becomes a customer decision, right?

因此，對於一些客戶來說，這是有好處的。有些客戶有 TCV 協議，合約期限已過。所以他們的 DPS 已經超過合約期限了。有些客戶可能同意您的觀點，即 2 2 2，您使用我的例子，即 - 它們的捲相同，但它們的重置等效。並且它是因人而異的。因此很難將它們全部等同起來。但它的工作方式——無論你乘坐什麼類型的車輛，這都取決於客戶的決定，對嗎？

And again, for us, what we're looking for the customer to do is get more value from the platform and consume faster. That ultimately is what we're looking to have happened. Now whether it shows up as an on-demand consumption for the dynamics I mentioned or whether it shows up maybe in an earlier expansion, to some extent, we're indifferent.

對我們來說，我們希望客戶從平台獲得更多價值並更快消費。這最終就是我們所期望發生的事情。現在，無論它是否表現為我所提到的動態的按需消費，或者是否可能在更早的擴展中出現，在某種程度上，我們都無所謂。

They're getting more value of the platform, which means they're consuming faster. I'd say we are seeing that there are triggering events to your point, depends upon how fast you're consuming. And if you think a recontract or we kind of doing an early repackage would result in a significantly improved unit price, you might be willing to go through that.

他們從平台中獲得了更多的價值，這意味著他們的消費速度更快了。我想說我們看到了觸發事件，這取決於你的消費速度。如果您認為重新簽訂合約或進行早期重新包裝將顯著提高單價，那麼您可能願意這樣做。

And then there are customers that just in some cases, what they'll do is they budget for what they would consider a minimum commitment, and they're more than happy to have overages because they budget for overages. And they say, "All right, for this contract life, I have 100% conviction I'll spend to the minimum commitment." I'll budget for more for on-demand consumption.

還有一些客戶，在某些情況下，他們會為他們認為的最低承諾做預算，並且他們很樂意有超額部分，因為他們為超額部分做了預算。他們說：“好吧，對於這份合約生活，我 100％ 確信我會花掉最低的承諾。”我將為按需消費預留更多預算。

And so those will be customers that will stay. And then there are customers that, again, depending on how fast they're consuming, it might not be worth a repackage because they don't see the benefit on unit pricing. And so it varies. And so what it's going to mean is, call it, the NRR improvement that you're going to see is going to be staged depending upon the profile of those different customers. Again, the timing of that is difficult to call.

所以這些顧客將會留​​下來。還有一些顧客，根據他們的消費速度，重新包裝可能不值得，因為他們看不到單位定價的好處。所以它是有變化的。所以這意味著，您將看到的 NRR 改進將根據不同客戶的概況分階段進行。再一次，這個時機很難判斷。

But we kind of bring you back to -- there are benefits to this model to subscription revenue growth. It's just a dynamic that probably there's been a very clear focus on ARR. And I do think going forward, you're going to need to look at ARR, plus you're going to need to look at this dynamic of what's going on with on-demand consumption combined. And you'll probably see it play out better in subscription revenue than ARR in the near term.

但我們還是要提醒大家──這種模式對訂閱收入成長是有好處的。這只是一種動態，可能人們非常明確地關注 ARR。我確實認為，展望未來，你不僅需要關注 ARR，還需要專注於按需消費的綜合動態。而且您可能會發現短期內它的訂閱收入比 ARR 表現更好。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

It sounds like you're seeing a lot of positive tailwinds as it relates to most of the leading indicators in your business with the pipeline improving.

聽起來你看到了很多積極的順風，因為它與你業務中的大多數領先指標有關，而且管道正在改善。

I think you said more traction through partners and more business transacted through partners. But if you look at the new logo adds, I guess they were down year-over-year. Is that related to the commercial segment weakness you talked about? Or is there something else going on there?

我認為您說過透過合作夥伴可以獲得更多吸引力，透過合作夥伴可以開展更多業務。但如果你看一下新徽標，我想它們的數量比去年同期有所下降。這與您談到的商業領域疲軟有關嗎？還是那裡還有其他事情發生？

I'd say, yeah, we are a bit light on new logo from a unit perspective. But I continue to remind you that we're very focused on the quality of the land, which is landing them at the right size. And we actually saw a very, very healthy lands in the third quarter.

我想說，是的，從單位角度來看，我們對新標誌的了解有點少。但我繼續提醒你，我們非常注重土地的質量，以確保種植面積合適。我們實際上看到了第三季非常非常健康的局面。

We talked that -- I think last quarter, we were just a little bit over 130,000 average land size on a trailing 12-month basis. We were well over 140. So if you look at the individual quarter, the individual quarter for Q3, by itself, had very, very large land sizes on average. And so yes, we want units, but we want units that have the highest propensity to expand. Those units tend to be units that land north of $100,000. So we're pretty pleased, I'd say, with the land size. You are right, we'd like to increase the volume.

我們談到了這一點——我認為上個季度，按過去 ​​12 個月計算，我們的平均土地面積略高於 130,000 平方米。我們的人數遠遠超過140。因此，如果看單一季度，就會發現第三季單一季度的平均土地面積非常非常大。所以是的，我們想要單位，但我們想要具有最高擴張傾向的單位。這些單位的價值往往超過 10 萬美元。所以我想說，我們對土地面積非常滿意。您說得對，我們想增加音量。

And in the commercial segment would be obviously an area that we'd like to see more new -- obviously, legacy units in the Global 500 as well. But I'd say where you're going to see a larger volume is going to be in the commercial segment.

在商業領域，我們顯然希望看到更多新事物——顯然，全球 500 強中的傳統單位也是如此。但我想說，商業領域的銷售量將會更大。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

So just from a real high level, just trying to understand, is ARR and NRR, as it's defined today, no longer the right metrics to gauge the health of the business? Maybe why or why not from a long-term perspective? And then with on-demand becoming a much bigger part of the story, is there a way to maybe talk about qualitatively, how subscription NRR compares to reported NRR? Maybe how DPS NRR compares to subscription NRR, if you could.

因此，從高層次來看，只是想了解，今天定義的 ARR 和 NRR 是否不再是衡量業務健康狀況的正確指標？從長遠角度來看也許可以，或為什麼不可以？那麼，隨著按需成為故事中更重要的一部分，有沒有辦法可以定性地談論訂閱 NRR 與報告的 NRR 相比如何？如果可以的話，也許可以比較一下 DPS NRR 與訂閱 NRR 之間的差異。

I would not go so far as to say that ARR and NRR are not important metrics. Those will remain important metrics for Dynatrace. I'd say, what you can't do is you can't look at them in isolation. Because of the DPS contracting vehicle and the fact that we are getting, what I would say is delayed ARR growth from on-demand consumption, you need to look at both ARR and NRR and ODC together because I think that is -- those are the best measures of kind of the health of the business. And I'd say just qualitatively, again, when you talked about NRR and ARR and how they'll behave, I think the way they're going to behave is they're going to behave the way they have historically.

我不會說 ARR 和 NRR 不是重要的指標。這些仍將是 Dynatrace 的重要指標。我想說，你不能做的是，你不能孤立地看待它們。由於 DPS 承包工具以及我們獲得的事實，我想說的是按需消費導致的 ARR 成長延遲，你需要同時考慮 ARR、NRR 和 ODC，因為我認為這些是衡量企業健康狀況的最佳指標。我想說，從品質上講，當您再次談論 NRR 和 ARR 以及它們的行為方式時，我認為它們的行為方式將與它們的歷史行為方式相同。

Maybe with the exception of you may see with the advent of DPS, you may see more on-demand consumption earlier. You may see expansions later. And so could be early expansions, in some cases, as I mentioned. But I actually think if you look at it combined, there may be a delay in when you see ARR show up given the dynamic of where DPS is.

也許除了你可能會看到的隨著DPS的出現之外，你可能會更早看到更多的按需消費。稍後您可能會看到擴充功能。正如我所提到的，在某些情況下，早期擴張也可能如此。但實際上我認為，如果綜合來看，考慮到 DPS 的動態，ARR 出現的時間可能會有所延遲。

But again, let's go back to what is it about? It is about driving consumption. It is about driving future subscription revenue. That's what DPS is doing. It's just showing up in two different metrics.

但是，我們再回過頭來看看這到底是關於什麼的呢？這是為了推動消費。這是為了推動未來的訂閱收入。這就是 DPS 正在做的事情。它只是以兩種不同的指標表現出來。

That brings us to the end. Thank you all for your engaged questions and of course, your ongoing support.

這就到此結束了。謝謝大家熱切的提問，當然也謝謝大家一直以來的支持。

To close, we remain very enthusiastic about the growth opportunities ahead of us, especially given the market as well as Dynatrace-specific tailwinds that we covered on this call.

最後，我們仍然對未來的成長機會感到非常興奮，特別是考慮到我們在這次電話會議上討論的市場和 Dynatrace 特定的順風因素。

To those of you joining us in Perform next week, we very much look forward to seeing you in person, and we look forward to connecting with many of you at IR events over the coming months. We wish you all a very good day. Thank you.

對於下週加入我們 Perform 活動的各位，我們非常期待與你們見面，並期待在未來幾個月的 IR 活動中與你們中的許多人建立聯繫。我們祝福大家有個愉快的一天。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。