Dynatrace Inc (DT) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Dynatrace fourth-quarter and full-year fiscal 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Dynatrace 2025 財年第四季和全年財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Noelle Faris, Vice President, Investor Relations. Noelle, please go ahead.

現在我很高興將電話轉給投資者關係副總裁諾埃爾法里斯 (Noelle Faris)。諾艾爾，請繼續。

Good morning, and thank you for joining Dynatrace's fourth-quarter and full-year 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 2025 財年第四季和全年財報電話會議。今天與我一起出席的還有執行長 Rick McConnell 和財務長 Jim Benson。

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 risks and uncertainties discussed in Dynatrace's SEC filings, including our most recent quarterly report on Form 10-Q and our upcoming annual report on Form 10-K, that we plan to file later this month.

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 提交給美國證券交易委員會的文件中討論了許多風險和不確定性，包括我們計劃於本月稍後提交的最新 10-Q 表季度報告和即將提交的 10-K 表年度報告，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 May 14, 2025. 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.

本次電話會議所包含的前瞻性陳述代表本公司截至 2025 年 5 月 14 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。

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 web page.

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，它們都發佈在我們的 IR 網頁的財務結果部分。

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. Dynatrace delivered a strong finish to fiscal 2025, having achieved several noteworthy milestones and accomplishments.

謝謝，諾埃爾，大家早安。感謝您參加今天的電話會議。Dynatrace 在 2025 財年取得了優異成績，實現了多項值得注意的里程碑和成就。

Subscription revenue grew 20%. We surpassed $1.7 billion in ARR and $1 billion in DPS ARR. We expanded our non-GAAP operating margin by more than 100 basis points and our pretax free cash flow margin by roughly 250 basis points, emphasizing the strength of our balanced business model. We surpassed 4,000 customers and 5,000 employees.

訂閱收入成長了20%。我們的 ARR 超過 17 億美元，DPS ARR 超過 10 億美元。我們的非公認會計準則營業利潤率提高了 100 多個基點，稅前自由現金流利潤率提高了約 250 個基點，彰顯了我們均衡的商業模式的優勢。我們的客戶和員工數量均超過 4,000 人，員工數量超過 5,000 人。

We announced major platform innovations, including Grail for GCP, Observability for Developers, preventive operations, cloud security posture management, AI-powered log management and analytics, and AI observability, to name just a few. And we were consistently named a leader in all major analyst reports for observability and AIOps over the past year.

我們宣布了主要的平台創新，包括 GCP 的 Grail、開發人員的可觀察性、預防性操作、雲端安全態勢管理、人工智慧驅動的日誌管理和分析以及人工智慧可觀察性等等。在過去的一年裡，我們在所有主要分析師報告中一直被評為可觀察性和 AIOps 領域的領導者。

Today, I'm going to cover my perspective on the observability market, growth tailwinds and opportunities, our agenetic AI vision, and the growing criticality of business observability. Let's begin with the market.

今天，我將介紹我對可觀察性市場、成長順風和機會、我們的遺傳 AI 願景以及業務可觀察性日益增長的重要性的看法。讓我們從市場開始。

While we are clearly in an uncertain economic environment, we continue to see strength in the observability market as virtually all organizations aspire to have their software work perfectly, just as our vision imagines. And now more than ever, customers need to deliver improved productivity and a better user experience at lower cost, which is precisely our value proposition. As such, we see observability spend continuing to be a priority.

雖然我們顯然處於不確定的經濟環境中，但我們仍然看到可觀察性市場實力強勁，因為幾乎所有組織都渴望他們的軟體完美運行，正如我們的願景所想像的那樣。現在，客戶比以往任何時候都更需要以更低的成本提供更高的生產力和更好的使用者體驗，而這正是我們的價值主張。因此，我們認為可觀察性支出仍是優先事項。

Additionally, cloud growth remains healthy. Hyperscalers are now generating nearly $250 billion in annualized revenue growing in the mid-20s. And as organizations accelerate cloud and AI-native initiatives, the need for AI-powered observability at scale has never been greater. We expect to see materially greater penetration in the coming year into hyperscaler workloads, where we expect the majority of observability market growth to occur. And we are innovating to capture this opportunity.

此外，雲端運算成長依然健康。超大規模企業目前的年收入接近 2,500 億美元，成長率達 25%。隨著各組織加速雲端運算和人工智慧原生計劃，對人工智慧驅動的大規模可觀察性的需求從未如此強烈。我們預計，未來一年超大規模工作負載的滲透率將大幅提升，我們預計可觀察性市場的大部分成長將發生在超大規模工作負載領域。我們正在進行創新以抓住這一機會。

Our next major platform release planned for June will further empower cloud and AI-native teams to expand their AIOps and preventive operations. These new capabilities will provide development teams with easy access to hyperscaler and Kubernetes telemetry, leverage Davis to analyze all data with AI assistants, and leverage Davis CoPilot for remediation workflows or instant response.

我們計劃於 6 月發布的下一個主要平台版本將進一步增強雲端和 AI 原生團隊擴展其 AIOps 和預防性操作的能力。這些新功能將使開發團隊能夠輕鬆存取超大規模和 Kubernetes 遙測，利用 Davis 透過 AI 助理分析所有數據，並利用 Davis CoPilot 進行補救工作流程或即時回應。

We believe these secular tailwinds will fuel an addressable market opportunity that we now size at $65 billion in observability and application security. Beyond these market dynamics, I'd like to talk next about four key Dynatrace growth drivers. Each of these represents an intentional area of focus to drive consumption growth across the Dynatrace platform.

我們相信，這些長期的順風將推動一個可尋址的市場機會，目前我們在可觀察性和應用程式安全性方面的規模為 650 億美元。除了這些市場動態之外，接下來我想談談四個關鍵的 Dynatrace 成長動力。每一個都代表著一個有意關注的領域，以推動整個 Dynatrace 平台的消費成長。

First are the ongoing investments in our go-to-market efforts, including customer segmentation, partner enablement, and expanding our sales motion beyond application performance to include end-to-end observability and cloud modernization. We kicked off these initiatives at the beginning of fiscal 2025, and they continue to gain traction. We expect them to drive sales productivity gains in fiscal 2026.

首先是我們對市場推廣工作的持續投資，包括客戶細分、合作夥伴支持，以及將我們的銷售活動從應用程式效能擴展到端到端可觀察性和雲端現代化。我們在 2025 財年伊始就啟動了這些計劃，而這些計劃正在不斷獲得發展動力。我們預計他們將在 2026 財年推動銷售生產力的提升。

We've seen a consistent trend in total pipeline growth, driven primarily by strength in strategic accounts, where pipeline was up 45% compared to last year, highlighting the traction in our customer segmentation efforts. More than 80% of our ACV closed in the quarter were partner-influenced with over 40% of those coming from GSIs and hyperscalers.

我們看到整體通路成長呈現持續趨勢，這主要得益於策略帳戶的強勁成長，其中通路較去年同期成長了 45%，凸顯了我們在客戶細分工作中的推動作用。本季我們完成的 ACV 中，超過 80% 受到合作夥伴的影響，其中超過 40% 來自 GSI 和超大規模企業。

And the expansion of our sales motion beyond our proven land-and-expand approach resulted in more than 50% of our anchor deals in the quarter, driving end-to-end observability. These investments are gaining traction and contributed to large deal closures in the quarter, including 15 deals with incremental ACV of over $1 million.

我們的銷售活動超越了我們已證實的「登陸和擴張」方法，導致本季度我們的主力交易量超過 50%，從而推動了端到端的可觀察性。這些投資正在獲得關注，並促成了本季大宗交易的完成，其中包括 15 筆增量 ACV 超過 100 萬美元的交易。

Second, our Dynatrace Platform Subscription or DPS licensing model continues to build momentum, with over 40% of our customer base and more than 60% of ARR leveraging this approach as of the end of the fourth quarter. With access to the full platform, customers are adopting Dynatrace more broadly across their IT environments, resulting in increased consumption. We expect this DPS adoption to materialize over time in early expansions or on-demand consumption beyond customer commit levels.

其次，我們的 Dynatrace 平台訂閱或 DPS 授權模式持續發展勢頭，截至第四季度末，我們超過 40% 的客戶群和超過 60% 的 ARR 採用這種方法。透過造訪完整平台，客戶可以在其 IT 環境中更廣泛地採用 Dynatrace，從而增加消費。我們預計，隨著時間的推移，DPS 的採用將在早期擴展或超越客戶承諾水準的按需消費中實現。

Third is the massive opportunity in log management. We believe the log's market remains ripe for disruption, given expensive legacy solutions that largely operate independently from existing observability tools and result in lower value.

第三是日誌管理方面的巨大機會。我們認為，鑑於昂貴的傳統解決方案在很大程度上獨立於現有的可觀察性工具運作並導致價值降低，日誌市場仍面臨顛覆的風險。

Our unique approach to log management and analytics 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 at lower cost.

我們獨特的日誌管理和分析方法將日誌、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、更低成本地從日誌中獲得更大的價值。

Leveraging Grail as their massively parallel processing data lake house, logs can then contribute near real-time insights at enormous scale. We are seeing strong adoption of our log management offering with a third of our customers now using this solution. The number of customers leveraging logs is up 18% compared to last quarter.

利用 Grail 作為其大規模並行處理資料湖庫，日誌可以大規模地提供近乎即時的洞察。我們看到我們的日誌管理產品得到了廣泛的採用，目前有三分之一的客戶正在使用此解決方案。與上一季相比，利用日誌的客戶數量增加了 18%。

Plus, nearly half of our new logos added in the fourth quarter are deploying logs in their initial implementation compared to roughly 20% in the same quarter last year. And finally, in what could arguably be our largest growth opportunity, the AI revolution is upon us. So I'd like to turn to that next.

此外，在第四季度新增的標誌中，近一半在初始實施時就部署了日誌，而去年同期這一比例約為 20%。最後，人工智慧革命已經到來，這可以說是我們最大的成長機會。接下來我想談談這個。

As you know, AI is evolving into a whole new era where systems can plan, make decisions, and take action autonomously. According to IDC, by 2029, GenAI-based software testing tools capable of writing 85% of tests will be augmented by AI agents and agentic workflows.

眾所周知，人工智慧正在發展進入一個全新的時代，系統可以自主規劃、決策和採取行動。根據 IDC 預測，到 2029 年，能夠編寫 85% 測試的基於 GenAI 的軟體測試工具將透過 AI 代理和代理工作流程得到增強。

And we expect that as much as 80% or more of developers' time is spent ensuring that code is running properly in production by securing, debugging, and optimizing it. In many ways, this is exactly what Dynatrace was purpose-built to enable, and it represents a massive opportunity.

我們預計開發人員將花費 80% 或更多的時間來確保程式碼在生產中正常運行，包括保護、偵錯和最佳化程式碼。從許多方面來看，這正是 Dynatrace 的初衷，它代表著一個巨大的機會。

We were pleased to see that Forrester recently recognized Dynatrace as a leader in AIOps with the highest score in the current offering category. Our mission for many years has been to deliver answers and intelligent automation from data, well beyond dashboards and root cause analysis.

我們很高興地看到，Forrester 最近將 Dynatrace 評為 AIOps 領域的領導者，並在當前產品類別中獲得了最高分。多年來，我們的使命一直是從數據中提供答案和智慧自動化，遠遠超出儀表板和根本原因分析。

Automation is enabled by an autonomous system that can recommend and then carry out action based upon trustworthy, deterministic conclusions from context-rich data. And agentic AI is the architectural approach for that system.

自動化由自主系統實現，該系統可以根據來自豐富上下文資料的可信、確定性的結論提出建議並採取行動。代理人工智慧是該系統的架構方法。

Indeed, our AI-native platform is what sets Dynatrace apart from our peers. And we believe that as a result of this market evolution, it will become an even bigger differentiator in the future. In fact, Dynatrace has been investing in advancing our capabilities to evolve into a fully agentic AI platform that can automatically remediate, protect, and optimize without the need for human intervention.

事實上，我們的 AI 原生平台是 Dynatrace 與同行區分開來的關鍵。我們相信，隨著市場的演變，未來它將成為更大的差異化因素。事實上，Dynatrace 一直在投資提升我們的能力，以發展成為一個完全代理的 AI 平台，可以自動修復、保護和優化，而無需人工幹預。

A true agentic platform must be able to make intelligent decisions to act in real time. We postulate this requires various core capabilities. You need a common data lake house to store all data types in context for accuracy, performance, and scale without manual tagging. You must be able to act in real time without limitations of predefined schemas or indexing. You need causation of data, not correlation, to deliver answers that are trustworthy and actionable.

真正的代理平台必須能夠做出智慧決策並即時採取行動。我們假設這需要各種核心能力。您需要一個通用的資料湖來儲存所有類型的資料類型，以確保準確性、效能和規模，而無需手動標記。您必須能夠即時採取行動，而不受預定義模式或索引的限制。您需要數據的因果關係，而不是相關性，來提供可信且可操作的答案。

You need a combination of AI techniques, including causal, predictive, and generative AI to facilitate the discovery and prediction of issues to provide these answers. And in autonomously preventing and remediating issues as well as optimizing cloud-native workloads, an agentic AI system needs to delegate and handle tasks not only on its own but also to an ecosystem of AI agents.

您需要結合多種人工智慧技術，包括因果人工智慧、預測人工智慧和產生人工智慧，以促進問題的發現和預測，從而提供這些答案。在自主預防和補救問題以及優化雲端原生工作負載時，代理 AI 系統不僅需要自行委託和處理任務，還需要委託和處理給 AI 代理生態系統。

We believe Dynatrace is uniquely positioned to lead in this space with Grail, our indexless schema-free lake house designed for real-time intelligent AI automation at scale. Today, we already provide the knowledge, memory, reasoning, planning, and actioning to meet the heightened requirements of an agentic AI system.

我們相信，憑藉 Grail，Dynatrace 擁有獨特的優勢，可以引領這一領域，Grail 是我們專為大規模即時智慧 AI 自動化而設計的無索引無模式湖屋。今天，我們已經提供了知識、記憶、推理、規劃和行動來滿足代理人工智慧系統的更高要求。

Our knowledge is fueled by one agent collecting all data types in context, normalized with our semantic dictionary; cleansed, protected, and then ingested through open pipeline. Grail provides instant access to petabytes of short- and long-term data in context, the real-time memory to enable AI queries.

我們的知識由一個代理提供動力，該代理收集上下文中的所有資料類型，並透過我們的語義詞典進行規範化；清理，保護，然後透過開放管道進行提取。Grail 提供對上下文中 PB 級短期和長期資料的即時訪問，以及支援 AI 查詢的即時記憶體。

Davis leverages the combination of causal, predictive, and generative AI to handle the reasoning. Davis AI CoPilot can then intelligently plan actions based on context and reasoning. And finally, our automation engine is able to take action, autonomously executing tasks and collaborating with third-party AI agents. We plan to continue to innovate aggressively to meet the needs of this rapidly evolving AI landscape.

戴維斯利用因果、預測和產生人工智慧的組合來處理推理。然後，Davis AI CoPilot 可以根據上下文和推理智慧地規劃行動。最後，我們的自動化引擎能夠採取行動，自主執行任務並與第三方 AI 代理合作。我們計劃繼續積極創新，以滿足快速發展的人工智慧領域的需求。

I'd like to next turn to business observability. As the AI landscape continues to evolve, so too have our customers' needs for a more sophisticated observability approach. They want more than technical analytics. Organizations want to use observability solutions to help them understand core business metrics.

接下來我想談談業務可觀察性。隨著人工智慧領域的不斷發展，我們的客戶對更複雜的可觀察性方法的需求也在不斷發展。他們想要的不僅僅是技術分析。組織希望使用可觀察性解決方案來幫助他們了解核心業務指標。

Business observability provides precise answers to help customers address not only operational issues, such as cost reduction and risk mitigation, but also customer-centric issues such as optimizing user experience and driving profitability.

業務可觀察性提供了精準的答案，不僅可以幫助客戶解決降低成本和降低風險等營運問題，還可以幫助客戶解決優化用戶體驗和提高盈利能力等以客戶為中心的問題。

For example, a large cruise ship operator is using Dynatrace to enable an exceptional on-ship experience for passengers. They begin with the core user experience that they want to track and then drill down into microservices and technical analytics rather than the other way around.

例如，一家大型遊輪營運商正在使用 Dynatrace 為乘客提供卓越的船上體驗。他們從想要追蹤的核心用戶體驗開始，然後深入研究微服務和技術分析，而不是相反。

In many such customer deployments, our platform is playing an increasing role in our differentiation. Only Dynatrace captures business events in context with other data types, enabling quick and easy querying, rich visualization dashboards, and business-driven automation. I'd like to highlight just a few of our larger Q4 wins.

在許多這樣的客戶部署中，我們的平台在我們的差異化中發揮著越來越重要的作用。只有 Dynatrace 能夠在與其他資料類型相關的上下文中擷取業務事件，從而實現快速簡便的查詢、豐富的視覺化儀表板和業務驅動的自動化。我想重點介紹我們在第四季取得的一些較大的勝利。

A major airline already committed to spend nearly $50 million with Dynatrace over its contract term, signed an additional seven-figure expansion in an ongoing effort to reduce the number of disparate monitoring tools, including logs, to have all their relevant data types in one place with Grail.

一家大型航空公司已經承諾在合同期內與 Dynatrace 合作花費近 5000 萬美元，並簽署了一份價值七位數的額外擴展合同，持續努力減少包括日誌在內的不同監控工具的數量，並通過 Grail 將所有相關數據類型集中在一個地方。

A Canadian financial services company, another eight-figure customer, added a seven-figure expansion to consolidate various observability and log monitoring tools, standardize on Dynatrace, and substantially reduce costs. And we closed a seven-figure expansion deal with a large software company, including logs on Grail, to ensure stability and performance during a major software release.

另一家八位數客戶是一家加拿大金融服務公司，該公司增加了七位數的擴展，以整合各種可觀察性和日誌監控工具，在 Dynatrace 上實現標準化，並大幅降低成本。我們與一家大型軟體公司達成了七位數的擴展協議，其中包括 Grail 上的日誌，以確保主要軟體發布期間的穩定性和效能。

Finally, I'd like to welcome Steve McMahon to Dynatrace as our new Chief Customer Officer, replacing Matthias Dollentz-Scharer, who is retiring from the company. I wish Matthias well after an incredible career here over the past decade. And I am delighted with Steve's employment, as his background in observability and security at Splunk, CrowdStrike, and Zscaler provides him a terrific foundation for a rapid ramp.

最後，我歡迎史蒂夫·麥克馬洪 (Steve McMahon) 加入 Dynatrace 擔任我們的新任首席客戶官，接替即將退休的馬蒂亞斯·多倫茨-沙勒 (Matthias Dollentz-Scharer)。馬蒂亞斯過去十年在這裡度過了一段輝煌的職業生涯，我祝他一切順利。我很高興史蒂夫能得到這份工作，因為他在 Splunk、CrowdStrike 和 Zscaler 的可觀察性和安全性方面的背景為他快速晉升奠定了良好的基礎。

To wrap up, our market opportunity is stronger than ever. We have several Dynatrace-specific drivers supporting our growth. We have a significantly differentiated AI-powered observability platform that is leading the way toward us delivering a highly differentiable agentic observability platform.

總而言之，我們的市場機會比以往任何時候都更強大。我們有幾個 Dynatrace 特定的驅動因素來支持我們的成長。我們擁有一個顯著差異化的人工智慧可觀察性平台，該平台正引領我們提供高度可差異化的代理可觀察性平台。

We are increasingly bringing customers deep business insights. And we have a compelling business model which has enabled us to deliver a sustained balance of growth and profitability. Jim, over to you.

我們正不斷為客戶提供深刻的商業洞察。我們擁有引人注目的商業模式，使我們能夠實現成長和獲利的持續平衡。吉姆，交給你了。

Thank you, Rick, and good morning, everyone. Q4 was a strong finish to fiscal '25. Once again, we exceeded the high end of guidance across all top-line growth and profitability metrics. Our ability to execute successfully in this dynamic environment is a testament to the growing criticality of observability and security in the market, our highly differentiated AI-powered platform, our ability to demonstrate exceptional business value and ROI for our customers, and the predictability and durability of our business model.

謝謝你，里克，大家早安。第四季為 25 財年畫下了圓滿的句點。我們再次超越了所有營收成長和獲利指標的上限預期。我們能夠在這種動態環境中成功執行，證明了可觀察性和安全性在市場中日益增長的重要性、我們高度差異化的人工智慧平台、我們向客戶展示卓越商業價值和投資回報率的能力，以及我們商業模式的可預測性和持久性。

Fiscal '25 was a pivotal year in evolving our go-to-market model and driving broader usage of the platform across our customer base. Leveraging our flexible, scalable, and frictionless DPS licensing model, we have made it easy for a growing number of customers to gain full access to the platform and adopt Dynatrace more extensively within their IT environments, including capturing more usage of our emerging and adjacent solutions. This journey continues in fiscal '26.

25 財年是我們改善市場進入模式和推動平台在客戶群中更廣泛使用的關鍵一年。利用我們靈活、可擴展且無摩擦的 DPS 授權模式，我們讓越來越多的客戶能夠輕鬆獲得平台的完全存取權限，並在其 IT 環境中更廣泛地採用 Dynatrace，包括更多地使用我們的新興和相鄰解決方案。這趟旅程將在 26 財年繼續。

Let's review the results in more detail. Growth rates mentioned will be year over year and in constant currency, unless otherwise stated. Annual recurring revenue or ARR ended the year at $1.73 billion, representing 17% growth, slightly above the high end of guidance, driven by steady expansion bookings, including a number of seven-figure ACV vendor consolidation deals.

讓我們更詳細地回顧一下結果。除非另有說明，所述成長率將按年並以固定貨幣計算。年度經常性收入或 ARR 年底達到 17.3 億美元，成長 17%，略高於預期上限，這得益於穩步擴張的訂單，包括一些七位數的 ACV 供應商整合交易。

We added 171 new logos in Q4, up slightly from a year ago, as we remain focused on landing enterprise accounts with a higher propensity to expand. The average new logo land size remains healthy at $130,000 on a trailing 12-month basis, highlighting the market trend away from ineffective point solutions and towards software providers like Dynatrace with platform breadth and depth.

我們在第四季度增加了 171 個新標識，比去年同期略有增加，因為我們仍然專注於獲得具有更高擴張傾向的企業帳戶。過去 12 個月，新標誌土地的平均規模仍保持在 130,000 美元的健康水平，突顯了市場趨勢，即從無效的點解決方案轉向 Dynatrace 等具有平台廣度和深度的軟體供應商。

Once customers experience the benefits of the Dynatrace platform, they have been quick to expand their usage. Our average ARR per customer continues to grow and is now well over $400,000, highlighting the incremental adoption of the platform and inherent business value we provide to customers. Given the significant cross-sell and upsell opportunities in our enterprise customer base, we believe the average ARR per customer opportunity could be $1 million or more over the long term.

一旦客戶體驗到 Dynatrace 平台的優勢，他們就會迅速擴大使用範圍。我們每位客戶的平均 ARR 持續成長，目前已遠超過 40 萬美元，這凸顯了該平台的逐步採用以及我們為客戶提供的內在商業價值。鑑於我們企業客戶群中存在大量交叉銷售和追加銷售機會，我們相信從長遠來看，每個客戶機會的平均 ARR 可能達到 100 萬美元或更多。

Our gross retention rate in Q4 remained in the mid-90s, demonstrating the strategic relevance for the Dynatrace platform as a mission-critical component of our customers' operations. Net retention rate or NRR was 110% in the fourth quarter. Customer penetration of our DPS licensing model is gaining traction. As Rick noted, we exited Q4 with over 40% of our customer base on DPS, more than doubling the number of DPS customers during fiscal '25.

我們第四季的總留存率維持在 90% 左右，證明了 Dynatrace 平台作為客戶營運關鍵任務組件的策略相關性。第四季淨留存率或NRR為110%。我們的 DPS 授權模式的客戶滲透率正在不斷提高。正如 Rick 所指出的，我們在第四季結束時，超過 40% 的客戶來自 DPS，是 2025 財年 DPS 客戶數量的兩倍多。

Further, DPS customers now contribute over 60% of our ARR, representing more than $1 billion. Our expectation when we launched DPS was that customers with full access to the platform would leverage more capabilities and extend Dynatrace more broadly into their IT environment. And we have seen this thesis play out.

此外，DPS 客戶現在貢獻了我們 ARR 的 60% 以上，超過 10 億美元。我們推出 DPS 時的期望是，擁有該平台完全存取權限的客戶將利用更多功能並將 Dynatrace 更廣泛地擴展到他們的 IT 環境中。我們已經看到這一論點得到證實。

For example, DPS customers consume, on average, 12 capabilities compared to five capabilities for SKU-based customers. In terms of usage volumes on the platform, DPS customer consumption growth rates are 2x the rate of SKU-based customers and leading to much higher expansion rates.

例如，DPS 客戶平均使用 12 種功能，而基於 SKU 的客戶平均使用 5 種功能。從平台使用量來看，DPS客戶的消費成長率是SKU客戶的2倍，擴張率也更高。

As a result, the average ARR per DPS customer is over $600,000, well above the company average. While consumption growth takes time to translate into subscription revenue or ARR growth, these robust DPS penetration and platform consumption trends are positive indicators for future top-line growth.

因此，每位 DPS 客戶的平均 ARR 超過 60 萬美元，遠高於公司平均值。雖然消費成長需要時間才能轉化為訂閱收入或 ARR 成長，但這些強勁的 DPS 滲透率和平台消費趨勢是未來營收成長的積極指標。

As we shared last quarter, as DPS has matured and scaled, it's customer-friendly approach to pricing, which was not -- which does not penalize customers for exceeding commitments, is leading some customers to consume on-demand instead of renewing or expanding early.

正如我們上個季度所分享的，隨著 DPS 的成熟和規模擴大，它採用了客戶友好的定價方式，這種方式不會因為客戶超出承諾而對其進行懲罰，這導致一些客戶按需消費，而不是提前續訂或擴展。

In Q4, on-demand consumption revenue or ODC was $9 million, up from $7 million in Q3 and bringing trailing 12-month ODC revenue to $21 million. ODC is another lever for subscription revenue growth in addition to new logo and expansion bookings. However, this revenue is not captured in our NRR or ARR metrics, which only include contractually committed revenue.

第四季度，按需消費收入或 ODC 為 900 萬美元，高於第三季的 700 萬美元，過去 12 個月的 ODC 收入達到 2,100 萬美元。除了新標誌和擴展預訂之外，ODC 是訂閱收入成長的另一個槓桿。然而，這部分收入並未反映在我們的 NRR 或 ARR 指標中，這些指標僅包括合約承諾的收入。

Moving on to revenue, total revenue for Q4 was $445 million, growing 19% and exceeding the high end of our guidance range by 200 basis points. Subscription revenue for Q4 was $424 million, up 20% and similarly exceeding our guidance aided by strength in ODC revenue.

談到收入，第四季的總收入為 4.45 億美元，成長 19%，超過我們預期範圍的高端 200 個基點。第四季的訂閱營收為 4.24 億美元，成長 20%，同樣超出了我們的預期，這得益於 ODC 營收的強勁成長。

Turning to profitability, Q4 non-GAAP operating margin was 26%, exceeding the top end of guidance by over 100 basis points, driven by revenue upside flowing to the bottom line. Non-GAAP net income was $99 million or $0.33 per diluted share, $0.02 above the high end of guidance.

談到獲利能力，第四季非 GAAP 營業利潤率為 26%，超出預期上限 100 個基點，這得益於營收上升帶來的利潤成長。非公認會計準則淨收入為 9,900 萬美元，即每股攤薄收益 0.33 美元，比預期最高值高出 0.02 美元。

Turning to a quick summary of the full-year results. Total revenue was $1.7 million, and subscription revenue was $1.62 billion, both growing 20%. Full-year non-GAAP operating margin was 29%, 25 basis points above the high end of guidance and 120 basis points above fiscal '24, demonstrating our ability to drive leverage in the business model while still investing for growth.

讓我們來簡要總結一下全年業績。總收入為170萬美元，訂閱收入為16.2億美元，均成長20%。全年非公認會計準則營業利潤率為 29%，比預期上限高出 25 個基點，比 24 財年高出 120 個基點，這表明我們有能力在商業模式中發揮槓桿作用，同時仍在投資實現成長。

Non-GAAP net income for the year was $422 million or $1.39 per diluted share. Our non-GAAP earnings factor in an effective cash tax rate of 22%. Full-year free cash flow was $431 million or 25% of revenue, 50 basis points above the high end of guidance and 100 basis points above fiscal '24.

全年非公認會計準則淨收入為 4.22 億美元，即每股 1.39 美元。我們的非公認會計準則收益考慮了 22% 的有效現金稅率。全年自由現金流為 4.31 億美元，佔營收的 25%，比預期上限高出 50 個基點，比 24 財年高出 100 個基點。

As a reminder, this strong cash flow margin result includes absorbing nearly 700 basis points of impact due to cash taxes. Adjusting for cash taxes, pretax free cash flow for fiscal '25 was 32% of revenue, an improvement of nearly 250 basis points compared to fiscal '24.

提醒一下，強勁的現金流利潤率結果包括吸收現金稅帶來的近 700 個基點的影響。經現金稅調整後，25 財年的稅前自由現金流佔收入的 32%，與 24 財年相比提高了近 250 個基點。

Turning to the balance sheet, as of March 31, we had nearly $1.2 billion of cash and investments and zero debt. In Q4, we repurchased 787,000 shares for $43 million as part of our opportunistic share repurchase program. Since the inception of the program, in May 2024 through March 31, 2025, we have repurchased 3.4 million shares for $173 million with approximately $327 million remaining of the $500 million authorization.

談到資產負債表，截至 3 月 31 日，我們擁有近 12 億美元的現金和投資，並且沒有債務。在第四季度，作為機會性股票回購計畫的一部分，我們以 4,300 萬美元回購了 787,000 股股票。自該計畫啟動以來，即 2024 年 5 月至 2025 年 3 月 31 日期間，我們已以 1.73 億美元回購了 340 萬股，而 5 億美元授權金額中還剩餘約 3.27 億美元。

Let's turn to guidance. As always, we continue to manage the business in a measured manner, and our prudent approach to guidance remains unchanged. We are mindful of the fluid nature of the geopolitical and macro landscape.

讓我們轉向指導。像往常一樣，我們繼續以審慎的方式管理業務，審慎的指導方針保持不變。我們注意到地緣政治和宏觀格局的流動性。

While we have not seen any notable impacts in demand or close rates to date, we expect enterprises to remain careful in their spending. And our approach to guidance assumes an incremental level of caution in terms of budget scrutiny and sales cycle lag throughout fiscal '26.

雖然迄今為止我們尚未看到需求或收盤價受到任何明顯影響，但我們預計企業在支出方面仍將保持謹慎。我們的指導方法假設在 26 財年期間，在預算審查和銷售週期滯後方面採取逐步謹慎的態度。

With that as context, let's start with our guidance for the full year. We expect ARR to be between $1.975 billion and $1.99 billion, representing ARR growth of 13% to 14%. While we don't guide to ARR on a quarterly basis, we expect quarterly seasonality of net new ARR to be similar to the last three years.

基於此背景，讓我們開始全年的指導。我們預計 ARR 將在 19.75 億美元至 19.9 億美元之間，相當於 ARR 成長率為 13% 至 14%。雖然我們沒有按季度對 ARR 進行指導，但我們預計淨新 ARR 的季度季節性與過去三年相似。

Turning to revenue, we expect total revenue to be between $1.95 billion to $1.965 billion, up 14% to 15%. Underlying that, subscription revenue is expected to be between $1.865 billion and $1.88 billion, also up 14% to 15%. Within subscription revenue, we are assuming an ODC revenue contribution of $30 million.

談到收入，我們預計總收入將在 19.5 億美元至 19.65 億美元之間，成長 14% 至 15%。在此基礎上，預計訂閱收入將在 18.65 億美元至 18.8 億美元之間，成長 14% 至 15%。在訂閱收入中，我們假設 ODC 收入貢獻為 3000 萬美元。

Since ODC is uncommitted, dependent on many factors, and our history is somewhat limited, we are being appropriately conservative with our initial ODC assumption for the year. Our fiscal '26 guidance is based on foreign exchange spot rates as of May 12, 2025, representing an FX tailwind to ARR and revenue of $20 million and $17 million, respectively.

由於 ODC 尚未確定，取決於許多因素，而且我們的歷史有些有限，因此我們對今年的 ODC 初始假設持適當保守的態度。我們對 26 財年的指引是基於截至 2025 年 5 月 12 日的外匯即期匯率，這意味著外匯對 ARR 和收入的順風分別為 2,000 萬美元和 1,700 萬美元。

We expect non-GAAP operating income to be between $560 million and $570 million, resulting in a non-GAAP operating margin of 29% for the year. We will continue prioritizing investments in R&D, sales capacity, customer success, and our partnership programs, while driving further scale and efficiency in other areas.

我們預計非公認會計準則營業收入將在 5.6 億美元至 5.7 億美元之間，使全年非公認會計準則營業利潤率達到 29%。我們將繼續優先投資於研發、銷售能力、客戶成功和合作夥伴計劃，同時進一步擴大其他領域的規模和效率。

We expect non-GAAP net income to be $481 million to $494 million, resulting in a non-GAAP EPS of $1.56 to $1.59 per diluted share based on 309 million to 310 million shares outstanding. We estimate our fiscal '26 effective cash tax rate to be 19%, down from 22% in fiscal '25 due primarily to the benefit of the IP transfer I mentioned last quarter. We expect free cash flow to be between $505 million and $515 million or 26% of revenue, a 100-basis-point improvement from fiscal '25 levels.

我們預計非公認會計準則淨收入為 4.81 億美元至 4.94 億美元，基於 3.09 億至 3.1 億股流通股，非公認會計準則每股收益為 1.56 美元至 1.59 美元。我們預計 26 財年的有效現金稅率為 19%，低於 25 財年的 22%，這主要得益於我上個季度提到的智慧財產權轉讓帶來的好處。我們預計自由現金流將在 5.05 億美元至 5.15 億美元之間，佔營收的 26%，比 25 財年的水準提高 100 個基點。

As a full cash taxpayer, we believe the best way to benchmark our cash flow generation is on a pretax basis, as most software peers pay minimal cash taxes. Adjusting for cash taxes, pretax free cash flow margin is expected to be 32% in fiscal '26. As a helpful reminder for your modeling, due to seasonality and variability in billings, we expect free cash flow to be significantly higher in the first and fourth quarters and significantly lower in the second and third quarters.

作為全額現金納稅人，我們認為衡量我們現金流產生的最佳方式是稅前基準，因為大多數軟體同業繳納的現金稅很少。經現金稅調整後，預計 26 財年的稅前自由現金流利潤率將達到 32%。作為對您的建模的有益提醒，由於季節性和帳單的變化，我們預計第一季和第四季的自由現金流將顯著增加，而第二季和第三季的自由現金流將顯著減少。

Looking to Q1, we expect total revenue to be between $465 million and $470 million. And subscription revenue is expected to be between $445 million and $450 million, both growing 16% to 17%. Non-GAAP operating income is expected to be between $130 million and $135 million or 28% to 28.5% of revenue.

展望第一季度，我們預計總營收將在 4.65 億美元至 4.7 億美元之間。訂閱收入預計在 4.45 億美元至 4.5 億美元之間，均成長 16% 至 17%。非公認會計準則營業收入預計在 1.3 億美元至 1.35 億美元之間，佔營收的 28% 至 28.5%。

Lastly, non-GAAP EPS is expected to be $0.37 to $0.38 per diluted share based on a share count of 304 million to 305 million shares. In closing, the strength of our Q4 and fiscal '25 performance sets a solid foundation for fiscal '26.

最後，基於 3.04 億至 3.05 億股的股票數量，非 GAAP 每股盈餘預計為每股稀釋收益 0.37 至 0.38 美元。最後，我們第四季和 25 財年的強勁表現為 26 財年奠定了堅實的基礎。

The secular growth drivers fueling the observability market are unchanged. And our AI-powered end-to-end platform differentiates us and puts us in a strong competitive position. The fundamentals of the business are increasingly being driven by consumption, and we are investing to fuel that growth.

推動可觀測性市場發展的長期成長動力並沒有改變。我們的人工智慧端到端平台使我們與眾不同，並使我們處於強大的競爭地位。業務基本面越來越受到消費的驅動，我們正在進行投資以推動這一成長。

We have a strong track record of consistent execution. We are committed to maintaining a disciplined approach to optimizing costs and improving efficiency. At the same time, we will continue to invest in future growth opportunities that we expect will drive long-term value.

我們擁有始終如一的出色執行記錄。我們致力於保持嚴謹的方法來優化成本並提高效率。同時，我們將繼續投資於我們預期將推動長期價值的未來成長機會。

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

接下來，我們將開放問答熱線。操作員？

(Operator Instructions) Patrick Colville, Scotiabank.

（操作員指示）加拿大豐業銀行的帕特里克·科爾維爾。

Thank you so much for taking my question. I'm going to ask this one to both Rick and Jim. In our field work, logs is performing very well. It was interesting to hear in your prepared remarks similar commentary.

非常感謝您回答我的問題。我要向 Rick 和 Jim 詢問這個問題。在我們的現場工作中，原木表現非常出色。在您準備好的發言中聽到類似的評論很有趣。

If I rewind back to this time last year, the logs target for $100 million of ARR was pushed out slightly. So I guess, could you kind of wrap around some quantitative context to that qualitative logs commentary? And any update if possible on where we are versus that target, and what we should expect in fiscal '26 in logs? Thank you.

如果我回顧去年這個時候，1 億美元 ARR 的原木目標略微被推遲了。所以我想，您能否為定性日誌評論提供一些定量背景？如果可能的話，我們目前相對於該目標的進展情況以及我們對 26 財年的預期是什麼？謝謝。

Good question, Patrick. We're very pleased with logs. We have over a third of our customers now leveraging our log solutions. So it continues to grow. As you can imagine, it varies for customers that are using it pretty significantly and customers that are just starting with it.

問得好，派崔克。我們對日誌非常滿意。目前，我們有超過三分之一的客戶正在利用我們的日誌解決方案。因此它繼續增長。您可以想像，對於經常使用它的客戶和剛開始使用它的客戶來說，它會有所不同。

It's the fastest-growing product category in the company; it has been. And for the $100 million goal, just to remind you that that's kind of a -- because it's a consumption-oriented goal, not an ARR goal because we -- with DPS contracts, we don't exactly know what the customer is consuming until they consume it.

這是該公司成長最快的產品類別；一直以來都是如此。對於 1 億美元的目標，需要提醒您的是，這是一種 — — 因為這是一個以消費為導向的目標，而不是 ARR 目標，因為我們 — — 通過 DPS 合同，我們無法確切知道客戶在消費什麼，直到他們消費掉它。

So the $100 million ambition, we have high confidence we will exceed that in fiscal '26. And it is a business -- just to give you just some rough numbers, that business will grow well over 100% in fiscal '26.

因此，我們非常有信心在 2026 財年超越 1 億美元的目標。這是一項業務——僅給你一些粗略的數字，該業務在 26 財年的成長速度將超過 100%。

I would just add, Patrick, that we had a pretty substantial upgrade wave in the logs capability back in the October timeframe. And that's when we really saw logs begin to accelerate.

派崔克，我只想補充一點，早在 10 月份，我們的日誌功能就經歷了一次相當大的升級浪潮。就在那時，我們真正看到原木開始加速。

So we're excited about what we've seen. We like the metrics of more than $100 million in consumption this year, as Jim said. And at that growth rate of north of 100%, we were quite optimistic about the business to come this year.

因此，我們對所見所聞感到非常興奮。正如吉姆所說，我們喜歡今年消費超過 1 億美元的指標。鑑於超過 100% 的成長率，我們對今年的業務發展非常樂觀。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great. Thanks for taking my question. Rick, I wanted to drill into the go-to-market. It looks like you had a lot of success this past year with GSIs and hyperscalers in particular. So that's great to see.

偉大的。感謝您回答我的問題。里克，我想深入了解行銷。看起來您在過去的一年裡在 GSI 和超大規模方面取得了巨大的成功。看到這一點真是太好了。

I guess, first of all, how would you talk about sales productivity? You guys obviously made a lot of changes last year, including new six months quotas. And you also realigned some territories. I guess, how did that fare versus your expectations? And are there any other significant changes you're planning on making this year to kind of the go-to-market?

我想，首先，您如何談論銷售效率？你們去年顯然做出了很多改變，包括新的六個月配額。而且你們也重新調整了一些領土。我想，這與你的預期相比怎麼樣？今年您是否計劃做出其他重大改變以進入市場？

Yeah. Let me take the first part, and I'll let Jim comment on sales productivity. On the first part, GSIs and hyperscalers are a fundamental part of our strategy. We have now grown our overall partners, as we said in the prepared remarks, to well more than 70% of our overall deployment in ACV. And it gives us substantially greater reach to get to customers for deployments, implementations, management. So it gives us a bigger footprint to then attack those customer opportunities we look forward.

是的。讓我來談談第一部分，然後讓吉姆評論一下銷售效率。首先，GSI 和超大規模企業是我們策略的基本組成部分。正如我們在準備好的演講中所說，我們的合作夥伴總數現已增長到我們在 ACV 整體部署的 70% 以上。它使我們在部署、實施和管理方面能夠更廣泛地接觸客戶。因此，它為我們提供了更大的空間來抓住我們期待的客戶機會。

GSIs are obviously very much aligned to our target customer base. So that's helpful. And as we shift our attention to cloud-native workloads, as well as AI-native workloads, those are all going to be present in the cloud, in which case, hyperscalers become incrementally more critical for us to win those contracts. So we're fully leaned into partners. It remains a core element of the overall sales motion.

GSI 顯然與我們的目標客戶群非常一致。這很有幫助。隨著我們將注意力轉向雲端原生工作負載以及人工智慧原生工作負載，這些工作負載都會出現在雲端中，在這種情況下，超大規模運算對於我們贏得這些合約變得越來越重要。所以我們完全依賴合作夥伴。它仍然是整體銷售動議的核心要素。

Jim, do you want to comment on productivity?

吉姆，你想評論一下生產力嗎？

Yeah. What I would say about the go-to-market update, is, I think, I would say we remain pleased with the progress. As a reminder, you mentioned a few of the changes. But the three big ones were -- we refocused to kind of [reps] more to higher propensity to spend customers. That's progressing well.

是的。關於上市更新，我想說的是，我認為我們對進展感到滿意。提醒一下，您提到了一些變化。但最重要的三個問題是──我們重新將重點放在了更有消費傾向的客戶身上。進展順利。

Those accounts have doubled the pipeline than the pipeline in total. So very good traction there. Obviously, pipeline is a precursor to a booking. Rick mentioned channels. We now have over three-quarters of our business that is leveraging a channel.

這些帳戶的管道數量是管道總量的兩倍。那裡的牽引力非常好。顯然，頻道是預訂的先決條件。里克提到了渠道。現在，我們有超過四分之三的業務正在利用通路。

We still want to continue to get some progress on partner originated but good progress on channels. And then the sales play, the sales plays being the -- your traditional APM sales play, kind of a cloud-native workload sales play and end-to-end tool consolidation, again, doing very well particularly with tool consolidation. So we feel very good about it.

我們仍然希望在合作夥伴方面繼續取得一些進展，但在通路方面也取得良好的進展。然後是銷售環節，銷售環節是 - 傳統的 APM 銷售環節，一種雲端原生工作負載銷售環節和端到端工具整合，同樣，特別是在工具整合方面做得非常好。因此我們對此感覺非常好。

I'd say the -- maybe the one enhancement, Matt, that we're making for fiscal '26 -- everything else that I said remains unchanged -- we are adding what we're calling strike teams. So these are teams of people that, one, are working. They're not specialist teams, but they are strike teams that have a particular focus area.

我想說的是——馬特，也許這是我們為 26 財年做出的一項改進——我說的其他一切都保持不變——我們正在增加所謂的突擊小組。所以這些都是正在工作的團隊。他們不是專業隊伍，而是專注於特定領域的突擊隊。

And the focus areas for our strike teams are, one, logs; two, application security; and, three, DEM, digital experience monitoring. So those three areas, we're going to have strike teams. And they're focused on driving adoption, driving consumption.

我們的突擊小組的重點領域是：一、日誌；二、應用程式安全；三、DEM，即數位體驗監控。因此，我們將在這三個地區派遣突擊隊。他們專注於推動採用、推動消費。

You heard a lot in the opening remarks about the company underpinnings becoming more consumption and adoption oriented. And having these strike teams are going to help us fuel that growth on the go-to-market side. So we feel very good about that.

您在開場白中聽到了很多關於公司基礎變得更加以消費和採用為導向的內容。這些突擊隊將幫助我們推動市場進入方面的成長。因此我們對此感到非常高興。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks. Just on the strategic account growth, I think you mentioned over 45% pipeline growth. Just remind us, when have you seen that level of strength? And maybe to Matt's question on the close, the pipeline seems like it's growing at a much higher rate. When do the close rate start to come up to kind of match that pipeline growth you're seeing?

謝謝。僅就策略帳戶成長而言，我認為您提到了超過 45% 的管道成長。提醒我們一下，你什麼時候看過這種程度的力量？也許對於馬特最後提出的問題來說，管道似乎正在以更高的速度成長。成交率什麼時候開始與您所看到的管道成長相符？

Yeah, it's a good question. I mean, I'd say what you have -- you have the tailwinds, and I'll say headwinds. On the tailwind side, I think that the demand environment continues to be pretty resilient. And so therefore, you're seeing that kind of in broader pipeline. And the good news is these larger accounts, we're seeing a growing percentage of that pipeline.

是的，這是個好問題。我的意思是，我會說你有順風，我會說你有逆風。從順風方面來看，我認為需求環境仍然相當有彈性。因此，您會在更廣泛的管道中看到這種情況。好消息是，這些較大的帳戶，我們看到該頻道的比例正在成長。

Having said that, I'd say what's changed in the last maybe three months -- and I'd say the macro environment is a bit more uncertain. I still think deals are going to get done. I think what we've tried to imply in this is that deals might take a little bit longer, especially when you're talking large strategic accounts, especially for those that are considering some level of tool consolidation. Those deals and those accounts take a little bit longer.

話雖如此，我想說的是，過去三個月裡發生了一些變化——我認為宏觀環境變得更加不確定了。我仍然認為交易將會達成。我認為我們試圖暗示的是，交易可能需要更長的時間，特別是當你談論大型策略帳戶時，特別是對於那些正在考慮某種程度的工具整合的客戶。這些交易和帳戶需要更長的時間。

And so I think that for us, the fuel is pipeline. And to remind you that, again, about this notion of driving more consumption that with our business becoming more heavily weighted towards Dynatrace platform subscriptions, 60% of our ARR now and growing, the notion of driving adoption and consumption becomes much, much more important. Because that, by its definition, is a consumption-oriented model. It has the benefit of a ratable revenue recognition subscription model, but it's underpinnings are consumption.

所以我認為對我們來說，燃料就是管道。再次提醒您，關於推動更多消費這一概念，隨著我們的業務越來越側重於 Dynatrace 平台訂閱，現在我們的 ARR 已達到 60% 並且還在增長，推動採用和消費的概念變得越來越重要。因為從定義上來說，這是一種消費導向的模式。它具有按比例確認收入訂閱模式的優勢，但其基礎是消費。

And so there's a bit of a reorientation within the company. As I mentioned, strike teams, it's also our customer success teams around making investments to drive more consumption. Now there's a lag between consumption. And when you see it either show up in ARR or in subscription revenue through ODCs, but it is kind of a core underpinning of future growth for the company. And the good news is consumption is growing at a very rapid clip.

因此公司內部需要進行一些重新定位。正如我所提到的，突擊隊也是我們的客戶成功團隊，致力於進行投資以推動更多消費。現在消費之間存在滯後。當你看到它出現在 ARR 或透過 ODC 的訂閱收入中時，它是公司未來成長的核心基礎。好消息是消費量正在快速成長。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thank you for taking my question. I'd love to pivot a little bit to the security opportunity and what you think needs to happen to unlock it more broadly. Is this a function of product depth or more so go-to-market at this point?

偉大的。感謝您回答我的問題。我很樂意稍微談談安全機會，以及您認為需要採取哪些措施才能更廣泛地解鎖它。這是產品深度的功能還是此時進入市場的功能？

I think it's a combination, Rob. We see good traction with our RVA solution for vulnerability analytics. We need to continue to extend our offerings in this area. Expectations toward movement to [CADR] and cloud SIEM type opportunities, I think, represents the next foundation of growth for us. So that's where we're looking.

我認為這是一個組合，羅布。我們看到 RVA 解決方案在漏洞分析方面具有良好的吸引力。我們需要繼續擴展我們在該領域的服務。我認為，對 [CADR] 和雲端 SIEM 類型機會的期望代表了我們下一個成長的基礎。這就是我們所尋找的。

And of course, we've got Kubernetes and cloud security posture management, which is now available, which we expect to grow as well. So short form is, a combination of expanded product offerings with which we are working and delivering to the market as well as expanded go-to-market. Jim mentioned strike teams earlier. We have an AppSec strike team that is exclusively focused on the go-to-market part of this area as well.

當然，我們現在有了 Kubernetes 和雲端安全態勢管理，我們預計它們也會成長。簡而言之，這是我們向市場提供的擴展產品種類以及擴大的市場進入範圍的組合。吉姆之前提到過突擊隊。我們有一個 AppSec 突擊團隊，專門負責該領域的市場推廣部分。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, thank you. Congrats from me as well. Jim, you had the not so easy task to think about the on-demand revenue for next year. Can you talk a little bit about how you went about it? Because obviously, as you said, you don't have a lot of historic data. Like how should we think about how you kind of frame that? Thank you.

嘿，謝謝你。我對此也表示祝賀。吉姆，你面臨的任務並不容易，要考慮明年的隨選收入。你能稍微談談你是如何做到的嗎？因為顯然，正如你所說，你沒有很多歷史數據。例如，我們該如何思考如何建構它？謝謝。

That's a good question, Raimo. Obviously, we kind of inserted in Q3 this notion of on-demand consumption becoming kind of a growing part of the growth story of the company, which is, again, underpinning this consumption point that I made earlier.

這是個好問題，雷莫。顯然，我們在第三季插入了按需消費的概念，它正在成為公司成長故事中日益增長的一部分，這再次鞏固了我之前提出的消費觀點。

So we're a year into it, as you can imagine, with customers that have gone through -- at least the first cohort of customers that have gone through their annual reset periods. And so we've looked at how they behaved. We've looked at what are the -- think of it as the attach rates, how much of your business is going through an annual reset period by quarter? How much is that growing? What is the kind of, for lack of better term, ODC attach rate to what you've seen historically?

因此，正如您所想像的，我們已經進入了一年的時間，客戶已經經歷了 - 至少第一批客戶已經經歷了年度重置期。因此我們觀察了他們的行為。我們已經研究過什麼是——把它看作附加率，你的業務中有多少是按季度經歷年度重置期的？增長了多少？由於缺乏更好的術語，ODC 附加率與您歷史上見過的相比是什麼樣的？

So what we've done is we've tried to apply some analytics on that. And as I mentioned in my prepared remarks, because it's uncommitted and it -- you have to account for a bunch of factors including, do cohort classes for your first-year cohorts behave the same way in year two? Do the new cohort classes behave the same way as the first-year cohort classes?

因此，我們所做的就是嘗試對此應用一些分析。正如我在準備好的演講中提到的那樣，因為它沒有得到承諾，所以你必須考慮很多因素，包括第一年的學生在第二年的表現是否相同？新生班級的行為方式與一年級新生班級的行為方式相同嗎？

And so we did apply a level of kind of conservatism to that. We'll update you along the way. But that's kind of the general way that we framed it. We looked at it from a -- think of it as an attach rate perspective, but we built some caution knowing that cohort classes are going to behave a little bit different.

因此，我們確實對此採取了一定程度的保守主義。我們將隨時向您通報最新進展。但這就是我們建構它的一般方式。我們從附加率的角度來看它，但我們也謹慎地知道，同類群體的行為會略有不同。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hello, thank you very much. Congrats on finishing up the fiscal year very solidly. As you look at the on-demand revenue, how do you trade off the upside where you want to do better? And maybe talk about the sales incentives that are going into the consumption aspect of the business versus.

你好，非常感謝。恭喜您順利結束了本財政年度。當您考慮按需收入時，您如何權衡利弊以取得更好的成績？也許可以討論一下與業務的消費面相關的銷售激勵措施。

Also at the same level, raising the bar for what is predictable and increasingly trying to get the upside into the customer contracts. So you lock them up, and you get even more visibly. So trading off the upside versus the predictability at a higher level is what I wanted to get your thoughts on. Thank you so much.

同樣在同一層面上，提高可預測的標準，並不斷嘗試在客戶合約中取得優勢。所以你把它們鎖起來，你就會變得更加明顯。因此，我希望了解您對權衡上行潛力和更高層次的可預測性的看法。太感謝了。

Yeah. Kash, that's a good question. As you can imagine, there's a bunch of variables within there. One of the things that we haven't done that we are doing this year, Kash, is that our customer success teams and the strike teams that we mentioned, they are exclusively measured on consumption and adoption. And so it's a bit of a change where we now have dedicated teams of people that before were working with customers on helping them in the adoption of our products and solutions.

是的。卡什，這是個好問題。正如您所想像的，其中有很多變數。Kash，我們今年還沒有做的事情之一是，我們的客戶成功團隊和我們提到的突擊團隊，完全根據消費和採用來衡量。因此，這是一個小小的改變，我們現在擁有專門的團隊，他們之前一直與客戶合作，幫助他們採用我們的產品和解決方案。

We now have a new team with these strike teams in addition to our core customer success teams. And so these -- from an incentive perspective, both of these teams, their measurement is on consumption. So again, my point about driving more adoption, driving more consumption. And as I said in my prepared remarks, we're already making tremendous traction, get customers on DPS as a contracting vehicle. And we have found they consume more.

現在，除了核心客戶成功團隊之外，我們還擁有一個由這些突擊小組組成的新團隊。因此，從激勵的角度來看，這兩個團隊的衡量標準都是消費。所以，我再次強調，我的觀點是推動更多的採用，推動更多的消費。正如我在準備好的演講中所說的那樣，我們已經取得了巨大的進展，讓客戶將 DPS 作為簽約工具。我們發現他們的消費量較大。

They consume more of the platform, so they consume more of our solutions. They consume more deeply. And so what we needed to do and the changes we made this year is to better fortify teams that are focused on driving consumption and adoption.

他們消耗了更多的平台，因此他們消耗了更多的我們的解決方案。他們消費得更深。因此，我們今年需要做的和做出的改變就是更好地加強專注於推動消費和採用的團隊。

And so that's the big focus, as you mentioned, that that will show up in two ways. Ultimately, it will show up with maybe a continued high growth in consumption, and customers burn through their commitments early and either go to an on-demand consumption or in some cases, customers will renew early. There's a bit of timing delay for these.

正如您所說，這就是重點，它將以兩種方式體現出來。最終，它可能表現為消費的持續高成長，客戶會提前履行承諾，要麼轉向按需消費，要麼在某些情況下提前續約。這些有一點時間延遲。

But again, kind of a core underpinning that we were trying to convey on this call is that consumption is becoming a growing kind of part of the narrative that we've historically been a kind of bookings ARR-oriented company.

但是，我們試圖在這次電話會議上傳達的一個核心基礎是，消費正在成為我們歷史上一直是一家以預訂 ARR 為導向的公司這一敘述中越來越重要的一部分。

That's still important. But this consumption notion is becoming more important for the company. And I'd say we're going through a bit of a transition. And '26 will be that kind of the next phase of the transition that started in fiscal '26.

這仍然很重要。但這種消費觀念對公司來說正變得越來越重要。我想說我們正在經歷一些轉變。26 年將是 26 財年開始的下一階段過渡。

Yeah, I would add to that, just to highlight, we are still a subscription business. But that said, we believe that especially in a DPS world, it really is about driving consumption.

是的，我想補充一點，只是為了強調，我們仍然是訂閱業務。但話雖如此，我們相信，尤其是在 DPS 世界中，這確實是為了推動消費。

So to Jim's point, whether it is compensating on consumption for strike teams, our D1 services teams, our customer success teams, we see dramatically higher consumption in the DPS deployment. We believe that that is a precursor to future revenue and subscription growth opportunity. And so that's where we're focused as a company.

因此，正如 Jim 所說，無論是補償突擊隊、我們的 D1 服務團隊還是我們的客戶成功團隊的消耗，我們都看到 DPS 部署中的消耗量急劇增加。我們相信這是未來收入和訂閱成長機會的先兆。這就是我們公司關注的重點。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Thank you. Good morning, and nice quarter results. I wanted to ask maybe on the net retention rates. So I know the ODC component seems to distort that real net retention rate given that it's not included in ARR.

謝謝。早上好，本季的業績不錯。我想問一下淨保留率。因此我知道 ODC 組件似乎扭曲了實際淨保留率，因為它不包含在 ARR 中。

But I'm wondering given that it is a growing piece of your business, what would NRR look like if -- or would it have increased if you would use subscription revenue instead of ARR as part of the NRR calculation? And then how are you thinking about the trajectory of the net retention rate in fiscal '26? Thank you.

但我想知道，鑑於這是您業務中不斷增長的一部分，如果您使用訂閱收入而不是 ARR 作為 NRR 計算的一部分，NRR 會是什麼樣子——或者它會增加嗎？那麼您如何看待 26 財年的淨留存率走勢？謝謝。

Yeah, it's a good question. As you can imagine, the dynamics of NRR, as you said, there's a correlation between what is committed, which is in NRR; and what is uncommitted, which is not in NNR. So NRR ticked modestly down.

是的，這是個好問題。正如您所說，您可以想像，NRR 的動態存在已提交內容（在 NRR 中）與未提交內容（不在 NNR 中）之間的關聯。因此 NRR 略微下降。

We're talking decimals from [111 to 110] from Q3 to Q4. But again, decimals, that if you added in ODCs, which I kind of think about them as deferred ARR or deferred NRR, actually, you would have seen a modest uptick in NRR in Q4 from Q3.

我們討論的是 Q3 到 Q4 的 [111 到 110] 的小數。但是，再說一次，如果你添加了 ODC，我有點把它們看作是遞延 ARR 或遞延 NRR，實際上，你會看到第四季度的 NRR 較第三季度有小幅上升。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Yeah, thank you for taking the questions. A bit higher-level question. Kind of on your AI theme, Rick, in your script, we're hearing more about autonomous or maybe nearly autonomous SRE agents. Two questions there.

是的，感謝您回答這些問題。有點高級的問題。瑞克，關於你的 AI 主題，在你的腳本中，我們聽到了更多關於自主或幾乎自主的 SRE 代理的信息。有兩個問題。

One, any sort of trend line that you're seeing about customers wanting to move to this sort of operational cadence, having agents execute a lot of the observability workflows? And if that is the case, what do you think the impact is on overall observability demand and sort of how products are built if agents are going to be executing the workflows in an observability platform versus human SRE engineers?

首先，您是否看到任何關於客戶希望轉向這種營運節奏、讓代理商執行大量可觀察性工作流程的趨勢線？如果是這樣的話，您認為如果代理程式而不是人類 SRE 工程師在可觀察性平台中執行工作流程，會對整體可觀察性需求以及產品建構方式產生什麼影響？

That was a great question, Sanjit. And after about an hour, I will have answered it. The short form is, we see the trend line absolutely moving and moving aggressively toward agentic AI broadly and specifically in observability.

這是一個很好的問題，桑吉特。大約一個小時後，我就會回答。簡而言之，我們看到趨勢線絕對在朝向代理人工智慧方向發展，特別是在可觀察性方面。

And the result of it is that what customers really want is they want the conclusion or effectuation of our mission, which is to deliver answers and intelligent automation from data. What they've been getting in observability is the data part or the answers part but not the automation part. So the way that we see this evolving is that through agentic observability or an agentic observability platform with Dynatrace, they actually can now take action based on those answers.

結果是，客戶真正想要的是我們的使命的結論或實現，即從數據中提供答案和智慧自動化。他們在可觀察性方面得到的是數據部分或答案部分，而不是自動化部分。因此，我們看到這種發展的方式是，透過代理可觀察性或帶有 Dynatrace 的代理可觀察性平台，他們現在實際上可以根據這些答案採取行動。

Well, that begins to get your second question on how does this occur? What we believe is that you need multiple different layers of capabilities to deliver a true agentic observability platform. You first need a completely integrated data link house in -- which we have in Grail, which has all data types, logs, traces, metrics, et cetera, in context in one unified data lake house.

那麼，這開始引出你的第二個問題：這是怎麼發生的？我們相信，您需要多個不同層次的功能來提供真正的代理可觀察性平台。首先，您需要一個完全整合的資料連結庫 - 我們在 Grail 中擁有它，它在一個統一的資料湖庫中包含所有資料類型、日誌、追蹤、指標等。

Secondly, you need a completely integrated Davis AI engine, which we have that does causal predictive AI as well as generative AI to be able to deliver those answers that are trustworthy. Once you can trust the answers, then you need an automation engine which we have to then be able to execute those instructions within the observability environment.

其次，您需要一個完全整合的 Davis AI 引擎，我們擁有該引擎，它可以進行因果預測 AI 以及生成 AI，從而能夠提供值得信賴的答案。一旦您可以信任答案，那麼您就需要一個自動化引擎，我們必須能夠在可觀察性環境中執行這些指令。

And finally, an area that we're beginning to work more firmly on is to then extend that agentic set of protocols to third-party agents to be able to then effectuate change in code, for example. So it is a multilayered stack.

最後，我們開始更加堅定地致力於將代理協議集擴展到第三方代理，以便能夠實現程式碼的變更。所以它是一個多層堆疊。

We believe we have a foundation for success here that is unique in the observability industry. And we're all in on driving an agentic future in observability utilizing Dynatrace. And so this is a major, major thrust for us as we look to the future.

我們相信，我們擁有在可觀察性產業中獨一無二的成功基礎。我們致力於利用 Dynatrace 來推動可觀察性的代理未來。因此，當我們展望未來時，這對我們來說是一個非常重要的推動力。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Thank you for the questions, and congrats on the quarter. Jim, I just want to go back to ODC a bit. How are you thinking of kind of the -- or how should we, I guess, should think about the customer behavior around on-demand consumption going forward in this macro?

偉大的。感謝您的提問，並祝賀本季取得佳績。吉姆，我只是想稍微回一下 ODC。您是如何考慮的——或者我想，我們應該如何看待未來宏觀上圍繞按需消費的客戶行為？

And as you look towards kind of building the guide, how did you thread the needle between the assumptions around incremental ODC component versus last year's ODC leading to larger committed contracts?

當您著眼於建立指南時，您如何在增量 ODC 組件的假設與去年的 ODC 之間做出權衡，從而獲得更大的承諾合約？

Yeah. It's a good question that I tried to answer a little bit of that with Raimo's question, which is the way we thought about ODCs, that we thought about ODCs in the realm of looking at cohort classes, cohort classes that come up with their contract resets and looking, even though our sample size is limited, it's four quarters, how did prior customers behave.

是的。這是一個很好的問題，我嘗試用 Raimo 的問題來回答一點，這就是我們對 ODC 的看法，我們在研究同類群組類別、提出合約重置的同類群組類別的領域中對 ODC 的看法，儘管我們的樣本量有限，只有四個季度，但之前的客戶表現如何。

We know that contract types vary a little bit. Some customers were in ramps. Some customers are not. So we factored a bunch of things in. But we did apply some conservatism to it because, by nature, it is uncommitted.

我們知道合約類型略有不同。一些顧客在坡道上。但有些顧客卻不是這樣。因此我們考慮了很多因素。但我們確實對它採取了一些保守態度，因為從本質上來說，它是不受約束的。

Having said that, everything we've been talking about for the past 30 minutes has been about our focus on driving more consumption and adoption. So to the extent we can do that, you'll either see it hopefully show up in the form of ODC or an ARR. And relative to the macro, it's hard to judge, I'd say, right now. The fact that customers are using more of the platform would tell you that they're getting value out of it.

話雖如此，我們在過去 30 分鐘裡談論的所有內容都是關於我們如何推動更多的消費和採用。因此，只要我們能夠做到這一點，您就會看到它以 ODC 或 ARR 的形式出現。相對於宏觀而言，我認為現在很難判斷。客戶越來越多地使用該平台這一事實表明他們從中獲得了價值。

And so I think the criticality of observability is even greater now than it was kind of a year ago, especially with the evolution of things. But I'd say from a macro perspective, what you might find is you might find customers that maybe commit to a more finite number when they actually have a contractually committed deal.

因此，我認為可觀察性的重要性現在比一年前更大，特別是隨著事物的發展。但我想從宏觀角度來看，你可能會發現，當客戶實際上簽訂了合約承諾協議時，他們可能會承諾更有限的數量。

And they're willing to go into ODCs because, again, we don't penalize you for going over your consumption or your commitment, I should say. And so I think that it's actually good in a tighter macro environment because we're not doing something that pushes a customer to maybe throttle something. They can increase their adoption, and we're not utilizing them for it. So it's actually a very kind of favorable vehicle in an environment that maybe customers are a bit budget conscious.

他們願意加入 ODC，因為，我應該說，我們不會因為你超出消費或承諾量而對你進行懲罰。因此，我認為在更嚴格的宏觀環境下這實際上是件好事，因為我們不會採取迫使客戶限制某些事情的措施。他們可以增加採用率，但我們卻沒有利用他們。因此，在客戶可能比較注重預算的環境下，這實際上是一種非常受歡迎的車輛。

Will Power, Baird.

威爾鮑爾、貝爾德。

Okay. Great. Rick, you've called out the strength you're seeing in partner relationships from a go-to-market strategy perspective. And I think in your prepared remarks, you called out the expectation for material hyperscaler growth in particular.

好的。偉大的。里克，你從市場進入策略的角度指出了合作關係的優勢。我認為，在您準備好的發言中，您特別提到了對材料超大規模增長的期望。

I wonder if you could just kind of drill down for us kind of what really is underpinning the confidence around the hyperscaler trends, what you're seeing today versus what you've maybe seen in the past?

我想知道您是否可以為我們深入探討一下，真正支撐超大規模趨勢信心的因素是什麼，您今天看到的與過去看到的因素有何不同？

Well, a couple of things, Will. First, that is where we see the vast majority of the observability growth happening, is in hyperscaler workloads. And given that, that's where the majority of the growth is happening in observability. The majority of customers want to take their contractual relationships through the hyperscalers because it utilizes their contractual total spend.

嗯，有幾件事，威爾。首先，我們看到可觀察性成長的絕大部分發生在超大規模工作負載中。有鑑於此，可觀察性方面的成長大部分都發生在此。大多數客戶希望透過超大規模企業建立合約關係，因為這樣可以利用他們的合約總支出。

So those relationships become seminal, I would say, in making sure that we have the most frictionless contract vehicle to be able to take orders for hyperscaler workloads, which is vastly increasing. Second thing is, we either have entered or in the process of entering various different go-to-market relationships with the hyperscalers such as the one we recently announced with AWS with their SCA program to effectively engage in greater co-sell.

因此，我想說，這些關係變得至關重要，以確保我們擁有最順暢的合約工具，能夠接受正在大幅增加的超大規模工作負載的訂單。第二件事是，我們已經與超大規模企業建立了或正在建立各種不同的市場進入關係，例如我們最近與 AWS 宣布的 SCA 計劃，以有效地進行更大的聯合銷售。

And when we add the combination of co-sell plus teaming agreements with our other partners, we see very, very strong win rates. So this is one of the reasons we're pushing on it and one of the areas of acceleration potential as we see into FY26.

當我們與其他合作夥伴結合共同銷售和合作協議時，我們看到了非常非常高的成功率。因此，這是我們推動這項進程的原因之一，也是我們在 2026 財年看到的具有加速潛力的領域之一。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Hey, thanks for taking the question. Just on DPS, great to hear those customers are still expanding at pretty healthy rates. Can you talk about how behavior has trended across the different cohorts that you've onboarded on to DPS?

嘿，謝謝你回答這個問題。就 DPS 而言，很高興聽到這些客戶仍在以相當健康的速度擴張。您能否談談您在 DPS 中引入的不同群體的行為趨勢如何？

I know early on, there may have been some selection bias there. But now that you've started to get a larger base of customers on the DPS, are you seeing those same types of expansion rates play out across the longer tail of the base?

我很早就知道，那裡可能存在一些選擇偏差。但是現在，您已經開始在 DPS 上獲得更大的客戶群，您是否看到相同類型的擴張率在較長的基數尾部發揮作用？

Yeah. I mean, that's a good question. I mean, I'd say broadly speaking, the answer is yes, you're right. The early cohort classes were customers that were SKU-based customers that were already pretty significant Dynatrace users. And they just wanted a better vehicle to better consume Dynatrace. But as we've added new cohort classes, we've seen kind of a broader behavior where customers are leveraging more of the capabilities.

是的。我的意思是，這是一個好問題。我的意思是，從廣義上講，答案是肯定的，你是對的。早期群體類別是基於 SKU 的客戶，他們已經是相當重要的 Dynatrace 使用者。他們只是想要一輛更好的車輛來更好地使用 Dynatrace。但隨著我們添加新的群組類別，我們看到了更廣泛的行為，即客戶正在利用更多的功能。

And so I'd say that what used to be kind of a sampling bias has become something that's played out across pretty broadly, which is, again, why our focus is get more customers on to DPS as a contracting vehicle, get our adoption teams oriented to try to drive more consumption.

所以我想說，過去的一種抽樣偏差已經變成了一種非常廣泛的現象，這就是為什麼我們的重點是讓更多的客戶使用 DPS 作為簽約工具，讓我們的採用團隊努力推動更多的消費。

We have proven that when we do that, customers will burn through their commitments earlier. And they either go through an ODC, or they'll do an expansion. And so that's kind of the play that we're trying to run, and we feel very good about the traction we made in fiscal '25.

我們已經證明，當我們這樣做時，客戶會更早地履行他們的承諾。他們要么通過 ODC，要么進行擴展。這就是我們正在嘗試實施的策略，我們對 25 財年的進展感到非常滿意。

Keith Bachman, BMO Capital Markets.

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

Good morning. Thank you very much. I also want to ask about DPS in two different regards. A, on the more near term, how are you thinking about the uptake rate for DPS in the next fiscal year? In other words, where do you think you'll end up either as a percent of customers or a percent of ARR?

早安.非常感謝。我還想從兩個不同的角度詢問有關 DPS 的問題。答，就近期而言，您認為下一財政年度的 DPS 吸收率如何？換句話說，您認為您最終的客戶百分比或 ARR 百分比會是多少？

And then part B of the question is, one of the key benefits of DPS is the ability of customers to adopt your portfolio more rapidly, just it reduces friction to buying. And I was wondering if you could just talk a little bit about how you're thinking about thereby portfolio expansion? And you have a couple of key building blocks, obviously, with Grail getting widespread adoption and AI candidly probably requiring and enabling more adoption.

然後問題的 B 部分是，DPS 的主要優勢之一是客戶能夠更快地採用您的產品組合，從而減少購買摩擦。我想知道您是否可以稍微談談您對投資組合擴張的看法？顯然，您擁有幾個關鍵的構建模組，其中 Grail 得到了廣泛的採用，而 AI 坦率地說可能需要並實現更多的採用。

And part of the context of the question is Datadog candidly, just has a broader portfolio of solutions. And I just wanted to hear you speak a little bit about how you're thinking about your portfolio expansion given the building the blocks and given DPS over -- not just the next year but over the next number of years. Thanks very much.

問題的部分背景是，坦白說，Datadog 擁有更廣泛的解決方案組合。我只是想聽您談談，考慮到建立模組和 DPS，您是如何考慮投資組合擴張的——不僅是明年，而是未來幾年。非常感謝。

Yeah. So Keith, I'd hesitate to give you a percentage for fiscal '26 around percentage of DPS customers in ARR, other than to say we expect it to continue to grow. I'd say longer term, we do expect, call it, 75% to 85% of our customers ultimately to go on to that. You probably won't get all of them. There will still be customers that want to stay on SKU-based vehicles, maybe government entities, things of that nature.

是的。因此，Keith，我不太願意給你一個 26 財年 DPS 客戶在 ARR 中所佔的百分比，只能說我們預計它會繼續成長。我想說，從長遠來看，我們確實預計，75% 到 85% 的客戶最終會選擇這種方式。您可能無法獲得全部內容。仍然會有客戶希望繼續使用基於 SKU 的車輛，可能是政府實體，諸如此類。

But I'd say the objective longer term is we get 75% to 85%. So think of that as the vast majority of your business is going to be on this contracting vehicle. And your point about adoption is, that is the fundamental premise of DPS. You get them on the -- to the DPS contracting vehicle to get full access to the platform. And if you do look at the capabilities there, I would say that we have quite a few capabilities on the platform.

但我想說，長期目標是達到 75% 到 85%。因此，請想像一下，您的絕大部分業務都將透過這種承包方式進行。您關於採用的觀點是，這是 DPS 的基本前提。您可以讓他們加入 DPS 承包車輛以獲得該平台的完全存取權。如果你確實看一下那裡的功能，我會說我們在該平台上擁有相當多的功能。

And even though we're getting some level of penetration, even for these kind of new emerging areas, logs being kind of the most notable, so the fact is a third of our customers are now on logs. But that third is not spending anywhere near what the opportunity is for logs.

儘管我們已經獲得了一定程度的滲透，但即使對於這些新興領域，原木仍然是最引人注目的，事實上，我們現在有三分之一的客戶都在使用原木。但這三分之一的花費遠不及原木的機會。

Logs for the reasons that Rick outlined, I think, is we're prime to be disruptive in that area just with the underpinnings of the platform with Grail. And so part of it is getting them to adopt more of the platform. There are a bunch of offerings that we do have even within the kind of the -- there's other capabilities beyond the core offerings of call it full stack infrastructure, DEM, logs, AppSec. There's other kind of subcomponents that we monetize as well. And so it's broader than maybe you're characterizing.

我認為，正如 Rick 所概述的，我們有能力憑藉 Grail 平台的基礎在該領域實現顛覆。因此，其中一部分就是讓他們更多地採用該平台。我們確實有很多產品，甚至在核心產品之外還有其他功能，例如全端基礎設施、DEM、日誌、AppSec。我們也將其他類型的子組件貨幣化。因此，它的範圍可能比你所描述的更廣泛。

So I think we feel pretty good about that. And the whole thing with our adoption teams is, drive more adoption, try to give the customer something that they're getting more value from, and leverage the advantages that we have within the platform. And we feel very good about where we are and kind of the strategy to go after that.

所以我認為我們對此感覺很好。我們的採用團隊的整個任務是推動更多的採用，嘗試為客戶提供他們能從中獲得更多價值的東西，並利用我們在平台內的優勢。我們對目前的狀況以及未來的策略感到非常滿意。

The short form, Keith, is that we absolutely agree with you that we need to drive the business both in terms of depth of existing capabilities and expanded breadth in areas such as log management, application security, digital experience management with insights.

簡而言之，基思，我們完全同意你的觀點，我們需要在現有功能的深度和擴展的廣度方面推動業務發展，例如日誌管理、應用程式安全、具有洞察力的數位體驗管理等領域。

We just bought Metis for database observability. So we'll continue to expand the platform in both dimensions. That brings us to the end of our call. Thank you, all, for your engaged questions and ongoing support.

我們剛剛購買了 Metis 來實現資料庫可觀察性。因此，我們將繼續從兩個維度擴展該平台。我們的通話到此結束。謝謝大家的熱心提問和持續的支持。

To close and I think, as you can tell, we are very enthusiastic about the growth opportunities ahead for us. We look forward to connecting with you at our events over the coming months, and we wish you all a very good day.

最後，我想，正如您所看到的，我們對未來的成長機會非常熱衷。我們期待在未來幾個月的活動中與您聯繫，並祝大家有個愉快的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect.

謝謝。今天的電話會議和網路直播到此結束。您可以斷開連線。