Dynatrace Inc (DT) 2026 Q1 法說會逐字稿

Greetings, and welcome to Dynatrace's fiscal first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Noelle Faris, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Dynatrace 2026 財年第一季財報電話會議。（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 first-quarter fiscal 2026 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 2026 財年第一季財報電話會議。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 annual report on Form 10-K. The forward-looking statements contained in this call represent the company's views on August 6, 2025.

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的諸多風險和不確定性，包括我們最近的 10-Q 表季度報告和 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。本次電話會議所包含的前瞻性陳述代表本公司截至 2025 年 8 月 6 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 year over year and non-GAAP reflecting constant currency growth and per share amounts are on a diluted basis.

我們不承擔因新資訊、未來事件或情況而更新這些聲明的義務。除非另有說明，我們今天討論的成長率是年成長率，非公認會計準則反映的是固定貨幣成長，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 website.

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. I'm thrilled to be joining you from our new corporate headquarters in Boston. It's a vibrant modern space that is a direct reflection of our collaborative and innovative culture, and I am excited to host customer and investor meetings here in the future. Moving on to our Q1 earnings. Dynatrace had a strong start to fiscal 2026.

謝謝，諾埃爾，大家早安。我很高興能從波士頓的新公司總部與大家見面。這是一個充滿活力的現代化空間，直接反映了我們的協作和創新文化，我很高興將來能在這裡舉辦客戶和投資者會議。繼續討論我們的第一季財報。Dynatrace 在 2026 財年取得了強勁開局。

Subscription revenue grew 19%. ARR grew 16%. And pretax free cash flow was 33% of revenue on a trailing 12-month basis. These results continue to demonstrate our ability to deliver a powerful combination of top line growth, profitability and free cash flow.

訂閱收入成長了19%。ARR 成長了 16%。過去 12 個月的稅前自由現金流佔收入的 33%。這些結果繼續證明了我們能夠實現收入成長、獲利能力和自由現金流的強大組合。

The strength of our AI-powered observability platform continues to resonate with customers as they look to standardize observability on a single end-to-end platform to deliver precise answers, deterministic insights and intelligent automation.

我們的人工智慧可觀察性平台的優勢繼續引起客戶的共鳴，因為他們希望在單一端到端平台上標準化可觀察性，以提供精確的答案、確定性的見解和智慧自動化。

Jim will share more details about our Q1 financial performance and guidance in a moment. In the meantime, I'd like to share my thoughts on what we see as the durable drivers of growth in the observability market and why I believe Dynatrace is well positioned to benefit from them.

吉姆稍後將分享有關我們第一季財務業績和指導的更多細節。同時，我想分享我對可觀察性市場成長的持久驅動力的看法，以及我為什麼相信 Dynatrace 能夠從中受益。

In the last several weeks, I've met with dozens of customers around the globe and there is increasing alignment around three key approaches to unlocking value with observability, end-to-end observability, AI observability and business observability. Let me start with end-to-end observability. The rapid rise of cloud modernization and AI workloads has caused a massive explosion of data and complexity.

在過去的幾周里，我會見了全球數十位客戶，他們越來越認同透過可觀察性、端到端可觀察性、人工智慧可觀察性和業務可觀察性來釋放價值的三種關鍵方法。讓我從端到端可觀察性開始。雲端現代化和人工智慧工作負載的快速增長導致了數據和複雜性的爆炸性增長。

Hyperscalers are now generating more than $265 billion in annualized revenue, growing in the mid-20s. And this immense shift to the cloud is creating a level of scale too large for humans to manage. Meanwhile, traditional observability solutions used by organizations to manage digital workflows are often siloed and do not deliver the holistic picture needed to optimize results.

超大規模企業目前的年收入超過 2,650 億美元，成長率達 25% 左右。這種向雲端的巨大轉變正在創造一個人類無法管理的規模。同時，組織用於管理數位工作流程的傳統可觀察性解決方案通常是孤立的，無法提供最佳化結果所需的整體情況。

And dashboards and other visualization tools require substantial manual oversight and response. Organizations are consequently looking for an end-to-end observability platform that provides deep analytics and insights ultimately enabling automated response.

儀表板和其他視覺化工具需要大量的人工監督和回應。因此，組織正在尋找一個端到端的可觀察性平台，該平台可以提供深度分析和洞察，最終實現自動響應。

This is precisely the differentiating power of Dynatrace, allowing customers to take a proactive approach to address these challenges and deliver radically better outcomes. End-to-end observability first requires unification across observability domains with organizations increasingly seeking a single solution for applications, infrastructure, log analytics, real user monitoring, application security and other areas.

這正是 Dynatrace 的差異化優勢，它使客戶能夠採取積極主動的方式來應對這些挑戰並取得更好的成果。端到端可觀察性首先需要跨可觀察性領域的統一，組織越來越多地尋求針對應用程式、基礎架構、日誌分析、真實使用者監控、應用程式安全性和其他領域的單一解決方案。

By providing a unified platform, Dynatrace provides a complete picture of digital services rather than customers having to stitch them together manually. End-to-end observability also necessitates a common data layer. Dynatrace customers benefit from the power of Grail.

透過提供統一的平台，Dynatrace 提供了數位服務的完整圖景，而無需客戶手動將它們拼接在一起。端到端可觀察性還需要一個通用資料層。Dynatrace 客戶受益於 Grail 的強大功能。

Our massively parallel processing data lakehouse that houses all data types, logs, traces, metrics, real user data and more in context to provide accelerated insights at enormous scale. And finally, end-to-end observability mandates accessibility by all personas.

我們的大規模平行處理資料湖庫包含所有資料類型、日誌、追蹤、指標、真實使用者資料等，以提供大規模的加速洞察。最後，端到端可觀察性要求所有角色都能夠存取。

With Dynatrace developers, platform engineers, SRE teams, IT Ops and even executives can now all leverage the same data in a unified platform to enable the groups to work better together to remediate, protect and optimize cloud-native workloads. Organizations are also able to extend left to take advantage of observability insights much earlier in the development process. This brings me to the second application of observability, AI observability.

借助 Dynatrace，開發人員、平台工程師、SRE 團隊、IT 營運甚至高階主管現在都可以在統一平台上利用相同的數據，從而使各個團隊能夠更好地協同工作，以修復、保護和優化雲端原生工作負載。組織還可以進行擴展，以便在開發過程的早期就利用可觀察性的洞察力。這讓我想到了可觀察性的第二個應用，也就是人工智慧可觀察性。

Dynatrace, we have been using AI to deliver insights for over a decade, and we continue to innovate aggressively in expanding our capabilities. We utilize multiple AI techniques in our platform. Causal AI for root cause analysis, predictive AI to apply anomaly detection and machine learning to anticipate issues. and generative AI to make the platform accessible to a wider array of end users. And customers are increasing their use of the platform to observe their AI workloads.

Dynatrace，十多年來我們一直在使用人工智慧來提供洞察，我們將繼續積極創新以擴展我們的能力。我們的平台運用多種人工智慧技術。因果人工智慧用於根本原因分析，預測人工智慧應用異常檢測和機器學習來預測問題，產生人工智慧使更廣泛的最終用戶可以訪問該平台。客戶正在越來越多地使用該平台來觀察他們的人工智慧工作負載。

For example, one financial software customer deployed agents to automate many different finance tasks. Prior to the launch, they leverage Dynatrace's AI observability to validate performance of their new agent capabilities.

例如，一家金融軟體客戶部署了代理商來自動執行許多不同的財務任務。在發布之前，他們利用 Dynatrace 的 AI 可觀察性來驗證其新代理功能的效能。

A large insurance company has been building an internal AI platform to increase the efficiency of their engineering teams. They utilize Dynatrace to help ensure their AI platform is functioning correctly and cost effectively. Furthermore, we have built our third-generation platform with Grail at its core to seamlessly unify observability, security, and business data.

一家大型保險公司一直在建立內部人工智慧平台，以提高其工程團隊的效率。他們利用 Dynatrace 來幫助確保他們的 AI 平台正常且經濟高效地運作。此外，我們以 Grail 為核心建立了第三代平台，以無縫統一可觀察性、安全性和業務資料。

This foundation empowers intelligent decision-making and action, enabling enterprises to transition from human oversight to intelligent autonomous systems. We recently announced significant advancements in our platform, evolving its ability to serve as the knowledge, reasoning, planning, and actioning framework of agentic AI and provide trustworthy precision and adaptability.

此基礎支持智慧決策和行動，使企業能夠從人工監督過渡到智慧自主系統。我們最近宣布了我們平台的重大進展，增強了其作為代理人工智慧的知識、推理、規劃和行動框架的能力，並提供值得信賴的精確度和適應性。

We believe that agentic AI advances the fulfillment of our vision by providing a clear directional heading that drives the core of our operations. And we are driving toward an agentic AI ecosystem in which our AI agents will interoperate with third-party AI agents to take appropriate action. Importantly, deterministic answers are critical for agentic AI to work properly.

我們相信，代理人工智慧透過提供明確的方向來推動我們營運的核心，從而促進我們願景的實現。我們正在努力建立一個代理 AI 生態系統，在這個生態系統中，我們的 AI 代理將與第三方 AI 代理進行互通，以採取適當的行動。重要的是，確定性的答案對於代理人工智慧的正常工作至關重要。

You have to trust answers to take action on them, which is precisely the confidence that we believe the Dynatrace platform provides. The third way customers are driving outcomes with observability is business observability. We think of business observability as the ability to deliver meaningful business value beyond technical analytics, root cause analysis and mean time to resolution.

您必須相信答案才能採取行動，而這正是我們認為 Dynatrace 平台所提供的信心。客戶利用可觀察性推動成果的第三種方式是業務可觀察性。我們認為業務可觀察性是超越技術分析、根本原因分析和平均解決時間提供有意義的業務價值的能力。

Because we include business events as a data type in Grail, we can provide a broad set of insights like business process optimization, revenue impact and real-time analytics for any observability source. For example, a large airline uses Dynatrace to assess gate operations and baggage handling.

因為我們將業務事件作為 Grail 中的一種資料類型，所以我們可以為任何可觀察性來源提供廣泛的見解，例如業務流程優化、收入影響和即時分析。例如，一家大型航空公司使用 Dynatrace 來評估登機口營運和行李處理。

A cruise ship operator focuses its Dynatrace insights on the passenger onboard experience. And financial services firms are interested in time to open an account or mortgage or to make a payment. Business observability is about identifying the key performance indicators, a customer wants to address and leveraging an end-to-end observability framework to optimize their attainment.

遊輪營運商將其 Dynatrace 洞察重點放在乘客的船上體驗。金融服務公司對開戶、抵押貸款或付款的時間很感興趣。業務可觀察性是關於識別客戶想要解決的關鍵績效指標，並利用端到端可觀察性框架來優化其實現。

And this is where Dynatrace can increasingly become a force multiplier for businesses looking ahead. These three enterprise use cases for observability represent a strong growth opportunity for Dynatrace.

而這正是 Dynatrace 能夠日益成為企業未來力量倍增器的地方。這三個可觀察性的企業用例為 Dynatrace 帶來了強勁的成長機會。

And we are investing in sales and marketing initiatives across those areas. So next, I'd like to share several proof points of our go-to-market momentum from the first quarter. First, the investments we made during fiscal 2025 to align our sales coverage around strategic accounts with a higher propensity to spend is evident in the 12 seven-figure ACV deals closed in the quarter.

我們正在對這些地區的銷售和行銷計劃進行投資。接下來，我想分享第一季我們進入市場動能的幾個證明點。首先，我們在 2025 財年進行的投資使我們的銷售覆蓋範圍圍繞著具有更高支出傾向的策略客戶，這在本季度完成的 12 筆七位數 ACV 交易中得到了體現。

Additionally, our strategic enterprise pipeline has grown nearly 50% year over year. With the pipeline contribution of deals greater than $1 million, more than doubled over that time frame.

此外，我們的策略企業通路較去年同期成長近50%。交易管道貢獻超過 100 萬美元，在這段時間內增加了一倍以上。

Second -- we continue to see strong traction with our partner ecosystem, most notably in the growth and contribution of GSIs. Partners were involved in 10 of the seven-figure deals we closed in the quarter. And GSIs played a role in more than half of those. Our largest GSI partners ARR contribution in the first quarter has more than tripled year over year.

第二，我們繼續看到合作夥伴生態系統的強勁成長，最顯著的是 GSI 的成長和貢獻。我們在本季達成的七位數交易中有 10 筆是由合作夥伴參與的。其中一半以上的情況都與 GSI 有關。我們最大的 GSI 合作夥伴第一季的 ARR 貢獻年增了兩倍多。

And finally, the recent traction we're seeing in logs is a direct result of our broad-based sales execution in this area, combined with the investments we've made in building out strike teams to drive adoption.

最後，我們最近在日誌領域看到的成長勢頭直接得益於我們在該領域的廣泛銷售執行，以及我們在組建突擊隊以推動採用方面所做的投資。

In Q1, our logs consumption increased 36% sequentially and well over 100% year over year. Given this traction, we remain confident in our ability to achieve $100 million in annualized logs consumption by the end of this fiscal year.

第一季度，我們的原木消耗量較上季成長 36%，年成長超過 100%。鑑於這種勢頭，我們仍然有信心在本財年結束前實現 1 億美元的年度原木消費量。

Given the noteworthy traction of logs in the first quarter, I'd like to take a moment to discuss logs in more detail and why we believe we are positioned to win material share in this space. In particular, logs have rapidly become a core element of end-to-end observability as I mentioned before. And our third-generation platform provides the core capabilities to deliver meaningful value as customers expand in this direction.

鑑於第一季原木的顯著增長，我想花點時間更詳細地討論一下原木，以及為什麼我們相信我們有能力在這一領域贏得材料份額。特別是，正如我之前提到的，日誌已迅速成為端到端可觀察性的核心要素。我們的第三代平台提供了核心功能，可以在客戶朝這個方向擴展時提供有意義的價值。

Dynatrace's log management solution has multiple advantages. By combining logs with other data types, logs actually add increased value in delivering deeper, more contextualized absorbability insights. Moreover, unlike traditional solutions, Grail does not require rehydration of logs. So they are always available and don't require manual categorization and separate complex pricing.

Dynatrace 的日誌管理解決方案具有多重優勢。透過將日誌與其他資料類型結合，日誌實際上在提供更深入、更具情境化的吸收性洞察方面增加了價值。此外，與傳統解決方案不同，Grail 不需要對日誌進行補水。因此它們始終可用，不需要手動分類和單獨複雜的定價。

And finally, we are able to offer our log solution at a lower cost, including unlimited querying over a fixed time window, maximizing insight while controlling spend. Once customers experience the value of our log management solution as part of their Dynatrace platform deployment, they often rapidly expand their usage.

最後，我們能夠以較低的成本提供我們的日誌解決方案，包括在固定時間窗口內進行無限制查詢，在控制支出的同時最大限度地提高洞察力。一旦客戶體驗到我們的日誌管理解決方案作為其 Dynatrace 平台部署的一部分的價值，他們通常會迅速擴展其使用範圍。

A major airline that became a customer within the last 18 months as a multi-vendor competitive takeout with end-to-end observability has now already exceeded an annualized logs consumption of several million dollars.

一家大型航空公司在過去 18 個月內作為一家具有端到端可觀察性的多供應商競爭外賣公司成為客戶，目前其年度日誌消耗量已超過數百萬美元。

In fact, many of our seven-figure ACV wins in the quarter were with customers looking to modernize their log management solutions, consolidating logs from multiple vendors as part of a broader end-to-end observability strategy.

事實上，本季我們許多七位數的 ACV 勝利都來自希望實現日誌管理解決方案現代化的客戶，他們將來自多個供應商的日誌整合在一起，作為更廣泛的端到端可觀察性策略的一部分。

A Fortune 100 retailer expanded their deployment with Dynatrace to provide a precise view of the customer journey from online ordering through pickup. A global leader in logistics and transportation engage us to unify their data to reduce operating costs and increase efficiencies.

財富 100 強零售商透過 Dynatrace 擴展了其部署，以提供從線上訂購到提貨的客戶旅程的精確視圖。一家全球領先的物流和運輸公司與我們合作，統一他們的數據，以降低營運成本並提高效率。

And one of the largest insurance providers in North America is going all in with Dynatrace to help them improve their customer experience with our unparalleled visibility into their enterprise-wide environment. All three of these customers have a planned annualized logs consumption of at least $1 million.

北美最大的保險公司之一正與 Dynatrace 攜手合作，利用我們對其企業範圍環境無與倫比的可視性來幫助他們改善客戶體驗。這三家客戶的計畫年原木消耗量至少為 100 萬美元。

Finally, analysts continue to recognize Dynatrace as an industry leader. Last month, Gartner named Dynatrace a leader in the 2025 Gartner Magic Quadrant for observability platforms positioned highest in execution. This is the 15th consecutive year that Gartner has named Dynatrace a leader.

最後，分析師繼續認可 Dynatrace 為產業領導者。上個月，Gartner 將 Dynatrace 評為 2025 年 Gartner 魔力像限中執行力排名最高的可觀察性平台領導者。這是 Gartner 連續第 15 年將 Dynatrace 評為領導者。

Moreover, we ranked number one across four of the six use cases in the 2025 Gartner critical capabilities for observability platforms report; and second, in the other two use cases, a very strong achievement. Plus, we were named a leader and outperformer in the 2025 GigaOm Radar for Kubernetes observability. We are proud of these achievements and committed to the ongoing innovation and customer engagement needed to earn these accolades year after year.

此外，在 Gartner 2025 年可觀察性平台關鍵能力報告中，我們在六個用例中的四個中排名第一；在另外兩個用例中排名第二，這是一個非常出色的成就。此外，我們在 2025 年 GigaOm Radar Kubernetes 可觀察性領域被評為領導者和卓越表現者。我們為這些成就感到自豪，並致力於不斷創新和客戶參與，以年復一年地贏得這些榮譽。

To wrap up, the observability market opportunity is stronger than ever. We have a significantly differentiated AI-powered platform that provides the foundation for end-to-end observability, AI observability and business observability. We deliver significant customer value, and we have a compelling business model, which has enabled us to deliver a sustained balance of growth and profitability.

總而言之，可觀察性市場機會比以往任何時候都更加強勁。我們擁有顯著差異化的人工智慧平台，為端到端可觀察性、人工智慧可觀察性和業務可觀察性奠定基礎。我們提供巨大的客戶價值，並且我們擁有引人注目的商業模式，這使我們能夠實現成長和獲利的持續平衡。

Jim, over to you.

吉姆，交給你了。

Thank you, Rick. And good morning, everyone. Q1 was indeed a strong start to the fiscal year. Once again, we surpassed the high end of our top line growth and profitability guidance metrics. Notably, and as Rick mentioned, we had a strong expansion quarter with a dozen seven-figure expansion deals, many of which have planned log management deployments.

謝謝你，里克。大家早安。第一季確實是本財年的強勁開端。我們再次超越了營收成長和獲利預測指標的上限。值得注意的是，正如 Rick 所提到的，我們有一個強勁的擴張季度，有十幾筆七位數的擴張交易，其中許多都計劃進行日誌管理部署。

The building block fundamentals that serve as leading indicators of future growth potential, continue to gain traction in the company. Specifically, we are seeing growing momentum in large deal activities, expanding tool and vendor consolidation opportunities, building execution with our partner ecosystem, most notably with GSIs, further penetration of our Dynatrace Platform Subscription licensing model and accelerating consumption and adoption of the platform logs notably.

作為未來成長潛力領先指標的基石基本面繼續在公司中發揮重要作用。具體來說，我們看到大型交易活動的成長勢頭、不斷擴大的工具和供應商整合機會、與我們的合作夥伴生態系統（最顯著的是與 GSI）的執行、Dynatrace 平台訂閱許可模式的進一步滲透以及平台日誌的消費和採用顯著加速。

Let's review the first 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 quarter at $1.82 billion, representing 16% growth.

讓我們更詳細地回顧一下第一季的業績。請注意，除非另有說明，所引用的成長率將是逐年且以固定貨幣計算的。本季末，年度經常性收入或 ARR 達到 18.2 億美元，成長 16%。

Q1 net new ARR on a constant currency basis was $51 million, up 13% from a strong first quarter last year. Expansion activity was robust and particularly strong in our North America geography and our GSI channel. In Q1, we added 103 new logos to the Dynatrace platform. Our average ARR per new logo was over $130,000 on a trailing 12-month basis and in line with our target land size. Once customers experience the value of the Dynatrace platform, they have been quick to expand their usage.

以固定匯率計算，第一季淨新 ARR 為 5,100 萬美元，較去年第一季的強勁成長 13%。擴張活動十分活躍，尤其在北美地區和 GSI 通路表現強勁。在第一季度，我們為 Dynatrace 平台添加了 103 個新標誌。過去 12 個月，我們每個新標誌的平均 ARR 超過 13 萬美元，與我們的目標土地面積一致。一旦客戶體驗到 Dynatrace 平台的價值，他們就會迅速擴大使用範圍。

Our average ARR per customer continues to increase, reaching nearly $450,000, highlighting the ongoing adoption of the platform and business value we provide to customers. As we have shared previously, 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.

我們每位客戶的平均 ARR 持續增加，達到近 450,000 美元，突顯了我們平台的持續採用以及我們為客戶提供的商業價值。正如我們之前所分享的，鑑於我們企業客戶群中存在大量的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。

The strategic relevance of the Dynatrace platform is further reflected in our gross retention rate, which remained in the mid-90s. Net retention rate, or NRR, was 111% in the first quarter, an improvement from the prior quarter. Our Dynatrace Platform Subscription licensing model or DPS continues to gain traction and adoption.

Dynatrace 平台的策略相關性進一步體現在我們的總留存率上，該比率保持在 90 年代中期。第一季淨留存率（NRR）為 111%，較上一季提升。我們的 Dynatrace 平台訂閱授權模式或 DPS 繼續獲得關注和採用。

We now have over 45% of our customer base and over 65% of our ARR on DPS. DPS customers with full access to all our platform capabilities, adopt roughly 2 times the number of capabilities than those on a SKU-based model. They also consume at a much faster pace with consumption growth rates nearly 2 times those on a SKU-based model.

目前，我們的客戶群中有超過 45% 和 ARR 中有超過 65% 來自 DPS。DPS 客戶可以完全存取我們所有的平台功能，所採用的功能數量大約是基於 SKU 模型的客戶所採用功能的 2 倍。他們的消費速度也更快，消費成長率幾乎是基於 SKU 模式的 2 倍。

We have seen particularly robust consumption growth with customers leveraging logs management, our fastest-growing offering. This strong consumption sometimes accelerates use of a customer's original commitment, resulting in either early expansion or on-demand consumption, which we refer to as ODC revenue.

隨著客戶利用我們成長最快的產品日誌管理，我們看到了特別強勁的消費成長。這種強勁的消費有時會加速客戶原始承諾的使用，從而導致早期擴張或按需消費，我們稱之為 ODC 收入。

In Q1, ODC revenue was $11 million. Historically, ODC revenue was recognized in the quarter it was incurred with quarterly revenue variability driven by DPS expiring commitment dollars that are much lower in the first half than the second half.

第一季度，ODC營收為1,100萬美元。從歷史上看，ODC 收入是在發生該收入的季度確認的，而季度收入的變化是由 DPS 到期承諾金額造成的，上半年的金額遠低於下半年。

Now that we have a full year of history with ODC, revenue accounting principles require us to estimate the amount of ODC revenue that we expect to receive over the next four quarters and recognize that amount ratably over that same period.

現在我們與 ODC 合作了一整年，收入會計原則要求我們估計預計在未來四個季度收到的 ODC 收入金額，並在同一時期按比例確認該金額。

The result of doing so, yields a onetime cumulative true-up benefit of $7 million in Q1. The simple way to think about it is we delivered $4 million of in-quarter as incurred ODC revenue and $7 million of revenue accrual.

這樣做的結果是，第一季產生了 700 萬美元的一次性累積真實收益。簡單地想一下，我們在本季實現了 400 萬美元的 ODC 收入和 700 萬美元的應計收入。

Going forward, ODC revenue will have much less quarter-to-quarter variability. And for fiscal 2026 should be in the range of $8 million to $9 million per quarter, give or take, depending upon weather and how much our incurred ODC in the quarter varies from our accounting estimates.

展望未來，ODC 營收的季度間波動將會小得多。而對於 2026 財年來說，每季的 ODC 應該在 800 萬美元到 900 萬美元之間，這取決於天氣以及我們該季度發生的 ODC 與會計估計的差異有多大。

Moving on to revenue. Total revenue for Q1 was $477 million, growing 19% and exceeding the high end of guidance by approximately 200 basis points. Subscription revenue was $458 million, up 19% also exceeding the high end of guidance by nearly 200 basis points, driven primarily by the incremental ODC revenue I just mentioned.

繼續討論收入。第一季總營收為 4.77 億美元，成長 19%，超過預期上限約 200 個基點。訂閱收入為 4.58 億美元，成長 19%，也超過預期上限近 200 個基點，主要得益於我剛才提到的增量 ODC 收入。

Turning to profitability. Non-GAAP operating margin was 30%, exceeding the top end of guidance by 150 basis points, driven mostly by revenue upside flowing through to the bottom line. Non-GAAP net income was $126 million or $0.42 per diluted share, $0.04 above the high end of our guidance. We generated $262 million of free cash flow in the first quarter. Due to seasonality and variability in billings quarter to quarter, we believe it is best to view free cash flow over a trailing 12-month period.

轉向盈利能力。非公認會計準則營業利益率為 30%，超出預期上限 150 個基點，主要受收入上漲對利潤的推動。非公認會計準則淨收入為 1.26 億美元，即每股攤薄收益 0.42 美元，比我們預期的最高值高出 0.04 美元。我們在第一季產生了 2.62 億美元的自由現金流。由於季節性和季度間帳單的變化，我們認為最好查看過去 12 個月的自由現金流。

On a trailing 12-month basis, free cash flow was $465 million or 26% of revenue. As a reminder, this includes a 700 basis point impact related to cash taxes. Pretax free cash flow on a trailing 12-month basis was 33% of revenue. Finally, a brief update on our $500 million share repurchase program. In Q1, we repurchased 905,000 shares for $45 million at an average share price of just under $50.

過去 12 個月，自由現金流為 4.65 億美元，佔營收的 26%。提醒一下，這包括與現金稅相關的 700 個基點的影響。過去 12 個月的稅前自由現金流佔收入的 33%。最後，我們簡單介紹一下我們的 5 億美元股票回購計畫。第一季度，我們以 4,500 萬美元的價格回購了 905,000 股，平均股價略低於 50 美元。

Since the inception of the program in May 2024 through June 2025, we have repurchased 4.4 million shares for $218 million at an average share price of just under $50. Moving now to guidance. While demand remains strong, we continue to take a prudent approach to our outlook with three factors in mind. First, we are still early in our fiscal year. And while Q1 was a strong start, we do not want to get ahead of ourselves.

自 2024 年 5 月該計畫啟動以來至 2025 年 6 月，我們已以 2.18 億美元回購了 440 萬股，平均股價略低於 50 美元。現在轉向指導。儘管需求依然強勁，但我們仍將採取審慎的態度來看待前景，並考慮三個因素。首先，我們的財政年度還處於初期。儘管第一季開局強勁，但我們並不想操之過急。

Second, we have a growing pipeline with an increasing number of larger, more strategic tool consolidation opportunities. These types of deals come with increased timing variability and longer duration to close. Lastly, the fluidity of the macro and geopolitical environment remains a constant.

其次，我們擁有不斷成長的管道，其中有越來越多的更大、更具策略性的工具整合機會。這些類型的交易具有更大的時間可變性和更長的完成時間。最後，宏觀和地緣政治環境的流動性依然存在。

With that as context, let me summarize our updated full year outlook that we detailed in this morning's press release. We are maintaining our full-year ARR growth guidance of 13% to 14% in constant currency, while passing through the incremental dollars from the weakening of the US dollar since our last call.

基於此背景，讓我總結一下我們在今天早上的新聞稿中詳述的最新全年展望。我們維持全年 ARR 成長預期，以固定匯率計算為 13% 至 14%，同時將自上次電話會議以來美元疲軟帶來的增量美元計入。

Full year ARR is now expected to be roughly $2 billion. While we do not guide to ARR quarterly, we continue to expect first half and second half constant currency net new ARR seasonality to be roughly consistent with last year.

目前預計全年 ARR 約 20 億美元。雖然我們沒有對季度 ARR 做出預測，但我們仍然預計上半年和下半年固定貨幣淨新 ARR 季節性將與去年大致一致。

Moving now to revenue. We are raising our total revenue and subscription revenue guidance by $7 million in constant currency to account for the revised ODC revenue estimate accounting treatment.

現在轉向收入。我們將總收入和訂閱收入預期按固定匯率提高 700 萬美元，以反映修訂後的 ODC 收入估算會計處理。

This required revenue recognition approach effectively records some revenue from fiscal '27 into fiscal '26 and was not factored into our prior guidance. Total revenue is now expected to be between $1.97 billion and $1.98 billion, and subscription revenue is expected to be between $1.88 million and $1.9 million, both up 14% to 15%. This revenue guidance includes $35 million to $40 million in ODC revenue. Turning to our bottom line. We are maintaining non-GAAP operating margin of 29% and free cash flow margin of 26%.

這種要求的收入確認方法有效地將 27 財年的部分收入記錄到 26 財年，但並未計入我們先前的指導中。目前預計總收入在 19.7 億美元至 19.8 億美元之間，訂閱收入預計在 188 萬美元至 190 萬美元之間，均成長 14% 至 15%。該收入預期包括 3,500 萬至 4,000 萬美元的 ODC 收入。談談我們的底線。我們維持非公認會計準則營業利益率為 29%，自由現金流利潤率為 26%。

While the weakening dollar is a tailwind to the top line, it is a modest headwind to margins, given our expense mix is heavily euro weighted. Finally, we are raising non-GAAP EPS guidance to a range of $1.58 to $1.61 per diluted share, representing an increase of $0.02 at the midpoint of the range. This non-GAAP EPS is based on a diluted share count of 309 million to 310 million shares.

儘管美元走弱對公司營收來說是順風，但考慮到我們的支出結構中歐元佔比很大，這對利潤率來說卻是一個適度的阻力。最後，我們將非公認會計準則每股收益預期上調至每股攤薄收益 1.58 美元至 1.61 美元，即區間中位數增加 0.02 美元。此非公認會計準則每股收益基於 3.09 億至 3.10 億股的稀釋股數。

Looking to Q2, we expect total revenue to be between $484 million and $489 million. Subscription revenue is expected to be between $464 million and $469 million, both growing 15% to 16%. From a profit standpoint, non-GAAP income from operations is expected to be between $140 million and $145 million or 29% to 29.5% of revenue. Lastly, non-GAAP EPS is expected to be $0.40 to $0.41 per diluted share.

展望第二季度，我們預計總營收將在 4.84 億美元至 4.89 億美元之間。訂閱收入預計在 4.64 億美元至 4.69 億美元之間，均成長 15% 至 16%。從利潤角度來看，非公認會計準則營業收入預計在 1.4 億至 1.45 億美元之間，佔營收的 29% 至 29.5%。最後，非公認會計準則每股收益預計為每股 0.40 美元至 0.41 美元。

In summary, we are pleased with our strong start to the fiscal year. We have a proven track record of consistent execution and delivering a balance of strong top line growth and profitability. While we continue to take a prudent approach to the near-term outlook, we remain optimistic about the fiscal 2026 growth building blocks, and we remain focused on investing in growth initiatives that we expect will drive long-term value.

總而言之，我們對本財年的強勁開局感到滿意。我們擁有一致執行的良好記錄，並實現了強勁的收入成長和獲利能力的平衡。雖然我們繼續對短期前景採取審慎態度，但我們對 2026 財年的成長基石仍然持樂觀態度，並且我們仍然專注於投資我們預計將推動長期價值的成長計劃。

And 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) Koji Ikeda, Bank of America.

（操作員指示）美國銀行 Koji Ikeda。

Yeah. Hey, guys. Thanks so much for taking the question. Really nice performance here. I did want to ask you a question on the guide. Jim, you gave a lot of color, and I appreciate that (technical difficulty) in the prepared remarks. But why not raise the constant currency guide? DPS is sounding strong, logs is sounding strong, ODC is ramping nicely.

是的。嘿，大家好。非常感謝您回答這個問題。這裡的表演真的很精彩。我確實想問您一個有關指南的問題。吉姆，你給了很多精彩的講解，我很欣賞你在準備好的發言中遇到的（技術難題）。但為什麼不提高恆定貨幣指導價呢？DPS 聽起來很強勁，日誌聽起來很強勁，ODC 正在順利提升。

And so just wanted to hopefully get additional color there on the guidance. And then one additional question on the guidance methodology. Could we, as investors just always anticipate in fiscal 1Q going forward that we will not be getting updates to the constant currency ARR guidance? Thanks so much.

因此，我只是希望能夠在指導中獲得更多細節。然後還有一個關於指導方法的問題。身為投資者，我們是否可以預期未來第一財季我們將不會獲得恆定貨幣 ARR 指引的更新？非常感謝。

Yeah, that's a good question, Koji. As you know, last year, -- we also went through a process where we said we were going to maintain the guide early in the year. The reality is we have 20% of the year under our belt. While we are very pleased with Q1, Q1 was an exceptional start. It's still early.

是的，Koji，這是個好問題。如您所知，去年，我們也經歷了一個過程，我們說我們將在年初維護該指南。事實上，我們已經完成了一年中 20% 的工作。雖然我們對 Q1 非常滿意，但 Q1 是一個特別的開始。時間還早。

And I tried to highlight some things that really factor into why we think it makes sense to maintain a prudent guide. It doesn't mean that we don't have confidence in the business. We actually do. There's a lot of momentum going on in the business that we have a growing pipeline, but that pipeline is very weighted towards large deals. Large deals have more uncertainty around the close timing.

我試著強調一些真正影響我們認為維持審慎指導意義的事情。這並不意味著我們對這項業務沒有信心。我們確實這麼做了。我們的業務發展勢頭強勁，我們的管道不斷擴大，但這些管道主要側重於大型交易。大型交易的成交時間存在更多不確定性。

And so we just felt it made sense early in the year, maintained the guide. We've put some good points on the board here in Q1. We'll see how Q2 progresses, and then we'll provide an update then. But we are very optimistic about the building blocks that I tried to outline in our prepared remarks.

因此，我們覺得年初維持這項指南是有意義的。我們在第一季就提出了一些很好的觀點。我們將觀察第二季度的進展情況，然後提供更新資訊。但我們對我在準備好的發言中試圖概述的基本內容非常樂觀。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you. Congrats from me as well. I wanted to talk a little bit about -- you talked about the bigger deals, Rick and the consolidation -- can you speak a little bit of like who you're consolidating there? I would assume on the logs is going to be Splunk, but it does feel like it's broader than that. And as part of that, like what's the appetite in the market for these deals. Thank you.

謝謝。我對此也表示祝賀。我想談一點——你談到了更大的交易、里克和合併——你能稍微說一下你在那裡合併了誰嗎？我假設日誌將是 Splunk，但感覺它比這更廣泛。作為其中的一部分，例如市場對這些交易的興趣如何。謝謝。

Jim, I'll take that one. The short form is all the log vendors, the traditional log vendors that you might imagine. The strong waves of change, I think, in the market are towards integrated solutions and then observability. And what this is rendering is that isolated log solutions just aren't delivering a customer needs. And by integrating that into an end-to-end observability framework, we find that customers are getting better outcomes at lower overall cost.

吉姆，我要這個。簡稱為所有原木供應商，即您可能想到的傳統的原木供應商。我認為，市場上強勁的變革浪潮是朝著整合解決方案和可觀察性的方向發展。這表明，孤立的日誌解決方案無法滿足客戶的需求。透過將其整合到端到端可觀察性框架中，我們發現客戶可以以更低的整體成本獲得更好的結果。

And that's why they're coming to Dynatrace. They want an integrated platform. We provide that with better outcomes than they would otherwise get from stand-alone log offerings.

這就是他們選擇 Dynatrace 的原因。他們想要一個整合平台。我們提供的結果比他們從獨立日誌產品中獲得的結果更好。

Okay. Makes sense. Thank you.

好的。有道理。謝謝。

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Hi. Good morning. Thanks for taking the question and congrats on a strong start to the year and the acceleration that net new ARR. Rick, Jim, so it seemed like clearly a strong quarter on large expansion deals. I'm curious to understand a little bit better given some of the go-to-market changes earlier this year if the activity you saw in expansion is above the typical trend line.

你好。早安.感謝您回答這個問題，並祝賀您今年開局強勁，淨新 ARR 加速成長。瑞克、吉姆，這顯然是大型擴張交易強勁的一個季度。如果您看到的擴張活動高於典型趨勢線，那麼我很好奇，鑑於今年早些時候的一些上市變化，您是否能更好地了解一下。

And if the expansion activity is being driven by customers consuming excess of their commitments and given the compensation structure more towards commitments versus consumption, if that's driving the behavior you expected to see? Thanks.

如果擴張活動是由客戶消費超過其承諾所驅動的，而補償結構更傾向於承諾而不是消費，那麼這是否會推動您預期看到的行為？謝謝。

Good question, Eric, that as you mentioned, we did change our sales incentive model relative to ARR versus on-demand consumption. So that may have had some modest impact. I think it's more driven by the changes that we made in our go-to-market area last year where we talked about changing our segmentation and waiting more resource and higher propensity to spend customers. And we're starting to see that. Those large customers we're seeing a large expansion opportunities.

問得好，艾瑞克，正如你所提到的，我們確實改變了相對於 ARR 和按需消費的銷售激勵模式。因此這可能產生了一些適度的影響。我認為這更多的是受到我們去年在市場進入領域所做的改變的推動，當時我們談到了改變我們的細分市場並等待更多的資源和更高消費傾向的客戶。我們開始看到這一點。我們看到這些大客戶有著巨大的擴張機會。

So the pipeline, I think, is more driven by and the performance is more driven by -- we now have a year of that activity, and you're starting to see it manifest itself in closed deals. And given where we waited the resource, it's not surprising that we're seeing it with large expansions. We talked about 12 that's like more than -- I think more than triple the number of million-dollar deals. And I think we nearly doubled the number of deals over $500,000. So a very, very strong expansion quarter.

因此，我認為，管道和業績更多地受到以下因素的驅動：我們已經進行了一年的活動，並且您開始看到它在已完成的交易中得到體現。考慮到我們等待資源的地方，我們看到它的大規模擴張也就不足為奇了。我們談到了 12 筆交易，這意味著百萬美元交易的數量超過了三倍。我認為我們 50 萬美元以上的交易數量幾乎增加了一倍。因此這是一個非常非常強勁的擴張季度。

And we're optimistic the pipeline is very heavily weighted in particular, in those areas that we made investments in. I know Rick commented on that in his prepared remarks. So we are optimistic. The only thing I would say with that is that we do know that the timing of when large deals closed can be variable. And so we just wanted to make sure that we apply a bit of prudence in the guide for that.

我們樂觀地認為，在我們進行投資的領域，管道的權重尤其大。我知道里克在他的準備好的發言中對此發表了評論。所以我們很樂觀。我唯一想說的是，我們確實知道大型交易的完成時間可能會有所不同。因此，我們只是想確保在指南中採取一些謹慎的做法。

We'll see how things play out, but that hopefully gives you a bit of color.

我們將觀察事情如何發展，但希望這能為你帶來一些啟發。

I'd just add to that, that in our D1 organization, which is our services and customer success organization, they are more focused than ever on driving consumption of the platform and the consumption of the platform is, of course, then driving some of this pipeline around strategic enterprises to enable us to get to 50% growth year over year in that pipeline, even greater growth in the $1 million plus category of ACV deals. So it really is a concerted company effort spanning from our sales go-to-market all the way through our marketing efforts and inclusive of our services efforts as well.

我想補充一點，在我們的 D1 組織中，也就是我們的服務和客戶成功組織，他們比以往任何時候都更加註重推動平台的消費，而平台的消費當然會推動戰略企業周圍的一些渠道，使我們能夠在該渠道中實現同比增長 50%，在 100 萬美元以上的 ACV 交易類別中實現更大的增長。因此，這實際上是一項協調一致的公司努力，涵蓋了我們的銷售市場推廣、行銷工作以及服務工作。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Thank you for taking my question. This one is for Rick and -- Rick or Jim. This change to ODC and the rev rec. Can you just go through the other metrics though impacted by this? I mean you touched in the prepared remarks that in the quarter, and fiscal '26 bottom line has seen a tailwind. But what about the -- what about top line metrics like NRR, like did they see a benefit from this ODC rev rec change? Thank you.

感謝您回答我的問題。這是給 Rick 和——Rick 或 Jim 的。此更改針對 ODC 和 rev rec。能否簡單介紹一下受此影響的其他指標？我的意思是，您在準備好的發言中提到，本季和 26 財年的底線出現了順風。但是，對於像 NRR 這樣的頂線指標，他們是否看到了 ODC rev rec 變化帶來的好處？謝謝。

Yeah. No, there's no impact for any other metric relative to this revenue accounting estimate change. That has only to do with revenue recognition. But what I will say is relative to DPS, which you know, ODC -- I bring you back to our contracting vehicle of Dynatrace Platform subscription. We talked about the fact that it's over 45% of our customers now, over 65% of our ARR.

是的。不，此收入會計估計變更對任何其他指標均沒有影響。這僅與收入確認有關。但我要說的是與 DPS 相關，也就是 ODC——我帶你回到我們的 Dynatrace 平台訂閱承包工具。我們談到的事實是，現在它已占我們客戶的 45% 以上，占我們 ARR 的 65% 以上。

And the metrics, Patrick, those customers that are on DPS. I mentioned they consume more of the platform, nearly 2x a customer that's on a SKU-based contract. They consume nearly 2x the number of capabilities. They have much higher NRR. They have much higher renewal rates.

還有指標，帕特里克，那些在 DPS 上的客戶。我提到過，他們消耗了更多的平台資源，幾乎是簽訂基於 SKU 的合約的客戶的兩倍。它們消耗的能力數量幾乎是原來的兩倍。他們的 NRR 要高得多。他們的續約率要高得多。

They have much -- so across the board, get them on DPS, as Rick said, have our teams drive consumption and ultimately, it will either manifest itself and customers consuming earlier, which will either be an ODC or they will expand earlier. And I'd say we are very confident in where we're at, and we're going to continue to make more traction in that area.

他們有很多 — — 所以全面讓他們加入 DPS，正如 Rick 所說，讓我們的團隊推動消費，最終，它要么會自行顯現，要么客戶會更早消費，這要么是 ODC，要么他們會更早擴張。我想說，我們對目前的狀況非常有信心，我們將繼續在該領域取得更多進展。

So just to be very clear, since I know it can be somewhat confusing, ODC is not at all impacting ARR or NRR.

因此，為了清楚起見，我知道這可能有點令人困惑，ODC 根本不會影響 ARR 或 NRR。

It impacts no metric other than revenue.

它除了影響收入之外，不影響其他指標。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

All right, guys. Thanks for taking my question. Congrats on the results. Realizing DPS contracts are typically three years. I'm wondering if you're seeing anything different with this year's DPS cohort versus last year. And anything different about ODC as last year's cohort like moving to year two?

好吧，夥計們。感謝您回答我的問題。恭喜取得成果。實現 DPS 合約通常需要三年。我想知道您是否發現今年的 DPS 隊列與去年有什麼不同。與去年相比，ODC 有什麼不同嗎？例如進入第二年了？

That's a good question, Matt. I'd say the cohort classes, as I mentioned before, they're all going to behave differently. You are 100%. This is the second year of -- we have our first cohort class of Q1 '26 lab that has gone through there -- I'm sorry, Q1 '25 was the first cohort class. That cohort class is now in their second year.

這是個好問題，馬特。我想說的是，正如我之前提到的，不同群體的行為都會有所不同。你是100%。這是第二年——我們有第一批 26 年第一季實驗室的學生在那裡學習——抱歉，25 年第一季是第一批學生。該班目前已進入第二年。

We now have the new cohort class. They do behave differently. I've mentioned before that ODCs can be heavily weighted and are heavily weighted relative to a small number of customers and so that's no different this quarter than it was last year. The good news is, I'd say customers continue to consume at a rapid rate on the platform, and we continue to see ODC at a reasonable clip. But yes, the behavior is different, but the behavior still is customers that are on a DPS contract, whether they're in their first cohort class or their second are consuming at a very rapid rate.

我們現在有了新的隊列類別。他們的行為確實不同。我之前提到過，ODC 的權重可能很大，而且相對於少數客戶來說權重很大，所以本季的情況與去年沒有什麼不同。好消息是，我認為客戶會繼續在平台上快速消費，我們將繼續看到 ODC 以合理的速度成長。但是的，行為是不同的，但行為仍然是簽訂了 DPS 合約的客戶，無論他們是第一批還是第二批，都在以非常快的速度消費。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Thank you for taking the questions. In your comments, Rick, and as you -- we go through the Q&A, I think definitely sends a lot of optimism and you guys feeling pretty good about the go-to-market changes. I'm trying to like dig into like how the go-to-market changes are like manifesting?

感謝您回答這些問題。在您的評論中，里克，正如您——我們一起進行問答一樣，我認為您肯定傳遞出了很多樂觀情緒，而且您對上市變化感覺非常好。我正在嘗試深入研究市場變化是如何體現的？

And you mentioned the strategic account pipeline up 50%. Is there any way to compare that, like, say, if we wind back to this time last year, is that an improvement versus this time last year? And how are the composition of deals, whether from a deal size perspective or the number of product perspective, any way to contextualize like how the deals are changing.

您提到策略客戶管道增加了 50%。有什麼方法可以比較嗎？比如說，如果我們回顧去年這個時候，與去年這個時候相比，是否有改善？無論是從交易規模或產品數量的角度來看，交易的組成是怎樣的，有什麼方法可以說明交易是如何變化的嗎？

And I think -- the other thing I would add is that we've talked about large deal uncertainty in the past you guys famously signed a $100 million TCV deal a couple of years ago. Are we saying that there's more of these types of deals in the pipeline driven by some of the go-to-market changes that you guys have been implementing over the past several quarters? Thanks.

我認為——我想補充的另一件事是，我們過去曾討論過大額交易的不確定性，幾年前你們簽署了一項價值 1 億美元的 TCV 交易。我們是不是說，在過去幾個季度中，你們一直在實施一些市場進入變革，推動著更多這類交易的進行？謝謝。

So I'll take a crack at that, and Rick can comment. It's a great question, Sanjit. I would say that it's not surprising that versus last year, we had just made the changes early last year. So in Q1, you wouldn't have expected necessarily the growth in pipeline and the growth in deal size is relative to the changes that we made because it was still early. So it is a significant improvement from where we were last year, both in pipeline and the deal sizes.

所以我會嘗試一下，然後 Rick 可以發表評論。這是一個很好的問題，桑吉特。我想說，與去年相比，我們去年年初才做出改變，這並不奇怪。因此，在第一季度，你可能不會預期到管道數量的成長，而交易規模的成長與我們所做的改變有關，因為一切還為時過早。因此，與去年相比，無論是在通路方面還是交易規模方面，都有了顯著的改善。

And in particular, the area that we made the investments in, which we had talked about, we were making investments in higher propensity to spend customers, largely the Global 500 and then secondarily, within the below that in the large enterprises.

特別是，我們投資的領域，我們談到的，我們正在投資具有較高消費傾向的客戶，主要是全球 500 強企業，其次是大型企業。

So it is a significant change from where we were last Q1. And I would say probably not surprising because of where we put resources. They were large customers. large complex environments, where there's a lot of spend on observability with multiple tools.

因此，這與去年第一季的情況相比發生了重大變化。我想說這也許並不奇怪，因為我們投入了資源。他們是大客戶，環境非常複雜，需要花費大量資金使用多種工具來實現可觀察性。

So the fact that we're seeing growing deal sizes and growing pipeline probably isn't a surprise. You are right that I think I talked about it maybe 1.5 years ago as an emerging trend. We're seeing this continue to build. So the good news is expansion activity with large deals is growing. I'd say the caution with that is it takes a while. It takes a while for these deals to close and timing uncertainty is really something that we try to factor into the guide.

因此，我們看到交易規模不斷擴大、通路不斷增長這一事實可能並不令人意外。你說得對，我想大概 1.5 年前我就討論過它是一種新興趨勢。我們看到這種情況正在持續發展。因此，好消息是，大型交易的擴張活動正在成長。我想說的是，這需要一段時間。這些交易需要一段時間才能完成，時間不確定性確實是我們試圖納入指南的因素。

And I would say, Sanjit, just to add to that, if we really replay the clock a couple of years ago, it was an APM motion. It was one of selling applications and a land and expand fashion really around apps. Fast-forward to our third-generation platform that we have today. This is a comprehensive end-to-end platform. It is inclusive of Grail.

我想說，桑吉特，補充一點，如果我們真的回放幾年前的時鐘，那是一項 APM 動作。它是銷售應用程式的一種方式，也是真正圍繞應用程式進行土地和擴展的方式。快進到我們今天擁有的第三代平台。這是一個全面的端到端平台。它包括聖杯。

It has all data types factored in. As I mentioned in my prepared remarks, it is addressing applications infrastructure, log management, really is monitoring application security and so on. And the result of this is sales motion that's expanded quite broadly over these last couple of years to be more focused on end-to-end observability more focused on cloud and AI native, which is a strong and emerging area of growth for us. And the result is really manifested in the first quarter numbers. You see log growth and acceleration that's material.

它已將所有資料類型考慮在內。正如我在準備好的發言中提到的，它正在解決應用程式基礎架構、日誌管理、監控應用程式安全等問題。結果是，銷售動向在過去幾年中得到了相當廣泛的擴展，更加註重端到端可觀察性，更加註重雲端和人工智慧原生，這是我們強勁且新興的成長領域。這一結果確實在第一季的數據中反映出來。您會看到對數增長和加速度，這是實質性的。

You see DPS now at 65% plus of overall ARR. You see partner growth with strong performance out of the GSIs and co-sell with hyperscalers of north of 50%. And you see the pipeline growth, especially in the strategic pipeline and the higher-end pipeline that's growing faster than that. So the indicators that we wanted to see, we're beginning to see in the numbers and the resulting in the performance you saw in the first quarter.

您現在看到的 DPS 佔整體 ARR 的 65% 以上。您將看到合作夥伴在 GSI 中表現強勁，並與 50% 以上的超大規模企業進行聯合銷售。您可以看到管道的成長，特別是戰略管道和高端管道的成長速度更快。因此，我們想要看到的指標已開始在數字中看到，並由此產生了第一季的表現。

Will Power, Robert W. Baird.

威爾鮑爾、羅伯特W貝爾德。

Hey. Thanks. I guess I want to come back a little bit perhaps to the previous question. I mean it sounds like you're clearly reaping some of the benefits of the go-to-market changes put in place about 1.5 years ago or so. Maybe you could just share any more color on where we are in that journey.

嘿。謝謝。我想我可能想稍微回顧一下之前的問題。我的意思是，聽起來你顯然從大約一年半前實施的市場進入變革中獲得了一些好處。也許您可以分享更多關於我們在旅途中所處位置的資訊。

Is there anything with respect to sales tenure or sales productivity? I'm just trying to figure out how much more there might be still to go as we move through this year and over the next 12 months, what's still in front of us, some of those go-to-market changes?

有沒有關於銷售任期或銷售生產力的問題？我只是想弄清楚，隨著今年和未來 12 個月的推進，我們還有多少事情要做，我們還面臨哪些市場進入方面的變化？

Yeah. I mean those go-to-market changes, you're right. Well, they've been in place for a little over a year. So they are maturing. As we talked about last year that the reps that we added, we added throughout the year.

是的。我指的是那些進入市場的改變，你是對的。嗯，它們已經存在一年多了。所以他們正在成熟。正如我們去年談到的，我們增加的代表是全年增加的。

So we still -- our rep tenure is still a little weighted more so than historical levels to younger tenured reps. But I think the expectation is, as the year progresses, you'll see an improvement in that tenure. And we've certainly seen that reps that are more tenured produce more. So as Rick outlined, we feel really good about the changes. The way you see those changes manifest initially is in growing the pipeline.

因此，與歷史水準相比，我們的代表任期仍然更傾向於年輕的終身代表。但我認為，隨著時間的推移，你會看到任期內的改善。而我們確實看到，任職時間越長的銷售代表產出越多。正如 Rick 所概述的，我們對這些變化感到非常滿意。您最初看到這些變化體現的方式是管道的成長。

We are seeing that. But the second way you see that is in deal closures, you're actually starting to see deal closures that I think are a manifestation of some of these changes. We're very optimistic about the changes. We think that they're starting to show up in the results. And we'll have to see how the year progresses, and we'll give you an update along the way.

我們正在見證這一點。但您看到的第二種方式是在交易完成時，您實際上開始看到交易完成，我認為這是其中一些變化的體現。我們對這些變化非常樂觀。我們認為它們已開始在結果中顯現出來。我們將觀察今年的進展情況，並在此過程中向您提供最新消息。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Thank you very much. Rick, I have to say that your moves transforming the GTM transforming the product approach with AI have really started to pay off. So nice job on that. As you look at the success of the company with the new approach to DPS, what are your learnings that you can take away from things that have worked and that you could put to work in an amplified manner as you broadly institutionalize the transformation to more consumption. That's one bigger picture question.

非常感謝。里克，我不得不說，你利用人工智慧改變 GTM 和產品方法的舉措確實開始取得成效。做得真好。當您看到公司採用新的 DPS 方法所取得的成功時，您可以從那些行之有效的方法中吸取哪些經驗教訓，並在您將向更多消費的轉型廣泛制度化時以擴大的方式將這些經驗教訓付諸實踐。這是一個更大的問題。

Second is, what are you hearing? What's the mark-to-market on tariff talk with your customer base and prospecting? Thank you so much.

第二，你聽到了什麼？與您的客戶群和潛在客戶討論的電價市價是多少？太感謝了。

I mean on the DPS front, I think the main learning was that we were constraining our customers, and this is now dating back a few years ago to our legacy pricing model, we were constraining our customers in growing based on a legacy pricing model that forced separate contracting across all the individual modules, and it wasn't providing them access with the comprehensive platform.

我的意思是，在 DPS 方面，我認為主要的教訓是我們限制了我們的客戶，這可以追溯到幾年前我們的傳統定價模式，我們限制了我們的客戶基於傳統定價模式的增長，該模式強制所有單個模組單獨簽約，並且不為他們提供綜合平台的訪問權限。

What DPS does, as we made note in many prior calls, is to provide full access to the platform and allow consumption draw down, and this is accelerated consumption of the individual modules and capabilities. It's also accelerated overall consumption growth.

正如我們在之前的多次電話會議中提到的那樣，DPS 的作用是提供對平台的完全訪問權限並允許消耗減少，這是對各個模組和功能的加速消耗。這也加速了整體消費的成長。

In our view, to your point on consumption cash is just that, that consumption ultimately, we do believe drives either incremental ARR or early it drives ODC. So the benefit of this overall cycle is that it is overall accretive to ARR and revenue over the course of time.

我們認為，正如您對消費現金的觀點一樣，我們確實相信，消費最終會推動增量 ARR 或早期推動 ODC。因此，這個整體週期的好處是，隨著時間的推移，它會整體增加 ARR 和收入。

And we believe that we're beginning to realize that now that we're sitting at 65% of ARR on DPS. So that's the DPS question. On tariffs, I would say we've seen very little impact from tariffs thus far. We continue to plan and forecast with a cautious outlook on macro just because those changes are very hard to predict as you all are more than aware. So we take a cautious outlook, and we'll see how they evolve and how the impact occurs, if it occurs over time. But we haven't seen substantial -- we haven't seen substantial impact at this juncture.

我們相信，我們現在開始意識到這一點，因為我們的 DPS 已達到 ARR 的 65%。這就是 DPS 問題。關於關稅，我想說，到目前為止，關稅的影響很小。我們繼續以謹慎的宏觀視角進行規劃和預測，因為這些變化很難預測，正如你們所知道的。因此，我們持謹慎態度，我們將觀察它們如何發展以及其影響如何產生（如果它隨著時間的推移而產生的話）。但我們目前還沒有看到實質的影響。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Hey, guys. This is Noah on for Mark Murphy. You noted that the enterprise pipeline, I think, is up about 50%, and that log management remains a major opportunity, reiterating the $100 million milestone. Can you unpack how much of that pipeline strength is being driven by log-related demand specifically or potentially other adjacent solutions? Thank you.

嘿，大家好。這是諾亞 (Noah) 代替馬克墨菲 (Mark Murphy) 上場的比賽。您指出，我認為企業通路成長了約 50%，且日誌管理仍然是一個重大機遇，重申了 1 億美元的里程碑。您能否解釋一下管道強度有多少是由與日誌相關的需求或其他潛在的相鄰解決方案所驅動的？謝謝。

So relative to the breakdown of the pipeline that I would say we're continuing to see more and more interest in logs. So I'd say more of the pipeline gets weighted to log areas. And as Rick outlined in just comment earlier that the play that is working really, really well for Dynatrace, you mentioned the three plays that we had outlined around end-to-end observability, your traditional land with APM and then cloud native, the play that is really resonating and we're getting really good traction as an end-to-end observability. And in end-to-end observability, it almost always includes the discussion about logs. So we're seeing not just activity with logs, but when you have an end-to-end discussion, logs is almost always included in that.

因此，相對於管道故障，我想說我們繼續看到人們對日誌越來越感興趣。所以我想說更多的管道被分配到伐木區。正如 Rick 先前在評論中概述的那樣，對於 Dynatrace 來說，這個方案確實非常有效，您提到了我們圍繞端到端可觀察性概述的三個方案，即傳統的 APM 領域和雲原生，這個方案確實引起了共鳴，我們在端到端可觀察性方面獲得了很好的牽引力。而在端對端可觀察性中，幾乎總是包括關於日誌的討論。因此，我們看到的不僅僅是帶有日誌的活動，而且當您進行端到端討論時，日誌幾乎總是包含在其中。

Mike Cikos, Needham & Company.

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

Great. Thanks, guys. Just to circle up on the ODC comments again. But I appreciate the disclosures around this accounting treatment here and the updated forecast for, call it, $8 million to $9 million per quarter over the rest of the year.

偉大的。謝謝大家。只是為了再次回顧 ODC 的評論。但我很欣賞這裡有關這種會計處理的披露，以及今年剩餘時間內每季 800 萬至 900 萬美元的最新預測。

If I strip out the $7 million onetime true-up in Q1. We still shake out somewhere around that $30 million that you guys were expecting for the full year. So I just wanted to see Q1, it sounds like ODC adjusted for that true-up was in line with expectations.

如果我去掉第一季的 700 萬美元一次性調整。我們全年的收入仍達到你們預期的 3000 萬美元左右。所以我只是想看看 Q1，聽起來 ODC 調整後的真實情況符合預期。

That's the first part. And then the second part, as far as these ODC customers, are you seeing customers really renew at this point? And if they are, what does that look like?

這是第一部分。然後第二部分，就這些 ODC 客戶而言，您是否看到客戶現在真的續約了？如果是的話，那是什麼樣子的？

Yeah. So the simple answer to your first question is, yes, we are actually maintaining the $30 million. The $30 million is still unchanged, the $4 million that we did in Q1 under our as-incurred treatment was roughly in line with our expectations. We increased the full year, as I mentioned, in a range to $35 to $40 million, and that's largely because of this accounting estimate change. But relative to customers that we have a mixed bag.

是的。因此，對於您的第一個問題，簡單的回答是，是的，我們實際上維持了 3000 萬美元。3000 萬美元仍然沒有變化，我們在第一季按照已發生金額處理所實現的 400 萬美元大致符合我們的預期。正如我所提到的，我們將全年收入提高到了 3500 萬至 4000 萬美元，這主要是因為會計估計的變更。但相對於客戶來說我們的表現好壞參半。

We have some customers that will go into ODC, some customers that will go into an early expansion. I would not say the large expansions that we saw in the quarter were driven by customers that early expanded versus ODC, that wasn't necessarily the nature of those customers. So I think more of the expansion activity that was healthy in the quarter was just driven by broader end-to-end observability deals and not necessarily driven by someone that was overconsuming their commitments.

我們有一些客戶將進入 ODC，一些客戶將進入早期擴張。我不會說我們在本季看到的大規模擴張是由早期擴張而非 ODC 的客戶推動的，這不一定是這些客戶的性質。因此，我認為本季健康的擴張活動更多只是由更廣泛的端到端可觀察性交易推動的，而不一定是由過度消耗其承諾的人推動的。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Great. Thanks. Congrats. Jim, the NRR of 111% was a nice uptick. Now that DPS is 60% of ARR, is there any reason why we wouldn't see NRR continue to increase a little bit throughout the year.

偉大的。謝謝。恭喜。吉姆，111% 的 NRR 是一個不錯的上升。既然 DPS 佔 ARR 的 60%，那我們有什麼理由不看到 NRR 全年持續小幅成長呢？

Yeah, I mean, it's a good question. I do think whether it expands during the year, we'll have to see how it plays out. What I would say is given the pipeline health that I mentioned and the pipeline being pretty weighted to expansion activity. We have a very large and healthy pipeline and expansion.

是的，我的意思是，這是一個好問題。我確實認為它是否會在今年擴張，我們必須看看它如何發展。我想說的是，考慮到我提到的管道健康狀況，以及管道對擴展活動的重視程度。我們擁有非常龐大且健康的管道和擴張業務。

I would expect this year the expansions to probably be a heavier mix of our net new ARR than it has been historically. I think, historically, it's been one-third new logos and two-thirds of expansions, I would expect that might be a little bit heavier to expansion this year just because of the health of the pipeline on expansions.

我預計今年的擴張可能會成為我們淨新 ARR 的更大組合，比歷史上任何時候都更大。我認為，從歷史上看，三分之一是新標識，三分之二是擴張，我預計今年擴張的力度可能會更大一些，這僅僅是因為擴張渠道的健康狀況。

Great. Thank you.

偉大的。謝謝。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks. Good morning. Just on AI, there was a view about last year that many enterprises were confused and trying to figure things out. They seem to be on a bigger route and making better decisions. Do you think this is starting to aid and help in some of the decisions that you're seeing and fall through in your own core business? How would you characterize just the enterprise AI adoption demand? And what tailwind that's starting to add to your business?

謝謝。早安.就人工智慧而言，去年有一種觀點認為，許多企業感到困惑並試圖弄清楚事情。他們似乎走在一條更大的道路上並做出了更好的決定。您是否認為這開始對您在自己的核心業務中看到的一些決策有所幫助和幫助？您如何描述企業對 AI 的採用需求？這對您的業務有何幫助？

I would say it's accelerating. There's more and more discussion about internal use certainly more and more discussions that I'm having with customers on an increasingly frequent basis around utilization of AI in observability use cases. As I mentioned in my earlier remarks, we're spending a lot of time on AI utilization as we have in the platform for a long time but also extending that to agentic AI.

我想說它正在加速。關於內部使用的討論越來越多，當然，我與客戶就可觀察性用例中人工智慧的利用進行的討論也越來越頻繁。正如我在之前的評論中提到的那樣，我們在平台上花費了大量時間進行人工智慧利用，同時也將其擴展到代理人工智慧。

We are already delivering predictive operations that integrates with causal and predictive AI along with integrating that to our automation engine to enable automated response. We have posted our MCP server to GitHub, which has been downloaded now thousands of times by developers to use in their IDEs and their development environments.

我們已經提供與因果和預測人工智慧相結合的預測操作，並將其整合到我們的自動化引擎中以實現自動回應。我們已將我們的 MCP 伺服器發佈到 GitHub，目前已被開發人員下載數千次並在他們的 IDE 和開發環境中使用。

Those MCP server capabilities are integrating into our overall Dynatrace platform and therefore, enabling that access by developers. And finally, that's leading into a foundational approach to agentic AI, where we're really driving the integration not into just Dynatrace agents, but also third-party agents to be able to execute to create a truly autonomous system. So we're all over it, and we think that this is going to be a very, very critical evolution in the observability industry that we believe that we're well poised to take advantage of.

這些 MCP 伺服器功能正在整合到我們的整體 Dynatrace 平台中，因此允許開發人員存取。最後，這將引出一種代理 AI 的基礎方法，我們真正推動的不僅僅是與 Dynatrace 代理的集成，還有第三方代理的集成，以便能夠創建一個真正自主的系統。所以我們對此非常關注，我們認為這將是可觀察性產業中一個非常非常關鍵的演變，我們相信我們已經準備好利用它。

Keith Bachman, BMO Capital Markets.

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

Hi. Thank you very much. I actually wanted to discuss the competitive landscape and seeing given the expansion of your portfolio the dynamics surrounding it seems to be a market consolidated to two primary vendors. What do you think the current dynamics of the market suggests about the competitive landscape? I know Brent asked about the growth of AI, your logs, fundamentals.

你好。非常感謝。我實際上想討論一下競爭格局，並且鑑於您的產品組合的擴展，周圍的動態似乎是一個由兩個主要供應商合併而成的市場。您認為目前的市場動態對競爭格局有何啟示？我知道布倫特詢問了人工智慧的發展、你的日誌和基本面。

And in particular, if we think about open-source solutions and how customers may be looking at that, one of your competitors deals with startups, including AIs and it understood they may be going -- one of their customers may be going more towards do-it-yourself and/or leveraging some open-source technologies. What are you guys seeing?

特別是，如果我們考慮開源解決方案以及客戶如何看待它，你的一個競爭對手與新創公司打交道，包括人工智慧，據了解他們可能會——他們的一個客戶可能更傾向於自己動手和/或利用一些開源技術。你們看到了什麼？

If I break it down into the two parts, it seems like your net retention rate is steady, but what about some of the deals that are more new greenfield? Are you seeing any changes there in the competitive dynamics particularly from open-source projects.

如果我將其分為兩部分，看起來您的淨留存率似乎很穩定，但是對於一些更為新的綠地交易來說又如何呢？您是否看到競爭動態發生了任何變化，尤其是來自開源專案的競爭動態。

And then, Jim, just a quickie for you. Your free cash flow was strong this quarter, certainly above our estimates by a reasonable amount. Anything that you want us to keep in mind as we look for the next three quarters, you didn't change the free cash flow guidance for the year despite strong results. So anything you want to call out or ask us to keep in mind for our free cash flow targets for the year. Thank you.

然後，吉姆，我給你簡單說。本季您的自由現金流強勁，肯定比我們的預期高出合理金額。當我們展望未來三個季度時，您希望我們記住的是，儘管業績強勁，但您並沒有改變今年的自由現金流指引。因此，無論您想提出什麼要求或要求我們記住今年的自由現金流目標。謝謝。

Thanks, Keith, I'll take the first part, let Jim take the second part. On the competitive environment, just to be crisp about it, obviously, a lot always going on in a competitive environment. What we would say is no substantial change over what we have seen a quarter ago or even a couple of quarters ago in terms of who we tend to see in the market, who are competing against and in which in wage customer segments, I would say there has been little to no leakage that we've observed to open source at this juncture.

謝謝，基思，我負責第一部分，讓吉姆負責第二部分。關於競爭環境，簡單地說一下，顯然，在競爭環境中總是會發生很多事情。我們可以這麼說，與我們一個季度前甚至幾個季度前看到的情況相比，就我們在市場上看到的、與誰競爭以及在哪些工資客戶細分方面而言，並沒有發生實質性的變化，我想說，我們目前幾乎沒有觀察到開源的洩漏。

Jim, do you want to take that?

吉姆，你想接受這個嗎？

Yeah. And I'd say on free cash flow, Keith, that as we've shared before, that free cash flow is always going to be strong in our first and fourth quarters just given the seasonality of when we actually have bookings and then you see collections activity. So it will be strong in the first quarter and the fourth quarter, it will be light in the second and the third quarter. So I don't expect it to be materially different than what it is historically. And we maintain the -- we tried -- we maintain the guide.

是的。基思，關於自由現金流，我想說，正如我們之前分享的那樣，考慮到我們實際預訂的季節性以及收款活動，我們的第一季和第四季的自由現金流將始終保持強勁。因此，第一季和第四季將會表現強勁，而第二季和第三季則表現平淡。所以我不認為它會與歷史上的情況有實質的不同。我們堅持 — — 我們盡力 — — 我們堅持指南。

There is a little bit of a headwind, I would say, on ARR, which obviously manifests itself in billings. But there is a -- I'm sorry, the tailwind, there is a headwind on spending. We have a very large percentage of our expense base that is in euros. And so we just felt it was appropriate to just maintain the guide to account for some foreign exchange headwinds on spend.

我想說，ARR 方面存在一些阻力，這顯然體現在帳單上。但是，很抱歉，在支出方面存在順風，存在逆風。我們的支出基數中有很大一部分是以歐元計算的。因此，我們認為維持指南以應對支出方面的一些外匯阻力是適當的。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Great. Just building on the hyperscaler comment a minute ago. Can you remind us how your business skews? Does it skew more towards Azure? Or is it fairly evenly weighted across the 3?

偉大的。剛才只是基於超大規模的評論。您能否提醒我們您的業務是如何傾斜的？它是否更偏向 Azure？或者說這三者的權重是否相當均勻？

It skews more towards AWS, but we are seeing growing traction with Azure in particular.

它更偏向 AWS，但我們看到 Azure 的吸引力日益增強。

Great. Thank you very much.

偉大的。非常感謝。

We do have our third-generation platform, Brad, now on all three major hyperscaler platforms. So we're really quite indifferent as to how it proceeds. So its really customer driven.

我們確實擁有第三代平台 Brad，目前已涵蓋所有三個主要的超大規模平台。所以我們對於事情的進展其實很漠不關心。所以它確實是以客戶為導向的。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hey. This is Patrick on for Josh. Thanks for taking our question. I wanted to touch on the new logo adds in the quarter, which were down quite a bit year over year and sequentially. And it sounds like maybe the pipeline on the new logo side is a little weaker or at least relative to the expansion opportunities.

嘿。這是派崔克，代替喬希。感謝您回答我們的問題。我想談談本季新增的標誌，與去年同期和上一季相比，新增標誌數量均大幅下降。聽起來，新標誌方面的管道可能有點弱，或至少相對於擴張機會而言。

Can you just comment on why that is? And should we think about this as the new run rate this year? Or anything to call out related to what you might be doing to improve those customer adds going forward? Thanks.

您能評論一下這是為什麼嗎？我們是否應該將其視為今年的新運行率？或者有什麼可以提醒您注意的，即您將採取哪些措施來改善未來的客戶添加？謝謝。

Yeah. It's a good question. New logos were a little bit lighter. As I mentioned earlier that I do think we're going to have a heavier expansion mix this year. And I think it is a bit of the nature of the beast or some of the segmentation changes we have, where we made changes with installed base accounts with reps, we're getting earlier traction with expansions.

是的。這是個好問題。新的標誌稍微明亮一些。正如我之前提到的，我確實認為今年我們將有更大的擴張組合。我認為這有點像野獸的本質或我們所進行的一些細分變化，我們對已安裝的基礎帳戶和代表進行了更改，通過擴展我們獲得了更早的牽引力。

So reps will sell what is easiest to sell within the installed base pipeline. And so we are seeing the pipeline weighted towards deals like that. The new logo pipeline is healthy. It's -- so I'd say that would I prefer maybe a different mix than what we're seeing? Maybe.

因此銷售代表將銷售在已安裝基礎通路中最容易銷售的產品。因此，我們看到管道中傾向於這樣的交易。新標誌管道很健康。所以我想說我可能更喜歡與我們看到的不同的組合嗎？或許。

But I feel pretty good about the overall health of the pipeline. And whether it comes in as an expansion or whether it comes in as new logo, I'd say that's just a mix question, and you're going to have some quarters where new logos are strong and you're going to have some quarters with new logos or not.

但我對管道的整體健康狀況感到十分滿意。至於它是作為擴展出現還是作為新標識出現，我認為這只是一個混合問題，你會遇到一些季度新標識很強大，而你會遇到一些季度有新標識或沒有新標識。

I think the important thing on new logos that we've talked about is making sure that the customers that you're bringing on that you land them at the right size. We find if you land them at the right size, and we know roughly 90% of our customers roughly land. On a DPS contract, you land them over $100,000 of propensity to expand is much greater. And so the focus is more on the quality of the land than necessarily the units.

我認為，我們討論的新標誌的重要一點是確保你吸引的客戶能夠以合適的尺寸看到它們。我們發現，如果你以正確的尺寸降落它們，我們知道大約 90% 的客戶會大致降落。在 DPS 合約中，您可以為他們帶來超過 100,000 美元的擴張傾向。因此，重點更多地放在土地的品質上，而不是單位。

Miller Jump, Truist Securities.

Miller Jump，Truist Securities。

Hey. Great. Thank you for squeezing me in. So obviously, it's early on this, but I'm just curious if there's any contribution to pipeline and early assessment you could give us on the rollout of the strike teams. And maybe as we think about opportunities for additional strike teams down the road, what are the key criteria that you're using to determine if the strike team is beneficial to the technology? Thanks.

嘿。偉大的。謝謝你把我擠進來。顯然，現在還為時過早，但我只是好奇，您是否能就突擊隊的部署提供一些建議和早期評估。也許當我們考慮未來增加突擊小組的機會時，您使用哪些關鍵標準來確定突擊小組是否對技術有益？謝謝。

Yeah. So I mean, what I would say is we are already seeing an impact of the strike teams, notably with logs. I would say we're seeing progress with the two strike teams that we do have, which is logs and security, but we have seen notable traction in logs.

是的。所以我的意思是，我想說的是，我們已經看到了突擊隊的影響，尤其是原木的影響。我想說，我們確實看到了兩支突擊小組（即日誌和安全小組）的進展，但我們在日誌方面看到了顯著的進展。

And Rick commented on that in his prepared remarks. And I'd say the criteria is more the -- what is the product, what is the familiarity with the sales organization, what is our ability for something that is newer to get traction with people that are steep in that particular product area versus someone that's maybe more a generalist across product categories.

里克在他的準備好的發言中對此進行了評論。我想說標準更多的是——產品是什麼，對銷售組織的熟悉程度如何，我們對新產品的吸引力如何，與那些精通特定產品領域的人相比，我們對新產品的吸引力如何。

So I'd say right now, it's logs. Right now, it's application security. We'll see if there are newer areas. And I'd say the criteria is do we think that those teams helping customers will accelerate consumption, and then two, those teams working with our sales organization to accelerate productivity of deals and deal activity.

所以我現在要說的是，它是日誌。目前，它是應用程式安全。我們將看看是否有更新的區域。我想說的標準是我們是否認為那些幫助客戶的團隊會加速消費，其次，那些與我們的銷售組織合作的團隊會加速交易和交易活動的生產力。

We have reached the end of our question-and-answer session. I would like to turn the floor back over to Rick for closing remarks.

我們的問答環節已經結束。我想把發言權交還給 Rick，請他做最後發言。

Well, thank you all for your engaged questions and ongoing support. As always, to close, we are off to a strong start to fiscal 2026. We have many tailwinds, logs, DPS, partners, pipeline growth, end-to-end observability that we are very enthusiastic about as we look ahead. We look forward to connecting with you at our events over the coming months, and we wish you all a very good day.

好吧，感謝大家的積極提問和持續的支持。像往常一樣，最後，我們為 2026 財年取得了強勁開局。我們有許多順風、日誌、DPS、合作夥伴、管道成長、端到端可觀察性，展望未來，我們對此充滿熱情。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. This will conclude today's conference. Thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的會議到此結束。感謝您的參與。現在您可以斷開線路。