Dynatrace Inc (DT) 2026 Q2 法說會逐字稿

Greetings. Welcome to Dynatrace's fiscal second quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Dynatrace 2026 財年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to Noelle Faris, Vice President, Investor Relations. Noelle, you may now begin.

現在，我將把會議交給投資者關係副總裁諾埃爾·法里斯。諾埃爾，你可以開始了。

Good morning, and thank you for joining Dynatrace's second quarter fiscal 2026 earnings conference call. Joining me today are Rick McConnell, Chief Executive Officer; and Jim Benson, Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements such as statements regarding revenue, earnings guidance and economic conditions.

早安，感謝各位參加 Dynatrace 2026 財年第二季財報電話會議。今天和我一起出席的有執行長里克·麥康奈爾和財務長吉姆·本森。在開始之前，請注意，今天的評論包含前瞻性陳述，例如有關收入、盈利預測和經濟狀況的陳述。

Actual results may differ materially from our expectations due to a number of risks and uncertainties discussed in Dynatrace's SEC filings, including our most recent quarterly report on Form 10-Q and annual report on Form 10-K. The forward-looking statements contained in this call represent the company's views on November 5, 2025.

由於 Dynatrace 向美國證券交易委員會提交的文件（包括我們最新的 10-Q 表格季度報告和 10-K 表格年度報告）中討論的許多風險和不確定性，實際結果可能與我們的預期存在重大差異。本次電話會議中所包含的前瞻性陳述代表了本公司截至 2025 年 11 月 5 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. We will also be discussing other non-GAAP financial measures on today's call.

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均為同比非GAAP成長率，反映了固定匯率成長，每股金額為稀釋後的每股盈餘。我們還將在今天的電話會議上討論其他非GAAP財務指標。

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.

如需查看非GAAP指標與GAAP指標之間的調節表，請參閱今天發布的盈利新聞稿和補充演示文稿，這兩份文件均發佈在我們投資者關係網站的財務業績部分。

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

接下來，我將把電話交給我們的執行長里克·麥康奈爾。

Thanks, Noelle, and good morning, everyone. Thank you for joining today's call. Dynatrace delivered very strong second quarter fiscal 2026 results, exceeding our guidance across every metric. ARR grew 16%. Subscription revenue grew 17% and pretax free cash flow was 32% of revenue on a trailing 12-month basis.

謝謝諾埃爾，大家早安。感謝您參加今天的電話會議。Dynatrace 公佈了 2026 財年第二季非常強勁的業績，各項指標都超乎預期。年度經常性收入成長16%。訂閱收入成長了 17%，過去 12 個月的稅前自由現金流佔營收的 32%。

This overachievement in performance was due to successful execution of our strategy to capture the growing demand for end-to-end observability and large-scale multi-cloud tool consolidations, including ongoing growth in our logs business. Dynatrace's consistent execution gives us the confidence to raise our ARR, revenue and operating income outlook for the full year.

業績的超額完成歸功於我們成功執行了策略，以滿足不斷增長的端到端可觀測性和大規模多雲工具整合需求，包括我們日誌業務的持續成長。Dynatrace 持續穩定的業績表現讓我們有信心提高全年 ARR、收入和營業收入預期。

Jim will share more details about our Q2 financial performance and guidance in a moment. In the meantime, I'd like to devote my remarks to why we believe AI-powered observability is mission-critical to software reliability and performance, especially in an evolving agentic world. And I will also provide an update on our key growth drivers.

吉姆稍後將分享更多關於我們第二季財務業績和預期方面的資訊。同時，我想重點談談為什麼我們認為人工智慧驅動的可觀測性對於軟體的可靠性和效能至關重要，尤其是在不斷發展的智慧體世界中。我也會介紹我們的關鍵成長驅動因素。

To start, the Dynatrace platform has evolved through multiple phases from reactive operations to automated root cause to now preventive operations. Our vision has been consistent over the past years to enable a world in which software works perfectly. By definition, that means that software must always be available. And when issues do occur, the software must self-heal.

首先，Dynatrace 平台經歷了從被動操作到自動化根本原因分析，再到現在的預防性操作的多個發展階段。過去幾年，我們的願景始終如一，那就是創造一個軟體完美運作的世界。根據定義，這意味著軟體必須始終可用。當出現問題時，軟體必須能夠自我修復。

Preventive operations is about anticipating and taking action on issues before they become end user impacting. Customers are increasingly seeking not just answers followed by manual resolution, but rather answer-driven automation to deliver and operate software that works optimally. The Dynatrace third-generation platform was built from the ground up to handle precisely the level of complexity and scale of modern cloud and AI native environments, including the following core elements.

預防性營運是指在問題影響最終用戶之前，預見並採取行動解決問題。客戶越來越希望得到的不僅僅是答案，而是能夠以答案為導向的自動化解決方案，從而交付和運行能夠達到最佳效果的軟體。Dynatrace 第三代平台從零開始構建，旨在精確處理現代雲端和 AI 原生環境的複雜性和規模，包括以下核心要素。

Grail, our massively parallel processing data lake house, is capable of analyzing billions of interconnected data points in near real time to deliver comprehensive situational awareness. Smartscape provides deep contextual insights of topology and metadata through a directed knowledge graph. Davis delivers reliable, causal and predictive AI insights to produce deterministic answers.

Grail 是我們的大規模平行處理資料湖，能夠近乎即時地分析數十億個相互關聯的資料點，從而提供全面的態勢感知。Smartscape 透過有向知識圖譜提供拓樸和元資料的深入情境資訊。Davis 提供可靠的、因果的和預測性的 AI 見解，以產生確定性的答案。

Davis Copilot automatically generates remediation proposals. and automation engine helps orchestrate and manage intelligent automated responses across the digital ecosystem. These technologies by being part of a fully unified platform rather than a series of point products with fragmented data stores enable true end-to-end observability, which is crucial to delivering accurate analytics and recommendations.

Davis Copilot 可自動產生補救方案，其自動化引擎有助於協調和管理整個數位生態系統中的智慧自動化回應。這些技術作為一個完全統一的平台的一部分，而不是一系列資料儲存分散的獨立產品，能夠實現真正的端到端可觀測性，這對於提供準確的分析和建議至關重要。

In this way, our AI-powered platform is enabling the next phase of observability for Dynatrace, which is autonomous operations. In this business transformational phase, we take preventive operations to the next level by leveraging an ecosystem of agents, both from Dynatrace and third parties to take action to maintain software reliability, security and performance.

透過這種方式，我們的人工智慧平台正在為 Dynatrace 實現下一階段的可觀測性，即自主運作。在這個業務轉型階段，我們利用 Dynatrace 和第三方代理的生態系統，將預防性營運提升到一個新的水平，採取行動來維護軟體的可靠性、安全性和效能。

It's about deploying intelligence that enables self-healing systems to keep software operational and performant with less human intervention. Moreover, worldwide spending on AI is forecast to be nearly $1.5 trillion in 2025 according to Gartner. As organizations broadly adopt agentic AI themselves, complexity will grow further, driving even greater need for a more scalable autonomous approach.

它旨在部署智慧技術，使系統能夠自我修復，從而在減少人為幹預的情況下保持軟體的運作和效能。此外，根據 Gartner 預測，到 2025 年，全球在人工智慧領域的支出將接近 1.5 兆美元。隨著各組織廣泛採用智能體人工智慧，複雜性將進一步增加，從而更加需要可擴展的自主方法。

We see Dynatrace and the evolution of observability becoming a bridge to the agentic world for enterprises. As stated perhaps most succinctly, we see Dynatrace as the AI-powered observability platform for autonomous operations. With this evolution, Dynatrace will be able to orchestrate and supervise both internal and external AI agents to auto prevent, auto remediate and auto optimize.

我們看到 Dynatrace 和可觀測性的演進正在成為企業通往智慧體的橋樑。或許最簡潔的說法是，我們將 Dynatrace 視為用於自主運作的 AI 驅動可觀測平台。隨著這一發展，Dynatrace 將能夠協調和監督內部和外部 AI 代理，以實現自動預防、自動修復和自動優化。

We believe that Dynatrace is unique in our ability to deliver such an observability environment. One of our superpowers lies in our ability to pinpoint the so-called needle in the haystack in understanding software availability and performance. This has always been Dynatrace's biggest differentiator. And organizations will only allow autonomous action if it's based on precise, reliable answers, not loosely correlated data points.

我們相信，Dynatrace 在提供這種可觀測性環境方面具有獨特優勢。我們的超能力之一在於能夠精準地找到所謂“大海撈針”，從而了解軟體的可用性和性能。這始終是 Dynatrace 最大的差異化優勢。只有當自主行動是基於精確可靠的答案，而不是鬆散相關的數據點時，組織才會允許自主行動。

We like to think of this as answers, not guesses. Based on this deterministic knowledge, we can then confidently conduct agentic platform-based orchestration through both Dynatrace and third-party agents to take action. In order for an autonomous approach to be effective, it has to be built on a foundation of genuine end-to-end observability that provides deep analytics and insights, ultimately enabling an automated response.

我們更願意把這些看作是答案，而不是猜測。基於這種確定性知識，我們可以自信地透過 Dynatrace 和第三方代理進行基於代理平台的編排，從而採取行動。為了使自主方法有效，它必須建立在真正的端到端可觀測性的基礎上，提供深入的分析和洞察，最終實現自動化回應。

Our ability to analyze all observability data types, logs, traces, metrics, real user data, topology and even business events in context is essential for generating the most accurate and trustworthy answers. Additionally, the ability to oversee all domains, including infrastructure, apps, log management, user experience, application security and business observability provides the most comprehensive perspective of an organization's IT ecosystem.

我們能夠分析所有可觀測資料類型、日誌、追蹤、指標、真實用戶資料、拓撲結構，甚至業務事件的上下文信息，這對於生成最準確、最值得信賴的答案至關重要。此外，能夠監控所有領域，包括基礎設施、應用程式、日誌管理、使用者體驗、應用程式安全性和業務可觀測性，可以提供對組織 IT 生態系統的最全面視角。

Whereas metrics and logs are often the data types of choice for infrastructure management, faces a long-time strength of Dynatrace become increasingly important for end-to-end inspection of agentic systems. Combination of full stack visibility and domain breadth allows customers to operate more efficiently, reduce overall costs and increase productivity as well as the pace of innovation.

雖然指標和日誌通常是基礎設施管理的首選資料類型，但 Dynatrace 長期以來的優勢在於，它對於代理系統的端到端檢查變得越來越重要。全端可視性和領域廣度的結合，使客戶能夠更有效率地運營，降低整體成本，提高生產力，並加快創新步伐。

Perhaps most importantly, though, we believe these elements together yield superior outcomes. And customers are rapidly extending these outcomes beyond technical analytics of software performance into true business observability. There's also a vastly growing demand for organizations needing to observe AI native workloads.

但或許最重要的是，我們相信這些要素結合起來能帶來更優異的結果。客戶正在迅速將這些成果從軟體效能的技術分析擴展到真正的業務可觀測性。此外，對需要觀察 AI 原生工作負載的組織的需求也在急劇增長。

Customers adopting agentic AI will need to understand the complex interactions among agents and know exactly what to do when something unpredictable happens, including the avoidance of hallucinations. In order to have that level of visibility, all telemetry, especially traces and logs, must be captured, enriched with context and analyzed in real time at massive scale to prevent or instantly remediate issues.

採用智能體人工智慧的客戶需要了解智能體之間複雜的交互，並且知道在發生不可預測的事情時該怎麼做，包括避免幻覺。為了達到這種程度的可見性，必須捕獲所有遙測數據，特別是追蹤和日誌，並結合上下文進行豐富，然後大規模地即時分析，以防止或立即解決問題。

We are enabling AI to observe AI workloads through deep end-to-end observability. In sum, Dynatrace is rapidly progressing toward a future where our AI-powered platform doesn't just observe, but empowers organizations through knowledge, reason and action. This is why organizations that are leading the evolution of AI are partnering with Dynatrace as a foundation for smarter, faster and more reliable IT operations.

我們正在透過深度端到端可觀測性，使人工智慧能夠觀察人工智慧工作負載。總而言之，Dynatrace 正快速邁向一個未來，在這個未來中，我們的 AI 驅動平台不僅能夠觀察，還能透過知識、推理和行動來賦能組織。這就是為什麼引領人工智慧發展的組織選擇與 Dynatrace 合作，以此作為實現更智慧、更快速、更可靠的 IT 營運的基礎。

So let me now highlight some recent developments with third parties to help bring autonomous operations to reality. Last Monday, Dynatrace and ServiceNow co-announced a multiyear strategic collaboration to advance autonomous IT operations and scale intelligent automation for joint enterprise customers. We are bringing together Dynatrace's AI-powered observability platform with ServiceNow's AI platform for business transformation to provide proactive self-healing IT environments.

現在，讓我重點介紹一下與第三方合作的最新進展，以幫助實現自主營運。上週一，Dynatrace 和 ServiceNow 聯合宣布了一項多年戰略合作計劃，旨在推進自主 IT 運營，並為雙方的企業客戶擴展智慧自動化規模。我們將 Dynatrace 的 AI 驅動型可觀測性平台與 ServiceNow 的 AI 業務轉型平台結合，以提供主動式自我修復的 IT 環境。

This partnership enables IT management and operations with real-time trustworthy autonomous actions across the software delivery life cycle. We also announced our integration with Atlassian to help customers fully understand issues and act quickly by embedding real-time production insights directly into incident management processes.

此合作關係使 IT 管理和營運能夠在軟體交付生命週期內實現即時、可信賴的自主操作。我們還宣布與 Atlassian 集成，透過將即時生產洞察直接嵌入事件管理流程，幫助客戶充分了解問題並快速採取行動。

Automatically tying incidents to root cause empowers organizations to operate more efficiently and proactively in managing complex digital ecosystems. And finally, we joined GitHub's Model Context Protocol Registry. This integration helps speed up debugging efforts during development and leverages Dynatrace observed production insights to increase agentic software improvements.

將事件與根本原因自動關聯起來，能夠幫助組織更有效率、更主動地管理複雜的數位生態系統。最後，我們加入了 GitHub 的模型上下文協定註冊表。此整合有助於加快開發過程中的調試工作，並利用 Dynatrace 觀察到的生產見解來提高代理軟體的改進。

This also further enables us to extend left to reach cloud and AI native development and platform engineering teams. I'd like to turn next to an update on four key growth drivers for our business, all of which continue to trend positively. First is the massive opportunity that we continue to see in log management. We believe the logs market remains ripe for disruption given the rising cost of legacy solutions that offer little to no expansion in business value.

這也使我們能夠進一步向左擴展，接觸到雲端和人工智慧原生開發及平台工程團隊。接下來，我想報告我們業務的四個關鍵成長驅動因素的最新情況，所有這些因素都繼續保持積極的發展趨勢。首先，我們在日誌管理領域持續看到了巨大的機會。我們認為，鑑於傳統解決方案成本不斷上漲，而這些解決方案幾乎沒有或根本沒有帶來任何業務價值的成長，日誌市場仍然非常適合進行顛覆性變革。

As we have stated in the past, we have taken a very different approach to logs. Traditionally, logs were separated from other observability data types. Instead, Dynatrace provides a unified data model inclusive of logs, allowing for cross-data analytics without manual stitching, resulting in faster root cause analysis and more accurate observability insights.

正如我們過去所聲明的，我們對日誌採取了非常不同的處理方式。傳統上，日誌與其他可觀測性資料類型是分開的。Dynatrace 提供了一個包含日誌的統一資料模型，無需手動拼接即可進行跨資料分析，從而加快根本原因分析速度，並獲得更準確的可觀測性見解。

Log management is our fastest-growing product category and is rapidly approaching $100 million in annualized consumption, continuing to grow more than 100% year-over-year. In addition, as more customers look to migrate their existing logs to Dynatrace, we're investing to increase the speed of those migrations. Last month, we announced a partnership with Crest Data Systems to deliver a seamless automated migration experience for customers moving to the Dynatrace platform.

日誌管理是我們成長最快的產品類別，年消費額正迅速接近 1 億美元，每年持續成長超過 100%。此外，隨著越來越多的客戶希望將其現有日誌遷移到 Dynatrace，我們正在投資以提高這些遷移的速度。上個月，我們宣布與 Crest Data Systems 建立合作關係，為遷移到 Dynatrace 平台的客戶提供無縫的自動化遷移體驗。

This enabled us, for example, to meet an aggressive timeline for a global financial services company by automating 70% of their dashboard migrations. Second, the investments we made last year to align our sales coverage around strategic accounts pipeline and partners continue to pay off. Our four-quarter pipeline for strategic accounts is up 45% versus last year.

例如，這使我們能夠透過自動化 70% 的儀表板遷移，滿足一家全球金融服務公司緊迫的時間表要求。其次，我們去年為圍繞策略客戶管道和合作夥伴調整銷售覆蓋範圍所做的投資持續獲得回報。我們面向策略客戶的前四個季度銷售管道比去年增長了 45%。

Bookings through strategic GSI partners doubled year-over-year. And we saw a 53% increase in Q2 ACV from seven-figure deals compared to last year. Here are just a few examples of large wins in the quarter. An AI native revenue intelligence company and new logo selected Dynatrace to be their end-to-end business solution for mission-critical workloads, displacing multiple tools.

透過策略性GSI合作夥伴進行的預訂量年增了一倍。與去年同期相比，第二季七位數交易的年度合約價值成長了 53%。以下僅列舉本季取得重大勝利的幾個例子。人工智慧原生營收智慧公司及其新標誌選擇 Dynatrace 作為其關鍵任務工作負載的端到端業務解決方案，從而取代了多種工具。

Our biggest new logo deal in APAC is one of Japan's largest banks. Fragmented tools and the complexity of their architecture were making it difficult for them to reduce mean time to resolution. With Dynatrace, they will now have an end-to-end view of their ecosystem to resolve issues more quickly. A major US airline expanded its existing relationship with us 18-months after adopting Dynatrace to further consolidate tools, including logs after seeing significant improvement in incident resolution and the benefits of end-to-end observability.

我們在亞太地區最大的新標誌交易是與日本最大的銀行之一達成的。工具分散且架構複雜，導致他們難以縮短平均解決時間。借助 Dynatrace，他們現在可以全面了解其生態系統，從而更快地解決問題。美國一家大型航空公司在採用 Dynatrace 18 個月後，擴大了與我們現有的合作關係，以進一步整合工具，包括日誌，因為他們看到了事件解決方面的顯著改進以及端到端可觀測性的好處。

A third growth driver is the Dynatrace Platform Subscription licensing model, or DPS. We reached a major milestone in the second quarter with 50% of our customers and 70% of our ARR now utilizing DPS. When we launched DPS over two-years ago, our expectation was that customers with full access to the platform would leverage more capabilities and extend Dynatrace more broadly into their IT environment.

第三個成長驅動因素是 Dynatrace 平台訂閱授權模式，即 DPS。第二季我們取得了重大里程碑式的進展，50% 的客戶和 70% 的 ARR 現在都在使用 DPS。兩年前我們推出 DPS 時，我們期望能夠完全存取平台的客戶能夠利用更多功能，並將 Dynatrace 更廣泛地擴展到他們的 IT 環境中。

This thesis has played out with DPS customers adopting two times the number of capabilities and at nearly double the consumption growth rates of those on a SKU-based model. And finally, overall platform consumption is a strong indicator of future expansions and is the primary compensation metric for our customer success team.

這個論點已經得到驗證，DPS 客戶採用的功能數量是基於 SKU 模式的客戶的兩倍，消費成長率也幾乎是後者的兩倍。最後，平台整體使用是未來擴張的強大指標，也是我們客戶成功團隊的主要薪酬指標。

Total Q2 consumption growth was more than 20% and continues to outpace subscription revenue growth. To wrap up, we are pleased to have delivered a strong first half of the fiscal year. The observability market opportunity is more critical than ever given the rapid evolution of cloud and AI native workloads. We have a differentiated AI-powered platform that is enabling autonomous operations in an evolving agentic AI world.

第二季總消費成長超過 20%，並持續超過訂閱收入成長。綜上所述，我們很高興本財年上半年取得了強勁的業績。鑑於雲端運算和人工智慧原生工作負載的快速發展，可觀測性市場機會比以往任何時候都更加重要。我們擁有差異化的AI驅動平台，能夠在不斷發展的智慧AI世界中實現自主運作。

We deliver significant customer value driving accelerating platform consumption. We continue to see momentum in our core growth drivers. And we have a compelling business model, which has enabled us to deliver a sustained balance of growth and profitability.

我們為客戶創造了顯著價值，從而推動了平台使用量的加速成長。我們的核心成長動力持續強勁。我們擁有極具吸引力的商業模式，使我們能夠持續實現成長和獲利的平衡。

Jim, over to you.

吉姆，該你了。

Thank you, Rick, and good morning, everyone. Q2 was an excellent quarter across the board. We surpassed the high end of our top-line growth and profitability guidance metrics once again. As Rick mentioned, this strong performance was driven primarily by our ability to capture the growing demand from enterprise customers for end-to-end observability and large-scale tool consolidations.

謝謝你，里克，大家早安。第二季度各方面表現都非常優秀。我們再次超越了營收成長和獲利能力預期指標的上限。正如里克所提到的，這一強勁的業績主要得益於我們能夠滿足企業客戶對端到端可觀測性和大規模工具整合日益增長的需求。

Among many highlights, we continue to demonstrate traction in key growth areas. This includes momentum in large deal activity and pipeline, accelerating consumption and adoption across the platform, notable strength in logs, continued adoption of DPS and a growing number of early expansions, including several seven-figure deals in the second quarter.

在眾多亮點中，我們在關鍵成長領域持續展現出強勁勢頭。這包括大型交易活動和項目儲備的強勁勢頭，整個平台消費和採用率的加速增長，日誌業務的顯著強勁，DPS 的持續採用，以及越來越多的早期擴張，包括第二季度的幾筆七位數交易。

Additionally, our partner ecosystem is maturing with growing traction across GSIs, hyperscalers and strategic partnerships. Let's review the second quarter results in more detail. Annual recurring revenue, or ARR, ended the quarter at $1.9 billion, representing 16% growth, consistent with Q1. Q2 net new ARR on a constant currency basis was $70 million, up 16% from a year ago, driven by both strong expansion and new logo bookings across the geographies.

此外，我們的合作夥伴生態系統正在日趨成熟，在全球系統整合商、超大規模資料中心和策略合作夥伴關係方面獲得了越來越多的支持。讓我們更詳細地回顧一下第二季的業績。年度經常性收入（ARR）本季末達到 19 億美元，年成長 16%，與第一季持平。第二季以固定匯率計算的新增淨 ARR 為 7,000 萬美元，比去年同期成長 16%，這主要得益於各地區的強勁擴張和新客戶預訂。

Execution was particularly strong in North America and Asia Pacific, with many deals influenced and driven by our GSI partners. For the first half of the year, net new ARR was up 14% from a strong first half last year. In Q2, we added 139 new logos to the Dynatrace platform with an average ARR per new logo of over $140,000 on a trailing 12-month basis.

北美和亞太地區的執行力尤其強勁，許多交易都受到了我們全球系統整合商合作夥伴的影響和推動。今年上半年，淨新增 ARR 比去年同期強勁成長了 14%。第二季度，我們在 Dynatrace 平台上新增了 139 個品牌標識，過去 12 個月內，每個新品牌標識的平均年度經常性收入超過 14 萬美元。

We continue to target landing with high-quality new logos that have a higher propensity to expand. The average land size in Q2 was particularly robust with new logo ARR growing well over 30% year-over-year. We continue to see accelerating consumption and adoption of the platform with our average ARR per customer over $450,000, highlighting the criticality and business value we provide to customers.

我們持續致力於推出具有更高擴展潛力的高品質新標誌。第二季平均土地面積表現尤為強勁，新標誌 ARR 年比成長超過 30%。我們持續看到平台的使用和採用加速成長，每位客戶的平均年度經常性收入超過 45 萬美元，這凸顯了我們為客戶提供的關鍵性和商業價值。

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 second quarter, in line with the prior quarter. As Rick mentioned, our DPS licensing model continues to gain traction, achieving a major milestone with 50% of our customer base and 70% of our ARR now on this vehicle at the end of Q2.

Dynatrace 平台的策略意義也體現在我們的總留存率上，該留存率一直保持在 90% 以上。第二季淨客戶留存率（NRR）為 111%，與上一季持平。正如里克所提到的，我們的 DPS 授權模式持續獲得認可，在第二季末取得了重大里程碑式的成就，50% 的客戶群和 70% 的 ARR 都採用了這種模式。

DPS has become our de facto contracting model. With access to the full platform, customers are adopting Dynatrace more broadly across their IT environments, resulting in increased consumption. Turning quickly to usage volumes on the platform. Q2 was another quarter of robust consumption of the platform with the annualized consumption dollar growth rate accelerating and continues to track north of 20%.

DPS 已成為我們事實上的承包模式。透過對完整平台的訪問，客戶正在其 IT 環境中更廣泛地採用 Dynatrace，從而導致使用量增加。接下來迅速轉向平台的使用量。第二季該平台消費依然強勁，年化消費美元成長率加速成長，並持續維持在 20% 以上。

Further, DPS customers continue to consume at nearly two times the growth rate and leverage two times the number of capabilities compared to SKU-based customers. Contributing to that consumption rate, logs remains the fastest-growing product category, growing well over 100% year-over-year and rapidly approaching our $100 million milestone.

此外，與基於 SKU 的客戶相比，DPS 客戶的消費成長率幾乎是其兩倍，利用的功能數量也是其兩倍。原木是推動消費成長最快的產品類別，年成長超過 100%，並迅速接近 1 億美元的里程碑，這也促進了原木的消費量成長。

We believe there is plenty of momentum and runway into half two and beyond. Increased consumption on the Dynatrace platform can sometimes accelerate usage above a customer's original DPS annual commitment, resulting in either ODC revenue or an early expansion opportunity. The decision to consume on demand or renew early is customer dependent and will vary based on that quarter's customer cohort behavior and influenced by the remaining duration of their contract.

我們相信，下半年及以後，這股動能依然強勁，發展空間依然充足。Dynatrace 平台上的消費增加有時會加速使用量超過客戶最初的 DPS 年度承諾，從而產生 ODC 收入或提前擴張的機會。是否按需消費或提前續約取決於客戶，並且會根據該季度客戶群的行為而有所不同，還會受到合約剩餘期限的影響。

In Q2, we saw more DPS customers expand early versus going on demand and contributing to our strong net new ARR result. ODC revenue came in at $7 million for the quarter, just shy of our expectation. The key takeaway, however, is that the company's emphasis on driving platform adoption and consumption serves as the foundational growth engine, whether it's fueling ODC revenue or supporting early expansion of net new ARR. Both contribute to subscription revenue with ODC reflected immediately in ARR over time.

第二季度，我們看到更多 DPS 客戶提前擴張，而不是按需擴張，這促成了我們強勁的新增 ARR 淨業績。ODC 本季營收為 700 萬美元，略低於我們的預期。然而，關鍵在於，該公司對推動平台採用和消費的重視，是其成長的基礎引擎，無論是推動 ODC 收入成長，還是支持淨新增 ARR 的早期擴張。兩者都對訂閱收入做出貢獻，ODC 會隨著時間的推移立即反映在 ARR 中。

Moving on to revenue. Total revenue for Q2 was $494 million, and subscription revenue was $473 million, both up 17% and exceeding the high end of guidance by nearly 100 basis points, driven by strong net new ARR bookings. Turning to profitability. Non-GAAP operating margin was 31%, exceeding the top end of guidance by 150 basis points, driven mostly by revenue upside flowing through to the bottom line.

接下來談談收入。第二季總營收為 4.94 億美元，訂閱營收為 4.73 億美元，皆成長 17%，比預期上限高出近 100 個基點，這主要得益於強勁的淨新增 ARR 預訂量。轉向盈利。非GAAP營業利益率為31%，較預期上限高出150個基點，主要得益於營收成長轉化為淨利。

Non-GAAP net income was $133 million or $0.44 per diluted share, $0.03 above the high end of our guidance. We generated $28 million of free cash flow in the second quarter. Due to seasonality and variability in billings quarter-to-quarter, we believe it is best to view free cash flow over a trailing 12-month period. On a trailing 12-month basis, free cash flow was $473 million or 26% of revenue.

非GAAP淨利為1.33億美元，即每股稀釋收益0.44美元，比我們預期的上限高出0.03美元。第二季我們產生了2800萬美元的自由現金流。由於季節性因素和季度間帳單金額的波動，我們認為最好查看過去 12 個月的自由現金流。以過去 12 個月計算，自由現金流為 4.73 億美元，佔營收的 26%。

As a reminder, this includes a nearly 700 basis point impact related to cash taxes. Pretax free cash flow on a trailing 12-month basis was 32% of revenue. Finally, a brief update on our $500 million opportunistic share repurchase program. In Q2, we repurchased 994,000 shares for $50 million at an average share price of just over $50. Since the inception of the program in May 2024 through September 30, 2025, we have repurchased 5.3 million shares for $268 million at an average share price of just over $50.

需要提醒的是，這其中包含與現金稅相關的近 700 個基點的影響。過去 12 個月的稅前自由現金流佔收入的 32%。最後，簡單介紹一下我們5億美元的股票回購計畫的最新進展。第二季度，我們以平均每股略高於 50 美元的價格，斥資 5,000 萬美元回購了 994,000 股股票。自該計劃於 2024 年 5 月啟動至 2025 年 9 月 30 日，我們已回購了 530 萬股股票，總金額為 2.68 億美元，平均每股價格略高於 50 美元。

Moving now to guidance. Our conviction in growth drivers continues to strengthen, fueled by secular tailwinds of vendor consolidation, cloud modernization and AI workload proliferation. Our go-to-market momentum and funnel of large anchor deals continues to grow with the pipeline of strategic enterprise ACV up 45% year-over-year.

接下來進入指導環節。我們對成長驅動因素的信心持續增強，這得益於供應商整合、雲端現代化和人工智慧工作負載激增等長期利好因素。我們的市場拓展動能和大型核心交易通路持續成長，策略企業ACV較去年同期成長45%。

Consumption growth continues to significantly outpace ARR growth, driven by customer adoption of DTS, leading to broader upsell and cross-sell penetration. Log management continues to be a significant source of growth, both in our installed base and with new logos. We are balancing these leading growth indicators and our strength in the first half of the year with a prudent approach for the second half with two primary factors in mind.

消費成長持續顯著超過 ARR 成長，這主要得益於客戶對 DTS 的採用，從而帶動了追加銷售和交叉銷售的更廣泛滲透。日誌管理仍然是我們客戶群和新客戶數量成長的重要來源。我們正在權衡這些領先的成長指標和我們上半年的優勢，並以審慎的態度應對下半年，主要考慮以下兩個因素。

First, the weighting of the pipeline towards larger, more strategic tool consolidation opportunities often creates increased timing variability and longer duration to close. Second, while observability demand remains resilient, the macro and geopolitical environment, particularly in EMEA, remains dynamic. And with that as context, let me summarize our updated full year outlook.

首先，管道向更大、更具策略性的工具整合機會傾斜，通常會導致時間上的不確定性增加，成交時間延長。第二，雖然對可觀測性的需求仍然強勁，但宏觀和地緣政治環境，尤其是在歐洲、中東和非洲地區，仍然瞬息萬變。基於以上背景，讓我總結一下我們更新後的全年展望。

The underlying strength in consumption growth, coupled with the strong first half performance gives us the confidence to raise our full year ARR growth guidance by 100 basis points at the midpoint to 14% to 15% growth in constant currency. Seasonally, we expect net new ARR to be weighted more towards Q4 than last fiscal year due to the mix and timing variability of large deals in the funnel.

消費成長的潛在強勁勢頭，加上上半年強勁的業績表現，使我們有信心將全年 ARR 成長預期中位數上調 100 個基點，達到以固定匯率計算的 14% 至 15%。從季節性角度來看，由於銷售漏斗中大額交易的組合和時間安排存在差異，我們預計第四季度新增淨 ARR 將比上個財年更加集中。

Moving now to revenue. We are raising our total revenue and subscription revenue growth guidance by 75 basis points at the midpoint to a range of 15% to 15.5% growth in constant currency. Given the half one mix shift towards early expansions and ARR, we now expect ODC revenue to be in the low 30s. Turning to our bottom line.

接下來談談營收。我們將總營收和訂閱營收成長預期中位數上調 75 個基點，至以固定匯率計算成長 15% 至 15.5%。鑑於一半的收入結構轉向早期擴張和年度經常性收入，我們現在預計 ODC 收入將在 30% 左右。讓我們來看看最終結果。

We are raising our full year non-GAAP operating income guidance by $8 million, translating to a non-GAAP operating margin of 29%. We expect free cash flow margin of 26%. While we do not guide to free cash flow on a quarterly basis, we anticipate free cash flow to be more weighted to Q4 than historical levels. Finally, we are raising non-GAAP EPS guidance to a range of $1.62 to $1.64 per diluted share, representing an increase of $0.04 at the midpoint of the range.

我們將全年非GAAP營業收入預期上調800萬美元，相當於非GAAP營業利益率為29%。我們預期自由現金流利潤率為26%。雖然我們不按季度提供自由現金流指引，但我們預期自由現金流將比歷史水準更集中在第四季。最後，我們將非GAAP每股盈餘預期上調至每股攤薄收益1.62美元至1.64美元，其中點值比預期高出0.04美元。

This non-GAAP EPS is based on an expected diluted share count of 307 million to 308 million shares. Looking to Q3, we expect total revenue to be between $503 million and $508 million. Subscription revenue is expected to be between $481 million and $486 million. As a reminder, we saw a notable increase in ODC revenue in Q3 and Q4 of last year.

此非GAAP每股盈餘是基於預期稀釋後股份數量為3.07億至3.08億股計算得出的。展望第三季度，我們預計總營收將在 5.03 億美元至 5.08 億美元之間。訂閱收入預計在 4.81 億美元至 4.86 億美元之間。提醒一下，去年第三季和第四季，ODC 營收出現了顯著成長。

And with the revision to estimated ratable rev rec treatment this year, this will result in a headwind to revenue growth rates in our third and fourth quarters this year. From a profit standpoint, non-GAAP income from operations is expected to be between $143 million and $148 million or 28.5% to 29% of revenue. Lastly, non-GAAP EPS is expected to be $0.40 to $0.42 per diluted share.

由於今年對預計可分配收入處理方式進行了修訂，這將對我們今年第三季和第四季的營收成長率造成不利影響。從獲利角度來看，非GAAP營業收入預計在1.43億美元至1.48億美元之間，佔收入的28.5%至29%。最後，預計非GAAP每股收益為0.40美元至0.42美元（稀釋後）。

In summary, we are very pleased with our Q2 performance and strong momentum in the first half of the year. The strategic adjustments and investments we made last year in our go-to-market strategy are taking hold and evidenced in the latest results. We're starting to see momentum in large deal activity and pipeline, accelerating consumption growth across the platform, ongoing traction in logs, broader DPS adoption and a maturing of our strategic partner ecosystem.

總而言之，我們對第二季的業績以及上半年的強勁發展勢頭非常滿意。我們去年在市場進入策略方面進行的策略調整和投資正在奏效，並在最新的業績中得到了證明。我們開始看到大型交易活動和專案儲備的成長勢頭，整個平台的消費成長加速，日誌業務持續成長，DPS 採用範圍更廣，我們的策略夥伴生態系統也日趨成熟。

We have a proven track record of consistent execution and delivering a balance of strong top line growth and profitability. While we're maintaining a prudent approach to our near-term outlook, we're confident in the foundational elements driving growth in fiscal 2026 and remain committed to investing in initiatives that we believe will generate long-term value.

我們擁有持續高效執行的良好記錄，並實現了強勁的營收成長和獲利能力的平衡。儘管我們對近期前景保持謹慎態度，但我們對推動 2026 財年成長的基礎要素充滿信心，並將繼續致力於投資我們認為能夠創造長期價值的舉措。

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

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Fatima Boolani, Citi.

（操作員說明）Fatima Boolani，Citi。

Jim, I was hoping we could spend a little bit of time on the net retention rate metric. And if you could help peel back the onion, so to speak, on some of the puts and takes there. And really, the spirit of the question is, why is the metric lagging in contrast to otherwise very favorable momentum that you have shared in your prepared remarks on renewals, on expansions, on accelerating customer growth as well as signs that you're seeing that customers are now expanding earlier.

吉姆，我希望我們能花點時間討論淨留存率指標。如果你能幫忙“剝開洋蔥”，解釋一下其中的一些來龍去脈，那就太好了。實際上，問題的本質是，為什麼該指標落後於您在準備好的發言稿中分享的關於續約、擴張、加速客戶增長以及您觀察到的客戶現在更早擴張等非常有利的勢頭。

So I just wanted to get maybe more granular understanding on why net retention rate looks like it's stuck in the mud when all other factors in the business are pointing to more favorable momentum.

所以我想更深入地了解一下，為什麼淨留存率看起來停滯不前，而公司其他所有因素都指向更有利的發展勢頭。

It's happy to take that, Fatima. I'd start with we had a really strong net new ARR quarter. It grew 16% for the quarter, and it grew 14% for the half. So the business momentum is quite healthy in growing net new ARR. I think you know NRR is a kind of a trailing 12-month metric. And so it's going to take multiple quarters to significantly move NRR as a metric. So NRR stabilized Q1 to Q2.

它很樂意接受，法蒂瑪。首先，我們本季的淨新增年度經常性收入（ARR）非常強勁。本季成長了 16%，上半年成長了 14%。因此，淨新增年度經常性收入 (ARR) 的成長勢頭相當健康。我想你應該知道，NRR 是一種過去 12 個月的指標。因此，要使淨收入比率（NRR）這項指標出現顯著變化，還需要幾個季度的時間。因此，NRR在第一季到第二季趨於穩定。

So we feel really good. I mean one of the things we talked about in the prepared remarks is we're getting really good traction with the go-to-market changes that we made a year ago. It's showing up in the results. It's showing up in growing pipeline. We are poised to benefit from continued end-to-end observability tool consolidation opportunities.

我們感覺非常好。我的意思是，我們在準備好的演講稿中談到的一點是，我們一年前進行的市場推廣策略調整已經取得了非常好的成效。結果裡有顯示。它正逐漸出現在不斷增長的管道中。我們已做好準備，從持續的端到端可觀測性工具整合機會中受益。

Consumption continues to grow at a rapid clip. So we're very optimistic about the underpinnings of the business. So these metrics, NRR, if we continue to see the performance that we are seeing in consumption in these other areas, you will start to see movement in NRR, but it will happen over time.

消費持續快速成長。因此，我們對公司的基礎非常樂觀。所以，這些指標，像是 NRR，如果我們繼續看到其他領域的消費表現，你會開始看到 NRR 的變化，但這需要時間。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Congrats on the strong quarter and increased guide. I had a question. You guys have spent a lot of time focused on go-to-market improvements really over the last several years, and it really feels like it's paying dividends right now in terms of large deals. I'm curious, when you think about sort of some of the capacity adds that you've added historically, could you talk to the level of productivity you're seeing there?

恭喜貴公司本季業績強勁，上調了業績指引。我有個問題。過去幾年，你們投入了大量時間專注於市場推廣方面的改進，現在看來，這些努力在達成大額交易方面確實獲得了回報。我很好奇，考慮到你們過去增加的一些產能，您能否談談你們看到的生產力水平？

And secondarily, with a strong Q2, I'm curious to see if the six-months quotas are doing what was intended, sort of improving linearity for the year?

其次，鑑於第二季業績強勁，我很想知道這六個月的配額是否達到了預期效果，在某種程度上改善了全年的線性成長？

Happy to take that, Matt. It's actually two very good questions. So you're absolutely right. We've been building on these go-to-market changes since basically Q1 of fiscal '25. And as you know, we talked about that we were making investments in the top of the pyramid where we had on average roughly 8 to 10 accounts per rep with very large customers.

樂意接受，馬特。這其實是兩個非常好的問題。所以你的說法完全正確。自 2025 財年第一季以來，我們一直在推動這些市場推廣策略的調整。如您所知，我們討論過，我們正在對金字塔頂端進行投資，那裡平均每個銷售代表負責大約 8 到 10 個大客戶帳戶。

We made investments there to lower that to four to five. We're seeing it in close rates. We're seeing it in pipeline. So yes, we are seeing a productivity lift from the investments that we made there. So we're very, very pleased with that. I'd say relative to the two six-month quotas, just to remind you, we did that for two reasons.

我們在那裡進行了投資，將這個數字降低到四到五。我們從成交價就能看出這一點。我們已經看到它在研發中了。所以，是的，我們看到，我們在那裡進行的投資確實提高了生產力。所以我們對此非常非常滿意。我想說，相對於這兩個六個月的配額而言，提醒一下，我們這樣做有兩個原因。

One, it gives you an opportunity if you want to make a midyear adjustments, either a little bit on go-to-market or even on maybe compensation plan design. Two, it also gives you an opportunity to improve on the seasonality of bookings. And so we saw a little bit of that last year where -- this is our second year of going through it. So I think it's actually bearing out what we thought, which is it's showing an improvement in linearity of the business.

第一，它為您提供了一個機會，如果您想在年中進行一些調整，無論是對市場推廣策略還是對薪酬計劃設計進行一些調整。第二，它也為您提供了一個改善預訂季節性的機會。所以去年我們就看到了一些這樣的情況——今年是我們經歷這種情況的第二年。所以我認為這實際上證實了我們的想法，那就是業務的線性度有所提高。

And so this is not a matter of, hey, there was a lot of pull-ins from Q3 per se, but I just think there's an incentive for the sales organization twice a year to be in accelerators. And I think that's what you saw. So I'd say both things are playing out as we were hoping.

所以這不是說，嘿，第三季本身有很多新客戶湧入，而是我認為銷售部門每年有兩次機會參與加速器項目，這本身就是一種激勵。我想你看到的就是那個。所以我覺得這兩件事都照著我們所希望的發展了。

Brad Reback, Stifel.

Brad Reback，Stifel。

Rick, you alluded to the over 20% consumption growth in the base. So either for you or Jim, how should we think about the convergence of net new ARR and subscription revenue growth towards that 20%? What are the puts and takes as we look out over the next year or two?

里克，你提到了基數超過 20% 的消費成長。那麼，無論是你還是吉姆，我們應該如何看待新增淨 ARR 和訂閱收入成長趨向 20% 的趨勢呢？展望未來一兩年，我們該關注哪些面向？

So Brad, I'd say the puts and takes are -- we are -- as you know, we are a ratable revenue recognition business. So we -- when we book something, the subscription revenue gets amortized ratably. And so we are not a business that has revenue recognition on a consumption basis. If we were, these growth rates that we're talking about for consumption for the company would be in the 20s. So it does take time.

所以布拉德，我想說的是，我們——正如你所知，我們是一家按比例確認收入的企業。所以，當我們預訂某些服務時，訂閱收入會按比例攤提。因此，我們並非一家以消費量確認收入的企業。如果真是這樣，我們所說的公司消費成長率應該在 20% 左右。所以這確實需要時間。

You have to put more 20-plus percent growth rates. Obviously, there's an element of your contract terms and your contract terms and burning through commitments and going through expansions. And so it won't happen overnight. It will happen over time. So there will be a convergence. I think the important thing for investors to watch for is us continuing to give you an update on how is consumption tracking.

你們需要設定20%以上的成長率。顯然，這其中涉及合約條款、履行合約義務以及業務擴張等因素。所以這不會一蹴可幾。隨著時間的推移，這會發生。所以最終會趨於一致。我認為投資人應該關注的重點是我們是否會持續向大家報告消費追蹤情況。

Consumption ultimately, other than bringing in a new logo, consumption is the underpinning for sales to go in and upsell a customer. And we're seeing it play out. We're seeing it play out with early expansions. And there's examples clearly that with DPS, they're able to trial different things on the platform logs notably, and you trial logs, you're under DPS contract.

歸根結底，除了引入新標誌之外，消費是銷售人員進入客戶群並進行追加銷售的基礎。我們正在親眼目睹這一切發生。我們已經在早期擴張中看到了這種情況。顯然有例子表明，DPS 可以在平台日誌上測試不同的東西，而測試日誌則需要 DPS 合約。

We had a very large global airline that we had a very big contract with that we just booked maybe 1.5 years ago for a five-year deal. This customer did a huge expansion because they trialed a product category that was not really part of their initial configuration. And now you have a huge upsell literally two-years into a five-year deal.

我們與一家規模非常大的全球性航空公司簽訂了一份金額巨大的合同，這份合約大約是在一年半前簽訂的，為期五年。這家客戶進行了大規模擴張，因為他們試用了一個原本不屬於他們初始配置的產品類別。現在，在五年合約生效僅僅兩年後，你就迎來了一次巨大的追加銷售。

And so the more you look at consumption and the more we focus on kind of getting our teams aligned on consumption, whether they be the CSM teams, our strike teams for logs or DEM or security. That ultimately is going to be the underpinning. And you'll see, over time, a convergence of those growth rates with subs growth and ARR growth.

因此，我們越專注於消費，就越注重讓我們的團隊在消費方面保持一致，無論是客戶成功管理團隊、日誌打擊團隊、資料事件管理團隊或安全團隊。那最終將成為根本。隨著時間的推移，你會看到這些成長率與訂閱用戶成長率和年度經常性收入成長率趨於一致。

I might just add, Brad, that while we don't recognize revenue based on consumption, it absolutely is a key leading indicator. The thought process is quite simply that we want consumption to be growing faster than ARR because it is an opportunity then to utilize fully DPS contracts as we use those contracts, then renewals and expansions occur thereafter. So it is the metric of choice for our customer success organization and is where we are pressing the organization to essentially affirm our performance for customers.

布拉德，我還要補充一點，雖然我們不以消費量來確認收入，但它絕對是關鍵的領先指標。我們的想法很簡單，我們希望消費成長速度超過 ARR，因為這樣我們就可以充分利用 DPS 合同，並在使用這些合約後進行續約和擴展。因此，它是我們客戶成功部門的首選衡量標準，也是我們敦促該部門切實肯定我們為客戶所取得的業績的標準。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Maybe just a clarification, Rick and Jim. Just given the focus on consumption and that's accelerating, I mean, should consumption be the key metric that we focus on over ARR and subscription revenue as an indicator for future acceleration looking into fiscal '27? And then just curious on logs and how that contributed to the $1 million ACV deals you did in the quarter.

瑞克和吉姆，或許我需要澄清一下。鑑於目前對消費的關注度不斷提高，我的意思是，在展望 2027 財年時，消費是否應該成為我們關注的關鍵指標，而不是 ARR 和訂閱收入，以此作為未來成長加速的指標？然後，我很好奇日誌記錄，以及它如何促成了你們本季達成的 100 萬美元 ACV 交易。

So I'll take that. So we have a handful of metrics. What's my favorite metric? We have a handful of them. So I would not say it's one metric. Certainly, ARR is very important. But ultimately, you need to get your go-to-market motion going bring customers on the platform, once they get on the platform, have your customer success and strike teams drive more adoption.

那我就接受吧。所以我們有一些指標。我最喜歡的指標是什麼？我們有好幾個。所以，我不會說這是單一的衡量標準。當然，年度經常性收入（ARR）非常重要。但歸根究底，你需要啟動你的市場推廣活動，讓客戶加入平台，一旦他們加入平台，就讓你的客戶成功團隊和執行團隊推動更多用戶採用。

So ultimately, the underpinning, I would say, of growth will be consumption. So I do think it's something we're going to continue to want to talk to you about because that is something -- it doesn't show up like it is not a metric that we -- you see in the financial results. It's not a subs revenue. It's not ARR, it's not anything like that, but it ultimately fuels an expansion. And so it is an important metric to focus on.

所以歸根究底，我認為成長的根本動力將是消費。所以我認為這是我們接下來要繼續和你們討論的話題，因為從財務結果來看，這似乎不是衡量指標。這不是訂閱收入。它不是 ARR，也不是類似的東西，但它最終會推動一次擴展。因此，這是一個值得關注的重要指標。

It's not the only one. There's other metrics, obviously, that we share. And I think your other question was on logs, and we are rapidly -- and I say rapidly, very rapidly approaching $100 million. It is by far the fastest-growing product category that we've seen a doubling of customers from a year ago that now spend over $1 million with us.

這並非唯一一起。當然，我們還有其他共同的指標。我認為你的另一個問題是關於原木的，我們正在迅速——我說迅速，非常迅速地——接近 1 億美元。這是迄今為止成長最快的產品類別，客戶數量比一年前翻了一番，現在在我們這裡消費超過 100 萬美元。

We've almost seen a four times increase in customers that spend over $500,000 a year with us. And we have a lot of customers now that are still under $100,000 that we have a huge opportunity to continue to expand with. So we're very, very happy with the progress we're making in logs.

我們看到，每年在我們這裡消費超過 50 萬美元的客戶數量增加了近四倍。我們現在有很多客戶的營業額仍然低於 10 萬美元，我們有很大的機會繼續拓展這些客戶群。我們對目前在日誌方面取得的進展非常非常滿意。

Yes. Just to add on to the logs piece, growing more than -- well more than 100% year-over-year on now what is getting to be a much larger number, as Jim said, approaching $100 million in consumption. And it is really key to emphasize what we said in the earlier remarks that not only are we saving customers a fair bit of money from legacy solutions and what they're doing today.

是的。關於原木部分，需要補充一點，原木的年增長率已經超過 100%，正如吉姆所說，消費量已經接近 1 億美元，這是一個相當大的數字。非常重要的是要強調我們之前所說的話，我們不僅能為客戶節省一大筆錢，讓他們擺脫傳統解決方案和他們目前所做的事情。

But by incorporating logs into the overall observability mix and framework, we are delivering markedly better outcomes because you have logs, traces metrics, really user data, all in the same data lake house, it results in better outcomes. And that's what we're seeing across the board for the customers that have deployed at scale.

但是，透過將日誌納入整體可觀測性組合和框架中，我們獲得了明顯更好的結果，因為日誌、追蹤指標、真正的使用者資料都在同一個資料湖中，從而產生了更好的結果。而這正是我們在所有已大規模部署的客戶身上普遍看到的現象。

Noah Herman, JPMorgan.

Noah Herman，摩根大通。

This is Noah Herman on for Mark Murphy from JPMorgan. The constant currency net new ARR results really stood out positively this quarter. Based on the guidance framework, it seems like seasonality between first half and second half of the year is more equally weighted, whereas in prior years, it seems more like a 40-60 split. So can you just maybe unpack that a little bit, the seasonality dynamics we should expect going forward?

這裡是摩根大通的諾亞·赫爾曼，替馬克·墨菲為您報道。本季以固定匯率計算的新增淨年度經常性收入（ARR）業績表現非常突出。根據指導框架，上半年和下半年的季節性似乎更均衡，而往年則更像是 40-60 的比例。那麼，您能否稍微解釋一下，我們未來應該預期哪些季節性變化？

No, that's a good question. I mean, you're right. We've historically seen more like a 40-60 or 42-58. I think it was Matt that asked earlier around our two six-month plan designs. I do believe with these plan designs, you will -- I don't think you're going to necessarily always have balance between the first half and the second half. But I think you're going to get closer to that because there's an incentive of the sales organization to improve linearity. We're actually seeing that.

不，這確實是個好問題。我的意思是，你說得對。從歷史上看，我們看到的更多是 40-60 或 42-58 這樣的比例。我記得之前好像是 Matt 問我們兩個六個月計畫方案的問題。我相信，有了這些方案設計，你將會——我不認為你一定總是能在前半部分和後半部分之間取得平衡。但我認為你會越來越接近這個目標，因為銷售組織有動力去提高線性度。我們已經看到了這種情況。

I would also say to be fair, as I said in my opening remarks, we are not demand constrained. So the pipeline is extremely healthy. This is the, I think, the fifth consecutive quarter of an acceleration in our kind of four-quarter rolling pipeline. So pipeline trends in the demand environment is quite healthy. I think what we've done for the back half of the year is we built some prudence into the back half of the year because as we have focused more on large, high propensity to spend customers, the good news is we're seeing a significant improvement in the pipeline.

公平地說，正如我在開場白中所說，我們並不受需求限制。所以管道系統運作狀況非常良好。我認為，這是我們這種四季滾動式生產模式連續第五個季度加速成長。因此，需求環境下的管道供應趨勢相當健康。我認為我們在下半年採取的策略是更加謹慎，因為我們更加關注那些消費意願強烈的大客戶，好消息是我們看到銷售管道有了顯著改善。

But that is also coming with very large deals and very large deal sizes. So the timing variability for those deals is difficult to judge. And so we appropriately built some prudence into the back half of the year that maybe deals fall out of kind of the back half, maybe into the first half of fiscal '27. This is similar to what we talked about maybe a year ago. But I would say the pipeline is even more weighted to large deals.

但這也意味著會達成非常大額的交易，交易規模也會非常龐大。因此，這些交易的時間變化很難判斷。因此，我們適當地在下半年預留了一些謹慎空間，以應對可能在下半年完成的交易，這些交易可能會推遲到 2027 財年的上半年。這和我們大約一年前討論的內容類似。但我認為，在這條交易流程中，大宗交易的佔比更高。

So we're very pleased with the pipeline. I think we just built some prudence. So we'll have to see how we execute. But I'd say I'm very optimistic with the kind of the overall go-to-market improvements we've made and the pipeline that we're seeing across the business.

所以我們對這條管道非常滿意。我認為我們只是培養了一些謹慎的態度。所以，我們得看看執行情況如何。但我認為，我們對整體市場推廣的改進以及整個業務的進展都非常樂觀。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

I guess when I think about the big macro trends in IT right now, it's accelerated public cloud migrations, it's an increased trend to multi-cloud, AI, all these trends, in my opinion, should play well into the Dynatrace story. If I look at results this year, net new ARR constant currency this year versus the back half of last year, we're in a much better spot.

我認為，就目前IT領域的宏觀趨勢而言，加速的公有雲遷移、多雲趨勢的增強、人工智慧等等，所有這些趨勢，在我看來，都應該對Dynatrace的發展起到積極作用。如果我看今年的業績，以固定匯率計算的今年新增淨年度經常性收入與去年下半年相比，我們的處境要好得多。

So I guess as it relates to these kind of macro trends, like are we seeing -- have we passed an inflection point for Dynatrace to really kind of ride this tidal wave of those macro trends? Or is this a case of these net new ARR has been has whipped around in the past and you don't over-index on these last two quarters?

所以我想，就這些宏觀趨勢而言，我們是否已經看到了 Dynatrace 真正搭上這股宏觀趨勢浪潮的轉捩點？或者，這是因為過去這些新增淨 ARR 波動較大，所以你沒有對最近兩個季度的 ARR 進行過度指數化？

Yes. I guess what I would say is kind of similar the remarks I just made, which is the demand environment is very healthy. So to your point about macro trends, I think we're seeing that play out in what is a significant increase in the overall pipeline and pipeline health of the business. So I kind of anchor you on that. And I'd anchor you on we had a very strong Q2, a very strong first half.

是的。我想說的和剛才說的差不多，那就是需求環境非常健康。所以，關於您提到的宏觀趨勢，我認為我們正在看到這種情況體現在業務整體通路和通路健康狀況的顯著成長上。所以我就以此為依據來指導你。我想強調的是，我們第二季表現非常出色，上半年也表現非常出色。

Is this, hey, we don't think it's going to be as good in the back half. That's -- I don't want that to be a takeaway relative to this guide. I think we've built some prudence into the fact that as more deals become larger, we just built some timing variability into this. And we'll see how we progress in the back half of the year, but it is -- I don't think it's a demand environment element.

是這樣的，我們覺得下半場可能不會那麼好。我不想讓這一點成為本指南的重點。我認為我們已經考慮到，隨著交易規模的擴大，我們在時間安排上也加入了一些彈性，這其中蘊含了一些謹慎的因素。我們來看看下半年進展如何，但我認為這不是需求環境因素造成的。

I think the demand environment is quite healthy. And I think we are poised to benefit from that. We just built some prudence into the execution of these large deals.

我認為市場需求環境相當健康。我認為我們有望從中受益。我們在執行這些大型交易時，採取了一些謹慎的措施。

Yes, Patrick, I would say a very strong first half, a solid increase in the guide. We provided some of the metrics that are leading indicators for us, elements like strategic account pipeline up 45% year-over-year, large deals from the first half, up 53% year-over-year. I think these are all good indicators that are corroborating the evidence that we're seeing in what's happening in the hyperscaler results and the ongoing demand for cloud and AI native workloads.

是的，派崔克，我認為上半年表現非常強勁，指導價穩定上漲。我們提供了一些對我們來說具有領先意義的指標，例如策略客戶管道年增 45%，上半年的大額交易年增 53%。我認為這些都是很好的指標，印證了我們從超大規模資料中心的結果以及對雲端和 AI 原生工作負載的持續需求中看到的證據。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Congrats on the solid results. You talked about building some prudence in the back half just related to those large deals that you have in the pipeline. Can you talk about what some of the learnings have been from the past two-years on these larger platform deals and whether you're starting to see an improvement in win rates and close rates as you've been able to kind of tweak and adjust the model?

恭喜取得如此優異的成績。你提到在下半年要更加謹慎，尤其是在那些正在洽談中的大宗交易方面。您能否談談過去兩年在這些大型平台交易中學到了哪些經驗，以及隨著您對模型進行調整和改進，您是否開始看到成交率和成交率有所提高？

It's a very good question. I mean, obviously, every year is going to be a little bit different. I think when we started, Jake, I want to say this might have been in Q4 of fiscal '24, where we began to see this emergence, and we didn't call it a trend. We said this emergence of very large deals with customers that were considering vendor consolidation. And if you recall, we kind of rolled the table in that quarter.

這是一個很好的問題。我的意思是，很顯然，每年都會有些不同。傑克，我想說，我們開始看到這種現像出現的時候，大概是在 2024 財年第四季度，當時我們還沒有稱之為一種趨勢。我們曾說過，這預示著與考慮供應商整合的客戶達成的巨額交易將會出現。如果你還記得的話，我們那一季可是大獲全勝。

We actually -- we had an unbelievable close. I'd say we had a really strong close last Q4. And I'd say what was an emerging trend became kind of a continued trend. And I'd say this is the momentum. The sales plays that we have, this has been the number one sales play for the company.

實際上——我們取得了令人難以置信的成功。我認為我們上個季度第四季的收尾非常強勁。我認為，原本正在興起的趨勢逐漸演變成了一種持續的趨勢。我認為這就是發展勢頭。在我們採取的所有銷售策略中，這是公司最有效的銷售策略。

And it's the number one sales play because ultimately, that's what customers are looking for. Customers are looking for someone that they can consolidate what is a disparate set of tools. So I think we're learning that this trend is real. I think our sales force is well equipped. I think the company is well equipped to benefit from this. And I'd say our win rates are quite high because I think we have a very compelling proposition.

而且，這是排名第一的銷售策略，因為歸根究底，這正是顧客所追求的。客戶正在尋找能夠將他們分散的各種工具整合起來的人。所以我覺得我們正在逐漸認識到這種趨勢是真實存在的。我認為我們的銷售團隊準備充分。我認為公司完全有能力從中受益。我認為我們的勝率相當高，因為我們的方案非常有吸引力。

So I think we're in a good place. I think it's just a matter of you've got to the timing variability of these things varies because of the size of these deals. And so you have to go through a kind of extra level of approval. And so I'm optimistic of our chances and our win rates, but we're just building some caution just into timing.

所以我覺得我們現在處境不錯。我認為這只是一個時間問題，這些事情的時機變化取決於交易的規模。因此，你需要經過額外的審批程序。因此，我對我們的機會和勝率持樂觀態度，但我們在時機把握上也保持謹慎。

Jake, I would say at a very tactical level, the interest that we see from CXOs of major organizations around the globe is increasing at a very rapid rate. I have literally done dozens and dozens of CXO meetings around the globe over the prior three months. The interest and mission criticality of observability has never been higher in my observation. So that continues to drive things.

傑克，我認為從非常具體的層面來看，我們看到全球各大機構的首席主管們對此表現出的興趣正在以非常快的速度增長。在過去的三個月裡，我幾乎在全球各地參加了數十場高階主管會議。在我看來，可觀測性的重要性和任務關鍵性從未像現在這樣高漲。所以這種情況會繼續推動事態發展。

And what I would say is they're all interested in one or more of three things. They're interested in end-to-end observability, which is driving tool consolidation, opportunity for more efficiency, better outcomes, lower cost. Secondly, they're interested in AI observability and deploying observability for AI workloads.

我想說的是，他們都對以下三件事中的一件或幾件感興趣。他們對端到端可觀測性很感興趣，這推動了工具整合，帶來了更高的效率、更好的結果和更低的成本。其次，他們對人工智慧可觀測性以及如何為人工智慧工作負載部署可觀測性很感興趣。

And thirdly, they're interested in business observability, extending observability overall to include business events that give them a better handle on the business well beyond what's just happening technically in their software stacks. And these are core themes that really have evolved, I think, over the prior year.

第三，他們對業務可觀測性很感興趣，希望將可觀測性擴展到包括業務事件，讓他們更能掌握業務，而不僅限於軟體堆疊中發生的技術事件。我認為，這些核心主題在過去一年中確實發生了演變。

Matthew Martino, Goldman Sachs.

馬修馬蒂諾，高盛集團。

Great to see the momentum in the business. Rick, you highlighted an AI native win in your prepared remarks. Can you share a bit more on what attracted this customer to the Dynatrace platform? And are you starting to see more potential opportunities within the AI space, if you could contextualize that for us?

很高興看到公司業務發展勢頭良好。里克，你在事先準備好的演講稿中重點強調了人工智慧原生系統的勝利。您能否詳細介紹一下是什麼吸引這位顧客選擇 Dynatrace 平台？您是否開始看到人工智慧領域湧現出更多潛在機會？能否為我們解釋一下？

Yes, it's a great question. So let me sort of parse it into a couple of components. First, you have the companies that are our typical customers that are deploying AI workloads. Those customers we have in the hundreds already. They're deploying AI workloads using Dynatrace to provide observability. What you're getting at a little bit are the AI native companies that have developed against AI workloads.

是的，這是一個很好的問題。讓我把它分解成幾個部分來分析。首先，我們有一些典型的客戶公司，他們正在部署人工智慧工作負載。我們已經有數百名這樣的客戶了。他們正在使用 Dynatrace 部署 AI 工作負載，以提供可觀測性。你稍微提到的是那些針對人工智慧工作負載而開發的AI原生公司。

And that is where that is evolving rapidly. We are now deeply embedding with AWS services like Bedrock, Azure services like OpenAI and Foundry, Google services like Vertex, NVIDIA's AI infrastructure, et cetera. We are targeting more with our third-gen platform developer capabilities, and this is expanding interest in Dynatrace.

而這正是它快速發展的方向。我們現在正深度嵌入 AWS 服務（如 Bedrock）、Azure 服務（如 OpenAI 和 Foundry）、Google 服務（如 Vertex）、NVIDIA 的 AI 基礎架構等。我們正利用第三代平台開發者的能力，瞄準更多目標客戶，也擴大了人們對 Dynatrace 的興趣。

And overall, what they're most interested in is getting deterministic answers that enable agentic action. And this is what I talked about earlier in the prepared remarks, but you cannot take action in a agentic world if you don't trust the underlying answers. And so this is where we say answers, not guesses. You have to know what the answers are in order to be able to take action.

總的來說，他們最感興趣的是獲得能夠實現自主行動的確定性答案。這正是我在事先準備好的發言稿中提到的，但如果你不信任潛在的答案，你就無法在一個由能動性主導的世界中採取行動。所以，在這裡我們要給的是答案，而不是猜測。你必須知道答案才能採取行動。

And I think this is what is increasingly attracting AI native companies to Dynatrace because that is foundational in how they need to operate the businesses autonomously as they look forward.

我認為這正是越來越多人工智慧原生公司選擇 Dynatrace 的原因，因為這對他們未來自主經營業務至關重要。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Nice results, guys. A couple of small ones for me. First of all, Rick, do you have a point of view -- clearly, you're making very good progress with DPS adoption, 50% customers, 70% of ARR. But do you have perhaps an updated point of view on where those metrics could peak for you guys, number one? And number two, when you look at the capability uptick and expansion of non-DPS customers, is there a deterioration in that, not because customers are doing less, but because the remaining cohorts are, by definition, less and less attracted to the value proposition for whatever reason that you're selling?

成績不錯，夥伴們。給我買幾個小的。首先，里克，你有什麼看法？ ——顯然，你們在 DPS 採用方面取得了非常好的進展，客戶增加了 50%，ARR 增加了 70%。但是，對你們來說，這些指標的峰值可能達到多少，你們有沒有更新的看法呢？第二，當你觀察非 DPS 客戶的能力提升和擴張時，是否存在一種惡化，不是因為客​​戶的業務量減少了，而是因為剩下的客戶群體，無論出於何種原因，都越來越不被你所銷售的價值主張所吸引？

Yes, I will take that. So I think what we said before relative to like where do we think ultimately it will go as far as DPS penetration. And there are certain industries that DPS is problematic, and that's in like government industries that they have to actually buy finite SKUs. So we're working to see if there's a way to work around that. But I would say what we've said is that we think that we should be able to get 80% to 85% of our business onto a DPS contract.

好的，我接受。所以我覺得我們之前說的DPS穿透力最終會發展到什麼程度的問題，已經很清楚了。在某些行業，DPS 存在問題，例如政府行業，他們實際上必須購買有限的 SKU。所以我們正在努力尋找解決方案。但我想說的是，我們已經說過，我們認為我們應該能夠將 80% 到 85% 的業務轉移到 DPS 合約上。

Now if we can remove some of those barriers that I mentioned, it could go even higher. But think of it as we've kind of said 80% to 85% of our business. And I don't think there's any barriers relative to customers that are on SKU to DPS. One of the things that we've done, remember, is we have been focusing on customers that have been going through new customers won, 80-plus percent of them go to DPS.

如果我們能夠消除我所提到的那些障礙，它甚至有可能達到更高的高度。但你可以把它理解為我們所說的，這占我們業務的 80% 到 85%。我不認為對於使用 SKU 到 DPS 的客戶來說有任何障礙。請記住，我們所做的一件事是，我們一直專注於那些贏得新客戶的客戶，其中 80% 以上的新客戶都選擇了 DPS。

And for renewals, we were only focused on moving customers on a renewal to DPS if they were doing an expansion. So if you were doing a like-for-like renewal, we were not moving them to DPS because we did not want to introduce friction into the process. We have adjusted that effective this half that we are now going to be -- for customers that are even going through a like-for-like renewal, we were having teams of people that are going to help in what I would say, portability of customers moving more to DPS.

對於續約，我們只專注於在客戶進行擴展的情況下，將續約客戶遷移到 DPS。因此，如果是同類續約，我們不會將它們轉移到 DPS，因為我們不想為流程帶來摩擦。我們已經調整了這項措施，從本半年起生效——對於即使是進行同等續約的客戶，我們也會安排團隊來幫助客戶更好地遷移到 DPS。

And so I think you're going to continue to see progress. I think we're going to have -- there's going to be a longer tail here between the 70% that we're at now and the 80% to 85%. But again, all the proof points that we've talked about, you get them on DPS, they can trial anything on the platform. We've proven that they have two times the consumption growth rates.

所以我認為你會看到進步的持續發生。我認為，在目前的 70% 和 80% 到 85% 之間，將會出現一個較長的尾部。但是，我們討論過的所有證明點，在 DPS 上都能得到，他們可以在平台上試用任何東西。我們已經證明，他們的消費成長率是其他地區的兩倍。

They have two times the number of capabilities that they had, and they have much, much higher NRR. So there's a good value proposition to continue to move them. And I think we're focused on all the right things.

他們的能力是以前的兩倍，而且他們的淨收益率也高得多。因此，繼續運輸它們是有良好價值的。我認為我們關注的重點都完全正確。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

I believe you mentioned more early DPS customer renewals in your remarks. I'd love to hear more color if early renewals of DPS customers are impacting the 3Q subscription revenue guide and the OTC guide as well. We'll just hear about those dynamics.

我相信您在演講中提到了更多早期的DPS客戶續約。我很想了解DPS客戶提前續訂是否對第三季訂閱營收預期和OTC預期產生影響。我們很快就會聽到這些情況的消息。

Yes, you're right. You picked up on Q2 was a quarter where, again, very strong net new ARR quarter. And I'd say a big piece of that is we did see customers that were on a DPS contract that renewed early. I mentioned a large global airline. They were one. We had many of them. And again, you go back to consumption. It's -- you get them on the platform, we get teams working with them on driving adoption and consumption.

是的，你說得對。你注意到第二季淨新增 ARR 再次表現非常強勁。我認為其中一個重要原因是，我們確實看到一些簽訂了 DPS 合約的客戶提前續簽了合約。我提到了一家大型國際航空公司。他們是一體的。我們有很多這樣的孩子。最終，一切又回到了消費。就是——你把他們拉到平台上，我們安排團隊與他們合作，推動採用和消費。

And ultimately, good things will happen. And that's what we're seeing. And you're right, there is a dynamic between whether a customer does an early expansion or whether they maybe go on demand. We can't really influence that at the end of the day. What I will say is we did make some compensation changes for our sales force in fiscal '26, where they get paid more for an ARR-generating expansion than they do for an OTC. And so I think inherently, they're more incented to drive an expansion.

最終，好事會發生。這就是我們所看到的。你說得對，客戶是早期擴張還是按需擴張之間存在著動態關係。歸根究底，我們對此無能為力。我想說的是，我們在 2026 財年對銷售團隊的薪酬進行了一些調整，他們如果實現 ARR 成長，獲得的報酬將高於 OTC 成長。因此我認為，從本質上講，他們更有動力去推動擴張。

So our expectation is, I think that motion will continue. I think we're getting in front of it with customers earlier when they're running hot on their consumption and trying to see if we can put something that's compelling for them and give them better unit price if they increase their volumes, and you're starting to see that play out, and I expect that will continue.

因此，我認為這種趨勢將會持續下去。我認為我們正在搶佔先機，在顧客消費高峰期就介入，看看能否為他們提供一些有吸引力的產品，如果他們增加購買量，就給予他們更優惠的單價。你已經開始看到這種趨勢了，我預計這種情況還會持續下去。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

On the 16% constant currency net AAR growth. I had a two-parter, I apologize for it, but sort of around the same topic. But I was wondering if you could sort of unpack the strategic collaboration with ServiceNow and what's your hopes for that relationship over the next year from a commercial perspective? And then secondly, more broadly, when we think about making that evolution to that more proactive self-healing type system, when you think about capabilities around ITSM, which you're partnering with the leaders there.

以固定匯率計算，淨AAR成長率為16%。我寫了一篇分成兩部分的文章，對此我深感歉意，但主題大致相同。但我很想知道您能否詳細闡述與 ServiceNow 的策略合作，以及從商業角度來看，您對未來一年這種合作關係有何期望？其次，更廣泛地說，當我們考慮向更積極主動的自我修復型系統演進時，當我們考慮 ITSM 方面的能力時，我們就會與那裡的領導者合作。

But also when you think of like, okay, if we need to drive some code fixes, how do you think about sort of the DevOps platform? Is that another area for partnership or a potential further organic expansion of the Dynatrace platform?

但當你想到，例如，如果我們需要進行一些程式碼修復，你會如何看待 DevOps 平台？這是另一個可以合作的領域，還是 Dynatrace 平台潛在的進一步有機擴張？

Thanks, Sanjit. I'll take those. So first, on the ServiceNow partnership, we are delighted with that strategic collaboration that we announced a couple of weeks ago. You can think about it as ServiceNow connecting and automating workflows. We then, as Dynatrace, provide the precise answers to inform those workflows. So it really is an incredible opportunity.

謝謝你，桑吉特。我收下那些。首先，關於與 ServiceNow 的合作關係，我們對幾週前宣布的這項策略合作感到非常高興。你可以把它理解為 ServiceNow 連線和自動化工作流程。然後，作為 Dynatrace，我們提供精確的答案來指導這些工作流程。所以這確實是一個絕佳的機會。

Even over the past couple of weeks, I've met with, I don't know, half a dozen customers. Every single one of them mentioned the ServiceNow relationship with Dynatrace and wanting to leverage it to better connect our solutions. We do loosely coupled connections today, but this collaboration with ServiceNow enables us to really engage much more deeply on the product side to provide a much better experience for joint customers, and there's a huge overlap in our customer base with ServiceNow customers.

即使在過去的兩周里，我也只見過大概六位客戶。他們每個人都提到了 ServiceNow 與 Dynatrace 的合作關係，並希望利用這種合作關係來更好地連結我們的解決方案。我們目前採用的是鬆散耦合的連接方式，但與 ServiceNow 的合作使我們能夠在產品方面進行更深入的參與，從而為共同客戶提供更好的體驗，而且我們的客戶群與 ServiceNow 的客戶群有很大的重疊。

So that's point number one. We are also pleased that as part of that announcement, we're deploying ServiceNow. ServiceNow is deploying Dynatrace for digital -- for some of their digital operations. So that makes us essentially customer zero for -- on both sides for these integrations. So we think that will be a wonderful proof point to customers as to how to best use these technologies together in a very symbiotic way. So that's on the ServiceNow side.

這是第一點。我們很高興地宣布，作為此次發布的一部分，我們將部署 ServiceNow。ServiceNow 正在為其部分數位化營運部署 Dynatrace。因此，對於這些整合而言，我們實際上成為了雙方的零號客戶。因此，我們認為這將為客戶提供一個絕佳的例證，說明如何以非常共生的方式將這些技術最好地結合起來使用。這是 ServiceNow 方面的問題。

As we look at sort of more proactive integrations around code and others, we talked about GitHub. We talked about Atlassian. Our view of the world is quite simply that we have the answers that are trustworthy and precise. We will enable those answers to become exposed through a series of APIs, whether through an MCP server or otherwise for either Dynatrace agents or third-party agents in the ecosystem, be they through Atlassian, GitHub, hyperscaler, ServiceNow to then take action as appropriate to then deliver autonomous operations.

當我們探討圍繞程式碼和其他方面更積極主動的整合時，我們談到了 GitHub。我們討論了Atlassian公司。我們對世界的看法很簡單，那就是我們擁有值得信賴且準確的答案。我們將透過一系列 API 將這些答案公開出來，無論是透過 MCP 伺服器還是其他方式，供 Dynatrace 代理或生態系統中的第三方代理（例如 Atlassian、GitHub、超大規模資料中心、ServiceNow）使用，以便他們採取適當的行動，從而實現自主運作。

And that is precisely what the evolution is that we're seeing in observability, one from reactive to proactive to predictive to now autonomous. And that is -- this is our vision. This is the directional heading of observability, and this is where we can really deliver for customers software that, as per our vision, works perfectly.

而這正是我們在可觀測性領域所看到的演變，從被動反應到主動預測，再到現在的自主反應。這就是──這就是我們的願景。這就是可觀測性的發展方向，也是我們真正能夠為客戶提供符合我們願景的完美軟體的地方。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

I want to extend my congratulations on a strong quarter as well. My question is, do you think the sales comp change to incent ARR over on-demand consumption? Is that the primary reason for customers opting to early renew? And is it the primary reason for the lowered ODC expectations in the back half? And on a related note, are the expansions tied to the early renewals above your expectations?

我還要祝賀你們本季業績出色。我的問題是，您認為銷售佣金制度會改變以激勵年度經常性收入（ARR）而非按需消費嗎？這是客戶選擇提前續訂的主要原因嗎？這是否是下半年 ODC 預期降低的主因？另外，與此相關的是，與早期續約相關的擴張是否超出了您的預期？

So it's tough to gauge whether compensation is the only driver. Certainly, compensation does drive behavior. But at the end of the day, the customer has to be willing. And so I think what we're -- now that we're a year into this, I think we're much more proactive with customers and understanding what's going on within their environments from a consumption perspective.

因此，很難判斷薪酬是否是唯一的驅動因素。當然，補償確實會驅動行為。但歸根究底，顧客必須願意。所以我覺得，一年過去了，我們現在更積極主動地與客戶溝通，並從消費的角度了解他們環境中正在發生的事情。

So I think it's a good thing that the sales organization is very tightly coupled with the customer around how their consumption is driving and working with them, is there a win-win where we can extend our business with them and give them more favorable unit pricing as a result of that. And so I think it's -- yes, compensation probably does drive some of behavior, but I also think that ultimately, it's much more proactive with customers in their journey and their life cycle around what they're doing around observability.

所以我認為銷售組織與客戶緊密聯繫，了解他們的消費習慣並與他們合作，這是一件好事。這樣我們就能與他們實現雙贏，拓展業務，並因此給予他們更優惠的單位價格。所以我認為——是的，補償可能確實會影響某些行為，但我也認為，歸根結底，它在客戶的旅程和生命週期中，圍繞著他們在可觀察性方面所做的事情，會更加積極主動地參與其中。

I mentioned logs being an area, new areas, new use cases, sales is looking for those things and doing an early expansion helps with that. And whether or not it exceeded our expectations, the answer to that is yes. We absolutely exceeded our expectations that we are -- we've seen more of that than we even expected.

我提到過日誌領域，以及新的領域、新的用例，銷售人員正在尋找這些，而早期擴張有助於實現這一點。而它是否超出了我們的預期，答案是肯定的。我們所取得的成就遠遠超出了預期——我們看到的比預想的還要多。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

One for Jim. How would you compare and contrast your visibility now versus a year ago given where you've come with the go-to-market changes? Do you have better visibility? It sounds like certainly better sales execution and close rates. Anything else we should consider as we look into the second half?

給吉姆的。考慮到您在市場推廣策略方面取得的進展，您如何比較和對比您現在的市場知名度與一年前相比有何不同？你的視野更清晰了嗎？聽起來銷售執行力和成交率確實有提高。在展望下半程時，還有其他需要考慮的因素嗎？

That's a great question. I would say visibility and confidence is greater now than it was a year ago. A year ago, we were kind of adding a lot of sales reps. We were kind of changing a bunch of things. We were maturing that process. And we were beginning to see the evidence of that at this time last year. We're 1.5 years into it now.

這是一個很好的問題。我認為，與一年前相比，現在的知名度和信心都更高了。一年前，我們增加了大量銷售代表。我們當時對很多事情都做了改動。我們正在完善這個過程。去年這個時候，我們就開始看到這方面的跡象了。現在已經過去一年半了。

I think we are well established. I think the -- our geographies are performing at a very high level. I think our visibility and focus on growing pipeline and seeing that pipeline close is better than ever. Having said that, going back to my point around when you have large deals like this, you factor in what is the -- your timing certainty. So I feel really good. I think we have good visibility. We have good conviction that we're going to have a good back half to the year. We'll just see how it plays out.

我認為我們已經站穩了腳步。我認為——我們各個地區的業績都達到了非常高的水平。我認為，我們在拓展業務管道和促成交易方面的關注度和重視程度比以往任何時候都更高。話雖如此，回到我之前說的，當你遇到像這樣的大宗交易時，你需要考慮的是——你的時間把握。我感覺非常好。我認為我們能見度很好。我們很有信心，下半年我們會取得好成績。我們拭目以待。

All right. Well, thank you all for your engaged questions and ongoing support. As always, to close, we delivered a strong first half of the fiscal year, and we are confident in the foundational elements underpinning our growth. We look forward to connecting with you all at IR events over the coming months, and we wish you all a very good day. Thanks for joining.

好的。非常感謝大家積極提問和持續支持。像往常一樣，我們在本財年上半年取得了強勁的業績，我們對支撐我們成長的基礎要素充滿信心。我們期待在接下來的幾個月與大家在投資人關係活動中相聚，祝大家今天過得愉快。謝謝參與。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。