Dynatrace Inc (DT) 2026 Q3 法說會逐字稿

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

歡迎參加 Dynatrace 2026 財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

At this time, I'll turn the conference over to Noelle Faris, Vice President, Investor Relations. Thank you, 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。謝謝你，諾埃爾，你可以開始了。

Good morning, and thank you for joining Dynatrace's third-quarter fiscal 2026 earnings conference call. Joining me today are Rick McConnell, Chief Executive Officer; and Jim Benson, Chief Financial Officer.

早安，感謝各位參加 Dynatrace 2026 財年第三季財報電話會議。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。

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 annual report on Form 10-K. The forward-looking statements contained in this call represent the company's views on February 9, 2026.

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。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。本次電話會議所包含的前瞻性陳述代表了本公司截至 2026 年 2 月 9 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 discuss other non-GAAP financial measures on today's call. To see reconciliations between non-GAAP and GAAP measures please refer to today's earnings press release and supplemental presentation, which are both posted in the Financial Results section of our IR website.

我們不承擔因新資訊、未來事件或情況而更新這些聲明的義務。除非另有說明，我們今天討論的成長率均為同比和非GAAP成長率，反映了以固定匯率計算的成長，每股金額為稀釋後的金額。我們還將在今天的電話會議上討論其他非GAAP財務指標。如需查看非GAAP指標與GAAP指標之間的調節表，請參閱今天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 third quarter fiscal 2026 results, exceeding our guidance across every metric. Through this fiscal year, we've driven a stabilization of ARR growth at 16%, three quarters of consistent double-digit net new ARR growth, annualized log consumption that has now surpassed $100 million, a strong balance sheet and a healthy cash flow generation that have allowed us to double the size of our share repurchase program while still investing aggressively in innovation, and finally, an increased ARR guide of 125 basis points at the midpoint that puts us on track to achieve $2 billion in ARR by the end of fiscal '26.

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 財年第三季非常強勁的業績，各項指標都超乎預期。在本財年，我們已將 ARR 增長穩定在 16%，連續三個季度實現兩位數淨新增 ARR 增長，年度原木消耗量已超過 1 億美元，資產負債表穩健，現金流健康，使我們能夠將股票回購計劃的規模擴大一倍，同時繼續積極投資於創新，最後，我們將 ARR 指導值中提高了 125 個財年ARR。

Our sustained strength underscores the increasing criticality of observability to the software ecosystem, accelerated demand for our end-to-end observability platform and successful execution of our go-to-market strategy.

我們持續的實力凸顯了可觀測性對軟體生態系統日益增長的重要性，對我們端到端可觀測性平台的加速需求，以及我們市場推廣策略的成功執行。

Jim will share more details about our Q3 financial performance and guidance in a moment. In the meantime, I'd like to start with some highlights from our annual customer conference perform illustrating the substantial evolution and differentiation of the Dynatrace platform in capturing the AI opportunity along with several customer and partner advancements.

吉姆稍後將分享更多關於我們第三季財務業績和預期方面的資訊。同時，我想先介紹我們年度客戶大會的一些亮點，以說明 Dynatrace 平台在抓住人工智慧機會方面取得的重大發展和差異化，以及客戶和合作夥伴取得的幾項進展。

For (inaudible) 2026, which took place just two weeks ago, was an invigorating event where we hosted roughly 2,000 people in person, including customers, prospects and partners plus thousands more virtually. If you weren't able to join us, I encourage you to watch the replay of our main stage presentations. Each year, Perform offers the opportunity to examine the larger forces shaping our industry.

就在兩週前舉行的 2026 年大會（聽不清楚）是一場令人振奮的盛會，我們現場接待了大約 2000 人，包括客戶、潛在客戶和合作夥伴，還有數千人透過網路參與。如果您未能親臨現場，我鼓勵您觀看我們主舞台演講的重播。Perform 每年都會提供一個機會，讓我們得以審視塑造我們行業的更廣泛力量。

And this year, the shift is more profound than ever. I shared two primary takeaways from my opening keynote. First, Observability is entering a new era, one in which it is foundational to resilient software and dependable AI environments. Second, Dynatrace is unique in its ability to combine trustworthy deterministic AI with agentic AI to deliver reliable autonomous outcomes. And this is why we see Dynatrace as the AI-powered observability platform for autonomous operations.

而今年，這種轉變比以往任何時候都更加深刻。我在開幕主題演講中分享了兩個主要要點。首先，可觀測性正在進入一個新時代，在這個時代，它將成為彈性軟體和可靠人工智慧環境的基礎。其次，Dynatrace 的獨特之處在於它能夠將值得信賴的確定性 AI 與智慧 AI 結合，從而提供可靠的自主結果。因此，我們認為 Dynatrace 是針對自主營運的 AI 驅動型可觀測性平台。

Let's unpack this a bit. To start, in 2023, the AI market was estimated to be less than $200 billion and it is now on a path to be nearly $5 trillion in the next seven years. Meanwhile, cloud and AI native workloads are exploding. Hyperscaler growth continues to climb, now approaching $300 billion in annualized revenue from AWS, Azure and GCP alone growing in the high 20s. That level of growth at this kind of scale is simply unprecedented.

讓我們來仔細分析一下。首先，據估計，2023 年人工智慧市場規模不到 2,000 億美元，而現在，它正朝著未來七年內接近 5 兆美元的目標邁進。與此同時，雲端運算和人工智慧原生工作負載正在爆炸性成長。超大規模資料中心持續成長，光是 AWS、Azure 和 GCP 的年化收入就已接近 3,000 億美元，成長率高達 20% 以上。這種規模的成長速度簡直是前所未有的。

But this astonishing scale and growth are also accelerating the challenges our customers face every day. As we have often stated in the past, workloads and data are exploding along with a massive increase in their complexity. Tools are fragmented and it's often difficult to know whether AI results can be trusted. And without trustworthy insights, organizations understandably are hesitant to automate. One ramification of all this has become abundantly clear, AI-powered observability has become essential in an AI first world.

但這種驚人的規模和成長也加劇了我們的客戶每天面臨的挑戰。正如我們過去經常提到的那樣，工作負載和資料量正在爆炸式增長，其複雜性也在大幅增加。工具分散，而且往往很難知道人工智慧的結果是否可信。如果沒有可靠的洞察，企業自然會對自動化持謹慎態度。這一切的一個後果已經變得非常明顯，那就是在人工智慧優先的世界中，人工智慧驅動的可觀測性變得至關重要。

The question then becomes, how do organizations harness the value of observability to help deliver on the promise of AI? Dynatrace exists for this moment. We are already helping organizations realize increased value from AI. We have been driving to this point for many years, from initially enabling organizations to be reactive to issues to proactive through automated root cause analysis, to predictive by adding machine learning and anomaly detection allowing customers to anticipate and resolve issues before they become customer impacting. This is our quest to help customers deliver software that works perfectly.

那麼問題就變成了，組織如何利用可觀測性的價值來幫助實現人工智慧的承諾？Dynatrace 的存在正是為了滿足這項需求。我們已經開始幫助企業從人工智慧中獲得更多價值。多年來，我們一直朝著這個方向努力，從最初使組織能夠被動地應對問題，到透過自動化根本原因分析實現主動應對，再到透過添加機器學習和異常檢測實現預測，使客戶能夠在問題影響客戶之前預見並解決問題。我們的目標是幫助客戶交付完美運作的軟體。

Our third-generation platform is fully available and built for the complexity and incredible scale of modern cloud and AI native environments. Its advancements allow us to look ahead, predict issues and build resilience directly into the fabric of an organization. So what makes Dynatrace unique? Our differentiation is integrated deeply into the platform's architecture. And it comes down to three things, Grail, Smartscape and AI.

我們的第三代平台已全面投入使用，專為應對現代雲端和 AI 原生環境的複雜性和巨大規模而打造。它的技術進步使我們能夠展望未來，預測問題，並將韌性直接融入組織的架構中。那麼，Dynatrace 的獨特之處是什麼？我們的差異化優勢已深度融入平台架構。歸根究底，就是三件事：Grail、Smartscape 和人工智慧。

First is Grail, our massively parallel processing Data Lake house and the only analytics engine purpose built to process exabytes of observability and security data in real time while preserving full context. This isn't a general purpose data store retrofitted for observability. Grail was architected from the ground up for modern software, where a single transaction can reverse hundreds of services across multiple clouds.

首先是 Grail，我們的大規模並行處理資料湖，也是唯一一款專為即時處理 EB 級可觀測性和安全性資料而建構的分析引擎，同時還能保留完整的上下文資訊。這不是為實現可觀測性而改造的通用資料儲存。Grail 從一開始就按照現代軟體的設計理念構建，其中單一事務可以逆轉跨多個雲端的數百個服務。

In the agentic era, where every AI-driven transaction can be unique and unpredictable, real-time contextual processing is essential. Logs are a great example of why this architecture matters. When logs are unified with traces, metrics, events, sessions and other telemetry in the same platform, they don't just add volume. They add decisive context. Once customers experience the increased value and lower cost of having logs in context with other data types, they are eager to replace their legacy logs tooling.

在人工智慧驅動的智能體時代，每一次交易都可能是獨一無二的，不可預測的，因此即時情境處理至關重要。日誌就是一個很好的例子，說明了這種架構的重要性。當日誌與追蹤、指標、事件、會話和其他遙測資料在同一平台上統一時，它們不僅會增加資料量。它們提供了關鍵的背景資訊。一旦客戶體驗到將日誌與其他資料類型結合所帶來的更高價值和更低成本，他們就會渴望替換掉他們原有的日誌工具。

That's why we are delighted to have exceeded the $100 million logs consumption threshold with current growth of over 100% year over year. Our second major differentiator is Smartscape, our real-time dependency wrap that continuously maps the entire technology stack. Smartscape builds a living topology model that understands not just what exists but how everything connects and impacts everything else. So the platform always has the current context of the environment itself. And third is AI, and this is where the first two converge.

因此，我們很高興原木消費額已突破 1 億美元大關，目前年增超過 100%。我們的第二個主要優勢是 Smartscape，它是我們的即時依賴關係封裝，可以持續映射整個技術堆疊。Smartscape 建立了一個動態拓撲模型，它不僅了解存在什麼，還了解所有事物是如何連結和相互影響的。因此，該平台始終具有當前環境的上下文資訊。第三點是人工智慧，而這正是前兩者的交會點。

Grail provides unified data at scale and Smartscape provides the topology in context. Together, they enable our causal and predictive AI, proven in the most demanding enterprise environment and continuously evolving to deliver optimal outcomes. This leads to our announcement at Perform of Dynatrace Intelligence, one of the biggest innovations in our history.

Grail 提供大規模的統一數據，而 Smartscape 則提供上下文拓撲。它們共同實現了我們的因果預測人工智慧，該人工智慧已在最嚴苛的企業環境中得到驗證，並不斷發展以提供最佳結果。這促成了我們在 Perform 大會上宣布推出 Dynatrace Intelligence，這是我們歷史上最偉大的創新之一。

Dynatrace Intelligence is the industry's first agentic operation system built for modern software ecosystems. By fusing our determinantic AI foundation with a agentic AI across an ecosystem of agents, Dynatrace Intelligence delivers AI-powered observability that organizations can trust.

Dynatrace Intelligence 是業界首個專為現代軟體生態系統所建構的代理作業系統。透過將我們的確定性 AI 基礎與代理 AI 在代理生態系統中融合，Dynatrace Intelligence 提供組織可以信賴的 AI 驅動的可觀測性。

With Dynatrace Intelligence at its core, our platform is purpose-built for the agentic era, enabling a future where AI-powered observability can help customers auto prevent, auto remediate and auto optimize. Similar to Grail, Dynatrace Intelligence is embedded in the platform and is not sold as a separate SKU. It is available to every customer today. We expect to monetize it in two ways. First, through increased platform usage as customers adopt AI assistance across teams driving greater use of Grail.

以 Dynatrace Intelligence 為核心，我們的平台專為智能體時代而打造，使 AI 驅動的可觀測性能夠幫助客戶自動預防、自動修復和自動優化，從而實現未來。與 Grail 類似，Dynatrace Intelligence 已嵌入平台中，不以單獨的 SKU 出售。現在每位顧客都可以使用這項服務。我們計劃透過兩種方式實現其盈利。首先，隨著客戶在各個團隊中採用 AI 輔助，平台使用率不斷提高，從而推動了 Grail 的更廣泛應用。

And second, through usage-based agentic execution where AI-driven actions are delivered through workflows and ecosystem integrations. The durability of infrastructure software comes from deeply engineered data planes and AI control planes that operate in highly dynamic production environments.

其次，透過基於使用情況的代理執行，透過工作流程和生態系統整合來交付 AI 驅動的操作。基礎設施軟體的持久性源於在高度動態的生產環境中運行的深度工程資料平面和人工智慧控制平面。

Dynatrace has developed broad domain expertise and is uniquely positioned with Grail, Smartscape and Dynatrace Intelligence that is built directly into the backbone of the platform. Each of these capabilities is complex in its own right, but magnified in the Dynatrace platform as they are designed to operate as one system, applying AI to deliver answers and automation in environments that constantly shift in composition and workflow.

Dynatrace 已累積了廣泛的領域專業知識，並憑藉 Grail、Smartscape 和 Dynatrace Intelligence 等直接構建於平台核心的技術，擁有獨特的市場地位。這些功能本身都很複雜，但在 Dynatrace 平台上，由於它們被設計成一個系統來運行，應用人工智慧在不斷變化的環境中提供答案和自動化，因此這些功能被放大了。

This foundation has been built over years of operating at scale in real-world production environments, making the Dynatrace platform, both highly differentiated and difficult to reproduce quickly or safely. We, therefore, strongly view broad-based AI expansion as a tailwind for Dynatrace. AI-assisted development with our wide code copilots or AI-driven software delivery, compresses release cycles and increases the rate of change across already complex enterprise stacks, that raises operational risk unless teams have an observability control plane with closed-loop feedback to protect reliability and user experience.

Dynatrace 平台的基礎是在真實生產環境中大規模運行多年累積而成的，這使得該平台具有高度差異化，並且難以快速或安全地複製。因此，我們堅信人工智慧的廣泛應用將為 Dynatrace 的發展帶來利多。透過我們廣泛的程式碼輔助工具或人工智慧驅動的軟體交付進行人工智慧輔助開發，可以壓縮發布週期，並加快已經複雜的企業堆疊的變更速度，除非團隊擁有具有閉環反饋的可觀測性控制平面來保護可靠性和用戶體驗，否則這將增加營運風險。

And as AI-driven systems become more probabilistic, outputs vary and issues can be harder to reproduce. AI doesn't reduce the need for observability. Rather, it makes observability essential for trusted insights and automation so organizations can operate with confidence.

隨著人工智慧驅動的系統變得越來越機率化，輸出結果會發生變化，問題也更難重現。人工智慧並不會降低對可觀測性的需要。相反，它使可觀測性成為可信洞察和自動化的必要條件，從而使組織能夠充滿信心地運作。

I'd like to turn next to our customers. At Perform, more than 70 customers shared how the Dynatrace platform has become an indispensable component of their software environments. Here are just a few of their incredible stories.

接下來我想談談我們的客戶。在 Perform 大會上，70 多位客戶分享了 Dynatrace 平台如何成為他們軟體環境中不可或缺的組成部分。以下僅列舉他們幾個令人難以置信的故事。

One of the largest airlines shared how they're using Dynatrace to help them deliver 31% better reliability, 75% fewer incidents and a 10% reduction in mean time to resolution, leading the industry in on-time departures and arrivals for two years in a row. Canadian communications giant, Telus, shared how they're using AI to move from firefighting to proactive reliability, reducing the average time to resolve issues from 40 minutes to 5 minutes.

一家大型航空公司分享了他們如何使用 Dynatrace 來幫助他們提高 31% 的可靠性，減少 75% 的事故，並將平均解決時間縮短 10%，連續兩年在準點起降方面領先業界。加拿大通訊巨頭 Telus 分享了他們如何利用人工智慧從被動應對故障轉向主動維護可靠性，將解決問題的平均時間從 40 分鐘縮短到 5 分鐘。

Vodafone shared how they're using AI to modernize operations at massive scale, migrating more than 2,500 users, 8,500 dashboards and 8 terabytes of daily log ingest from their legacy logging provider to Dynatrace in just two months.

沃達豐分享了他們如何利用人工智慧大規模實現營運現代化，在短短兩個月內，就將超過 2500 名用戶、8500 個儀表板和 8 TB 的每日日誌攝取資料從其傳統日誌提供者遷移到 Dynatrace。

And Nationwide share how Dynatrace has helped them reduce Priority One incidence by 74%. In addition, customers expressed very strong interest in our strategic collaboration with ServiceNow to advance autonomous IT operations and scale intelligent automation. At Perform, ServiceNow's EVP and GM of technology workflow products reinforced our Better Together vision, highlighting use cases of how customers can integrate with Dynatrace to get greater efficiencies in their teams, accelerate agentic initiatives and drive automation with confidence.

Nationwide 分享了 Dynatrace 如何幫助他們將第一級優先事件的發生率降低了 74%。此外，客戶對我們與 ServiceNow 的策略合作表現出了非常濃厚的興趣，以推進自主 IT 營運並擴大智慧自動化規模。在 Perform 大會上，ServiceNow 的技術工作流程產品執行副總裁兼總經理強化了我們「攜手共進」的願景，重點介紹了客戶如何與 Dynatrace 集成，從而提高團隊效率、加速代理計劃並充滿信心地推動自動化。

In an agentic world, engaging in and integrating with an ecosystem of partners, including our long-standing relationships with global system integrators and hyperscalers, will be mandatory. And we are investing to deepen and broaden those relationships.

在一個由代理商組成的世界裡，參與和融入合作夥伴生態系統（包括我們與全球系統整合商和超大規模企業的長期合作關係）將是必不可少的。我們正在加大投入，以深化和拓展這些關係。

In Q3, we announced deeper technical engagements with all of the major hyperscalers. We're integrating with Amazon bedrock aging core embedding Dynatrace with Azure's SRE agent and serving as the launch partner for GCP Gemini command line interface extensions and Gemini enterprise.

第三季度，我們宣布與所有主要超大規模資料中心營運商進行更深入的技術合作。我們正在與 Amazon bedrock aging core 集成，將 Dynatrace 與 Azure 的 SRE 代理程式嵌入其中，並擔任 GCP Gemini 命令列介面擴充和 Gemini 企業版的發布合作夥伴。

Finally, as the velocity of software development continues to accelerate, we have advanced our strategy to extend left to developers with the acquisition of DevCycle last month, built on open feature, an open-source initiative originally created by Dynatrace. DevCycle is a feature management platform that helps developers, SREs and platform teams bring progressive delivery for AI native applications directly into the Dynatrace platform. This solution will enable customers to accelerate their ability to release features in a controlled manner and remediate issues faster.

最後，隨著軟體開發速度的不斷加快，我們推進了向開發者擴展的策略，上個月收購了 DevCycle，它建立在開放功能之上，這是一項最初由 Dynatrace 創建的開源計劃。DevCycle 是一個功能管理平台，可協助開發人員、SRE 和平台團隊將 AI 原生應用程式的漸進式交付直接引入 Dynatrace 平台。該解決方案將使客戶能夠以可控的方式加快功能發布速度，並更快地解決問題。

To wrap up, we've seen impressive customer momentum over the last several quarters with dozens of seven-figure wins, rapid logs expansion and customers standardizing on our platform for end-to-end observability. And we have delivered extraordinary innovation with Dynatrace Intelligence and the evolution of the Dynatrace platform to deliver significant customer value.

總而言之，在過去的幾個季度裡，我們看到了令人印象深刻的客戶成長勢頭，贏得了數十筆七位數訂單，日誌迅速擴展，客戶將我們的平台作為端到端可觀測性的標準。我們透過 Dynatrace Intelligence 和 Dynatrace 平台的演進，實現了非凡的創新，為客戶創造了巨大的價值。

This momentum is a testament to our unique ability to provide precise and trustworthy answers that serve as the foundation for autonomous operations in delivering resilient software and reliable AI. As I hope you can tell from my remarks, we are highly enthusiastic about our opportunity ahead.

這一勢頭證明了我們擁有提供精準可靠答案的獨特能力，這些答案為自主運作奠定了基礎，從而交付具有彈性的軟體和可靠的人工智慧。正如我剛才所說，我們對即將到來的機會充滿熱情。

Jim, over to you.

吉姆，該你了。

Thank you, Rick, and good morning, everyone. Q3 marked another quarter of strong execution as we once again surpassed the high end of guidance across all our key metrics, showcasing the growing demand for our leading AI-powered observability platform and the durability of our balanced business model.

謝謝你，里克，大家早安。第三季我們再次取得了強勁的業績，所有關鍵指標均超過了預期上限，這體現了市場對我們領先的 AI 驅動型可觀測性平台日益增長的需求，以及我們平衡的商業模式的持久性。

As Rick mentioned, we achieved three consecutive quarters of double-digit net new ARR growth, record new logo ARR, and we surpassed our goal of $100 million in annualized consumption for our log management solution. The combination of our ongoing go-to-market maturity and execution, the increasing necessity of observability in an agentic AI world, our leadership position in the market and our unified platform differentiation give us confidence that the momentum in the business will continue as we look ahead. Our conviction in the business is further evident in the Board's authorization of a new $1 billion share repurchase program, that is double the size of our inaugural program.

正如里克所提到的，我們連續三個季度實現了兩位數的淨新增 ARR 成長，創下了新客戶 ARR 紀錄，並且我們的日誌管理解決方案的年化消費額超過了 1 億美元的目標。我們不斷提升的市場進入成熟度和執行力，以及在人工智慧領域中對可觀測性的日益增長的需求，我們在市場上的領導地位和我們統一的平台差異化優勢，使我們有信心展望未來，業務發展勢頭將繼續保持。董事會批准了一項新的 10 億美元股票回購計劃，這是我們首個計劃規模的兩倍，這進一步證明了我們對這項業務的信心。

I will share more information on that later in my remarks. Now let's review the third quarter results in more detail. As the business has evolved with the introduction of DPS, we have continued to look for ways to provide investors with the best KPIs of our performance.

我稍後會在發言中分享更多相關資訊。現在讓我們更詳細地回顧一下第三季的業績。隨著公司推出DPS，業務不斷發展，我們也一直在尋找方法，為投資者提供我們業績的最佳KPI。

Given what we have learned as DPS has matured, and with the changes in the on-demand consumption accounting treatment, going forward, we will focus on ARR and its underlying growth driver, net new ARR. This is the primary metric that drives our subscription revenue, and it's how we measure and track the business internally.

鑑於 DPS 的成熟以及按需消費會計處理方式的改變，展望未來，我們將專注於 ARR 及其潛在的成長驅動因素—淨新增 ARR。這是影響我們訂閱收入的主要指標，也是我們內部衡量和追蹤業務的方式。

Turning now to ARR. We ended the quarter at $1.97 billion, representing 16% growth and demonstrating stabilization of ARR growth for three straight quarters. Q3 net new ARR was $75 million, adjusted for foreign exchange movements coming in well above our expectations. Net new ARR was up 11% from a year ago and represents the third consecutive quarter of double-digit growth. This strong performance was driven by both record new logo ARR and steady expansion ARR, including a number of seven-figure end-to-end observability deals.

現在轉向ARR。本季末營收為 19.7 億美元，年增 16%，連續三個季度實現 ARR 成長穩定。第三季新增年度經常性收入淨額為 7,500 萬美元，經匯率調整後遠超預期。淨新增 ARR 較上年同期成長 11%，連續第三個季度實現兩位數成長。這一強勁的業績得益於創紀錄的新客戶年度經常性收入 (ARR) 和穩步增長的擴張年度經常性收入 (ARR)，其中包括多項七位數的端到端可觀測性交易。

In Q3, we added 164 new logos to the Dynatrace platform. The average ARR per new logo was over $160,000 on a trailing 12-month basis. We continue to target landing with high-quality new logos that have a greater propensity to expand. The average land size in Q3 was particularly robust at over $200,000 and helped drive new logo ARR over 21% off a robust Q3 of fiscal '25. Our value proposition continues to resonate with enterprise customers that are outgrowing their existing DIY or commercial tooling solutions.

第三季度，我們在 Dynatrace 平台上新增了 164 個標誌。以過去 12 個月計算，每個新標誌的平均 ARR 超過 16 萬美元。我們持續致力於推出更高品質、更具發展潛力的新標誌。第三季平均土地面積特別強勁，超過 20 萬美元，並協助推動新商標 ARR 比 2025 財年第三季強勁成長 21% 以上。對於那些已經無法滿足現有 DIY 或商用工具解決方案需求的企業客戶而言，我們的價值主張持續引起他們的共鳴。

They are seeking business value from tool consolidation and coming to Dynatrace for the depth, breadth and automation of our unified AI-powered observability platform. Once customers experience the benefits of the Dynatrace platform, they are often quick to expand their usage. Average ARR per customer continues to grow and is now nearly $500,000, highlighting the continued adoption of the platform and value we provide to customers.

他們希望透過工具整合來實現業務價值，並選擇 Dynatrace，是因為我們統一的 AI 驅動型可觀測性平台具有深度、廣度和自動化等優勢。一旦客戶體驗到 Dynatrace 平台的優勢，他們通常會很快擴大其使用範圍。每位客戶的平均年度經常性收入持續成長，目前已接近 50 萬美元，這凸顯了該平台的持續普及以及我們為客戶提供的價值。

As we have said in the past, 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 medium to long term. Gross retention rate in Q3 remained in the mid-90s, demonstrating the strategic relevance for the Dynatrace platform as mission-critical to our customers' operations.

正如我們過去所說，鑑於我們的企業客戶群中存在大量的交叉銷售和向上銷售機會，我們相信，從中長期來看，每個客戶機會的平均 ARR 可能達到 100 萬美元或更多。第三季總留存率維持在 90% 以上，這表明 Dynatrace 平台對於我們客戶的營運具有戰略意義，是至關重要的。

Net retention rate or NRR on a trailing 12-month basis was 111% in the third quarter, consistent with the prior two quarters. As Rick mentioned, we continue to see broader usage and deeper penetration of capabilities across the platform, notably in log management, which remains our fastest-growing product category and surpassing the $100 million annualized consumption milestone we set for ourselves. With our log strike team in place now for nine months and our selling motion continuing to mature, we expect logs to be an ongoing source of significant ARR growth.

第三季淨留存率（以過去 12 個月計算）為 111%，與前兩季一致。正如 Rick 所提到的，我們繼續看到平台的功能得到更廣泛的應用和更深入的滲透，尤其是在日誌管理方面，它仍然是我們成長最快的產品類別，並超過了我們自己設定的 1 億美元的年消費里程碑。我們的原木銷售團隊已經成立九個月，銷售策略也日趨成熟，我們預期原木將成為持續顯著的年度經常性收入成長來源。

Moving on to revenue. Total revenue for Q3 was $515 million, and subscription revenue was $493 million, both up 16% and exceeding the high end of guidance by 150 basis points driven by strong net new ARR.

接下來談談收入。第三季總營收為 5.15 億美元，訂閱營收為 4.93 億美元，均成長 16%，並超出預期上限 150 個基點，這主要得益於強勁的新增淨年度經常性收入 (ARR)。

Turning to profitability. Non-GAAP operating margin was 30%, exceeding the top end of guidance by nearly 100 basis points, driven mostly by revenue upside flowing through to the bottom line. Non-GAAP net income was $135 million or $0.44 per diluted share, $0.02 above the high end of our guidance. We generated $27 million of free cash flow in the third 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。非GAAP營業利益率為30%，較預期上限高出近100個基點，主要得益於營收成長轉化為淨利。非GAAP淨利為1.35億美元，即每股稀釋收益0.44美元，比我們預期的上限高出0.02美元。第三季我們產生了2700萬美元的自由現金流。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。

On a trailing 12-month basis, free cash flow was $463 million or 24% of revenue. As a reminder, this includes over 600 basis point impact related to cash taxes. Pretax free cash flow on a trailing 12-month basis was 30% of revenue.

以過去 12 個月計算，自由現金流為 4.63 億美元，佔營收的 24%。再次提醒，其中包括與現金稅相關的 600 多個基點的影響。過去 12 個月的稅前自由現金流佔收入的 30%。

Finally, as of today, we have substantially completed the $500 million share repurchase program announced in May 2024. In Q3, we increased the pace of our repurchases, buying back 3.5 million shares for $160 million at an average price of just over $45 per share.

最後，截至今日，我們已基本完成 2024 年 5 月宣布的 5 億美元股票回購計畫。第三季度，我們加快了股票回購速度，以平均每股略高於 45 美元的價格回購了 350 萬股，總額達 1.6 億美元。

We believe the strength of our balance sheet and cash flow generation afford us the ability to continue to strategically invest in R&D innovation for our customers, while also returning capital to shareholders. We announced today our Board has authorized a new $1 billion share repurchase program. This program is the largest in our company's history and doubled the size of our previous program and underscores our confidence in the business, our conviction in the long-term growth opportunities and view that our shares are undervalued. We intend to be active buyers in the market at current levels.

我們相信，我們穩健的資產負債表和現金流量產生能力使我們能夠繼續對客戶的研發創新進行策略性投資，同時也能為股東帶來回報。我們今天宣布，董事會已批准一項新的10億美元股票回購計畫。該項目是我們公司歷史上規模最大的項目，也是先前項目的兩倍，這凸顯了我們對業務的信心、對長期成長機會的信念以及我們認為公司股票被低估的觀點。我們打算在目前價位積極買入。

Moving now to guidance. The demand environment for observability remains robust, and the growth drivers fueling the business continue to trend positively. The landscape is benefiting from secular tailwinds of end and observability, cloud modernization and AI workload proliferation. Our go-to-market strategy continues to build momentum and consistency as evidenced by three consecutive quarters of consistent double-digit net new ARR growth. Our DPS licensing model continues to enable broader adoption and increased usage of the platform. Logs continues to be a significant source of growth for both our installed base and new logos.

接下來進入指導環節。對可觀測性的需求環境依然強勁，推動業務成長的因素也持續保持正向趨勢。終端和可觀測性、雲端現代化和人工智慧工作負載激增等長期利好因素正在推動產業發展。我們的市場推廣策略持續增強動能和穩定性，連續三個季度淨新增 ARR 實現兩位數成長就證明了這一點。我們的DPS授權模式持續推動平台的更廣泛應用和更高使用率。日誌仍然是我們現有客戶群和新客戶的重要成長來源。

The combination of these strong underlying growth trends give us conviction in the ongoing momentum of the business. As a result, we are raising full year guidance across the board. Starting with ARR, we are raising ARR growth guidance 125 basis points to a range of 15.5% to 16%. And expect to surpass our next milestone of delivering over $2 billion in ARR. The high end of this ARR range implies another quarter of double-digit net new ARR growth.

這些強勁的潛在成長趨勢相結合，使我們對公司持續的發展勢頭充滿信心。因此，我們全面上調了全年業績預期。首先是 ARR，我們將 ARR 成長預期上調 125 個基點，至 15.5% 至 16%。預計我們將超越下一個里程碑，實現超過 20 億美元的年度經常性收入 (ARR)。該年度經常性收入 (ARR) 範圍的高端意味著另一個季度淨新增 ARR 將實現兩位數成長。

Moving to revenue. We are raising total revenue and subscription revenue growth guidance by 75 basis points at the midpoint to 16% growth. Turning to the bottom line, we are raising full year non-GAAP operating income guidance by $9 million and free cash flow by $13 million. This translates to a non-GAAP operating margin of 29% and free cash flow margin of 26%. Finally, we are raising non-GAAP EPS guidance to a range of $1.67 to $1.69 per diluted share, representing an increase of $0.05 at the midpoint of the range. This non-GAAP EPS is based on an expected diluted share count of 304 million shares.

轉向營收。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 16%。就最終業績而言，我們將全年非GAAP營業收入預期上調900萬美元，自由現金流預期上調1300萬美元。這意味著非GAAP營業利益率為29%，自由現金流利潤率為26%。最後，我們將非GAAP每股盈餘預期上調至每股攤薄收益1.67美元至1.69美元，其中點值比預期高出0.05美元。此非GAAP每股盈餘是基於預期稀釋後股份數量為3.04億股計算得出的。

In summary, we are very pleased with our Q3 and continued momentum through fiscal 2026. We are focused on executing to close the year out strong.

總而言之，我們對第三季的業績非常滿意，並期待在 2026 財年繼續保持成長勢頭。我們正全力以赴，力爭以強勁的勢頭結束今年。

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？

Thank you. We'll now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Hey, good morning, and congrats on a great quarter. My question was if you think about what you see in the client base in terms of understanding how your automation stories coming together, how it's important to kind of bring all the decent data sources together in one place, what does it mean in terms of engagement levels decline, et cetera?

嘿，早上好，恭喜你們度過了一個非常棒的季度。我的問題是，如果你思考一下你在客戶群中看到的情況，了解你的自動化故事是如何匯聚在一起的，以及將所有可靠的資料來源集中到一個地方的重要性，那麼這對於參與度下降等等意味著什麼？

Is that, are we seeing an ongoing kind of bigger kind of the bigger, or bigger momentum they are building? What do you see in the pipeline in terms of deal size, et cetera? Just kind of seeing how that momentum is ongoing. Thank you.

也就是說，我們是否正在看到他們不斷積蓄更大的動力？您認為目前有哪些交易項目正在進行中，交易規模等方面的情況又是如何？只是想看看這種勢頭能否持續下去。謝謝。

Hey Raimo, thanks very much for the question. I guess where I'd start is end-to-end observability is what we're seeing as being very, very strong in terms of the sales play and momentum at the moment, this is where our customers are looking to expand. They are realizing that there is extraordinary tools for all that there is lack of expense management in that and poor outcomes.

嘿，雷莫，非常感謝你的提問。我想首先要說的是，就目前的銷售情勢和發展動能而言，端到端可觀測性非常非常強勁，這也是我們的客戶希望拓展的領域。他們意識到，雖然有許多非常優秀的工具，但缺乏費用管理，導致結果不如預期。

And so this is, I'd say, the number one area where we're seeing momentum in the business is precisely that. And as you look to an AI-first world that's coming it becomes even more pervasive that end-to-end observability is a mandatory foundation to be driving those kinds of outcomes.

因此，我認為，目前我們看到業務發展勢頭最強勁的領域正是這一點。展望即將到來的人工智慧優先的世界，端到端可觀測性將成為推動此類結果的必要基礎，這一點將變得更加普遍。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Yeah, thank you for taking the question. Congrats on the stabilization in AR growth for the last several quarters. I wanted to ask a follow-up on Raimo's question. In a world where agents are doing a lot of the investigating and the triaging on incidents versus human site reliability engineers, there's sort of two questions there. What's the pace of that change? Like how realistic are we going to see that sort of environment in the next a couple of years?

是的，謝謝你回答這個問題。恭喜貴公司近幾季的AR成長趨於穩定。我想就雷莫的問題再問一個後續問題。在一個由代理商進行大量事件調查和分類，而不是由人工站點可靠性工程師進行的世界裡，這裡存在著兩個問題。這種變化的速度如何？未來幾年內，我們究竟有多大可能看到那種環境？

And then two, from a product perspective, how does that change observability? And how does that change how customers will use Dynatrace?

其次，從產品角度來看，這會如何改變可觀測性？這又將如何改變顧客使用 Dynatrace 的方式呢？

Hey Sanjit, so in terms of pace of change, I think that there is still a lot of apprehension about just how much conviction organizations have in driving AI and AI outcomes. So I think it's going to evolve over a period of time.

嘿，Sanjit，就變革的速度而言，我認為人們仍然對組織在推動人工智慧和人工智慧成果方面究竟有多大的信心感到擔憂。所以我認為它會隨著時間的推移而演變。

Having said that, I do think that there is a significant change in observability as we look to the future and that it really becomes, in our view, the control plan for enterprise AI. And what I mean by that is simply that observability becomes foundational through this agentic action without deterministic AI, without assuredness of understanding what the baseline problem is. And of course, we use the notion of answers, not guesses here, you simply can't take agentic action.

話雖如此，我認為展望未來，可觀測性將發生重大變化，而且在我們看來，它確實將成為企業人工智慧的控制方案。我的意思是，在沒有確定性人工智慧，沒有對基本問題是什麼的把握的情況下，透過這種主動行動，可觀察性就成為基礎。當然，這裡我們用的是答案的概念，而不是猜測，你根本無法採取主動行動。

So the steps that we see that organizations have to go through are, number one, you have to get the end-to-end observability because that's where you get the broadest, most concrete outcomes and answers. Number two, you then use that deterministic AI to develop an understanding of what actions need to be taken. And then number three and only then and agentic AI take over (technical difficulty) probably only with a portion of the actions required for auto production, auto remediation and auto optimization.

因此，我們看到組織必須經歷的步驟是，首先，必須實現端到端的可觀察性，因為只有這樣才能獲得最廣泛、最具體的成果和答案。第二，然後利用這種確定性人工智慧來了解需要採取哪些行動。然後是第三點，也只有到那時，智慧AI才會接手（技術難題），可能只會執行汽車生產、汽車維修和汽車優化所需的部分操作。

So it is going to be a journey, but that journey is beginning today and that journey begins with end-to-end observability followed by the leverage of deterministic AI as a mission-critical foundation for agentic AI to follow.

所以這將是一段旅程，但這段旅程從今天開始，這段旅程始於端到端的可觀測性，然後利用確定性人工智慧作為關鍵基礎，進而推動智慧人工智慧的發展。

Gray Powell, BTIG.

Gray Powell，BTIG。

Okay, great. Thanks for taking the question. So yeah, it's really good to see log monitoring consumption past the $100 million mark this quarter. I guess a couple of questions there. Like how quickly has that materialized over the last year? I know that there was sort of a new iteration that you came out with in late '24? And then what are your, what are the next milestones for the product?

好的，太好了。感謝您回答這個問題。所以，很高興看到本季日誌監控支出突破 1 億美元大關。我想這裡有幾個問題。過去一年裡，這種情況發生得有多快？我知道你們在 2024 年底推出了一個新版本？那麼，你們產品的下一個里程碑是什麼？

Thanks for the question, Gray. Again, we're very pleased. We told you last quarter that we we're on the precipice of hitting this milestone, we exceeded it. Our logs business is continuing to grow north of 100%. So by far, the fastest-growing product category in the business that, you're right that we've seen a significant step function increase in the acceleration of the business from last fall to now, last fall was when we were able to get the log product use case complete.

謝謝你的提問，格雷。我們再次表示非常滿意。上個季度我們告訴過你們，我們即將達到這個里程碑，而我們現在已經超額完成了。我們的原木業務持續成長，成長超過 100%。所以，到目前為止，成長最快的產品類別是業務中成長最快的，你說得對，從去年秋天到現在，我們看到業務成長速度有了顯著的階躍式成長，去年秋天我們完成了日誌產品用例。

We had the product packaging and pricing right, that evolved a little bit in the following quarter. So you saw a step function increase and it continues to exceed our expectations. Relative to the next milestone, we haven't necessarily set our next milestone publicly. I can tell you that it will be a significant source of new ARR. We're seeing this already. Rick mentioned these end to end observability deals. Nearly all of them have logs embedded with them. So we expect this to be a huge source of ARR growth for the business going forward

我們的產品包裝和定價都正確，但在接下來的一個季度裡做了一些調整。所以你看到了階躍式成長，而且它還在不斷超越我們的預期。關於下一個里程碑，我們還沒有正式公佈。我可以告訴你，這將是新增年度經常性收入的重要來源。我們已經看到這種情況了。Rick提到了這些端到端可觀測性交易。幾乎所有這些文件都嵌入了日誌。因此，我們預計這將成為公司未來年度經常性收入成長的重要來源。

Will Power, Baird.

威爾鮑爾，貝爾德。

Great, thank you. Yeah, I guess I'd echo the congratulations on the results. Great to see the ARR growth, stabilizing the strength in net new ARR. As we think about the net new ARR trends, the consumption commentary you just provided, the logs opportunity, the AI opportunity. Maybe help us think about kind of the puts and takes that could contribute to ARR perhaps accelerating as we move into fiscal '27? How do we think about the outlook there?

太好了，謝謝。是的，我也要祝賀他們取得這樣的成績。很高興看到年度經常性收入 (ARR) 成長，淨新增 ARR 的強勁勢頭得以穩定。當我們思考新增 ARR 趨勢、您剛才提供的消費評論、原木機會、人工智慧機會。或許可以幫助我們思考一下，隨著我們進入 2027 財年，哪些因素可能會促進 ARR 加速成長？我們如何看待那裡的前景？

I'll take that, Will. Good question. Again, we're focused on continuing the momentum. As I said in my prepared remarks, third consecutive quarter of net new ARR, double-digit net new ARR growth, stabilizing ARR at 16%. If you look at the high end of our guide, I'd suggests that continues into Q4.

我接受，威爾。問得好。我們再次強調，我們將專注於保持這一勢頭。正如我在準備好的演講稿中所說，連續第三個季度實現淨新增 ARR，淨新增 ARR 實現兩位數增長，ARR 穩定在 16%。如果你看一下我們指南的高端部分，我認為這種情況會持續到第四季。

So it will be four quarters of stabilizing growth for ARR and four quarters of double-digit ARR growth. We've said that our objective is to show an acceleration in ARR. Obviously, we'll have to continue to execute like we have. The go-to-market momentum continues. We continue to benefit from large-scale end-to-end observability deals.

因此，ARR 將連續四個季度保持穩定成長，並連續四個季度實現兩位數的 ARR 成長。我們說過，我們的目標是實現年度經常性收入的加速成長。顯然，我們必須繼續像以前那樣執行戰術。市場推廣勢頭持續強勁。我們持續受益於大規模端到端可觀測性交易。

So the changes we made are manifesting themselves in the results. We're seeing traction with partners. I'm not going to provide guidance on this call. I can tell you we're very optimistic about the momentum in the business. We'll have to see come May what the guide is, but our objective is to build an acceleration in the top line growth.

因此，我們所做的改變正在結果中反映出來。我們與合作夥伴的合作正在取得進展。我不會就此次通話提供任何指導。我可以告訴你，我們對公司的發展動能非常樂觀。五月我們還要看看指導方針是什麼，但我們的目標是加快營收成長。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah, hey guys, thanks so much for taking the question here. Jim, in your prepared remarks, you mentioned net new ARR and ARR the core foundations and the building blocks of growth. But last quarter, you did give a new metric, the annualized platform consumption dollar growth rate of 20% plus. I wonder if you could share how that metric compared this quarter compared to fiscal second quarter? Is it directionally higher? Is it the same? Or is it lower than the 20% plus that you gave last quarter? Thank you.

是的，嘿，各位，非常感謝你們接受這個問題。吉姆，你在事先準備好的演講稿中提到了淨新增 ARR 和 ARR，它們是成長的核心基礎和基石。但上個季度，你們確實給出了一個新的指標，即平台消費美元年增長率超過 20%。我想請您分享一下，與第二財季相比，本季該指標的對比情況如何？方向性更高嗎？是一樣的嗎？或者說，它低於你上個季度給出的20%以上的增幅？謝謝。

It's a good question. We've shared a lot of KPIs, and we've tried to share KPIs as investors try to understand our journey with DPS, which would certainly get them on the platform allow them to access the platform all offerings, and that's playing out nicely. So relative to consumption, consumption continues to grow north of 20%. So consumption is growing very healthy, consistently higher than ARR growth.

這是個好問題。我們已經分享了許多關鍵績效指標，我們努力分享這些關鍵績效指標，以便投資者了解我們與 DPS 的合作歷程，這肯定會讓他們加入平台，讓他們能夠訪問平台上的所有產品和服務，而且目前進展順利。因此，相對於消費而言，消費持續以超過 20% 的速度成長。因此，消費成長非常健康，持續高於年度經常性收入成長。

Ryan Mack, Wells Fargo.

瑞安‧麥克，富國銀行。

Hey, this is (inaudible) on for Ryan Mack. This year, you've talked about some of the strength in large deals and large deal pipeline. Is there any update you could provide on how those large deals are progressing and maybe whether your incremental confidence on those deals coming through has changed in the past couple of months? I have a follow-up if there's time.

嘿，這裡是（聽不清楚）瑞恩·麥克。今年，您談到了大型交易和大型交易項目儲備的一些優勢。您能否提供一些關於這些大宗交易進展的最新資訊？以及在過去的幾個月裡，您對這些交易最終達成的信心是否有所改變？如果時間允許，我還有後續問題。

Sure. I'll take that. I think what I talked about in Q2 was we continue to see a robust pipeline. That pipeline is very weighted to large deals, deals over $0.5 million, deals over $1 million. And that makes sense relative to the go-to-market changes we made last year that we were focused on these accounts that had a large, or a high propensity to spend.

當然。我接受。我認為我在第二季度談到的是，我們繼續保持強勁的產品線。該交易管道主要以大額交易為主，交易額超過 50 萬美元，超過 100 萬美元。這與去年我們調整市場策略的做法相符，當時我們專注於那些消費能力強或消費意願高的客戶。

I think what you're seeing, you started in the Q3 results that we built consistency in close rates of these large deals. Our expectation in Q4 is you'll see that again. So I think what we've done is we build consistency in our execution. You're seeing that through the first three quarters. The expectation in the fourth quarter at the high end of our guidance, you'll see that again.

我認為你從第三季的業績中看到的是，我們在這些大額交易的成交率方面建立了穩定性。我們預計第四季你會再次看到這種情況。所以我認為我們所做的就是在執行上建立一致性。你在前三個季度已經看到了這一點。預計第四季業績將達到我們預期的高端，這一點你們很快就會看到。

And it's heavily driven by this continued trend of very large enterprises looking to vendors to consolidate on. And Dynatrace is in a very good position. You saw even new logos, new logos, five of our new logos were over $1 million. So this is both existing customers and new logos, looking to Dynatrace to be their provider of choice as this trend continues.

而這很大程度上是由於大型企業尋求供應商進行整合的持續趨勢所致。Dynatrace 目前處境非常有利。你甚至看到了新的標誌，新的標誌，我們五個新標誌的造價都超過了 100 萬美元。因此，無論是現有客戶還是新客戶，都希望 Dynatrace 成為他們首選的供應商，因為這種趨勢仍在繼續。

I would just add to that also, that we see AI as an enormous tailwind to the observability business overall. You have to have the observability in order to drive an AI first world. We believe that fundamentally. And the result of that is that you have to have end to end observability to get the best outcomes, the best underlying analytics and insights to be able to take agentic action. So as the world shifts toward a move of autonomous operations, observability becomes foundational and end-to-end observability is fundamental to maximizing the success of that type of decline.

我還要補充一點，我們認為人工智慧對整個可觀測性業務來說是一股巨大的推動力。要推動人工智慧優先的世界發展，就必須具備可觀測性。我們從根本上相信這一點。因此，你必須具備端到端的可觀測性才能獲得最佳結果、最佳底層分析和洞察力，以便能夠採取主動行動。隨著世界向自主營運方向轉變，可觀測性成為基礎，而端到端的可觀測性對於最大限度地提高此類轉型的成功至關重要。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

Hey Rick, Jim, thanks for taking the question. I guess, what stood out to me that was most impressive was the fiscal 4Q net new ARR guidance, there's a strong lift from what you're expecting previously. So just maybe an extension of the prior question there but.

嘿，瑞克，吉姆，謝謝你們回答這個問題。我覺得最讓我印象深刻的是第四財季新增淨年度經常性收入預期，比之前的預期有了大幅提升。所以，這或許是對之前問題的延伸。

Eric, could you just speak up a little bit?

艾瑞克，你能稍微提高音量嗎？

Yeah, any better?

好些了嗎？

That's a little bit better. Thank you.

這樣好一些了。謝謝。

Okay. Yes. So just to touch that question. So the fiscal 4Q net new ARR guide was a strong lift from what you were expecting previously. Just an extension from the prior question, your response there. Just any more detail you could share on what has given you the confidence in the outlook, maybe some assumptions on the close rates in those large NN deals? Thanks.

好的。是的。所以，我只想簡單談談這個問題。因此，第四財季新增淨 ARR 指引比您先前的預期大幅調高。這是對之前問題的延伸，也就是你之前回答的問題。能否分享更多細節，說明是什麼讓您對前景充滿信心？例如，您對那些大型 NN 交易的成交率有哪些假設？謝謝。

Yeah. I mean one of the things I talked about in the last call is the, we had very healthy close rates in the first half of the year. We saw a healthy close rates in Q3. I'd say our visibility of the pipeline here, especially near term, is quite strong. That doesn't mean we expect we're going to get every deal.

是的。我的意思是，我在上次電話會議上談到的一件事是，我們上半年的成交率非常健康。第三季成交率維持健康水準。我認為我們對這條管道的可見性，尤其是在短期內，相當高。但這並不代表我們期望能拿下每一筆交易。

But we do believe that we have a very good line of sight to be able to deliver against this guide, the range that we're providing. So I think some of it is the visibility and I think it's also what I think is a continued improvement in our go-to-market maturity around having an ability to call the ball on some of these large deals, I think our ability to do that continues to improve.

但我們相信，我們完全有能力實現本指南所承諾的目標，即我們提供的服務範圍。所以我認為部分原因是知名度的提高，而且我認為也是因為我們在市場推廣方面的成熟度不斷提高，使我們能夠掌控一些大型交易，我認為我們在這方面的能力正在不斷提高。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO資本市場。

Thank you. Good morning. I wanted to ask about new logo growth. Jim, you had called out that I think you had 164 new logos, solid growth there. And yet if I look at the numbers, it appears you're still getting about 70% of your ARRs coming from existing clients, 30s, 30% is coming from new logos.

謝謝。早安.我想諮詢一下關於新標誌成長的問題。吉姆，你之前提到過，我認為你們有 164 個新標誌，成長勢頭良好。然而，如果我看一下這些數據，就會發現你們大約 70% 的年度經常性收入仍然來自現有客戶，30% 來自新客戶。

And I'm just wondering, is that the way we should be thinking about as we look out over the next year, I think investors have some worry that the existing customer base may not sustain growth for a period of time. And so trying to understand how you might be able to expand your new logo growth and particularly maybe going, not the small business, but maybe expanding the TAM a little bit.

我只是想知道，展望未來一年，我們是否該這樣思考？我認為投資者擔心，現有的客戶群可能無法在一段時間內維持成長。因此，我們試圖了解如何擴大新商標的成長，特別是可能不是針對小型企業，而是稍微擴大 TAM。

As you talked about, AI is foundational. So maybe that presents some opportunities for a broader customer audience. At the same time, there are solutions out there that are less expensive that require more work. And I'm not sure how DPS would fit into, is that a facilitator of new logos? Or is it a hindrance in that you got to make a little bit larger commitment? But just maybe talk about how we should be thinking about new logo growth over the next couple of years. Thank you.

正如你所說，人工智慧是基礎性的。所以這或許能為更廣大的客戶群帶來一些機會。同時，也有一些成本較低但需要更多工作量的解決方案。我不確定DPS會如何融入其中，它是新標誌的推動者嗎？或者說，這反而成了阻礙，因為你需要做出更大的投入？但或許我們可以談談未來幾年我們該如何看待新標誌的發展。謝謝。

So I'd say near term, Keith, but, one, I would say we're very pleased with the new logo momentum that we're having, in particular, that there is a lot of momentum with just customers that are looking to Dynatrace to consolidate fragmented tools on.

所以我覺得短期內應該會有進展，Keith，但是，首先，我們對新徽標帶來的發展勢頭非常滿意，尤其是對於那些希望使用 Dynatrace 來整合分散工具的客戶來說，這種勢頭非常強勁。

So we continue to make good traction there. You should expect in the near term, kind of over the next year, that it will be a, call it, roughly one-third new logo, two-third expansions. I would clarify, we are not even close to exhausting our ability to expand within our installed base.

因此，我們在那裡持續取得良好進展。預計在不久的將來，也就是接下來的一年裡，大約三分之一會推出新標誌，三分之二會擴張。我想澄清一下，我們距離耗盡現有用戶群的擴張能力還很遠。

We continue to grow. We almost have $0.5 million now per customer. So, and we have many, many million-dollar customers. So the propensity to expand is still pretty material. But near term, I think we're going to be roughly one-third, two-third.

我們持續發展壯大。我們現在平均每位客戶能消費近 50 萬美元。所以，我們有很多很多價值百萬美元的客戶。因此，擴張的趨勢仍然相當顯著。但短期內，我認為我們大概會達到三分之一到三分之二。

We do look at that, Keith, relative to what are the different velocity motions you can do to maybe land a little bit lower, I think, in this cloud AI native world, that's probably an area we continue to get some traction in. But near term, you should expect kind of the mix that I just mentioned.

基思，我們確實在研究這個問題，相對於你可以採取的不同速度運動，或許可以讓你落地得更低。我認為，在這個雲端人工智慧原生世界中，這可能是我們繼續取得一些進展的領域。但就近期而言，你應該會遇到我剛才提到的那種混合情況。

Keith, I would just add that with sensibly the completion of the third-generation platform that is now out there, it does enable us to do a much better job of tuning and targeting to different personas, SRE, platform engineering, particular developers at our Perform conference a couple of weeks ago, we had a full developer day with a ton of developers working on the product and the solution overall. We just did the dev cycle transaction, which enables us to extend a further with regard to feature management.

Keith，我只想補充一點，隨著第三代平台的順利完成，我們能夠更好地針對不同的角色進行調整和定位，例如 SRE、平台工程、特定開發人員。幾週前，在我們的 Perform 大會上，我們舉辦了一整天的開發者活動，許多開發人員參與了產品和整體解決方案的開發。我們剛剛完成了開發週期交易，這使我們能夠在功能管理方面進一步擴展。

So you can expect us to be leaning into development teams and developers as an added persona with a primary intent of generating over the course of time, new logo momentum in unit volume, not just in ACV, which is what Jim was referring to by way of a record quarter in Q3

因此，您可以預期我們將更加重視開發團隊和開發人員，並將他們視為一個重要的角色，其主要目標是隨著時間的推移，在銷量（而不僅僅是年度合約價值）方面推動新品牌的發展，這正是吉姆在第三季度創紀錄的季度業績中所指的。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Great, thanks for taking my questions, guys. Congrats on the consistency, really good to see. I guess for either of you, I wanted to ask about the competitive environment. I guess, both from smaller vendors like (inaudible) getting acquired. But I know investors are also worried that large language model providers at some point might do everything in software. I mean just given that concern, how do you think about the competitive risk from some of these frontier model providers as well?

太好了，謝謝各位回答我的問題。恭喜你保持了穩定的發揮，這真的很好。我想問你們兩位，你們對競爭環境的看法。我猜，既有像（聽不清楚）這樣的小供應商被收購的情況。但我知道投資人也擔心大型語言模型提供者在某個時候可能會完全用軟體實現所有功能。我的意思是，考慮到這種擔憂，您如何看待來自這些前沿模式提供者的競爭風險？

Matt, a lot in that question. Let me start with the first part, which is some of the acquisitions in the industry. And I would just say, as we look at [Kronas] and observe others, we really don't see them in the market very often on a direct competitive basis for us, simply because of our target segment typically being in the global 15,000, the largest accounts on the planet and what they're looking for is end-to-end observability and many of these solutions that you mentioned really have point solutions either focused on logs or focused on metrics, but really not an end-to-end solution that's at all comprehensive to be able to compete against Dynatrace at that level.

馬特，這個問題包含了很多資訊。讓我先從第一部分開始，也就是業界的一些收購案。我想說的是，當我們觀察 Kronas 和其他產品時，我們發現它們在市場上很少與我們構成直接競爭關係，這主要是因為我們的目標客戶通常是全球前 15,000 強企業，也就是地球上最大的客戶，他們需要的是端到端的可觀測性。而您提到的許多解決方案實際上只是針對日誌或指標的局部解決方案，並沒有真正意義上的端到端解決方案，無法與 Dynatrace 在該層面上競爭。

So we always are paranoid about competition. We're looking at moving chess pieces, especially as larger players get into the market. And so we're very observant of that, but at the same time, the smaller players haven't really been competitive in the past.

所以我們總是對競爭感到擔憂。我們正在觀察棋局的變動，尤其是在大型企業進入市場後。因此我們非常關注這一點，但同時，規模較小的玩家過去並沒有真正的競爭力。

With respect to this dialogue around LLMs replicating, observability, that's a longer answer and something that we've been spending a lot of time thinking about to try to give you a succinct response to it, I would say, number one, we view there to be a very sizable difference between enterprise software with standard workflows and infrastructure software like ours with highly dynamic workflows, requiring variable evaluation of billions of interconnected data points.

關於 LLM 複製和可觀測性的討論，這是一個比較複雜的問題，也是我們一直在思考的問題。為了給您一個簡潔的回答，我想說，首先，我們認為具有標準工作流程的企業軟體和像我們這樣具有高度動態工作流程的基礎設施軟體之間存在著非常大的區別，後者需要對數十億個相互關聯的數據點進行可變評估。

Secondly, as I mentioned earlier, we really do see observability as the control plane for enterprise. We don't believe that you can easily replace observability through vibe coding or an LLM instantiation that can do the same thing that we do.

其次，正如我之前提到的，我們確實將可觀測性視為企業的控制平面。我們認為，透過 Vibe 編碼或 LLM 實例化來輕易取代可觀測性並不能達到我們所做的效果。

Third, we really see our focus and our moat really is being architectural and not code based. We have a platform with Smartscape, with Grail, with Dynatrace Intelligence, not just individual point products and the interaction of those becomes quite sophisticated. We have AI increasing complexity across LLM and agentic systems, not reducing it.

第三，我們真正關注的重點和我們的護城河在於架構而不是程式碼。我們擁有一個包含 Smartscape、Grail 和 Dynatrace Intelligence 的平台，而不僅僅是單一產品，這些產品的互動變得非常複雜。人工智慧正在增加LLM和智能體的複雜性，而不是降低複雜性。

And then finally, we've built an extraordinary amount of domain expertise over more than a decade of valuation of AI workflows or workflows based upon the AI analytics that we complete. And we do believe that grounding AI actions in a deterministic and explainable system is much more powerful than using and relying only on probabilistic models.

最後，在過去十多年裡，我們透過對人工智慧工作流程或基於我們完成的人工智慧分析的工作流程進行估值，累積了非凡的領域專業知識。我們確實相信，將人工智慧行為建立在確定性和可解釋的系統中，比僅僅使用和依賴機率模型要強大得多。

So there's a lot to be had in there in terms of additional conversation. But the net of that is we see Dynatrace has a very, very durable solution over the course of the long term for the overall environment we see for managing enterprise AI and sanitation.

所以這裡面有很多可以展開討論的話題。但總的來說，我們看到 Dynatrace 為我們所看到的用於管理企業 AI 和清理的整體環境提供了一個非常持久的解決方案，並且能夠長期有效。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Thanks Rick and Jim. And I thought your answer just then, it was really fascinating. I guess I just want to pivot back to the question earlier on the 4Q guide. I mean I'm calculating the updated guide implies 22% net new ARR growth in constant currency in 4Q. Which, if I'm calculating that correctly. I mean, that would be the biggest net new ARR guide for a long, long time. So just, can you just circle back, what gives you confidence there? Because I know that's the number one question we're going to be receiving like why does Dynatrace have confidence in that number?

謝謝里克和吉姆。我覺得你剛才的回答真是太精彩了。我想回到第四季指南前面提出的問題。我的意思是，根據更新後的指南計算，第四季度以固定匯率計算的淨新增 ARR 成長率為 22%。如果我計算正確的話。我的意思是，這將是很長一段時間以來最大的新增年度經常性收入淨成長指標。所以，可以再補充一點嗎？是什麼讓你在這方面充滿信心？因為我知道我們會收到最多的問題是：為什麼 Dynatrace 對這個數字有信心？

Well, I'll start with why we have confidence in the number, and then I'll clarify what the guide is as far as the growth rate. We have confidence in the number because our pipeline is in incredibly robust. We continue to have significant demand for observability. And so the change we made in the go-to-market side are playing out. So we have, this is just we have good visibility. So our visibility is what drives our conviction, that's one.

好的，我先解釋一下我們為什麼對這個數字有信心，然後再闡明成長率的指導原則。我們對這個數字充滿信心，因為我們的生產線非常穩健。我們對可觀測性的需求依然十分旺盛。因此，我們在市場推廣方面所做的改變正在發揮作用。所以，我們這裡視野很好。所以，我們的知名度是驅動我們信念的因素之一。

I'd say relative to the guide, and this probably just puts and takes relative to FX. At the high end of the guide, it would imply another quarter of double-digit growth. It's not 20, it's like in the kind of 10% or 11% in the fourth quarter relative to the guide. But still quite robust. Again, four quarters of double-digit net new ARR growth which is continued in building momentum in the business.

我覺得是相對於指南而言的，而這可能只是相對於 FX 而言的調整。根據該指導方針的上限預測，這意味著未來一個季度將實現兩位數成長。不是 20%，而是第四季相對於指導值的 10% 或 11% 左右。但依然相當穩健。再次連續四季實現兩位數淨新增 ARR 成長，業務持續保持成長動能。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Hello. Thanks. A couple of small ones. First of all, if you could give us an update on how your security strike teams are doing, if there's any progress there? And then, Rick, I want to go back to your answer about LLMs and what they can do to observability. The opportunity is very clear. Again, just on the cost side, you just announced Dynatrace Intelligence, which sounds fascinating.

你好。謝謝。幾個小的。首先，能否請您介紹一下您的安全突擊隊的工作進度？是否有任何進展？然後，里克，我想回到你關於LLM以及它們對可觀測性的影響的回答。機會非常明確。再說一下成本方面，你們剛剛發布了 Dynatrace Intelligence，聽起來非常吸引人。

I guess logically speaking, it would seem that customers would find this as the way to interact with your system longer term. I guess the question is, again, could agent, third-party agents just intermediate you and actually replace Dynatrace Intelligence and third-party agents can do that?

從邏輯上講，我認為客戶會認為這是與您的系統進行長期互動的方式。我想問的是，第三方代理能否充當中間人，實際上取代 Dynatrace Intelligence？第三方代理確實可以做到這一點。

And somehow, again, you get step removed from the customer system working in the background and customers only engaging with third-party agents to interact with your system. Wouldn't that this intermediate the value that you bring to your customers?

不知何故，你又一次與後台運行的客戶系統脫節，客戶只能透過第三方代理與你的系統互動。這豈不是會削弱你為顧客帶來的價值嗎？

Thanks, Ittai. On security, it continues to be an important business for us. It's growing nicely. We said that it would take us longer to get to the $100 million level than logs a few quarters back, but we see ongoing progress there. We do see the ongoing convergence of security and observability, so no change there.

謝謝你，伊泰。在安保方面，它仍然是我們非常重要的業務。它長得很好。幾個季度前我們說過，要達到 1 億美元的水平，我們需要比原木更長的時間，但我們看到這方面正在取得持續進展。我們確實看到了安全性和可觀測性的持續融合，所以這方面沒有改變。

And our security strategy remains to be focused on observability buyer as opposed to the CISO where we have relationships today. So that continues to be our strategy, our focus and our evolution of security and the security strike team.

我們的安全策略仍然專注於可觀測性購買者，而不是我們目前與之建立關係的首席資訊安全長 (CISO)。所以，這仍然是我們的策略、重點以及我們對安全和安保突擊隊的改進方向。

On the overall LLM environment, I think I covered it relatively completely. I would only, I guess I would only add that no, we don't see it as highly likely that an LLM is going to be able to replicate Dynatrace for all the reasons I described.

關於LLM的整體環境，我認為我已經介紹得比較全面了。我只想補充一點，不，我們認為LLM不太可能複製Dynatrace，原因正如我所描述的那樣。

In particular, we see that in a highly variable environment that is playing out on a day-to-day basis with all of these interconnections within that environment in large enterprises that it would be very, very difficult for any AI piece of solution or a piece of software to then replicate that environment for all the reasons I described.

尤其值得注意的是，在大型企業中，每天都在高度變化的環境中，各種相互聯繫錯綜複雜，任何人工智慧解決方案或軟體都很難複製這種環境，原因正如我所描述的那樣。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great, thanks for taking the questions here guys. It was great to get some of the data points around average land and new logo growth, et cetera. But maybe for Jim, I want to ask about DBNR with the stabilization we've been able to demonstrate here at the 111. Can you help us think through where we are in driving an improvement in this metric, just given the go-to-market maturity that you are talking to in these observability deals as well as where are we in that DPS renewal cycle? That would be terrific. Thank you so much.

太好了，謝謝各位回答問題。能夠獲得一些關於平均土地面積和新徽標增長等方面的數據點真是太好了。但也許對於吉姆來說，我想問一下關於 DBNR 以及我們在 111 號設備上展示的穩定性的問題。鑑於您在可觀測性交易中談到的市場推廣成熟度，以及我們在 DPS 續約週期中所處的階段，您能否幫助我們思考一下，我們在推動該指標改進方面處於什麼階段？那真是太好了。太感謝了。

Thanks, Mike. So again, we're pleased to see a continued stabilization in dollar-based net retention rate at $1.11. I think I mentioned this in the past that our sales organization is focused on maximizing bookings. So you're going to have some quarters where you're more new logo heavy, you're going to have some quarters where you're more expansion heavy. But I would say, Mike, we are still in the building phase.

謝謝你，麥克。所以，我們很高興看到以美元計價的淨留存率持續穩定在 1.11 美元。我想我之前也提到過，我們的銷售團隊正致力於最大限度地提高預訂量。所以有些季度你會更注重新標誌的發布，有些季度你會更注重擴張。但我想說，麥克，我們目前仍處於建設階段。

You mentioned EPS that in fiscal '27 will be kind of your first full three-year cohort classes coming, so that you'll have a one-year, two-year, three-year cohort classes. So there is a building momentum going into fiscal '27 that to the extent we can continue to execute, you should see an inflection in that metric.

您提到 EPS 在 2027 財政年度將迎來你們的第一批完整的三年制班級，所以你們將有一年制、兩年制和三年制班級。因此，進入 2027 財年，勢頭正在增強，如果我們能夠繼續執行下去，你應該會看到該指標出現拐點。

Brad Reback, Stifel.

Brad Reback，Stifel。

Great, thanks. Rick, in an increasingly agentic world, do you feel you'll need to evolve your pricing kind of paradigm in order to properly monetize. Thanks.

太好了，謝謝。Rick，在一個日益自主的世界裡，你是否覺得你需要改變你的定價模式才能真正獲利？謝謝。

It's a good question, Brad. The way that we articulated in my prepared remarks and the way that we see it evolving is that we monetize the agentic world in two ways. Number one, through increased workloads and increased overall usage of the platform through Grail, through Smartscape and in delivery of the analytics that we provide on all day everyday basis.

布拉德，問得好。我在準備好的發言稿中闡述的方式，以及我們看到它發展的方式，就是我們透過兩種方式將代理世界貨幣化。第一，透過 Grail、Smartscape 平台以及我們每天提供的分析服務，增加了工作負載和平台的整體使用量。

Secondly is we do expect to monetize directly agentic workloads. So with a combination of those two elements, we do believe that there is direct monetization of the agentic AI element. And if you look at Dynatrace Intelligence, overall, it really does have both components that number one, it has the component deterministic AI to evaluate what's happening in your environment with certainty and through causation and context.

其次，我們確實希望直接將代理工作負載貨幣化。因此，結合這兩個要素，我們相信智能AI要素可以直接實現貨幣化。如果你仔細觀察 Dynatrace Intelligence，你會發現它確實包含了兩個組成部分：第一，它擁有確定性 AI 元件，能夠透過因果關係和上下文，確定性地評估你的環境中正在發生的事情。

We then take those answers and then deliver those into an AI environment that is agentic in nature where either a Dynatrace agent or a third-party agent through an ecosystem that is essentially orchestrated by Dynatrace can take action. And it is through that agenetic workflow that we can provide additional monetization.

然後，我們將這些答案傳遞給一個具有智能體的 AI 環境，在這個環境中，Dynatrace 智能體或第三方智能體可以透過一個本質上由 Dynatrace 協調的生態系統採取行動。正是透過這種自動化工作流程，我們可以提供額外的獲利機會。

Miller Jump, Truist Securities.

Miller Jump，Truist Securities。

Hey, great. Thank you for taking my question. I know we aren't guiding to '27 right now, but I was just hoping to understand how you're thinking about hiring as we zoom out? Specifically curious if there's AI efficiencies that you're potentially getting on head count or if some of the initiatives you've talked about are causing you to lean in further on hiring maybe in the year ahead? Thanks.

嘿，太好了。感謝您回答我的問題。我知道我們現在還沒有把目光投向2027年，但我只是想了解一下，隨著我們把目光放長遠，你們是如何考慮招募問題的？我特別想知道，人工智慧是否能提高你們在人員配置上的效率？或者，你們提到的一些措施是否會導致你們在未來一年進一步加強招募？謝謝。

Yeah. We're not going to guide here for fiscal '27. But I can tell you that, your point about leveraging AI or internal productivity is something we continue to leverage within Dynatrace. And so in that regard, that will continue. That will certainly be a source of kind of moderating hiring in certain areas, whether they be customer support, G&A, driving more sales productivity.

是的。我們這裡不提供 2027 財政年度的指導。但我可以告訴你，你提到的利用人工智慧或內部生產力這一點，正是我們在 Dynatrace 內部持續利用的。因此，在這方面，這種情況還會持續下去。這肯定會對某些領域的招募起到一定的調節作用，無論是客戶支援、一般及行政管理，或是提高銷售效率。

I don't think it's necessarily going to be a driver of us not hiring in the R&D space, even though we're leveraging heavily AI within that realm as well to make our developers more productive. So we'll continue to hire in R&D notably. And then I'd say hiring thereafter is going to be kind of more moderated

我不認為這一定會導致我們不在研發領域招聘，儘管我們也在該領域大量利用人工智慧來提高開發人員的生產力。因此，我們將繼續加大研發方面的招募力道。然後我認為，此後的招募力道會更加溫和一些。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Oh great. Hey guys, thanks. Jim, great to hear of the 20%-plus consumption growth continued. How should we think about the gap of that between ARR and revenue growth? What drives the convergence of those two over? And what time frame would that look like?

哦，太好了。嘿，夥計們，謝謝。吉姆，很高興聽到消費成長率持續維持在20%以上。我們該如何看待年度經常性收入（ARR）與營收成長之間的差距？是什麼促成了這兩者之間的融合？那大概要花多久時間？

Yeah, it's a good question. We've gotten that, that was one of the reasons why in our prepared remarks, I didn't comment on consumption growth. It's very healthy. DPS is playing out the way we expected. I would say there is going to be, there's certainly a lag between consumption growing at those rates and seeing it manifest itself in an expansion.

是的，這是個好問題。我們已經明白這一點，這也是為什麼在事先準備好的發言稿中，我沒有對消費成長發表評論的原因之一。它非常健康。DPS的表現和我們預期的一樣。我認為肯定會有滯後，消費以這種速度成長與經濟擴張之間肯定存在滯後。

Sometimes you're seeing early expansion, sometimes you do not. So I'd say that there's no simple answer to that. I'd say there is an elongated time period between consumption growth and then seeing ARR acceleration that comes thereafter. But again, the whole premise of getting customers onto the platform for DPS is get them to consume more. Consuming more means they are getting more value.

有時你會看到早期擴張，有時則不會。所以我覺得這個問題沒有簡單的答案。我認為，消費成長與隨後出現的年度經常性收入加速成長之間存在著一個較長的過渡期。但話說回來，DPS 吸引顧客加入平台的根本目的就是讓他們消費更多。消費越多，意味著他們獲得的價值就越多。

More value means likely an early expansion because they're trialing something that maybe they weren't using before. And so even when consumption growth is healthy, there are other reasons why customers expand. They expand because they're entirely new use cases that they're looking at. And so again, look at our performance around driving double-digit net new ARR growth, our expectation is we want to continue to do that going into fiscal '27.

更高的價值意味著可能提前擴張，因為他們正在嘗試一些以前可能沒用過的東西。因此，即使消費成長健康，顧客擴張也有其他原因。他們之所以擴張，是因為他們正在探索全新的應用程式場景。因此，再次看看我們在推動兩位數淨新增 ARR 成長方面的表現，我們期望在 2027 財年繼續保持這一成長勢頭。

Brent Thrill, Jefferies.

布倫特·斯里爾，傑富瑞集團。

Great, thanks. Just on the go-to-market side, if you can maybe talk through the plans on the sales hiring front rep capacity, how you're seeing, obviously, you're getting great production, good to see the good results. But maybe if you could just walk through what you're seeing there and what you're expecting to do in terms of the overall distribution adds over the next year?

太好了，謝謝。就市場推廣方面而言，如果您能談談銷售招聘第一線代表能力方面的計劃，以及您目前取得的良好業績，那就太好了。顯然，你們的業績非常出色，很高興看到這樣的好結果。但或許您可以詳細解釋一下您目前看到的情況，以及您預計在未來一年內整體分銷方面會採取哪些措施？

I'll take that. We continue to drive improvements in sales rep productivity. So we will continue to hire reps. It's important to remind investors that, it's not just reps that drive this productivity. We've continued to get significant traction with leveraging our partner channels, notably GSIs and the hyperscalers continue to be a source. So continued improvement in productivity per rep. So hiring will continue. We'll have more to say about what we're going to do in that space in the Q4 call, but that's what you should expect as you think about fiscal '27.

我接受。我們持續致力於提高銷售代表的工作效率。因此我們將繼續招募銷售代表。需要提醒投資者的是，推動這種生產力的不僅是銷售代表。我們透過利用合作夥伴管道持續取得顯著進展，特別是全球系統整合商 (GSI) 和超大規模資料中心仍然是重要的資源來源。因此，每次重複操作的生產效率持續提高。因此，招聘工作將會繼續進行。我們將在第四季度電話會議上詳細說明我們在該領域將要採取的行動，但這就是您在考慮 2027 財年時應該期待的內容。

Thanks very much to you all. That brings us to the end of our call. We very much appreciate your gauge questions, your ongoing support. To close, we believe that observability is becoming increasingly critical to the overall software ecosystem in delivering reliable software and AI. We have very strong conviction as we entered Q4 with momentum headed into FY27.

非常感謝大家。通話到此結束。我們非常感謝您提出的有關量具的問題，以及您一直以來的支持。最後，我們認為，可觀測性對於提供可靠的軟體和人工智慧的整個軟體生態系統而言正變得越來越重要。進入第四季度，我們對2027財年充滿信心，並保持著強勁的發展勢頭。

We are enthusiastic about what we see ahead from a customer standpoint and from the number of personas engaged in and requiring observability solutions to deliver the outcomes they seek. We very much look forward to connecting with you at our events over the coming months, and we wish you all a very good day. Thank you.

從客戶的角度來看，我們對未來的發展前景感到非常興奮，因為越來越多的使用者角色正在參與並需要可觀測性解決方案來實現他們所期望的結果。我們非常期待在接下來的幾個月與您在我們的活動中相聚，並祝您今天一切順利。謝謝。

Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

女士們、先生們，今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。