Dynatrace, Inc (DT) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Dynatrace fourth-quarter and full year fiscal 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Dynatrace 2026 會計年度第四季與全年財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

I would now like to turn the call over to your host, Noelle Faris, Vice President of Investor Relations. Thank you. You may begin.

現在我想把電話交給本次會議主持人——投資人關係副總裁 Noelle Faris。謝謝。您可以開始了。

Good morning, and thank you for joining Dynatrace's fourth-quarter and full year 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.

各位早安，感謝您參加 Dynatrace 2026 會計年度第四季與全年財報電話會議。今天與我一同出席的有執行長 Rick McConnell，以及財務長 Jim Benson。在開始之前，請注意今天的發言包含前瞻性陳述，例如關於營收、獲利指引與經濟狀況的陳述。

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 our upcoming annual report on Form 10-K that we plan to file later this month. The forward-looking statements contained in this call represent the company's views on May 13, 2026.

由於 Dynatrace 向美國證券交易委員會（SEC）提交的文件中所討論的多項風險與不確定性（包括我們最近一期的 Form 10-Q 季報，以及我們計畫於本月稍晚提交的 Form 10-K 年報），實際結果可能與我們的預期有重大差異。本次電話會議所包含的前瞻性陳述，代表公司截至 2026 年 5 月 13 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.

對於因新資訊、未來事件或情勢所導致的變化，我們不承擔更新這些陳述的義務。除非另有說明，我們今天討論的成長率皆為年對年（YoY）且為非 GAAP 指標，反映固定匯率（constant currency）成長；每股金額以稀釋後基礎計算。我們也將在今天的電話會議中討論其他非 GAAP 財務衡量指標。

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 與 GAAP 指標之間的調節表，請參閱今日的財報新聞稿與補充簡報，兩者皆已發布於我們投資人關係網站（IR）之「財務結果」專區。

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

接下來，我把電話交給我們的執行長 Rick McConnell。

Thanks, Noelle, and good morning, everyone. Thank you for joining us for today's call. Dynatrace delivered a strong finish to fiscal 2026, marked by meaningful scale, durable execution and continued innovation. In particular, we surpassed $2 billion in ARR and delivered our fourth consecutive quarter of 16% ARR growth. We drove continued traction in logs, now well over $100 million in annualized consumption, growing more than 100% per year.

謝謝 Noelle，各位早安。感謝大家參加今天的電話會議。Dynatrace 在 2026 會計年度以強勁表現收官，展現出具意義的規模、穩健的執行力與持續的創新。尤其是，我們的 ARR 超過 20 億美元，並連續第四個季度達成 16% 的 ARR 成長。我們在 logs 方面持續取得進展，目前年化用量已遠超過 1 億美元，年成長率超過 100%。

We launched major platform innovations, including Dynatrace Intelligence and domain-specific AI agents. We advanced our cloud-native integrations across AWS, Azure and GCP, moving operations from reactive monitoring to autonomous action. We extended our agentic AI ecosystem with native connectivity to Anthropic's Claude Code, deepened our integration with ServiceNow and broadened developer workflow integrations with GitHub Copilot.

我們推出多項重大平台創新，包括 Dynatrace Intelligence 與特定領域（domain-specific）的 AI 代理（agents）。我們推進在 AWS、Azure 與 GCP 的雲原生整合，將營運從被動式監控轉向自主化行動。我們也透過與 Anthropic 的 Claude Code 原生連接，擴展我們的代理式 AI（agentic AI）生態系；深化與 ServiceNow 的整合；並透過 GitHub Copilot 擴大開發者工作流程整合。

We acquired DevCycle, a feature management company as well as Bindplane, an open-standards-based telemetry pipeline company as we entered the new fiscal year. We maintained a leadership position in all major third-party analyst reports for Observability and AIOps -- and we delivered robust operating and pre-tax free cash flow margins.

在進入新會計年度之際，我們收購了功能管理公司 DevCycle，以及以開放標準為基礎的遙測管線公司 Bindplane。我們在所有主要第三方分析師報告中，於 Observability 與 AIOps 領域維持領導地位——同時也交出強勁的營運與稅前自由現金流利潤率。

Our consistent performance in fiscal 2026 underscores the growing criticality of Observability, the strength of our strategy and the value of our platform to customers. Jim will share more details about our Q4 financial performance and fiscal 2027 guidance in a moment. In the meantime, I'd like to cover four topics. How AI is reshaping the Observability market, why we believe Dynatrace is unique, Q4 customer highlights and the growth opportunity ahead.

我們在 2026 會計年度的穩健表現，凸顯 Observability 的關鍵性日益提升、我們策略的強度，以及我們平台為客戶帶來的價值。稍後 Jim 會分享更多第四季財務表現與 2027 會計年度指引的細節。在此之前，我想談四個主題：AI 如何重塑 Observability 市場、我們為何認為 Dynatrace 具獨特性、第四季客戶亮點，以及未來的成長機會。

To begin, Observability is entering a new era, one in which Observability is more mission-critical than ever. But a new set of demands is reshaping what Observability must deliver. Observability has already become foundational for enterprises looking to deliver business resilience amidst growing workload complexity and data volumes.

首先，Observability 正進入新時代——在這個時代，Observability 比以往任何時候都更具任務關鍵性。但一組新的需求正在重塑 Observability 必須交付的內容。Observability 已成為企業在工作負載複雜度與資料量持續增加的情況下，仍能提供業務韌性（business resilience）的基礎。

And increasingly, organizations are looking to leverage their Observability solution to evolve toward autonomous operations, enabling software to auto prevent, auto remediate and auto optimize. Adopting this approach requires organizations to trust the accuracy of the data that fuels agents to take action. Deterministic and causal insights from Dynatrace allow our platform to become the system of record so that development and SRE teams and increasingly AI agents can act with confidence to deliver what we refer to as answers, not guesses. Beyond business resilience, organizations now need Observability for reliable AI.

而且，越來越多組織希望運用其 Observability 解決方案，朝向自主化營運演進，使軟體能自動預防（auto prevent）、自動修復（auto remediate）與自動最佳化（auto optimize）。採用此方法需要組織信任驅動代理採取行動之資料的準確性。Dynatrace 的確定性（deterministic）與因果洞察（causal insights）使我們的平台能成為系統紀錄（system of record），讓開發與 SRE 團隊，以及日益增加的 AI 代理，能有信心地採取行動，交付我們所稱的「答案，而非猜測」。除了業務韌性之外，組織如今也需要 Observability 來確保可靠的 AI。

The former addresses the question of, is it working? The latter addresses the question of, is it accurate? Namely, is the content coming from AI models trustworthy in driving action and or credible in providing recommendations to end users. AI also adds yet another layer to the software stack, increasing the need for more Observability.

前者回答的是「是否在運作？」後者回答的是「是否準確？」也就是說，AI 模型產出的內容是否值得信賴，能否用來驅動行動，或是否具可信度以向終端使用者提供建議。AI 也為軟體堆疊增加了另一層，進一步提升對 Observability 的需求。

Enterprises are deploying new agents, models, orchestration layers and agentic architectures that behave differently than traditional systems. Their environments generate dramatically more telemetry, connect decisions across agents and introduce probabilistic behavior that must still operate safely, securely and at enterprise scale.

企業正在部署新的代理、模型、編排層（orchestration layers）與代理式架構（agentic architectures），其行為方式不同於傳統系統。這些環境會產生大幅更多的遙測資料（telemetry），在代理之間串聯決策，並引入機率性行為（probabilistic behavior），但仍必須在企業規模下安全、可靠且具資安防護地運作。

Organizations now require continuous validation of system and agent behavior, governance and auditability of autonomous decisions, cost control across GPU-intensive infrastructure and strong security management. As a result, software development life cycles are evolving as well, requiring organizations to operate in two modes.

組織如今需要對系統與代理行為進行持續驗證、對自主決策進行治理與可稽核性（auditability）、對 GPU 密集型基礎設施進行成本控管，以及強健的資安管理。因此，軟體開發生命週期也在演進，要求組織以兩種模式運作。

The first is human-led with development teams building and operating resilient systems. These teams are increasingly augmented by AI-powered Observability that drives intelligent automation, agentic workflows and progressively more autonomous operations. We continue to invest to expand our reach in this area by extending left to provide development teams, platform engineers and SREs with the Observability functionality needed to put workloads into production faster.

第一種是以人為主導（human-led）：由開發團隊建置並營運具韌性的系統。這些團隊正日益由 AI 驅動的 Observability 所增強，進而推動智慧自動化、代理式工作流程（agentic workflows）以及逐步更自主的營運。我們持續投資以擴大在此領域的觸及範圍，透過向左延伸（extend left），為開發團隊、平台工程師與 SRE 提供所需的 Observability 功能，使工作負載能更快投入生產環境。

Second mode is agent-led, resulting in AI-first environments in which agents themselves are primarily acting as the builders and operators. In this environment, Observability insights are consumed directly by the agents in the creation and oversight of delivered software. And those insights are crucial to the effective and trustworthy operation of the environment.

第二種模式是以代理為主導（agent-led）：形成 AI-first 的環境，在其中代理本身主要扮演建置者與營運者。在此環境中，Observability 洞察會被代理直接消費，用於已交付軟體的建立與監督。而這些洞察對於環境有效且值得信賴的運作至關重要。

We believe the winner in Observability will be the provider that can meet the needs of both human-led and agent-led environments with a shared system of truth that spans both modes across AI, cloud-native and traditional workloads. This is the moment for which the Dynatrace platform has been built. Serving customers in both modes with the trust and accuracy that autonomous operations demand and the reliability that AI-driven initiatives require is exactly what the Dynatrace platform was built to do.

我們相信，Observability 的贏家將是能同時滿足人為主導與代理主導環境需求的供應商，並以跨越兩種模式、涵蓋 AI、雲原生與傳統工作負載的共享真實系統（system of truth）為基礎。這正是 Dynatrace 平台為之打造的時刻。以自主化營運所要求的信任與準確性，以及 AI 驅動計畫所需要的可靠性，服務兩種模式的客戶，正是 Dynatrace 平台的設計初衷。

So why do we believe Dynatrace is unique? It is because our advantage is architectural, not feature-based. Dynatrace is built as a real-time context engine that operates at massive scale across millions of monitored entities and exabytes of data, all connected and all in real time. By combining deterministic AI with Agentic capabilities, we deliver faster, more accurate insights than approaches that rely on agentic AI alone.

那麼，為何我們認為 Dynatrace 具獨特性？因為我們的優勢來自架構，而非功能堆疊。Dynatrace 被打造為即時情境引擎（real-time context engine），能在龐大規模下運作，跨越數百萬個受監控實體與 EB 級（exabytes）資料，所有訊號彼此連結且皆為即時。透過結合確定性 AI 與代理式能力（Agentic capabilities），我們能比僅依賴代理式 AI 的方法提供更快、更準確的洞察。

This level of intelligence, speed and efficiency cannot be achieved with point solutions that offer visibility without causality. And this is why so many of the largest organizations in the world rely on Dynatrace. As enterprises increasingly operate in agent-led environments, this architectural advantage compounds. Every new workload, AI service and agent added to the Dynatrace platform deepens causal context, strengthens autonomous reasoning and extends the gap between fragmented visibility and the unified intelligence that only Dynatrace delivers.

僅提供可視性而缺乏因果性的點狀解決方案，無法達到這種智慧程度、速度與效率。這也是為何全球眾多最大型的組織仰賴 Dynatrace。隨著企業日益在代理主導環境中運作，這項架構優勢會持續放大。每新增一個工作負載、AI 服務與代理到 Dynatrace 平台，都會加深因果情境、強化自主推理，並進一步拉大「碎片化可視性」與「唯有 Dynatrace 能交付的統一智慧」之間的差距。

That intelligence is built on three integrated components of our third-generation platform. Grail has an extensible AI data lake house that connects every signal across an enterprise's digital environment. Smartscape has the real-time integrated topology graph and Dynatrace Intelligence delivering both answers as well as action. Together, these three elements provide durable competitive differentiation.

這種智慧建立在我們第三代平台的三個整合元件之上。Grail 擁有可擴充的 AI data lakehouse，可連結企業數位環境中的每一個訊號。Smartscape 具備即時整合的拓撲圖（topology graph），而 Dynatrace Intelligence 則同時提供答案與行動。這三個要素共同構成持久的競爭差異化。

For other providers that add capabilities across stitch data stores, it's difficult to reproduce a unified data foundation with real-time causality plus trustworthy automation in the most complex mission-critical environments and certainly extremely difficult to do so in the time frame AI demands. We've now delivered agents across three domains, and customers are already using them in production to coordinate agents to take end-to-end action.

對於其他供應商而言，即使在拼接資料儲存（stitch data stores）的基礎上增加能力，也很難在最複雜、任務關鍵的環境中重現具備即時因果性、統一的資料基礎與值得信賴的自動化；而要在 AI 所要求的時間框架內做到，更是極其困難。我們目前已在三個領域交付代理，客戶也已在生產環境中使用它們，協調代理採取端到端行動。

Our SRE agent handles tasks such as Kubernetes, troubleshooting, infrastructure optimization and automated incident resolution. Our developer agent supports use cases that surface production context during deployment, validate changes and prevent issues before they reach customers. And our security agent identifies vulnerabilities, triaging threats and accelerating security response, all in real time.

我們的 SRE 代理可處理 Kubernetes、疑難排解、基礎設施最佳化與自動化事件解決等任務。我們的開發者代理支援在部署期間呈現生產環境情境、驗證變更，並在問題觸及客戶之前加以預防。我們的資安代理則可識別弱點、分流與分級威脅（triaging threats），並加速資安回應——全程即時進行。

That intelligence extends beyond the Dynatrace platform itself. Ecosystem integrations then enable agentic interactions to extend Dynatrace intelligence into third-party tools from ServiceNow and GitHub to the hyperscalers to drive autonomous actions across development, SRE, ITSM and ITOps workflows. What separates Dynatrace's agents from others is the deterministic foundation underneath, real root cause analysis, anomaly detection and forecasting grounded in Grail.

這種智慧也延伸至 Dynatrace 平台之外。生態系整合使代理式互動得以將 Dynatrace 的智慧延伸到第三方工具——從 ServiceNow 與 GitHub 到超大規模雲端供應商（hyperscalers）——以推動跨開發、SRE、ITSM 與 ITOps 工作流程的自主行動。Dynatrace 的代理與其他方案的差異，在於其底層的確定性基礎：真正的根因分析（root cause analysis）、異常偵測與預測，皆以 Grail 為依據。

That's not AI that guesses, it's AI that reasons from facts. More than 500 customers are deploying Dynatrace's agentic capabilities to run operations autonomously and extend that intelligence into AI development tools like Claude Code and GitHub Copilot. At the same time, more than 850 customers are using Dynatrace to observe and trust AI and LLM workloads in production today.

這不是會猜測的 AI，而是基於事實推理的 AI。超過 500 家客戶正在部署 Dynatrace 的代理式能力，以自主方式執行營運，並將該智慧延伸至 Claude Code 與 GitHub Copilot 等 AI 開發工具。同時，超過 850 家客戶正使用 Dynatrace 來觀測並信任其在生產環境中的 AI 與 LLM 工作負載。

Enterprises aren't just managing their environments with the Dynatrace platform. They're using it as the intelligent foundation for AI agents across their ecosystem, creating a critical role for Dynatrace as AI adoption accelerates. This momentum is increasingly evident in customer wins across multiple buying personas, highlighting four examples from Q4.

企業不僅僅是透過 Dynatrace 平台來管理其環境。他們正將其作為整個生態系中 AI 代理的智慧基礎，隨著 AI 採用加速，Dynatrace 的關鍵角色也日益凸顯。這股動能在多種採購角色的客戶贏單中愈發明顯，以下列出第四季的四個例子。

One of the largest banks in Brazil signed a seven-figure expansion and is standardizing on Dynatrace with 100% OpenTelemetry data flowing into Grail, choosing Dynatrace for an open scalable architecture with a clear runway for broader platform expansion. Another large US-based airline selected Dynatrace as a 7-figure new logo through a partner-originated opportunity.

巴西最大的銀行之一簽署了一筆七位數的擴充合約，並以 100% OpenTelemetry 資料流入 Grail 的方式將 Dynatrace 標準化，選擇 Dynatrace 是因其開放且可擴展的架構，並具備清晰的更廣泛平台擴張路徑。另一家美國大型航空公司則透過合作夥伴主導的商機，選擇 Dynatrace 作為一筆七位數的新客戶（new logo）。

They chose Dynatrace to consolidate a complex multi-vendor environment to improve business Observability outcomes and reduce operational disruption. A leading hospitality SaaS provider consolidated on to Dynatrace as a seven-figure new logo, displacing legacy tooling and invoking end-to-end visibility across their cloud-native platform.

他們選擇 Dynatrace 以整合複雜的多供應商環境，改善業務可觀測性（Observability）成果並降低營運中斷。一家領先的旅宿業 SaaS 供應商也以七位數新客戶的形式整合至 Dynatrace，取代既有工具，並在其雲原生平台上實現端到端可視性。

And in AI native security platform selected Dynatrace as a seven-figure new logo to deliver end-to-end Observability across AWS. Together, these wins reflect increasing demand for an end-to-end AI-powered Observability Platform in the most complex environments. Looking ahead, our strategy is to win with both human-led and agent-led operating modes on a single platform.

此外，一家 AI 原生安全平台也選擇 Dynatrace 作為七位數新客戶，以在 AWS 上提供端到端可觀測性。綜合而言，這些贏單反映出在最複雜環境中，市場對端到端、AI 驅動的可觀測性平台需求日益增加。展望未來，我們的策略是在單一平台上同時以「人為主導」與「代理主導」兩種運作模式取勝。

Our product and go-to-market approaches reflect this dual reality, combining enterprise engagement focused on business outcomes with a strong developer motion that enables agentic workflows to expand at scale. This strategy leads us to an expanded set of growth drivers for FY27. First, our go-to-market investments in both direct sales and partner enablement have improved productivity and deal quality.

我們的產品與上市（go-to-market）策略反映了這種雙重現實：一方面以聚焦業務成果的企業級互動為核心，另一方面以強勁的開發者動能推動，使代理式工作流程能夠規模化擴張。此策略也引導我們在 FY27 擴大成長驅動因素。首先，我們在直銷與合作夥伴賦能上的 go-to-market 投資，已提升生產力與交易品質。

End-to-end platform deals are getting larger and more strategic with Q4 annual contract value of anchor deals up 60%, with a record 22 deals with incremental annual contract value over $1 million. DPS, which now represents greater than 75% of ARR also continues to produce double the platform adoption and consumption of non-DPS customers.

端到端平台交易正變得更大且更具策略性，第四季主力（anchor）交易的年度合約價值（ACV）成長 60%，並創下紀錄：有 22 筆交易的新增年度合約價值超過 100 萬美元。DPS 目前占 ARR 超過 75%，相較非 DPS 客戶，仍持續帶來兩倍的平台採用與使用量（consumption）。

Second, cloud growth is an accelerating tailwind with the major hyperscalers now growing at 40% annually. As customers scale hybrid and multi-cloud architectures across AWS, Azure and Google Cloud, Dynatrace's expanding cloud-native integrations and automation drive sustained platform usage as complexity and scale increase.

第二，雲端成長正成為加速的順風，主要超大規模雲服務商（hyperscalers）目前年增率達 40%。隨著客戶在 AWS、Azure 與 Google Cloud 上擴展混合雲與多雲架構，Dynatrace 持續擴大的雲原生整合與自動化能力，將在複雜度與規模提升時推動平台使用的持續成長。

Third, logs and telemetry pipelines represent a meaningful consumption and displacement opportunity. With our Bindplane acquisition now complete and resulting in expanded ingest from OpenTelemetry, we are simplifying telemetry collection and routing at scale, reducing friction for customers to bring more data into Dynatrace, and we are accelerating time to value plus consumption growth.

第三，日誌與遙測管線代表重要的使用量（consumption）與替換（displacement）機會。隨著我們對 Bindplane 的收購完成，並帶來來自 OpenTelemetry 的更大資料匯入（ingest），我們正在簡化大規模的遙測蒐集與路由，降低客戶將更多資料導入 Dynatrace 的摩擦，同時加速價值實現時間並推動使用量成長。

Fourth, agentic AI itself is an expansion driver. As agentic development accelerates, customers need more context, precise answers, governance and closed-loop automation, areas in which Dynatrace is structurally advantaged. And finally, developers are a long-term growth engine through the integration of Dynatrace Observability into AI development life cycles, including support for Claude Code, Cursor and GitHub Copilot.

第四，代理式 AI 本身就是擴張驅動因素。隨著代理式開發加速，客戶需要更多情境脈絡、精準答案、治理以及閉環自動化，而這些正是 Dynatrace 具備結構性優勢的領域。最後，開發者是長期成長引擎，透過將 Dynatrace 可觀測性整合進 AI 開發生命週期，包括支援 Claude Code、Cursor 與 GitHub Copilot。

With our DevCycle acquisition, we extend this opportunity even further, expanding Dynatrace's footprint earlier in the life cycle and driving durable usage over time. To close, Observability is already mission-critical infrastructure for AI-driven enterprises. Context and domain knowledge make Dynatrace not only durable, but essential in an AI-first world.

透過我們對 DevCycle 的收購，我們將此機會進一步擴大，使 Dynatrace 能更早切入生命週期並隨時間推動更持久的使用。總結而言，可觀測性已是 AI 驅動企業的關鍵任務型基礎設施。情境與領域知識使 Dynatrace 不僅具備長期韌性，更在 AI 優先的世界中不可或缺。

We believe we are uniquely positioned with a differentiated end-to-end platform, providing the intelligence engine and AI control plane that produce both insights as well as autonomous action. With tailwinds in cloud and AI plus Dynatrace-specific growth drivers, we are focused on accelerating ARR growth in fiscal 2027 and enthusiastic about the year ahead.

我們相信，憑藉差異化的端到端平台，我們具備獨特定位，提供能產出洞察與自主行動的智慧引擎與 AI 控制平面。在雲端與 AI 的順風，以及 Dynatrace 特有的成長驅動因素加持下，我們專注於在 2027 會計年度加速 ARR 成長，並對未來一年充滿期待。

Jim, over to you.

Jim，交給你。

Thank you, Rick, and good morning, everyone. As we close out fiscal '26, I want to take a moment to reflect on the execution and underlying momentum for Dynatrace over the past year. At the start of the fiscal year, we laid out a road map designed to put the company on the path to ARR acceleration. We talked about the growing trend of large enterprise customers seeking end-to-end Observability solutions.

謝謝你，Rick，各位早安。在我們結束 2026 會計年度之際，我想花點時間回顧 Dynatrace 過去一年的執行成果與背後的成長動能。在會計年度開始時，我們提出了一份路線圖，旨在讓公司走上 ARR 加速的軌道。我們談到大型企業客戶尋求端到端可觀測性解決方案的趨勢日益增長。

The maturation of our go-to-market transformation, the powerful consumption economics of our Dynatrace Platform Subscription or DPS licensing model, the expanding opportunity in logs and the secular tailwinds driving Observability adoption in an AI-first world. All of these were strategic underpinnings to stabilize ARR growth in fiscal '26 and position us for future acceleration.

我們的 go-to-market 轉型日趨成熟、Dynatrace 平台訂閱（Dynatrace Platform Subscription，DPS）授權模式強勁的使用量經濟（consumption economics）、日誌領域不斷擴大的機會，以及在 AI 優先世界中推動可觀測性採用的長期結構性順風。以上皆是我們在 2026 會計年度穩定 ARR 成長並為未來加速奠基的策略支柱。

Let me walk you through a few milestones that defined fiscal '26. We achieved four consecutive quarters of consistent ARR growth at 16%. We delivered double-digit net new ARR growth for the first time in three years. We now have over 75% of ARR and 60% of customers on the DPS licensing model. We exceeded our $100 million log management annualized consumption goal, growing 100% plus year-over-year in every quarter of the year.

我帶各位回顧幾個定義 2026 會計年度的里程碑。我們連續四個季度達成一致的 ARR 成長 16%。我們三年來首次實現雙位數的淨新增 ARR 成長。我們目前有超過 75% 的 ARR 與 60% 的客戶採用 DPS 授權模式。我們超越了 1 億美元的日誌管理年化使用量目標，且全年每一季的年增率都超過 100%。

We delivered a robust 29% non-GAAP operating margin for the year while making targeted investments focused on accelerating growth and improving scale. And finally, we stepped up our share repurchase program, doubling our authorization to $1 billion in February and spending over $478 million in fiscal '26, representing 90% of our free cash flow.

在進行聚焦於加速成長與提升規模效益的精準投資同時，我們全年交出強勁的 29% non-GAAP 營業利益率。最後，我們加碼股票回購計畫，於 2 月將核准額度加倍至 10 億美元，並在 2026 會計年度投入超過 4.78 億美元，約占我們自由現金流的 90%。

Collectively, these achievements demonstrate the building momentum in the business and our confidence and conviction that ARR acceleration in fiscal '27 is in our sights. Let's review the Q4 and full year results in more detail. Growth rates mentioned will be year-over-year and in constant currency, unless otherwise stated.

整體而言，這些成果展現了業務動能正在累積，也反映我們對 2027 會計年度 ARR 加速已在望的信心與確信。接下來我們更詳細檢視第四季與全年結果。除非另有說明，所提到的成長率皆為年對年（YoY）且以固定匯率（constant currency）計算。

Annual recurring revenue, or ARR, ended the year at $2.05 billion, representing 16% growth for the fourth consecutive quarter. This ARR result reflects a foreign exchange headwind of $4 million compared to our guidance. Adjusting for foreign exchange movements, Q4 net new ARR was $81 million, coming in near the high end of guidance.

年度經常性收入（ARR）年末達 20.5 億美元，連續第四個季度維持 16% 成長。此 ARR 結果相較我們的指引，受到 400 萬美元的外匯逆風影響。若排除外匯變動，第四季淨新增 ARR 為 8,100 萬美元，接近指引區間上緣。

And net new ARR for fiscal '26 was $277 million, representing 12% growth with consistent double-digit growth in the first and second half of the year. This healthy performance was driven by strength in new logo bookings, growing momentum in logs and ongoing success in capturing large end-to-end consolidation opportunities.

而 2026 會計年度的淨新增 ARR 為 2.77 億美元，年增 12%，且上、下半年皆維持穩健的雙位數成長。這項健康表現主要來自新客戶訂單（new logo bookings）的強勁、日誌動能的提升，以及我們在掌握大型端到端整合（consolidation）機會上的持續成功。

We added 126 new logos in Q4, including a record nine seven-figure lands as we continue to target new logos in large enterprise accounts with a higher propensity to expand. The average land size in Q4 remained robust at over $200,000 and helped drive new logo ARR, up 43% in the quarter and up 30% for the second half.

我們在第四季新增 126 個新客戶（logos），其中包含創紀錄的 9 筆七位數首次導入（lands），因為我們持續鎖定大型企業帳戶中的新客戶，這些客戶更有擴張的傾向。第四季平均首次導入規模仍然強勁，超過 20 萬美元，並帶動新客戶 ARR 在本季成長 43%，在下半年成長 30%。

Our value proposition continues to resonate with enterprise customers outgrowing their existing DIY and commercial tooling solutions. 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 have been quick to expand their usage.

我們的價值主張持續引起企業客戶共鳴，這些客戶的既有自建（DIY）與商用工具解決方案已無法滿足其成長需求。他們希望透過工具整合取得業務價值，並選擇 Dynatrace，因為我們統一的 AI 驅動可觀測性平台具備深度、廣度與自動化能力。一旦客戶體驗到 Dynatrace 平台的效益，便會迅速擴大其使用。

Our average our average ARR per customer is now over $500,000. With cross-sell and upsell opportunities still ahead of us in our enterprise base, we believe the average ARR per customer opportunity could be $1 million or more over the long term. Gross retention rate in Q4 remained in the mid-90s, underscoring the value of the Dynatrace platform as mission-critical infrastructure our customers depend on.

我們目前每位客戶的平均 ARR 已超過 50 萬美元。隨著我們在企業客戶基礎中仍有交叉銷售與加購（upsell）機會，我們相信長期而言，每位客戶的平均 ARR 機會可達 100 萬美元或以上。第四季總留存率（gross retention rate）維持在 90% 中段，凸顯 Dynatrace 平台作為客戶所依賴的關鍵任務型基礎設施之價值。

Net retention rate, or NRR, on a trailing 12-month basis was 110% in the fourth-quarter. Our DPS licensing model has now become our contracting standard. As I mentioned earlier, we exited the year with over 75% of our ARR and over 60% of our customer base on DPS. With access to the full platform, customers are adopting Dynatrace more broadly across their IT environments, resulting in increased consumption.

以過去 12 個月計算的淨留存率（NRR）在第四季為 110%。我們的 DPS 授權模式如今已成為我們的標準合約模式。如我先前提到的，我們在年末時已有超過 75% 的 ARR 與超過 60% 的客戶採用 DPS。由於可使用完整平台，客戶正更廣泛地在其 IT 環境中採用 Dynatrace，進而帶動使用量增加。

We continue to see a broader usage and deeper penetration of capabilities across the platform, notably in log management, which remains the fastest-growing product category, growing over 100% and exiting the year well over $100 million in annualized consumption. We expect fiscal '27 to be another year of robust consumption of the platform.

我們持續看到平台使用更廣、能力滲透更深，尤其是在日誌管理方面；日誌管理仍是成長最快的產品類別，成長超過 100%，並在年末達到遠超過 1 億美元的年化使用量。我們預期 2027 會計年度將是平台使用量持續強勁的一年。

Moving on to revenue. Total revenue for Q4 was $532 million, and subscription revenue for Q4 was $506 million, both up 16% and exceeding the high end of our guidance range by 200 basis points. Turning to profitability. Q4 non-GAAP operating margin was 27% and above our guidance of 26% -- non-GAAP net income was $124 million or $0.41 per diluted share, $0.02 above the high end of guidance.

接著談營收。第四季總營收為 5.32 億美元，第四季訂閱營收為 5.06 億美元，兩者皆成長 16%，並較我們指引區間上緣高出 200 個基點。再看獲利能力。第四季 non-GAAP 營業利益率為 27%，高於我們 26% 的指引——non-GAAP 淨利為 1.24 億美元，稀釋後每股盈餘為 0.41 美元，較指引上緣高出 0.02 美元。

In our GAAP results, please note that our Q4 GAAP operating income includes $28 million in restructuring and impairment charges, primarily reflecting actions to align our cost structure with our strategic growth and scale priorities. These actions included targeted workforce reductions and impairment charges from office footprint rationalization.

在我們的 GAAP 業績中，請注意我們第四季 GAAP 營業利益包含 2,800 萬美元的重組與減損費用，主要反映為使我們的成本結構與策略性成長與規模化優先事項一致所採取的行動。這些行動包括針對性的員工精簡，以及因辦公空間縮減與合理化所產生的減損費用。

Turning now to a quick summary of the full year results. Total revenue was $2.02 billion, and subscription revenue was $1.93 billion, both growing 17%. Non-GAAP operating margin came in at 29% -- we continue to drive scalability in the business model while investing for growth and scale with some years driving more leverage than others, while we sequence investments and expected returns.

接著簡要總結全年業績。總營收為 20.2 億美元，訂閱營收為 19.3 億美元，兩者皆成長 17%。Non-GAAP 營業利益率為 29%——我們持續在投資成長與規模化的同時推動商業模式的可擴展性；由於我們安排投資節奏與預期回報，不同年度的槓桿程度也會有所差異。

Over the past four years, we have expanded operating margins over 400 basis points, and our margin profile is well above peers of similar scale. We also continue to drive efficiencies in our management of equity compensation. Fiscal '26 stock-based compensation as a percent of revenue was just under 15%, representing a decrease of more than 100 basis points from fiscal '25 levels.

過去四年，我們的營業利益率擴張超過 400 個基點，且我們的利潤率結構明顯高於同等規模的同業。我們也持續提升股權薪酬管理效率。2026 會計年度的股票基礎薪酬占營收比重略低於 15%，較 2025 會計年度水準下降超過 100 個基點。

Non-GAAP net income for the full year was $518 million or $1.70 per diluted share. Our non-GAAP earnings factored in an effective cash tax rate of 18.5%. Free cash flow was $529 million or 26% of revenue, $4 million above the high end of guidance and roughly 100 basis points above fiscal '25. As a reminder, this strong cash flow margin includes absorbing 600 basis points of impact due to cash taxes.

全年 Non-GAAP 淨利為 5.18 億美元，或稀釋後每股 1.70 美元。我們的 Non-GAAP 獲利已反映 18.5% 的有效現金稅率。自由現金流為 5.29 億美元，約占營收 26%，較指引上緣高出 400 萬美元，亦較 2025 會計年度高約 100 個基點。提醒一下，這個強勁的現金流利潤率包含吸收了因現金稅款帶來的 600 個基點影響。

We are somewhat unique relative to most software companies given our strong GAAP profitability and therefore, pay more in cash taxes. Excluding cash taxes, to provide an operational compare closer to our peer group, pretax free cash flow for fiscal '26 was 32% of revenue. Moving to our share repurchase program. In addition to doubling the size of our share repurchase authorization to $1 billion in February, we significantly increased the level of buybacks in Q4, repurchasing 5.9 million shares for $224 million compared to roughly $160 million in Q3.

相較於多數軟體公司，我們因具備強勁的 GAAP 獲利能力而較為特殊，因此需支付更多現金稅。若排除現金稅，為提供更接近同業的營運比較口徑，2026 會計年度稅前自由現金流占營收比重為 32%。接著談我們的庫藏股回購計畫。除了我們在 2 月將股票回購授權額度加倍至 10 億美元外，我們也在第四季大幅提高回購規模，回購 590 萬股、金額 2.24 億美元，相較第三季約 1.6 億美元。

This uptick in spend reflects our conviction in the company's operational momentum, long-term growth and cash flow trajectory and view that our shares are undervalued. For the year, we repurchased 11.4 million shares for $479 million, representing 90% of our free cash flow. As of March 31, we had approximately $849 million remaining of the $1 billion authorization, and we plan to continue to take a disciplined approach to capital allocation, investing in innovation and growth while delivering value to shareholders.

支出增加反映我們對公司營運動能、長期成長與現金流軌跡的信心，以及我們認為公司股價被低估。全年我們回購 1,140 萬股、金額 4.79 億美元，約占我們自由現金流的 90%。截至 3 月 31 日，在 10 億美元授權額度中尚餘約 8.49 億美元；我們計畫持續以審慎方式進行資本配置，在投資創新與成長的同時，為股東創造價值。

Turning to our fiscal '27 outlook. We entered the year with high conviction, fueled by a rapidly expanding market. The shift towards agentic AI and autonomous operations has made Observability a foundational requirement. Further, intensifying vendor consolidation, inclusive of log management plays directly to our strengths as enterprises trade tools sprawl in favor of an AI-enabled end-to-end platform that can deliver a compelling ROI.

接著談 2027 會計年度展望。我們以高度信心進入新年度，動能來自快速擴張的市場。朝向代理式 AI（agentic AI）與自主化營運的轉變，使可觀測性（Observability）成為基礎性需求。此外，供應商整併趨勢加劇（包含日誌管理），正好符合我們的強項；企業正以具 AI 能力的端到端平台取代工具蔓延，以取得具吸引力的投資報酬率（ROI）。

We believe our fiscal '26 results prove we are winning and exiting the year in a position of strength. We have stabilized ARR growth, delivered double-digit net new ARR growth and continue to improve our go-to-market execution. With these building blocks in place, we are well positioned to sustain and improve our current momentum.

我們相信 2026 會計年度的成果證明我們正在勝出，並以強勢姿態結束年度。我們已穩定 ARR 成長，實現雙位數的淨新增 ARR 成長，並持續改善我們的市場推進（go-to-market）執行力。在這些基礎到位後，我們具備良好條件以維持並提升目前的動能。

Now let's turn to our full year guidance. We expect ARR to be between $2.38 billion and $2.4 billion, representing ARR growth of 15.5% to 16.5%. This ARR guide implies full year net new ARR adjusted for foreign exchange movements of $320 million to $340 million, growing 16% to 23% and accelerating from fiscal '26 levels.

現在談全年指引。我們預期 ARR 介於 23.8 億至 24.0 億美元，代表 ARR 成長 15.5% 至 16.5%。此 ARR 指引意味著，經外匯變動調整後的全年淨新增 ARR 為 3.20 億至 3.40 億美元，成長 16% 至 23%，並較 2026 會計年度水準加速。

While we don't provide quarterly ARR guidance, we expect net new ARR to be modestly more weighted to the first half of the year compared to historical seasonality as we entered the year with healthy forecasted pipeline coverage. As usual, we'll revisit our full year ARR outlook once we get closer to the midpoint of the fiscal year.

雖然我們不提供季度 ARR 指引，但我們預期淨新增 ARR 相較於歷史季節性，將略偏向上半年，因為我們在年初時的預測管線覆蓋率（pipeline coverage）相當健康。如同以往，我們會在接近會計年度中點時重新檢視全年 ARR 展望。

Turning to revenue. We expect total revenue to be between $2.32 billion and $2.34 billion. Underlying that, subscription revenue is expected to be between $2.22 billion and $2.24 billion, both up 14% to 15%. Note, our total revenue and subscription revenue growth rates are impacted by a difficult fiscal '26 compare from the change in accounting for on-demand consumption revenue and other miscellaneous onetime revenue true-ups.

接著談營收。我們預期總營收介於 23.2 億至 23.4 億美元。其中，訂閱營收預期介於 22.2 億至 22.4 億美元，兩者皆成長 14% 至 15%。請注意，我們的總營收與訂閱營收成長率受到 2026 會計年度比較基期偏高的影響，原因包括隨用隨付（on-demand）消費型收入會計處理變更，以及其他零星一次性營收調整（true-ups）。

We expect non-GAAP operating margin of approximately 29.5% Unpacking operating margins, we continue to drive efficiency gains across all functions, notably in sales and marketing and G&A. This operating margin guidance includes 150 basis points of additional OpEx leverage versus fiscal '26. This scalability is expected to be partially offset by a headwind of 100 basis points in gross margins from an increase in cloud hosting costs driven by robust consumption growth within our customer base.

我們預期 Non-GAAP 營業利益率約為 29.5%。進一步拆解營業利益率，我們持續在各職能推動效率提升，尤其是在銷售與行銷以及一般與行政（G&A）。此營業利益率指引包含相較 2026 會計年度額外 150 個基點的營運費用（OpEx）槓桿。這種可擴展性預期將部分被毛利率的 100 個基點逆風所抵銷，該逆風來自雲端託管成本上升，而成本上升係由客戶群內強勁的使用量（consumption）成長所驅動。

We expect this margin pressure to be temporary as we execute on defined projects to improve our cloud cost efficiency with gross margins beginning to recover during fiscal '28. Another important area of leverage is stock-based compensation. We expect stock-based compensation as a percentage of revenue to once again decrease by 100 basis points in fiscal '27 to just under 14%.

我們預期此毛利率壓力屬暫時性，因為我們正執行既定專案以提升雲端成本效率，毛利率預計將在 2028 會計年度開始回升。另一個重要的槓桿來源是股票基礎薪酬。我們預期 2027 會計年度股票基礎薪酬占營收比重將再次下降 100 個基點，至略低於 14%。

We expect non-GAAP net income to be $584 million to $594 million, resulting in non-GAAP EPS of $1.93 to $1.95 per diluted share based on 302 million to 304 million shares outstanding. Our effective cash tax rate is expected to be 18.5%. We expect free cash flow margins of 26.5% and pretax free cash flow margins of 32%. As a helpful reminder for your modeling, due to seasonality and variability in billings, we expect free cash flow to be significantly higher in the first and fourth-quarters and significantly lower in the second and third-quarters.

我們預期 Non-GAAP 淨利為 5.84 億至 5.94 億美元，依據流通在外股數 3.02 億至 3.04 億股計算，Non-GAAP 每股盈餘（EPS）為稀釋後每股 1.93 至 1.95 美元。我們預期有效現金稅率為 18.5%。我們預期自由現金流利潤率為 26.5%，稅前自由現金流利潤率為 32%。為方便各位建模提醒一下，由於季節性與帳單開立（billings）的波動性，我們預期自由現金流在第一季與第四季將顯著較高，而在第二季與第三季將顯著較低。

Looking to Q1, we expect total revenue to be between $547 million and $551 million and subscription revenue to be between $523 million and $527 million. As I noted earlier, our Q1 total revenue and subscription revenue growth rates are impacted by a difficult compare from the change in accounting for on-demand consumption in Q1 last year.

展望第一季，我們預期總營收介於 5.47 億至 5.51 億美元，訂閱營收介於 5.23 億至 5.27 億美元。如我先前所提，我們第一季總營收與訂閱營收成長率受到去年第一季隨用隨付（on-demand）消費會計處理變更所造成的比較基期偏高影響。

Non-GAAP operating margin is expected to be 27.5% to 28%. Lastly, non-GAAP EPS is expected to be $0.44 to $0.45 per diluted share based on a share count of 298 million to 299 million shares. In closing, the strength of our Q4 and fiscal '26 performance sets a solid foundation for fiscal '27. The secular growth drivers fueling the Observability market continue to expand and our AI-powered end-to-end platform differentiates us and puts us in a strong competitive position.

Non-GAAP 營業利益率預期為 27.5% 至 28%。最後，Non-GAAP EPS 預期為稀釋後每股 0.44 至 0.45 美元，依據股數 2.98 億至 2.99 億股計算。總結而言，我們第四季與 2026 會計年度的強勁表現，為 2027 會計年度奠定穩固基礎。推動可觀測性（Observability）市場的長期結構性成長動能持續擴大，而我們以 AI 驅動的端到端平台形成差異化，使我們處於有利的競爭位置。

We are committed to maintaining a disciplined approach to optimizing costs and improving efficiency. At the same time, we will continue to invest in future growth opportunities that we expect will drive long-term value. With that, we will open the line for questions.

我們致力於維持審慎的成本最佳化與效率提升作法。同時，我們也將持續投資於未來的成長機會，並預期這些投資將帶來長期價值。接下來，我們將開放提問。

Operator?

接線員？

(Operator Instructions) Matthew Martino, Goldman Sachs.

（接線員指示）Matthew Martino，高盛。

Maybe to start, and I appreciate the setup on kind of the fiscal 2027 outlook. But when we look at kind of the Q4 net new ARR, it came in around 9% on a constant currency basis. And the fiscal '27 guide implies a fairly meaningful step-up in the net new from here. Can you walk us through the bridge between the Q4 exit and what's embedded in the FY27 growth algorithm? And then ultimately, the role the renewal cohorts around DPS are going to play in terms of getting you to that full year guide?

也許先從這裡開始，感謝你對 2027 會計年度展望的鋪陳。不過當我們看第四季淨新增 ARR，以固定匯率計大約是 9%。而你們對 2027 會計年度的指引，意味著從目前水準起淨新增會有相當明顯的躍升。你能否帶我們了解一下，從第四季的期末水準到 FY27 成長算法中所隱含內容之間的銜接（bridge）？以及最終，圍繞 DPS 的續約分群（renewal cohorts）在達成全年指引方面將扮演什麼角色？

Sure. I'll take that, Matt. That's a good question. I think what I would tell you is that we had a very solid Q4. We had a great half two. We had a great fiscal year. So there's underlying momentum building in the business. If you kind of step back and you say, what did we do in fiscal '26? And I outlined it in the prepared remarks, it's a year of milestones in the year first. We stabilized ARR growth at 16%.

當然。我來回答，Matt。這是個好問題。我想我會告訴你的是，我們第四季表現非常扎實；下半年表現很強；整個會計年度也很出色。因此，業務內部正在累積動能。如果你稍微退一步看，問自己：我們在 2026 會計年度做了什麼？我在事先準備的講稿中也提到，這一年在多個面向達成里程碑。首先，我們將 ARR 成長穩定在 16%。

We showed double-digit net new ARR growth for the first time in three years. Logs, well over $100 million, growing 100%. The go-to-market traction is building. You've seen it in large deals, record new logo lands over $1 million. DPS now over 75% of our ARR, consumption growing at a very rapid rate. I outlined two years ago that we were going through a fix, stabilize, accelerate kind of journey.

我們三年來首次展現雙位數的淨新增 ARR 成長。日誌（Logs）業務遠超過 1 億美元，成長 100%。市場推進（go-to-market）的牽引力正在形成；你們也在大型交易中看到了，單筆超過 100 萬美元的新客戶（new logo）落地創下紀錄。DPS 目前占我們 ARR 的 75% 以上，使用量（consumption）以非常快的速度成長。我在兩年前就提到，我們正走在一段「修復、穩定、加速」的旅程上。

And we're in the -- we just finished the stabilization. If you look at this guide, you're right, this guide implies almost double the net new ARR growth from fiscal '26 levels. And it's all of the building momentum that we've seen. So it's not anything new like we need some new play. This is just a continued execution of the existing play. So Q4 was a solid finish. You're going to have quarters that are like that.

而我們正處於——我們剛完成穩定化。如果你看這份指引，你說得沒錯，這份指引意味著相較於 26 財年水準，淨新增 ARR 成長幾乎要翻倍。而這完全來自我們所看到的累積動能。所以這不是什麼新的事情、也不是我們需要某個新打法。這只是既有打法的持續執行。所以第四季收得很扎實。你會有像那樣的季度。

You're going to have quarters that are more robust than that. I can tell you that pipeline is healthy. Forecasted coverage is good. There's just significant interest. So I think it's just a continued building of what we've been doing. We talked about this with our go-to-market changes two years ago. They're starting to take root, and we expect that, that will continue.

你也會有比那更強勁的季度。我可以告訴你，管線很健康。預測覆蓋率不錯。市場興趣相當顯著。所以我認為這就是持續累積我們一直在做的事情。我們兩年前談到過我們的 go-to-market 變革。它們開始扎根，我們預期這種情況會持續。

And I would say, Matt, that AI tailwinds, agent tailwinds, cloud tailwinds are also contributing to our view of FY27. So it's a combination of internal growth as well as market factors overall.

我也會說，Matt，AI 的順風、代理（agent）的順風、雲端的順風也在支撐我們對 FY27 的看法。所以這是內生成長與整體市場因素的組合。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Jim, just to continue on the point there. I mean, was there any macro impact in the quarter just given some of the geopolitical volatility? And did it cause some deals to push? And just any additional commentary you can speak to about the DPS renewal activity in the quarter among some of the fiscal '24 cohort of customers?

Jim，就延續剛才那點。我是說，考量到一些地緣政治波動，這一季是否有任何宏觀面的影響？是否導致一些交易往後推遲？另外，關於本季在部分 24 財年那一批客戶中的 DPS 續約活動，你還能補充哪些評論？

Yes. I'd say from a macro perspective, you know it as well as I do that certainly, there's a lot going on in the Middle East right now. I would not say that had any material impact on the quarter, something that we're monitoring for sure, for our EMEA business. But I would say nothing notable. Relative to DPS, again, DPS even beyond kind of -- it is the contracting standard.

是的。我會說從宏觀角度來看，你跟我一樣清楚，當然，中東現在確實有很多事情在發生。我不會說那對本季造成任何實質影響；我們確實在監控，特別是對我們的 EMEA 業務。但我會說沒有什麼值得特別一提的。至於 DPS，再次強調，DPS 甚至超越某種——它就是合約的標準。

Now that we have 75% of our ARR on that, -- and as we outlined that when you get customers on this vehicle, you can now team them up with our customer success teams and our SRE teams to drive consumption and consumption continues to grow at a very rapid rate. As you would expect, consumption for our DPS customers is growing much faster than our non-DPS customers.

現在我們有 75% 的 ARR 都在那上面——而且如我們所說，當你把客戶放到這個載體上，你就能把他們與我們的客戶成功團隊以及 SRE 團隊搭配起來，去推動用量，而用量仍以非常快的速度成長。如你所預期，DPS 客戶的用量成長遠快於非 DPS 客戶。

We continue to see healthy expansions. One thing to note, I think I've mentioned this in the past that fiscal '27 is a year where you're going to see the largest cohort of DPS customers coming up for their annual resets or in some cases, their actual renewal. And so there's an opportunity, again, depending upon how consumption grows to continue to see healthy expansion. So we're quite pleased with the traction there and the momentum that we're building in that area in particular.

我們持續看到健康的擴張。有一點要注意，我想我過去提過：27 財年將是你會看到最大一批 DPS 客戶迎來年度重置，或在某些情況下迎來實際續約的一年。因此，這裡存在機會——同樣地，取決於用量如何成長——持續看到健康的擴張。所以我們對那裡的進展與我們在該領域特別累積的動能感到相當滿意。

Will Power, Robert W. Baird.

Will Power，Robert W. Baird。

Okay. Great. Rick, in your prepared remarks, you called out what you all view as some of your architectural advantages. Can you just kind of speak to how that's resonating with customers, what you're doing, what you maybe still need to do to help demonstrate that? And maybe as part of that, anything you could share with respect to AI native adoption of the platform?

好的。很棒。Rick，在你準備好的發言中，你提到你們認為自己有一些架構上的優勢。你能否談談這在客戶那邊的共鳴如何、你們正在做什麼、以及可能還需要做什麼來幫助證明這些優勢？另外也許作為其中一部分，你能否分享一下平台在 AI 原生（AI native）採用方面的情況？

And then just maybe more broadly, what you're seeing in terms of agentic usage trends that might speak to? I think you talked about 500 customers using some of your agentic capabilities. But anything you could share on just the broader usage within those architectural advantages?

然後更廣泛地說，你在代理式（agentic）使用趨勢方面看到什麼？我想你提到大約有 500 家客戶在使用你們的一些代理式能力。但就這些架構優勢之下的更廣泛使用情況，你能分享些什麼嗎？

Yes. A lot of questions in there, Will, we'll attack them. So the architectural advantages, we typically will talk about Grail as a completely integrated, massively parallel processing data lake house. We talk about Smartscape as an integrated topological graph that can provide analytics and context. We talk about Dynatrace Intelligence, which we launched back in January is covering really two elements of the spectrum.

是的。裡面有很多問題，Will，我們逐一回答。關於架構優勢，我們通常會談到 Grail，它是一個完全整合、具大規模平行處理能力的資料湖倉（data lakehouse）。我們會談到 Smartscape，它是一個整合的拓撲圖（topological graph），能提供分析與情境脈絡。我們會談到 Dynatrace Intelligence，我們在一月推出，基本上涵蓋光譜的兩個面向。

First element of the spectrum being around deterministic AI and then the second regarding agentic AI, where we actually can take action. What all of that is driving to is a completely integrated, fully unified platform that enables our customers to move into an agentic world successfully. And that agentic world enables autonomous operations to take hold, which is what they need to be able to manage increasingly complex overall IT environments and software -- and software workloads.

第一個面向是確定性 AI（deterministic AI），第二個則是代理式 AI（agentic AI），在那裡我們實際上可以採取行動。這一切要推動的是一個完全整合、完全統一的平台，使我們的客戶能成功進入代理式世界。而那個代理式世界讓自主營運（autonomous operations）得以落地，這正是他們為了管理日益複雜的整體 IT 環境與軟體——以及軟體工作負載——所需要的。

So we believe that, that architectural advantage is durable, and we believe it's sustainable. And that when you get into manual tagging of data stores across multiple data stores, you end up with an environment that is much more fractured. So that was piece number one. With regard to AI natives, we have been focused mostly in the history of Dynatrace on IT operations, on CXOs.

所以我們相信這個架構優勢是持久的，也相信它是可持續的。而當你進入在多個資料儲存之間對資料儲存進行手動標記時，你最終會得到一個更破碎的環境。這是第一部分。至於 AI 原生客戶，我們在 Dynatrace 的歷史上主要聚焦於 IT 營運、聚焦於 CXO。

That's how we've ended up with end-to-end Observability, and that's when we get into these larger deployments for large customers where we've been incredibly successful with the go-to-market plan over the last couple of years, which we initially deployed. That is evolving to include developers. And we've made huge strides in the platform beginning 18 months ago with new implementations around elements like we mentioned last quarter like Bedrock agent core integration or Azure SRE agent.

這也是我們如何走到端到端可觀測性（Observability），以及我們如何在大型客戶的更大規模部署中取得成功——這些年我們的 go-to-market 計畫非常成功，並且最初就是這樣部署的。現在這正在演進，納入開發者。我們從 18 個月前開始在平台上取得巨大進展，推出新的實作，涵蓋一些元素，例如我們上季提到的 Bedrock agent core 整合或 Azure SRE agent。

This quarter, we talked about Claude Code integrations. Now Assist headed into AI control tower. So we continue to evolve the platform to enable more developer adoption. That developer adoption opens and unlocks the opportunity with AI natives, which we're driving along with developers now. And finally, you mentioned agentic. Agentic is certainly a very strong opportunity for us in multiple ways.

本季我們談到 Claude Code 整合。現在 Assist 正朝向 AI control tower 發展。所以我們持續演進平台，以促進更多開發者採用。開發者採用會開啟並解鎖 AI 原生客戶的機會，而我們現在正與開發者一起推動。最後，你提到代理式。代理式對我們而言確實在多個面向都是非常強的機會。

Number one, as it's driving us toward autonomous operations in our existing core base of enterprise deployments. But secondly, also in, as I mentioned, a brand-new way of development. We see a sea change in a movement from software development life cycles to AI development life cycles, and we believe that Observability fundamentally is going to be a core foundation of that.

第一，因為它正推動我們在既有的企業部署核心客群中走向自主營運。但第二，如我提到的，也是在一種全新的開發方式上。我們看到一個巨變：從軟體開發生命週期轉向 AI 開發生命週期的移動，而我們相信可觀測性在本質上將成為其中的核心基礎。

We also believe that Dynatrace based on our architecture going back to my first remarks, has an opportunity to be a primary participant in that shift from the software development life cycle to the AI DLC. Three different questions. So I try to attack all three of them, but good question.

我們也相信，基於我們的架構——回到我一開始的說法——Dynatrace 有機會成為從軟體開發生命週期轉向 AI DLC 的主要參與者。三個不同的問題。所以我試著把三個都回答到，但問題很好。

[Mark Murphy], JPMorgan.

[Mark Murphy]，JPMorgan。

This is (technical difficulty) from JPMorgan on for Mark Murphy. You mentioned closing a record 22 deals with more than $1 million ACV. I think nine of those were new logos. We had a couple of channel checks over the quarter that mentioned momentum in the Dynatrace business and new logos, large new logos specifically. So I'd love to kind of hear what you think is driving some of the momentum with the large deals and new customer lands at scale.

我是（技術問題）JPMorgan 的人，代替 Mark Murphy 上線。你提到你們締結了創紀錄的 22 筆 ACV 超過 100 萬美元的交易。我想其中有 9 筆是新客戶（new logos）。我們在本季做了幾次通路調查，提到 Dynatrace 業務與新客戶、特別是大型新客戶方面的動能。所以我很想聽聽你認為是什麼在推動大型交易與大規模新客戶落地（lands at scale）的動能。

I'll take that. I think one of the things that we've been talking about, I think I began talking about it probably two years ago, and I talked about it as an emerging trend of these very large enterprises that had fragmented DIY and commercial tooling solutions that were looking to vendors for consolidation, both for economic benefits and also just a better customer experience. And so that trend has continued.

我來回答。我認為我們一直在談的一件事——我想我大概兩年前就開始談——我把它描述為一個正在浮現的趨勢：這些非常大型的企業原本有破碎的自建（DIY）與商用工具解決方案，正在尋求供應商來做整合，既為了經濟效益，也為了更好的客戶體驗。而這個趨勢一直延續至今。

And I would say, especially in very large customers that there is huge interest. There is significant interest in integrating fragmented tools to save money. There is money to be had when you can go from multiple vendors to one vendor, and you can get a better experience with Dynatrace for all the reasons that we've outlined. So that trend has continued.

我會說，特別是在非常大型的客戶中，興趣非常高。把破碎的工具整合起來以節省成本的需求很強烈。當你能從多家供應商轉為一家供應商時，就有可取得的節省空間；而且基於我們所闡述的各種原因，你能用 Dynatrace 得到更好的體驗。所以這個趨勢持續。

I'd say the changes we made on the go-to-market side, we're developing much better and deeper relationships with C-level decision makers. These are the people that make these decisions. And so it actually is a market tailwind moving in that direction. And we're in a good position to benefit that from the platform depth and breadth that Dynatrace provides. And so I expect that, that will continue.

我會說，我們在 go-to-market 端所做的改變，讓我們與 C-level 決策者建立了更好、更深的關係。這些人就是做出這些決策的人。因此這其實是一股朝那個方向前進的市場順風。而我們憑藉 Dynatrace 平台的深度與廣度，處於能受益的有利位置。所以我預期這會持續。

Koji Ikeda, Bank of America.

Koji Ikeda，Bank of America。

Jim, maybe a question for you. When I look at past transcripts and the way you've characterized the guidance was you always used the word prudent. And I noticed this time you didn't. And I look at -- you definitely talked about much stronger net new ARR growth this year. And so I just wanted to ask, has the guidance philosophy changed with the removal of the word prudent? And if so, why now?

Jim，可能問你一個問題。我看過去的逐字稿以及你描述指引的方式，你總是用「審慎（prudent）」這個詞。我注意到這次你沒有用。而我看——你確實談到今年淨新增 ARR 成長會強很多。所以我想問，隨著「prudent」這個詞被拿掉，你們的指引哲學是否改變了？如果有，為什麼是現在？

No, our guidance philosophy has not changed, Koji. I would say that the way we've guided in the past and the way you should think about this guide. I think I've built enough experience with you guys that you know how I do guide. I don't think it's necessary to continue to kind of provide that language that you should expect that what I guided here is consistent with how I've guided historically.

沒有，我們的指引哲學沒有改變，Koji。我會說，我們過去給指引的方式，以及你應該如何看待這次的指引。我想我跟各位累積了足夠的經驗，你們知道我怎麼給指引。我不認為有必要繼續用那種措辭來提醒你應該預期我在這裡給出的指引，與我歷來的指引方式是一致的。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，RBC Capital Markets。

Rick, I wanted to come back to some of the first couple of questions that were asked. And referencing your script, there's a lot of positivity about industry trends and why the Dynatrace architecture is well positioned to capture that. But I think the question people keep asking me is, given those, why aren't you growing faster? I think NRR was maybe a little bit lower than what people are thinking.

Rick，我想回到前面最初幾個被問到的問題。參考你們的講稿，裡面對產業趨勢以及為何 Dynatrace 的架構很適合把握這些趨勢有很多正面論述。但我覺得大家一直問我的問題是：既然如此，為什麼你們的成長沒有更快？我想 NRR 可能比大家預期的稍微低一點。

And I guess I'm just wondering like is there a lag between enterprise AI and inferencing spend and ultimately, your Observability products? Like is it just a timing thing that's holding you back from better growth?

我想知道的是，企業端的 AI 與推論（inferencing）支出，和最終你們的可觀測性（Observability）產品之間，是否存在時間落差？是不是只是時點因素，讓你們的成長沒有更好？

Question, Matt. I do think that there is a bit of timing difference between what we're seeing in the enterprise and what AI natives are seeing. I think that is with regard to, for example, agentic deployment, agentic usage. As I said in my remarks, we're already seeing 500 customers plus deploying and using our agentic capabilities.

好問題，Matt。我確實認為，我們在企業端看到的情況，和 AI 原生（AI natives）看到的情況之間，存在一些時點差異。我認為這主要與例如代理式（agentic）部署、代理式使用有關。正如我在發言中提到的，我們已經看到超過 500 家客戶正在部署並使用我們的代理式能力。

We've got now more than 850 customers that are using us to evaluate the reliability and trust of AI and LLM workloads. So in the enterprise, we certainly are beginning to see that kind of adoption. And we believe that, that adoption will, of course, through the DPS mechanism, get deployed into the numbers over the course of time.

目前也有超過 850 家客戶使用我們來評估 AI 與 LLM 工作負載的可靠性與可信度。因此在企業端，我們確實開始看到這類採用。我們也相信，這些採用當然會透過 DPS 機制，隨著時間推移反映到數字上。

APS, as you know, does have a bit of a lag with regard to expansions vis-a-vis a straight consumption model, which is why we see some of the delta between our consumption numbers with those being in the low -- in the 20% plus range relative to ARR. So that's some of what you see. With regard to AI natives, this is where I believe the new evolution evolutionary elements and development capabilities in the platform will facilitate us expanding to the developer, expanding to AI natives more aggressively as we look to FY27, and we're beginning to see some of that momentum in the AI natives as well.

如你所知，APS 在擴張方面相較於純消費（consumption）模式確實會有一些落後（lag），這也是為什麼我們看到消費數字（在 20% 以上的低段）相對於 ARR 之間存在一些差距。所以你看到的部分原因在這裡。至於 AI 原生客戶，我認為平台中新一代的演進要素與開發能力，將使我們在展望 FY27 時能更積極地擴展到開發者、擴展到 AI 原生客戶；我們也開始在 AI 原生客戶那邊看到一些動能。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Perfect. Can you talk a little bit to -- on the large customer momentum? That sounded like a very good outcome this quarter. And I was also surprised on the new customers that came up straight into large. Is that something that you're seeing now as your offering got a lot broader, the platform pricing kind of makes adoption really nicely there. Is that something that you're seeing in the pipeline as well?

很好。你能談談大型客戶動能嗎？這一季聽起來是非常好的成果。另外，我也對新客戶一開始就直接進入大型客戶級別感到驚訝。這是否是你們現在看到的現象：因為你們的產品供給變得更廣，平台定價讓採用變得很順暢？你們在管線（pipeline）中也看到同樣的情況嗎？

Yes. I mean, Raimo, I'd simply say it's all of the above. And I kind of answered it previously that large enterprise customers are looking for vendors to consolidate on to be able to integrate fragmented tools and provide a better experience. And it becomes even more so when you move into an AI-first world. And so we're in a great position to be able to do that.

是的。Raimo，我簡單說就是以上皆是。我之前也回答過：大型企業客戶正在尋找可以用來整合的供應商，以便整合零散的工具並提供更好的體驗。而當你進入 AI 優先（AI-first）的世界時，這種需求會更強烈。因此我們處於非常有利的位置來做到這點。

And so I would say the go-to-market changes that we've made have allowed us to go access and penetrate those opportunities. One thing I will tell you is that while we're not making radical go-to-market changes at all for fiscal '27, it's a continuation of what we've been doing. The traction that we've made in our large strategic accounts.

我會說，我們所做的 go-to-market 變革，讓我們能夠接觸並滲透這些機會。我可以告訴你的是：我們在 2027 財年並不會做任何激進的 go-to-market 變動，而是延續我們一直在做的事情。我們在大型策略性客戶（large strategic accounts）上取得的牽引力——

Which is think of them as the Global 500, we're going to extend that motion down probably to another 150 or so customers where we're going to improve the density of coverage and get closer to customers to be able to drive either new logos or expansions with these existing customers by getting closer to them. And so I think it's just -- it's a phenomena of what's happening just in the industry that large customers are looking for vendors that they can consolidate on that -- and we have a very unique position to be able to give them both better economics and a better kind of business outcome.

你可以把它們想成全球 500 大企業（Global 500），我們會把這套動作往下延伸，可能再涵蓋約 150 家客戶；我們將提高覆蓋密度，更貼近客戶，以便透過更貼近的方式，推動新客戶（new logos）或既有客戶擴張。我認為這就是——產業正在發生的一種現象：大型客戶在尋找可以整合的供應商；而我們有非常獨特的位置，能同時提供更好的經濟效益與更好的業務成果。

I would just add, Raimo, that I believe that point product Observability is dead or at least dying. And that's why we see some of the ongoing expansion that we saw this quarter and that we see in the pipeline related to end-to-end Observability. And we have a great proven solution there for large enterprises to deploy. And it's at the data layer, it's a domain layer, it's at the persona layer.

Raimo，我再補充一點：我認為單點產品的可觀測性（point product Observability）已經死了，或至少正在走向消亡。這也是為什麼我們看到本季持續的擴張，以及我們在管線中看到與端到端可觀測性（end-to-end Observability）相關的擴張。我們在這方面有一個經過驗證、非常成熟的解決方案，適合大型企業部署。它涵蓋資料層、領域層（domain layer）、以及角色/使用者層（persona layer）。

All of those layers are looking for end-to-end Observability because that is what is enabling the best outcomes of Observability, number one. And number two, it is a necessity as you look to an agentic future to be able to leverage that underlying fabric in order to deliver the agentic future that's expected leading toward autonomous operations.

所有這些層面都在尋求端到端可觀測性，因為第一，它能帶來可觀測性的最佳成果；第二，當你展望代理式（agentic）未來時，為了交付大家所期待、走向自主化營運（autonomous operations）的代理式未來，必須能利用這個底層的基礎織體（underlying fabric）。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，Oppenheimer & Company。

Jim, I had a couple of things I needed to hopefully can clarify on the fiscal '27 guide. You made a comment that net new ARR is going to be weighted towards the first half. I'd love to get some color on this. Again, were there deals that (technical difficulty)

Jim，我有幾點想釐清，希望你能協助說明 2027 財年的指引。你提到淨新增 ARR 會偏向上半年。我很想了解更多細節。再確認一次，是否有一些交易（technical difficulty）

You're breaking up, I can't hear you.

你斷斷續續的，我聽不到。

(technical difficulty) For ODC. If you could break that down, that would be great.

（technical difficulty）關於 ODC。如果你能把它拆解說明一下就太好了。

Yes. I couldn't hear the question. The only thing I heard in the question was the first half. I think you said, could I clarify the commentary about maybe net new ARR being a little bit more weighted to the first half. And I would say it's modest, but I'd say we wanted to make sure we provided some color on that. I think it's mostly a function of -- we have very strong forecasted pipeline coverage. It continues to build.

是的。我聽不到問題內容。我唯一聽到的是上半年。我想你是說，能否釐清我們提到淨新增 ARR 可能會稍微偏向上半年這件事。我會說幅度不大，但我們想確保提供一些顏色（color）。我認為主要是因為——我們預測的管線覆蓋（pipeline coverage）非常強，而且仍在持續累積。

And so I think what we're signaling is that we expect to have a good start to the year, not just for Q1, but also for Q2. Obviously, your visibility over the next three to six months is greater than over the kind of beyond that. And I'd say what you see is this is just growing visibility and confidence around what we can deliver.

因此我認為我們傳達的是：我們預期今年會有一個好的開局，不只是 Q1，也包括 Q2。當然，你對未來三到六個月的能見度會高於更長期的部分。我會說你看到的是：這只是能見度與我們對可交付成果的信心在提升。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，Morgan Stanley。

I wanted to get back to some of the drivers that you're seeing in the core business. Clearly, vendor consolidation, tool consolidation is a sales motion that you guys have been executing very well on and has probably been the driver of enterprise large deals for the past couple of years. To what extent is the business seeing the impact yet?

我想回到你們在核心業務中看到的一些驅動因素。很明顯，供應商整併、工具整併是一個你們執行得非常好的銷售動作，也可能是過去幾年推動企業大型交易的主要驅動力。到目前為止，這對業務的影響程度如何？

Or do you expect to see the impact from just the big increases in just software development initiatives with these coding agents getting adopted, not even if we just even exclude the AI natives, but even in the enterprise, you're seeing quite strong adoption of coding agents and that should drive more software creation. What do you think that ultimately drives -- comes -- emerges as another core driver for ARR growth for the business?

或者你是否預期會看到影響，來自軟體開發計畫的大幅增加——因為這些程式碼代理（coding agents）正在被採用；即便我們先排除 AI 原生客戶，只看企業端，你們也看到程式碼代理採用相當強勁，這應該會帶動更多軟體產出。你認為這最終會帶來什麼——會如何成為推動業務 ARR 成長的另一個核心驅動因素？

Yes, I'll take that, Sanjit. Absolutely, as we mentioned in the prepared remarks, I think that whole notion of AI evolution is a core driver. The ability to use AI coding agents is critical. We talked about the integration into Claude code, for example, as a mechanism for that for debugging, root cause analysis, those sorts of elements.

好的，Sanjit，我來回答。完全同意。正如我們在事先準備的發言中提到的，我認為 AI 演進這整個概念是一個核心驅動因素。使用 AI 程式碼代理的能力至關重要。我們談到例如與 Claude code 的整合，作為除錯、根因分析等用途的一種機制。

So we do see this going through a few stages, whereas today, they're using coding assistance. Coding is done at least in part by AI systems and AI capabilities. We see that transitioning to an AI DLC where the primary builders of code are, in fact, agents themselves, where agents are building and operating code. And so we are going to go through rapidly this process evolving through a software development life cycle in our perspective, all the way through an AI DLC.

因此我們確實看到這會經歷幾個階段：今天他們在使用程式碼輔助；程式碼至少有一部分由 AI 系統與 AI 能力完成。我們看到這會轉向 AI DLC，在那裡程式碼的主要建構者事實上是代理本身，也就是代理在建構並運行程式碼。因此從我們的角度，我們將快速經歷這個流程，沿著軟體開發生命週期演進，一路走向 AI DLC。

We absolutely are seeing momentum in this area in the enterprise with our customers. That's where I talked about the 500 customers or so already using us to do agentic integrations. So we're seeing this and the expectation during FY27 is that, that will be a growth driver driving actually increased and accelerated ARR.

我們絕對在企業端、在客戶中看到這方面的動能。這也是我提到約 500 家客戶已經在使用我們做代理式整合的地方。因此我們正在看到這一點，而對 FY27 的預期是：這將成為成長驅動因素，實際推動 ARR 增加並加速。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO Capital Markets。

I wanted to ask a clarification and a question. Jim, if you don't mind, could you just relate what you think the NRR will be for '27? I'm just trying to back into the net new guidance. And then my broader question, Rick, for you is, when I think about Dynatrace, you've made progress in logs, maybe a little less so in security in terms of at least for investors, the visibility we have with that potential.

我想做一個釐清並問一個問題。Jim，如果你不介意，你能否說一下你認為 2027 年的 NRR 會是多少？我只是想從淨新增指引倒推回去。然後我更宏觀的問題是想問 Rick：當我看 Dynatrace，你們在日誌（logs）方面有進展；在資安（security）方面可能相對少一些，至少就投資人而言，我們對那個潛力的能見度還不高。

But when I think about you versus your nearest publicly traded competitor, I think there's been more meaningful product expansion. And so I just wanted to see philosophically with Grail out there, how do you think about the product expansion opportunity over the next couple of years, particularly now with an activist involved who may be looking for more margin expansion. But if you could just speak to your product expansion philosophy over the next couple of years?

但當我把你們和最近的上市同業競爭者相比，我覺得你們在產品擴張上更有意義。因此我想從理念層面問一下：在 Grail 已經推出的情況下，你們如何看待未來幾年的產品擴張機會？尤其現在有行動派投資人（activist）介入，可能會尋求更大的利潤率擴張。如果你能談談未來幾年你們的產品擴張理念就太好了。

Let me take the front end of that, Keith, and then I'll let Rick comment on the broader question. So we don't guide specifically between new logo and expansion or NRR. You should expect that it's going to be similar to what we've had historically, which is net new ARR is going to be roughly 1/3 new logos, 2/3 expansions. As you've seen this year, sometimes it may be weighted more towards one than the other.

我先回應這一部分，Keith，然後我再讓 Rick 針對更廣泛的問題補充。我們不會針對新客（new logo）與擴張（expansion）或 NRR 之間做出明確指引。你可以預期會與我們過往的歷史表現相近，也就是淨新增 ARR 大約 1/3 來自新客、2/3 來自擴張。正如你今年所看到的，有時候權重可能會更偏向其中一邊。

And I think that's a function of reps are compensated on maximizing bookings, whether it be new logos or expansions. And so that's one of the reasons we don't guide, but can certainly look at it that if you look at the historical levels, that's roughly what we're going to operate. And so to your point, if you look at the high end of the guide, which is net new ARR growth of 23% or 24%, you're going to see it both on the expansion side and on the new logo side.

我認為這取決於業務代表的獎酬是以最大化訂單（bookings）為目標，不論是新客或擴張。因此這也是我們不做該項指引的原因之一；但你當然可以用歷史水準來看，我們大致會以那樣的方式運作。也因此如你所說，如果你看指引的高端，也就是淨新增 ARR 成長 23% 或 24%，你會在擴張端與新客端都看到貢獻。

And Keith, on the broad product acceleration front, what I would say is there's been a huge amount of innovation in the Dynatrace platform over the last couple of years. Of course, we've delivered Grail, foundational data lakehouse. We've talked about that. We delivered Dynatrace Intelligence back in January. This is a major setup for an agentic operations system that can allow for true -- truly autonomous operations, leading to the evolution of overall development through an AI DLC.

Keith，關於更廣泛的產品加速面向，我想說的是：過去幾年 Dynatrace 平台有大量創新。當然，我們推出了 Grail 這個基礎性的資料 lakehouse，我們也談過。我們在 1 月推出了 Dynatrace Intelligence。這是一個重大布局，為代理式（agentic）的營運系統奠定基礎，能夠實現真正——真正自主的營運，並透過 AI DLC 推動整體開發的演進。

Dynatrace Intelligence is really a foundational enabler of that. As you mentioned, we have logs. The logs capability is quite substantial, as Jim mentioned in his remarks, now well above $100 million, growing at more than 100%. So a huge amount of opportunity there, bringing logs into an end-to-end Observability Platform, we believe, to be quite foundational to getting end-to-end Observability right as a foundation for the agentic future. Talked about AppSec.

Dynatrace Intelligence 確實是實現上述目標的基礎性關鍵。正如你提到的，我們有 logs。我們的 logs 能力相當可觀，正如 Jim 在發言中提到的，目前已遠超過 1 億美元，且成長超過 100%。因此那裡有非常大的機會。我們相信，將 logs 納入端到端的可觀測性（Observability）平台，對於把端到端 Observability 做對、並作為代理式未來的基礎而言，是相當根本的一步。我們也談到了 AppSec。

We don't say -- we haven't said as much about AppSec. It is absolutely a relevant ongoing investment thread for us, not growing as fast as the logs front, but we do see ongoing convergence of Observability and security use cases, and so we're focused on those. And I would say now that our third-gen platform continues to emerge and be more mature, you're going to see a further acceleration in innovation around feature set and functionality for add-on capabilities in the platform as we look at.

我們沒有——我們對 AppSec 談得沒有那麼多。它絕對是我們持續投資的一條重要主線，成長速度不如 logs 那條線快，但我們確實看到 Observability 與安全性使用案例持續融合，因此我們聚焦於此。我也想說，隨著我們第三代平台持續成形並更趨成熟，你將會看到在平台的附加能力（add-on capabilities）之功能集與功能性方面，創新進一步加速，因為我們在觀察……

Patrick Colville, Scotiabank.

Patrick Colville，豐業銀行（Scotiabank）。

I guess maybe this one is to both Rick and Jim. If I look at the financial model, we had a lot of questions on the top line. I just want to kind of zoom in on the bottom line, in fact. The guidance, you gave this helpful commentary that expecting GMs to come down slightly in fiscal '27 due to cloud hosting costs. Do you mind just unpacking why that is exactly?

我想這題可能要問 Rick 和 Jim 兩位。如果我看財務模型，大家對營收端問了很多問題。我其實想把焦點拉到獲利端。你們的指引中提到一個很有幫助的說明：預期在 2027 財年因雲端託管成本而使毛利率（GM）略微下滑。你們介意拆解一下為什麼會這樣嗎？

And then also just maybe just zooming out, like what is the philosophy on profitability as of May 2026 because Dynatrace is wonderfully profitable, but we've been at levels that have been consistent now for about two years, and you're guiding to kind of flat again in fiscal 2027. So like how are you thinking about that aspect of the business?

另外再把視角拉遠一點，截至 2026 年 5 月，你們對獲利能力的理念是什麼？因為 Dynatrace 的獲利能力非常出色，但我們已經在大約兩年內維持在相對一致的水準，而你們對 2027 財年的指引看起來又是大致持平。所以你們是如何思考這一塊的？

I'll start with Patrick, that we continue to drive efficiency in the business, which is why I mentioned that if you look at operating expenses, this guide implies 150 basis points of incremental leverage in operating expenses. We are going through a bit of a, I'd say, a year with gross margins, which is kind of -- I'd say it's a good news, bad.

Patrick，我先回答：我們持續推動業務效率提升，這也是我提到的原因——如果你看營業費用，這份指引意味著營業費用將額外槓桿改善 150 個基點。我們在毛利率方面正經歷一個我會說有點——算是好消息、也有點不那麼好的年份。

The good news is what's driving that is robust consumption of the platform. And so all the reasons we talked about that consumption is growing rapidly, growing significantly faster than ARR growth. There is a lag between when you see that in an expansion and when you see that show up in revenue. Whereas when you look at cost of goods sold, you see that immediately because it is recognized as incurred.

好消息是，推動這件事的是平台強勁的使用量（consumption）。因此我們談到的所有原因——使用量正在快速成長，且成長速度明顯快於 ARR 成長。當你在擴張中看到使用量提升，到它反映到營收之間會有時間落差；但當你看銷貨成本（cost of goods sold）時，你會立刻看到，因為成本是發生即認列。

And so it's truly a function just of growing consumption on the platform. And there's a bunch of initiatives, as you can imagine, that we're driving very defined initiatives to improve our cloud cost efficiency ratios. There's always a give and take between R&D dollars that are spent on those things versus R&D dollars that are spent on efficiency.

因此這完全就是平台使用量成長所致。如你所想像，我們正在推動一系列措施——非常明確的措施——來改善雲端成本效率比率。在研發投入上，花在這些事情上的研發美元與花在效率上的研發美元之間，總是存在取捨。

And so our expectation is that this is temporary and that as we enter fiscal '28, you're going to start to see margins go back -- gross margins go back to more historical levels. I will remind you that even a bit of pressure on gross margins, we still have incredibly robust gross margins even with a 100 basis pointhead wind. So this is a kind of a philosophy of continuing to drive leverage in the model.

因此我們的預期是這屬於暫時性現象，當我們進入 2028 財年時，你將開始看到毛利率回升——毛利率回到更符合歷史的水準。我也提醒你，即便毛利率有些壓力，即使有 100 個基點的不利因素（headwind），我們的毛利率仍然非常強勁。因此這是一種持續在模型中推動槓桿的理念。

As I mentioned in my prepared remarks, some years, we're going to do more than others. Sometimes we sequence investments where the return on those investments comes in the following year. But you can expect we will continue to drive efficiency across the business.

正如我在事先準備的發言中提到的，有些年度我們會做得更多，有些年度則相對少一些。有時我們會安排投資的先後順序，使得投資回報在下一年度才顯現。但你可以預期，我們將持續在整個業務中推動效率提升。

Miller Jump, Truist Securities.

Miller Jump，Truist Securities。

So the logs momentum continues to stand out. Can you just talk about where you are in your ability to displace competitors for security use cases in logs and the comparative size of the market opportunity that you see for Observability versus security there?

logs 的動能持續特別突出。你能談談你們在 logs 的安全使用案例上，取代競爭對手的能力目前進展到哪裡？以及你們看到的市場機會規模——在 Observability 相對於安全性方面——各自有多大？

I'll take that, Miller. We have not done an on-prem SIEM. So we have not addressed that with the security use case. We have addressed the Observability use cases, number one. Number two, as we've reported in the past, we are working on and we'll expect over the course of time to deliver a cloud-based SIEM. So that will begin to take on some of the security use cases around logs.

我來回答，Miller。我們沒有做過地端（on-prem）SIEM，所以我們尚未以該安全使用案例切入。我們首先處理的是 Observability 的使用案例。第二點，如同我們過去所揭露的，我們正在開發並預期隨著時間推進交付雲端式 SIEM。這將開始承接部分圍繞 logs 的安全使用案例。

But for the moment, most of the commentary has been around Observability logs. And that brings us to the end of the call. So let me just wrap up. First of all, thank you all for your engagement and continued support. We really do appreciate it. FY26 was a solid year of stabilized ARR with us at 16%. We delivered double-digit net new ARR growth through the course of the year. We saw it as a year of exceeding $2 billion in ARR.

但就目前而言，多數評論仍聚焦在 Observability 的 logs。接下來也到了電話會議的尾聲，我做個總結。首先，感謝各位的參與與持續支持，我們非常感激。2026 財年是穩健的一年，ARR 穩定在 16%。我們在全年實現了雙位數的淨新增 ARR 成長。我們也將其視為 ARR 超過 20 億美元的一年。

And of course, we delivered very, very strong logs momentum, as we indicated, now well more than $100 million, still growing at 100%. We have a number of growth drivers in the business. We're very excited about what's happening by way of innovation. And we believe we have a number of market tailwinds around AI, around cloud, around agentic that will provide further fuel to the opportunity to accelerate FY27 ARR growth, which is precisely what we're looking for with accelerating net new ARR growth at the midpoint of our guide. We thank you again for joining. We look forward to connecting with you at upcoming IR events, and we wish you a great day.

當然，正如我們所指出的，我們也交出了非常、非常強勁的 logs 動能，目前已遠超過 1 億美元，仍以 100% 成長。我們業務中有多項成長驅動因素。我們對創新所帶來的進展感到非常振奮。我們也相信，在 AI、雲端、以及代理式（agentic）等方面有多項市場順風，將為進一步加速 2027 財年 ARR 成長提供更多動能；這也正是我們所期待的——在指引中點（midpoint）實現淨新增 ARR 成長加速。再次感謝各位加入。我們期待在接下來的投資人關係（IR）活動與各位交流，並祝各位有美好的一天。

Goodbye. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation

再見。今天的電話會議到此結束。您現在可以掛斷電話線路。感謝您的參與。