Dynatrace, Inc (DT) 2027 Q1 法說會逐字稿

Greetings and welcome to the Dynatrace first-quarter fiscal 2027 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Dynatrace 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Noelle Faris, VP of Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係副總裁 Noelle Faris。謝謝。您可以開始了。

Good morning, and thank you for joining Dynatrace's first-quarter fiscal 2027 earnings conference call. Joining me today are Rick McConnell, Chief Executive Officer; and Jim Benson, Chief Financial Officer.

各位早安，感謝各位參加 Dynatrace 2027 會計年度第一季財報電話會議。今天與我一同出席的有執行長 Rick McConnell，以及財務長 Jim Benson。

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 annual report on Form 10-K and subsequent quarterly reports on Form 10-Q.

在開始之前，請注意今天的評論包含前瞻性陳述，例如關於營收、獲利指引與經濟狀況的陳述。由於多項風險與不確定性（已在 Dynatrace 向美國證券交易委員會（SEC）提交的文件中討論，包括我們最近一期的 Form 10-K 年度報告及其後的 Form 10-Q 季度報告），實際結果可能與我們的預期有重大差異。

The forward-looking statements contained in this call represent the company's views on August 5, 2026. 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.

本次電話會議所包含的前瞻性陳述，代表公司截至 2026 年 8 月 5 日的觀點。因新資訊、未來事件或情勢所致，我們不承擔更新這些陳述的任何義務。除非另有說明，我們今天討論的成長率皆為年對年且為非 GAAP，並反映固定匯率（constant currency）成長；每股金額則以稀釋後基礎計算。

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.

我們也將在今天的電話會議中討論其他非 GAAP 財務衡量指標。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的「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，我把電話會議交給我們的執行長 Rick McConnell。

Thanks, Noelle, and good morning, everyone. Thank you for joining us today. On our last earnings call in May, we expressed confidence that the growth drivers we put in place would drive a year of ARR acceleration in fiscal 2027. The strength we saw across the business in Q1 reinforces our conviction and ability to deliver this outcome.

謝謝你，Noelle，各位早安。感謝各位今天加入我們。在 5 月上次的財報電話會議中，我們表達了信心，認為我們所建立的成長動能將推動 2027 會計年度 ARR 加速成長。第一季在整體業務面所展現的強勁表現，進一步強化了我們的信念與達成此成果的能力。

Here are a few of the noteworthy highlights from the quarter. Total ARR grew 17%. Net new ARR was $85 million, growing 66% and 41% organically. We achieved record new logo growth of more than 160%. Both total and subscription revenue exceeded the high end of our guidance. And we delivered a non-GAAP operating margin of 29%, reflecting the disciplined investment approach you've come to expect from us. Q1 strong reflected healthy enterprise demand for end-to-end observability, stronger execution, and growing complexity across customer environments.

以下是本季幾項值得關注的重點。總 ARR 成長 17%。淨新增 ARR 為 8,500 萬美元，成長 66%，其中有機成長 41%。我們達成超過 160% 的新客戶（new logo）成長，創下紀錄。總營收與訂閱營收皆超越我們指引區間的上緣。我們也交出 29% 的非 GAAP 營業利益率，反映各位對我們一貫可預期的紀律性投資方式。第一季的強勁表現反映企業對端到端可觀測性的健康需求、更強的執行力，以及客戶環境日益增加的複雜度。

We are seeing AI contribute in three ways, which I will expand upon shortly: increasing consumption across our platform, creating demand for new AI observability capabilities, and directly monetizing agent usage. This Q1 performance reflects both the significant market opportunity and our strong execution to begin the fiscal year. This morning, I'd like to discuss the observability market, why we believe Dynatrace is built for an AI-first world, and how we expect to drive incremental AI in monetization.

我們看到 AI 以三種方式帶來貢獻，我稍後會進一步說明：提升我們平台的使用量、創造對新 AI 可觀測性能力的需求，以及直接將代理程式（agent）使用量變現。第一季的表現同時反映龐大的市場機會，以及我們在會計年度開局的強勁執行力。今天早上，我想談談可觀測性市場、為何我們相信 Dynatrace 是為 AI 優先（AI-first）的世界而打造，以及我們預期如何推動 AI 變現的增量成長。

The observability market has entered a new era, software that once took months to build now ships in days. AI agents are taking autonomous action across infrastructure. And enterprise customers are now deploying AI rapidly, not because every risk has been resolved, but because standing still means falling behind.

可觀測性市場已進入新時代：過去需要數月才能打造的軟體，如今幾天內就能交付。AI 代理程式正跨越基礎架構採取自主行動。企業客戶現在也在快速部署 AI，不是因為所有風險都已解決，而是因為停滯不前就意味著落後。

In this environment, unified observability matters more than ever. Systems are more interconnected, more autonomous, and more difficult to manage manually than ever before. The enterprise is winning in this environment are the ones that can keep complex, fast-moving systems working reliably and quickly understand when they are not.

在這樣的環境下，統一式可觀測性比以往任何時候都更重要。系統更互聯、更自主，也比以往更難以人工方式管理。能在此環境中勝出的企業，是那些能讓複雜且快速變動的系統可靠運作，並在系統未如預期運作時迅速理解原因的企業。

Additionally, AI workloads do not simply add volume; they behave differently. They can operate perfectly and still produce incorrect results. That's a problem observability has never had to solve before and addressing it represents a significant emerging opportunity.

此外，AI 工作負載不只是增加規模；其行為也不同。它們可能運作完全正常，卻仍產生不正確的結果。這是可觀測性過去從未需要解決的問題，而解決它代表一個重要且正在浮現的機會。

We estimate the AI observability total addressable market will exceed by $10 billion by 2030, growing at more than 50% annually. We see AI observability as the next logical evolution of the broader observability market, and that evolution is already underway.

我們估計，到 2030 年 AI 可觀測性的總可服務市場（TAM）將超過 100 億美元，年成長率超過 50%。我們將 AI 可觀測性視為更廣泛可觀測性市場的下一個合乎邏輯的演進，而這個演進已經在進行中。

What this means in practice is that observability in the age of AI has to answer far more questions than ever before. And while the majority of enterprises are still in early phases of their AI journey, the requirements are evolving quickly.

實務上，這代表在 AI 時代的可觀測性必須回答的問題比以往更多。而且，儘管多數企業仍處於 AI 旅程的早期階段，相關需求正快速演變。

Let me walk through three of the questions that matter most today in an AI-first world. The first, is it working. Are applications, infrastructure, and systems working as intended? This question is about business resilience, and it's the same question we ask of traditional workloads.

我來說明在 AI 優先世界中，當前最重要的三個問題。第一個：它有在運作嗎？應用程式、基礎架構與系統是否如預期運作？這個問題關乎企業韌性，與我們對傳統工作負載所提出的問題相同。

Second, is it new? Is it accurate? More specifically, is the AI model delivering output that can be trusted and relied upon with confidence? Answering this means evaluating AI systems for accuracy and intended behavior, determining whether an AI system behaves is intended before it ships is emerging as one of the most important aspects of observability.

第二個：它是新的嗎？它準確嗎？更具體地說，AI 模型所輸出的結果是否值得信任並能有信心地依賴？要回答這個問題，就必須評估 AI 系統的準確性與預期行為；在 AI 系統上線交付之前判斷其行為是否符合預期，正逐漸成為可觀測性最重要的面向之一。

The third, are my agentic systems delivering the outcomes they were built for? Enterprises are deploying agents to build software at a pace that wasn't possible before. The advantage goes to those who can accelerate the full life cycle and trust the results. Code that's built well, ships safely and runs reliably. The last question is where our newest offering, Bluebox comes in. Built for AI-first teams, Bluebox helps development teams and their coding agents bring software into production in a way that customers can trust.

第三個：我的代理式（agentic）系統是否正在交付其被打造的成果？企業正在部署代理程式，以前所未有的速度開發軟體。優勢將屬於那些能加速完整生命週期並信任結果的企業。良好建置的程式碼，能安全交付並可靠運行。最後這個問題，正是我們最新產品 Bluebox 的切入點。Bluebox 為 AI 優先團隊打造，協助開發團隊及其編碼代理程式以客戶可信任的方式將軟體導入正式環境（production）。

It closes the loop between building and running. It gives coding agents live context from running systems before a change is released. Once that change is live, its agentic SRE capability finds root cause and returns an evidence-backed fix with the developer in control across the entire AI delivery life cycle. This is the moment for which Dynatrace was built.

它讓建置與運行形成閉環。在變更發布之前，它為編碼代理程式提供來自運行中系統的即時情境資訊。一旦變更上線，其代理式 SRE 能力會找出根因，並在開發者全程掌控下，回傳具證據支撐的修復方案，涵蓋整個 AI 交付生命週期。這正是 Dynatrace 為之而生的時刻。

With AI agents increasingly acting alongside humans across development and operations, both need a common source of trusted context. Dynatrace provides that through Grail and Smartscape, giving agents and teams a unified understanding of system relationships and behavior. Dynatrace Intelligence turns that understanding into action, combining deterministic and agentic AI to deliver the precise causal insight that lets both people and agents act with confidence. These core differentiators give customers one operating foundation across both human and autonomous workflows.

隨著 AI 代理程式在開發與營運領域愈來愈多地與人類並肩行動，兩者都需要一個共同且可信的情境來源。Dynatrace 透過 Grail 與 Smartscape 提供這一點，讓代理程式與團隊對系統關係與行為有一致且統一的理解。Dynatrace Intelligence 將這份理解轉化為行動，結合確定性（deterministic）與代理式（agentic）AI，提供精準的因果洞察，使人與代理程式都能有信心地採取行動。這些核心差異化能力，讓客戶在人工與自主工作流程之間共用同一套營運基礎。

Our platform has a distinct advantage with this depth of insight. As agents become a larger part of enterprise operations, that distinction becomes even more important. Additionally, we are purposely building for an open interoperable ecosystem. Our newly acquired Bindplane supports the open standard for open telemetry data collection. DevCycle, acquired earlier this year supports the open standard for feature flags. These acquisitions aren't coincidental. They reflect a deliberate commitment to open standards and interoperability.

我們的平台憑藉這種深度洞察具備明顯優勢。隨著代理程式在企業營運中扮演更重要的角色，這項差異化將變得更加關鍵。此外，我們正有意打造一個開放且可互通的生態系。我們新近收購的 Bindplane 支援 OpenTelemetry 資料蒐集的開放標準。今年稍早收購的 DevCycle 支援功能旗標（feature flags）的開放標準。這些收購並非巧合。它們反映我們對開放標準與互通性的刻意承諾。

Customers are not locked into proprietary pipelines. Our platform is built to work alongside the tools enterprises already use, including partners such as ServiceNow and to operate natively in MCP environments as the AI ecosystem evolves. We believe openness is a competitive advantage. It is one of the reasons enterprises trust Dynatrace as the intelligence foundation for AI-powered businesses, both powered by AI and built for AI.

客戶不會被綁定在專有的管線中。我們的平台旨在與企業既有使用的工具並行運作，包括與 ServiceNow 等合作夥伴整合，並且隨著 AI 生態系演進，可在 MCP 環境中原生運行。我們相信開放性是一項競爭優勢。這也是企業信任 Dynatrace 作為 AI 驅動型企業（由 AI 賦能且為 AI 而建）的智慧基礎之一。

Our unified architecture becomes more valuable as AI increases complexity, and that growing value is reflected in higher consumption, broader platform adoption and the following 3 new monetization opportunities. First, AI workloads are similar to core observability workloads in that they leverage the same types of data such as logs, traces and metrics. But AI workloads generate dramatically more telemetry than the systems that came before them.

隨著 AI 提升複雜度，我們的統一式架構變得更具價值，而這種不斷增長的價值體現在更高的用量、更廣泛的平台採用，以及以下 3 項新的變現機會。第一，AI 工作負載與核心可觀測性工作負載相似，因為它們會使用相同類型的資料，例如日誌、追蹤與指標。但 AI 工作負載所產生的遙測資料量，遠高於以往的系統。

This is one of the reasons why log management remains our fastest-growing product category, with consumption nearly doubling since surpassing the $100 million milestone just 2 quarters ago. BindPlane facilitates easier data ingestion, and it is already performing ahead of plan.

這也是為什麼日誌管理仍是我們成長最快的產品類別之一；自從僅在 2 個季度前突破 1 億美元里程碑以來，用量幾乎翻倍。BindPlane 讓資料匯入更容易，而且目前的表現已超出原先計畫。

Second, as I mentioned earlier, AI observability is an incremental monetization driver. It increases consumption of the platform as it validates whether the AI workloads are producing accurate results, behaving as intended and operating safely and efficiently. This is the newest capability of the platform and adoption is expanding quickly. Third, beyond AI workloads and the data they generate, we monetize our own AI and agents.

第二，如我先前提到的，AI 可觀測性是一項增量的變現驅動因素。它會提升平台用量，因為它能驗證 AI 工作負載是否產出準確結果、是否如預期運作，以及是否安全且高效率地運行。這是平台最新的能力，採用正在快速擴大。第三，除了 AI 工作負載及其產生的資料之外，我們也將自身的 AI 與代理（agents）變現。

Every time a customer uses Dynatrace Intelligence to get answers through AI function calls or MCP integrations or when one of our agents like the SRE or Assist agent takes autonomous action to resolve an issue, it drives DPS usage. As agents increasingly become consumers of observability, this represents a growing opportunity that didn't exist two years ago. Today, more than 1,000 customers use Dynatrace to observe AI and LLM workloads in production, up from roughly 850 last quarter. More than 800 are running operations autonomously with Dynatrace's Agentic capabilities, up from roughly 500 last quarter.

每當客戶使用 Dynatrace Intelligence 透過 AI 函式呼叫或 MCP 整合來取得答案，或當我們的代理（例如 SRE 或 Assist 代理）採取自主行動來解決問題時，都會帶動 DPS 使用量。隨著代理日益成為可觀測性的消費者，這代表一個在兩年前尚不存在、且正在成長的機會。目前，已有超過 1,000 家客戶使用 Dynatrace 在生產環境中觀測 AI 與 LLM 工作負載，高於上季約 850 家。超過 800 家正在使用 Dynatrace 的代理式（Agentic）能力進行自主化營運，高於上季約 500 家。

Additionally, consumption growth for customers in these AI cohorts is 1.5x higher than that of non-AI cohort customers. Our platform integrates natively with Claude Code, ServiceNow, GitHub Copilot, Atlassian and the major hyperscalers, AWS, Azure and GCP, enabling autonomous action across development and operations at scale. Here are several examples of how customers are leveraging Dynatrace to advance their AI strategies and observability initiatives.

此外，這些 AI 客群的客戶用量成長率是非 AI 客群客戶的 1.5 倍。我們的平台可原生整合 Claude Code、ServiceNow、GitHub Copilot、Atlassian，以及主要超大規模雲端供應商 AWS、Azure 與 GCP，使開發與營運能以規模化方式進行自主行動。以下是幾個客戶如何運用 Dynatrace 推進其 AI 策略與可觀測性計畫的例子。

In Q1, we signed a 7-figure ACV expansion deal, more than doubling ACV with a top global financial institution. This customer is using Dynatrace to validate model consumption, control costs and maintain full data lineage from prompt to response, helping it deploy AI with greater confidence while reducing compliance and audit risk. We secured a 6-figure ACV expansion, also nearly doubling ACV with a leading recreational vehicle retailer.

在 Q1，我們與一家全球頂尖金融機構簽下七位數 ACV 的擴約案，使 ACV 增加至原本的兩倍以上。該客戶使用 Dynatrace 來驗證模型用量、控管成本，並維持從提示（prompt）到回應的完整資料血緣（data lineage），協助其更有信心地部署 AI，同時降低合規與稽核風險。我們也與一家領先的休閒車零售商取得六位數 ACV 的擴約，ACV 同樣幾乎翻倍。

This customer used Dynatrace as their operational system of record while building a custom CRM application through AI-assisted development, generating approximately 7 figures of savings and expanding usage of our platform. A leading digital insurance provider used Dynatrace AI observability to reduce onboarding time from days to minutes and identified an outdated model version that was driving unnecessary token consumption and costs.

該客戶在透過 AI 輔助開發打造自訂 CRM 應用程式時，將 Dynatrace 作為其營運的系統紀錄（system of record），創造約七位數的節省，並擴大我們平台的使用。一家領先的數位保險供應商使用 Dynatrace AI 可觀測性將上線導入時間從數天縮短至數分鐘，並找出一個過時的模型版本，該版本造成不必要的 token 用量與成本。

Finally, we secured an 8-figure ACV new logo win with one of Latin America's largest financial institutions. In a highly competitive sales process, the customer selected Dynatrace to consolidate a fragmented multi-vendor observability stack across a complex environment, supporting mission-critical citizen-facing services. Our differentiation continues to be recognized by independent analysts. Gartner named Dynatrace a leader in the Gartner Magic Quadrant for Observability Platforms for the 16th consecutive year.

最後，我們在拉丁美洲最大的金融機構之一拿下八位數 ACV 的新客戶（new logo）勝利。在高度競爭的銷售流程中，該客戶選擇 Dynatrace 以整合其複雜環境中分散且多供應商的可觀測性技術堆疊，支援面向民眾的關鍵任務服務。我們的差異化持續獲得獨立分析師認可。Gartner 連續第 16 年將 Dynatrace 評為 Gartner《可觀測性平台魔力象限》領導者。

Gartner described Smartscape and Dynatrace Intelligence as the gold standard for real-time high-fidelity dependency mapping to automate root cause with Dynatrace and third-party agents. We believe this recognition validates both the strength of our architecture and our ability to help customers confidently scale AI and agentic workloads.

Gartner 將 Smartscape 與 Dynatrace Intelligence 描述為即時、高擬真相依性映射的黃金標準，可透過 Dynatrace 與第三方代理自動化根因分析。我們相信這項肯定驗證了我們架構的強大，以及我們協助客戶有信心地擴展 AI 與代理式工作負載的能力。

Finally, as many of you have seen, Jim plans to retire from Dynatrace by the end of the fiscal year. We will conduct a thorough search for a successor over the coming months, and I'm confident we will have a smooth transition. Jim has been an exceptional partner, playing a critical role in scaling the business, strengthening our financial profile and positioning Dynatrace for its next phase of growth. I am deeply grateful for his leadership and many contributions, and we will miss his valuable insights and guidance when he retires.

最後，如各位所見，Jim 計畫在本會計年度結束前自 Dynatrace 退休。未來幾個月我們將進行全面的接班人選尋找，我有信心能順利交接。Jim 一直是傑出的夥伴，在擴大業務規模、強化我們的財務體質，以及為 Dynatrace 下一階段成長奠定定位方面扮演關鍵角色。我由衷感謝他的領導與諸多貢獻；他退休後，我們將懷念他寶貴的洞見與指導。

To wrap up, Q1 was a tremendous start to FY27 and a powerful reflection of the momentum we are seeing across the business. Organizations are increasingly looking to consolidate on platforms that can help them manage growing complexity, unlock greater productivity and realize the full potential of AI.

總結來說，Q1 是 FY27 的絕佳開局，也有力反映出我們在整體業務上所見的動能。各組織愈來愈希望整合到能協助其管理不斷增加的複雜度、釋放更高生產力並充分發揮 AI 潛力的平台上。

As enterprises accelerate their AI initiatives, we believe Dynatrace is uniquely positioned to help them innovate faster, operate more efficiently and maximize the return on their technology investments. In an AI-first world in which observability and autonomous operations become more critical day by day, we are more enthusiastic than ever about the opportunity.

隨著企業加速推動 AI 計畫，我們相信 Dynatrace 具備獨特優勢，能協助其更快創新、更有效率地營運，並最大化其技術投資報酬。在以 AI 為先的世界中，可觀測性與自主化營運日益重要，我們對這項機會比以往任何時候都更感到振奮。

Jim, over to you.

Jim，交給你了。

Thank you for the kind words, Rick, and good morning, everyone. Q1 was an exceptional start to the fiscal year. Once again, we exceeded the high end of all our top line growth and profitability guidance metrics, fueled by record new logo ARR growth, expanding traction in logs and continued robust consumption of the platform. These results reflect broad-based momentum across the business and reinforce our conviction that we are on the path to ARR acceleration this fiscal year.

謝謝你溢美之詞，Rick，各位早安。Q1 是本會計年度的非凡開局。我們再次超越所有營收成長與獲利指引指標的高標，動能來自創紀錄的新客戶 ARR 成長、日誌業務的持續擴張，以及平台用量的持續強勁。這些成果反映出業務各面向的廣泛動能，並強化我們的信念：本會計年度我們正走在 ARR 加速成長的道路上。

Let me review our first quarter results in more detail. Unless otherwise noted, all growth rates are year-over-year and in constant currency. Starting with ARR. We ended the quarter at $2.14 billion, up 17% year-over-year. Q1 net new ARR was $85 million adjusted for foreign exchange movements, growing 66% from a strong first quarter last year.

我將更詳細地回顧第一季的業績。除非另有說明，所有成長率皆為年對年，並以固定匯率計算。先從 ARR 開始。本季結束時 ARR 為 21.4 億美元，年對年成長 17%。Q1 淨新增 ARR（已調整外匯波動）為 8,500 萬美元，較去年表現強勁的第一季成長 66%。

Excluding the $13 million ARR contribution from our Bindplane acquisition, Q1 net new ARR was $73 million or 41% organic growth.

若排除我們收購 Bindplane 所貢獻的 1,300 萬美元 ARR，Q1 淨新增 ARR 為 7,300 萬美元，亦即 41% 的有機成長。

This strong performance was driven primarily by record new logo ARR growth and our continued success in winning large end-to-end platform consolidation opportunities, including an 8-figure ACV land. The maturation of our go-to-market transformation, which began in fiscal '25, is clearly reflected in improving net new ARR productivity. To help illustrate the momentum in the business, we believe trailing 12-month net new ARR is a useful metric because it smooths the quarter-to-quarter impact of large enterprise transactions.

這項強勁表現主要由創紀錄的新客戶 ARR 成長所帶動，並且我們持續成功拿下大型端到端平台整合機會，其中包括一筆八位數 ACV 的落地案（land）。我們自 2025 會計年度開始的市場推進（go-to-market）轉型日益成熟，已清楚反映在淨新增 ARR 生產力的改善上。為了更好地呈現業務動能，我們認為過去 12 個月的淨新增 ARR 是一項有用指標，因為它能平滑大型企業交易對季度間波動的影響。

Viewed through that lens, we have now delivered 4 consecutive quarters of acceleration in trailing 12-month organic net new ARR growth. Growth reached 17% on an organic basis in Q1, up from 12% in Q4, demonstrating continued momentum. In Q1, we added 122 new logos to the Dynatrace platform. The average land size continues to build and was nearly $285,000, contributing to record new logo ARR growth of more than 160%. We remain focused on landing with high-quality customers with strong expansion potential.

從這個角度來看，我們如今已連續 4 個季度實現過去 12 個月（TTM）有機淨新增 ARR 成長加速。Q1 在有機基礎上的成長達到 17%，高於 Q4 的 12%，展現持續動能。Q1 我們在 Dynatrace 平台新增了 122 個新客戶標誌（logos）。平均落地規模持續提升，接近 285,000 美元，推動新客戶標誌 ARR 成長創紀錄、超過 160%。我們仍專注於以高品質客戶落地，這些客戶具備強勁的擴張潛力。

Our value proposition continues to resonate with enterprise customers that are outgrowing DIY or commercial point solutions and AI-driven complexity is only increasing the need for a unified platform. Customers are seeking business value through tool consolidation and are turning to Dynatrace for the depth, breadth and automation of our unified AI-powered observability platform. Simply put, we believe the Dynatrace platform was built for the AI era.

我們的價值主張持續獲得企業客戶共鳴；這些客戶正逐漸超越自建（DIY）或商用點狀解決方案，而 AI 驅動的複雜性只會進一步提升對統一平台的需求。客戶正透過工具整併尋求商業價值，並轉向 Dynatrace，因為我們的統一 AI 驅動可觀測性平台具備深度、廣度與自動化能力。簡而言之，我們相信 Dynatrace 平台是為 AI 時代而打造。

Once customers experience the benefits of the Dynatrace platform, they often expand quickly. Average ARR per customer continues to increase and is now well over $500,000, reflecting broader adoption and the value we deliver. As we have shared in the past, given the significant cross-sell and upsell opportunities within our enterprise customer base, we believe the average ARR per customer can exceed $1 million or more over the medium to long-term.

一旦客戶體驗到 Dynatrace 平台的效益，往往會快速擴張。每位客戶的平均 ARR 持續提升，現已遠超過 500,000 美元，反映更廣泛的採用以及我們所提供的價值。如同我們過去所分享的，鑑於我們企業客戶基礎中存在顯著的交叉銷售與向上銷售機會，我們相信中長期每位客戶的平均 ARR 可超過 100 萬美元或更高。

Gross retention rate in Q1 remained in the mid-90s, underscoring the strategic importance of Dynatrace as a mission-critical component of our customers' operations. Net retention rate, or NRR, was 110% on a trailing 12-month basis. We continue to see broader usage and deeper adoption across the platform, particularly in log management. Logs remains our fastest-growing product category growing -- continuing to grow well above 100% and reaching nearly $200 million in annualized consumption. As a reminder, we crossed the $100 million milestone just 2 quarters ago.

Q1 的毛留存率維持在 90% 中段，凸顯 Dynatrace 作為客戶營運中關鍵任務（mission-critical）組成部分的策略重要性。以過去 12 個月計算的淨留存率（NRR）為 110%。我們持續看到平台使用更廣、採用更深，尤其是在日誌管理方面。日誌仍是我們成長最快的產品類別，持續以遠高於 100% 的速度成長，年化消耗金額接近 2 億美元。提醒一下，我們在僅僅 2 個季度前才剛跨越 1 億美元里程碑。

We expect logs to remain a powerful growth driver, accelerating consumption while providing a path to future ARR expansion as customers consume their commitments and move into larger contracts.

我們預期日誌將持續成為強勁的成長驅動力，在加速消耗的同時，也為未來 ARR 擴張提供路徑，因為客戶會逐步消耗其承諾額度並轉入更大規模的合約。

Turning to revenue. Total revenue was $555 million, and subscription revenue was $530 million, both up 15% and 100 basis points above the high end of guidance, driven by strong net new ARR performance. Moving to profitability. Non-GAAP operating margin was 29%, exceeding the high end of guidance by 100 basis points, driven by revenue upside flowing through to the bottom line and some expense timing between quarters. Non-GAAP net income was $140 million or $0.48 per diluted share, $0.03 above the high end of our guidance.

接著談營收。總營收為 5.55 億美元，訂閱營收為 5.30 億美元，兩者皆年增 15%，且均較指引上緣高出 100 個基點，主要由強勁的淨新增 ARR 表現所帶動。再看獲利能力。非 GAAP 營業利益率為 29%，較指引上緣高出 100 個基點，受惠於營收超預期帶動獲利落底，以及部分費用在季度間的時點差異。非 GAAP 淨利為 1.40 億美元，或稀釋後每股 0.48 美元，較我們指引上緣高出 0.03 美元。

Now, turning to free cash flow, we have updated our free cash flow definition to adjusted free cash flow, which excludes the impact of restructuring, acquisition-related and other nonrecurring cash expenses. This better aligns the metric with our non-GAAP operating income definition and provides investors with a clearer view of cash generation from ongoing operations of the business. We generated $309 million of adjusted free cash flow in the first quarter.

現在談自由現金流，我們已將自由現金流的定義更新為調整後自由現金流（adjusted free cash flow），排除重組、併購相關及其他非經常性現金費用的影響。此舉使該指標與我們的非 GAAP 營業利益定義更一致，並讓投資人更清楚看見公司持續營運所產生的現金創造能力。我們在第一季產生了 3.09 億美元的調整後自由現金流。

Given seasonality and quarterly variability in billings, we believe this metric is best evaluated on a trailing 12-month basis. Adjusted free cash flow over the trailing 12 months was $579 million or 28% of revenue. This includes 500 basis points of impact from cash taxes. On a pretax basis, adjusted free cash flow was 32% of revenue.

考量到帳單（billings）的季節性與季度間波動，我們認為此指標最適合以過去 12 個月（TTM）基礎來評估。過去 12 個月的調整後自由現金流為 5.79 億美元，約占營收的 28%。其中包含現金稅款帶來的 500 個基點影響。以稅前基礎計算，調整後自由現金流約占營收的 32%。

Turning to capital allocation, we increased the pace of our share repurchases in Q1, buying back 7.1 million shares for $275 million compared to $224 million in Q4. This increased level of repurchases reflect our confidence in the company's operational momentum, long-term growth and cash flow trajectory and our view that the shares remain undervalued. We will continue to take a disciplined approach to capital allocation, balancing investment in innovation and growth while also returning capital to shareholders.

談到資本配置，我們在 Q1 加快了庫藏股回購步伐，回購 710 萬股、金額 2.75 億美元，相較 Q4 的 2.24 億美元有所增加。這一更高水準的回購反映我們對公司營運動能、長期成長與現金流走勢的信心，以及我們認為股價仍被低估的看法。我們將持續以審慎的方式進行資本配置，在投資創新與成長的同時，也回饋資本給股東。

Moving now to guidance, our confidence in accelerating ARR growth in fiscal '27 has strengthened following our first quarter performance. Demand for observability remains robust. The growth drivers we outlined in May continue to trend positively, and our teams are executing well. That said, we are still early in the fiscal year and consistent with our historical approach, we will remain prudent in our guidance.

接著談指引，隨著第一季表現，我們對於在 2027 會計年度加速 ARR 成長的信心進一步提升。可觀測性（observability）的需求仍然強勁。我們在 5 月所概述的成長驅動因素持續呈現正向趨勢，團隊執行也很到位。不過，我們仍處於會計年度初期，且依循我們一貫的歷史作法，我們在指引上仍將保持審慎。

Lastly, with nearly 40% of our business denominated in foreign currency, the strength of the U.S. dollar since our last call creates a sizable headwind. We now expect FX to be a headwind of $14 million to ARR and $4 million to revenue. This represents an incremental headwind of $23 million to ARR and $19 million to revenue. With that as context, let me summarize our updated full year outlook that we detailed in this morning's press release.

最後，由於我們近 40% 的業務以外幣計價，自上次電話會議以來美元走強帶來顯著逆風。我們目前預期匯率（FX）將對 ARR 造成 1,400 萬美元逆風，對營收造成 400 萬美元逆風。這代表額外增加的逆風為：ARR 2,300 萬美元、營收 1,900 萬美元。在此背景下，讓我總結我們在今早新聞稿中所詳述的更新後全年展望。

ARR, we are maintaining our constant currency ARR growth guidance of 15.5% to 16.5%. As usual, we plan to revisit our full year ARR growth guidance at the midpoint of the fiscal year. For revenue, we are raising our constant currency total revenue and subscription revenue outlook by 25 basis points at the midpoint, reflecting the operational outperformance in Q1. We now expect total revenue and subscription revenue growth of 14.5% to 15% year over year.

ARR 方面，我們維持以固定匯率（constant currency）計算的 ARR 成長指引為 15.5% 至 16.5%。如同以往，我們計畫在會計年度中點時重新檢視全年 ARR 成長指引。營收方面，我們將以固定匯率計算的總營收與訂閱營收展望在中點上調 25 個基點，反映 Q1 的營運超預期表現。我們目前預期總營收與訂閱營收年增 14.5% 至 15%。

Turning to profitability, we are increasing the high end of our full year non-GAAP operating margin guidance by 25 basis points to 29.75%, while continuing to balance top line growth acceleration with margin expansion. We are also raising non-GAAP EPS guidance to a range of $1.97 to $1.99 per diluted share, an increase of $0.04 at the midpoint. This outlook assumes a diluted share count of 295 million to 297 million shares and an effective cash tax rate of 18.5%.

獲利能力方面，我們將全年非 GAAP 營業利益率指引上緣上調 25 個基點至 29.75%，同時持續在加速營收成長與擴大利潤率之間取得平衡。我們也將非 GAAP 每股盈餘（EPS）指引上調至稀釋後每股 1.97 至 1.99 美元，中點上調 0.04 美元。此展望假設稀釋後股數為 2.95 億至 2.97 億股，且有效現金稅率為 18.5%。

Finally, we are maintaining our adjusted free cash flow margin guidance of 26.5%. Our prior guidance was based on our current free cash flow definition, which didn't reflect the new adjustments. As a reminder, for your cash flow models, seasonality and billing patterns historically result in higher cash flow in the first and fourth quarters and significantly lower cash flow in the second and third quarters. As such, we believe trailing 12-month performance remains the most meaningful way to evaluate this metric throughout the year.

最後，我們維持調整後自由現金流利潤率指引為 26.5%。我們先前的指引係基於當時的自由現金流定義，未反映新的調整項目。提醒一下，就你的現金流模型而言，季節性與帳單模式在歷史上通常導致第一季與第四季現金流較高，而第二季與第三季現金流顯著較低。因此，我們認為在全年期間，以過去 12 個月（TTM）表現來評估此指標仍是最具意義的方式。

Looking at Q2, we expect total revenue and subscription revenue growth of 15% to 16% non-GAAP operating margin of 29.5% to 30% and non-GAAP EPS of $0.48 to $0.49 per diluted share.

展望 Q2，我們預期總營收與訂閱營收成長 15% 至 16%，非 GAAP 營業利益率為 29.5% 至 30%，以及非 GAAP EPS 為稀釋後每股 0.48 至 0.49 美元。

In summary, we are pleased with our strong start to fiscal '27 and remain confident that we are on the right track to accelerate ARR growth. We are focused on executing against the significant opportunity ahead in a rapidly growing observability market. We have a proven track record of consistent execution and remain committed to delivering a balanced combination of strong growth and profitability while continuing to invest in opportunities that will drive long-term value.

總結來說，我們對 2027 會計年度的強勁開局感到滿意，並仍有信心我們正走在加速 ARR 成長的正確軌道上。我們專注於把握快速成長的可觀測性市場中，前方龐大的機會並落實執行。我們擁有一貫穩健執行的良好紀錄，並將持續致力於在持續投資可驅動長期價值的機會之同時，交付強勁成長與獲利能力的平衡組合。

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

接下來，我們將開放電話線路進行提問。接線員。

(Operator Instructions) Brent Thill, Jefferies.

(接線員指示) Brent Thill，Jefferies。

Just on the net new adds, you mentioned the overwhelming strength. Maybe if you can just drive into what you're seeing in terms of the success with those new logos, where you're finding them? Any more color would be helpful.

關於淨新增客戶數，你提到其強勁程度超乎預期。也許你可以再深入說明一下，你們在這些新標誌客戶（new logos）的成功上看到了什麼、主要在哪裡找到這些客戶？如果能提供更多細節會很有幫助。

Sure, Brent, this is Jim. Again, I think what you've seen, this is not the first quarter that we've seen strength in new logos. I think this is the fifth consecutive quarter that the average land size has continued to build. This quarter alone was almost $285,000 on average land size. It is a function of some of the go-to-market changes that we made two years ago, where we weighted investments in strategic and enterprise accounts. What you're seeing is growing traction.

當然，Brent，我是 Jim。再說一次，我認為你所看到的，這並不是我們第一次在新標誌客戶上看到強勁表現。我想這已經是連續第五個季度，平均落地規模（average land size）持續擴大。僅本季度平均落地規模就接近 285,000 美元。這是我們兩年前所做的一些市場進入（go-to-market）調整的結果，當時我們加大了對策略型與企業級客戶的投資權重。你看到的是牽引力正在增強。

Specifically, when I talked about roughly two years ago about this emerging trend of customers looking for platform consolidation, tool consolidation and going from fragmented tools to one vendor, we are benefiting significantly from that. That's been our number-one sales play, and we expect it to continue even in this environment where people are evaluating where budgets go, consolidation actually is an economic benefit to customers because when they consolidate fragmented tools and they go to one vendor, they can get better economics and a better outcome from Dynatrace. Those are really the reasons why we're benefiting and continue to benefit from new logo lands at a very large size.

具體而言，當我大約兩年前談到一個新興趨勢：客戶尋求平台整合、工具整合，從分散的工具轉向單一供應商時，我們正從中顯著受益。這一直是我們的第一大銷售打法（sales play），而且即便在目前這種大家評估預算去向的環境下，我們也預期它會持續；因為整合對客戶而言其實具有經濟效益——當他們把分散的工具整合並轉向單一供應商時，就能獲得更好的成本效益，以及來自 Dynatrace 的更佳成果。這些就是我們受益、並持續受益於大規模新標誌客戶落地的主要原因。

Gray Powell, BTIG.

Gray Powell，BTIG。

Congratulations on the really strong results. So yes, if I -- I'm just looking at the numbers, and I just want to make sure that I understand everything correctly. But if I back out Bindplane, it looks like you need to grow net new ARR by about 17% to hit your fiscal '27 guidance. I know it's only 1 quarter that you're going to wait until Q2 to update, but you just posted 40% growth in net new ARR. It sounds like there are a lot of tailwinds out there, particularly log monitoring.

恭喜你們取得非常強勁的業績。所以，是的，如果我——我只是看著這些數字，想確認我是否理解正確。但如果我把 Bindplane 的影響扣除，看起來你們需要把淨新增 ARR 成長大約 17%，才能達到你們 2027 財年的指引。我知道這才第 1 季，你們會等到第 2 季再更新，但你們剛公布的淨新增 ARR 成長是 40%。聽起來外部有很多順風，特別是在日誌監控（log monitoring）方面。

Can you maybe just help us rank the upside drivers that you saw in Q1? And then just how should we think about the sustainability of those drivers?

你能否協助我們把你們在第 1 季看到的上行驅動因素做個排序？然後，我們該如何看待這些驅動因素的可持續性？

Gray, that's a great question. Actually, your math is right. The math would suggest for Q2 through Q4 at the high end of our guide that you're at the high teens growth rates. We're coming off a quarter, obviously, organically where we grew 41%. You're not going to see that every quarter.

Gray，這是個很好的問題。其實，你的計算是對的。按數學推算，若以我們指引區間的高端來看，第 2 季到第 4 季的成長率會落在十幾個百分點的高段。我們剛結束的一個季度，顯然在有機（organic）層面淨新增 ARR 成長了 41%。你不會每一季都看到這樣的表現。

We've talked about that in the past that the nature of an enterprise sales motion, in particular, where we are going after large strategic accounts is your land sizes are going to be very big, both for new logos and for expansions. So it is a bit of the nature of the business. You're going to see timing.

我們過去也談過，企業級銷售動能（enterprise sales motion）的特性，特別是我們鎖定大型策略型客戶時，你的落地規模會非常大，無論是新標誌客戶或擴張（expansions）。所以這在某種程度上就是業務本質。你會看到時點（timing）的影響。

We had an exceptional start to the year, actually stronger than we expected. We knew the first half would be strong. But to your point about tailwinds, we expect the tailwinds to continue. I expect we will continue to be able to land large with new logos. I expect that in the back half of the year, where we have a significant increase in our DPS contracts that are coming up for renewal that you're going to have an opportunity for expansions. Consumption is continuing to grow at a robust rate. Logs, as we mentioned, is nearly $200 million. There's just a lot of momentum building in the business.

我們今年開局非常出色，實際上比我們預期更強。我們知道上半年會很強。但就你提到的順風而言，我們預期順風會持續。我預期我們將能持續以新標誌客戶做出大規模落地。我也預期在下半年，隨著我們有大量 DPS 合約即將到期續約，將會有擴張的機會。用量（consumption）仍以強勁速度成長。如我們提到的，日誌（logs）規模接近 2 億美元。整體業務動能正在快速累積。

We have a lot of confidence that we can continue that. I'd say one of the questions that I got from last quarter's earnings call was, hey, this guide looks a bit ambitious, Jim. Hopefully, what this demonstrates is that there is building momentum in the business. This is the fourth quarter in a row that we've had trailing 12-month improvement in net new ARR growth. That smooths out variability quarter-to-quarter, 17% in the first quarter on a trailing 12-month basis organically. This business is showing significant momentum, and we expect that, that will continue.

我們對能夠延續這種態勢非常有信心。我想，上季財報電話會議我收到的一個問題是：嘿，Jim，這個指引看起來有點進取。希望這次能證明，業務動能正在形成。這已是連續第四個季度，我們在過去 12 個月（trailing 12-month）的淨新增 ARR 成長有所改善。這能平滑季度間的波動；以有機口徑看，第 1 季在過去 12 個月基礎上的成長是 17%。這項業務展現出顯著動能，我們預期這將持續。

I think Jim definitely covered the highlights, Gray. It's about consumption, it's about logs. It's about those elements. But one element that I'd love to add in is just the notion that AI is driving even greater consumption of the platform. So we talked about some of the metrics in the prepared remarks, those workloads are driving increased consumption. It's also shifting the market mindset to one of AI observability, which we also referenced. That's an incremental driver to some of the other ones that Jim already mentioned.

我想 Jim 已經把重點都涵蓋了，Gray。重點在用量（consumption）、在日誌（logs）。就是這些要素。但我還想補充一點：AI 正在推動平台更高的用量。我們在事先準備的講稿中談到一些指標，這些工作負載正在帶動用量增加。它也正在把市場心態轉向「AI 可觀測性（AI observability）」，我們也提到過。這是在 Jim 已提到的其他因素之外，額外的增量驅動因素。

Will Power, Baird.

Will Power，Baird。

Okay. Great. I guess, first, to you, Jim, congratulations on your retirement, and thanks for all the help here over the years. I guess, Rick, you made the comment that you're seeing organizations increasingly run autonomous operations. I think you said just sequentially, the number of organizations moving to autonomous operations has gone from 500 to 800.

好的。很好。我想先對你說，Jim，恭喜你退休，也感謝你這些年來在這裡提供的所有協助。我想，Rick，你提到你看到組織正愈來愈多地運行自主化營運（autonomous operations）。我記得你說，按季來看，轉向自主化營運的組織數量從 500 增加到 800。

Maybe just talk about kind of the key drivers of that. I mean, AI obviously feeds into that. But yes, any color you can share on kind of what's driving that? And then just anything you can drill down in terms of how you monetize that? I know DPS is the contracting vehicle, I guess.

能否談談背後的主要驅動因素？我的意思是，AI 顯然與此相關。但你能否分享一些細節，究竟是什麼在推動這件事？另外，在變現（monetize）方面，你能否再深入說明？我知道 DPS 是合約載體（contracting vehicle），我想是這樣。

But any other color on that front would be great.

但如果能在這方面提供更多細節就太好了。

Great question as well. To start, we absolutely see agentic evolution, both in our traditional workloads as well as AI workloads. For example, perhaps a couple of quarters ago, I mentioned the evolution of traditional observability and moving from reactive to proactive to predictive on to autonomous. It is in this autonomous environment where you get the benefit of using Dynatrace's deterministic AI to provide causal interpretation and insights as to what's going on in that environment.

這也是個很好的問題。先說結論，我們確實看到代理式（agentic）的演進，無論是在我們的傳統工作負載，還是在 AI 工作負載上。例如，可能在幾個季度前，我提到傳統可觀測性的演進，從被動反應（reactive）走向主動（proactive）、再到預測（predictive），進而走向自主化（autonomous）。正是在這種自主化環境中，你能受益於 Dynatrace 的確定性 AI（deterministic AI），它能提供因果解讀與洞察，說明該環境中正在發生什麼。

That deterministic AI enables agents to then take action in an autonomous way, and those agents can actually provide them results to allow for elements such as auto remediation. That's in traditional workloads, and that's where agents can actually take action.

這種確定性 AI 使代理（agents）能以自主方式採取行動，而這些代理實際上也能提供結果，支援例如自動修復（auto remediation）等能力。這是在傳統工作負載中，代理確實可以採取行動的部分。

On the AI observability front, you're adding incremental questions like, for example, is the information coming out of LLMs accurate? Again, agents are then helping you build and run code. In both areas, you have agents that are increasingly operationalizing your observability systems. In both cases, we expect to monetize those agents directly to enable us to benefit from that agentic usage. So it is, as you mentioned, these 800 work -- or 800 customers using our agentic capabilities up from roughly 500 last quarter that we like to see because it's increased agent usage.

在 AI 可觀測性方面，你會新增一些問題，例如：從 LLM 輸出的資訊是否準確？同樣地，代理也在協助你建置與運行程式碼。在這兩個領域中，代理正愈來愈多地把你的可觀測性系統落實到營運層面（operationalizing）。在兩種情況下，我們都預期會直接對這些代理進行變現，使我們能從代理式使用（agentic usage）中受益。所以，正如你提到的，這 800 個工作——或 800 家客戶使用我們的代理式能力，較上季約 500 家增加，這是我們樂見的，因為代理使用量正在提升。

One thing that I'd add to that, Will, and I think to your point, is while enterprises are still early in their adoption of AI, I think to Rick's point, it's building. I think what we outlined there is consumption is growing at a very robust rate for the company in total and customers that are leveraging AI grow at 1.5x that rate. The significant volume increase in consumption that, again, with the nature of the DPS contract, you don't have to purchase something. You have access to full capabilities of the platform, you will burn down your commitments earlier. Our expectation is if this continues that, that should lead to a source of future expansion.

Will，我想在此補充一點，我認為也呼應你的觀點：雖然企業在採用 AI 方面仍處於早期階段，但如 Rick 所說，這股動能正在形成。我認為我們在那裡概述的是，公司整體的使用量正以非常強勁的速度成長，而運用 AI 的客戶，其成長速度是該速度的 1.5 倍。使用量顯著增加，再加上 DPS 合約的特性，你不需要先購買某個東西。你可以存取平台的完整功能，你會更早消耗完你的承諾額度。我們的預期是，如果這種情況持續下去，這應該會帶來未來擴張的來源。

Perhaps just to put a pin in it, I did cover this in the prepared remarks, but just to highlight it because I really do think it is important. We're thinking very acutely as to how we monetize in the evolving AI space. Number one is just around increased consumption of AI workloads that consume way more telemetry. Number two is that you've got incremental workloads that require AI observability, namely, are they delivering accurate responses coming out of LLMs. Then finally, we're monetizing, as I mentioned earlier, the agents themselves, so three different very discrete methods of monetization of AI workloads and agentic work models as we look at.

也許只是先把重點釘住：我在事先準備的講稿裡已經提過，但我想再強調一次，因為我確實認為這很重要。我們正非常敏銳地思考，在不斷演進的 AI 領域中要如何變現。第一，是 AI 工作負載使用量增加，而這類工作負載會消耗更多遙測資料。第二，是出現需要 AI 可觀測性的增量工作負載，具體而言，就是它們是否能從 LLM 輸出準確的回應。最後，如我先前提到的，我們也在對代理（agents）本身變現；因此，當我們觀察 AI 工作負載與代理式工作模型時，有三種彼此非常明確、離散的變現方式。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO 資本市場。

I wanted to ask about the renewal installed base. If you could just provide a little bit of context on how that installed base looks over the next three quarters versus what it was in the June quarter? Frankly, is it a greater target-rich audience when you think about that installed base, any nuances that you want us to consider as we look out over the next three quarters?

我想詢問續約的既有客戶基礎。你能否提供一些背景，說明接下來三個季度的既有客戶基礎情況，與 6 月季度相比如何？坦白說，當你想到那個既有客戶基礎時，是否是一個更「目標密集」的受眾？在我們展望未來三個季度時，有沒有任何你希望我們留意的細節或差異？

Additionally, any update on how that installed base when the renewals unfold, the behavior? In other words, what's the ratio that you're picking up as those customers, in fact, renew their DPS contracts, any change in behavior, upsell rates associated with those DPS renewals, in particular, as we think about what that installed base may do. I'm going to try to sneak in. Just, Jim, any comments on what Bindplane will grow over the -- you mentioned $13 million, which was ahead of our number. But any comments on how that will grow and contribute to the ARR? That's it for me.

另外，關於既有客戶基礎在續約展開時的行為，有沒有更新？換句話說，當這些客戶確實續約其 DPS 合約時，你們所取得的比率是多少？是否有任何行為變化、與這些 DPS 續約相關的加購（upsell）率變化，特別是當我們思考那個既有客戶基礎可能帶來的影響時。我再偷偷加問一個。Jim，關於 Bindplane 的成長有沒有任何評論？你提到 1,300 萬美元，這高於我們的預估。但你能否談談它將如何成長並對 ARR 做出貢獻？我就這些。

Okay. A couple of questions in there. As we've shared before, Keith, that the weighting of our renewals, DPS and just other non-DPS renewals are very weighted to the back half of the year. So Q1 and Q2 are light renewal quarters. I think the statistic is for DPS.

好的。裡面有幾個問題。如我們先前分享過的，Keith，我們的續約權重——不論是 DPS 或其他非 DPS 的續約——都非常集中在下半年。所以 Q1 和 Q2 是續約較少的季度。我想那個統計數字是針對 DPS。

I think 70% of our renewal activity or annual resets actually occur in the back half of the year. I shared before that if consumption continues to grow at the rates we're expecting, we believe that you should see NRR inflection in the back half of the year.

我想我們約 70% 的續約活動或年度重置其實都發生在下半年。我之前也分享過，如果使用量持續以我們預期的速度成長，我們相信你應該會在下半年看到 NRR 的拐點。

I don't think you're going to see it in the first half of the year just because it's a light renewal period. As I shared before, your DPS contracts this year, you're having all 3 cohort classes come up for the first time. If consumption continues to grow at that rate, we do expect to see an improvement in expansion activity. I'd say what we saw in Q1, very consistent customers that -- some customers go on demand and some customers do expansions. Again, because it's a light renewal period, you're not notably seeing an uplift in NRR yet, but our expectation is you will in the back half.

我不認為你會在上半年看到，因為上半年本來就是續約較少的期間。如我先前分享的，今年你的 DPS 合約會有全部 3 個同批（cohort）類別首次到期。如果使用量持續以那樣的速度成長，我們確實預期會看到擴張活動改善。我會說我們在 Q1 看到的情況非常一致：有些客戶轉為按需（on demand），有些客戶則做擴張。同樣地，因為這是續約較少的期間，你還不會明顯看到 NRR 的提升，但我們預期你會在下半年看到。

Relative to Bindplane, you're right. Bindplane, I think we used big grand numbers when we said $10 million. What we inherited was $13 million. We are very pleased with Bindplane. It's exceeded our expectations.

至於 Bindplane，你說得對。我們當初說 1,000 萬美元時，我想用了很宏大的數字。我們接手的是 1,300 萬美元。我們對 Bindplane 非常滿意。它的表現超出我們的預期。

You should expect that, that will be a contributing source to aid our logs business to continue to accelerate at the rates that it's done because Bindplane will be an accelerant to logs. We expect that to be an additive source. We haven't necessarily outlined a specific growth target for it, but you can expect that it's going to grow at a robust rate.

你應該預期它會成為一個貢獻來源，協助我們的日誌（logs）業務以既有的速度持續加速，因為 Bindplane 會成為日誌的加速器。我們預期它會帶來增量貢獻。我們尚未為它提出特定的成長目標，但你可以預期它將以強勁的速度成長。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Jim, congrats on your retirement. It's been great working with you. Is it fair to think that the deals that slipped in EMEA last quarter closed? How did that region perform in the quarter? And then globally, how is the pipeline of big deals in Q2 and for the second half?

Jim，恭喜你退休。和你合作一直很愉快。是否可以合理地認為，上季在 EMEA 延後的交易已經成交？該地區本季表現如何？另外，從全球來看，Q2 以及下半年大型交易的管線情況如何？

First, thank you. I'll just remind you, I'm not going anywhere yet, so you guys are stuck with me for a while but thank you for the kind words. Relative to EMEA, you're right. We saw a little bit of softness in EMEA in the fourth quarter. EMEA actually had a very strong start to the year. EMEA had a good Q1. I mean, they weren't the primary source of the growth for the quarter, but they had a rebound from Q4 to Q1.

首先，謝謝你。我提醒一下，我還不會離開，所以你們還得跟我共事一段時間，但謝謝你的好話。關於 EMEA，你說得對。我們在第四季看到 EMEA 有一點疲軟。EMEA 其實在年初有非常強勁的開局。EMEA 的 Q1 表現不錯。我的意思是，他們不是本季成長的主要來源，但他們從 Q4 到 Q1 有所反彈。

Then your second question was on pipeline. Again, pipeline continues to be weighted to large deals. That is not new. It's the nature of our sales motion, which is why we mentioned that having a trailing 12-month metric to look at net new ARR is a good lens because it smooths out the timing that you'll see with large deals like that. But the pipeline continues to be robust.

你第二個問題是關於管線。同樣地，管線仍然偏向大型交易。這不是新情況。這是我們銷售運作方式的特性，因此我們才提到，用過去 12 個月的指標來看淨新增 ARR 是一個很好的視角，因為它能平滑大型交易這類案子的時間點波動。但管線仍然強勁。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Jim, I wanted to follow up with you on something that you were potentially ideating on last quarter. And now because you started the new fiscal year, behooves me to ask you, there was some consideration around potentially having more, let's just say, elastic or more premium skewing pricing on demand consumption behavior.

Jim，我想就你上季可能在構思的一件事追問一下。而現在你們已經開始新的會計年度，我也就順勢問：之前曾考慮過，或許在按需消費行為上採用更具彈性、或更偏向高端（premium）的定價。

Knowing what you know, seeing what you're seeing in the pipeline as it relates to the renewals cohort, their behaviors, their consumption patterns, I'm wondering if you maybe have an update or a finer point you could put on the decision around more premium pricing elasticity on ODC and how that factors or doesn't factor into your guidance for the remainder of the year?

基於你所掌握的資訊、以及你在管線中看到與續約同批（cohort）相關的情況——他們的行為與使用模式——我想知道你是否有更新，或能否更精準地說明：關於在 ODC 上採用更高端的定價彈性這個決策，目前進展如何？以及這會或不會納入你對今年剩餘期間的財測？

The short answer to that question, Fatima, is that we've not made any decisions to change our pricing mechanism for on-demand consumption. As you mentioned, we do not charge a premium. It is something that we've evaluated and continue to evaluate internally. Within my guidance does not assume any change in that. That's not to suggest that we wouldn't make a change. It's just not something that we've contemplated yet.

對這個問題的簡短回答，Fatima，是我們尚未做出任何決定要改變按需消費的定價機制。如你所提到的，我們目前不收取溢價。這是我們已評估、且仍在內部持續評估的事項。我的財測並未假設這方面會有任何變動。這並不是說我們不會做出改變。只是我們目前還沒有真正把它納入規劃。

Obviously, when you make a change like that, you'd have to roll that out over a period. You could do that for new customers, you'd have to figure out the timing of doing it for existing customers. Even doing it would not have a material impact on the fiscal year.

顯然，當你做出那樣的變更時，你必須在一段期間內逐步推行。你可以先對新客戶這麼做，而對既有客戶則必須規劃導入時點。即便實施，對本財政年度也不會造成重大影響。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Congrats on the strong net new ARR performance in Q1. It seems like this quarter, there was strength across the business, but really the story is the new logo performance, I think, kind of more than doubling the size of the average lands. When I think about that NRR and I think about just the momentum that you guys are seeing, explosive momentum you're seeing on the log side of the equation, I guess the question is, why isn't logs driving that improvement in NRR? I know we have like the renewal cohort in the back half, but why isn't logs a bigger driver for an NRR improvement?

恭喜第一季（Q1）淨新增 ARR 表現強勁。看起來本季各業務面向都有力道，但我認為真正的重點是新客戶（new logo）表現，平均首次導入（land）的規模似乎增加到原本的兩倍以上。當我想到 NRR，再想到你們所看到的動能——在 logs 這一端看到的爆發性動能——我的問題是：為什麼 logs 沒有帶動 NRR 的改善？我知道下半年有續約族群（renewal cohort），但為什麼 logs 不是推動 NRR 改善的更大驅動因素？

I think it will be. I think it's all timing, Sanjit, as we said, that everything is dependent upon who are the customers that are driving significant logs consumption. It's a bit of the nature of when do those customers fall into their renewal cycle. Again, as I mentioned, Q1 and Q2 are light renewal quarters. We're already seeing some of it. They just happen to be quarters where you're not going to see the same level of expansion activity.

我認為它會的。我認為這完全是時間點的問題，Sanjit，正如我們所說，一切都取決於哪些客戶正在推動顯著的 logs 使用量（consumption）。這也與這些客戶落在其續約週期的時間點有關。再說一次，如我提到的，Q1 和 Q2 是續約較少的季度。我們已經看到一些影響。只是剛好在這些季度，你不會看到同等程度的擴張活動（expansion activity）。

But trust me, they are going to be -- and we expect to be a future source of expansion activity. As we mentioned that just two quarters ago, we talked about the business being $100 million, and now it's nearly $200 million. You should expect that in the back half of the year, if this consumption growth continues, and we should see an inflection in NRR.

但相信我，它們將會——而且我們預期——成為未來擴張活動的來源。如我們提到的，就在兩個季度前，我們談到這項業務是 1 億美元，而現在已接近 2 億美元。你應該預期在今年下半年，如果這種使用量成長持續，我們應該會看到 NRR 的拐點（inflection）。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，RBC 資本市場。

Really a strong set of results here. I'm still kind of curious, when I look at the 41% constant currency organic net new ARR growth, I'm curious, did you see any pull forward from Q2? And I guess where my question is going, you haven't changed the full year ARR guide, but following such strong Q1 results, does it change how you think about kind of that first half, second half split? I think our initial assumption was something like maybe 44% to 47% of net new ARR in the first half. But any commentary on sort of like the linearity of the results because it seems strong really across the board.

這次的結果真的很強。我仍然有點好奇，當我看到以固定匯率計算的 41% 有機淨新增 ARR 成長時，我想問：你們是否看到有從 Q2 提前拉貨（pull forward）到 Q1 的情況？我想追問的是：你們沒有調整全年 ARR 指引，但在 Q1 如此強勁之後，是否改變你們對上半年、下半年分布的看法？我記得我們最初的假設大概是上半年貢獻淨新增 ARR 的 44% 到 47%。但能否談談結果的線性度（linearity）？因為看起來各方面都很強。

Thanks for the question, Matt. You're right. We did say in our last call that we thought that the first half seasonally relative to what it historically is, would be a little bit more weighted. We certainly had a better start than we expected. Relative to pull forward, you're always going to have deals that push, you're going to have deals that you're able to close.

謝謝你的提問，Matt。你說得對。我們在上次電話會議中確實提到，我們認為上半年相較於歷史季節性會稍微更偏重一些。我們的確有一個比預期更好的開局。至於提前拉貨，你總是會有一些案子延後，也會有一些案子能夠提前結案。

That is going to continue to be the nature of the business, especially with our pipeline weighted to very large deals. The timing of those are always going to be a bit variable.

這將持續是業務的常態，特別是我們的管線（pipeline）偏向非常大型的交易。這些交易的時點一向會有些變動。

I would say an exceptional start. I'd say we might be -- I expect a very strong half 1. I do expect that net new ARR, even though we don't guide quarterly, is going to be in the double digits every quarter. Timing of like how much more it will contribute, I'd say, is going to depend on the nature of when these deals land. But we are very confident that the momentum in the business is building.

我會說這是一個非常出色的開局。我想我們可能會——我預期上半年會非常強勁。我也預期淨新增 ARR，即使我們不提供季度指引，每一季都會是雙位數。至於會多貢獻多少，我會說取決於這些交易落地（land）的時間特性。但我們非常有信心，業務動能正在累積。

I think we're just trying to be prudent. As you know, we don't historically change the guide after the Q1 results. But don't misunderstand that to mean that we don't believe that the business momentum is growing. One of the things I said in the prepared remarks and Rick, we are quite confident that we are on track to accelerate ARR growth for the year.

我認為我們只是想保持審慎。如你所知，我們歷來不會在 Q1 結果出來後就調整指引。但不要誤解這代表我們不相信業務動能正在增強。我在事先準備的發言中提到的一點是，Rick，我們相當有信心，我們正按計畫在今年加速 ARR 成長。

This is a really critical point that I want to highlight as well. Our focus is ARR acceleration for the year. That's what the drivers are suggesting, and that's what we're promoting with regard to strong consumption, log management and log growth, the evolution of AI workloads, the increase in consumption overall of the platform relative to ARR, back half renewals coming up. There is a large set of drivers that we believe deliver confidence in the overall outlook for the year.

這也是我想強調的一個非常關鍵的點。我們的重點是今年的 ARR 加速成長。驅動因素所顯示的也是如此，而我們所推動的包括：強勁的使用量、log 管理與 log 成長、AI 工作負載的演進、平台整體使用量相對於 ARR 的提升、以及下半年即將到來的續約。我們相信有一大組驅動因素，能讓我們對今年整體展望更具信心。

Koji Ikeda, Bank of America.

Koji Ikeda，美國銀行。

I wanted to ask about logs. And it's very clear that your log strategy is working with log consumption over $200 million. Just real quick here. And so as I think further out, if log growth starts to slow, you did lay out 3 monetization levers for AI, that's higher telemetry, AI observability and then monetization of Dynatrace agents as a whole. Is there enough there to -- with the AI to realistically become large enough to replace any sort of slowdown in logs, or does the medium-term growth algorithm still primarily depend on logs growing nice and durably over the next several years?

我想問關於 logs 的問題。很明顯你們的 log 策略正在奏效，log 使用量已超過 2 億美元。我快速問一下。因此，當我把時間拉長來看，如果 log 成長開始放緩，你們確實提出了 AI 的三個變現槓桿：更高的遙測（telemetry）、AI 可觀測性（AI observability），以及 Dynatrace agents 整體的變現。就 AI 而言，這些是否足以在規模上實際大到可以彌補 logs 任何放緩？還是說中期成長模型仍主要仰賴 logs 在未來幾年持續良好且具韌性地成長？

Let me start with that. I do not believe -- while we do think logs will continue to be a huge source of consumption growth, Growth outside of logs is growing at a very rapid rate as well. Infrastructure monitoring is growing at a very healthy rate. Full stack is growing at a very healthy rate. Consumption of the platform beyond logs is growing at a very robust rate. I don't expect that, that's going to change.

我先回答這個。我不認為——雖然我們確實認為 logs 會持續是使用量成長的重要來源，但 logs 以外的成長也正以非常快的速度在成長。基礎架構監控（infrastructure monitoring）以非常健康的速度成長。全棧（full stack）也以非常健康的速度成長。平台在 logs 以外的使用量也以非常強勁的速度成長。我不預期這會改變。

Your point about if log slows, first, we don't think logs is going to slow. We think that at $200 million, we look at the size of this opportunity and the differentiation that you have with Dynatrace, we think we're going to be a huge gainer of share in that space. I don't think logs are going to slow. I think outside of logs, the rest of the business is growing at a very rapid rate. I think between logs, customers continuing to move more workloads and the AI monetization attributes that Rick said, I think all three of them are going to be sources of growth for acceleration in ARR.

你提到如果 logs 放緩，首先，我們不認為 logs 會放緩。我們認為在 2 億美元的規模下，看看這個機會的市場規模，以及 Dynatrace 的差異化優勢，我們認為我們會在這個領域大幅提升市占（share）。我不認為 logs 會放緩。我認為 logs 以外的其餘業務也正以非常快的速度成長。我認為在 logs、客戶持續把更多工作負載移轉過來，以及 Rick 所說的 AI 變現屬性之間，我認為這三者都將成為推動 ARR 加速成長的來源。

Koji, I would just say that whether you're looking at the evolution of traditional workloads to include autonomous operations where you're looking at the evolution of workloads altogether to include AI and AI observability, it is critical to have an underlying foundation that begins with end-to-end observability. Essentially, every customer event that I do, every customer meeting that I manage, every customer with whom I engage, it's got to start with end-to-end observability because that's what gives you the underlying insights, the underlying analytics to be able to operate in an environment in a more autonomous way.

Koji，我補充一下：無論你是在看傳統工作負載的演進——納入自主化營運（autonomous operations）——或是在看工作負載整體的演進——納入 AI 與 AI 可觀測性——都必須有一個從端到端可觀測性（end-to-end observability）開始的底層基礎，這點至關重要。基本上，我參與的每一場客戶活動、我主持的每一次客戶會議、我互動的每一位客戶，都必須從端到端可觀測性開始，因為那才能提供底層洞察與底層分析，讓你能在更自主化的方式下於環境中運作。

You have to have logs, traces, metrics. You have to have application monitoring, infrastructure monitoring, log management, all in a consistent integrated platform in order to avoid manual oversight. If you're looking for AI oversight of that platform, which you can get to Dynatrace vis-a-vis these causal insights coming out of Deterministic AI, that begins with end-to-end observability as a foundation for everything else.

你必須具備日誌、追蹤與指標。你必須具備應用程式監控、基礎架構監控、日誌管理，並且全部整合在一致的一體化平台中，才能避免人工疏漏。如果你希望對該平台進行 AI 監督——你可以透過 Dynatrace，藉由確定性 AI 所產生的這些因果洞察來做到——那就必須以端到端可觀測性作為一切的基礎。

The reason I wanted to insert that into the answer to the question is because that is, in many ways, the core driver of the Dynatrace business before you get to any of these other elements. Then you look at log management growth as a component of that, you look at AI observability as an evolution of that. All of these elements are based on the foundation of end-to-end observability growth that is really the core business.

我之所以想把這段補充到問題的回答裡，是因為在很多方面，這在你談到其他任何要素之前，就是 Dynatrace 業務的核心驅動因素。接著你會把日誌管理的成長視為其中的一個組成部分，也會把 AI 可觀測性視為其演進。所有這些要素都建立在端到端可觀測性成長的基礎之上，而那才是真正的核心業務。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

And if I could just follow up on Koji's question, on the last monetization driver that you mentioned Dynatrace agents. And just curious to hear your thoughts about how you think about the sizing of that opportunity longer term relative to AI observability. I think you mentioned like a $10 billion incremental TAM, but just wanted to hear how you're thinking about or sizing of the agent sort of opportunity overall, maybe a bit more longer term? And any thoughts on sort of timing of seeing that sort of evolution?

如果我可以接著追問 Koji 的問題，關於你提到的最後一個變現驅動因素——Dynatrace 代理程式。我想聽聽你對於長期來看，這個機會相對於 AI 可觀測性的規模，你是怎麼思考的。我想你提到大概有 100 億美元的增量 TAM，但我想再聽聽你如何看待或衡量代理程式整體機會的規模，可能更偏長期一些？以及你對於看到這種演進的時間點，有什麼想法？

It's going to evolve in a measured way over the course of time. We're certainly not expecting any radical shift in mix from our core end-to-end observability capabilities relative to AI observability in the near term. We do view that as a catalyst because the more AI observability you're doing, the more you're going to use us for end-to-end observability as well for traditional workloads.

它會在時間推移中以審慎的方式逐步演進。我們當然不預期在短期內，我們的核心端到端可觀測性能力相對於 AI 可觀測性，會出現任何劇烈的組合占比轉變。我們確實把它視為一個催化劑，因為你做得越多 AI 可觀測性，你也會越多地在傳統工作負載上使用我們的端到端可觀測性。

I really see them growing in concert, but we do believe that, that $10 billion TAM as we look out over the balance of the decade represents a significant increase in the addressable market that we can go after with Dynatrace systems. We wouldn't provide a specific percentage, but we would say that, that is going to evolve over the course of time in a meaningful way.

我真的認為它們會同步成長；但我們也相信，當我們展望本十年剩餘期間時，這 100 億美元的 TAM 代表我們可以用 Dynatrace 系統去追逐的可服務市場出現了顯著擴大。我們不會提供具體百分比，但我們會說，這將在時間推移中以有意義的方式演進。

Ryan MacWilliams, Wells Fargo.

Ryan MacWilliams，富國銀行。

Two-part question here. Just -- love to hear how consumption is trending overall in the business compared to the quarter before. And then on the AI workloads requiring more telemetry, we love to dig into that. I know it's early, but how does the observability required for AI agent activity compared for the observability required for traditional software applications?

這裡有兩個問題。首先——很想聽聽整體而言，業務的用量（consumption）相較於上一季的趨勢如何。其次，關於 AI 工作負載需要更多遙測資料這點，我們也想深入了解。我知道現在還早，但 AI 代理活動所需的可觀測性，和傳統軟體應用所需的可觀測性相比如何？

Well, let me take the second one on the AI agents and AI agent usage. I think this is where it really comes back to the 3 questions that we asked. We look at traditional observability, traditional workloads as really largely addressing the first question that I indicated, which is, is it working? Is it working is really all about business resilience, business resilience is indicating whether a mobile app is working, whether infrastructure is operating as expected, et cetera.

好，我先回答第二個，關於 AI 代理與 AI 代理的使用。我認為這正是回到我們提出的那三個問題。我們看待傳統可觀測性、傳統工作負載，主要是在回答我提到的第一個問題：它有在運作嗎？「有在運作嗎」本質上就是關於業務韌性；業務韌性是在指示行動 App 是否正常、基礎架構是否如預期運作，等等。

The AI workloads and the agentic flows are adding these couple of additional questions. For example, is it right or is it accurate? That really is assessing whether the LLMs are producing the right data. Can that data be relied upon to provide to our customers and users as a mechanism for action. That is really the AI observability piece. Then lastly, increasingly, what we are seeing is we are seeing that individuals or individual developers are really, over the course of time, no longer going to be writing code themselves.

AI 工作負載與代理式流程（agentic flows）則增加了另外幾個問題。例如：它是對的嗎？或它準確嗎？這其實是在評估 LLM 是否產出正確的資料。這些資料是否可靠，能提供給我們的客戶與使用者，作為採取行動的機制。這就是 AI 可觀測性的部分。最後，我們越來越看到的是，隨著時間推移，個人或個別開發者將不再親自撰寫程式碼。

It is agents that are going to be writing the code and individuals or humans are going to be overseeing that environment. This is why we have a lot of confidence in the evolution of this business in the AI observability space because we have all three of these questions at action. Number one, is it working? Number two, is it accurate? Number three, are my models delivering as expected? If you put all three of those together, this is what is creating the increased telemetry coming from AI systems.

將由代理來撰寫程式碼，而個人或人類將負責監督那個環境。這也是為什麼我們對於 AI 可觀測性領域的業務演進非常有信心，因為這三個問題都在發揮作用。第一，它有在運作嗎？第二，它準確嗎？第三，我的模型是否如預期交付？把這三者結合起來，就會形成來自 AI 系統的遙測資料增加。

Ittai Kidron, Oppenheimer.

Ittai Kidron，Oppenheimer。

Rick, I wanted to go back to the comments around the 1,000 customers that are using -- to monitor AI. Can you talk about the visibility that you have into your customer base and kind of how do you know what you're being used for, what kind of applications use cases, number one? Number two, perhaps more importantly, how are you reorienting the sales force to make sure that they try and capture those types of use cases and workload with customers?

Rick，我想回到你提到約 1,000 家客戶正在使用——用來監控 AI 的那些評論。你能談談你對客戶基礎的可視性嗎？也就是你如何知道客戶在用你做什麼、是哪些應用與使用情境（use cases），這是第一點。第二點，也許更重要的是，你如何重新調整銷售團隊，確保他們嘗試在客戶那裡抓住這類使用情境與工作負載？

Yes. Thanks for the question. Absolutely, we can understand how they're using the AI workloads based on the telemetry that we can capture through the Dynatrace platform. That's how we can accrue the numbers that you see here that we have 1,000 customers now observing the AI and LLM workloads. We have that capability in the system.

是的。謝謝你的問題。當然，我們可以根據透過 Dynatrace 平台所捕捉到的遙測資料，了解他們如何使用 AI 工作負載。這也是我們能累積你在這裡看到的數字——目前有 1,000 家客戶正在觀測 AI 與 LLM 工作負載——的原因。我們在系統中具備那樣的能力。

With regard to the sales force, the expectation is that we are driving a sales play regarding AI utilization and AI workloads to go after those workloads because of all the reasons we've been describing. It drives increased telemetry, it drives the increased usage of agents. It enables greater monetization. We are absolutely very visible in pushing our sales force to be not just looking for traditional observability workloads, but rather AI workloads that are evolving. So it's a key sales play.

至於銷售團隊，我們的期待是，我們正在推動一套針對 AI 使用與 AI 工作負載的銷售打法（sales play），去爭取那些工作負載，原因正如我們一直在描述的。它會帶來更多遙測資料，帶來代理使用量的提升。也能帶來更高的變現能力。我們非常明確地推動銷售團隊，不只是尋找傳統可觀測性工作負載，而是去鎖定正在演進的 AI 工作負載。所以這是一個關鍵的銷售打法。

Matthew Martino, Goldman Sachs.

Matthew Martino，高盛。

Rick or Jim, on go-to-market, I know you're extending the strategic account coverage model beyond the top 500 customers. What are you seeing in those newly covered accounts in the early going? And what's the realistic time frame for that cohort to become a more visible contributor to the net new ARR?

Rick 或 Jim，關於 go-to-market（市場推進策略），我知道你們正把策略性客戶覆蓋模型從前 500 大客戶往下延伸。在這些新納入覆蓋的客戶中，你們在初期看到了什麼？而這一批客戶要成為淨新增 ARR 更明顯的貢獻者，合理的時間範圍是多久？

Great question. You're right, we were wildly successful with focusing on the Global 500, huge source of ARR growth over the last year, continues to build. As we extend down, we're already beginning to see traction in that. The good news is we're already seeing building go-to-market productivity. Go-to-market productivity continues to improve every quarter. Kind of go back to my point, about this building momentum looking at trailing 12-month net new ARR. It's a function of the go-to-market changes that we've made.

好問題。你說得對，我們聚焦 Global 500 非常成功，過去一年是 ARR 成長的巨大來源，而且還在持續累積。當我們往下延伸時，我們已經開始看到進展。好消息是，我們已經看到市場推進生產力正在提升。市場推進生產力每一季都在改善。回到我先前的觀點，談到這股動能、看過去 12 個月的淨新增 ARR，這是我們所做的 go-to-market 變革所帶來的結果。

Admittedly, that productivity improvement is coming from both what we call strategic accounts and the enterprise accounts. Our expectation -- this is not -- we're going to have to wait 12 months for that. We're already starting to see that. We're inserting that into the go-to-market equation. The changes that we made two years ago, our expectation is that productivity will continue to build.

坦白說，這種生產力提升同時來自我們所稱的策略性客戶與企業客戶。我們的預期——並不是——我們得等 12 個月才會看到。我們已經開始看到了。我們正把這些納入 go-to-market 的方程式中。兩年前我們做出的變革，我們預期生產力將會持續提升。

One key element also, Matt, I just described is that you have to think about it not just in terms of the ICP or the intended customer being in the strategic segment, for example, it's all around who is the buyer. It's also about who is the buyer within those accounts. This is where we have traditionally sold to CXOs, we've sold to IT ops. We absolutely do expect an expansion in an AI world toward SRE, toward platform engineering, to developers themselves.

另外一個關鍵要素，Matt，我剛才也描述過，就是你必須從不只是 ICP 或預期客戶是否位於策略性區隔來思考，例如，重點在於誰是買方。也同樣關乎在這些帳戶之內，誰才是買方。這也是我們傳統上銷售給 CXO、也銷售給 IT 營運團隊的地方。我們確實預期在 AI 的世界裡會擴展到 SRE、平台工程，乃至於開發者本身。

We are shifting left in the platform and our third-gen capabilities in our new platform have the capabilities needed for developers to access the platform and to be able to use it in free trial mode and other elements to incorporate it much, much earlier in the development process. This is going to be a key aspect of us winning in the AI space.

我們正在把平台往左移，而我們新平台的第三代能力具備開發者存取平台所需的功能，並能以免費試用模式及其他方式使用，讓他們能在開發流程更早、更早地把它納入。這將是我們在 AI 領域取勝的一個關鍵面向。

Radi Sultan, UBS.

Radi Sultan，瑞銀。

I just wanted to double click on the DPS renewal cohorts. I know the renewals are more back half weighted, but I guess, is there any trend you're noticing in those renewal conversations for the three-year DPS renewal customers compared to the one- and two-year annual reset cohorts? And I'm just curious how different the upsell opportunity is shaping up to be for the three-year DPS renewals versus the one- and two-year annual reset cohorts.

我想再深入追問一下 DPS 續約分群。我知道續約比較偏向下半年，但我想問的是，相較於一年期與兩年期的年度重置分群，你們在與三年期 DPS 續約客戶的續約對話中，有沒有觀察到任何趨勢？另外我也好奇，三年期 DPS 續約相較於一年期與兩年期年度重置分群，加購（upsell）機會的差異目前呈現得如何。

Yes. I'd say there's no real difference in the trend. Again, what we -- I'd say the general nature of what you see is that when a customer is in, call it, the first year of their three-year DPS contract, they're more inclined to maybe go on demand if they are exceeding their commitments. As they're in year two and year three, they're more inclined to do an expansion. That behavior has not fundamentally changed.

是的。我會說趨勢上沒有真正的差異。再說一次，我們——我會說你看到的一般情況是，當客戶處於其三年期 DPS 合約的第一年時，如果他們超出承諾用量，可能更傾向改採按需（on demand）。當他們進入第二年與第三年時，則更傾向做擴充。這種行為並沒有根本性的改變。

Again, Q1, because it's a light renewal quarter is, I'd say the body of kind of renewals is not substantive enough that there is any change in that trend other than it continues. Our expectation is if that continues and consumption continues to build that we have a source of upsell opportunity in the back half of the year. As I mentioned, we have a significant amount of ARR coming up for renewal or going through an annual reset in the back half of the year. Our expectation is it's a source of expansion opportunity.

同樣地，第一季因為是續約較少的季度，我會說續約的整體樣本量不足以顯示該趨勢有任何變化，除了它持續延續之外。我們的預期是，如果這種情況持續、且使用量持續累積，那麼我們在下半年會有一個加購機會的來源。如我提到的，下半年有相當多的 ARR 將到期續約或進行年度重置。我們預期這會是一個擴張機會的來源。

Eric Heath, KeyBanc Capital Markets.

Eric Heath，KeyBanc Capital Markets。

Awesome. Rick, Jim, just coming back to logs, I guess, one more time. I'm curious to drill in further on where that strength is coming from, whether that's new customers or ramping of existing customers. And also curious to hear maybe how monitoring AI apps might be contributing to the logs consumption figure. And Jim, if I could, just a housekeeping question here. But Bindplane, is that part of the $200 million consumption figure you guys are citing?

太棒了。Rick、Jim，我再回到 logs 這個話題，算是再問一次。我想更深入了解這股強勁動能來自哪裡，是新客戶，還是既有客戶的用量爬升。也想聽聽監控 AI 應用程式是否正在對 logs 的使用量數字有所貢獻。另外 Jim，如果可以的話，我有個行政性問題。Bindplane 是否包含在你們所提到的 2 億美元使用量（consumption）數字之中？

What I would say simply on logs is it's effectively all of the above. We're seeing traction in lands with logs because I'd say we have a very unique differentiated set of capabilities. Obviously, the consumption growth that you're seeing is both from new customers and existing customers, we're seeing that cohort class continuing to build from starting maybe smaller with us and continuing to expand their logs journey.

我對 logs 的簡單說法是：基本上以上皆是。我們在以 logs 作為切入點（lands）方面看到進展，因為我會說我們擁有一套非常獨特、具差異化的能力組合。顯然，你看到的使用量成長同時來自新客戶與既有客戶；我們也看到那個客群分層持續累積，從一開始可能在我們這裡規模較小，並持續擴大他們的 logs 旅程。

We continue to have a building number of customers that started smaller, getting bigger, quite a few million dollar-plus logs customers. Your housekeeping question on Bindplane, yes, Bindplane is included in our logs consumption.

我們持續看到越來越多一開始規模較小、後來變得更大的客戶，也有相當多超過百萬美元等級的 logs 客戶。至於你那個行政性問題：是的，Bindplane 已包含在我們的 logs 使用量之中。

All right. Well, thank you all for your engagement and ongoing support as usual. Thanks for your questions during the call. We had a very, very strong first quarter. We believe it reinforces our conviction in the path to ARR acceleration for this fiscal year. We are, as you can tell, very enthusiastic about the opportunities ahead, and we look forward to connecting with you at upcoming IR events. Thank you and have a great day.

好的。一如往常，感謝各位的參與以及持續支持。也謝謝各位在電話會議中的提問。我們第一季表現非常、非常強勁。我們相信這進一步強化了我們對本會計年度 ARR 加速成長路徑的信心。如各位所見，我們對前方的機會感到非常振奮，也期待在接下來的投資人關係（IR）活動與各位交流。謝謝，祝各位有美好的一天。

Ladies and gentlemen, thank you so much. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

各位女士、先生，非常感謝。今天的電話會議到此結束。感謝各位的參與。此刻您可以掛斷電話線。祝各位今天剩餘時間愉快。