GitLab Inc (GTLB) 2025 Q4 法說會逐字稿

(Operator Instructions) Please note today's call is being recorded. (Operator Instructions)

（操作員指示）請注意，今天的通話正在錄音。（操作員指令）

But for now, it is my pleasure to turn things over to Kelsey Turcotte. Kelsey, over to you.

但現在，我很高興將事情交給凱爾西·特科特 (Kelsey Turcotte)。凱爾西，交給你了。

Good afternoon. We appreciate you joining us for GitLab's fourth-quarter fiscal year 2025 financial results conference call. With me are Bill Staples, our CEO; and Brian Robins, our CFO. During this afternoon's call, we will provide an overview of the business, commentary on our fourth-quarter results, and guidance for the first quarter and fiscal year 2026.

午安.感謝您參加 GitLab 2025 財年第四季財務業績電話會議。和我一起的是我們的執行長比爾‧史台普斯 (Bill Staples)；以及我們的財務長 Brian Robins。在今天下午的電話會議上，我們將概述業務、對我們第四季度業績的評論以及對 2026 年第一季和財年的指導。

Before we begin, I'll cover the Safe Harbor statement. I would like to direct you to the cautionary statement regarding forward-looking statements on page 2 of our presentation and in our earnings release issued earlier today, both of which are available under the Investor Relations section of our website. The presentation and earnings release include a discussion of certain risks, uncertainties, assumptions, and other factors that could cause our results to differ from those expressed in any forward-looking statements within the meaning of the Private Securities Litigation Reform Act. As is customary, the content of today's call and presentation will be governed by this language.

在我們開始之前，我將介紹安全港聲明。我想請您參閱我們簡報第 2 頁和今天稍早發布的收益報告中有關前瞻性陳述的警告聲明，這兩份文件均可在我們網站的「投資者關係」部分下找到。本示範和收益報告討論了某些風險、不確定性、假設和其他因素，這些因素可能導致我們的結果與《私人證券訴訟改革法案》所定義的任何前瞻性陳述中表達的結果不同。按照慣例，今天的電話會議和演講的內容將遵循這一語言。

In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or non-recurring items that management believes impact the comparability of the periods referenced. Please refer to our earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure.

此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些非公認會計準則財務指標不包括管理階層認為會影響參考期間可比較性的某些不尋常或非經常性項目。有關這些非 GAAP 財務指標以及與最直接可比較的 GAAP 指標的調節的更多信息，請參閱我們的收益報告和演示材料。

I'll now turn the call over to Bill. Bill?

我現在將電話轉給比爾。帳單？

Thank you, Kelsey, and good afternoon, everyone. Thank you for taking the time to join us today on our fourth-quarter earnings call.

謝謝你，凱爾西，大家下午好。感謝您今天抽出時間參加我們的第四季財報電話會議。

Before I get any further into the call, I want to take this opportunity to welcome Ian Steward to GitLab in the role of CRO. He will join us later this quarter from Tricentis, where he currently serves as CRO. Ian has spent his career driving revenue growth with a strong, analytical, and operational bias and brings a wealth of experience in helping developers and IT organizations realize value. I am thrilled Ian is joining the company and will help drive GitLab through our next growth stage.

在進一步討論之前，我想藉此機會歡迎 Ian Steward 加入 GitLab 擔任 CRO 職務。他將於本季晚些時候從 Tricentis 加入我們，他目前擔任 Tricentis 的 CRO。Ian 的職業生涯一直致力於以強大的分析能力和營運能力推動收入成長，並在幫助開發人員和 IT 組織實現價值方面擁有豐富的經驗。我很高興 Ian 加入公司並將幫助 GitLab 進入下一個發展階段。

I also want to thank Ashley Kramer for her service as Interim CRO over the past few quarters. Ashley will remain in the Interim CRO role through the end of Q1 FY26 and will work with Ian to ensure a smooth leadership transition and will then pursue opportunities outside of GitLab.

我還要感謝 Ashley Kramer 在過去幾季擔任臨時 CRO 所做的努力。Ashley 將繼續擔任臨時 CRO 一職直至 2026 財年第一季結束，並將與 Ian 合作確保領導層的順利過渡，然後將尋求 GitLab 以外的機會。

Turning back to the quarter, Q4 was a strong finish in FY25. Continuing the momentum GitLab has built throughout the year, driven in part by Ultimate, Dedicated, and GitLab Duo, fourth-quarter revenue increased 29% year over year to $211 million, once again coming in ahead of our expectations. And consistent with our commitment to responsible growth, our non-GAAP operating margin reached 18%. This is an increase of 960 basis points year over year.

回顧本季，2025 財年第四季表現強勁。GitLab 延續了全年的良好勢頭，部分得益於 Ultimate、Dedicated 和 GitLab Duo 的推動，第四季營收年增 29% 至 2.11 億美元，再次超出我們的預期。與我們對負責任成長的承諾一致，我們的非 GAAP 營業利潤率達到了 18%。這比去年同期增加了 960 個基點。

Brian will give a deeper dive into the quarter and provide guidance for Q1 and fiscal year FY26 in just a moment. But first, let me step back and share what I've learned in my first quarter at GitLab and how we're approaching the opportunity ahead.

Brian 馬上將深入探討本季的情況，並提供第一季和 26 財年的指導。但首先，讓我回顧一下，分享我在 GitLab 第一季學到的東西以及我們如何迎接未來的機會。

I spent most of my time this quarter meeting with customers, investors, and team members, learning everything I could. I engaged with more than 50 customers, including Booking.com and USAA, and listening to how GitLab uniquely accelerates their team's ability to deliver secure software faster. Three key themes emerged from those conversations.

本季我大部分時間都花在與客戶、投資者和團隊成員會面上，學習我所能學到的一切。我與包括 Booking.com 和 USAA 在內的 50 多位客戶進行了交流，以了解 GitLab 如何以獨特的方式加速他們的團隊更快交付安全軟體的能力。這些對話中出現了三個關鍵主題。

First, GitLab's comprehensive platform approach drives enormous productivity and efficiency improvements with very clear ROI. Second, the momentum around DevSecOps and specifically the need for security responsibilities to shift left. We believe every engineer needs to understand and be part of delivering secure software, and AI is only going to accelerate that trend. Finally, every customer, even those who admitted they were skeptics just a few quarters ago, are actively evaluating AI tools and exploring how they can benefit by incorporating AI into their DevSecOps strategy.

首先，GitLab 的綜合平台方法帶來了巨大的生產力和效率提升，投資報酬率非常明確。其次，DevSecOps 的發展動能以及特別是安全責任左移的需要。我們相信每個工程師都需要了解並參與提供安全軟體，而人工智慧只會加速這一趨勢。最後，每一位客戶，即使是那些幾個季度前承認自己持懷疑態度的客戶，也在積極評估人工智慧工具，並探索如何透過將人工智慧納入他們的 DevSecOps 策略來獲益。

As we brainstormed their AI strategy together, it became even more clear how our customers' bet on GitLab will become a competitive advantage for them and the foundation for a successful AI strategy in the years to come. Nearly every customer I spoke with feels it. With the power of generative AI for code creation, we're almost certainly going to see a significant increase in both software creators and code in the coming years.

當我們共同集思廣益他們的人工智慧策略時，我們更加清楚地認識到，我們的客戶對 GitLab 的押注將如何成為他們的競爭優勢以及未來幾年成功的人工智慧策略的基礎。幾乎每個與我交談過的顧客都有這種感受。借助生成式人工智慧在程式碼創建方面的強大功能，我們幾乎肯定會在未來幾年看到軟體創建者和程式碼數量的顯著增長。

We believe organizations won't just have more developers, they'll have more production-ready code generated by AI and more applications built and deployed by agents. As with any software, this code will need to meet the quality, security, privacy, and compliance requirements of the business. A successful AI strategy, therefore, depends on a successful approach to managing the software life cycle at scale, something GitLab is already proven to do better than anyone else in the category.

我們相信，組織不僅會擁有更多的開發人員，還會擁有更多由人工智慧產生的可用於生產的程式碼以及更多由代理商建置和部署的應用程式。與任何軟體一樣，此程式碼需要滿足業務的品質、安全性、隱私和合規性要求。因此，成功的 AI 策略取決於大規模管理軟體生命週期的成功方法，事實證明 GitLab 在這方面比同類公司做得更好。

Organizations who have already adopted or are in the process of moving to GitLab and taking a platform approach benefit from automated security scanning, enforceable compliance guardrails, and standardized workflows not only with their human developers but for agent-generated code as well. We believe organizations without an integrated DevSecOps approach will struggle to manage the complexity and potential risk of agentic AI development. For organizations that want to leverage the benefits of AI agents while delivering a safe and reliable experience for their customers, we believe the best path is to standardize on an end-to-end DevSecOps platform, and GitLab offers the most comprehensive DevSecOps platform today.

已經採用或正在轉向 GitLab 並採用平台方法的組織不僅適用於其人類開發人員，而且適用於代理程式生成的程式碼，可從自動安全掃描、可執行的合規護欄和標準化工作流程中受益。我們相信，沒有整合 DevSecOps 方法的組織將難以管理代理 AI 開發的複雜性和潛在風險。對於希望利用 AI 代理的優勢，同時為客戶提供安全可靠體驗的組織，我們認為最好的方法是在端到端 DevSecOps 平台上進行標準化，而 GitLab 提供了當今最全面的 DevSecOps 平台。

I spent a lot of time this quarter meeting team members around the world and at every level of the organization. I heard their commitment to our values, their passion for both the people and the mission of GitLab, and the many things we're doing well today as a company. I also heard the typical growing pains of a public company at our age and maturity and the desire to go faster with less friction, so we can scale to become a defining generational company in our category.

本季我花了很多時間與世界各地和組織各個層級的團隊成員會面。我聽到了他們對我們的價值觀的承諾、他們對 GitLab 的員工和使命的熱情以及我們作為一家公司今天所做的許多好事。我還聽說了像我們這樣年齡和成熟度的上市公司典型的成長煩惱，以及希望以更少的摩擦更快地發展，這樣我們就可以擴大規模，成為我們所在類別中具有代表性的世代公司。

Driven by that and with the help of the executive team and leaders around the company, we put together an FY26 plan to help us improve. Our plan is very simple and really focused on the fundamentals of a successful business. Number one, we will focus on adding more new paying customers this year, especially in the mid-market and enterprise segments where our ability to expand is the highest and our value is the most. Number two, we will focus on our expansion motions and helping customers realize the value of our platform faster. And number three, we will focus on delivering customer value through innovation at a faster pace, especially in our core DevOps, security, and AI areas with an eye to provide higher quality, more complete, and market-leading solutions in all three areas.

在此推動下，在公司執行團隊和領導的幫助下，我們制定了 2026 財年計畫來幫助我們改進。我們的計劃非常簡單並且真正專注於成功商業的基礎。第一，今年我們將專注於增加更多新付費客戶，特別是中端市場和企業領域，這些領域的擴張能力最強，我們的價值也最高。第二，我們將專注於擴張的舉措，幫助客戶更快實現我們平台的價值。第三，我們將專注於透過更快的創新為客戶創造價值，特別是在我們的核心 DevOps、安全性和 AI 領域，著眼於在這三個領域提供更高品質、更完整、市場領先的解決方案。

Every team member is now orienting their work around these three objectives. I sense a renewed energy and excitement as we enter the new fiscal year.

現在每個團隊成員都圍繞著這三個目標開展工作。當我們進入新的財政年度時，我感受到了新的活力和興奮。

Let's talk about each of the three objectives and the momentum we saw in Q4 that we're building on. A great example of execution against objective number one is the deal we closed in Q4 with Anthropic, the creator of Claude, a large language model trusted by millions of users worldwide. With Ultimate self-managed, the Anthropic team is trusting GitLab to securely house all their code in one place while providing greater performance, insight, control, and customization over their development workflows.

讓我們來談談這三個目標以及我們在第四季看到的勢頭。實現第一個目標的一個很好的例子是我們在第四季度與 Anthropic 達成的交易，Anthropic 是 Claude 的創建者，Claude 是一個受到全球數百萬用戶信賴的大型語言模型。憑藉 Ultimate 的自我管理，Anthropic 團隊信任 GitLab 能夠將所有程式碼安全地儲存在一個地方，同時為他們的開發工作流程提供更高的效能、洞察力、控制力和客製化。

We also landed one of the largest cybersecurity companies in a competitive displacement for source code management. As a global cybersecurity leader, the customer requires a reliable, scalable solution they can run in their own environment, which our competitor could no longer provide after sunsetting their on-premises offering.

我們還在原始碼管理的競爭中擊敗了最大的網路安全公司之一。身為全球網路安全領導者，客戶需要可靠、可擴展的解決方案，可以在自己的環境中運行，而我們的競爭對手在停止提供本地解決方案後就無法再提供這樣的解決方案。

The customer's engineering teams were also unhappy with the user experience in their existing tool. They chose GitLab for our enterprise-grade scalability, ease of use, and continued investment in on-premises capabilities. This strategic decision will help them dramatically improve developer productivity and accelerate product delivery while maintaining control of their development infrastructure.

客戶的工程團隊對現有工具的使用者體驗也不滿意。他們選擇 GitLab 是因為我們具有企業級的可擴展性、易用性以及對內部部署功能的持續投資。這項策略決策將有助於他們大幅提高開發人員的工作效率、加快產品交付，同時維持對開發基礎設施的控制。

Our second FY26 objective is to unlock value faster for our customers. Customers on our platform are enjoying 15 times faster time to market, 4 times faster feature delivery, and up to 60% reduction in manual tasks. We know that when customers see results like these, they expand usage and invest more with us.

我們的第二個 FY26 目標是為我們的客戶更快釋放價值。我們平台的客戶享受產品上市時間加快 15 倍、功能交付加快 4 倍以及手動任務減少高達 60% 的體驗。我們知道，當客戶看到這樣的結果時，他們會擴大使用範圍並在我們這裡投資更多。

A good example of this is Caisse des Dépôts et Consignations, an investment arm of the French state. After seeing success with an initial deployment of GitLab Ultimate in their infrastructure team, they're now standardizing their entire development organization on GitLab, replacing a complex array of point solutions including source control, CI/CD, enterprise agile planning, and security scanning tools. This decision will help CDC streamline their development experience, reduce technical debt in their tool chain, and strengthen their security posture through integrated security scanning and compliance controls.

法國政府的投資機構 Caisse des Dépôts et Consignations 就是一個很好的例子。在其基礎架構團隊中首次部署 GitLab Ultimate 取得成功後，他們現在正在 GitLab 上標準化整個開發組織，取代一系列複雜的點解決方案，包括原始碼控制、CI/CD、企業敏捷規劃和安全掃描工具。這項決定將有助於 CDC 簡化其開發體驗，減少其工具鏈中的技術債務，並透過整合的安全掃描和合規控制來加強其安全態勢。

To further strengthen our ability to grow with customers, we're making numerous go-to-market enhancements, including expanded customer success and professional service teams and offers, intensive onboarding and training to get our reps ramped more quickly, improved enablement on new innovation, and standardized customer success plans. Partners are also critical to success both landing and expanding with customers. This year we will expand our relationships with services and consulting partners, and we continue to invest in our hyperscaler relationships.

為了進一步增強我們與客戶共同成長的能力，我們正在進行多項市場改進，包括擴大客戶成功和專業服務團隊及服務、進行強化入職和培訓以使我們的銷售代表更快地上手、提高對新創新的支持以及標準化的客戶成功計劃。合作夥伴對於成功獲得客戶和擴大客戶規模也至關重要。今年，我們將擴大與服務和諮詢合作夥伴的關係，並繼續投資我們的超大規模關係。

In December we announced an integrated AI offering with AWS at re:Invent, which went into beta in January. This collaborative product development brings together GitLab's AI-powered DevSecOps platform with Amazon Q's autonomous AI agents to create a seamless AI-powered developer experience, which we expect to be available in the coming months.

去年 12 月，我們在 re:Invent 大會上宣布與 AWS 合作推出整合式 AI 產品，並於今年 1 月進入測試階段。此次協作產品開發將 GitLab 的 AI 驅動的 DevSecOps 平台與 Amazon Q 的自主 AI 代理結合在一起，以創建無縫的 AI 驅動的開發人員體驗，我們預計將在未來幾個月內推出。

Our third FY26 objective is to accelerate innovation in focused ways that increase value for customers. This year, our R&D investments will be made across three themes. The first is our core DevOps platform to help customers accelerate toolchain consolidation. The second is to build upon our differentiated security and compliance capabilities. And third, we'll continue to drive AI innovation, including Duo Enterprise and Duo Workflow.

我們的第三個 FY26 目標是以有針對性的方式加速創新，為客戶增加價值。今年我們的研發投入將圍繞著三個主題。首先是我們的核心 DevOps 平台，幫助客戶加速工具鏈整合。第二是打造差異化的安全合規能力。第三，我們將持續推動人工智慧創新，包括 Duo Enterprise 和 Duo Workflow。

Our goal here is to enhance and deliver world-class products in all three areas with clear monetization paths. And while we expect these innovations will have some modest impact on FY26, they will set our field organization up with multiple expansion paths for customers in FY27.

我們的目標是在這三個領域增強和提供世界一流的產品，並擁有清晰的貨幣化途徑。雖然我們預計這些創新將對 26 財年產生一定影響，但它們將為我們的現場組織在 27 財年為客戶提供多條擴展路徑。

To get a sense for the opportunity ahead as we focus on these areas, let me share a few customer stories and the business expansion we saw from them in Q4 FY25. This quarter, Zscaler, a leader in cloud security, selected GitLab in a competitive win. What started as a migration opportunity became a strategic decision to invest in our market-leading platform. Zscaler recognizes that GitLab can streamline developer onboarding, enhance security and compliance, and consolidate their tool chain into a single application.

為了了解我們專注於這些領域時未來的機遇，讓我分享一些客戶故事以及我們在 2025 財年第四季從他們那裡看到的業務擴展。本季度，雲端安全領導者 Zscaler 在競爭中獲勝，選擇了 GitLab。最初的遷移機會成為了投資我們市場領先平台的策略決策。Zscaler 認識到 GitLab 可以簡化開發人員入職流程、增強安全性和合規性並將其工具鏈整合到單一應用程式中。

The value of our platform is also why we're seeing such tremendous momentum with GitLab Ultimate. Ultimate has now reached 50% of our total ARR, and our top 7 largest deals in the fourth quarter were Ultimate expansions. Also in Q4, AWS Professional Services expanded their GitLab commitment by moving from our open source free tier to GitLab Ultimate.

我們平台的價值也是我們看到 GitLab Ultimate 如此強勁發展勢頭的原因。Ultimate 現已達到我們總 ARR 的 50%，而我們第四季最大的 7 筆交易都是 Ultimate 擴充。此外，在第四季度，AWS 專業服務擴大了對 GitLab 的承諾，從我們的開源免費套餐轉移到 GitLab Ultimate。

AWS Professional Services chose to use Ultimate to help their customer-facing teams deliver solutions and proof-of-concept code more efficiently while maintaining Amazon's strict security requirements. This strategic expansion strengthens our partnership with AWS.

AWS 專業服務選擇使用 Ultimate 來幫助其面向客戶的團隊更有效率地提供解決方案和概念驗證程式碼，同時保持亞馬遜嚴格的安全要求。此次策略擴張加強了我們與 AWS 的合作夥伴關係。

GitLab Dedicated grew approximately 90% year over year in Q4, and we also sold our largest first order Dedicated deal. Customers across industries value the flexibility and efficiency of Ultimate, delivered as a single-tenant SaaS solution, which reduces labor and infrastructure costs while providing the control and compliance of a self-hosted solution.

GitLab Dedicated 在第四季年增約 90%，我們也賣出了最大的首筆 Dedicated 訂單。各行各業的客戶都重視 Ultimate 的靈活性和效率，它作為單一租戶 SaaS 解決方案提供，可降低勞動力和基礎設施成本，同時提供自託管解決方案的控制和合規性。

We're also seeing healthy adoption of GitLab Dedicated among our existing enterprise customers. Delta Airlines, which already uses GitLab Ultimate, is expanding their investment by moving to GitLab Dedicated as part of their broader cloud transformation journey. With Dedicated, GitLab fully manages and deploys Delta's DevSecOps platform with controls, freeing the team to focus on creating value and accelerating their monetization rather than maintaining infrastructure.

我們也看到現有企業客戶對 GitLab Dedicated 的採用也十分良好。達美航空已經使用 GitLab Ultimate，並將透過轉向 GitLab Dedicated 來擴大投資，這是其更廣泛的雲端轉型之旅的一部分。透過 Dedicated，GitLab 可以全面管理和部署 Delta 的 DevSecOps 平台，讓團隊專注於創造價值和加速貨幣化，而不是維護基礎設施。

Another customer, NatWest, expanded their investment in both GitLab Dedicated and Duo Enterprise in Q4, continuing their digital transformation initiatives with GitLab as their strategic DevSecOps partner.

另一家客戶 NatWest 在第四季度擴大了對 GitLab Dedicated 和 Duo Enterprise 的投資，並與 GitLab 作為其策略 DevSecOps 合作夥伴繼續其數位轉型計畫。

Now let me share a few additional wins we're seeing with GitLab Duo. We had a very good quarter with Duo, particularly with Duo Enterprise as customers realize the power of AI throughout the entire software development life cycle.

現在，讓我分享一下我們在 GitLab Duo 中看到的一些額外的優勢。Duo 本季表現非常好，尤其是 Duo Enterprise，因為客戶在整個軟體開發生命週期中都意識到了人工智慧的強大功能。

Long-time GitLab customer Barclays, a leading global financial institution, has steadily expanded their use of our products and did so again in Q4. Initially an Ultimate customer, they made their first Duo purchase in Q2 FY25 with Duo Pro. Because of the success they had with GitLab to date, in Q4, Barclays invested in 20,000 GitLab Ultimate and Duo Enterprise seats.

GitLab 的長期客戶巴克萊銀行是一家全球領先的金融機構，它一直在穩步擴大我們產品的使用範圍，並在第四季度再次擴大了我們的產品範圍。他們最初是 Ultimate 客戶，於 2025 財年第二季首次購買 Duo Pro。由於迄今為止在 GitLab 上取得的成功，巴克萊銀行在第四季度投資了 20,000 個 GitLab Ultimate 和 Duo Enterprise 席位。

Another key win was Capgemini, a global leader in engineering and R&D services. By selecting GitLab, Capgemini is upgrading and scaling its software engineering delivery platform, which is used by thousands of engineers worldwide to drive AI-powered, software-defined product transformation across the industries. GitLab Ultimate streamlines the tool chain for greater transparency, security, and efficiency, and with GitLab Duo, AI capabilities are embedded throughout the development life cycle.

另一個重要的勝利者是全球領先的工程和研發服務公司凱捷公司。透過選擇 GitLab，凱捷正在升級和擴展其軟體工程交付平台，該平台被全球數千名工程師用來推動整個產業的人工智慧、軟體定義的產品轉型。GitLab Ultimate 簡化了工具鏈，提高了透明度、安全性和效率，而藉助 GitLab Duo，AI 功能可嵌入整個開發生命週期。

Also in Q4, CACI, a major US technology company and government contractor, previously removed 7 Point Solutions by consolidating on the GitLab platform, resulting in 13 times faster security scans and a 90% savings in toolchain administration. This quarter, they invested in Duo Enterprise to continue to drive efficiencies and improve developer experience.

同樣在第四季度，美國大型科技公司和政府承包商 CACI 先前透過整合 GitLab 平台刪除了 7 Point Solutions，從而使安全掃描速度提高了 13 倍，並節省了 90% 的工具鏈管理費用。本季度，他們投資了 Duo Enterprise 以繼續提高效率並改善開發人員體驗。

Finally, we are pleased to announce that Duo Workflow is entering private beta this month. Duo Workflow is our move from AI-assisted to AI-driven software development, leveraging both the power of agentic AI and the comprehensiveness of our DevSecOps platform.

最後，我們很高興地宣布，Duo Workflow 將於本月進入私人測試階段。Duo Workflow 是我們從 AI 輔助軟體開發向 AI 驅動軟體開發的轉變，它利用了代理 AI 的強大功能和我們 DevSecOps 平台的全面性。

A few weeks ago, we announced the private beta of Duo workflow, where we will work with a set of customers to gain rapid feedback on use cases and product direction. Our intention is to move swiftly into public beta this summer.

幾週前，我們宣布了 Duo 工作流程的私人測試版，我們將與一組客戶合作，以快速獲得有關用例和產品方向的回饋。我們的目標是在今年夏天迅速進入公開測試階段。

Looking forward, I am really energized by the opportunity ahead of us and excited for what FY26 will bring. Consistent with the commitment we made at our IPO, we are prioritizing growth, and we're doing that responsibly.

展望未來，我為我們面前的機會感到無比振奮，並對 2026 財年將帶來的一切感到興奮。與我們在首次公開募股時所做的承諾一致，我們優先考慮成長，並且我們正在負責任地做到這一點。

Before I turn the call over to Brian, I'd like to also welcome David Henshall to GitLab's Board of Directors. David brings a wealth of leadership, deep technology experience, and financial acumen, having long tenure in the CFO and CEO roles at Citrix. As well as extensive service on multiple public Boards. I'm even more convinced now than I was 90 days ago that this is the time to be in the software business and serving developers. I look forward to speaking with many of you in the coming weeks.

在我將電話轉給 Brian 之前，我也想歡迎 David Henshall 加入 GitLab 董事會。David 擁有豐富的領導能力、深厚的技術經驗和財務敏銳度，曾長期擔任 Citrix 的財務長和執行長。並在多個公共委員會提供廣泛的服務。與 90 天前相比，我現在更加確信，現在是從事軟體業務並為開發人員服務的時機。我期待在接下來的幾週內與你們中的許多人進行交談。

And with that, I'll turn it over to Brian.

現在，我將把話題交給 Brian。

Thank you, Bill, and thanks again to everyone for joining us today. We delivered a strong end to FY25, and I want to thank the GitLab team for your ongoing commitment to our customers and partners.

謝謝你，比爾，再次感謝大家今天的參加。我們為 25 財年畫下了圓滿句號，我要感謝 GitLab 團隊對我們的客戶和合作夥伴的持續承諾。

Driving results for our customers is the most important thing we do. Q4 was a strong quarter for our enterprise segment. We closed the largest net ARR deal in company history. We had a record quarter of net adds for customers over $100,000 in ARR. This group of new customers also included the most first orders of more than $100,000 in ARR in the company's history.

為客戶帶來成果是我們所做的最重要的事。第四季是我們企業部門表現強勁的一個季度。我們完成了公司歷史上最大的淨 ARR 交易。我們本季淨增客戶數超過 ARR 10 萬美元，創下歷史新高。這批新客戶還包含該公司歷史上最多的首次訂單，其 ARR 超過 10 萬美元。

With GitLab, customers can deliver software faster and more securely. They can also consolidate into a single platform, saving both time and money, which is a high priority in any spending environment.

借助 GitLab，客戶可以更快、更安全地交付軟體。它們還可以合併到單一平台，節省時間和金錢，這在任何消費環境中都是首要任務。

I'll start with a brief recap of our full year and then turn to the fourth-quarter results and guidance. FY25 revenue grew 31% to $759.2 million as our growth continues to be driven by our land and expand motion. FY25 non-GAAP operating margin reached 10.2%, an increase of approximately 1,050 basis points year over year, while adjusted free cash flow grew [259%] to $120 million.

我將首先簡要回顧我們的全年業績，然後介紹第四季度的業績和指引。由於我們的成長持續受到土地和擴張措施的推動，25 財年收入成長 31% 至 7.592 億美元。FY25非GAAP營業利益率達10.2%，較去年同期成長約1,050個基點，調整後自由現金流成長[259%]至1.2億美元。

Turning to Q4, I'm really pleased with our results which exceeded our expectations. Revenue for the quarter reached $211.4 million, an increase of 29% from Q4 of the prior year, and we delivered a record non-GAAP operating margin.

談到第四季度，我對我們的業績感到非常滿意，這超出了我們的預期。本季營收達到 2.114 億美元，較去年同期成長 29%，並實現了創紀錄的非 GAAP 營業利潤率。

We now have 9,893 customers with ARR of at least $5,000 which contributed over 95% of total ARR in Q4. In particular, we monitor performance of our larger customer cohort of $100,000-plus in ARR, which increased 29% this quarter and reached 1,229. This includes 123 customers of $1 million or more in ARR and an increase of 28% year over year. As a scale, this cohort continues to make significant investments in Ultimate and Duo.

我們目前擁有 9,893 名 ARR 至少為 5,000 美元的客戶，佔第四季度總 ARR 的 95% 以上。特別是，我們監控了 ARR 超過 100,000 美元的較大客戶群的表現，本季該客戶群成長了 29%，達到 1,229 人。其中包括 123 位 ARR 達到或超過 100 萬美元的客戶，較去年同期成長 28%。作為一個規模，這個群體繼續對 Ultimate 和 Duo 進行大量投資。

On the expansion front, we ended the quarter with a dollar-based net retention rate, or DBNRR of 123%. Q4 DBNRR was driven by a combination of seat expansion at approximately 75%, increased customer yield at approximately 15%, and tier upgrades at approximately 10%. Seat strength this quarter was driven, in part, by a large expansion with a strategic customer as well as growing traction with our Duo offerings. As we've mentioned, we expect these ratios to fluctuate quarter to quarter based on the composition of the underlying renewal portfolio.

在擴張方面，我們在本季結束時的美元淨留存率（DBNRR）為 123%。Q4 DBNRR 的成長動力包括席位擴大約 75%、客戶收益增加約 15% 以及層級升級約 10%。本季席位優勢部分得益於策略客戶的大規模擴張以及 Duo 產品線的不斷增長。正如我們所提到的，我們預計這些比率將根據基礎續約組合的組成而逐季度波動。

Total RPO grew 40% year over year to $945 million, while CRPO grew 35% year over year to $579.2 million. We encourage investors to look at these metrics over a multi-quarter period.

總RPO年增40%至9.45億美元，而CRPO則是年增35%至5.792億美元。我們鼓勵投資者在多個季度內關注這些指標。

Non-GAAP gross margin was 91% for the quarter. The team has maintained a best-in-class gross margin, even as our SaaS businesses quickly scaled, driven in part by GitLab dedicated. SaaS now represents 29% of total revenue and grew 36% year over year.

本季非公認會計準則毛利率為 91%。即使我們的 SaaS 業務迅速擴大，團隊仍保持著一流的毛利率，這部分得益於 GitLab 的推動。SaaS 目前佔總營收的 29%，年增 36%。

We ended the year with 2,375 team members, an increase of 12% over FY24. The majority of the hiring was in sales for additional sales capacity and in R&D.

截至今年底，我們擁有 2,375 名團隊成員，比 24 財年增加了 12%。大部分招募的是銷售人員，以增加銷售能力，以及研發人員。

Once again, we saw a significant increase in operating leverage. Q4 non-GAAP operating income was $37.4 million compared to $13.2 million in Q4 of last year. Similar to previous quarters, we dropped our revenue outperformance to the bottom line, which in combination with the team's focus on execution, translated to a record quarterly non-GAAP operating margin of 17.7% compared to 8.1% of Q4 last year. This is an increase of more than 960 basis points year over year.

我們再次看到經營槓桿顯著上升。第四季非 GAAP 營業收入為 3,740 萬美元，去年同期為 1,320 萬美元。與前幾季類似，我們將收入超出預期降至底線，再加上團隊對執行的關注，導致本季度非 GAAP 營業利潤率達到創紀錄的 17.7%，而去年第四季為 8.1%。這比去年同期增加了 960 多個基點。

Q4 FY25 adjusted free cash flow was $62.1 million compared to $24.5 million in the prior-year period. Cash from operating activities was $63.2 million in the fourth quarter compared to $24.9 million in the prior-year period.

25 財年第四季調整後自由現金流為 6,210 萬美元，去年同期為 2,450 萬美元。第四季經營活動現金為 6,320 萬美元，去年同期為 2,490 萬美元。

Now turning to guidance. Guidance assumes that the macroeconomic environment we've been operating in over the last year stays consistent. In addition, we have completed our annual standalone selling price analysis, or SSP, which determines the upfront revenue recognition rate for license revenue. Year over year, SSP has no material impact on revenue allocation and is included in today's Q1 and FY26 guidance.

現在轉向指導。指導假設我們去年營運的宏觀經濟環境保持一致。此外，我們已經完成了年度獨立銷售價格分析（SSP），該分析決定了授權收入的前期收入確認率。與去年同期相比，SSP 對收入分配沒有重大影響，並且包含在今天的 Q1 和 FY26 指引中。

For the first quarter of FY26, we expect total revenue of $212 million to $213 million, representing a growth rate of 25% to 26% year over year. We expect a non-GAAP operating income of $21 million to $22 million, and we expect a non-GAAP net income per share of $0.14 to $0.15, assuming 172 million weighted average diluted shares outstanding.

對於 26 財年第一季，我們預計總營收為 2.12 億美元至 2.13 億美元，年增 25% 至 26%。我們預期非 GAAP 營業收入為 2,100 萬美元至 2,200 萬美元，假設加權平均稀釋流通股數為 1.72 億股，非 GAAP 每股淨收入為 0.14 美元至 0.15 美元。

For the full year FY26, we expect total revenue of $936 million to $942 million, representing a growth rate of approximately 24% year over year. We expect a non-GAAP operating income of $109 million to $114 million, and we expect a non-GAAP net income per share of $0.68 to $0.72, assuming 173 million weighted average diluted shares outstanding.

我們預計 26 財年全年總營收為 9.36 億美元至 9.42 億美元，年增約 24%。我們預期非 GAAP 營業收入為 1.09 億美元至 1.14 億美元，假設加權平均稀釋流通股數為 1.73 億股，非 GAAP 每股淨收入為 0.68 美元至 0.72 美元。

Before I move on, I have two final points on guidance. First, in Q1 FY25, we invested $15 million in a global gathering for our team that will not recur in FY26. As a result, we anticipate non-GAAP operating margin to be flat from Q1 to Q2 FY26. Second, with the conclusion of the bilateral advance pricing agreement, or BAPA, with the IRS and the Netherlands' Dutch Tax Authority, beginning in FY 26, we will be applying a 22% long-term non-GAAP projected tax rate.

在繼續之前，我還有最後兩點指導。首先，在25財年第一季度，我們為我們的團隊投資了1500萬美元來舉辦全球聚會，但26財年不會再發生這種事。因此，我們預計 26 財年第一季至第二季非 GAAP 營業利潤率將持平。其次，隨著與美國國稅局和荷蘭稅務局達成的雙邊預先定價協議（BAPA），從 26 財年開始，我們將採用 22% 的長期非 GAAP 預計稅率。

The new 22% rate is included in both Q1 and FY26 non-GAAP net income per share guidance. This rate reflects the new location of our IP in the US following the conclusion of our BAPA. It does not imply any incremental increase on actual cash tax is paid.

新的 22% 利率已包含在第一季和 26 財年非 GAAP 每股淨利潤指引中。這一比率反映了我們的 BAPA 結束後我們在美國知識產權的新位置。這並不意味著實際支付的現金稅會增加。

Separately, I would like to provide an update on JiHu, our China joint venture. In Q4 FY25, non-GAAP expenses related to JiHu were $3.2 million compared to $3.8 million in Q4 of last year. Our goal remains to deconsolidate JiHu. However, we cannot predict the likelihood or timing of when that may potentially occur. Thus, for FY26 modeling purposes, we forecast approximately $18 million of expenses related to JiHu compared with $13 million from last year.

另外，我想介紹一下我們的中國合資企業奇虎的最新情況。2025 財年第四季度，與奇虎相關的非 GAAP 費用為 320 萬美元，去年同期為 380 萬美元。我們的目標仍然是拆分奇虎。然而，我們無法預測這種情況發生的可能性或時間。因此，出於 FY26 建模目的，我們預測與奇虎相關的費用約為 1800 萬美元，而去年同期為 1300 萬美元。

In summary, Q4 was a strong close to FY25, a year which we saw tremendous demand for GitLab Ultimate, achieved triple-digit growth with Dedicated, acquired strategic capabilities and security with Oxeye and Resilience, delivered both Duo Pro for code assistance and Duo Enterprise, injecting AI throughout the entire software development life cycle, and we announced key integrations with Google and AWS. All this sets us up for a strong FY26, and I'm excited for the year ahead.

總而言之，第四季度是 2025 財年的強勁收官，在這一年，我們看到了對 GitLab Ultimate 的巨大需求，透過 Dedicated 實現了三位數的增長，透過 Oxeye 和 Resilience 獲得了戰略能力和安全性，推出了用於代碼輔助的 Duo Pro 和 Duo Enterprise，在整個軟體開發中宣布了整個軟體開發，這一切都為我們強勁的26財年奠定了基礎，我對未來的一年充滿期待。

Thank you for joining us today. With that, I'll turn over the call to Kelsey, who will moderate the Q&A.

感謝您今天加入我們。說完這些，我將把電話轉給凱爾西 (Kelsey)，他將主持問答環節。

Great. Thanks, Brian. (Operator Instructions)

偉大的。謝謝，布萊恩。（操作員指令）

Karl Keristead, UBS.

瑞銀的 Karl Keristead。

Okay. Congrats on the nice results, particularly the NRR mix from a seat expansion stood out to me, but, Bill and Brian, I'd love to ask about the code gen space. Maybe Brian, if you can offer any -- even qualitative color about the contribution from Duo, Duo Enterprise in that 24%.

好的。恭喜你們取得如此好的成績，特別是席位擴展帶來的 NRR 組合讓我印象深刻，但是，比爾和布萊恩，我很想問一下代碼生成空間的情況。也許 Brian，如果您可以提供任何——甚至是定性的信息，說明 Duo、Duo Enterprise 在這 24% 中的貢獻。

And then Bill, just maybe a question for you about the market development. It sounds like you've had some good success. You called out obviously Barclays and Capgemini, among others, but the code gen market from our vantage point is looking increasingly competitive with, obviously GitHub Copilot, but you've got some standalone tools like Cursor that are already at $100 million in revenues. Even Anthropic is launching their own version of Claude code. How do you differentiate Duo Enterprise in what's likely to be a more competitive code gen market throughout the year? Thank you.

然後比爾，也許我想問你一個關於市場發展的問題。聽起來你已經取得了一些成功。您顯然提到了巴克萊和凱捷等公司，但從我們的角度來看，代碼生成市場競爭越來越激烈，顯然是 GitHub Copilot，但您也有一些獨立工具，例如 Cursor，其收入已經達到 1 億美元。甚至 Anthropic 也推出了他們自己的 Claude 程式碼版本。在全年競爭可能更加激烈的程式碼產生市場中，您如何讓 Duo Enterprise 脫穎而出？謝謝。

Thanks, Karl. I'll start first and appreciate the question. This quarter, we're really pleased with the performance of Duo. It exceeded our expectations again this quarter. If you looked at the deals that included Duo, about a third of that was Duo ARR versus the total ARR. And so once again, people are buying enough licenses to match the Ultimate licenses that they have within the purchase.

謝謝，卡爾。我首先開始回答這個問題。本季度，我們對 Duo 的表現非常滿意。本季再次超出了我們的預期。如果你看一下包含 Duo 在內的交易，你會發現其中大約三分之一是 Duo ARR，而不是總 ARR。因此，人們再次購買足夠的許可證來匹配他們購買的終極許可證。

On the prepared remarks, Bill mentioned a number of customers, we have Barclays this quarter, CACI, Zscaler, and NatWest. So happy with the logos and the large enterprises that are buying Duo. From a contribution standpoint, with our FY26 guide at the midpoint, about $939 million, it's going to take a little while for Duo to move the needle. But happy with where it's at. We have this ratable model, and it exceeded our internal expectations again.

在準備好的演講中，比爾提到了許多客戶，本季我們有巴克萊銀行、CACI、Zscaler 和 NatWest。我對 Duo 的標誌和購買它的大型企業感到非常高興。從貢獻的角度來看，以我們 2026 財年的指引中點約為 9.39 億美元來看，Duo 還需要一段時間才能取得進展。但我對目前的狀況很滿意。我們有這個可評級模型，它再次超出了我們的內部預期。

I'll turn it over to Bill for the second part of the question.

我將把問題的第二部分交給比爾。

Yeah. Thanks, Brian. Karl, you asked about the market, how I see it in our differentiation. First, let me say there are a lot of tools in this space, and it seems like every day, there's a new one. AI is the hot new technology trend. Obviously, we're going to see rapid advancements like this, I think, ongoing for a while.

是的。謝謝，布萊恩。卡爾，您問到市場，我如何看待我們的差異化。首先，我要說的是，這個領域有很多工具，而且似乎每天都會有新的工具出現。人工智慧是熱門的新技術趨勢。顯然，我們將會看到這樣的快速進步，我認為，這種進步會持續一段時間。

It's just a really exciting time. This new technology wave is one of the reasons that I wanted to come to GitLab, because I believe it's going to be transformational for the world and transformational for our business.

這真是一個令人興奮的時刻。這股新科技浪潮是我想加入 GitLab 的原因之一，因為我相信它將改變世界，改變我們的業務。

In terms of how we compete and our differentiation, it really goes back to the platform. As you know, AI models work when they're fed context, and GitLab provides some of the best context when it comes to working with code.

就我們的競爭方式和差異化而言，這實際上取決於平台。如您所知，AI 模型在輸入上下文時才能運作，而 GitLab 在處理程式碼時提供了一些最佳上下文。

First, our source code capability is one of the best in the world, and we're known in the Gartner Magic Quadrant as number one in both vision and execution for DevOps. We not only have that, but we also have a full life cycle set of capabilities from planning and issue tracking through integration, packaging, and deployments. We also have our security tools, which are also world-class. And so we're building a knowledge graph that lets us take all of that context, feed it into the models, and then help developers throughout the software life cycle to make decisions with our Duo Pro and our Duo Enterprise product.

首先，我們的原始碼能力是全球最優秀的之一，並且在 Gartner 魔力像限中，我們在 DevOps 的願景和執行方面均名列第一。我們不僅擁有這些，而且還擁有從規劃和問題追蹤到整合、打包和部署的完整生命週期功能。我們還有自己的安全工具，也是世界一流的。因此，我們正在建立一個知識圖譜，讓我們能夠取得所有這些上下文，將其輸入模型，然後幫助整個軟體生命週期內的開發人員使用我們的 Duo Pro 和 Duo Enterprise 產品做出決策。

In addition, as we mentioned, we are shipping this month, a private beta of our Duo Workflow, which is our autonomous AI agent service that allows for AI to drive proactive action for engineers. Think of it as an autonomous engineering buddy that you can work with to get work done. Inside GitLab, we're testing that already and seeing really good results, but I think it will present a step function in productivity improvement, and it's all driven off of that context that we have as a platform provider.

此外，正如我們所提到的，我們將於本月推出 Duo Workflow 的私人測試版，這是我們的自主 AI 代理服務，讓 AI 為工程師推動主動行動。可以將其視為一個自主的工程夥伴，你可以與它合作完成工作。在 GitLab 內部，我們已經進行了測試並看到了非常好的結果，但我認為它將在生產力提高方面發揮重要作用，而這一切都是基於我們作為平台提供者的環境。

Last, I'll say I'm really excited about AI for another reason, not just our ability to bring context and inject AI throughout the software life cycle, but I believe AI is going to increase the number of software creators and the amount of code that's generated both by humans as well as by machines or by AI models. That code needs to adhere to the organization's quality, security, compliance, all of the requirements that software has today, and GitLab, as a platform, provides all of that capability.

最後，我要說的是，我對人工智慧感到非常興奮，原因不僅僅是因為我們能夠在整個軟體生命週期中引入背景和注入人工智慧，而且我相信人工智慧將增加軟體創建者的數量以及由人類、機器或人工智慧模型生成的程式碼量。該程式碼需要遵守組織的品質、安全性、合規性以及軟體當今的所有要求，而 GitLab 作為平台提供了所有這些功能。

So whether the codes is generated by AI tools like the ones you mentioned or by a Duo product, whether it's built by a human or a machine, it will still need all of the capabilities of our platform in order to ensure the organization can govern their software life cycle. So I believe it presents an even greater opportunity for us than in years past.

因此，無論程式碼是由您提到的 AI 工具還是 Duo 產品產生的，無論是由人還是機器建構的，它仍然需要我們平台的所有功能，以確保組織能夠管理其軟體生命週期。因此我相信這為我們提供了比過去幾年更大的機會。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hey, thank you very much. Congrats, Bill, on your first full quarter of the company. Clearly, your tone sounds quite encouraging. You're encouraged by AI, Duo, and the workflow agentic technology and also the impact of pricing, I assume a new CRO, not to mention that. Yet when I look at the reported results, is there something that is not reported in the reported results that is representative of the broader enthusiasm that you share?

嘿，非常感謝。比爾，恭喜你在公司度過了第一個完整季度。顯然，你的語氣聽起來很令人鼓舞。您受到 AI、Duo 和工作流程代理技術的鼓舞，而且還有定價的影響，我認為是一個新的 CRO，更不用說了。然而，當我查看報告的結果時，是否有一些未在報告結果中報告的內容可以代表您所分享的更廣泛的熱情？

And also, when I look at the guidance, the sequential growth in CRP, as good as it is in Q4 and the guidance, maybe the tone there in the financial outlook is not matched by the tone that you optimistically share with all the changes you're making. Granted that it's all super early; it's just one quarter. And hopefully, it's a very, very long, amazing career.

此外，當我查看指引時，CRP 的連續成長，儘管第四季度和指引表現良好，但財務前景中的基調可能與您在進行所有變革時所樂觀分享的基調不符。儘管現在一切都還很早；這只是四分之一。我希望這是一個非常非常漫長且令人驚嘆的職業生涯。

But help us understand why the fundamental conviction in the company is not quite expressed in the financial -- although I'm sure Brian would agree to disagree with me that you would say that the guidance is very, very good, and I agree. But maybe there's some bridge between the optimism and the numbers the way we look at it, and there's something else underneath the surface that is behind your conviction. What is that? Thank you.

但請幫助我們理解為什麼公司的基本信念沒有完全體現在財務上——儘管我確信布萊恩會不同意我的觀點，你會說指引非常非常好，而我同意。但也許我們認為樂觀和數字之間存在著某種聯繫，而你的信念背後還隱藏著其他的東西。那是什麼？謝謝。

Yeah. Thanks, Kash. Well, let me start with how I spent my time. This quarter was an amazing opportunity to get on the road, spend a lot of time with customers and really hear from them what GitLab does for them. I met with more than 50 customers, as I said. And hearing their enthusiasm for GitLab is really a big component of what makes me excited.

是的。謝謝，卡什。好吧，讓我先從我如何度過我的時間開始。本季是一個絕佳的機會，可以上路，花大量時間與客戶相處，並真正聽取他們的意見，了解 GitLab 為他們做了什麼。正如我所說的，我會見了 50 多位客戶。聽到他們對 GitLab 的熱情確實是讓我感到興奮的一大因素。

We have some fantastic customers, as you all know, and they are dependent on us to build their software and to run their business. And it's amazing what GitLab has built, and I'm just honored to be part of it.

眾所周知，我們有一些出色的客戶，他們依賴我們來開發他們的軟體並經營他們的業務。GitLab 所建構的一切令人驚嘆，我很榮幸能夠成為其中的一員。

I also think that's recognized and as you look at the Gartner Magic Quadrant, as I already mentioned, we are known as a platform that's world-class and brings incredible ROI, nearly 500% in three years with a six-month payback. And I think our strengths are really well known and customers are increasingly betting on this platform approach, because they see the productivity and efficiency gains that it provides them.

我也認為這是公認的，當你看 Gartner 魔力像限時，正如我已經提到的，我們被稱為世界一流的平台，並帶來令人難以置信的投資回報率，三年內回報率接近 500%，六個月即可收回成本。我認為我們的優勢是眾所周知的，客戶越來越看好這種平台方法，因為他們看到了它為他們帶來的生產力和效率的提升。

I also spent a lot of time with team members, learning GitLab from the inside and hearing their conviction, their commitment to our values and our mission, and their excitement to be part of this next chapter of growth. That also, I think, increases my confidence and optimism for the road ahead.

我還花了很多時間與團隊成員在一起，從內部了解 GitLab，聽取他們的信念、他們對我們的價值觀和使命的承諾，以及他們成為下一章成長的一部分的興奮之情。我認為這也增強了我對未來道路的信心和樂觀態度。

I also do believe, as I just shared when Karl asked about AI, this is one of the most exciting times in technology that I've experienced in my career. And I've seen quite a bit from the launch of the internet to the rise of the smartphone and social media and cloud and all the technology waves that we've seen in the last couple of decades. I do believe AI represents an enormous opportunity for world transformation, and that's driven by software, and GitLab is at the heart of building software. So from my perspective, there's no better place to be.

我也確實相信，正如卡爾問到人工智慧時我剛才所說的那樣，這是我職業生涯中經歷的技術最激動人心的時刻之一。我見證了網路的誕生、智慧型手機、社群媒體和雲端運算的興起以及過去幾十年來我們經歷的所有科技浪潮。我確實相信人工智慧為世界轉型帶來了巨大的機遇，而這種轉型是由軟體驅動的，而 GitLab 是軟體建構的核心。所以從我的角度來看，沒有比這裡更好的地方了。

Certainly, we've got competition. We've got things to navigate as a company in order to continue to grow at the scale that we're reaching. But I believe those are challenges that any great competitor would face. And I'm optimistic, given what I'm hearing from customers and from team members that we can tackle them and continue to grow.

當然，我們有競爭對手。作為一家公司，我們需要做一些事情才能繼續按照現有的規模發展。但我相信，任何偉大的競爭對手都會面臨這些挑戰。而且我很樂觀，根據我從客戶和團隊成員那裡聽到的，我們可以解決這些問題並繼續發展。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thanks, Kelsey, and good afternoon, everyone. Bill, would love to drill down on some of these conversations that you had with customers throughout the quarter -- I think you cited 50 customers -- and especially relative to your view about increasing the number of software developers, because I guess in other areas of the Enterprise stack, we're seeing more optimization as a result of AI.

偉大的。謝謝，凱爾西，大家下午好。Bill，我很想深入了解您在整個季度與客戶進行的一些對話——我記得您提到了 50 位客戶——特別是關於增加軟體開發人員數量的觀點，因為我想在企業堆疊的其他領域，我們看到了 AI 帶來的更多優化。

And so help us understand kind of the view of a lot of these customers and why it doesn't creep into a less developer type of argument versus taking the other side of the coin in terms of increasing the number of software creators. Thanks.

因此，請幫助我們理解許多客戶的觀點，以及為什麼它不會演變成較少開發人員的爭論，而是從增加軟體創建者的數量的角度採取相反的做法。謝謝。

Yeah, Rob. I get that question a lot, actually, mostly from investors. It doesn't come up often from customers interestingly enough. I think the reality is for many customers, they've always felt resource-constrained. The number of engineers in the world has -- if you think about it as a percent of the world's total population, it's less than 1%. It's a fraction of 1% that's created all the software in the world that now reaches billions and billions of people around the world every day on their smartphones and through the cloud. And what AI represents is an opportunity to raise the abstraction level again, to make it easier than ever to build software.

是的，羅布。事實上，我經常被問到這個問題，大多數是來自投資者。有趣的是，這種情況並不常從顧客那裡出現。我認為現實情況是，許多客戶一直感到資源受限。如果以世界總人口的百分比來計算，世界上工程師的數量還不到 1%。這僅僅 1% 的一小部分人創造了世界上所有的軟體，如今這些軟體每天都透過智慧型手機和雲端惠及全球數十億人。人工智慧代表著再次提升抽象層次的機會，使建立軟體變得比以往任何時候都更容易。

And so that's an incredible productivity boost, but also the process of building software is not just about authoring code. And that abstraction is going to go higher. It's going to be easier to generate code or write code, just like it has over the last couple of decades, with higher-level languages and with the cloud. But it's not just about writing the code, right? You've got to ensure that the code is high quality. You've got to make sure it's secure. You've got to make sure it appears to the compliance practices and everything else. And that is what GitLab really specializes in, not necessarily in the code authoring, although we help engineers do that with our Duo Pro product, but with the entire software management, the entire software life cycle.

這不僅大大提高了生產效率，而且軟體建置的過程也不僅僅是編寫程式碼。而且這種抽象將會越來越高。就像過去幾十年一樣，使用更高級的語言和雲，生成程式碼或編寫程式碼將變得更加容易。但這不僅僅是編寫程式碼，對吧？你必須確保程式碼是高品質的。你必須確保它是安全的。你必須確保它符合合規實踐和其他一切規定。這就是 GitLab 真正擅長的，不一定是程式碼創作，儘管我們透過 Duo Pro 產品幫助工程師做到這一點，而是整個軟體管理，整個軟體生命週期。

So we serve a number of personas, not just developers, but all of the roles around the software life cycle. And as I said earlier, I think that's only going to drive more demand for our platform as more software creators come about as well as more code is generated.

因此，我們為多種角色提供服務，不僅是開發人員，還包括軟體生命週期中的所有角色。正如我之前所說，我認為隨著更多軟體創建者的出現以及更多程式碼的生成，這只會推動對我們平台的更多需求。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great. Thanks, Kelsey. Thanks for the time, guys, and Bill, congrats on joining. Look forward to working with you. I had a question on Ultimate. It was a big part of the prepared remarks, and we've seen a pretty dramatic increase in the mix there, which is really great to see. I think it really resonates -- especially the SecOps piece.

偉大的。謝謝，凱爾西。謝謝大家的時間，比爾，恭喜你加入。期待與您合作。我有一個關於 Ultimate 的問題。這是準備好的發言的重要組成部分，我們看到其中的內容有了相當大的增加，這真的很高興看到。我認為它確實引起了共鳴 — — 尤其是 SecOps 部分。

I'm wondering, you talked about a couple of nice wins and a couple of upsells there, how should we think about the sustainability, because it's done quite well on an improvement in mix over the last year. Is that something that you think continues into fiscal '26? And maybe just like if you could summarize the one or two items why customers are so drawn to Ultimate, I think that would be helpful.

我想知道，您談到了一些不錯的勝利和一些追加銷售，我們應該如何看待可持續性，因為在過去的一年裡，它在組合改進方面做得相當不錯。您認為這種情況會持續到26財年嗎？也許就像您能總結為什麼客戶如此青睞 Ultimate 的一兩個原因一樣，我認為這會很有幫助。

Hey, Matt. This is Brian. Thanks for the question. Super happy with the Ultimate performance. As we said, it's now 50% of the total ARR, and that is even with the price increase, it's doing that well. The reason why people are attracted to Ultimate are really for security and compliance. And so the payback period is less than six months. ROI is over 480% in three years.

嘿，馬特。這是布萊恩。謝謝你的提問。對終極表現非常滿意。正如我們所說，它現在佔總 ARR 的 50%，即使價格上漲，它的表現仍然很好。人們被 Ultimate 吸引的原因實際上是出於安全性和合規性。因此投資回收期不到六個月。三年投資報酬率超過480%。

And we're really seeing the strength of the enterprise come into Ultimate. We talked about -- in 4Q, we had the most first orders greater than 100,000 in company history and obviously, that's mostly ultimate. And so there's a number of reasons why people come into Ultimate. We're getting more and more lands on Ultimate, and it's really for, the payback period, the time to value, the ease of use, the positive business outcomes.

我們確實看到了企業實力的增強。我們談到——在第四季度，我們創下了公司歷史上首批超過 10 萬份的訂單量，顯然，這是最終的結果。人們參加 Ultimate 的原因有很多。我們在 Ultimate 上獲得的土地越來越多，這確實是為了回報期、價值實現時間、易用性和積極的業務成果。

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Thanks for taking the question, and congrats on the great results. I guess it's a question for both of you guys. Congrats on hiring Ian to be your CRO. I'm just curious to see if there's -- you expect any significant changes to go-to-market sales comp, any of that? And is that already baked into the guidance that you've given? Thanks

感謝您提出這個問題，並祝賀您取得的優異成績。我想這是你們兩個都該問的問題。恭喜您聘請 Ian 擔任您的 CRO。我只是好奇，想知道您是否預期市場銷售收入會發生任何重大變化？這是否已經融入您所給予的指導了？謝謝

Yeah. Thanks, Joel. I'm really excited to bring on Ian. I spent quite a bit of time this quarter meeting with nearly a dozen candidates, looking at all different kinds of profiles of CROs, different stages of their career. I got a lot of help from the Board as well and some pretty wise directors who spend a lot of time in go-to-market as well as members of the management team.

是的。謝謝，喬爾。我很高興邀請伊恩來參加。本季度，我花了相當多的時間會見了近十幾位候選人，了解了不同類型的 CRO 的個人資料以及他們職業生涯的不同階段。我也得到了董事會和一些花了大量時間在行銷上的相當明智的董事以及管理團隊成員的幫助。

And Ian really represents an amazing profile for GitLab. He's spent his career in the trenches. He's been an account executive. He's been a sales manager. He's been a region leader and a CRO. He's opened new regions, expanded into countries, driven partner channels. He's built territories and compensation models, and he's a strong operational and analytical operator. I really believe he's going to bring a level of rigor to our go-to-market strategy as we plan beyond the $1 billion mark to scale the business.

Ian 確實代表了 GitLab 的傑出表現。他的職業生涯一直都在艱苦奮鬥中度過。他一直是一名客戶經理。他一直是一名銷售經理。他曾擔任區域負責人和首席風險官。他開拓了新的地區，拓展了國家業務，推動了合作夥伴通路的發展。他建立了地區和薪酬模式，並且是一位強大的營運和分析能力的操作員。我真的相信，當我們計劃突破 10 億美元大關來擴大業務時，他將為我們的行銷策略帶來一定程度的嚴謹性。

He starts with the customer success and the market opportunity in mind, and he maps that back to individual contributor success as he builds out the go-to-market strategy. So, I'm really excited to bring that into the company. I believe it will only build on the strengths that we already have from a go-to-market motion perspective and help us continue to scale as we grow.

他首先考慮客戶的成功和市場機會，然後在製定市場進入策略時將其映射到個人貢獻者的成功上。所以，我很高興能將它帶到公司。我相信，它只會從進入市場的行動角度鞏固我們現有的優勢，並幫助我們在成長過程中繼續擴大規模。

In terms of go-to-market changes, really, I think they're mostly incremental at this point. We are incentivizing, as I mentioned, on first orders to increase our ability to win new customers. We're starting a small new inside sales team, who's also focused on landing new customers. We're looking at global expansion to ensure that we're capturing the opportunity around the world. And we're continuing to invest in our partner ecosystem to ensure that we can get their leverage in driving expansion as well.

就市場進入方面的變化而言，我認為目前它們大多是漸進式的。正如我所提到的那樣，我們正在對首批訂單提供激勵措施，以提高我們贏得新客戶的能力。我們正在組建一個小型的新內部銷售團隊，該團隊也致力於吸引新客戶。我們正在考慮全球擴張，以確保我們能夠抓住世界各地的機會。我們將繼續投資於我們的合作夥伴生態系統，以確保我們能夠利用他們的優勢來推動擴張。

So we just finished up last week, our company kick-off and our sales kick-off. The whole organization is aligned around our goals now. And I think as Ian comes on the start of Q2, it will only continue to help us achieve our objectives.

所以我們上週剛結束了公司啟動和銷售啟動。現在整個組織都圍繞著我們的目標而調整。我認為隨著伊恩在第二季的開始，它只會繼續幫助我們實現我們的目標。

Derrick Wood, Cowen.

德里克·伍德，考恩。

Great. Thanks. And Brian, 18% operating margin in Q4, congrats. That is impressive and really just leads me to want to ask about the balance growth investments versus margin expansion if you're thinking about that in calendar 2025 versus the last couple of years given that you've had such a big improvement on margins.

偉大的。謝謝。布萊恩，第四季的營業利益率達 18%，恭喜你。這令人印象深刻，而且實際上讓我想問一下，如果您考慮 2025 年與過去幾年相比，成長投資與利潤率擴張之間的平衡，因為您的利潤率已經有瞭如此大的提高。

And I know Bill mentioned some things that you're doing on the R&D side. But we just looking to double-click on the go-to-market side, just get a sense of how active you have been in building up sales capacity, how you're thinking about driving more growth to make sure you've got the right growth in capacity going forward. And I know, Bill, you just mentioned some of the tweaks you're making, but just would love to hear about the balance of investment growth and margins.

我知道比爾提到了你在研發方面所做的一些事情。但我們只是想雙擊進入市場方面，只是想了解您在建立銷售能力方面的積極程度，以及您如何考慮推動更多成長，以確保您在未來實現正確的能力成長。我知道，比爾，你剛才提到了你正在做的部分調整，但我還是想聽聽投資成長和利潤之間的平衡。

Yes. So let me jump in just on the margin profile. Since we've gone public, we've been -- we say the number one thing to do -- our number one objective is growth, but we'll do that responsibly. And we've been doing that quarter after quarter. And so we want to invest and grow to the extent we exceed what our internal estimates are that typically falls to the bottom line. And so we've been doing that quarter over quarter. We had roughly 1,000 basis points improvement year over year. And so the way we set our model up for next year is the same.

是的。因此，讓我先來討論一下利潤概況。自從我們上市以來，我們一直——我們說我們要做的首要事情——我們的首要目標就是成長，但我們會負責任地做到這一點。我們每季都在這麼做。因此，我們希望進行投資和成長，以超過我們內部估計的程度，而這通常會影響到利潤。我們每季都在這麼做。與去年同期相比，我們的進步大約有 1,000 個基點。因此我們為明年制定的模型的方式是相同的。

When we look at investing in go-to-market dollars, it is pretty much -- we have the management built out. We have the second-layer management built out. And so the hires are pretty much in capacity. And we have a pretty deep delve capacity planning model, where depending upon what we do in a quarter, we'll hire a certain amount of reps based on time to ramp, and it's driven really on a quarter-by-quarter basis. And so the biggest investments that we're making next year or this year that we're in is sales capacity and in engineering. From an engineering standpoint, it's really a focus on AI and increasing the feature functionality across the platform with a focus towards security.

當我們考慮投資進入市場的資金時，基本上——我們已經建立了管理機制。我們已經建成了第二層管理。所以，所僱用的人員基本上都是按能力任職的。我們有一個非常深入的產能規劃模型，根據我們在一個季度內所做的工作，我們會根據成長時間僱用一定數量的銷售代表，而且這實際上是按季度進行的。因此，我們明年或今年最大的投資是銷售能力和工程。從工程角度來看，它真正關注的是人工智慧，並增加整個平台的功能，重點是安全性。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey, guys. Thanks so much for taking the questions. I wanted to ask about how you drive strong utilization of the GitLab platform offering across the DevSecOps workflow. And the reason why I ask that is I totally get it, you can sell the Premium and Ultimate versions from a high-value proposition consolidation theme. But how do you drive higher utilization of the platform? And does utilization of the platform need to come first? And is that the key to unlock adoptions of add-ons like Duo and Agile planning? Thank you.

是的。嘿，大家好。非常感謝您回答這些問題。我想問一下您是如何在 DevSecOps 工作流程中推動 GitLab 平台的充分利用的。我之所以問這個問題，是因為我完全明白，你可以從高價值主張整合主題中銷售高級版和終極版。但是，如何提高平台的使用率呢？是否需要先利用平台？這是解鎖 Duo 和 Agile 規劃等附加組件的關鍵嗎？謝謝。

Yeah. I'll jump on that. This is Bill. Thanks, Koji. Our approach to helping customers realize value or as you describe it, utilization to realize that value is really a full-team approach as well as a partner approach. So as we engage customers, one of the things that we like to do as part of the contract renewal or the first order is build out a customer success plan, where we identify their objectives and how they want to adopt the platform, the resources and timeframes that they have in mind.

是的。我會抓住這個機會。這是比爾。謝謝，Koji。我們幫助客戶實現價值的方法，或者如您所描述的，利用來實現價值的方法實際上是一種全團隊方法以及合作夥伴方法。因此，當我們與客戶接觸時，作為合約續約或第一筆訂單的一部分，我們喜歡做的事情之一就是製定客戶成功計劃，我們在其中確定他們的目標以及他們希望如何採用該平台，以及他們考慮的資源和時間表。

And in particular, for our larger Enterprise customers, where there's a lot of stake, we often talk about new offerings that we have, both in terms of customer success, dedicated customer success, resources available to them as well as professional services that could help them with that adoption journey. In addition, we have a number of technical partners, who we can bring into the conversation or our customers can tap into to help them with their DevSecOps journey, both with the technical migration as well as the practice of DevSecOps often requires process and organizational changes in order to fully realize the value. And our partners are well utilized by our customers as well.

特別是對於我們的大型企業客戶，因為他們肩負著很大的責任，我們經常談論我們提供的新產品，包括客戶成功、專門的客戶成功、可供他們使用的資源以及可以幫助他們實現採用過程的專業服務。此外，我們還有許多技術合作夥伴，我們可以讓他們參與討論，或者我們的客戶可以利用他們來幫助他們進行 DevSecOps 之旅，無論是技術遷移還是 DevSecOps 的實踐通常都需要流程和組織變革才能充分實現價值。我們的合作夥伴也得到了客戶的充分認可。

I guess I'll also share our approach to help customers -- basically meet customers where they are, also plays a large role with the GitLab adoption experience. We're the only software provider in this category that allows customers to run the software on-premise, in air-gapped environments in their own cloud or in a public cloud. And so that makes the transition to run GitLab as a DevSecOps platform, perhaps a little smoother and easier for customers, in particular, for high regulatory environments or compliance such as government or financial institutions.

我想我也會分享我們幫助客戶的方法——基本上是在客戶所在的地方與他們會面，這也在 GitLab 採用體驗中發揮重要作用。我們是此類別中唯一允許客戶在本地、在自己的雲端中的隔離環境中或在公有雲中運行軟體的軟體供應商。因此，將 GitLab 作為 DevSecOps 平台運作的過渡對於客戶來說可能更加順暢和容易，特別是對於政府或金融機構等嚴格監管的環境或合規性要求較高的環境。

Kingsley Crane, Canaccord Genuity.

金斯利‧克蘭 (Kingsley Crane)，Canaccord Genuity。

Hey. Thanks. Just to expand on that, it's nice to hear that you're expanding customer success initiatives in fiscal '26. It sounds like it's also a big focus for Ian. So just to double-click, what's the state of that organization today? How much transformation do you think needs to occur, if any, or is it really just about finding more scale and adding more resources to the existing framework? Thanks.

嘿。謝謝。進一步說，很高興聽到您在 26 財年擴大客戶成功計畫。聽起來這也是伊恩關注的重點。那麼只需雙擊一下，該組織目前的狀況如何？您認為需要進行多少轉型（如果有的話），或者只是在現有框架中找到更大的規模並添加更多資源？謝謝。

Yeah. Thank you. Very much the latter. As I mentioned, we spend a lot of time with customers. And of course, with that comes a lot of time with the field and really impressed with our go-to-market organization with their commitment to customer success and to GitLab and to our mission.

是的。謝謝。顯然是後者。正如我所提到的，我們花了很多時間與客戶在一起。當然，這需要大量的時間投入到該領域，我們的行銷組織對客戶成功、GitLab 和我們的使命的承諾給我們留下了深刻的印象。

So the team has been performing really well. This is an opportunity to bring in another level of leader with that deep sales background experience and the operational and analytical skill to help us scale beyond the $1 billion mark that we're currently putting in the crosshairs. So really excited for Ian and what he brings to the organization.

因此該團隊的表現非常出色。這是一個引進另一層級領導者的機會，他擁有深厚的銷售背景經驗以及營運和分析技能，可以幫助我們超越目前瞄準的 10 億美元大關。我非常為伊恩以及他為組織帶來的貢獻感到興奮。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Great. Thanks, Kelsey. Hi, everyone. Bill, it's encouraging that every customer you met with so far is actively evaluating the incorporation of AI tools into their DevSecOps strategy. If you were to look out maybe a couple of years from now, how often might you expect or might we expect GitLab to upsell entire DevOps workforces to Duo Pro or Duo Enterprise versus a mix and match type of outcome? How do you see this evolving?

偉大的。謝謝，凱爾西。大家好。比爾，令人鼓舞的是，到目前為止，你會見的每一位客戶都在積極評估將人工智慧工具納入他們的 DevSecOps 策略。如果您展望幾年後的情況，您或我們預期 GitLab 會多久將整個 DevOps 勞動力升級到 Duo Pro 或 Duo Enterprise，而不是混合搭配類型的結果？您如何看待這項發展？

Yeah. It's a good question. I think of AI is becoming an essential part of the developer experience, both for code creation as well as every stage of the life cycle. And that's why we're investing in that right now with our Duo Enterprise and our Duo Workflow products, injecting AI at every stage. I don't think a few years from now, developers will be building software without AI.

是的。這是個好問題。我認為人工智慧正在成為開發人員體驗的重要組成部分，無論是對於程式碼創建還是生命週期的每個階段。這就是我們現在投資 Duo Enterprise 和 Duo Workflow 產品、在每個階段注入人工智慧的原因。我認為幾年後，開發人員將不會開發沒有人工智慧的軟體。

Sanjit Singh, Morgan Stanley. Okay. Maybe we'll get you back in the queue again.

摩根士丹利的 Sanjit Singh。好的。也許我們會讓你再次回到隊列中。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Thank you for taking the question. Brian, just a two-parter for you. Could you maybe talk about the assumptions around the guidance, especially around NRR has kind of reached around 123%? I'm trying to think if we have reached kind of a trough. Are you seeing underneath kind of the seat growth stabilizing? Are you expecting any kind of a ramp?

感謝您回答這個問題。布萊恩，你只說兩個部分。您能否談談圍繞該指導的假設，尤其是圍繞 NRR 已達到 123% 左右的假設？我在想我們是否已經到達了某種低潮。您是否看到座位數增長趨於穩定？您是否期待任何類型的坡道？

And then lastly, what did you see with respect to the pricing benefit in fiscal '25 versus initial expectations? And are you baking in any for fiscal '26?

最後，與最初的預期相比，您認為 25 財年的定價優勢如何？您有為 26 財年制定任何烘焙計劃嗎？

Yeah. So thanks for the question. Let me start off with pricing. We exceeded our expectations last year on pricing. And I said that we're about halfway through. And so we expect the same amount of incremental impact next year as we did this year. If you look at -- we'll get everything that we got this year, plus we'll get incrementally what we got last year this year as well. And so we're about halfway through the pricing impact. That is factored into our guidance.

是的。感謝您的提問。讓我先從價格開始說。去年我們的定價超出了我們的預期。我說我們已經完成一半了。因此，我們預計明年的增量影響將與今年相同。如果你看一下——我們將獲得今年得到的所有東西，另外，今年我們將逐步獲得去年得到的東西。因此，我們已經完成了定價影響的一半左右。這已考慮到我們的指導中。

And so when we looked at this quarter compared to the prior two or three quarters, they've been consistent. It's still people -- a cautious spending environment out there, but there is consistency. And so we've had less standard deviations when we do the bottoms-up build.

因此，當我們將本季與前兩、三個季度進行比較時，它們是一致的。人們仍保持謹慎的消費環境，但仍保持一致。因此，當我們自下而上進行建構時，標準差會較小。

And we looked at guidance from several different angles. We did a field AE roll-up. The CRO leadership team did a roll-up, and then we do one in our FP&A team -- and based on all the historical numbers and trending and pipeline and so forth. And so we use that to come up with guidance. There's been no change in our guidance philosophy.

我們從幾個不同角度提供了指導。我們進行了現場 AE 總結。CRO 領導團隊做了一個匯總，然後我們的 FP&A 團隊也做了一個匯總——基於所有歷史數據、趨勢、渠道等。因此我們利用它來提供指導。我們的指導理念沒有改變。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey, guys. Thanks for taking the question. Following the third quarter's strong public sector deal result, any update on your public sector business and pipeline under this new administration? And is there any extra conservatism baked into your guide for the sector for this year? Thanks.

嘿，大家好。感謝您回答這個問題。繼第三季公共部門交易取得強勁成果之後，在新政府的領導下，貴公司的公共部門業務和管道有何更新？今年您對該行業的指導中是否還包含額外的保守主義？謝謝。

Great question. We debated this a lot internally for the call. We don't know what we don't know. PubSec makes up roughly about 12% of our total ARR. What we do as a platform helps people become more efficient and actually save money. We've gone through the payback stats and ROI stats. And so our biggest quarter in PubSec third quarter. We're watching closely with the team, but we assume no changes at this time.

好問題。我們在內部就此進行了大量的討論。我們不知道我們不知道什麼。PubSec 約占我們總 ARR 的 12%。我們作為一個平台所做的工作可以幫助人們提高效率，並且實際上節省金錢。我們已經查看了回報統計數據和投資回報率統計數據。這是我們 PubSec 第三季中最大的一個季度。我們正在與團隊密切關注，但我們認為目前不會有任何變化。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼 (Nick Altmann)。

Awesome. Thanks, guys. There were some great commentary around the Dedicated SKU. And so can you just talk about the underlying drivers there and why Dedicated is resonating with those larger customers? And then going forward, kind of going back to Matt's question around the Ultimate ARR mix this year, how impactful can Dedicated be to that Ultimate mix moving higher? Thank you.

驚人的。謝謝大家。關於專用 SKU 有一些很棒的評論。那麼您能否談談其中的根本驅動因素以及為什麼 Dedicated 會引起這些大客戶的共鳴？然後繼續前進，回到馬特今年關於終極 ARR 組合的問題，Dedicated 對於終極組合的提升能有多大影響？謝謝。

Yeah. Thanks, Nick. Good question. Dedicated really is doing well. It grew more than 90% year over year in Q4. I think that's really driven off of the fact that we're the only ones in our category that can provide that single-tenant SaaS offering. And it's a really important competitive advantage.

是的。謝謝，尼克。好問題。Dedicated 確實做得很好。第四季年增超過 90%。我認為這實際上是因為我們是同類公司中唯一能夠提供單一租戶 SaaS 產品的公司。這是一個非常重要的競爭優勢。

As you know, when customers adopt Dedicated, it also does drive an Ultimate upgrade for us. So they get the full value of the complete platform. And it's particularly valuable for certain verticals, in particular, where there's complex security and compliance requirements. So I'm thinking about industries like embedded software, financial services, and the public sector.

如您所知，當客戶採用專用解決方案時，它也確實為我們帶來了終極升級。因此他們獲得了完整平台的全部價值。它對於某些垂直行業尤其有價值，特別是在具有複雜的安全性和合規性要求的行業。所以我正在考慮嵌入式軟體、金融服務和公共部門等行業。

We see a lot of potential to move our large, self-managed customers to this Dedicated SaaS offering as time goes on. For example, Delta, an existing customer, chose Dedicated as part of their cloud transformation this last quarter. So I believe we'll continue to see that opportunity, and it's really driven off of our unique competitive advantage.

隨著時間的推移，我們看到將大型自主管理客戶轉向此專用 SaaS 產品的巨大潛力。例如，現有客戶 Delta 在上個季度選擇了 Dedicated 作為其雲端轉型的一部分。因此我相信我們將繼續看到這樣的機會，而它確實源自於我們獨特的競爭優勢。

Great. That concludes our Q4 FY25 earnings call. Thanks again for joining us, and have a great evening. We look forward to seeing a lot of you in the coming weeks.

偉大的。這就是我們 25 財年第四季財報電話會議的結果。再次感謝您的加入，祝您有個愉快的夜晚。我們期待在接下來的幾週內見到你們。