HashiCorp Inc (HCP) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to HashiCorp's Fiscal 2024 Second Quarter Earnings. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎閱讀 HashiCorp 2024 財年第二季度收益報告。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your first speaker today, Sir Alex Kurtz, VP of Investor Relations and Corporate Development. Thank you. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係和企業發展副總裁 Alex Kurtz 爵士。謝謝。請繼續。

Good afternoon, and welcome to HashiCorp's Fiscal 2024 Second Quarter Earnings Call. This afternoon, we will be discussing our second quarter fiscal 2024 financial results announced in our press release issued after the market closed today.

下午好，歡迎參加 HashiCorp 的 2024 財年第二季度收益電話會議。今天下午，我們將討論今天收市後發布的新聞稿中公佈的 2024 財年第二季度財務業績。

With me are HashiCorp's CEO, Dave McJannet; CFO; Navam Welihinda; and CTO and Co-Founder, Armon Dadgar.

和我在一起的還有 HashiCorp 的首席執行官 Dave McJannet；首席財務官;納瓦姆·韋利欣達；首席技術官兼聯合創始人 Armon Dadgar。

In conjunction with our earnings press release, we have published an earnings presentation that provides additional information about our quarter. We encourage you to review that presentation in advance of our call. You can access it on our investor website at ir.hashicorp.com.

結合我們的收益新聞稿，我們還發布了一份收益演示文稿，其中提供了有關我們季度的更多信息。我們鼓勵您在我們的電話會議之前查看該演示文稿。您可以在我們的投資者網站 ir.hashicorp.com 上訪問它。

Today's call will contain forward-looking statements, which are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning financial and business trends, our expected future business and financial performance and financial condition and our guidance for the third quarter and full 2024 fiscal year. These statements may be identified by words such as expect, anticipate, intend, plan, believe, seek or will or similar statements. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements by their nature address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

今天的電話會議將包含前瞻性陳述，這些陳述是根據1995 年《私人證券訴訟改革法案》的安全港條款做出的。前瞻性陳述包括有關財務和業務趨勢、我們預期的未來業務和財務業績以及財務狀況的陳述，以及我們對第三季度和 2024 財年的指導。這些陳述可以通過諸如期望、預期、打算、計劃、相信、尋求或意願或類似陳述等詞語來識別。這些聲明僅反映我們今天的觀點，不應被視為代表我們在任何後續日期的觀點，並且我們不承擔更新這些聲明的任何責任。前瞻性陳述本質上涉及可能導致實際結果與預期存在重大差異的風險和不確定性問題。

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. The financial measures presented on this call are prepared in accordance with GAAP unless otherwise noted. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these and other metrics is included in our earnings press release, which has been furnished to the SEC and is also available on our website at ir.hashicorp.com.

在電話會議期間，我們還將討論某些非公認會計準則財務指標，這些指標不符合公認會計原則。除非另有說明，本次電話會議中提出的財務指標均根據公認會計準則編制。這些非GAAP 財務指標與最直接可比的GAAP 財務指標的對賬，以及我們如何定義這些指標和其他指標，均包含在我們的收益新聞稿中，該新聞稿已提供給SEC，也可在我們的網站上獲取： ir.hashicorp.com。

Finally, we will be holding an investor event during our annual HashiConf user conference in San Francisco on October 11. We look forward to seeing many of you there, and we will also live stream the event from our IR site.

最後，我們將於 10 月 11 日在舊金山舉行的年度 HashiConf 用戶大會期間舉辦投資者活動。我們期待在那裡見到你們，我們也將從我們的 IR 網站現場直播該活動。

With that, let me turn the call over to Dave. Dave?

接下來，讓我把電話轉給戴夫。戴夫？

Thank you, Alex, and welcome, everyone, to our second quarter earnings call for fiscal 2024.

謝謝 Alex，歡迎大家參加我們的 2024 財年第二季度財報電話會議。

We reported solid second quarter results that exceeded our top and bottom line guidance with revenue of $143 million, representing year-over-year growth of 26%. Current non-GAAP remaining performance obligations reached $420 million, representing 30% year-over-year growth, and we added 21 customers with greater than or equal to $100,000 in annual recurring revenue to reach a total of 851. Our HashiCorp cloud platform offerings reached $18.4 million in revenue, representing 13% of subscription revenue in the quarter.

我們公佈了穩健的第二季度業績，收入達到 1.43 億美元，同比增長 26%，超出了我們的營收和利潤指引。當前非 GAAP 剩餘履約義務達到 4.2 億美元，同比增長 30%，我們增加了 21 家年度經常性收入大於或等於 10 萬美元的客戶，總數達到 851 家。我們的 HashiCorp 雲平台產品達到收入1840 萬美元，佔本季度訂閱收入的13%。

We're excited for the new capabilities we announced during HashiDays in Europe around HCP, Terraform, Vault, Boundary and across our whole product portfolio, and we have more to announce at our global user conference in October.

我們對在歐洲 HashiDays 期間宣布的圍繞 HCP、Terraform、Vault、Boundary 以及我們整個產品組合的新功能感到非常興奮，並且我們還將在 10 月份的全球用戶大會上宣布更多功能。

Our team executed well and delivered solid results against an ongoing challenging backdrop. Although we continue to see elongated deal cycles, our performance shows that we remain a critical part of the Global 2000's cloud plans and are a strategic partner for their long-term transitions to the cloud. To put it simply, though the purchasing environment is difficult, we continue to win the market.

我們的團隊表現出色，在持續充滿挑戰的背景下取得了紮實的成果。儘管我們的交易週期繼續延長，但我們的業績表明我們仍然是全球 2000 強雲計劃的重要組成部分，並且是他們長期向雲過渡的戰略合作夥伴。簡而言之，儘管採購環境困難，但我們不斷贏得市場。

As an example of this, in June, we hosted our European user conference, taking place in the 3 sold-out locations simultaneously: in Paris, Munich and in London. During the keynote, I was joined by a large multinational financial services company who is a long-time HashiCorp customer and an excellent example of how, over time, we've become a strategic partner to the Global 2000. This customer shared how they approached their move to the cloud and how they adopted a platform engineering team to scale their consumption of cloud resources using automated provisioning from Terraform Enterprise. As their platform team expanded their use of Terraform, they enabled more than 3,000 developers to consume cloud resources autonomously and powered over 200 internal applications, which ultimately accelerated delivery of new capabilities for their banking customers. This customer use case is a great example of the long-term journey that organizations make with us.

舉個例子，6 月份，我們舉辦了歐洲用戶會議，同時在 3 個售完的地點舉行：巴黎、慕尼黑和倫敦。在主題演講期間，一家大型跨國金融服務公司加入了我的行列，該公司是HashiCorp 的長期客戶，也是我們如何隨著時間的推移成為全球2000 強的戰略合作夥伴的絕佳例子。這位客戶分享了他們的方法他們向雲的遷移以及他們如何採用平台工程團隊使用 Terraform Enterprise 的自動配置來擴展雲資源的消耗。隨著他們的平台團隊擴大 Terraform 的使用，他們使 3,000 多名開發人員能夠自主使用雲資源，並為 200 多個內部應用程序提供支持，最終加速了為其銀行客戶提供新功能。這個客戶用例是組織與我們長期合作的一個很好的例子。

At HashiDays, we also made several product announcements that highlight continued investment in innovation across our portfolio, and I want to briefly share a few of those.

在 HashiDays，我們還發布了幾項產品公告，強調了我們對整個產品組合創新的持續投資，我想簡要分享其中的一些內容。

First, we announced the highly anticipated general availability of HashiCorp Boundary Enterprise. The early response to Boundary Enterprise has been exciting with a healthy initial pipeline and interest growing by the day. As organizations transition to cloud, they are finding they require a modern cloud-friendly privileged access management solution which, until Boundary, was not available in the market. We also announced several product enhancements across our portfolio, including Terraform, Vault and Consul.

首先，我們宣布備受期待的 HashiCorp Boundary Enterprise 全面上市。 Boundary Enterprise 的早期反應令人興奮，初始產品線健康，興趣與日俱增。隨著組織過渡到雲，他們發現他們需要一種現代的雲友好型特權訪問管理解決方案，而在 Boundary 之前，市場上還沒有這種解決方案。我們還宣布了我們產品組合中的多項產品增強功能，包括 Terraform、Vault 和 Consul。

This quarter, as I traveled and met with customers in Europe and other parts of the world, I heard a consistent message from them: the transition to the cloud is still in full swing and requires new approaches to managing infrastructure, which our products provide. And once these new approaches and technologies are adopted, teams are then able to build faster, more efficiently and more securely. Despite macroeconomic conditions, customer planning for cloud hasn't changed.

本季度，當我出差並會見歐洲和世界其他地區的客戶時，我從他們那裡聽到了一致的信息：向雲的過渡仍在全面展開，需要新的方法來管理基礎設施，而我們的產品提供了這些方法。一旦採用這些新方法和技術，團隊就能夠更快、更高效、更安全地構建。儘管宏觀經濟狀況不佳，但客戶對雲的規劃並沒有改變。

Finally, I want to reiterate that we remain focused on achieving our profitability targets while, at the same time, positioning ourselves for a future of continued cloud adoption. I remain very optimistic about our long-term opportunity, and we continue to build HashiCorp to meet it.

最後，我想重申，我們仍然專注於實現盈利目標，同時為持續採用雲的未來做好準備。我對我們的長期機遇仍然非常樂觀，我們將繼續建設 HashiCorp 來迎接它。

Thank you. I look forward to seeing you at our investor event during HashiConf in San Francisco in October.

謝謝。我期待在 10 月份舊金山 HashiConf 期間的投資者活動中見到您。

Now I'd like to turn it over to Navam, and I look forward to answering any questions.

現在我想把它交給 Navm，我期待回答任何問題。

Thank you, Dave, and thanks again to everyone for joining us today.

謝謝戴夫，再次感謝大家今天加入我們。

As Dave mentioned, we are pleased with our team's performance for the second quarter and delivered solid top line results. Compared to our seasonally low first quarter, we saw better contract activity both in total and also within the Global Enterprise segment during the second quarter. Similar to last quarter, sales cycles remain elongated, and procurement scrutiny was ongoing. We expect this cautious spending environment to persist through the rest of 2024. However, we also expect the bigger trend of enterprise cloud transformation efforts to continue despite the current economic uncertainty.

正如戴夫提到的，我們對團隊第二季度的表現感到滿意，並取得了堅實的營收成果。與第一季度的季節性低迷相比，第二季度的合同活動總體上以及全球企業部門內的合同活動都有所改善。與上季度類似，銷售週期仍然延長，採購審查仍在進行中。我們預計這種謹慎的支出環境將持續到 2024 年剩餘時間。然而，儘管當前經濟存在不確定性，我們也預計企業雲轉型努力的更大趨勢將持續下去。

On the expense side, we continue to operate the business with a heavy focus on ROI, resulting in better-than-forecasted non-GAAP EPS for the quarter. As a reminder, the second quarter for HashiCorp is a seasonally low free cash flow and cash flow from operations quarter, mainly due to the seasonal first quarter contract volume where collections occur in the second quarter. Free cash flow reverts back to normal trends in Q3 and Q4, and we always view free cash flow and cash flow from operations on a trailing 4-quarter basis.

在費用方面，我們繼續重點關注投資回報率來運營業務，從而導致本季度的非公認會計準則每股收益好於預期。提醒一下，HashiCorp 第二季度的自由現金流和運營季度現金流都處於季節性較低水平，這主要是由於第一季度的季節性合同量在第二季度發生了收款。自由現金流在第三季度和第四季度恢復到正常趨勢，我們始終以過去四個季度的基礎來看待自由現金流和運營現金流。

Our full guidance numbers can be found in our earnings presentation available on our ir.hashicorp.com website under Financials, Quarterly Results. I encourage you to read through the doc for full metric disclosures, share count disclosures and GAAP to non-GAAP reconciliations.

我們的完整指導數字可以在 ir.hashicorp.com 網站的“財務、季度業績”下的收益演示中找到。我鼓勵您通讀該文檔，了解完整的指標披露、股份數量披露以及 GAAP 與非 GAAP 的對賬。

To summarize our guidance, for the third quarter of fiscal '24, we expect total revenue in the range of $142 million to $144 million and a non-GAAP operating loss in the range of $26 million to $23 million. For the full fiscal year '24, we expect total revenue in the range of $571 million and $575 million and expect FY '24 non-GAAP operating loss in the range of $108 million and $105 million.

總結我們的指導意見，對於 24 財年第三季度，我們預計總收入在 1.42 億美元至 1.44 億美元之間，非 GAAP 運營虧損在 2600 萬美元至 2300 萬美元之間。對於 24 年整個財年，我們預計總收入在 5.71 億美元至 5.75 億美元之間，預計 24 財年非 GAAP 運營虧損在 1.08 億美元至 1.05 億美元之間。

A couple of final notes before Q&A. First, the severance costs from the reduction in force from last quarter was included in our non-GAAP expenses. These costs amounted to $7 million or an additional $0.04 in non-GAAP EPS. And second, as a reminder, our third quarter has typical seasonality due to the summer months, and we have factored the seasonality into our guidance.

問答前的一些最後說明。首先，上季度裁員導致的遣散費包含在我們的非公認會計準則費用中。這些成本總計 700 萬美元，或額外 0.04 美元的非 GAAP 每股收益。其次，提醒一下，由於夏季，我們的第三季度具有典型的季節性，我們已將季節性因素納入我們的指導中。

In closing, we are excited to see many of you at our investor event on October 11 that will also be live streamed on our IR site. Thanks for your attention. Dave, Armon and I are available to take any of your questions. Alex?

最後，我們很高興在 10 月 11 日的投資者活動中見到你們，該活動也將在我們的 IR 網站上進行直播。感謝您的關注。戴夫、阿蒙和我可以回答您的任何問題。亞歷克斯？

Thank you. Operator, can we go to our first question?

謝謝。接線員，我們可以回答第一個問題嗎？

(Operator Instructions) Our first question comes from the line of Ittai Kidron from Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的 Ittai Kidron 系。

Short and to the point, I like it. Maybe you can talk about productivity in this quarter on the sales force side. How do you feel about progression there? And maybe -- I know it's early, but anything you can share about Susan's first days in the field, any noticeable thoughts perhaps on how she's doing and what she's planning.

簡短而切中要點，我喜歡。也許您可以談談本季度銷售人員的生產力。您對那裡的進展感覺如何？也許——我知道現在還為時過早，但是你可以分享關於蘇珊第一天進入該領域的任何事情，任何值得注意的想法，也許是關於她正在做什麼以及她正在計劃什麼。

Ittai, thanks for the question. It's Dave. To the Susan question, just to remind folks that Susan understands the company well through her time on the Board and is certainly already adding value. She's been spending her time with the field teams, understanding the lay of the land, and I would say that there's a lot of excitement for her leadership. It's still super, super early for her involvement with us.

伊泰，謝謝你的提問。是戴夫。對於蘇珊的問題，只是想提醒大家，蘇珊在董事會任職期間對公司非常了解，並且肯定已經在增加價值。她一直與現場團隊一起度過，了解當地情況，我想說她的領導能力令人興奮。她加入我們還太早了。

The question around sort of progression and productivity, I think perhaps it's more of a broader question around sort of the demand environment and how we're seeing it. And I would say that I did like 20 meetings this week with companies who were in town for the Google Next event. And I'm reminded of the critical role that we play in the infrastructure life cycle, it's pretty profound for the largest companies in the world. That being said, we're in the midst of an optimization cycle, I think, in the software market in general, and there's a lot of conservatism on spend, and we certainly have reflected that in our approach. But that being said, we don't see any material change to people's cloud plans or the competitive dynamics of the market, and we're just focused on winning the trust of the largest organizations in the world.

關於進步和生產力的問題，我認為這可能是一個更廣泛的問題，涉及需求環境以及我們如何看待它。我想說的是，我確實喜歡本週與來鎮上參加 Google Next 活動的公司舉行 20 次會議。我想起了我們在基礎設施生命週期中發揮的關鍵作用，這對於世界上最大的公司來說意義重大。話雖這麼說，我認為，在整個軟件市場中，我們正處於優化週期之中，並且在支出方面存在很多保守主義，我們當然已經在我們的方法中反映了這一點。但話雖這麼說，我們沒有看到人們的雲計劃或市場競爭動態發生任何重大變化，我們只是專注於贏得世界上最大的組織的信任。

And I show our next question comes from the line of Alex Zukin from Wolfe Research.

我將展示我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just first one for you, Dave. Like, you mentioned the environment is kind of unchanged. I guess, did it change between kind of the beginning and the end of the quarter? And here, into the following quarter, has it gotten any better or worse? And then bigger picture, do you see changing spend priorities, meaning generative coming in and almost crowding out some other projects, pushing out some other initiatives on a longer time scale?

我想這可能只是你的第一個，戴夫。就像你提到的環境沒有改變。我想，季度初和季度末之間有變化嗎？到了下個季度，情況變得更好還是更糟了？然後從更大的角度來看，您是否看到支出優先級發生變化，這意味著生成性的進來並幾乎擠出了一些其他項目，在更長的時間範圍內推出了一些其他計劃？

And then just one for Navam, the recent BSL change, how should we be thinking about any numerical or model impacts from that over the course of the next few quarters?

接下來是 Navm，最近 BSL 的變化，我們應該如何考慮在接下來的幾個季度中由此產生的任何數字或模型影響？

I'll try to tackle those in order, and maybe Armon, to answer a couple of them. On the question on the demand environment, no, in the last couple of months, honestly, it feels pretty consistent. We've always been clear to communicate our products are deeply considered because they're very, very seriously parts of the infrastructure stack. And so the front-end demand signals remain super consistent, how that flows through procurement, as we find out later. So I would say net, not a huge change.

我會嘗試按順序解決這些問題，也許阿蒙會回答其中的幾個問題。關於需求環境的問題，不，老實說，在過去的幾個月裡，感覺非常一致。我們一直明確表示我們的產品經過深思熟慮，因為它們是基礎設施堆棧中非常非常重要的一部分。因此，前端需求信號保持超級一致，它如何通過採購流動，正如我們稍後發現的那樣。所以我想說淨，不是一個巨大的變化。

On the spend priorities, I would actually just point back to -- people need to keep in mind that this AI push implies cloud. New applications that are AI in their orientation are built on cloud infrastructure. And inasmuch as that is the truth, our products play a role. So I would say, actually, our products underpin much of what's happening under the covers in the cloud estates. And so we are part of that strategic initiative, generally speaking, so that's probably the best way to describe it. Any other comment you'd make, Armon, about it?

關於支出優先事項，我實際上只想指出——人們需要記住，這種人工智能的推動意味著雲。以人工智能為導向的新應用程序是建立在雲基礎設施之上的。事實上，我們的產品發揮了作用。所以我想說，實際上，我們的產品支撐著雲資產中發生的大部分事情。一般來說，我們是該戰略計劃的一部分，這可能是描述它的最佳方式。阿蒙，你對此還有什麼其他評論嗎？

Yes, sure. I think I'd add two things, which is one is I think, to Dave's point, it implies cloud. But I think more than that, it actually implies multi-cloud. Because what we've seen from a lot of enterprise customers that maybe are predominantly on 1 CSP or had a hybrid strategy, now people are looking at how do they leverage best-of-breed technology across a multi-cloud estate, and I think that raises the salience of our portfolio in terms of enabling multi-cloud access control with things like Vault, enabling user access across these different services with Boundary and, obviously, provisioning across it with Terraform. So I do think that priority shift has been interesting and helpful for us.

是的，當然。我想我要添加兩件事，其中一件事是我認為，就戴夫的觀點而言，它意味著雲。但我認為不僅如此，它實際上還意味著多雲。因為我們從許多可能主要採用 1 CSP 或採用混合策略的企業客戶中看到，現在人們正在研究如何在多雲資產中利用最佳技術，我認為這提高了我們產品組合的重要性，即通過Vault 等實現多雲訪問控制，通過Boundary 實現用戶跨這些不同服務的訪問，顯然還可以通過Terraform 進行跨服務配置。所以我確實認為優先級的轉變對我們來說很有趣並且很有幫助。

And then to the folks that are heavily invested in private data center, we're also seeing interest there in tools like Nomad. And I think that was a major customer that we discussed this quarter, that there was an on-premise expansion around Nomad to drive GPU workloads. So we are continuing to see sort of AI driving a bunch of interesting workload shifts, both in cloud and on-premise for us.

對於那些在私人數據中心投入巨資的人們來說，我們也看到了對 Nomad 等工具的興趣。我認為這是我們本季度討論的一個主要客戶，圍繞 Nomad 進行了本地擴展以驅動 GPU 工作負載。因此，我們繼續看到人工智能推動了一系列有趣的工作負載轉變，無論是在雲端還是在本地。

I think to your last question, which was on the BSL change and should we expect any impact from that, no, I think the key motivation for us is really understanding how do we get to the right long-term model that allows us to continue and invest in open innovation in the product. And that's really what it's about, and that's what the license change enables us to do. And so no expectation in terms of revenue.

我認為對於你的最後一個問題，即關於BSL 變更的問題，我們是否應該期待由此帶來的任何影響，不，我認為我們的關鍵動機是真正了解我們如何建立正確的長期模型，使我們能夠繼續下去並投資於產品的開放式創新。這就是它的真正意義，這就是許可證變更使我們能夠做的事情。因此對收入沒有預期。

And I show our next question comes from the line of Nick Altmann from Scotiabank.

我表明我們的下一個問題來自豐業銀行的尼克·阿爾特曼（Nick Altmann）。

Awesome. I just had a quick question on the acquisition of BluBracket. I guess maybe a two-part question here. The first one just being, is there any revenue contribution that we should be aware of on a go-forward basis from BluBracket?

驚人的。我剛剛有一個關於收購 BluBracket 的快速問題。我想這裡可能有一個由兩部分組成的問題。第一個是，我們應該注意 BluBracket 未來的收入貢獻嗎？

And then secondly, can you guys just maybe unpack your strategy around M&A and whether or not we should expect more of these types of acquisitions? Or is there any appetite to maybe do larger acquisitions?

其次，你們能否圍繞併購展開你們的戰略，以及我們是否應該期待更多此類收購？或者是否有興趣進行更大規模的收購？

Sure. Yes, let me take the first one, and we can talk about kind of the philosophy of how we're thinking about M&A. So on BluBracket, the company came with a small amount of incremental revenue. We're in the process of integrating the teams, integrating the products, and that's going well, and is sort of ahead of where we thought, schedule-wise, from both team integration and product integration. So our hope is to have that on market in relatively short order. So small impact to revenue today, and we expect more of a contribution next year as it's fully integrated.

當然。是的，讓我談談第一個，我們可以談談我們如何思考併購的哲學。因此，在 BluBracket 上，該公司獲得了少量的增量收入。我們正在整合團隊、整合產品，進展順利，從團隊整合和產品整合的進度來看，都超出了我們的預期。因此，我們希望能夠在相對較短的時間內將其推向市場。目前對收入的影響很小，我們預計隨著它的完全集成，明年會有更多的貢獻。

As we think about kind of the philosophy of M&A, for us, we're very much focused on where there are products that are adjacent to our core offerings, where there's sort of a natural synergy. So with BluBracket, I think the obvious synergy for us was, for customers that are starting with Vault, they're first and obvious question is how do I help onboard secrets that I have in my estate into Vault, and BluBracket helps solve that gap. So it's an obvious adjacency, has clear synergy to same buyer and really helps accelerate Vault adoption. I think that's really where our interest lies. As we look across core products, where are there opportunities to accelerate our road map and, obviously, we look for alignment to our core products and core buyers.

當我們思考併購的理念時，對我們來說，我們非常關注與我們的核心產品相鄰的產品，以及存在某種自然協同效應的產品。因此，對於BluBracket，我認為對我們來說明顯的協同作用是，對於開始使用Vault 的客戶來說，他們首先要解決的明顯問題是我如何幫助將我的財產中的秘密存儲到Vault 中，而BluBracket 可以幫助解決這一差距。因此，這是一個明顯的相鄰關係，對同一買家具有明顯的協同作用，並且確實有助於加速 Vault 的採用。我認為這確實是我們的興趣所在。當我們審視核心產品時，哪裡有機會加速我們的路線圖，顯然，我們尋求與我們的核心產品和核心買家保持一致。

Our next question comes from the line of Gray Powell from BTIG.

我們的下一個問題來自 BTIG 的 Gray Powell。

Great. And congratulations on a good set of numbers here. So I just wondered if you could drill into current RPO and just how we should translate that to the guidance. If I look at Q2, current RPO had a good sequential improvement just on an absolute dollar basis versus Q1. And then the year-over-year growth actually ticked slightly higher in the quarter. So I'm just curious, is there anything, just other than conservatism, that would explain why revenue was roughly flat in Q3 from Q2, just any moving parts there to think about?

偉大的。祝賀您取得了一系列良好的數據。所以我只是想知道您是否可以深入了解當前的 RPO 以及我們應該如何將其轉化為指南。如果我看一下第二季度，與第一季度相比，當前的 RPO 僅在絕對美元基礎上就有了良好的連續改善。該季度的同比增長實際上略有上升。所以我很好奇，除了保守主義之外，還有什麼可以解釋為什麼第三季度的收入與第二季度大致持平，只是有任何需要考慮的變化部分？

Gray, it's Navam here. Thanks for the question. So yes, we're very happy with the solid cRPO and RPO bookings performance this quarter. So that was a solid quarter of performance. The thing you've got to remember is, as an enterprise software company, you have seasonality in the back half compared to the first half, right? So you have a seasonally larger second quarter, which has a different compare to last year's second half. And what we're factoring into Q3 and Q4 is basically the demand environment that Dave talked about, which is a challenging purchasing environment but, at the same time, digital transformation and cloud efforts continuing. So that's factored into our Q3 and Q4 forecast guidance. So that's the impact you're seeing on revenue versus the cRPO growth line. So overall, I think we're very pleased with the cRPO results forward.

格雷，我是納瓦姆。謝謝你的提問。所以，是的，我們對本季度穩定的 cRPO 和 RPO 預訂表現感到非常滿意。所以這是一個穩健的季度業績。你必須記住的是，作為一家企業軟件公司，與上半年相比，你的下半年有季節性，對吧？因此，第二季度的季節性較大，與去年下半年相比有所不同。我們在第三季度和第四季度考慮的因素基本上是戴夫談到的需求環境，這是一個充滿挑戰的採購環境，但與此同時，數字化轉型和雲工作仍在繼續。因此，這已納入我們第三季度和第四季度的預測指導中。這就是您看到的收入與 cRPO 增長線的影響。總的來說，我認為我們對 cRPO 的進展結果非常滿意。

Our next question comes from the line of Mark Murphy from JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

Navam, similar question to Gray's. I noticed that nice sequential growth in the cRPO, that's great to see. That occurred with a low volume of customer adds. And so I'm wondering if you could just explain the mechanics. For instance, did you have a few pretty chunky deals in the mix, anything different in terms of composition?

Navm，與格雷的問題類似。我注意到 cRPO 連續增長，這真是太好了。這種情況發生在客戶添加量較少的情況下。所以我想知道你是否可以解釋一下其中的機制。例如，您是否有一些相當大的交易，在構成方面有什麼不同嗎？

And then for Armon, I wanted to ask you, we noticed at Google Next that your announcement that the Google provider for Terraform had been downloaded 350 million times. And I just looked, and it's climbed to 370 million. So it looks like it's kind of shockingly active. And I'm wondering, should we look at that as confirming what you're mentioning there just in terms of multi-cloud movement? Is that somehow moving faster amidst this kind of slowdown where more companies are optimizing? Do you actually see them kind of spreading their footprints over into Azure and Google a little more actively?

然後對於 Armon，我想問你，我們在 Google Next 注意到你宣布 Google 提供的 Terraform 已被下載 3.5 億次。我剛剛看了一下，已經攀升至3.7億。所以看起來它的活躍程度令人震驚。我想知道，我們是否應該將其視為確認您在多雲移動方面提到的內容？在這種放緩中，更多公司正在優化，這種速度是否會以某種方式加快？您是否真的看到他們更加積極地將足跡擴展到 Azure 和 Google？

Sure. Thanks, Mark. Let me take the second question, and then I can hand it back over to Navam. Certainly, I think we continue to be impressed as those download counts cross new thresholds. To your point, I think Google had an impressive milestone. I think AWS recently crossed the 2 billion download mark as well. So we're continuing to see a lot of download activity.

當然。謝謝，馬克。讓我回答第二個問題，然後我可以把它交還給納瓦姆。當然，我認為隨著這些下載量跨越新的閾值，我們將繼續留下深刻的印象。就你的觀點而言，我認為谷歌取得了令人印象深刻的里程碑。我認為 AWS 最近的下載量也突破了 20 億次大關。因此，我們繼續看到大量的下載活動。

Going back to my comment earlier, I do think we're seeing the investments in generative AI driving more multi-cloud interest. And I think certainly, customers that were maybe focused on one primary CSP are now looking at, hey, how do I access some of these best-of-breed capabilities that Google is announcing, Azure announcing, AWS certainly has quite a bit of offering. So I think all the clouds are investing in focused offerings, and I think that is driving sort of a look at how do you get access to best of breed. So I think that's certainly fair.

回到我之前的評論，我確實認為我們看到對生成式人工智能的投資推動了更多的多雲興趣。我認為，當然，那些可能專注於一個主要 CSP 的客戶現在正在考慮，嘿，我如何訪問 Google 宣布、Azure 宣布、AWS 肯定提供的一些最佳功能。因此，我認為所有云計算都在投資於重點產品，並且我認為這正在推動人們思考如何獲得最佳品種。所以我認為這當然是公平的。

Yes, Mark, hey, it's Navam. On the customer mix question, just a note on the customers, there are a wide range of customers in our total customer group, right? There's the G2K on the high end, and then there's the smaller self-serve customers on the low end, and these are customers generally spending somewhere around $2,500 a year. So what you're seeing on sort of the total customer count perspective is the movement of that self-serve small customer count we saw some impact this quarter. But in terms of revenue impact, there's almost an immaterial impact of that customer group since they're so small. So in terms of sort of the gross customer additions from our sales team and the 100,000 customer additions, they're remaining consistent. We're still taking ground there, and there wasn't any outsized impact on any single deal that we saw in the second quarter for our revenue.

是的，馬克，嘿，我是納瓦姆。關於客戶組合問題，請注意客戶，我們總客戶群中有各種各樣的客戶，對吧？有高端的 G2K，還有低端的小型自助客戶，這些客戶通常每年的消費約為 2,500 美元。因此，從總客戶數量的角度來看，您看到的是自助服務小客戶數量的變化，我們在本季度看到了一些影響。但就收入影響而言，該客戶群的影響幾乎是無關緊要的，因為他們太小了。因此，就我們銷售團隊新增客戶總數和新增 100,000 名客戶而言，它們保持一致。我們仍在這方面取得進展，第二季度的任何一筆交易都沒有對我們的收入產生任何過大的影響。

Our next question comes from the line of Brad Sills from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Brad Sils。

I wanted to ask if you could provide some more color, please, on the updates you mentioned to the cloud offering. What are those? And might that be a catalyst for that business? And then also any observations on the macro impact on Terraform versus Vault and the core offerings? Is Vault seeing more resilient results here given that it's going after security, perhaps more of an outsized impact that you saw last quarter to Terraform? Just any observation on that interplay.

我想問您是否可以就您提到的雲產品更新提供更多信息。那些是什麼？這可能會成為該業務的催化劑嗎？然後還有對 Terraform 與 Vault 以及核心產品的宏觀影響的觀察嗎？鑑於 Vault 追求的是安全性，它是否會在這裡看到更具彈性的結果，也許更多的是您上個季度看到的對 Terraform 的巨大影響？只是對這種相互作用的任何觀察。

Sure. Yes. Thanks, Brad. Yes, so some of the key cloud updates, and this is from our June HashiDays event in Europe, was really a security focus set of thematics that we shared among a bunch of other updates. So across the board, Dave mentioned the Boundary one. Certainly, it was a big launch for us with the introduction of Boundary Enterprise, which is our self-managed product, as well as a set of advanced privileged access management features like session recording. That's what driving a lot of customer conversation around what does a modern PAM tool and cloud solve for. And now those updates span both our self-managed Boundary Enterprise as well as our cloud-delivered HCP Boundary.

當然。是的。謝謝，布拉德。是的，一些關鍵的雲更新（來自我們 6 月在歐洲舉行的 HashiDays 活動）實際上是我們在許多其他更新中共享的一組安全焦點主題。因此，戴夫全面提到了邊界問題。當然，隨著我們的自我管理產品 Boundary Enterprise 的推出，以及會話記錄等一系列高級特權訪問管理功能，這對我們來說是一次重大發布。這就是推動大量客戶圍繞現代 PAM 工具和雲解決方案進行討論的原因。現在，這些更新涵蓋了我們自行管理的 Boundary Enterprise 以及我們的雲交付的 HCP Boundary。

With the other security tools, we introduced a net new cloud service around Vault. So this is called Vault Cloud Secret. So we introduced that in a public beta and made that available for the first time, really multi-tenant, much easier to use, quicker to onboard. And I think we've seen great adoption and interest in that, really looking at how do we make it push button, very easy to onboard into Vault and continuing to see strong demand from customers looking for simpler solutions to get started quickly.

與其他安全工具一起，我們圍繞 Vault 引入了全新的雲服務。所以這就是所謂的Vault Cloud Secret。因此，我們在公開測試版中引入了它，並首次提供了它，真正的多租戶，更易於使用，更快上手。我認為我們已經看到了人們對此的廣泛採用和興趣，真正著眼於我們如何使其成為按鈕，非常容易地加入 Vault，並繼續看到尋求更簡單的解決方案以快速入門的客戶的強烈需求。

Around Terraform Cloud, there was a whole bunch of different updates around different capabilities, really focused on different areas around policy, cost management, ease of use and onboarding. So Terraform Import was a key thing to bring unmanaged resources into Terraform, ephemeral workspaces to allow better cost management, so users can basically de-provision dev test environments when they're not using them to reduce their cloud cost.

圍繞 Terraform Cloud，圍繞不同的功能進行了大量不同的更新，真正專注於政策、成本管理、易用性和入門等不同領域。因此，Terraform 導入是將非託管資源引入 Terraform、臨時工作區以實現更好的成本管理的關鍵，因此用戶基本上可以在不使用開發測試環境時取消配置它們以降低云成本。

And then with Consul, we introduced a few different cloud capabilities around observability and workflow management, so really for our at-scale customers looking for how do I do global management of multiple console clusters, how do I do observability to understand, say, these clusters. And so I think what we're seeing is the net new state of capabilities that are coming to cloud are differentiating the cloud offering from the self-managed and continue to drive a healthy rate of adoption and inbound interest to the cloud.

然後，通過Consul，我們圍繞可觀察性和工作流管理引入了一些不同的雲功能，因此，對於那些尋求如何對多個控制台集群進行全局管理的大規模客戶來說，我如何通過可觀察性來理解這些內容集群。因此，我認為我們看到的是雲計算的新功能正在將雲產品與自我管理的產品區分開來，並繼續推動健康的採用率和對雲的興趣。

In terms of how are we seeing the macro impact and is there any sort of delta between the various core products, I think, by and large, we're not really seeing any difference. I think Terraform continuing to benefit as customers want to go multi-cloud; Gen AI, certainly helpful there. I think cyber remains very robust. So lots of interest in our security portfolio and the Zero Trust tools around Boundary, Vault, Consul. So I think we're not seeing a whole lot of differential demand.

就我們如何看待宏觀影響以及各種核心產品之間是否存在任何差異而言，我認為總的來說，我們並沒有真正看到任何差異。我認為，隨著客戶想要採用多雲，Terraform 將繼續受益； Gen AI，當然有幫助。我認為網絡仍然非常強大。人們對我們的安全產品組合以及圍繞邊界、Vault、Consul 的零信任工具非常感興趣。所以我認為我們沒有看到大量的差異化需求。

I guess maybe to add one thing, I understand the essence of your question about cloud. Just I'm going to pull it back and say, historically, the cloud consumption has come from our corporate segment, the SMB segment. I think as we continue to invest, a steady cadence like the ones that Armon announced, we are seeing increasing interest from the enterprise customers. Certainly, lots of green shoots from some of the very, very largest companies that are inclined to consume those as managed services. But as we've always said, infrastructure is a lot more deeply considered than, say, a database. And so it is happening on a measured pace. But we're super optimistic, given the green shoots that we do see and the continued investment we're putting into our cloud offering, that we'll continue to see steady growth there. But for now, it is largely the smaller cohort of customers.

我想也許要補充一件事，我理解你關於雲的問題的本質。只是我要回顧一下，從歷史上看，雲消費來自我們的企業部門，即中小企業部門。我認為，隨著我們繼續以 Armon 宣布的穩定節奏進行投資，我們看到企業客戶的興趣日益濃厚。當然，來自一些非常非常大的公司的大量萌芽傾向於將這些作為託管服務來消費。但正如我們一直所說的那樣，基礎設施比數據庫等要得到更深入的考慮。所以它正在以有節奏的速度發生。但考慮到我們確實看到的萌芽以及我們對雲產品的持續投資，我們非常樂觀，我們將繼續看到那裡的穩定增長。但就目前而言，主要是較小的客戶群。

Our next question comes from the line of Derrick Wood from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Derrick Wood。

It's Andrew on for Derrick. Dave, wanted to ask about Boundary, how traction is so far there. I know it's early with the self-managed version that just went GA, but maybe just talk about what you're seeing in that market. What are your reps saying about it as they go to market with this? And could we start to see that contribute to revenue maybe early next year?

安德魯替補德里克。 Dave，想詢問一下 Boundary 的情況，到目前為止，牽引力如何。我知道剛剛發布的自我管理版本還為時過早，但也許只是談談您在該市場中看到的情況。您的代表在將此產品推向市場時對此有何評論？我們是否可以在明年初開始看到這對收入的貢獻？

Sure. I'll let Armon answer that one.

當然。我會讓阿蒙來回答這個問題。

Sure. Yes. Thanks, Andrew. Yes, in general, I'd say we're very excited about it. I think the general feedback we've gotten from customers is, as they go to cloud, they have a much more dynamic infrastructure, it's much more ephemeral and they're looking to adopt Zero Trust practices. And so I think Boundary fits right in that crosshair. And as a consequence of that, we're seeing a lot of inbound interest from existing customers and, in fact, new prospects as well. So this quarter, we landed a few pretty significant Boundary deals. Some of these were expansion opportunities from existing customers and some were land customers as well. So I think from that perspective, we're excited in terms of the demand signals that we're seeing from customers. And certainly, the field feedback has been very positive, and we're continuing to build momentum with new enterprise capabilities that we announced at our conference.

當然。是的。謝謝，安德魯。是的，總的來說，我想說我們對此感到非常興奮。我認為我們從客戶那裡得到的一般反饋是，當他們轉向雲時，他們擁有更加動態的基礎設施，它更加短暫，並且他們希望採用零信任實踐。所以我認為邊界正好適合這個十字準線。因此，我們看到了現有客戶以及新潛在客戶的大量興趣。因此，本季度，我們達成了幾筆相當重要的邊界交易。其中一些是現有客戶的擴張機會，一些也是土地客戶。因此，我認為從這個角度來看，我們對從客戶那裡看到的需求信號感到興奮。當然，現場反饋非常積極，我們將繼續利用我們在會議上宣布的新企業功能來增強勢頭。

I think what's very clear to me is that the cloud paradigm does introduce a new requirement for this particular market. And I think that was our theory early on and continues to be borne out in the customer demand. I'd say, 9 out of 10 conversations I have with customers today, this is a topic.

我認為我非常清楚的是，雲範例確實為這個特定市場引入了新的要求。我認為這是我們早期的理論，並將繼續在客戶需求中得到證實。我想說，今天我與客戶進行的 10 次對話中有 9 次都是這個話題。

Our next question comes from the line of James Fish from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 James Fish。

This is Quinton on for Jim Fish. In the press release, you guys highlighted a really good win in the APJ government agency. Can you talk about any process or time line you have in place for FedRAMP across actually really Vault, Boundary or Terraform and then how you're thinking about kind of the opportunity and when that opens up in the U.S. federal business for you guys?

這是昆頓為吉姆·菲什配音的節目。在新聞稿中，你們強調了亞太及日本政府機構取得的非常好的勝利。您能否談談您在 Vault、Boundary 或 Terraform 上為 FedRAMP 制定的任何流程或時間表，然後您如何考慮這種機會以及何時在美國聯邦業務中為你們提供機會？

Yes. Thanks, Quinton. In general, as we're thinking about cloud, it's a progression for us in terms of how do we move from today, as Dave mentioned, predominantly tends to be our SMB corporate customers that are consuming cloud. As we're looking at the next set of commercial opportunity, for us, there's a big focus on unlocking the commercial market. So a top priority for us is really PCI as we're going into next year, and we think that's the largest opportunity ahead, is bringing the commercial customers that today are predominantly self-managed within our enterprise segment. Of course, as I think longer term, FedRAMP, I think, is going to play an important role, particularly for SLED and civilian agencies. And so it's certainly on our road map as well.

是的。謝謝，昆頓。總的來說，當我們考慮雲時，這對我們來說是一個進步，我們如何從今天開始，正如戴夫提到的，主要是消費云的中小型企業客戶。當我們尋找下一組商業機會時，對我們來說，重點是解鎖商業市場。因此，我們的首要任務實際上是 PCI，因為我們即將進入明年，我們認為這是未來最大的機會，即將當今主要在我們的企業部門內進行自我管理的商業客戶引入進來。當然，從長遠來看，FedRAMP 將發揮重要作用，特別是對於 SLED 和民間機構而言。所以它肯定也在我們的路線圖上。

I could perhaps just clarify to you because there's confusion around FedRAMP. FedRAMP really just applies to SaaS offerings. To underscore the point, our products in self-managed form are broadly used in that environment already. And we call that Fed-ready, just to delineate.

我也許可以向您澄清一下，因為 FedRAMP 存在混亂。 FedRAMP 實際上只適用於 SaaS 產品。為了強調這一點，我們的自我管理形式的產品已經在該環境中廣泛使用。我們稱之為美聯儲準備就緒，只是為了描述。

The next question comes from the line of Sanjit Singh from Morgan Stanley.

下一個問題來自摩根士丹利的 Sanjit Singh。

Great. This is Theo on for Sanjit. It looks like pretty steady quarter overall. And I wanted to ask one question on kind of the pricing changes that were announced and that are upcoming around like Terraform Cloud. And my question is really, like, how should we think about pricing changes, growth for Terraform Cloud but also maybe for the broader portfolio, kind of on a go-forward basis? Like, what's the ability to make further changes? And then have you gotten any early indications in terms of how customers are receiving that? Any color on that will be super helpful.

偉大的。這是西奧 (Theo) 為桑吉特 (Sanjit) 發言。總體而言，這個季度看起來相當穩定。我想問一個關於已經宣布的以及即將推出的定價變化（例如 Terraform Cloud）的問題。我的問題實際上是，我們應該如何考慮定價變化、Terraform Cloud 的增長以及更廣泛的投資組合，在未來的基礎上？比如，做出進一步改變的能力是什麼？那麼您是否獲得了有關客戶如何接收該信息的任何早期跡象？任何顏色都會非常有幫助。

Yes, Armon is going to answer that.

是的，阿蒙會回答這個問題。

Yes. Thanks, Theo. So yes, I think on the Terraform P&P, our goal is really a few things, right? And so this is particularly the Terraform Cloud pricing and packaging changes. The goal is to simplify effectively before we had a few different tiers. And particularly, there was a free tier that had sort of a very limited subset of capability that was distinct from sort of our standard and more premium tiers. So what we've done was -- and the design goal here was to really bring that into one framework where there's a standard and a premium tier, and the free tier is just a usage capped version of the standard tier. So what the value of that is, as our new customers and users onboard, they get access to the full suite of Terraform Cloud capability. They get a sense for the value it adds. And as they continue to scale up with the product, they cross in from the free tier into our paying tier, but on the same SKU. So it really simplifies, in some sense, that motion of users signing up, organically using the platform and then growing into being a paid customer.

是的。謝謝，西奧。所以，是的，我認為在 Terraform P&P 上，我們的目標確實有幾件事，對嗎？這尤其是 Terraform Cloud 定價和包裝的變化。目標是在我們有幾個不同的層之前有效地簡化。特別是，有一個免費套餐的功能非常有限，與我們的標準套餐和更高級的套餐不同。所以我們所做的是——這裡的設計目標是真正將其納入一個框架中，其中有標準層和高級層，而免費層只是標準層的使用上限版本。那麼它的價值是什麼，隨著我們的新客戶和用戶加入，他們可以訪問全套 Terraform Cloud 功能。他們感受到它所增加的價值。隨著他們繼續擴大產品規模，他們從免費層進入我們的付費層，但使用相同的 SKU。因此，從某種意義上說，它確實簡化了用戶註冊、有機使用該平台，然後成長為付費客戶的動作。

The near-term impact of that P&P shift is you had some customers at the very low end of our paid tier that move into the free tier just given the new structure of it. But the flip side of it, I think what we've been excited to see is that it's driven a substantial uptake in the sign-up rate of Terraform Cloud. So I think that's kind of the near-term impact of it. And I think an expectation, it's going to make it easier for us to onboard users and then graduate them from our free tier into our paid offering as they continue to scale.

P&P 轉變的近期影響是，一些客戶處於我們付費層的極低端，他們在新的結構下進入了免費層。但另一方面，我認為我們很高興看到的是它推動了 Terraform Cloud 註冊率的大幅提升。所以我認為這就是它的近期影響。我認為，這將使我們更容易吸引用戶，然後隨著他們的不斷擴展，將他們從我們的免費套餐升級到我們的付費產品。

In terms of, I think, the broader question, obviously, we're constantly fine-tuning and looking at pricing and packaging across. I think our goal philosophically is we want to enable our customers to sort of land small and align unit of value to ultimately their consumption and their usage so that, as they grow their cloud programs and as they're getting more value out of the tooling, that we grow with them. And so we're always looking at how do we simplify that, but that's sort of the core philosophy.

我認為，就更廣泛的問題而言，顯然我們正在不斷微調並審視定價和包裝。我認為我們的目標是讓我們的客戶能夠以較小的規模進行投資，並將價值單位與最終他們的消費和使用情況相匹配，這樣，隨著他們發展雲程序，並從工具中獲得更多價值，我們與他們一起成長。因此，我們一直在研究如何簡化它，但這就是核心理念。

Our next question comes from the line of Miller Jump from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Miller Jump。

All right. Great. So maybe thinking about the existing customer base, last quarter, you all called out the large customer that kind of rightsized to a smaller contract. I'm curious, did you have any more of this activity with large customers in the quarter? Or is there kind of incremental confidence now that this is more of a one-off? And I guess maybe just an add-on to that about Q3, you're comping against a really strong Q3 from last year. So just curious for any color on the renewal opportunity that you all have there and/or any headwinds to call out on the flip side.

好的。偉大的。因此，也許考慮到現有的客戶群，上個季度，你們都呼籲大客戶調整規模以簽訂較小的合同。我很好奇，本季度你們對大客戶還有更多這樣的活動嗎？或者現在是否有一種增加的信心，認為這更像是一次性的？我想也許只是第三季度的一個補充，你正在與去年非常強勁的第三季度進行比較。因此，我只是想知道你們所擁有的更新機會的任何顏色和/或另一方面需要指出的任何阻力。

Sure. Thanks. Yes. No, I'd just underscore that, that customer that we called out last quarter remains one of our very largest customers. And I think more generally, as I pointed out, I think there's this optimization cycle going on across all the software, and we're doing the same with our vendors. And I think that is likely to continue for some period of time. But what we called out in the last quarter was a very unusual scenario, and I wouldn't expect that to be representative to go forward.

當然。謝謝。是的。不，我只是強調一點，我們上季度提到的客戶仍然是我們最大的客戶之一。我認為更普遍的是，正如我所指出的，我認為所有軟件都在進行這種優化週期，我們正在與我們的供應商做同樣的事情。我認為這種情況可能會持續一段時間。但我們在上個季度提出的情況是一個非常不尋常的情況，我認為這不會代表未來的情況。

Yes. Specifically, the second quarter gross retention was a better quarter than Q1, so we were very pleased with that result.

是的。具體來說，第二季度的毛保留率比第一季度要好，因此我們對此結果非常滿意。

Our next question comes from the line of Michael Turits from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Michael Turits。

This is Billy on for Michael. I think some of us have been keyed in on the opportunities and risks associated with monetizing open source users. Does your switching of the source code license benefit that monetization in some way? Or has this change kind of more geared towards addressing competitive pressures or something else?

這是邁克爾的比利。我認為我們中的一些人已經關注了與開源用戶貨幣化相關的機遇和風險。您切換源代碼許可證是否會以某種方式有利於貨幣化？或者這種變化更適合解決競爭壓力或其他什麼？

Yes. Thanks, Billy. I think right now, there's a whole lot of misinformation in the market associated with our license change to the business source license. In practice, there is really no impact to our customers, our partners and 99-plus percent of the user community around the tools. So what it's really about was really addressing the sense that there's a handful of effectively product clones that are cloning our product, and that's been enabled by our traditional NPL license. And so what this change is about is what's the right long-term model for us to continue to innovate openly within the community. And so that's really what was motivating it.

是的。謝謝，比利。我認為目前市場上存在大量與我們對業務源許可證的許可證變更相關的錯誤信息。實際上，這些工具對我們的客戶、合作夥伴以及 99% 以上的用戶社區確實沒有任何影響。因此，它真正的目的是真正解決這樣的問題：有一些有效的產品克隆正在克隆我們的產品，而這是由我們的傳統 NPL 許可證啟用的。因此，這一變化的意義在於我們繼續在社區內公開創新的正確長期模式是什麼。這就是它的真正動機。

Our next question comes from the line of Patrick Walravens from JMP Securities.

我們的下一個問題來自 JMP 證券的 Patrick Walravens。

Great. Maybe for you, Dave. I mean just, if you look at this business from a high level, in Q3 of last year, you're growing 52% and your guidance for this Q3 is 14%. I just never would have expected such a big slowdown. So maybe rank the factors that have driven that slowdown, and when could it reaccelerate?

偉大的。也許適合你，戴夫。我的意思是，如果你從高水平來看這項業務，去年第三季度，你的增長率為 52%，而你對第三季度的指導是 14%。我只是從未預料到經濟放緩會如此之大。那麼，也許可以對導致經濟放緩的因素進行排名，以及何時會重新加速？

I'm not sure I have a simple answer to the elements. Certainly, I think the optimization cycle for infrastructure is along the same path as everybody else. I think the reality is, if you look at our Global 2000 customer adds and the customer wins that we're at, they're very, very consistent. What we're just seeing is a slightly lower ASP starting price as those companies are applying more caution to the buying cycles. So if I were to point something out, it would really be the starting point for some of these larger customers that are taking the propensity to start smaller rather than what was happening a couple of years ago. That being said, they're not changing their plans. Their cloud plans remain intact, and we're still winning the market. It's just a function of the scale at which people are beginning.

我不確定我對這些要素有一個簡單的答案。當然，我認為基礎設施的優化週期與其他人一樣。我認為現實情況是，如果你看看我們的全球 2000 強客戶添加情況和我們目前的客戶獲勝情況，就會發現它們非常非常一致。我們剛剛看到的是平均售價略低，因為這些公司對購買週期更加謹慎。因此，如果我要指出一些事情，那麼這確實是一些大客戶的起點，他們傾向於從小規模開始，而不是幾年前發生的情況。話雖如此，他們並沒有改變計劃。他們的雲計劃保持不變，我們仍在贏得市場。這只是人們開始的規模的函數。

Point number two, I think we've seen an elongation of sort of the expansion and extension cycles, not surprisingly, as a lot more scrutiny has been applied to the budgets that are out there. And I've always been of the view these sort of cyclical changes impact different companies who are at different stages of their overall life cycle. We are sort of in early stages of our growth arc. And so we have 4,000 customers, not 40,000 customers to work with. And I think that's indicative of what you're seeing in the impact of that on us. That being said, like I said, these trends are next moving forward, as we get to this digestion cycle that is in every Global 2000 account for every software vendor. We're super optimistic that we can get the growth rates to continue to be super aggressive, and we'll keep executing towards that vision.

第二點，我認為我們已經看到擴張和延長周期的延長，這並不奇怪，因為對現有預算進行了更多的審查。我一直認為，這些週期性變化會影響處於整個生命週期不同階段的不同公司。我們正處於成長的早期階段。因此，我們有 4,000 個客戶，而不是 40,000 個客戶可以合作。我認為這表明了您所看到的這對我們的影響。話雖這麼說，就像我說的那樣，隨著我們進入每個軟件供應商的每個全球 2000 強帳戶中的消化週期，這些趨勢將繼續向前發展。我們非常樂觀地認為，我們可以讓增長率繼續保持超強的勢頭，我們將繼續朝著這一願景執行。

Okay. Well, that's it. I just want to take a shot at when we might see it.

好的。嗯，就是這樣。我只是想在我們可能看到它的時候嘗試一下。

I would refer to the guidance that you'll see from us at the end of this year, which reflects our best view of how that continues to progress. I think anything else will be speculation.

我想參考您將在今年年底從我們這裡看到的指導，它反映了我們對如何繼續取得進展的最佳看法。我認為其他任何事情都將是猜測。

I'm showing no further questions in the queue. That concludes our Q&A session. At this time, I would like to turn the call back to Mr. Dave McJannet for closing remarks.

我在隊列中沒有顯示任何其他問題。我們的問答環節到此結束。此時，我想將電話轉回給 Dave McJannet 先生，讓其致閉幕詞。

Just like to express my thanks for the participation from everyone here, and we certainly appreciate you dialing in and for all the questions. So we look forward to speaking with many of you at our event in October. Thank you.

我謹對大家的參與表示感謝，我們當然感謝您撥通電話並提出所有問題。因此，我們期待在 10 月份的活動中與你們中的許多人交談。謝謝。

Thank you. This concludes today's conference call. Thank you for attending. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的出席。你們都可以斷開連接。