HashiCorp Inc (HCP) 2024 Q4 法說會逐字稿

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

女士們，先生們，感謝各位的支持，歡迎參加HashiCorp 2024財年第四季及全年業績電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to turn the conference over to your first speaker today, Alex Kurtz, Vice President 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演講嘉賓，投資者關係和企業發展副總裁 Alex Kurtz。謝謝。請繼續。

Good afternoon, and welcome to HashiCorp's Fiscal 2024 Fourth Quarter Earnings Call. This afternoon, we will be discussing our fourth quarter financial results announced in our press release issued after the market closed today. With me are HashiCorp's CEO, Dave McJannet; CFO, Navam Welihinda; and CTO and Co-Founder, Armon Dadgar.

下午好，歡迎參加 HashiCorp 2024 財年第四季財報電話會議。今天下午，我們將討論我們在今日收盤後發布的新聞稿中公佈的第四季度財務業績。與我一起出席的嘉賓包括 HashiCorp 執行長 Dave McJannet、財務長 Navam Welihinda 以及技術長兼聯合創辦人 Armon Dadgar。

In conjunction with our earnings press release, we have published an earnings presentation that provides additional financial 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.

結合我們的獲利新聞稿，我們發布了一份獲利報告，其中包含本季的更多財務資訊。建議您在電話會議召開前閱讀報告。您可以在我們的投資者網站 ir.hashicorp.com 上造訪。

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 first quarter and the full 2025 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》的安全港條款作出的。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表現和財務狀況以及我們對第一季度和全年 2025 財年的指導的陳述。這些陳述可以透過諸如期望、預期、打算、計劃、相信、尋求或將要或類似的詞語來識別。這些陳述僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，我們也不承擔更新這些陳述的任何義務。前瞻性陳述本質上涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果與預期有重大差異。

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.

在電話會議中，我們還將討論某些非公認會計準則 (non-GAAP) 財務指標，這些指標並非依照公認會計準則 (GAAP) 編製。除非另有說明，本次電話會議中提供的財務指標均依照 GAAP 編製。這些非 GAAP 財務指標與最直接可比較的 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，已包含在我們已提交給美國證券交易委員會 (SEC) 的收益新聞稿中，您也可以在我們的網站 ir.hashicorp.com 上查閱。

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

說完這些，讓我把電話轉給戴夫。戴夫？

Thank you, Alex, and welcome, everyone, to our fourth quarter earnings call for fiscal 2024. We reported solid fourth quarter results that exceeded our top and bottom line guidance, with revenues of $156 million, representing year-over-year growth of 15%, and are pleased with our current non-GAAP remaining performance obligations performance, which reached $483 million, representing 21% year-over-year growth.

謝謝亞歷克斯，歡迎大家參加我們 2024 財年第四季財報電話會議。我們報告了穩健的第四季度業績，超出了我們的頂線和底線預期，營收為 1.56 億美元，同比增長 15%，並且對我們目前的非 GAAP 剩餘履約義務表現感到滿意，達到 4.83 億美元，同比增長 21%。

I want to start today's call by thanking everyone on the HashiCorp team for the solid fourth quarter close to our fiscal year. For their hard work, we exceeded expectations in the quarter, with important new enterprise logo wins and cRPO growth that demonstrated continued demand for our products as customers trust us with their most important cloud projects.

在今天的電話會議開始之前，我想感謝 HashiCorp 團隊的每一位成員，感謝他們在我們財年即將結束之際，在第四季度取得了驕人的成績。在他們的辛勤工作下，我們本季度的表現超出了預期，贏得了重要的新企業標識，並且 cRPO 業務也實現了增長，這證明了我們產品的需求持續增長，因為客戶將他們最重要的雲端專案託付給了我們。

More broadly, based on conversations we had last quarter, we believe that the optimizations that enterprises undertook over the past 18 months are showing signs of abating, and we are seeing early signs of reengagement on new cloud initiatives. Our confidence here comes from tangible proof points during the quarter, specifically improving renewal rates and overall better pipeline conversion.

更廣泛地說，根據我們上季度的溝通，我們認為企業在過去18個月中進行的優化正在出現減弱的跡象，並且我們看到了企業重新參與新雲端計畫的早期跡象。我們對此信心的體現來自於本季所取得的實際證據，特別是續訂率的提升和整體通路轉換率的提升。

This is in line with what we've expected since the start of the cycle. And while there is some ongoing consumption of historical, self-managed entitlements among portions of our customer base, the move to cloud is a secular trend with a clear business need and there is still a long runway ahead for the largest global enterprises as they mature their cloud efforts.

這與我們自周期開始以來的預期一致。雖然部分客戶仍在持續使用一些歷史性的自主管理授權，但遷移到雲端是一個長期趨勢，有著明確的業務需求，而且隨著大型跨國企業在雲端業務的日趨成熟，未來仍有很長的路要走。

Today, I want to focus on our path to accelerated growth as we enter the new fiscal year. And to be direct, we are behind where we wanted the company to be at this point in our growth cycle, and we have work to do. We are on a path back to 20% quarterly revenue growth during FY 2026, and I want to outline the top 3 initiatives taking place at the company to drive this acceleration. At a very high level, we are moving quickly to improve sales execution, turning the dial even more on commercial differentiation and in Q1, rolling out a plan to reallocate more R&D resources to our cloud products.

今天，我想重點談談我們在進入新財年時加速成長的路徑。坦白說，在成長週期的這個階段，我們落後於公司預期的目標，我們還有很多工作要做。我們正朝著2026財年20%的季度營收成長目標邁進，我想概述一下公司為推動這項成長而採取的三大措施。在高層層面，我們正在迅速改善銷售執行力，進一步注重商業差異化，並在第一季推出一項計劃，將更多研發資源重新分配給我們的雲端產品。

The first initiative is simplifying our go-to-market strategy, which consists of a more prescriptive go-to-market approach and increased process rigor driven by our President, Susan St. Ledger. We began implementing these initiatives back -- in the back half of FY '24 and are completing the rollout with the field teams this week at our sales kickoff. On the first front, we are shifting from best-in-class stand-alone products to infrastructure lifecycle management and security lifecycle management. That messaging is finding early traction with our sales teams and potential customers.

第一項舉措是簡化我們的市場進入策略，其中包括在總裁蘇珊·聖萊傑 (Susan St. Ledger) 的推動下，採用更具規範性的市場進入方法並提高流程的嚴謹性。我們早在 2024 財年下半年就開始實施這些舉措，並將於本週在銷售啟動儀式上與現場團隊一起完成部署。首先，我們正在從一流的獨立產品轉向基礎設施生命週期管理和安全生命週期管理。這一理念正在迅速得到我們銷售團隊和潛在客戶的認可。

On the second front, Susan will continue to drive sales process discipline, emphasizing speed, efficiency and simplification in the field, while also concentrating our sales investments on additional technical field resources. We saw some early evidence of positive results in our fourth quarter with improved field execution and improved renewals. To give you an example of these efforts, I'd like to discuss a customer that extended from a single product to include a second one of our security offerings, Vault, to Boundary in Q4. This software company initially used Vault in conjunction with a homegrown solution to manage and issue onetime credentials for developer access to cloud infrastructure.

在第二方面，Susan將繼續推動銷售流程規範，強調現場的速度、效率和簡化，同時將我們的銷售投資集中在額外的技術領域資源。我們在第四季看到了一些正面成果的早期跡象，現場執行力有所提升，續約率也有所提高。為了舉例說明這些努力，我想討論一位客戶，該客戶在第四季度從單一產品擴展到包含我們的第二款安全產品Vault，即Boundary。這家軟體公司最初將Vault與自主開發的解決方案結合使用，用於管理和頒發一次性憑證，供開發人員存取雲端基礎架構。

After facing challenges enabling their R&D team to access their cloud infrastructure in a self-service manner, this customer quickly realized they needed to replace their homegrown privileged access management solution. Given the customer's existing deployment of Vault, our field teams were able to show that adding boundary would provide comprehensive security lifecycle management reducing time to value. This customer started with just 500 engineers running on Boundary and now expect to grow to over 6,000. We strongly believe the simplified multiproduct messaging will help us win more deals like these in FY '25.

在研發團隊以自助服務方式存取雲端基礎架構方面面臨挑戰後，該客戶很快意識到他們需要更換自主開發的特權存取管理解決方案。鑑於客戶現有的 Vault 部署，我們的現場團隊已證明，添加 Boundary 能夠提供全面的安全生命週期管理，從而縮短價值實現時間。該客戶最初只有 500 名工程師在使用 Boundary，現在預計將成長到 6,000 多名。我們堅信，簡化的多產品訊息傳遞將幫助我們在 2025 財年贏得更多類似的交易。

The second initiative is about commercial differentiation, greater separation between our commercial and free community offerings. While the ecosystem has clearly standardized on our community issue products, we need to drive more value for our commercial customers. Our product development efforts over the past 2 years have increasingly been oriented towards enterprise capabilities in our commercial offerings. We are further turning the dial towards commercial differentiation, which we believe will have a positive impact on win rates and on renewals.

第二項措施是關於商業差異化，即進一步區分我們的商業產品和免費社區產品。雖然生態系統已經明確地將我們的社區問題產品標準化，但我們需要為商業客戶創造更多價值。過去兩年，我們的產品開發工作越來越注重商業產品的企業級功能。我們正在進一步轉向商業差異化，我們相信這將對客戶成功率和續約率產生積極影響。

One major example of commercial differentiation is Terraform stacks. We gave a preview of stacks in HashiCorp last year, which will bring major new functionality to Terraform and the ability to manage infrastructure estates that span multiple environments. This feature is now in private beta with our commercial customers and will be made available through Terraform Cloud exclusively to our commercial customers later this year. This will drive significant differentiation, especially for our large customers with complex estates.

商業差異化的一個主要例子是 Terraform 堆疊。去年，我們在 HashiCorp 中預覽了堆疊，這將為 Terraform 帶來重要的新功能，並使其能夠管理跨多個環境的基礎設施資產。此功能目前正面向我們的商業客戶進行內測，並將於今年稍後透過 Terraform Cloud 獨家提供給我們的商業客戶。這將帶來顯著的差異化，尤其對於我們擁有複雜資產的大型客戶而言。

During the fourth quarter, one of our larger land deals on Terraform Cloud demonstrates the power of our differentiated commercial products for customers. A global pharmaceutical company opted to replace their homegrown infrastructure provisioning process built on our community addition with Terraform Cloud. They became a paying customer for the first time because of Terraform Cloud-specific features, including no code provisioning and the upcoming stacks rollout as well as our run pricing model update in Q2, which aligned pricing more closely with their cloud budgeting process.

第四季度，我們在 Terraform Cloud 上達成的一筆規模較大的土地交易，展現了我們差異化商業產品為客戶提供的強大功能。一家全球製藥公司選擇用 Terraform Cloud 取代其基於我們社群擴展而建構的自有基礎設施配置流程。由於 Terraform Cloud 的專屬功能，包括無需程式碼配置和即將推出的堆疊，以及我們在第二季度更新的運行定價模型，該模型使定價與其雲端預算流程更加一致，因此他們首次成為了付費客戶。

But in addition to focusing on differentiation through new capabilities, we know enterprise customers have elevated expectations for the lifecycle of software that they deploy with a strong preference to minimize production changes. Earlier today, we introduced long-term support, or LTS, releases for our commercial customers. The LTS release has enabled customers to stay on a supported version for up to 2 years at a time with a promise to backport critical fixes, security patches and hardened upgrade paths. Prior to the LTS announcement, customers needed to do regular major version upgrades to remain supported.

除了專注於透過新功能實現差異化之外，我們知道企業客戶對其部署軟體的生命週期有著更高的期望，並且強烈希望最大限度地減少生產環境的變更。今天早些時候，我們為商業客戶推出了長期支援版本 (LTS)。 LTS 版本允許客戶每次使用支援的版本最多兩年，並承諾向後移植關鍵修復、安全修補程式和強化升級路徑。在 LTS 發布之前，客戶需要定期進行主要版本升級才能繼續獲得支援。

This provides significant value for customers who want to manage their risk and operational efficiency, and we believe will be another significant driver to land new opportunities and strengthen renewals. The LTS releases will be available with the upcoming versions of Vault, Consul and Nomad. In contrast, users of the community additions will have access to critical updates in the latest version and will have to perform frequent updates to stay current. While we continue to offer innovative technology to the community, our outside focus is on providing value to paying customers. Our prior approach provided the same lifecycle for commercial and community versions, and we are now driving a clear differentiation.

這為希望管理風險和營運效率的客戶帶來了巨大的價值，我們相信這將成為抓住新機會和加強續約的另一個重要驅動力。 LTS 版本將與即將發布的 Vault、Consul 和 Nomad 版本一起提供。相較之下，社群新增功能的使用者將能夠存取最新版本的關鍵更新，並且需要頻繁更新才能保持最新狀態。在我們繼續為社群提供創新技術的同時，我們的外部重點是為付費客戶提供價值。我們之前的做法是為商業版和社群版提供相同的生命週期，而現在我們正在努力實現明顯的差異化。

On that note, our third major initiative is to deliver the enterprise-ready HashiCorp Cloud platform across infrastructure lifecycle management and security lifecycle management. We are seeing strong customer interest for this and are taking steps to expedite our delivery. Our new Chief Product Officer, Michael Weingartner, is focused on enterprise cloud delivery and is moving quickly to organize our product development teams to drive cloud innovation at a faster pace. We have already reallocated resources to this initiative as it is central to an overall company-wide shift to lead with our cloud offerings.

就此而言，我們的第三項重大舉措是提供企業級 HashiCorp Cloud 平台，涵蓋基礎設施生命週期管理和安全生命週期管理。我們看到客戶對此表現出濃厚的興趣，並正在採取措施加快交付速度。我們新任首席產品長 Michael Weingartner 專注於企業雲端交付，並正在迅速組織我們的產品開發團隊，以更快的速度推動雲端創新。我們已經為該計劃重新分配了資源，因為它是全公司轉向以雲端產品為主導的核心。

As we mentioned last quarter, we are defaulting enterprise land to cloud, beginning with Terraform Cloud in Q1. As part of the shift, incentives for our field teams are weighted towards cloud rather than self-managed software. We will prioritize enterprise land across infrastructure lifecycle and security lifecycle management with HCP. Landing our customers on cloud first with HCP enables them to realize value faster. As we deliver more cross-product experiences, it enhances our ability to drive and extend motion from our core land products as well.

正如我們在上個季度所提到的，我們將預設將企業級業務遷移至雲端，並從第一季的 Terraform Cloud 開始。作為這轉變的一部分，我們第一線團隊的激勵機制將更傾向於雲端，而非自主管理軟體。我們將透過 HCP 優先考慮企業級業務，涵蓋基礎設施生命週期和安全生命週期管理。透過 HCP 幫助客戶優先遷移至雲端，使他們能夠更快地實現價值。隨著我們提供更多跨產品體驗，這也增強了我們驅動和擴展核心業務的能力。

As our R&D teams continue to deliver new product innovations, having customers on the cloud platform enables customers to use those new capabilities immediately in contrast to self-managed software, which requires planned upgrades. Combined, these assets will drive improved net retention rates over the long term.

隨著我們的研發團隊持續推出新產品創新，客戶使用雲端平台後，可以立即使用這些新功能，而自主管理的軟體則需要定期升級。這些優勢將共同推動長期淨留存率的提升。

To show how this works in practice, here's an example of a customer that expanded both Vault and Terraform Cloud in Q4, doubling the size of their initial land deal. This travel agency had experienced significant resource constraints that made it difficult to deploy applications on bare metal as fast as they needed. They were also dealing with subsidiaries operating at different levels of cloud maturity. As a result, this customer realized that only Terraform cloud could keep pace with their infrastructure complexity. They standardize on Terraform Cloud not just for its portability and lower operating costs, but also because Terraform Cloud enables them to deploy new applications much faster, improving their competitive positioning. To summarize, our goals for this year are to simplify our go-to-market, expand the differentiation of our commercial products and shift our business to focus heavily on our HashiCorp managed cloud products.

為了說明其實際運作方式，以下是一個客戶的範例。該客戶在第四季同時擴展了 Vault 和 Terraform Cloud，使其初始土地交易規模翻了一番。這家旅行社曾面臨嚴重的資源限制，難以以所需速度在裸機上部署應用程式。此外，他們也與不同雲端成熟度等級的子公司打交道。因此，該客戶意識到只有 Terraform Cloud 才能跟上其基礎架構的複雜性。他們標準化 Terraform Cloud，不僅因為它的可移植性和更低的營運成本，還因為 Terraform Cloud 使他們能夠更快地部署新應用程序，從而提高競爭地位。總而言之，我們今年的目標是簡化我們的上市流程，擴大我們商業產品的差異化，並將我們的業務重點轉向 HashiCorp 託管雲端產品。

Now I'll turn it over to Navam to walk through the details of our Q4 and full year performance, forward-looking guidance and then we will be happy to take any questions. Navam?

現在我將把時間交給 Navam，讓他詳細介紹我們第四季度和全年的業績以及前瞻性指引，然後我們很樂意回答任何問題。 Navam？

Thank you, Dave, and thanks to everyone for joining us today. Echoing Dave's comments, I also want to thank our team for all the effort and continued focus that they have put in, which helped us close fiscal '24 on a positive note. We grew our fourth quarter revenue by 15% year-over-year, our full year revenue by 23% year-over-year and ended with another free cash flow positive quarter. More importantly, our team put in a lot of work last year to set up HashiCorp with future success and momentum.

謝謝你，戴夫，也謝謝今天與我們共度時光的各位。與戴夫的評論一致，我也想感謝我們團隊付出的所有努力和持續的專注，這幫助我們以積極的姿態結束了2024財年。我們第四季的營收年增了15%，全年營收年增了23%，並再次實現了自由現金流為正的季度。更重要的是，我們的團隊去年付出了大量的努力，為HashiCorp的未來發展和發展奠定了堅實的基礎。

As Dave mentioned in his remarks, there continues to be pockets of optimization among customers. But the environment in Q4 as well as the outlook for fiscal 2025 from a macro perspective, appears to be better than fiscal '24. As Dave also mentioned, while we are not completely out of the woods, on how customers are working through historical entitlements, our renewal rates improved in Q4 compared to Q3 and our pipeline conversion as well as our sales-driven customer activity also improved in Q4 compared to Q3. We believe the combination of abating market headwinds due to consumption optimization as well as the 3 operational initiatives of GTM simplification, increased commercial product differentiation and more enterprise-ready HCP cloud offering puts us in a solid position to achieve improved bookings in fiscal '25.

正如戴夫在演講中提到的，客戶仍在進行一些優化。但從宏觀角度來看，第四季的環境以及2025財年的前景似乎比2024財年好。正如戴夫所提到的，雖然我們尚未完全擺脫困境，但就客戶如何利用歷史權益而言，我們的續訂率在第四季度較第三季度有所提高，我們的渠道轉化率以及我們以銷售為導向的客戶活動在第四季度也較第三季度有所改善。我們相信，由於消費優化以及GTM簡化、商業產品差異化增強和更多企業級HCP雲服務這三項營運舉措的共同作用，市場逆風有所減弱，這將使我們在2025財年實現訂單增長方面處於穩固的地位。

Given our entitlement model and as we have discussed before, there is a lag between bookings momentum and accelerating revenue growth rates. Our expectation is to see a U-shaped recovery in our revenue growth rates this year, with Q2 being the trough in our revenue growth rates, followed by progressively better revenue growth rates in Q3 and Q4 of this year. We expect cRPO growth rates to follow the trough and recovery pattern, with the lowest point of cRPO growth being in Q2, followed by improved cRPO growth rates, ending in approximately 20% cRPO year-over-year growth by the end of fiscal '25. As Dave mentioned, we also expect the momentum in cRPO to put us on a path to reach 20% quarterly revenue growth during fiscal 2026.

鑑於我們的權利模型，正如我們之前討論過的，預訂量成長勢頭與收入成長率的加速之間存在滯後。我們預計今年的營收成長率將呈現U型復甦，第二季是營收成長率的低谷，隨後在今年第三季和第四季營收成長率將逐步回升。我們預計，cRPO成長率將遵循低谷和復甦的模式，cRPO成長的最低點將出現在第二季度，隨後cRPO成長率將有所回升，到2025財年末，cRPO年成長率將達到約20%。正如Dave所提到的，我們也預期cRPO的動能將使我們在2026財年實現20%的季度營收成長。

Let's move on to our fiscal '25 guidance notes. For the first quarter of fiscal '25, we currently expect total revenue in the range of $152 million and $154 million and a non-GAAP operating loss in the range of $19 million to $16 million. As a reminder, our business showed seasonal bookings patterns between Q4 and Q1. Q4 is a strong budget flush quarter where we see the highest number of large multiyear contracts. These multiyear contracts create a larger upfront revenue component in Q4 compared to Q1. Our Q1 guidance take into account this regular seasonality pattern.

讓我們來看看我們2025財年的指引。對於2025財年第一季，我們目前預計總營收將在1.52億美元至1.54億美元之間，非公認會計準則營運虧損將在1,900萬美元至1,600萬美元之間。需要提醒的是，我們的業務在第四季和第一季之間呈現季節性預訂模式。第四季是預算充裕的季度，我們簽訂的大型多年合約數量最多。這些多年合約在第四季度創造了比第一季更大的預付收入。我們對第一季的指引已將這種正常的季節性模式考慮在內。

For the full fiscal year '25, we currently expect total revenue in the range of $643 million and $647 million, and expect fiscal '25 non-GAAP operating loss in the range of $46 million and $43 million. As mentioned in my prior remarks, the quarterly growth rates in the back half of the year are expected to be higher than the full year revenue growth rate. We also currently expect our gross margins to remain strong throughout the year, in the low to mid-80% range. We will continue with the measured investment posture we've demonstrated in fiscal 2024, growing expenses slower than revenue growth. We currently expect to achieve non-GAAP operating income breakeven by Q4 of this year.

對於2025財年全年，我們目前預計總收入將在6.43億美元至6.47億美元之間，非公認會計準則（Non-GAAP）營運虧損預計在4,600萬美元至4,300萬美元之間。正如我之前所述，預計下半年的季度成長率將高於全年收入成長率。我們目前預計全年毛利率將保持強勁，約80%。我們將延續2024財年展現的穩健投資態勢，支出成長速度低於營收成長速度。我們目前預計，非公認會計準則（Non-GAAP）營運利潤將在今年第四季實現收支平衡。

On a final note, as you know, we posted 2 strong cash flow-generating quarters in Q3 and Q4 in fiscal '24. We expect positive free cash flow results during the fiscal year, other than in Q2, which has collection seasonality related to seasonal Q1 bookings. We expect to generate cash in all other quarters.

最後，如您所知，我們在2024財年的第三季和第四季實現了強勁的現金流。我們預計本財年除第二季外（第二季的收款季節性與第一季的季節性訂單相關）的自由現金流量將為正值。我們預計其他所有季度都將產生現金。

Positive free cash flow generation combined with a strong cash balance puts us in a position of having excess cash relative to our operating needs and any potential midterm M&A expected cash needs. We believe HashiCorp has a lot of growth ahead of us and that there is still a lot of runway ahead for the largest global enterprises as they mature their cloud efforts. In addition, we're always responsible in our capital allocation and believe the best use of excess capital is to return it to our shareholders via our share repurchase program.

正向自由現金流加上強勁的現金餘額，使我們擁有充足的現金，足以滿足營運需求以及任何潛在的中期併購預期現金需求。我們相信，HashiCorp 未來將擁有巨大的成長空間，並且隨著大型跨國企業在雲端運算領域的不斷成熟，未來仍有廣闊的發展空間。此外，我們始終以負責任的態度進行資本配置，並認為將過剩資本的最佳用途是透過股票回購計畫將其返還給股東。

So as outlined in our earnings release today, the Board has authorized the $250 million repurchase program to be executed commencing in fiscal 2025. This authorized program is expected to be the first of a continuing program of share repurchases. 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 dot for full metric disclosures, share count disclosures and GAAP to non-GAAP reconciliations.

正如我們今天發布的財報中所述，董事會已授權2.5億美元的回購計劃，該計劃將於2025財年起執行。預計這項授權計畫將成為持續股票回購計畫的開端。完整的業績指引可在ir.hashicorp.com網站「財務」、「季度業績」欄目的收益報告中查閱。建議您仔細閱讀全文，以了解完整的指標揭露、股份數量揭露以及GAAP與非GAAP的對帳情況。

Thanks for your attention. Dave, Armon and I are available to take any of your questions. Alex?

感謝您的關注。戴夫、阿蒙和我隨時可以回答您的任何問題。亞歷克斯？

Thanks, Navam. With that, operator, let's go to our first question.

謝謝，Navam。接線員，我們來開始第一個問題。

(Operator Instructions) Our first question today will be coming from Derrick Wood of TD Cowen.

（操作員指示）我們今天的第一個問題來自 TD Cowen 的 Derrick Wood。

Great. Wanted to just touch on the push to drive enterprises to the cloud. Can you just give us an update as to what the reception has been? Just trying to get a sense whether it's kind of too early to expect a big embracement of cloud at the G2K level, or if you think that could really start to take greater hold and maybe start to drive some higher mix in cloud as we move through the year?

太好了。我想簡單談談推動企業上雲的舉措。您能否介紹一下目前雲端運算的接受度？現在就期待企業級用戶大規模採用雲端運算是否為時過早？或者，您是否認為雲端運算真的會在今年真正開始佔據更大的市場份額，並可能推動雲端運算的更高組合？

Derrick, thanks so much for the question. Yes. So I think historically, I think we've talked about it before on the calls that predominantly, we sold cloud through our corporate segment before, and I think that was driven by both sort of customer appetite as well as platform and product readiness. I think the big shift for us this year, and in fact, sales kick off right now is that we feel like both of those have changed pretty significantly, right? We're seeing large customers want to adopt Terraform Cloud. The platform has matured pretty significantly over the course of last year, just given the investments we've made there. And so we're shifting to a default posture for our enterprise segment that's cloud first for Terraform. And with that, we've actually changed sales compensation to incentivize a cloud land over a self-managed. So yes, we're feeling very good that both of those things are sort of mature, both from a customer willingness as well as the product readiness.

德里克，非常感謝你的提問。是的。我認為從歷史上看，我們之前在電話會議上討論過，我們主要透過企業部門銷售雲端服務，我認為這是由客戶需求以及平台和產品準備情況共同驅動的。我認為我們今年面臨的重大轉變，事實上，現在銷售開始起步，是我們感覺這兩方面都發生了相當大的變化，對吧？我們看到大客戶希望採用 Terraform Cloud。考慮到我們在該平台的投資，該平台在過去一年中已經相當成熟。因此，我們正在將企業部門的預設策略轉變為 Terraform 的雲端優先。同時，我們實際上已經改變了銷售薪酬，以激勵選擇雲端平台的人員，而不是自行管理的人員。所以，是的，我們很高興看到這兩方面都比較成熟，無論是從客戶意願還是產品準備情況來看。

That's great. If I could, Armon, just a follow-up. Just had a question on the competitive landscape on the security side. Definitely, you've got -- between Vault and Boundary, you've got different competitive dynamics and Microsoft has entered the market with Entra. Just curious whether -- how you see Microsoft competitively generally how you guys are feeling about win rates?

太好了。 Armon，如果可以的話，我再問個問題。我有個關於安全領域競爭格局的問題。 Vault 和 Boundary 之間確實存在著不同的競爭態勢，而微軟也推出了 Entra 進入了市場。我很好奇，您如何看待微軟的整體競爭力？你們對勝率有什麼看法？

Yes. I mean what I'd say is we're actually a close partner with Microsoft. We joined the Microsoft Security Alliance as well pretty recently. So we don't see Entra as a competitive offering. We partner with them pretty closely around deep integration between Entra and our products and the HCP platform as well. So certainly much more of a partner play than it is a competitive one. We feel good about our positioning. I think we haven't seen any changes really in the competitive dynamics around those. And in fact, as we're sort of building a more complete offering around Vault with our Radar product through acquisition, as well Boundary, which is an organic build, we feel like we can tell a much more complete story around security lifecycle management.

是的。我的意思是，我們實際上是微軟的密切合作夥伴。我們最近也加入了微軟安全聯盟。所以我們不認為Entra是競爭對手。我們與他們緊密合作，致力於Entra與我們產品以及HCP平台的深度整合。因此，我們當然更多是合作夥伴，而不是競爭對手。我們對自己的定位感到滿意。我認為，我們並沒有看到圍繞這些領域的競爭態勢有任何變化。事實上，我們正​​在透過收購，圍繞Vault和Radar產品建立更完整的產品，以及Boundary（這是一個有機構建的），我們覺得我們可以圍繞安全生命週期管理講述一個更完整的故事。

Our next question will be coming from Sanjit Singh of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sanjit Singh。

Congrats on the accelerated bookings growth in Q4. And to stay on that point on the improved bookings performance. Dave, was that a function of just stronger execution? Or did you see a better kind of spend environment come through Q4 versus what you saw earlier in the year?

恭喜第四季預訂量加速成長。接下來繼續談談預訂量表現的提升。戴夫，這只是執行力增強的結果嗎？還是說，與今年稍早相比，您​​覺得第四季的支出環境有所改善？

Sanjit, thanks. I think it's -- I think some especially tied to the optimization cycle that I think we all been talking about for quite some time. I think we certainly felt better in Q4 than it had previously, and that translated into better pipeline conversion rates. Part of that is also execution on the part of the work that Susan St. Ledger has been doing to drive process relative to what we're doing. So I think it's actually the combination of both of those, to be honest. And I would say we're particularly pleased with the work that Susan has been doing, and I speak for the team say we really enjoyed working with them, and that is certainly helping our go-to-market motion.

Sanjit，謝謝。我認為這尤其與我們討論已久的最佳化週期息息相關。我認為我們在第四季度的業績確實比之前更好，這轉化為更好的銷售管道轉換率。 Susan St. Ledger 的工作執行力也與此相關，她一直在推動我們目前的流程。所以，說實話，我認為這實際上是兩者的結合。我想說，我們對 Susan 的工作特別滿意，我代表團隊說，我們非常享受與他們合作，這無疑有助於我們推動行銷。

Awesome. And you laid out a very specific plan and outline on how to reassert 20% revenue growth in fiscal year '26. On the go-to-market side of the equation, and you guys have been talking about this for a couple of quarters now, can you give us a sense of the magnitude of changes that are being implemented as you go into sort of sales kickoff and sales process this year? And what does that sort of look like?

太棒了。您制定了一個非常具體的計畫和大綱，闡述如何在2026財年再次實現20%的營收成長。關於市場推廣方面，你們已經討論了好幾個季度了，能否介紹一下今年在銷售啟動和銷售流程方面實施的變革幅度？具體是什麼樣的？

Yes. I'll put it in maybe a couple of categories. One is around our coverage approach. And the second one is around our overall prescription of motions. On the first topic, we serve the, call it, the 4,000 largest organizations in the world, and that's who we are prioritized and that's where our focus is. And so we've reallocated our resources more specifically to cover those top 4,000. And I think I would be fair to say they were perhaps more dispersed preciously, and we certainly believe that concentration of investment will improve yield of those teams as to where we expect the revenue to come from.

是的。我大概可以分為幾個類別。一是我們的覆蓋範圍。二是我們對動議的整體處理方式。關於第一個主題，我們服務於全球最大的4000家機構，這些機構是我們的優先服務對象，也是我們的重點。因此，我們重新分配了資源，使其更有針對性地涵蓋這4000家機構。公平地說，他們的資源可能更加分散，我們堅信，集中投資將提高這些團隊的收益，這也是我們預期的收入來源。

Point number two is the simplification of the go-to-market narrative that we tell in a very, very consistent and simple way. We have a large product portfolio. As we've scaled, there's a challenge in enabling and onboarding reps to be able to tell all the aspects of the stories that we service,,- And so you've seen us really anchor on 2 core constructs around the prestructured lifecycle and security lifecycle. And to prosecuting that certainly through our large field organization is really the exercise in phase. So it's really those 2 things. One is coverage in the second one. It's really just the discipline and process. And candidly, that's normal for a company through this stage of the lifecycle.

第二點是簡化市場推廣的敘事，我們用非常一致且簡潔的方式來講述。我們擁有龐大的產品組合。隨著規模的擴大，我們面臨一個挑戰：如何讓銷售代表能夠全面地講述我們服務的故事。所以，您已經看到，我們真正地圍繞著預先建置生命週期和安全生命週期這兩個核心概念進行建構。而透過我們龐大的現場組織來執行這兩個概念，其實是一個分階段的練習。所以，其實就是這兩件事。一是覆蓋範圍，二是紀律和流程。坦白說，對於處於生命週期這個階段的公司來說，這是很正常的。

And the next question will be coming from Nick Altmann of Scotiabank.

下一個問題來自加拿大豐業銀行的 Nick Altmann。

I wanted to circle back on the last question here just around the go-to-market. But can you maybe just talk about when sort of the go-to-market tweaks and overall simplification will be complete? And then just as a follow-up, how meaningful do you think the go-to-market changes will be versus sort of the overall macro or end market improving?

我想回到最後一個關於上市的問題。您能否談談上市調整和整體簡化何時完成？然後，作為後續問題，您認為上市調整相對於整體宏觀經濟或終端市場的改善有多大意義？

Nick, thanks for that. Yes, so as it turns out, where our sales kick off right now, and there's tons of excitement about what we're doing here with the team. Obviously, it's always both of those things. The -- in terms of the completeness of our go-to-market tweaks, I think we're materially through that. I think a lot of that work was done in Q3 and Q4 of last year in terms of setting ourselves up for this. Our sales kickoff is ultimately sort of the final moment and that, obviously, from here, it's about execution, but the groundwork has been set. And then overall, in terms of where the improvement comes from both, obviously. I think we certainly saw signs of optimization abating in the fourth quarter of last year. And while there's still a big OpEx focus from all of the largest customers in the world around their overall software spend, we're optimistic that as the pipeline we're generating now yields into the second half of the year that we'll be in a good position for the second half.

尼克，謝謝你。是的，事實證明，我們的銷售現在正處於起步階段，我們和團隊正在做的事情都令人興奮不已。顯然，這兩件事始終是同時發生的。就我們市場調整的完整性而言，我認為我們已經基本完成了。我認為，去年第三季和第四季已經完成了許多準備工作。我們的銷售啟動最終是最後時刻，顯然，從現在開始，關鍵在於執行，但基礎已經打好了。總的來說，就改進的來源而言，顯然。我認為我們在去年第四季確實看到了優化減弱的跡象。儘管全球所有最大的客戶仍然非常關注其整體軟體支出的營運支出，但我們樂觀地認為，隨著我們現在產生的銷售管道在下半年產生收益，我們將在下半年處於有利地位。

Great. And then Navam, any changes to the guidance philosophy? I know historically speaking, you guys have talked about maybe being a little bit more conservative around large deal activity and maybe excluding those from the guidance. So just any updates to the 2025 guidance philosophy?

太好了。 Navam，請問指導理念有變化嗎？我知道從歷史上看，你們曾討論過對大型交易活動採取更保守的態度，甚至可能將這些交易排除在指導範圍之外。那麼，2025 年的指導理念有什麼更新嗎？

Relatively similar in terms of the guidance philosophy as it relates to our quarter large deal exclusion. That's what we've factored into the Q1 guide. And as Dave mentioned, we've also factored in what we saw in Q4 and from an optimization perspective and the effects of that, that will have on pipeline generation and the sales cycle associated with it, which leads to the second half acceleration, and the shape of the recovery curve that we talked about in prepared remarks, which gets us back to the 20% growth rate, which we're aiming for.

就我們季度大額交易排除而言，指導理念相對相似。這是我們在第一季指南中考慮的因素。正如戴夫所提到的，我們也考慮了第四季度的情況，以及從優化的角度來看，這些因素對通路產生和相關銷售週期的影響，從而帶來下半年的加速成長，以及我們在準備好的發言中提到的復甦曲線的形狀，這將使我們回到20%的成長率，這也是我們的目標。

Our next question will be coming from Ittai Kidron of Oppenheimer.

我們的下一個問題來自奧本海默公司的 Ittai Kidron。

I'm trying to more clearly put the finger on the driver for the next 12 months versus the following year. Navam, when I listened to your commentary around optimization abating and pipeline improving and conversion rates improving, how much of your fiscal '25 guide is really a reflection of a better environment rather than the 3 core pillars of improvement that you're talking about? I'm just wondering if all these changes that you're making to go-to-market and commercial differentiation and cloud, are these really more of a fiscal '26 competitors rather than fiscal '25?

我試著更清楚地指出未來12個月而非下一年的驅動因素。 Navam，當我聽到您關於優化減弱、管道改善和轉換率提高的評論時，您的25財年指南有多少真正反映了更好的環境，而不是您所說的三大核心改進支柱？我只是想知道，您為市場進入、商業差異化和雲端運算所做的所有這些改變，是否真的更像是針對26財年的競爭對手，而不是25財年的競爭對手？

Ittai, this is Armon. Yes, I mean, I think this is a good question. The way I would think about it is the 3 initiatives that we talked about, as Dave was just mentioning, these are, in some sense, things that have been started and in progress for, some of them for quarters, some of them for years, right? So when we think about go-to-market simplification, a lot of that work started upon Susan joining us. And a lot of that foundational work was on Q3, Q4, obviously, rolling out with [SCO] and sort of getting finalized. When we talk about the commercial differentiation, that's a dial as we've talked about that we've been turning for a little while. I think we're continuing to feel the ability to turn that out further with the BSL license changes and other things we put in place late last year. And so we're continuing to sort of shift that dial with net new investments, things like Terraform stacks that Dave mentioned as well, obviously a major new capability. And then with the policy change today around the introduction of LTS and changes to our backdoor policy.

Ittai，我是 Armon。是的，我覺得這個問題問得很好。我的想法是，正如 Dave 剛才提到的，我們討論的三個計劃，從某種意義上來說，都是已經開始並正在進行的事情，有些已經持續了幾個季度，有些甚至已經持續了好幾年，對吧？說到簡化上市流程，很多工作都是在 Susan 加入我們之後開始的。許多基礎工作顯然是在第三季和第四季與 SCO 合作推出並最終確定下來的。說到商業差異化，正如我們之前提到的，這是我們已經關注了一段時間的指標。我認為，隨著 BSL 許可證的變更以及去年年底實施的其他措施，我們將繼續感受到進一步推進這一目標的能力。因此，我們將繼續透過淨新增投資來調整此指標，例如 Dave 提到的 Terraform 堆疊，這顯然是一項重要的新功能。然後，今天圍繞著 LTS 的引入和後門政策的變化而發生了政策變化。

So again, some of these things building momentum on top of changes that were already made. And then with enterprise-ready cloud, again, that was a big focus for us last year. That's why we're feeling good about changing the default motion around Terraform Cloud. And then continuing to invest heavily in enterprise this year. So again, these are not necessarily starting from a cold start on these initiatives. A lot of these, we've been building momentum. We're continuing to put sort of wood behind the arrow. So I think that's clearly a big part of what's going to drive this year and then going into fiscal '26.

所以，這些措施中的一些是在已經做出的改變的基礎上進一步累積動力。企業級雲端也是我們去年關注的重點。這就是為什麼我們對改變Terraform Cloud的預設動向感到滿意。今年我們將繼續大力投資企業級雲端。所以，這些措施並非完全是從零開始。很多舉措，我們一直在累積動力，並持續為此努力。所以我認為這顯然是今年乃至2026財年的重要驅動力。

Okay. And then with regards to your U-shape pattern of recovery through the year. When I look at some of the important KPIs that you provide, net customer additions, $100,000 customer additions, dollar expansion rate and even the HCP revenue growth. All of those have not been impressive in the fourth quarter, continued to show deceleration. Would the U-shape comment also apply to those metrics, meaning should we expect total customer additions to accelerate in the second half, $100,000 additions to accelerate, the dollar expansion to accelerate, cloud HCP revenue to accelerate?

好的。然後關於您全年復甦的U型模式。我查看了您提供的一些重要KPI，例如淨客戶增量、10萬美元客戶增量、美元擴張率，甚至HCP收入成長。所有這些指標在第四季度都表現不佳，並且持續呈現減速趨勢。您之前提到的U型復甦模式是否也適用於這些指標？也就是說，我們是否應該預期下半年總客戶增量、10萬美元客戶增量、美元擴張率和雲端HCP營收都會加速成長？

Yes. Thanks, Ittai. I think we've commented on what the bookings recovery is expected to look like given what we saw in Q4, which was strong performance from a sales perspective in the results that we saw from a bookings and renewals perspective, right? That's what's baked in. And what will follow is obviously a recovery in all the metrics associated with bookings, revenue growth rates and $100,000 customers.

是的，謝謝 Ittai。我想我們已經評論過，鑑於我們第四季度的業績，預訂量預計會如何復甦。從銷售角度來看，第四季的預訂量和續約量都表現強勁，對吧？這是已經確定的。接下來，與預訂量、收入成長率和 10 萬美元客戶相關的所有指標顯然都會復甦。

I want to make a point on the customer -- total customer count. A lot of the total customer count or a fair amount of the total customer count delta that you see Q3 to Q4 are self-managed customers -- or sorry, pay-as-you-go customers, which are very small and don't have a material impact to revenue. So the variations quarter-over-quarter on those customer counts aren't really material to our revenue.

我想就客戶數量——也就是總客戶數量——談一談。第三季度到第四季度，總客戶數量中很大一部分，或者說相當一部分增量，是自主管理客戶，或者說是按量付費的客戶，這些客戶數量非常少，對收入沒有實質影響。因此，這些客戶數量的季度環比變動對我們的收入影響並不大。

The $100,000 customer count, there's variability quarter-over-quarter. But overall, we're at the top end of where we thought we'd be on $100,000 customer count for the year. And again, on the sales-driven customer count, we've -- we ended up pretty strong in Q4. So yes, to your questions on how the shape of the recovery and the path to 20% plays out into the underlying KPIs as well.

10萬美元客戶數量方面，季度間存在差異。但總體而言，我們目前處於預期的年度10萬美元客戶數量的最高水準。同樣，就銷售驅動的客戶數量而言，我們在第四季度表現相當強勁。所以，是的，關於您關於經濟復甦形態和20%成長路徑如何影響基礎KPI的問題，我回答得非常清楚。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

So maybe just the first one for me. If I look kind of on Ittai's question about the $100,000 customer adds in the quarter, it felt like you had accelerating bookings but call it a weaker net new $100,000 customer headquarter adds. So was the outperformance on bookings there driven by some very large deals that -- 7-figure deals or some of the largest deals that you've seen? Or what drove that? And then kind of how to think about that?

所以對我來說，也許只是第一個問題。如果我看一下Ittai關於本季新增10萬美元客戶的問題，感覺你們的預訂量正在加速成長，但總部新增10萬美元客戶的淨額成長卻有所減弱。那麼，預訂量的優異表現是否是由一些非常大的交易——七位數的交易，或者您見過的一些最大的交易——推動的？或者是什麼推動了這一趨勢？然後您如何看待這個問題？

Alex, this is Dave. Sure, I can answer that one. To be clear, on the $100,000 customer adds, I'd reiterate what Navam pointed out is that $100,000 customer amount is going to move around quarter-to-quarter, we actually ended at the very, very high end of our guidance for the year in terms of $100,000 customer adds. Quarter-over-quarter, we actually saw a good number of customers landing slightly smaller than $100,000, but just below the threshold, and we fully expect those to graduate up over the next quarter and year as it progresses. So actually, I think we feel pretty good about the $100,000 customer number.

亞歷克斯，我是戴夫。當然，我可以回答這個問題。需要明確的是，關於10萬美元級客戶新增數量，我想重申納瓦姆指出的，10萬美元級客戶新增數量將逐季變化。實際上，我們今年10萬美元級客戶新增數量已經達到了我們年度預期的最高值。環比來看，我們實際上看到有相當一部分客戶新增數量略低於10萬美元級，但略低於門檻值。我們完全預計，隨著10萬美元級客戶新增數量的成長，這些客戶將在下個季度和明年逐步增加。所以，實際上，我認為我們對10萬美元級客戶新增數量感到相當滿意。

To your question on the large deal contract. No, there was no significant large deals of note that were unusual for the fourth quarter. I think it was more of a general good Q4 as we had anticipated. Also just underscore Navam's comment on the overall customer count to be super, super clear. We made a pricing change in Q2 of last year, which, call it, some of our pay-as-you-go customers. Those customers paying maybe a couple of thousand dollars a year, be able to use our free tier once the end of the year approach. And so the vast, vast majority of that customer count change comes from just the matriculation of those older pay-as-you-go customers, credit card customers into a free version of the product. And we fully expect over time they will graduate back to become paying customers as well. So I don't want to misread the customer count in terms of your overall commentary because we actually feel pretty good about it.

關於您關於大額交易合約的問題。沒有，第四季沒有出現任何重大且不尋常的大額交易。我認為第四季度總體表現良好，正如我們預期的那樣。另外，Navam 關於整體客戶數量的評論非常明確。我們在去年第二季調整了價格，這部分客戶可以說是我們的部分即用即付客戶。這些客戶每年可能支付數千美元，在年底前可以使用我們的免費套餐。因此，客戶數量變化的絕大部分來自於將那些老的即用即付客戶和信用卡客戶納入產品的免費版本中。我們完全相信，隨著時間的推移，他們也會逐漸回歸付費客戶。所以，我不想誤解您的整體評論中關於客戶數量的部分，因為我們對此感覺相當不錯。

Okay. Understood. And maybe just a second question. What level of visibility do you have from kind of the Q4 bookings pipeline because you're guiding to, this U-shape that you're guiding to, you're effectively guiding for growth to double in fiscal '26 based on the trajectory you laid out of reaching 20% by Q2 of fiscal '26. So like is there something that -- like how much of that is you still have to really go get versus leveraging the opportunity that you already have? And what are kind of some of the puts and takes? Is it macro stabilizing, improving because that's quite a revenue growth ramp over the course of the next 2 years.

好的，明白了。也許還有第二個問題。您預測的第四季預訂量呈現U型成長，也就是說，根據您設定的2026財年第二季成長20%的軌跡，您實際上預測2026財年的成長將會翻倍。那麼，還有什麼需要您真正去爭取的，而不是利用現有的機會呢？有哪些需要付出和收穫？這是否會對宏觀經濟產生穩定和改善的影響，因為未來兩年​​的收入成長將大幅增加。

Yes. Let me -- this is Navam, and thanks for the question. Let me make sure that I clarify a couple of things. So first of all, the Q4 activity is what informs our full year view, combined with the 3 initiatives that Dave mentioned, which are tailwinds to the operations, right? And the U-shape is meant to imply that there is a shallow dip in recovery, which you should take into consideration as we look into the full year. And also the back end growth rates are higher than the total year's growth rate just because of the shape of the recovery, right? And then what follows is basically progressive improvement on the growth rate until it reaches 20% in the fiscal 2026 period, not that fiscal '26 will be 20%, just to be clear. So what we're signaling is that the fourth quarter was a great quarter, and we feel like the optimization cycle is abating. There are signs of positive activity. We're not out of the woods. And we are doing a lot of work with the 3 initiatives that we outlined. That's going to have positive impacts to our operations, and that's going to result in positive momentum in terms of growth rates starting in the back half of the year.

是的。我是 Navam，感謝您的提問。我先澄清幾點。首先，第四季的業績以及 Dave 提到的三項舉措，共同構成了我們對全年業績的展望，對嗎？ U 型曲線意味著復甦階段略有回落，在展望全年業績時應該考慮到這一點。此外，後端成長率高於全年成長率，只是因為復甦的形態，對嗎？接下來，成長率基本上會逐步提高，直到 2026 財年達到 20%，但需要明確的是，並非 2026 財年就一定會達到 20%。因此，我們傳遞的訊號是，第四季表現優異，我們感覺優化週期正在減弱。目前出現了一些積極跡象。我們還沒有脫離困境。我們正在大力推進我們先前提出的三項措施。這將對我們的營運產生積極影響，並將從今年下半年開始在成長率方面帶來積極的勢頭。

And our next question will be coming from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Navam, just to clarify, you commented that Q2 should be the trough for cRPO growth. Did you say that's also the case for revenue growth? Or are those slightly out of phase? And then just wondering at roughly what levels you see that cRPO growth bottoming out? For instance, should we project that forward at mid- to high teens? And then I have a quick follow-up.

Navam，需要澄清一下，您之前提到第二季度應該是 cRPO 成長的低谷。您說收入成長也處於低谷嗎？還是說兩者略有出入？然後，您覺得 cRPO 成長大概會在什麼水平觸底？例如，我們預測 cRPO 成長應該在 15% 左右？然後我快速跟進。

Yes. Thanks, Mark. So yes, the cRPO growth rate recovery and the revenue growth rate recovery from a growth rate perspective have similar shapes. There's seasonality related to the cRPO because of booking seasonality front half versus back half. So that has a little bit to play on what the growth rate from a cRPO perspective is. We mentioned how you should think about the exit velocity of cRPO, which is 20%-plus -- approximately 20%, sorry, in Q4, which is basically the leading indicator of what we think the revenue growth rates on a quarterly basis into 2026 will be. So that's how we're thinking about the cRPO shape going into this year.

是的，謝謝，馬克。所以，從成長率的角度來看，cRPO 成長率的復甦和所得成長率的復甦有著相似的形態。 cRPO 存在季節性，因為預訂的季節性體現在在前半部分和後半部分。所以，這在一定程度上影響了 cRPO 的成長率。我們提到如何看待 cRPO 的退出速度，第四季約為 20% 以上，大概是 20%，基本上是我們認為到 2026 年季度營收成長率的領先指標。這就是我們對今年 cRPO 形態的思考。

Okay. And so you would kind of leave us to our own, I guess, our own guesswork on where the bottom of that you will trough out for Q2. Is that fair?

好的。所以，我想，您讓我們自己去猜測第二季的最低點在哪裡。這樣公平嗎？

Yes, I think the second quarter is the trough, and we expect to see, as I mentioned, the relatively shallow U-shape trough and recovery.

是的，我認為第二季是低谷，正如我所提到的，我們預計會看到相對較淺的 U 型低谷和復甦。

Okay. And as a follow-up, maybe for Armon or Dave, where do your customers stand on the topic of multi-cloud adoption at this point? I'm wondering if the insertion of a number of LLMs into the landscape might be causing any more dedication to Azure and OpenAI or more experimentation with Google. Anything that would signify more multi-cloud in customer road maps and then by extension that might be amplifying the HashiCorp value proposition?

好的。接下來，或許可以問 Armon 或 Dave，你們的客戶目前在多雲採用上持什麼態度？我想知道，引入一批法學碩士（LLM）是否會導致他們更加專注於 Azure 和 OpenAI，或更多地嘗試與Google合作。這是否意味著客戶路線圖中會更多地採用多雲，進而擴大 HashiCorp 的價值主張？

Mark, yes, thanks for the question. I think what you sort of outlined in the question is exactly the type of behavior we're starting to see, which is a lot of customers predominantly maybe had a, I'll call it, a single primary cloud type of strategy and sort of looked at other clouds potentially secondary or even tertiary when sort of it made sense for them. I think what's changed, to your point, is they're looking at leveraging best-of-breed gen AI technology. And I think that's pulling forward a bunch of road map around how do we go from treating this secondary tertiary cloud into really a much more of a primary cloud environment. So we have access to those sort of best-of-breed capabilities. So in particular, customers who are maybe primarily AWS, looking at leveraging Google and Azure, maybe customers who are primarily Azure, looking at leveraging Google as well. So I think it's creating a bunch of that sort of pull forward in terms of customers looking at a true multi-cloud environment. And obviously, for us, this is helpful as it's driving more interest in the tools in terms of how do we have a sort of cloud-agnostic operating model.

馬克，是的，謝謝你的提問。我認為你在問題中概述的正是我們開始看到的行為類型，很多客戶可能主要採用一種（我稱之為）單一主雲策略，並在他們認為合理的情況下考慮其他潛在的二級甚至三級雲。我認為，正如你所說，現在發生的變化是，他們正在考慮利用最佳的新一代人工智慧技術。我認為這正在推動一系列路線圖的發展，圍繞著我們如何從二級三級雲轉變為更接近主雲的環境。這樣我們就可以使用這些最佳的功能。特別是，那些主要使用 AWS 的客戶，他們正在考慮利用Google和 Azure；或者，那些主要使用 Azure 的客戶，他們也在考慮利用Google。所以，我認為，這正在為那些尋求真正多雲環境的客戶創造一系列這樣的推動力。顯然，對我們來說，這是有幫助的，因為它激發了人們對工具的更多興趣，即我們如何擁有與雲端無關的操作模型。

Our next question will be coming from Jim Fish of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Jim Fish。

Maybe first, Dave or Armon, for you. Any pipeline benefit on the security side, given we're seeing Boards essentially give the approval for security budgets and seeing strength in security budgets overall and focus on identity protection. Is that a large reason why the pipeline is as strong as it is that you're relaying to us? And when do you expect the Windows and remote functionalities to be available in order to go toe to toe with sort of the 600-pound gorilla in that space?

戴夫或阿蒙，您先來回答。鑑於我們看到董事會基本上批准了安全預算，並且看到整體安全預算的強勁增長，並且專注於身份保護，那麼在安全方面，產品線會有什麼好處嗎？這是您所說的產品線如此強大的一個主要原因嗎？您預計Windows和遠端功能何時能夠投入使用，以便與這個領域的巨頭競爭？

Jim, yes, thanks for the question. I think we are seeing relative robustness on pipeline in the security space. And I think even last year, I think that was probably the case that it held up better than maybe other budgets just given how top of mind cyber is for most organizations. And the other thing that's been helpful is as we're sort of filling in the portfolio and going from really sort of stand-alone to more of a true security lifecycle, as Dave mentioned, with sort of Boundary and Radar is allowing us to position a more compelling portfolio offering around sort of a full security life cycle. As to the second question around Windows and RDP, that's a big focus for us this year within Boundary. We think realistically, that's going to be more back half weighted to flesh out the capability to make sure it's fully mature.

Jim，是的，謝謝你的提問。我認為我們在安全領域的產品線相對穩健。我認為即使在去年，考慮到網路安全對大多數組織來說都是最重要的，我認為它的表現可能比其他預算更好。另一件對我們有幫助的事情是，正如 Dave 所提到的，隨著我們逐漸完善產品組合，從真正獨立的產品轉向更全面的安全生命週期，Boundary 和 Radar 使我們能夠圍繞完整的安全生命週期，提供更具吸引力的產品組合。關於 Windows 和 RDP 的第二個問題，這是我們今年在 Boundary 內部的重點。我們認為，從現實角度來看，我們會更專注於這方面，以充實其功能，確保其完全成熟。

Makes sense. And Navam, for you on the guide. Can you just help us frame how you're thinking about the balance of new business here versus the recovery in your expansion rate? And are you seeing on the difference between cRPO and long-term RPO growth this quarter? Is it just you're seeing shorter duration deals with the existing base or just continued lower usage?

很有道理。 Navam，關於這份指南，您能不能簡單介紹一下，您是如何看待新業務與擴張率復甦之間的平衡的？本季度，您是否看到了持續RPO（持續性RPO）和長期RPO成長之間的差異？您認為在現有基礎上，短期交易的出現，還是使用率持續下降？

Yes. I don't think there's been a bunch meaningful change in terms of the weighted average duration of our contracts at this point in the fourth quarter. We are seeing smaller land sizes. And as we mentioned, over the last year, we saw an elongation in the land cycle leading to year-over-year declines in the absolute value of land combined with more land deals. So more contracts landing with more customers, but at a smaller size. So those expand and extend over time. So the 2025 guide is basically predicated on expand/extend versus a big land change from a revenue perspective. But we are expecting improvements in both.

是的。我認為，就第四季目前而言，我們合約的加權平均期限而言，並沒有發生重大變化。我們看到土地面積正在縮小。正如我們所提到的，在過去一年中，我們看到土地週期延長，導致土地絕對價值比去年同期下降，同時土地交易也增加了。因此，我們與更多客戶簽訂了更多合同，但合同規模較小。因此，這些合約會隨著時間的推移而擴大和延長。因此，2025 年的指導原則基本上是基於擴張/延長，而不是從收入角度來看的土地大幅變動。但我們預計這兩方面都會有所改善。

Our next question will be coming from Jason Ader of William Blair.

我們的下一個問題來自 William Blair 的 Jason Ader。

I just want to ask on the renewals. I know you made some comments on that. Are you seeing customers still being pretty cautious on renewals because they underconsumed entitlements over the last 18 months or so? And then can you just remind us what's the incentive for someone to expand on a renewal if they can just under commit and then true things up as time goes on? Is there a penalty there? Anything -- any kind of additional details on how that would work if somebody actually overconsumes relative to their entitlements?

我只是想問續訂的問題。我知道您對此發表了一些評論。您是否發現客戶在續約方面仍然非常謹慎，因為他們在過去18個月左右的時間裡沒有充分使用應享權益？然後，您能否提醒我們，如果人們可以先承諾少量費用，然後隨著時間的推移逐步增加，那麼他們擴大續訂的動機是什麼？這其中是否存在懲罰？如果有人實際消費的金額超過了應享權益，那麼該如何處理？您能否提供一些額外的細節？

Jason, it's Dave. Thanks for the question. On the first one, yes, it's a good point. I mean you've got to keep in mind that this optimization cycle is now several quarters in and we're starting to anniversary some of the entitlements that people had already rightsized on their renewals. So yes, to a degree, I think that's one of the aspects of our point of view, which is that this optimization cycle is showing signs of abating. And certainly, that plays out in NDE over time and pure down renewal to the extent that people haven't consumed their entitlements, but there's probably a little bit of ways to go still. I think that's implicit in our guidance, but it's certainly much better and we're now lapping previous period where it starts to look more favorable.

傑森，我是戴夫。謝謝你的提問。關於第一個問題，是的，你的觀點很有道理。我的意思是，你必須記住，這個優化週期已經進行了幾個季度，我們開始對一些人們在續約時已經合理調整的權益進行週年紀念。所以，是的，在某種程度上，我認為這是我們的觀點之一，即這個優化週期正在顯示出減弱的跡象。當然，隨著時間的推移，這種情況會在NDE和純粹的續約中反映出來，因為人們還沒有用完他們的權益，但可能還有一段路要走。我認為這隱含在我們的指引中，但情況肯定要好得多，我們現在正在超越上一個時期，那時情況開始變得更有利。

In terms of your second question, we don't -- there was not an immediate incentive for people to true up at the moment they expand. That generally is done on the renewal of the contract. You got to keep in mind the scale of the organizations we work with is that is just the typical enterprise buying behavior. So you do not necessarily see that expansion until the renewal of that contract given the entitlement nature of things. Again, unlike the consumption models, we sell entitlement. And so there is just this natural lag as the market starts to recover.

關於你的第二個問題，我們沒有──人們在擴張時並沒有立即的動力去完成。這通常是在續約時完成的。你必須記住，我們合作的組織的規模只是典型的企業購買行為。因此，考慮到權益的本質，你不一定能在續約合約之前看到擴張。再說一次，與消費模式不同，我們出售的是權益。因此，隨著市場開始復甦，存在這種自然的滯後。

Maybe the one thing, Jason, I would add there is the -- the sort of your question on what's their incentive for under committing in that sense. It's that the BDP discounts they would get committing to a lower threshold would be lower, right? So customers will realize better pricing by committing to a higher dollar amount. So that's the incentive.

傑森，我想補充一點，就像你剛才問的，他們低額承諾的動機是什麼？是因為承諾較低門檻獲得的BDP折扣會更低，對吧？所以客戶承諾更高的金額就能獲得更優惠的價格。這就是動機。

So is there a possibility that as we kind of come out of all of this, there's going to be -- on the renewals, let's say, in FY '26, there's going to be sort of a bump because there's going to be a true-up element because customers were more cautious on their prior renewal, do you see what I'm saying?

那麼，有沒有可能，當我們擺脫這一切的時候，在續約方面，比如說，在 26 財年，會出現某種程度的波動，因為會有一個調整因素，因為客戶在之前的續約上更加謹慎，你明白我的意思嗎？

Yes, I don't think we have a real point of view that far out. I do think this is implicit in the NDE rates that we've seen previously as people sort of on the renewals expanding substantially. And obviously, we've been in a period without -- been happening and at some point, it will revert.

是的，我認為我們並沒有真正展望未來。我確實認為，這隱含在我們之前看到的NDE率中，當時人們認為更新量大幅增加。顯然，我們正處於一個沒有發生過類似事件的時期，到某個時候，這種情況會恢復。

And our next question will be coming from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

I'm curious to spend a little bit of time, if you don't mind, Dave, I think you read out a bunch of things that Susan is going to be doing to the go-to-market organization. It came across as being very substantive, at the same time, it also went through very quickly. Can you expand upon what exactly is going to be the new bent to go-to-market? And the measures that Susan is adopting, what are they meant to remedy versus the approaches in the past? And how important is this? Because the product -- we've always appreciated the product strength of HashiCorp. It's been the key asset for the company. Just trying to understand incrementally the tweaks to go to market what are they really addressed? And what are they really motivated by so we can all understand the shape of this recovery.

戴夫，如果你不介意的話，我想花點時間跟你聊聊。我想你已經讀過蘇珊將要對市場推廣部門做的一些事情了。這些事情聽起來非常實質性，同時進展也非常迅速。能詳細解釋一下，市場推廣的新方向究竟是什麼嗎？蘇珊正在採取的措施，與過去的做法相比，它們旨在彌補什麼？這些措施有多重要？因為我們一直很欣賞 HashiCorp 的產品實力。它一直是公司的關鍵資產。我想逐步了解這些市場推廣調整究竟針對了什麼？這些調整的真正動機是什麼，這樣我們才能理解這次復甦的情況。

Kash, sure. Happy to double-click on that a little bit. Just to reiterate, really, the first substantive change that we introduced over the last 6 months was a refocusing of our go-to-market resources on a slightly smaller number of accounts. I think that's point number one. Obviously, we have been in a very aggressive investment phase coming out of our IPO. And as the market environment changed, we obviously had to remedy the fact that we had a lot of resources now allocated in places where perhaps we've gone through relatively quickly. So now we hold those resources back to focus on the most important accounts and that is certainly paying dividends, and it's the appropriate thing to do.

Kash，當然。我很樂意再強調一下這一點。我再強調一下，我們在過去六個月中引入的第一個實質變化是將我們的市場資源重新集中在數量略少的客戶上。我認為這是第一點。顯然，我們在IPO之後一直處於非常積極的投資階段。隨著市場環境的變化，我們顯然必須修正一個事實，那就是我們之前把大量資源分配到了一些可能進展相對較快的領域。所以現在我們把這些資源集中到最重要的客戶上，這無疑帶來了回報，這是恰當的做法。

Point number two, I think it's worth actually just contextualizing where sort of as you evolve from the early adopters of the world to the early majority, how you have to engage with them in a much more prescriptive manner. Again, that's the consistent pattern of this particular arc, the growth arc of any company, to get to this kind of customer base, which is the early majority. Our go-to-market motions are now much more prescriptive in their nature, both for our customers in terms of how we engage with them, which is we go talk to about more of a solution-oriented conversation around lifecycle. And then number two, it's much more process rigor, which is, again, just the nature of scaling this the side of the organization. So I don't think -- I wouldn't say that changes are massively substantive. It's much more process-oriented to help get more consistency in growth as we hit this particular scale inflection point. And the first one is just really about reallocation of resources, which have gone slightly extended as we grew.

第二點，我認為實際上值得深入探討的是，當你從早期採用者發展到早期大眾時，你必須如何以更具規範性的方式與他們互動。同樣，這是任何公司成長曲線的一致模式，為了獲得這種客戶群，也就是早期大眾。我們現在的市場推廣策略在本質上更具規範性，無論是對客戶還是對他們的互動方式而言，我們都會圍繞著生命週期進行更注重解決方案的對話。其次，流程更加嚴謹，這又是組織規模擴張的本質。所以我認為——我不會說這些變化是實質的。它更加重視流程，以便在我們達到這個特定的規模轉折點時，保持更持續的成長。第一點實際上與資源的重新分配有關，隨著我們的發展，資源的重新分配也略有延長。

Got it. And one follow-up for Navam. When I look at the sequential total subscription revenue growth rate. I mean it was the highest we've seen in several quarters. I'm wondering if you could double-click on that because if I just annualize that sequential growth rate, you get to a better growth in what you're guiding to, maybe there's some onetime effects in Q4 sequential subscription revenue.

明白了。 Navam 還有一個後續問題。我看一下總訂閱收入的環比成長率。我的意思是，這是我們幾個季度以來的最高值。我想知道您是否可以雙擊它，因為如果我將環比增長率年化，您會得到比您預期更好的增長，也許第四季度的環比訂閱收入會有一些一次性的影響。

I also look at the sequential change in current RPO, roughly $62 million or so. Again, the highest we've seen in several quarters. Can you help us understand what might be driving that Q4? It looks like some of the leading indicators look good and some don't, like customer count is a little bit on the sluggish side. But certainly, these caught my attention, I just wanted to see if you could offer more perspective.

我還關注了目前RPO的環比變化，大約6200萬美元左右。這也是我們幾個季度以來的最高水準。您能幫我們了解一下第四季RPO變化的原因嗎？有些領先指標看起來不錯，而有些則不然，例如客戶數量略顯疲軟。當然，這些指標引起了我的注意，我只是想看看您能否提供更多的看法。

Yes. Thanks, Kash. And absolutely. I mean we saw pockets up optimization, which relates to some of the $100,000 numbers and customer numbers that you saw. But from a broad perspective, Q4 was a great quarter as it related to the performance we saw from a revenue perspective and a cRPO perspective. Now it's important to keep in mind that there is seasonality in the business in the fourth quarter, particularly in the back half of the year and specifically in the fourth quarter, where these are larger quarters compared to Q1, for example. So there is a seasonal aspect to Q4 versus Q1. But for the most part, we saw positive signs, which we reflected in our prepared remarks and which also was the basis for how we were thinking about the growth recovery and our path back to sort of a 20% quarterly revenue growth rate sometime in the 2026 period. So yes, we're optimistic about the early signs we're seeing.

是的，謝謝，Kash。確實如此。我的意思是，我們看到了資金優化，這與您看到的10萬美元數字和客戶數量有關。但從廣義上講，第四季度是一個很棒的季度，因為它與我們從收入和cRPO角度看到的表現息息相關。現在要注意的是，第四季度的業務存在季節性，尤其是在下半年，尤其是第四季度，這些季度的銷售額比第一季要大。因此，第四季相對於第一季存在季節性因素。但總體而言，我們看到了積極的跡象，我們在準備好的發言中也反映了這一點，這也是我們思考成長復甦以及在2026年某個時候實現20%左右的季度收入增長率的基礎。所以，是的，我們對看到的早期跡象感到樂觀。

And our next question will be coming from Brad Sills of Bank of America.

我們的下一個問題來自美國銀行的布拉德·西爾斯。

I wanted to ask a question around the emphasis on security. You called it out a couple of times here, both as a separate -- focus on go-to-market and also on the commercial differentiation. How should we read that? Are you identifying that as kind of a core use case beyond provisioning with Terraform? In other words, our customers, do you see line of sight for customers potentially landing with security or Terraform and then the expansion opportunity kind of unfolds from there?

我想問一個關於安全方面的問題。您在這裡提到過幾次，既強調了市場進入，也強調了商業差異化。我們該如何理解這一點？您是否認為安全性是 Terraform 配置之外的一個核心用例？換句話說，對於我們的客戶來說，您是否認為客戶可能會選擇安全或 Terraform，然後從中尋找擴展機會？

Brad, thanks for the question. As we've talked about a lot, we really have 2 core land products, obviously, Terraform, which we think about as sort of the key landing point when we talk about infrastructure lifecycle management starts with provisioning, and there's a sort of a broader portfolio around that. When you think about Vault as our sort of second land product, it's very much the beachhead within the security lifecycle story that we've held, right? So those have always been historically the land business. They make up the majority of the revenue.

布拉德，謝謝你的提問。正如我們多次討論過的，我們實際上有兩款核心的陸地產品，顯然是Terraform。我們認為，當我們談論基礎設施生命週期管理時，它是關鍵的落地點，始於配置，並且圍繞它有更廣泛的產品組合。如果你把Vault看成我們的第二款陸地產品，它在很大程度上就是我們在安全生命週期故事中所佔據的灘頭陣地，對吧？所以，從歷史上看，這些一直是陸地業務。它們構成了收入的大部分。

I think what you're seeing is an evolution from telling sort of a point product story around those into really simplifying that solution story that Dave talked about. So that our field isn't able to go talk about we're not just solving a secret management problem while we're solving a security lifecycle. We're the beachhead, but really that brings in things like our radar product for secret scanning, detection and inventory and then brings in Boundary as well for the privileged access management for the human access. So it's really about moving from sort of telling that point product story into a broader solution, but it's not a dramatic shift. Vault has always been a land product for us and is a significant revenue contributor.

我認為你所看到的是一種演變，從圍繞這些點講述產品故事，到真正簡化 Dave 提到的解決方案故事。這樣，我們的領域就不再只是談論如何解決機密管理問題，而是解決安全生命週期問題。我們是灘頭陣地，但實際上，這引入了諸如雷達產品之類的產品，用於機密掃描、檢測和庫存管理，然後引入了 Boundary 產品，用於人員訪問的特權存取管理。所以，這實際上是從講述點產品故事轉變為更廣泛的解決方案，但這並不是一個戲劇性的轉變。 Vault 一直是我們的主打產品，也是重要的收入來源。

Understood. And then if I could also ask for a bit more detail on some of the process efficiencies that you've identified for areas of improvement. Dave, you mentioned speed in the pipeline. Velocity in the pipeline is a focus, some technical resources to kind of back that up that you're putting into play here. Would just love to get more details on how you're thinking about some of the tactical things to improve process discipline?

明白了。然後，我能否請您更詳細地談談您提到的一些流程效率改善領域。戴夫，您提到了流程速度。流程速度是我們關注的重點，您在這裡投入了一些技術資源來支持這一點。您能否更詳細地了解一下，您是如何思考一些改善流程紀律的戰術措施的？

Brad, I think this is -- I guess I'll just bring it back to just the operational opportunities for us to improve as we scale. We're here at our sales kick off again, reiterating this through our growing sales organization. And so the process is just really about process consistency and things that yield faster and higher win rates. There's a whole litany of things that are operational in their nature. And I think it's just, again, the nature of where we are, it's how do we do this consistently across the world, in every geo in the same way, and this is just normal operational day-to-day element. And I certainly feel so we're good about it. I think the fact that Susan St. Ledger has been now in place for a couple of quarters, I have to remind us that she has been part of a couple of different companies going from the $600 million scale to the $1 billion-plus, and that's certainly what it takes to do so, and we're super bullish about the work we're doing.

布拉德，我想這件事——我想還是回到我們在規模擴大過程中需要改進的營運機會。我們再次迎來銷售啟動，並透過我們不斷成長的銷售團隊重申這一點。所以，整個流程的核心在於流程的一致性，以及能夠更快、更高贏單率的因素。有很多事情本質上都與營運有關。我認為這再次體現了我們目前的處境，即我們如何在全球、每個地區以同樣的方式始終如一地做到這一點，這只是日常營運的正常環節。我當然覺得我們對此很滿意。我想，蘇珊聖萊傑已經任職幾個季度了，我必須提醒大家，她曾參與過幾家不同的公司，這些公司的規模從6億美元發展到10億美元以上，這無疑是實現這一目標所必需的，我們對我們正在做的工作非常樂觀。

Our next question will be coming from Trevor Rambo of BTIG.

我們的下一個問題來自 BTIG 的 Trevor Rambo。

This is Trevor on for Gray Powell. So I just want to circle back on Terraform stacks. Can you provide any insights or statistics on that product? And then when it goes officially GA, how should we think about that accelerating the free to pay like this year and going into next?

我是 Trevor，代表 Gray Powell 發言。我想回到 Terraform 堆疊的問題上。您能提供一些關於該產品的見解或統計數據嗎？當它正式發布 GA 版本時，我們應該如何考慮在今年和明年加速免費到付費的進程？

Great. Thanks, Trevor. Yes, so the way I would think about Terraform snacks is, effectively, we can almost call it the Terraform 2.0. It's the biggest enhancement we've added to Terraform since it was introduced. And effectively, what it does is enhance Terraform's ability to manage multiple environments and multiple layers of the infrastructure stack at the same time, right? So prior to the stacks, customers have to sort of manually build process around how to handle multiple environments. For example, development and testing, staging production. So there was a manual process and manual orchestration around that, versus with stack, we now have a native understanding and a native ability to orchestrate across those multiple environments. For our particular customer base, this is most impactful to those kind of 4,000 biggest customers they've talked about. They all have very large, very complex infrastructure. And so we think this is going to be a compelling set for them. And in fact, already, we're seeing great resonance with the folks in private beta that's using this capability already.

太好了。謝謝，Trevor。是的，所以我對 Terraform 的改進實際上是，我們幾乎可以稱之為 Terraform 2.0。這是我們自 Terraform 推出以來添加的最大增強。實際上，它增強了 Terraform 同時管理多個環境和多層基礎設施堆疊的能力，對吧？在推出這些堆疊之前，客戶必須手動建立流程來處理多個環境，例如開發和測試，以及生產階段。因此，這需要手動流程和手動編排。而有了堆棧，我們現在對多個環境有了原生的理解和原生編排能力。對於我們特定的客戶群來說，這對他們提到的 4000 個最大客戶影響最大。他們都擁有非常龐大、非常複雜的基礎建設。因此，我們認為這對他們來說將是一個極具吸引力的選擇。事實上，我們已經看到一些已經在使用這項功能的內測用戶對此產生了強烈的共鳴。

So the decision we've made is really to bring that only to the commercial customers through Terraform Cloud to begin with. And so to your second part of your question on free-to-paid conversions, effectively, it won't be available in the pure-play community addition. You will have to start on the commercial products to leverage stacks, right? So obviously, at the very bottom end, we have a free tier that allows some limited scale usage by adding substantial scale usage where you have to be on one of our commercial tiers of Terraform Cloud.

因此，我們做出的決定實際上是先透過 Terraform Cloud 將其僅提供給商業客戶。至於您問題的第二部分，關於免費到付費的轉換，實際上，它不會在純社群附加功能中提供。您必須從商業產品開始才能利用堆疊，對嗎？所以顯然，在最底層，我們有一個免費層，透過添加大量使用量來實現有限的規模使用，而您必須使用 Terraform Cloud 的商業層之一。

Our next question will be coming from Fatima Boolani of Citi.

我們的下一個問題來自花旗銀行的 Fatima Boolani。

I wanted to zone in on the sales motion that will emphasize more of a cloud-first approach into your enterprise and very large customer base. I wanted to get a better understanding how much of this will involve the conversion of an existing Terraform environment into cloud form factors? And how much of this is really going to be emphasized and focused around the expansion and extension of self-managed enterprise overall Hashi footprint into the broader portfolio of solutions? And then I have a follow-up, please.

我想重點談談銷售動議，該動議將更加強調雲端優先方法，以融入您的企業和龐大的客戶群。我想更好地了解其中有多少涉及將現有的 Terraform 環境轉換為雲端形式？其中有多少真正強調和關注的是將自主管理的企業整體 Hashi 足跡擴展並擴展到更廣泛的解決方案組合中？然後我還有一個後續問題，請繼續提問。

Yes. Thanks, Fatima. Yes, it's a great question. So effectively, the sales comp change that took place is really to emphasize land deals on Terraform Cloud. Now that said, obviously, we're engaged with customers on a renewal basis as well. It's obviously in our interest to move them to Terraform Cloud. It's also in the customer's interest. I think they realize features much more quickly. They don't have to do upgrades. They're not on the hook operationally. So there's a lot of benefits to the customer from moving from self-managed to cloud. But similarly for us, we get better visibility into the usage, lower cost of support and ability to deliver innovation to them more quickly. So the sort of process changes are really around incentivizing land, obviously, there's strong incentives on the expansion side as well. And then our view as ones people are part of the cloud platform that simplifies our ability to drive the next product along because they're already on an integrated chassis.

是的，謝謝法蒂瑪。是的，這是個好問題。實際上，銷售收入的變化實際上是為了強調Terraform Cloud上的土地交易。話雖如此，我們顯然也以續約的方式與客戶互動。將他們遷移到Terraform Cloud顯然符合我們的利益。這也符合客戶的利益。我認為他們可以更快地實現功能。他們無需升級。他們在營運方面無需承擔責任。因此，從自主管理遷移到雲端平台對客戶有許多好處。但對我們來說，同樣如此，我們可以更好地了解使用情況，降低支援成本，並能夠更快地為他們提供創新。因此，這種流程變化實際上是為了激勵土地，顯然，在擴展方面也有很強的激勵措施。然後，我們認為，員工是雲端平台的一部分，這簡化了我們推動下一代產品發展的能力，因為他們已經在一個整合的機箱上。

I appreciate that. And just as it relates to one of the bundles and the more storytelling approach on the go-to-market front. So you did introduce the Zero Trust bundle last year, I'd love to get an date on how much traction that's gotten vis-a-vis maybe penetration in the base. And to the extent there are other logical bundles that you could create to build that transaction velocity and enhance that expansion and extension momentum, especially since you're incentivizing the land deals on cloud. So shortening that expansion sales cycle into other solution areas like boundary or taker and we point?

我很感激。正如它與捆綁包之一以及在市場推廣方面更具故事性的方式相關一樣。所以，您去年確實推出了零信任捆綁包，我很想知道它在基礎滲透方面取得了多大的進展。此外，您還可以創建其他合理的捆綁包來提高交易速度，並增強擴張和擴展的勢頭，尤其是在您激勵雲端土地交易的情況下。那麼，將擴展銷售週期縮短到其他解決方案領域，例如邊界或接受者，我們能指出什麼呢？

Yes, it's Dave. Thanks for the question. Yes. So I think the simple way to describe it is the -- we effectively have 2 conversations we have. One is infrastructure lifecycle, one is on security lifecycle. We previously had this Zero Trust SKU bundle, which has essentially been replaced by the security lifecycle form factor, which gives you access to multiple products within the security portfolio. So yes, we have actually recognized the success of that to some degree and institutionalize that as a default selling motion for security lifecycle management, and then also introducing that infrastructure lifecycle management. So we're really trying to simplify the structure of what our field teams have to bring to bear, and we're certainly optimistic that, that simplicity will drive better yield.

是的，我是戴夫。謝謝你的提問。是的。所以我認為簡單來說，我們其實有兩個主題。一個是基礎設施生命週期，一個是安全生命週期。我們之前有一個零信任SKU捆綁包，它基本上已經被安全生命週期形式所取代，它允許你存取安全產品組合中的多個產品。所以，是的，我們實際上已經在某種程度上認識到了它的成功，並將其製度化，作為安全生命週期管理的預設銷售動因，然後也引入了基礎設施生命週期管理。所以我們確實在努力簡化我們一線團隊必須承擔的工作結構，我們當然樂觀地認為，這種簡化將帶來更好的效益。

(Operator Instructions) And our next question will be coming from Matt Dezort of Needham.

（操作員指示）我們的下一個問題來自尼德姆的馬特·德佐特 (Matt Dezort)。

This is Matt on for Alex. I wanted to double-click on the HCP cloud chassis. Is Terraform still generating the lion's share of that revenue stream so far as customers move to fully managed? Or is Vault making a move? And how is that composition expected to change over the next 12 months and into fiscal '26?

我是 Matt，Alex 的訪談。我想談談 HCP 雲端底盤。隨著客戶轉向全託管模式，Terraform 是否仍是該收入流的主要貢獻者？或者 Vault 正在採取行動？預計未來 12 個月以及 2026 財年，該收入組成將如何變化？

Yes. Thanks, Matt. So today, actually, both Terraform and HCP are significant contributors to the cloud revenue line. I think what we expect this year is given the shift we're making towards providing a sales incentive around landing with Terraform cloud we expect that there'll probably be some differential increased land on Terraform and then looking at basically evaluating whether a similar thing would make sense back half of the year for Vault. But again, I think this is where we look at customer appetite and there's slight differences given the run time nature of Vault. There's a little bit more customer apprehension versus something slightly less run time critical like Terraform. So we're going to take a little bit of a wait-and-see on customers. But yes, I think near term, we'll see more Terraform.

是的，謝謝，馬特。實際上，Terraform 和 HCP 都是雲端收入的重要貢獻者。我認為，我們今年的預期是，考慮到我們正在轉向為 Terraform 雲端落地提供銷售激勵，我們預計 Terraform 的落地量可能會有所增加，之後我們會評估下半年 Vault 是否也適合採用類似的方案。但同樣，我認為這取決於客戶的需求，考慮到 Vault 的運行時間特性，兩者略有不同。與 Terraform 這樣對運行時間要求不那麼嚴格的產品相比，客戶的顧慮會更多一些。所以我們會繼續觀望客戶。但我認為，短期內我們會看到更多 Terraform 的身影。

And our next question will be coming from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 的 Brad Reback。

This is Marc on for Brad. Want to see if you could provide a little detail on the linearity in the quarter and the macro improvement, the, I guess, optimization abatement that you guys talked about and how that's sustained through February, and how that contributed to kind of your confidence for the guide for both FY '25 and '26?

我是馬克，布拉德。您能否詳細介紹本季的線性表現、宏觀經濟改善，也就是你們先前提到的最佳化措施，以及這些措施如何持續到2月？這些措施如何增強了您對25財年和26財年業績指引的信心？

Yes. Just a reminder, we're subject to regular enterprise patterns, which means that there is linearities more towards the back half compared to the front half of both the year and the quarter. Q4 was stronger than expected from a linearity perspective. And as I mentioned earlier, all positive signs from a macro perspective and how the optimization cycle is playing out.

是的。需要提醒的是，我們受制於常規的企業模式，這意味著與上半年和下半年相比，下半年的線性成長更為顯著。從線性成長的角度來看，第四季的表現強於預期。正如我之前提到的，從宏觀角度來看，以及優化週期的進展，所有跡像都十分正面。

And our next question will be coming from Ari Terjanian of Cleveland Research.

我們的下一個問題來自克利夫蘭研究公司的阿里·特賈尼安 (Ari Terjanian)。

Just real quick on RPO. What percent of lands in the quarter were the cloud, HCP Cloud? And then do you think -- is there any potential pull forward ahead of comp plan changes for this year?

簡單談談RPO。本季度有多少比例的土地用於雲端、HCP Cloud？然後，您認為今年的薪酬計劃變更之前，是否有任何潛在的推動力？

Yes. There was nothing unusual that happened in the fourth quarter compared to the other quarters. So nothing in terms of unusual activity there.

是的。與其他季度相比，第四季度沒有發生任何異常情況。所以，第四季沒有出現任何異常活動。

And at this time, I would like to go ahead and turn the call back over to management for closing remarks. Please go ahead.

現在，我想把電話轉回管理階層，請他們做最後發言。請繼續。

I'd just like to thank everyone and express my thanks for the participation for everyone who is able to attend. And we certainly appreciate all the questions. We look forward to speaking to everybody soon. Thank you.

我只想感謝大家，並感謝所有能夠出席的人。我們當然也非常感謝大家的提問。我們期待很快與大家見面。謝謝大家。

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

今天的電話會議到此結束。感謝各位的參與。各位可以斷開連接了。