Samsara Inc (IOT) 2023 Q2 法說會逐字稿

Good afternoon and welcome to Samsara's Second Quarter Fiscal 2023 Earnings Call. I'm Mike Chang, Samsara's Vice President of Corporate Development and Investor Relations. Joining me today are Samsara Co-Founder and Chief Executive Officer, Sanjit Biswas; and our Chief Financial Officer, Dominic Phillips.

下午好，歡迎參加Samsara 2023財年第二季財報電話會議。我是Samsara企業發展和投資者關係副總裁Mike Chang。今天與我一同出席的還有Samsara聯合創辦人兼執行長Sanjit Biswas，以及我們的財務長Dominic Phillips。

In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation and SEC filings on our Investor Relations website at investors.samsara.com.

除了我們在本次電話會議上準備好的評論之外，您還可以在我們的投資者關係網站 investors.samsara.com 上的股東信函、新聞稿、投資者介紹和 SEC 文件中找到更多資訊。

The matters we'll discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, August 31, 2022, and we undertake no obligation to update these statements as a result of new information or future events, unless required by law.

我們今天將討論的事項包括前瞻性陳述。實際結果可能與前瞻性陳述中所述的結果有重大差異，並受我們提交給美國證券交易委員會 (SEC) 的文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天（2022 年 8 月 31 日）的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, some of our discussions will include our second quarter fiscal 2023 financial results. We'd like to point out that the company reports non-GAAP results in addition to and not as a substitute for or superior to financial measures calculated in accordance with GAAP. All financial figures we will discuss today are non-GAAP, except for revenues and revenue growth. Reconciliations of GAAP to non-GAAP financial measures are provided with the press release and investor presentation.

在今天的電話會議中，我們將討論2023財年第二季的財務表現。需要指出的是，本公司報告的非公認會計準則（Non-GAAP）績效是對公認會計準則（GAAP）財務指標的補充，而非替代或優於公認會計準則（GAAP）計算的財務指標。今天我們將討論的所有財務數據均為非公認會計準則（Non-GAAP），收入和收入成長除外。新聞稿和投資者簡報中提供了公認會計準則（GAAP）與非公認會計準則（Non-GAAP）財務指標的對帳表。

We'll make opening remarks, dive into highlights for Q2 and then open up the call for Q&A. With that, I'll hand over the call to Sanjit.

我們將致開幕詞，深入探討第二季的亮點，然後進入問答環節。之後，我將把電話交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. We delivered another strong quarter, surpassing $660 million of ARR, growing more than 50% year-over-year. We continued our large customer momentum and ended Q2 with nearly 990 customers with ARR over $100,000.

謝謝麥克，也謝謝大家今天加入我們。我們本季業績強勁，年度經常性收入 (ARR) 超過 6.6 億美元，較去年同期成長超過 50%。我們延續了大客戶成長勢頭，第二季結束時，ARR 超過 10 萬美元的客戶數量接近 990 家。

While we saw strength in the business, we recognize that Samsara is not insulated from the current macroeconomic environment. Throughout the quarter, customer demand remained at historically consistent levels, but we saw elongated sales cycles compared to periods of stronger economic growth.

雖然我們看到了業務的強勁表現，但我們也意​​識到Samsara並非完全不受當前宏觀經濟環境的影響。整個季度，客戶需求維持了歷史穩定水平，但與經濟成長強勁的時期相比，銷售週期有所延長。

Despite macroeconomic headwinds, we continue to see strong demand because of 3 core themes. First, our customers are the critical infrastructure that power the global economy. They span diverse industries that include some of the largest food distributors, chemical companies, energy utilities, freight carriers and municipalities. Many of them have been around for over half a century and have survived challenging economic cycles.

儘管宏觀經濟面臨逆風，但我們依然看到強勁的需求，這源自於三大核心主題。首先，我們的客戶是驅動全球經濟的關鍵基礎設施。他們涵蓋各行各業，包括一些最大的食品分銷商、化學公司、能源公用事業公司、貨運公司和市政當局。其中許多公司已成立半個多世紀，並經歷了艱難的經濟週期。

Second, our customers are challenged with rising inflation and interest rates, disrupted supply chains, tight labor markets and geopolitical risk. They need solutions that provide a rapid return on investment. Samsara's Connected Operations Cloud is a deflationary lever that helps our customers control costs by running smarter, safer and more efficient operations.

其次，我們的客戶面臨通貨膨脹和利率上升、供應鏈中斷、勞動市場緊俏、地緣政治風險的挑戰。他們需要能夠快速實現投資回報的解決方案。 Samsara 的連網營運雲 (Connected Operations Cloud) 是一個通貨緊縮的槓桿，透過更聰明、更安全、更有效率的運營，幫助我們的客戶控製成本。

And third, Samsara is becoming the system of record for physical operations. Customers are using our cloud as a command center for their day-to-day operations.

第三，Samsara 正在成為實體營運的記錄系統。客戶正在使用我們的雲端作為日常營運的指揮中心。

At Samsara, we focus on building relationships with our customers, solving their problems and delivering a great customer experience. At the center of this process is the Samsara customer feedback loop, where we listen and respond to their greatest needs.

在 Samsara，我們專注於與客戶建立良好關係，解決他們的問題，並提供卓越的客戶體驗。 Samsara 客戶回饋循環是這個流程的核心，我們在此傾聽並回應客戶最迫切的需求。

In Q2, we hosted our inaugural Samsara Investor Day and our first customer conference, Samsara Beyond. We brought hundreds of our customers together to discuss the future of physical operations to learn from other customers about how they can use our Connected Operations Cloud to unlock value for their businesses and network. Many of them shared what a unique and beneficial learning experience it was for them to connect with other operations leaders digitizing their businesses. So we're excited to make this an annual event.

第二季度，我們舉辦了第一屆 Samsara 投資者日和首屆客戶大會 Samsara Beyond。我們邀請了數百位客戶齊聚一堂，共同探討實體營運的未來，並向其他客戶學習如何利用我們的連網營運雲 (Connected Operations Cloud) 為其業務和網路創造價值。許多客戶分享了與其他致力於業務數位化的營運領導者交流的寶貴經驗，這無疑是一次獨特而有益的學習體驗。因此，我們很高興能將此活動打造成年度盛會。

During the conference, we also celebrated the Connected Operations Award winners. These awards recognize organizations that have transformed their operations and are seeing tremendous ROI. As you can see from this list, there is a lot to celebrate.

會議期間，我們也表揚了互聯營運獎的得獎者。這些獎項旨在表彰那些成功轉型運作並獲得豐厚投資回報的組織。正如您從這份名單中看到的，值得慶祝的獎項有很多。

Let's double click on our Digital Transformation of the Year Award winner, Artera. For context, supply chain shortages mean that our customers have to do more with less. Trailers are hard to come by, and industrial equipment is expensive. We use data to provide visibility into existing equipment and assets so customers can control their costs and optimize usage. Many of our customers haven't had access to this kind of data before. Artera is a leading provider of critical infrastructure services. Our Connected Operations Cloud help them identify inefficiencies in their equipment usage, unlocking $10 million of cash flow to invest in priority areas. In addition to helping Artera unlock efficiencies, our cloud increased the safety of their operations. Samsara helped them decrease accidents by 40% year-to-date.

讓我們雙擊年度數位轉型獎得主Artera。首先，供應鏈短缺意味著我們的客戶必須用更少的資源做更多的事情。拖車很難取得，工業設備價格昂貴。我們利用數據來提供現有設備和資產的可視性，以便客戶控製成本並優化使用。我們的許多客戶以前從未獲得過此類數據。 Artera是關鍵基礎設施服務的領導者。我們的互聯營運雲端幫助他們識別設備使用效率低下的地方，釋放了1000萬美元的現金流，用於投資優先領域。除了幫助Artera提高效率之外，我們的雲端還提高了他們的營運安全性。 Samsara幫助他們今年迄今將事故減少了40%。

Artera is just one of many outstanding examples of the power of digitization. Customers across industries and geographies are achieving amazing things with our Connected Operations Cloud. Our customers know they have to continue investing in digital transformation. It is a proven way to fight inflation. Our offerings are becoming a must-have for companies looking to streamline their operations, reduce their cost stacks and gain more visibility and control into their operations.

Artera 只是眾多展現數位化力量的傑出案例之一。各行各業、各地區的客戶都利用我們的互聯營運雲端取得了令人矚目的成就。我們的客戶深知，他們必須持續投資數位轉型。數位轉型已被證明是應對通貨膨脹的有效途徑。對於希望精簡營運、降低成本、提升營運視覺和控制的公司而言，我們的產品正成為其必備之選。

Let's look at ArcBest, who are using our cloud to streamline worker productivity. ArcBest is the 14th largest for-hire fleet in the United States with over 2,700 city vehicles and over 7,000 drivers. With Samsara, they've integrated data from multiple platforms, improved their safety program and have next-level visibility into their operations. They use our open API to create a customer integration that reduced time spent managing unassigned hours of service by 50%.

讓我們來看看 ArcBest，他們正在使用我們的雲端技術來提高員工的工作效率。 ArcBest 是美國第 14 大租賃車隊，擁有超過 2,700 輛城市車輛和超過 7,000 名駕駛。借助 Samsara，他們整合了多個平台的數據，改進了安全方案，並提高了營運的可視性。他們使用我們的開放 API 創建了客戶集成，將管理未分配服務時間的時間減少了 50%。

Here's another example of driving operational resilience. One of the largest school districts in the state of Georgia improved their asset and fuel efficiency with Samsara. They serve over 180,000 students in 141 schools. Safely transporting students to and from school is a top priority. Using Samsara's vehicle telematics and several integrations to manage bus routes, they made their buses more punctual. They have over 2,000 buses, and now they're also monitoring vehicle diagnostics like tire pressure and idling and accessing Samsara's fuel reports to save money.

這是另一個提升營運韌性的例子。喬治亞州最大的學區之一透過 Samsara 提升了資產和燃油效率。該學區服務於 141 所學校的 18 萬多名學生。安全接送學生上下學是重中之重。他們使用 Samsara 的車輛遠端資訊處理系統和多項整合技術來管理公車路線，提高了公車的準點率。該學區擁有 2000 多輛公車，現在還監控車輛診斷數據，例如胎壓和怠速，並查看 Samsara 的燃油報告以節省成本。

In these 2 examples, we shared how Samsara's Connected Operations Cloud improves the efficiency and sustainability of operations through better data visibility. We're also investing in digitizing the worker experience by eliminating inefficient pen-and-paper processes, streamlining the user experience and delivering solutions for the modern workforce.

在這兩個範例中，我們分享了 Samsara 的互聯營運雲如何透過更佳的資料視覺性來提升營運效率和永續性。我們也致力於數位化員工體驗，消除低效率的紙筆辦公流程，簡化使用者體驗，並為現代勞動力提供解決方案。

For example, Superior Plus Propane is enhancing safety workflows to save lives. Superior is a leading U.S. propane distributor, serving 24 states with 2,300 trucks and more than 1,000 drivers. Within just 6 months of installing the AI Dash Cams and launching our video-based safety coaching programs, they achieved a 90% reduction in speeding. And on top of that, Superior has seen a 52% reduction in on-the-road accident costs and a 50% reduction in rollovers.

例如，Superior Plus Propane 正在改進安全工作流程，以挽救生命。 Superior 是美國領先的丙烷分銷商，服務於 24 個州，擁有 2,300 輛卡車和 1,000 多名司機。在安裝 AI 行車記錄器並推出基於視訊的安全培訓專案後，短短六個月內，他們的超速駕駛率就降低了 90%。此外，Superior 的道路交通事故成本降低了 52%，而翻車事故率降低了 50%。

Our customers are competing in a tight labor market, and our platform gives them a competitive edge in attracting, onboarding and retaining workers because we provide easy-to-use tools that are in line with the modern technologies they use every day. We're doubling down on transforming the worker experience with innovative new features that simplify day-to-day tasks, keep workers safe and ultimately make their workplaces more connected.

我們的客戶在競爭激烈的勞動力市場中競爭，而我們的平台為他們在吸引、入職和留住員工方面提供了競爭優勢，因為我們提供易於使用的工具，並與他們日常使用的現代技術相契合。我們正加倍努力，透過創新的新功能來改善員工體驗，這些功能可以簡化日常任務，保障員工安全，並最終使他們的工作場所更加互聯互通。

This quarter, we announced a number of new product features, including customizable driver workflows, in-cab nudges, multi-stop ETAs and remote support for administrators to streamline troubleshooting from anywhere. We believe we're in the early stages of a large market opportunity that has been underserved by technology. We want our Connected Operations Cloud to be the system of record for physical operations. As we bring more data into our platform, we're able to provide an increasing number of actionable insights and fundamentally reimagine the way our customers do business.

本季度，我們發布了一系列新產品功能，包括可自訂的駕駛員工作流程、車內提醒、多站點預計到達時間 (ETA) 以及方便管理員隨時隨地簡化故障排除的遠端支援。我們相信，我們正處於一個巨大市場機會的早期階段，而這一機會尚未得到充分的技術服務。我們希望我們的互聯營運雲 (Connected Operations Cloud) 成為實體營運的記錄系統。隨著我們平台中資料量的不斷增加，我們能夠提供越來越多切實可行的洞察，並從根本上重塑客戶的業務模式。

Take Liberty Energy for example. With Samsara as their system of record and our open API, Liberty Energy created a custom integration. They've connected real-time operations data from their machines to their tax software. As a result, they can more accurately represent their operations and more accurately report to the government. Because of this one integration, Liberty Energy expects to save $10 million every year. They've unlocked a new level of operational visibility, and this single integration more than pays for their Samsara investment.

以 Liberty Energy 為例。 Liberty Energy 使用 Samsara 作為記錄系統，並結合我們的開放 API，創建了客製化整合。他們將機器的即時營運數據連接到稅務軟體。因此，他們能夠更準確地呈現營運情況，並更準確地向政府報告。 Liberty Energy 預計，透過此次集成，每年可節省 1,000 萬美元。他們開啟了全新水準的營運視覺性，而此次整合帶來的回報遠超其對 Samsara 的投資。

We are delivering more value for customers by creating the largest open ecosystem for physical operations. This quarter, we announced new OEM partnerships with 2 of the largest U.S. automakers, Stellantis and General Motors; as well as Thermo King, a global leader in transport temperature control systems.

我們致力於打造最大的實體營運開放生態系統，為客戶創造更多價值。本季度，我們宣布與美國兩大汽車製造商Stellantis和通用汽車，以及全球領先的運輸溫控系統供應商Thermo King建立新的OEM合作夥伴關係。

With our increasing data asset, we're excited to scale our product offerings and double down on product innovation. This quarter, we continued to invest in our product leadership by hiring Jeffrey Hausman as Chief Product Officer from ServiceNow and appointing Kiren Sekar as our company's first Chief Strategy Officer. Jeff's strong background in cloud operations, data analytics and infrastructure technologies will help us as we scale. Kiren has led our product team since founding. In his new role as Chief Strategy Officer, he will continue leading new product incubation and development.

隨著數據資產的不斷增長，我們很高興能夠擴展產品線，並加倍投入產品創新。本季度，我們繼續投資於產品領導力建​​設，聘請了來自 ServiceNow 的 Jeffrey Hausman 擔任首席產品官，並任命 Kiren Sekar 為公司首任首席策略長。 Jeff 在雲端營運、數據分析和基礎設施技術方面的深厚經驗將有助於我們進一步擴展業務。 Kiren 自公司成立以來一直領導我們的產品團隊。在擔任首席策略長的新職位上，他將繼續領導新產品的孵化和開發。

We're also building capacity to serve increasing customer demand. We're seeing our remote work model unlock access to the global talent pool. As a result, Q2 was also our best hiring quarter since the pandemic began.

我們也正在提升產能，以滿足日益增長的客戶需求。我們的遠距辦公模式正在幫助我們拓展全球人才庫。因此，第二季也是疫情爆發以來我們招募業績最好的一個季度。

I'd like to end with a thank you to all Samsarians as well as our customers, partners and our investors for your continued support. We're still in the early stages of our tremendous market opportunity to digitally transform the world of operations. I'm looking forward to what we'll achieve next.

最後，我想感謝所有Samsarians員工以及我們的客戶、合作夥伴和投資者一直以來的支持。我們仍處於數位轉型營運領域巨大市場機會的早期階段。我期待著我們接下來的成就。

With that, I'll now hand it over to Dominic to go over the financial highlights from the quarter.

現在，我將把時間交給 Dominic，讓他回顧本季的財務亮點。

Thanks, Sanjit. As a reminder, please refer to our shareholder letter, press release and investor presentation at investors.samsara.com for additional information on our Q2 results and financial guidance.

謝謝，Sanjit。提醒一下，請參閱我們在 investors.samsara.com 網站上的股東信、新聞稿和投資者介紹，以獲取有關我們第二季度業績和財務指引的更多資訊。

Q2 was highlighted by strong top line growth and continued operating efficiency improvements. However, the quarter was also impacted by broader macroeconomic headwinds, which contributed to some instances of elongated sales cycles, such as higher levels of required deal approval, longer trial periods and intensified ROI validation compared to periods of stronger economic growth. Having said that, we saw no significant change in pipeline conversion or win rates for most of our core customers, and demand remains robust. We continue to be well positioned to directly reduce our customers' operating costs in an inflationary environment, and our results reflect the importance of digital transformation taking place across the world of physical operations.

第二季的亮點在於強勁的營收成長和持續的營運效率提升。然而，本季也受到了更廣泛的宏觀經濟逆風的影響，導致銷售週期有所延長，例如與經濟成長強勁的時期相比，交易審批要求更高、試用期更長以及投資回報率驗證更加嚴格。儘管如此，我們大多數核心客戶的銷售管道轉換率或贏單率並未顯著變化，需求依然強勁。在通膨環境下，我們持續佔據有利地位，能夠直接降低客戶的營運成本，我們的業績也反映了數位轉型在全球實體營運領域的重要性。

Q2 ending ARR was $663 million, growing 52% year-over-year, and Q2 revenue was $154 million, also growing 52% year-over-year. Several factors drove our strong top line performance in Q2, the first of which was a continued focus on landing and expanding with large customers. We now have 989 $100,000-plus ARR customers, a quarterly increase of 92 and an annual increase of 374 or 61% year-over-year growth.

第二季末年經常性收入 (ARR) 為 6.63 億美元，年增 52%；第二季營收為 1.54 億美元，年增 52%。我們第二季強勁的營收表現得益於多項因素，其中首要因素是持續專注於吸引和拓展大客戶。目前，我們擁有 989 位年經常性收入 (ARR) 超過 10 萬美元的客戶，季度新增 92 位，年度新增 374 位，較去年同期成長 61%。

More specifically, we saw strength within our largest customers. We ended Q2 with 41 $1 million-plus ARR customers, a record quarterly increase of 7 and almost doubling over the past year. While the majority of these additions were customer expansions, we also landed 2 new $1 million-plus ARR logos who are now top 15 customers, one of the world's largest crane and equipment companies and a top 10 less-than-truckload transportation carrier.

更具體地說，我們看到了我們最大客戶群的強勁成長。第二季末，我們擁有41位年平均收入（ARR）超過100萬美元的客戶，比上一季增加了7位，創歷史新高，比去年幾乎翻了一番。雖然新增客戶大多是客戶拓展，但我們也新增了兩位年平均收入超過100萬美元的客戶，他們目前是公司前15名客戶之一，其中還包括一家全球最大的起重機和設備公司，以及排名前10的零擔運輸公司。

Next, multiproduct transactions continue to significantly contribute to our top line growth, showing the strength of our Connected Operations Cloud in the market. 8 of our 10 largest deals in Q2 included subscriptions to 2 or more products, and 5 of the top 10 deals included 3 or more products. More broadly, more than 70% of core customers and more than 90% of large customers subscribe to multiple applications. We're also seeing multiproduct strength at scale. Our video-based Safety product crossed the $300 million ARR milestone, and Vehicle Telematics ended at more than $250 million of ARR.

其次，多產品交易持續顯著促進我們的營收成長，彰顯了我們互聯營運雲在市場上的強勁表現。第二季度，我們最大的10筆交易中有8筆包含2款或以上產品的訂閱，而前10筆交易中有5筆包含3款或以上產品的訂閱。更廣泛地說，超過70%的核心客戶和超過90%的大客戶訂閱了多個應用程式。我們也看到了多產品規模化的優勢。我們以視訊為基礎的安全產品突破了3億美元的年度經常性收入（ARR）里程碑，車載遠端資訊處理產品的年度經常性收入（ARR）也超過了2.5億美元。

And finally, while this was another strong quarter for our core products, our emerging products stood out in Q2. We saw a quarterly record 17% of net new ACV come from our nonfleet applications, including our second and third largest equipment monitoring deals ever. In fact, while nonfleet applications are more than 10% of ARR, our customer adoption is much higher. Almost half of our core multiproduct customers and almost 2/3 of our large multiproduct customers subscribe to nonfleet products. This shows the breadth of our customer adoption, and we see a significant opportunity to expand the depth of adoption within our customer base by monetizing a broader set of nonvehicle assets.

最後，雖然本季我們的核心產品表現強勁，但我們的新興產品在第二季也表現突出。我們季度創紀錄地實現了17%的淨新增平均車輛價值 (ACV) 來自非車隊應用，其中包括我們歷史上第二大和第三大的設備監控交易。事實上，雖然非車隊應用占平均車輛收入 (ARR) 的10%以上，但我們的客戶採用率要高得多。我們近一半的核心多產品客戶和近三分之二的大型多產品客戶訂購了非車隊產品。這展現了我們客戶採用的廣度，我們看到了透過將更廣泛的非車輛資產貨幣化來擴大客戶群採用深度的巨大機會。

In addition to our strong top line performance, we continue to focus on driving operating efficiency improvements across our business as we scale. As a result, we saw strong year-over-year leverage across all functions. Our Q2 non-GAAP gross margin was 73%, a year-over-year improvement of 1 percentage point, primarily from product optimizations, improved onetime commercial strategies and larger scale.

除了強勁的營收表現外，隨著業務規模的擴大，我們持續致力於提升整個業務的營運效率。因此，所有職能部門的槓桿率均較去年同期強勁成長。第二季非公認會計準則下的毛利率為73%，較去年提升1個百分點，主要得益於產品優化、一次性商業策略的改進以及規模的擴大。

Our operating margin was negative 13%, an annual improvement of more than 50% or approximately 17 percentage points year-over-year, driven by leverage across all functions. And our adjusted free cash flow margin improved by more than 20 percentage points year-over-year. Over the past couple of years, free cash flow margin began to lag operating margin due to the global supply chain disruption and the associated increase in component and logistics costs. However, we started to see free cash flow margin converging in Q2 of this year, and we expect that trend to continue with supply chain improvements. As a result, we believe operating margin is a good leading indicator for profitability while we continue to navigate a supply chain constrained environment.

我們的營業利益率為負13%，較去年同期改善超過50%，或約17個百分點，這得益於所有職能部門的槓桿率提升。我們的調整後自由現金流利潤率較去年同期改善超過20個百分點。過去幾年，由於全球供應鏈中斷以及隨之而來的零件和物流成本上升，自由現金流利潤率開始落後於營業利潤率。然而，我們在今年第二季開始看到自由現金流利潤率趨於一致，並且我們預計隨著供應鏈的改善，這一趨勢將持續下去。因此，我們認為，在我們繼續應對供應鏈受限的環境中，營業利潤率是獲利能力的良好領先指標。

Okay. Now turning to guidance. For Q3, we expect total revenue to be between $154 million and $156 million, representing year-over-year growth between 35% and 37%, and non-GAAP operating margin to be approximately negative 20%. Based on our Q2 results and increased forecast clarity for the second half of the year, we're raising our full year revenue guidance to be between $610 million and $614 million or between 42% and 43% year-over-year growth.

好的。現在談談業績指引。對於第三季度，我們預計總營收將在 1.54 億美元至 1.56 億美元之間，年增 35% 至 37%，非 GAAP 營業利潤率約為負 20%。基於我們第二季的業績以及下半年預測的進一步清晰，我們將全年營收指引上調至 6.1 億美元至 6.14 億美元之間，年增 42% 至 43%。

In addition to increasing our top line guidance, we continue to focus on achieving savings through improved operating efficiencies. As a result, we're also raising our FY '23 non-GAAP operating margin guidance to negative 18%. And finally, we also included some additional modeling notes for Q3 and full year FY '23 in our shareholder letter.

除了上調營收指引外，我們也將持續致力於透過提升營運效率來實現成本節約。因此，我們也將2023財年非公認會計準則下的營業利潤率指引上調至-18%。最後，我們也在致股東的信中補充了一些針對2023財年第三季和全年的額外模型說明。

To wrap up, while we're operating in an uncertain macroeconomic environment, we are pleased with our performance in the first half of the year. We are digitizing the world of physical operations, and our cloud is becoming our customers' system of record. As a result, we remain committed to driving durable growth along with improved operating efficiencies on our path to profitability.

總而言之，儘管宏觀經濟環境充滿不確定性，但我們對上半年的表現感到滿意。我們正在將實體營運數位化，我們的雲端服務也正在成為客戶的記錄系統。因此，我們將繼續致力於推動永續成長，並在獲利的道路上提升營運效率。

With that, I'll hand it over to Mike to moderate Q&A.

說完這些，我會把時間交給 Mike 來主持問答環節。

Thank you, Dominic. We will now open the line for questions. (Operator Instructions) The first question today comes from Alex Zukin at Wolfe, followed by Matt at William Blair.

謝謝多米尼克。我們現在開始提問。 （接線員指示）今天第一個提問者是沃爾夫圖書館的亞歷克斯·祖金 (Alex Zukin)，其次是威廉·布萊爾圖書館的馬特 (Matt)。

Can you hear me okay?

你聽見我說話嗎？

Yes, yes, we can hear you.

是的，是的，我們能聽到你的聲音。

Perfect. So look, I think a really strong quarter. Congrats. One of the standout features that I saw at least was how much of the net new ACV is coming from kind of the emerging product category. And I mean you spoke about multiple million-dollar deals where those upsells came together. So I guess for investors that are looking to kind of dream the platform dream longer term, was it -- did you feel like that was more of a focus internally and a push from a go-to-market team? Was it a pull from customers looking to do more with the platform? And is it -- was this an inflection point type of quarter? Was it just a confluence of events? Because particularly on a macro backdrop, that seemed really, really strong. And I've got a quick follow-up.

完美！所以，我認為這是一個非常強勁的季度。恭喜！至少我看到的一個突出特點是，新增年度合約價值（ACV）的很大一部分來自新興產品類別。我的意思是，您提到了多個數百萬美元的交易，這些交易是由這些追加銷售共同促成的。所以，對於那些希望長期實現平台夢想的投資人來說，您覺得這更多的是內部關注和市場推廣團隊的推動嗎？還是來自希望利用平台做更多事情的客戶？這是一個拐點式的季度嗎？還是僅僅是一系列事件的匯合？因為尤其是在宏觀背景下，這看起來非常非常強勁。我接下來想問一下。

So Alex, I'll take that one. This is Sanjit. I would say it was probably more pull than push from us. In general, our sales team is a [generalist] organization. They're able to sell all the products and really focus on solving customer problems. We saw customers realize that they can digitize more of their physical operations in terms of other nonvehicle fleet assets, for example, trailers, generators, compressors, bulldozers, yellow-iron equipment using construction and so on.

那麼，Alex，我接這個。我是Sanjit。我想說，我們可能更多的是拉動而不是推動。總的來說，我們的銷售團隊是一個[通才]團隊。他們能夠銷售所有產品，並真正專注於解決客戶問題。我們看到客戶意識到，他們可以將更多非車輛車隊資產（例如拖車、發電機、壓縮機、推土機、用於建築的黃鐵設備等）的實體運作數位化。

So I think now the market is starting to realize that this expands well beyond just fleets of vehicles to all kinds of operational assets. And that pull is what we see reflecting that 17% of net new ACV. We're going to continue to invest in that product line and make sure it's well integrated in our platform and connected across all the reports and APIs. But I think this is a bit more of the market starting to realize you can digitize a lot more.

所以我認為現在市場開始意識到，數位化的範疇遠不止於車隊，而是擴展到各種營運資產。我們看到的這種吸引力體現在17%的新增平均年價值淨值。我們將繼續投資該產品線，確保它與我們的平台完美集成，並與所有報告和API連接。但我認為這更表明市場開始意識到數位化可以實現更多。

I think that we've tried to call this out at Investor Day and in the shareholder letter. I think what gets us excited is that while nonfleet applications is over 10% of our ARR, we're seeing a much higher customer adoption. So almost 50% our multiproduct core customers and almost 2/3 of our multiproduct large customers are already using a nonfleet application. And we called out in the letter, a lot of these are coming through expansions.

我覺得我們在投資人日和致股東信中都強調過這一點。讓我們興奮的是，雖然非車隊應用占我們年度經常性收入 (ARR) 的 10% 以上，但我們看到客戶採用率大幅提升。我們近 50% 的多產品核心客戶和近三分之二的多產品大客戶已經在使用非車隊應用。我們在致股東信中也提到，其中許多應用是透過擴展來實現的。

And so our -- 1 of our top 5 customers who was already using us for telematics and for safety and equipment has decided to bring some additional nonvehicle assets online, and it was an expansion to a large customer. And so I think we're -- based on the adoption that we're already seeing, we're really excited about the ability to go back to our existing customers and bring online a broader set of assets.

因此，我們五大客戶中的一家，之前一直在使用我們的遠端資訊處理、安全和設備解決方案，現在決定將一些額外的非車輛資產上線，這是對大客戶的一次擴展。所以，我認為，基於我們已經看到的採用情況，我們非常高興能夠回到現有客戶，並將更廣泛的資產上線。

That makes a lot of sense, and it's great to see. I guess just a follow-up, Dom, for you. Just want to understand when you think about -- when you see the macro sensitivities that you talked about, the elongating sales cycles, clearly, net new ARR in the quarter was very strong. Did you feel an impact or a headwind from those things on net new ARR? Would it have been stronger if not for that? And/or what's the right way to think about comparing net new ARR seasonality, linearity on a go-forward basis with that macro backdrop?

這很有道理，很高興看到這一點。 Dom，我想補充一下。我想了解一下，當你考慮到你提到的宏觀敏感性，例如銷售週期延長，本季淨新ARR（NPR）顯然非常強勁。你是否感受到這些因素對淨新ARR的影響或阻力？如果沒有這些因素，淨新ARR會更強勁嗎？或者，在宏觀背景下，如何正確地比較淨新ARR的季節性和線性？

Yes. We are definitely seeing elongated sales cycles. And so customers are using more rigor as they're going through the process of signing the contract. They are really making sure that they're nailed down on the ROI analysis. They're at times asking to do longer trials and making sure that they've got the right internal resources to go through the deployment and so that they're getting the ROI as quickly as possible. And so we definitely saw some elongated sales cycles, and that probably had some impact on the top line.

是的。我們確實看到銷售週期延長了。因此，客戶在簽訂合約時更加嚴格。他們確實在確保投資報酬率分析的準確性。有時，他們會要求進行更長的試驗，並確保擁有合適的內部資源來完成部署，以便盡快獲得投資回報。因此，我們確實看到一些銷售週期延長了，這可能對營收產生了一些影響。

I think specifically, we were a little stronger in some areas. So we called out nonfleet applications. It was a pretty good international quarter. We talked about the large customer momentum. It was a strong renewals quarter. We were a little softer in some other areas. And really, that came in with our smallest customer. Small customer segment is a little bit more impacted by macro. But I think we're also excited that for the year, we're ahead on our profitability goals, and that really allowed us to move up our full year guidance. And so we've got some really good kind of levers where we can make adjustments to how we're spending money based on what we're seeing from top line performance.

我認為具體來說，我們在某些​​領域表現略強。所以我們重點提到了非機隊應用。這是一個相當不錯的國際季度。我們談到了大客戶的成長動能。這是一個續約強勁的季度。我們在其他一些領域表現略弱。這實際上與我們的小型客戶有關。小型客戶群受宏觀經濟的影響更大。但我認為，我們也很高興，今年我們超額完成了獲利目標，這確實讓我們能夠上調全年預期。因此，我們掌握了一些非常好的槓桿，可以根據營收表現來調整資金支出方式。

Perfect. Congrats on a great quarter.

太棒了！恭喜本季取得佳績。

Our next question comes from Matt at William Blair, followed by [Bob] at Morgan Stanley.

下一個問題來自 William Blair 的 Matt，然後是摩根士丹利的 [Bob]。

Great quarter. Wanted to first ask on the 2 $1 million-plus new logos that you added in the quarter. Have you ever signed initial deals of this size? And then with these customers, are they just larger than some of the customers that you've added in the past, and that's what drove the large deal size? Or are there other factors that made these customers feel comfortable committing to that large of a deal initially?

這個季度很棒。首先想問一下你們本季新增的兩個價值超過100萬美元的新客戶。你們之前有簽過這麼大規模的初始交易嗎？這些客戶是否比你們過去新增的一些客戶規模更大，所以才促成了這麼大規模的交易？還是有其他因素讓這些客戶最初願意簽下這麼大的交易？

Yes. I mean so we called out we now have 41 customers paying more than $1 million of ARR. Several of those landed as new logos at more than $1 million of ARR. Though it tends to be that the majority of those were expansions to existing customers that have added more assets over time, I think we did -- out of all of last year FY '22, throughout the entire year, we did 2 $1 million-plus new logos all year, and we just did 2 in Q2, and I would expect more to come in the back half of the year. And so we have the ability to land at that size or have customers kind of expand.

是的。我的意思是，我們之前公佈過，現在有41位客戶的年經常性收入（ARR）超過100萬美元。其中幾位是作為新標誌獲得的，年經常性收入也超過100萬美元。雖然通常情況下，這些新標誌大多是對現有客戶的擴展，這些客戶隨著時間的推移增加了資產，但我認為我們確實做到了——在去年22財年全年，我們全年就推出了2個年經常性收入超過100萬美元的新標識，第二季度就推出了2個，我預計下半年還會有更多新標識。因此，我們有能力達到這樣的規模，或讓客戶規模有所擴大。

And I think it's just a testament to the investments that we've made and really going after the enterprise segment, going after large customers. There's a lot of go-to-market investment required. There's a lot of R&D investment required. And these deals just take time to come together. And so we're really happy to see those investments and that effort paying off in Q2.

我認為這正好證明了我們所做的投資，以及我們真正瞄準企業級市場和大客戶的努力。這需要大量的市場進入投資，也需要大量的研發投入。這些交易需要時間來達成。因此，我們很高興看到這些投資和努力在第二季度取得了回報。

Okay. Great. And just a follow-up on the margin guidance. So the -- it implies the back half being a lower margin than the second quarter. Is that just a strong hiring quarter in Q2 layering on in the back half? Or are there other factors that we should think about?

好的。太好了。接下來想問一下利潤率指引。這意味著下半年的利潤率會低於第二季。這只是因為第二季的招募強勁，對下半年的利潤率產生了影響嗎？還是還有其他因素要考慮？

Yes. I think it's 2 things. One, while Q2 was a record hiring quarter for us, a lot of it was back-end loaded. So you'll see more of that expense hit in Q3. And there was also some timing of expenses that we had thought would hit in Q2 that ultimately are going to happen more in the back half of the year. I think what we would just focus investors on is really the full year guidance was minus 20% for operating margin is now improving to minus 18%. And we effectively -- the entire implied operating profit beat in Q2 is effectively flowing through to have that full year margin go up to negative 18%.

是的。我認為有兩點。首先，雖然第二季度是我們招募創紀錄的季度，但其中許多都是後端支出。所以你會看到第三季這些費用的衝擊更大。此外，我們原本認為會在第二季度衝擊的一些費用，最終會在下半年發生更多。我認為我們真正想讓投資者關注的是，全年預期營業利潤率從-20%提升至-18%。實際上，第二季隱含的營業利潤超出預期，導致全年利潤率上升至-18%。

Our next question comes from [Bob] at Morgan Stanley, followed by Michael at Wells Fargo. Bob , I think you're on mute.

下一個問題來自摩根士丹利的[鮑伯]，然後是富國銀行的麥可。鮑勃，我想你靜音了。

Sorry. Can you hear me now?

抱歉。現在你能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Sorry. Again, congratulations on a solid quarter. Most of my questions were answered, but just one quick question on your ARR for $1 million-plus customers. Understand that most of those deals take a long time to come to fruition. Are there any large deals on the horizon, let's say, in the next 6 months, that could dramatically impact your ARR growth trajectory going forward? And do you see any macro impact on those large deals in the second half?

好的。抱歉。再次恭喜您本季業績穩健。我的大部分問題都得到了解答，但還有一個關於您針對100萬美元以上客戶的年度經常性收入（ARR）的簡短問題。請理解，大多數此類交易都需要很長時間才能實現。請問，未來6個月內，是否有任何大型交易可能會對您未來的ARR成長軌跡產生重大影響？您認為這些大型交易會在下半年產生什麼宏觀影響嗎？

No. I mean I think if you look at our overall customer base today, we don't have any massively large customers that are driving a significant portion of our ARR. And so I don't expect there to be any sort of large material swing deals that could have a material impact on the trajectory of our ARR for the rest of the year.

不。我的意思是，如果你看看我們目前的整體客戶群，你會發現我們並沒有任何大型客戶可以大幅提升我們的ARR。因此，我預計不會出現任何可能對我們今年剩餘時間ARR走勢產生重大影響的大型實質波動交易。

Our next question comes from Michael at Wells Fargo, followed by Kash at Goldman.

我們的下一個問題來自富國銀行的邁克爾，然後是高盛的卡什。

Nice job with the Q2 results. I mean it's been fairly consistent. You're adding 90 -- more than 90 customers consistently each quarter on the $100,000 customer metric. You mentioned 60% of the expansions there with existing customers. Maybe you could just, Dom, touch on the visibility you have into that expansion path with the existing customer base. And is there anything that you're seeing that would suggest a change at all on how you'd expect the trend on net new versus expansion mix to trend from here?

第二季的業績表現不錯。我的意思是，業績相當穩定。以10萬美元客戶為衡量標準，你們每季都穩定地新增90——甚至超過90個客戶。你提到60%的擴張來自現有客戶。 Dom，你能不能談談你們對現有客戶群擴張路徑的了解？你觀察到的哪些情況預示著你對淨新增客戶與擴張客戶組合趨勢的預期會有所改變？

We've got a really nice balance right now of our net new ACV coming from -- about half from expansion to half from new logos, and it's been pretty consistent over the last several quarters, over the last year. And so I would expect that to ultimately roll forward. There's such a large opportunity in front of us of landing new customers. And the typical buying pattern is a land and expand. So they'll start with one product or a certain set of assets, and maybe they'll start with -- in one subsidiary or one geography, and then they'll roll out more over time. And as they get value out of the Samsara platform, they'll add more assets onto the platform. And so we think that, that motion -- that customer adoption motion will continue.

目前，我們的淨新增ACV（平均價值）來源非常均衡——大約一半來自業務擴張，一半來自新標識，而且在過去幾個季度，甚至過去一年，這種平衡一直保持得相當穩定。因此，我預計這種平衡最終會持續下去。我們面前有巨大的機會吸引新客戶。典型的購買模式是先落地再擴張。他們會從一款產品或一套特定的資產開始，也許先在一家子公司或一個地區開始，然後隨著時間的推移推出更多產品。隨著他們從Samsara平台獲得價值，他們會在平台上添加更多資產。因此，我們認為，客戶採用這種趨勢將會持續下去。

That's great. And just the smaller follow-up on the op margin versus free cash flow margin relationship. You did a good job in providing us with some useful disclosure at the Investor Day around the dynamics there. The commentary suggests that supply chain impacts may be starting to normalize on the margin, and that gap is starting to shrink. Can you just walk us through what you're seeing there currently and how we should think about modeling a few scenarios there? Or anything to be mindful of just in the back half of the year as we kind of layer some of these new assumptions on?

太好了。接下來是關於營業利益率與自由現金流利潤率之間關係的一個小問題。您在投資者日很好地披露了一些關於這方面動態的有用資訊。評論指出，供應鏈對利潤率的影響可能正在開始正常化，而且差距正在縮小。您能否簡單介紹一下目前在這方面看到的情況，以及我們應該如何模擬一些情境？或者，在我們考慮這些新假設的下半年，有什麼需要注意的嗎？

So Michael, why don't I start with the kind of context on the supply chain, if Dominic wants to add on any details on free cash flow versus operating margin. We are seeing improvement in our upstream supply chain. So it's been fairly consistent over the last couple of months. Our key components, we have greater visibility into. A lot of the smaller passive components are more readily available on the market. And the automotive components have been actually the most challenging to procure. And we're seeing signs of recovery, especially as we look forward to early calendar year '23.

Michael，如果Dominic想補充一些關於自由現金流與營業利潤率的細節，我先從供應鏈的背景談起。我們看到上游供應鏈正在改善，過去幾個月一直保持相當穩定的狀態。我們對關鍵零件的可視性更強了。很多小型被動元件在市場上更容易買到。而汽車零件其實是最難購買的。我們看到了復甦的跡象，尤其是在展望2023年初的時候。

And then on top of that, we've been able to manage our costs a little bit better in terms of stabilizing and shifting more of our freight to ocean as opposed to by air. So I think the way that we're thinking about it is while we're not out of the woods yet, costs are still elevated from where they were a couple of years ago. We are seeing that recovery happen in the supply chain, and that's showing through in the cash flow.

除此之外，我們還能夠更好地控製成本，例如穩定貨運量，並將更多貨運轉向海運而非空運。所以我認為，我們目前的想法是，雖然我們尚未擺脫困境，但成本仍然比幾年前更高。我們看到供應鏈正在復甦，這體現在現金流上。

Yes. And I would just, again, point to the shareholder letter and the investor deck, where we've got the chart with the gross margin, operating margin and free cash flow margin at the bottom. We have this table that shows kind of the difference between operating margin and free cash flow margin. And you can see like in Q2 of last year, the gap was 16% at Investor Day. And in Q1, we talked about the Q1 FY '23 difference was 18%. And now it's down to 12% in Q2. I would expect that gap to continue to shrink in Q3 and Q4. As to Sanjit's point, we get more visibility over supply chain and operate in a more kind of normal environment.

是的。我再次強調，我想指出的是股東信和投資者資料，我們在底部有一張圖表，上面列出了毛利率、營業利潤率和自由現金流利潤率。這張表格大致顯示了營業利益率和自由現金流利潤率之間的差異。您可以看到，去年第二季度，投資者日的差距是16%。在第一季度，我們談到2023財年第一季的差距是18%。現在，第二季的差距已經縮小到12%。我預計第三季和第四季的差距會繼續縮小。至於Sanjit的觀點，我們對供應鏈的透明度更高，營運環境也更加正常。

Our next question comes from Kash at Goldman, followed by Matt at RBC. Kash, you're on mute. Okay. Let's move forward. Let's go to Matt at RBC.

下一個問題來自高盛的Kash，接下來是加拿大皇家銀行的Matt。 Kash，你靜音了。好的。我們繼續提問。接下來是加拿大皇家銀行的Matt。

This is Anushtha for Matt Hedberg. Can you hear me okay?

我是 Matt Hedberg 的 Anushtha。你聽見我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Yes. So I wanted to ask about -- just a follow-up question on the elongated deal cycles that you noted. Did you see that play out in any specific industries? Or was it more or less broad-based?

是的。所以，我想問一下——關於您提到的延長交易週期的一個後續問題。您是否發現這種情況在某些特定行業中存在？還是說，這種現像或多或少是普遍存在的？

I would say the effect we've seen has been broad-based. It's not any particular industry, whether it's transportation or energy utilities or even the local governments we serve. I would say everyone is making sure they've got that ROI case lined up and that they have their teams ready to deploy. And I think Dominic highlighted that's the sort of underlying reason. That's, again, not specific to a single industry.

我想說，我們看到的影響是廣泛的。它不局限於任何特定行業，無論是交通運輸、能源公用事業，還是我們服務的地方政府。我想說，每個人都在確保自己準備好投資報酬率案例，並準備好隨時部署團隊。我認為多明尼克強調了這一點，這才是根本原因。再次強調，這並非針對某個特定產業。

Got it. And then could you talk about how sustainable the digitization trend in physical operations has been in an unstable macro environment? How do the customer conversations evolve in such an environment?

明白了。那麼，您能否談談，在宏觀環境不穩定的情況下，實體營運的數位化趨勢的可持續性如何？在這樣的環境下，顧客對話會如何演變？

So I would say this trend towards digitization has been a kind of long arc, and it's continuing. They're actually seeing more opportunities and business reasons to drive the digitization. As you think about challenges in the supply chain, I mentioned it a little bit earlier in the call, but it's hard to procure trailers. It's hard to procure equipment in this environment. And so we see customers trying to be more efficient with their asset utilization. I think they're also thinking about their own cash and can they take some of those underutilized assets and remarket them, sell them off, in other words, to raise cash and reinvest in their business.

所以我想說，數位化趨勢就像一條漫長的弧線，而且仍在持續。他們實際上看到了更多推動數位化的機會和商業理由。說到供應鏈中的挑戰，我在電話會議中稍早提到過，現在採購拖車很困難。在這種環境下採購設備也很困難。因此，我們看到客戶正在努力提高資產利用效率。我認為他們也在考慮自己的現金，能否拿出一些未充分利用的資產進行再行銷，或者說出售，換句話說，籌集現金並再投資於業務。

We also see fuel prices have fluctuated quite a lot over the last quarter and really over the past year. We've seen some recovery now. But even if you take a closer look at the price of diesel, it's elevated. And so many of our customers are saying, can we become more efficient and more sustainable? In other words, use less fuel using all of this data. So I would say these are all the sort of tailwind effects that we have that are in favor of digitization. It just is, simply, these customers are going through a transformation. It's new for them.

我們也看到，燃油價格在過去一個季度甚至過去一年波動很大。現在有所回升。但即使仔細觀察柴油價格，也會發現它仍然高漲。很多客戶都在問，我們能否提高效率、增強永續性？換句話說，利用這些數據來減少燃油消耗。所以，我想說，這些都是我們數位轉型的順風效應。簡而言之，這些客戶正在經歷一場轉型。這對他們來說是全新的體驗。

Our next question comes from Derrick, followed by Kirk at Evercore.

我們的下一個問題來自德里克 (Derrick)，然後是 Evercore 的柯克 (Kirk)。

Congrats, guys, on a strong quarter. Sanjit, you mentioned that you guys hired a new Chief Product Officer, came from ServiceNow, ran the IT operations portfolio. Are there any new product strategies to call out or anticipate coming down the pike? And in particular, just this notion of maybe having tiered pricing and going after new monetization strategies. Just any thoughts to share on potential new pricing or packaging strategies?

恭喜大家，本季業績強勁。 Sanjit，你提到你們聘請了一位新的首席產品官，他來自ServiceNow，負責IT營運組合。有什麼新的產品策略可以分享或預測嗎？特別是關於分級定價和新的獲利策略。關於潛在的新定價或打包策略，你有什麼想法可以分享嗎？

So Derrick, for us, this is about -- it's a building for the long-term kind of view. And we're really excited to have Jeff on board because he has seen the scale that we're approaching now as we continue to grow as a company. We're also serving many more of these larger, more complex customers who have these $1 million-plus ACV footprints. And there's an opportunity there to continue layering on new products and new innovation.

所以，德瑞克，對我們來說，這關乎──這是一場著眼長遠的建設。我們非常高興傑夫加入我們，因為他看到了我們公司在不斷發展壯大過程中所達到的規模。我們也正在服務更多規模更大、業務更複雜的客戶，他們的ACV（平均價值）超過100萬美元。這為我們繼續推出新產品和創新提供了機會。

We don't have any specific pricing model changes or new packages to announce on this call, but it is something we are thinking about, which is as we continue to invest in R&D, what's the right way to package and price those innovations. And so that's something that Jeff will work on in the next couple of years.

在這次電話會議上，我們不會宣布任何具體的定價模式變更或新的套餐，但我們正在思考一個問題：隨著我們繼續投入研發，如何才能正確地打包和定價這些創新產品。傑夫將在未來幾年內著手解決這個問題。

Great. And Dom, one for you. Just in terms of your assumptions within guidance in regards to the macro. I mean are you expecting conditions to stay the same through the year, a slight elongation of sales cycles but no material impact to demand, I guess, maybe a little slower weakness at the lower end, better durability at the upper end? Any thoughts on what inputs you put into the guidance for second half?

太好了。 Dom，我想問你一個問題。關於你對宏觀經濟預測的假設，我的意思是，你是否預期全年情況會保持不變，銷售週期會略微延長，但對需求不會產生實質影響？我猜，低端市場疲軟程度可能會有所減緩，而高端市場的耐用性可能會有所增強？你對下半年的預測有什麼看法？

Yes, yes. So I think our view is that for the second half of the year, we think that the customer demand, the pipeline, the win rates, all of those things, we expect to remain strong because of this trend, digital transformation in the world of physical operations. We don't think that's going away. And again, this is a solution that plays really well in this type of environment where we can help customers directly reduce their operating costs. We also do expect that the macro headwinds, broader uncertainty are going to continue, the elongated sales cycles. We expect that, that will continue as there's kind of economic uncertainty.

是的，是的。所以我認為，我們認為下半年客戶需求、通路、贏單率等等都將保持強勁，這得益於實體營運領域的數位轉型趨勢。我們認為這種趨勢不會消失。而且，在這種環境下，這是一個非常有效的解決方案，我們可以幫助客戶直接降低營運成本。我們也預計，宏觀經濟逆風、更廣泛的不確定性以及銷售週期延長將持續存在。我們預計，由於存在某種經濟不確定性，這種情況將持續下去。

I think the way that we view it, though, is like while we can't control the broader macro impact, we are really using this as an opportunity to drive even more profitability. And so that is something that is really within our control. And we'll balance the way that we kind of spend money based on what we're seeing on the top line. We were able to raise our operating margin, our free cash flow margin for the rest of the year, and we're continuing to look for ways to find other efficiencies within our business.

不過，我認為我們的看法是，雖然我們無法控制更廣泛的宏觀影響，但我們確實將其視為提升獲利能力的機會。所以，這其實是我們能夠掌控的。我們會根據營收狀況來平衡我們的支出方式。我們能夠提高今年剩餘時間的營業利潤率和自由現金流利潤率，並且我們將繼續尋找方法來提升業務效率。

Our question comes from Kirk at Evercore, followed by Ella at JPMorgan.

我們的問題來自 Evercore 的 Kirk，其次是摩根大通的 Ella。

This is actually Peter Burkly on for Kirk. So obviously, you're getting a lot of questions about the macro. So kind of just following along that train of thought. Intuitively, it would make sense that the telematics piece of the business would sort of hold up better given companies are looking for ways to rein in their spending. And so having the ability to make more informed decisions regarding fuel efficiency and the like would be helpful. So just curious, is that a fair characterization? And if not, is there anything that you guys would call out as it relates to strength in any other products specifically?

我是 Peter Burkly，代替 Kirk 提問。顯然，您有很多關於宏觀經濟的問題。我順著這個思路繼續說。直覺上，鑑於各大公司都在尋求控制支出的方法，遠端資訊處理業務應該會表現得更好。因此，能夠在燃油效率等方面做出更明智的決策會很有幫助。我很好奇，這種描述是否合理？如果不合理，你們能否具體指出它與其他產品的優勢？

So Peter, this is Sanjit. It's interesting. I was just on a customer tour where Jeff and I visited probably 8 or 10 customers in a pretty short time span. And there was a lot of interest not just for telematics but also our safety products. Turns out people get into accidents regardless of the interest rate. And so they are thinking about how do they manage those insurance payout costs. That's a very real business problem for them.

彼得，我是桑吉特。這很有意思。我剛剛參加了一次客戶巡訪，傑夫和我短時間內拜訪了大概8到10位客戶。他們不僅對我們的遠端資訊處理感興趣，對我們的安全產品也非常感興趣。事實證明，無論利率如何，人們都會遭遇事故。所以他們正在思考如何管理這些保險理賠成本。這對他們來說是一個非常現實的業務問題。

We talked about some of the value proposition of connected equipment, getting better asset visibility. So I would say it's really all of these pillars are working in favor. And we're seeing that as we land new customers, they're landing as multiproduct transactions. So we hear from our customers. They are investing in that platform and digitization across their operations, not just specifically telematics. And that's exactly what we're building towards.

我們討論了互聯設備的一些價值主張，以及提高資產可視性。所以我認為所有這些支柱實際上都在發揮作用。我們看到，隨著我們獲得新客戶，他們正在以多產品交易的形式出現。我們聽到了客戶的回饋。他們正在投資該平台，並在其營運中實現數位化，而不僅僅是遠端資訊處理。這正是我們正在努力的方向。

Okay. Great. That's helpful color, Sanjit. appreciate that. If I could sneak in one more maybe. You guys obviously have a pretty impressive growth trajectory. But again, just curious, given the dynamics in the macro today, how you're sort of thinking about that ramp to profitability. Just wondering if there's any levers in particular that you'd call out. Or is it more kind of on the flip side still, sort of full steam ahead from your guys' perspective in terms of just investing for growth?

好的。太好了。 Sanjit，你的描述很有幫助。非常感謝。如果我可以再補充一點的話。你們的成長軌跡顯然非常令人印象深刻。但是，考慮到目前宏觀經濟的動態，我只是好奇，你們是如何看待獲利能力提升的？我想知道你們有什麼特別的槓桿可以藉鏡嗎？或者，從你們的角度來看，這更像是一種逆勢成長，在成長投資方面全力以赴？

No. It's definitely the former. I mean this has become a big priority for us internally. We've got a number of projects underway to really accelerate our time line to breakeven. I think -- and we've shown that our operating margin improved by more than 50% year-over-year, more than 20 percentage points of free cash flow improvement. And so it is a big focus. We expect to see continued leverage year-over-year, and we're focused on marching toward -- for breakeven.

不，肯定是前者。我的意思是，這已經成為我們內部的一大優先事項。我們正在進行一系列項目，以真正加快收支平衡。我認為——而且我們已經證明，我們的營業利潤率同比增長了50%以上，自由現金流增長了20%以上。所以這是一個重點。我們預期槓桿率將持續逐年上升，我們專注於達到收支平衡。

Our next question comes from Ella at JPMorgan, followed by Kash at Goldman.

我們的下一個問題來自摩根大通的 Ella，然後是高盛的 Kash。

My first question, I was curious, which verticals are you seeing particular strength in right now? And where might there be possible weaknesses?

我的第一個問題是，您目前認為哪些垂直領域特別有優勢？哪些領域可能存在弱點？

Ella, this is Sanjit. I would say in general, we're seeing strong demand across industry segments. I wouldn't necessarily call out a single vertical. And it's -- again, we talked about some of the themes beyond digitization. There are different dynamics at play in each of the markets we serve. Labor shortages are kind of common across the board. But I don't know, Dominic, if you have any other sort of color on that.

埃拉，我是桑吉特。我想說的是，總的來說，我們看到各個行業領域的需求都很強勁。我不一定會具體指出某個垂直行業。而且──我們再次討論了數位化之外的一些主題。我們服務的每個市場都存在著不同的動態。勞動力短缺在各個領域都很普遍。不過，多明尼克，我不知道你對此還有其他什麼看法。

Yes. I mean I think just digitizing the world of physical operations like moves across all of these segments. Every industry right now is looking for ways to improve efficiency, to lower cost regardless of industry, and that's really what we're building towards and what we're selling into. And so we're seeing really strong customer demand across all verticals.

是的。我的意思是，我認為將實體營運數位化會觸及所有這些領域。目前，每個產業都在尋找提高效率、降低成本的方法，無論產業為何，而這正是我們的目標，也是我們銷售的目標。因此，我們看到所有垂直領域的客戶需求都非常強勁。

That's really helpful. And as a quick follow-up, I was curious, does the profitability of verticals differ materially? Are certain verticals considered more profitable than others?

這真的很有幫助。接下來想問一下，不同垂直產業的獲利能力是否有顯著差異？某些垂直行業的獲利能力是否比其他行業更高？

No. It's the same. I mean if you just think about our overall cost stack, our cloud cost, our cellular cost, the IOT device costs, our go -- the way that we compensate go-to-market, R&D, all of that is the same across all verticals. It's a horizontal industry-wide platform.

不，是一樣的。我的意思是，如果你想想我們的整體成本，我們的雲端成本、蜂巢成本、物聯網設備成本，以及我們補償市場進入成本和研發成本的方式，所有這些在所有垂直領域都是一樣的。這是一個橫向的全產業平台。

So let's try back with our last question with Kash.

那麼讓我們回顧一下 Kash 的最後一個問題。

Can you hear me okay?

你聽見我說話嗎？

Yes, I can hear you, Kash. Great.

是的，我能聽到你的聲音，Kash。太好了。

All right. Great improvement in operating margin and free cash flow progress here. I wanted to just ask you, given that you didn't see any big challenges in your business, maybe the value proposition of the product is so high that I wonder that if you're in a position to actually raise prices and that be absorbed well by our market, we should be obviously great for helping the profitability. I'm wondering if you've given thought to that proposition.

好的。營業利益率和自由現金流都有了很大的提升。我想問一下，鑑於您的業務沒有遇到任何重大挑戰，也許是因為產品的價值主張很高，所以我認為，如果您能夠真正提高價格，並且我們的市場能夠很好地消化這些產品，這顯然會對盈利能力有很大幫助。我想知道您是否考慮過這個建議。

And also secondly, your input costs. I mean at what point does the supply situation, inventory situation settle down? And we're already starting to hear inventories build up at lower cost. And at what point would that be passed along to you as was you -- potentially, if you want, raising prices, your input costs could also go down? Where are we in that? Or is that too much of a stretch?

其次，還有你們的投入成本。我的意思是，供應和庫存狀況什麼時候會穩定下來？我們已經開始聽到庫存以較低的成本增加的消息。什麼時候這些成本會轉嫁到你們身上？如果你們願意，提高價格，你們的投入成本也會下降嗎？我們現在處於什麼階段？還是說這有點誇張？

Sure. So Kash, I'll start and maybe Dominic can add on. In general, we do look at pricing and strategy every year or so, and that's something that's just been built into the company. As we continue to invest in R&D, you will see us introduce new packages for customers. And we're thinking about different pricing strategies as we go and penetrate the market. We don't have any specific changes that are being announced today. But that is something that's on our mind, and it's something we've always thought about. I don't know, Dominic, if you want to cover input costs.

當然。 Kash，我先說，Dominic 可以補充。一般來說，我們每年都會檢視一下定價和策略，這已經成為公司固有的理念。隨著我們繼續在研發方面投入，你會看到我們為客戶推出新的套餐。隨著我們不斷滲透市場，我們也考慮不同的定價策略。今天我們不會宣布任何具體的調整。但這是我們一直在考慮的事情，也是我們一直在思考的事情。 Dominic，我不知道您是否需要涵蓋投入成本。

Maybe on the second one on the input costs. I think the supply chain availability is improving somewhat. You're starting to see again free cash flow margin converge back into operating margin. And again, we expect that to continue in the second half of the year as the supply chain continues to improve. But that is why, I think, we're trying to point investors and analysts to look at non-GAAP operating margin as kind of the leading indicator of where we expect profitability to be because in the longer term, we do expect free cash flow and operating margin to converge. And so that's kind of the leading indicator of where we expect things to be.

或許可以談談第二個關於投入成本的問題。我認為供應鏈的可用性正在改善。你開始看到自由現金流利潤率再次收斂到營業利潤率。而且，隨著供應鏈的持續改善，我們預計這種情況將在下半年持續下去。但我認為，正因如此，我們才試圖引導投資者和分析師將非公認會計準則營業利潤率作為我們預期盈利水平的領先指標，因為從長遠來看，我們確實預計自由現金流和營業利潤率會趨於一致。所以，這可以說是我們預期獲利水準的領先指標。

And just if I can tack on one more thing. I'm just incredibly proud of how well the team worked together to ensure that we have supply and maintain our gross margins. We've been able to maintain the gross margin profile in the low 70s in spite of all these supply chain issues and fulfill our customer demand. So that's not been an easy task. A lot of creativity required behind the scenes, but I think we manage well through it.

再補充一點。我為團隊的通力合作感到無比自豪，他們確保了我們供應充足，並維持了毛利率。儘管有許多供應鏈問題，我們仍能將毛利率維持在70%出頭，並滿足客戶需求。所以，這並非易事。幕後需要大量的創造力，但我認為我們處理得很好。

Thanks, Kash. So this concludes the question-and-answer portion. Thank you all for attending our Q2 fiscal year 2023 earnings call.

謝謝，Kash。問答環節到此結束。感謝大家參加我們2023財年第二季財報電話會議。

Before I let you go, I have a short announcement for upcoming conferences. We will be participating in the Wolfe TMT Conference on September 7 and the Evercore Technology Conference on September 7 and the Goldman Sachs Communacopia Technology Conference on September 13. We look forward to seeing you at one of these events in person.

在結束之前，我想先簡短地宣布即將舉行的會議。我們將參加9月7日的Wolfe TMT大會、9月7日的Evercore技術大會以及9月13日的高盛Communacopia技術大會。我們期待在這些活動中與您見面。

That's it for today's meeting. If you have any follow-up questions, you can e-mail us directly at ir@samsara.com. Thanks again. Bye, everyone.

今天的會議就到這裡。如果您有任何後續問題，可以直接發送電子郵件至ir@samsara.com。再次感謝。再見，各位。