Samsara Inc (IOT) 2023 Q3 法說會逐字稿

And welcome to Samsara's Third 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. 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.

歡迎參加 Samsara 2023 財年第三季財報電話會議。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 和財務長 Dominic Phillips。除了我們準備好的電話會議發言稿外，更多資訊請參閱我們致股東的信函、新聞稿、投資者介紹以及投資者關係網站 investors.samsara.com 上提交給美國證券交易委員會 (SEC) 的文件。

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 we make on this call are based on assumptions as of today, December 1, 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 12 月 1 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 third quarter fiscal 2023 financial results. We would 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'll discuss today are non-GAAP, except for revenue and revenue growth. Reconciliations of GAAP to non-GAAP financial measures are provided with our press release and investor presentation. We'll make opening remarks, dive into highlights for Q3 and then open the call up for Q&A. With that, I'll hand the call over to Sanjit.

在今天的電話會議上，我們將討論2023財年第三季的財務表現。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。 GAAP與非公認會計準則財務指標的對帳表將隨我們的新聞稿和投資者簡報提供。我們將致開場白，深入探討第三季的亮點，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 quarter of substantial growth at scale with ending ARR of $724 million, growing 47% year-over-year. We saw record quarter-over-quarter growth in our $100,000-plus customers by adding over 120 net new large customers. We now have over 1,100 large customers, including many Fortune 1000 companies across a wide range of physical operations industries.

謝謝麥克，也謝謝各位今天加入我們。我們又一個季度實現了規模上的大幅成長，期末年度經常性收入 (ARR) 達到 7.24 億美元，年增 47%。我們10萬美元以上客戶實現了創紀錄的環比成長，新增了超過120家大客戶。目前，我們擁有超過1100家大客戶，其中包括許多涵蓋實體營運產業的《財富》1000強企業。

We also continue to improve our operating leverage. In the last year, we've improved our non-GAAP operating margins from negative 26% to negative 10% and our adjusted free cash flow margins from negative 38% to negative 9%. During the quarter, Samsara's Chief Product Officer, Jeff Hausman and I met with over 30 customers across North America and Europe. I'm always inspired by the strength and resilience of our customer base.

我們也持續提升營運槓桿。去年，我們的非公認會計準則營運利潤率從負26%提升至負10%，調整後自由現金流利潤率從負38%提升至負9%。本季度，我和Samsara首席產品長Jeff Hausman會見了來自北美和歐洲的30多位客戶。我們客戶群的強大和韌性始終激勵著我。

Our customers are the critical infrastructure that power of the global economy and their industries make up over 40% of the world's GDP. They span diverse industries that include food distributors, chemicals companies, energy utilities, freight carriers and municipalities. Many of them have been around for over half a century, so they're no strangers to the challenging economic cycles. Our customers are essential. They keep the world running and are incredibly resilient.

我們的客戶是支撐全球經濟的關鍵基礎設施，其產業佔全球GDP的40%以上。他們涵蓋各行各業，包括食品分銷商、化學工業企業、能源公用事業公司、貨運公司和市政當局。其中許多企業已成立超過半個世紀，對充滿挑戰的經濟週期並不陌生。我們的客戶至關重要。他們維持著世界的運轉，並且擁有令人難以置信的韌性。

In this macroeconomic uncertainty, our customers are focused on achieving their business goals. They're looking for new ways to maximize every dollar invested into their businesses. Right now, they're focused on asset efficiency, worker availability and maintaining safe and compliant operations. As the system of record for physical operations, Samsara delivers value across each of these areas by digitizing their day-to-day tasks and workflows.

在這種宏觀經濟不確定性的環境下，我們的客戶專注於實現其業務目標。他們正在尋找新的方法來最大化投入業務的每一分錢。目前，他們專注於資產效率、員工可用性以及維護安全合規的營運。作為實體營運的記錄系統，Samsara 透過數位化他們的日常任務和工作流程，在這些領域創造價值。

Clear and direct ROI continues to be a priority for physical operations customers. They love investing in technology when it's a clear win. Let's take a look at a few notable case studies from existing Samsara customers in waste services, critical infrastructure and transportation, who've been able to quantify their ROI since adopting our platform. The results they've shared with us are pretty incredible. A waste transportation and container rental company in Texas adopted Samsara to improve driver safety and safeguard their drivers from false accusations.

清晰直接的投資報酬率 (ROI) 始終是實體營運客戶的首要任務。當科技能帶來顯著效益時，他們樂於投資。讓我們來看看 Samsara 現有客戶在廢棄物處理服務、關鍵基礎設施和交通運輸領域的一些值得關注的案例，這些客戶自採用我們的平台以來，已經能夠量化投資回報率。他們與我們分享的成果令人驚嘆。德州一家廢棄物運輸和貨櫃租賃公司採用了 Samsara 來提高駕駛員安全，並保護其駕駛員免受虛假指控。

With Samsara's video-based safety driver coaching, they decreased speeding by 58% in 1 year. They also helped exonerate drivers for more than 50% of accidents. This application alone equated to an estimated savings of $500,000 in annual insurance premiums representing a 5-month payback period for their entire multiproduct investment. They've also turned their safety culture into a retention multiplier.

借助 Samsara 基於視訊的安全駕駛指導，他們在一年內將超速率降低了 58%。此外，他們還幫助超過 50% 的事故免除了駕駛員的責任。光是這個應用就相當於每年節省 50 萬美元的保險費，這意味著他們在多種產品上的全部投資只需 5 個月就能收回。他們也將安全文化轉化為員工留存的倍增器。

In this instance, their driver turnover rate dropped to 26%, which is 3x lower than the industry average of 80% to 90%. Retaining skilled workers is a massive cost reduction lever and is especially important given today's labor shortage. Inflationary pressures remain top of mind for our customers. Samsara's platform is a deflationary technology with a proven ability to help customers control costs.

在這種情況下，他們的司機流失率降至26%，比業界平均80%至90%低了三倍。留住熟練工人是降低成本的重要手段，在當今勞動力短缺的情況下尤其重要。通膨壓力仍然是我們客戶最關心的問題。 Samsara的平台採用通貨緊縮技術，已被證明能夠幫助客戶控製成本。

Let's take a look at another example. A leading infrastructure provider serving more than 40 states who subscribes to multiple Samsara products, Vehicle Telematics, Video-Based Safety and Equipment Monitoring. They saved an estimated $11 million by using Samsara's Equipment Monitoring to optimize asset usage across their multiple subsidiaries, representing a 5-month payback period for their entire multiproduct Samsara investment.

讓我們再來看另一個例子。一家服務於40多個州的領先基礎設施提供商訂購了Samsara的多種產品，包括車輛遠端資訊處理、視訊安全系統和設備監控。透過使用Samsara的設備監控系統，他們優化了旗下多家子公司的資產使用，節省了約1,100萬美元，這意味著他們在Samsara多產品投資上的投資回收期僅為5個月。

With real-time operational data, they have identified inefficiencies in their equipment usage and sold their underutilized equipment, freeing up cash flow to invest in other areas. Optimizing asset utilization is a particularly relevant topic for physical operations customers who now face record wait times for new vehicles and equipment.

透過即時營運數據，他們發現了設備使用效率低下的問題，並出售了未充分利用的設備，從而釋放了現金流用於投資其他領域。對於實體營運客戶來說，優化資產利用率是一個特別重要的議題，因為他們現在面臨新車輛和設備的等待時間創紀錄的難題。

Let's turn to how Samsara customers can drive ROI by improving and measuring their sustainability efforts. More and more of our customers are focused on carbon reporting and sustainability. Samsara's Connected Operations Cloud helps them measure and reduce fuel and energy usage, electrify their fleets and monitor carbon emissions. Here, we're looking at a less-than-truckload carrier based in Illinois with subscriptions to multiple Samsara products that include Telematics, Video-Based Safety and Sites. They were drawn to Samsara because we can provide a complete platform that helps them reduce their fuel usage, improve safety and cut back on paperwork and inefficient processes.

讓我們來看看 Samsara 的客戶如何透過改進和衡量其永續發展工作來提高投資報酬率。我們越來越多的客戶關注碳報告和永續發展。 Samsara 的互聯營運雲端幫助他們測量和減少燃料和能源消耗，實現車隊電氣化，並監控碳排放。我們以一家位於伊利諾州的零擔貨運公司為例，該公司訂購了多種 Samsara 產品，包括遠端資訊處理、基於視訊的安全性和站點監控。他們之所以選擇 Samsara，是因為我們能夠提供一個完整的平台，幫助他們減少燃料消耗、提高安全性，並減少文書工作和低效率流程。

Since deploying our Telematics across their entire fleet, they've reported an improvement in fuel efficiency and a 50% decrease in idling, which is a significant source of fuel waste. This 1 feature alone translated to approximately 150,000 gallons of fuel saved and over $500,000 in cost savings per year representing an 8-month payback period for their entire investment in Samsara products.

自從在整個車隊部署我們的遠端資訊處理系統以來，他們報告說燃油效率有所提升，怠速時間減少了50%，而怠速是燃油浪費的一個重要來源。僅此一項功能就節省了約15萬加侖燃油，每年節省成本超過50萬美元，這意味著他們在Samsara產品上的全部投資在8個月內即可收回。

These case studies represent a snapshot of how Samsara customers are getting clear and fast ROI to our platform. As a system of record for our customers' daily physical operations, the amounts of insights and cost savings our platform can generate is tremendous. Trillions of data points now flow through our platform every year, providing companies with rich insights that can help them control costs, improve safety and reduce emissions.

這些案例研究簡要地展現了 Samsara 客戶如何透過我們的平台獲得清晰、快速的投資回報。作為客戶日常實體運營的記錄系統，我們的平台能夠提供大量的洞察，並節省大量成本。目前，每年有數兆個數據點流經我們的平台，為企業提供豐富的洞察，幫助他們控製成本、提高安全性並減少排放。

What makes our data unique is not the sheer volume alone, it's the breadth and depth of the data. We are able to pull data from all aspects of a company's physical operations, from vehicles, to equipment, to buildings. All of this business-critical data exists in an open platform and can be seamlessly integrated with a robust ecosystem of partners, including OEMs, IT systems, insurance providers and vertical-specific applications.

我們資料的獨特之處不僅在於其龐大的數量，更在於其廣度和深度。我們能夠從公司實體營運的各個方面提取數據，從車輛、設備到建築。所有這些關鍵業務數據都儲存在一個開放的平台上，並可與強大的合作夥伴生態系統無縫集成，包括原始設備製造商 (OEM)、IT 系統、保險公司以及特定垂直行業的應用程式。

This quarter, we reached an important milestone. We added our 200th partner integration to our platform. This makes Samsara the largest open ecosystem for physical operations. Similar to leading cloud providers -- leading cloud platforms that exist to deliver actionable insights for IT workers, Samsara allows physical operations leaders to have a single source of truth as their system of record for physical operations.

本季度，我們達到了一個重要的里程碑。我們的平台新增了第200個合作夥伴整合。這使得Samsara成為最大的實體營運開放生態系統。與領先的雲端供應商（領先的雲端平台旨在為IT員工提供可操作的洞察）類似，Samsara使實體營運領導者能夠擁有單一事實來源作為其實體營運的記錄系統。

As the scale of our data compounds, we're able to refine our analytics models to deliver even richer insights and innovation for our customers. This quarter, we launched our proactive driver coaching solution. It's powered by our data assets and our advanced AI capabilities. With it, customers can take a preventative approach to driver safety. Technology solutions like this help build safe habits on the road, empower drivers to own their coaching experience and act as a differentiator for companies as they look to attract and retain talent.

隨著資料規模的不斷成長，我們能夠不斷完善分析模型，為客戶提供更豐富的洞察和創新。本季度，我們推出了主動駕駛教練解決方案。該解決方案由我們的數據資產和先進的人工智慧技術提供支援。透過此解決方案，客戶可以採取預防性措施來保障駕駛安全。此類技術解決方案有助於培養安全的駕駛習慣，並賦予駕駛自主掌控教練體驗，並成為企業吸引和留住人才的差異化優勢。

But we're not only focused on building products. We're also focused on building our company for the long term. Digitally transforming the world of physical operations isn't going to happen overnight. To be a multi-decade partner for our customers, we must become a self-sustaining company. This was our 10th consecutive quarter of delivering year-over-year improvements to our non-GAAP operating loss in both dollars and margins.

但我們不僅專注於打造產品，更專注於公司長遠發展。數位轉型實體營運並非一朝一夕之功。為了成為客戶數十年的合作夥伴，我們必須成為一家能夠自給自足的公司。這是我們連續第十個季度實現非公認會計準則營運虧損（美元和利潤率）的同比改善。

Over that same period, we've scaled ARR over 3x from $222 million to $724 million. We're committed to operating efficiently on our path to profitability. Like, our customers, we're focused on investing in the highest ROI areas of our business. We also continue to invest in our people. Samsara has become a destination of choice for top-tier talent. This quarter, we welcomed Steve Pickle as Samsara's first Chief People Officer.

同期，我們的年度經常性收入 (ARR) 成長了三倍多，從 2.22 億美元增加到 7.24 億美元。我們致力於高效率經營，邁向獲利。與我們的客戶一樣，我們專注於投資業務中投資回報率最高的領域。我們也持續投資人才。 Samsara 已成為頂尖人才的首選之地。本季度，我們迎來了 Steve Pickle 擔任 Samsara 首任首席人才長。

Steve joins us from Salesforce, where he oversaw global people strategy and operations and helped double Salesforce's headcount. Steve's experience leading and growing large-scale transformative teams and cultures will be instrumental as we grow and develop our talent pool. We benefit from a flexible workplace model at Samsara and have offices in North America, Europe and Asia.

Steve 加入我們之前，曾在 Salesforce 負責全球人才策略和運營，並幫助 Salesforce 的員工人數翻了一番。 Steve 領導和發展大規模變革團隊及文化的經驗，將對我們擴大和發展人才庫起到至關重要的作用。 Samsara 擁有靈活的辦公模式，我們在北美、歐洲和亞洲設有辦事處，這讓我們受益匪淺。

By expanding our operations, we leverage the efficiencies of a global talent pool. This allows us to bolster customer support and accelerate region-specific go-to-market strategies. It's been an exciting quarter of efficient growth across our product offerings, partnerships, executive leadership and global footprint.

透過拓展業務，我們充分利用了全球人才庫的高效優勢。這使我們能夠增強客戶支持，並加快特定區域的市場推廣策略。這是一個令人興奮的季度，我們的產品線、合作夥伴關係、高階主管領導力和全球業務佈局都實現了高效成長。

We are proud to serve a diverse and resilient range of essential industries. Samsara's customers keep our world running, and we are here to help keep them running safely, efficiently and sustainably by streamlining their operations, reducing their costs, tax and providing clear and direct ROI.

我們很榮幸能夠服務多元化且富有韌性的各行各業。 Samsara 的客戶維護著我們世界的運轉，而我們則致力於透過精簡營運、降低成本和稅費並提供清晰直接的投資回報率，幫助他們安全、高效、可持續地運作。

I'd like to end with a thank you to all Samsarians as well as our customers, partners and investors for your continued support. While there's much to be proud of today, I know the best is yet to come. I'll now hand it over to Dominic to go over the financial highlights for the quarter.

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。雖然今天有很多值得驕傲的事情，但我知道最好的還在後頭。現在，我將把時間交給Dominic，他來回顧本季的財務亮點。

Thank you, Sanjit. As a reminder, please refer to our shareholder letter, press release and investor presentation at investors.samsara.com for additional information on our Q3 results and financial guidance.

謝謝，Sanjit。溫馨提醒，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，以了解更多關於我們第三季業績和財務指引的資訊。

Q3 was highlighted by strong top-line growth and continued operating efficiency improvements. Our durable and increasingly efficient growth demonstrates the large and growing opportunity for digital transformation across the world of physical operations.

第三季的亮點在於強勁的營收成長和持續的營運效率提升。我們持續且日益高效的成長，彰顯了全球實體營運領域數位轉型的巨大機會。

While global economic uncertainty persists, we exceeded our expectations for key top line and profitability metrics by providing quick time-to-value and meaningful ROI savings for our customers. Q3 ending ARR was $724 million, growing 47% year-over-year. And Q3 revenue was $170 million, growing 49% year-over-year.

儘管全球經濟不確定性持續存在，我們透過為客戶提供快速的價值實現和顯著的投資回報率節約，在關鍵營收和獲利指標方面均超出預期。第三季期末年度經常性收入 (ARR) 為 7.24 億美元，年增 47%。第三季營收為 1.7 億美元，年增 49%。

Several factors drove our strong top line performance in Q3. First, we continue to focus on serving large physical operations customers. In Q3, we eclipsed 1,000 large customers and now have 1,113 customers with more than $100,000 of ARR, a record quarterly increase of 124 and a record annual increase of 398, representing 56% year-over-year growth.

有幾個因素推動了我們第三季強勁的營收表現。首先，我們持續專注於服務大型實體營運客戶。第三季度，我們的大型客戶數量突破1,000家，目前擁有1,113家年經常性收入（ARR）超過10萬美元的客戶，季度新增124家，年度新增398家，年增56%，創歷史新高。

Next, Samsara is increasingly utilized as the system of record for physical operations and multiproduct transactions continue to significantly contribute to our top-line growth. In Q3, 6 of our 10 largest transactions included subscriptions to 2 or more products.

其次，Samsara 作為實體營運記錄系統的使用率日益提升，多產品交易持續顯著促進我們的營收成長。第三季度，我們 10 筆最大交易中有 6 筆涉及 2 種或以上產品的訂閱。

More broadly, more than 70% of core customers and more than 90% of large customers subscribed to 2 or more applications and more than 50% of large customers subscribed to 3 or more applications.

更廣泛地說，超過 70% 的核心客戶和超過 90% 的大客戶訂閱了 2 個或更多的應用程序，超過 50% 的大客戶訂閱了 3 個或更多的應用程式。

We're also seeing multiproduct strength at scale. At the end of Q3, our 2 connected fleet applications, Video-Based Safety and Vehicle Telematics, each represented more than $300 million of ARR. Additionally, our emerging products contributed more than 14% of net new ACV in Q3, including our third largest ever Equipment Monitoring transaction. And while just over 10% of ARR comes from nonfleet products today, customer adoption is much higher, almost half of multiproduct core customers and 2/3 of multiproduct large customers already subscribed to nonfleet products. This demonstrates our product breadth and opportunity for further expansion as customers bring additional assets onto the Samsara platform.

我們也看到了多產品規模化的優勢。截至第三季末，我們的兩款互聯車隊應用程式——基於視訊的安全和車輛遠端資訊處理——分別貢獻了超過3億美元的年度經常性收入 (ARR)。此外，我們的新興產品在第三季貢獻了超過14%的淨新增ACV，其中包括我們有史以來第三大的設備監控交易。雖然目前只有略高於10%的ARR來自非車隊產品，但客戶採用率要高得多，幾乎一半的多產品核心客戶和三分之二的多產品大客戶已經訂購了非車隊產品。這展現了我們產品的廣度，以及隨著客戶將更多資產引入Samsara平台而進一步擴展的機會。

Lastly, we continue to see strong expansions within our customer base, including upsells of existing products across a broader set of assets and cross-sells of additional products. As a result, 55% of Q3 net new ACV came from existing customers and our dollar-based net retention rate for core customers and large customers remained above our targets of 115% and 125%, respectively.

最後，我們繼續看到客戶群的強勁擴張，包括現有產品在更廣泛的資產組合中的追加銷售，以及額外產品的交叉銷售。因此，第三季淨新增ACV的55%來自現有客戶，核心客戶和大客戶的美元淨留存率分別高於我們115%和125%的目標。

Our largest Q3 customer expansion was a $1 million plus upsell to a Fortune 500 telecommunications provider. With no incumbent solution, the customer selected Samsara to help them reduce fuel costs and maintenance spending, improve safety through speeding reduction and decreased carbon emissions from idling. As a result, we expect the customer will achieve a 3.6x return on investment.

我們第三季最大的客戶拓展是向一家財富500強電信業者完成了100多萬美元的追加銷售。由於沒有現有的解決方案，該客戶選擇了Samsara，以幫助他們降低燃料成本和維護支出，並透過降低超速和減少空轉碳排放來提高安全性。因此，我們預期該客戶將獲得3.6倍的投資回報。

In addition to delivering top-line growth, we continue to focus on driving operating efficiency improvements across our business as we scale. As a result, we saw year-over-year leverage across all major functions. Q3 gross margin was 74%, a year-over-year improvement of 2 percentage points, primarily from product and supply chain optimization and larger scale. Q3 operating margin was negative 10%, an annual improvement of more than 60% or 16 percentage points year-over-year, driven by leverage across all functions.

除了實現營收成長外，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，所有主要職能部門的槓桿率均較去年同期增加。第三季毛利率為74%，年增2個百分點，主要得益於產品和供應鏈的最佳化以及規模的擴大。第三季營業利益率為-10%，年增超過60%，即提升16個百分點，主要得益於所有職能部門的槓桿率提升。

And Q3 adjusted free cash flow margin was negative 9%, an annual improvement of more than 75% or 29 percentage points year-over-year, primarily from continued improvements in the global supply chain and working capital optimizations. In Q3, adjusted free cash flow margin converged with operating margin, and we expect these metrics to be more closely aligned moving forward.

第三季調整後自由現金流利潤率為負9%，較去年同期改善超過75%，即29個百分點，主要得益於全球供應鏈的持續改善和營運資本的最佳化。第三季度，調整後自由現金流利潤率與營業利潤率趨於一致，我們預期未來這些指標將更加趨於一致。

We also achieved Rule of 40 in the quarter, a milestone that demonstrates our focus on efficient growth. While we're pleased with this accomplishment in Q3, our goal is to continue making improvements that allow us to achieve Rule of 40 consistently on a quarterly and annual basis.

本季我們也實現了“40規則”，這一里程碑彰顯了我們專注於高效成長的決心。我們對第三季的成就感到欣慰，但我們的目標是繼續改進，確保在季度和年度層面持續實現「40規則」。

Okay. Now turning to guidance. Based on our Q3 results and increased forecast clarity for the last fiscal quarter of the year, we're raising our revenue and profitability guidance, both in dollars and margin. For FY '23, we're raising our revenue guidance to be between $636 million and $638 million or between 48% and 49% year-over-year growth.

好的。現在談談業績指引。基於我們第三季的業績以及本財季預測的進一步清晰，我們上調了營收和獲利預測，包括美元和利潤率。對於2023財年，我們將營收指引上調至6.36億美元至6.38億美元之間，或年增48%至49%。

We're improving our full-year operating margin guidance to approximately negative 14%, and we're raising our EPS guidance to be between negative $0.16 and $0.17. Based on our updated full-year FY '23 guidance, Q4 implied revenue is expected to be between $170 million and $172 million or between 35% and 37% year-over-year growth. Q4 operating margin is expected to be approximately negative 16%, and EPS is expected to be between negative $0.05 and $0.06.

我們將全年營業利潤率預期上調至約-14%，每股收益預期上調至-0.16美元至0.17美元之間。根據我們更新的2023財年全年預期，第四季隱含營收預計將在1.7億美元至1.72億美元之間，年增35%至37%。預計第四季營業利潤率約為-16%，每股收益預計在-0.05美元至0.06美元之間。

Looking to next year, based on our current outlook and after analyzing various scenarios, we believe current consensus estimates for high 20s percent FY '24 revenue growth is appropriately derisked. On our next earnings call, we will provide more detailed FY '24 guidance based on our actual Q4 performance and our finalized operating plan. And finally, we also included some additional modeling notes for Q4 and full year FY '23 in our shareholder letter.

展望明年，基於我們目前的展望，並分析了各種情景，我們認為目前市場普遍預期的2024財年營收成長率高達20%左右，風險已合理降低。在下次財報電話會議上，我們將根據第四季的實際業績和最終營運計劃，提供更詳細的2024財年業績指引。最後，我們也在致股東的信中補充了一些針對第四季和2023財年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 year-to-date. 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. With that, I'll hand it over to Mike to moderate Q&A.

總而言之，儘管宏觀經濟環境充滿不確定性，但我們對今年迄今的業績感到滿意。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。接下來，我將由 Mike 主持問答環節。

Thank you, Dominic. We will now open the line up for questions. (Operator Instructions). The first question today comes from Bob Wang at Morgan Stanley followed by Sterling Auty at MoffettNathanson.

謝謝多米尼克。我們現在開始提問。 （操作員指示）。今天第一個提問者是摩根士丹利的Bob Wang，其次是MoffettNathanson的Sterling Auty。

Congratulations on a strong quarter. Maybe if I can just focus a little bit on net new ARR. Last quarter, obviously, you had a much more difficult comp for net new ARR. Can you talk about if there were any impacts to net new ARR this quarter, such as macro environment, elongated cycles? Or anything particular that could be called out? I'm trying to have a better understanding of what could be the potential run rate at net new ARR going forward.

恭喜您本季業績強勁。或許我可以稍微談談淨新ARR。上個季度，您的淨新ARR表現顯然要差得多。您能否談談本季對淨新ARR的影響因素，例如宏觀環境、週期延長？或是有什麼特別的因素可以指出？我正在努力更好地了解未來淨新ARR的潛在運行率。

Sure. Bob, it's Dominic. So I'd say a few things. On the Q2 earnings call, we mentioned that we were seeing some elongation of sales cycles that the demand was still very strong. The pipeline was very strong. The conversion in run rates were really strong, but we are seeing longer free trial periods, higher levels of approval and really analyzing ROI analysis with much more rigor. We continue to see a similar amount of sales cycles and similar kind of length in Q3, so no real change in Q3 versus where we were in Q2.

當然。 Bob，我是Dominic。所以我想說幾件事。在第二季財報電話會議上，我們提到，我們看到銷售週期延長，但需求仍然非常強勁。渠道非常強勁。運行率的轉換率非常高，但我們看到免費試用期更長，核准率更高，投資報酬率分析也更嚴謹。我們在第三季仍然看到類似的銷售週期和長度，所以第三季與第二季相比沒有實質變化。

So that's kind of the point I would make on macro. And the second is really, again, back to our overall sales capacity. And so obviously, we've really been focused on hiring this year and building more sales capacity that is ramping that we think will provide more productivity as we get into FY '24, but it's still not as ramped. It generally takes about 4 quarters for sales reps to ramp. And so that obviously is also having an impact on our Q3 results.

這就是我想在宏觀層面強調的一點。第二個重點，還是回到我們的整體銷售能力。顯然，我們今年一直專注於招募人才，並提升銷售能力。我們認為，隨著2024財年到來，銷售能力的提升將帶來更高的生產力，但目前來看，我們的銷售能力提升幅度仍然不夠。銷售代表通常需要大約4個季度才能達到高峰。這顯然也對我們的第三季業績產生了影響。

Okay. That's very clear. Just for my follow-up on that point, actually. Is it fair to say that the elongated sales cycle is not that customers are canceling their discussions with you, but rather just dragging out the conversation? And if so, is it fair to assume that in the first half next year or second half next year, that you will see a lot of these delay the deals to be completed, thus resulting in somewhat of a higher-than-normal growth rate in your deals or in your net new ARR and such?

好的。這很清楚。實際上，我只是想跟進一下這一點。是否可以說，延長的銷售週期並非代表客戶取消了與你們的洽談，而只是拖延了對話？如果是這樣，是否可以假設，在明年上半年或下半年，你們會看到很多此類情況導致交易延遲完成，從而導致你們的交易量或淨新年度經常性收入（ARR）等的增長率高於正常水平？

No. Again, yes, so the pipeline is strong and the conversion win rates remain at historic levels. So we're not seeing the pipeline reduce, and we're not seeing that pipeline not converting. All of that is still happening. It's just taking a little bit longer. And again, I would really categorize that Q3 looked very much like Q2. It did not get worse. But those deals are still closing.

不。再次強調，是的，所以銷售通路很強勁，轉換成功率也保持在歷史最高水準。所以我們沒有看到銷售管道減少，也沒有看到銷售管道沒有轉換。所有這些仍在發生，只是需要的時間更長一些。再說一次，我認為第三季的情況與第二季非常相似，沒有變得更糟。但這些交易仍在完成中。

And they're not taking much longer to close. We're talking weeks, maybe months. And so some of the deals that we saw that we thought could have landed in Q2, ultimately closed at the beginning of Q3. So these aren't things that are pushing all the way into next year.

而且成交時間不會太長。我們說的是幾週，甚至幾個月。所以，我們看到的一些原本以為可以在第二季完成的交易，最後在第三季初就完成了。所以這些事情不會拖到明年。

Our next question today comes from Sterling Auty at MoffettNathanson followed by Alex Zukin at Wolfe.

我們今天的下一個問題來自 MoffettNathanson 的 Sterling Auty，然後是 Wolfe 的 Alex Zukin。

So just wondering, when you look at the big customers that you landed in the quarter, what budgets are they funding these projects out of? And the reason why I ask is wondering how that prioritization will kind of carry through into next year given the tougher macro outlook that we see.

所以，我只是想知道，看看你們本季簽下的大客戶，他們用多少預算來資助這些專案？我問這個問題的原因是，考慮到我們所看到的更嚴峻的宏觀經濟前景，這種優先排序將如何延續到明年。

Thanks, Sterling, it's Sanjit. So our customers are concentrated within the operations organization. So it could be VP of Operations or a COO. And that's typically the budget that it comes out of. This is the same budget, by the way, that also is related to their accident and insurance payouts, their operating efficiencies and the capital equipment they're buying. So for us, there's a direct correlation between adopting our platform and being able to save money and gain ROI in those areas. So it's that same buyer, it's that same kind of budget center.

謝謝，Sterling，我是Sanjit。我們的客戶集中在營運部門。他們可能是營運副總裁，也可能是營運長。這通常就是預算的來源。順便說一句，這筆預算也與他們的事故和保險賠償、營運效率以及購買的資本設備有關。所以對我們來說，採用我們的平台與在這些領域節省成本並獲得投資回報之間存在直接的關聯。所以，他們是同一個買家，同一個預算中心。

Excellent. And then just a follow-up would be geographically, do you think that there's going to be a different level of impact on demand in light of the macro headwinds?

非常好。接下來的問題是，從地理角度來看，您認為考慮到宏觀經濟逆風，需求會受到不同程度的影響嗎？

We're not seeing that. We have a focus in North America, Canada, U.S., Mexico and then Western Europe. This was actually our best international quarter slightly. About 15% of our net new ACV came internationally, and it was pretty well spread amongst those different geographies. And so it's not a tremendously meaningful portion of our overall net new ACV, but it is a good chunk, and it is growing quickly. And we're not seeing a lot of change on the international front.

我們沒有看到這種情況。我們的重點是北美、加拿大、美國、墨西哥以及西歐。這其實是我們國際業務表現最好的一個季度。我們約有15%的淨新ACV來自國際市場，而這些地區之間的分佈相當均衡。因此，這在我們整體淨新ACV中所佔的比例並不大，但已經相當可觀，而且成長迅速。我們在國際市場方面沒有看到太大的變化。

All right. Our next question comes from Alex Zukin at Wolfe, followed by Mat Pfau at William Blair.

好的。下一個問題來自 Wolfe 的 Alex Zukin，然後是 William Blair 的 Mat Pfau。

Can you hear me okay?

你聽見我說話嗎？

Yes, yes.

是的，是的。

Perfect. So I guess maybe just one a -- just better understanding, again, the tone of the macro. Dom, it sounds like the macro -- the sales cycle length has been roughly static from your comment previously from Q2 to Q3. But I guess how is it trending in November versus maybe end of October?

太好了。所以，我想也許只是…只是為了更好地理解宏觀經濟的基調。 Dom，聽起來宏觀經濟——從你之前的評論來看，從第二季度到第三季度，銷售週期長度大致保持不變。但我想，11月和10月底的趨勢如何？

Because you did have the largest amount of $100,000 customer adds in a quarter while others are calling out difficulty with closing larger deals, so it's somewhat counterintuitive. And I'm just -- if you could comment on kind of what that trend line is? Is it starting to stabilize at a kind of net new level? Or are you assuming it to get worse?

因為你們確實在一個季度內新增了10萬美元客戶，而其他人卻在抱怨完成大額交易的難度，所以這有點違反直覺。您能否評論一下這個趨勢線是什麼？它是否開始穩定在某種淨新增水準？還是您認為情況會變得更糟？

Yes. Alex. So again, I think that our business is holding up really well. We're really pleased with the Q3 results. When we look at our customer demand, the overall pipeline, the conversion rates, the win rates, all of those remain strong. Obviously, we're pleased with the Q3 results. We were able to increase our guidance for Q4 and for full year FY '23. And so we're seeing good strength. We're not seeing it deteriorate.

是的，亞歷克斯。所以，我再次強調，我認為我們的業務保持著良好的勢頭。我們對第三季的業績非常滿意。從客戶需求、整體通路、轉換率和贏單率來看，所有這些都保持著強勁勢頭。顯然，我們對第三季的業績感到滿意。我們得以調高第四季及2023財年全年的業績預期。因此，我們看到了良好的成長勢頭，沒有任何下滑。

And I think a big reason that we're seeing good momentum is because as we outlined in some of the case studies, we have really fast ROI. Customers are getting paid back within months. And we're -- they're using our solution to find real hard ROI savings. They're able to reduce their operational expenses. And then in this environment, that often can get prioritized.

我認為我們之所以看到良好勢頭，一個重要原因是，正如我們在一些案例研究中提到的，我們的投資報酬率非常快。客戶幾個月內就能收回成本。而且，他們正在使用我們的解決方案，找到真正有效的投資報酬率節省方案。他們能夠降低營運成本。在這種環境下，這通常會被優先考慮。

Got it. And then for my second question, it will be a bit of a smart a** question, but given the fact that you called out consensus estimates as the ruler for next year kind of being in the right range from a risk or de-risked perspective. I guess I want to question whether the consensus estimates are on margins are also the right way to think about derisking and then particularly in the context of your comments about The Rule of 40?

明白了。然後，關於我的第二個問題，這確實有點自作聰明，但考慮到您之前提到，普遍預期是明年的衡量標準，從風險或去風險的角度來看，它處於一個合適的範圍內。我想問一下，普遍預期的利潤率是否也是考慮去風險的正確方法，尤其是在您關於「40法則」的評論背景下？

Yes. I would just say, look, we want to get through Q4. We want to see where our results are. We want to finalize our FY '24 operating plan, and then we'll come back in 3 months. And we will give more detailed guidance across top line and margins. But I think you've seen our performance. We improved adjusted free cash flow margin by more than 75% over the last year. This is a really big focus for us. We're really proud of the fact that we got to Rule of 40 in Q3. We need to be able to make improvements to sustain that, but you can expect us to continue to make improvements on that as we go into FY '24 as well.

是的。我只想說，我們想撐過第四季。我們想看看業績如何。我們想最終確定2024財年的營運計劃，然後三個月後再回來。屆時我們將就營收和利潤率提供更詳細的指引。我想你們已經看到了我們的表演。去年，我們的調整後自由現金流利潤率提高了75%以上。這對我們來說是一個非常重要的關注點。我們為在第三季達到「40規則」而感到自豪。我們需要不斷改進才能維持這個目標，但隨著2024財年即將到來，你們可以期待我們繼續改進。

All right. Our next question comes from Matt Pfau at William Blair, followed by Kirk Materne at Evercore.

好的。下一個問題來自 William Blair 的 Matt Pfau，然後是 Evercore 的 Kirk Materne。

Just 2, both related, so I'll ask them at the same time. First of all, if we look at the operating efficiencies that you're achieving, maybe you can just help us understand where exactly those are coming from? And specifically, are there any change to your hiring plans that are driving those? And then as we look at the margin guidance for the fourth quarter, it implies operating margin worse than Q3. Maybe you can just help us understand what's behind the guidance there for Q4?

就兩個問題，都相關，所以我會同時問。首先，如果我們來看看你們實現的營運效率，能否請您幫助我們了解這些效率究竟來自哪裡？具體來說，你們的招募計畫有什麼變化，導致了這些變化？然後，我們來看看第四季的利潤率指引，這意味著營業利潤率會比第三季更差。能否請您幫我們了解一下第四季指引背後的原因？

Yes. Matt, so it's Dominic. Again, so on -- when we think about kind of our operating margin improvement for the quarter, obviously, we had some outperformance in revenue, which definitely helped us. We had some savings around gross margin. It came in a little bit better than expected and then within our operating expenses, really across the board. We're focused on just overall operating efficiency improvements, but also some nonpersonnel-related spend.

是的。馬特，所以是多米尼克。再說一遍，等等——當我們考慮本季營業利潤率的提升時，顯然我們的收入表現優於預期，這無疑對我們有幫助。我們的毛利率也有一些降低，略好於預期，而且我們的營運費用也確實有所下降，實際上是全方位的。我們不僅專注於整體營運效率的提升，也關註一些非人員相關的支出。

So can we get -- can we find software spend that we're not utilizing, can we think about how -- or unused real estate, can we think about being more thrifty around things like T&E and events. And so those are all areas of focus and projects that we've built to drive some of the operating efficiency improvements that you've seen. In terms of the Q4 guide, I would really just focus investors on the full year guide versus the kind of seasonality between Q3 and Q4.

那麼，我們能否找到未使用的軟體支出？我們能否思考如何利用閒置的房地產？我們能否考慮在差旅、費用和活動等方面更節省？這些都是我們重點關注的領域，也是我們為推動您所看到的營運效率提升而建構的項目。關於第四季業績指引，我建議投資人關注的是全年業績指引，而不是第三季和第四季之間的季節性因素。

And so overall operating margin for the year was negative 18% previously, now it's negative 14%. We are basically passing through the $14 million of beat in Q3, plus another $6 million for Q4. So I would really focus investors on the full FY '23 guidance versus the kind of Q3 versus Q4 seasonality.

因此，今年的整體營業利潤率之前為-18%，現在為-14%。我們基本上已經消化了第三季1400萬美元的超額收益，加上第四季的600萬美元。因此，我建議投資人關注2023財年的完整業績指引，而不是關注第三季和第四季的季節性因素。

Our next question comes from Kirk Materne at Evercore followed by Derrick Wood at Cowen.

我們的下一個問題來自 Evercore 的 Kirk Materne，然後是 Cowen 的 Derrick Wood。

It's actually Peter Burkly for Kirk. So just to start, you guys are delivering pretty, pretty strong NRR rates. I'm just curious how you kind of characterize the balance between customers starting to go deeper with some of your more ancillary products versus just as these customers grow and they're adding new vehicles, adding safety and telematics solutions that -- I mean, I would assume a customer adds new vehicles and if they're using you for safety, that's just automatic addition right there, just kind of naturally. But just curious kind of how much those ancillary products are driving that, if at all?

我是 Peter Burkly，代表 Kirk 發言。首先，你們的 NRR 率非常非常高。我很好奇，您如何描述客戶開始深入使用您們的一些輔助產品與客戶成長併購買新車、安全和遠端資訊處理解決方案之間的平衡——我的意思是，我假設客戶購買了新車，如果他們使用您們的安全解決方案，那麼這就會是自動添加的，很自然。但我好奇的是，這些輔助產品在多大程度上推動了這項成長？

This is Sanjit, by the way. So it's really a mix. We see customers adding additional assets to the platform as they continue to expand their operations and additional applications. So quite often, we'll land with 2 or more applications. But in many cases, some of these customers, if they're larger especially, they have a single project that they start with, might be telematics or Video-Based Safety or maybe even Equipment Monitoring.

順便說一下，這是Sanjit。所以這真的是一個混合體。我們看到客戶在不斷擴展業務和應用的同時，也在平台上添加更多資產。所以我們常常會推出兩個或更多的應用程式。但很多情況下，有些客戶，尤其是規模較大的客戶，會先從單一項目入手，可能是遠端資訊處理、基於視訊的安全，甚至是設備監控。

And then from there, once they get familiar with the platform, they see how much value in ROI it drives, they want to expand us kind of across their entire operations. So I would say it's a pretty healthy mix between those 2 cases expanding the number of seats or assets on the platform as well as expanding the applications with us.

然後，一旦他們熟悉了平台，看到了它帶來的投資報酬率（ROI）價值，他們就會想把我們的業務擴展到他們的整個營運領域。所以，我認為，這兩種情況的組合非常健康：一方面擴大平台上的席位或資產數量，另一方面擴大我們的應用範圍。

And maybe I'll just add a little more. Just our overall go-to-market motion and the way that we kind of incentivize the sales reps is really just commission rate tied to overall net new ACV. So whether that's a new logo or an expansion to an existing customer, they're incentivized to go out and get as much net new ACV as possible. And we're seeing a really good balance right now. As we mentioned, 55% of our net new ACV in Q3 were tied to expansions to existing customers. And so really good balance between kind of net new ACV coming from new logos as well as existing customers.

我可能還要補充一點。我們整體的市場推廣策略以及激勵銷售代表的方式，其實就是佣金率與整體淨新增ACV（年度總收入）掛鉤。所以，無論是新標誌還是現有客戶的拓展，都會激勵銷售代表盡可能取得淨新增ACV。我們現在看到了非常好的平衡。正如我們所提到的，第三季55%的淨新增ACV與現有客戶的拓展掛鉤。所以，新標誌帶來的淨新增ACV和現有客戶的淨新增ACV之間實現了非常好的平衡。

That's really helpful color. Maybe just a quick follow-up, if I could. International still represents a pretty nice area for potential expansion when taking sort of a longer-term view. Just curious if you're looking at Western Europe or elsewhere, what are the key barriers to adoption in those other regions versus what you're seeing domestically, if any? Is it just a matter of getting more reps on the ground over there? Or -- curious about the dynamics there.

這真是太有幫助了。如果可以的話，我再簡單跟進一下。從長遠來看，國際市場仍然是一個相當不錯的擴張潛力領域。我很好奇，如果您關注的是西歐或其他地區，那麼與您在國內的情況相比，這些地區採用該技術的主要障礙是什麼？這僅僅是在當地增加銷售代表的問題嗎？或者——我很好奇那裡的動態。

So the use cases are remarkably similar to what we have here in the U.S. and in North America. So in Western Europe, the customers are still focused on safety, efficiency and sustainability. There are some region-specific features, some language changes that we have to make. There's some different regulatory compliance demands for our workflows.

因此，這些用例與我們在美國和北美的情況非常相似。在西歐，客戶仍然注重安全、效率和永續性。我們需要進行一些針對特定地區的功能和語言方面的調整。我們的工作流程也有一些不同的監管合規要求。

But I would say 80%, 85% of the product is very similar. And now we're beginning that invest of getting more quota-carrying capacity on the ground and also increasing our base of reference customers. So I think with time, you'll see us grow into that TAM, but we're kind of taking it slow, and we're also focusing on our efficiency as we grow.

但我想說，80%到85%的產品非常相似。現在，我們正在開始投資，提升地面配額承載能力，並擴大我們的參考客戶群。所以我認為隨著時間的推移，你會看到我們逐漸達到那個TAM，但我們目前會放慢速度，在發展的同時，我們也注重效率。

Our next question comes from Derrick Wood at Cowen followed up by Matt Swanson at RBC.

我們的下一個問題來自 Cowen 的 Derrick Wood，隨後是 RBC 的 Matt Swanson。

It does feel like the broader supply chain conditions have eased a bit. It sounds like you guys are seeing that with your operations as well. Just curious, as companies don't have to deal with the supply chain disruptions seen over the last couple of years and maybe as they're kind of recouping some better cash flow and market visibility, how is that impacting kind of customer conversations and willingness to do more digital transformation kind of initiatives?

確實覺得整體供應鏈狀況有所緩解。聽起來你們的營運也反映了這一點。我很好奇，由於企業不必應對過去幾年出現的供應鏈中斷，或許還恢復了一些更好的現金流和市場知名度，這對客戶對話以及開展更多數位轉型舉措的意願有何影響？

So the customer view on this is supply chain has been an area of focus, mainly because they're trying to get better visibility. But in terms of the value that our platform offers, a lot of it is tied to labor. So if you think about these industries, whether it's construction or oil and gas or field services, they're people-intensive as much as they are asset-intensive.

因此，客戶認為供應鏈一直是重點領域，主要是因為他們希望獲得更好的可視性。但就我們平台提供的價值而言，很大一部分與勞動力息息相關。所以，想想這些產業，無論是建築、石油天然氣或現場服務，它們都是人力密集的，也是資產密集的。

And what we're able to do is help them go find 10%, 15% operating efficiencies out in the field. We're able to help them save money on fuel, which is when they're operating those assets. And then also around things like carbon reporting. So those are all unrelated to supply chain constraints. So I would say there's multiple sources of value on our platform. While getting better asset utilization has been one of the many pillars or prongs in terms of the Samsara platform, it's not the only one. We still have a very broad-based appeal. And we're able to drive very fast time-to-ROI as we talked about earlier, across more than just visibility of the supply chain.

我們能夠幫助他們在現場實現10%到15%的營運效率提升。我們能夠幫助他們在營運這些資產時節省燃料成本。此外，我們還能幫助他們進行碳排放報告等工作。這些都與供應鏈約束無關。所以，我認為我們的平台有多種價值來源。雖然提高資產利用率一直是Samsara平台的眾多支柱或分支之一，但它並非唯一。我們仍然具有非常廣泛的吸引力。正如我們之前提到的，我們能夠非常快速地實現投資回報，而不僅僅是透過供應鏈的可視性。

Great. And Dom, maybe one for you. The -- I mean, really great to see that the net revenue retention rate on $100,000 customers is stable over 125% I mean, anything -- how do you feel about the durability of this number? Anything to be aware of, of tougher comps? Or given the macro, do you feel that this is a pretty good sustainable level from here going forward?

太好了。 Dom，也許還有個問題想問你。我的意思是，看到10萬美元客戶的淨收入留存率穩定在125%以上，真的非常高興。您覺得這個數字的持久性如何？有什麼需要注意的嗎？例如更嚴格的比較？或者說，考慮到宏觀經濟形勢，您認為從現在開始這是一個相當不錯的可持續水平嗎？

We do. Yes, we feel confident in being over 115% for core customers and 125% plus for our large customers. And again, we're just seeing a really good balance of net ACV coming from new logos, but also more than half of it, again in Q3 coming from our existing customers. And we're seeing a lot of the large customers continue to come back.

是的。是的，我們有信心核心客戶的ACV超過115%，大客戶的ACV超過125%。而且，我們看到新客戶帶來的淨ACV非常均衡，但第三季超過一半的ACV來自現有客戶。我們也看到很多大客戶繼續回頭。

And once they've realized ROI on one use case or one product, continue to add more products and use cases and find additional ways to save money. And so more and more of our business is coming from $100,000 plus customers. 47% of our overall ARR is driven from that customer cohort now, and you can see how that's increased over the last couple of years.

一旦他們在某個用例或某個產品上實現了投資回報，就會繼續增加更多產品和用例，並尋找更多省錢的方法。因此，我們越來越多的業務來自年收入超過10萬美元的客戶。目前，我們47%的年度經常性收入（ARR）來自這些客戶群體，而且你可以看到，在過去幾年裡，這個數字一直在成長。

Our last question today comes from Matt Swanson at RBC.

我們今天的最後一個問題來自 RBC 的 Matt Swanson。

Yes. This is -- obviously, it's Matt Swanson on for Matt Hedberg. I was just wondering if you could kind of net-net the macro impact for us? We've talked a lot about ROI in the prepared remarks. Obviously, the results were showing a lot of durability. But I mean, would you describe parts of this macro as a tailwind, I guess? And then how are you thinking about the macro in that Q4 guidance, but also in that early color for 2024?

是的。顯然，這次是 Matt Hedberg 的 Matt Swanson 發言。我想知道您能否為我們簡單分析一下宏觀經濟的影響？我們在準備好的發言稿中已經多次討論過投資報酬率 (ROI)。顯然，結果顯示出了很強的持久性。但我的意思是，您是否會將宏觀經濟的某些方面描述為順風效應？那麼您在第四季的業績指引中是如何看待宏觀經濟的，以及在 2024 年的早期展望中是如何看待宏觀經濟的？

I would just say, again, we're really pleased with the results for Q3 and the momentum in the business right now. That customer demand has remained strong. Again, our pipeline, our conversion and win rates have been really strong. And so we're very pleased with the results. And obviously, we reflected that in Q4 as we raised our guidance for that quarter and for full year.

我想再次強調，我們對第三季的業績以及目前的業務發展勢頭感到非常滿意。客戶需求依然強勁。我們的銷售管道、轉換率和贏單率都非常高。因此，我們對業績非常滿意。顯然，我們在第四季度上調了該季度和全年的業績預期，這也反映了這一點。

We do recognize that there are a lot of macro uncertainty, and so we want to make sure that we are giving a little bit of color into next year based on how we're thinking about things as well as going through some different scenario analysis. And we feel good with where the kind of consensus FY '24 revenue growth rates are right now in the high 20s percent that we're -- we feel good about that based on what we're seeing right now.

我們確實意識到宏觀經濟存在諸多不確定性，因此我們希望確保根據我們對情勢的思考以及一些不同的情境分析，為明年的表現提供一些參考。我們對2024財年收入成長率的預期目前在20%左右感到滿意——基於目前的情況，我們對此感到滿意。

And if I can just add 1 or 2 things. While we are seeing customers very much focused on cost reductions and efficiency, in the world of operations, these are evergreen problems. They're always trying to find ways to be safer, reduce their cost of reinsurance. They're trying to find ways to be more efficient, whether that's in terms of how they serve their customers or how much they spend on fuel. And then same thing around sustainability.

我可以補充一兩點。雖然我們看到客戶非常注重降低成本和提高效率，但在營運領域，這些都是永恆的問題。他們總是在努力尋找更安全的方法，降低再保險成本。他們也在努力尋找更有效率的方法，無論是在服務客戶的方式上，還是在燃料成本上。可持續性也是如此。

So while there is a lot that's front of mind because of the current macro with our customers, I've just been spending a lot of time out in the field, spending time with these customers. They're saying these are fundamental challenges in operations, and that's why they're digitizing. They're trying to move from pen and paper to a more modern platform to get better visibility into these kinds of problems.

因此，儘管由於當前宏觀經濟形勢，我們客戶有很多問題需要解決，但我一直在現場工作，與這些客戶交流。他們表示，這些是營運中面臨的根本性挑戰，因此他們正在實施數位轉型。他們正嘗試從紙筆轉移到更現代化的平台，以便更好地洞察這類問題。

That's super helpful. And then it was great to see the success that you had up market for both $100,000 customers as well as the growing percentage of ARR. Is there any difference, I guess, on kind of the other side of the market in terms of macro impact or anything else for the smaller deal sizes you'd called out?

這非常有幫助。而且，看到你們在高端市場取得了成功，不僅服務於10萬美元客戶，而且年平均經常性收入（ARR）的比例也在不斷增長，這真是太棒了。我想，對於市場另一端的市場，就宏觀影響或其他方面而言，對於你提到的規模較小的交易，有什麼區別嗎？

No. I think, again, the same problems that the large customers are grappling with, same with kind of our mid-market customers as well. They're looking for ways to reduce cost, lower fuel costs or insurance premiums or reduce accidents, increasingly meet their sustainability goals. I'd point you to just the overall ARR mix coming from $100,000-plus customers continues to move up, but it's moving up kind of, like, a percentage point every quarter, which means that the customer is paying below $100,000 are also growing really, really quickly and driving a lot of our overall growth. We're just seeing a little bit more growth from the large customer segment.

不。我認為，大客戶面臨的問題和我們的中階市場客戶面臨的問題是一樣的。他們正在尋找降低成本、降低燃料成本或保險費、減少事故的方法，從而不斷實現他們的永續發展目標。我想指出的是，來自10萬美元以上客戶的整體ARR組合持續上升，而且每季都會上升一個百分點，這意味著支付金額低於10萬美元的客戶也在快速成長，並在很大程度上推動了我們的整體成長。我們看到大客戶群的成長略有增加。

This concludes the question-and-answer portion. Thank you all for a attending our Q3 fiscal year 2023 earnings call. If you have any follow-up questions, you can e-mail us at ir@samsara.com. Thanks again. Bye everyone.

問答環節到此結束。感謝各位出席我們2023財年第三季財報電話會議。如有任何後續問題，請發送電子郵件至ir@samsara.com。再次感謝。再見！