Samsara Inc (IOT) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Samsara's Fourth 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 財年第四季財報電話會議。我是 Samsara 公司企業發展和投資者關係副總裁 Mike Chang。今天與我一起出席的還有 Samsara 聯合創始人兼執行長 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.simsara.com. 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, March 2, 2023, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

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.simsara.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。我們今天要討論的問題包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果有重大差異，並受到我們向美國證券交易委員會提交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 2023 年 3 月 2 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 fourth 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 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 Q4 and then open the call up for Q&A. With that, I'll hand over the call to Sanjit.

在今天的電話會議中，我們的一些討論將包括我們的 2023 財年第四季財務表現。我們想指出的是，公司報告的非 GAAP 結果是為了補充而不是替代或優於以 GAAP 計算的財務指標。我們今天討論的所有財務數據均為非 GAAP，收入和收入成長除外。在我們的新聞稿和投資者介紹中提供了 GAAP 與非 GAAP 財務指標的對帳。我們將致開幕詞，深入探討第四季的亮點，然後開始問答環節。說完，我就把電話交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. FY '23 was a year of durable and efficient growth for Samsara, and our continued momentum reflects the strength of our platform and large market opportunity ahead of us. We ended FY '23 with ARR of $795 million, growing 42% year-over-year. During the year, we added 431 large customers with more than $100,000 of ARR, bringing us to over 1,200 large customers in total. To support customer demand, we grew our team to over 2,200 Samsarians, representing approximately 40% increase in headcount year-over-year.

謝謝，麥克，也謝謝大家今天加入我們。 23 財年是 Samsara 持續高效成長的一年，我們持續的成長動能反映了我們平台的實力和未來巨大的市場機會。截至 23 財年，我們的 ARR 為 7.95 億美元，年增 42%。在這一年中，我們增加了 431 名 ARR 超過 10 萬美元的大客戶，使我們的大客戶總數超過 1,200 名。為了滿足客戶需求，我們將團隊規模擴大到 2,200 多名 Samsarians，員工人數較去年同期成長約 40%。

As a company, we are focused on balancing growth and profitability, and we improved our adjusted free cash flow margin year-over-year by more than 90% in Q4, with negative 3% adjusted free cash flow margin. We also achieved Rule of 40 for the last 2 quarters of the fiscal year, which is a significant milestone, but there is still much work to be done to consistently achieve Rule of 40 on a quarterly and annual basis. As you know, our customers represent the broad world of physical operations and span diverse industries from food and beverage to construction to government and more. I'm always impressed by the resilience of our customer base. They are the backbone of the economy and provide the critical infrastructure that keeps the world running. Many have been around for over half a century and are no strainers to challenging economic cycles.

作為一家公司，我們專注於平衡成長和獲利能力，第四季度我們的調整後自由現金流利潤率年增超過 90%，調整後自由現金流利潤率為負 3%。我們還在本財年的最後兩個季度實現了 40 規則，這是一個重要的里程碑，但要想在季度和年度基礎上持續實現 40 規則，仍有許多工作要做。如您所知，我們的客戶代表著廣闊的實體營運領域，涵蓋了從食品飲料到建築到政府等不同行業。我們客戶群的韌性總是令我印象深刻。它們是經濟的支柱，提供維持世界運轉的關鍵基礎設施。許多企業已經存在了半個多世紀，並且能夠抵禦嚴峻的經濟週期。

Digitization is more important than ever in today's macroeconomic climate. Our customers are faced with difficult operating challenges and continue to search for ways to maximize the return on their investments to achieve their business goals. In Q4, we had a milestone quarter of large deals with customers who have complex operations at scale and a breadth of assets such as cranes, tractors, vehicles and buildings. The value of the Connected Operations Cloud is resonating with them as we digitize and combine their infrastructure into a single integrated platform. As a system of record for our customers' daily physical operations, the amount of insights and cost savings our platform can generate is tremendous.

在當今的宏觀經濟環境下，數位化比以往任何時候都更加重要。我們的客戶面臨著艱難的營運挑戰，並不斷尋找方法來最大化他們的投資回報，以實現他們的業務目標。第四季度，我們與擁有大規模複雜營運和起重機、拖拉機、車輛和建築物等多種資產的客戶達成了具有里程碑意義的大型交易。當我們將他們的基礎設施數位化並整合成一個整合平台時，互聯營運雲端的價值引起了他們的共鳴。作為我們客戶日常物理操作的記錄系統，我們的平台可以產生的見解和成本節省是巨大的。

I'd like to share a few stories about some of our large customers who are starting to use Samsara to elevate their safety programs and improve their sustainability and efficiency efforts across their vast operations. Let's start with Nutrien Ag Solutions, our largest new ACV transaction ever. They're one of the world's largest agriculture inputs and services providers and the third largest nitrogen producer in the world with roughly 75,000 assets. Nutrien adopted Samsara's video-based safety solution to prevent accidents, promote safer driving behaviors through in-cab alerts and help exonerate drivers from false insurance claims. Nutrien's goal is to up-level its existing safety programs and mitigate risk through event analysis, education and training. After completing a pilot with Samsara, Nutrien saw significant improvements across driving behaviors.

我想分享一些關於我們的一些大客戶的故事，他們開始使用 Samsara 來提升他們的安全計劃並提高他們在廣泛運營中的可持續性和效率。讓我們從 Nutrien Ag Solutions 開始吧，這是我們迄今為止最大的新 ACV 交易。他們是世界上最大的農業投入和服務提供者之一，也是世界第三大氮生產商，擁有約 75,000 項資產。 Nutrien 採用 Samsara 的基於視訊的安全解決方案來預防事故，透過車內警報促進更安全的駕駛行為，並幫助駕駛員免於虛假保險索賠。 Nutrien 的目標是透過事件分析、教育和培訓來提升現有的安全計畫並降低風險。在完成與 Samsara 的試驗後，Nutrien 發現駕駛行為有了顯著改善。

Let's now turn to another exciting Q4 win. Estes Express Lines is the largest privately owned freight carrier in North America and a top 10 less than truckload carrier with more than 22,000 employees, over 45,000 tractors and trailers and 270 terminals. Estes expects the real-time data from Samsara's connected operations Cloud will help them increase uptime, reduce costs and achieve their goal of creating a digital twin of its entire shipment life cycle to improve the customer experience. This way, they can provide better visibility to their own customers while removing time-intensive paper-based processes for their drivers and operations staff. Our video-based safety and vehicle telematics applications can help improve driver safety by using real-time alerts and help produce idly. We project that a 10% to 15% reduction in idling can save them an estimated $2 million to $3 million in fuel costs annually. Additionally, we estimate that saving drivers 5 minutes per week by automating manual tasks could lead to over $1 million in annual savings.

現在讓我們來回顧一下第四季的另一場激動人心的勝利。埃斯蒂斯快遞公司是北美最大的私人貨運公司，也是十大零擔貨運公司之一，擁有超過 22,000 名員工、超過 45,000 輛牽引車和拖車以及 270 個終端。 Estes 預計，Samsara 互聯營運雲端的即時數據將幫助他們增加正常運行時間、降低成本並實現創建整個貨運生命週期的數位孿生的目標，以改善客戶體驗。這樣，他們可以為自己的客戶提供更好的可視性，同時為司機和營運人員消除耗時的紙本流程。我們的基於視訊的安全性和車輛遠端資訊處理應用程式可以透過使用即時警報來幫助提高駕駛員安全性並有助於減少空轉。我們預計，減少 10% 至 15% 的空轉時間每年可為他們節省約 200 萬至 300 萬美元的燃料成本。此外，我們估計，透過自動化手動任務每週為駕駛員節省 5 分鐘，每年可節省 100 多萬美元。

Finally, let's cover another Q4 deal, this time in the public sector. We added a new state Department of Transportation to an existing public sector account, which now exceeds $1 million in ARR. The State Department expanded to use the connected operations cloud to better manage their light-duty and off-road assets, giving them data-driven insights to make critical operation decisions in real time. There are almost 40 agencies within the state accounting for nearly 11,000 assets. By integrating Samsara's diagnostics data into its statewide enterprise resource planning system, the state can identify which assets require immediate attention and prioritize spending across their expansive operations. They can also further their sustainability goals by benchmarking assets that use the most fuel and prioritize those best suited to transition to electric.

最後，讓我們來討論一下第四季的另一筆交易，這次是在公共部門。我們在現有的公共部門帳戶中增加了一個新的州交通部，現在該帳戶的 ARR 已超過 100 萬美元。美國國務院擴大了使用互聯營運雲端的範圍，以便更好地管理其輕型和非公路資產，為他們提供數據驅動的洞察力，以便即時做出關鍵的營運決策。該州有近 40 個機構，管理近 11,000 項資產。透過將 Samsara 的診斷數據整合到其全州企業資源規劃系統中，該州可以確定哪些資產需要立即關注，並確定其在廣泛運營中的支出優先順序。他們還可以透過對燃料使用量最多的資產進行基準測試，並優先考慮最適合轉換為電力的資產，從而進一步實現永續發展目標。

These customer stories represent just a snapshot of the incredible momentum we're seeing among large customers with complex operations, and we're excited to build on this in the coming year. As a system of record for physical operations, we help customers solve their toughest challenges by giving them the ability to analyze millions of data points across their expansive operations. More importantly, we help our customers achieve their business goals by transforming data into actionable insights. We've been investing in the Connected Operations Cloud, which continues to grow and become more sophisticated with nearly 6 trillion data points flowing in, over 50 billion API calls processed and more than 50 billion miles driven for analysis annually.

這些客戶故事只是我們在擁有複雜營運的大型客戶中看到的令人難以置信的發展勢頭的一個縮影，我們很高興在來年繼續保持這種勢頭。作為物理操作的記錄系統，我們幫助客戶分析其廣泛運作中的數百萬個數據點，從而解決他們最棘手的挑戰。更重要的是，我們透過將數據轉化為可操作的見解來幫助我們的客戶實現他們的業務目標。我們一直在投資互聯營運雲，該雲不斷發展壯大，變得更加複雜，每年有近 6 兆個數據點流入，處理超過 500 億次 API 調用，並行駛超過 500 億英里進行分析。

Our partner ecosystem, Samsara's app marketplace is also growing and now includes more than 220 integrations. Our customers are continuing to plug in additional partners and providers to fully leverage the power of our platform. On average, our largest customers are using 6 or more API integrations, up from 4 API integrations just last year. I'd like to share 3 specific examples of how our customers across the industry are seeing value and rapid ROI from unlocking their data.

我們的合作夥伴生態系統 Samsara 的應用市場也在不斷發展，目前已包含 220 多個整合。我們的客戶正在繼續尋找更多的合作夥伴和供應商，以充分利用我們平台的強大功能。平均而言，我們最大的客戶使用 6 個或更多 API 集成，而去年只有 4 個 API 集成。我想分享 3 個具體的例子，說明我們整個產業的客戶如何透過解鎖資料來獲得價值和快速的投資回報。

Let's start with insurance premiums. Insurance premiums are consistently one of the top expenses for physical operations customers and premiums continue to rise annually. Our AI models analyze driver behaviors and road conditions in real time, provide visibility into the leading causes of preventable accidents. And when a model detects one of those behaviors, we can proactively alert drivers in real time so they can take the appropriate action to prevent a potential accident. Safety incidents are saved to our cloud and customers and insurance providers can access this data through APIs. Insurance providers can use this data to better underwrite the risk of fleets, leading to reduced insurance premiums.

讓我們從保險費開始。保險費一直是實體營運客戶的最大支出之一，保險費每年都在上漲。我們的人工智慧模型即時分析駕駛員行為和道路狀況，提供可預防事故的主要原因的可見性。當模型偵測到其中一種行為時，我們可以即時主動提醒駕駛員，以便他們採取適當的措施來防止潛在的事故。安全事件保存到我們的雲端，客戶和保險提供者可以透過 API 存取這些資料。保險公司可以利用這些數據來更好地承保車隊的風險，從而降低保險費。

Fuel prices also remain top of mind for our customers and can represent 60% of non-personnel spend. Leveraging Samsara's sleep benchmarking solution, our customers can better understand fleet performance, identify areas for improvement, set inform goals and run their own feedback loops to ensure continuous improvements. Another important cost-saving priority for our customers is extending the life of their most expensive assets from front loaders to cranes, detractors or other costly business critical equipment. With maintenance data flowing through our AI models, real-time diagnostics spot issues and proactively alert mechanics to fixed vehicles before major faults take place.

燃料價格仍然是我們客戶最關心的問題，佔非人員支出的 60%。利用 Samsara 的睡眠基準測試解決方案，我們的客戶可以更好地了解車隊的表現，確定需要改進的領域，設定明智的目標並運行自己的反饋循環，以確保持續改進。對於我們的客戶來說，另一個重要的成本節約重點是延長其最昂貴資產的使用壽命，從前端裝載機到起重機、挖掘機或其他昂貴的關鍵業務設備。隨著維護資料流經我們的 AI 模型，即時診斷可以發現問題，並在發生重大故障之前主動提醒機械師修復車輛。

We're focused on creating an agile platform that meets our customers' most pressing needs. We do this through continuous innovation powered by our data platform and customer feedback A good example of this is with digital workflows and how it's making an outsized impact in transforming the worker experience. By adopting Samsara's customizable digital workflows, our customers reduce time spent on manual written tasks, bringing up valuable time for other business-critical work. And we've seen tremendous traction within our platform. We have seen year-over-year improvements in the number of workflows moving daily to our system, including over 110 million driver vehicle inspection reports logged in fiscal year '23, a 70% increase year-over-year and over 23 million digital documents digitized, a 60% increase year-over-year.

我們致力於創造一個靈活的平台，滿足客戶最迫切的需求。我們透過數據平台和客戶回饋所推動的持續創新來實現這一目標。數位化工作流程就是一個很好的例子，它對改變員工體驗產生了巨大的影響。透過採用 Samsara 的可自訂數位工作流程，我們的客戶減少了花在手動書寫任務上的時間，從而為其他關鍵業務工作節省了寶貴的時間。我們已經看到我們的平台具有巨大的吸引力。我們看到每天進入我們系統的工作流程數量逐年改善，其中包括 23 財年記錄的超過 1.1 億份駕駛員車輛檢查報告，同比增長 70%，以及數字化的超過 2300 萬份數字文檔，同比增長 60%。

Samsara is quickly becoming the system of record for physical operations, and we're excited by the vast opportunity to truly transform the worker experience for our customers. I'd like to end with a thank you to our customers, partners, investors and Samsarians who are joining us on the journey to digitize physical operations. We're looking forward to another year of building the connected Operations Cloud, and we're excited to see many of you beyond our customer conference and investor conference in Austin, Texas this June. I'll now hand it over to Dominic to go over the financial highlights for the quarter.

Samsara 正迅速成為實體操作的記錄系統，我們對真正改變客戶員工體驗的巨大機會感到非常興奮。最後，我要感謝我們的客戶、合作夥伴、投資者和 Samsarians，他們與我們一起踏上了數位化實體營運的旅程。我們期待在新的一年裡繼續建立互聯營運雲，並且很高興在今年 6 月於德克薩斯州奧斯汀舉行的客戶會議和投資者會議之外見到你們。現在我將把時間交給 Dominic，讓他回顧本季的財務亮點。

Okay. 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 Q4 results and financial guidance. Q4 FY '23 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. While global economic uncertainty persists, we exceeded our expectations for key top line and profitability metrics for a few reasons.

好的。謝謝你，桑吉特。提醒一下，請參閱我們在 investors.samsara.com 上的股東信函、新聞稿和投資者介紹，以獲取有關我們第四季度業績和財務指導的更多資訊。 23 財年第四季的亮點是強勁的營收成長和持續的營運效率提升。我們持久且日益高效的成長表明，全球實體營運領域數位轉型蘊藏著巨大且不斷增長的機會。儘管全球經濟不確定性持續存在，但由於一些原因，我們在關鍵營收和獲利指標方面超出了預期。

First, we sell into the operations budget, which is large and generally nondiscretionary. Second, our customers generate hard ROI savings by deploying Samsara. Third, our solution has a quick average payback period for customers often in months. And finally, we have a subscription business model that produces highly predictable revenue, and we price based on the number of assets versus seat-based pricing resulting in lower risk of churn if our customers hiring slows or contracts.

首先，我們將銷售收入納入營運預算，這筆預算金額龐大，而且通常是非自由支配的。其次，我們的客戶透過部署 Samsara 實現了硬投資回報率 (ROI) 節省。第三，我們的解決方案可以為客戶帶來快速的平均回報期，通常為數月。最後，我們擁有一個可產生高度可預測收入的訂閱業務模式，並且我們根據資產數量而非基於座位的定價來定價，從而在客戶招聘放緩或合約簽訂時降低客戶流失的風險。

Our Q4 ending ARR was $795 million, growing 42% year-over-year and Q4 revenue was $187 million, growing 48% year-over-year. Several factors drove our strong top line performance in Q4. First, we continue to focus on serving large physical operations customers. We now have 1,237 100,000-plus ARR customers, a quarterly increase of 124 or 53% year-over-year. We also saw particular strength within our largest customers. We now have 51 $1 million-plus ARR customers, a quarterly increase of 5% or 65% year-over-year. Our investments in serving the largest physical operations companies in the world continue to pay off.

我們第四季的期末 ARR 為 7.95 億美元，年增 42%，第四季營收為 1.87 億美元，年增 48%。有幾個因素推動了我們第四季的強勁營收表現。首先，我們持續專注於服務大型實體營運客戶。我們目前擁有 1,237 位 100,000 多名 ARR 客戶，比去年同期增加 124 位，增幅達 53%。我們也看到了最大客戶的特殊實力。我們現在有 51 位 ARR 超過 100 萬美元的客戶，季度成長 5%，較去年同期成長 65%。我們為世界上最大的實體營運公司提供服務的投資繼續獲得回報。

100k-plus ARR customers represent our fastest-growing cohort and make up 48% of our total ARR, up from just 45% 1 year ago. And while Q4 was a strong expansion quarter, it was an even stronger new logo quarter. We added a record number of new core customers in Q4, which now total more than 19,000. New customers represented 51% of net new ACV in Q4, up from 44% in the same quarter last year. And 3 of the 5 million-plus net new ACV deals in the quarter were new logos, including a leading traffic safety field services company operating across North America that landed with video-based safety, telematics and equipment monitoring to reduce accidents, leverage data to drive operating efficiencies, reduce fuel and maintenance costs and streamline operations. And finally, multiproduct transactions continue to significantly contribute to our top line growth.

10 萬以上的 ARR 客戶是我們成長最快的群體，占我們總 ARR 的 48%，而一年前這一比例僅為 45%。雖然第四季是強勁擴張的季度，但新標誌季度則更為強勁。我們在第四季度增加了創紀錄數量的核心客戶，目前總數超過 19,000 個。第四季新客戶佔淨新增 ACV 的 51%，高於去年同期的 44%。本季度新增的 500 多萬 ACV 淨交易中有 3 筆是新標識，其中包括一家在北美運營的領先交通安全現場服務公司，該公司採用基於視頻的安全、遠程信息處理和設備監控來減少事故，利用數據來提高運營效率，降低燃料和維護成本並簡化運營。最後，多產品交易持續為我們的收入成長做出重大貢獻。

In Q4, 7 of our 10 largest transactions included subscriptions to 2 or more products. More broadly, more than 70% of core customers and more than 90% of large customers subscribed to 2 or more applications and 25% of core customers and more than 50% of large customers subscribe to 3 or more applications. In addition to delivering strong 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. Q4 gross margin was 74%, approximately flat year-over-year and has stabilized above 70% for 10 consecutive quarters. Q4 operating margin was negative 8%, an annual improvement of more than 40% or 6 percentage points year-over-year, driven by leverage across all functions. And Q4 adjusted free cash flow margin was negative 3%, an annual improvement of more than 90% or 37 percentage points year-over-year, primarily from improved operating leverage and working capital improvements.

在第四季度，我們 10 筆最大交易中有 7 筆涉及 2 種或更多產品的訂閱。更廣泛地說，超過 70% 的核心客戶和超過 90% 的大客戶訂閱了 2 個或更多的應用程序，25% 的核心客戶和超過 50% 的大客戶訂閱了 3 個或更多的應用程式。除了實現強勁的營收成長外，隨著業務規模的擴大，我們還將繼續致力於提高整個業務的營運效率。結果，我們看到所有主要職能部門的槓桿率都較去年同期有所提高。第四季毛利率為74%，年比基本持平，已連續10季穩定在70%以上。第四季營業利潤率為負 8%，年比改善超過 40%，即 6 個百分點，這得益於所有職能部門的槓桿作用。第四季調整後的自由現金流利潤率為負 3%，年增超過 90% 或 37 個百分點，主要得益於經營槓桿的提高和營運資本的改善。

Efficient growth continues to be a priority as demonstrated by a 45% rule of 40 in Q4, our second consecutive Rule of 40 quarter and our highest quarter in the last 3 years. While we're pleased with this accomplishment, our goal is to continue making the necessary improvements that would allow us to achieve rule 40 consistently on a quarterly and annual basis. And the final Q4 point I want to make is regarding hiring and headcount. We ended FY '23 with more than 2,200 employees or approximately 40% growth year-over-year. Adding headcount is a key input to driving future growth, but we continue to operate with discipline while making incremental investments. Our ARR per employee at the end of FY '23 was more than $350,000, an all-time high and 3x higher than it was 3 years ago. Okay.

高效成長仍然是我們的首要任務，正如第四季度的 45% 規則所證明的那樣，這是我們連續第二個季度遵循 40 規則，也是我們過去 3 年來最高的一個季度。雖然我們對這項成就感到高興，但我們的目標是繼續進行必要的改進，以便我們能夠在每個季度和每年持續實現第 40 條規則。我想要提出的最後一點是關於第四季的招募和員工人數。截至 23 財年，我們擁有超過 2,200 名員工，較去年同期成長約 40%。增加員工人數是推動未來成長的關鍵投入，但我們在進行增量投資的同時，仍將繼續嚴格遵守紀律。 23 財年末，我們的每位員工的 ARR 超過 35 萬美元，創歷史新高，比 3 年前高出 3 倍。好的。

Now turning to guidance. As we enter our second year as a public company, we expect our guidance philosophy will be less conservative than during our first year. However, after analyzing various scenarios, we also believe it is adequately derisked to account for the potential impact of worsening macroeconomic factors on our business. For Q1 FY '24, we expect total revenue to be between $190 million and $192 million, representing year-over-year growth between 33% and 35%. Non-GAAP operating margin to be approximately negative 15% and non-GAAP EPS to be between negative $0.05 and negative $0.06, assuming 526 million weighted average shares outstanding.

現在轉向指導。隨著我們進入上市公司的第二年，我們預計我們的指導理念將不像第一年那麼保守。然而，在分析了各種情境之後，我們也認為它足以降低風險，以應對惡化的宏觀經濟因素對我們業務的潛在影響。對於 24 財年第一季，我們預計總營收將在 1.9 億美元至 1.92 億美元之間，年增 33% 至 35%。假設加權平均流通股數為 5.26 億股，非 GAAP 營業利益率約為負 15%，非 GAAP 每股盈餘介於負 0.05 美元至負 0.06 美元之間。

For full year FY '24, we expect revenue to be between $838 million and $848 million, representing year-over-year growth between 28% and 30%. And non-GAAP operating margin to be approximately negative 7% and non-GAAP EPS to be between negative $0.05 and negative $0.07, assuming 536 million weighted average shares outstanding. And finally, a few additional modeling notes. First, we expect non-GAAP gross margin for FY '24 will be in the low 70s percent. Second, we expect to cut last year's negative adjusted free cash flow dollars in half in FY '24. And we expect to reach adjusted free cash flow breakeven in Q4 this year. And finally, we expect FY '24 equity dilution to be between 3% and 5%, and our longer-term goal is annual equity dilution of less than 3%. And please note that additional modeling notes for Q1 and FY '24 are included in our shareholder letter.

對於 24 財年全年，我們預計營收將在 8.38 億美元至 8.48 億美元之間，年增 28% 至 30%。假設加權平均流通股數為 5.36 億股，非 GAAP 營業利益率約為負 7%，非 GAAP 每股盈餘介於負 0.05 美元至負 0.07 美元之間。最後，還有一些額外的建模說明。首先，我們預計 24 財年非 GAAP 毛利率將達到 70% 左右。其次，我們預計在 24 財年將去年的負調整自由現金流減少一半。我們預計今年第四季調整後的自由現金流將達到損益兩平。最後，我們預計 24 財年的股權稀釋率將在 3% 至 5% 之間，而我們的長期目標是年度股權稀釋率低於 3%。請注意，我們的股東信中包含了第一季和 24 財年的額外建模說明。

So, to wrap up, while we're operating in an uncertain macroeconomic environment, we are very pleased with our performance during our first year as a public company. We are digitizing the world of physical operations and the Connected Operations Cloud is our customer system of record. We remain committed to continued operating efficiency improvements on our path to profitability and to making investments in the highest ROI areas of our business. We believe that with our markets, our platform and our focus on efficiency, we are well positioned to continue delivering durable growth while improving profitability. With that, I'll hand it over to Mike to moderate Q&A.

總而言之，雖然我們在一個不確定的宏觀經濟環境中運營，但我們對作為上市公司第一年的表現感到非常滿意。我們正在將實體操作的世界數位化，而互聯營運雲端是我們的客戶記錄系統。我們將繼續致力於在獲利的道路上持續提高營運效率，並在業務中投資回報率最高的領域進行投資。我們相信，憑藉我們的市場、我們的平台以及我們對效率的關注，我們完全有能力繼續實現持久成長，同時提高獲利能力。說完這些，我會把時間交給 Mike 來主持問答環節。

Thanks, Dominic. We will now open the line for questions. (Operator Instructions) The first question today comes from Sterling Auty at MoffettNathanson followed by Keith Weiss at Morgan Stanley.

謝謝，多米尼克。我們現在開放問答熱線。 （操作員指示）今天的第一個問題來自 MoffettNathanson 的 Sterling Auty，其次是摩根士丹利的 Keith Weiss。

So just curious if you can characterize what sales pipelines look like exiting the quarter versus maybe 90 or 180 days ago, just to help us understand the dynamics of macro impacts versus what you're doing on the sales execution side.

所以我很好奇，您是否可以描述一下本季結束時的銷售管道與 90 天或 180 天前的銷售管道相比是什麼樣的，這可以幫助我們了解宏觀影響的動態以及您在銷售執行方面所做的事情。

Sure. I'll answer that. We're not seeing a lot of change to sales pipeline. I think we called out some elongated sales cycles in Q2. We saw that persist in Q3 and Q4. But we're not seeing necessarily a change in the overall pipeline or the conversion of that pipeline or the win rates. But we do continue to see customers look at longer free trials, really validating the ROI analysis, elevating decisions, higher up within the organization, but we're pleased with the pipeline that we saw exiting the quarter.

當然。我會回答這個問題。我們沒有看到銷售管道發生太大的變化。我認為我們在第二季宣布了一些延長的銷售週期。我們發現這種情況在第三季和第四季仍然存在。但我們不一定會看到整體通路、通路轉換或贏率的變化。但我們確實繼續看到客戶專注於更長的免費試用期，真正驗證投資回報率分析，提升決策，在組織內部更高層次，但我們對本季度看到的退出管道感到滿意。

Excellent. And then, Dominic, you had also mentioned gross margins in the low 70s. You had a nice real sequential uptick in gross margins here in Q4. Can you remind us what are some of the dynamics that are going to ebb and flow that number throughout fiscal '24?

出色的。然後，多明尼克，您還提到了 70% 出頭的毛利率。第四季的毛利率確實出現了連續的良好上升。您能否提醒我們，在 24 財年，這個數字會受到哪些動態因素的影響？

You're really not seeing a lot of leverage out of gross margin again in Q4 was approximately flat year-over-year. And even as we look into next year, most of the leverage in this business that's going to drive better operating margins and better free cash margins are really going to come below gross margins. I think there's room to do some better optimizations and things like our cloud and cellular costs. We're obviously seeing some improvements in supply chain and the overall cost of hardware, and that will eventually work its way through gross margins. But I just -- I wouldn't expect a lot more out of that as we look into FY '24.

您確實沒有看到第四季度毛利率出現太大的波動，與去年同期相比基本持平。即使展望明年，我們仍會發現，該業務中大部分能夠推動更高營業利潤率和更高自由現金利潤率的槓桿實際上都將低於毛利率。我認為我們還有空間進行更好的優化，例如雲端運算和蜂窩成本。我們顯然看到供應鏈和硬體總體成本的一些改善，這最終將對毛利率產生影響。但我只是——當我們展望 24 財年時，我不會對此抱持更多期待。

Our next question comes from Keith Weiss at Morgan Stanley, followed by Matt Pfau at William Blair.

我們的下一個問題來自摩根士丹利的 Keith Weiss，然後是 William Blair 的 Matt Pfau。

Excellent. And really early at a strong year-end. What is still a difficult environment out there. Kind of a 2-part question. It does sound seem like the value proposition and the strong ROI of the platform is coming through to customers. Are you seeing evidence of that in terms of your customer conversations in terms of pipeline conversion? And then number 2, the other sort of really striking part of what we've seen throughout this year and you guys definitely capped it off in this quarter is not just like 100,000 customers, but going -- getting some of those largest potential customers out there, like the top 10 transportation companies and the like -- what is it that really turned on for you guys this year? Or what's working that's enabling you to sort of get up to that class of customer and be so successful there?

出色的。而且在年底表現強勁的時候，這確實發生得很早。外面的環境依然很艱難。這是一個由兩部分組成的問題。這聽起來確實像是該平台的價值主張和強勁的投資回報率正在傳達給客戶。就通路轉換而言，您是否從客戶對話中看到了這方面的證據？然後第二點，我們今年全年看到的另一個非常引人注目的部分，你們在本季度肯定達到了頂峰，不僅僅是擁有 100,000 名客戶，而且還獲得了一些最大的潛在客戶，例如十大運輸公司等——今年真正為你們帶來改變的是什麼？或者說，是什麼讓您能夠吸引到這一類客戶並取得如此大的成功？

Keith, this is Sanjit. I'll take the first part. So, from an ROI perspective, it's absolutely a strong case. We have multiple opportunities to provide value to our customers. On the safety side, when it comes to helping exonerate drivers from accidents or even reduced risk to avoid accidents in the first place, that's really compelling. And for these large-scale complex physical operations customers, it can save them millions of dollars on a yearly basis. Similarly, for fuel, it's the same story.

基思，這是桑吉特。我將選擇第一部分。因此，從投資報酬率的角度來看，這絕對是一個有力的案例。我們有多種機會為客戶提供價值。從安全方面來說，當談到幫助駕駛員免於事故或甚至降低風險以避免事故發生時，這確實很有吸引力。對於這些大規模複雜物理操作的客戶來說，它可以每年為他們節省數百萬美元。同樣，對於燃料來說，情況也是一樣。

Coaching drivers to operate a little more fuel efficiently and then optimizing the assets and the workloads and the routes to be fuel efficient can save these customers millions of dollars a year. So that ROI case is really strong, and that pipeline conversion remains strong in spite of what Dominic mentioned where there is a bit of elongation of the sales cycle. So, I think we feel good that we've got a compelling value proposition. The win rates continue to be stable, and it's a very, very large market. We're talking about tens of millions of commercial vehicles here in the U.S., even more in Western Europe. So, I think just in terms of our core market and our core value proposition, the ROI is there, and customers are very much tuned for this as they think of ways to save money in this environment.

指導駕駛員提高燃油效率，然後優化資產、工作量和路線以提高燃油效率，每年可以為這些客戶節省數百萬美元。因此，投資回報率 (ROI) 案例確實強勁，儘管 Dominic 提到銷售週期有所延長，但通路轉換仍然強勁。因此，我認為我們很高興我們有一個令人信服的價值主張。勝率持續保持穩定，這是一個非常非常大的市場。我們談論的是美國有數千萬輛商用車，在西歐則更多。因此，我認為就我們的核心市場和核心價值主張而言，投資回報率是存在的，並且客戶在思考如何在這種環境下省錢時非常關注這一點。

And Keith, it's Dominic. I'll answer the second part. I think for the large deals, Q4 is typically our largest net new ACV quarter in terms of seasonality. So that definitely played a role in this. But we've been making investments in the enterprise segment, our large customer segment for many years now, and we're starting to find the yield on some of those investments. We've made a lot of investments in R&D, so making sure that the platform is enterprise-grade, building the required integrations as we talked about, on average, these customers are using 6 integrations now up from 4 that it's got the right scalability and flexibility and security all built into the product or big-time investments that we've made for these large customers. And then we've made a lot of sales investments as well. The go-to-market motion is very different than mid-market. The sales cycles can be a lot longer, and we've made a lot of investments there to go along with R&D investments, and we're now starting to see some real consistent results out of the largest customers.

基思，我是多明尼克。我來回答第二部分。我認為對於大型交易而言，就季節性而言，第四季通常是我們淨新增 ACV 最大的季度。所以這肯定發揮了一定作用。但多年來，我們一直在企業領域、我們的大客戶領域進行投資，我們開始發現其中一些投資的收益。我們在研發方面投入了大量資金，以確保平台是企業級的，構建所需的集成，正如我們所討論的，這些客戶現在平均使用的集成從 4 個增加到 6 個，它具有正確的可擴展性、靈活性和安全性，所有這些都內置於我們為這些大客戶進行的產品或大規模投資中。然後我們也進行了大量銷售投資。進入市場的行動與中端市場有很大不同。銷售週期可能會更長，我們在那裡進行了大量投資，包括研發投資，現在我們開始從最大的客戶那裡看到一些真正一致的成果。

Our next question comes from Matt Pfau, William Blair, followed by Al Zukin at Wolfe. So our next question, let's go to Al Zukin at Wolfe.

我們的下一個問題來自 Matt Pfau、William Blair，然後是 Wolfe 的 Al Zukin。下一個問題，請問沃爾夫研究所的艾爾祖金 (Al Zukin)。

Guys, can you hear me okay?

夥計們，你們聽得到我說話嗎？

Yes, Alex.

是的，亞歷克斯。

Congrats on another excellent quarter. I guess one thing that struck me, Sanjit, from both the letter and the script -- your comments about the insurance opportunity were really interesting. And I just want to unpack that a little bit and understand about how much that could become almost a channel opportunity or a partner opportunity for Samsara almost like a force multiplier. Maybe just talk to us about the current go-to-market with that industry or with that channel? And is this an area that you can partner with in the future to kind of force multiple?

恭喜您又一個出色的季度。桑吉特，我想，無論是從信中還是從腳本中，有一件事讓我印象深刻——你對保險機會的評論真的很有趣。我只是想稍微解釋一下，了解這在多大程度上可以成為 Samsara 的通路機會或合作夥伴機會，就像一個力量倍增器。也許您只是跟我們談談該行業或該通路目前的行銷情況？這是一個你們未來可以合作多元化發展的領域嗎？

Alex, happy to chat about that. So insurance is an exciting area for us because we're so closely aligned with these insurers. Our products are helping these physical operations customers reduce risk out in the field. And in the case of exoneration, helps resolve claims much more quickly. So, we have a number of large insurers that have signed up with us. The logos are available on the Samsara marketplace, if you want to take a look. And to kind of get to your question, it is absolutely an important area that we're investing in from a channel and partnerships perspective. Typically speaking, insurers don't sell this kind of technology or resell the technology. So today, they're mostly referral partners of ours, but the partnerships are going really well. We're getting introduced to both large and midsize fleet customers and other types of customers through that. So, I think it's an area we're going to continue to invest in because there's so much value and value alignment.

亞歷克斯，很高興談論這個。因此，保險對我們來說是一個令人興奮的領域，因為我們與這些保險公司緊密合作。我們的產品正在幫助這些實體操作客戶降低現場風險。在免責的情況下，有助於更快地解決索賠。因此，我們已經與多家大型保險公司簽約。如果您想看一看，可以在 Samsara 市場上找到這些標誌。回答你的問題，從通路和合作夥伴的角度來看，這絕對是我們投資的重要領域。一般來說，保險公司不會出售或轉售此類技術。所以今天，他們大多是我們的推薦夥伴，但合作關係進展得非常好。透過這種方式，我們可以接觸到大型、中型車隊客戶以及其他類型的客戶。所以，我認為我們將繼續在該領域進行投資，因為該領域具有很高的價值和價值一致性。

Perfect. And then, Dom, on the bottom line, you guys continue to find efficiencies in the business for multiple quarters now, the incremental margins continue to look solid. Maybe just lean in a little bit about your expectations for sales hiring and quota-carrying capacity for the coming year? And also, maybe just remind us, at least from a -- I know it's for illustrative purposes, but if you exclude the hardware costs associated with the business, what would kind of the adjusted free cash flow margin be in that case? And how to think about that metric over the -- even exiting next year?

完美的。然後，Dom，從底線來看，你們現在連續多個季度發現業務效率不斷提高，增量利潤率繼續保持穩健。或許您可以稍微談談您對來年的銷售招募和配額承載能力的期望？而且，也許只是提醒我們，至少從 - 我知道這是為了說明目的，但如果你排除與業務相關的硬體成本，那麼在這種情況下調整後的自由現金流利潤率會是多少？那麼該如何看待這個指標──甚至是明年的指標呢？

Sure. So I think we made a lot of investments in overall headcount in FY '23, growing 40% year-over-year while being able to improve our overall ARR per employee. As I look into FY '24, we continue to hire. We have more than 200 or around 200 open recs on our website right now. And so, I expect the overall headcount growth to still be going into next year and a subcomponent of that will obviously be sales capacity. We really look at productivity metrics to really drive our investment decisions. If we see productivity, net new ACV per ramp rep improving, that gives us confidence that we can continue to hire. If we see it go down, then that means we probably need to pull back, and we're cutting territories and accounts too quickly. So, we'll really continue to use that data to monitor how we're going to hire in the next year, but I do expect that we'll continue to build more capacity that won't necessarily help us in FY '24, but more so in FY '25, given the 4 quarter-ish ramp for new sales reps.

當然。因此，我認為我們在 23 財年對整體員工人數進行了大量投資，年增 40%，同時能夠提高每位員工的整體 ARR。當我展望 24 財年時，我們仍在繼續招募。目前我們的網站上有超過 200 個或大約 200 個開放的推薦。因此，我預計明年整體員工人數仍將成長，而銷售能力顯然是其中的一個組成部分。我們確實專注於生產力指標來真正推動我們的投資決策。如果我們看到生產力、每個站台代表的淨新 ACV 有所提高，我們就有信心繼續招募。如果我們看到它下降，那麼這意味著我們可能需要撤退，而且我們削減領土和帳戶的速度太快了。因此，我們將繼續使用這些數據來監控明年的招聘情況，但我確實預計，我們將繼續建立更多的產能，這不一定會在 24 財年對我們有幫助，但會在 25 財年更有幫助，因為新銷售代表的數量將在 4 個季度左右增加。

On your second question, so about 21% of our revenue in Q4 was spent on inventory on our IOT devices and on inventory. And so with a minus 3% free cash flow margin, our free cash flow margin sands, dollars going out the door for inventory would have been positive 18%. So, we recognize that, obviously, a significant component of our service or IOT devices. But I think that, that goes to show investors just the overall kind of leverage in this business longer term and the efficiency in which we're operating.

關於您的第二個問題，我們第四季約有 21% 的收入用於物聯網設備庫存和庫存。因此，如果自由現金流利潤率為負 3%，扣除庫存支出後的自由現金流利潤率將為正 18%。因此，我們認識到，這顯然是我們服務或物聯網設備的重要組成部分。但我認為這向投資者展示了我們這個行業的長期整體槓桿率以及我們的營運效率。

Let's go back to Matt Pfau at William Blair, followed by Derrick Wood at TD Cowen.

讓我們回顧 William Blair 的 Matt Pfau，然後是 TD Cowen 的 Derrick Wood。

Wanted to ask about being used more and more as a system of record with your customers. As customers use more APIs and incorporate you more on your workflows, I assume that makes them stickier, but what are you seeing in terms of potential monetization opportunities as that happens?

想詢問一下越來越多地將其用作客戶記錄系統的情況。隨著客戶使用更多的 API 並將您更多地融入您的工作流程中，我認為這會使他們的黏性更強，但是在這種情況下，您看到了哪些潛在的貨幣化機會？

So Matt, I'll take that. So we are seeing a lot of momentum. We talked about this in the shareholder letter. In terms of API calls, we had about 50 billion API calls last year, and that increased 4x year-over-year. And overall, the other software-based features that we've added to the system, whether it's workflows or digital documents are also growing 60% and 70% year-over-year. So, there's a lot of value there for the customer.

那麼馬特，我接受。因此，我們看到了很大的發展動能。我們在股東信中談到了這一點。在 API 呼叫方面，去年我們大約有 500 億次 API 調用，比去年同期成長了 4 倍。總體而言，我們添加到系統的其他基於軟體的功能，無論是工作流程還是數位文檔，也都同比增長 60％ 和 70％。因此，這對客戶來說具有很大的價值。

Today, it's made available as part of the license. We are constantly looking at how we price and package the platform to best align with what our customers need and how they want to consume it. But today, there's no plans to break that out and monetize it separately. We're trying to drive adoption and really get customers to get as much value from this data as possible because that's ultimately what makes us essential as a system of record is to be that source of data to have a high-quality clean data, and that has value for the customer, and then we can also do things like better train AI models and other benchmarking data sets behind the scenes with that.

如今，它已作為許可證的一部分提供。我們一直在研究如何為平台定價和打包，以最好地滿足客戶的需求以及他們希望如何使用平台。但目前還沒有計劃將其單獨拆分並貨幣化。我們正在努力推動採用，並真正讓客戶從這些資料中獲取盡可能多的價值，因為這最終使我們作為記錄系統必不可少，成為擁有高品質清潔資料的資料來源，並且對客戶有價值，然後我們還可以做一些事情，例如更好地訓練人工智慧模型和其他後台基準資料集。

Great. And along those same lines, are you seeing OEM integrations become more important? I know that was called out in the largest deal that you signed in the quarter? We are. So, on the OEM front, we're seeing OEMs of all different kinds of equipment, integrate connectivity directly into the assets themselves. And so that's just been a long-term build for us is partnering with OEMs, whether it's light duty, heavy duty, other kinds of equipment manufacturers like John Deere, Caterpillar and others. So that's an area that I think will take a couple of years to really get going, but it's something that we are starting to see the beginnings of...

偉大的。同樣，您是否認為 OEM 整合變得更加重要？我知道這是您本季簽署的最大交易中提到的嗎？是的。因此，在 OEM 方面，我們看到各種設備的 OEM 將連接性直接整合到資產本身中。因此，這對我們來說是一個長期的建設，與原始設備製造商合作，無論是輕型、重型，還是其他類型的設備製造商，如約翰迪爾、卡特彼勒等。所以我認為這個領域需要幾年時間才能真正起步，但我們已經開始看到它的雛形了…

So, our next question comes from Derrick Wood at TD Cowen, followed by Matt Hedberg at RBC.

那麼，我們的下一個問題來自 TD Cowen 的 Derrick Wood，然後是 RBC 的 Matt Hedberg。

It's not that common to see new customer mix rising in this kind of economy where it's often harder to sign new deals, especially ones that are larger in size. So that's great to see those metrics. And I just wanted to try to unpack that a little bit more. I mean, obviously, we know your value prop, your ROI is so compelling, but it does seem like new customer activity at markets accelerating. And just wondering, is that more brand recognition? Is that more feet on the street and effective selling? Is that more legacy solutions aging out? If you could just highlight a couple of key factors, that would be great.

在這種經濟環境下，新客戶組合的出現並不常見，簽署新協議通常比較困難，尤其是簽訂規模較大的協議。看到這些指標真是太好了。我只是想嘗試進一步解釋這一點。我的意思是，顯然，我們知道您的價值主張，您的投資報酬率非常引人注目，但市場上的新客戶活動似乎正在加速。我只是想知道，這是否能提高品牌知名度？是不是意味著更多的人走上街頭，銷售更有效？是不是更多的傳統解決方案已經過時了？如果您能強調幾個關鍵因素，那就太好了。

Yes. Derrick, it's Dominic. I think as you mentioned, in the quarter, 51% of net new ACV came from new logos, 49% came from expansion. So it was very balanced. But in Q4 of last year, it was only 44% of net new ACV was with new logos. I think maybe just adding a little bit of color. Our overall goal is just to drive more net new ACV and increase ARR. We don't, at this point, incentivize sales reps differently for new logos versus expansions. We just view it as like dollars a dollar. So ,you saw Q4 was a really strong new logo quarter. In Q3, it was flipped. Expansions were a little bit stronger. And so we're really focused on just that overall balance. And right now, over the last several quarters, we've had a really good balance, a good -- almost half coming from new logos and the other half from expansions pretty consistently.

是的。德瑞克，我是多明尼克。我認為正如您所提到的，在本季度，51% 的淨新 ACV 來自新標識，49% 來自擴張。所以它非常平衡。但在去年第四季度，只有 44% 的淨新 ACV 是來自新標誌。我認為也許只是添加一點點顏色。我們的總體目標只是推動更多淨新 ACV 並提高 ARR。目前，我們不會因為新標誌和擴張而對銷售代表採取不同的激勵措施。我們只是將其視為一美元一美元的事情。所以，您會看到第四季度是一個非常強勁的新標誌季度。在第三季度，情況發生了逆轉。擴張勢頭稍強。因此，我們真正關注的是整體平衡。現在，在過去的幾個季度中，我們實現了非常好的平衡，幾乎一半來自新標識，另一半來自擴張。

Got it. Makes sense. And I guess, John, another one for you. I saw your comments around seasonality with respect to the ARR build and how you're expecting it to be a bit more back-end loaded because of engaging more with larger companies that I suspect have more seasonal budgets. But this has been a motion. It's been pretty consistent for you guys for a while. So, what's different for this year? And perhaps does it contemplate the macro and longer sales cycles, is that part of the reason for more back-end loaded?

知道了。有道理。我想，約翰，還有另一個給你。我看到了您關於 ARR 構建季節性的評論，以及您如何預計它會有更多的後端負載，因為您將與我懷疑擁有更多季節性預算的大公司進行更多合作。但這已經是動議了。你們這段時間以來一直保持著相當一致的狀態。那麼，今年有什麼不同呢？也許它考慮了宏觀和更長的銷售週期，這是增加後端負載的部分原因嗎？

No, I think it's just -- it's more of the first point that you made. If you look at just the ARR mix coming from 100Ks customers is now at 48% a year ago is at 45%. And so, we would expect that to continue that cohort of customers is growing a little bit faster. And at the same time, we've talked about deemphasizing customers that pay less than 5,000 of ARR, where you see more steady bookings throughout the year. It's much more consistent. And so as we expect that trend to continue into FY '24, that would lead to a little bit more back-end ARR, net new ARR, linearity than what we've seen. We don't expect it to be extreme, but that's a trend that we expect to continue to happen.

不，我認為這只是——這更像是你提出的第一點。如果你只看來自 10 萬個客戶的 ARR 組合，現在是 48%，而一年前為 45%。因此，我們預期客戶群將繼續以更快的速度成長。同時，我們也談到了不再重視支付低於 5,000 ARR 的客戶，這類客戶全年的預訂量會更加穩定。它更加一致。因此，我們預計這一趨勢將持續到 24 財年，這將導致後端 ARR、淨新 ARR 和線性度比我們所看到的略高一些。我們並不認為它會變得極端，但我們預計這種趨勢將會持續下去。

Great. Congrats great quarter.

偉大的。恭喜這個季度取得如此出色的成績。

So, our next question comes from Matt Hedberg at RBC, followed by Kash Rangan at Goldman Sachs.

那麼，我們的下一個問題來自加拿大皇家銀行的 Matt Hedberg，然後是高盛的 Kash Rangan。

Congrats as well. Sanjit, you called out the $1 million state government deal as well as a bunch of other public sector wins in your shareholder letter. That's super exciting to me. I guess my question is, how big of a vertical is public sector for you? And I think once you win 1 large state contract, it looks almost like a standardization, could that create a bit of a domino effect as in what's good for 1 state could be good for the others?

也恭喜你。 Sanjit，您在致股東的信中提到了 100 萬美元的州政府交易以及其他一系列公共部門的勝利。這對我來說太令人興奮了。我想我的問題是，公共部門對你來說是多大的垂直領域？我認為，一旦你贏得一份大型州合同，它看起來幾乎就像一個標準化，這是否會產生多米諾骨牌效應，因為對一個州有利的事情可能對其他州也有利？

Sure, Matt. So, we are excited about governments because they have large complex physical operations. And like you said, there are multiple states out there. So as 1 state sees value from what we do and become referenceable, it is something that is applicable across the board. Now the challenge with public sector is the buying cycles are a little bit longer. You do need to get on some of these state contract vehicles. And then they have also different pieces of software they integrate with that we don't see as often out with commercial customers. So we're in the process of building out our public sector team and also all the sort of necessary integrations. But for us, we believe it could be a top 10 industry vertical for us, and we're excited to continue to invest. And within government, I should highlight, it's really state and local as the largest opportunity for us because the operations are so distributed. And that's not just here in the U.S. but also in international markets, Canada, Mexico, Western Europe as well.

當然，馬特。因此，我們對政府感到興奮，因為他們擁有龐大而複雜的實體運作。正如您所說，那裡有多個州。因此，當一個州看到我們所做的事情的價值並可以參考時，它就具有普遍適用性。現在公共部門面臨的挑戰是購買週期稍長。你確實需要搭乘一些國家合約車輛。而且他們還整合了不同的軟體，這些軟體在商業客戶中並不常見。因此，我們正在組建公共部門團隊並進行所有必要的整合。但對我們來說，我們相信它可能成為我們十大垂直行業之一，我們很高興繼續投資。在政府內部，我應該強調，對我們來說，最大的機會實際上是州和地方，因為這些部門的運作非常分散。這不僅發生在美國，也發生在加拿大、墨西哥、西歐等國際市場。

Fantastic. And then, Don, for you, I know you guys signed longer-term contracts maybe looking back to some of those contracts from 6 years ago that are renewing, can you talk about sort of the renewal yield you're getting on these? Because I think obviously, you've got a lot more opportunity now, a lot more product than you did back then. How are those been trending in what is obviously a tighter economy, but...

極好的。然後，唐，對於你來說，我知道你們簽署了長期合同，也許回顧一下 6 年前的一些正在續籤的合同，你能談談你們從這些合同中獲得的續簽收益嗎？因為我認為，顯然，現在你擁有比以前多得多的機會，多得多的產品。在明顯緊縮的經濟情勢下，這些趨勢如何？但是…

Yes. I mean renewal motion was newer for us in FY '23, given that we're 8 years old and we signed these 3- to 5-year contracts. The amount of renewal ACV in FY '23 was almost 5x what it was in FY '22. So, we're learning a lot. Fortunately, we're seeing really good renewal rates. They're very consistent. And anecdotally, we're seeing that as well as we go in and replace legacy incumbents, we're replacing some solutions that have been embedded for decades. And so we know that we can get in there and add value and would expect to continue to see strong renewal rates. And I think we're doing a good job of terms and price increases and all of those things that go into the renewal conversation, and we're very pleased with the performance of that in FY '23.

是的。我的意思是，考慮到我們已經成立 8 年了，並且簽署了這些 3 至 5 年的合同，23 財年的續約動議對我們來說是比較新的。 23 財政年度的續保 ACV 金額幾乎是 22 財年的 5 倍。所以，我們學到了很多。幸運的是，我們看到了非常好的續約率。他們非常一致。有趣的是，我們看到，我們在取代傳統的既有解決方案的同時，也在取代一些已經存在了幾十年的解決方案。因此，我們知道我們可以進入該領域並增加價值，並期望繼續看到強勁的續約率。我認為我們在條款和價格上漲以及所有與續約談判相關的事情上做得很好，我們對 23 財年的表現非常滿意。

Our next question comes from Kash Rangan at Goldman Sachs, followed by Kirk Materne at Evercore.

我們的下一個問題來自高盛的 Kash Rangan，然後是 Evercore 的 Kirk Materne。

Great. Congrats on the quarter one for Sanjit, one for Dom. Sanjit, when you look at these customer workflows that are increasingly getting more sophisticated, there's a lot more documentation being stored on the system, your product is getting deeper into aspects of the enterprise applications to apology within your customers. So is there -- are these workflows leading you to new product opportunities or pricing models that could be somewhat back to consumption, although the world consumption is not a great thing on Wall Street these days. But regardless, what are these workflows leading you into other avenues of growth within your customer base?

偉大的。恭喜 Sanjit 取得第一季度的佳績，也恭喜 Dom 取得第一季的佳績。 Sanjit，當您看到這些日益複雜的客戶工作流程時，系統中儲存的文件越來越多，您的產品也越來越深入企業應用程式的各個方面，從而為您的客戶帶來方便。那麼，這些工作流程是否會為您帶來新的產品機會或定價模式，從而可能在某種程度上恢復消費，儘管如今世界消費對華爾街來說並不是什麼好事。但無論如何，這些工作流程會引導您在客戶群中走向其他成長途徑嗎？

And one for you, Dom, when you look at the growth of the company, it's in part of but multiple vectors, but one, which is new customer acquisition. So, if you want to keep up the growth there, you got to ramp up the new customer acquisition. Is there any way -- and that entails obviously, working capital requirements with the inventory buildup, et cetera. Is there a way you could get the best of both words, you could still continue to drive growth and not have to slow down growth in order to attain the free cash flow levels that you are capable of generating? Or is there no way around it that you have to keep growing and ultimately, at some point when things do settle down way into the future that we should be able to get the scale because the inventory requirements will become smaller as a percentage of the recurring ARR base.

還有一點，Dom，當你觀察公司的成長時，你會發現它涉及多個方面，但其中之一就是新客戶的獲取。因此，如果您想保持成長，就必須加大新客戶的獲取力度。有什麼辦法嗎——這顯然需要滿足庫存增加帶來的營運資金需求等等。有沒有一種方法可以讓你同時獲得兩方面的優勢，你仍然可以繼續推動增長，而不必放慢增長速度以達到你能夠產生的自由現金流水平？或者有沒有其他辦法可以解決這個問題，那就是你必須繼續成長，最終，在未來的某個時候，當事情確實穩定下來時，我們應該能夠達到規模，因為庫存需求佔經常性 ARR 基數的百分比會變得更小。

Kash, this is Sanjit. I'll take the first part, and it will actually link, I think, maybe to the second part of your question. So, on the workflow front, we are seeing great traction with the digital workflows that we offer these customers. We talked about this in the shareholder letter and the prepared remarks. We saw about 110 million driver vehicle inspection reports get filled out digitally using smartphones and tablets. That was up 70% year-over-year. Digital documents, we saw about 23 million digital documents, again, used through the app. So that's up 60% year-over-year.

卡什，這是桑吉特。我將選擇第一部分，我認為它實際上可能與你問題的第二部分相關。因此，在工作流程方面，我們看到我們為這些客戶提供的數位工作流程具有巨大的吸引力。我們在股東信和準備好的演講稿中談到了這一點。我們看到大約有 1.1 億份駕駛員車輛檢查報告是透過智慧型手機和平板電腦以數位方式填寫的。與去年同期相比成長了 70%。數位文檔，我們看到大約有 2300 萬份數位文檔，同樣是透過該應用程式使用的。因此，與去年同期相比，成長了 60%。

So, we do see that as a growth vector for us, driving usage engagement using these apps. And the reason I highlight that is it's not actually tied to necessarily hardware. -- it's another area of value. And these companies are basically moving from pen and paper clipboards to digital process. So that's an exciting area for us to deliver value to the customer. Today, we're focused on the areas that I talked about earlier, but we are thinking more generally about can these workflows work at the beginning of a shift or an end of a shift? Can they be used for safety? Are there other use cases and applications. So, you'll see us continue to invest there. And at some point, we may break that out. Today, it's available as part of our existing product family. But if we start to see usage that gets decoupled from the asset-based licensing model that we have -- that we talked about earlier, the 3- to 5-year seed-based SaaS kind of traditional model, we might price it or package it differently, but we have no plans to do that yet.

因此，我們確實將其視為我們的成長動力，推動這些應用程式的使用參與度。我強調這一點的原因是它實際上並不一定與硬體相關。 ——這是另一個有價值的領域。這些公司基本上正在從紙筆剪貼簿轉向數位化流程。因此，對我們來說，這是一個為客戶提供價值的令人興奮的領域。今天，我們將重點放在我之前談到的領域，但我們更普遍地思考這些工作流程是否可以在輪班開始時或輪班結束時發揮作用？它們能用於安全嗎？還有其他用例和應用程式嗎？所以，你會看到我們繼續在那裡投資。在某些時候，我們可能會打破這種局面。如今，它已成為我們現有產品系列的一部分。但是，如果我們開始看到使用情況與我們之前討論過的基於資產的許可模式脫鉤，即 3 到 5 年的基於種子的 SaaS 類傳統模式，我們可能會以不同的價格或包裝方式對其進行定價，但我們目前還沒有計劃這樣做。

And I'll take a crack at your second question here. I would just -- and feel free to follow up if I'm not addressing it directly. But I think I would just view growth in free cash flow at this point is relatively decoupled. We are growing as fast as we can and we're putting inputs into the business to drive growth as quickly as we can. And at the same time, we're getting incredible leverage out of the business in driving working capital improvements. Those things are relatively decoupled and would expect that to be the case going forward. We're going to continue to get more and more leverage out of OpEx, and we're doing a better job of optimizing our working capital, including the dollars that we spend on IoT devices and supply chain and cash collections and the like. So we think that we can continue to grow fast as we're scaling while continuing to drive more and more leverage out of the business.

我將在這裡回答你的第二個問題。我只是——如果我沒有直接解決這個問題，請隨時跟進。但我認為，目前我認為自由現金流的成長是相對脫鉤的。我們正在盡可能快地發展，並向業務投入資金以盡快推動成長。同時，我們在推動營運資本改善方面從業務中獲得了令人難以置信的槓桿作用。這些事情是相對脫鉤的，並且預計未來情況會如此。我們將繼續從營運支出中獲得越來越多的槓桿，我們正在更好地優化我們的營運資本，包括我們在物聯網設備、供應鏈和現金收集等方面的支出。因此，我們認為，隨著規模的擴大，我們可以繼續快速成長，同時繼續從業務中獲得越來越多的槓桿。

Our next question comes from Kirk Materne at Evercore, followed by David Unger at Wells Fargo.

我們的下一個問題來自 Evercore 的 Kirk Materne，然後是富國銀行的 David Unger。

Actuation for the quarter and I appreciate taking the time to take some questions. So, Don, maybe just a couple of quick ones for you. First, I'm just curious, now your shareholder letter, NRR for the large customer segment sort of stand above that $125 range, but then forward-looking next year, sort of assuming a slight decline down to the 120. So, I'm just curious if it's mostly about a continued choppy macro or if there's a law of large numbers dynamic at play? Any color you could add there?

本季的執行情況，我很高興能抽出時間回答一些問題。那麼，唐，我只想給你提幾個簡短的問題。首先，我很好奇，在你們致股東的信中，大客戶群的 NRR 大概在 125 美元以上，但展望明年，可能會略微下降到 120 美元。所以，我很好奇這主要是因為宏觀經濟持續波動，還是有大數動態定律在運作？您可以添加什麼顏色嗎？

And then just my second one would just be, you also mentioned you have a sort of less conservative approach to guidance this year, while it's still being adequately derisked if the macro were to deteriorate. So just wondering if you could add any color there. I mean is this assuming change on top of funnel or better conversion rates? Or just curious in terms of that guidance methodology with what's changed?

然後我的第二個問題是，您還提到，今年您的指導方針不太保守，但如果宏觀經濟惡化，仍然可以充分降低風險。所以我只是想了解您是否可以在那裡添加任何顏色。我的意思是，這是假設漏斗頂部發生變化或轉換率更高嗎？或只是好奇指導方法方面有什麼變化？

Sure. Yes. So, on the net retention one, for Q4, we are above our FY '23 target of 115% for core customers and 15 for 100,000 plus. As you mentioned, we are setting our target for FY '24 at 115 and 120. And it is really just given the macro uncertainty and some of the elongated sales cycles that we experienced in FY '23, which could have an impact on the timing of expansions. I would also just echo the point that I made earlier that we don't actually incentivize sales reps differently for new logos or for expansions. Q4 happened to be a really strong new logo quarter Q3 was a stronger expansion quarter. And so we're really just looking at the overall balance. And again, it was 51% of net new ACV came from new logos, 49% from expansions in Q4. And so we're seeing good balance, and that's ultimately what's important to us.

當然。是的。因此，就淨保留率而言，對於第四季度，我們超過了 23 財年的目標，即核心客戶保留率為 115%，100,000 以上客戶保留率為 15%。正如您所說，我們將 2024 財年的目標設定為 115 和 120。這實際上只是考慮到宏觀不確定性以及我們在 2023 財年經歷的一些延長的銷售週期，這可能會對擴張的時間產生影響。我還要重申我之前提出的觀點，即我們實際上並不會因為新標誌或擴張而對銷售代表採取不同的激勵措施。 Q4 恰好是一個非常強勁的新標誌季度 Q3 是一個更強勁的擴張季度。所以我們實際上只是專注於整體平衡。再次，第四季淨新 ACV 的 51% 來自新標識，49% 來自擴張。因此我們看到了良好的平衡，這對我們來說最終是重要的。

On the conservatism in the FY '24 guide comment that was made in the shareholder letter in the prepared remarks. Really, what I'm saying is if you go back to like FY '23, we initially guided 30% to 32% revenue growth, and we ultimately finished that 52% growth. So that entailed beats of 8%, 7%, 9%, 9% in Q1, 2, 3 and 4. What we're seeing for FY '24 is we're starting the guidance at 28% to 30%. We will not have those same level of beats in FY '24. So, it is less conservative than that initial FY '23 guide. There is a lot of, obviously, macro uncertainty -- if we see a lot of those headwinds, we won't need to reduce our guidance. That is why we call it derisk. We do not think we will go below 28% to 30%. If we don't see those headwinds, we will have the opportunity to move that guidance up throughout the year, similar to what we did in FY '23, but we do not expect the same magnitude of beats. And so that's really the point that I was trying to drive more in the kind of low to mid-single-digit revenue beat on a quarterly basis if we do not see any sort of macro uncertainty?

關於在準備好的評論中致股東的信中對 24 財年指南評論所持的保守態度。實際上，我的意思是，如果回顧 23 財年，我們最初預計的營收成長率為 30% 至 32%，而最終實現了 52% 的成長。因此，這意味著第一、二、三和第四季的銷售額將分別成長 8%、7%、9%、9%。我們對 24 財年的預期是，我們最初的預期是 28% 到 30%。我們在 24 財年不會再達到同樣的業績水準。因此，它不像最初的 23 財年指南那麼保守。顯然，宏觀上存在著許多不確定性——如果我們看到很多不利因素，我們就不需要降低我們的指導。這就是我們稱之為去風險的原因。我們認為這一比例不會低於 28% 至 30%。如果我們沒有看到這些不利因素，我們將有機會在全年上調該指引，類似於我們在 23 財年所做的，但我們預計不會出現同樣幅度的增長。所以，如果我們沒有看到任何宏觀不確定性，那麼這就是我試圖推動季度營收實現低到中等個位數成長的真正原因嗎？

Our next question comes from David Unger Wells Fargo, followed by Alexei Gogolev at JPMorgan.

下一個問題來自富國銀行的 David Unger，然後是摩根大通的 Alexei Gogolev。

Can you hear me okay?

你聽見我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Just a couple in. Can we just talk about the competitive environment? Any change you're seeing over the past year? And then just looking ahead to the long term with efficiency gains, just which line do you think will be the most meaningful opportunity for you for the long term?

只是一對夫婦。我們可以談談競爭環境嗎？過去一年來您看到什麼改變嗎？然後，從長期來看，隨著效率的提高，您認為哪條線路對您來說將是長期最有意義的機會？

So, David, I'll take the competitive question. I would say the competitive environment remains pretty consistent with what we've seen. Most of our customers are familiar with the number of the legacy incumbents that have been in this marketplace for some time. They offer point solutions, products that either just do GPS tracking or just your driver safety and so on. And we're differentiating ourselves by being a modern platform, a platform where the majority of our customers now are using multiple apps, which is exciting to see. And it's also -- we're differentiated in the sense that we're open in the number of integrations that we offer, which is now up over 220. So just a kind of quick summary there is, I would say, the competitive environment remains very consistent with what we saw in previous years.

那麼，大衛，我來回答這個競爭性問題。我想說競爭環境與我們所看到的非常一致。我們的大多數客戶都熟悉已經在這個市場上存在一段時間的傳統企業的數量。他們提供點解決方案，這些產品要么只用於 GPS 跟踪，要么只用於駕駛員安全等等。我們透過打造一個現代化平台來使自己與眾不同，在這個平台上，我們的大多數客戶現在都在使用多個應用程序，這是令人興奮的。而且，我們的差異化還在於，我們提供的整合數量是開放的，目前已超過 220 個。所以，簡單總結一下，我想說，競爭環境與我們前幾年看到的非常一致。

And I'll take the second question kind of on the leverage point. I would say, again, gross margins, we think longer term can be in the mid-70s, I think through the IPO and the long-term model, we had 74% to 76%. So that's where we likely see that plateau out. I think the most of the -- again, the leverage in the business is really going to come from OpEx. Sales and marketing is our largest area of spend. As more and more of our base renews the cost of sale on renewal is like it is for most subscription businesses is significantly lower. And so we will get a lot of natural leverage out of that. R&D is an area I don't expect much leverage there in FY '24, a lot of investments to make there. And then G&A is another area where we'll get more and more leverage as we scale. Obviously, as a first year public company, there was an inflection in public company costs. I don't expect those costs to grow at the same rate as revenue in future periods. Excellent. Congratulations.

我將回答有關槓桿點的第二個問題。我想說的是，我們認為長期毛利率可以達到 75% 左右，我認為透過 IPO 和長期模型，我們的毛利率可以達到 74% 到 76%。因此我們很可能會看到這一趨勢趨於平穩。我認為，業務中的大部分槓桿實際上將來自營運支出。銷售和行銷是我們最大的支出領域。隨著我們基礎用戶越來越多地續訂，續訂銷售成本與大多數訂閱業務一樣明顯降低。因此，我們將從中獲得許多自然的槓桿作用。我預計研發領域在 2024 財年不會有太大的影響力，因為需要大量投資。隨著規模擴大，G&A 是另一個我們將獲得越來越多槓桿的領域。顯然，作為一家上市第一年的公司，上市公司成本出現了變化。我預計這些成本在未來不會以與收入相同的速度成長。出色的。恭喜。

Our next question comes from Alexei, JPMorgan, followed by Dan Jester at BMO.

下一個問題來自摩根大通的 Alexei，然後是蒙特利爾銀行的 Dan Jester。

Can you hear me okay? Yes, we can hear you. Great. I was wondering if you could provide a bit more detail on the relationship that you have with your suppliers from Taiwan. Maybe give us some details how many there are and if the relationships are exclusive. But more importantly, have you considered how you're going to meet customer demand in case of another supply constraint of IoT devices, -- should we see geopolitics escalate further in Taiwan?

你聽見我說話嗎？是的，我們能聽到你的聲音。偉大的。我想知道您是否可以提供更多有關您與台灣供應商關係的詳細資訊。也許可以告訴我們一些細節，有多少個，以及這些關係是否是排他性的。但更重要的是，您是否考慮過，如果物聯網設備再次出現供應受限的情況，您將如何滿足客戶需求？ ——我們是否應該看到台灣的地緣政治進一步升級？

So. Alexei, I'll take that one. This is Sanjit. We work with multiple suppliers, and these are basically large ODM manufacturers that manufacture product for multiple customers. And it's a thriving ecosystem. So, the good news about that is we have a selection of multiple suppliers and multiple manufacturers we can work with. And we also maintain direct relationships with the key component suppliers. In other words, the key chipset suppliers that we use upstream. So, in that sense, we have pretty good visibility. We have very strong relationships. And while there's this geopolitical uncertainty, we're managing through it by relying on these strong relationships that we have. And we've actually seen circumstances improve quite a bit over the last 12 to 18 months.

所以。阿列克謝，我會接受這個。這是桑吉特。我們與多家供應商合作，這些供應商基本上都是為多個客戶生產產品的大型 ODM 製造商。這是一個蓬勃發展的生態系統。因此，好消息是，我們可以選擇多個供應商和多個製造商進行合作。我們也與主要零件供應商保持直接關係。換句話說，我們上游使用的關鍵晶片組供應商。因此，從這個意義上來說，我們的可見度相當高。我們的關係非常牢固。儘管存在地緣政治不確定性，但我們可以依靠現有的牢固關係來應對。事實上，在過去的 12 到 18 個月裡，我們已經看到情況有了很大的改善。

Great. And could you also provide some thoughts on your productivity currently? I mean completely see that it has significantly increased from 3 years ago. But versus last year, based on the figure of 40% growth, it looks like it remained broadly unchanged. That's ARR per employee. So just wondering when you think that added sales capacity and improving productivity is going to kick in?

偉大的。您能否就您目前的生產力提供一些想法？我的意思是完全看到它與 3 年前相比有顯著增加。但與去年相比，根據40%的成長數字，看起來基本上保持不變。這是每位員工的 ARR。所以您想知道，您認為增加銷售能力和提高生產力何時才能開始發揮作用？

Yes. I'll take that. So yes, ARR per employee was up, again, 3x over the last 3 years and was up in FY '23 over where we ended FY '22. We did grow headcount in FY '23 by 40%. And the subcomponent of that, that is sales capacity or that will drive more sales capacity, we'll add more productivity in FY '24. I think it's an interesting proxy that we use to think about our business and really in just are we hiring at the right pace and that starts to go really negative. I think it makes us question. Are we hiring too quickly. But obviously, all headcount cost is not created equal. I think we've started to do a much better job of hiring in lower-cost regions and really broadening our aperture of where we're hiring from. And so not all headcount cost is created equal, but it is just a high-level proxy that we use to ensure that we're hiring at an appropriate pace. All right.

是的。我會接受的。是的，每位員工的 ARR 在過去 3 年中再次上漲了 3 倍，並且 2023 財年的 ARR 比 2022 財年末有所上漲。我們的員工人數在 23 財年確實增加了 40%。其中的子組成部分是銷售能力，或將推動更多的銷售能力，我們將在 24 財年提高生產力。我認為這是一個有趣的代理，我們用它來思考我們的業務，實際上我們是否以正確的速度招聘，而這開始變得非常消極。我認為這引起了我們的質疑。我們招募的速度是不是太快了？但顯然，並非所有員工成本都是一樣的。我認為我們已經開始在低成本地區更好地進行招聘，並真正擴大我們的招聘範圍。因此，並非所有員工成本都是相同的，但它只是我們用來確保以適當速度招募的高級代理商。好的。

Our last question today comes from Dan Jester at BMO.

我們今天的最後一個問題來自 BMO 的 Dan Jester。

Great. Just 2 real quick ones. First, obviously, a lot of improvement in profitability and the Rule of 40 metric, which you mentioned. I guess what's going to get you comfortable with saying that that's the new framework that we should be thinking about? Is it just scale? Is it macro? Like what needs to get put in place for comfort there? And then secondly, on the sort of the API growth that you mentioned, especially along with large customers, is there any similarities in terms of where they're sort of investing most in the ecosystem from an APS perspective? And what are you doing in the year ahead to sort of make sure the ecosystem growth is as strong as possible to keep that dynamic growth going?

偉大的。只需 2 個非常快速的。首先，顯然，獲利能力和您提到的 40 規則指標有了很大的提高。我想，什麼能讓您安心地說這就是我們該考慮的新框架呢？僅僅是規模嗎？是宏嗎？例如，需要採取什麼措施來讓那裡更加舒適？其次，關於您提到的 API 成長，尤其是與大客戶的成長，從 APS 的角度來看，他們在生態系統中投入最多的領域是否有相似之處？那麼，在未來的一年裡，您將採取哪些措施來確保生態系統的成長盡可能強勁，以保持這種動態成長？

Yes, I'll take the first one on Rule of 40. So, I think -- it's important to understand that free cash flow is a portion of that calculation, and it's very seasonal for our business. So, it will likely be worse in the first half of the year, and it will improve in the second half of the year, similar to what we saw in FY '23. That's why we're confident that we can get to adjusted free cash flow breakeven in Q4. And so, I think as we move beyond that, and we're starting to see free cash flow at that level more consistently, that will obviously have a bigger impact on rule being able to also see that metric at or above 40% consistently. So again, more likely in the back half of the year, and we do have a few additional expenses that come through cash outflows in the first half of the year.

是的，我首先要回答的是 40 法則。所以，我認為——重要的是要理解自由現金流是計算的一部分，對於我們的業務來說，它具有很強的季節性。因此，今年上半年的情況可能會更糟，下半年的情況會有所改善，類似於我們在 23 財年看到的情況。這就是為什麼我們有信心在第四季度實現調整後的自由現金流收支平衡。因此，我認為，隨著我們超越這一水平，我們開始更持續地看到自由現金流處於這一水平，這顯然會對規則產生更大的影響，使該指標能夠持續達到或超過 40%。因此，更有可能的是在今年下半年，而我們確實有一些額外的支出，這些支出來自上半年的現金流出。

Great. And I'll take the API growth question. So, as I mentioned earlier, we saw 50 billion API calls in the last year, and that's up 4x year-over-year. So, a lot of what we're doing today is to simply enable our customers to take advantage of these APIs and get more value from the data. Many of these physical operations companies are early in their digital transformation life cycle. So, they're now starting to adopt business intelligence tools and tie this real-time data into their ERPs and improve their end customer experience through real-time notifications, those sorts of things.

偉大的。我將回答有關 API 成長的問題。正如我之前提到的，去年我們看到了 500 億次 API 調用，比去年同期成長了 4 倍。因此，我們今天所做的許多工作只是為了讓我們的客戶能夠利用這些 API 並從資料中獲得更多價值。許多實體營運公司都處於數位轉型生命週期的早期階段。因此，他們現在開始採用商業智慧工具，將這些即時數據與他們的 ERP 結合起來，並透過即時通知等方式改善最終客戶體驗。

So, we have some great teams internally that help with that enablement process early in the customer journey. And then we are also continuing to invest in partnerships. So, as I mentioned earlier, we have about 220 partners on the Samsara app marketplace. Some of those are insurance companies, which we talked about as well. We have payroll system providers, ERPs, OEMs that we've integrated with to get even more data. So, we're going to continue to invest in technology partnerships. But I think for us, the real unlock has been that the customers are now waking up to this opportunity are starting to really pull on how do we get this API data and how do we make the most use of it.

因此，我們內部有一些優秀的團隊，可以在客戶旅程的早期幫助實現這個支援過程。我們也會繼續投資合作關係。正如我之前提到的，我們在 Samsara 應用程式市場上有大約 220 個合作夥伴。其中一些是保險公司，我們也討論過。我們擁有工資系統提供者、ERP、OEM，並與它們整合以獲取更多資料。因此，我們將繼續投資於技術合作夥伴關係。但我認為，對我們來說，真正的解鎖是客戶現在已經意識到這個機會，並開始真正關注我們如何取得這些 API 資料以及如何最大限度地利用它。

So, this concludes the question-and-answer portion. Thank you all for attending our Q4 fiscal year 2023 earnings call. That was a great conversation. This past quarter capped off a year of durable and efficient growth for the company and reinforce the strength of Samsara's Connected operations Cloud and continued customer momentum. We're only getting started, and we look forward to updating you on our progress as we pursue the big opportunities that lie ahead. Before I let you go, I have a few short announcements.

問答部分到此結束。感謝大家參加我們的 2023 財年第四季財報電話會議。那是一次很棒的對話。過去一個季度為公司持續高效的成長畫上了圓滿的句號，並增強了 Samsara 互聯營運雲的實力和持續的客戶成長勢頭。我們才剛開始，我們期待在追求未來巨大機會的過程中向您通報我們的進展。在你們離開之前，我有幾個簡短的公告。

First, we'll be attending the Morgan Stanley Technology, Media and Telecom Conference on March 6 and the Wells Fargo Software Symposium on April 12. So, we hope to see you in person at one of those events. Second, we are hosting our Investor Day on June 22 in Austin, Texas. Please send an e-mail to ir@samsara.com, if you're interested in attending in person. For those who prefer to attend virtually, our IR website will have a web link to a live broadcast. That's it for today's meeting. If you have any follow-up questions, you can e-mail us at ir@samsara.com. Thanks again. Bye, everyone.

首先，我們將參加 3 月 6 日的摩根士丹利技術、媒體和電信會議以及 4 月 12 日的富國銀行軟體研討會。因此，我們希望在這些活動中親自見到您。其次，我們將於 6 月 22 日在德州奧斯汀舉辦投資者日。如果您有興趣親自參加，請發送電子郵件至ir@samsara.com。對於那些喜歡虛擬參加的人，我們的 IR 網站將提供現場直播的網路連結。今天的會議就到這裡。如果您有任何後續問題，可以發送電子郵件至ir@samsara.com。再次感謝。大家再見。