Samsara Inc (IOT) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Samsara's First Quarter Fiscal 2024 Earnings Call. I'm Mike Chang, Samsara's Vice President of Corporate Development and Investor Relations. Joining me today are Samsara Chief Executive Officer and Co-Founder, Sanjit Biswas; and our Chief Financial Officer, Dominic Phillips.

下午好，歡迎參加Samsara 2024財年第一季財報電話會議。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執行長兼聯合創辦人Sanjit Biswas，以及我們的財務長Dominic Phillips。

In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation and SEC filings on our Investor Relations website at investors.samsara.com. 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, June 1, 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的準備發言稿外，更多資訊請參閱我們致股東的信函、新聞稿、投資者介紹以及我們投資者關係網站 investors.samsara.com 上提交的美國證券交易委員會 (SEC) 文件。我們今天將討論的事項包含前瞻性陳述。實際結果可能與前瞻性陳述中的結果有重大差異，並受我們提交給 SEC 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（2023 年 6 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 first quarter fiscal 2024 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 in our press release and investor presentation. We'll make opening remarks, dive into highlights for the quarter and then open up the call for Q&A.

在今天的電話會議上，我們將討論2024財年第一季的財務表現。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。我們將在新聞稿和投資者簡報中提供GAAP與非GAAP財務指標的對帳表。我們將致開幕詞，深入探討本季度的亮點，然後進入問答環節。

With that, I'll hand over the call to Sanjit.

說完，我就把電話交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara delivered another strong quarter of durable and efficient growth. We ended Q1 with ARR of over $850 million, growing more than 40% year-over-year. We also achieved Rule of 40 for the third consecutive quarter.

謝謝麥克，也謝謝各位今天與我們分享。 Samsara 在本季度再次實現了強勁的持續高效成長。第一季度，我們的年度經常性收入 (ARR) 超過 8.5 億美元，比去年同期成長超過 40%。我們也連續第三個季度實現了「40 法則」。

Samsara's vision is to empower the industries that power our world, and we continue to see strong adoption of digital transformation for physical operations. Large customer wins, in particular, are fueling our momentum. In Q1, we added a record 138 large customers, bringing us to a total of 1,375 customers with over $100,000 in ARR, growing 53% year-over-year. This includes Fortune 1000 companies with large and complex operations, such as United Rentals, Iron Mountain and Werner Enterprises.

Samsara 的願景是賦能驅動世界發展的各行各業，我們持續見證著數位轉型在實體營運中的強勁應用。尤其是大客戶的加入，更是為我們的發展注入了新的動力。第一季度，我們新增了創紀錄的 138 家大客戶，使年經常性收入 (ARR) 超過 10 萬美元的客戶總數達到 1,375 家，較去年同期成長 53%。這其中包括一些擁有龐大而複雜業務的《財富》1000 強企業，例如 United Rentals、Iron Mountain 和 Werner Enterprises。

Our customer feedback loop is central to our success. Samsara customers are the backbone of the global economy and are leaders in diverse industries like construction, field services, manufacturing and retail. During the quarter, I was on the road with our executive leadership team in the U.S. and Europe, meeting with some of our largest customers. Our technology is driving meaningful business impact for them, and they are asking us to double down on a few things: first, AI-based safety technologies to reduce risk across operations; second, digital workflows to increase efficiency for frontline workers; and last, more platform and data integrations to drive higher asset utilization in the field. We're hearing this across the board, not just in a single industry. In this current environment, our customers are prioritizing investments in solutions that help control costs and deliver rapid ROI by running smarter, safer and more efficient operations.

我們的客戶回饋循環是我們成功的關鍵。 Samsara的客戶是全球經濟的中堅力量，也是建築、現場服務、製造和零售等多個行業的領導者。在本季度，我與美國和歐洲的執行領導團隊一起出差，並會見了我們一些最大的客戶。我們的技術正在為他們帶來有意義的業務影響，他們要求我們在以下幾個方面加倍努力：首先，基於人工智慧的安全技術，以降低整個營運過程中的風險；其次，數位化工作流程，以提高一線員工的效率；最後，更多的平台和數據集成，以提升現場資產利用率。我們聽到的不僅是某個產業的聲音，而是來自整個產業的呼聲。在當前環境下，我們的客戶優先投資於那些能夠透過更智慧、更安全、更有效率的營運來控製成本並快速實現投資回報的解決方案。

Now I'd like to focus on how we are using AI to deliver rapid ROI and transform customer data into business impact. AI has been core to how we built our product over the last 5 years, and our data moat is one of our key competitive advantages. The more operational data we unlock and transform into powerful insights for our customers, the bigger the business impact.

現在，我想重點談談我們如何利用人工智慧快速實現投資回報，並將客戶資料轉化為業務效益。過去五年來，人工智慧一直是我們產品建構的核心，而我們的資料護城河也是我們的關鍵競爭優勢之一。我們解鎖的營運數據越多，並將其轉化為客戶強大的洞察，業務效益就越大。

I'd like to bring this to life with a customer example. One of our customers is a global leader in storage and information management services that serves 95% of the Fortune 1000 and has more than 25,000 employees. They are focused on investing in software that delivers a high business impact and quick ROI. This organization uses our vehicle telematics application for asset location and maintenance and is expanding to our AI-powered video-based safety application to improve workplace safety, reduce insurance premiums and lower corporate risk. Based on results from a pilot study, we anticipate our platform can help them achieve more than a 3x annual ROI, which is roughly a 4-month payback period. By improving their safety program, we expect to see a 54% reduction in safety events, a 91% reduction in mobile usage and a 97% reduction in no seat belt usage. On top of reducing accidents and creating a safer work environment, they're also gaining a competitive advantage when recruiting talent in a challenging labor market.

我想用一個客戶案例來說明這一點。我們的一位客戶是儲存和資訊管理服務的全球領導者，服務於95%的《財富》1000強企業，擁有超過25,000名員工。他們專注於投資能夠帶來高業務效益和快速投資回報的軟體。該組織使用我們的車載遠端資訊處理應用程式進行資產定位和維護，並正在擴展到我們基於人工智慧的視訊安全應用程序，以提高工作場所的安全性、降低保險費並降低企業風險。根據一項試驗研究的結果，我們預期我們的平台可以幫助他們實現超過3倍的年度投資報酬率，大約相當於4個月的投資回收期。透過改善他們的安全計劃，我們預計安全事件將減少54%，行動裝置使用量將減少91%，不繫安全帶的情況將減少97%。除了減少事故和創造更安全的工作環境之外，他們還在充滿挑戰的勞動力市場中招募人才時獲得了競爭優勢。

These types of results are always amazing to see, and we're excited about the opportunities where AI can unleash the power of data to deliver value for our customers. I'm amazed by the improvements AI has made on the safety, efficiency and sustainability of our customers' operations. The magnitude of AI's impact on the world of physical operations is clear, and Samsara is positioned to be on the forefront of this technological revolution because of 3 unique competitive advantages.

這些成果總是令人驚嘆，我們對人工智慧能夠釋放資料的力量，為客戶創造價值的機會感到興奮。人工智慧在客戶營運的安全性、效率和永續性方面取得的進步令我驚嘆不已。人工智慧對實體營運領域的影響之大顯而易見，而 Samsara 憑藉三大獨特競爭優勢，佔據了這場技術革命的前沿。

First, we continue to amass a massive operational data set -- data asset. Approximately 6 trillion data points flow annually into our Connected Operations Cloud, and it continues to grow in size and sophistication. The combination of diverse assets and data types across different industries, geographies and customer sizes makes our data asset truly unique. This allows us to train powerful AI models to unlock valuable insights for our customers. Second, we've invested in the infrastructure to rapidly deliver AI features. We've built capabilities to capture and curate structured and unstructured data, train and evaluate models and operate across tens of thousands of customers, both in our cloud and at the edge with IoT devices. And third, our product innovation is powered by an incredible customer feedback loop. This allows us to identify our customers' most critical domain-specific problems, capture ground truth data and partner with them to test, validate and ultimately, deliver AI-powered solutions on our platforms.

首先，我們持續累積海量營運數據集——數據資產。每年約有6兆個數據點流入我們的互聯營運雲，且其規模和複雜程度都在持續成長。來自不同行業、地理和客戶規模的多樣化資產和資料類型的結合，使我們的資料資產真正獨一無二。這使我們能夠訓練強大的人工智慧模型，為客戶解鎖寶貴的洞察。其次，我們投資了基礎設施，以快速交付人工智慧功能。我們已經建立了捕獲和管理結構化和非結構化資料、訓練和評估模型的能力，並在雲端和邊緣物聯網設備上為數以萬計的客戶提供服務。第三，我們強大的客戶回饋循環驅動著我們的產品創新。這使我們能夠識別客戶最關鍵的特定領域問題，獲取真實數據，並與他們合作，在我們的平台上測試、驗證並最終交付人工智慧解決方案。

We are also using data-driven insights to help our customers with their ESG goals. Focusing on the S in ESG for social impact is, again, all about safety. A top priority for our customers is getting their employees home each day to their families, especially as many work in dangerous physical environments. One of our customers, Liberty Energy, is a great example of this. Liberty is a leading North American oilfield services company. They use Samsara's video-based safety for proactive driver coaching and to get enhanced visibility in the cab, which they feature in their most recent ESG report. They put millions of miles on their fleet of vehicles each year, making driving the highest risk activity they undertake. By using Samsara, Liberty realized a 50% reduction in vehicle accidents and saved $0.5 million in incident-related costs.

我們也利用數據驅動的洞察來幫助客戶實現其環境、社會和治理 (ESG) 目標。關注 ESG 中「安全」一詞，其社會影響力再次體現在安全方面。客戶的首要任務是確保員工每天安全回家，尤其是在許多員工工作於危險的環境中。我們的客戶之一 Liberty Energy 就是一個很好的例子。 Liberty 是一家領先的北美油田服務公司。他們使用 Samsara 的視訊安全系統進行主動駕駛指導，並增強駕駛室內的可視性，這在其最新的 ESG 報告中有所體現。 Liberty 的車隊每年行駛數百萬英里，這使得駕駛成為他們從事的風險最高的活動。透過使用 Samsara，Liberty 實現了車輛事故減少 50%，並節省了 50 萬美元的事故相關成本。

Let's now turn to the E in ESG for environmental. Our customers are faced with the growing demand from their end customers, investors, employees and policymakers to have more sustainable operations. Lanes Group is a great example of a customer using Samsara to reduce emissions. Lanes is a leading wastewater utility solutions provider and the largest independent drainage specialist in the U.K. In their most recent sustainability report, Lanes shared that using Samsara helped to reduce fuel consumption by improving driving behavior for their entire fleet. This allowed them to reduce overall carbon emissions even as their fleet continues to grow.

現在，讓我們來看看ESG中的E，它代表著環境。我們的客戶面臨來自終端客戶、投資者、員工和政策制定者日益增長的需求，要求他們實現更永續的營運。 Lanes集團就是利用Samsara減少排放的典型案例。 Lanes集團是領先的污水處理公用事業解決方案提供商，也是英國最大的獨立排水專家。在其最新的永續發展報告中，Lanes集團表示，透過採用Samsara，他們透過改善整個車隊的駕駛行為，降低了油耗。這使得他們在車隊規模持續成長的同時，也能夠減少整體碳排放。

It's also worth mentioning that Lanes adopted Samsara's video-based safety and have decreased the frequency and severity of accidents. They lowered their insurance premiums and reduced the cost of each claim, generating an annual insurance savings of GBP 250,000 per year. We are committed to building a safer and more sustainable world together with our customers and are proud of the progress as we continue on this important journey.

值得一提的是，Lanes 採用了 Samsara 的視訊安全系統，降低了事故發生的頻率和嚴重程度。他們降低了保險費，並減少了每項索賠的成本，每年節省了 25 萬英鎊的保險費用。我們致力於與客戶攜手共建一個更安全、更永續的世界，並為在這重要旅程中所取得的進展感到自豪。

Our customer momentum reflects the large market opportunity for digitizing the world of physical operations. As we head into our next chapter of growth, I'm excited to announce Lara Caimi is joining Samsara as our first President of Worldwide Field Operations. She joins us from ServiceNow where she served as Chief Customer and Partner Officer and prior to that, as the Chief Strategy Officer. I'm excited to welcome Lara to join us in the next phase of growth. I also want to share the news that our Chief Revenue Officer, Andy McCall, will be retiring at the end of the year and is staying on as an adviser until that time to help us with the transition. I've been fortunate to partner with Andy over the last 6 years as he's helped build the sales team at Samsara into a world-class organization. All of us at Samsara wish Andy the best in his well-deserved retirement.

我們的客戶成長動能反映了將實體營運數位化的巨大市場機會。值此我們邁入下一階段成長之際，我很高興地宣布，Lara Caimi 將加入 Samsara，擔任我們首任全球現場營運總裁。此前，她在 ServiceNow 擔任首席客戶與合作夥伴官，此前還擔任首席策略長。我熱烈歡迎 Lara 加入我們，共創下一個成長階段。我也想分享一個消息：我們的首席營收長 Andy McCall 將於今年底退休，屆時他將留任顧問，協助我們完成過渡。過去六年來，我很榮幸能與 Andy 共事，他幫助 Samsara 的銷售團隊發展成為世界一流的團隊。 Samsara 全體員工祝福 Andy 在他當之無愧的退休生活中一切順利。

It's been another exciting quarter of durable and efficient growth for Samsara, and we are grateful for our partnership with our customers and the impact we're able to make together. I also wanted to thank all of our Samsarians, customers, partners and investors for joining us in making this journey to digitize physical operations possible. We're excited to continue our partnership at our second annual customer conference, Samsara Beyond, from June 21 to June 23. I'll now hand it over to Dominic to go over the financial highlights for the quarter.

對 Samsara 來說，這又是一個令人振奮的季度，實現了持續高效的成長。我們感謝與客戶的合作，以及我們共同創造的影響力。我還要感謝所有 Samsarians、客戶、合作夥伴和投資者，感謝他們與我們攜手，共同推動實體營運的數位轉型。我們很高興能夠在 6 月 21 日至 6 月 23 日舉行的第二屆年度客戶大會 Samsara Beyond 上繼續延續我們的合作夥伴關係。現在，我將請 Dominic 回顧本季的財務亮點。

Thank you, Sanjit. Q1 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 key reasons.

謝謝Sanjit。第一季的亮點是強勁的營收成長和持續的營運效率提升。我們持續且日益高效的成長表明，數位轉型在全球實體營運領域擁有巨大且不斷增長的機會。儘管全球經濟不確定性持續存在，但由於以下幾個關鍵原因，我們的主要營收和獲利指標均超出預期。

First, we have a subscription business model that produces highly predictable revenue, and we price subscriptions based on the number of physical assets versus headcount-based pricing, resulting in a lower risk of ACV contraction if our customers' hiring slows or contracts. Second, our customers deploy Samsara to generate hard ROI savings and many experience a quick investment payback period measured in months. And third, we primarily sell into the operations budget, which is generally large and nondiscretionary for our customers.

首先，我們採用訂閱式業務模式，收入高度可預測，並且我們根據實物資產數量而非員工人數定價，從而降低客戶招聘放緩或減少時平均年收入 (ACV) 收縮的風險。其次，我們的客戶部署 Samsara 是為了節省投資報酬率 (ROI)，許多客戶都能快速獲得以月為單位的投資回報。第三，我們的產品主要計入營運預算，而營運預算對客戶來說通常規模較大且不可隨意支配。

Q1 ending ARR was $856 million, growing 41% year-over-year. Within this, we added $61 million of net new ARR, representing 24% year-over-year growth or 4 percentage points of year-over-year growth acceleration at a larger scale. Additionally, Q1 revenue was $204 million, growing 43% year-over-year.

第一季末年度經常性收入 (ARR) 為 8.56 億美元，年增 41%。其中，新增淨 ARR 為 6,100 萬美元，年增 24%，或較大規模成長 4 個百分點。此外，第一季營收為 2.04 億美元，年增 43%。

Several factors drove our strong top line performance in Q1. First, we continue to focus on serving large physical operations customers. We now have 1,375 $100,000-plus ARR customers, a record quarterly increase of 138 or 53% year-over-year growth. Our investments in serving the largest physical operations companies in the world continue to pay off. $100,000-plus ARR customers represent our fastest-growing cohort and make up 49% of total ARR, up from just 45% 1 year ago.

有幾個因素推動了我們第一季強勁的營收表現。首先，我們持續專注於服務大型實體營運客戶。目前，我們擁有1,375位年收入超過10萬美元的客戶，創紀錄地增加了138位，較去年同期成長53%。我們為服務全球最大的實體營運公司所做的投資持續獲得回報。年收入超過10萬美元的客戶是我們成長最快的群體，佔總年收入的49%，而一年前這一比例僅為45%。

Second, this was a strong customer expansion quarter. 60% of Q1 net new ACV came from expansions to existing customers, our highest quarterly mix ever and up from 51% in Q1 last year. 8 of our top 10 net new ACV deals in Q1 were customer expansions, including a large $1 million-plus expansion to a leading national distributor of aftermarket automotive replacement parts. 3 years ago, this customer landed with video-based safety and telematics for just their heavy-duty vehicles, which make up less than 5% of their entire fleet. And in Q1, the customer adopted Samsara across their entire light-duty fleet as well to improve driver behavior, reduce accidents and lower insurance costs.

其次，本季客戶拓展表現強勁。第一季淨新增ACV的60%來自於現有客戶的拓展，這是我們有史以來最高的季度結構，高於去年第一季的51%。第一季十大淨新增ACV交易中有8筆來自客戶拓展，其中包括一筆超過100萬美元的大型拓展交易，客戶是全國領先的售後汽車配件分銷商。三年前，這位客戶僅為其重型車輛配備了基於視訊的安全和遠端資訊處理系統，而重型車輛在其整個車隊中所佔比例不到5%。而在第一季度，該客戶在其所有輕型車隊中也採用了Samsara系統，以改善駕駛行為、減少事故並降低保險成本。

And third, while our core business drove most of our Q1 performance, we executed well across several new frontiers. For example, 15% of Q1 net new ACV came from non-vehicle applications, primarily from strength in equipment monitoring, which ended the quarter at approximately $100 million of ARR. Additionally, a record 17% of Q1 net new ACV came from non-U.S. customers, including a top 10 expansion for one of Canada's largest grocery retailers. And lastly, 83% of Q1 net new ACV came from non-transportation customers with particular strength in utilities, energy, field services, construction and public sector.

第三，雖然我們第一季的業績主要由核心業務推動，但我們在多個新領域也表現優異。例如，第一季淨新增ACV的15%來自非車輛應用，這主要得益於設備監控業務的強勁成長，該業務在本季末的年度經常性收入（ARR）約為1億美元。此外，第一季淨新增ACV的17%創紀錄地來自美國以外的客戶，其中包括加拿大最大的食品雜貨零售商之一的十大擴張。最後，第一季淨新增ACV的83%來自非運輸客戶，尤其是在公用事業、能源、現場服務、建築和公共部門。

In addition to delivering strong top line growth, we continue to focus on driving operating efficiency improvements across our business as we scale. Q1 gross margin was 73%, approximately flat from Q1 FY '23, and our gross margin has remained above 70% for 11 consecutive quarters. Q1 operating margin was negative 9% compared to negative 18% in Q1 of FY '23, an improvement of 50% or approximately 9 percentage points year-over-year, driven by leverage across all functions. This is our 12th consecutive quarter of improving both operating margins and operating profit year-over-year.

除了實現強勁的營收成長外，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。第一季毛利率為73%，與2023財年第一季基本持平，且已連續11季維持在70%以上。第一季營業利潤率為-9%，而2023財年第一季為-18%，年比提升了50%，約9個百分點，這得益於所有職能部門的槓桿率提升。這是我們連續第12個季度實現營業利潤率和營業利潤的年比雙雙提升。

And Q1 adjusted free cash flow margin was negative 1% compared to negative 36% in Q1 FY '23, an annual improvement of 35 percentage points or $49 million, primarily from improved operating leverage and continued working capital improvements. Efficient growth continues to be a priority as demonstrated by a 42% Rule of 40, our third consecutive 40%-plus Rule of 40 quarter. While we're pleased with this accomplishment, our goal is to continue making the necessary improvements that would allow us to achieve Rule of 40 consistently on a quarterly and annual basis.

第一季調整後自由現金流利潤率為負1%，而2023財年第一季為負36%，較去年同期改善35個百分點，即4,900萬美元，主要得益於營運槓桿的提昇和營運資本的持續改善。高效率成長仍然是我們的首要任務，40規則的利潤率為42%，這是我們連續第三個季度達到40%以上的40規則。雖然我們對這項成就感到滿意，但我們的目標是繼續進行必要的改進，以確保我們在每個季度和年度都能持續達到40規則。

Okay. Now turning to guidance. For Q2 FY '24, we expect total revenue to be between $206 million and $208 million, representing between 34% and 35% year-over-year growth; operating margin to be approximately negative 9%; and EPS to be between negative $0.03 and negative $0.02, assuming 532 million weighted average shares outstanding. Based on our Q1 results and improved outlook for the remainder of FY '24, we're raising our full year revenue guidance to be between $866 million and $874 million or between 33% and 34% year-over-year growth. In addition to increasing our top line guidance, we continue to focus on operating efficiency improvements. As a result, we're also improving our full year operating margin guidance to negative 5% or an implied FY '24 operating income improvement of $16 million at the midpoint of guidance. And we expect EPS to be between negative $0.02 and $0.00, assuming 535 million weighted average shares outstanding for the full year. And finally, we included a few additional modeling notes in our shareholder letter.

好的。現在談談業績指引。對於2024財年第二季度，我們預計總營收將在2.06億美元至2.08億美元之間，年增34%至35%；營業利潤率約為-9%；每股收益將在-0.03美元至-0.02美元之間（假設加權平均流通股為5.32億股）。基於第一季的業績以及2024財年剩餘時間前景的改善，我們將全年營收指引上調至8.66億美元至8.74億美元，年增33%至34%。除了上調營收指引外，我們還將持續致力於提高營運效率。因此，我們也將全年營業利益率指引上調至-5%，或基於指引中位數，2024財年隱含營業利潤成長1,600萬美元。我們預期每股盈餘將在-0.02美元至0.00美元之間，假設全年加權平均流通股數為5.35億股。最後，我們在致股東的信中補充了一些額外的模型說明。

So to wrap up, we are very pleased with our first quarter of FY '24. We are digitizing the world of physical operations and helping our customers become safer, more efficient and more sustainable. We continue to be committed to driving durable growth while also achieving operating efficiency improvements on our path to profitability.

總而言之，我們對2024財年第一季的業績非常滿意。我們正在將實體營運模式數位化，幫助客戶提升安全性、效率和永續性。我們將繼續致力於推動永續成長，同時在獲利的道路上不斷提升營運效率。

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

接下來，我會把時間交給 Mike 來主持問答環節。

Thank you, Dominic. We will now open the line up for questions. (Operator Instructions) The first question today comes from Matt Pfau with William Blair followed by Matt Hedberg with RBC.

謝謝多米尼克。現在開始提問。 （操作員指示）今天第一個提問者是威廉布萊爾 (William Blair) 的馬特普法 (Matt Pfau)，接下來是加拿大皇家銀行 (RBC) 的馬特赫德伯格 (Matt Hedberg)。

Wanted to just ask -- you have a really strong first quarter. Anything that was, I guess, non-normal in the quarter? And on the demand environment, it seems like it's holding up quite well. But any change there from the fourth quarter that you saw?

想問一下——你們第一季的表現非常強勁。請問這個季度有什麼不正常的狀況嗎？就需求環境而言，看起來保持得相當好。但是與第四季相比，您覺得有什麼改變嗎？

Matt, it's Dominic. I would say nothing really stands out as being unusual with Q1. Again, really strong customer demand. I think the hard and fast ROI and the early innings of digital transformation in physical operations really continue to drive strong customer demand. I would say that the buying environment is similar to kind of what we started to call in the middle of last year, and that persisted into Q1. We're seeing really strong pipeline and conversion of the pipeline, but the sales cycles remain a little bit more elongated than they were historically. Customers wanting to do longer trials, wanting to really nail down the ROI analysis, running approvals higher up into the organization, but nothing that stands out terribly different than what we saw in Q4.

馬特，我是多明尼克。我想說，第一季沒有特別突出的異常情況。同樣，客戶需求非常強勁。我認為，穩定的投資報酬率以及實體營運數位轉型的早期階段，確實持續推動了強勁的客戶需求。我想說，目前的購買環境與我們去年年中開始提到的情況類似，而這種趨勢一直持續到第一季。我們看到了非常強勁的銷售管道和銷售管道的轉換率，但銷售週期仍然比以往略長。客戶希望進行更長時間的試用，希望真正確定投資回報率分析，並向組織高層提交審批，但與我們在第四季度看到的情況相比，沒有什麼特別突出的情況。

Our next question comes from Matt Hedberg with RBC followed by Alex Zukin with Wolfe.

我們的下一個問題來自 RBC 的 Matt Hedberg，然後是 Wolfe 的 Alex Zukin。

It's Dan Bergstrom from RBC filling in for Matt Hedberg. So looks like a nice hire here with Lara, and good to see Andy staying on through year-end. Any more color around the change there? Why now? Is it just getting the right fit to scale to the next level?

加拿大皇家銀行的 Dan Bergstrom 將接替馬特赫德伯格 (Matt Hedberg)。看來，這次聘請拉拉 (Lara) 是個不錯的選擇，而且很高興看到安迪 (Andy) 能留任到年底。還有什麼關於人事變動的消息嗎？為什麼是現在？是為了找到合適的人選來提升到下一個等級嗎？

That's exactly right. This is Sanjit, by the way. We were excited to find Lara. We ran a search for several months. Andy let us know well in advance about his plans to retire, and so we were able to run an extensive search. What we love about Lara's background, she's been very customer-facing in her time at ServiceNow. She started out as a Chief Strategy Officer. She's later the Chief Customer Officer. She also saw them scale from roughly $1.5 million -- sorry, $1.5 billion in ARR to over $7 billion. And so as we prepare for this next chapter of growth for Samsara, we thought she'd be a great asset to bring into the team.

完全正確。順便說一下，這位是桑吉特。我們很高興找到了拉拉。我們搜尋了好幾個月。安迪很早就告訴了我們他退休的計劃，所以我們得以進行廣泛的搜索。我們喜歡拉拉的背景是，她在 ServiceNow 工作期間非常注重客戶導向。她最初擔任首席策略官，後來升任首席客戶官。她也見證了公司從大約 150 萬美元——不對，是 15 億美元——的年經常性收入 (ARR) 增長到超過 70 億美元。因此，在我們為 Samsara 開啟下一個成長篇章之際，我們認為她加入團隊將是一筆寶貴的財富。

I would just add one additional point on that. I think it's important to note that all of the senior leaders in the sales organization that are going to report into Lara in this role are folks that have been with the company for many years, some more than 5 years. And so we have a lot of continuity across all of the individual go-to-market functions that are going to report into Lara.

我只想補充一點。我認為需要注意的是，所有將向 Lara 匯報的銷售部門高階主管都已在公司工作多年，有些甚至超過五年。因此，所有將向 Lara 匯報的市場推廣職能部門都保持了高度的連續性。

Great. And then I appreciate the additional color around equipment monitoring ARR at $100 million. Nice to see that. Any more details there, growth rates, traction, et cetera? And then maybe anything else from a product perspective this quarter to point out beyond those core safety and telematics products?

太好了。然後，我很欣賞關於設備監控ARR達到1億美元的額外資訊。很高興看到這一點。還有更多細節嗎？成長率、成長動能等等？除了核心安全和遠端資訊處理產品之外，本季還有什麼產品值得關注的嗎？

Nothing really to call out other than it's been continued progress on equipment monitoring. So that's now our third product category that's at or more than $100 million. I think we'll share a little bit more detail at our Investor Day coming up in a few weeks. But suffice it to say that equipment monitoring has been growing quite quickly. But we're seeing really good growth, frankly, across all of our different product categories.

除了設備監控業務持續取得進展之外，沒什麼特別值得一提的。這是我們第三個銷售額達到或超過1億美元的產品類別。我想我們會在幾週後的投資者日上分享更多細節。不過，可以說設備監控業務成長相當迅速。坦白說，我們所有不同產品類別都實現了非常好的成長。

Our next question comes from Alex Zukin with Wolfe followed by Kash Rangan with Goldman Sachs.

我們的下一個問題來自 Wolfe 的 Alex Zukin，隨後是高盛的 Kash Rangan。

Can you guys hear me okay?

你們聽得到我說話嗎？

Yes.

是的。

So I mean, look, a truly astounding performance in what is a tough macro where you're accelerating growth at scale, more large customers, more expansion on a year-over-year basis from existing customers. I guess is -- are you seeing something -- is there a new dynamic or trend developing? Obviously, sales cycles are still challenged, particularly on the larger side. But it's unusual, I would say, to see acceleration at this scale. So is it that you've hired a lot of reps over the course of the last year that are starting to ramp? Is it something in the packaging and pricing that's coming to bear? Is it some new geography that you've opened up? Like what's the story that you feel like is kind of driving this acceleration?

所以我的意思是，在如此嚴峻的宏觀環境下，你們的規模增長正在加速，大客戶數量不斷增加，現有客戶的數量也逐年遞增，這真是令人驚嘆。我想，你們是否看到了什麼？是否有新的動態或趨勢正在形成？顯然，銷售週期仍然面臨挑戰，尤其是在大客戶方面。但我想說，這種規模的加速並不常見。那麼，是因為你們在過去一年招募了許多銷售代表，現在他們開始加速發展了嗎？是因為包裝和定價方面出現了一些變化嗎？是因為你們開拓了一些新的市場嗎？你們覺得是什麼推動了這種加速？

Alex, it's Dominic. So I think the real drivers are -- I would say there are some external factors and that really is -- it's just -- it was a very strong customer demand quarter in Q1, and we've seen that in the most recent quarters as well. And I think going back to my original point, we're selling into a little bit of a different budget here. We're selling into the operations budget for our customers, which tends to be pretty large, less discretionary than maybe some other budget categories. And customers are able to save money and drive really strong and hard ROI, and they're able to pay back their investment very quickly. And so in a challenging macroeconomic environment, that has continued to play well.

亞歷克斯，我是多明尼克。所以我認為真正的驅動因素是——我想說有一些外部因素，而且確實如此——只是——第一季的客戶需求非常強勁，我們在最近幾季也看到了這種情況。回到我最初的觀點，我們這次的銷售預算略有不同。我們銷售的是客戶的營運預算，這部分預算通常相當大，而且比其他一些預算類別的可自由支配性更強。客戶能夠節省資金，獲得非常強勁的投資回報率，並且能夠非常快速地收回投資。因此，在充滿挑戰的宏觀經濟環境下，我們的銷售策略仍然表現良好。

In terms of what drove the performance, I would say it was more tied to strong productivity. We called out it was a really strong large customer quarter, a record number of $100,000-plus customer adds at 138. It was a really strong expansion quarter. The new frontiers performed well. And so I would frame it more as strong productivity then a bunch of additional fully ramped sales capacity added.

說到業績成長的驅動因素，我認為主要歸功於強勁的生產力。我們稱本季大客戶表現非常強勁，新增10萬美元以上客戶數量創下紀錄，達到138家。本季的擴張也非常強勁。新業務領域表現良好。因此，我認為業績成長更多歸功於強勁的生產力，而非大量新增的、全面提升的銷售能力。

Perfect. And then maybe just a follow-up, Sanjit, because we've already gone 3 questions and generative AI has not been mentioned. So in the spirit of keeping that going, I guess, if -- you mentioned how strong of a data asset you're gathering in the platform, one data model. As you look at evolving -- particularly with Lara coming on, as you look at the evolving product packaging and just general go-to-market, how important, how realistic is it to assume that there's some incremental monetization opportunities from kind of mobilizing some sort of generative AI functionality inside the product?

太好了。接下來，Sanjit，也許可以補充一下，因為我們已經問了三個問題，但還沒有提到生成式人工智慧。所以，本著繼續討論的精神，我想，如果你提到了你在平台上收集的數據資產有多強大，一個數據模型。隨著你不斷改進——尤其是隨著Lara的推出，隨著你不斷改進產品包裝和整體上市策略，假設透過在產品內部調動某種生成式人工智慧功能來獲得一些增量獲利機會，這種假設有多重要，有多現實？

Sure. So Alex, AI is something we've been investing in now for several years. I think we really got into it about 5 years ago as we introduced our safety product, and it really was a breakthrough for us in terms of value for the customer. All of a sudden, they could go from not having to watch hours or hundreds of hours of video footage to being able to surface safety incidents in their inbox and then coach their drivers and reduce their risk. So that showed us the power of AI. I would say generative is a new tool in the toolbox when it comes to AI, and we're continuing to invest there.

當然。 Alex，我們已經在人工智慧領域投資了好幾年。我想我們真正進入這個領域大概是在五年前，當時我們推出了安全產品，這對我們來說在客戶價值方面確實是一個突破。突然之間，他們不再需要觀看數小時甚至數百小時的影片片段，而是能夠在收件匣中發現安全事故，然後指導駕駛員降低風險。這向我們展示了人工智慧的力量。我想說，生成式技術是人工智慧工具箱中的一個新工具，我們將繼續在這方面進行投資。

As far as incremental monetization, we first think about how do we create a lot of value for our customers. And we run our customer feedback loop. We try to figure out what's useful to them, and that's where we invest. And then it comes down to how do we want to price and package it. We don't have any specific announcements to make today, but it is something we're looking at. And Jeff Hausman, who joined us last year as our Chief Product Officer, is very much looking at this to figure out how do we best align with the problems that our customers are trying to solve and then price and package appropriately.

就增量獲利而言，我們首先思考如何為客戶創造更多價值。我們建立客戶回饋循環，努力找出哪些產品對他們有用，並以此為重點進行投資。接下來，就是如何定價和包裝。我們今天沒有具體的公告，但我們正在研究這個問題。去年加入我們擔任首席產品長的 Jeff Hausman 也非常關注這個問題，他希望找到如何才能最好地貼合客戶的需求，並進行合理的定價和包裝。

Our next question comes from Kash Rangan with Goldman Sachs followed by Sterling Auty with MoffettNathanson.

我們的下一個問題來自高盛的 Kash Rangan，隨後是 MoffettNathanson 的 Sterling Auty。

This is Jacob on for Kash. I want to echo what Alex said around the quarter, really, really strong quarter. Good to see. A couple of quick questions. The presentation noted that 83% of the net new ACV was from non-transportation customers. Was this due to more of a focus on those other verticals? Or was this due to the current weakness that's being seen in the transportation industry as a whole?

我是 Jacob，代替 Kash 發言。我想重複 Alex 所說的，本季業績非常非常強勁。很高興看到這一幕。我有幾個快速問題。簡報中提到，83% 的新增淨 ACV 來自非運輸客戶。這是因為公司更關注其他垂直產業嗎？還是因為目前整個運輸業都處於疲軟狀態？

I think this is a trend that we've seen for a while now. I think we've called out in previous investor presentations. And if you look at it just on an overall ARR basis, the transportation segment is in the kind of low 20s percent. So this was even lower than that. And I think it just goes to the breadth and the horizontal nature of our platform that this is really a solution set that's addressing many of the physical operations industries. And I think that that's sometimes misunderstood by investors. And so we just wanted to make sure that we called out that we're really seeing strength across many of these other end markets more so.

我認為這是我們一段時間以來一直看到的趨勢。我想我們在之前的投資者演示中已經提到過。如果僅從整體ARR來看，運輸部門的年平均回報率（ARR）在20%出頭。所以這個數字甚至更低。我認為這與我們平台的廣度和橫向特性有關，這實際上是一套解決許多實體營運產業問題的解決方案。我認為投資者有時會誤解這一點。所以我們只是想確保我們確實看到了許多其他終端市場的強勁成長。

Awesome. Okay. Good to hear. And then one more for me is reading through some of the transcripts from like J.B. Hunt and Werner, they both noted that they've had some pretty strong headwinds from insurance claims the last couple of quarters. So has that maybe altered the current selling motion to focus more on the money that can be saved with video-based safety solutions and the benefits they might get from reduced insurance premiums there? Has there been any updates around that or adjustments to selling motions given that?

太棒了。好的。很高興聽到這個消息。然後，我還要讀一下J.B. Hunt和Werner等人的記錄，他們都指出，過去幾個季度，保險理賠給他們帶來了相當大的阻力。那麼，這是否改變了目前的出售動議，使其更加關注基於視訊的安全解決方案可以節省的資金，以及降低保險費可能帶來的收益？有鑑於此，這方面有什麼更新或調整嗎？

Jacob, that's been a core part of our value proposition with the video-based safety product for some time is exoneration. Many times, our customers get accused of accidents that they did not -- they were not involved with. And then also just being able to coach their drivers to reduce risk. So that's something that we've been selling into for a couple of years, and I think the examples you mentioned just highlight how valuable it is. And the cost [of premiums], by the way, can be hundreds of thousands or even millions of dollars. So it really is a significant source of ROI for our customers.

Jacob，一段時間以來，我們基於視訊的安全產品的核心價值主張之一就是免責。很多時候，我們的客戶被指控犯下他們沒有參與的事故。此外，我們還能指導他們的駕駛員降低風險。這是我們幾年來一直在推廣的產品，我認為您提到的例子恰恰凸顯了它的價值。順便說一下，保費成本可能高達數十萬甚至數百萬美元。因此，它確實是我們客戶重要的投資報酬率來源。

Our next question comes from Sterling Auty with MoffettNathanson followed by Chris Quintero with Morgan Stanley.

我們的下一個問題來自 MoffettNathanson 的 Sterling Auty，然後是摩根士丹利的 Chris Quintero。

I also want to go back to the idea of AI. And I think you alluded to the possibility of solutions that are more tailored to an industry, so kind of a vertical solution. What I'm wondering is, does that suggest that Samsara will actually start to develop industry-specific, specialized solutions built on AI? And if that's the case, what kind of time line should we think about before seeing something like that in the marketplace?

我還想回到人工智慧的概念。我認為您提到了針對特定行業定制解決方案的可能性，也就是某種垂直解決方案。我想知道的是，這是否意味著Samsara實際上會開始開發基於人工智慧的、針對特定行業的專用解決方案？如果是這樣，在市場上看到類似產品之前，我們應該考慮什麼樣的時間表？

So Sterling, as Dominic mentioned earlier, we serve a pretty broad set of industries, and we try to find the kind of 80%, 90% commonality. I wouldn't expect us to have verticalized solutions by industry. In terms of how we're using AI, we are trying to find deeper insights in that data and, again, save our customers' time, make it easier to get business value from this data and incorporate it into a bunch of other systems. So the way we think about highly specialized vertical software is to partner. We have over 230 partner integrations on our App Marketplace now. Our large customers use more than 6 of them. And that's a strategy that's worked really well for us. So it's very complementary. But our investment in AI is going to be a bit more across the board as opposed to any specific vertical industry.

Sterling，正如Dominic之前提到的，我們服務於相當廣泛的行業，並努力尋找80%甚至90%的共同點。我不會指望我們能根據行業提供垂直解決方案。就我們如何使用人工智慧而言，我們試圖從數據中挖掘更深層的洞察，並再次強調，節省客戶的時間，讓他們更容易從數據中獲取商業價值，並將其整合到一系列其他系統中。因此，我們看待高度專業化的垂直軟體的方式是合作。目前，我們的應用市場上有超過230個合作夥伴整合。我們的大客戶使用了其中的6個以上。這是一個對我們來說非常有效的策略，所以它與我們的合作夥伴非常互補。但我們對人工智慧的投資將更加全面，而不是局限於任何特定的垂直產業。

That makes sense. And then, Dominic, one for you. You talked about pipeline. Just kind of curious, can you qualitatively just describe to us what's happened to kind of pipeline coverage ratios over the last several quarters as you're kind of managing through these elongated sales cycles?

這很有道理。然後，Dominic，我想問你一個問題。你提到了銷售管道。我有點好奇，你能不能定性地描述一下，在過去幾個季度裡，在你們應對這些延長的銷售週期的過程中，銷售通路覆蓋率發生了哪些變化？

I think the pipeline coverage has held up relatively well and kind of in line with historical trends. So we're not, again, necessarily seeing a big change in the overall pipeline coverage and frankly, the conversion of that pipeline. The commentary starting, I think, back in Q2 of last year was really more tied to the sales cycle length. And I think we've done a -- we've continued to do a very good job of building pipeline and converting that to drive the strong bookings numbers.

我認為通路覆蓋率保持得相對較好，基本上符合歷史趨勢。因此，我們不一定會看到整體通路覆蓋率以及通路轉換率發生重大變化。我認為，從去年第二季開始，人們的評論實際上與銷售週期長度有關。我認為我們在通路建立和轉換方面一直做得非常出色，從而推動了強勁的預訂量。

Our next question comes from Chris Quintero with Morgan Stanley followed by Kirk Materne with Evercore.

我們的下一個問題來自摩根士丹利的 Chris Quintero，接著是 Evercore 的 Kirk Materne。

This is Chris Quintero on for Keith. Congrats on another quarter of strong results here. Just following on the theme of asking about AI, I wanted to ask about your pricing model of charging based on a number of devices versus seats like a lot of software does. So kind of a two-parter question. One, what are you seeing in terms of customers wanting to add more devices? And two, what do you think this means about your opportunity with AI given the kind of Q part of the P x Q equation is not as negatively affected?

我是 Chris Quintero，代替 Keith 發言。恭喜您又一個季度取得了強勁的業績。接著關於人工智慧的問題，我想問一下你們的定價模式，它是基於設備數量而不是像許多軟體那樣基於席位收費。所以這個問題可以分成兩個部分。第一，您看到客戶想要增加更多設備的情況如何？第二，考慮到 P x Q 等式中 Q 部分沒有受到太大的負面影響，您認為這對您在人工智慧方面的機會意味著什麼？

Yes. I think we're seeing -- generally, when customers are expanding, a larger portion of the expansion is coming from phased rollouts, so customers that are taking products that they already have and rolling that out to a broader number of assets. And in often cases, that can be more vehicles. And so we're seeing customers continue to grow and to expand. In an environment where there's maybe a shortage of an ability to get certain assets and things like vehicles, being able to use our technology to optimize our utilization or extend the life of some of these assets has really also resonated with customers.

是的。我認為我們看到——通常，當客戶擴張時，很大一部分擴張來自分階段推廣，也就是說，客戶會將現有產品推廣到更廣泛的資產。通常情況下，這可能是更多的車輛。因此，我們看到客戶持續成長和擴張。在獲取某些資產（例如車輛）能力不足的環境下，能夠利用我們的技術來優化利用率或延長部分資產的使用壽命，也確實引起了客戶的共鳴。

And if I can just add a little bit on that. Our customers really do think about their business in terms of their assets. So it's not so much seats and users. It's the assets. And then what we're doing is adding value through all the software, through all this data. So over time, we want to be more valuable to the customer per asset.

我可以補充一點。我們的客戶確實會從資產的角度來考慮他們的業務。所以，重要的不是席位和用戶，而是資產。而我們所做的就是透過所有軟體和所有數據來增加價值。因此，隨著時間的推移，我們希望每項資產都能為客戶創造更大的價值。

Excellent. And then Dominic, last quarter, you talked about how Q1 net new ARR should be seasonally weaker than previous years due to more of those kind of enterprise engagements, but actually came in better. So I want to better understand the dynamics there and if that changes your view on seasonality for the rest of the year.

非常好。 Dominic，上個季度，您提到由於這類企業合作增多，第一季淨新增年平均經常性收入（ARR）的季節性變化應該會比往年更弱，但實際上表現更好。所以，我想更了解這方面的動態，看看這是否會改變您對今年剩餘時間季節性變化的看法。

Yes. Again, it was a strong Q1, I think, again, due to some of those external factors, the strong customer demand. And then we really did have strong internal productivity performance. And so I think that we feel that the seasonality should probably look like it has in previous years, though I think we recognize that there is a lot of macro uncertainty in front of us. And we did add a lot of hiring and sales capacity in FY '23. And so understanding how that sales capacity ramps and how productive it is as it becomes fully ramped, I think, are things that we're watching out for in the back half of the year. But we're pleased with the Q1 results and the expected linearity for the rest of the year.

是的。我認為，第一季業績強勁，這再次歸功於一些外部因素，例如強勁的客戶需求。此外，我們的內部生產力表現也確實非常出色。因此，我認為今年的季節性應該與往年類似，儘管我們也意識到我們面臨許多宏觀不確定性。我們在2023財年確實增加了大量招聘，提升了銷售能力。因此，我認為，了解銷售能力如何提升，以及在全面提升後的生產力如何，是我們在今年下半年需要關注的事情。我們對第一季的業績以及今年剩餘時間的預期成長趨勢感到滿意。

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

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

I'll echo the congrats on a nice quarter. I guess, Sanjit, just to start, I was curious if you could just talk about how you think about building out your own sort of application solutions on your data estate as data becomes a more essential element of AI. I was just kind of curious if that changes your thinking on what you all might want to do versus handing it over to partners in the App Marketplace. Can you just talk about that a little bit?

我也要祝賀你這個季度的出色表現。 Sanjit，首先，我很好奇，隨著數據成為人工智慧中越來越重要的元素，你能否談談你如何考慮在自己的數據資產上建立自己的應用解決方案？我只是好奇，這是否會改變你的想法，讓你考慮自己做什麼，而不是把它交給應用程式市場的合作夥伴？能簡單談談嗎？

Sure. So you put your finger on it, which is the data is the most valuable part here. We are collecting an enormous amount of data. We talked about the 6 trillion data points. And it's not just GPS. It's not just video. But it's all kinds of additional kind of business relevant data for our customers. The way we think about applications is really through the lens of what drives value for our customers, and that's how we've thought about pricing and packaging. Over time, if there are opportunities, if there are commonalities, in other words, that many of our customers and prospects are asking us for, we would go there, again, kind of applying that 80/20 philosophy. But for now, we see a tremendous opportunity with the core apps that we offer today. So we're going to stay focused, but keep our ears open for additional expansion opportunities.

當然。所以你一針見血地指出，數據才是最有價值的部分。我們正在收集大量數據，我們之前提到過6兆個數據點。這不僅僅是GPS，也不僅僅是視頻，而是各種與客戶業務相關的額外數據。我們思考應用程式的方式，實際上是從客戶價值驅動的角度出發，這也是我們思考定價和產品包裝的方式。隨著時間的推移，如果存在機會，如果存在共通性，換句話說，如果許多客戶和潛在客戶都在尋求，我們就會抓住機會，再次運用80/20的理念。但就目前而言，我們看到了我們目前提供的核心應用程式蘊藏的巨大機會。因此，我們將保持專注，同時也密切關注其他擴展機會。

That's helpful. And maybe just one for Dominic. Dominic, you talked about expansion on the quarter. Was the expansion mainly just more assets getting covered? Or was it more products? I assume it's always a mix of both. But did it, I guess, ebb or flow one way or the other this quarter in a bigger way? The example you gave was, obviously, expanding sort of the asset base that's working with you all. Just curious if the product side of it was strong as well on the expand side.

這很有幫助。也許我只想問Dominic一個問題。 Dominic，您談到了本季的擴張。擴張主要是指覆蓋更多資產嗎？還是說是增加了產品？我認為兩者兼而有之。但我想，本季的擴張規模是有所減弱還是有所擴大？您舉的例子顯然是擴大與你們合作的資產基礎。我只是好奇，產品方面在擴張方面是否也同樣強勁。

Yes, it was. I mean it is a mix of both rollouts of the product across more assets as well as cross-sells of additional products. That happens every quarter, and the trend and the mix was similar in Q1 as previous quarters. It does skew more towards phased rollouts and an expansion upsell versus cross-sell, but we did see a healthy mix of both.

是的，確實如此。我的意思是，這既包括產品在更多資產上的推出，也包括其他產品的交叉銷售。這種情況每季都會發生，第一季的趨勢和組合與前幾季相似。它確實更傾向於分階段推出產品，以及擴張追加銷售而非交叉銷售，但我們確實看到了兩者的健康組合。

Our next question comes from Derrick Wood with Cowen followed by Michael Turrin with Wells Fargo.

我們的下一個問題來自 Cowen 的 Derrick Wood，隨後是富國銀行的 Michael Turrin。

Hopefully you guys can hear me okay. Just wanted to ask about the hiring of a new head of field operations as you look to scale to the next level. Is there anything you want to highlight in terms of potential go-to-market tweaks that you'd be looking at over the next few quarters?

希望你們能聽清楚。我只是想問一下關於招募新現場營運主管的問題，因為你們正在考慮進一步擴大規模。關於未來幾季你們可能會考慮的上市調整，有什麼想強調的嗎？

I don't think at this point -- again, this is just something that we're announcing today. And we've got a machine that's working really, really well, and I think we're really proud of the execution over our first now 6 quarters as a public company. And so I wouldn't expect any large and significant changes. We've got a solution that's working really well right now. And Lara will come in and kind of get up to speed and start evaluating and talking to customers. And obviously, we've got Andy on board through the rest of the year to help us with this transition.

我認為目前還不是——再說一次，這只是我們今天宣布的一件事。我們的機制運作非常非常好，而且我認為我們對上市後前六個季度的業績感到非常自豪。因此，我預計不會有任何重大的改變。我們目前有一個運作良好的解決方案。 Lara 會加入，加快速度，開始評估並與客戶溝通。當然，Andy 會在今年剩餘時間繼續幫助我們完成這項過渡。

Great. And given that Europe is such a big part of the TAM out there and you guys had a record percentage of new ACV from non-U.S. customers, it would be great to just hear about investments in Western Europe or even Canada, how they're tracking, what demand is like and how you're thinking about these international regions helping to contribute to incremental growth in the medium term?

太好了。鑑於歐洲在總市場（TAM）中佔據如此重要的地位，而且你們的新增平均價值（ACV）中來自非美國客戶的比例也創下了歷史新高，那麼能否請您談談在西歐甚至加拿大的投資情況？他們的投資進度如何？需求如何？以及您如何看待這些國際地區在中期內對增量成長的貢獻？

Yes. I would just call it, we are seeing really good success in all of our international markets of Canada, Mexico and Western Europe, a record 17% of net new ACV coming outside of the U.S. I think we recognize that these markets are -- Western Europe, for example, is a larger market opportunity than the U.S. just in terms of the number of physical operations assets. And so our core business in the U.S. continues to be the biggest driver of growth and productivity. But we're definitely investing internationally, and you're seeing the higher growth leading to more net new ACV mix coming outside of the U.S. as well.

是的。我想說的是，我們在加拿大、墨西哥和西歐等所有國際市場都取得了巨大的成功，創紀錄的17%的新增ACV來自美國以外。我認為我們認識到這些市場——例如，就實體營運資產的數量而言，西歐的市場機會比美國更大。因此，我們在美國的核心業務仍然是成長和生產力的最大驅動力。但我們確實在國際上進行投資，而且你會看到更高的成長也帶來了更多來自美國以外的新增ACV淨值。

Our next question comes from Michael Turrin with Wells Fargo followed by Jim Fish with Piper Sandler.

我們的下一個問題來自富國銀行的邁克爾·圖林 (Michael Turrin)，然後是派珀·桑德勒 (Piper Sandler) 的吉姆·菲什 (Jim Fish)。

Just on a similar line from some of the prior questions. Q1, especially a strong to start to the year. The customer expansion activity and the mix also stands out. So just any additional commentary you can add to help us square what drove stronger expansion, especially into Q1, if there's anything from a go-to-market or product side you put in place. Or just any other observations around what's working there and how you might expect that mix between that and expansion to trend going forward?

與之前的一些問題類似。第一季度，尤其是今年開局強勁。客戶拓展活動和產品組合也很突出。所以，如果您能補充一些評論，幫助我們理清是什麼推動了更強勁的擴張，尤其是在第一季度，如果您在市場推廣或產品方面有什麼進展的話。或者您還有其他觀察，關於哪些方面有效，以及您預計這種擴張和客戶拓展的組合未來會如何發展？

No. I think that our primary goal is to grow ARR as fast as we can, and we don't necessarily run the business to specifically go after new logos versus expansions. If you recall from Q4, it was a really strong new logo quarter and outpaced expansions. And then this quarter kind of flipped back the other way. New logos were still really strong in terms of the overall number of logos added and the average deal size for new customers. It's just that expansions were stronger. There was no kind of changes to go-to-market or incentives or any of the kind of sales playbook to accomplish that, and we've seen that kind of flip back and forth.

不。我認為我們的主要目標是盡可能快速地成長平均經常性收入 (ARR)，我們經營業務時不一定要特別追求新標誌而非擴張。如果你還記得第四季度的情況，那是一個新標誌成長非常強勁的季度，成長速度超過了擴張。然後這個季度的情況又反過來了。就新增識別總數和新客戶平均交易額而言，新標誌仍然非常強勁。只是擴張業務的業績更強勁。為了實現這一目標，我們並沒有對市場推廣、激勵措施或任何銷售策略做出任何改變，我們看到了這種反覆的反覆。

Great to have that interplay at your disposal. Just if you can remind us, Dominic, the delta between operating margin and free cash flow margin, if there's a thumbnail on what that's mainly a function of. And you have some commentary around how you're expecting that to trend longer term in the letter. If you could just kind of spell that out for us as well, that's helpful.

很高興您能提供這種相互作用。 Dominic，請您提醒我們一下營業利潤率和自由現金流利潤率之間的差值，能否簡要說明一下它主要由什麼決定。您在信中也提到了您對這一差值的長期趨勢的預期。如果您能也解釋一下，那就太好了。

Yes. I mean I think the biggest driver is obviously the working capital dynamics. And if you -- I mean, you go back a year ago, I think free cash flow was like 18 percentage points below operating margin, and that was really driven by the challenges in the global supply chain. And now I think in this quarter, we were 8 percentage points better on free cash flow than operating margin. So it's clearly flipped back the other way. And the biggest driver in the difference is the working capital optimizations. And we had a really strong collections quarter, and we continue to see improvements in supply chain and hardware availability. I expect these things to move relatively in line with each other. In Q1, we were a little bit better on working capital. But as you're thinking about it going forward, I think within plus or minus 5% of each other, but kind of moving together is what I would expect.

是的。我認為最大的驅動因素顯然是營運資本的動態變化。回顧一年前，自由現金流比營運利潤率低18個百分點，這主要是由於全球供應鏈的挑戰。而現在，我認為本季我們的自由現金流比營運利潤率高出8個百分點。所以情況顯然是反過來的。造成這種差異的最大驅動因素是營運資本的最佳化。我們本季的收款業務表現非常強勁，而且我們繼續看到供應鏈和硬體可用性的改善。我預計這些因素會相對同步發展。在第一季度，我們的營運資本略有改善。但展望未來，我認為兩者之間的差異在正負5%以內，但我預期兩者會同步發展。

Our next question comes from Jim Fish with Piper Sandler followed by Junaid at Truist.

我們的下一個問題來自 Piper Sandler 的 Jim Fish，然後是 Truist 的 Junaid。

Nice quarter. Really wanted to go about the expansion here, going back to the prior couple of questions ago. Obviously, you guys have talked about that particularly strong. It kind of implies that NRR possibly uptick-ed here. And I know, Dominic, last quarter we talked about that you expected net retention rates to be a little bit lower than where we were last fiscal year. And I get it's only one quarter, but does this quarter -- is this a quarter changing view on that, that we could actually see retention rates finish similar to where we were last year just given the strength and expansion you're seeing right now on your installed base?

季度表現不錯。回到之前幾個問題，我真的很想談談擴張。顯然，你們已經談到了這一點，而且非常強勁。這暗示著淨保留率（NRR）可能有所上升。多明尼克，我知道，上個季度我們談到，您預計淨保留率會比上一財年略低。我知道這只是一個季度，但這個季度——這是否意味著我們實際上可以看到保留率最終與去年持平，僅僅考慮到您目前在安裝基數上看到的強勁增長？

I would just -- we really, at the beginning of each year, were setting out a target for the year in terms of what we expect our net retention rate to be. And in Q1, we were above it. In quarters where more net new ACV comes from expansions, it definitely helps on the net retention side. And yes, we were above our target for Q1, and we feel good about being able to stay above that for the rest of the year.

我想說的是──我們每年年初都會設定年度目標，也就是我們預期的淨留存率。第一季度，我們的淨留存率已經超過了這個目標。在新淨ACV來自擴張的季度，這無疑對淨留存率有幫助。是的，我們第一季的淨留存率已經超過了目標，我們對今年剩餘時間能夠保持在這個水平之上感到滿意。

Makes sense. And then on the productivity side, again, it sounds like you're extremely happy with where you're at. Is there -- are you guys disclosing where overall head count is? I know you don't want to give quota reps. But where are we at with total head count at this point? And how are you thinking about the hiring environment with the upside you're seeing right now, the pipeline strength kind of balanced against kind of the macro in other spaces at this point that you're not really seeing hit you guys at this point?

很有道理。然後說到生產力方面，聽起來你對目前的狀況非常滿意。你們有沒有透露過總員工人數？我知道你們不想設定配額。但是目前我們的總員工人數是多少？你如何看待目前的招募環境，以及目前看到的有利因素，人才儲備的強勁程度與其他領域的宏觀因素之間的平衡，而這些因素目前並沒有對你們造成太大的影響？

Yes. I think what we've shared is we grew overall head count approximately 40% last year in FY '23. And the growth rate will be lower in FY '24, and we're kind of on track for our targets through Q1. Hiring environment remains good. I think overall, new hires and our attrition rate and frankly, employee sentiment and all of those things are working really well right now and frankly, probably as good as we've ever seen. And so a lot of good hiring momentum right now.

是的。我想我們已經分享的是，去年23財年，我們的員工總數增加了約40%。 24財年的成長率會更低，但到第一季，我們基本上可以實現目標。招募環境依然良好。我認為總體而言，新員工數量、員工流失率，坦白說，員工情緒等等，目前都運作良好，坦白說，可能和我們以往見過的一樣好。所以，目前的招募勢頭很好。

Our last question today comes from Junaid with Truist.

我們今天的最後一個問題來自 Truist 的 Junaid。

This is Junaid Siddiqui from Truist. You've done an excellent job adding large customers to the platform. But as you attract more of these large customers, is there a fear that these elongated sales cycles will become more of a headwind going forward than in the past?

我是 Truist 的 Junaid Siddiqui。你們在吸引大客戶方面做得非常出色。但是，隨著你們吸引越來越多的大客戶，是否擔心這種延長的銷售週期會比過去成為更大的阻力？

I don't think so. I think we have a number of large customers where we're able to convert them in months, maybe in a couple of quarters, and we have some large customers where it could be a multiyear sales cycle. And it's been pretty consistent over the last few quarters. We did, again, see it elevate kind of in the middle of last year. But across the board, across all customer segments, it's been pretty consistent over the last few quarters. And I think we're always going to have some quick converts, and we'll likely always have some elongated sales cycles. But it's something that we're definitely monitoring just given the overall economic volatility.

我不這麼認為。我們有一些大客戶，我們能夠在幾個月甚至幾季內完成轉化，也有一些大客戶的銷售週期可能需要數年。過去幾個季度，這種情況一直相當穩定。去年年中，我們確實再次看到轉換率上升。但總體而言，在所有客戶群中，過去幾季的情況都相當穩定。我認為我們總是會遇到一些快速轉換的情況，也可能會遇到一些銷售週期延長的情況。但考慮到整體經濟的波動性，我們肯定會持續關注這種情況。

All right. So this concludes the question-and-answer portion. Thank you all for attending our Q1 fiscal year 2024 earnings call. Before I let you go, I have a few short announcements. First, we'll be attending the William Blair Growth Stock Conference in Chicago on June 6 and the Baird Global Consumer, Tech & Services Conference in New York on June 7. 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, where we will be providing additional insights into Samsara's trajectory and the overall state of physical operations. Please send an email to ir@samsara.com if you're interested in attending in person. For those that prefer to attend virtually, our Investor Relations website will have a link to a live broadcast.

好的。問答環節到此結束。感謝各位出席我們2024財年第一季財報電話會議。在各位結束之前，我有幾個簡短的公告。首先，我們將於6月6日參加在芝加哥舉行的William Blair成長股大會，以及6月7日在紐約舉行的Baird全球消費者、科技與服務大會。我們希望能在其中一個活動中與大家見面。其次，我們將於6月22日在德州奧斯汀舉辦投資者日活動，屆時我們將進一步分享Samsara的發展軌跡和整體實體營運狀況。如果您有意親臨現場，請發送電子郵件至ir@samsara.com。如果您希望線上參會，我們的投資者關係網站將提供直播連結。

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

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