Samsara Inc (IOT) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Samsara's Second 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. 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.

下午好，歡迎參加 Samsara 2024 財年第二季財報電話會議。我是 Samsara 企業發展和投資者關係副總裁 Mike Chang。今天與我一同出席的還有 Samsara 執行長兼共同創辦人 Sanjit Biswas，以及我們的財務長 Dominic Phillips。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 上提交給美國證券交易委員會 (SEC) 的文件。

The matters we'll discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, August 31, 2023, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

我們今天將討論的事項包括前瞻性陳述。實際結果可能與前瞻性陳述中所述的結果有重大差異，並受我們提交給美國證券交易委員會 (SEC) 的文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天（2023 年 8 月 31 日）的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, some of our discussions will include our second quarter fiscal 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 with our press release and investor presentation. We'll make opening remarks, dive into highlights for the quarter and then open the call up for Q&A.

在今天的電話會議上，我們將討論2024財年第二季的財務表現。需要指出的是，本公司報告的非公認會計準則（Non-GAAP）績效是對公認會計準則（GAAP）財務指標的補充，而非替代或優於公認會計準則（GAAP）計算的財務指標。今天我們將討論的所有財務數據均為非公認會計準則（Non-GAAP），收入和收入成長除外。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 achieved another strong quarter as we continue to deliver rapid ROI for the world's leading and most complex organizations. We ended Q2 with an ARR of $930 million, growing 40% year-over-year. Q2 is also our first adjusted free cash flow positive quarter, and we are proud to have achieved this milestone towards becoming a self-sustaining business. Our vision is to be a multi-decade partner for our customers in driving their digital transformation and profitability is an important step in that journey. Our customers represent more than 40% of the global GDP and are the backbone of the global economy. They're leaders in construction, food and beverage, transportation, agriculture and field services.

謝謝麥克，也謝謝各位今天加入我們。 Samsara 在本季再創佳績，我們持續為全球領先且最複雜的企業提供快速的投資回報。第二季度，我們的年度經常性收入 (ARR) 達到 9.3 億美元，年增 40%。第二季度也是我們首個調整後自由現金流為正的季度，我們很自豪能夠實現這一里程碑，邁向成為一家自給自足的企業。我們的願景是成為客戶數十年的合作夥伴，協助其數位轉型，獲利能力是這一征程中的重要一步。我們的客戶佔全球 GDP 的 40% 以上，是全球經濟的支柱。他們是建築、食品飲料、交通運輸、農業和現場服務的領導者。

In Q2, we saw continued momentum with large customers. We added a record 140 large customers, bringing us to over 1,500 customers with over $100,000 in ARR, growing 53% year-over-year. This includes New Jersey Transit, National Grid and Boart Longyear, the world's leading provider of drilling services. Our customers' success is central to our company's success, and we are grateful to have earned their partnership and trust.

第二季度，我們大客戶業務持續保持強勁成長勢頭。我們新增了140家大客戶，創下歷史新高，年經常性收入（ARR）超過10萬美元的客戶數量超過1,500家，較去年同期成長53%。這些客戶包括新澤西州交通運輸公司（New Jersey Transit）、國家電網公司（National Grid）以及全球領先的鑽井服務供應商Boart Longyear。客戶的成功是我們公司成功的關鍵，我們非常榮幸能夠贏得他們的合作與信任。

This past June, we had a chance to celebrate our customers by bringing together nearly 1,000 leaders from the largest physical operations organizations in the world at Beyond, our annual customer conference. At the event, we learned more about the challenges they're facing and discuss how Samsara's Connected Operations Cloud is delivering value through digitization. It was a great opportunity to hear our customers' top priorities, which is critical as we shape and prioritize our R&D efforts. Throughout our conversations, it was evident that the appetite for digital transformation is robust and growing. We also held our Connected Operations award ceremony where we celebrated our customers who achieved an outsized impact on our platform.

今年六月，我們有機會在年度客戶大會 Beyond 上與來自全球最大實體營運機構的近 1000 名領導者歡聚一堂，共同慶祝我們的客戶。在此次活動中，我們深入了解了客戶面臨的挑戰，並探討了 Samsara 的互聯營運雲如何透過數位化創造價值。這為我們了解客戶最優先考慮的問題提供了絕佳的機會，這對我們規劃和優化研發工作至關重要。在交流過程中，我們明顯感受到客戶對數位轉型的渴望日益強烈且不斷成長。我們也舉辦了互聯營運頒獎典禮，表彰了那些在我們平台上取得卓越成就的客戶。

This year, we honored a number of industry leaders, including DHL, our Connected Operations Innovation winner and Sobeys, our winner of Most Sustainable Operations. DHL is one of the largest logistics companies in the world, serving more than 220 countries and delivering 1.7 billion parcels annually. They have complex global operations and a frontline workforce of 600,000 people. Using Samsara for safety and telematics across 20 sites, DHL Express saw a 26% reduction in accidents and a 49% reduction in accident-related costs. Equally as impressive, DHL supply chain also saw a 50% reduction in driver turnover, reaching their lowest driver vacancy ever. Driver turnover is a major cost for our customers, and it's incredible to see the positive impact our products can have by helping companies enhance safety and improve retention.

今年，我們表彰了眾多行業領袖，包括「互聯營運創新獎」得主 DHL 和「最具永續營運獎」得主 Sobeys。 DHL 是全球最大的物流公司之一，服務於 220 多個國家/地區，每年遞送 17 億件包裹。他們擁有複雜的全球營運和 60 萬名第一線員工。 DHL Express 在 20 個站點使用 Samsara 的安全和遠端資訊處理系統，事故減少了 26%，事故相關成本降低了 49%。同樣令人印象深刻的是，DHL 供應鏈的駕駛者流失率也降低了 50%，達到了歷史最低水準。司機流失是我們客戶的一項主要成本，看到我們的產品透過幫助公司提高安全性和提高留任率而產生的正面影響，我們感到非常欣慰。

Let's turn to Sobeys, one of the largest supermarket chains in Canada with more than 200,000 employees across 2,700 locations. They have ambitious sustainability goals with a go green target date of 2035 to substantially lower their emissions. Using Samsara, they served -- they saved 46,000 gallons of diesel leading to a savings of 469 metric tons of carbon emissions in just 4 months. We really enjoyed our customer conversations throughout Beyond and I'm excited to announce that next year, we'll be hosting our conference in Chicago with even more customers, partners and leaders across the world of physical operations.

讓我們來看看Sobeys，它是加拿大最大的連鎖超市之一，在2700家門市擁有超過20萬名員工。他們制定了雄心勃勃的永續發展目標，並將2035年定為綠色目標日期，以大幅降低排放量。使用Samsara後，他們節省了4.6萬加侖柴油，在短短4個月內減少了469噸碳排放。我們非常享受在Beyond大會期間與客戶的交流，我很高興地宣布，明年我們將在芝加哥舉辦大會，屆時將有更多來自全球實體運營領域的客戶、合作夥伴和領導者參加。

A key priority for our customers is reshaping the worker experience. While there are millions of employees who work in corporate back office, 70% to 80% of the world's workforce are frontline workers, saving frontline employee's time with digital workflows and other technologies to modernize their experience can have an outsized impact for an organization.

我們的客戶的首要任務是重塑員工體驗。雖然企業後台員工數量達數百萬，但全球 70% 至 80% 的勞動力是第一線員工，因此，利用數位化工作流程和其他技術節省第一線員工的時間，提升他們的體驗，對企業而言意義非凡。

A prime example of this is one of the largest air carriers in the world, which is using Samsara to digitize its ground support equipment operations across some of its major U.S. hubs. They're using our telematics and equipment monitoring applications to manage thousands of pieces of equipment from baggage carts to passenger boarding stairs and more. They have seen impressive results, saving their employees valuable time by helping them locate equipment often outside in all types of weather conditions in minutes instead of hours. In 1 hub alone, they reported saving more than 2,600 hours searching for ground support equipment and it's already impacting customer experience. They've reduced delays in kickoff flights, the first flights of the day, which has a cascading impact on their operational schedule and customer experience. We are proud to help support their frontline teams and drive these results for their business.

一個典型的例子是世界上最大的航空公司之一，該公司正在使用 Samsara 將其在美國一些主要樞紐的地面支援設備運營數位化。他們正在使用我們的遠端資訊處理和設備監控應用程式來管理數千件設備，從行李車到旅客登機梯等等。他們已經看到了令人印象深刻的效果，透過幫助員工在幾分鐘內（而不是幾小時）找到通常在各種天氣條件下在室外的設備，節省了寶貴的時間。僅在一個樞紐，他們就報告節省了超過 2,600 小時的地面支援設備搜尋時間，並且已經影響了客戶體驗。他們減少了啟動航班（當天的首班航班）的延誤，這對他們的營運計劃和客戶體驗產生了連鎖影響。我們很自豪能夠幫助支持他們的一線團隊，並為他們的業務推動這些成果。

Our customers trust us as a strategic partner to make the jobs of their frontline workforce better, safer and more efficient. At Beyond, we announced 2 new products to further empower their workers, Connected Forms and Mobile Experience Management. Launching later this year, Connected Forms allows customers to digitize any custom form such as inspections or incident reports and enables workers to complete them on the go. DeSilva Gates Construction, a leading construction equipment transportation company use Connected Forms through an early access to streamline equipment inspections. They have seen significant value already and reported a 90% reduction in administrative time through eliminating the need to process paperwork. You can read more about this exciting use case in our shareholder letter found on our Investor Relations website.

我們的客戶信任我們，視我們為策略夥伴，致力於提升第一線員工的工作效率、安全性和品質。在Beyond，我們發表了兩款新產品，旨在進一步賦能員工：Connected Forms 和 Mobile Experience Management。 Connected Forms 將於今年稍後推出，讓客戶可以將任何自訂表格（例如檢查或事故報告）數位化，並支援員工隨時隨地填寫。領先的建築設備運輸公司 DeSilva Gates Construction 透過早期試用 Connected Forms 來簡化設備檢查流程。他們已經看到了顯著的價值，並報告說透過消除文書處理需求，行政時間減少了 90%。您可以在我們投資者關係網站上的股東信中了解更多關於這個令人興奮的用例的資訊。

Mobile Experience Management, or MEM, gives operations leaders the ability to easily customize, control and secure devices for remote environments their frontline teams operate in. U.S. Logistics, a final mile company serving the eastern half of the United States has seen substantial improvements with MEM. Being able to more efficiently assist and train drivers remotely has resulted in a reported 80% reduction in average driver call times. They also reported a 70% reduction in data usage while eliminating disruption for their drivers, supporting their safety on the road.

行動體驗管理 (MEM) 使營運領導者能夠輕鬆自訂、控制和保護其一線團隊在遠端環境中工作的設備。 U.S. Logistics 是一家服務於美國東部地區的最後一哩運輸公司，透過 MEM 實現了顯著的改進。由於能夠更有效率地遠端協助和培訓駕駛員，據報道駕駛員平均通話時間減少了 80%。此外，他們還報告數據使用量減少了 70%，同時消除了對駕駛者的干擾，並保障了他們的行車安全。

As we build for the long term, we're investing in technology and talent that will drive value for our customers now and in the future. We listen to our customers through our customer feedback loop and use those insights to deliver purpose-built solutions that address their most pressing needs. In addition to Connected Forms in MEM, this year and beyond, we also announced 3 innovations to drive operational efficiencies. Virtual Coach, Find My Asset and Data Connectors.

我們著眼長遠，不斷投資於技術和人才，為客戶創造當前和未來的價值。我們透過客戶回饋環路傾聽客戶心聲，並利用這些洞察，提供客製化的解決方案，滿足他們最迫切的需求。除了 MEM 中的互聯表單 (Connected Forms) 之外，今年及未來，我們還宣布了三項旨在提升營運效率的創新：虛擬教練、尋找我的資產 (Find My Asset) 和數據連接器 (Data Connectors)。

Customer centricity is central to our business. I'm excited to bring an important new voice of the customer to Samsara's Board of Directors with the appointment of Todd Bluedorn. Todd brings nearly 30 years of leadership experience within the industrial sector, including 15 years as Chief Executive Officer and Chairman of Lennox International, a leading global HVAC company and leadership roles at United Technologies and Texas Instruments. He brings a deep understanding of our customers' needs and has a proven track record of execution and operational rigor, which will only enhance our ability to deliver for our customers. We are thrilled to welcome Todd to the Board.

以客戶為中心是我們業務的核心。我很高興任命Todd Bluedorn，為Samsara董事會帶來重要的客戶新聲音。 Todd在工業領域擁有近30年的領導經驗，其中包括擔任全球領先的暖通空調公司Lennox International的執行長兼董事長15年，以及在聯合技術公司和德州儀器擔任領導職務。他對客戶需求有著深刻的理解，並在執行力和營運嚴謹性方面擁有卓越的業績，這將進一步提升我們為客戶提供服務的能力。我們熱烈歡迎Todd加入董事會。

And finally, I wanted to share that we were recently recognized by several organizations as a great place to work. We earned our 2023 Great Place to Work Certification, were named a Best Workplace for Innovators by Fast Company and were named a 2023 U.K.'s Best Workplace for Women. We are proud of creating a culture and a company that our employees into working for.

最後，我想分享的是，我們最近被多家機構評為「最佳工作場所」。我們獲得了2023年度“最佳工作場所”認證，被《Fast Company》雜誌評為“最佳創新者工作場所”，並被評為2023年英國“最佳女性工作場所”。我們為打造員工樂於工作的文化和公司而感到自豪。

It's been a milestone quarter for us at Samsara, we're operating at scale, have tremendous momentum fueled by customers who find value and ROI in our platform and have taken an important step towards becoming a self-sustaining business because of our continued focus on durable and efficient growth. I would like to thank all of the Samsarians, customers, partners and investors for joining us on this decades-long journey.

對Samsara來說，這是一個里程碑式的季度。我們實現了規模化運營，並獲得了巨大的發展動力，這得益於客戶對我們平台的價值和投資回報率的認可。同時，由於我們持續專注於持久且高效的成長，我們朝著成為一家能夠自給自足的企業邁出了重要的一步。我要感謝所有Samsara的員工、客戶、合作夥伴和投資者，感謝他們與我們攜手走過這數十年的旅程。

I'll now hand it over to Dominic to go over the financial highlights for the quarter.

現在我將把時間交給 Dominic，讓他回顧本季的財務亮點。

Thank you, Sanjit. Q2 was highlighted by achieving our first quarter of positive adjusted free cash flow. In addition to hitting this milestone in Q2, we expect to remain adjusted free cash flow positive for the full year and going forward.

謝謝，Sanjit。第二季的亮點是我們首次實現了正調整後自由現金流。除了在第二季實現這一里程碑之外，我們預計全年及未來調整後自由現金流都將保持正成長。

This was also another quarter of high growth at scale. Our year-over-year net new ARR growth accelerated for the second consecutive quarter, resulting in sustained high growth for both total ARR and revenue. In Q2, we added $74 million of net new ARR, a quarterly record, representing 33% year-over-year growth, which was our highest growth over the past 6 quarters. This also represented 32 percentage points of year-over-year growth acceleration at a larger scale. Q2 ending ARR was $930 million, growing 40% year-over-year and revenue was $219 million, growing 43% year-over-year, which is the same growth rate as last quarter at a larger scale.

本季度，我們又實現了規模上的高成長。我們新增淨ARR（年度經常性收入）較去年同期成長連續第二季加速，總ARR和營收均維持了持續的高成長。第二季度，我們新增淨ARR 7,400萬美元，創下季度新高，年增33%，是過去六個季度以來的最高增幅。這也意味著在更大規模的範圍內，年成長加速了32個百分點。第二季末的ARR為9.3億美元，年增40%，營收為2.19億美元，年增43%，與上一季在更大規模範圍內的成長率相同。

Several factors drove our strong top line performance. First, we continue to focus on serving large physical operations customers with complex operations that are more likely to utilize our full suite of applications. We now have 1,515 $100,000-plus ARR customers including a record quarterly increase of 140 or 53% year-over-year growth, which is our third consecutive quarter of maintaining this growth rate at a larger scale. $100,000-plus ARR customers represent our fastest-growing cohort. In Q2, ARR from these customers grew 53% year-over-year, representing the second consecutive quarter of accelerating year-over-year growth. As a result, $100,000-plus ARR customers contributed 50% of total ARR mix, up from 46% 1 year ago.

有幾個因素推動了我們強勁的營收表現。首先，我們繼續專注於服務那些經營複雜的大型實體客戶，這些客戶更有可能使用我們全套的應用程式。我們目前擁有1,515名年收入超過10萬美元的客戶，其中季度新增140名，年增53%，創歷史新高，這是我們連續第三個季度保持如此高的成長率。年收入超過10萬美元的客戶是我們成長最快的族群。在第二季度，這些客戶的年營收年增53%，這是連續第二季實現年增。因此，年收入超過10萬美元的客戶貢獻了總年收入的50%，高於一年前的46%。

Second, this quarter included a balanced mix of landing new customers and expanding existing customer relationships. New customers represented approximately half of net new ACV and 7 of the top 10 deals were new logos, including 3 that were greater than $1 million, 1 of which is a leading clean energy provider serving more than 20 million people in the Northeastern United States. Using Samsara's EV features and sustainability dashboard, they are realizing hard and fast ROI by reducing the consumption of more than 10 million gallons of fuel per year.

其次，本季在吸引新客戶和拓展現有客戶關係方面取得了均衡的業績。新客戶約佔淨新增ACV的一半，前十名的交易中有7個是新品牌，其中3個交易金額超過100萬美元，其中1個是服務於美國東北部超過2000萬人口的領先清潔能源供應商。 Samsara利用其電動車功能和永續性儀錶板，每年減少超過1000萬加侖的燃油消耗，實現了切實的投資回報。

Expansions to existing customers represented the other half of net new ACV, the largest of which was a more than $1 million video-based safety expansion to a critical infrastructure provider. During the pilot phase, the customer realized a 79% reduction in mobile usage events and a 50% reduction in speeding events. In addition to fewer accidents, this customer expects to lower insurance premiums, improve asset utilization and reduce fuel costs, all with Samsara.

現有客戶的擴展佔新增ACV淨值的另外一半，其中最大的一筆是為一家關鍵基礎設施提供商提供的超過100萬美元的視訊安全擴展。在試點階段，該客戶實現了手機使用事件減少79%，超速事件減少50%。除了事故減少外，該客戶還希望透過Samsara降低保險費、提高資產利用率並降低燃料成本。

And third, while our core businesses drove most of our Q2 performance, we also executed well across several new frontiers. For example, state and local governments, municipalities and school districts are becoming increasingly important end markets for Samsara. In Q2, we saw strong public sector momentum, including 2 of our top 5 new customers and 2 of our top 5 expansion deals. In addition to public sector, we continue to see growing end market diversity. In Q2, 84% of net new ACV came from non-transportation verticals, up from 78% in Q2 last year, with particular strength in energy, utilities, construction and field services.

第三，雖然我們的核心業務推動了我們第二季的大部分業績，但我們在多個新領域也表現優異。例如，州和地方政府、市政當局和學區正成為Samsara日益重要的終端市場。第二季度，我們看到了強勁的公共部門發展勢頭，包括我們前五大新客戶中的兩家，以及前五名擴張交易中的兩家。除了公共部門，我們也看到終端市場的多元化程度不斷提高。第二季度，84%的淨新增ACV來自非運輸垂直產業，高於去年同期的78%，其中能源、公用事業、建築和現場服務領域尤為強勁。

And lastly, we continue to see strength in non-vehicle applications. We now have 3 separate products contributing more than $100 million of ARR each and growing more than 30% year-over-year including equipment monitoring used to locate and manage non-vehicle assets in the field. In Q2, we signed our largest ever equipment monitoring deal, an approximately $1 million expansion to a top 10 customer.

最後，我們持續看到非車輛應用領域的強勁表現。目前，我們擁有三款獨立產品，每款產品的年度經常性收入 (ARR) 貢獻均超過 1 億美元，年增超過 30%，其中包括用於定位和管理現場非車輛資產的設備監控。第二季度，我們簽署了有史以來最大的設備監控交易，為前十大客戶拓展了約 100 萬美元的訂單。

In addition to driving strong top line growth, we continue to deliver operating efficiency improvements across our business as we scale. Q2 gross margin was 75%, a quarterly record and approximately 2 percentage points higher year-over-year, driven largely by optimizing cloud, cellular and customer support costs. Q2 operating margin was negative 3% compared to negative 13% in Q2 FY '23 and Q2 adjusted free cash flow margin was positive for the first time at 2% or $5 million compared to negative 25% or negative $38 million in Q2 FY '23, primarily from improved operating leverage and continued working capital improvements.

除了推動強勁的營收成長外，隨著業務規模的擴大，我們持續提升整個業務的營運效率。第二季毛利率達75%，創下季度新高，年增約2個百分點，主要得益於雲端、蜂窩和客戶支援成本的最佳化。第二季營業利益率為-3%，而2023財年第二季為-13%。第二季調整後自由現金流利潤率首次為正值，為2%，即500萬美元，而2023財年第二季為-25%，即3,800萬美元。這主要得益於營運槓桿的提升和營運資本的持續改善。

Okay. Now turning to guidance. For Q3 FY '24, we expect total revenue to be between $223 million and $225 million or between 31% and 33% year-over-year growth. Based on our Q2 results and updated outlook for the remainder of FY '24, we're raising our full year revenue guidance to be between $896 million and $900 million or between 37% and 38% year-over-year growth.

好的。現在談談業績指引。對於2024財年第三季度，我們預計總營收將在2.23億美元至2.25億美元之間，年增31%至33%。根據我們第二季的業績以及對2024財年剩餘時間的最新展望，我們將全年營收指引上調至8.96億美元至9億美元之間，年增37%至38%。

As a reminder, our fiscal year always ends on the Saturday closest to February 1, which means every 6 years, our fiscal year calendar includes 53 weeks instead of 52. As such, FY '24 includes an extra week in Q4, resulting in 14 weeks instead of our typical 13-week quarter. We expect the extra week will add less than 3 percentage points of year-over-year growth in FY '24, which was already factored into our prior guidance as well as the current guidance we provided today. Additionally, we don't expect the extra week in FY '24 will have a material impact on our key profitability metrics because we will incur an additional week of expenses while also recognizing an additional week of revenue.

提醒一下，我們的財年總是在最接近2月1日的那個星期六結束，這意味著每六年，我們的財年日曆會包含53週，而不是52週。因此，2024財年在第四季度增加了一周，使季度總週數達到14週，而不是我們通常的13週。我們預計，這額外的一周將為2024財年帶來不到3個百分點的同比增長，這已計入我們之前的業績指引以及我們今天提供的當前業績指引中。此外，我們預計2024財年這額外的一週不會對我們的關鍵獲利指標產生重大影響，因為我們將額外產生一週的支出，同時也確認一週的收入。

To wrap up, we are pleased with our performance through the first half of FY '24 and our improved outlook for the remainder of the year. We are digitizing the world of physical operations and helping our customers become safer, more efficient and more sustainable. With our markets, products and customer focus, we are well positioned to continue delivering durable and efficient growth.

總而言之，我們對2024財年上半年的業績表現以及今年剩餘時間的展望感到滿意。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。憑藉我們對市場、產品和客戶的專注，我們已做好準備，繼續實現持久和高效的成長。

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

說完這些，我會把時間交給 Mike 來主持問答環節。

Thanks, Dominic. We will now open the line up for questions. (Operator Instructions) The first question today comes from Keith Weiss at Morgan Stanley, followed by Michael Turrin at Wells Fargo.

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摩根士丹利的基思·韋斯 (Keith Weiss)，然後是富國銀行的邁克爾·圖林 (Michael Turrin)。

This is Chris Quintero, on for Keith Weiss. Sanjit, really great to see that largest ever equipment monitoring deal. So congrats on that. What are some of the learnings that you have from selling telematics, video safety into fleets that you can bring as you make more of a push on the equipment monitoring side into industries like construction and public sector where maybe Samsara doesn't have that initial name recognition like it does within the fleet side of things.

我是 Chris Quintero，接替 Keith Weiss 的報道。 Sanjit，很高興看到這筆史上最大的設備監控交易。恭喜你。在向車隊銷售遠端資訊處理和視訊安全產品的過程中，您有哪些經驗可以藉鏡？隨著您在建築和公共部門等行業加大設備監控方面的投入，Samsara 在這些行業可能不像在車隊領域那樣擁有那麼高的知名度。

So Chris, we're really excited to see that $1 million-plus expansion in -- with equipment monitoring. It is interesting to think about what lessons can we bring over. One of the most fascinating things is a lot of these customers with huge numbers of assets in the field didn't know that they could track all of that equipment. And so it sounds kind of simplistic, but they thought GPS tracking was really limited to their over-the-road vehicles. And that's often where we start. So that expansion that we're talking about, in many cases, will start with telematics. The lessons that we're able to bring over are really around ROI. What are you doing in terms of understanding your asset utilization, should you be remarketing some of your assets or utilizing them differently.

克里斯，我們非常高興看到這項耗資超過100萬美元的擴展——用於設備監控。想想我們能從中汲取哪些經驗教訓，這很有意思。最令人著迷的事情之一是，許多在現場擁有大量資產的客戶並不知道他們可以追蹤所有這些設備。這聽起來可能有點簡單，但他們以為GPS追蹤僅限於他們的公路車輛。而這通常是我們著手的地方。因此，在很多情況下，我們所說的擴展將從遠端資訊處理開始。我們能夠帶來的經驗教訓其實與投資報酬率有關。在了解資產利用率方面，你們正在做什麼？是否應該重新行銷部分資產或以不同的方式利用它們？

And to mention construction, it's a newer industry vertical for us, but I'm proud to say we now serve 6 of the top 10 largest construction companies in the U.S. So we do have that foothold or traction. But for many of them, it's an education journey that they can track more than just their vehicles.

說到建築業，這對我們來說是一個較新的垂直行業，但我很自豪地說，我們現在為美國十大建築公司中的六家提供服務。所以我們確實擁有立足點或發展空間。但對他們中的許多人來說，這是一個學習之旅，他們可以追蹤的不僅僅是他們的車輛。

Got it. Very helpful. And then, Dominic, revenue guidance for Q3 implies lower than normal kind of seasonal growth with more of a back end loaded Q4 implied seasonal growth rate. Is there anything to call out there from a seasonality perspective?

明白了。非常有幫助。然後，Dominic，第三季度的收入預期意味著季節性增長低於正常水平，而第四季度隱含的季節性增長率更多地受到後端因素的影響。從季節角度來看，有什麼需要注意的嗎？

Well, I think similar to the guidance philosophy that we've used throughout the year, I would frame our revenue guidance as derisked. There's still macro uncertainty in front of us, and we feel highly confident that this is a number that we're going to be able to hit. I'd also just again reiterate that the implied Q4 guidance includes this extra week in Q4, a 14-week quarter instead of 13 week and so that also will have an impact on the revenue growth in that quarter and therefore, in Q3.

嗯，我認為與我們全年一直遵循的指導理念類似，我會將我們的收入指導定義為去風險化的。我們面前仍然存在宏觀不確定性，但我們非常有信心能夠達到這個數字。我還想再次重申，隱含的第四季度指導包含了第四季度的額外一周，即一個季度有14周而不是13週，因此這也將對該季度的收入增長產生影響，從而對第三季度的收入增長也產生影響。

Our next question comes from Michael Turrin at Wells Fargo, followed by Matt Pfau at William Blair.

我們的下一個問題來自富國銀行的 Michael Turrin，然後是 William Blair 的 Matt Pfau。

Great. The second straight quarter, we're seeing just outsized results on net new ARR. At the midpoint of the year, I'm just wondering if there's anything you'd look back on as a key point of focus you had starting the year that's maybe helping drive some of the first-half out performance we're seeing. And any surrounding commentary coming out of the Beyond event that we were at a few months back to just help support the continued momentum there.

太好了。連續第二個季度，我們淨新年度經常性收入 (ARR) 的業績都非常出色。今年已過半，我想知道您回顧年初的重點，是否有一些事情可能對推動我們上半年的業績有所貢獻。幾個月前我們參加的 Beyond 活動的相關評論，也有助於保持我們持續的勢頭。

Michael, it's Dominic. I think that the investments we've made over the last couple of years have really helped us get off to a really strong start in the first half of the year. And I think just the broader customer demand, the fact that we're able to provide hard and fast ROI, our customers' operations budgets are generally increasing. I called out, 2 of 3 leaders are increasing their operation technology budget. But we've made a lot of investments in areas like large customers and back-to-back quarters of record adds, and we're seeing good balance between new logos and expansions and then some of our newer frontiers, public sector, we called out the equipment monitoring. So those are investments we've been making for a couple of years, and I think we're just seeing the continued momentum in those businesses over the first half of the year.

麥可，我是多明尼克。我認為過去幾年的投資確實幫助我們在上半年取得了非常強勁的開局。而且我認為，客戶需求的擴大，以及我們能夠提供確切的投資回報，客戶的營運預算也普遍增加。我之前提到，三位領先企業中有兩位正在增加營運技術預算。但我們在大客戶和連續兩個季度創紀錄的新增客戶等領域進行了大量投資，並且在新標誌和業務擴展之間以及一些較新的領域（公共部門，我們稱之為設備監控）之間取得了良好的平衡。這些投資我們已經進行了幾年，我認為我們在上半年看到了這些業務持續成長的勢頭。

And if I can just add a couple of things we heard at Beyond. Dominic just mentioned large customer momentum. We saw that really come through at Beyond. And many of these large customers, they have complex physical operations and they're using this data that's now in our platform, the system of record for their physical operations to connect into other systems. So that's another big tailwind we have is this appetite for data and interest in getting more visibility. And just to put a number on, they're connecting us into more than 6 systems on average. And so that's a really unique position that we have that I think is functioning as a tailwind for us in the market.

我可以補充幾件我們在Beyond聽到的事情。 Dominic剛剛提到了大客戶發展勢頭。我們在Beyond確實看到了這一點。許多大客戶擁有複雜的實體運營，他們正在使用我們平台（即實體運營記錄系統）中現有的數據連接到其他系統。所以，我們面臨的另一個巨大推動力就是對數據的渴望和對提高可見度的興趣。舉個例子，他們平均將我們連接到6個以上的系統。這是我們非常獨特的優勢，我認為這對我們在市場上的發展起到了推動作用。

That's great. And maybe just 1 on free cash flow. You just hit a big milestone there. Some of the supporting commentary suggest guiding for breakeven effectively for the back half of the year. We don't have much of a seasonal history to look back on. I know there are a lot of focused efforts put in the back half of last year to help get to the levels that you're currently operating at. So just anything you can comment on, Dominic, on the seasonal profile we should expect from cash flow going forward and how you think about the pace of trajectory there now that you've reached that important milestone.

太棒了。關於自由現金流，或許我只想提一點。你們剛剛達到了一個重要的里程碑。一些支持性評論建議，下半年應該有效地實現損益平衡。我們沒有太多季度業績可以回顧。我知道去年下半年你們投入了大量精力，才達到目前的營運水準。所以，Dominic，關於未來現金流的季度表現，以及既然已經達到了這個重要的里程碑，你如何看待現金流的成長軌跡，你有什麼想說的嗎？

Yes. Obviously, with free cash flow, there's stuff that happens at the end of quarters, in the beginning of quarters, it's less seasonal or predictable as like ratable revenue recognition. And so we -- strong free cash flow in the quarter and I think for the back half of the year, we're seeing breakeven in the last few quarters, and we'll kind of see what we can do, but our goal is really to focus on the full year, and we feel confident that we're going to be free cash flow positive, not only as we did in Q2, but for the full year as well.

是的。顯然，自由現金流會在季度末和季度初發生一些變化，不像按比例確認收入那樣受季節性或可預測性的影響。因此，我們本季的自由現金流強勁，我認為下半年我們在過去幾季實現了盈虧平衡，我們會看看能做些什麼，但我們的目標實際上是專注於全年，我們有信心實現自由現金流為正，不僅像第二季度那樣，而且全年都會如此。

So our next question comes from Matt Pfau at William Blair, followed by Sterling Auty at MoffetNathanson.

我們的下一個問題來自 William Blair 的 Matt Pfau，然後是 MoffetNathanson 的 Sterling Auty。

I wanted to ask first on the 7 of the top 10 deals that were from new customers. I think that's up very significantly from the first quarter. But if you were to look back historically, how does that mix compare? And if it's up, what factors are driving that? I mean, I'm sure it's some combination of signing larger customers as well as customers making a bigger commitment upfront, but anything you would point to?

我想先問一下前十筆交易中，有七筆來自新客戶。我認為這些交易比第一季增長了非常多。但如果回顧歷史，這些交易的組成情況如何？如果成長了，是什麼因素推動了這個趨勢？我確信這既有簽約大客戶的影響，也有客戶預先做出更大承諾的影響，您能指出一些具體因素嗎？

Yes. I mean I think if you go back to Q4, it was like more new logos than it was expansions. And then in Q1, it flipped and 60% of our net new ACV came from expansions. And now we're kind of at parity. So kind of 51% expansions, 49% new logos. So -- and again, the way that we compensate our sales force, we just care about getting as much ARR as we possibly can, and they're compensated to drive overall net new ACV and whether that comes from a new logo or an expansion to an existing customer, it's the same commission rate. And so these things can be a little bit lumpy and which of those 2 are driving more of the net new ACV. But it's been pretty balanced over the last few quarters. And again, you're right, a very strong new logo quarter for us.

是的。我的意思是，如果你回顧第四季度，你會發現新標誌的數量比擴張數量多。然後到了第一季度，情況發生了逆轉，我們60%的淨新ACV來自擴張。現在我們基本上持平了。大概是51%來自擴張，49%來自新標誌。所以——再說一次，我們支付銷售人員薪酬的方式，我們只關心獲得盡可能多的年度經常性收入 (ARR)，他們的報酬是為了推動整體淨新ACV，無論這筆收入來自新標誌還是現有客戶的擴張，佣金率都是一樣的。所以，這兩個因素可能會有點不穩定，不知道哪個因素對淨新ACV的貢獻比較大。但過去幾個季度，情況一直比較平衡。再說一次，你說得對，對我們來說，新標誌季度的業績非常強勁。

Great. And then I just wanted to follow up on the gross margin in the quarter. Good to see that up. I think the guidance implies that, that would decline a bit in the back half of the year. Any reason why you would expect that to decline in the back half?

好的。然後我想跟進一下本季的毛利率。很高興看到它上升。我認為業績指引暗示下半年毛利率會略有下降。您認為下半年毛利率下降的原因是什麼？

Again, there's timing implications of gross margins quarter-to-quarter. I think we would just focus investors on the full year results. We're steadily making progress and more and more leverage out of gross margins and getting some optimizations around cloud and cellular and customer support, but the kind of the timing of when those expenses land within a year can fluctuate. And again, I would focus investors, most of the leverage in the business going forward will come from operating expenses below the gross margin line.

再次強調，季度毛利率的變動對時間有影響。我認為我們應該讓投資者關注全年業績。我們正在穩步推進，毛利率的槓桿作用也越來越大，並在雲端運算、蜂窩網路和客戶支援方面進行了一些優化，但這些費用在一年內的具體落地時間可能會有所波動。再次強調，我想讓投資人關注的是，未來業務的大部分槓桿作用將來自毛利率線以下的營運費用。

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

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

Great. Can you comment to what you saw in terms of pipeline -- sales pipeline development through the quarter? And how does the kind of strength and maturity and health of that pipeline look coming here into the third quarter versus what you saw coming into the last couple of quarters?

太好了。您能否評論一下本季銷售管道的發展？與過去幾季相比，第三季的銷售管道實力、成熟度和健康狀況如何？

I would say it was pretty consistent. Obviously, Q2 was a step up from a really strong Q1 and conversion rates and pipeline generation and going all the way to things like free trials and the conversion of that into bookings was fairly stable and consistent. And as we look in the back half of the year, especially coming off of our Beyond customer conference, we continue to see good pipeline and good customer demand.

我想說的是，業績相當穩定。顯然，第二季的表現比第一季的強勁表現更上一層樓，轉換率、銷售漏斗生成，以及從免費試用到最終轉化為預訂的轉化，都相當穩定且持續。展望下半年，尤其是在Beyond客戶大會之後，我們繼續看到良好的銷售漏斗和客戶需求。

And then just 1 question on the tech stack. You talked about the integration on the operations side, 6 additional systems. At this point, what is the next kind of key milestone that we should be looking at from the outside in terms of additional either integrations or tech partnerships that you need to kind of drive the next level of adoption for the Operations Cloud outside the vehicle?

然後我再問一個關於技術堆疊的問題。您提到了營運方面的集成，包括 6 個額外的系統。目前，為了推動車輛外部營運雲的更高水準應用，我們應該從外部角度關注的下一個關鍵里程碑是什麼？是需要額外的整合還是技術合作？

I would say, first of all, we have over 240 technology partners on our app marketplace. So these are integrations that essentially work out of the box for our customers. There are always more that our customers ask us for as we continue to penetrate new vertical industries. Dominic mentioned public sector is an area that we've been investing and it's going well. As I meet with customers, I always hear about a new piece of software they'd like us to connect with. So I think we're still in that early phase of getting connected and getting this data to flow across systems.

首先，我想說，我們的應用市場擁有超過240家技術合作夥伴。因此，這些整合對於我們的客戶來說基本上是開箱即用的。隨著我們不斷滲透新的垂直產業，客戶的需求也不斷增加。 Dominic提到，公共部門是我們一直在投資的領域，而且進展順利。當我與客戶會面時，總是會聽到他們希望我們連接某個新軟體。所以我認為我們仍處於連接和跨系統資料傳輸的早期階段。

As far as unlocks, I think a lot of it comes down to helping our customers realize even more ROI from this data. For many of them, this is the first big data initiative they've had. They've been in business for decades or in some cases, 50 or 100 years, but they're not as familiar with using modern technologies, using devices out in the field and getting reporting in the back office and changing their operations that way. So I think that's the unlock, is showing them how to get even more value from this data.

就解鎖而言，我認為很大程度上在於幫助我們的客戶從這些數據中實現更高的投資報酬率。對於許多客戶來說，這是他們的第一個大數據專案。他們已經經營了幾十年，有些甚至有五十年甚至一百年，但他們對使用現代技術、在現場使用設備、在後台獲取報告以及如何透過這些方式改變運作方式還不夠熟悉。所以我認為這就是解鎖的關鍵，就是向他們展示如何從這些數據中獲得更多價值。

Our next question comes from Kash Rangan at Goldman Sachs, followed by Jim Fish at Piper Sandler.

我們的下一個問題來自高盛的 Kash Rangan，然後是 Piper Sandler 的 Jim Fish。

This is Jacob on for Kash. Really, really good quarter. Just a couple for me. One, the large customer momentum -- large customer count saw a very pronounced momentum this quarter with another record quarter of adds. Is there anything to call out -- anything to call out around that number? And then can you touch on how many of those large customers were existing versus new customer adds?

我是 Jacob，代替 Kash 發言。這個季度真的非常棒。我只想提幾點。首先，大客戶成長動能強勁－本季大客戶數量成長動能非常明顯，新增客戶數量再創新高。這個數字有什麼值得關注的嗎？然後，您能否談談這些大客戶中有多少是現有客戶，有多少是新增客戶？

And then another question around the sales force, I believe, in the second half of last year, it was mentioned that you started to bring on some additional sales capacity. So those should be ramped by now, I believe. So maybe touch on how those new ramped reps are faring relative to expectations? And anything to call out around that would be great.

另一個關於銷售團隊的問題，我記得去年下半年你們曾提到開始增加一些銷售人員。所以我相信現在這些人員應該已經有所提升了。所以能否談談這些新增銷售人員的表現與預期相比如何？有什麼可以透露的嗎？

Sure. So it's Dominic. So of the 140 new $100,000-plus customers, I think roughly 60% or just under 60% were existing customers and a little bit more than 40% were new logos. In Q1, I think it was more like 70% were existing logos and about 30% new. So a little bit more new logo drivers of that $100,000-plus additions, which is in line with the 7 of the top 10 deals being new logos and obviously, a lot of those being -- all of those being over $100,000. So still pretty balanced, but a little bit stronger in terms of new logos this quarter.

當然。所以是多明尼克。所以在140個新增的10萬美元以上客戶中，我認為大約60%或略低於60%是現有客戶，略高於40%是新客戶。在第一季度，我認為大約70%是現有客戶，大約30%是新客戶。所以，新增的10萬美元以上客戶中，新客戶數量略多一些，這與前10筆交易中有7筆是新客戶，而且顯然其中很多都超過10萬美元的情況一致。所以，本季仍然相當平衡，但新客戶數量略有增加。

In terms of the sales capacity, we definitely have been adding more and more sales capacity and really started that process in the middle of last year. It takes roughly 4 or so quarters to ramp -- for our sales reps to become fully ramped. And so we should have more kind of fully ramped capacity as we go into the back half of the year. We definitely saw some benefit from adding extra capacity, even though it wasn't fully ramped in the quarter to go along with improved productivity again in the second quarter.

就銷售能力而言，我們確實一直在不斷提升銷售能力，而這一進程實際上始於去年年中。我們的銷售代表大約需要四個季度才能完全達到產能。因此，到下半年，我們的產能應該會更加全面。儘管第二季產能沒有完全達到預期，但隨著第二季生產力的提高，我們確實看到了新增產能帶來的一些好處。

As we look into the back half of the year, I think we're really excited about the extra fully ramped capacity. I think the question for us is just what does that do to overall productivity. As you bring more and more people on, you're generally splitting accounts and cutting territories. And so really making sure that we're tracking the overall productivity will be important to help us determine how to pace out hiring from here. But we're looking forward to that in the back half.

展望下半年，我們對產能的全面提升感到非常興奮。我們面臨的問題是，這對整體生產力有何影響。隨著招聘人數不斷增加，通常會拆分帳戶並削減區域。因此，確保我們持續追蹤整體生產力至關重要，這有助於我們確定接下來的招募節奏。我們期待下半年能夠看到這一點。

So our next question comes from Jim Fish at Piper Sandler, followed by Alex Zukin at Wolfe.

我們的下一個問題來自 Piper Sandler 的 Jim Fish，然後是 Wolfe 的 Alex Zukin。

Jim Fish, nice quarter here. I appreciate the details on the new versus existing base. When you look at your installed base here of roughly that 20,000 customer -- core customers, where do you guys think your wallet share is today? Or what's kind of left to kind of penetrate overall?

Jim Fish，這個季度表現不錯。我很欣賞你關於新客戶和現有客戶群的詳細分析。看看你們現在大約2萬個核心客戶，你們認為你們目前的市佔率是多少？或者說，還剩下多少可以滲透到整體市場？

And Dom, for you, how should we be thinking about expansion rates in the back half of the year and how they looked actually in fiscal Q2 here versus last quarter?

那麼 Dom，對於您來說，我們應該如何看待今年下半年的擴張率，以及與上一季相比，今年第二財季的擴張率實際上如何？

Yes. So I would say saturation is still relatively low. When I look at the 2 largest expansions in the quarter, both of those were existing customers and they were licensing brand-new products that they hadn't used before, and they were $1 million-plus expansions. And so I think generally, most of our expansions comes from customers rolling out more licenses across a broader set of assets, whether that's new subsidiaries or new geographies. And so to see them also come back and add additional products was great to see. And so there's obviously a lot of opportunity for us to continue to grow within our existing customers.

是的。所以我認為飽和度仍然相對較低。我回顧本季最大的兩次擴張，它們都是現有客戶，並且獲得了從未使用過的全新產品的授權，而且擴張金額超過100萬美元。因此，我認為總體而言，我們的大部分擴張都來自於客戶在更廣泛的資產組合中推出更多授權，無論是新的子公司還是新的地區。很高興看到他們也回來並增加更多產品。因此，我們顯然有很多機會在現有客戶中繼續成長。

On the retention rates, again, it's been fairly stable as we called out in the shareholder letter. For Q2, we were ahead of our targets of 115% for core customers and 120% for large customers paying more than $100,000. And so again, almost 50-50 on expansions and new logos, and that continues to be a big part of our business.

就留存率而言，正如我們在致股東信中提到的那樣，我們保持了相當穩定的狀態。第二季度，我們超額完成了目標：核心客戶留存率達到115%，支付金額超過10萬美元的大客戶留存率達到120%。因此，在業務擴張和新標誌方面，我們幾乎各佔一半，這仍然是我們業務的重要組成部分。

Makes sense. And just a follow-up on the public sector announcements here. Understanding it was more on the state side, and you guys have talked about this public sector opportunity for a little while. Obviously, with this upcoming quarter being the kind of federal budget flush. I guess what are you seeing in terms of interest level from the federal side of government at this point? Anything to add there?

很有道理。我只是想跟進一下公共部門的公告。據我了解，這主要發生在州政府方面，你們已經討論過公共部門的這個機會一段時間了。顯然，考慮到即將到來的這個季度聯邦預算將非常充裕。請問您目前看到聯邦政府方面對此的興趣程度如何？還有什麼要補充的嗎？

So Jim, this is Sanjit. It turns out when you look at the physical operations' addressable market for government, it is actually more centered in state and local because that's where a lot of these municipalities are kind of maintaining the roads, and they're running the waste management services and so on. So that's our primary focus is working with state and local agencies. And you've seen that. We announced the State of Tennessee earlier. We just talked about New Jersey Transit. So that continues to be our focus. At some point, we will continue to grow into Fed, but the primary focus for us is the latter, state and local as well as education, which includes K-12.

吉姆，我是桑吉特。事實證明，當你審視政府實體運作的潛在市場時，你會發現它實際上更集中在州和地方，因為許多市政當局在那裡負責道路維護、廢棄物管理服務等等。因此，我們的主要重點是與州和地方機構合作。正如你所看到的。我們之前宣布了田納西州的合作。我們剛剛談到了新澤西州的交通運輸。所以這仍然是我們的重點。在某個時候，我們會繼續發展聯邦交通運輸，但我們的主要重點是後者，即州和地方，以及教育領域，包括K-12教育。

Our next question comes from Alex Zukin at Wolfe followed by Junaid at Truist.

我們的下一個問題來自 Wolfe 的 Alex Zukin，然後是 Truist 的 Junaid。

Can you hear me okay?

你聽見我說話嗎？

Yes.

是的。

Perfect. First of all, again, congrats on another great quarter as well as the materials presentation in the deck and the letter, really insightful and helpful. I guess maybe just the first one. I want to ask -- Jim asked a really great question. I want to ask it on a different -- slightly different cohort of customers, which, Sanjit, is your largest customers? I think one of the things that comes out is the level of strategic value that you're adding for kind of I think what some investors would consider nontraditional customers for you guys, the airline that you called out as an example, like how big can your biggest customers get to? And what evidence in those like $1 million-plus customers. If you look at -- obviously, your net retention is higher in your larger customers today. But as you look at that wallet share potential and you think about how strategic you can ultimately become with the new offerings that you're launching, how should we think about that?

太好了。首先，再次恭喜您又一個出色的季度，也祝賀您在簡報和信函中所做的材料演示，它們非常有見地，也很有幫助。我想也許這只是第一個問題。吉姆問了一個非常好的問題。我想問一個不同的——略有不同的客戶群。桑吉特，您最大的客戶是誰？我認為其中一個體現就是您為一些投資者認為的非傳統客戶（例如您提到的航空公司）所增加的策略價值水準。您最大的客戶能發展到多大？那些價值超過100萬美元的客戶又能提供什麼證據呢？如果您看一下——顯然，您目前在大客戶中的淨留存率更高。但是，當您考慮錢包份額的潛力，並思考您最終將透過推出的新產品發揮多大的戰略作用時，我們應該如何看待這一點？

And then I've got a quick follow-up for Dom.

然後我會快速跟進 Dom 的情況。

So Alex, we're excited to be working with these large customers. As we called out, we now have over 60 customers that are over $1 million in ARR. I think it's early in terms of penetration. The use case that we highlighted earlier in the call with the airline and the equipment. That's just 1 piece of their operations, and it's really very early in terms of overall deployment footprint. So I think there's a lot of room to run and a lot of upside. And we are just beginning to explore all the different possibilities to generate ROI for them.

Alex，我們很高興能與這些大客戶合作。正如我們之前提到的，我們現在有超過60個客戶的年經常性收入（ARR）超過100萬美元。我認為就滲透率而言，現在還處於早期階段。我們之前在電話會議中強調的航空公司和設備用例，只是他們營運的一部分，就整體部署規模而言，現在還處於非常早期的階段。所以我認為還有很大的發展空間和上升空間。我們才剛開始探索所有為他們創造投資回報的可能性。

Perfect. And then, Dom, it's rare to see the combination of net new ARR acceleration whilst like sales and marketing expense growth decelerates. So maybe was there anything special, unique, onetime in nature? Or are we now at that point where from an incremental margin perspective, like do you feel like at some level, you're going to start a new hiring cycle to take advantage of all the opportunities you're seeing in the market or just making sure we're kind of not missing anything there.

完美。然後，Dom，很少看到淨新ARR加速成長，而銷售和行銷費用成長卻放緩的情況。所以，這其中是否存在一些特殊、獨特、一次性的事情？或者，從增量利潤的角度來看，我們現在是否正處於這樣一個階段，例如，您是否覺得在某種程度上，您會啟動一個新的招聘週期，以利用您在市場上看到的所有機會，或者只是確保我們不會錯過任何機會。

No. You're not. You're not missing anything. I think it's just -- we're hitting on kind of both sides of this. We have been investing in more sales capacity, and we're getting -- and that sales capacity is ramping, and we're getting more productive, we're becoming more and more strategic for our customers. We're moving even more upmarket and grabbing more of that wallet share and that's allowed us to accelerate net new ARR for the last 2 quarters. At the same time, we're operating with a lot more efficiency. And we've rapidly been able to get to free cash flow breakeven and positive now, well ahead of expectations. And nothing onetime to call out, but that is our focus going forward is sustaining high levels of growth and doing it as efficiently as possible.

不，你沒有。你沒有遺漏任何東西。我認為只是──我們正在兼顧這兩方面。我們一直在投資提升銷售能力，而且銷售能力正在不斷提升，我們的生產力也不斷提高，我們對客戶的策略規劃也越來越清晰。我們正在進一步進軍高端市場，搶佔更多市場份額，這讓我們在過去兩個季度加速了淨新增年度經常性收入（ARR）的成長。同時，我們的營運效率也大幅提升。我們現在已經能夠迅速實現自由現金流損益平衡，並且遠遠超乎預期。沒有什麼特別值得一提的，但我們未來的重點是保持高成長，並盡可能有效率地實現成長。

Our next question comes from Junaid at Truist, followed by Derrick Wood at Cowen.

我們的下一個問題來自 Truist 的 Junaid，然後是 Cowen 的 Derrick Wood。

Great. Just last week, you had the Teamster Union, ratify a new 5-year contract with UPS, which included some provisions that would stop the installation of driver-facing cameras as there were increasing concerns about surveillance, from workers. I was just curious your thought process and if that causes any concern from your perspective, as other companies might potentially stop installing safety devices. And how do you address these privacy concerns with respect to your business, especially in geographies like Europe, which probably are a little bit more sensitive to these privacy issues?

太好了。就在上週，你們讓卡車司機工會批准了與UPS簽訂的一項新的五年期合同，其中包含一些條款，要求停止安裝面向司機的攝像頭，因為人們越來越擔心員工的監控行為。我只是好奇你們的想法，以及這是否會引起你們的擔憂，因為其他公司可能會停止安裝安全設備。你們如何處理與你們業務相關的隱私問題，尤其是在歐洲等可能對隱私問題更為敏感的地區？

Junaid, this is Sanjit. I think that's an important topic to highlight. First of all, we talked about large customer momentum a little bit earlier. Almost all of our large customers have some sort of relationship with labor unions, whether it's Teamsters or others. And so we're very familiar with working with the unions themselves as well as alongside the employer to make sure that, again, the focus is on the safety aspects of things. I think everyone wants workplace safety to be enhanced and moving in the right direction while preserving and maintaining privacy. So we're very transparent around what the devices do, what the data is, how it's preserved and who has access and visibility to it. And we really try to have a joint and cooperative process.

Junaid，我是 Sanjit。我認為這是一個值得強調的重要議題。首先，我們之前談到了大客戶發展動能。我們幾乎所有的大客戶都與工會有某種關係，無論是卡車司機工會或其他工會。因此，我們非常熟悉與工會以及雇主的合作，以確保重點放在安全方面。我認為每個人都希望工作場所的安全得到加強，並朝著正確的方向發展，同時保護和維護隱私。因此，我們對設備的功能、資料是什麼、如何保存資料以及誰可以存取和查看資料都非常透明。我們致力於建立一個聯合合作的流程。

So we're -- again, kind of to recap, we're familiar with the concerns of the unions, and we tend to work hand in hand with them. And we've seen it through in many deployments now of scale where we get a significant buy-in because they are interested in improving the safety out in the field for their workers. And that same sort of motion and theme carries over to Europe. Again, every market is a little bit different, but we see a lot of those same themes carrying out.

所以，再次強調，我們了解工會的擔憂，並且傾向於與他們攜手合作。我們已經在許多大規模部署中看到了這一點，他們獲得了大量支持，因為他們希望改善現場作業人員的安全。同樣的行動和主題也延續到了歐洲。同樣，每個市場都略有不同，但我們看到許多相同的主題都在實施。

I think just even to echo on the -- in the prepared remarks, another example like, as Sanjit mentioned, DHL supply chain saw a 50% reduction in driver turnover. And so once these customers get the technology installed and they realize ROI in a very quick period of time, we can have a lot of success with this technology.

我想，我只是想重複一下——在準備好的發言中，還有一個例子，就像Sanjit提到的，DHL供應鏈的司機流失率降低了50%。所以，一旦這些客戶安裝了這項技術，並在很短的時間內實現了投資回報，我們就能憑藉這項技術取得巨大的成功。

Great. Just 1 follow-up, Dom maybe for you on contract duration. Just wanted to see how that's trended and are customers opting for maybe shorter contracts? Or has that held pretty stable over the last couple of quarters?

太好了。還有個問題，Dom，我想問您關於合約期限的問題。我只是想了解目前的趨勢，客戶是否會選擇更短的合約？或者說，在過去幾個季度裡，合約期限一直保持穩定？

It's been very stable. We signed 3- to 5-year subscriptions with our customers, and we haven't seen any change in that.

一直很穩定。我們和客戶簽訂了3到5年的訂閱協議，目前沒有發現任何變化。

Our last question today comes from Derrick Wood at Cowen.

我們今天的最後一個問題來自考恩的德里克·伍德。

Great I wanted to touch on the momentum building in state and local. I'm just trying to -- would like to get a little bit more color on what's driving this inflection. And I'm curious, is it more dedicated resources that you've kind of put in market? Is it a bit more kind of network effect and market recognition starting to take hold? Or are there some dynamics in those end markets that are driving more priority for digital transformation, just was looking to get a little more color behind the drivers here.

好的，我想談談州和地方層面的勢頭。我只是想更詳細地了解一下推動這項轉變的因素。我很好奇，是你們在市場上投入了更多專用資源嗎？是網路效應和市場認知度開始顯現嗎？還是終端市場中存在一些動態，推動數位轉型的優先順序更高？我只是想更詳細地了解這些驅動因素。

Yes. Derrick, it's Dominic. And you touched on 2 of the investments we made. One is around the go-to-market motion. We -- our sales reps are horizontal across all industries, except for public sector. We have a dedicated team -- sales team that is very focused on just the public sector customers. And that is an investment we started a couple of years ago and has really started to ramp up and is driving more of the productivity that we're seeing including in Q2.

是的。 Derrick，我是Dominic。您提到了我們所做的兩項投資。一項是關於市場推廣的。我們的銷售代表遍佈所有行業，除了公共部門。我們有一個專門的銷售團隊，專注於公共部門客戶。這是我們幾年前開始的一項投資，現在已經真正開始加速，並且正在推動生產力的提升，包括在第二季。

And the second one is the network effect that these customers tend to talk to each other. And so when we can land and have success and then we're able to reference those customers with other new prospects that can drive a lot of success momentum and we're seeing both of those.

第二個是網路效應，這些顧客往往會互相溝通。所以，當我們成功簽約並取得成功時，我們就能將這些客戶推薦給其他新客戶，從而推動巨大的成功勢頭，而這兩點我們都看到了。

Great. And maybe I'll ask on Connected Forms. I guess it's expected to be GA sometime this year. I saw in the shareholder letter, some kind of beta users and some kind of ROI stats behind that. Just curious, any more color on when it comes out, what you think could happen in terms of initial interest and whether it could be more of a needle mover for you in terms of revenue next year or maybe something that takes longer to take hold?

太好了。也許我會在 Connected Forms 上問一下。我估計它預計在今年某個時候正式發布。我在股東信裡看到了一些測試用戶和一些投資報酬率數據。我只是好奇，請問您能透露一下它什麼時候發布嗎？您認為初期用戶興趣會如何？它是否會對明年的收入產生更大的推動作用？還是說它可能需要更長時間才能落地？

So Derrick, this is Sanjit. This is kind of aligned with how we operate, which is spending time with our customers, running that customer feedback loop and really understanding their operations to find other ways to help out. Connected Forms is something that we're seeing to be very closely aligned with our core business, these same customers that are managing their fleets and thinking about safety are also thinking about other forms of workplace safety, for example, being able to do OSHA safety checklists as they do forklift safety and that kind of thing. So that's going to be 1 area that we focus on.

德里克，我是桑吉特。這和我們的營運方式很契合，我們花時間與客戶溝通，建立客戶回饋循環，真正了解他們的營運狀況，以便找到其他方式提供協助。我們發現，Connected Forms 與我們的核心業務緊密結合。這些管理車隊、關注安全的客戶，也會考慮其他形式的工作場所安全，例如，在堆高機安全方面，能夠使用 OSHA 安全檢查表等等。所以，這將是我們重點關注的一個領域。

I will say, though, it's very early. This is going to be a GA product towards the end of the year, and then it takes some time for us to build it up. So we're excited about it, but I don't think it's going to be a huge revenue line in the coming year, but we are optimistic about it in the long term because there's so much pen-and-paper process out there in the world of physical operations and so many of these use cases, I think there's going to be compelling ROI for our customers.

不過，我要說的是，現在還為時過早。這款產品將在年底前正式發布，之後還需要一些時間來完善。所以我們對此感到很興奮，但我認為它明年不會帶來巨大的收入成長。不過，我們對它的長期前景持樂觀態度，因為在實體營運領域，紙筆操作的流程非常多，而且這類用例也非常多，我認為它將為我們的客戶帶來豐厚的投資回報。

So this concludes the question-and-answer portion. Thank you all for attending our Q2 fiscal year 2024 earnings call. Before I let go, I have a few short announcements. We'll be attending the Goldman Sachs Communacopia Conference in San Francisco on September 5, the Wolfe Technology Conference in San Francisco on September 6 and the Piper Sandler Growth Frontiers Conference in Nashville on September 12. We hope to see you in person in one of these events.

問答環節到此結束。感謝各位出席我們2024財年第二季財報電話會議。在結束之前，我有幾個簡短的公告。我們將於9月5日參加在舊金山舉行的高盛Communacopia會議，9月6日參加在舊金山舉行的Wolfe科技會議，以及9月12日參加在納許維爾舉行的Piper Sandler成長前沿會議。我們希望在這些活動中與您見面。

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

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