Samsara Inc (IOT) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Samsara's Third 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財年第三季財報電話會議。我是Samsara企業發展和投資者關係副總裁Mike Chang。今天與我一同出席的還有Samsara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.

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

The matters we'll discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, November 30, 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 11 月 30 日）的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, some of our discussions will include our third quarter fiscal 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'll discuss today are non-GAAP except for revenue and revenue growth. Reconciliations of GAAP to non-GAAP financial measures are provided with our press release and investor presentation. We'll make opening remarks, dive into highlights for 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財年第三季的財務表現。需要指出的是，本公司報告的非公認會計準則（Non-GAAP）績效是對公認會計準則（GAAP）財務指標的補充，而非替代或優於公認會計準則（GAAP）計算的財務指標。今天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 hand over the call to Sanjit.

說完，我把電話交給了桑吉特。

Thanks, Mike and thank you, everyone, for joining us today. Samsara had another milestone quarter. We surpassed $1 billion in ARR, growing 39% year-over-year. We are a strategic partner for the world's leading and most complex physical operations organizations. Large customer momentum continues to fuel our growth and we added a record quarterly -- a quarterly record of 148 customers with more than $100,000 in ARR. This represents our fastest growing customer cohort, growing 49% year-over-year.

謝謝 Mike，也謝謝各位今天加入我們。 Samsara 本季又創下了一個里程碑。我們的年度經常性收入 (ARR) 超過 10 億美元，年增 39%。我們是全球領先且最複雜的實體營運組織的策略夥伴。龐大的客戶成長動能持續推動著我們的成長，我們在本季新增了創紀錄的客戶——148 位 ARR 超過 10 萬美元的客戶。這代表著我們成長最快的客戶群，年增 49%。

We also added a quarterly record of 9 customers with more than $1 million in ARR and 7 Fortune 1000 customers. Our customers partner with us because we drive impact for them. As part of our ongoing customer feedback loop, we meet with the frontline and back-office workers to understand where they're getting the most value. Here's what they say sets us apart.

我們也新增了9家年度經常性收入 (ARR) 超過100萬美元的客戶和7家財富1000強客戶，創下了季度新高。我們的客戶之所以選擇與我們合作，是因為我們能夠為他們帶來正面影響。作為我們持續的客戶回饋機制的一部分，我們會與第一線和後台員工會面，以了解他們從哪些方面獲得了最大的價值。以下是他們如何評價我們的優勢。

First, our single platform for all of their operational systems. Second, our simple, intuitive and easy to use technology that just works out of the box. And third, our strategic customer partnership. All of this together is what powers our customers' outcomes and helps deliver clear and fast ROI for their organizations.

首先，我們為客戶所有營運系統提供統一的平台。其次，我們簡單、直覺、易用的技術，開箱即用。第三，我們擁有策略性的客戶合作關係。所有這些共同推動著我們客戶的成果，並幫助他們的組織快速獲得清晰的投資回報。

I'd like to share 2 examples of this. Earlier this year, we announced a partnership with one of the largest air carriers in the world to digitize its ground equipment across major U.S. hubs. This quarter, we partnered with another major airline, the world's largest low-cost carrier to help their teams use equipment more efficiently and avoid unnecessary spending.

我想分享兩個例子。今年早些時候，我們宣布與全球最大的航空公司之一合作，將其在美國主要樞紐的地面設備數位化。本季度，我們與另一家大型航空公司（全球最大的廉價航空公司）合作，幫助他們的團隊更有效率地使用設備，避免不必要的開支。

We gave them visibility in their fleet utilization and help their employees locate critical equipment in real time. This decreased both maintenance times and costs and helped ensure planes were serviced. Based on results from initial pilot, we estimate the airline can save more than $15 million annually from improvements in utilization, fuel efficiency and operations.

我們幫助他們了解機隊利用率，並幫助員工即時定位關鍵設備。這不僅減少了維護時間和成本，還有助於確保飛機得到妥善維護。根據初步試點結果，我們估計，該航空公司每年可透過利用率、燃油效率和營運改善節省超過 1500 萬美元。

Another example is one of the largest specialty contracting companies in the U.S., focused on construction services, maintenance, replacement, fabrication and engineering services. They are a top 10 customer and have had 19 expansions with us since 2018.

另一個例子是美國最大的專業承包公司之一，專注於建築服務、維護、更換、製造和工程服務。他們是我們的十大客戶之一，自2018年以來已與我們合作了19個專案。

This quarter, they expanded with us again with an over $1 million Video-Based Safety deal. Safety is one of their core values. The well-being of their employees, clients and subcontracting partners is fundamental to their success. During the initial pilot, the company averaged a 50% reduction in safety events when events were coached. We are proud to drive these meaningful results in ROI and improve the safety, efficiency and sustainability of our customers' operations.

本季度，他們再次與我們合作，簽訂了一項超過100萬美元的視訊安全協議。安全是他們的核心價值之一。員工、顧客和分包合作夥伴的福祉是他們成功的關鍵。在初始試點期間，該公司在接受培訓後，安全事故平均減少了50%。我們很自豪能夠推動這些有意義的投資報酬率成果，並提升客戶營運的安全性、效率和永續性。

In just 8 years of selling, we are operating at a rare combination of scale, growth and profitability. Of all the U.S. listed software companies, only 7, including Samsara, are at or above $1 billion in ARR, growing faster than 30% and free cash flow-positive. This demonstrates our commitment to execution and our strength in the market.

出售後短短八年，我們實現了規模、成長和獲利能力的罕見組合。在所有美國上市軟體公司中，只有包括Samsara在內的7家公司的年度經常性收入（ARR）達到或超過10億美元，成長率超過30%，且自由現金流為正。這彰顯了我們對執行力的執著以及我們在市場上的實力。

Looking forward, we believe we have the foundation to continue delivering durable growth and operating efficiency improvements. First, we are addressing a large market that is still in the early innings of digitization. Physical operations represents more than 40% of global GDP. They are the mission-critical infrastructure that keeps the world running.

展望未來，我們相信我們擁有繼續實現持久成長和營運效率提升的基礎。首先，我們面向的是一個仍處於數位化初期的龐大市場。實體營運佔全球GDP的40%以上。它們是維持世界運轉的關鍵基礎設施。

Our customers are the world's leaders in construction, food and beverage, transportation and warehousing, public sector, agriculture and more. Second, we are building the only system of record for physical operations to address this market. We pioneered the Connected Operations Cloud to collect IoT data from a broad and diverse group of vehicles, equipment, sites, workers and a growing ecosystem of connected assets and third-party systems.

我們的客戶遍佈全球，涵蓋建築、食品飲料、運輸倉儲、公共部門、農業等領域。其次，我們正在建立面向該市場的唯一實體營運記錄系統。我們率先推出了互聯營運雲 (Connected Operations Cloud)，用於從廣泛多樣的車輛、設備、工地、工人以及日益壯大的互聯資產和第三方系統生態系統中收集物聯網資料。

Third, we aggregate all of this data into one common cloud. Our multi-application platform continuously delivers applications to solve our customers' most challenging problems. This unlocks an opportunity for us to continue selling and expanding with our customers.

第三，我們將所有這些數據匯總到一個通用雲端平台。我們的多應用平台持續交付應用程序，以解決客戶最具挑戰​​性的問題。這為我們繼續與客戶合作銷售和拓展業務創造了機會。

Last, our increasing scale and strong unit economics drive operational efficiency. Q3 is the 14th consecutive quarter where we've improved operating margins and dollars year-over-year.

最後，我們不斷擴大的規模和強勁的單位經濟效益推動了營運效率的提升。第三季是我們連續第14季實現營業利潤率和營業收入較去年同期成長。

While we are proud to have reached the $1 billion era milestone, we know that this is just a small step in our journey to transform the world of physical operations. In front of us, we have a large and rapidly digitizing market. We are scaling our multi-product platform to address the needs of the world's most complex physical operations organizations. And we have a strong foundation to build on with more than 19,000 core customers, more than 260 partners and thousands of Samsarans working in harmony.

雖然我們為邁入10億美元時代的里程碑而感到自豪，但我們深知，這只是我們變革實體營運領域的一小步。我們面前是一個龐大且快速數位化的市場。我們正在擴展我們的多產品平台，以滿足全球最複雜的實體營運組織的需求。我們擁有強大的基礎，擁有超過19,000家核心客戶、超過260家合作夥伴以及數千名和諧共事的Samsaran員工。

The flywheel that is powering our business is accelerating as we convert our leading operations data set to AI-powered insights that amplify customer impact. The first part of the flywheel is investing back in our platform, which has more than 6 trillion data points and 55 billion API calls over the last year. We're focused on increasing the operational data set in our cloud. There are many drivers that will continue to bring more data in, including expansions to more asset types, international growth and more ecosystem partnerships.

隨著我們將領先的營運數據集轉化為人工智慧驅動的洞察，從而擴大客戶影響力，驅動我們業務發展的飛輪正在加速運轉。飛輪的第一部分是對我們的平台進行投資，該平台在過去一年中擁有超過 6 兆個數據點和 550 億次 API 呼叫。我們專注於擴大雲端的營運數據集。許多驅動因素將繼續帶來更多數據，包括擴展到更多資產類型、國際成長以及建立更多生態系統合作夥伴關係。

Second, as we increase our unique data set, we expect to deliver even more insights and solutions for our customers. We pioneered a platform that is purpose-built to capture and curate data, adopt new models through our robust machine learning infrastructure and operate in our cloud and at the edge with IoT devices. All of this allows us to accelerate and expand AI-powered insights for our customers.

其次，隨著我們獨特數據集的擴大，我們期望為客戶提供更多洞察和解決方案。我們率先推出了一個專門用於捕獲和管理數據的平台，該平台透過我們強大的機器學習基礎設施採用新模型，並在我們的雲端和物聯網設備邊緣運行。所有這些都使我們能夠加速並擴展客戶基於人工智慧的洞察。

Third, more insights will drive more impact. We have been delivering clear and fast ROI by partnering closely with our customers to understand their key operational pain points. This also helps us understand how AI-powered insights can make the jobs of their workers better and safer and how their operations can become more efficient and sustainable. As we look to the future, our customer feedback loop will continue to unlock more applications, such as copilots, risk centers and workflows to drive even more customer impact.

第三，洞察越豐富，影響力越大。我們一直與客戶緊密合作，了解他們的關鍵營運痛點，從而實現清晰快速的投資回報。這也有助於我們理解人工智慧賦能的洞察如何提升員工的工作品質和安全性，以及如何提高營運效率和永續性。展望未來，我們的客戶回饋循環將持續解鎖更多應用，例如 Copilot、風險中心和工作流程，進一步提升客戶影響力。

We're excited about the future and I'd like to say thank you to all the customers, Samsarians, partners and investors for supporting us on our journey to $1 billion in ARR. We're now operating at a rare combination of scale, growth and profitability and we're just getting started.

我們對未來充滿期待，並想感謝所有客戶、Samsarians、合作夥伴和投資者，感謝你們在我們邁向10億美元年度經常性收入（ARR）的征程中給予我們的支持。我們目前正處於規模、成長和獲利能力罕見的結合階段，而這只是個開始。

As we scale towards our next billion and beyond, we can look forward to the continued partnership with our customers on their digitization journeys. I can't wait to see the impact we'll make on their communities as we improve the safety, efficiency and sustainability of their operations.

隨著我們邁向下一個十億及更遠的未來，我們期待與客戶繼續攜手，共同推動他們的數位轉型。我迫不及待地想看到，隨著我們不斷提升客戶營運的安全性、效率和永續性，最終為他們的社區帶來怎樣的影響。

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. Q3 was highlighted by several new records for important operating metrics and surpassing notable milestones. First, we surpassed $1 billion of ARR in just our eighth year of selling to customers. Second, this was our third consecutive quarter of accelerating year-over-year net new ARR growth at a larger scale.

謝謝你，Sanjit。第三季的亮點在於，多項重要營運指標創下新高，並超越了多個重要里程碑。首先，我們在向客戶銷售產品僅八年後，年度經常性收入 (ARR) 就突破了 10 億美元。其次，這是我們連續第三個季度實現年度經常性收入淨額年增率大幅成長。

Third, we achieved a quarterly record number of large customer additions with both $100,000-plus and $1 million-plus ARR customers.

第三，我們實現了季度創紀錄的新增大客戶數量，包括 ARR 超過 10 萬美元和超過 100 萬美元的客戶。

Fourth, our Video-Based Safety and Vehicle Telematics products each surpassed $400 million of ARR while still growing more than 30% year-over-year. And lastly, we achieved our first quarter of positive non-GAAP operating profit led by a quarterly record non-GAAP gross margin.

第四，我們的視訊安全產品和車輛遠端資訊處理產品的年度經常性收入 (ARR) 均超過 4 億美元，同時較去年同期成長超過 30%。最後，我們實現了第一季非公認會計準則下的正營業利潤，這主要得益於季度非公認會計準則下的毛利率創歷史新高。

Q3 was another quarter of sustained high growth at scale. Our ending ARR was $1.003 billion, growing 39% year-over-year. And Q3 revenue was $238 million, growing 40% year-over-year. Several factors drove our strong top line performance in Q3. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale. We now have 1,663 $100,000-plus ARR customers, a quarterly record increase of 148, representing 49% year-over-year growth.

第三季度，我們又一次實現了規模持續高速成長。我們的期末年經常性收入 (ARR) 為 10.03 億美元，年增 39%。第三季營收為 2.38 億美元，年增 40%。推動我們第三季營收表現強勁的因素有很多。首先，我們持續專注於服務大型企業客戶，以推動規模持續且有效率的成長。目前，我們擁有 1,663 位年經常性收入 (ARR) 超過 10 萬美元的客戶，比上一季增加了 148 位，年增 49%，創歷史新高。

We also saw particular strength within our largest customers. We now have 71 $1 million-plus ARR customers, a quarterly record increase of 9, representing 54% year-over-year growth, accelerating from 51% year-over-year growth last quarter at a larger scale. $100,000-plus ARR customers also represent our fastest growing cohort and make up 51% of our total ARR, up from 47% 1 year ago. And our land and expand strategy for large customers continues to pay off.

我們也看到了我們最大客戶群的強勁成長。目前，我們擁有71位年營收超過100萬美元的客戶，季新增9位，創歷史新高，年增54%，高於上一季51%的年成長率。年收入超過10萬美元的客戶也是我們成長最快的群體，占我們總年收入的51%，高於一年前的47%。我們針對大客戶的「落地並擴張」策略持續取得成效。

In Q3, 4 of our 5 largest net new ACV transactions were new logos, including three new $1 million-plus ARR customers that each landed with our 3 largest products, Video-Based Safety, Vehicle Telematics and Equipment Monitoring. Additionally, almost 60% of the $100,000-plus ARR customer additions in Q3 were expansions to existing customers, allowing us to achieve our target dollar-based net retention rate of 115% and 120% for core and large customers respectively.

第三季度，我們五筆最大的新增ACV淨交易中有四筆來自新客戶，其中包括三位ARR超過100萬美元的新客戶，這三位客戶都擁有我們三大產品：視訊安全、車輛遠端資訊處理和設備監控。此外，第三季新增的ARR超過10萬美元的客戶中，近60%來自現有客戶的拓展，這使我們能夠分別實現核心客戶和大客戶115%和120%的美元淨留存率目標。

Second, our customers increasingly utilize Samsara as a system of record for physical operations by subscribing to multiple applications all on one unified platform. More than 90% of our large customers and 75% of our core customers subscribe to multiple application licenses. As a result, our 2 vehicle-based applications, Video-Based Safety and Vehicle Telematics, each represent more than $400 million of ARR.

其次，我們的客戶越來越多地將 Samsara 用作物理操作的記錄系統，透過在統一平台上訂閱多個應用程式。超過 90% 的大客戶和 75% 的核心客戶訂閱了多個應用程式授權。因此，我們的兩款基於車輛的應用程式——基於視訊的安全和車輛遠端資訊處理——各自帶來了超過 4 億美元的 ARR。

And our largest non-vehicle-based application, equipment monitoring, which is used to locate and manage field assets, is more than $100 million of ARR. In addition to large scale, each of these product categories is growing more than 30% year-over-year.

我們最大的非車輛應用是設備監控，用於定位和管理現場資產，其年度經常性收入 (ARR) 超過 1 億美元。除了規模龐大之外，這些產品類別的年增率均超過 30%。

Additionally, our largest transactions increasingly include multiple products. In Q3, 9 of our top 10 net new ACV deals included 2 or more applications. Our largest new logo in Q3, a leading U.S. aggregates company with over 1,000 on and off-road vehicles and over 6,000 field assets across more than 500 locations, landed with Video-Based Safety, Vehicle Telematics and Equipment Monitoring.

此外，我們最大的交易越來越多地涉及多種產品。在第三季度，我們十大新增ACV淨額交易中有9筆涉及2個或更多應用。我們第三季最大的新標誌是一家領先的美國集料公司，擁有1000多輛公路和越野車輛以及遍布500多個地點的6000多件現場資產，並配備了基於視訊的安全系統、車輛遠端資訊處理和設備監控。

Partnering with Samsara, the customer is eliminating more than 50,000 hours of manual reporting and data input work, gaining insight into equipment utilization, providing safety coaching and saving millions of dollars on annual fuel spend.

透過與 Samsara 合作，客戶減少了超過 50,000 小時的手動報告和資料輸入工作，深入了解了設備利用率，提供了安全指導，並節省了每年數百萬美元的燃料支出。

Third, we continue to demonstrate strong execution in several frontier markets. Most notably, 17% of net new ACV came from international geographies, tied for our strongest quarter ever, driven by strength in Mexico and Europe. Additionally, our construction and public sector verticals each contributed their highest net new ACV mix over the last 3 years, led by new customers such as the city of New Orleans, serving nearly 400,000 residents and millions of visitors annually.

第三，我們持續在多個前沿市場展現強勁的執行力。最值得注意的是，17%的淨新增ACV來自國際市場，創下我們有史以來最強勁的季度業績，這得益於墨西哥和歐洲市場的強勁成長。此外，我們的建築和公共部門垂直產業在過去三年中分別貢獻了最高的淨新增ACV組合，其中以新奧爾良市等新客戶為首，該市每年服務近40萬居民和數百萬遊客。

This large municipality landed with Video-Based Safety, Vehicle Telematics and Equipment Monitoring across 41 city departments, including police, fire, public works, code enforcement, parks and parkways, sanitation and more to proactively manage maintenance, improve operational efficiency and safety and increase asset utilization.

這個大城市在 41 個城市部門（包括警察、消防、公共工程、法規執行、公園和林蔭大道、衛生等部門）採用了基於視訊的安全、車輛遠端資訊處理和設備監控，以主動管理維護、提高營運效率和安全性並提高資產利用率。

And lastly, we saw strength in emerging products that provide additional expansion opportunities within our existing customer base. Mobile Experience Management, or MEM, is a new software-only product that allows customers to manage mobile devices in the field through features such as end-to-end visibility, remote access and display customization. Q3 was our first full quarter selling MEM and we've already crossed $1 million of ARR.

最後，我們看到了新興產品的優勢，這些產品為我們現有客戶群提供了額外的擴展機會。行動體驗管理（MEM）是一款全新的純軟體產品，可讓客戶透過端對端可視性、遠端存取和顯示自訂等功能在現場管理行動裝置。第三季是我們銷售MEM的第一個完整季度，我們的年度經常性收入（ARR）已突破100萬美元。

In addition to driving strong top line growth, we continued to deliver operating efficiency improvements across our business as we scale. Non-GAAP gross margin was 75% in Q3, a quarterly record and approximately 2 percentage points higher year-over-year, driven largely by optimizing cloud, cellular and support costs. Non-GAAP operating margin was positive for the first time at 5%, compared to negative 10% in Q3 last year, an improvement of approximately 15 percentage points year-over-year.

除了推動強勁的營收成長外，隨著業務規模的擴大，我們持續提升了整個業務的營運效率。第三季非公認會計準則毛利率達到75%，創下季度新高，較去年同期成長約2個百分點，主要得益於雲端、蜂窩和支援成本的最佳化。非公認會計準則營業利潤率首次實現正成長，達到5%，而去年第三季為負10%，較去年同期成長約15個百分點。

An adjusted free cash flow margin was 4% or $9 million in Q3, compared to negative 9% or negative $15 million in Q3 last year, an improvement of 12 percentage points or $23 million year-over-year, primarily from improved operating leverage and continued working capital improvements.

第三季調整後的自由現金流利潤率為 4% 或 900 萬美元，而去年第三季為負 9% 或負 1,500 萬美元，年增 12 個百分點或 2,300 萬美元，主要得益於經營槓桿的提高和營運資本的持續改善。

Okay, now turning to guidance. Based on our Q3 results and increased forecast visibility for the last quarter of the fiscal year, we're raising our revenue and profitability guidance both in dollars and margin. For FY '24, we're raising our revenue guidance to between $918 million and $920 million, or 41% year-over-year growth.

好的，現在談談業績指引。基於我們第三季的業績以及本財年最後一個季度預測的提升，我們上調了營收和獲利預測，包括美元和利潤率。 2024財年，我們將營收指引上調至9.18億美元至9.2億美元之間，年增41%。

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 additional week will add approximately 3 percentage points of year-over-year growth in FY '24, which was factored into our prior guidance as well as the updated guidance provided today.

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，因此季度長度為14週，而不是我們通常的13週。我們預計，這額外的一周將使2024財年的同比增長率達到約3個百分點，這已計入我們先前的指引以及今天提供的最新指引中。

Additionally, we don't expect this will have a material impact on FY '24 ARR because sales quotas are consistently set regardless of the number of days or weeks in a fiscal quarter or year. Similarly, we don't expect a material impact on our key profitability metrics because additional expenses will be required to support the additional revenue.

此外，我們預計這不會對2024財年的年度經常性收入（ARR）產生重大影響，因為銷售配額的設定是一致的，無論一個財季或年度有多少天或多少週。同樣，我們預計這不會對我們的關鍵獲利指標產生重大影響，因為需要額外支出來支持額外的收入。

In addition to increasing our top line guidance, we're also improving our FY '24 non-GAAP operating margin guidance to approximately negative 1% or an implied operating income improvement of $18 million at the midpoint of guidance. And we are raising our FY '24 non-GAAP EPS guidance to between $0.05 and $0.06. And finally, we included a few additional modeling notes in our shareholder letter.

除了上調營收指引外，我們還將24財年非公認會計準則（Non-GAAP）營業利潤率指引上調至約-1%，或以指引中位數計算，隱含營業利潤成長1,800萬美元。此外，我們也將24財年非公認會計準則每股收益指引上調至0.05美元至0.06美元之間。最後，我們在致股東信中補充了一些額外的模型說明。

So to wrap up, we are pleased with our performance in Q3 and our 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 believe we are well-positioned to continue delivering durable and efficient growth.

總而言之，我們對第三季的業績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。憑藉我們的市場、產品和以客戶為中心的理念，我們相信我們已做好準備，繼續實現持久和高效的成長。

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。

Thanks, Dominic. We will now open the lineup for questions. When it's your turn, please limit your questions to one main question and one follow-up question. The first question today comes from Michael Turrin at Wells Fargo, followed by Matt Hedberg at RBC.

謝謝，多米尼克。現在開始接受提問。輪到您提問時，請將您的問題限制在一個主要問題和一個後續問題上。今天的第一個問題來自富國銀行的麥可‧圖林 (Michael Turrin)，接下來是加拿大皇家銀行的馬特‧赫德伯格 (Matt Hedberg)。

And again, just congrats on the clean results. In terms of the international opportunity, I want to spend a minute there. There was commentary on the net new ACV there coming in stronger than historical. Where are you -- can you just help level set where you are in terms of scaling some of those efforts? How we should think about the investments required to enter into new territories and how you think about the potential mix there overseas over time?

再次恭喜您取得的良好業績。關於國際商業機會，我想花一點時間談談。有評論稱，該公司的淨新增平均合約價值 (ACV) 高於歷史水平。您目前處於什麼階段？能否介紹一下您在擴大這些努力上的進展？我們應該如何考慮進入新領域所需的投資？您如何看待未來海外市場的潛在組合？

Yes. So look we're very focused in North America, U.S., Canada, Mexico and then in some core markets within Western Europe. We view this as a really important frontier for future growth and so we're investing accordingly.

是的。我們非常關注北美、美國、加拿大、墨西哥以及西歐的一些核心市場。我們認為這些市場是未來成長的重要前沿，因此我們正在進行相應的投資。

These are really large markets and there are a lot of similar dynamics as what we see in the U.S. in terms of physical operations customers with not a lot of visibility into their operations. And so again, we're very focused on these markets over the long run. And we're going to continue to invest and monitor results in productivity and efficiency and that will really gauge how we invest going forward.

這些市場規模非常大，而且與我們在美國看到的許多類似的情況類似，這些客戶在實體營運方面缺乏足夠的透明度。因此，我們長期非常關注這些市場。我們將繼續投資並監控生產力和效率的成果，這將真正衡量我們未來的投資方向。

Okay. And just on the quarterly record in terms of large customer activity, is there any commonality or anything you can point to in terms of product? There's some good commentary on the diversification towards non-vehicle and smart equipment at over $100 million. But just wondering if there's anything you'd call out in terms of the large deal momentum?

好的。就季度大客戶活動記錄而言，您能指出一些共同點嗎？或者說，在產品方面有什麼共通點嗎？關於向非汽車和智慧型設備領域多元化發展，超過1億美元的交易，有一些很好的評論。但就大宗交易的勢頭而言，您有什麼想說的嗎？

Yes, it's Dominic again. Look, I just think it's really just consistent execution. We've really been investing in the enterprise segment for many years now. And we're just -- we're seeing really good, consistent execution. And I call out, I mentioned in the prepared remarks that about 60% of those $100,000-plus additions were expansions to existing customers. So within the large enterprises, we're seeing more expansion at new ACV. But also, when I look at the large deals in the quarter, there are a lot of new logos landing over a $1 million as well. So really just good balanced new customer and expansion mix.

是的，又是多明尼克。你看，我認為這真的只是持續的執行。我們多年來一直在企業領域投資。我們看到了非常好的、持續的執行。我還要強調，我在準備好的發言中提到，在這些超過10萬美元的新增客戶中，約有60%是針對現有客戶的擴張。因此，在大型企業領域，我們看到新的平均合約價值（ACV）正在進一步擴張。而且，當我查看本季的大宗交易時，也發現有很多新客戶的交易額超過100萬美元。所以，這真的是一個很好平衡的新客戶和擴張組合。

All right. Our next question comes from Matt Hedberg at RBC, followed by Keith Weiss at Morgan Stanley.

好的。下一個問題來自加拿大皇家銀行的Matt Hedberg，然後是摩根士丹利的Keith Weiss。

Congrats from me as well, the $1 billion threshold and the profitability are super exciting milestones. I guess, following up on the large deal success, it's great to hear the equipment monitoring is also over $100 million now too and growing rapidly. I'm curious on some of the newer lands, are you seeing high -- fairly high attach for monitoring on sort of net -- I imagine as part of a lot of upsells, but are you starting to see even more sort of new customers come in and add equipment monitoring right out of the gate?

我也要祝賀你，10億美元的門檻和獲利能力都是非常令人興奮的里程碑。我想，繼這筆大交易成功之後，很高興聽到設備監控業務現在也超過1億美元，而且還在快速成長。我很好奇，在一些較新的土地上，您是否看到監控業務的附加價值很高——相當高——我想這是大量追加銷售的一部分。但您是否開始看到越來越多的新客戶加入，並從一開始就購買設備監控服務？

Maybe I'll start and Sanjit, if you have some color. So there were several large deals in the quarter. We called out specifically there were 3 new logos over a $1 million each. All 3 of those included equipment monitoring. So I mean, that's great to see. Historically, it really did come into play more as an expansion, but in some of these larger customer transactions where they're really looking to Samsara as a system of record across their operations, they're really examples of taking a lot of the platform up front.

也許我可以先說說，還有 Sanjit，如果你能提供一些細節的話。本季有幾筆大交易。我們特別提到了三個新的標識，每個標識的價值超過 100 萬美元。這三個標識都包含設備監控。所以，我很高興看到這一點。從歷史上看，它確實更多地作為一種擴展來發揮作用，但在一些規模較大的客戶交易中，他們真正將 Samsara 視為其運營的記錄系統，他們確實是預先利用大量平台的典範。

Yes, Matt, if I could just add 1 or 2 things. We mentioned some airline customers. For them, it's primarily an equipment monitoring use case where they have specialized pieces of equipment out on the airfield under the wing and they're trying to improve utilization and understand where that equipment is. So that's a great example of what an equipment monitoring land can look like. And we do see that quite often.

是的，馬特，我可以補充一兩點。我們提到了一些航空公司客戶。對他們來說，這主要是一個設備監控用例，他們在機翼下方的機場上安裝了專用設備，他們試圖提高利用率並了解這些設備的位置。所以這是一個很好的例子，展示了設備監控領域是什麼樣子的。我們確實經常看到這種情況。

That's fantastic. And then Dom, one for you. You obviously had a good call to your raise guidance for the year. You didn't comment on fiscal '25. I'm curious as we sort of start to think about sharpening our pencils for next year on modeling assumptions, are there any details that you can share on maybe just guideposts for how we should think about fiscal '25 initially?

太棒了。然後，Dom，我想問你一個問題。你對今年的加薪預期顯然很有把握。你沒有對25財年發表任何評論。我很好奇，因為我們開始考慮在模型假設上為明年的預測做準備，你能分享一些細節嗎？比如說，我們該如何初步考慮25財年的目標？

Sure. Yes, so look, we need to get through Q4, obviously before we finalize our plan for FY '25. But I'd say that based on our current outlook, I think the initial FY '25 revenue dollar range that we provide will be higher than the current consensus number, given that we just beat Q3 and we raised Q4. And I would also frame that as derisked.

當然。是的，所以，你看，我們需要熬過第四季度，顯然才能最終確定25財年的計畫。但我想說，根據我們目前的展望，考慮到我們剛剛超越了第三季度，並且提高了第四季度的業績，我認為我們提供的25財年初始收入預期將高於目前的普遍預期。而且我認為這也算是一種去風險化的措施。

Our next question comes from Keith Weiss at Morgan Stanley, followed by Kash Rangan at Goldman Sachs.

下一個問題來自摩根士丹利的 Keith Weiss，然後是高盛的 Kash Rangan。

This is Chris Quintero on for Keith. And I'll add my congrats to you on the quarter. Really exciting to see Mobile Experience Management already cross $1 million ARR, given it's a new product. So what do you think that says about your ability to launch and scale new products? And does this change how you view the opportunity with new products like connected forms on a go forward basis?

我是 Chris Quintero，接替 Keith 的職位。我要祝賀您本季的出色表現。行動體驗管理的年度經常性收入 (ARR) 已經突破 100 萬美元，這真的非常令人興奮，畢竟它是一款新產品。那麼您認為這說明您推出和擴展新產品的能力如何？這是否會改變您對連網表單等新產品未來發展機會的看法？

Yes, I'll take that one. We were very pleased to see MEM start off the line so quickly. I think we have a large base to work with and that's where we get a lot of our ideas and our product feedback from. We're excited to be launching more products into our markets over time. But this was the strategy, was to build out a platform, build deep customer relationships and then continue to scale with multiple products over time.

是的，我同意。我們很高興看到MEM如此迅速地投入生產。我認為我們擁有龐大的客戶群，許多想法和產品回饋都來自他們。我們很高興能隨著時間的推移向市場推出更多產品。但當時的策略是，先搭建一個平台，建立深厚的客戶關係，然後隨著時間的推移，不斷推出更多產品，實現規模化。

Got it. That's very helpful. And then Dominic, revenue growth of 40% was really strong, but I think net new ARR growth of 20% year-over-year in down sequence is a bit lower than the historical seasonality that you've seen in Q3. So just curious if there's anything to call out there?

明白了。這很有幫助。然後，Dominic，40% 的營收成長確實很強勁，但我認為淨新 ARR 同比成長 20%，低於您在第三季看到的歷史季節性變化。所以，我很好奇有什麼需要補充的嗎？

Yes, I mean, I would just say it's important to remember that net new ARR is seasonal. So I would probably look at year-over-year comparison is probably more indicative of the performance in the quarter than quarter-over-quarter.

是的，我的意思是，重要的是要記住淨新ARR具有季節性。因此，我認為同比對比可能比環比更能反映本季的表現。

But maybe just even as a reminder on the seasonality, normally Q1 is generally our seasonally weakest quarter. And then Q2 generally steps up from Q1 because we've got a bunch of sales reps that are on semi-annual quotas. So we see a bump up from Q1.

但或許可以提醒季節性因素，通常情況下，第一季通常是我們季度表現最差的一個季度。而第二季通常會比第一季有所提升，因為我們有許多銷售代表是按半年完成銷售任務的。所以我們看到第二季的業績比第一季有所成長。

Q3 tends to be flattish to Q2. And actually, if you look back, 3 of the last 4 non-COVID years, Q3 net new ARR has been within $1 million of Q2. And then Q4 tends to step up and be our seasonally strongest quarter because all of our sales reps have a quota period that ends in Q4. So I would just point back to Q3, net new ARR, flattish to Q2. It also accelerated for the third consecutive quarter. And Q4 is off to a good start.

第三季的業績往往與第二季持平。實際上，回顧過去4年（非新冠疫情期間），有3年第三季的淨新增ARR與第二季的業績相差不到100萬美元。而第四季業績往往會有所提升，成為我們季度業績最強勁的季度，因為我們所有銷售代表的銷售配額期都結束於第四季。所以我想指出，第三季的淨新增ARR與第二季持平，並且連續第三季加速成長。第四季開局良好。

Our next question comes from Kash at Goldman Sachs, followed by Derrick Wood at TD Cowen.

我們的下一個問題來自高盛的卡什 (Kash)，然後是 TD Cowen 的德里克伍德 (Derrick Wood)。

That's an unbelievable benchmark you've reached. Very few companies have been able to grow at that pace and hit $1 billion in revenue and keep the momentum growing. My question for you, maybe it's more appropriate for Sanjit. The non-transportation mix of net new ARR is very high.

你達到了令人難以置信的高度。很少有公司能夠以這樣的速度成長，達到10億美元的營收，並保持成長動能。我想問你，也許這比較適合桑吉特。非交通運輸業務的淨新ARR佔比非常高。

Clearly, the end markets are diversifying and opening up in ways that at least I had not thought about. What does that tell you about the TAM for the company? Because it's no longer just the fleet management, telematics-type opportunities, something much bigger than that. Can you tell us how you think about the product strategy, go-to-market strategy as the TAM really becomes something different and bigger than what at least I thought it was, which was going to be more telematics and vehicle-related, but it seems like your process workflow automation for many kinds of business processes that are outside of the core domain?

顯然，終端市場正在以我之前未曾想到的方式多元化和開放。這對您來說意味著什麼？因為它不再只是車隊管理、遠端資訊處理之類的機會，而是比這些更大的領域。您能否談談您如何看待產品策略和市場進入策略？因為TAM其實已經變得與我之前想像的不同，規模也更大。我之前認為TAM將更多地與遠端資訊處理和車輛相關，但您的流程工作流程自動化似乎涵蓋了核心領域之外的許多業務流程。

Sure. So Kash, I think you're making a really important point, which is we are selling to the broader world of physical operations. They happen to have many fleet vehicles. And so it's been our kind of entry point or foothold.

當然。 Kash，我認為你提出了一個非常重要的觀點，那就是我們正在向更廣泛的實體營運領域銷售產品。他們恰好擁有許多車隊車輛。所以這一直是我們的切入點或立足點。

But we now work across companies in the world of construction, energy utilities, as I mentioned, some local governments. So it's way beyond kind of the typical or the fleet market that people tend to imagine. So that's been part of the strategy from the beginning, which is to build out this broad platform.

但我們現在與建築、能源公用事業以及一些地方政府領域的公司合作。所以，這遠遠超出了人們通常想像的那種典型的車隊市場。所以，從一開始，這就是我們策略的一部分，也就是建構這個廣闊的平台。

We do see an opportunity to continue expanding with lines like connected equipment, which is now over $100 million in annual recurring revenue. As you said, non-fleet products are now over 17% of our mix. So we would expect to see continued strength and growth there. But we are thinking much more broadly. We're thinking about workflows. We're thinking about Mobile Experience Management. And we're kind of trying to find new ways to really connect our customers' operations across more than just their fleet vehicles.

我們確實看到了繼續擴大互聯設備等產品線的機會，目前該業務的年經常性收入已超過1億美元。正如您所說，非車隊產品目前占我們產品組合的17%以上。因此，我們預計該業務將繼續保持強勁成長。但我們的思考範圍更廣。我們正在考慮工作流程。我們正在考慮行動體驗管理。我們正在嘗試尋找新的方法，真正連接客戶的運營，而不僅僅是他們的車隊車輛。

Our next question comes from Derrick Wood at TD Cowen, followed by Alex Zukin at Wolfe.

我們的下一個問題來自 TD Cowen 的 Derrick Wood，然後是 Wolfe 的 Alex Zukin。

Congrats on another great quarter. Sanjit, you guys have 6 trillion data points running through your platform, I think I saw. Anything to update on what kinds of potential there is to train large language models with this data, create new kinds of generative AI applications? And how should we be thinking about the potential value for co-pilots?

恭喜你們又一個出色的季度。 Sanjit，我記得你們的平台上有6兆個數據點。請問利用這些資料訓練大型語言模型，以及創建新型生成式AI應用，有哪些潛力？我們該如何看待副駕駛的潛在價值？

So it's an area we're investing in. As you mentioned, 6 trillion data points. On the video side, we also see 44 billion minutes of video footage recorded by these dash cameras. And then we have now third-party ecosystem integrations as well.

所以這是我們正在投資的一個領域。正如你所提到的，6兆個數據點。在影片方面，我們也看到這些行車記錄​​器錄製了440億分鐘的影片片段。現在，我們也實現了第三方生態系統的整合。

So there's, frankly, a lot of data to train on. We've seen great results training on some of that video footage for our AI-based safety. And now we're taking in that kind of broader, more realistic set of data to train generative AI models. The way we think about it is, again, through the lens of the customer, what's going to be practically useful for them out in the field, can we speed up some of their workflows, can we help them with things like dispatch and their customer activities.

坦白說，有很多數據需要訓練。我們已經看到，一些影片片段在我們基於人工智慧的安全系統上訓練取得了很好的效果。現在，我們正在利用這種更廣泛、更真實的資料集來訓練生成式人工智慧模型。我們思考的方式是，再次從客戶的角度出發，思考哪些技術對他們在實際工作中有用，我們能否加快他們的工作流程，我們能否幫助他們處理調度和客戶活動等事務。

So we're going to be continuing to train models the way we have for the last several years with this increasing data asset that we're building. But we're going to be looking at it through a customer lens to say, what else can we do for them. And not just the technology lens of generative AI.

因此，我們將繼續像過去幾年一樣，利用我們不斷建立的資料資產來訓練模型。但我們會從客戶的角度來思考，我們還能為他們做些什麼，而不僅僅是從生成式人工智慧的技術角度。

Okay. Great. And Dom, you guys have made just one of the highest growth rates in all of software. Really impressive. And I think of kind of the algorithm underneath this is kind of a P times Q model, sales capacity and sales productivity.

好的。太好了。 Dom，你們的成長率是軟體產業中最高的之一。真的令人印象深刻。我認為背後的演算法有點像P乘以Q模型，也就是銷售能力和銷售效率。

You had a lot of sales hiring last year and thus those new reps ramped quite a bit through this year. You've moderated your growth this year and that would insinuate that maybe you've got some slower growth and productive sales capacity next year. I guess, how do you think about this growth algorithm for next year? And now that you're generating cash and continue to see such good demand, are you thinking about kind of pressing the gas a little bit more on hiring going into next year?

去年你們招募了許多銷售人員，所以今年新銷售代表的數量也大幅增加。今年你們的成長速度有所放緩，這意味著明年你們的成長速度可能會放緩，但銷售效率會有所下降。請問，你們對明年的成長策略有什麼看法？現在你們的現金流正在增加，需求也持續旺盛，你們會考慮明年在招募方面加強嗎？

Yes, so I think that our -- we've done a lot of hiring across the company over the last 1 to 2 years. And we've done a good job of ramping that capacity and making them productive. And a lot of -- 3 consecutive quarters now of accelerating net new ARR growth year-over-year as a result of adding additional capacity that has driven some of that.

是的，所以我認為，我們——在過去的一兩年裡，我們在全公司範圍內進行了大量的招聘。我們在提升產能和提高效率方面做得很好。而且，由於新增產能的推動，我們連續三個季度的淨新ARR年成長加速。

I think going forward, we see a really large opportunity. We're operating in a big TAM. Physical operations, again, is 40% of global GDP. And we think we're just getting started. So I do expect us to continue to make investments next year at a consistent pace.

我認為展望未來，我們看到了一個巨大的機會。我們的營運規模很大。實體營運佔全球GDP的40%。我們認為這才剛起步。因此，我預計明年我們將繼續以穩定的速度進行投資。

And our goal is to operate within the guardrails of being free cash flow-positive. We think about things like Rule of 40 in terms of balance. But beyond that, we want to drive high levels of growth for as long as we can. And we think we're set up well to do that.

我們的目標是在自由現金流為正的前提下運作。我們會從平衡的角度考慮「40法則」之類的事情。但除此之外，我們希望盡可能長時間地保持高水準成長。我們認為我們已經做好了充分的準備來做到這一點。

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

我們的下一個問題來自 Wolfe 的 Alex Zukin，然後是 William Blair 的 Matt Pfau。

And again, just a truly marvelous quarter. I guess one thing that stood out to me was that 4 out of the 5 largest customers in the quarter were kind of net new logos and lands. And I guess, is there anything that you're seeing -- you've been operating at a pretty high rate of execution through what some would describe as a pretty challenging macro backdrop.

再說一次，這真是一個非凡的季度。我想，讓我印象深刻的一點是，本季五大客戶中有四家幾乎都是新標誌和新土地。我想，您是否看到了什麼——在一些人稱之為頗具挑戰性的宏觀背景下，你們一直以相當高的執行率運作？

So anything you sensed or saw in the quarter that kind of was changing that maybe led to some incremental momentum that you're starting to see and pick up on in the marketplace, is it pure execution? Anything there kind of from a macro perspective that you'd comment on with respect to the business?

那麼，您在本季感覺到或看到的任何變化，可能促成了市場上一些增量勢頭的出現，您開始在市場上看到並感受到這種勢頭，這是純粹的執行力嗎？從宏觀角度來看，您對業務有什麼看法？

It's Sanjit. We spent a lot of time out in the field talking to customers, understanding their business. I think there's a broader trend towards digitization that's occurring in physical operations. These are folks with lots of assets, lots of labor.

我是桑吉特。我們花了很多時間在現場與客戶溝通，了解他們的業務。我認為，在實體營運中，數位化趨勢正在更加廣泛。這些人擁有大量資產和勞動力。

They're trying to find ways to be safer and more efficient, more sustainable. So they're now looking to tools like us. And I think word is getting out that this is a product that delivers very clear and fast ROI.

他們正在努力尋找更安全、更有效率、更永續的方法。所以他們現在正在尋找像我們這樣的工具。我認為，這款產品能夠提供非常清晰、快速的投資回報，這一點已經廣為人知。

As far as what they're seeing in their businesses, many of them have strong books of business where they're booked out a couple of years in advance. And so as we focus on these large, complex physical operations customers, I think there's more stability there than you might expect maybe if you were to look at the other end of the market with SMBs or something like that.

就他們的業務來看，許多公司都擁有強勁的業務訂單，訂單提前幾年就被排滿。因此，當我們專注於這些大型、複雜的實體營運客戶時，我認為他們的穩定性比你想像的要高，如果你關注的是中小企業之類的市場另一端的話。

That's super helpful. And then as we think about next year for either you, Sanjit, or Dom, as you think about stack ranking the growth drivers, can you maybe talk about just where does pricing packaging, where does more verticalized products, maybe gen AI skews, like, what's the right way, partner influence selling, like, any of those kind of stack rank some of those more exciting opportunities that's going to drive the net new era next year?

這非常有幫助。那麼，當我們為您（Sanjit 或 Dom）思考明年的成長動力時，您能否談談定價包裝在哪裡，更垂直化的產品在哪裡，也許新一代人工智慧會有所偏差，例如，正確的方法是什麼，合作夥伴影響力銷售等等，所有這些對明年將推動網路新時代的一些更令人興奮的機會進行排序？

Yes, maybe I can start. I think for us, it's just going to be continued execution. And I think we need to continue to roll out more and more products. We have a track record now, 3 products over $100 million of ARR all still growing really quickly. And on top of that, we're rolling out additional products that we think that we can sell into our existing install base.

是的，也許我可以開始。對我們來說，這只是持續執行。我認為我們需要繼續推出越來越多的產品。我們目前有記錄顯示，有三款產品的年經常性收入 (ARR) 超過 1 億美元，而且仍在快速成長。除此之外，我們也正在推出一些我們認為可以滿足現有用戶需求的產品。

So continue product innovation will be key. And then the other key driver for us is continuing to add sales capacity at a consistent rate, making sure that we're ramping that capacity and that they're staying as productive as they were before. And we think that we can continue to drive a lot of growth.

因此，持續的產品創新將是關鍵。我們的另一個關鍵驅動力是持續以穩定的速度提升銷售能力，確保產能不斷提升，並維持與以往一樣的生產力。我們相信，我們能夠繼續推動業務的大幅成長。

Our next question comes from Matt Pfau at William Blair, followed by Daniel Jester at BMO.

我們的下一個問題來自 William Blair 的 Matt Pfau，然後是 BMO 的 Daniel Jester。

And I'll echo my congrats on the quarter. I wanted to ask and apologize for the multi-part question, but about the win with the low-cost carrier. So first was the win with the previous airline a factor in driving this win? And then the prior line, I believe, was just in a couple airports. Is that the case with the low-cost carrier and the previous airline win, have you seen an expansion beyond the initial deployment within a few airports?

我對本季的業績表示祝賀。我想問一個涉及多個部分的問題，並為此道歉，但我想問的是與廉價航空公司合作的成功。首先，與先前合作的航空公司的成功是否是推動這項成功的因素之一？其次，我相信之前的航線只在幾個機場運作。與廉價航空公司合作以及之前合作的航空公司合作是否也是如此？除了最初在幾個機場的部署之外，您是否看到了航線的擴張？

Sure, Matt. I'll take that. This is an interesting story. We held our customer conference Samsara Beyond last June. And one of the airlines was on stage with us and a few of the other airlines were in the audience. And so I do think that folks are learning from each other. They're seeing what others are doing in their industry.

當然，馬特。我接受。這是一個有趣的故事。去年六月，我們舉辦了名為「超越輪迴」（Samsara Beyond）的客戶大會。其中一家航空公司和我們一起上台，其他幾家航空公司也在觀眾席。所以，我確實認為大家正在互相學習。他們正在觀察其他航空公司在各自行業中的做法。

And this idea of increasing asset utilization is really fundamental in physical operations. These are companies that have hundreds of millions, sometimes billions of dollars of assets and they're trying to figure out how to get the most bang for their buck. So I think that's something where once you have a case study, it kind of sets the pattern and others kind of run with that same idea. As far as the deployments, I don't know off the top of my head. I do know that one of the airlines has expanded with us recently. I can't remember exactly which one.

提高資產利用率的理念在實體營運中至關重要。這些公司擁有數億甚至數十億美元的資產，他們正在努力尋找最大化投資回報的方法。所以我認為，一旦你有了一個案例研究，它就在某種程度上確立了模式，其他人也會跟著做。至於部署情況，我暫時記不清了。我知道最近有一家航空公司與我們合作擴張了業務。具體是哪家，我記不清了。

Great. And then just a quick question for Dom on the gross margins. I think you've been sort of guiding us to expect that to be down and it keeps going up. How should we think about that going forward?

好的。接下來我想問Dom關於毛利率的問題。我想您之前一直在引導我們預期毛利率會下降，但實際上卻在持續上升。那麼，我們未來該如何看待這個問題呢？

Yes, look, I think there's some timing puts and takes within any given quarter throughout our P&L. And so I would just continue to focus investors on the kind of the full year color that we provided in the modeling notes. We're really happy, again, quarterly record getting to 75%. But most of the leverage, I think, in the model going forward in the out years will really come from below the gross margin line, sales and marketing, G&A and maybe a little bit more out of R&D.

是的，我認為在我們的損益表中，任何一個季度都會有一些時間上的損失和收益。所以我會繼續讓投資人專注於我們在模型說明中提供的全年業績。我們非常高興，季度業績再次達到75%。但我認為，未來幾年模型中的大部分槓桿作用實際上將來自毛利率線以下的部分，包括銷售和行銷、一般行政管理費用，或許還有更多來自研發的部分。

Our next question comes from Dan at BMO, followed by Junaid at Truist.

下一個問題來自 BMO 的 Dan，然後是 Truist 的 Junaid。

Actually, can we just follow up on that last one about sales and marketing expense and R&D? It's been really impressive that you've been able to keep those expenses kind of flat to down sequentially for the last couple of quarters and still sort of drive really strong strength on the top line. So maybe just can you expand about sort of the ability to drive leverage on those expense items?

實際上，我們能否繼續討論最後一個關於銷售、行銷和研發費用的問題？過去幾個季度，你們能夠將這些費用保持平穩甚至下降，同時仍然保持強勁的營收成長，這真的令人印象深刻。所以，能否請您進一步談談如何利用這些費用項目來提高獲利能力？

Yes, look, I think there's always some timing stuff at play within quarters. I do expect that our overall OpEx, which decreased in Q3, will be higher in Q4. And you can see that in the -- we just did 5% operating margins in Q3 and we're guiding to 2% for Q4. So I do think there's a little bit of timing at play. But I just want to be clear, we are definitely investing and trying to sustain high levels of growth. And so you may see some timing in the quarter-to-quarter.

是的，我認為季度之間總是會有一些時間因素在起作用。我確實預計，我們的整體營運支出（第三季有所下降）在第四季會有所上升。你可以看到這一點——我們第三季的營運利潤率剛剛達到5%，而我們預計第四季的營運利潤率將達到2%。所以，我確實認為有一些時間因素在起作用。但我想明確一點，我們確實在投資，並努力維持高水準的成長。因此，你可能會看到季度之間的時間差異。

Got you. And then as you continue to kind of expand products kind of beyond the fleet, any update on how you're thinking about pricing models for those new products, any evolution and kind of customer conversations or how you're thinking about going to market with price?

明白了。然後，隨著你們繼續擴展產品線，超越現有產品線，你們對這些新產品的定價模式有什麼想法嗎？有什麼進展嗎？以及與客戶溝通有什麼進展？或者你們如何考慮以價格進入市場？

So we've talked a little bit about connected forms and Mobile Experience Management as some new products that we're experimenting with. There, I think the pricing model is going to be very similar to what we have where it's per asset per year or per user per year model.

我們之前談到了互聯表單和行動體驗管理，這些都是我們正在試驗的新產品。我認為它們的定價模式將與我們現有的按資產每年或按用戶每年的模式非常相似。

We're going to look at different ways to package it just to make it easy for customers to adopt and consume the technology. But for us, it's really, let's keep it simple and let's focus on the customer experience.

我們將研究不同的打包方式，以便客戶輕鬆採用和使用這項技術。但對我們來說，我們的目標是保持簡單，並專注於客戶體驗。

Our next question comes from Junaid at Truist, followed by Kirk Materne at Evercore.

我們的下一個問題來自 Truist 的 Junaid，然後是 Evercore 的 Kirk Materne。

Sanjit, I was just curious to get your thoughts on the SEC reporting requirements around emissions and whether you think that could serve as a potential catalyst for your business going forward similar to the ELD mandate some years ago?

Sanjit，我只是好奇地想知道您對美國證券交易委員會 (SEC) 有關排放的報告要求的看法，以及您是否認為這可以成為您業務未來發展的潛在催化劑，類似於幾年前的 ELD 授權？

Sure. So many of our large customers use our -- the connected operations data we provide in their ESG reports and they do that today. And it makes their lives a lot easier because they can understand exactly how much fuel do they consume and where were they operating and so on. I think as those reporting requirements become a little more mature, we'll certainly integrate that into the product. And I think it's going to be helpful for our larger public companies. But I don't know that it's an ELD tailwind. That would be a much kind of broader effect.

當然。我們很多大客戶都在使用ESG報告中提供的互聯營運數據，他們現在也這樣做。這讓他們的工作變得輕鬆很多，因為他們可以準確地了解他們的燃料消耗量、營運地點等等。我認為，隨著這些報告要求逐漸成熟，我們肯定會將其整合到產品中。我認為這將對我們規模較大的上市公司有所幫助。但我不知道這是否會成為ELD的順風。那將會產生更廣泛的影響。

Great. And just on the go-to-market front, any update that you could provide us with now that Lara has been aboard for a couple of quarters as CRO, any change in strategy with respect to partners or any changes to your go-to-market organization?

太好了。就行銷方面而言，Lara 已經擔任 CRO 幾個季度了，您能提供一些最新情況嗎？合作夥伴方面的策略有什麼變化嗎？或者說，您的行銷組織有什麼改變嗎？

No, I'll say Lara's been doing a great job just getting up to speed. She's been out on the road with me a ton and customers have really enjoyed getting to meet her. No big changes to announce. I think continued focus on execution, as Dominic highlighted earlier, is kind of what we're focused on as a team. And there's just a lot to do right now.

不，我想說的是，Lara 在快速上手方面做得很好。她陪我出差了很多次，顧客們也很高興能見到她。沒有什麼重大變化需要宣布。我認為，正如 Dominic 之前所強調的那樣，繼續專注於執行力是我們團隊目前的工作重點。現在有很多事情要做。

Our last question today comes from Kirk Materne at Evercore.

我們今天的最後一個問題來自 Evercore 的 Kirk Materne。

Dom, I was wondering, obviously, you guys are now signing up a lot of customers with multiple products at the outset, which is great. Are those customers coming in and is that just still a subset of their equipment sort of inventory?

Dom，我很好奇，顯然你們現在一開始就簽下了很多擁有多種產品的客戶，這很好。這些客戶是新來的嗎？這些產品是否仍然只是你們設備庫存的一部分？

Or are they now coming in when they have multiple products as they're using the system of record and starting at a larger size and scale? I was just kind of curious about that dynamic. Obviously, it's very positive to kind of get the platform deal up front. Just kind of curious if the expand from there is similar to if they just decide to take on telemetrics to start.

或者他們現在正在使用記錄系統，擁有多個產品，並且正在從更大的規模和規模開始，這時他們才會加入？我只是對這種動態感到好奇。顯然，預先達成平台協議是非常積極的。我只是好奇，從那裡開始的擴展是否與他們決定一開始就採用遙測技術的情況類似。

I think we're getting into some bigger lands up front, but I don't think that that the customers are landing wall to wall. Still, the majority of the large customers will land with a subset of their assets, their vehicles, their field assets and then they'll expand over time. That continues to be the primary way that we see customers growing with us.

我認為我們正在先期進入一些更大的領域，但我不認為客戶會鋪天蓋地來。不過，大多數大客戶會​​先帶著部分資產、車輛和油田的資產來到這裡，然後隨著時間的推移再擴張。這仍然是我們看到客戶與我們共同成長的主要方式。

A lot of these customers have different operating segments and different decision makers and they grow through M&A. And so there's a steady stream of expansions coming on as well. And I think that's indicative of just if you look at the net new ACV mix in the quarter, 51% came from new customers, 49% came from expansions to existing customers. So we tend to experience really good balance across both of those.

許多客戶擁有不同的營運部門和不同的決策者，他們透過併購實現成長。因此，業務擴張也在穩步推進。我認為這表明，如果你看一下本季的淨新增ACV組成，你會發現51%來自新客戶，49%來自現有客戶的擴張。因此，我們在這兩者之間往往保持著良好的平衡。

Right. And then Sanjit, really quickly, can you just talk about the momentum in the marketplace? Just kind of curious what you're seeing, obviously, as your customer base gets bigger, the opportunity for your partners in the marketplace gets bigger. Just anything that stands out to you in that dynamic?

好的。然後，Sanjit，您能簡單談談市場的發展動能嗎？我很好奇您看到了什麼？顯然，隨著客戶群的擴大，您的合作夥伴在市場上的機會也隨之增加。在這種動態中，有什麼特別之處讓您印象深刻嗎？

Sure, Kirk. I think you're referring to our app marketplace?

當然，Kirk。我想你指的是我們的應用市場吧？

Yes, I am.

我是。

Yes, so we have now over 260 partner integrations and it's really across a very wide range of partnerships. So great momentum there. Customers are very much adopting those integrations, turning them on. If you look at our larger customers, the ones who are over $500,000 in ACV, they typically have 6 or more integrations that are active. So I think that's an area of continued pull and really differentiation. We're the largest platform for them in terms of these integrations. So it's really about delivering more value for our customers and the partners love it because we make it easy.

是的，我們現在有超過260個合作夥伴集成，而且涉及範圍非常廣泛。所以發展勢頭強勁。客戶正在積極採用這些集成，並啟用它們。如果你看看我們的大客戶，那些ACV超過50萬美元的客戶，他們通常有6個或更多的整合在運作。所以我認為這是一個持續成長和真正差異化的領域。就這些整合而言，我們是他們最大的平台。所以，我們真正致力於為客戶提供更多價值，而合作夥伴也喜歡我們，因為我們讓一切變得簡單。

This concludes the question-and-answer portion. Thank you all for attending our Q3 fiscal year 2024 earnings call. Before I let you go, I have a few short announcements. We'll be participating in the Piper Sandler bus tour in San Francisco on December 4, the FBN virtual bus tour on December 12, the William Blair bus tour in San Francisco on December 12, the Goldman Sachs bus tour in San Francisco on January 3 and the Evercore virtual bus tour on January 8. We hope to see you at one of these events.

問答環節到此結束。感謝各位出席我們2024財年第三季財報電話會議。在各位結束之前，我有幾個簡短的公告。我們將參加12月4日在舊金山舉行的Piper Sandler巴士之旅、12月12日的FBN虛擬巴士之旅、12月12日在舊金山舉行的William Blair巴士之旅、1月3日在舊金山舉行的高盛巴士之旅以及1月8日的Evercore虛擬巴士之旅。期待在這些活動中與您相見。

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

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。