Samsara Inc (IOT) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Samsara's Fourth 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 財年第四季財報電話會議。我是 Samsara 公司企業發展和投資者關係副總裁 Mike Chang。今天與我一起出席的還有 Samsara 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準備好的評論之外，您還可以在我們的股東信函、新聞稿、投資者介紹和 SEC 文件（位於我們的投資者關係網站 investors.samsara.com）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, March 7, 2024, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

我們今天要討論的問題包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果有重大差異，並受到我們向美國證券交易委員會提交的文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議上所做的任何前瞻性陳述均基於截至 2024 年 3 月 7 日的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, some of our discussions will include our fourth quarter fiscal 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. Reconciliations of GAAP to non-GAAP financial measures are provided in our press release and investor presentation. We'll make opening remarks, dive into highlights for the quarter and then open the call up for Q&A.

在今天的電話會議中，我們的一些討論將包括我們的 2024 財年第四季財務表現。我們想指出的是，公司報告的非 GAAP 結果是為了補充而不是替代或優於以 GAAP 計算的財務指標。在我們的新聞稿和投資者介紹中提供了 GAAP 與非 GAAP 財務指標的對帳。我們將致開幕詞，深入探討本季的亮點，然後開始問答環節。

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's FY '24 was another year of durable and efficient growth. We ended FY '24 with an ARR of $1.1 billion, growing 39% year-over-year. During the year, we added 611 customers into our $100K+ ARR cohort, bringing us to 1,848 large customers in total. Our momentum reflects the continued strength of our platform and the large market opportunity ahead of us.

謝謝，麥克，也謝謝大家今天加入我們。 Samsara 的 24 財年又是持續高效成長的一年。截至 2024 財年，我們的 ARR 為 11 億美元，年增 39%。在這一年中，我們的 10 萬美元以上 ARR 群組中增加了 611 名客戶，使我們的大客戶總數達到 1,848 名。我們的勢頭反映了我們平台的持續實力和我們面前的巨大市場機會。

Several factors drove our execution. First, we're addressing a large market that's early in its digitization journey. Our customers represent the industries that drive more than 40% of the global GDP and are the backbone of the economy. Second, we pioneered the Connected Operations Cloud, a singular system of record for physical operations to address this market. Third, we have built a multi-application platform that solves our customers' most challenging problems. We have a unique IoT data set that includes data from a broad and diverse group of vehicles, equipment, sites and workers. It is also fed by a growing ecosystem of connected assets and third-party systems. And last, our increasing scale and strong unit economics drive operational efficiency. While we're still in the early innings of our customers' digitization journeys, we are proud of our progress and impact so far. In just 8 years of selling, we're operating at a rare combination of scale, growth, and profitability.

有幾個因素推動了我們的執行。首先，我們面對的是一個數位化早期階段的大型市場。我們的客戶代表著推動全球 GDP 40% 以上成長的產業，是經濟的支柱。其次，我們率先推出了互聯營運雲，這是針對這一市場的單一實體營運記錄系統。第三，我們建構了一個多應用平台，解決了客戶最具挑戰​​性的問題。我們擁有獨特的物聯網資料集，其中包括來自廣泛且多樣化的車輛、設備、站點和工人的資料。它也受到日益壯大的互聯資產和第三方系統生態系統的支持。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。雖然我們仍處於客戶數位化之旅的早期階段，但我們對迄今為止的進展和影響感到自豪。在短短 8 年的銷售過程中，我們實現了規模、成長和獲利的罕見組合。

We are the strategic partner to many of the world's leading and most complex physical operations organizations. And our large customer momentum continues to fuel our growth. We provide visibility into their operations and deliver clear ROI with payback periods often measured in months. Q4 was a milestone quarter for our large customers. We added a record 185 customers into $100K+ ARR cohort. This represents our fastest-growing customer group. We also added a record 11 customers into our $1 million+ ARR cohort.

我們是世界上許多領先且最複雜的實體營運組織的策略合作夥伴。我們龐大的客戶群動能持續推動著我們的成長。我們提供對其營運的可見性，並提供明確的投資報酬率，其投資回收期通常以月為單位。對我們的大客戶來說，第四季是一個里程碑式的季度。我們創紀錄地增加了 185 名 ARR 超過 10 萬美元的客戶群。這代表了我們成長最快的客戶群。我們也創紀錄地增加了 11 位客戶加入我們 100 萬美元以上的 ARR 群組。

I'd like to share 2 examples from this quarter that show our momentum with large customers. The first is with USIC, which is our largest new logo and our largest net new ACV deal ever. USIC is the leading provider of underground public utility locating services with more than 12,000 technicians in 48 states. Their technicians mark utility lines to ensure public safety and to protect and maintain our critical infrastructure. At the core of USIC is their Safe-Life culture, which is focused on eliminating at-risk behaviors and empowering their employees to protect themselves, their team members, and their communities. They're using our video-based safety application to strengthen their safety program. They have already seen significant results. In a pilot with Samsara, USIC reduced mobile phone usage by 92%, no seat belt usage by 85%, and rolling stops by 50%. We also expect USIC to increase fuel efficiency across its fleet with our vehicle telematics. This means less carbon emissions and lower fuel costs.

我想分享本季的兩個例子來展示我們與大客戶之間的發展勢頭。第一個是與 USIC 合作，這是我們有史以來最大的新標誌和最大的淨新 ACV 交易。 USIC 是地下公共設施定位服務的領先提供商，在 48 個州擁有超過 12,000 名技術人員。他們的技術人員標記公用設施線路以確保公共安全並保護和維護我們的關鍵基礎設施。 USIC 的核心是其安全生活文化，致力於消除危險行為並授權員工保護自己、團隊成員和社區。他們正在使用我們基於視訊的安全應用程式來加強他們的安全計劃。他們已經看到了顯著的成果。在與 Samsara 合作的試點中，USIC 將手機使用率減少了 92%，不繫安全帶的情況減少了 85%，並且滑行停車的情況減少了 50%。我們也希望 USIC 能夠利用我們的車輛遠端資訊處理技術來提高其車隊的燃油效率。這意味著更少的碳排放和更低的燃料成本。

The second is our expanded partnership with the leading provider for commercial and residential roofing, siding, windows decking, and insulation in the North American building industry. They are a Fortune 500 company with more than 2,300 vehicles and 7,000 team members across 500 locations. They became a customer a quarter ago with Telematics only. This quarter, they expanded with over $1 million of Video-Based Safety and Mobile Experience Management applications. One of their core values is to make every day safer. They're using Video-Based Safety to improve safety, reduce accidents, and exonerate drivers. They consolidated 3 vendors into 1 with Mobile Experience Management, which they are using to reduce mobile distractions and keep drivers safe. In an early pilot with Samsara, they saw an 85% reduction in total safety events, a 91% reduction in distracted driving, and a 77% reduction in collision risk events. These results delivered clear ROI to our customers. We are proud to partner with them to achieve their core values and operational goals.

第二是我們與北美建築業領先的商業和住宅屋頂、牆板、窗戶裝飾和隔熱材料供應商擴大了合作夥伴關係。他們是一家財富 500 強公司，在 500 個地點擁有超過 2,300 輛汽車和 7,000 名團隊成員。他們在一個季度前就成為了僅使用遠端資訊處理技術的客戶。本季度，他們擴大了基於視訊的安全和行動體驗管理應用程式的規模，投資超過 100 萬美元。他們的核心價值之一是讓每一天都更加安全。他們正在使用基於視訊的安全系統來提高安全性、減少事故並免除駕駛員的責任。他們利用行動體驗管理將 3 家供應商合併為 1 家，以減少行動幹擾並確保駕駛員安全。在 Samsara 的早期試點中，他們發現整體安全事件減少了 85%，分心駕駛減少了 91%，碰撞風險事件減少了 77%。這些結果為我們的客戶帶來了明確的投資回報。我們很榮幸能與他們合作，實現他們的核心價值和營運目標。

Samsara's Connected Operations Cloud is powered by a flywheel of data from our customers' growing digitization efforts. This enables AI-driven insights to help our customers operate more safely, efficiently, and sustainably. We've been investing in our cloud, which continues to grow and become more sophisticated. Over the last fiscal year, our cloud processed more than 9 trillion data points and 75 billion API calls, digitized more than 230 million workflows across our platform and recorded more than 60 billion miles driven. Our partner ecosystem, Samsara's App Marketplace has also grown to include more than 270 integrations with third-party systems.

Samsara 的 Connected Operations Cloud 由來自客戶日益增長的數位化努力的數據飛輪提供支援。這使得人工智慧驅動的洞察力能夠幫助我們的客戶更安全、更有效率和更永續地運作。我們一直在投資我們的雲端運算，它正在不斷發展並變得更加複雜。在過去的財政年度，我們的雲端處理了超過 9 兆個數據點和 750 億次 API 調用，將我們平台上超過 2.3 億個工作流程數位化，並記錄了超過 600 億英里的行駛里程。我們的合作夥伴生態系統 Samsara 的應用市場也已發展到包含 270 多個第三方系統的整合。

Our growing data set accelerates our ability to deliver even more insights so our customers can take action and improve their operations. This helps our customers operate their businesses in completely new ways. They can also drive even more business impact while saving money. For example, many of our customers use real-time insights from our Connected Operations Cloud to drive operational actions.

我們不斷成長的資料集加速了我們提供更多見解的能力，以便我們的客戶能夠採取行動並改善他們的營運。這有助於我們的客戶以全新的方式經營業務。他們還可以節省資金，同時產生更大的業務影響。例如，我們的許多客戶使用來自我們的 Connected Operations Cloud 的即時洞察來推動營運行動。

This results in fuel savings, lower insurance premiums, lower maintenance costs, improved asset utilization, and better worker hiring and retention. As we build for the long term, we are focused on expanding our multi-product platform, growing our international markets, and increasing our investments in security and scaling our unique culture, which fuels our growth.

這可以節省燃料、降低保險費、降低維護成本、提高資產利用率以及更好地僱用和保留工人。在製定長期計劃的過程中，我們專注於擴展我們的多產品平台、發展我們的國際市場、增加對安全的投資以及擴展我們獨特的文化，以推動我們的成長。

This quarter, we released our Connected Forms application into general availability. Connected Forms a workflow solution that allows our customers' frontline workers to streamline their operations. This includes inspections and incident reports through digital forms. A good example of how customers are already finding value with Connected Forms is with NexTier. NexTier recently merged with Patterson-UTI to form the second largest oilfield services company in the U.S. They've been a customer since 2021 and expanded their partnership with us in Q4 to use Connected Forms. They are using connected forms to help reduce operational risk. Connected Forms ensures that each trip is safe and necessary to perform, considering the weather, hazardous road conditions, and driver readiness.

本季度，我們發布了 Connected Forms 應用程式並正式發布。 Connected Forms 是一種工作流程解決方案，可讓我們客戶的第一線員工簡化他們的營運。這包括透過數位形式進行的檢查和事件報告。 NexTier 就是一個很好的例子，它說明了客戶已經發現 Connected Forms 的價值。 NexTier 最近與 Patterson-UTI 合併，組成了美國第二大油田服務公司。他們自 2021 年以來一直是我們的客戶，並在第四季度擴大了與我們的合作夥伴關係以使用 Connected Forms。他們正在使用連接表格來幫助降低營運風險。 Connected Forms 會考慮天氣、危險路況和駕駛員準備情況，確保每次行程都是安全且必要的。

This quarter was also strong for international growth, with 16% of net new ACV coming from non-U.S. geographies. As we look to the future, we're continuing to expand and gain customers in our new frontiers, including Mexico, Canada, and Western Europe. One of our key international wins this quarter is a major European construction services business with over 120 local operating companies and 17,000 employees. They deliver over 25,000 projects annually across many civil engineering and construction sectors. Samsara has partnered with them to advance their core values of safety, sustainability, and integrity. They're using Samsara's Video-Based Safety and Telematics products to help prevent accidents, reduce idling, lower insurance costs, and transition to an electric fleet.

本季國際成長也十分強勁，16% 的淨新增 ACV 來自美國以外地區。展望未來，我們將繼續拓展新領域並贏得客戶，包括墨西哥、加拿大和西歐。本季我們取得的一項重要國際勝利是一家大型歐洲建築服務公司，擁有 120 多家本地營運公司和 17,000 名員工。他們每年在眾多土木工程和建築領域交付超過 25,000 個項目。 Samsara 與他們合作，共同推動其安全、永續性和誠信的核心價值。他們正在使用 Samsara 的基於視訊的安全和遠端資訊處理產品來幫助預防事故、減少空轉、降低保險成本並過渡到電動車隊。

We've also continued to focus on protecting our customers and their data. Announced today, Samsara has achieved 4 industry-leading ISO certifications. This demonstrates our commitment to data security and privacy. It is an important step as we build on our strong foundation of customer data protection, data security, and privacy management. And last, as we grow in scale, our differentiated culture allows us to amplify our impact on our customers and communities. In Q4, Glassdoor recognized Samsara as one of the best places to work in 2024, and we are thrilled to have received many Best Places to Work recognitions throughout the year.

我們也繼續致力於保護我們的客戶及其資料。今天宣布，Samsara 已獲得 4 項領先業界的 ISO 認證。這顯示了我們對資料安全和隱私的承諾。這是我們鞏固客戶資料保護、資料安全和隱私管理基礎的重要一步。最後，隨著規模的擴大，我們差異化的文化使我們能夠擴大對客戶和社區的影響力。在第四季度，Glassdoor 將 Samsara 評為 2024 年最佳工作場所之一，我們很高興全年獲得多項最佳工作場所認可。

We're proud of this milestone year. We surpassed $1 billion in ARR at 39% year-over-year growth, became adjusted free cash flow positive, and consistently achieved Rule of 40 in all 4 quarters. We are operating at a rare combination of scale, growth, and profitability. It was an exciting quarter and year, delivering on our mission to increase the safety, efficiency, and sustainability of the operations that power of the global economy. We're grateful for the opportunity to partner with our customers as they modernize their operations. We look forward to another year of innovating and building solutions for our customers. Thank you to our customers, partners, investors, and Samsarians for joining us on this journey.

我們為這個具有里程碑意義的一年感到自豪。我們的 ARR 超過 10 億美元，年成長 39%，調整後的自由現金流為正，並在所有 4 個季度中持續實現 40 規則。我們的營運規模、成長速度和獲利能力都達到了罕見的水平。這是一個令人興奮的季度和一年，我們履行了提高全球經濟運營的安全性、效率和永續性的使命。我們很感激有機會與客戶合作，幫助他們實現營運現代化。我們期待在新的一年裡繼續為客戶創新和建構解決方案。感謝我們的客戶、合作夥伴、投資者和 Samsarians 與我們一起踏上這段旅程。

We're also excited to see many of you at our annual customer conference Beyond on June 26 to 28 in Chicago, where we will also be hosting an Investor Day. At Beyond, we'll be bringing together leaders across the industries we serve to discuss the state of physical operations, the challenges they're facing and new ways to use Samsara to deliver value through digitization. We will also be announcing new products to further drive transformation for our customers. We hope you'll join us.

我們也很高興在 6 月 26 日至 28 日於芝加哥舉行的年度客戶大會 Beyond 上見到你們，我們也將在那裡舉辦投資者日。在 Beyond 大會上，我們將召集我們服務的各個行業的領導者，共同討論物理運營的現狀、他們面臨的挑戰以及使用 Samsara 通過數位化實現價值的新方法。我們也將發布新產品，進一步推動客戶的轉型。我們希望您能加入我們。

I'll now hand it over to Dominic to go over financial highlights from 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. Q4 was another quarter of sustained high growth at scale. Ending ARR was $1.1 billion, and we added a quarterly record $99 million of net new ARR or an increase of 39% year-over-year, our highest growth rate over the past 10 quarters. This was also the fourth consecutive quarter year-over-year net new ARR growth accelerated compared to the same period of the prior year at a larger scale.

謝謝你，桑吉特。第四季是另一個規模持續高成長的季度。期末 ARR 為 11 億美元，本季新增淨 ARR 達 9,900 萬美元，年增 39%，創下過去 10 個季度以來的最高增長率。這也是連續第四個季度淨新ARR年增率較上年同期加速。

Q4 revenue was $276 million, growing 48% year-over-year, or 37% adjusted revenue growth. For full year FY '24, revenue was $937 million, an increase of 44% year-over-year, or 41% adjusted revenue growth. As a reminder, Q4 of FY '24 was a 14-week fiscal quarter, which happens every 6 years, instead of a typical 13-week quarter.

第四季營收為 2.76 億美元，年增 48%，調整後營收成長 37%。 24 財年全年營收為 9.37 億美元，年增 44%，調整後營收成長 41%。提醒一下，24 財年第四季是一個 14 週的財政季度，每 6 年一次，而不是通常的 13 週的季度。

Adjusted revenue and adjusted revenue growth removed the impact of the additional week of revenue recognition in Q4 FY '24 to enable comparability across periods. Several factors drove our strong top line performance in Q4. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale. We now have 1,848 $100K+ ARR customers, a quarterly record increase of 185, representing 49% year-over-year growth, the same growth rate as last quarter at a larger scale. We also saw particular strength within our largest customers. We now have 82 $1 million+ ARR customers, a quarterly record increase of 11, representing 61% year-over-year growth, accelerating from 54% growth last quarter at a larger scale.

調整後收入和調整後收入增長消除了 24 財年第四季度額外一周收入確認的影響，以便實現不同時期的可比性。有幾個因素推動了我們第四季的強勁營收表現。一是持續聚焦服務大型企業客戶，推動規模化、持久化、高效化成長。我們目前擁有 1,848 名 10 萬美元以上的 ARR 客戶，季度新增 185 名，年增 49%，與上一季的成長率相同，但規模較大。我們也看到了最大客戶的特殊實力。我們目前擁有 82 位 100 萬美元以上的 ARR 客戶，季度新增 11 位，創歷史新高，較去年同期成長 61%，高於上一季 54% 的成長速度。

$100K+ ARR customers represent our fastest-growing cohort and make up 52% of our total ARR, up from 48% 1 year ago and 45% 2 years ago. This higher ARR mix from larger customers coincides with a lower ARR mix from smaller customers. To reflect this trend and align with where we're investing for future growth, we're updating our definition of core customer from $5K+ ARR customers previously to $10K+ ARR customers. Our non-core customers with less than $10K of ARR, represents just 8% of total ARR mix, down from 14% 2 years ago, and we expect this mix to continue declining over time.

10 萬美元以上的 ARR 客戶是我們成長最快的群體，占我們總 ARR 的 52%，高於 1 年前的 48% 和 2 年前的 45%。較大客戶的較高 ARR 組合與較小客戶的較低 ARR 組合相吻合。為了反映這一趨勢並與我們未來成長的投資方向保持一致，我們將核心客戶的定義從先前的 5000 美元以上的 ARR 客戶更新為 10000 美元以上的 ARR 客戶。我們的非核心客戶的 ARR 低於 1 萬美元，僅佔 ARR 總額的 8%，低於 2 年前的 14%，我們預計這一比例將隨著時間的推移繼續下降。

Second, this quarter was a balanced mix of landing new customers and expanding existing customer relationships. For new logos, we added a quarterly record number of core and large customers in Q4. We also added 2 $1 million plus new logos, including our largest deal ever with USIC. And all of our top 10 new customers signed to multi-product transactions. For expansions, we booked a quarterly record 6 $1 million-plus expansion deals and 8 of the top 10 expansions in Q4 were multi-product transactions. Most notably a large existing customer in the construction industry, already using vehicle telematics, Video-Based Safety and Equipment Monitoring, signed a more than $1 million expansion in Q4 to become our largest overall customer. And this was their 20th expansion since becoming a customer back in 2018.

其次，本季在吸引新客戶和擴大現有客戶關係方面取得了均衡的結合。對於新客戶，我們在第四季度新增了創季紀錄的核心客戶和大客戶數。我們還增加了 2 個價值 100 多萬美元的新標誌，其中包括與 USIC 達成的迄今為止最大的交易。我們所有前 10 名新客戶均簽署了多產品交易協議。對於擴張，我們創下了季度記錄，達成了 6 筆 100 萬美元以上的擴張交易，第四季度前 10 筆擴張中有 8 筆是多產品交易。最值得注意的是，建築業的一家大型現有客戶已經在使用車輛遠端資訊處理、基於視訊的安全和設備監控，並在第四季度簽署了超過 100 萬美元的擴展協議，成為我們最大的整體客戶。這是他們自 2018 年成為客戶以來的第 20 次擴張。

Third, we continued to demonstrate strong execution across several frontier markets. First, 16% of net new ACV came from international geographies, compared to 14% in Q4 last year, driven by strength in Mexico and Europe. Both regions added a record number of $100K+ ARR customers and accelerated year-over-year ARR growth sequentially and compared to Q4 last year at a larger scale. Second, our construction vertical contributed a quarterly record 20% of net new ACV in Q4, the second consecutive quarter that construction was our leading vertical. Additionally, 87% of Q4 net new ACV came from non-transportation verticals, an increase from 81% in Q4 last year. And lastly, while year-over-year ARR growth for both Video-Based Safety and vehicle telematics accelerated sequentially in Q4 at a larger scale, we also saw strength in emerging products that provide additional expansion opportunities within our existing customer base.

第三，我們持續在多個前沿市場展現強勁的執行力。首先，16% 的淨新 ACV 來自國際地區，而去年第四季這一比例為 14%，這得益於墨西哥和歐洲的強勁成長。這兩個地區都增加了創紀錄數量的 10 萬美元以上的 ARR 客戶，與去年第四季相比，ARR 同比成長速度有所加快。其次，我們的建築業在第四季度貢獻了創紀錄的 20% 淨新 ACV，這是建築業連續第二季成為我們的領先產業。此外，第四季淨新增 ACV 的 87% 來自非運輸垂直產業，高於去年第四季的 81%。最後，雖然基於視訊的安全和車輛遠端資訊處理的 ARR 同比增長在第四季度大幅加快，但我們也看到新興產品的強勁表現，這些產品為我們現有的客戶群提供了額外的擴展機會。

In Q4, we signed our second-largest equipment monitoring deal and approximately $1 million upsell as part of a broader expansion to one of North America's largest full-service grocery wholesalers. We also released Connected Forms into general availability in Q4 and signed a more than $250K expansion deal with NexTier Oilfield Services.

在第四季度，我們簽署了第二大設備監控協議和約 100 萬美元的追加銷售額，作為向北美最大的全方位服務雜貨批發商之一擴張的一部分。我們也在第四季度發布了 Connected Forms 並正式發布，並與 NexTier Oilfield Services 簽署了價值超過 25 萬美元的擴展協議。

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 76% in Q4, a quarterly record and approximately 3 percentage points higher year-over-year, driven largely by optimizing cloud, cellular, warranty, and support costs. Non-GAAP operating margin was 5%, compared to negative 8% in Q4 last year, an improvement of approximately 13 percentage points year-over-year, driven by leverage across all functions. And adjusted free cash flow margin was 6% in Q4, a quarterly record compared to negative 3% in Q4 last year, an improvement of approximately 9 percentage points, primarily from improved operating leverage and continued working capital optimization.

除了推動強勁的營收成長之外，隨著業務規模的擴大，我們也持續提高整個業務的營運效率。第四季非公認會計準則毛利率為 76%，創下季度新高，年成長約 3 個百分點，主要得益於優化雲端、蜂窩、保固和支援成本。非公認會計準則營業利潤率為 5%，而去年第四季為負 8%，年比改善約 13 個百分點，這得益於所有職能部門的槓桿率。第四季調整後的自由現金流利潤率為 6%，創下季度新高，而去年第四季為負 3%，提高了約 9 個百分點，主要得益於經營槓桿的提高和營運資本的持續優化。

Also of note, in Q4, we settled previously disclosed lease-related litigation. After vacating the building in October 2021, our remaining unpaid lease obligation was more than $130 million and the settlement included a cash payment of $60 million. Given the nonrecurring nature of this legal settlement, it is excluded, it is excluded from adjusted free cash flow. And finally, we reduced our annual equity dilution by almost 40% this year from 4.4% in FY '23 down to 2.7% in FY '24.

另外值得注意的是，在第四季度，我們解決了先前揭露的與租賃相關的訴訟。在 2021 年 10 月騰空大樓後，我們剩餘的未付租賃債務超過 1.3 億美元，和解協議包括 6,000 萬美元的現金支付。鑑於該法律和解的非經常性性質，它被排除在調整後的自由現金流之外。最後，我們今年將年度股權稀釋率從 23 財年的 4.4% 降至 24 財年的 2.7%，降幅近 40%。

Okay, now turning to guidance. As we enter FY '25, our third, year as a public company, we continue to have more forecast visibility and predictability than in previous years. As a result, our FY '25 guidance philosophy will be less conservative than it was in FY '24. This is the same exact framework we applied to our initial FY '24 guidance at the beginning of last year, which was also less conservative than our initial FY '23 guide, the prior year. And after analyzing various scenarios, we're also confident that our FY '25 guidance is adequately derisked to account for the potential impact of worsening macroeconomic factors on our business.

好的，現在轉向指導。當我們進入 25 財年（作為上市公司的第三年）時，我們繼續擁有比前幾年更高的預測可見度和可預測性。因此，我們 25 財年的指導理念將不像 24 財年那麼保守。這與我們去年年初制定的 24 財年初始指引所採用的框架完全相同，而且也不像前一年制定的 23 財年初始指引那麼保守。在分析了各種情境之後，我們也相信，我們的 25 財年指引已充分降低風險，可以應對惡化的宏觀經濟因素對我們業務的潛在影響。

For Q1 FY '25, we expect total revenue to be between $271 million and $273 million, representing year-over-year growth between 33% and 34%, non-GAAP operating margin to be approximately negative 3% and non-GAAP EPS to be between $0.00 and $0.01.

對於 2025 財年第一季，我們預計總營收在 2.71 億美元至 2.73 億美元之間，年增 33% 至 34%，非 GAAP 營業利潤率約為負 3%，非 GAAP 每股收益在 0.00 美元至 0.01 美元之間。

For full year FY '25, we expect revenue to be between $1.186 billion and $1.196 billion, representing year-over-year growth between 27% and 28% or between 29% and 30% after adjusting for the extra week in Q4 FY '24, non-GAAP operating margin to be approximately 2% and non-GAAP EPS to be between $0.11 and $0.13. And finally, please see the additional modeling notes in our shareholder letter.

對於 25 財年全年，我們預計收入將在 11.86 億美元至 11.96 億美元之間，同比增長 27% 至 28%，或在調整 24 財年第四季度額外一周後增長 29% 至 30%，非 GAAP 營業利潤率約為 2%，非 GAAP 每股收益在 0.13 美元之間。最後，請參閱我們股東信中的附加建模說明。

So to wrap up, we are pleased with our Q4 and full year FY '24 performance. This was a year of accelerating growth at a larger scale, while continuing to drive more operating leverage. We are digitizing the world of physical operations and helping our customers become safer, more efficient, and more sustainable. With our large markets, products, and customer focus, we are well positioned to continue delivering durable and efficient growth.

總而言之，我們對 2024 財年第四季和全年的表現感到滿意。這是更大規模加速成長的一年，同時繼續推動更多的經營槓桿。我們正在將實體營運世界數位化，並幫助我們的客戶變得更安全、更有效率、更永續。憑藉龐大的市場、豐富的產品和對客戶的關注，我們有能力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. (Operator Instructions) The first question today comes from Keith Weiss with Morgan Stanley followed by Matt Hedberg with RBC.

謝謝，多米尼克。 （操作員指示）今天的第一個問題來自摩根士丹利的 Keith Weiss，其次是加拿大皇家銀行的 Matt Hedberg。

Congratulations on a really outstanding quarter. And I guess that's the question. Accelerating net new ACV growth growing only -- almost 40% the net new component. And frankly, I mean, I've spent the week at our Morgan Stanley TMT Conference and the spending environment sounds a little bit better, but not that much better -- great at all. The macro environment doesn't seem that much better. So can you help us explain what was the unlock within Samsara over the last couple of quarters that has enabled you guys to accelerate and get to these levels of growth, which we're frankly just not seeing anywhere else in the software landscape right now?

恭喜您取得如此出色的季度業績。我想這就是問題所在。加速淨新 ACV 成長僅成長—淨新成分的近 40%。坦白說，我花了一周時間參加摩根士丹利 TMT 會議，支出環境聽起來稍微好一點，但並沒有好多少——一點都不好。宏觀環境似乎也沒有好到哪裡去。那麼，您能否幫助我們解釋一下，在過去的幾個季度中，Samsara 內部的哪些解鎖功能使您能夠加速並達到這樣的增長水平？坦白說，這是我們目前在軟體領域的其他任何地方都看不到的？

Yes. So, I'll -- maybe I'll take the first part of that. But again, I think it comes down to the fact that we're selling into a slightly different budget than a lot of the other software companies. We are selling into the operations budget, which tends to be more resilient. And also, our solutions are used to drive real hard ROI. So, customers are deploying our software and they're using it to find cost savings and to drive more safety within their organizations.

是的。所以，我——也許我會選擇第一部分。但我再次認為，這歸結於我們的銷售預算與許多其他軟體公司略有不同。我們的銷售已納入營運預算，這往往更具彈性。此外，我們的解決方案也用於推動真正的硬投資報酬率。因此，客戶正在部署我們的軟體，並使用它來節省成本並提高組織內的安全性。

And then the other thing I would point out, even internally, as we've discussed now for several quarters, we have made a concerted effort to add more sales capacity into the business. And that sales capacity clearly came online and continued to ramp and drove more overall productivity. And so we're pleased with both of those results.

然後我想指出的另一件事是，即使在內部，正如我們幾個季度以來討論的那樣，我們也一直在齊心協力地為業務增加更多的銷售能力。銷售能力明顯提升，並持續提升，從而提高了整體生產力。因此我們對這兩個結果都很滿意。

Got it. Then maybe as a follow-up on the back of that. How should we think about the expansion of sales capacity into the forward fiscal year?

知道了。那麼也許可以作為對此的後續行動。我們該如何考慮未來財年的銷售能力擴張？

So I'd say we -- our ending headcount, we grew at just under 30% in FY '24. I would say that our headcount in FY '25 will grow at least at a similar rate. Again, we've got big market opportunity. And so we're still aggressively hiring into FY '25. Similar to previous years, about 1/2, maybe just under 1/2 of our overall net headcount additions will go into sales and marketing. And a portion of that is quota capacity that will lead to investments for future growth.

所以我想說，我們的最終員工人數在 24 財年增加了近 30%。我想說，25 財年我們的員工人數至少會以類似的速度成長。再次，我們擁有巨大的市場機會。因此，我們在 2025 財年仍將積極招募。與前幾年類似，我們新增員工總數的約一半，或許略低於一半將用於銷售和行銷。其中一部分是配額容量，將帶來未來成長的投資。

Outstanding.

傑出的。

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

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

Great. I offer my congrats as well, a really strong year here. The other thing that stood out to me was growth in large customers. And I guess, can you put a finer point on what's driving -- like what are the most important factors driving the strength? And how durable do you think that success is with these large customers?

偉大的。我也向你們表示祝賀，這是非常強勁的一年。另一件讓我印象深刻的是大客戶的成長。我想，您能否更詳細地說明一下推動力量的因素──例如，推動力量的最重要因素是什麼？您認為這些大客戶的成功能持續多久？

Hey, Matt. This is Sanjit. I would say if you think back to my prepared remarks, we focus on large complex physical operations companies. They have a lot of real-world operational challenges and problems. Those relate to safety, so operational safety out on the front lines. They're trying to reduce risk in other words. They are finding ways to be more efficient in terms of how they operate their business, how they drive their routes, how they operate their assets and they're trying to figure out to be more sustainable.

嘿，馬特。這是桑吉特。我想說，如果你回想一下我準備好的發言，你就會知道，我們專注於大型複雜的實體營運公司。他們在現實世界中面臨許多營運挑戰和問題。這些都與安全有關，因此操作安全是在前線進行的。換句話說，他們正在努力降低風險。他們正在尋找更有效率的方式，包括如何經營業務、如何規劃路線、如何運作資產，並試圖找到更永續的方式。

These are evergreen problems and this is a very, very large market opportunity. We're talking about a $60 billion TAM. It's growing 20% year-over-year. And I would say these customers, largely speaking, they're sophisticated, but they're in these early innings of digitization. So we think that this can go on for some time.

這些都是長期存在的問題，同時也是一個非常巨大的市場機會。我們談論的是 600 億美元的 TAM。它同比增長20%。我想說的是，這些客戶總體來說都很成熟，但他們還處於數位化的早期階段。所以我們認為這種情況可以持續一段時間。

Yes, I mean just to add on that, obviously, we accelerated the year-over-year growth for $1 million-plus customers. This is the fourth consecutive quarter that we had a quarterly record for $100K+ customer additions. And then obviously, we signed our largest net new ACV deal ever with USIC. And so we're seeing a lot of momentum with large customers.

是的，我只是想補充一點，顯然，我們加速了 100 萬美元以上客戶的年成長。這是我們連續第四個季度創下新增客戶金額超過 10 萬美元的季度記錄。然後顯然，我們與 USIC 簽署了迄今為止最大的淨新 ACV 協議。因此，我們看到大客戶的巨大發展勢頭。

Exciting stuff. Dom, one for you. You don't guide to ARR. But I'm wondering if you could help us with any sort of guidepost or guardrails to think about ARR growth, some of the building blocks, maybe relative to your adjusted revenue growth target. I think it was 29% to 30% for the year.

令人興奮的事。多姆，給你一個。您不需要指導 ARR。但我想知道您是否可以幫助我們提供任何指導或護欄來思考 ARR 成長、一些基本要素，可能與您的調整後收入成長目標有關。我認為今年的成長率是 29% 到 30%。

Sure. I mean I would just say, first, obviously, we came off a really strong year in FY '24. We added $307 million of incremental ARR, grew at 30% year-over-year, that's an acceleration from 9% net new ARR growth in FY '23, and obviously at a much larger scale. As I said in my prepared remarks, also, Q4 was the highest net new ARR growth that we've seen in the last 10 quarters. And as we -- we pointed this out in our modeling notes that we think that we can at least match that amount of net new ARR in FY '25. We're obviously still monitoring macro uncertainty, and we are adding a lot of sales capacity. And so, monitoring the sales rep productivity. But if those headwinds don't come to fruition, we like the capacity that we've added and we're going to continue to add more. So I think I'd say that's how we're thinking about it to start out the year, and we'll have better visibility as we make our way through FY '25.

當然。我只想說，首先，顯然我們在 24 財年取得了非常強勁的成績。我們增加了 3.07 億美元的增量 ARR，年增 30%，這比 23 財年 9% 的淨新 ARR 成長有所加速，而且顯然規模要大得多。正如我在準備好的發言中所說，第四季度是我們在過去 10 個季度中看到的最高淨新 ARR 成長率。正如我們在建模說明中指​​出的那樣，我們認為我們至少可以在 25 財年達到該數量的淨新 ARR。我們顯然仍在監控宏觀不確定性，並且正在增加大量銷售能力。因此，監控銷售代表的生產力。但如果這些不利因素沒有實現，我們對已經增加的產能感到滿意，我們將繼續增加產能。所以我想說，這就是我們在年初的想法，當我們進入 25 財年時，我們將有更好的可見性。

The next question comes from Alex Zukin with Wolfe, followed by Michael Turrin with Wells Fargo.

下一個問題來自 Wolfe 的 Alex Zukin，然後是富國銀行的 Michael Turrin。

Congrats on a truly remarkable quarter. I guess you had a kind of a trifecta of largest net new deal, largest amount of 100,000 adds, and also what seems to be accelerating sales cycles, meaning your newest products are getting more traction, faster than even your previous cohort of products. So, maybe just help us understand on either of those dimensions, what's the incremental significance to the future growth, meaning the largest land ever? Is that kind of continuing to -- will that be a reference customer and you see a continual cohort of potentially larger lands, now that you're selling a lot more comprehensive of a platform package at like basically from the start, and therefore, I don't know, it's driving meaningfully higher productivity of reps? Or how are all 3 of those things kind of playing together?

恭喜您度過了一個真正非凡的季度。我想您已經獲得了三重成功：最大​​的淨新交易、最大的 100,000 個新增交易量，以及似乎正在加速的銷售週期，這意味著您的最新產品比以前的產品群體獲得了更大的吸引力，甚至更快。因此，也許只是幫助我們從這兩個維度來理解，對於未來成長的增量意義是什麼，這意味著有史以來最大的土地？這種持續性是否會成為參考客戶，並且您是否會看到一批潛在的更大客戶群，因為您從一開始就銷售更全面的平台包，因此，我不知道，它是否顯著提高了銷售代表的生產力？或者這三件事是如何一起發揮作用的？

Hi, Alex, it's Dominic. I would say that -- I think it's just important to also know that the ARR, the year-over-year ARR growth for our core products, Telematics and safety accelerated, the overall ARR accelerated sequentially. So it was a very strong Telematics and safety quarter. But we are starting to see some of these emerging products be attached and many of the deals, specifically, new customers. I call out that all 10 of our top 10 new customers were multi-product transactions. And so, I think it just gives us more opportunities to create more value for customers, whether it's a new customer or expanding into an existing customer and a lot of the new products that we're adding, scaling equipment monitoring and Mobile Experience Management, Connected Forms are just opportunities for us to expand the deal sizes.

你好，亞歷克斯，我是多明尼克。我想說的是——我認為同樣重要的是要知道，我們的核心產品、遠端資訊處理和安全產品的 ARR 同比增長加速，整體 ARR 也環比增長。因此，這是一個非常強勁的遠端資訊處理和安全季度。但我們開始看到其中一些新興產品與許多交易相關，特別是新客戶。我要指出的是，我們前 10 名新客戶全部都是多產品交易。因此，我認為這為我們提供了更多機會為客戶創造更多價值，無論是新客戶還是現有客戶，以及我們添加的許多新產品、擴展設備監控和行動體驗管理、互聯表格都是我們擴大交易規模的機會。

Perfect. And then Sanjit, maybe one for you. You referenced some potential exciting new products coming later this year in June. And I guess on the backdrop of your platform has a ridiculous amount of kind of great data for your customers, it would -- I guess, is there anything exciting to think about with the potential to layer on any kind of AI or generative AI use cases on that that corpus of data to be further monetized in the platform?

完美的。然後是 Sanjit，也許這是一個適合您的。您提到了今年 6 月晚些時候可能會推出的一些令人興奮的新產品。我想，在您的平台擁有大量可供客戶使用的優質數據的背景下，是否有可能在該平台上分層疊加任何類型的人工智慧或生成人工智慧用例，從而進一步將該數據語料庫貨幣化？

Absolutely. And Alex, I'm going to have to use that ridiculous amount of good data line. That's fantastic. We absolutely are planning to leverage the platform. That's what the customers come to us for. They like that all of these applications are running on the same platform, sharing data with each other. Some of the newer applications we've released like Connected Forms and MEM and even Equipment Monitoring, they leverage that. And just to give you a sense of how we can use generative AI in the operations use case, if you think about Connected Forms, it basically is digitizing paperwork.

絕對地。還有亞歷克斯，我將不得不使用那條數量驚人的優質數據線。太棒了。我們絕對計劃利用該平台。這就是客戶來找我們的原因。他們喜歡所有這些應用程式都在同一個平台上運行，相互共享數據。我們發布的一些較新的應用程式（如 Connected Forms、MEM 甚至 Equipment Monitoring）都利用了這一點。為了讓您了解我們如何在操作案例中使用生成式人工智慧，如果您考慮一下 Connected Forms，它基本上就是將文書工作數位化。

And we have a lot of operational context. We know where the user is. We know what the asset is that they're maybe maintaining or monitoring. And we can fill out a lot of these form fields automatically and speed up their workflow. We can also understand sort of what the next step should be, that sort of thing. So that's a little bit of a preview, but I would encourage you all to come to Beyond and hear about the new products in June.

我們有很多操作背景。我們知道用戶在哪裡。我們知道他們可能維護或監控的資產是什麼。我們可以自動填寫許多表單欄位並加快他們的工作流程。我們也可以了解下一步該做什麼之類的事情。這只是一個預覽，但我鼓勵大家在六月來到 Beyond 了解新產品。

We'll do.

我們會這麼做的。

The next question comes from Michael Turrin with Wells Fargo, followed by Derrick Wood with TD Cowen.

下一個問題來自富國銀行的邁克爾·圖林 (Michael Turrin)，然後是 TD Cowen 的德里克·伍德 (Derrick Wood)。

Dominic, in the letter and remarks, you mentioned less conservatism in the guide. It sounds like it's just continued progress relative to what we saw at the start of last year. But can you just walk us through the rationale and the factors you're considering there alongside what's providing the better visibility over time?

多明尼克，在信中和評論中，您提到指南中的保守主義較少。聽起來，相對於我們去年年初所看到的情況，這只是持續的進步。但是，您能否向我們介紹其中的理由和您正在考慮的因素，以及如何隨著時間的推移提供更好的可見性？

Yes. I would just again stress, this is the same commentary, same guidance framework that we provided on the Q4 call last year, same playbook. It's just we're entering our third year as a public company. We have more forecast predictability and therefore, we need less conservatism in our guide than we did need it during our second year, where we needed less at that time than during our first year post-IPO. And so that is really what's driving the comment.

是的。我只想再次強調，這是與我們去年第四季電話會議上提供的相同的評論、相同的指導框架、相同的劇本。我們作為上市公司剛進入第三年。我們的預測可預測性更強，因此，與上市第二年相比，我們的指導中需要的保守性更少，而當時我們需要的保守性也比上市後第一年要少。這就是引起該評論的真正原因。

At the same time, I would just want to reiterate that we do recognize that there's macro uncertainty that could have an impact on future demand. We're not seeing it. And we've run a number of different downside scenarios on our operating plan as well, and we're confident, that we can hit this initial guidance regardless of what happens and that is the derisk commentary as well. If we don't see the macro headwinds, we obviously have opportunity to raise our guidance throughout the year. It just won't be at the same rate that it has been in previous years, and we just want to make sure that investors appreciate that going into FY '25.

同時，我只想重申，我們確實意識到宏觀不確定性可能會對未來的需求產生影響。我們沒有看到它。我們也對我們的營運計劃進行了許多不同的下行情境模擬，我們有信心，無論發生什麼情況，我們都可以達到這一初步指導，這也是降低風險的評論。如果我們沒有看到宏觀逆風，我們顯然有機會在全年提高我們的指導。它只是不會像前幾年那樣保持相同的速度，我們只是想確保投資者在進入 25 財年時能夠意識到這一點。

Well, that makes sense. The letter also mentioned your expansion targets are unchanged, even at increasing scale, the 115% and 120% target. So can you just spend some time with us on the drivers of durable expansion within the model and how we should think about just underlying expansion with the core products versus the evolution of cross-sell into that emerging product bucket over time? And what keeps those expansion rates holding relatively consistent here?

嗯，這很有道理。信中也提到，即使規模擴大，你們的擴張目標也沒有改變，也就是 115% 和 120% 的目標。那麼，您能否花一些時間和我們一起討論該模型中持久擴張的驅動因素，以及我們應該如何看待核心產品的潛在擴張，以及隨著時間的推移，交叉銷售如何演變為新興產品類別？那麼是什麼使得這些擴張率保持相對穩定呢？

Yes. Thanks. We just had a really consistent balanced mix within our net new ACV of new logos and expansions. In this quarter, 53% of net new ACV came from expansions, 47% from new logos. So, that's been very consistent. And then within the expansions, there's a really healthy mix of both upsells to existing customers where they're doing a phased rollout of existing products across a broader set of assets or employees as well as cross-sells into new products. And so I think many of our customers, our larger customers will roll out over time and that allows us to have confidence in durable upsell growth. And then obviously, as we increase our product velocity, we're seeing more and more attach of new products, and that gives us the confidence.

是的。謝謝。我們只是在新標識和擴展的淨新 ACV 中實現了真正一致的平衡組合。本季度，53% 的淨新 ACV 來自擴張，47% 來自新標誌。所以，這是非常一致的。然後在擴張過程中，對現有客戶的追加銷售和新產品的交叉銷售形成了非常健康的組合，前者分階段在更廣泛的資產或員工範圍內推出現有產品，後者則進行新產品的交叉銷售。因此，我認為我們的許多客戶，我們的大客戶將隨著時間的推移而不斷推出，這使我們對持久的追加銷售成長充滿信心。顯然，隨著我們提高產品速度，我們看到越來越多的新產品出現，這給了我們信心。

The next question comes from Derrick Wood with TD Cowen followed by Matt Pfau with William Blair.

下一個問題來自 TD Cowen 的 Derrick Wood，然後是 William Blair 的 Matt Pfau。

Congrats on just an amazing quarter, an amazing year. Sanjit, I'll start with you. Interesting to hear about that vendor consolidation taking place with the roofing products company. And one of those points of consolidation you mentioned was a displacement of an enterprise mobility management solution. That's a pretty sizable software category in of itself with a different set of vendors than I think you've historically competed against. Can you just talk about kind of what the value pitch is to get customers to displace existing solutions there? And then just talk about what the landscape looks like around that enterprise mobility management market? Is it like the telematics market with a bunch of older legacy vendors? Or what does that look like today?

恭喜您度過了一個令人驚嘆的季度、一個令人驚嘆的一年。 Sanjit，我先從你開始。很高興聽到有關屋頂產品公司正在進行供應商整合的消息。您提到的整合點之一就是企業行動管理解決方案的取代。這本身就是一個相當大的軟體類別，其供應商與我認為你們歷史上競爭過的供應商不同。您能否談談讓客戶取代現有解決方案的價值主張是什麼？然後您能談談企業行動管理市場的現況嗎？它是否像遠端資訊處理市場一樣，擁有一大批老牌傳統供應商？或是今天看起來是什麼樣子的？

Sure. So in terms of what's in it for the customer, it's really that connectivity with the rest of the data on our platform. The way that our Mobile Experience Management solution works is it's able to lock a tablet if it's in a vehicle that's moving more than 30 miles an hour, you can set the threshold. So that's an example of something that we can do that an existing legacy MEM player can't. We can also customize the screen. We can integrate with those workflows. So there's a lot there for the customer. And most importantly, it's targeted to the operations user and the operations buyer as opposed to needing to be something that IT needs to take on as a project. So it's really -- we're there with the buyer who is in operations. We're solving some very real-world problems. And they're coming to us saying we wish we had a way that we can manage these devices where they can only use a couple of apps that they need to be on the job, they're not distracted on the road, it helps improve their safety. So, I think we're at the right place at the right time with the buyer.

當然。因此，就客戶能從中獲得什麼而言，這實際上就是與我們平台上其他數據的連結。我們的行動體驗管理解決方案的工作方式是，如果平板電腦位於行駛速度超過每小時 30 英里的車輛中，它就可以鎖定平板電腦，您可以設定閾值。這就是我們可以做到而現有的傳統 MEM 播放器無法做到的事情的一個例子。我們還可以定制螢幕。我們可以與這些工作流程整合。因此，這裡可以為客戶提供很多東西。最重要的是，它針對的是營運用戶和營運買家，而不是 IT 需要作為專案來承擔的東西。所以事實上——我們與正在運營的買家在一起。我們正在解決一些非常現實的問題。他們來找我們說，我們希望有一種方法可以管理這些設備，讓他們只能使用工作所需的幾個應用程序，他們不會在路上分心，這有助於提高他們的安全性。所以，我認為我們與買家在正確的時間處於正確的地點。

In terms of that landscape, I would say, generally speaking, it's also fragmented. Like you said, there are different players, but we're very unique in our offering in that it's connected into the rest of our connected operations platform.

就該景觀而言，我想說，總體而言，它也是分散的。正如您所說，有不同的參與者，但我們的產品非常獨特，因為它與我們其餘的互聯營運平台相連。

Got it. That is helpful. And I don't know whether for you or Dom, but I wanted to ask about the construction vertical, seems like that's [humming] quite nicely for you guys, now 2 quarters in a row. What makes this vertical stand out above and beyond the others right now? And I guess, how are you feeling about momentum in selling video, not into vehicles, but video into site locations?

知道了。這很有幫助。我不知道對你還是 Dom 來說，但我想問一下有關建築垂直方面的問題，似乎這對你們來說相當不錯，現在已經連續兩個季度了。是什麼讓這個垂直產業現在比其他產業更突出？我想問一下，您對銷售影片的勢頭有何感想，不是銷售到車輛，而是銷售到現場？

Yes. I think the point of the kind of emerging products commentary every quarter just to make the point that we're really selling into a broad set of industry verticals, physical operations making up 40% of global GDP. And we don't have one industry vertical of customers that makes up the majority of our ARR. And we've had some success in industries like public sector this year that we've called out. And over the last 2 quarters, construction has been stronger. And we're seeing all of our products within that sector, safety and telematics, a lot of equipment and then some of these newer products, MEM and Connected Forms. And so the customer that I mentioned on the call, they did their 20th upsell since 2018 that is now our largest customers in the construction vertical. And so when you get some kind of chunky expansion deals like that in the quarter, that definitely helps that overall net new ACV mix.

是的。我認為每季對新興產品進行評論只是為了表明我們的產品確實銷往了廣泛的垂直產業，實體營運佔全球 GDP 的 40%。而且，我們並沒有一個產業垂直領域的客戶能夠構成我們 ARR 的大部分。今年我們在公共部門等行業取得了一些成功。過去兩個季度，建築業表現更加強勁。我們在該領域看到了我們的所有產品，包括安全和遠端資訊處理、大量設備以及一些較新的產品、MEM 和 Connected Forms。因此，我在電話中提到的客戶自 2018 年以來已經進行了第 20 次追加銷售，現在已成為我們在建築物垂直領域中最大的客戶。因此，當您在本季度獲得一些類似的大規模擴張交易時，這肯定有助於整體淨新 ACV 組合。

If I can add a little bit of a customer perspective also, I would say the Video-Based Safety application where we're in the vehicle, it's relatively speaking, underpenetrated. This is not a industry segment that had adopted the legacy product. So, they're seeing value really for the first time. So they're very excited about it. And many customers have shared with me that a lot of the risk actually occurs when they're driving around. It's when they're driving to and from the job site, when they're driving over the road. So, while it's not typically considered a Telematics or Video-Based Safety use case, construction is an exciting industry where we can solve a lot of problems for the customer.

如果我也可以從客戶的角度來補充的話，我想說，我們在車輛中的基於視訊的安全應用，相對而言，滲透率還不夠。這不是一個採用傳統產品的產業領域。因此，他們第一次真正看到了價值。所以他們對此感到非常興奮。許多顧客告訴我，很多風險實際上發生在他們開車的時候。當他們開車往返工作地點時，當他們開車過馬路時。因此，雖然它通常不被視為遠端資訊處理或基於視訊的安全用例，但建築業是一個令人興奮的行業，我們可以為客戶解決很多問題。

Awesome.

驚人的。

The next question comes from Matt Pfau with William Blair, followed by Junaid with Truist.

下一個問題來自 William Blair 的 Matt Pfau，然後是 Truist 的 Junaid。

Congrats on the results. First, just wanted to better understand within those customers that are doing $1 million plus in ARR, what is the remaining opportunity there? Is there the potential to get a good portion of these customers to $5 million plus $10 million plus in ARR? Or, are they sort of at the point of being fully penetrated?

恭喜取得成果。首先，只是想更了解那些 ARR 超過 100 萬美元的客戶，還有哪些機會？是否有可能讓這些客戶中的很大一部分獲得 500 萬美元加上 1000 萬美元以上的 ARR？或者，他們是否已經到了被完全滲透的階段了？

Definitely not fully penetrated. Again, I would just go back to the customer that is now our largest customer overall. They've done 20 expansions since 2018. And so I think that expansion opportunity, whether it's cross-sells of some of these newer products or more phased rollouts of their existing products gives us a lot of opportunity to grow our overall net new ACV within some of these largest accounts. I think within our $1 million plus customers, they can be many multiples the size that they are today on average.

肯定沒有完全滲透。再次，我想回到現在我們最大的客戶。自 2018 年以來，他們已經進行了 20 次擴張。因此，我認為擴張機會，無論是交叉銷售其中一些新產品，還是分階段推出現有產品，都為我們提供了很大的機會，可以在一些最大的帳戶中增加我們的整體淨新 ACV。我認為，在我們價值 100 萬美元以上的客戶中，他們的規模平均可以是現在的數倍。

Got it. And sort of a follow-up on a previous question. Historically, your split in net new ARR has been roughly even between new customers and existing customers move around a bit quarter-to-quarter. But as you land larger and larger with new customers on the initial sale, do you expect any material shift in that split longer term?

知道了。這是對先前問題的後續回答。從歷史上看，新客戶和現有客戶在淨新 ARR 中的分配大致是均勻的，每個季度都有所變化。但是，隨著您在首次銷售中獲得越來越多的新客戶，您是否預計長期來看這種分成會發生重大變化？

I don't know how it's going to play out. It's interesting because we don't incentivize our sales organization to sell new versus expansions. They retire quota on net new ACV. And they're clearly doing a pretty balanced job of landing new logos and expanding existing customers. I think if we started to see it skew one way more than the other, we could potentially consider that, but it's happening exactly. We like it to be balanced. We need more new logos today that we can expand in the future. And obviously, we want to expand wallet share within our existing customers as much as we can.

我不知道事情會如何發展。這很有趣，因為我們不會激勵我們的銷售組織銷售新產品而不是擴展產品。他們取消了淨新 ACV 的配額。他們在吸引新客戶和擴大現有客戶方面顯然做得相當平衡。我認為，如果我們開始看到它向一個方向傾斜得比另一個方向更嚴重，我們可能會考慮到這一點，但它確實正在發生。我們希望它是平衡的。我們今天需要更多新標誌，以便將來能夠擴展。顯然，我們希望盡可能擴大現有客戶的錢包份額。

I think a lot of our larger customers tend to do more of a phased rollout over time, because they just have complex operations in so many assets. And so as more and more of our net new ACV and our ARR mix moves into larger customers, that could push more of the mix to expansions over time, but it's been very balanced over the last couple of years.

我認為，我們的許多大客戶傾向於隨著時間的推移分階段推出這些產品，因為他們在許多資產上都有複雜的操作。因此，隨著我們越來越多的淨新 ACV 和 ARR 組合轉向更大的客戶，這可能會隨著時間的推移推動更多的組合擴張，但在過去幾年中，這種情況一直非常平衡。

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

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

You had an exceptionally strong quarter on the gross margin line. I think you've talked about before that most of the leverage is going to be coming below the gross margin line. So, if you could just maybe expand on going forward, should we still expect most of the leverage coming in? Or should we see strong gross margin performance going forward as well?

本季你們的毛利率表現異常強勁。我想您之前已經談過，大部分槓桿都會低於毛利率線。那麼，如果您可以進一步擴展，我們是否仍應期待大部分槓桿的到來？或者我們也應該看到未來強勁的毛利率表現？

Yes. I mean, you even saw it in the results in Q4, and gross margin improved 3 percentage points year-over-year, but operating margin improved 13 percentage points year-over-year. And so I think that's indicative of what to expect in the future that more of the operating leverage will continue to come from our OpEx leverage sales and marketing, primarily. Again, the cost of sale on a renewed dollar of ACV is much lower than it is when we land or expand ACV dollars. And then obviously, we expect more and more leverage to come out of G&A as we continue to grow and scale. And so I think that's where I would point investors too to looking for additional leverage.

是的。我的意思是，你甚至在第四季度的業績中也看到了這一點，毛利率同比提高了 3 個百分點，但營業利潤率同比提高了 13 個百分點。因此，我認為這預示著未來的預期，即更多的營運槓桿將繼續主要來自我們的營運支出槓桿銷售和行銷。再一次，更新後的 ACV 美元的銷售成本比我們獲得或擴大 ACV 美元時的銷售成本要低得多。顯然，隨著我們不斷發展和擴大規模，我們預計 G&A 將會發揮越來越多的槓桿作用。因此，我認為這也是我應該建議投資人尋求額外槓桿的地方。

Great. And just a follow-up. Is there any update that you can provide us on the lawsuit against Motive?

偉大的。這只是後續行動。您能向我們提供關於針對 Motive 的訴訟的最新進展嗎？

Sure. I'll take that one. In terms of update, it's a relatively recent suit. So no big update in terms of context of why we're even filing the suit is to protect our investment in innovation and IP. This is a patent infringement claim. And we've seen that their senior leadership team was in our product, gaining access, copying features of our platform, many of those were patented features. So there's more information on our micro site. But that's kind of where we are today.

當然。我要那個。從更新角度來說，這是一款相對較新的套裝。因此，就我們提起訴訟的原因而言，沒有什麼重大更新，是為了保護我們在創新和智慧財產權方面的投資。這是一項專利侵權主張。我們發現他們的高層領導團隊進入了我們的產品，獲得了訪問權限，複製了我們平台的功能，其中許多都是專利功能。我們的微網站上有更多資訊。但這就是我們今天的處境。

The next question comes from Jim Fish with Piper Sandler followed by Daniel Jester with BMO.

下一個問題來自 Piper Sandler 的 Jim Fish，然後是 BMO 的 Daniel Jester。

Great quarter, guys. You guys are doing really well internationally. I think it was 16% of net new ACV you called out. At what point do you get more aggressive in other regions, really not in or just smaller in? Is this where Dom, you kind of alluded to headcount additions. Is that where it's going to be added? Are there any new geographies going to be supported this year?

太棒了，夥計們。你們在國際上做得非常好。我認為您所說的是淨新 ACV 的 16%。什麼時候你會在其他地區變得更加積極，實際上不積極，或只是小規模積極？這是 Dom 嗎，您提到了增加員工人數。那是要添加的地方嗎？今年會支持哪些新的地區？

No. I think we feel like we've got a lot of market opportunity in front of us. First of all, I mean, just in our core U.S. market, but Canada and Mexico, Western Europe, the countries -- the key regions in Western Europe that we're addressing. That's where our focus is and we feel like we've got a lot of market opportunity within those regions. And then obviously on the product development side is another key area where we're allocating more capital. But we feel like we've got enough market opportunity with the current geographies.

不。我認為我們面前有很多市場機會。首先，我的意思是，不僅是我們的核心美國市場，還有加拿大、墨西哥、西歐這些國家——我們正在關注的西歐重點地區。這就是我們的重點，我們覺得在這些地區有很多市場機會。顯然，產品開發方面是我們投入更多資金的另一個關鍵領域。但我們覺得，在目前的地理位置上，我們已經有足夠的市場機會。

Makes sense. Just as a follow-up to Matt's earlier question, I mean, how do you see the pipeline of these large opportunities entering the year versus last year? And are there any larger kind of renewal opportunities on the horizon with some customers, understanding you guys typically upsell, cross-sell throughout the life of the contract?

有道理。作為對馬特先前問題的跟進，我的意思是，與去年相比，您如何看待今年這些重大機會的管道？並且，對於某些客戶來說，是否有更大規模的續約機會？據了解，你們通常會在合約有效期限內進行追加銷售和交叉銷售嗎？

It doesn't look terribly different than it has in previous years. We feel good about the customer demand and the conversations that we're having, building off the momentum that we demonstrated in FY '24 and Q4. And we've really kind of nailed down our renewal motion over the last couple of years, and that's driving a lot of success. And so again, we feel -- we feel good heading into FY '25.

它看起來與前幾年並沒有太大的不同。我們對客戶需求和我們正在進行的對話感到滿意，這得益於我們在 24 財年和第四季所展現的勢頭。在過去的幾年裡，我們確實已經確定了我們的更新動議，並且取得了巨大的成功。因此，我們再次感到——我們對進入 25 財年感到很滿意。

The next question comes from Daniel Jester with BMO followed by Kirk Materne with Evercore.

下一個問題來自 BMO 的 Daniel Jester，然後是 Evercore 的 Kirk Materne。

Great. Maybe to follow up on an earlier one in maybe a different way. You highlighted in the prepared remarks, you have a really big renewal that happened kind of 1 quarter after -- or really big expansion 1 quarter after a new customer was signed. And I mean the velocity there is really impressive. Are you seeing actually the speed of that expansion change? Is this a one-off sort of unique case? Is it due to sales capacity? Anything that is sort of different in terms of the speed at which you're able to go and reattack these customers?

偉大的。也許可以用不同的方式跟進之前的事情。您在準備好的演講中強調，在簽約新客戶後的一個季度內，您有一個非常大的續約 - 或者在簽約新客戶後的一個季度內，您有一個非常大的擴張。我的意思是那裡的速度確實令人印象深刻。您實際上看到了擴張變化的速度嗎？這是個例嗎？是因為銷售能力嗎？就您重新吸引這些客戶的速度而言，有什麼不同嗎？

I don't think -- I think every sales cycle is different. It really kind of depends on where the customer is and their kind of internal resources and how much of the platform or products that they can digest upfront. And so some customers are able to move very, very quickly with deployment, some customers take a more phased rollout approach. And so we're not really seeing any differences there. It really comes down to kind of customer readiness and project prioritization.

我不認為——我認為每個銷售週期都是不同的。這實際上取決於客戶在哪裡、他們的內部資源以及他們可以預先消化多少平台或產品。因此，有些客戶能夠非常快速地進行部署，而有些客戶則採取分階段推出的方式。因此我們實際上並沒有看到任何差異。這實際上取決於客戶準備和專案優先順序。

Okay. Great. That's helpful. And then to follow up on the sort of comment about construction earlier being a more historically underpenetrated industry vertical. As you look across the verticals today, are there any others that you'd call out where you see a potential change in the opportunity or direction of how you're going to see the year progress in 2025?

好的。偉大的。這很有幫助。然後跟進關於建築業早期作為歷史上滲透率較低的垂直行業的評論。當您今天縱觀各個垂直領域時，您是否會指出其他任何可能改變 2025 年發展機會或方向的領域？

I don't think so. I mean we usually at our Investor Day, we'll show this ARR mix pie chart by industry vertical. And it's been pretty consistent. It moves around kind of a few percentage points within individual verticals. But we're not seeing anything really stand out within one specific vertical that creates more of a catalyst than others. I think we're very focused on having this horizontal platform of applications that's really used by many different end markets. And that's been the case since kind of the founding of the company and I would expect that to be the case going into FY '25 as well.

我不這麼認為。我的意思是，我們通常在投資者日上會以行業方式垂直展示這個 ARR 組合餅圖。而且一直都非常一致。它在各個垂直領域內移動幾個百分點。但我們並沒有看到在某個特定垂直領域中有什麼真正脫穎而出、比其他領域產生更多催化劑。我認為我們非常注重擁有這個真正被許多不同的終端市場使用的橫向應用平台。自公司成立以來一直如此，我預計 2025 財年情況仍將如此。

Our last question today comes from Kirk Materne with Evercore.

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

I'll echo the congrats on the quarter. Sanjit, I was wondering if you could just comment a little bit on the idea of your platform. And as you get up to having customers that have $1 million plus in ARR, are the people that are accessing the data in the platform expanding beyond the operational -- or the operations folks, meaning, I imagine finance wants to look at this, I imagine, legal in some cases, want to have access to the data coming off of your platform. So can you just talk about what that means from a longer-term perspective in terms of getting Connected Forms into it? I'm just trying to get a sense on -- it feels like we're scratching the surface in terms of where you could go within an organization even outside of operations.

我將重複對本季的祝賀。 Sanjit，我想知道您是否可以對您的平台的想法發表一些評論。當您的客戶年平均經常性收入 (ARR) 超過 100 萬美元時，那些存取平台資料的人是否會擴展到營運人員或營運人員之外，我想財務部門想要了解這一點，我想在某些情況下，法律部門也希望能夠存取來自您平台的資料。那麼，您能否從長遠角度談談將 Connected Forms 納入其中意味著什麼？我只是想了解一下——感覺我們正在觸及組織內部甚至運作之外可以去的地方的表面。

Yes, Kirk, we would agree with you. So, in large enterprise customers, there are many different personas to use the system. You'll have the back-office folks that might be the fleet managers and dispatchers. You will see finance teams using this data to drive everything from tax reporting to carbon reporting and so on. And then we do have a bunch of other use cases that we can kind of go through. But like you said, with Connected Forms, we start to expand the horizon of what you can do on the product. It is not necessarily tied to a vehicle. And we're already seeing that with things like equipment, where we've got asset managers in a different sense, keeping an eye on asset utilization of construction equipment, that sort of thing. So, I think that's exactly right in terms of platform expansion and user expansion and we're excited to kind of lean into that with new products like forms.

是的，柯克，我們同意你的看法。因此，在大型企業客戶中，有許多不同的角色使用該系統。您將擁有後台人員，他們可能是車隊經理和調度員。您會看到財務團隊使用這些數據來推動從稅務報告到碳報告等一切工作。然後我們確實還有許多其他用例可以討論。但就像您所說的那樣，透過 Connected Forms，我們開始擴展您可以在產品上執行的操作範圍。它不一定與車輛相關。我們已經看到，在設備等方面，我們以不同的方式配備了資產管理者，密切注意建築設備的資產利用率等。因此，我認為就平台擴展和用戶擴展而言，這是完全正確的，我們很高興能夠透過表單等新產品來實現這一點。

That's really helpful. And Dom, just a quick one to finish up. Obviously, you'll be adding a lot more sales folks to mix this year. Can you just talk about how, if there's any changes to the go-to-market or how are you feeling about those people, just more overlay salespeople just expanding within the existing regions? I guess just the broader question, is, any real changes to the go-to-market as we head into fiscal '25?

這真的很有幫助。還有 Dom，我們很快就能結束這個主題了。顯然，今年您將增加更多的銷售人員。您能否談談，市場進入方式是否有任何變化，或者您對這些人有何看法，只是更多的覆蓋銷售人員在現有區域內擴張？我想更廣泛的問題是，當我們進入 25 財年時，市場進入方式會發生任何真正的變化嗎？

Yes. Hey, Kirk. No major changes. We don't use overlay sales for products. Look, the go-to-market motion is clearly working really well. And so like every year, we will have some evolutionary kind of changes as we prepare for more and more scale, but no major changes. Capacity going into our core markets, but also some of our emerging frontiers, whether that's a geography or into specific industry verticals like public sector, but again, more evolutionary changes than the large wholescale changes.

是的。嘿，柯克。沒有重大變化。我們不對產品使用覆蓋銷售。看起來，進入市場的舉措顯然效果很好。因此，像每年一樣，為了準備擴大規模，我們將進行一些漸進式的改變，但不會發生重大變化。產能將進入我們的核心市場，同時也進入我們的一些新興領域，無論是地理區域還是公共部門等特定的垂直產業，但同樣，漸進式變化比大規模的整體變化更為重要。

All right. So this concludes the question-and-answer portion. Thank you all for attending our Q4 fiscal year 2024 earnings call. Before I let you go, I have a few short announcements. First, we'll be attending the Wells Fargo Software Symposium on April 10, so we hope to see you there. And then second, we are hosting our Investor Day on June 27 in Chicago. Please send an e-mail to ir@samsara.com if you're interested in attending in person. For those that prefer to attend virtually, our IR website will have a web link to a live broadcast. That's it for today's meeting. If you have any follow-up questions, you can e-mail us at ir@samsara.com. Thanks again. Bye, everyone.

好的。問答部分到此結束。感謝大家參加我們的 2024 財年第四季財報電話會議。在你們離開之前，我有幾個簡短的公告。首先，我們將參加 4 月 10 日的富國銀行軟體研討會，希望在那裡見到您。其次，我們將於 6 月 27 日在芝加哥舉辦投資者日。如果您有興趣親自參加，請發送電子郵件至ir@samsara.com。對於那些喜歡虛擬參加的人，我們的 IR 網站將提供現場直播的網路連結。今天的會議就到這裡。如果您有任何後續問題，可以發送電子郵件至ir@samsara.com。再次感謝。大家再見。