Samsara Inc (IOT) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Samsara's first quarter fiscal 2025 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 2025 財年第一季財報電話會議。我是 Samsara 企業發展和投資者關係副總裁 Mike Chang。今天加入我的是 Samsara 執行長兼共同創辦人 Sanjit Biswas；以及我們的財務長多米尼克·菲利普斯 (Dominic Phillips)。

In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation, and SEC filings on our Investor Relations website at investors.samsara.com. The matters we'll discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, June 6, 2024, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

除了我們在本次電話會議上準備好的評論之外，您還可以在我們的股東信函、新聞稿、投資者介紹以及投資者關係網站Investors.samsara.com 上向SEC 提交的文件中找到更多資訊.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包含的結果有重大差異，並受到我們向 SEC 文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今天（2024 年 6 月 6 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, we will discuss our first quarter fiscal 2025 financial results. We would 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.

在今天的電話會議中，我們將討論 2025 財年第一季的財務表現。我們想指出的是，該公司報告的非公認會計準則績效是根據公認會計準則計算的財務指標的補充，而不是替代或優於根據公認會計準則計算的財務指標。我們的新聞稿和投資者介紹中提供了 GAAP 與非 GAAP 財務指標的調整表。

We'll make opening remarks, dive into highlights for the quarter, and then open the call up for Q&A. With that, I hand over the call to Sanjit.

我們將致開幕詞，深入探討本季的亮點，然後開始問答環節。說完，我把電話轉給了 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara had a strong Q1 of our new fiscal year as we continue to deliver durable and efficient growth. We ended Q1 with $1.18 billion in ARR, growing 37% year over year. We are the strategic partner to the world's leading and most complex physical operations organizations. Large customer momentum continues to fuel our growth.

謝謝麥克，也謝謝大家今天加入我們。隨著我們繼續實現持久、高效的成長，Samsara 在新財年的第一季表現強勁。第一季末，我們的 ARR 為 11.8 億美元，年增 37%。我們是世界領先且最複雜的實體營運組織的策略合作夥伴。大客戶勢頭繼續推動我們的成長。

In Q1, we had wins with the Department of Transportation for both Iowa and Kansas and VINCI, a Fortune Global 500 construction company with more than 275,000 employees. Our continued innovation and customer feedback loop drives our success with large customers. Over the past few months, I visited many of our largest customers in the US, Canada, Mexico and Europe. Seeing our operations firsthand, it's clear that the toughest challenges and priorities in physical operations are universal.

第一季度，我們與愛荷華州和堪薩斯州交通部以及擁有超過 275,000 名員工的財富全球 500 強建築公司 VINCI 取得了勝利。我們持續的創新和客戶回饋循環推動我們在大客戶中取得成功。在過去的幾個月裡，我拜訪了美國、加拿大、墨西哥和歐洲的許多最大客戶。親眼目睹我們的營運情況，很明顯，實體營運中最嚴峻的挑戰和優先事項是普遍存在的。

First, these customers are operating at a scale in asset-heavy and labor-intensive industries. Second, these customers are using legacy point solutions where data is trapped in silos. And third, these customers are faced with common challenges, including fuel savings, workplace accidents, maintenance and insurance. Across the board, our customers are investing in technology that helps them achieve safer, more efficient, and more sustainable operations.

首先，這些客戶規模較大，屬於重資產、勞力密集產業。其次，這些客戶正在使用傳統的單點解決方案，其中資料被困在孤島中。第三，這些客戶面臨共同的挑戰，包括節省燃料、工作場所事故、維護和保險。整體而言，我們的客戶正在投資技術，幫助他們實現更安全、更有效率和更永續的營運。

We are proud to partner with our customers on their digitization journeys. Recently, IDC surveyed 130 of our customers to assess the value of our platform. The results are published in the white paper, The Business Value of Samsara. The IDC research shows customers partner with us to be their system of record because we deliver clear and fast ROI.

我們很榮幸能夠在客戶的數位化之旅中與他們合作。最近，IDC 對我們的 130 名客戶進行了調查，以評估我們平台的價值。結果發表在白皮書《輪迴的商業價值》。IDC 研究表明，客戶與我們合作成為他們的記錄系統，因為我們提供清晰、快速的投資報酬率。

At the same time, we are helping customers achieve their safety, efficiency, and sustainability goals. As one of our customers said to IDC, quote, Samsara has opened up a whole new world for us. Every minute of efficiency gained is significant. Samsara is our most utilized company-wide business system and responsible for millions in savings in our bottom line.

同時，我們正在幫助客戶實現安全、效率和永續發展目標。正如我們的一位客戶對 IDC 所說，Samsara 為我們打開了一個全新的世界。每一分鐘的效率提升都意義重大。Samsara 是我們全公司範圍內使用最廣泛的業務系統，為我們節省了數百萬美元的利潤。

Looking more specifically at the findings, IDC estimated that Samsara customers realized more than an 8x ROI on average, representing $2 million of savings per customer per year. Samsara customers achieved these savings from reducing costs-related to vehicle-related crashes and insurance, spending less on fuel, lowering maintenance costs and extending vehicle lifespans, minimizing lost revenue associated with vehicle availability, and increasing driver productivity. We are proud to partner with our customers to help them drive meaningful impact in their organizations.

更具體地說，IDC 估計 Samsara 客戶平均實現了超過 8 倍的投資回報率，即每位客戶每年節省 200 萬美元。Samsara 客戶透過降低與車輛相關的碰撞和保險相關的成本、減少燃油支出、降低維護成本並延長車輛使用壽命、最大限度地減少與車輛可用性相關的收入損失以及提高駕駛員生產力來實現這些節省。我們很榮幸能夠與客戶合作，幫助他們在組織中產生有意義的影響。

Our customers have large, complex operations that are asset and labor intensive. They often require tens of thousands of frontline workers and assets to build the infrastructure supporting our global economy. At this scale, our customers' top priorities are often safety and sustainability. It's critical to how they run their organizations.

我們的客戶擁有大型、複雜的資產和勞動力密集型業務。它們通常需要數以萬計的第一線工人和資產來建立支持全球經濟的基礎設施。在這種規模下，我們客戶的首要任務通常是安全和永續性。這對於他們如何運作組織至關重要。

I'd like to share two examples of how we're helping our customers meet their impact goals. The first is focused on safety with Nutrien Ag Solutions, the world's largest agriculture inputs and services provider. They're using our video-based safety application to improve driver safety for their North American commercial fleet. They've seen good results as they reported in their most recent sustainability report.

我想分享兩個例子來說明我們如何幫助客戶實現他們的影響力目標。第一個重點是全球最大的農業投入和服務提供者 Nutrien Ag Solutions 的安全性。他們正在使用我們基於視訊的安全應用程式來提高北美商業車隊駕駛員的安全。正如他們在最新的可持續發展報告中所報告的那樣，他們已經看到了良好的結果。

In 2023, they saw a 40% reduction in unsafe driving practices, including speeding, harsh braking and distracted driving. They use Samsara in more than 11,000 vehicles with plans to continue expansion.

2023 年，不安全駕駛行為減少了 40%，包括超速、急煞車和分心駕駛。他們在超過 11,000 輛汽車中使用 Samsara，並計劃繼續擴張。

Our next example is on sustainability with Frontier Communications, a top provider of broadband Internet and digital television service. They are using Samsara to optimize fuel efficiency and reduce fuel costs across their fleet. They installed our telematics application in 8,100 vehicles, saving them 320,000 gallons of fuel in 2023. This equals more than 6 million pounds of carbon. Both of these organizations are taking a data-driven approach to help them achieve their ambitious goals and make the greatest impact.

我們的下一個例子是關於寬頻網路和數位電視服務頂級供應商 Frontier Communications 的可持續發展。他們使用 Samsara 來優化整個車隊的燃油效率並降低燃油成本。他們在 8,100 輛車輛上安裝了我們的遠端資訊處理應用程序，到 2023 年節省了 320,000 加侖的燃油。這相當於超過 600 萬磅的碳。這兩個組織都採用數據驅動的方法來幫助他們實現雄心勃勃的目標並產生最大的影響。

As we build for the long term, we will continue to invest in emerging products, our culture and our customers as we scale and grow. First, we are seeing strong momentum in emerging products. We released our Connected Forms application into general availability last quarter. Our customers are excited to adopt it to improve their frontline worker experience.

隨著我們的長遠發展，我們將隨著規模和發展繼續投資於新興產品、我們的文化和我們的客戶。首先，我們看到新興產品的強勁勢頭。我們於上季全面發布了 Connected Forms 應用程式。我們的客戶很高興採用它來改善他們的第一線員工體驗。

Connected Forms is a workflow solution that allows our customers' frontline workers to streamline their operations through digital forms. Our customers are already finding value. A good example of this is with one of the largest privately owned drainage and wastewater utility specialists in the UK. They're utility service provider with more than 3,800 employees and 3,000 assets. They've been a customer since 2020, starting with our video-based safety and telematics applications.

Connected Forms 是一種工作流程解決方案，可讓客戶的第一線員工透過數位表單簡化操作。我們的客戶已經發現了價值。英國最大的私營排水和廢水公用事業專家之一就是一個很好的例子。他們是公用事業服務供應商，擁有 3,800 多名員工和 3,000 項資產。他們自 2020 年以來一直是我們的客戶，從我們基於視訊的安全和遠端資訊處理應用程式開始。

This quarter, they expanded the partnership further with Connected Forms. Currently, they have more than 30 use cases for Connected Forms, including compliance, labor tracking, attendance, safety briefings, vehicle inspections, and avoiding time sheet fraud. Their long-term vision is to have one system of record for their entire operations. This will enable them to manage all their data and extract insights and value from one unified platform.

本季度，他們進一步擴大了與 Connected Forms 的合作關係。目前，他們擁有 30 多個 Connected Forms 用例，包括合規性、勞動力追蹤、出勤、安全簡報、車輛檢查和避免時間表詐欺。他們的長期願景是為整個營運建立一套記錄系統。這將使他們能夠管理所有數據並從一個統一平台中提取見解和價值。

Second, focusing on our culture, Samsara has quickly become a destination for some of the world's top talent. This is critical as we scale our global team to support our rapidly growing customer base. We are proud to be certified by the Great Place to Work in the US, UK, and Poland. This marks the second consecutive year of certification in the US and the UK and a first-time honor in Poland. We were also listed as number eight on Glassdoor's award list for the Best-Led Companies in 2024.

其次，注重我們的文化，輪迴已迅速成為一些世界頂尖人才的目的地。這對於我們擴大全球團隊以支援快速成長的客戶群至關重要。我們很榮幸獲得美國、英國和波蘭的最佳工作場所認證。這是連續第二年在美國和英國獲得認證，也是在波蘭首次獲得這項榮譽。我們也在 Glassdoor 2024 年最佳領導公司名單中名列第八。

And lastly, we're looking forward to seeing many of you at Beyond, our annual customer conference, from June 26 to 28 in Chicago. At Beyond, we'll bring together thousands of leaders across physical operations to discuss the challenges they're facing and discover new ways to use Samsara. We will also be hosting Investor Day on June 27 in Chicago. We hope that you can join us.

最後，我們期待在 6 月 26 日至 28 日在芝加哥舉行的年度客戶會議 Beyond 上見到你們。在 Beyond，我們將聚集數千名實體營運領導者，討論他們面臨的挑戰，並發現使用 Samsara 的新方法。我們也將於 6 月 27 日在芝加哥舉辦投資者日活動。我們希望您能加入我們。

It was a great start to the new fiscal year. We want to thank our customers, partners, investors and Samsarians across the globe for your shared commitment to increasing the safety, efficiency, and sustainability of the operations that power the global economy. We're excited about the year ahead.

這是新財年的良好開端。我們要感謝全球的客戶、合作夥伴、投資者和救世主，感謝你們共同致力於提高驅動全球經濟的營運的安全性、效率和永續性。我們對未來的一年感到興奮。

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

現在我將把它交給多明尼克來回顧本季的財務亮點。

Thank you, Sanjit. We delivered strong Q1 results highlighted by sustained high growth at scale and continued operating efficiency improvements, including maintaining the same revenue growth rate as last quarter at a larger scale and quarterly records for both gross margin and adjusted free cash flow margin. Our durable and increasingly efficient growth demonstrates the large and growing opportunity for digital transformation across the world of physical operations. And regardless of the broader economic environment, our business has continued to be incredibly resilient and deliver consistent results due to a few key reasons.

謝謝你，桑吉特。我們實現了強勁的第一季業績，突出表現在規模持續高速增長和運營效率持續提高，包括在更大範圍內保持與上季度相同的收入增長率以及毛利率和調整後自由現金流利潤率的季度記錄。我們持久且日益高效的成長表明，實體營運領域的數位轉型存在巨大且不斷增長的機會。無論更廣泛的經濟環境如何，由於幾個關鍵原因，我們的業務仍然保持著令人難以置信的彈性，並提供一致的結果。

First and most importantly, our products create a real hard ROI for customers, including reducing accidents, lowering insurance premiums, generating fuel savings, lowering maintenance costs and improving asset utilization. And our customers' payback period is very quick, often measured in months. Second, we primarily sell into a different budget than many other enterprise software companies. The operations budget is generally larger and less discretionary for our customers. And third, we have a subscription business model that produces highly predictable revenue, and we price most of our subscriptions based on the customer's number of physical assets instead of headcount-based pricing which results in lower ACV risk if our customer's hiring slows or contracts.

首先也是最重要的是，我們的產品為客戶創造了真正的硬投資報酬率，包括減少事故、降低保險費、節省燃料、降低維修成本和提高資產利用率。我們客戶的投資回收期非常快，通常以幾個月為單位。其次，我們的銷售預算主要與許多其他企業軟體公司不同。對於我們的客戶來說，營運預算通常較大且可自由支配的空間較小。第三，我們有一個訂閱業務模式，可以產生高度可預測的收入，我們的大部分訂閱定價是根據客戶的實體資產數量而不是基於員工數量的定價，如果我們的客戶招聘放緩或收縮，ACV風險就會降低。

Q1 ending ARR was $1.18 billion, growing 37% year over year. Within this, we added $74 million of net new ARR, representing 21% year-over-year growth. Q1 revenue was $281 million, growing 37% year over year, which is the same revenue growth rate from last quarter when adjusting for the extra week in Q4 but at a larger scale.

第一季末 ARR 為 11.8 億美元，年增 37%。其中，我們增加了 7,400 萬美元的淨新 ARR，年增 21%。第一季營收為 2.81 億美元，年增 37%，與上季在第四季額外一週調整後的營收成長率相同，但規模更大。

Several factors drove our strong top-line performance in Q1. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale. We now have 1,964 $100,000-plus ARR customers, representing 43% year-over-year growth. We also grew our average ARR per $100,000-plus customer from $305,000 in Q1 last year to $316,000 in Q1 this year. The combination of more customers added and an increase in the average ARR per customer grew our ARR mix for $100,000-plus ARR customers to 53% in Q1, up from 49% one year ago and 45% two years ago.

有幾個因素推動了我們第一季強勁的營收表現。首先，我們持續專注於服務大型企業客戶，推動規模持續高效成長。我們現在擁有 1,964 名 ARR 超過 100,000 美元的客戶，年增 43%。我們也將每 10 萬美元以上客戶的平均 ARR 從去年第一季的 30.5 萬美元增加到今年第一季的 31.6 萬美元。隨著更多客戶的增加以及每位客戶平均ARR 的增加，我們的ARR 超過100,000 美元的客戶的ARR 組合在第一季增至53%，高於一年前的49% 和兩年前的45 %。

Second, our customers increasingly utilize Samsara as a system of record for physical operations by subscribing to multiple applications all on one unified platform. 94% of our $100,000-plus ARR customers and 83% of our core customers subscribe to multiple Samsara products.

其次，我們的客戶透過在一個統一平台上訂閱多個應用程序，越來越多地利用 Samsara 作為實體操作的記錄系統。在 ARR 超過 10 萬美元的客戶中，94% 的客戶和 83% 的核心客戶訂閱了多種 Samsara 產品。

We're also seeing multiproduct adoption at scale. Our two vehicle-based applications, video-based safety, and vehicle telematics each represent more than $450 million of ARR. And our largest nonvehicle-based application equipment monitoring, which is used to locate and manage field assets, is doing more than $125 million of ARR. In addition to large scale, each of these product categories continued to grow more than 30% year over year.

我們也看到多產品的大規模採用。我們的兩個基於車輛的應用程式（基於視訊的安全性和車輛遠端資訊處理）各自代表了超過 4.5 億美元的 ARR。我們最大的非車輛應用設備監控用於定位和管理現場資產，ARR 收入超過 1.25 億美元。除了規模較大之外，這些產品類別均持續年增30%以上。

We also saw a number of large multiproduct transactions in Q1. All of the top 10 new logos in Q1 included two or more products for the first time since our IPO, and 9 of the top 10 expansions included two or more products. One of our largest Q1 transactions was an expansion to one of the largest US telecom companies. This top 20 customer landed back in FY23 with vehicle telematics only as a greenfield opportunity.

我們在第一季也看到了許多大型多產品交易。自我們 IPO 以來，第一季排名前 10 名的新標誌均首次包含兩種或更多產品，而排名前 10 的擴展中有 9 個包含兩種或更多產品。我們第一季最大的交易之一是向美國最大的電信公司之一的擴張。這家排名前 20 位的客戶在 2023 財年重返市場，車輛遠端資訊處理只是一個新機會。

After achieving significant efficiency improvements and fuel savings, they signed a more than $1 million expansion this quarter, which included more telematics licenses and the addition of video-based safety to a subset of their total vehicles. During the pilot, the customer saw a 62% reduction in safety events and a 92% decrease in mobile usage. After this initial rollout, we expect the customer to add more licenses across a broader set of vehicles over time. And the strength and expansions also allowed us to achieve our target dollar-based net retention rate of 115% and 120% for core and large customers, respectively.

在實現顯著的效率提高和燃油節省後，他們在本季度簽署了超過 100 萬美元的擴建協議，其中包括更多的遠端資訊處理許可證，以及為其部分車輛添加基於視訊的安全功能。在試辦期間，客戶發現安全事件減少了 62%，行動使用量減少了 92%。首次推出後，我們預計客戶將隨著時間的推移在更廣泛的車輛上添加更多許可證。實力和擴張也使我們能夠分別實現核心客戶和大客戶以美元計的淨保留率 115% 和 120% 的目標。

Third, we demonstrated strong execution across several frontier markets. First, a quarterly record 18% of net new ACV came from international geographies in Q1, driven by strength in Mexico and Europe, which contributed its highest ever quarterly net new ACV mix. Second, the construction vertical drove the highest net new ACV mix of all industries for the third consecutive quarter, and field services had the second highest mix. In total, 87% of Q1 net new ACV came from non-transportation verticals, an increase from 82% in Q1 last year.

第三，我們在幾個前沿市場展現了強大的執行力。首先，在墨西哥和歐洲強勁的推動下，第一季淨新 ACV 的季度創紀錄的 18% 來自國際地區，這兩個國家貢獻了有史以來最高的季度淨新 ACV 組合。其次，建築垂直產業連續第三個季度推動所有產業中最高的淨新 ACV 組合，而現場服務的組合排名第二。整體而言，第一季新增 ACV 淨值的 87% 來自非交通垂直產業，高於去年第一季的 82%。

And lastly, we also saw strength in emerging products. In Q1, we signed the City of Pittsburgh as one of our largest new logos in the quarter. In addition to landing with vehicle telematics and equipment monitoring, they also included Mobile Experience Management and Connected Forms in their initial transaction. We also signed a more than $250,000 Connected Forms expansion with one of the UK's leaders in water and wastewater services. And an existing top 50 customer, one of the country's largest food distribution providers, signed a $400,000 site visibility expansion.

最後，我們也看到了新興產品的實力。在第一季度，我們簽署了匹茲堡市作為本季最大的新標誌之一。除了在車輛遠端資訊處理和設備監控方面落地外，他們還在最初的交易中納入了行動體驗管理和互聯表格。我們還與英國供水和污水處理服務領域的領先企業之一簽署了價值超過 25 萬美元的 Connected Forms 擴展協議。現有的 50 強客戶（美國最大的食品分銷提供商之一）簽署了價值 40 萬美元的網站知名度擴展協議。

In addition to driving strong top-line growth, we continue to deliver operating efficiency improvements across our business as we scale. Non-GAAP gross margin was a quarterly record 77% in Q1, approximately 4 percentage points higher year over year, driven largely by optimizing cellular, customer support, and warranty costs. Non-GAAP operating margin was 2% compared to negative 9% in Q1 last year, driven by leverage across all functions, and adjusted free cash flow margin was a quarterly record 7% in Q1 compared to negative 1% in Q1 last year.

除了推動強勁的營收成長外，隨著規模的擴大，我們也持續提高整個業務的營運效率。第一季非 GAAP 毛利率達到季度紀錄的 77%，比去年同期高出約 4 個百分點，主要得益於優化蜂窩網路、客戶支援和保固成本。在所有職能部門槓桿的推動下，非公認會計原則營業利潤率為2%，而去年第一季為負9%；調整後自由現金流利潤率第一季為創季紀錄的7%，而去年第一季為負1%。

Okay. Now turning to guidance. Because of our strong Q1 performance and outlook for the rest of FY25, we're raising our guidance across all key metrics. We've also analyzed various scenarios and believe that this 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。由於我們第一季的強勁業績和 25 財年剩餘時間的展望，我們正在提高所有關鍵指標的指導。我們也分析了各種情景，並認為該指導已充分消除風險，以考慮宏觀經濟因素惡化對我們業務的潛在影響。

For Q2 FY25, we expect total revenue to be between $288 million and $290 million, representing year-over-year growth between 31% and 32%. Non-GAAP operating margin to be approximately negative 2%, and non-GAAP EPS to be between $0 and $0.01.

對於 25 財年第二季度，我們預計總營收將在 2.88 億美元至 2.9 億美元之間，年增 31% 至 32%。非 GAAP 營業利潤率約為負 2%，非 GAAP 每股盈餘將在 0 美元至 0.01 美元之間。

For full year FY25, we expect revenue to be between $1.205 billion and $1.213 billion, representing year-over-year adjusted revenue growth between 31% and 32%. Non-GAAP operating margin to be approximately 3%, and non-GAAP EPS to be between $0.13 and $0.15. And finally, please see the additional modeling notes in our shareholder letter.

對於 25 財年全年，我們預計營收將在 12.05 億美元至 12.13 億美元之間，調整後營收年增 31% 至 32%。非 GAAP 營運利潤率約為 3%，非 GAAP 每股收益將在 0.13 美元至 0.15 美元之間。最後，請參閱我們的股東信中的附加建模說明。

So to wrap up, we are pleased with our start to the year and our improved outlook for FY25. In Q1, we sustained our revenue growth rate at a larger scale while also achieving a record free cash flow margin. We are now operating in rarefied air in terms of scale, growth and profitability. Samsara is one of only two public companies, software companies at more than $1 billion of scale, expected to grow more than 30% this year and generating positive free cash flow.

總而言之，我們對今年的開局以及 25 財年前景的改善感到滿意。第一季度，我們維持了較大規模的營收成長率，同時也實現了創紀錄的自由現金流利潤率。我們現在的規模、成長和獲利能力都處於稀薄狀態。Samsara 是僅有的兩家規模超過 10 億美元的軟體公司上市公司之一，預計今年的成長將超過 30%，並產生正的自由現金流。

And looking forward, we believe we're well positioned to continue delivering durable and efficient growth because we're digitizing the world of physical operations, which is a very large and underserved market opportunity, and that's driving strong customer demand. Our products offer real ROI in a fast payback period, and we're targeting a very different operations budget. We're proud to partner with our customers and are excited to continue helping them operate more safely, efficiently, and sustainably.

展望未來，我們相信我們處於有利位置，可以繼續實現持久和高效的成長，因為我們正在將實體營運世界數位化，這是一個非常大且服務不足的市場機會，並且正在推動強勁的客戶需求。我們的產品可以在快速的投資回收期內提供真正的投資回報率，並且我們的目標是非常不同的營運預算。我們很榮幸能與客戶合作，並很高興繼續幫助他們更安全、高效和永續地運作。

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

接下來，我將把它交給麥克來主持問答。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指令）Keith Weiss，摩根士丹利。

This is Chris Quintero on for Keith. Thanks for taking our questions and congrats on the quarter. I wanted to ask about Connected Forms. Really interesting to see that utility customer have more than 30 use cases for it. That seems like a lot out of the gate and really stood out to me. So could you walk us through how that customer identified all of those use cases and how you are a part of that process? And relatedly, how many workers is that product touching with those 30 use cases?

我是基斯的克里斯·金特羅。感謝您回答我們的問題並祝賀本季。我想問一下有關連接表格的問題。看到公用事業客戶有超過 30 個用例，這真的很有趣。這看起來很不可思議，對我來說確實很突出。那麼您能否向我們介紹一下該客戶如何識別所有這些用例以及您如何參與流程？與此相關的是，該產品涉及這 30 個用例的工作人員有多少？

Sure, Chris. I'll take that. This is Sanjit.

當然，克里斯。我會接受的。這是桑吉特。

The simplest way for customers to see where they can use forms is to look at where they're still using pen and paper in their workflow. So for many of our customers, they have safety checklists they perform before getting started in their day. That might be a forklift inspection or some kind of site inspection. Some of them have delivery forms that they have when they visit a customer, and many of them have other kinds of compliance-related paperwork.

客戶了解可以在哪些地方使用表單的最簡單方法是查看他們在工作流程中哪些地方仍在使用筆和紙。因此，對於我們的許多客戶來說，他們在開始一天的工作之前都會執行安全檢查表。這可能是堆高機檢查或某種現場檢查。他們中的一些人有拜訪客戶時所擁有的交付表格，許多人還有其他類型的與合規性相關的文書工作。

So we often see dozens of different forms of pen and paper out in the customer environment, and that's something that thousands of frontline workers have to fill out every single day. So it's a tremendous opportunity for us. It also is something that's really strengthened by our system-of-record approach because we have a lot of contextual information about where that person is filling out that form, what asset they may be inspecting, what the mileage on that asset may be. So there's a lot that we can do in terms of connecting all this data together.

因此，我們經常在客戶環境中看到數十種不同形式的筆和紙，這是成千上萬的第一線員工每天必須填寫的內容。所以這對我們來說是一個巨大的機會。我們的記錄系統方法也確實加強了這一點，因為我們有很多上下文信息，包括該人在哪裡填寫表格、他們可能正在檢查什麼資產、該資產的里程可能是多少。因此，在將所有這些數據連接在一起方面，我們可以做很多事情。

Got it. That's super helpful, Sanjit. And then one for Dominic. I know you have been signaling that the beat magnitude will be coming down, and you just did about a 3% revenue beat. Is that the right type of beat magnitude investors we should be expecting for the rest of the year?

知道了。這非常有幫助，桑吉特。然後是多明尼克的一份。我知道你一直在暗示，收入增幅將會下降，而你剛剛實現了 3% 的收入增幅。這是我們在今年剩餘時間應該期待的超額投資者類型嗎？

Yes. I mean I would just first start off by saying we're really pleased with how FY25 got off to a good start. And we achieved 37% revenue growth in Q1, which again is the same growth rate that we did in Q4 last quarter but obviously at a larger scale, so no sequential decel. And we were also able to pass through 2x the amount of the Q1 beat through to the full year guide, which I think is very indicative of our outlook.

是的。我的意思是，我首先要說的是，我們對 2025 財年的良好開局感到非常滿意。我們在第一季實現了 37% 的營收成長，這與我們上季第四季的成長率相同，但顯然規模更大，因此沒有環比下降。我們還能夠將第一季的金額提高到全年指南的兩倍，我認為這非常能說明我們的前景。

And I did. You're right. I mentioned in the last call that our guidance is going to be less conservative this year than it was during our first two years post IPO because we obviously have more forecast predictability. But I'd say beyond that, I'd really continue to point investors to ARR as a better indicator for the performance in the quarter because like all subscription business models that have ratable revenue recognition, only a small percentage of our Q1 revenue actually came from Q1 bookings.

我做到了。你說得對。我在上次電話會議中提到，我們今年的指導將比首次公開募股後頭兩年更加保守，因為我們顯然有更多的預測可預測性。但除此之外，我確實會繼續向投資者指出ARR 作為衡量本季業績的更好指標，因為與所有具有可評級收入確認的訂閱業務模式一樣，我們第一季收入中只有一小部分實際上來自第一季的預訂開始。

Excellent. Thanks so much, Dominic.

出色的。非常感謝，多明尼克。

Alex Zukin, Wolfe.

亞歷克斯·祖金，沃爾夫。

Thanks for taking the question and for being one of the few beat and raise companies this earning season. Maybe just the first one, just the tale of the tape for the quarter, what was linearity like in the quarter? Was it any different than what maybe you saw this time last year? And outside of what you called out in the shareholder letter, maybe anything outsized in terms of areas of strength that drove the outperformance?

感謝您提出這個問題，也感謝您成為本財季少數幾家擊敗並籌集資金的公司之一。也許只是第一個，只是本季磁帶的故事，本季的線性情況如何？這與你去年這個時候看到的有什麼不同嗎？除了您在股東信中指出的內容之外，是否還有任何在推動業績出色的優勢領域方面存在過大的因素？

Alex, it's Dominic. Yes, so the linearity in Q1 looked very similar to other quarters. Like most enterprise software businesses, month one and month two tend to be lighter in terms of linearity, and then the majority of the bookings tend to happen in the third month. And so for us, month three was April, which was our strongest month in the quarter, and so no real change on linearity.

亞歷克斯，這是多明尼克。是的，所以第一季的線性看起來與其他季度非常相似。與大多數企業軟體業務一樣，第一個月和第二個月的線性度往往較低，然後大部分預訂往往發生在第三個月。因此，對我們來說，第三個月是四月，這是我們本季表現最強勁的一個月，因此線性沒有真正​​的變化。

And again, I think for us for Q1, there was a lot of strength that drove the top-line performance as we called out. It was a really strong large customer quarter. We had a lot of multiproduct transactions that drove a lot of our net new ARR strength. And then some of these emerging frontiers where it was a record quarter for international, we called out a number of these new products that are driving strength, and then we saw a pretty diverse mix of ARR across different industry verticals as well. Sorry, and then obviously record gross margin and record free cash flow margin.

再說一次，我認為對於我們第一季來說，正如我們所呼籲的那樣，有很多力量推動了營收表現。這是一個非常強勁的大客戶季度。我們進行了大量的多產品交易，這極大地推動了我們的淨新 ARR 實力。然後，在一些新興領域，國際創紀錄的季度，我們提出了許多正在推動實力的新產品，然後我們也看到了不同行業垂直領域的 ARR 相當多樣化的組合。抱歉，然後顯然記錄毛利率並記錄自由現金流量利潤率。

Perfect. And then maybe just as a follow-up. If I look at the net adds this quarter, really solid at 116. What's the takeaway from that? For the $100,000 customers, it's a little lower than last year's cadence. But is that -- is there any incremental macro hesitancy that's maybe shifting things more seasonally to the back half? Or qualify that number if you can.

完美的。然後也許只是作為後續行動。如果我看一下本季的淨新增人數，確實穩定在 116 人。從中可以得到什麼結論？對於 10 萬美元的客戶來說，節奏比去年低一些。但是，是否存在任何增量的宏觀猶豫，可能會使事情更具季節性地轉移到下半年？或如果可以的話限定該數字。

Yes. No, I think you've got to look at both sides of this, not only the number of $100,000-plus additions but also the average ARR per $100,000-plus customer increased to $316,000 this quarter versus $305,000 in Q1 of last year. Last year, the average ARR per customer was flat 0% growth versus the prior Q1. This quarter, it was up 4%. And so we more than offset the number of $100,000-plus adds by increasing the average size per customer, and you can see that result in the ARR mix from large customers increased to 53% this quarter, up from 52% last quarter and 49% a year ago.

是的。不，我認為你必須考慮這兩個方面，不僅是 100,000 美元以上的新增數量，而且本季度每 100,000 美元以上客戶的平均 ARR 增至 316,000 美元，而去年第一季為 305,000 美元。去年，每位客戶的平均 ARR 與前一季相比成長 0%。本季成長了 4%。因此，我們透過增加每位客戶的平均規模來抵銷 100,000 美元以上的增加數量，您可以看到，本季大客戶的 ARR 組合增加到 53%，高於上季的 52% 和 49%一年前。

Got it. Perfect. Thank you.

知道了。完美的。謝謝。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

This is Cole on for Derrick. First, I was just looking for an update on the macro and seeing if you guys are seeing any sales cycle changes now versus last quarter or last year.

這是科爾替補德瑞克。首先，我只是在尋找宏觀的更新，看看你們現在是否看到與上季或去年相比有任何銷售週期變化。

Sure. I'll take that. This is Sanjit. No major changes from what we saw 18 months ago. That's when sales cycles start to elongate, but they haven't gotten materially shorter or longer. I just spent a lot of time out on the road with customers, not just here in the US but in Canada, in the UK -- sorry, in France, Austria, all over.

當然。我會接受的。這是桑吉特。與 18 個月前相比沒有重大變化。那時銷售週期開始延長，但並沒有顯著縮短或延長。我花了很多時間在路上與客戶打交道，不僅在美國，而且在加拿大、英國——抱歉，在法國、奧地利等等。

And what we're hearing is that customers, they're in mission-critical industries. They're essential services, so they're continuing to operate at the pace they always have. As Dominic mentioned earlier, we're selling the operations budget, which tends to be quite a bit larger and very distinct and different from the IT budget. And our customers are seeing clear and fast RO as we outlined in the IDC study, with the 8x average payback. So I think it's a very clear value proposition to the customer, and we're continuing to sell through whatever is going on in the macro.

我們聽到的是客戶，他們處於任務關鍵型產業。它們是基本服務，因此它們將繼續以一貫的速度運行。正如 Dominic 之前提到的，我們正在銷售營運預算，該預算往往要大一些，並且與 IT 預算非常不同。正如我們在 IDC 研究中概述的那樣，我們的客戶看到了清晰、快速的 RO，平均投資回報率為 8 倍。因此，我認為這對客戶來說是一個非常明確的價值主張，我們將繼續根據宏觀情況進行銷售。

Super helpful. And then maybe one for Dom. The sales team has grown at a real impressive rate over the last year or so. Just how are you guys thinking about sales hiring as you head into the rest of '25? And then just maybe an update on sales, your rep productivity as well would be super helpful.

超有幫助。然後也許是為多姆準備的。在過去一年左右的時間裡，銷售團隊以令人印象深刻的速度成長。進入 25 年後，你們對招募銷售人員有何看法？然後，也許更新銷售情況、您的代表生產力也會非常有幫助。

Yes. So I mean, on the last call, we said that we -- overall headcount in FY24 grew 28% year over year, and that in FY25, we expect it to be around the same. Q1 was a really strong hiring quarter for us, one of our strongest ever; and we're on track for hiring for the rest of the year. So no changes in our hiring plans, and we're on track for that.

是的。所以我的意思是，在上次電話會議上，我們表示，2024 財年的總員工人數同比增長了 28%，而在 2025 財年，我們預計這一數字將大致相同。第一季對我們來說是一個非常強勁的招募季度，也是我們有史以來最強勁的招募季度之一；我們預計在今年剩餘時間內進行招募。因此，我們的招募計劃沒有變化，我們正在朝著這個目標邁進。

Great color. Thanks.

顏色很棒。謝謝。

Jacob, Goldman Sachs.

雅各布，高盛。

Jacob from Goldman here on for Kash. Thanks so much for taking the question. I think it's really great to see the continued growth and adoption across like video-based safety, telematics, apps and driver's workflow, and the disclosures that you all [give screen barrier like Datadog ask], which is really great to see.

來自高盛的雅各（Jacob）代表卡什（Kash）。非常感謝您提出問題。我認為很高興看到基於視訊的安全、遠端資訊處理、應用程式和駕駛員工作流程等領域的持續增長和採用，以及你們所有人的披露[像Datadog 所要求的那樣提供螢幕屏障]，這真的很高興看到。

So while acknowledging that MEM and Connected Forms are still relatively new versus the core offering, can you touch on just like how has adoption trended relative to initial expectations? And how often are you seeing customers adopt these solutions upon contract renewal? And anything about like the market size relative to the core offering would be great to get more color on.

因此，儘管您承認 MEM 和 Connected Forms 與核心產品相比仍然相對較新，但您能否談談相對於最初預期的採用趨勢如何？您多久會看到客戶在續約時採用這些解決方案？諸如相對於核心產品的市場規模之類的任何事情都非常有助於獲得更多的色彩。

Yes. I would say -- I mean, it is still early days, and so we're still figuring out what the trends are going to be. I will say that for Connected Forms in particular, we were ahead of our internal plan in Q1. So that's great.

是的。我想說——我的意思是，現在還為時過早，所以我們仍在弄清楚趨勢是什麼。我要說的是，特別是對於連接表單，我們在第一季領先內部計劃。那太好了。

We called out the $250,000 Connected Forms sold to the UK customer. And so we're seeing some great traction there. That was an expansion to an existing customer.

我們向英國客戶出售了價值 25 萬美元的 Connected Forms。所以我們看到了一些巨大的吸引力。這是對現有客戶的擴展。

I also called out the city of Pittsburgh, which was a new logo that landed with both MEM and Connected Forms. So to see the new product adoption for both new logos as well as expansions and getting over our target for the quarter is promising.

我還點出了匹茲堡市，這是一個與 MEM 和 Connected Forms 一起登陸的新標誌。因此，看到新徽標和擴展的新產品採用以及超過我們本季的目標是有希望的。

Great. That's great to hear, Dom. And then I think just one more question for me real quick. I think, typically, you'll disclose the net new ACV that stems from new versus existing customers. Was that disclosed this quarter? Or did I miss that?

偉大的。很高興聽到這個消息，Dom。然後我很快又想了一個問題。我認為，通常情況下，您會揭露來自新客戶與現有客戶的淨新 ACV。這是本季披露的嗎？還是我錯過了？

It was -- 59% came from expansions and 41% came from new logos.

59% 來自擴展，41% 來自新標誌。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Welcome.

歡迎。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Matt, are you there? Okay. Let's keep going.

馬特，你在嗎？好的。我們繼續吧。

Daniel Jester, BMO.

丹尼爾·傑斯特，BMO。

Thanks for taking my question. Maybe on the international strength that you called out in the quarter, how much of the improvement in international had been just about building capacity and opening of new offices versus actually improving the underlying velocity of the folks that you have had in the seats for a while?

感謝您提出我的問題。也許就您在本季度所呼籲的國際實力而言，國際方面的改進有多少只是關於能力建設和開設新辦事處，而不是實際提高您已經坐了一段時間的人員的基本速度？

Yes. I think it's really a combination of both. Whenever you enter into like a new product category, or a new geography, new customer segment, it takes time to build out the sales capacity, to get it ramped, get it productive, find lighthouse customers. And we've obviously been investing in international, and we're seeing the progress there steadily over the last several years. And so we're really pleased with the 18% net new ACV mix, and in particular, again, the strength in both Europe and Mexico.

是的。我認為這確實是兩者的結合。每當你進入新的產品類別、新的地理位置、新的客戶群時，都需要時間來建立銷售能力、提高銷售能力、提高效率、找到燈塔客戶。顯然，我們一直在國際領域進行投資，並且在過去幾年中我們看到了該領域的穩步進展。因此，我們對 18% 的淨新 ACV 組合感到非常滿意，特別是歐洲和墨西哥的實力。

Okay. Great. Thank you. And then, Dom, maybe on the update on the full year guidance and some of the comments you made about the macro, maybe you can just expand about what you've baked in in terms of assumptions or thoughts about how the rest of the year could progress would be very helpful.

好的。偉大的。謝謝。然後，多姆，也許關於全年指導的更新以及您對宏觀經濟所做的一些評論，也許您可以擴展一下您對今年剩餘時間的假設或想法的看法能取得進展將會非常有幫助。

Yes. So I mean, again, we framed the guidance as relatively derisked. We've run a number of different scenarios on our internal operating plan and provided guidance that we feel highly confident that we're going to be able to hit regardless if we see changes in the macroeconomic environment, if we see changes in customer demand, which we're not seeing today. But if we did start to see some changes, we feel confident that we'll still be able to hit that guidance.

是的。所以我的意思是，我們再次將這項指導視為相對低風險的。我們已經在我們的內部營運計劃中運行了許多不同的場景，並提供了指導，我們非常有信心，無論我們是否看到宏觀經濟環境的變化，如果我們看到客戶需求的變化，我們都將能夠實現這一目標，我們今天沒有看到這一點。但如果我們確實開始看到一些變化，我們相信我們仍然能夠達到這個指導目標。

Great. Thank you very much

偉大的。非常感謝

Alexei, J.P. Morgan. Alexei? Okay, let's move forward.

阿列克謝，摩根大通。阿列克謝？好吧，讓我們繼續前進。

Junaid, Truist.

朱奈德，真理主義者。

Great. Thanks for taking my question. As you shift your focus on serving larger enterprises and net new ACV becomes a bit more skewed towards expansions, I was just curious how do you look at that new logo versus expansion framework going forward?

偉大的。感謝您提出我的問題。當您將重點轉向服務大型企業時，淨新 ACV 變得更加偏向於擴展，我只是很好奇您如何看待新徽標與未來的擴展框架？

Yes. It's an important question. And I think we feel really good with the balance. That's been the real strength in our model, the balance between expansions and net new ACV. And this quarter was no different where we had strength in both.

是的。這是一個重要的問題。我認為我們對平衡感覺非常好。這就是我們模型的真正優勢，即擴張和淨新 ACV 之間的平衡。本季也不例外，我們在這兩方面都有優勢。

While 59% of the net new ACV mix came from expansions, and to your point, a lot of that comes from larger customers that do more of a phased rollout, it was also a really strong new logo quarter. It was the second highest number of new core logos that we've ever added. 10 of the top 10 new logos were multiproduct transactions. 6 of the top 10 new logos included three or more products, and so we're really pleased with the balance of the business and expect that to be the case going forward.

雖然 59% 的淨新 ACV 組合來自擴張，就您的觀點而言，其中許多來自進行更多分階段推出的較大客戶，但這也是一個非常強勁的新徽標季度。這是我們新增的新核心標誌數量第二多的。前 10 個新標誌中有 10 個是多產品交易。前 10 名新徽標中有 6 個包含三種或更多產品，因此我們對業務的平衡感到非常滿意，並預計未來也會如此。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Thanks for the questions. No worries. I'm actually on.

感謝您的提問。不用擔心。我其實在。

Look, we're seeing some competitors wind down their telematics business and shifting to other areas. I guess how much is that benefiting the current environment for you and how win rates been trending? Just generally any update on the competitive environment and as well as -- against the vendor, you actually have a lawsuit against too -- if those win rates are improving, given you guys have that on the table and try and prevent them from copying you?

看，我們看到一些競爭對手逐漸放棄他們的遠端資訊處理業務並轉向其他領域。我想這對您目前的環境有多大好處以及勝率的趨勢如何？一般來說，關於競爭環境的任何更新，以及——針對供應商，你實際上也有一場訴訟——如果這些獲勝率正在提高，考慮到你們已經把這一點擺在桌面上，並試圖阻止他們抄襲你？

Hi, James. This is Sanjit. I would say, in general, the competitive environment has been quite stable. There are a number of legacy point solutions that our customers have adopted over the last 20, 25 years. And many of them are now looking to standardize on a single platform approach, which is what we offer and we're that system of record for them.

嗨，詹姆斯。這是桑吉特。我想說，整體來說，競爭環境還是比較穩定的。我們的客戶在過去 20、25 年中採用了許多傳統的單點解決方案。他們中的許多人現在正在尋求標準化單一平台方法，這就是我們提供的，我們是他們的記錄系統。

So I think we do offer a very modern solution, and that's been our value proposition really since the beginning. That's still resonating. And then the competitive dynamic with the variety of competitors, again, is stable, and you see that reflect in our gross margin. It's been very stable. So overall, it's a big market out there, and we're just continuing to grow.

所以我認為我們確實提供了一個非常現代的解決方案，這從一開始就是我們的價值主張。這仍然引起共鳴。然後，與各種競爭對手的競爭動態又是穩定的，你會看到這反映在我們的毛利率上。一直非常穩定。總的來說，這是一個很大的市場，我們正在繼續成長。

Got it. And then, Dom, just going to that whole derisking for potential worsening of macro factors on the ARR side, I guess what are you seeing that --? Is micro specific to you guys as it ties into the macro that you're leaving that view unchanged? Is it just trying to err on the side of caution like some others have? Or is the macro starting to show signs of impacting operational budgets?

知道了。然後，Dom，我們要消除 ARR 方面宏觀因素潛在惡化的風險，我想您看到了什麼——？微觀是你們特有的嗎，因為它與你們保持觀點不變的宏觀連結在一起？只是想像別人那樣謹慎行事嗎？或者宏觀經濟是否開始顯示出影響營運預算的跡象？

No, I think it's just us wanting to make sure that we're setting expectations that we feel highly confident that we're going to be able to hit. We're not seeing any change in customer demand or any macro impact. And again, I think it goes back to the fact that we're offering real clear ROI as the IDC report called out 8x ROI on average.

不，我認為我們只是想確保我們設定的期望是我們非常有信心能夠實現的。我們沒有看到客戶需求發生任何變化或任何宏觀影響。再說一次，我認為這可以追溯到我們提供真正明確的投資回報率這一事實，IDC 報告稱平均投資回報率是 8 倍。

And then, again, we're just selling into a very different budget. The operations budget, it's very people and asset intensive. And these are very, very large budgets that have been very underserved by technology. And we're having a lot of success driving more market share.

然後，我們再次以非常不同的預算進行銷售。營運預算是人員和資產密集的。這些預算非常非常大，但技術卻遠遠未能滿足這些需求。我們在推動更多市場份額方面取得了巨大成功。

Thanks.

謝謝。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Appreciate you taking the questions. Sanjit, the letter leads mentioning you've been out visiting some of your larger customers. We see those videos from time to time. Is there -- I'm just wondering if there's any change in terms of priorities you're picking up in 2024 and what they're asking you to help solve versus maybe what that looked like a couple of years ago, just to help us get a sense of what the next few years could bear for Samsara in terms of evolution of the product.

感謝您提出問題。桑吉特，信中提到您已經出去拜訪了一些大客戶。我們時常會看到這些影片。我只是想知道您在 2024 年選擇的優先事項以及他們要求您幫助解決的問題與幾年前的情況相比是否有任何變化，只是為了幫助我們了解未來幾年 Samsara 的產品演變情況。

Yes. Michael, yes, I've been on the road a lot, and it's really exciting to be able to visit customers in their operational settings. I think the biggest trend that I've seen is this real shift towards a digital strategy. Almost every customer from the top down, whether it's the Board level or the C level, they are trying to figure out how to just adopt more digital technologies in their business because they see that data is helping them make smarter operational decisions.

是的。邁克爾，是的，我經常出差，能夠拜訪客戶的營運環境真的很令人興奮。我認為我所看到的最大趨勢是向數位策略的真正轉變。幾乎每一個自上而下的客戶，無論是董事會級別還是C 級別，他們都在試圖弄清楚如何在他們的業務中採用更多的數位技術，因為他們看到數據正在幫助他們做出更明智的營運決策。

So five years ago, we would typically be invited in to pitch one of our specific applications whether it's telematics or video-based safety. Now customers are looking to adopt the platform, and that includes those two applications but also Connected Equipment and Forms and MEM and everything else we were talking about earlier. That's distinctly different.

因此，五年前，我們通常會受邀推銷我們的特定應用程式之一，無論是遠端資訊處理還是基於視訊的安全。現在，客戶希望採用該平台，其中包括這兩個應用程序，還包括互聯設備、表格、MEM 以及我們之前討論的所有其他內容。那是明顯不同的。

And they're integrating this platform with others. So the idea that we have over 275 app marketplace integrations is really exciting because they can get more value from the data. So I would say the big takeaway is very strong interest in digitizing and then more sophistication when it comes to looking to integrate these systems to get more value from the data.

他們正在將該平台與其他平台整合。因此，我們擁有超過 275 個應用程式市場整合這個想法確實令人興奮，因為他們可以從數據中獲得更多價值。因此，我想說，最大的收穫是對數位化非常濃厚的興趣，然後在尋求整合這些系統以從數據中獲取更多價值時變得更加複雜。

Super helpful. Dominic, the 77% gross margin, pretty notable from where you've started. Appreciate the commentary in the letter around expecting near term that to stay closer to where we were last year. But maybe you can speak to the Q1 drivers and just longer term if there's still headroom you see as you're adding scale onto that line.

超有幫助。多明尼克，77% 的毛利率，從你開始的時候就非常引人注目了。感謝信中關於預計近期將接近去年水準的評論。但也許你可以與 Q1 車手談談，如果你在這條線上增加規模時仍然看到仍有空間，那麼從長遠來看。

Yes. Obviously, pricing power definitely helps gross margins. And then we're just -- we're getting really good about optimizing costs. And so customer support warranties, cellular data, hardware costs, a lot of these things are coming down, and that's definitely helped us bring up our gross margins over time.

是的。顯然，定價能力肯定有助於提高毛利率。然後我們就——我們在優化成本方面做得非常好。因此，客戶支援保固、蜂窩數據、硬體成本等許多方面都在下降，這肯定有助於我們隨著時間的推移提高毛利率。

There are some timing differences in terms of which quarters some payments and costs ultimately hit. And so we feel good about still getting to the same gross margin that we got to last year. And medium and longer term, there could be more upside to that, but for the near term, we think more of the leverage in the model is going to come from the OpEx line items.

某些付款和成本最終發生在哪個季度，存在一些時間差異。因此，我們對仍能達到與去年相同的毛利率感到滿意。從中長期來看，這可能會有更多的好處，但就短期而言，我們認為模型中更多的槓桿將來自營運支出項目。

Thanks very much.

非常感謝。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Appreciate the question. Maybe, Sanjit, starting for you. I think the hard ROI here is very evident, but you just touched on, too, maybe the value proposition of the ease of integration and connectivity across the ecosystem unlocking some of that siloed data across an enterprise. But maybe how does that compound the value of -- it's a very tangible ROI, but the ability to leverage that and access, that has accelerated as well.

感謝這個問題。也許，桑吉特，從你開始。我認為這裡的硬投資回報率是非常明顯的，但您也剛剛提到了整個生態系統中易於整合和連接的價值主張，從而解鎖了整個企業中的一些孤立數據。但也許這如何複合的價值 - 這是一個非常有形的投資回報率，但利用它和訪問的能力也加速了。

Well, I think the main thing that we see with customers is that we've really become that center of gravity for the data. So they push all the data into Samsara as the system of record. They connect us to those other systems.

嗯，我認為我們在客戶身上看到的最重要的一點是，我們確實成為了數據的重點。所以他們把所有的數據都推入輪迴作為記錄系統。它們將我們與其他系統連接起來。

I do think there will be compounding value effects there. Some of those come from integration. Some of it also comes from our ability to go process those 9 trillion data points we're seeing every year, train AI models on it to go find new insights and then turn those into actions through those workflows. So there's value coming in both of those areas. One is connecting us to other systems, and that could be insurance, payroll, ERP. There's a really wide range. And then the other is just us being able to deliver more value in our applications.

我確實認為那裡會產生複合價值效應。其中一些來自整合。其中一些也來自於我們處理每年看到的 9 兆個數據點的能力，在其上訓練人工智慧模型以尋找新的見解，然後透過這些工作流程將其轉化為行動。所以這兩個領域都有價值。一是將我們與其他系統連結起來，可能是保險、薪資、ERP。範圍真的很廣。另一個是我們能夠在我們的應用程式中提供更多價值。

Sure. And maybe it's a good segue. As you think about those larger customers that are adopting more, maybe how that contributes to the compounding effects of the ecosystem and unlocking more of that intelligence or capabilities to go digitize more than what you're doing today, so thinking about the opportunity for TAM expansion or platform expansion there.

當然。也許這是一個很好的延續。當您考慮那些正在採用更多技術的大客戶時，也許這會如何促進生態系統的複合效應，並釋放更多的智慧或能力，以實現比您今天所做的更多的數位化，因此請考慮TAM 的機會那裡的擴展或平台擴展。

Yes, absolutely. Dylan, the way we think about it is we run what we call a customer feedback loop. So these customers that have these large complex physical operations, they tend to have many, many real-world problems they're trying to solve. We're able to take down many of them with those initial applications. But Connected Equipment is a great example of a business line that really grew over time because our customers had many non-vehicle assets.

是的，一點沒錯。迪倫，我們的想法是我們運行所謂的客戶回饋循環。因此，這些擁有大型複雜實體操作的客戶往往會遇到許多許多需要解決的現實問題。我們能夠透過這些初始應用來消除其中的許多。但互聯設備是隨著時間的推移而真正成長的業務線的一個很好的例子，因為我們的客戶擁有許多非車輛資產。

They had trailers, generators, compressors, all kinds of things out in the field. And they wanted the same kind of visibility and insight into those. So we're excited to keep running this feedback loop, and we're going to do it for all the different products that we have and hopefully introduce some more products just in that same philosophy.

他們在現場有拖車、發電機、壓縮機以及各種東西。他們希望對這些有同樣的可見性和洞察力。因此，我們很高興能夠繼續運行這個反饋循環，我們將為我們擁有的所有不同產品做到這一點，並希望以同樣的理念推出更多產品。

Great. Thanks, Sanjit.

偉大的。謝謝，桑吉特。

Kirk Materne, Evercore.

柯克·馬特納，Evercore。

Congrats on the quarter. Sanjit, I was wondering if you could just talk a little bit about, going back to Connected Forms, how a discussion like that with the customer maybe expands the decision makers on the side of the customer? Meaning I'd be curious if that deal in particular or others, frankly, means that you start going in outside the business buyer and start to get into the CIO. And Dom, relatedly, I was curious what that does in terms of pricing on a per device basis versus opening it up to more of a per user basis as you go broader within your customer set.

恭喜本季。Sanjit，我想知道您是否可以談談，回到連接表單，與客戶進行這樣的討論如何擴大客戶方面的決策者的範圍？這意味著我很好奇，坦白說，該交易或其他交易是否意味著你開始進入企業買家之外並開始進入資訊長。與此相關的是，Dom 很好奇，隨著您在客戶群中的範圍不斷擴大，這對於按設備定價與向每個用戶開放定價有何不同。

So I'll start by talking about the use cases and the buyer. Almost all of this continues to center around the operations buyer because they're the ones that are dealing with the compliance paperwork and the checklists and the operational complexities. Many of them partner closely with their IT counterparts within the organization, but the beautiful thing about Connected Forms is you don't need to be a programmer to be able to reconfigure the form or change the workflow or change the learning and triggers. The operations user can do all of that.

因此，我將首先討論用例和買家。幾乎所有這些都繼續以營運買家為中心，因為他們是處理合規文書工作、清單和營運複雜性的人。他們中的許多人與組織內的 IT 同行密切合作，但 Connected Forms 的美妙之處在於，您不需要成為程式設計師就能夠重新配置表單或更改工作流程或更改學習和觸發器。操作使用者可以完成所有這些操作。

So I think we're continuing to sell into operations. But you're right that we're able to expand the use cases very broadly, well beyond vehicles and other assets to all different business process. And I think the CIOs are excited to see it because it's reducing the load on their teams to let operations be able to configure their own software.

所以我認為我們將繼續出售業務。但你說得對，我們能夠非常廣泛地擴展示例，遠遠超出車輛和其他資產，擴展到所有不同的業務流程。我認為資訊長們很高興看到它，因為它減輕了團隊的負擔，讓營運人員能夠配置自己的軟體。

Yes, Kirk, on the pricing across all of our different products, they're all subscription-based licenses we sell three to five years. For different products, the pricing meter can be different. And so it could be a physical asset. For the Mobile Experience Management, it's the number of mobile devices. And to your point, for the Connected Forms product, we're tying it to the number of users.

是的，柯克，就我們所有不同產品的定價而言，它們都是基於訂閱的許可證，我們銷售三到五年。對於不同的產品，定價表可能不同。因此它可能是一種實體資產。對於行動體驗管理，它是行動裝置的數量。就您而言，對於 Connected Forms 產品，我們將其與使用者數量連結起來。

And so all of them still result in subscription revenue, but the meter can be different. And as we get into some of these software-only products like MEM and Connected Forms are obviously gross margin accretive because we're just providing software on top of the data that we've already collected.

因此，所有這些仍然會產生訂閱收入，但計量表可能會有所不同。當我們進入一些純軟體產品（例如 MEM 和 Connected Forms）時，毛利率顯然會增加，因為我們只是在已經收集的資料之上提供軟體。

Thank you all.

謝謝你們。

So that was a great conversation, and this concludes the question-and-answer portion. Thank you all for attending our Q1 fiscal year 2025 earnings call.

這是一次很棒的對話，問答部分到此結束。感謝大家參加我們的 2025 財年第一季財報電話會議。

Before I let you go, I have a few short announcements. First, we'll be attending the BMO Virtual Software Conference on June 10 and the FBN Silicon Valley Virtual Tour on June 13. We hope to see you at one of these events.

在我讓你走之前，我有一些簡短的公告。首先，我們將參加 6 月 10 日的 BMO 虛擬軟體大會和 6 月 13 日的 FB​​ 矽谷虛擬之旅。我們希望在其中一場活動中見到您。

Second, we are hosting our Investor Day on June 27 in Chicago where we will provide additional insights into Samsara's trajectory and the overall state of physical operations. Please send an e-mail to ir@samsara.com if you're interested in attending in person. For those who prefer to attend virtually, our Investor Relations website will have a link to a live broadcast.

其次，我們將於 6 月 27 日在芝加哥舉辦投資者日，屆時我們將提供有關 Samsara 發展軌跡和實體營運整體狀況的更多見解。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，我們的投資者關係網站將提供現場直播的連結。

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.

今天的會議就到此為止。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。迴見了各位。