Samsara Inc (IOT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Samsara's second quarter fiscal 2025 earnings call. I'm Mike Chang, Samsara's Vice President of Corporate Development and Investor Relations.

下午好，歡迎參加 Samsara 2025 財年第二季財報電話會議。我是 Samsara 企業發展和投資者關係副總裁 Mike Chang。

Joining me today are Samsara's 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.

今天加入我的是 Samsara 的執行長兼聯合創辦人 Sanjit Biswas；以及我們的財務長多米尼克·菲利普斯 (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.

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, September 5, 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 9 月 5 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 second quarter fiscal 2025 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.

在今天的電話會議中，我們將討論 2025 財年第二季的財務表現。我們想指出的是，公司報告的非 GAAP 業績是根據 GAAP 計算的財務指標的補充，而不是替代或優於根據 GAAP 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. And with that, I'll 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。接下來，我會將電話轉交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara delivered another strong quarter of durable and efficient growth at greater scale. We ended Q2 with $1.26 billion in ARR, growing 36% year-over-year.

謝謝麥克，也謝謝大家今天加入我們。Samsara 又一個強勁的季度實現了更大規模的持久、高效成長。第二季末，我們的 ARR 為 12.6 億美元，年增 36%。

We also achieved a quarterly record for non-GAAP operating margin. We are the strategic partner to the world's leading and most complex physical operations organizations. Large customer momentum continues to fuel our growth. We added 169 customers with more than $100,000 in ARR. We also added a quarterly record of 14 customers with more than $1 million in ARR.

我們也創下了非公認會計原則營業利潤率的季度記錄。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。我們新增了 169 位 ARR 超過 100,000 美元的客戶。我們還增加了 14 個 ARR 超過 100 萬美元的客戶的季度記錄。

In Q2, we had wins with the State of Maine, one of the largest supermarket chains in the US and one of the largest retail-owned hardware cooperatives globally. As we grow our customer base, our data asset scales too. We're proud to announce that we achieved an important company milestone. We now collect more than 10 trillion data points annually on the Samsara platform. In addition to scale, our unique IoT dataset has incredible breadth and spans a broad and diverse group of assets. Our growing data set unlocks unique insights that help our customers tackle their toughest challenges.

第二季度，我們與緬因州取得了勝利，緬因州是美國最大的連鎖超市之一，也是全球最大的零售硬體合作社之一。隨著我們客戶群的擴大，我們的數據資產也在擴大。我們很自豪地宣布我們實現了公司的一個重要里程碑。現在，我們每年在 Samsara 平台上收集超過 10 兆個數據點。除了規模之外，我們獨特的物聯網資料集還具有令人難以置信的廣度，涵蓋廣泛且多樣化的資產組。我們不斷成長的資料集釋放出獨特的見解，幫助我們的客戶應對最嚴峻的挑戰。

In June, we hosted Samsara Beyond to discuss the impact of data and AI on the future of Connected Operations. Nearly 2,000 attendees across the world of physical operations came together for the event. And Beyond, we learned more about our customers' challenges and how they're looking to solve them with data and AI. They told us their top priorities include creating a system of record for their operations, standardizing their data and using more AI for insights. These conversations are critical as they shape where we prioritize our R&D efforts to maximize customer impact.

六月，我們主辦了《Samsara Beyond》，討論數據和人工智慧對互聯營運未來的影響。來自全球實體營運領域的近 2,000 名與會者齊聚一堂參加這項活動。除此之外，我們更了解了客戶面臨的挑戰以及他們如何利用數據和人工智慧來解決這些挑戰。他們告訴我們，他們的首要任務包括創建營運記錄系統、標準化數據以及使用更多人工智慧來獲取見解。這些對話至關重要，因為它們決定了我們研發工作的優先順序，以最大限度地提高客戶影響力。

During Beyond, we also hosted our Connected Operations award ceremony. We honored 15 global customers who had an outsized impact on our platform as well as our Ecosystem Partner of the Year. I'd like to share the impact we've been driving with a few of our winners.

Beyond 期間，我們也舉辦了互聯營運頒獎典禮。我們向對我們的平台產生巨大影響的 15 名全球客戶以及年度生態系統合作夥伴頒發了榮譽。我想與一些獲獎者分享我們所帶來的影響。

Home Depot was our safest operator winner in the Americas. They're the world's largest home improvement retailer with over 2,300 stores and 475,000 employees. Together with their appliance delivery and installation company, Temco Logistics, they achieved an 80% reduction in auto incidents by leveraging Samsara's Video-Based Safety application.

家得寶 (Home Depot) 是美洲地區最安全的營運商獲獎者。他們是全球最大的家居裝修零售商，擁有 2,300 多家商店和 475,000 名員工。他們與家電交付和安裝公司 Temco Logistics 合作，利用 Samsara 的基於視訊的安全應用程序，將汽車事故減少了 80%。

Next, let's turn to Sterling Crane, our Excellence in Efficiency winner. They're one of the world's largest crane rental supply companies with over 625 cranes in their fleet. They saved $1.2 million using Samsara from improved driver productivity and compliance. They also expect to save $2.5 million for major maintenance costs.

接下來，讓我們來看看我們的卓越效率獎得主 Sterling Crane。他們是世界上最大的起重機租賃供應公司之一，其車隊擁有超過 625 台起重機。他們使用 Samsara 提高了駕駛員的工作效率和合規性，從而節省了 120 萬美元。他們還預計可節省 250 萬美元的主要維護成本。

We are proud to partner with our customers to make a real-world impact on their operations. To help meet the needs of our customers, we've been accelerating our flywheel of innovation. Our growing data set and AI-powered insights drive our flywheel. As it spins faster, we deliver more value from our platform and build more products and features for our customers. All of this innovation helps our customers take more action to improve the safety, efficiency and sustainability of their operations.

我們很榮幸能夠與客戶合作，對他們的營運產生現實影響。為了幫助滿足客戶的需求，我們一直在加速創新飛輪。我們不斷增長的數據集和人工智慧驅動的洞察力推動著我們的飛輪。隨著它旋轉得更快，我們可以從我們的平台提供更多價值，並為客戶建立更多產品和功能。所有這些創新都有助於我們的客戶採取更多行動來提高營運的安全性、效率和永續性。

At Beyond, we launched a new product, our Asset Tag. The Asset Tag is the industry's first industrial-grade Bluetooth tag to help our customers track and manage their small high-value assets. It can be used for a range of assets from toolboxes and chemicals totes to engines and hand carts.

在 Beyond，我們推出了一款新產品：資產標籤。資產標籤是業界首款工業級藍牙標籤，可協助我們的客戶追蹤和管理他們的小型高價值資產。它可用於各種資產，從​​工具箱和化學品手提箱到引擎和手推車。

We expect, over time, this will help our customers save millions of dollars a year through increasing asset utilization, preventing asset loss and improving worker efficiency by reducing the time needed to locate stolen or lost assets. In Q2, our first quarter of selling Asset Tags, we reached approximately $1 million in net new ACV. It's an exciting start, and customer feedback has been strong. We are seeing demand from our customers across industries and geographies and learning about new use cases every week.

我們預計，隨著時間的推移，這將透過提高資產利用率、防止資產損失並透過減少定位被盜或失去資產所需的時間來提高工作人員效率，幫助我們的客戶每年節省數百萬美元。在第二季度，也就是我們銷售資產標籤的第一個季度，我們的新 ACV 淨值達到了約 100 萬美元。這是一個令人興奮的開始，客戶的回饋也很強烈。我們看到來自各個行業和地區的客戶的需求，並且每週都會了解新的用例。

A good example of this is TransCore, the leader in innovative tolling solutions. TransCore purchased a large amount of Asset Tags to help with inventory management, loss prevention and hardware functionality. They use this for technology hardware, fuel support assets, critical inventory and more. This technology is only possible because of the massive network we built at Samsara. We have millions of devices around the globe that are connected to the Internet.

TransCore 就是一個很好的例子，它是創新收費解決方案的領導者。TransCore 購買了大量資產標籤，以幫助庫存管理、防損和硬體功能。他們將其用於技術硬體、燃料支援資產、關鍵庫存等。這項技術之所以成為可能，是因為我們在輪迴建立了龐大的網路。我們在全球有數百萬台裝置連接到網路。

The Asset Tag uses industrial-grade Bluetooth to connect to the Samsara network. With the density of our network, organizations can get near real-time visibility and that will only improve as our network scales.

資產標籤使用工業級藍牙連接到 Samsara 網路。憑藉我們網路的密度，組織可以獲得近乎即時的可見性，並且隨著我們網路的擴展，這種情況只會得到改善。

At Beyond, we announced two new products to further digitize the worker experience, Connected Workflows and Connected Training. Our customers are using technology to transform the worker experience. Samsara is their trusted partner to make these jobs better and safer.

在 Beyond，我們發布了兩款新產品，以進一步數位化員工體驗：互聯工作流程和互聯培訓。我們的客戶正在利用科技來改變員工體驗。Samsara 是他們值得信賴的合作夥伴，可以讓這些工作變得更好、更安全。

Last year, we introduced Connected Forms to digitize paper processes for physical operations. Connected Workflows takes us to the next level and goes beyond digitization to orchestrating multistep workflows. Connected Workflows can automatically assign forms, manage approvals and create tasks based on contextual insights. Now every department can easily automate workflows to make work safer and easier from the front lines to the back office.

去年，我們引入了互聯表格，將實體操作的紙本流程數位化。互聯工作流程將我們帶到了一個新的水平，超越了數位化，編排了多步驟工作流程。互聯工作流程可以根據上下文洞察自動分配表單、管理審批並建立任務。現在，每個部門都可以輕鬆實現工作流程自動化，使從前線到後台的工作變得更安全、更輕鬆。

An example is DeSilva Gates, a leading construction company in California. DeSilva Gates is now automating truck inspections with Connected Workflows. Drivers are prompted to complete inspections on time. Any reported issues are submitted and addressed right away. And this has saved them about $45,000 a week or more than $2 million on an annualized basis.

加州領先的建築公司 DeSilva Gates 就是一個例子。DeSilva Gates 現在正在透過互聯工作流程實現卡車檢查的自動化。提示司機按時完成檢查。任何報告的問題都會立即提交並解決。這為他們每週節省了約 45,000 美元，按年計算節省了超過 200 萬美元。

The second worker experience product we launched was Connected Training. Connected Training helps our customers reduce risk by giving them a way to train workers anytime and anywhere. It does this by giving customers remote access to courses on the Samsara mobile app. Now our customers can build customized learning itineraries to address each worker's largest risk areas. They can also streamline all their training requirements across the organization.

我們推出的第二個員工體驗產品是互聯培訓。互聯培訓為我們的客戶提供隨時隨地培訓員工的方法，幫助他們降低風險。它透過讓客戶遠端存取 Samsara 行動應用程式上的課程來實現這一點。現在，我們的客戶可以建立客製化的學習行程，以解決每位員工最大的風險領域。他們還可以簡化整個組織的所有培訓要求。

Customers who use Connected Training are already seeing significant benefits. For example, Emery Sapp & Sons, a leading heavy civil construction contractor in the Midwest, saw a 40% reduction in safety events with Connected Training.

使用互聯培訓的客戶已經看到了顯著的好處。例如，中西部領先的重型土木建築承包商 Emery Sapp & Sons 透過互聯培訓發現安全事件減少了 40%。

After launching new products, we continue to run our customer feedback to make our products better and more impactful for our customers. At Beyond, we announced new features and partnerships for our platform. To help our customers improve -- to help improve our customers' safety programs, we launched new AI detections and shared updates to Smart Trailers. To help our customers improve the sustainability of their operations, we launched Charge Insights. This is part of our broader EV management offering.

推出新產品後，我們會持續收集客戶回饋，讓我們的產品更好、對客戶更具影響力。在 Beyond，我們宣布了我們平台的新功能和合作夥伴關係。為了幫助我們的客戶改進—為了幫助改善我們客戶的安全計劃，我們推出了新的人工智慧檢測並共享了智慧拖車的更新。為了幫助我們的客戶提高營運的可持續性，我們推出了 Charge Insights。這是我們更廣泛的電動車管理產品的一部分。

We also announced a new partnership with FirstNet, Built with AT&T, the only nationwide communications network created with and for public safety. Samsara is now FirstNet trusted so public safety customers can use Samsara in emergency response situations. It was another successful Beyond, and I'm happy to share we're hosting the next event next summer in San Diego.

我們也宣布與 FirstNet 建立新的合作夥伴關係，FirstNet 是與 AT&T 共同建構的，這是唯一為公共安全而創建的全國性通訊網路。Samsara 現在受到 FirstNet 的信任，因此公共安全客戶可以在緊急回應情況下使用 Samsara。這是另一場成功的 Beyond，我很高興與大家分享，我們將於明年夏天在聖地牙哥舉辦下一場活動。

We look forward to bringing together even more of our customers, partners and leaders across the world of physical operations. Digitizing physical operations will be a multi-decade journey. As we build for the long term, we continue to invest in our leadership and our culture. First, I'm excited to welcome Alyssa Henry to our Board of Directors. Alyssa brings over 25 years of experience as a product and technical leader at some of the world's most influential technology companies.

我們期待將更多實體營運領域的客戶、合作夥伴和領導者聚集在一起。實體營運數位化將是一個長達數十年的旅程。在我們的長期發展過程中，我們繼續投資於我們的領導和文化。首先，我很高興歡迎 Alyssa Henry 加入我們的董事會。Alyssa 在一些全球最具影響力的科技公司擔任產品和技術領導者，擁有超過 25 年的經驗。

This includes her role as CEO of Square at Block and senior leadership positions at Amazon and Microsoft. She has a proven track record of driving innovation and significant growth in the tech sector.

其中包括她擔任 Block 的 Square 執行長以及亞馬遜和微軟的高階領導職位。她在推動科技領域創新和顯著成長方面擁有良好的記錄。

Second, we are also happy to welcome Meagen Eisenberg as our Chief Marketing Officer. Meagen is joining us from Lacework, where she was their CMO through their recent acquisition by Fortinet. Before that, she was the CMO at both TripActions and MongoDB. She has great experience engaging customers, driving growth and building brands at many successful companies. We are thrilled to have Alyssa and Meagen join our team.

其次，我們也很高興歡迎 Meagen Eisenberg 擔任我們的行銷長。Meagen 是從 Lacework 加入我們的，她在 Lacework 最近被 Fortinet 收購後擔任首席行銷長。在此之前，她曾擔任 TripActions 和 MongoDB 的首席行銷長。她在許多成功的公司中擁有吸引客戶、推動成長和建立品牌的豐富經驗。我們很高興 Alyssa 和 Meagen 加入我們的團隊。

And lastly, Samsara continues to be a destination for some of the world's top talent. This is important as we scale to meet customer demand. This quarter, Samsara was recognized by Great Place to Work for development, well-being and women. We are proud of the impact we're making on our customers. We are operating at scale with our customers generating more than 10 trillion data points, 85 billion API calls and 70 billion miles driven across our platform annually.

最後，輪迴仍然是一些世界頂尖人才的目的地。這對於我們擴展以滿足客戶需求非常重要。本季度，Samsara 在發展、福祉和女性方面獲得了 Great Place to Work 的認可。我們為我們對客戶產生的影響感到自豪。我們正在大規模經營，客戶每年在我們的平台上產生超過 10 兆個數據點、850 億次 API 呼叫和 700 億英里的行駛里程。

Our growing data asset drives more AI-powered insights so our customers can get clear and fast ROI. Every year, the impact we make with our customers continues to compound. We're excited for the decades-long opportunity ahead.

我們不斷成長的數據資產推動了更多人工智慧驅動的洞察，以便我們的客戶可以獲得清晰、快速的投資回報。每年，我們對客戶的影響都在不斷擴大。我們對未來數十年的機會感到興奮。

Thank you to our customers, partners, investors and Samsarians across the globe for joining us on this journey. I'll now hand it over to Dominic to go over the financial highlights for the quarter.

感謝我們的客戶、合作夥伴、投資者和世界各地的救世主與我們一起踏上這段旅程。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. Q2 was another quarter of sustained high growth at scale and continued operating leverage. In particular, the quarter was highlighted by maintaining the same year-over-year revenue growth rate for the third consecutive quarter at a larger scale, surpassing 2,000 large customers, including adding a quarterly record number of $1 million-plus ARR customers, adding approximately $1 million of Asset Tags net new ACV in our first quarter of selling and achieving a quarterly record operating margin while sustaining a quarterly record gross margin.

謝謝你，桑吉特。第二季度是另一個規模持續高速成長和持續營運槓桿的季度。特別值得一提的是，該季度的亮點是連續第三個季度在更大範圍內保持與去年同期相同的收入增長率，超過2,000 個大客戶，其中增加了季度創紀錄的100 萬美元以上ARR客戶數量，增加了約我們第一季銷售的資產標籤淨額為 100 萬美元的新 ACV，並實現了季度創紀錄的營業利潤率，同時維持了季度創紀錄的毛利率。

Q2 ending ARR was $1.264 billion, growing 36% year-over-year. Within this, we added $88 million of net new ARR, representing 20% year-over-year growth. And Q2 revenue was $300 million, growing 37% year-over-year, which is the same year-over-year growth rate for the third consecutive quarter at a larger scale. Several factors drove our strong top line performance in Q2. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale.

第二季末 ARR 為 12.64 億美元，年增 36%。其中，我們增加了 8,800 萬美元的淨新 ARR，年增 20%。而Q2營收為3億美元，年增37%，這是連續第三季規模較大的年增速。有幾個因素推動了我們第二季強勁的營收表現。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。

We now have two 133 $100,000-plus ARR customers, representing 41% year-over-year growth, including a quarterly increase of 169, which is our second highest quarter ever. And within that, we also added a quarterly record 14 $1 million-plus ARR customers in the quarter. In addition to adding more large customers, we also grew our average ARR per large customer to $318,000, up from $306,000 one year ago. The combination of more large customers added and a higher average ARR per large customer increased our ARR mix for $100,000-plus ARR customers to 54% in Q2, up from 50% one year ago and 46% two years ago.

我們現在擁有 133 個 ARR 超過 10 萬美元的客戶，年增 41%，其中季度成長 169 個，這是我們有史以來第二高的季度。其中，本季我們也新增了 14 位 ARR 超過 100 萬美元的客戶，創季紀錄。除了增加更多大客戶外，我們還將每位大客戶的平均 ARR 從一年前的 306,000 美元增加到 318,000 美元。更多大客戶的增加以及每個大客戶平均ARR 的增加，使我們的ARR 超過100,000 美元的客戶的ARR 組合在第二季度增至54%，高於一年前的50% 和兩年前的46%。

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 subscribed to multiple products and 59% subscribed to three or more. We're also seeing multiproduct adoption at scale. Our two vehicle-based applications, Video-Based Safety and Vehicle Telematics, each represent more than $500 million of ARR, while Equipment Monitoring and other emerging products combined for more than $150 million of ARR.

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% 訂閱了多種產品，59% 訂閱了三種或更多產品。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（基於視訊的安全和車輛遠端資訊處理）各自代表超過 5 億美元的 ARR，而設備監控和其他新興產品合計代表超過 1.5 億美元的 ARR。

In addition to large scale, each of these three product categories continued to grow more than 30% year-over-year. We also saw a number of large multiproduct transactions in Q2. 9 of the top 10 new logos in Q2 included 2 or more products and 6 included 3 or more. Notably, one of our largest Q2 new logos, Cassens Transport Company, one of the largest auto haulers in the US landed with four different products.

除了規模較大之外，這三個產品類別均持續年增超過30%。我們在第二季也看到了許多大型多產品交易。第二季排名前 10 的新標誌中有 9 個包含 2 個或以上產品，6 個包含 3 個或以上產品。值得注意的是，我們第二季最大的新標誌之一——美國最大的汽車運輸公司之一的卡森斯運輸公司(Cassens Transport Company) 推出了四種不同的產品。

In addition to licensing our two vehicle-based applications, Cassens also purchased equipment monitoring and one of our newer software-only SKUs, Connected Training, in their initial transaction. Additionally, all of our top 10 expansions included two or more products and five included three or more. This expansion strength allowed us to achieve our target dollar-based net retention rate of 115% and 120% for core and large customers, respectively.

除了獲得我們的兩個基於車輛的應用程式的許可之外，Cassens 還在其初始交易中購買了設備監控和我們較新的純軟體 SKU 之一，即 Connected Training。此外，我們所有排名前 10 的擴充包都包含兩種或更多產品，其中 5 個擴充包包含三種或以上產品。這種擴張優勢使我們能夠實現核心客戶和大客戶以美元計算的淨保留率分別為 115% 和 120% 的目標。

And third, we demonstrated strong execution across several frontier markets. 16% of net new ACV came from international geographies in Q2, driven by strength in Europe, which had its fourth consecutive quarter of accelerating year-over-year ARR growth at a larger scale. Construction drove the highest net new ACV mix of all industries for the fourth consecutive quarter and field services had the second highest mix for the second consecutive quarter. In total, 87% of Q2 net new ACV came from non-transportation verticals, an increase from 83% in Q2 last year.

第三，我們在幾個前沿市場展現了強大的執行力。第二季淨新增 ACV 中有 16% 來自國際地區，這得益於歐洲的強勁勢頭，歐洲連續第四季度 ARR 年增速大幅加速。建築業連續第四個季度推動所有行業中最高的淨新 ACV 組合，現場服務連續第二季擁有第二高的組合。整體而言，第二季淨新增 ACV 的 87% 來自非交通垂直產業，高於去年第二季的 83%。

And lastly, we also saw strength in emerging products. We achieved roughly $1 million of Asset Tags net new ACV in our first quarter of selling including a more than $300,000 expansion with a top-100 customer in the construction industry. We also added roughly $1 million of Connected Workflows net new ACV in Q2, including four separate $100,000-plus ARR transactions. And we signed an approximately $250,000 Connected Training expansion in our first quarter of selling the product with a top 30 customer in the logistics industry.

最後，我們也看到了新興產品的實力。在第一季的銷售中，我們實現了約 100 萬美元的 Asset Tags 淨新 ACV，其中包括與建築行業前 100 名客戶的超過 30 萬美元的擴張。我們還在第二季增加了約 100 萬美元的互聯工作流程淨新 ACV，其中包括四筆單獨的 10 萬美元以上的 ARR 交易。我們在第一季向物流行業排名前 30 名的客戶銷售該產品，並簽署了一項價值約 25 萬美元的互聯培訓擴展協議。

In addition to driving strong top line growth, we continue to deliver operating leverage across our business as we scale. Non-GAAP gross margin was 77% in Q2, which was tied for a quarterly record, non-GAAP operating margin was a quarterly record 6% or 9 percentage points higher year-over-year, and adjusted free cash flow margin was 4% in what is our seasonally weakest free cash flow quarter.

除了推動強勁的營收成長外，隨著規模的擴大，我們還繼續在整個業務中提供營運槓桿。第二季非 GAAP 毛利率為 77%，與季度記錄持平；非 GAAP 營運利潤率創季紀錄，年成長 6%，即 9 個百分點；調整後自由現金流利潤率為 4%這是我們季節性最弱的自由現金流季度。

Okay. Now turning to guidance. We're raising our guidance across all key metrics because of our Q2 performance and outlook for the rest of FY25. For Q3, we expect total revenue to be between $309 million and $311 million, representing year-over-year growth between 30% and 31%. Non-GAAP operating margin to be approximately 4% and non-GAAP EPS to be between $0.03 and $0.04.

好的。現在轉向指導。鑑於我們第二季的業績以及 2025 財年剩餘時間的展望，我們正在提高所有關鍵指標的指引。對於第三季度，我們預計總營收將在 3.09 億美元至 3.11 億美元之間，年增 30% 至 31%。非 GAAP 營運利潤率約為 4%，非 GAAP 每股收益將在 0.03 美元至 0.04 美元之間。

For full year FY25, we expect revenue to be between $1.224 billion and $1.228 billion, representing year-over-year adjusted revenue growth between 33% and 34%, non-GAAP operating margin to be approximately 5% and non-GAAP EPS to be between $0.16 and $0.18. And finally, please see additional modeling notes in our shareholder letter.

對於 25 財年全年，我們預計營收將在 12.24 億美元至 12.28 億美元之間，調整後營收年增 33% 至 34%，非 GAAP 營業利潤率約為 5%，非 GAAP 每股收益為0.16美元到0.18 美元之間。最後，請參閱我們的股東信中的其他建模說明。

So to wrap up, we are pleased with our first half performance and our improved outlook for FY25. In Q2, we sustained our revenue growth rate at a larger scale while also delivering more operating leverage. 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 and a fast payback period to our customers 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.

總而言之，我們對上半年的業績以及 2025 財年前景的改善感到滿意。第二季度，我們維持了更大規模的營收成長率，同時也提供了更多的營運槓桿。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。我們的產品為客戶提供真正的投資報酬率和快速的投資回收期，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 Q&A.

接下來，我將把它交給麥克來主持問答。

(Operator Instructions) The first question today comes from Kash Rangan with Goldman Sachs, followed by Alex Zukin with Wolfe Research.

（操作員說明）今天的第一個問題來自高盛的 Kash Rangan，隨後是 Wolfe Research 的 Alex Zukin。

What a phenomenal quarter. It looks like the tone of new business seems to have picked up, if I can tell from the net new ACV growth rate you've experienced in the quarter and also the $1 million ACV contracts you landed the quarter. Can you talk about any potential changes to the buying environment you've noticed in the past month or so?

這是一個多麼非凡的季度。如果我能從您在本季經歷的新 ACV 淨成長率以及您在本季獲得的 100 萬美元 ACV 合約中看出，新業務的基調似乎已經回升。您能談談您在過去一個月左右注意到的購買環境的任何潛在變化嗎？

And also, Sanjit, curious to get your take on the impact of the tremendous new product innovation that you've laid forth here. How could that translate into better pricing power for the company and also better retention rates as your products like the Workflow, which we had a lot of fun talking about at our conferences? As those things start to take hold, how do you envision the stickiness, renewal and pricing power of the company?

另外，Sanjit，我很想知道您對您在這裡提出的巨大新產品創新的影響有何看法。這如何轉化為公司更好的定價能力以及更好的保留率，就像我們在會議上經常討論的工作流程這樣的產品？隨著這些事情開始紮根，您如何看待公司的黏性、更新和定價能力？

Sure. Kash, this is Sanjit. So first of all, I think the adoption of the platform has been really strong. This really is a continued pattern we've seen for a couple of quarters now. So I wouldn't say that this was especially different in terms of buying environment other than customers are really seeing clear and fast ROI with the platform and they want to do more.

當然。卡什，這是桑吉特。首先，我認為該平台的採用率非常高。這確實是我們幾個季度以來看到的持續模式。因此，我不會說這在購買環境方面有什麼特別不同，只是客戶確實看到了該平台清晰、快速的投資回報率，並且他們想做更多。

So not just Safety and Telematics, but monitor equipment, track those assets like you said, connect their workflows into the system. So the impact of new products, I think it strengthens our platform story for our customer.

因此，不僅僅是安全和遠端資訊處理，還可以監控設備，像您所說的那樣追蹤這些資產，將其工作流程連接到系統中。因此，我認為新產品的影響增強了我們為客戶提供的平台故事。

They're already in the system. They have lots of frontline and back-office employees using Samsara and ultimately, that helps us deliver more value for them. In terms of pricing power, I think really, it's about delivering great value for our customers. We're seeing strong renewal rates, and that's what I focus on is making sure our customers are happy that they're getting tons of value from the product. And if we do that, they're going to keep coming back.

他們已經在系統中了。他們有很多第一線和後台員工使用 Samsara，最終幫助我們為他們創造更多價值。就定價能力而言，我認為實際上是為我們的客戶提供巨大的價值。我們看到了強勁的續訂率，這就是我關注的重點是確保我們的客戶對他們從產品中獲得大量價值感到滿意。如果我們這樣做，他們就會繼續回來。

The next question comes from Alex Zukin with Wolfe, followed by Keith Weiss with Morgan Stanley.

下一個問題來自沃爾夫的亞歷克斯·祖金（Alex Zukin），隨後是摩根士丹利的基思·韋斯（Keith Weiss）。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Perfect. Congrats on another great quarter. I guess maybe just two for me. The first one, if you think about the Asset Tag product, the industrial Asset Tag, it's pretty remarkable to hear about a multi-hundred thousands dollar deal in like basically the first weeks of availability. So just if you can give us your sense, Sanjit, like the trajectory of how to ballpark the TAM for this product relative to Telematics, Video-Based Safety and others.

完美的。恭喜又一個偉大的季度。我想對我來說也許只有兩個。第一個，如果您考慮資產標籤產品，即工業資產標籤，那麼在推出的第一周內聽到數十萬美元的交易是非常了不起的。因此，Sanjit，如果您能為我們提供您的感覺，例如如何相對於遠端資訊處理、基於視訊的安全性等來確定該產品的 TAM 軌跡。

Where does this kind of fit in that gain and how fast relative to those other products can this ramp over the course of the coming year -- or coming years? And then I've got a quick follow-up.

與其他產品相比，這種成長在未來一年或未來幾年的成長速度有多快？然後我會進行快速跟進。

Sure. So Alex, it's hard to do a compare versus Safety and Telematics because when we released those products, we were a much smaller company. We weren't as well-known in the market. And so we're very pleased with how Asset Tags has kind of jumped off the line. There was a lot of excitement at the customer conference when we released it.

當然。所以亞歷克斯，很難與安全和遠端資訊處理進行比較，因為當我們發布這些產品時，我們是一家小得多的公司。我們在市場上並不那麼出名。因此，我們對資產標籤的推出感到非常滿意。當我們發布它時，客戶會議上引起了很大的興奮。

And I think it's because it got our customers thinking about all the other assets they have in their operations, they go well beyond vehicles and even trailers like all the smaller assets, fiber splicers, tools, things that get left beyond the job sites. So overall, it feels very strong. There's a lot of strong customer pull and interest in it. But again, it's hard to kind of compare it to products that we launched many years ago as a smaller company.

我認為這是因為它讓我們的客戶考慮了他們在運營中擁有的所有其他資產，它們遠遠超出了車輛甚至拖車的範圍，就像所有較小的資產、光纖熔接機、工具以及工作現場之外的物品一樣。所以整體來說，給人的感覺是非常強烈的。有很多強大的客戶吸引力和興趣。但同樣，很難將其與我們多年前作為一家小公司推出的產品進行比較。

Okay. Understood. And then maybe Dominic not like this question, but the Federal Motor Carrier Safety Administration seems to be planning to revisit the ELD mandate in June of '25. Is there any tailwind that you can kind of see or have visibility on? Because it seems like that would expand your telematics ARR like if it ends up being applicable to fleets that have pre-2000 engines, how applicable would -- like how much more coverage do you feel like that could unlock within your existing large customers?

好的。明白了。也許多明尼克不喜歡這個問題，但聯邦汽車運輸安全管理局似乎計劃在 25 年 6 月重新審查 ELD 授權。是否有任何你可以看到或能見度的順風？因為這似乎會擴大您的遠端資訊處理 ARR，就像它最終適用於擁有 2000 台之前發動機的車隊一樣，那麼適用性如何 - 例如您認為可以在現有大客戶中解鎖多少覆蓋範圍？

Yes, I think the way that -- we're going to continue to drive growth out of the business is really being more on offense, meaning customers are buying Samsara and really using us as a system of record across multiple products. because they're getting ROI. They're finding ways to operate more safely and more efficiently and reduce their costs, improve their asset utilization and worker productivity.

是的，我認為我們將繼續推動業務成長，這實際上更加具有進攻性，這意味著客戶正在購買 Samsara 並真正將我們用作跨多種產品的記錄系統。因為他們正在獲得投資報酬率。他們正在尋找更安全、更有效率的營運方式，並降低成本、提高資產利用率和工人生產力。

There may be other regulatory compliance things that ultimately kind of pop up, but we're not necessarily tracking that or relying on that to kind of drive future growth. It's really more about kind of being on offense and providing ROI for customers. And we'll take those things as they kind of come up, but none of that's kind of on our radar right now.

最終可能會出現其他監管合規問題，但我們不一定會追蹤或依賴它來推動未來的成長。這實際上更多的是一種進攻並為客戶提供投資回報。我們會在這些事情出現時採取這些措施，但目前我們還沒有註意到這些事情。

The next question comes from Keith Weiss with Morgan Stanley, followed by Kirk Materne with Evercore.

下一個問題來自摩根士丹利的 Keith Weiss，接著是 Evercore 的 Kirk Materne。

This is Chris Quintero on for Keith. I wanted to go back to an interesting slide you had at Analyst Day where more than half of the market does not use Telematics solution and even higher percentage not use a Video Safety solution. So curious to hear your thoughts on why these companies are not using a provider today? And are there any potential challenges around getting these customers to adopt the solution? Or is it really just a timing thing and eventually everyone will?

我是基斯的克里斯·金特羅。我想回到分析師日的一張有趣的幻燈片，其中超過一半的市場不使用遠端資訊處理解決方案，甚至更高的百分比不使用視訊安全解決方案。很想聽聽您對為什麼這些公司現在不使用提供者的想法？讓這些客戶採用該解決方案是否有任何潛在的挑戰？或者這真的只是一個時間問題，最終每個人都會這樣做？

Yes. So the dynamics are obviously different in -- on the Telematics side. Again, it's industry, it's a product set that's been around for multiple decades. And as you said, more than half or roughly 50% of commercial vehicles in North America are not using solution today. And so most of our customers are multiproduct.

是的。因此，遠端資訊處理方面的動態明顯不同。再說一次，這是一個行業，這是一個已經存在了幾十年的產品集。正如您所說，北美超過一半或大約 50% 的商用車目前沒有使用解決方案。因此，我們的大多數客戶都是多種產品的。

And so it's often the case that they're subscribing to multiple products, which ultimately helps convince them to maybe adopt Telematics technology when they weren't using it previously.

因此，他們通常會訂閱多種產品，這最終有助於說服他們在以前沒有使用過遠端資訊處理技術時採用該技術。

On the other side, Safety, it's really tied more to recent technology tailwinds. So going to 4G or HD videos has really kind of unlocked the ability to sell a solution and safety, and we're seeing that, that market rapidly start to adopt new technology. And so maybe at the time of the IPO, only 5% of commercial vehicles had a solution, now we're up to 10% and a lot of our safety ARR and growth is coming from new use cases for customers.

另一方面，安全性實際上更與最近的技術順風相關。因此，轉向 4G 或高清視訊確實釋放了銷售解決方案和安全性的能力，我們看到，該市場迅速開始採用新技術。因此，也許在 IPO 時，只有 5% 的商用車擁有解決方案，現在我們已達到 10%，而我們的許多安全 ARR 和成長都來自於為客戶提供的新用例。

And Chris, if I can just add one more point there. If you zoom way out, historically, Telematics have been viewed as something that was prevalent in the transportation industry, so kind of long-haul trucking. As we described earlier in the prepared remarks, 87% of our business came from industries outside of that, field services, construction were very strong. And so what we're seeing is even for applications like Telematics, new industries that had not previously adopted GPS tracking are adopting it and then to Dominic's point, our Video-Based Safety, that's enabled by new technologies, the connection, the quality of the cameras but also AI being able to go sift through all the safety events and deliver value for the customer.

克里斯，我可以再補充一點嗎？如果你把目光放遠一點，從歷史上看，遠端資訊處理一直被視為運輸業中流行的東西，例如長途卡車運輸。正如我們之前在準備好的演講中所述，我們 87% 的業務來自其他行業，現場服務、建築非常強勁。因此，我們看到的是，即使對於像遠端資訊處理這樣的應用程序，以前沒有採用GPS 追蹤的新行業也正在採用它，然後到Dominic 的觀點，我們基於視訊的安全性，這是透過新技術、連接、品質來實現的。

Got it. That's super helpful. And then my second question is for both of you. Clearly, things are firing on all cylinders at Samsara and the results clearly back that up. But just at a high level, we all can always improve.

知道了。這非常有幫助。我的第二個問題是問你們兩個的。顯然，輪迴的一切都在全速運轉，結果也清楚證明了這一點。但只要在高水準上，我們都可以不斷進步。

So I'm curious from both your perspectives, what are some areas of Samsara that you're looking to improve on or get better at today?

所以我很好奇，從你們兩個的角度來看，你們今天希望在《輪迴》的哪些方面進行改進或變得更好？

There's a lot that obviously that we can improve on. I think it's just about execution. Can we make sure that we're hiring the right people and retaining the right people and creating the right kind of company culture and ultimately, improving sales capacity and productivity. Can we make sure that we're making the right capital allocation decisions around R&D and building the right products, not only focused on kind of near-term growth, but as we've demonstrated over recent product announcements, making sure that we're planting seeds for medium and longer-term growth to drive that durability. Make sure that we're constantly taking customer feedback and making improvements.

顯然，我們還有很多可以改進的地方。我認為這只是執行力的問題。我們能否確保僱用合適的人才、留住合適的人才、創造合適的公司文化，並最終提高銷售能力和生產力。我們能否確保圍繞研發和建構正確的產品做出正確的資本分配決策，不僅關注短期成長，而且正如我們在最近的產品公告中所證明的那樣，確保我們為中長期成長播下種子，以推動這種持久性。確保我們不斷聽取客戶回饋並進行改進。

And so there's just a lot of execution that's required, obviously, as we continue to scale, and we're very focused on that.

因此，顯然，隨著我們不斷擴大規模，我們需要大量執行，而且我們非常關注這一點。

Yes, I think I would echo Dominic's points around -- there's a lot that we can do. And one of our operating principles at our company is to build for the long term. I feel like we can always do a better job spending time with customers in the field, hearing what else they want us to build and put on the platform. So if I had more hours in a day, that's what I would go do is go spend even more time with the customers.

是的，我想我會贊同多明尼克的觀點——我們可以做很多事情。我們公司的經營原則之一就是著眼長遠。我覺得我們總是可以做得更好，花時間與現場客戶交流，聽取他們也希望我們建造並放在平台上的其他內容。因此，如果我一天有更多時間，我會花更多時間與客戶相處。

So the next question comes from Kirk Materne with Evercore, followed by Matt Hedberg with RBC.

因此，下一個問題來自 Evercore 的 Kirk Materne，隨後是 RBC 的 Matt Hedberg。

And I'll echo the congrats on a great quarter. Sanjit, I was wondering, I realized Asset Tags are incredibly early on for you all. But one of the things that's kind of interesting about is that these tags can be used for incredibly high value assets as well as maybe lower value assets. I'm just kind of curious if customers are leaning one way or the other. I think you guys gave the example of everything from a toolbox to a train cart full of potash.

我也會對這個季度的出色表現表示祝賀。Sanjit，我想知道，我意識到資產標籤對你們所有人來說都非常早。但有趣的事情之一是，這些標籤可用於極高價值的資產，也可用於較低價值的資產。我只是有點好奇客戶是否傾向於其中一種。我想你們舉的例子包括從工具箱到裝滿鉀肥的火車車廂。

So I was just kind of curious, are they going after the high asset value and assets at all? And does that inform your thought process on pricing longer term? Again, I realize it's like the first quarter end, but I'm just kind of curious what you're seeing out there.

所以我只是有點好奇，他們是否追求高資產價值和資產？這是否有助於您對長期定價的思考過程？再說一次，我意識到這就像第一季末，但我只是好奇你在那裡看到了什麼。

Sure. As you said, it's very early, but it's exciting to see all the different use cases. And I think we mentioned earlier, we're seeing basically new use case every week. It's hard to see a specific pattern related to asset value. A lot of what we are hearing about are assets that are left behind that were historically untracked.

當然。正如您所說，現在還為時過早，但看到所有不同的用例令人興奮。我想我們之前提到過，我們每週都會看到基本上新的用例。很難看出與資產價值相關的特定模式。我們聽到的很多都是歷史上未被追蹤的遺留資產。

And these are ones that often don't have power, so they're not connected to a vehicle or they don't have fuel source or battery in them. So that's a lot of it, and that encompasses tools, but there's all kinds of accessories in the world of physical operations.

這些設備通常沒有電源，因此它們沒有連接到車輛，或內部沒有燃料源或電池。就這麼多，其中包括工具，但物理操作世界中有各種各樣的配件。

If you think about an excavator, for example, the little bucket at the end gets left behind at a job site. Those can cost thousands of dollars. We've heard same thing about crane parts and so on. So I would say a lot of different kinds of assets is the pattern, if there is one. But we should see a little more of kind of the high value versus low value over the next couple of quarters.

例如，如果您考慮挖掘機，則末端的小鏟鬥會留在工作現場。這些可能要花費數千美元。我們也聽說過有關起重機零件等的同樣的事情。所以我想說，如果有的話，很多不同種類的資產都是一種模式。但在接下來的幾個季度中，我們應該會看到更多的高價值與低價值的情況。

Now stepping back, we have a portfolio strategy when it comes to equipment. We offer powered equipment trackers. We have unpowered, whole family, really. And so we kind of view it as a portfolio, and we can kind of mix and match within a customer's deployment to meet their needs.

現在退一步來說，我們在設備方面有一個投資組合策略。我們提供動力設備追蹤器。我們整個家庭都沒有動力，真的。因此，我們將其視為一個產品組合，我們可以在客戶的部署中進行混合和匹配，以滿足他們的需求。

Okay. That's super helpful. And Dom, just a really quick follow-up. Obviously, great to see the leverage flowing through the cash flow numbers and the operating margins. Given the strength in demand, how are you thinking about hiring heading into calendar '25 or I realize it's early, but I assume you're starting to think about that now.

好的。這非常有幫助。Dom，只是一個非常快速的後續行動。顯然，很高興看到槓桿在現金流量和營業利潤中流動。考慮到需求的強勁，您如何考慮在 25 日曆年之前進行招聘，或者我意識到現在還為時過早，但我認為您現在已經開始考慮這一點了。

I was just kind of trying to think about how that might impact sort of your thought process over the next, call it, couple of quarters.

我只是想思考這可能會如何影響你接下來幾季的思考過程。

It's still really too early to kind of get into calendar '25. I think we're just kind of kicking off our annual operating plan kind of review process. And so we'll have more details on that in a couple of quarters. But the hiring has continued to be robust. We obviously had a kind of an accelerated hiring year last year. We've continued to hire aggressively this year, and we're kind of on track with our plans and we'll work through our annual operating plan review process and figure out what we're going to do for next year.

現在進入 25 年曆還為時過早。我認為我們只是開始了年度營運計劃審查流程。因此，我們將在幾個季度內獲得更多詳細資訊。但招募仍然強勁。顯然，去年我們的招募速度加快了。今年我們繼續積極招聘，我們的計劃已步入正軌，我們將完成年度營運計劃審查流程，並確定明年要做什麼。

The next question comes from Matt Hedberg with RBC, followed by Jim Fish with Piper Sandler.

下一個問題來自加拿大皇家銀行的馬特·赫德伯格，其次是派珀·桑德勒的吉姆·菲什。

Congrats again. I really do appreciate the sizing the asset size just in the first quarter, that was helpful. I'm curious, and I know, again, it's early, but looking at that customer where you saw a $300,000 uplift, do you get a sense like that's like an initial purchase? Did they think about scoping that like that's going to keep -- get them going for the next year? I was just sort of curious on because that's a big number. Any perspective on where that order would be in their Asset Tag journey?

再次恭喜。我真的很欣賞第一季調整資產規模，這很有幫助。我很好奇，而且我知道，現在還為時過早，但是看看那個您看到 300,000 美元加價的客戶，您是否有一種感覺，就像首次購買一樣？他們是否考慮過確定這樣的範圍，讓他們在明年繼續前進？我只是有點好奇，因為這是一個很大的數字。對於該訂單在資產標籤之旅中的位置有什麼看法嗎？

I think for that customer and for other customers that are at least in the pipeline, there's really more of a kind of a phased rollout approach of we're going to go after one use case upfront, and then we're going to find other things that we ultimately want to track and bring into the Samsara cloud. And so I think this kind of quarter will be indicative of future quarters where it's more of a land and expand over time.

我認為對於該客戶以及至少在管道中的其他客戶來說，實際上更多的是一種分階段推出的方法，我們將預先追求一個用例，然後我們將找到其他用例我們最終想要跟踪並帶入Samsara 雲中的東西。因此，我認為這種季度將預示著未來的季度，它更多的是一塊土地，並隨著時間的推移而擴展。

And if I can add to that a little bit. Some of our customers, once they try the Asset Tag, they're discovering new use cases within their operations. One of the examples we shared in their remarks, I met the customer, and they ordered a few thousand tags. One of the departments had a project in mind and another department swooped in and said, wow, this is super useful. We'd like half of those. And so they had to come back and order some more. And it's exciting because that means we're providing value for these customers.

如果我可以補充一點的話。我們的一些客戶一旦嘗試資產標籤，就會在其營運中發現新的用例。我們在他們的評論中分享的一個例子是，我遇到了客戶，他們訂購了數千個標籤。其中一個部門想到了一個項目，另一個部門突然介入並說，哇，這非常有用。我們想要其中的一半。所以他們不得不回來訂購更多。這是令人興奮的，因為這意味著我們正在為這些客戶提供價值。

That's great. Great color, especially on that launch. And then maybe reflecting back on your user event, which I thought was a well-done event. There's a lot of buzz about generative AI and I think trying to find that killer use case that your customer base is looking for. Can you give any perspective on sort of like where we're at in that journey?

那太棒了。顏色很棒，尤其是在發佈時。然後也許會回顧一下您的用戶活動，我認為這是一個做得很好的活動。關於生成式人工智慧有很多討論，我認為嘗試找到您的客戶群正在尋找的殺手級用例。您能否對我們目前所處的階段提出一些看法？

I mean is that something that we're thinking about in the next year or so? Because I have to mention there's a lot of opportunities to leverage that sort of technology within your Connected platform.

我的意思是，這是我們在明年左右考慮的事情嗎？因為我必須提到，有很多機會可以在互聯平台中利用這類技術。

Yes, absolutely. Matt, if you recall in our Investor Day, we shared a demo of basically a chat environment that is powered by the unique data asset that we've been creating here at Samsara. So we talked about maintenance, for example, being able in plain English or Plain Spanish, whichever you prefer, be able to tell you which vehicles need maintenance next, what's wrong with them, all that kind of detail. So we're excited to experiment. I think this technology is absolutely transformational and can deliver a lot of value for the customers.

是的，絕對是。馬特，如果你還記得在我們的投資者日，我們分享了一個基本上是聊天環境的演示，該環境由我們在 Samsara 創建的獨特數據資產提供支持。所以我們討論了維護，例如，能夠用簡單的英語或簡單的西班牙語，無論你喜歡哪一種，都能夠告訴你哪些車輛接下來需要維護，它們出​​了什麼問題，所有這些細節。所以我們很高興進行實驗。我認為這項技術絕對是變革性的，可以為客戶帶來很多價值。

It needs to be practical and useful in terms of how we deliver it. So over the next couple of months, we're rolling that out to customers and getting their feedback and enhancing it through our feedback loop.

就我們的交付方式而言，它必須是實用且有用。因此，在接下來的幾個月中，我們將向客戶推出這項服務，獲取他們的回饋，並透過我們的回饋循環進行增強。

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

下一個問題來自 Piper Sandler 的 Jim Fish，然後是富國銀行的 Michael Turrin。

I guess underneath, it does look like the mid-market ARR accelerated. And so Dom, how much of that was driven by sort of SMB expansion versus net new? And just generally, overall, how should we think about the percentage of ACV from new versus existing this quarter?

我猜想，從本質上看，中端市場的 ARR 確實在加速。Dom，其中有多少是由中小型企業擴張而非淨新增所推動的？一般來說，總的來說，我們應該如何考慮本季新的 ACV 與現有的 ACV 的百分比？

Yes. Like in our most recent quarters, it was pretty balanced. It tilted slightly towards expansion, so it was a very strong expansion quarter, we talked about getting to our net retention rate targets, but it was also a really strong new logo quarter. It was our second highest quarter ever in terms of new core customers added. We talked about 9 of the top 10 new logos were multiproduct transactions. And so similar to the kind of the most recent quarters, it continued to be very balanced.

是的。就像我們最近幾季一樣，情況相當平衡。它略微傾向於擴張，因此這是一個非常強勁的擴張季度，我們談到了實現淨保留率目標，但這也是一個非常強勁的新徽標季度。就新增加的核心客戶而言，這是我們有史以來第二高的季度。我們討論了前 10 個新標誌中的 9 個是多產品交易。與最近幾個季度的情況類似，它仍然非常平衡。

And look, in your outlook in the back pages there, you talked about net new ARR and that you're embedding macro worsening in your ARR outlook. But are you actually seeing any impact into the business today, how are deal cycles relative to 90 days ago?

看，在你的最後幾頁的展望中，你談到了淨新的 ARR，並且你將宏觀惡化納入了你的 ARR 展望中。但您是否確實看到了對當今業務的影響？

No. Customer demand continues to be robust. I think we're just making sure that we're setting up expectations in a way that we feel highly confident we can hit. Obviously, there's talks about slowing macroeconomics and we're in an election year. And so there's just more inherent kind of uncertainty.

不。客戶需求持續強勁。我認為我們只是確保我們以一種我們非常有信心能夠實現的方式設定期望。顯然，有人談論宏觀經濟放緩，而我們正處於選舉年。因此，存在著更多固有的不確定性。

But with that, we want to make sure that we're setting expectations that we feel good about hitting. And again, we're not seeing an impact in customer demand, but it's something that we're always watching out for.

但這樣一來，我們希望確保我們設定的期望是讓我們對擊球感覺良好。再說一次，我們沒有看到客戶需求受到影響，但這是我們一直在關注的事情。

The next question comes from Michael Turrin with Wells Fargo followed by Dylan Becker with William Blair.

下一個問題來自富國銀行的邁克爾·特林（Michael Turrin），隨後是威廉·布萊爾（William Blair）的迪倫·貝克爾（Dylan Becker）。

Great. I appreciate you taking the question. It's something we've probably touched on before, but the diversity of logos, your landing certainly stands out. It's actually the State of Maine, US supermarket, two Fortune 500s.

偉大的。我很感謝你提出這個問題。這是我們之前可能接觸過的事情，但標誌的多樣性，你的著陸肯定會脫穎而出。它實際上是美國緬因州的超市，兩家財富500強。

So maybe you can just go back to the diversification the business holds and how Samsara's go-to-market and underlying platform were able to address all of those different types of customers as effectively as you are.

因此，也許您可以回到業務的多元化，以及 Samsara 的上市和基礎平台如何能夠像您一樣有效地解決所有這些不同類型的客戶問題。

So Michael, I think one of the interesting things we've learned over the last few years is how much commonality there is across these different industries. So whether you're in construction or field services or the State of Maine, you're always trying to be more efficient. You're trying to understand how to be safer, how well your assets are utilized. So we focus on those common use cases and find that they really do apply across these different industries. We do break out our public sector team because the way the deal cycles work is a little bit different and contracting with government agencies is a bit different.

邁克爾，我認為過去幾年我們學到的有趣的事情之一是這些不同行業之間有多少共通點。因此，無論您是在建築業、現場服務業還是緬因州工作，您總是在努力提高效率。您試圖了解如何變得更安全，如何更好地利用您的資產。因此，我們專注於這些常見用例，並發現它們確實適用於這些不同的行業。我們確實拆分了我們的公共部門團隊，因為交易週期的運作方式有點不同，與政府機構的合約也有點不同。

But we have otherwise a pretty much a generalist sales team who are able to sell across these industries.

但我們擁有一支幾乎是多面手的銷售團隊，能夠在這些行業中進行銷售。

Great. And Dom, in the materials, there's some commentary around the operating margin improvement flowing through to free cash flow. Maybe you can just help level set all of us as we're working through models just in thinking through the delta between those two. How we should expect that to progress going forward?

偉大的。Dom，在資料中，有一些關於營業利潤率改善流向自由現金流的評論。也許你可以幫助我們所有人設定水平，因為我們正在透過模型思考這兩者之間的差異。我們應該期待這方面的進展如何？

Yes. And so we did talk about, yes, 200 basis points of operating leverage improvement for the year. And then that 200 basis points would flow through to free cash flow. There is more seasonality in free cash flow, where Q1 and Q3 tend to be a little bit higher than Q2. Q1 gets the benefit, obviously, of the collections coming in from Q4, which is our seasonally strongest net new ACV quarter.

是的。所以我們確實談到了，是的，今年營運槓桿率改善了 200 個基點。然後這 200 個基點將流入自由現金流。自由現金流的季節性較強，第一季和第三季往往比第二季略高。顯然，第一季受益於第四季的產品系列，第四季是我們季節性最強的淨新 ACV 季。

And then Q4 tends to be our largest free cash flow quarter because Q4 is our largest -- seasonally largest net new ACV quarter and so a lot of benefits from that quarter, then obviously, all of the kind of the second- and third-year kind of billings from the contracts that were booked in previous years. So there's a little bit more kind of lumpiness within free cash flow. But for the rest of the year, we do expect another kind of 200 basis points to flow through to both operating margin and the free cash flow margins versus what we guided to in consensus.

然後，第四季度往往是我們最大的自由現金流季度，因為第四季度是我們最大的——季節性最大的淨新ACV 季度，因此該季度帶來了很多好處，那麼顯然，所有第二年和第三年的收益都是如此。因此，自由現金流中存在著更多的不穩定因素。但在今年剩餘時間裡，我們確實預期營業利潤率和自由現金流利潤率將比我們的共識指引高出 200 個基點。

The next question comes from Dylan Becker with William Blair, followed by Matt Bullock with BofA.

下一個問題來自威廉·布萊爾的迪倫·貝克爾，接著是美國銀行的馬特·布洛克。

Okay. It looks like Dylan is not there. Let's go with Matt Bullock with BofA, followed by Alexei Gogolev with JPMorgan.

好的。看起來迪倫不在。讓我們來看看美國銀行的馬特·布洛克，然後是摩根大通的阿列克謝·戈戈列夫。

Excellent. A few if I could, on the new product launches. So great to see the early traction with the Asset Tag. Understanding it's early days. Can you talk about how we should think about the pricing and packaging strategy there now that there's been a little bit of time to collect feedback from the broader customer base?

出色的。如果可以的話，我會在新產品發表會上介紹一些。很高興看到資產標籤的早期吸引力。理解現在還為時過早。既然已經有一點時間從更廣泛的客戶群收集回饋，您能談談我們應該如何考慮定價和包裝策略嗎？

I'll start with that one. I think the initial pricing that we set on the Asset Tag seems to be working well. Feedback has been strong. And like we talked about earlier, there have been pretty significant orders on it. We do think of the Asset Tag again as part of a portfolio within our Connected Equipment line.

我將從那個開始。我認為我們在資產標籤上設定的初始定價似乎運作得很好。反饋很強烈。正如我們之前談到的，已經有相當多的訂單了。我們確實再次將資產標籤視為我們互聯設備系列產品組合的一部分。

So there's lots of different tracking products we offer for nonvehicle assets. And I think it fits in well, especially because it gives you the ability to track some of the less expensive smaller assets that are out there in operations.

因此，我們為非車輛資產提供了許多不同的追蹤產品。我認為它非常適合，特別是因為它使您能夠追蹤營運中一些較便宜的小型資產。

Super helpful. And then just one quick follow-up on the continued strength in Europe. I think you said it was the fourth consecutive quarter of accelerating ARR growth. What would you attribute that to? Is that just building up a larger base of reference customers, better sales infrastructure or just improvements to the product market fit?

超有幫助。接下來是對歐洲持續強勢的快速跟進。我想您說過這是連續第四季度 ARR 成長加速。您認為這歸因於什麼？這只是建立更大的參考客戶群、更好的銷售基礎設施還是只是改善產品市場契合度？

I think it's really all of the above. Obviously, Europe is a really big market opportunity for us. I mean just on the commercial vehicle side, there's more commercial vehicles and physical operations assets in Europe in North America. And so scenario that we've been focused on a lot of sales capacity building pipeline, making sure that we have the right products for those given regions and just kind of consistent investment has really paid off in particular over the last four quarters.

我認為這確實是以上所有內容。顯然，歐洲對我們來說是一個非常大的市場機會。我的意思是在商用車方面，北美的歐洲有更多的商用車和實體營運資產。因此，我們一直專注於大量銷售能力建立管道，確保我們為這些特定地區提供合適的產品，並且持續的投資確實得到了回報，特別是在過去四個季度。

It looks like we have Dylan back. So let's go with Dylan Becker with William Blair, followed by Alexei with JPMorgan.

看起來迪倫又回來了。讓我們來看看迪倫·貝克爾和威廉·布萊爾，然後是阿列克謝和摩根大通。

Great. Sorry about that. Maybe starting with Sanjit or Dom here, given that the ROI is so high, and obviously, you're seeing healthy demand in the ecosystem. I guess, what's keeping customers from adopting even faster and realizing some of the value that you guys deliver? I know that there's phased rollouts maybe, but is there a way to think about how we should think about that evolution of cross-sell and upsell kind of playing out within the existing base?

偉大的。對此感到抱歉。考慮到投資回報率如此之高，也許可以從 Sanjit 或 Dom 開始，而且顯然，您會看到生態系統中的健康需求。我想，是什麼阻礙了客戶更快採用並實現你們所提供的一些價值？我知道可能會分階段推出，但是有沒有辦法思考我們應該如何考慮現有基礎內交叉銷售和追加銷售的演變？

A lot of these physical operations customers are really in the early innings of digital transformation. And so adopting technology, there's change management required internally, but really ensuring that they get ROI and therefore, they do it more in a kind of a phased rollout way. And we're fine working with customers whether they want to kind of take all the licenses upfront or they want to do a phased rollout for us, we just want to make sure that they're getting value and they're getting real ROI and it really kind of depends on a customer-by-customer basis based on kind of where they are in their journey and in terms of adopting technology.

許多實體營運客戶確實處於數位轉型的早期階段。因此，採用技術時，內部需要進行變更管理，但要真正確保他們獲得投資回報率，因此，他們更多地以一種分階段推出的方式來做這件事。我們很樂意與客戶合作，無論他們是想預先獲得所有許可證還是想為我們分階段推出，我們只是想確保他們獲得價值並獲得真正的投資回報率這實際上取決於每個客戶的基礎，基於他們在旅程中的位置以及採用技術的情況。

Okay. Okay. That makes sense. And then sticking to, I think, kind of some of the highlights as well to you on the large customer side, step up in both new logo adds and revenue per customer. Dom, I guess, for you, how does this help fuel confidence in that outlook given this is becoming an incrementally kind of more strategic and larger segment that's growing faster than the aggregate mix here?

好的。好的。這是有道理的。然後，我認為，在大客戶方面也堅持一些亮點，增加新徽標和每個客戶的收入。Dom，我想，對您來說，鑑於這正在逐漸成為一個更具戰略性和更大的細分市場，並且其增長速度超過了這裡的總體組合，這如何有助於增強人們對這一前景的信心？

Yes, it's been incredibly consistent. I mean like over the last several quarters, kind of one percentage point of mix continues to move towards the large customers, we're now at 54%. I said 50% a year ago and 46% a year before that. And so this is an area where we continue to make more and more investments. We're really purpose-built for these large enterprises with complex physical operations.

是的，它的一致性令人難以置信。我的意思是，在過去的幾個季度中，混合比例繼續向大客戶傾斜，我們現在為 54%。我說一年前是50%，更早一年是46%。因此，這是我們繼續進行越來越多投資的領域。我們確實是專門為這些具有複雜物理操作的大型企業而設計的。

They have the ability to take on more products. We can just have more impact and drive more ROI for those customers. And so that will continue to be an important part of our growth strategy.

他們有能力承擔更多的產品。我們可以為這些客戶產生更大的影響並帶來更多的投資報酬率。因此，這將繼續成為我們成長策略的重要組成部分。

The next question comes from Alexei with JPMorgan, followed by Derrick with TD Cowen.

下一個問題來自摩根大通的 Alexei，隨後是 TD Cowen 的 Derrick。

This is Ella Smith calling on behalf of Alexei Gogolev. So first, I was hoping that you could share whether there are any products to call out that customers cross attach, either particularly fast, but then also particularly slowly.

我是埃拉·史密斯（Ella Smith）代表阿列克謝·戈戈列夫（Alexei Gogolev）打來的電話。首先，我希望您能分享是否有任何產品可以讓客戶交叉連接，要么特別快，要么特別慢。

I don't think that's a consistent pattern. Most of our customers are adopting multiple products. Obviously, our two largest Video-Based Safety and Vehicle Telematics tend to be the most common, but equipment monitoring and some of the emerging products combine for more than $150 million of ARR. So again, it really depends on individual customers on what the use cases are, and we see different combinations of products across all of our customers.

我認為這不是一個一致的模式。我們的大多數客戶都採用多種產品。顯然，我們兩個最大的基於視訊的安全和車輛遠端資訊處理往往是最常見的，但設備監控和一些新興產品的 ARR 合計超過 1.5 億美元。再說一遍，這實際上取決於各個客戶的用例，並且我們在所有客戶中看到了不同的產品組合。

Very helpful. And for my second question, are you interested in investing in additional product development? Or are you satisfied with your product portfolio at this juncture?

非常有幫助。對於我的第二個問題，您有興趣投資額外的產品開發嗎？或者您對目前的產品組合感到滿意嗎？

Well, I think I can say as a technology-oriented founder, we're here to build products that go solve problems for our customers. So we are absolutely investing in R&D. And it's an area that we get a lot of great ideas from our customers on. So we're going to keep improving the products we have and investing in some new ones.

嗯，我想我可以說，作為一個以技術為導向的創辦人，我們來這裡是為了打造能夠為客戶解決問題的產品。所以我們絕對會投資研發。在這個領域，我們從客戶那裡得到了很多很棒的想法。因此，我們將不斷改進現有產品並投資一些新產品。

The next question comes from Derrick with TD Cowen, followed by Junaid with Truist.

下一個問題來自 TD Cowen 的 Derrick，隨後是 Truist 的 Junaid。

Congrats another strong quarter. Sanjit, could you dive a little bit into the technology behind the new Asset Tags? I know this uses Bluetooth instead of your typical vehicle gateway systems. What are the differences between using Bluetooth versus gateways? Obviously, this helps target a lot more assets to light up and track. But what capabilities do you give up that you have to rely on other networks? And what are the implications for your COGS requirement?

祝賀又一個強勁的季度。Sanjit，您能深入了解新資產標籤背後的技術嗎？我知道這使用藍牙而不是典型的車輛網關係統。使用藍牙與網關有什麼差別？顯然，這有助於瞄準更多的資產來點亮和追蹤。但是你放棄了哪些能力而必須依賴其他網路呢？這對您的銷貨成本要求有何影響？

Yes. So in terms of how these Asset Tags connect, they are absolutely powered by Bluetooth, but we have an industrial-grade Bluetooth implementation. So a bit of a broader range. It's designed with security in mind as well. But again, Bluetooth doesn't connect to the cellular network.

是的。因此，就這些資產標籤的連接方式而言，它們絕對由藍牙供電，但我們有工業級藍牙實現。所以範圍更廣一些。它的設計也考慮到了安全性。但同樣，藍牙無法連接到蜂窩網路。

Instead, these devices connect to the Samsara gateways that are out there. We have millions of gateways out there. There's a high enough density now that we can achieve near real-time tracking with them. And that's really a byproduct of the scale that we've achieved as a company. We basically created this big network across where operations happens.

相反，這些設備連接到外面的 Samsara 網關。我們有數百萬個網關。現在密度夠高，我們可以用它們實現近乎即時的追蹤。這實際上是我們作為一家公司所取得的規模的副產品。我們基本上在營運發生的地方創建了這個大型網路。

So very excited to be able to do that. The implications of that are that the Bluetooth radios do cost less than the cellular modems. They're also more power efficient because they don't broadcast all the way to a cell tower.

能夠做到這一點非常興奮。這意味著藍牙無線電的成本確實低於蜂窩調製解調器。它們也更節能，因為它們不會一路廣播到手機訊號塔。

So the battery life is enhanced. So in a very small form factor the tag is kind of the size of a fun-sized candy bar. We're able to achieve multiyear about four-year battery life for our customers while doing that real-time tracking. So again, not something we could have done with cellular and not something that we could have done until we achieve the scale and density of the Samsara network that we have with the millions of gateways out there.

因此電池壽命得到增強。因此，在非常小的外形尺寸中，標籤的大小類似於有趣的糖果棒。在進行即時追蹤的同時，我們能夠為客戶實現約四年的電池壽命。再說一遍，這不是我們可以用蜂窩技術做的事情，也不是我們可以做的事情，直到我們達到輪迴網路的規模和密度，我們擁有數百萬個網關。

Got it. That's helpful color. Dom, I know we only get total customer count once a year, but can you speak to the -- just the velocity of how total customer count is trending versus historic levels and how you're feeling about making sure you've got kind of a funnel to keep graduating a healthy level of customers into that $100,000 number and drive good growth in that $100,000 number.

知道了。這是有用的顏色。Dom，我知道我們每年只獲得一次客戶總數，但是您能談談客戶總數相對於歷史水平的趨勢變化速度以及您對確保獲得某種程度的感受嗎？美元的數字，並推動該100,000 美元數字的良好增長。

Yes. As I said in the earlier answer, it was our second highest quarter ever in terms of new core customer logos added. So really strong. And again, it drove roughly close to 50% of the overall kind of net new ACV. So it was a little bit slightly of a larger expansion quarter.

是的。正如我在先前的回答中所說，就新增的新核心客戶商標而言，這是我們有史以來第二高的季度。所以真的很強。再次，它約佔新 ACV 總量的近 50%。所以這是一個稍微更大的擴張季度。

And so kind of similar to these previous quarters. Landing new logos is really important for us because, obviously, that leads to future expansion opportunities. And it was very kind of consistent mix from previous quarters.

與前幾季非常相似。登陸新標誌對我們來說非常重要，因為顯然這會帶來未來的擴張機會。這與前幾季的組合非常一致。

Junaid, Truist.

朱奈德，真理主義者。

Great. Just on that large customer count, as you continue to shift your focus on serving these larger enterprises, which has been growing pretty impressively, what are some of the additional levers that you can use apart from maybe hiring more quota-carrying reps to further drive that large customer penetration?

偉大的。就龐大的客戶數量而言，當您繼續將重點轉移到為這些成長相當驚人的大型企業提供服務時，除了可能僱用更多持有配額的代表來進一步推動業務之外，您還可以使用哪些其他槓桿那麼大的顧客滲透率？

I think a big part of it is this capital allocation and R&D investment, the more products that we can create and obviously, we're reaching a pretty good velocity on a kind of an annual basis. It just opens up more opportunities for us to have conversations with customers and ultimately solve more of their problems and create more ROI and have more impact for them. And if we can continue to do that, that will allow us to continue to grow the large customer cohort fast.

我認為其中很大一部分是資本配置和研發投資，我們可以創造的產品越多，顯然，我們每年都達到了相當好的速度。它只是為我們提供了更多與客戶對話的機會，最終解決他們的更多問題，創造更多的投資報酬率，並對他們產生更大的影響。如果我們能夠繼續這樣做，這將使我們能夠繼續快速擴大龐大的客戶群。

Okay. This concludes the question-and-answer portion. Thank you for attending our Q2 fiscal year 2025 earnings call.

好的。問答部分到此結束。感謝您參加我們的 2025 財年第二季財報電話會議。

Before I let you go, I have a few short announcements. We'll be attending the Goldman Sachs Communacopia Conference in San Francisco on September 9, the Wolfe Technology Conference in San Francisco on September 10; the Piper Sandler Growth Frontiers Conference in Nashville on September 11; and the JPMorgan Software Forum in Napa on October 8. 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。我們將參加 9 月 9 日在舊金山舉行的高盛 Communacopia 會議、9 月 10 日在舊金山舉行的 Wolfe 技術會議； 9 月 11 日在納許維爾舉行的 Piper Sandler 成長前沿會議；以及 10 月 8 日在納帕舉行的摩根大通軟體論壇。我們希望在其中一場活動中見到您。

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。再見，大家。