Samsara Inc (IOT) 2025 Q3 法說會逐字稿

(introduction playing) Good afternoon, and welcome to Samsara's third-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.

（簡介播放）下午好，歡迎參加 Samsara 2025 財年第三季財報電話會議。我是 Samsara 企業發展和投資者關係副總裁 Mike Chang。今天加入我的是 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.

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.

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。

Any forward-looking statements that we make on this call based on assumption as of today, December 5, 2024, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

我們在此電話會議中所做的任何前瞻性陳述均基於截至今天（2024 年 12 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 third-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 財年第三季的財務表現。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, delve into highlights for the quarter and then open the call up for Q&A. 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。這樣，我就把電話轉給 Sanjit。

Thanks, Mike, and thank you everyone for joining us today. Samsara delivered another strong quarter of durable and efficient growth. We ended Q3 with $1.35 billion in ARR growing 35% year over year. We also delivered a quarterly record 10% adjusted free cash flow margin.

謝謝麥克，也謝謝大家今天加入我們。Samsara 又一個季度實現了持久、高效的強勁成長。第三季末，我們的 ARR 為 13.5 億美元，年成長 35%。我們也實現了季度創紀錄的 10% 調整後自由現金流利潤率。

Our growth is powered by our deep partnerships with the world's largest and most complex operations organizations. In Q3, we added 170 customers with more than $100,000 in ARR, our second highest quarterly editions ever.

我們的成長得益於我們與世界上最大、最複雜的營運組織的深厚合作關係。在第三季度，我們增加了 170 位客戶，其 ARR 超過 100,000 美元，這是我們有史以來第二高的季度版本。

This includes major customer wins with large organizations like Papa John's, the world's third largest pizza delivery company, a Fortune 500 confectionery food and beverage company, and a Fortune 1000 network of full service medical equipment companies.

這包括贏得大型組織的主要客戶，例如世界第三大披薩外賣公司 Papa John's、財富 500 強糖果食品和飲料公司以及財富 1000 強全方位服務醫療設備公司網絡。

As we continue to grow, we're excited about the innovation that we're unlocking with more scale. This includes better AI models and benchmarking, stronger customer feedback loops to better understand our customers challenges, and more R&D dollars to invest in technology.

隨著我們的不斷發展，我們對更大規模地釋放創新感到興奮。這包括更好的人工智慧模型和基準測試、更強大的客戶回饋循環以更好地了解客戶的挑戰，以及更多的研發資金投資於技術。

Our customers provide the mission critical infrastructure that keeps the world running. They have asset heavy and labor intensive operations. We're partnering with them to digitally transform their organizations. Our growing data asset feeds our AI-powered platform which delivers insights to our customers so they can improve their operations.

我們的客戶提供維持世界運轉的關鍵任務基礎設施。他們的業務是資產密集型和勞力密集的。我們正在與他們合作，對他們的組織進行數位轉型。我們不斷增長的數據資產為我們的人工智慧平台提供支持，該平台為我們的客戶提供見解，以便他們改善營運。

This translates to clear and fast ROI with payback periods often measured in months. In a recent survey with IDC, they estimated that Samsara customers realize $2 million of savings on average per customer per year. This equates to more than 8 times ROI.

這意味著清晰、快速的投資報酬率，投資回收期通常以月為單位。在 IDC 最近的一項調查中，他們估計 Samsara 客戶每年平均每位客戶節省 200 萬美元。這相當於投資報酬率的 8 倍以上。

Typical savings include lower insurance premiums and payouts, improved fuel efficiency, lower maintenance costs, better asset utilization, improved worker hiring, and retention. As our customers achieve ROI they often expand with us for even more savings.

典型的節省包括降低保險費和支出、提高燃油效率、降低維護成本、提高資產利用率、改善工人僱用和保留。當我們的客戶實現投資報酬率時，他們通常會與我們一起擴展業務，以節省更多成本。

I'd like to share two examples of customers that have realized clear and fast ROI. They both expanded this quarter and have had multiple expansions since becoming customers. Comfort Systems is a Fortune 1000 company that provides heating, ventilation, air conditioning, and electrical contracting services. Their operations span over 170 locations with over 40 operating units and over 18,000 employees.

我想分享兩個實現了明確且快速的投資回報率的客戶範例。他們都在本季度進行了擴張，並且自成為客戶以來已經進行了多次擴張。Comfort Systems 是一家財富 1000 強公司，提供暖氣、通風、空調和電力承包服務。他們的業務遍及 170 多個地點，擁有 40 多個營運單位和 18,000 多名員工。

Comfort Systems prioritizes safety as a core value and is committed to a zero harm work environment. With Samsara, they achieved an 85% reduction in vehicle safety events and a 72% reduction in speeding in just six months. They are now a top 25 customer have had nine expansions since becoming a customer in 2022.

Comfort Systems 以安全作為核心價值，致力於打造零傷害的工作環境。借助 Samsara，他們在短短六個月內將車輛安全事件減少了 85%，超速現象減少了 72%。自 2022 年成為客戶以來，他們現已成為排名前 25 位的客戶，並進行了九次擴建。

In Q3, they added asset tags and expanded with more of Samsara's video-based safety, telematics, and equipment monitoring. They're using asset tags to track high value smaller equipment on job sites like scissor lifts, welders, and pipe machines. They're also using asset tags to improve their asset utilization.

在第三季度，他們添加了資產標籤，並擴展了 Samsara 更多基於視訊的安全性、遠端資訊處理和設備監控功能。他們使用資產標籤來追蹤作業現場的高價值小型設備，例如剪叉式升降機、焊接機和製管機。他們還使用資產標籤來提高資產利用率。

Next, let's turn to a Fortune 500 global company that provides water, hygiene, and infection prevention solutions and services. They have 48,000 employees and 11,000 light duty vehicles to support nearly 3 million customer locations worldwide.

接下來，我們來看看一家提供水、衛生和感染預防解決方案和服務的財富 500 強全球公司。他們擁有 48,000 名員工和 11,000 輛輕型車輛，為全球近 300 萬個客戶點提供支援。

They became a customer in 2021 and have had 11 expansions with us. They're using our video-based safety and telematics applications across two of their divisions. We've also identified additional expansion opportunities in five more divisions.

他們於 2021 年成為客戶，並與我們進行了 11 次擴建。他們在兩個部門使用我們基於視訊的安全和遠端資訊處理應用程式。我們也在另外五個部門確定了額外的擴張機會。

They have decreased harsh driving events by 37% using Samsara's video based safety application. In a pilot this year, they also reduced severe speeding by 48% and decreased Forward Collision Warning events by 50% with in-cab alerts.

使用 Samsara 基於視訊的安全應用程序，他們將惡劣駕駛事件減少了 37%。在今年的試點中，他們還透過駕駛室內警報將嚴重超速現象減少了 48%，並將前方碰撞警告事件減少了 50%。

We are proud to partner with our customers to make a real world impact on their operations. AI is amplifying our impact on the safety efficiency and sustainability of our customers operations. We recently surveyed over 1,500 leaders in physical operations in our state of connected operations report.

我們很自豪能夠與客戶合作，對他們的營運產生現實的影響。人工智慧正在擴大我們對客戶營運的安全效率和永續性的影響。最近，我們在互聯營運狀況報告中對 1,500 多名實體營運領導者進行了調查。

We found that AI-driven advancements are fundamentally reshaping how these organizations operate. 87% reported that they are planning to increase AI investments in the coming year. They reported many benefits of AI.

我們發現人工智慧驅動的進步正在從根本上重塑這些組織的運作方式。 87% 的受訪者表示，他們計劃在未來一年增加人工智慧投資。他們報告了人工智慧的許多好處。

45% cited improvements in safety. 45% highlighted enhanced data and analytics capabilities and 43% reported gains in operational efficiency. These findings show the powerful role AI will play in the future of connected operations. To bring more AI to our customers, we announced Samsara Intelligence earlier this week. It is an expanded suite of AI offerings that helps teams make smarter decisions and run safer, more efficient operations.

45% 的人提到安全性有所改善。 45% 的受訪者強調了數據和分析能力的增強，43% 的受訪者表示營運效率有所提高。這些發現表明人工智慧將在未來的互聯運作中發揮強大的作用。為了為我們的客戶帶來更多的人工智慧，我們在本週早些時候宣布了 Samsara Intelligence。它是一套擴展的人工智慧產品，可幫助團隊做出更明智的決策並進行更安全、更有效率的營運。

Samsara Intelligence is trained on an expansive data set which has great scale and breadth. We now process more than 10 trillion data points and 70 billion miles driven annually. Our data spans a broad and diverse group of asset types, end markets, data types and geographies. Our customers face tough challenges and our AI models use this data to help them solve real-world use cases.

Samsara Intelligence 經過大規模和廣度的廣泛資料集的訓練。現在，我們每年處理超過 10 兆個數據點和 700 億英里的行駛里程。我們的數據涵蓋廣泛且多樣化的資產類型、終端市場、資料類型和地理位置。我們的客戶面臨嚴峻的挑戰，我們的人工智慧模型使用這些數據來幫助他們解決現實世界的用例。

Samsara Intelligence includes Samsara Assistant and Intelligent Experiences. Samsara Assistant is an interactive generative AI tool that provides instant answers to their operational questions. It improves the safety maintenance and compliance of our customers operations.

輪迴智能包括輪迴小幫手和智慧體驗。Samsara Assistant 是一款互動式生成式人工智慧工具，可為使用者的操作問題提供即時答案。它提高了客戶營運的安全維護和合規性。

Some examples include identifying vehicles with severe fault codes and receiving step by step instructions to resolve them; spotting time sensitive disruptions in daily operations like unexpected stops which might signal a driver is at risk or in need of assistance; determining the safest drivers and recognizing them for their performance and understanding hours of service regulatory requirements for a new geography or customer type.

一些例子包括識別具有嚴重故障碼的車輛並接收解決這些問題的逐步說明；發現日常營運中對時間敏感的干擾，例如意外停車，這可能表示駕駛員面臨危險或需要幫助；確定最安全的司機並認可他們的表現並了解新地理位置或客戶類型的服務時間監管要求。

Intelligent Experiences embeds AI recommendations and actions throughout the Samsara platform. It makes AI accessible to the front line by providing visual, training, and coaching intelligence. For example, frontline workers can identify safety hazards from a photo on a job site. They can also provide proof of delivery records from a photo of a bill of lading. Operators can also improve their safety and compliance while reducing administrative time by creating a custom worker training module just by uploading a policy document.

智慧體驗將人工智慧建議和操作嵌入整個 Samsara 平台。它透過提供視覺、培訓和指導智能，使人工智慧能夠進入前線。例如，第一線工人可以從工作現場的照片中識別安全隱患。他們還可以透過提單照片提供交貨記錄證明。操作員還可以透過上傳​​策略文件來建立自訂工人培訓模組，從而提高安全性和合規性，同時減少管理時間。

Both Samsara Assistant and Intelligent Experiences are now available in beta to customers in North America. They will be generally available after running our customer feedback. We're excited to see many of our initial customers already achieving significant impact from our new AI products.

Samsara Assistant 和智慧體驗現已向北美客戶提供測試版。在運行我們的客戶回饋後，它們將普遍可用。我們很高興看到我們的許多初始客戶已經從我們的新人工智慧產品中獲得了重大影響。

Now, I'd like to turn to international growth. I've met with dozens of customers in our international markets this year. Every time I meet with them, I'm inspired by the long-term opportunity to expand our impact. First, the international market is very large. There are more assets and frontline workers in Europe, Canada, and Mexico than in the US.

現在，我想談談國際成長。今年我在國際市場上會見了數十位客戶。每次與他們見面時，我都會受到擴大我們影響力的長期機會的啟發。首先，國際市場很大。歐洲、加拿大和墨西哥的資產和第一線工人比美國更多。

Second, the international market is less penetrated than the US and earlier in its digitization journey. Third, despite the low penetration, the opportunity for impact in customer ROI is comparable in these regions. These customers are achieving similar savings from insurance payouts and premiums, fuel costs, improve worker retention, and asset utilization.

其次，國際市場的滲透率低於美國，且數位化進程較早。第三，儘管滲透率較低，但在這些地區影響客戶投資報酬率的機會是相當的。這些客戶透過保險支出和保費、燃料成本、提高員工留任率和資產利用率實現了類似的節省。

In November, we hosted two international customer events. Go Beyond, our first European Customer Conference; and Innovation Day in Mexico. We brought together hundreds of local customers at each event to discuss how AI and data are impacting the world of connected operations.

11 月，我們舉辦了兩場國際客戶活動。Go Beyond，我們的首屆歐洲客戶會議；和墨西哥創新日。我們在每次活動中都聚集了數百名本地客戶，討論人工智慧和數據如何影響互聯營運的世界。

We also announced several new product features tailored for customers in these local markets. At Go Beyond in Europe, we announced two new features: Low Bridge Strike, an electronic brake performance monitoring system which we call EBPMS.

我們也宣布了幾項為這些當地市場的客戶量身訂製的新產品功能。在歐洲的 Go Beyond 展會上，我們宣布了兩項新功能：Low Bridge Strike，一種電子煞車性能監控系統，我們稱之為 EBPMS。

Low Bridge Strike uses AI to help our European customers minimize the risk of their trucks hitting low bridges. Customers set the maximum vehicle height and drivers are alerted whenever they approach a bridge that's too low to pass. Every year, nearly 2,000 bridge strikes happen in the UK, costing UK taxpayers around GBP23 million.

Low Bridge Strike 使用人工智慧幫助我們的歐洲客戶最大限度地降低卡車撞上低橋的風險。客戶設定最大車輛高度，每當駕駛人接近因太低而無法通過的橋樑時，就會收到警報。英國每年發生近2,000起橋樑罷工事件，造成英國納稅人約2,300萬英鎊的損失。

EBPMS helps our customers maintain their braking performance record. It also alerts fleet operators when braking performance falls below acceptable standards or if it detects faults. We expect that in 2025, EBPMS will become one of the two accepted methods for brake testing in the UK.

電子業務流程管理系統幫助我們的客戶保持煞車性能記錄。當煞車性能低於可接受的標準或檢測到故障時，它也會向車隊操作員發出警報。我們預計，到 2025 年，EBPMS 將成為英國公認的兩種煞車測試方法之一。

At Innovation Day in Mexico, we announced the Engine Immobilizer 2.0 feature. Physical security is top priority for our customers in Mexico. This feature allows new customizable alerts to meet operators needs when their safety is compromised. It also provides detailed real time reports through the Samsara dashboard. This helps customers effectively monitor the safety of their vehicles.

在墨西哥的創新日上，我們宣布了引擎防盜器 2.0 功能。實體安全是我們墨西哥客戶的首要任務。此功能允許新的可自訂警報，以滿足操作員在安全受到威脅時的需求。它還透過 Samsara 儀表板提供詳細的即時報告。這有助於客戶有效監控車輛的安全性。

Our local customers were excited by these new capabilities and we're looking forward to seeing the impact. It's been another exciting quarter of durable and efficient growth for Samsara. We're all grateful for the partnership of our customers around the globe.

我們的本地客戶對這些新功能感到興奮，我們期待看到其影響。對於 Samsara 來說，這是另一個令人興奮的季度，實現了持久和高效的成長。我們非常感謝全球客戶的合作。

We'd like to thank all of our Samsarians, customers, partners and investors for being part of this journey. Together, we're just getting started.

我們要感謝所有參與這趟旅程的救世主、客戶、合作夥伴和投資者。在一起，我們才剛開始。

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. Q3 was another quarter of sustained high growth at scale and continued operating leverage. In particular, the quarter was highlighted by surpassing $101 million-plus ARR customers, adding 170 -- $100,000-plus ARR customers, our second highest quarterly editions ever. More than 100% quarter over quarter growth in asset tag, net new ACV, and just our second quarter of selling the product and achieving quarterly records for gross margin, operating margin, and free cash flow margin.

謝謝。桑吉特。第三季是規模持續高速成長和營運槓桿持續成長的另一個季度。特別值得一提的是，本季的 ARR 客戶數量超過 1.01 億美元，增加了 170 至 10 萬美元以上的 ARR 客戶，這是我們有史以來第二高的季度版本。資產標籤、淨新 ACV 季度環比增長超過 100%，僅在我們銷售產品的第二季度，毛利率、營業利潤率和自由現金流利潤率就創下了季度記錄。

Q3 ending ARR was $1.35 billion, growing 35% year over year, and Q3 revenue was $322 million growing 36% year over year. Several factors drove our strong top-line performance in Q3. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale. We now have 2,303 $100,000-plus ARR customers, representing 38% year-over-year growth, including a quarterly increase of 170 which is our second highest quarter ever.

第三季末 ARR 為 13.5 億美元，年增 35%，第三季營收為 3.22 億美元，年增 36%。有幾個因素推動了我們第三季強勁的營收表現。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 2,303 名 ARR 超過 100,000 美元的客戶，年增 38%，其中季度增長 170 名，這是我們有史以來第二高的季度。

In addition to adding more large customers, we also grew our average ARR per large customer to $318,000, up from $307,000 one year ago. The combination of adding more large customers and a higher average ARR resulted in an increased ARR mix for $100,000-plus customers to 54% in Q3, up from 51% one year ago and 47% two years ago.

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 307,000 美元增加到 318,000 美元。更多大客戶的增加和更高的平均 ARR 相結合，導致 100,000 美元以上客戶的 ARR 組合在第三季度增加至 54%，高於一年前的 51% 和兩年前的 47%。

Second, this quarter included a balanced mix of landing new customers and expanding existing customer relationships. For new logos, we added over 1,000 core customers for the fifth consecutive quarter including our second highest number of core customers added.

其次，本季平衡地兼顧了吸引新客戶和擴大現有客戶關係。對於新商標，我們連續第五個季度增加了 1,000 多個核心客戶，其中增加的核心客戶數量位居第二。

Additionally, a quarterly record 78 of the 170, $100,000-plus ARR customers added were new customers. Also, 9 of the top 10 new customers signed with multiple products. One of the largest new customers, a global leader in third-party logistics with over 110,000 employees, signed a more than $1 million transaction across four different applications.

此外，在增加的 170 個 ARR 超過 100,000 美元的客戶中，有 78 個是新客戶，創季度記錄。此外，前 10 位新客戶中有 9 位簽署了多種產品。最大的新客戶之一是一家全球領先的第三方物流公司，擁有超過 110,000 名員工，在四個不同的應用程式中籤署了一項超過 100 萬美元的交易。

In addition to licensing our two vehicle-based applications, video-based safety and vehicle telematics, this customer also subscribed to equipment monitoring and one of our newer software only SKUs in their initial transaction. For expansions, 16 of our top 25 customers expanded in Q3 and 21 of our top 25 customers have expanded over the past two quarters. Also, 8 of the top 10, Q3 expansions included multiple products.

除了授權我們的兩種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）之外，該客戶還在其初始交易中訂閱了設備監控和我們較新的純軟體 SKU 之一。在擴張方面，我們的前 25 位客戶中有 16 位在第三季進行了擴張，而我們的前 25 位客戶中有 21 位在過去兩個季度進行了擴張。此外，第三季排名前 10 的擴展中有 8 個包含多種產品。

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.

實力和擴張也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. 17% of net new ACV came from international geographies in Q3, the second highest quarterly contribution ever. The strength in international was driven by Mexico, which contributed its highest ever quarterly net new ACV mix, including nine transactions greater than $100,000 and Europe which accelerated year-over-year ARR growth for the fourth consecutive quarter.

第三，我們在幾個前沿市場展現了強大的執行力。第三季淨新 ACV 的 17% 來自國際地區，這是有史以​​來第二高的季度貢獻。國際市場的強勢是由墨西哥推動的，墨西哥貢獻了有史以來最高的季度淨新 ACV 組合，其中包括 9 筆交易金額超過 100,000 美元，而歐洲則連續第四個季度加速了同比 ARR 增長。

Construction drove the highest net new ACV mix of all industries for the fifth consecutive quarter, and public sector contributed its highest net new ACV mix over the last four years, including a quarterly record 16 transactions greater than $100,000 led by customers such as the city of Omaha, Fresno County, and the Florida Department of Fish and Wildlife.

建築業連續第五個季度推動所有行業中最高的淨新ACV 組合，公共部門貢獻了過去四年來最高的淨新ACV 組合，其中包括由城市等客戶主導的季度創紀錄的16 筆交易，金額超過10 萬美元奧馬哈、弗雷斯諾縣以及佛羅裡達州魚類和野生動物部。

And we also saw strength in emerging products. In Q3, we surpassed 70% of large multiproduct customers using a non-vehicle application, and we achieved more than 100% quarter-over-quarter growth and asset tag net new ACV and just our second quarter of selling that product.

我們也看到了新興產品的實力。在第三季度，我們超過 70% 的大型多產品客戶使用非車輛應用程序，並且我們實現了超過 100% 的季度環比增長和資產標籤淨新 ACV，而這只是我們銷售該產品的第二季度。

In addition to driving strong top line growth, we continued to deliver operating leverage across our business as we scale. We delivered quarterly records across all key non-GAAP profitability metrics, including a 78% gross margin, an 11% operating margin, and a 10% free cash flow margin.

除了推動強勁的營收成長外，我們還隨著規模的擴大，繼續在整個業務中提供營運槓桿。我們在所有關鍵非 GAAP 獲利指標上均創下了季度記錄，包括 78% 的毛利率、11% 的營業利潤率和 10% 的自由現金流利潤率。

Okay. Now turning to guidance. We're raising our full-year guidance across all key metrics because of our strong Q3 performance. As a reminder, last year's fiscal Q4 included a 14th week compared to a standard 13-week quarter in this year's fiscal Q4. We expect the impact of having one fewer week in Q4 this year will remove 3 percentage points of year-over-year revenue growth in FY25, which was already factored into previous and current adjusted revenue guidance.

好的。現在轉向指導。由於我們第三季的強勁表現，我們正在提高所有關鍵指標的全年指引。提醒一下，去年第四財季包括第 14 週，而今年第四財季的標準季為 13 週。我們預計，今年第四季減少一週的影響將使 2025 財年的年收入成長減少 3 個百分點，這已計入先前和目前調整後的收入指引中。

For full year FY25 we expect revenue to be between $1.237 billion and $1.239 billion representing year-over-year adjusted revenue growth of 35%. Our implied Q4 revenue guidance from last quarter of $334 million to $336 million remains unchanged. We expect FY25 non-GAAP operating margin to be approximately 7% and non-GAAP EPS to be between $0.22 and $0.23. 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 12.37 億美元至 12.39 億美元之間，調整後營收年增 35%。我們隱含的第四季營收指引從上季的 3.34 億美元增至 3.36 億美元，維持不變。我們預計 25 財年非 GAAP 營業利潤率約為 7%，非 GAAP 每股盈餘將在 0.22 美元至 0.23 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 Q3 performance and improved outlook for FY25. In Q3, we sustained high growth at scale while also delivering record operating leverage. And looking forward, we believe we're well positioned to continue delivering, durable and efficient growth for the following reasons.

總而言之，我們對第三季的業績和 2025 財年前景的改善感到滿意。第三季度，我們在規模上保持高速成長，同時也實現了創紀錄的營運槓桿。展望未來，我們相信我們有能力繼續實現持久和高效的成長，原因如下。

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.

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，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。

Thanks, Dominic. We will now open the line up for questions. (Event Instructions)

謝謝，多米尼克。我們現在開始排隊提問。（活動須知）

The first question today comes from Matt Hedberg with RBC, followed by Keith Weiss with Morgan Stanley.

今天的第一個問題來自加拿大皇家銀行的馬特·赫德伯格，其次是摩根士丹利的基思·韋斯。

Great. Thanks for taking my question. Thanks, Mike. Congrats on the quarter, guys. Sanjit, I want to start with you. There was a lot of talk about AI usage within your customer base. I'm kind of curious, I know it has been something you guys have been focused on for a long time, and trying to come up with sort of the next gen killer AI apps. I wonder if you could give us a little bit more insight into the product development road map there?

偉大的。感謝您提出我的問題。謝謝，麥克。夥計們，恭喜這個季度。桑吉特，我想從你開始。您的客戶群中有很多關於人工智慧使用的討論。我有點好奇，我知道這是你們長期以來一直關注的事情，並試圖想出下一代殺手級人工智慧應用程式。我想知道您能否讓我們更深入地了解那裡的產品開發路線圖？

Sure. So some of the recent announcements, I think, highlight our continued investment in AI. Like you said, Matt, we've been investing in AI for several years now. The video based safety application really unlocked a tremendous amount of value for our customers. We think there are additional ways to unlock value using all of the data we've been collecting.

當然。因此，我認為最近的一些公告凸顯了我們對人工智慧的持續投資。正如你所說，馬特，我們多年來一直在人工智慧領域進行投資。基於視訊的安全應用程式確實為我們的客戶釋放了巨大的價值。我們認為還有其他方法可以利用我們收集的所有數據來釋放價值。

I highlighted 10 trillion data points, 70 billion miles driven on the platform every year. So we see ways to not just unlock value and safety, but in areas like maintenance, where we're able to find insights in the fault code data. We see a tremendous number of fault codes every year.

我強調了 10 兆個數據點，每年在該平台上行駛 700 億英里。因此，我們不僅找到了釋放價值和安全性的方法，而且在維護等領域也找到了方法，我們能夠在故障碼資料中找到見解。每年我們都會看到大量的故障碼。

We understand the outcomes of those. So that's one example. And then there's other areas like fuel efficiency and just asset utilization. So we kind of see AI having impact across the Board.

我們了解這些結果。這就是一個例子。還有其他領域，例如燃油效率和資產利用率。所以我們看到人工智慧產生了全面的影響。

That's great. The other thing that stood out to me, I know international expansion, a huge growth opportunity. Great to hear the success in Mexico and Europe. I'm wondering when we think operationally, what are some additional steps that are needed to drive even further penetration? The products are already there, but I'm just sort of curious, operationally, what else has to happen to drive even more success there? It seems like a super big long-term driver for you guys as well.

那太棒了。另一件對我來說很突出的事情是，我知道國際擴張，這是一個巨大的成長機會。很高興聽到墨西哥和歐洲的成功。我想知道當我們從操作角度思考時，需要採取哪些額外步驟來推動進一步滲透？產品已經在那裡，但我只是有點好奇，在操作上，還需要發生什麼才能推動那裡取得更大的成功？對你們來說，這似乎也是一個超級大的長期驅動力。

We're absolutely excited about it for the long term. I think what you'll see and what you've seen from us and what you'll continue to see is continued investment that's in go-to-market teams, customer success, support. And then on the product side, we're always running a customer feedback.

從長遠來看，我們對此絕對感到興奮。我認為您將看到的、您從我們身上看到的以及您將繼續看到的是對市場進入團隊、客戶成功和支持的持續投資。然後在產品方面，我們一直在收集客戶回饋。

We're proud of what we've built so far with some of the newer features and functionality like the Low Bridge Strike and EBPMS and those kinds of features, I think, are uniquely relevant in some of these international markets. The way we figure that out is by spending time with our customers, which does take some time.

我們對迄今為止所建造的一些新功能和功能（如 Low Bridge Strike 和 EBPMS）感到自豪，我認為這些功能在某些國際市場中具有獨特的相關性。我們解決這個問題的方法是花時間與客戶相處，這確實需要一些時間。

Thanks, guys.

謝謝，夥計們。

Keith Weiss with Morgan Stanley, followed by Alex Zukin with Wolfe.

摩根士丹利的基思·韋斯 (Keith Weiss) 和沃爾夫 (Wolfe) 的亞歷克斯·祖金 (Alex Zukin) 緊隨其後。

Thank you guys for taking the question and congratulations on a really strong quarter. You talked about the 115% and the 120% in terms of NRR and we could definitely see that upsell motion doing really well within your customer base. I was wondering if you could maybe give us an update on kind of where we are in terms of what percentage of the business now is coming from upsells into the installed base versus what's coming from net new?

感謝你們提出問題，並祝賀這個季度的強勁表現。您談到了 NRR 方面的 115% 和 120%，我們絕對可以看到追加銷售動議在您的客戶群中表現得非常好。我想知道您是否可以向我們介紹一下我們目前的最新情況，即現在的業務中來自已安裝基礎的追加銷售與來自淨新增業務的百分比分別是多少？

And is there any change in sort of the distribution model or any evolution in the distribution model as the portfolio expands to better sort of segregate sort of the hunters from the farmers, if you will?

如果你願意的話，隨著投資組合的擴大以更好地將獵人與農民分開，分配模型是否會發生任何變化或分配模型是否有任何演變？

Yeah. Hey Keith, I'll take that. It was pretty balanced this quarter. It was slightly tilted a little bit more toward expansion and we've seen that over the last kind of few quarters. As we continue to move more and more upmarket into some of these larger enterprise deals, they'll tend to purchase over time; I mentioned I think 16 out of 25 of our top 25 customers did an expansion in Q3. And so that's really driving that expansion.

是的。嘿基思，我會接受的。本季的情況相當平衡。它稍微傾向於擴張，我們在過去幾個季度已經看到了這一點。隨著我們繼續將越來越多的高端市場轉移到一些大型企業交易中，他們會隨著時間的推移傾向於購買；我提到過，我認為我們前 25 個客戶中的 25 個客戶中有 16 個在第三季度進行了擴張。這確實推動了這種擴張。

Something really have it's happening naturally. We don't have a different kind of go to market motion to reward hunters versus farmers, we have sales reps that are assigned counts in different territories and they're able to sign new logos in those territories, and they continue to maintain those customer relationships for life and focus on the expansions as well.

有些事情確實是自然發生的。我們沒有不同類型的市場動議來獎勵獵人與農民，我們有銷售代表在不同的地區分配計數，他們能夠在這些地區簽署新的徽標，並且他們繼續維護這些客戶生活關係，並關注擴展。

Got it. And maybe if I could sneak in one follow up. So on the new intelligence products that you guys were just released the Samsara Intelligence and Samsara Assistant. I know it's in beta, but are these solutions that would potentially have like a standalone monetization model or is this just making the platform better to improve kind of utilization of the platform and it's just about just the evolution of adding value to your customers?

知道了。也許我可以偷偷地跟進。那麼關於你們剛發布的新智慧產品輪迴智慧和輪迴助理。我知道它處於測試階段，但這些解決方案是否可能具有獨立的貨幣化模型，或者這只是使平台更好地提高平台的利用率，而這只是為客戶增加價值的演變？

Keith, as we talked about in the prepared remarks, these are products that are in beta. We're excited to make them generally available to customers in beta, and so we're going to use that as an opportunity to figure out how to price and package them. We are also continuing to invest in AI in the core platform. So it's kind of a boat strategy, but we'll come back to you all when we have finalized pricing.

基思，正如我們在準備好的評論中談到的，這些是處於測試階段的產品。我們很高興能夠在測試版中向客戶普遍提供它們，因此我們將以此為契機來確定如何定價和打包它們。我們也在核心平台上持續投資人工智慧。所以這是一種乘船策略，但當我們最終確定定價後，我們會回覆大家。

Perfect. Thank you so much.

完美的。太感謝了。

Alex Zukin with Wolfe followed by Kash Rangan with Goldman Sachs.

沃爾夫 (Wolfe) 的亞歷克斯祖金 (Alex Zukin) 和高盛 (Goldman Sachs) 的卡什蘭根 (Kash Rangan)。

Hey guys. Thanks for taking the question. Congrats on another solid quarter. I just maybe wanted to ask about the general sales cycle, demand environment. Have you seen any shift? You clearly had a really, really strong beyond conference in a number of international events. Just momentum linearity in the quarter, any kind of feeling like there was a hesitation because of the election and then that opened up? And then I got a quick follow-up.

嘿夥計們。感謝您提出問題。恭喜又一個穩定的季度。我可能只是想問一下一般的銷售週期、需求環境。你看到有什麼轉變嗎？顯然，你們在許多國際活動中都取得了非常非常強大的超越會議的成績。只是本季的動量線性，有沒有因為選舉而猶豫然後又開始的感覺？然後我得到了快速跟進。

Hey Alex, it's Dominic. I'll take that. It was a pretty consistent quarter in Q3. It's similar to what we've seen in previous quarters. As I said, we're doing more enterprise deals, larger deals and those tend to be more back of the year weighted, but no real change.

嘿，亞歷克斯，我是多明尼克。我會接受的。第三季的表現相當穩定。這與我們在前幾個季度看到的情況類似。正如我所說，我們正在做更多的企業交易、規模更大的交易，這些交易往往會在今年稍後進行加權，但沒有真正的變化。

I did hear anecdotally of a few customers that said that they wanted to delay a purchase decision until after the election results. We've already closed a number of those deals in Q4, but I would that wasn't a material impact on the quarter, but it was notable.

我確實聽說有一些客戶說他們想推遲購買決定，直到選舉結果出來。我們已經在第四季度完成了其中一些交易，但我希望這不會對本季產生重大影響，但這是值得注意的。

Super helpful. And then maybe just this time last year, Dominic, you talked a little bit about how to think about next year in terms of where consensus was. I'm just curious, given, again, more momentum from new products, launching some AI monetization opportunities and continued really strong large multiproduct lands and what seems like a better economy.

超有幫助。也許就在去年的這個時候，多明尼克，你談到如何考慮明年的共識。我只是很好奇，再次考慮到新產品帶來的更多動力，推出了一些人工智慧貨幣化機會，持續強勁的大型多產品領域以及似乎更好的經濟。

Any kind of initial thoughts or brackets of how we should kind of tune our models, so we don't get ahead of our SKIs?

關於我們應該如何調整模型的任何初步想法或括號，這樣我們就不會領先於我們的滑雪板？

Yeah. So I mean, yes, we're definitely not in a position yet to give formal guidance for next year. As you know, Q4 is our largest quarter. And our FY26 plan, it's going to be heavily influenced by what happens over the next couple of months. And so we really need to kind of get through the quarter and then we can finalize our FY26 plan.

是的。所以我的意思是，是的，我們肯定還無法為明年提供正式指導。如您所知，第四季度是我們最大的季度。我們的 2026 財年計畫將受到未來幾個月發生的情況的嚴重影響。因此，我們確實需要度過這個季度，然後才能最終確定 26 財年計劃。

What I would say is that based on our current outlook, we do feel good with where the current consensus dollars are right now. I don't think that that needs to change, but we'll provide more formal guidance on the next earnings call.

我想說的是，根據我們目前的前景，我們確實對目前的共識美元狀況感到滿意。我認為這不需要改變，但我們將在下一次財報電話會議上提供更正式的指導。

Excellent. Thank you very much.

出色的。非常感謝。

Kash Rangan with Goldman Sachs, followed by Michael Turrin with Wells Fargo. Kash?

高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan) 和富國銀行 (Wells Fargo) 的邁克爾·圖林 (Michael Turrin) 緊隨其後。卡什？

All right. Next question. Let's go with Michael Turrin with Wells Fargo, followed by Kirk Materne with Evercore.

好的。下一個問題。讓我們來看看富國銀行的 Michael Turrin，然後是 Evercore 的 Kirk Materne。

Hey, thanks. I appreciate you taking the questions. You're reaching fairly unprecedented territory, $1.35 billion in ARR, still growing 35%. So maybe just zoom out and help us think through the ARR scale the current product set can address. And maybe couple that with what you're seeing from the new frontiers you're highlighting and potential scale or sequence of contribution we could see from those over a longer period of time as well.

嘿，謝謝。感謝您提出問題。您已經達到了前所未有的水平，ARR 達到 13.5 億美元，並且仍在成長 35%。因此，也許只需縮小範圍，幫助我們思考目前產品集可以解決的 ARR 規模。也許將其與您所強調的新領域所看到的內容以及我們在較長一段時間內也可以看到的潛在貢獻規模或順序結合起來。

Yeah. Yes. So as I -- Michael, it's Dominic. As I talked about at our Investor Day a few months back, and we still have so much opportunity within our core products. If I look at just the vehicle telematics market just in the US more than 50% of commercial vehicles still aren't using technology. If you look at our largest product now video-based safety, 90% of commercial vehicles in the US are not using technology.

是的。是的。我是邁克爾，是多明尼克。正如我幾個月前在投資者日談到的那樣，我們的核心產品仍然有很多機會。如果僅看美國的車輛遠端資訊處理市場，超過 50% 的商用車仍然沒有使用該技術。如果你看看我們現在最大的基於視訊的安全產品，你會發現美國 90% 的商用車沒有使用技術。

And so there's still so much opportunity for us to land and expand with our two vehicle based products. And then we've got a whole host of other non-vehicle-based products that are doing more than $150 million of ARR and still growing very quickly that are great opportunities to land and expand impact that we have with customers.

因此，我們仍然有很多機會來落地和擴展我們的兩種基於車輛的產品。然後，我們還有大量其他非車輛產品，這些產品的年收入超過 1.5 億美元，並且仍在快速成長，這是我們落地和擴大對客戶影響力的絕佳機會。

And so we feel really good about our product set. We're continuing to innovate quickly, introducing things like asset tag this year and all of the kind of the AI announcements that came out this week. So we feel good about the pace of product innovation.

因此，我們對我們的產品系列感覺非常好。我們將繼續快速創新，今年推出了資產標籤等內容，以及本週發布的所有類型的人工智慧公告。所以我們對產品創新的步伐感到滿意。

And maybe just a little bit of a different twist on the question that Alex was asking to some degree. Are there any implications or just scenarios you're contemplating with the new administration? We've seen the headlines around things like tariffs. You're very sophisticated in terms of just procurement and supply chain. And we've seen you navigate turbulence very effectively in prior periods.

也許亞歷克斯在某種程度上提出的問題有一點不同。您正在考慮新政府的任何影響或情境嗎？我們已經看到了有關關稅等問題的頭條新聞。你們在採購和供應鏈方面非常成熟。我們已經看到您在之前的時期非常有效地應對動盪。

But just anything that we should be just mindful of and contemplating as we're just digesting a lot of varying pieces in terms of the puts and takes of what the government could start to implement? Thanks.

但是，當我們正在消化政府可能開始實施的措施的許多不同部分時，我們應該注意和思考什麼？謝謝。

Yeah. I mean, things are just still so unclear. It's not -- we're not sure how things are going to play out. So we're definitely working through a number of strategies based on different scenarios. To your point, we have a lot of experience dealing with some of this.

是的。我的意思是，事情仍然不清楚。不是——我們不確定事情會如何發展。因此，我們肯定會根據不同的場景制定多種策略。就您而言，我們在處理其中一些問題方面擁有豐富的經驗。

We have a really incredible supply chain team. They're really good at navigating through some of these different scenarios. And so we just need to see what happens when the new administration comes in, what policies they put in place. And we're thinking through some of that, and we can feed that into the outlook when we provide that in three months.

我們擁有一支非常令人難以置信的供應鏈團隊。他們非常擅長應對其中一些不同的場景。因此，我們只需要看看新政府上台後會發生什麼，他們制定了哪些政策。我們正在考慮其中的一些內容，當我們在三個月內提供這些內容時，我們可以將其納入展望。

Thanks very much.

非常感謝。

Kirk Materne with Evercore followed by Dylan Becker with William Blair.

柯克·馬特納 (Kirk Materne) 與 Evercore 合作，隨後迪倫·貝克爾 (Dylan Becker) 與威廉·布萊爾 (William Blair) 合作。

Sanjit, I was wondering just about some of the newer products specifically designed for Europe. And I was kind of curious in terms of, is there an application of a similar mindset as you get into bigger verticals? Meaning you're designing some of those things that are very helpful for your European clients.

Sanjit，我想知道一些專為歐洲設計的新產品。我很好奇，當你進入更大的垂直領域時，是否會應用類似的思考方式？這意味著您正在設計一些對歐洲客戶非常有幫助的東西。

Are there verticals like state and local or construction that are you have customers that are now asking for things that are maybe more specific to those verticals? Is that something you want to pursue at this point in time or not necessarily yet, keep it more horizontal?

是否有諸如州、地方或建築等垂直行業的客戶現在要求提供針對這些垂直行業更具體的產品？這是你現在想要追求的東西嗎？

Yeah. Great question, Kirk. So we run feedback loops across all of our frontiers, so the different geographies as well as public sector. We also spend time trying to understand what's going on in each industry vertical. Dominic highlighted construction has been an industry that's been performing really well for us. They're digitizing rapidly, and it's because they have a lot of assets; they're labor-intensive.

是的。好問題，柯克。因此，我們在所有領域、不同地區以及公共部門都運行反饋循環。我們也花時間嘗試了解每個行業垂直領域正在發生的事情。多明尼克強調，建築業對我們來說一直表現良好。他們正在快速數位化，這是因為他們擁有大量資產；他們是勞力密集型的。

But some of those assets are different. So they'll have big yellow iron bulldozers or lots of small tools that get left behind at job sites, and they've been great adopters of the new AT11 product, for example.

但其中一些資產是不同的。因此，他們將擁有大型黃色鐵推土機或許多留在工作現場的小工具，例如，他們一直是新 AT11 產品的出色採用者。

So we do spend time with each of these different industries, trying to understand their needs. 80% the use case and their needs are very similar across the Board. I would say about 20% either require partnerships and integrations or maybe some tweaks or additional product features. And that's how we think about the investment.

因此，我們確實花時間研究每個不同的行業，試圖了解他們的需求。 80% 的用例和他們的需求在整體上非常相似。我想說大約 20% 要么需要合作夥伴關係和集成，要么需要一些調整或額外的產品功能。這就是我們對投資的看法。

Okay. That's helpful. And then, Dominic, just a follow up to your answer from Alex's question on next year. Is there anything we should also consider for 1Q due to leap year last year? I feel like I'm asking a lot of leap year questions these days. But anything we should consider from a seasonality perspective, as we go into next year on that front?

好的。這很有幫助。然後，多明尼克，這是對亞歷克斯明年問題的回答的後續行動。由於去年是閏年，第一季我們還該考慮什麼嗎？我覺得這些天我問了很多閏年問題。但是，當我們進入明年這方面時，我們應該從季節性角度考慮什麼？

No, I don't think so. I mean one day is not going to have an impact on our business. I mean we run into weekends and holidays in various quarters. And so I don't expect one day to have a material impact.

不，我不這麼認為。我的意思是有一天不會對我們的業務產生影響。我的意思是我們在各個方面都會遇到週末和假期。因此，我不希望有一天會產生實質影響。

Okay. Just want to check. Thank you all.

好的。只是想檢查一下。謝謝大家。

Dylan Becker with William Blair followed by Matt Bullock with BofA.

迪倫貝克爾 (Dylan Becker) 與威廉布萊爾 (William Blair) 的合作，以及馬特布洛克 (Matt Bullock) 與美國銀行 (BofA) 的合作。

Hey gentlemen, I appreciate the call here. Maybe on the international front, another kind of quarter of successive strength, I think, fourth or fifth period here of continued acceleration and increasing contribution of the overall mix.

嘿先生們，非常感謝您撥打我們的電話。也許在國際方面，我認為是另一個連續強勢的季度，第四或第五個時期是持續加速和整體組合貢獻不斷增加的時期。

I guess, how much of a function of that? Obviously, the ROI and value proposition is significant. But how much of that is further brand awareness kind of driving and building out that referenceable base given the fact that there's a larger and kind of wider swath of opportunities in the international segment?

我想，這有多大作用？顯然，投資報酬率和價值主張非常重要。但考慮到國際市場上存在著更多、更廣泛的機會，其中有多少是進一步的品牌知名度推動和建立了可參考的基礎呢？

I'll take that one. So we're pleased with the growth. Like you said, it's been sort of accelerating on a kind of consistent regular basis. But it still feels very early. I would say our international market share is still low single digits.

我會接受那個。所以我們對成長感到滿意。正如你所說，它一直在持續加速。但感覺還是很早。我想說我們的國際市佔率仍然很低。

There is growing awareness. We have more reference customers. And to the earlier question, we have more of the sort of product feeders people are looking for that are unique to these markets like low bridge strikes, for example. So I think we have a great pathway to continue growing for a while, but it still feels early.

人們的意識不斷增強。我們有更多的參考客戶。對於前面的問題，我們有更多人們正在尋找的產品饋送器，這些產品饋送器是這些市場特有的，例如低橋衝擊。所以我認為我們有一個很好的途徑可以繼續成長一段時間，但感覺還為時過早。

Okay. That's great. And then, Dom, maybe for you, too, just given kind of the exceptional growth in the business here at the scale that we're at, I guess, how are you guys thinking about the opportunity for operational improvement and leverage here as we kind of lap some of these initial renewal cohorts from those customers that continue to expand? I would think the economics of that are highly favorable for you guys. But how are you thinking about that internally? Thanks.

好的。那太棒了。然後，多姆，也許對你來說也是如此，考慮到我們這裡的業務以我們目前的規模實現了非凡的增長，我猜，你們如何看待我們這裡的運營改進和槓桿作用的機會？那些持續擴張的客戶中獲得一些最初的續約群體？我認為這對你們來說非常有利。但你內部是怎麼想的呢？謝謝。

Yeah, I think for us, again, it's really a balanced focus on both sustaining high growth and driving more operating leverage, we think that we can continue to do both. I think near term, from an operating leverage perspective, you're right that our largest area of investment is in go to market and therefore, is most likely to be the area of most leverage, the cost of sale on the renew dollar of ACV is lower than it is when we first land that customer, or if they expand their relationship with us.

是的，我認為對我們來說，這確實是對維持高成長和提高營運槓桿的平衡關注，我們認為我們可以繼續兩者兼顧。我認為短期內，從營運槓桿的角度來看，你是對的，我們最大的投資領域是進入市場，因此，最有可能是槓桿率最高的領域，即 ACV 更新美元的銷售成本比我們第一次接觸該客戶或他們擴大與我們的關係時的水平要低。

And so there's still a significant portion. We're a nine-year-old company. We sell three- to five-year contracts. And so there's still a large portion of our customers that have not gone through a first renewal. And as that happens, I would expect to see more natural leverage and go to market.

所以仍然有很大一部分。我們是一家已有九年歷史的公司。我們出售三到五年的合約。因此，我們仍有很大一部分客戶尚未進行首次續訂。當這種情況發生時，我預計會看到更多的自然槓桿並進入市場。

Okay, great. Thanks guys. Appreciate it.

好的，太好了。謝謝你們。欣賞它。

Matt Bullock with BofA, followed by Derrick Wood with TD Cowen.

美國銀行的 Matt Bullock 和 TD Cowen 的德里克伍德 (Derrick Wood) 緊隨其後。

Great. Thanks for taking the questions. A few for Sanjit, if I could. First, just on the launch of Samsara Intelligence and beta last week, seems to be a slight acceleration from the historical cadence of product releases annually and beyond. Is there anything you'd attribute that to, and would it be fair to assume that the trajectory of new feature and product launches will continue to accelerate going forward?

偉大的。感謝您提出問題。如果可以的話，給桑吉特一些。首先，上週推出的 Samsara Intelligence 和測試版似乎比每年及以後產品發布的歷史節奏略有加快。您可以將其歸因於什麼嗎？

Hey, Matt, well, I'll take that as a compliment. We really work hard to deliver new features and functionality, and we don't want to wait for our annual customer conference. So it's not something that we're waiting until each June of every year to release features.

嘿，馬特，好吧，我會把這當作一種恭維。我們真的很努力地提供新的功能和功能，我們不想等待我們的年度客戶會議。因此，我們不會等到每年六月才發布功能。

Samsara Intelligence is a whole kind of portfolio suite of products and features for us. And so we're excited to get that out the door. I think you should expect to see us continue a pretty rapid pace of innovation as we continue to invest in R&D and scale our engineering team.

Samsara Intelligence 對我們來說是一整套產品和功能組合套件。因此，我們很高興能夠將其推出。我認為，隨著我們繼續投資於研發並擴大我們的工程團隊，您應該期望看到我們繼續保持相當快的創新步伐。

Great, thanks. And then just one more on competition. Since last quarter, there's been quite a few notable transactions in the fleet management industry. GPS Track has just bought Zonar Systems this week, Trimble divested its telematics business, and then Powerfleet acquired Fleet Complete.

太好了，謝謝。然後再講一個關於競爭的問題。自上個季度以來，車隊管理行業發生了不少引人注目的交易。GPS Track 本週剛剛收購了 Zonar Systems，Trimble 剝離了遠端資訊處理業務，然後 Powerfleet 收購了 Fleet Complete。

How should we be thinking about consolidation in the industry and how it can impact competitive dynamics? And then more specifically, do you see this as an opportunity to capture additional share as some of those peers are distracted by integration and customers reevaluate some of their vendor choices?

我們應該如何思考產業整合以及它如何影響競爭動態？更具體地說，您是否認為這是一個獲得額外份額的機會，因為其中一些同行因整合而分心，並且客戶重新評估了他們的一些供應商選擇？

Yeah, I think if we zoom out, this is a large market. It's got dozens of players in it. And over time, we have seen companies be bought and sold and merged together. So I think this is consistent with what we've seen in the past. Our position is unchanged. I think we're seeing our customers really rapidly adopt our products because it's a platform, it's a system of record for them.

是的，我認為如果我們縮小範圍，這是一個很大的市場。裡面有幾十名玩家。隨著時間的推移，我們看到公司被買賣和合併。所以我認為這與我們過去所看到的情況是一致的。我們的立場沒有改變。我認為我們看到我們的客戶非常迅速地採用我們的產品，因為它是一個平台，是他們的記錄系統。

So it's not just telematics or video-based safety or equipment monitoring or the other products; it's everything together. That's a strong competitive position that we're in. And I think it all comes back to, can we deliver really clear ROI for our customers, which we are. So we kind of aren't changing our strategy relevant or relative to some of those moves that have been made in the market. And we're going to continue to stay focused on the customer.

因此，這不僅僅是遠端資訊處理或基於視訊的安全或設備監控或其他產品；一切都在一起。這是我們所處的強而有力的競爭地位。我認為這一切都回到了我們能否為我們的客戶提供真正明確的投資報酬率，而我們就是這樣。因此，我們並沒有改變與市場上已採取的一些措施相關或相關的策略。我們將繼續關注客戶。

Got it. Thank you.

知道了。謝謝。

Derrick Wood with TD Cowen followed by Jim Fish with Piper Sandler.

德里克·伍德 (Derrick Wood) 和 TD Cowen，隨後是吉姆·菲什 (Jim Fish) 和派珀·桑德勒 (Piper Sandler)。

Great. Thanks guys. I guess, a high level question on the video safety market for you, Sanjit. I mean, video monitoring has certainly become more prevalent. I know it's still an early market. But just, is there more market acceptance by drivers with driver facing cameras and does this make it easier to sell and kind of drive more greenfield conversion in this market? Just love to hear an update there.

偉大的。謝謝你們。我想，這對您來說是一個關於視訊安全市場的高級問題，Sanjit。我的意思是，視訊監控確實變得更加普遍。我知道這仍然是一個早期市場。但問題是，配備面向駕駛員的攝影機的駕駛員是否會獲得更多的市場認可，這是否會使其更容易銷售並在該市場上推動更多的綠地轉換？只是喜歡聽到那裡的更新。

Yeah. So I think if you spend time with drivers, everyone is very accustomed with the idea of having a dash camera. It's most often used for exoneration. So it's not so much the inward facing, but being able to see what happened if there was an accident or some sort of incident on the road. The inward facing side is really around safety.

是的。所以我認為，如果你和司機待在一起，每個人都非常習慣擁有行車記錄器的想法。它最常用於免除罪責。所以，與其說它是面向內的，不如說是能夠看到如果路上發生事故或某種事件時會發生什麼事。朝內的一面確實是為了安全。

And I think both fleets and drivers want to be safe on the roads. They're putting their lives at risk every day when they're doing their jobs. So if we can help break bad habits like either not wearing a seatbelt, or using a mobile phone or being distracted, it makes everyone's lives a little bit better. So there is increased awareness and adoption of what these technologies do.

我認為車隊和司機都希望道路安全。他們每天在工作時都冒著生命危險。因此，如果我們能夠幫助改掉壞習慣，例如不繫安全帶、使用手機或分心，那麼每個人的生活都會變得更好。因此，人們對這些技術的作用的認識和採用有所增加。

And then the other piece is because of artificial intelligence, it's not like there's someone in the back office watching all these videos. It's really a computer model sitting in the camera that's helping provide those real time alerts. And I think drivers now understand the technology, and that's really increased our comfort level with it.

另一部分是因為人工智慧，後台辦公室裡並不會有人觀看所有這些影片。它實際上是相機中的一個電腦模型，有助於提供這些即時警報。我認為駕駛員現在了解了這項技術，這確實提高了我們對它的舒適度。

Got it. Thanks. Dom, I just wanted to ask about the motions around the application marketplace. Just what are you seeing around monetization opportunities and how do you see that manifesting over the next couple of years?

知道了。謝謝。Dom，我只是想詢問有關應用程式市場的動態。您對貨幣化機會有何看法？

Right now, it's really -- we have more than 300 technology integrations, OEMs, insurance providers, other technology vendors, vertical specific applications. These are really, really important integrations, especially as we get into these large enterprise deals where they want to use UCMSR as their system of record, and pulling a bunch of external data. We have more than 85 billion API calls a year.

現在，我們確實擁有 300 多個技術整合、OEM、保險提供者、其他技術供應商、垂直特定應用程式。這些都是非常非常重要的集成，特別是當我們參與這些大型企業交易時，他們希望使用 UCMSR 作為他們的記錄系統，並提取大量外部資料。我們每年有超過 850 億次 API 呼叫。

And so I think that's a good metric just to show the kind of the usage that we're seeing with these integrations. Right now, that's where our plans are just to have this as a technology kind of integration hub. And I think longer term, we could think about opportunities to open this up and maybe their ISVs or ways to monetize the data or the applications but not in the near term.

所以我認為這是一個很好的指標，只是為了顯示我們在這些整合中看到的使用情況。目前，我們的計劃只是將其作為一種技術整合中心。我認為從長遠來看，我們可以考慮開放這一點的機會，也許還有他們的 ISV 或將資料或應用程式貨幣化的方法，但短期內不會。

Got it. Thanks. Congrats.

知道了。謝謝。恭喜。

Jim Fish with Piper Sandler, followed by Alexei with JPMorgan.

Jim Fish 與 Piper Sandler，其次是 Alexei 與 JPMorgan。

Hey guys, thanks for taking the question. It was exciting to see the 100% quarter-over-quarter growth in the net new asset tags, ACV here. Can you help us understand the main use cases for that product at this point? Construction was called out at the conference. Is that how we should think about the vast majority of exposure? Or is there any sort of diversity in those customers?

嘿夥計們，感謝您提出問題。令人興奮的是看到淨新資產標籤 ACV 環比增長 100%。現在您能幫助我們了解該產品的主要用例嗎？會議上號召進行建設。我們該如何看待絕大多數的暴露？或者這些客戶是否存在多樣性？

Yeah, I'll take that one. So there's a pretty broad set of use cases for the asset tag. It's not limited to the construction industry. We see getting good adoption of field services and even transportation logistics and so on. If I had to kind of generalize, there's three core use cases. The first is finding lost or stolen assets. Those again are across industries. The next is helping save frontline workers time to locate assets. So once they arrive at a job site, they can figure out where something is.

是的，我會接受那個。因此，資產標籤有非常廣泛的用例。它不僅限於建築業。我們看到現場服務甚至運輸物流等得到了很好的採用。如果我必須概括的話，有三個核心用例。首先是尋找遺失或被竊的資產。這些又是跨行業的。其次是幫助第一線工作人員節省尋找資產的時間。因此，一旦他們到達工作地點，他們就能找出東西在哪裡。

And then the third is improving asset utilization. Almost all the industries we serve, they're both labor intensive, but also asset heavy industries. And so if these customers can figure out which, call it, 10% or 20% of their assets aren't well utilized and sell those assets off, they can use that cash for more productive purposes. So that's where I think ATs are getting used across the Board, and that's pretty consistent across industries.

第三是提高資產利用率。我們服務的幾乎所有行業，都是勞力密集的，同時也是資產重工業的。因此，如果這些客戶能夠弄清楚他們的資產中有 10% 或 20% 沒有充分利用，並出售這些資產，他們就可以將這些現金用於更有成效的目的。所以我認為這就是 AT 被廣泛使用的地方，而且這在各個行業中都非常一致。

Got it, that's helpful. And then, Dom, maybe one for you. You called out go to market as kind of the key focus for investments next year. How should we think about the mix of rep hiring in terms of domestic versus international given some of the traction that we're seeing in the international space so far? Thanks.

明白了，很有幫助。然後，Dom，也許有一個適合你。您稱進入市場是明年投資的重點。考慮到迄今為止我們在國際領域看到的一些吸引力，我們應該如何考慮國內與國際代表招募的組合？謝謝。

Yeah. I mean, I think our capital allocation is going to be focused on primarily on go to market, but also on R&D. I think the overall number of salespeople that we will hire will be higher in the US just because that's a larger part of our business. The year-over-year growth may be a little bit higher in international just because it's a smaller number and a big opportunity. But as I kind of said earlier, we really just need to get through the fourth quarter, and we'll have a better outlook for next year and even make our plans at that time.

是的。我的意思是，我認為我們的資本配置將主要集中在上市上，但也會集中在研發上。我認為我們在美國僱用的銷售人員總數會更高，因為這是我們業務的很大一部分。國際市場的同比增長可能會更高一些，因為它的數量較少，但機會很大。但正如我之前所說，我們真的只需要度過第四季度，我們就會對明年有更好的展望，甚至到時候制定我們的計劃。

Alexei with JPMorgan, followed by Dan Jester with BMO.

摩根大通 (JPMorgan) 的阿列克謝 (Alexei) 和蒙特利爾銀行 (BMO) 的丹·傑斯特 (Dan Jester) 緊隨其後。

Hi, this is Elyse Kanner on for Alexei Gogolev. You alluded to renewals coming up given the three to five year contract links. But we were wondering if you could talk more about the renewal rates you're currently seeing and the pricing power that you have during those renewals given the demand environment? Thank you.

大家好，我是阿列克謝·戈戈列夫 (Alexei Gogolev) 的艾麗絲·坎納 (Elyse Kanner)。您提到鑑於三到五年的合約關係，即將續約。但我們想知道您是否可以更多地談談您目前看到的續訂率以及考慮到需求環境，您在這些續訂期間擁有的定價能力？謝謝。

Yeah. So the renewal rates have been very strong. They're embedded in the net retention rate metrics that I gave of kind of 115% and 120% for core large customers. So that's been consistent. And customers will we've talked earlier about expansions being a big part of our business. Customers will expand throughout the life of the contract, but they definitely do it at time of renewal as well. So it's a good opportunity to have broader conversations with customers, and we've seen a lot of success out of that.

是的。所以續訂率非常高。它們嵌入在我為核心大客戶提供的 115% 和 120% 的淨保留率指標中。所以這是一致的。我們之前已經談到客戶擴張是我們業務的重要組成部分。客戶將在整個合約有效期內不斷擴大，但他們肯定也會在續約時這樣做。因此，這是與客戶進行更廣泛對話的好機會，我們從中看到了許多成功。

Got it. Thank you so much.

知道了。太感謝了。

Daniel Jester with BMO, followed by Junaid with Truist.

BMO 的 Daniel Jester 和 Truist 的 Junaid 緊隨其後。

Dan? Okay. Let's go next to Junaid with Truist.

擔？好的。接下來就讓我們來跟 Truist 一起去 Junaid 吧。

Sanjit, just wanted to ask you about data security and privacy. And if they're becoming an important part of discussions with customers as the threat vector expands with increasing number of connected devices, more disclosure and compliance requirements? Is cybersecurity an area where you can potentially differentiate yourself from some of the competition, especially with some of the certifications you've got and working on?

Sanjit，只是想問你有關資料安全和隱私的問題。隨著連接設備數量的增加、資訊揭露和合規性要求的增加，威脅向量不斷擴大，它們是否正在成為與客戶討論的重要組成部分？網路安全是您可以在某些競爭中脫穎而出的領域，尤其是您已經獲得並正在努力獲得的一些認證嗎？

So just kind of overall, I just wanted to get your thoughts about how you're thinking about security and how customers are thinking about it?

總的來說，我只是想了解您對安全性的看法以及客戶對安全性的看法？

Absolutely. So it is an area we differentiate in. We, at our scale, are able to invest in R&D at a pretty significant level. We have a very large security related team focused on these sorts of risk factors and attacks. And I think it's an area that our large enterprise customers who are very sophisticated are asking about and we're able to differentiate it.

絕對地。所以這是我們差異化的一個領域。就我們的規模而言，我們能夠在研發方面進行相當可觀的投資。我們有一個非常龐大的安全相關團隊，專注於此類風險因素和攻擊。我認為這是我們非常成熟的大型企業客戶所詢問的一個領域，我們能夠區分它。

So we have a number of certifications, whether that's the ISO 27001 certification or ones related to state and federal or state and local government certification. So we're going to keep investing there. And I think it's a really important area for customers to be aware of because, these are the critical infrastructure companies that power our planet. So they are, of course, targets for these attacks, and we've been able to do a good job of helping keep them safe.

因此，我們擁有許多認證，無論是 ISO 27001 認證還是與州和聯邦或州和地方政府認證相關的認證。所以我們將繼續在那裡投資。我認為這是客戶需要意識到的一個非常重要的領域，因為這些是為我們的星球提供動力的關鍵基礎設施公司。因此，他們當然是這些攻擊的目標，​​我們已經能夠很好地幫助確保他們的安全。

Great. Thank you.

偉大的。謝謝。

Mark with Loop Capital and then we'll come back to check with Kash and Dan.

與 Loop Capital 進行標記，然後我們會回來與 Kash 和 Dan 核實。

Okay, great. Thanks for taking my question and nice job on the quarter. Sanjit, could you just talk a little bit about the uptake rates you're seeing with your connected workflows and connected forms products? Also maybe just provide an example to of some new unique use cases that you're seeing with those products.

好的，太好了。感謝您提出我的問題，本季工作做得很好。Sanjit，您能否簡單談談您所看到的互聯工作流程和互聯表單產品的採用率？另外，也許只是提供您在這些產品中看到的一些新的獨特用例的範例。

Yeah, so uptake has been good. These are relatively newer products in terms of connected workflows and forms. All of our customers have some sort of pen and paper process, they're looking to digitize or modernize. So that's what we're really selling into.

是的，所以吸收率一直都很好。就連接的工作流程和表單而言，這些是相對較新的產品。我們所有的客戶都有某種紙筆流程，他們正在尋求數位化或現代化。這就是我們真正要賣的東西。

Some of the newer features that we released as part of the Samsara Intelligence push earlier this week, I think are relevant there. Visual Intelligence is a great example. You can basically take a photograph of a form. We will automatically identify the fields within it, fill out the workflow fields. And then we can even do things like understand what the risks are in a job site photo.

我認為我們在本週早些時候作為 Samsara Intelligence 推動的一部分發布的一些新功能與此相關。視覺智能就是一個很好的例子。您基本上可以拍攝表格的照片。我們將自動識別其中的字段，填寫工作流程字段。然後我們甚至可以做一些事情，例如了解工作現場照片中的風險是什麼。

So that's a brand new functionality. We just released it a couple of days ago, and the beta testers have been really thrilled with it. So we're excited to keep doing more of that.

這是一個全新的功能。我們幾天前剛發布了它，測試人員對它感到非常興奮。因此，我們很高興能夠繼續做更多這樣的事。

Great. Thank you.

偉大的。謝謝。

Dan Jester, BMO.

丹·傑斯特，BMO。

All right. Thank you. So I apologize about that earlier. So I wanted to ask about the public sector and the strength that you called out this quarter. I guess I know that was an area of focus over the past year to make investments to build out to get into those environments. Is that what we're seeing here or is there else you'd call out on the strength across that category? Thank you.

好的。謝謝。所以我早些時候對此表示歉意。所以我想詢問公共部門以及您本季所強調的優勢。我想我知道這是過去一年中投資建設進入這些環境的重點領域。這是我們在這裡看到的嗎？謝謝。

Yeah. I would just say it's been an area of focus and continued investment and these deals can take time to land and with supplementation of that happen in Q3 with a lot of success against a record 16 deals over $100,000 and the highest net ACV mix, we've seen the public sector in the last four years or so, really strong quarter.

是的。我只想說，這是一個重點領域和持續投資的領域，這些交易可能需要時間才能落地，隨著第三季度發生的補充，我們在創紀錄的16 筆超過100,000 美元的交易和最高的淨ACV組合中取得了巨大成功，我們'我們看到公共部門在過去四年左右的時間裡確實表現強勁。

Okay, great. Thank you.

好的，太好了。謝謝。

All right. So this concludes the question-and-answer portion. Thank you all for attending our Q3 fiscal year 2025 earnings call. Before I let you go, I have a few short announcements. We'll be participating in the following bus tours in San Francisco. The Piper Sandler bus tour on December 10; the FBN Virtual Tech Conference on December 11; the Allen Company bus tour on December 12; the Goldman Sachs and BofA bus tours on January 7; the Evercore bus tour on January 7; and the Jefferies bus tour on January 9.

好的。那麼問答部分就到此結束。感謝大家參加我們的 2025 財年第三季財報電話會議。在我讓你走之前，我有一些簡短的公告。我們將參加以下舊金山巴士之旅。12 月 10 日 Piper Sandler 巴士之旅； 12 月 11 日舉行的 FBN 虛擬技術會議； 12 月 12 日艾倫公司巴士之旅； 1 月 7 日高盛 (Goldman Sachs) 和美國銀行 (BofA) 巴士之旅； 1 月 7 日的 Evercore 巴士之旅；以及 1 月 9 日的 Jefferies 巴士之旅。

We hope to see you on one of these events. That's it for today's meeting. If you have any follow-up questions, you can e-mail us at ir@samsara.com. Bye everyone.

我們希望在其中一場活動中見到您。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。再見大家。