Samsara Inc (IOT) 2025 Q4 法說會逐字稿

(video playing) Good afternoon, and welcome to Samsara's fourth 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.

（播放影片）下午好，歡迎參加 Samsara 2025 財年第四季財報電話會議。我是 Mike Chang，Samsara 公司發展和投資者關係副總裁。今天與我一起參加的是 Samsara 的執行長兼聯合創始人 Sanjit Biswas；以及我們的財務長 Dominic Phillips。

In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation and SEC filings on our Investor Relations website at investors.samsara.com.

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

The matters will discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements, and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, March 6, 2025, and we undertake no obligation to update these statements as a result of new information or future events, unless required by law.

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的結果有重大差異，並受到我們向美國證券交易委員會提交的文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議上所做的任何前瞻性陳述均基於截至 2025 年 3 月 6 日的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, we'll discuss our fourth 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 in accordance with GAAP. Reconciliations of GAAP to non-GAAP financial measures are provided in a press release and investor presentation.

在今天的電話會議上，我們將討論 2025 財年第四季的財務表現。我們想指出的是，公司報告的非 GAAP 結果是為了補充而不是替代或優於以 GAAP 計算的財務指標。新聞稿和投資者介紹中提供了 GAAP 與非 GAAP 財務指標的對帳表。

We'll make opening remarks, dive into highlights for the quarter, and then open the call up for Q&A.

我們將致開幕詞，深入探討本季的亮點，然後開始問答環節。

With that, I'll hand over the call to Sanjit.

說完這些，我就把電話交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. FY25 was another year of durable and efficient growth for Samsara. We ended FY25 with $1.46 billion in ARR, achieving 32% year-over-year growth or 33% year-over-year adjusted growth. Our growth is driven by our partnership with some of the world's largest and most complex operations organizations. During the year, we grew our customers with more than $100,000 in ARR to 2,506, an increase of 36% year over year.

謝謝，麥克，也謝謝大家今天的參與。25 財年是 Samsara 又一個持續高效成長的一年。我們以 14.6 億美元的 ARR 結束了 25 財年，實現了 32% 的同比增長或 33% 的同比調整後增長。我們的成長得益於與世界上一些最大、最複雜的營運組織的合作。本年度，我們的 ARR 超過 10 萬美元的客戶數量成長至 2,506 人，較去年同期成長 36%。

We are operating at a rare combination of growth, scale, and profitability. Our momentum reflects the strength of our platform and the large market opportunity ahead of us.

我們的營運呈現出罕見的成長、規模和獲利能力的組合。我們的勢頭反映了我們平台的實力和我們面前的巨大市場機會。

We finished the year with a milestone Q4 for large customers. We increased our $100,000-plus ARR customer count by 203, a quarterly record. We also increased our $1 million-plus ARR customer count by 14, which is tied for quarter. We're now landing large enterprise customers that could become $10 million-plus ARR customers over time at a faster rate. These customers are global leaders in each of their industries.

我們以對大客戶具有里程碑意義的第四季結束了這一年度。我們的 10 萬美元以上 ARR 客戶數量增加了 203 家，創下了季度紀錄。我們的 ARR 超過 100 萬美元的客戶數量也增加了 14 個，與本季持平。我們目前正在吸引大型企業客戶，這些客戶隨著時間的推移可能會以更快的速度成為 ARR 超過 1000 萬美元的客戶。這些客戶都是各自行業的全球領導者。

In Q4, we won one of the top three telecommunication companies in the world. One of the top three LTL carriers in the US and Bimbo Bakeries, the largest commercial vacant company in the US We're landing these customers with initial footholds that can lead to years of future expansions that drive durable growth. These larger customers typically have more complex sales cycles that often span several years and are less predictable.

第四季度，我們贏得了全球三大電信公司之一的頭銜。美國三大零擔運輸公司之一和美國最大的商業空置公司 Bimbo Bakeries 我們為這些客戶打下了初步基礎，這可以為未來多年的擴張帶來動力，從而推動持久增長。這些大客戶的銷售週期通常更為複雜，往往跨越數年且難以預測。

We're proud to partner with our customers to transform how the world runs. We're just getting started and are excited for what we can accomplish together in the decades to come.

我們很榮幸能與客戶合作，共同改變世界的運作方式。我們才剛起步，對未來幾十年能夠共同達成的成就感到興奮。

Our customers choose us because we help them operate smarter with our connected operations platform. This includes smarter safety with AI camera alerts, deal savings with routing, asset utilization with location tracking alerts, maintenance with vehicle diagnostics, and workflows for frontline workers.

我們的客戶選擇我們是因為我們透過互聯營運平台幫助他們更聰明地運作。這包括透過人工智慧攝影機警報實現的更聰明的安全、透過路線規劃實現的交易節省、透過位置追蹤警報實現的資產利用、透過車輛診斷實現的維護以及針對第一線工人的工作流程。

Our growing data asset helps our customers work smarter with actionable insights. This improves the safety, efficiency and sustainability of their operations.

我們不斷成長的數據資產可幫助我們的客戶透過可操作的見解更聰明地工作。這提高了其營運的安全性、效率和永續性。

I'd like to share an example of a customer who's using data to operate smarter. In Q4, we expanded our partnership with one of North America's largest do-it-yourself moving and storage operators. They operate nearly 200,000 trucks, nearly 140,000 trailers, and 250,000 portable storage boxes. They also have over 23,000 rental locations.

我想分享一個使用數據來更聰明地運作的客戶的例子。第四季度，我們擴大了與北美最大的自助搬家和儲存營運商之一的合作夥伴關係。他們運營著近 20 萬輛卡車、近 14 萬輛拖車和 25 萬個便攜式儲物箱。他們還擁有超過 23,000 個租賃地點。

During the quarter, they added more than 10,000 asset tags to track their new portable storage boxes to improve their end customer experience. They previously tried many other solutions, including RFIDs and QR codes. They chose our asset tag because of its reliability and ease of use.

在本季度，他們增加了 10,000 多個資產標籤來追蹤他們的新便攜式儲存箱，以改善最終客戶體驗。他們之前嘗試過許多其他解決方案，包括 RFID 和 QR 碼。他們選擇我們的資產標籤是因為它的可靠性和易用性。

They also expanded into our safety and telematics products in the quarter. In a pilot with us, they estimate that they saved $1 million across safety, idling, and maintenance costs. They saw a 61% reduction in safety events and 82% reduction in distracted driving events and a 47% reduction in harsh driving events.

他們還在本季將業務擴展到我們的安全和遠端資訊處理產品領域。在與我們合作的試點中，他們估計在安全、空轉和維護成本方面節省了 100 萬美元。他們發現安全駕駛事件減少了 61%，分心駕駛事件減少了 82%，惡劣駕駛事件減少了 47%。

We're proud to partner with our customers to achieve these incredible outcomes with better insights, they're operating smarter with data. In our first decade as a company, we've been helping our customers digitally transform. They typically spend a vast majority of their revenue under operations, which are asset-heavy and labor-intensive. We began by digitizing their vehicles with safety and telematics. Then we expanded to include heavy machinery, buildings, front-end workers and smaller high-value assets.

我們很自豪能夠與客戶合作，透過更深入的洞察實現這些令人難以置信的成果，他們能夠更聰明地利用數據進行營運。在公司成立的第一個十年裡，我們一直致力於幫助客戶實現數位轉型。它們通常將絕大部分收入用於資產密集和勞動密集的營運。我們首先透過安全和遠端資訊處理將他們的車輛數位化。然後我們擴大範圍，包括重型機械、建築物、前端工人和較小的高價值資產。

We've now built one of the world's largest operational data assets. We processed over 14 trillion data points annually, reflecting over 50% year-over-year growth. We also saw more than 120 billion API calls in the last year, also 50% year-over-year growth. This is having an incredible impact.

我們現在已經建立了世界上最大的營運數據資產之一。我們每年處理超過 14 兆個數據點，年成長超過 50%。去年我們也看到超過 1200 億次 API 調用，年增 50%。這產生了令人難以置信的影響。

In FY25 with our customers, we help prevent 250,000 accidents, digitized 300 million workflows and saved more than 3 billion of CO2. We're in a strategic position to combine AI with our large and unique data asset to make an even greater impact for our customers.

在25財年，我們與客戶一起協助預防了25萬起事故，數位化了3億個工作流程，並節省了超過30億的二氧化碳排放量。我們處於戰略地位，將人工智慧與我們龐大而獨特的數據資產結合，為我們的客戶帶來更大的影響。

We are entering a new age of intelligence. In just the last two years, AI has become 100x less expensive. It's more widely available than ever before, and will become significantly more abundant. This means that over time, we'll be able to apply it everywhere. Our customers are already using AI on our platform for proactive maintenance, training, detecting risky behaviors like drowsiness, and more. We believe AI will completely transform our customers' operations.

我們正進入一個全新的智慧時代。光是在過去兩年裡，人工智慧的成本就變得便宜了 100 倍。它的可用性比以往任何時候都要廣泛，而且將變得更加豐富。這意味著隨著時間的推移，我們將能夠將其應用於任何地方。我們的客戶已經在我們的平台上使用人工智慧進行主動維護、培訓、檢測困倦等危險行為等。我們相信人工智慧將徹底改變我們客戶的營運方式。

In the future, our customers will use AI to dynamically monitor operations to enhance safety and efficiency, adjust delivery routes based on weather and traffic and anticipate customer requests. By automating these tasks, AI will help fill labor shortages and skills gaps in operations. We're excited about how this will make our customers' operations safer, more efficient, and sustainable. We're looking forward to partnering with our customers to build this future.

未來，我們的客戶將使用人工智慧動態監控運營，以提高安全性和效率，根據天氣和交通情況調整運輸路線並預測客戶要求。透過實現這些任務的自動化，人工智慧將有助於填補營運中的勞動力短缺和技能差距。我們很高興這將使我們客戶的營運更加安全、高效和永續。我們期待與客戶合作，共同建立這個未來。

We believe we are uniquely positioned to amplify our customer impact and achieve durable growth in the next decade. This is a result of several key factors.

我們相信，我們擁有獨特的優勢，可以擴大我們的客戶影響力並在未來十年實現持久的成長。這是幾個關鍵因素造成的。

First, we are in the early stages of digitizing a massive market. We're generating over $1 billion in ARR from our core vehicle applications alone. Today, less than half of North American commercial vehicles use telematics and only about 10% use safety products. As our customers prioritize vehicle digitization first, we see a clear path to expanding our core applications into a multibillion-dollar business.

首先，我們正處於龐大市場數位化的早期階段。僅從核心汽車應用方面，我們就創造了超過 10 億美元的 ARR。目前，不到一半的北美商用車使用遠端資訊處理技術，只有約 10% 的車輛使用安全產品。由於我們的客戶首先考慮車輛數位化，我們看到了將我們的核心應用擴展為價值數十億美元的業務的明確途徑。

More broadly, the market opportunity beyond vehicles is even earlier in digitization. We see an enormous opportunity for sustained growth.

更廣泛地說，汽車以外的市場機會在數位化中甚至更早出現。我們看到了持續成長的巨大機會。

Second, we're achieving strong momentum with our large enterprise customers. This is driven by a few factors. We're focused on innovation for the enterprise, and we're building products to solve challenges for their complex operations. We're also continuing to invest in enterprise-focused go-to-market motion. And we're adding more enterprise sales capacity to target this opportunity.

其次，我們與大型企業客戶的關係發展勢頭強勁。這是由幾個因素造成的。我們專注於企業創新，並致力於打造產品來解決企業複雜營運中面臨的挑戰。我們也將繼續投資以企業為中心的市場進入行動。我們正在增加更多的企業銷售能力來抓住這個機會。

As I shared at the top of this call, we had a record number of new large enterprise customers for the year. They provide significant benefits, including valuable feedback to fuel our innovation higher retention rates and greater expansion opportunities.

正如我在本次電話會議開始時所說，我們今年新增的大型企業客戶數量創下了歷史新高。它們提供了顯著的益處，包括寶貴的回饋，以推動我們的創新，提高保留率和更大的擴展機會。

Third, we're continuously innovating and expanding our multiproduct platform to solve our customers' toughest challenges. Since founding, we've successfully built and scaled more than eight products. We're seeing our customers use us as a single system of record and increase the use of our products across their operations. Currently, 62% of our large customers use three or more products, up from 58%, one year ago and 54%, two years ago. As we expand our platform to serve our customers better, we create future expansion opportunities to drive growth.

第三，我們不斷創新和擴展我們的多產品平台，以解決客戶最嚴峻的挑戰。自成立以來，我們已經成功建造並擴展了 8 種以上的產品。我們看到客戶將我們作為單一記錄系統使用，並在其運作過程中增加我們產品的使用。目前，我們 62% 的大客戶使用三種或三種以上的產品，而一年前這一數字為 58%，兩年前這一數字為 54%。隨著我們擴展平台以更好地服務客戶，我們也創造了未來的擴展機會來推動成長。

And lastly, we're heavily investing in our team and company culture to serve our growing customer base better. We're proud of the recent awards that we've won that recognize this including Frost & Sullivan's 2024 Company of the Year Award, built-ins 2025 Best US large company to work for and our inclusion in Fortune's 2024 Change the World list. We're operating at a rare combination of scale, growth and profitability.

最後，我們大力投資我們的團隊和公司文化，以便更好地服務不斷成長的客戶群。我們為最近獲得的獎項感到自豪，這些獎項認可了我們的努力，包括 Frost & Sullivan 頒發的 2024 年度公司獎、2025 年度最佳美國大公司獎，以及被列入《財富》雜誌 2024 年改變世界企業榜單。我們的營運呈現出規模、成長和獲利的罕見組合。

We're approaching $1.5 billion in ARR with 33% year-over-year adjusted growth and 9% adjusted free cash flow margins. It's been an exciting quarter and year to deliver on our mission to increase the safety, efficiency and sustainability of the operations to power the global economy.

我們的 ARR 接近 15 億美元，調整後年增 33%，調整後自由現金流利潤率為 9%。這是一個令人興奮的季度和一年，我們履行了提高營運安全性、效率和永續性以推動全球經濟的使命。

We're grateful to partner with our customers as they modernize their operations. We'd like to thank all of our customers, partners, investors and Samsarians for joining us on this journey.

我們非常高興能夠與客戶合作，共同實現他們的營運現代化。我們要感謝所有客戶、合作夥伴、投資者和 Samsarians 與我們一起踏上這趟旅程。

We also wanted to share that our President of Worldwide Field Operations, Lara Caimi, will be leading Samsara following a personal leave of absence. However, she will serve as an adviser over the next few months to ensure a smooth transition. Our Chief Revenue Officer, Amit Vias; and our Chief Operating Officer for go-to-market, Robert Stoba, will take over her responsibilities. Both Amit and Robert have extensive experience leadership experience at Samsara, each with a strong track record over six years, and we're confident in their ability to lead.

我們也想分享一個訊息，我們的全球現場營運總裁 Lara Caimi 在個人休假後將領導 Samsara。不過，她將在接下來的幾個月擔任顧問，以確保順利過渡。我們的首席營收長 Amit Vias；我們的行銷首席營運長羅伯特·斯托巴 (Robert Stoba) 將接替她的職責。Amit 和 Robert 在 Samsara 都擁有豐富的領導經驗，並且各自擁有超過六年的出色業績，我們對他們的領導能力充滿信心。

As always, I'll continue to be heavily involved in the go-to-market function. We win as a team and are grateful for Lara's time with us over the past couple of years.

像往常一樣，我將繼續深入參與行銷工作。我們作為一個團隊贏得了勝利，並感謝 Lara 在過去幾年裡與我們在一起的時光。

Lastly, we're excited to see many of you beyond our annual customer conference. It will be taking place this June in San Diego, where we will also be hosting an Investor Day. At beyond, we'll be bringing together leaders across industries to discuss the state of physical operations, the challenges they're facing, and new ways to deliver value through digitization. We will also be announcing new products to further drive transformation for our customers. We hope you will join us.

最後，我們很高興在年度客戶會議之外見到大家。該活動將於今年 6 月在聖地牙哥舉行，我們也將在那裡舉辦投資者日。除此之外，我們還將召集各行各業的領導者，共同探討實體營運的現狀、他們所面臨的挑戰以及透過數位化實現價值的新方法。我們也將發布新產品，進一步推動客戶轉型。我們希望您能加入我們。

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

現在我將把時間交給 Dominic 來介紹本季的財務亮點。

Thank you, Sanjit. Q4 was another quarter of durable and efficient growth. The quarter was highlighted by achieving several new records across important operating metrics, including surpassing $100 million in quarterly net new ARR; adding 203 $100,000-plus ARR customers; and 14 $1 million-plus ARR customers and achieving quarterly records for gross margin, operating margin, and free cash flow margin.

謝謝你，桑吉特。第四季又是一個持續高效成長的季度。本季的亮點是在多項重要營運指標上創下了新紀錄，包括季度淨新 ARR 超過 1 億美元；增加了 203 名 ARR 超過 10 萬美元的客戶；以及 14 位 ARR 超過 100 萬美元的客戶，並實現了毛利率、營業利潤率和自由現金流利潤率的季度記錄。

Q4 revenue was $346 million, an increase of 25% year-over-year or 36% adjusted growth, which is the same growth rate as last quarter, but at a larger scale. FY25 revenue was $1.25 billion, an increase of 33% year-over-year or 37% adjusted growth.

第四季營收為 3.46 億美元，年增 25%，調整後成長 36%，成長率與上一季相同，但規模更大。FY25 營收為 12.5 億美元，年增 33%，調整後成長 37%。

Adjusted revenue growth enables comparability across periods and contains two items. First, Q4 of last year was a 14-week quarter instead of a typical 13-week quarter, removing the extra week from the prior period results in an additional 10 percentage points of Q4 FY25 revenue growth and an additional 3 percentage points of full year FY25 revenue growth.

調整後的收入成長可以實現不同時期的可比性，包含兩個項目。首先，去年第四季是一個 14 週的季度，而不是典型的 13 週，從前期中去掉額外的一周，將使 2025 財年第四季度收入額外增長 10 個百分點，2025 財年全年收入額外增長 3 個百分點。

Second, Constant currency removes the impact of foreign currency exchange rate fluctuations period-over-period and results in an additional one percentage point of Q4 FY25 revenue growth and an additional 1 percentage point of full year FY25 revenue growth.

其次，固定匯率消除了外匯匯率波動的影響，使 2025 財年第四季營收額外成長一個百分點，2025 財年全年收入額外成長一個百分點。

Q4 net new ARR was $109 million, an increase of 10% year over year, or 12% adjusted only for constant currency. FY25 net new ARR was $356 million, an increase of 16% year over year, or 17% adjusted for constant currency. And ending ARR was $1.46 billion, an increase of 32% year over year, or 33% adjusted for constant currency.

第四季淨新 ARR 為 1.09 億美元，年增 10%，按固定匯率調整後成長 12%。FY25 淨新 ARR 為 3.56 億美元，年增 16%，以固定匯率調整後成長 17%。期末 ARR 為 14.6 億美元，年增 32%，根據固定匯率調整後成長 33%。

Several factors drove our strong top line performance in Q4.

有幾個因素推動了我們第四季的強勁營收表現。

First, we focus on serving large enterprise customers to drive durable and efficient growth at scale. In FY25, we further prioritize landing the very largest and most strategic enterprise customers and learned the following.

一是聚焦服務大型企業客戶，推動規模化、持續高效成長。在 25 財年，我們進一步優先考慮獲得最大、最具戰略意義的企業客戶，並了解以下情況。

One, we've successfully proven we have an enterprise-grade platform, differentiated product portfolio and operational support required to win the largest enterprise accounts at a high rate. Two, large strategic enterprise sales cycles can span multiple years and are often much more longer and more variable than sales cycles in smaller customer segments. And lastly, many of our largest enterprise customers and prospects have clear path to becoming $10 million-plus ARR customers, and we expect these customers to mostly expand over time versus purchasing wall-to-wall upfront.

首先，我們已經成功證明我們擁有企業級平台、差異化的產品組合和營運支持，可以高比率地贏得最大的企業客戶。二，大型策略企業銷售週期可以跨越數年，而且通常比較小客戶群的銷售週期更長、變化更大。最後，我們許多最大的企業客戶和潛在客戶都有明確的途徑成為 1000 萬美元以上的 ARR 客戶，我們預計這些客戶會隨著時間的推移而擴大，而不是預先購買全部產品。

We ended Q4 with 2,506 $100,000-plus ARR customers, growing 36% year over year, including a quarterly record increase of 203. We also ended the quarter with 118 $1 million-plus ARR customers, growing 44% year over year, including a quarterly increase of 14, which is tied for a quarterly record.

截至第四季度，我們擁有 2,506 名 ARR 超過 10 萬美元的客戶，年增 36%，其中季度新增客戶數創歷史新高，為 203 名。本季末，我們擁有 118 位 ARR 超過 100 萬美元的客戶，年增 44%，其中季新增 14 位，創下季度新高。

In addition to adding more large customers, we also grew our average ARR per $100,000-plus customer to $323,000, up from $313,000 one year ago. And the combination of adding more large customers and a higher average ARR resulted in increased ARR mix for $100,000-plus customers to 55% in Q4, up from 52% one year ago and 48% two years ago.

除了增加更多大客戶之外，我們還將每位 10 萬美元以上客戶的平均 ARR 提高到 323,000 美元，高於一年前的 313,000 美元。增加更多大客戶和提高平均 ARR 的雙重作用，導致第四季度 10 萬美元以上客戶的 ARR 組合增至 55%，高於一年前的 52% 和兩年前的 48%。

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 sixth consecutive quarter. Additionally, a quarterly record 90 of the 203 $100,000-plus ARR customers added were new logos.

其次，本季在吸引新客戶和擴大現有客戶關係方面取得了均衡的結合。對於新標誌，我們連續六個季度增加了 1,000 多個核心客戶。此外，在新增的 203 名 ARR 超過 10 萬美元的客戶中，有 90 名是新客戶，創下了季度新高。

Also, 9 of the top 10 new customers signed with multiple products, one of our largest new customers in Q4, as a leading provider for the safety and maintenance of gas and water distribution systems with more than 1,000 field technicians, 2,000 field assets and 700 vehicles.

此外，前 10 個新客戶中有 9 個簽署了多種產品，這是我們第四季度最大的新客戶之一，它是燃氣和供水分配系統安全和維護領域的領先供應商，擁有 1,000 多名現場技術人員、2,000 項現場資產和 700 輛車輛。

Their initial purchase included five products across our platform, telematics, video-based safety, equipment monitoring, connected workflows and connected training. With connected training, they achieved a 98% on-time completion rate and created more than 20 custom courses using our new AI course builder. They also achieved immediate results by deploying asset tags and reducing the $500,000 they lost annually for misplaced assets. Overall, they expect an ROI of more than 7x.

他們最初購買的產品包括我們平台上的五種產品：遠端資訊處理、基於視訊的安全性、設備監控、連網工作流程和連網培訓。透過連網培訓，他們實現了 98% 的按時完成率，並使用我們的新 AI 課程建立器創建了 20 多個客製化課程。他們還透過部署資產標籤並減少了每年因資產放錯而造成的 50 萬美元損失，取得了即時的效果。總體而言，他們預計投資回報率將超過 7 倍。

For expansions, 14 of our top 20 customers expanded in Q4 and 7 of the top 10, Q4 expansions included multiple products. Our strength and expansions also allowed us to achieve our target dollar-based net retention rate of approximately 115% and 120% for core and large customers, respectively.

就擴張而言，我們前 20 名客戶中有 14 名在第四季度進行了擴張，前 10 名客戶中有 7 名在第四季度的擴張涉及多種產品。我們的實力和擴張也使我們實現了核心客戶和大客戶分別約115％和120％的目標美元淨留存率。

And third, we demonstrated strong execution across several frontier markets. 17% of net new ACV came from international geographies in Q4 tied for the second highest quarterly contribution ever. The international strength was driven by Mexico and the UK, both of which accelerated net new ACV growth sequentially.

第三，我們在多個前沿市場展現了強勁的執行力。第四季度，17% 的淨新增 ACV 來自國際地區，創下有史以來第二高的季度貢獻率。國際實力的增強得益於墨西哥和英國，這兩個國家的淨新 ACV 成長均連續加速。

The UK also contributed its highest quarterly net new ACV mix and Mexico contributed its second highest net new ACV mix. We also saw momentum across construction, food and beverage and public sector end markets. Construction drove the highest net new ACV mix of all industries for the sixth consecutive quarter.

英國也貢獻了其最高的季度淨新增 ACV 組合，而墨西哥貢獻了其第二高的淨新增 ACV 組合。我們也看到建築、食品飲料和公共部門終端市場的發展勢頭。建築業連續六個季度成為所有行業中淨新增 ACV 組合最高的行業。

Food and beverage contributed its highest net new ACV mix in over three years, led by our largest expansion in Q4 with Bimbo Bakeries, the largest commercial baking company in the US with more than 20,000 workers, 5,500 vehicles, 2,500 trailers, 350 tractors, and 11,000 distribution routes. With Samsara, they saw a 70% reduction in collision risk, a 64% reduction in harsh events, and a 49% reduction in policy violations.

食品和飲料貢獻了三年多來最高的淨新增 ACV 組合，其中最主要的是我們第四季度與 Bimbo Bakeries 的最大擴張，Bimbo Bakeries 是美國最大的商業烘焙公司，擁有超過 20,000 名員工、5,500 輛汽車、2,500 輛拖車、350 拖拉機和 11,000 條配送。採用 Samsara 後，碰撞風險降低了 70%，惡劣事件減少了 64%，違反政策的行為減少了 49%。

Public sector had its highest year-over-year growth rate of the year in Q4, led by Miami-Dade, the seventh largest county in the country. Miami-Dade signed a more than $1 million transaction for the Department of Transportation and Public Works and the Department of Solid Waste Management.

第四季度，公共部門實現了今年最高的年成長率，其中以全美第七大縣邁阿密戴德縣最為顯著。邁阿密戴德縣與交通運輸和公共工程部以及固體廢物管理部簽署了一項價值超過 100 萬美元的交易。

And we also saw strength in emerging products. In Q4, 15% of net new ACV came from non-vehicle products, the highest mix in the last 10 quarters. 4 of the top 10 new customers included a non-vehicle product and equipment monitoring accelerated year-over-year net new ACV growth for the third consecutive quarter, driven by strength in asset tags.

我們也看到了新興產品的優勢。第四季度，新車淨銷售額的 15% 來自非汽車產品，為過去 10 個季度以來的最高水準。前十大新客戶中有四家包括非車輛產品和設備監控，在資產標籤強勁的推動下，連續第三個季度加速了淨新 ACV 的同比增長。

In addition to driving strong top line growth, we continue 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, a 16% operating margin and a 14% free cash flow margin.

除了推動強勁的營收成長外，隨著業務規模的擴大，我們還將繼續在整個業務範圍內提供營運槓桿。我們在所有關鍵非 GAAP 獲利指標中均創下了季度記錄，包括 78% 的毛利率、16% 的營業利潤率和 14% 的自由現金流利潤率。

Okay. Now turning to guidance, assuming FX rates as of February 1. For Q1, we expect revenue to be between $350 million and $352 million, representing 25% year-over-year growth, or between 26% and 27% constant currency growth, including a $5 million impact to Q1 revenue.

好的。現在轉向指導，假設外匯匯率截至 2 月 1 日。對於第一季度，我們預計營收在 3.5 億美元至 3.52 億美元之間，年增 25%，或以固定匯率計算成長 26% 至 27%，其中對第一季營收的影響為 500 萬美元。

Non-GAAP operating margin is 7% and non-GAAP EPS to be between $0.05 and $0.06.

非公認會計準則營業利潤率為 7%，非公認會計準則每股收益在 0.05 美元至 0.06 美元之間。

For full year FY26, we expect revenue to be between $1.523 billion and $1.533 billion representing year-over-year growth between 22% and 23% or between 23% and 24% adjusted for constant currency, including an $11 million impact to FY26 revenue.

對於 2026 財年全年，我們預計營收在 15.23 億美元至 15.33 億美元之間，同比增長 22% 至 23% 之間，或根據固定匯率調整後增長 23% 至 24%，其中包括對 2026 財年收入的 1100 萬美元的影響。

Non-GAAP operating margin to be approximately 11% and non-GAAP EPS to be between $0.32 and $0.34.

非公認會計準則營業利潤率約為 11%，非公認會計準則每股收益在 0.32 美元至 0.34 美元之間。

And finally, please see the additional modeling notes in our shareholder letter.

最後，請參閱我們股東信中的附加建模說明。

To close, Q4 punctuated a year in which we saw continued momentum in a very large, very early market opportunity. The world of physical operations is in the early innings of digital transformation and company's willingness to adopt new technologies to improve their safety, efficiency, and sustainability is rapidly increasing as the ROI benefits become even more evident.

最後，第四季標誌著我們在非常巨大的早期市場機會中繼續看到發展勢頭的一年。實體營運領域正處於數位轉型的初期，隨著投資報酬率效益變得越來越明顯，企業採用新技術來提高安全性、效率和永續性的意願正在迅速增加。

Most physical operations businesses have large operating budgets consisting of physical assets and frontline workers, which consume most of the revenue. Even slight operational improvements can result in millions of dollars of savings for our customers, significantly impacting their bottom line. And Samsara continues to be best positioned to benefit from these long-term market dynamics.

大多數實體營運企業的營運預算龐大，由實體資產和第一線工人組成，這消耗了大部分收入。即使很小的營運改善也能為我們的客戶節省數百萬美元，從而顯著影響他們的底線。而 Samsara 將繼續處於從這些長期市場動態中獲益的最佳位置。

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

現在，我將把時間交給 Mike 來主持問答環節。

Thank you, Dominic. (Event Instructions) Matt Hedberg, RBC; followed by James Fish, Piper Sandler.

謝謝你，多米尼克。(活動說明) Matt Hedberg，RBC；其次是詹姆斯·菲什 (James Fish)、派珀·桑德勒 (Piper Sandler)。

Great. Another great year. Maybe I'll start, Dominic, one for you. Thanks for quantifying the extra week impact on revenue, super helpful. I noticed you didn't talk about it from an ARR perspective. You clarified for constant currency. But wondering if you could provide any sort of color on how we should think about ARR perhaps adjusted for the week?

偉大的。又是偉大的一年。也許我應該先開始，多明尼克，為你做一個。感謝您量化額外一週對收入的影響，非常有幫助。我注意到你沒有從 ARR 的角度談論它。您已澄清了固定匯率。但我想知道您是否可以提供任何關於我們應該如何考慮 ARR 的詳細信息，也許可以針對本週進行調整？

Yeah. Yeah. Absolutely, Matt. So as we've said before, it's really difficult to quantify the impact to ARR of having the extra week in Q4. It's very easy for revenue because of ratable revenue recognition, but to determine the impact on bookings is much more challenging, which is why we didn't adjust it out of Q4 last year or in the Q4 results that we just gave today.

是的。是的。當然，馬特。因此，正如我們之前所說，很難量化第四季額外一週對 ARR 的影響。由於可按比例確認收入，因此確定收入非常容易，但確定對預訂的影響則更具挑戰性，這就是為什麼我們沒有在去年第四季度或今天剛給出的第四季度結果中對其進行調整。

If you did use the same framework that we used for revenue, if you remove 114th of the $99 million from net new ARR from Q4 of last year, that extra selling, we would imply roughly $7 million of added net new ARR in Q4. But again, really difficult to hone in and really quantify that.

如果您確實使用與我們用於收入的相同框架，如果您從去年第四季度的淨新 ARR 9900 萬美元中去除 114 分之一，即額外的銷售額，我們將暗示第四季度增加了大約 700 萬美元的淨新 ARR。但同樣，要真正磨練並量化這一點真的非常困難。

And just even broader than that, with regards to the year-over-year growth, I think it's also just worth reminding investors that Q4 last year was definitely a tough comp, even beyond that extra week. It was a quarter in which we landed our largest net new ACV deal lever. We had a record number of $1 million-plus net new ACV deals in the quarter. And so when you consider all that in, we're happy with the net new ARR growth this quarter.

更廣泛地說，就同比成長而言，我認為還值得提醒投資者，去年第四季絕對是一個艱難的季度，甚至比那額外的一周還要艱難。這是我們實現淨新 ACV 交易槓桿最大的一個季度。本季度，我們創下了 100 萬美元以上的淨新 ACV 交易數量的記錄。因此，考慮到所有這些因素，我們對本季的淨新 ARR 成長感到滿意。

Got it. That's super helpful. So maybe a lot of it kind of rounds to maybe a point headwind. That's helpful.

知道了。這非常有幫助。因此，可能很多情況都可能轉向逆風。這很有幫助。

And then Sanjit, for you, obviously, I think a lot of us coming out of your user of it last year, we're just enabled with the opportunity for asset tags. And it shows up in a number of checks that we do sort of in areas or customers that you wouldn't necessarily think would be Samsara customers. I guess can you provide some perspective on how you might think asset tags could impact fiscal '26 ARR?

然後 Sanjit，對你來說，顯然，我認為我們中的許多人都是去年從你的用戶中走出來的，我們剛剛獲得了資產標籤的機會。我們在某些​​地區或客戶身上進行了一系列檢查，結果都顯示這一點不一定是 Samsara 的客戶。我想您能否提供一些關於資產標籤如何影響財政 '26 ARR 的觀點？

Yeah. First of all, the reception around asset tax has been great. I think people are finding lots of use cases where they have these small high-value assets that they want to understand the location of there's really kind of three use cases that we've seen emerge and this is across industries.

是的。首先，資產稅的反應很好。我認為人們發現了很多用例，他們擁有這些小型高價值資產，他們想要了解這些資產的位置，我們實際上看到三種用例出現，而且這些用例涉及各個行業。

The first is around locating stolen or lost assets. The second is actually around locating those assets. So a lot of time is spent finding these assets are like a large construction or job site, and then also around understanding asset utilization. So again, these are benefits that apply across multiple industry verticals.

第一個是尋找被盜或遺失的資產。第二個問題其實是如何找到這些資產。因此，我們會花費大量時間來尋找這些資產，就像大型建築或工地一樣，然後還要了解資產利用率。再次強調，這些好處適用於多個垂直行業。

In terms of impact on FY26, it's really too early to say. We are seeing good attach, but -- we're also seeing customers experiment. So I think it takes some time to figure out, well, this is net new functionality, how will I use it? How do I get value from it? And then how do we practically roll it out across thousands or tens of thousands of assets, as I described earlier in the prepared remarks.

就對 FY26 的影響而言，現在說還為時過早。我們看到了良好的連接，但是，我們也看到客戶正在進行實驗。所以我認為需要花一些時間來弄清楚，好吧，這是全新的功能，我將如何使用它？我如何從中獲取價值？然後，我們如何在數千或數萬種資產中實際推廣它，正如我之前在準備好的發言中所描述的那樣。

Thank you very much.

非常感謝。

Jim Fish, Piper Sandler; followed by Dylan Becker, William Blair.

吉姆·菲什、派珀·桑德勒；緊隨其後的是 Dylan Becker、威廉布萊爾 (William Blair)。

Thanks for the questions here. Maybe just at a high level, that given the latest macro uncertainty in the turbulence we're all seeing, especially in the US now, given you guys are exposed to fiscal operations and that being 40% or more GDP some concerns around GDP is slowing, potentially declining. Do you guys expect to see any sort of pressure to unfold this year around that? Or is the ROI that Samsara provides able to kind of get through these potential macro headwinds?

感謝您的提問。也許只是在高層次上，鑑於我們都看到的最新宏觀不確定性，尤其是現在的美國，鑑於你們面臨財政運作的風險，而且財政運作佔 GDP 的 40% 或更多，人們對 GDP 的一些擔憂正在放緩，甚至可能下降。你們預計今年會出現什麼形式的壓力嗎？或者 Samsara 提供的投資報酬率是否能夠克服這些潛在的宏觀阻力？

Okay. I'll start. And Dominic, if you want to add. So I think at a high level, it's important to remember that our customers are very large scale in terms of their operations. So we're talking about asset heavy, labor-intensive businesses. And so they're always trying to find ways to be more efficient.

好的。我先開始。如果你想補充的話，還有 Dominic。因此，我認為從高層次來看，重要的是要記住我們的客戶的營運規模非常大。所以我們談論的是資產密集、勞力密集的企業。因此他們一直在努力尋找提高效率的方法。

To put that in perspective, for every dollar of revenue they earn, somewhere between $0.60 and $0.80 is spent on those operations, and we help optimize those operations. So I think in times like this, where our customers are trying to figure out how to drive efficiencies, the data is incredibly valuable.

從這個角度來看，他們每賺取一美元的收入，大約有 0.60 美元到 0.80 美元花在這些營運上，我們則幫助優化這些營運。因此我認為，在這樣的時刻，當我們的客戶試圖弄清楚如何提高效率時，數據就非常有價值。

We're really helping them get leverage, and they're seeing that ROI. It's too early. It's too hard to say what these macro impacts will be. But for them, there's a lot of optimization opportunities below the line? I don't know if you want to add anything.

我們確實在幫助他們獲得槓桿作用，而且他們也看到了投資回報。還太早。很難說這些宏觀影響會是什麼。但對他們來說，線下有很多優化機會？我不知道您是否想添加任何內容。

Similar -- these are customers that have operated, many of them for over 100 years. They've operated through many different kind of economic cycles. And I think just the early innings of this digital transformation and the kind of the power of the data, their ability to drive more efficiencies in their business is -- they're looking through that and ultimately adopting this technology at faster rates.

類似——這些都是已經運營的客戶，其中許多已經運營了 100 多年。他們經歷過許多不同類型的經濟週期。我認為，數位轉型還處於初期階段，數據的力量以及提高業務效率的能力正在推動他們——他們正在研究這一點，並最終以更快的速度採用這項技術。

Helpful. And Dominic, for you, I guess, what's giving the confidence in the stable to potentially even up NRR for the core customers and can we get the percentage of new ACV from new customers versus existing here at year-end?

很有幫助。多明尼克，我想，對您來說，是什麼讓您對穩定的業務有信心，有可能為核心客戶提高 NRR，我們能否在年底獲得來自新客戶的新 ACV 百分比與現有客戶的百分比？

Sorry, I missed the first part, but the mix was pretty balanced this year. It was just -- it was basically 50-50 new logos expansions in terms of net new ACV mix for the quarter.

抱歉，我錯過了第一部分，但今年的混合相當均衡。就本季的淨新 ACV 組合而言，新標誌擴張基本上是 50-50。

The first part was just the core NRR potentially being stable to you said 115th, plus or minus 2%. I guess what's given the confidence behind that?

第一部分只是核心 NRR 可能穩定在你說的第 115 位，正負 2%。我想問一下是什麼給了我們這樣的信心呢？

Because just the consistency and the expansions that we're seeing in the business, we were at kind of approximately 115th for FY25, and that's what we're targeting for FY26 as well. A big chunk of our business comes from expansions.

因為我們在業務中看到的一致性和擴張性，我們在 2025 財年的排名大約是第 115 位，這也是我們 2026 財年的目標。我們的大部分業務來自於擴張。

And then if you think about all of the new products that we're rolling out, customers landing in specific use cases and then expanding and adding us to more frontline workers and more physical assets, we expect expansions to continue to be an important growth driver in FY26.

然後，如果您考慮我們推出的所有新產品、客戶的特定使用案例，然後擴展並為我們添加更多的一線工人和更多的實體資產，我們預計擴張將繼續成為 26 財年的重要成長動力。

Dylan Becker, William Blair; followed by Kirk Materne, Evercore.

迪倫貝克爾、威廉布萊爾；緊隨其後的是 Kirk Materne 和 Evercore。

Perfect. Maybe Sanjit, starting with you. It's really impressive the data scale that you guys have and maybe even more so the 50% growth kind of annually on top of that, giving you a lot of network density obviously. At the same time, I mean, there's plenty of white space here.

完美的。也許是 Sanjit，從你開始。你們的數據規模確實令人印象深刻，甚至每年還以 50% 的速度成長，這顯然為你們帶來了很大的網路密度。同時，我的意思是，這裡有很多空白空間。

So wondering how you're thinking about kind of the network density benefit and your opportunity to go and capture kind of more assets from the net new user side, which feels pretty balanced? But also, the ability to kind of go deeper with the existing customers and kind of more ingrain yourself and understand the entirety of kind of their physical operations workflows?

所以想知道您如何看待網路密度優勢以及從淨新用戶方面獲取更多資產的機會，這感覺相當平衡？但同時，我們是否有能力更深入地了解現有客戶，並更深入地理解他們的整個實體營運工作流程？

Yeah. So Dylan, we're very much doing both. First of all, I think in terms of network density that helps us with coverage for new products like the asset, which I talked about earlier, it also gives us much more visibility over operational behaviors. So what's driving risk out there down to fuel consumption trends by make and model of vehicle or piece of equipment. So there's a lot of benefits to having this data at scale.

是的。所以，迪倫，我們正在做這兩件事。首先，我認為就網路密度而言，它可以幫助我們涵蓋新產品，例如我之前談到的資產，它也能讓我們更了解營運行為。那麼，是什麼導致了風險，從而影響了車輛或設備品牌和型號的燃料消耗趨勢。因此，大規模擁有這些數據有許多好處。

We are still only kind of low double-digits percent penetrated. There's a lot of opportunity to see more assets, see more miles on the road, see more frontline workers use the product. So I think you'll see us continue investing going broader.

我們的滲透率仍然只有低兩位數。我們有很多機會看到更多的資產、看到更多的道路行駛里程、看到更多的第一線工人使用該產品。所以我認為你會看到我們繼續進行更廣泛的投資。

As we go deeper, it helps enable some of these newer AI-driven products, for example, around maintenance. So the more fault code data we see, we see over one billion fault codes a year. We can really understand what's going on inside these assets, what leads to failures, which ones maintenance, that sort of thing. So I think the depth will also benefit us. But it's really a decades-long journey as we really compound on this data asset.

隨著我們深入研究，它有助於實現一些較新的人工智慧驅動的產品，例如圍繞維護的產品。因此，我們看到的故障碼資料越多，每年就會看到超過 10 億個故障碼。我們可以真正了解這些資產內部發生的情況、導致故障的原因、哪些資產需要維護等等。所以我認為深度也會對我們有利。但隨著我們真正累積這項數據資產，這確實是一個長達數十年的旅程。

Perfect. That's helpful. And maybe a good segue to sticking with you here on kind of the AI use cases that you're seeing, there's obviously a significant kind of tangible external value here and maybe monetization still on the come as we think about that. But how are you guys thinking about leveraging it internally, right?

完美的。這很有幫助。也許一個很好的過渡是繼續討論您所看到的人工智慧用例，這顯然具有重要的有形外部價值，而且當我們考慮這一點時，也許貨幣化仍在進行中。但是你們是怎麼想的，如何在內部利用它呢？

There's a lot of room for internal efficiency in your core operations, I would think it can help accelerate product development. That's very clear. kind of with your innovation engine, but maybe the kind of the internal leveraging of AI as well, if you don't mind?

您的核心營運中有很大的內部效率空間，我認為這可以幫助加速產品開發。這非常清楚。有點像你的創新引擎，但也許還有人工智慧的內部利用，如果你不介意的話？

Yeah. There's a lot of potential, both external and internal. Like you said, we're very much invested in this -- in the product. And then the way we build the product. So we use modern AI coding tools. We're using it on the sales side to help us better understand customer accounts, do research, answer questions. So our sales and go-to-market teams have kind of all the information at their fingertips that they can be helpful with.

是的。有很大的潛力，包括外部的和內部的。正如您所說，我們對此產品投入了大量資金。然後是我們製造產品的方式。所以我們使用現代的人工智慧編碼工具。我們在銷售方面使用它來幫助我們更好地了解客戶帳戶，進行研究，回答問題。因此，我們的銷售和行銷團隊可以隨時掌握所有可以提供幫助的資訊。

And then on functions like support, we're able to do a lot, especially in the way and the speed at which we can respond to any support question. So pretty much every team, every department at Samsara is using AI in an interesting way. And we're excited because the potential for the technology just seems to be expanding. It's kind of exceeded our expectations.

在支援等功能上，我們可以做很多事情，特別是在回應任何支援問題的方式和速度方面。因此，Samsara 的幾乎每個團隊、每個部門都在以有趣的方式使用 AI。我們非常興奮，因為這項技術的潛力似乎還在不斷擴大。這有點超出了我們的預期。

Great. Thank you.

偉大的。謝謝。

Kirk Materne, Evercore; followed by Christopher Quintero, Morgan Stanley.

柯克·馬特恩（Kirk Materne），Evercore；緊隨其後的是摩根士丹利的 Christopher Quintero。

It's Peter Burkly on for Kirk Materne. Appreciate taking the question. So really strong large customer momentum to get a quarterly record for $100,000 customer adds. Construction vertical continues to be really, really strong. It sounds like food and bev did quite well this quarter as well. I'm curious as you keep landing these larger customers, are there any verticals in particular that are structurally more in line with there's just an opportunity to be bigger within those customer verticals?

彼得·伯克利 (Peter Burkly) 替換柯克·馬特恩 (Kirk Materne)。感謝您回答這個問題。因此，大客戶成長動能非常強勁，創下了季度新增客戶 10 萬美元的紀錄。建築垂直行業持續保持強勁勢頭。聽起來本季食品和飲料的表現也相當不錯。我很好奇，當您不斷吸引這些大客戶時，是否有任何特定的垂直行業在結構上更符合這些客戶垂直行業的發展機會？

And then maybe just as a quick follow-on to that, is there any thought as you do continue to grow in these verticals sort of verticalizing the go-to-market efforts at all? Or is the sort of horizontal nature of your solutions, just continuing to resonate to where that's not necessary at this point?

然後也許只是快速跟進一下，隨著您在這些垂直領域的持續發展，您是否想過將進入市場的努力完全垂直化？或者，您的解決方案是否只是繼續產生共鳴，而目前還沒有必要？

Yeah, I'll take the first part part of that question and then Dominic can cover the second. So in terms of industry verticals, we are seeing strong traction across a number of different industries. They're the same ones that we talked about at Investor Day, and a lot of this is related to our penetration rates.

是的，我將回答該問題的第一部分，然後 Dominic 可以回答第二部分。因此，就垂直行業而言，我們看到許多不同行業都表現出強勁的發展勢頭。它們和我們在投資者日談論的是一樣的，其中許多與我們的滲透率有關。

So like I said earlier, still early innings. There's a lot of room for digitization. So when we think about industries like construction, they historically didn't buy a lot of telematics products or video-based safety, they're seeing tangible ROI benefits. They're seeing decreased risk-related costs are seeing better fuel consumption.

就像我之前說的，現在仍處於早期階段。數位化還有很大的發展空間。因此，當我們考慮建築等行業時，他們歷史上並沒有購買大量的遠端資訊處理產品或基於視訊的安全產品，他們看到了切實的投資回報率收益。他們看到風險相關成本降低，燃料消耗也得到改善。

So I do think industries like that, that historically hadn't bought a lot of this technology really starting to digitize, but we see opportunity across the board because we talked about this briefly, but over half the vehicles on the road still don't have telematics, only about 10% have video-based safety. So there's opportunity again in really every major industry vertical and physical operations.

因此，我確實認為，像這樣的行業，歷史上並沒有購買很多真正開始數位化的技術，但我們看到了全面的機會，因為我們簡要討論了這一點，但道路上超過一半的車輛仍然沒有遠程信息處理系統，只有大約 10％ 具有基於視頻的安全系統。因此，實際上每個主要垂直產業和實體營運中都再次存在著機會。

Yeah. And on the verticalized sales strategy, that's not something that we're planning on doing formally in FY26. There's still enough commonality in the use cases across these industries that we don't need industry experts selling into them. I think that, that's something that we could consider more gradually as we kind of think about how we map accounts to individual reps and try to group them together tied to industries. And maybe longer term, when we're at a larger scale, it's a strategy that could make sense.

是的。關於垂直銷售策略，我們還沒有計劃在 2026 財政年度正式實施。這些行業的用例仍然具有足夠的共通性，因此我們不需要行業專家來推銷它們。我認為，這是我們可以更逐步考慮的事情，因為我們正在思考如何將帳戶映射到各個代表，並嘗試將他們與行業組合在一起。也許從長遠來看，當我們的規模更大時，這是一個有意義的策略。

The only area that we do it today is within public sector where the selling motion is a little bit different. But other than that, sales reps are tied to patches geographies to sell into many different industries.

我們今天這樣做的唯一領域是公共部門，該部門的銷售行動略有不同。但除此之外，銷售代表也受地理位置的限制，將產品銷售到許多不同的產業。

Right. Thanks, guys.

正確的。謝謝大家。

Chris Quintero, Morgan Stanley; followed by Aleksandr, Wolfe.

摩根士丹利的 Chris Quintero；隨後是亞歷山大、沃爾夫。

Sanjit and Dominic, On for Keith here. I wanted to hit on international. Really great to see that new ACV growth in both Mexico and the UK accelerate. What's working well there? And how does that inform your plans for 2026 international expansion?

Sanjit 和 Dominic，這裡代替 Keith。我想打入國際市場。很高興看到墨西哥和英國新的 ACV 成長都在加速。那裡什麼運作良好？這對您 2026 年的國際擴張計畫有何啟示？

Yeah. I think it's just -- these are areas where we've made a lot of investments kind of over the years, and we're seeing some really good momentum. And so -- on the last call, we announced a few product-specific features for those markets where we've obviously been investing in beyond R&D into the go-to-market, winning some of these larger customers, and then having referenceability has definitely helped.

是的。我認為這些是我們多年來進行了大量投資的領域，而且我們看到了一些非常好的發展勢頭。因此，在上次電話會議上，我們針對這些市場宣布了一些特定於產品的功能，我們顯然一直在投資於這些市場，而不僅僅是研發，而是進入市場，贏得了一些大客戶，然後具有可參考性肯定有所幫助。

And then I think just the broader fact that there are more physical operations assets and frontline workers in these international markets even than in the US. And so very similar use cases and areas where we expect to continue to invest.

我認為更廣泛的事實是，這些國際市場的實體營運資產和第一線工人比美國還要多。因此，我們期望繼續投資的用例和領域非常相似。

That's super helpful, Dominic. And then wanted to ask on hiring. You guys keep winning a lot of these best company you work for. And so I'm just curious how that's helped enable bringing in new talent into the organization. What kind of talent are you getting? And how is that helping as you continue to scale through the current revenue base?

這非常有幫助，多米尼克。然後想問一下有關招募的問題。你們不斷贏得許多你們所效力的最佳公司稱號。所以我很好奇這對組織如何幫助引進新的人才。你獲得了什麼樣的天賦？那麼這對您繼續擴大目前收入基礎有何幫助？

Well, I think for us, the talent's important across the board. From a sales perspective, it gives us capacity to work with more customers. We're investing in our long-term customer relationships as well. So the go-to-market side, the investment is very clear.

嗯，我認為對我們來說，人才是至關重要的。從銷售角度來看，它使我們有能力與更多客戶合作。我們也正在投資長期客戶關係。因此，在市場進入方面，投資非常明確。

On the engineering side, we have a lot of different products that we're developing on the platform. And so scaling up those teams. All that being said, we want to keep a very close eye on culture and make sure we're scaling that up along with the headcount. So we take a balanced approach to it and make sure we stay very involved in the operations.

在工程方面，我們在這個平台上開發了許多不同的產品。並以此擴大這些團隊的規模。話雖如此，我們還是想密切關注文化，並確保隨著員工人數的增加而擴大文化。因此，我們對此採取平衡的方法，並確保我們積極參與營運。

Aleksandr, Wolfe; followed by Matt, BofA.

亞歷山大·沃爾夫；緊隨其後的是美國銀行的馬特 (Matt)。

Hi. This is Aleksandr on for Alex. Given the uncertainty on potential macro impacts from some of the geopolitical tensions, is there any increased conservatism in the guide and given the continued traction internationally, how have conversations with those large customers internationally changed or remain the same given some of the geopolitical tension fears?

你好。這是亞歷山大 (Aleksandr)，代表亞歷克斯 (Alex)。鑑於某些地緣政治緊張局勢可能產生的宏觀影響存在不確定性，指南中是否有所增加的保守主義？

I would just say, high-level guidance for FY26. The philosophy hasn't changed. It's not more or less conservative than the initial guidance in FY25. I think we're always wanting to make sure that we're providing guidance with a lot of confidence and especially to start the year, we feel good about being able to hit the numbers that we put out. And we obviously factor in all of the broader macro implications and potential outcomes into the guidance.

我只想說，這是針對 26 財年的高層指導。哲學並沒有改變。它與 FY25 的初步指導相比，既不更保守，也不更保守。我認為，我們始終希望確保我們能夠充滿信心地提供指導，特別是在年初，我們對能夠達到我們公佈的數字感到非常高興。我們顯然將所有更廣泛的宏觀影響和潛在結果都考慮在內了。

And on the customer side. Most of these companies are providing services like construction, the field services, they're in food and beverage. So they're very much focused on their kind of critical infrastructure jobs within their countries.

在客戶端方面。這些公司大多提供建築、現場服務等服務，也涉足食品和飲料領域。因此，他們非常關注自己國家的關鍵基礎設施工作。

Got it. That's really helpful. And you're continuing to see strong new large logo adds, I guess how much of those large new logo adds or from competitors versus completely new adopters. And with like new large logo strength, particularly in the back half of fiscal '25. How should we think about this for fiscal '26?

知道了。這真的很有幫助。而且您會繼續看到強大的新大型標誌的增加，我猜測這些大型新標誌的增加有多少是來自競爭對手，有多少是來自全新的採用者。並且具有像新的大型標誌一樣的實力，特別是在 25 財年下半年。我們該如何考慮26財年的問題？

It really depends on the specific situation. There's a number of kind of products that we have that tend to be more greenfield opportunity. So I mean, for example, video-based safety, 90% of commercial vehicles, even in the US aren't using technology. And so those can be more greenfield opportunities versus kind of telematics as a product that's been around for -- GPS has been around for decades. Still less than 50% have telematics, but much more so than on the video-based safety side. And so those can be we tend to see more competitors in those spaces.

這確實取決於具體情況。我們擁有多種類型的產品，它們往往帶來更多全新機會。我的意思是，例如基於視訊的安全性，90％的商用車，即使在美國也沒有使用這項技術。因此，與已經存在的產品遠端資訊處理相比，這些可能更多的是綠地機會——GPS 已經存在了幾十年。儘管仍有不到 50% 的車輛配備遠端資訊處理系統，但比基於視訊的安全系統配備的車輛要多得多。因此，我們傾向於在這些領域看到更多的競爭對手。

So it really kind of depends on the use case. Some of the newer products that we're rolling out, again, we're replacing manual work. And so in those cases, not competing against other technology vendors. So it really kind of depends on the use case.

所以這實際上取決於用例。我們推出的一些新產品正在取代手工勞動。因此在這些情況下，不會與其他技術供應商競爭。所以這實際上取決於用例。

Very helpful. Thank you.

非常有幫助。謝謝。

Matt, BofA; followed by David, Wells Fargo.

馬特（Matt），美國銀行；緊隨其後的是富國銀行的戴維 (David)。

Maybe just a couple for Dominic. I wanted to double tap on hiring intentions for fiscal year '26. Anything you can tell me in terms of percentage of growth, you intend to grow the workforce? Any additional color on sales and marketing versus the other areas of the business or geography would be helpful?

對 Dominic 來說也許只有幾對。我想進一步強調 26 財年的招募意願。您能告訴我關於成長百分比的任何資訊嗎？與其他業務或地理區域相比，對銷售和行銷的任何額外說明是否有幫助？

Yes. I mean we're definitely adding more head count into FY26. I think in like previous years, the majority of it will go into go-to-market. We're always obviously trying to add more capacity to keep pace with the scale and the growth of the business. I think we're also really focused on finding ways to improve our productivity.

是的。我的意思是我們肯定會在 26 財年增加更多員工。我認為與前幾年一樣，大部分資金將用於上市。顯然，我們一直在努力增加產能，以跟上業務規模和成長的步伐。我認為我們也確實專注於尋找提高生產力的方法。

That's the other kind of input and the growth and to drive more efficiency. There's obviously a lot of new opportunities with some of the recent technology advancements. And so productivity improvements and then handing out is also a big focus for us.

這是另一種投入和成長，並提高效率。顯然，最近的一些技術進步帶來了許多新的機會。因此，提高生產效率並分配也是我們關注的重點。

Understood. Thanks. And then just one quick follow-up on operating margin. obviously, a great quarter, I think 700 basis points above the guide. Can you just help us understand the drivers of that outside of just revenue outperformance, anything in the quarter that stood out in terms of productivity or efficiency?

明白了。謝謝。然後我們再快速跟進一下營業利益率。顯然，這是一個偉大的季度，我認為比預期高出 700 個基點。您能否幫助我們了解，除了收入表現優異之外，本季在生產力或效率方面有哪些突出的因素？

No. Yeah, most of it can -- from the revenue outperformance, there's kind of puts and takes to expenses. Most of our margin leverage tends to come in the back half of the year. We front load a lot of our OpEx. And so Q4 tends to be one of our largest operating margin quarters, and most of it came from the revenue outperformance.

不。是的，大部分都可以──從收入表現來看，有對支出的投入和支出。我們大部分的保證金槓桿往往出現在下半年。我們預先支付了大量的營運支出。因此，第四季往往是我們營業利潤率最高的季度之一，而大部分利潤來自於營收的優異表現。

Got it. Thank you.

知道了。謝謝。

David, Wells Fargo; followed by Andrew, BNP.

大衛（David），富國銀行；緊隨其後的是英國國家銀行安德魯 (Andrew)。

I appreciate it. So obviously, really like all the charts throughout your deck, you guys did a great job. Question on the massive market pie charts. Can you just talk through maybe at a high level, the newer products added since FY21, such as site visibility, connected forms, asset tech, et cetera?

我很感激。所以很明顯，真的很喜歡你們牌組裡的所有圖表，你們做得非常好。關於大量市場餅圖的問題。您能否從高層次談談自 21 財年以來增加的新產品，例如網站可見度、連接表單、資產技術等等？

And how we should think about the competitive dynamics you're seeing in those products today versus the competitive dynamics you saw in telematics and safety when you first disrupt the space back in FY17, '18? Thanks.

我們該如何看待今天在這些產品中看到的競爭態勢，以及您在2017、2018財年首次顛覆該領域時在遠端資訊處理和安全領域看到的競爭態勢？謝謝。

Yeah. Let me take a kind of first pass of that. And Dominic, if you want to add anything.

是的。讓我先來了解一下這一點。還有 Dominic，如果你想補充什麼。

So some of these newer products, forms is a great example. Asset tax is another one. They're really net new. These are not products that were widely available in the industry. A lot of our customers were coming up, manual workflow like pen and paper process. And so it's a different competitive dynamic compared to, say, telematics, where as Dominic mentioned earlier on the call, people have had GPS tracking for decades in some cases.

其中一些較新的產品、形式就是一個很好的例子。資產稅是另一項。它們確實是全新的。這些並不是業界廣泛使用的產品。許多客戶都開始採用像紙筆操作這樣的手動工作流程。因此，與遠端資訊處理相比，這是一種不同的競爭態勢，正如 Dominic 早些時候在電話會議上提到的，在某些情況下，人們已經使用 GPS 追蹤了幾十年。

So there was more kind of incumbency and sort of existing form factors that we're replacing. Here, I think we're seeing more net new.

因此，我們正在取代更多的在職人員和現有的形式因素。在這裡，我認為我們看到了更多的新鮮事。

That being said, there's competitors for each of these products, but we're really unique in terms of how we structured the whole system as a single platform. The workflows are intuitive for the frontline workers, they use us for compliance and for safety. Some of them clock in and clock out on the Samsara system. We're integrated with over 300 different technology partners. And that's what makes us different.

話雖如此，每款產品都有競爭對手，但我們將整個系統建構成單一平台的做法確實獨一無二。對於第一線工人來說，工作流程是直觀的，他們使用我們來確保合規性和安全性。他們中的一些人使用 Samsara 系統打卡上下班。我們與 300 多家不同的技術合作夥伴進行了合作。這就是我們的不同之處。

And that's also what makes it easier to adopt these products and add on. So the majority now of our large customers are using three or more products, that continues to accelerate.

這也使得採用這些產品和附加功能變得更加容易。因此，現在我們大多數大客戶都在使用三種或更多產品，而且這一趨勢還在不斷加速。

So all of this is to say that while these are newer products, we're able to attach them quite easily in some of these accounts once we get to know the nature of their business.

所以，所有這些都表明，雖然這些是較新的產品，但一旦我們了解了它們的業務性質，我們就能夠輕鬆地將它們附加到其中一些帳戶中。

I appreciate that. And just one follow-up. Would you mind just talking through the opportunity set in front of you as it relates to the public sector, as we think through their focus on efficiency and optimization?

我很感激。僅剩一個後續行動。當我們考慮公共部門對效率和優化的關注時，您介意談談您面臨的與公共部門相關的機會嗎？

Yeah. I mean it's an area that we've been focused on for several years, as I said earlier, it's the one industry where we have a vertical-specific sales organization. And unlike some other software businesses where there's a large federal presence for our industries, most of these physical operations assets and front line workers are housed within the state and local level.

是的。我的意思是這是我們幾年來一直關注的領域，正如我之前所說，這是我們擁有垂直特定銷售組織的行業。與其他一些有大量聯邦政府參與的軟體企業不同，我們的大多數實體營運資產和第一線工人都位於州和地方層級。

So that's really where we've been focused. And we saw, again, the strongest growth for public sector to place in Q4 and it was led by Miami Dade, again, the seventh largest county in the country. So I think that's indicative of $1 million-plus opportunity to a large county. Obviously, we've got a number of large state wins as well. And so that's an area of continued investment and focus for us going into FY26.

所以這確實是我們關注的重點。我們再次看到，第四季度公共部門的成長最為強勁，其中邁阿密戴德縣成長最為強勁，該縣再次成為全國第七大縣。所以我認為這對一個大縣來說意味著超過 100 萬美元的收入機會。顯然，我們也取得了許多重大的州級勝利。因此，這是我們在進入 26 財年時持續投資和關注的領域。

Thank you very much.

非常感謝。

Andrew, BNP; followed by Dan, BMO.

安德魯（Andrew），英國國家銀行；緊隨其後的是Dan、BMO。

Maybe to start, I know -- you addressed the geopolitical issues. Just out of curiosity, just to educate us because I don't think we've been through this since you've been public, but -- how much of your exposure is to cross-border traffic? I know you're not transportation specifically, but you do have exposure to food and beverage. Energy and construction.

也許首先，我知道──你討論了地緣政治問題。只是出於好奇，只是為了教育我們，因為我認為自從你公開以來我們還沒有經歷過這種情況，但是——你的曝光率有多少是來自跨境流量？我知道您並不是專門從事交通運輸行業的，但您確實接觸過食品和飲料。能源和建築。

So I'm just wondering, do you have any data that would indicate that, look, you're not as exposed to any tariff blowbacks or things of that nature? And I have a follow-up.

所以我只是想知道，您是否有任何數據可以表明，您沒有受到任何關稅反彈或類似性質的影響？我還有一個後續問題。

I don't have any data at my fingertips in terms of the cross-border, but the majority of our customers operate within their countries. They're in the domestic operations, like if you think about food and beverage distribution, there delivering to restaurants, retail stores, that sort of thing.

我手頭上沒有任何跨境方面的數據，但我們的大多數客戶都在其國家境內開展業務。他們從事國內業務，例如食品和飲料分銷，將貨物運送到餐廳、零售店等。

Same thing with construction. Dominic just talked about public sector. So while we have some customers across the border or across various borders, most of their work tends to be in their countries.

建築業也一樣。多明尼克剛才談到了公共部門。因此，雖然我們的一些客戶跨越了邊境或跨越了各種邊界，但他們的大部分工作往往是在自己的國家進行的。

Great. And then for my follow-up, just in terms of your comments on ARR, the extra week in FX. I'm just wondering, is the 10 percentage point swing or 11%. Should we apply that to billings as well just for apples-to-apples comparison? Or is it above or below that?

偉大的。然後是我的後續問題，只是關於你對 ARR 的評論，FX 的額外一周。我只是想知道，波動幅度是 10 個百分點還是 11%。我們是否也應該將其應用於帳單以進行同類比較？還是高於或低於這個數字？

Yes. I mean I would really just focus it on revenue and then obviously for net new ARR, there's the currency impact. And as we said, just the impact of the additional week, a lot less clear. So I mean those are the two metrics that I'd focus you on.

是的。我的意思是我真的只關注收入，然後顯然對於淨新 ARR 來說，存在貨幣影響。正如我們所說，額外一週的影響還不太明顯。所以我的意思是，這是我要關注的兩個指標。

Dan, BMO; followed by Mark, Loop Capital.

丹，BMO；緊隨其後的是 Loop Capital 的馬克 (Mark)。

Maybe two for Dominic. One, with regards to tariffs and your own supply chain, things like gateways and cameras and asset tags, are you factoring any impact on that? Or maybe help us think about how that could potentially impact your business this year? And then secondly, on the comments about free cash flow margin being roughly similar in fiscal '26 versus '25. Can you help us understand sort of the why that is relative to the EBIT margin expansion, if there's anything you call out specific to cash flow, '26, that would be helpful?

對多明尼克來說也許有兩個。第一，關於關稅和您自己的供應鏈，諸如網關、攝影機和資產標籤等，您是否考慮到了它們的影響？或者也許可以幫助我們思考這可能會對您今年的業務產生什麼影響？其次，關於 26 財年的自由現金流利潤率與 25 財年的自由現金流利潤率大致相同的評論。您能否幫助我們理解這與息稅前利潤率擴張有關的原因，如果您能具體指出與現金流有關的問題，'26，那會很有幫助嗎？

Sure. Yes. So I mean, from a cash expense standpoint, we don't have any concentrated exposure to any one country with regards to importing devices. We obviously are planning for a bunch of different scenarios. We've got a number of different strategies in place to kind of best mitigate any potential impact.

當然。是的。所以我的意思是，從現金支出的角度來看，我們在進口設備方面沒有集中在任何一個國家。我們顯然正在為一系列不同的場景做規劃。我們制定了多種不同的策略來最大程度地減輕任何潛在影響。

And obviously, all of that then is factored into the the guidance. For both operating margin and free cash flow, the free cash margin was in the modeling notes and so not really formal guidance. But I think that at a minimum, we feel like we can drive the same amount of free cash margin that we did in FY25. And obviously, as we get through the year, as we've done in previous years, ideally, we can move that up based on what we're seeing. But we feel like that's a good place just to start.

顯然，所有這些都被考慮到了指導之中。對於營業利益率和自由現金流，自由現金利潤率都在模型說明中，因此並不是真正的正式指引。但我認為，至少我們覺得我們可以獲得與 25 財年相同數量的自由現金保證金。顯然，隨著新一年的到來，正如我們前幾年所做的那樣，理想情況下，我們可以根據所看到的情況將這一目標提高。但我們覺得這是一個很好的起點。

Mark, Loop Capital; followed by Alexei, JPMorgan.

馬克，Loop Capital；緊隨其後的是摩根大通的阿列克謝。

Sanjit, just building on an earlier question around your public sector business, in public sector, those as kind of be kind of hot topic of late. I realize most of your business there is state and local, it's not federal. But there is some momentum building around state-level dose type initiatives. I'd just be curious to get your take on how you think that may or may not affect your business down the road?

Sanjit，我只是想根據之前關於您的公共部門業務的問題來回答這個問題，在公共部門，這些是最近的熱門話題。我知道你們那裡的大部分業務都是州和地方的，而不是聯邦的。但國家層級的劑量類型措施正在形成一些勢頭。我只是好奇，您認為這會不會對您未來業務產生影響？

Sure. So as you just highlighted, most of our business is in state and local. In general, if you think about what our platform does, it really helps enable focus on efficiency. You can understand asset utilization. You can be more efficient about how you're using those assets, how people are performing work.

當然。正如您剛才強調的，我們的大部分業務都在州內和地方。總的來說，如果你想想我們的平台所做的事情，它確實有助於提高效率。您可以了解資產利用率。您可以更有效地利用這些資產，以及人們如何進行工作。

So that ultimately will help those public departments save money. And that's why I think we're already seeing momentum in the product absent of a formal effort.

這最終將有助於這些公共部門節省資金。這就是為什麼我認為我們已經看到了該產品在沒有正式努力的情況下的發展勢頭。

Alexei, JPMorgan; followed by Junaid, Truist.

摩根大通的 Alexei；其次是 Junaid、Truist。

This is Eleanor Smith on for Alexia. So first, we did want to ask about the penetration of telematics in North America. We're surprised as to where it is. And we're curious in your conversation with customers, what's holding back customers from maybe adopting them faster?

我是 Eleanor Smith，為 Alexia 主持節目。首先，我們想詢問一下北美地區遠端資訊處理技術的普及情況。我們對它的位置感到很驚訝。我們很好奇，在您與客戶的對話中，有什麼因素阻礙了客戶更快採用這些技術？

It's hard to say. It is an interesting statistic in terms of fraction of adoption of telematics and then even the safety cameras in some cases, the payback periods are measured in months or in most cases for our customers. So it really is something that seems like it makes a lot of sense for basically every company. In many cases, I would say there's operational inertia. There's change management.

這很難說。這是一個有趣的統計數據，就遠端資訊處理甚至安全攝影機的採用比例而言，在某些情況下，對於我們的客戶來說，回報期以月為單位來衡量。所以對基本上每家公司來說這似乎是一件很有意義的事。在很多情況下，我想說有操作慣性存在。有變更管理。

You need to deploy this across thousands or tens of thousands of assets, retrained frontline workers. And so that's something we also help with. We build great technology, but we also help these companies digitally transform, which means figuring out how do you deploy technology out to the front line. And that's how they really get the value from technologies like telematics and safety.

您需要將其部署到數千或數萬個資產和重新培訓的前線工人身上。我們也可以提供這方面的協助。我們打造偉大的技術，同時我們也幫助這些公司實現數位轉型，這意味著要弄清楚如何將技術部署到第一線。這就是他們真正從遠端資訊處理和安全等技術中獲取價值的方式。

That makes a lot of sense. And for a quick follow-up. We spoke a lot this evening about the strength in the construction business and very clear to us that part of the reason -- part of your value proposition is driving ROI for your customers. But -- it is a surprising statistic given the pressure in the nonresidential construction market. So is there any other color or context as to why construction companies are choosing Samsara now given the pressure in their underlying market?

這很有道理。並進行快速跟進。我們今晚就建築業的優勢進行了大量討論，我們非常清楚，部分原因——你的價值主張的一部分是為你的客戶帶來投資回報率。但考慮到非住宅建築市場的壓力，這個統計數據令人驚訝。那麼，考慮到基礎市場的壓力，建築公司現在選擇 Samsara 是否還有其他原因或背景？

Well, I think I would direct you back to the gains we can drive for efficiency. If you think about a business like construction, it's labor-intensive, it's asset heavy. And so even simple things like understanding which of your assets should be owned by the company versus what should be rented on an as-needed basis can have millions of dollars of impact for some of these larger construction companies. And then again, these are historically industries that had not adopted a lot of the products like telematics or safety. So when it comes to safety, a lot of the risk and construction is when they're driving to and from these job sites they're at risk over the road.

好吧，我想我會讓你回頭談談我們可以提高效率的收益。如果你考慮一下像建築業這樣的行業，你會發現它是勞力密集的，資產密集的。因此，即使是簡單的事情，例如了解哪些資產應該由公司擁有，哪些資產應該根據需要租用，也會對一些大型建築公司產生數百萬美元的影響。而且，這些行業在歷史上並未採用過很多諸如遠端資訊處理或安全等產品。所以說到安全，很多風險和施工都是在他們開車往返這些工作地點時在路上面臨的。

And so understanding distracted driving, following distance, all those kind of risky behaviors makes a huge bottom line impact for them. So it's hard for me to speak about their top line business in terms of what's driving the revenue, but there's a lot of opportunity for savings and efficiency in terms of how they operate.

因此，了解分心駕駛、跟車距離等所有這些危險行為都會對他們的底線產生巨大的影響。因此，我很難談論他們的營收來源，但就營運方式而言，有很多節約和提高效率的機會。

Junaid, Truist; followed by Cole, TD Cowen.

朱奈德，特魯伊斯特；緊隨其後的是科爾 (Cole)、TD考恩 (TD Cowen)。

Junaid? Okay. Let's pass. Cole, TD Cowen.

朱奈德？好的。我們過去吧。科爾，TD·考恩。

This is Cole on for Derek, could you just dive in on monetization levers for sensor intelligence and when we can maybe see that start to show up in the model?

我是 Cole，代表 Derek 提問，您能否深入探討一下感測器智慧的貨幣化槓桿，以及我們什麼時候可以看到它開始在模型中顯現？

Yes. We're still in beta with those products. I think an important part of the process for us is going through this customer feedback loop, understanding the use cases, how they're applying it. I mentioned the new logo that's using the AI course builder to build -- through connected training. So that's a really interesting use case.

是的。我們對這些產品的測試仍處於進行狀態。我認為對我們來說，這個過程的一個重要部分是透過這個客戶回饋循環，了解用例以及他們如何應用它。我提到了使用 AI 課程建構器透過互聯培訓建構的新標誌。這是一個非常有趣的用例。

I think as we get more of those data points, we'll have a better sense of how we're going to price it and package it and how it will ultimately impact the model.

我認為，隨著我們獲得更多數據點，我們將更好地了解如何定價和打包，以及它最終將如何影響模型。

This concludes the question-and-answer portion. Thank you all for attending our Q4 fiscal year 2025 earnings call. Before I let you go, I have a few short announcements. We will be attending the Loop Capital Markets Conference on March 11, and the Wells Fargo Symposium on April 9. We will also be hosting the [numeral] Bus Tour on March 13, and the Morgan Stanley bus tour on April 14 in San Francisco.

問答部分到此結束。感謝大家參加我們的 2025 財年第四季財報電話會議。在你們離開之前，我有幾個簡短的公告。我們將於 3 月 11 日參加 Loop Capital Markets 會議，並於 4 月 9 日參加 Wells Fargo 研討會。我們也將於 3 月 13 日在舊金山舉辦 [numeral] 巴士之旅，並於 4 月 14 日在舊金山舉辦摩根士丹利巴士之旅。

We hope to see you one of these events. Finally, we are hosting our Investor Day, this is June in San Diego. Please send an e-mail to ir@samsara.com. If you're interested in attending in person, for those who prefer to attend virtually, our IR website will have a web link to the live broadcast.

我們希望在其中一個活動中見到您。最後，我們將於六月在聖地牙哥舉辦投資者日。請發送電子郵件至ir@samsara.com。如果您有興趣親自參加，對於喜歡虛擬參加的人，我們的 IR 網站將提供現場直播的網路連結。

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

今天的會議就到這裡。如果您有任何後續問題，請發送電子郵件至ir@samsara.com。謝謝大家。再見。