Samsara Inc (IOT) 2026 Q1 法說會逐字稿

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Good afternoon, and welcome to Samsara's first-quarter fiscal 2026 earnings call. I'm Mike Chang, Samsara's Vice President of Corporate Development and Investor Relations. Joining me today are Samsara Chief Executive Officer and Co-Founder, Sanjit Biswas; and our Chief Financial Officer, Dominic Phillips.

下午好，歡迎參加Samsara 2026財年第一季財報電話會議。我是Samsara企業發展和投資者關係副總裁Mike Chang。今天與我一同出席的還有Samsara執行長兼聯合創辦人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. The matters we'll discuss today include forward-looking statements. Actual results may differ materially from those contained in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, June 5, 2025, and we undertake no obligation to update these statements as a result of new information or future events unless required by law.

除了我們在本次電話會議上的準備發言稿外，更多資訊請參閱我們致股東的信函、新聞稿、投資者介紹以及我們投資者關係網站 investors.samsara.com 上提交的美國證券交易委員會 (SEC) 文件。我們今天將討論的事項包含前瞻性陳述。實際結果可能與前瞻性陳述中的結果有重大差異，並受我們提交給 SEC 文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天（2025 年 6 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'll discuss our first quarter fiscal 2026 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.

在今天的電話會議上，我們將討論2026財年第一季的財務表現。需要指出的是，本公司報告的非公認會計準則（Non-GAAP）績效是對公認會計準則（GAAP）財務指標的補充，而非替代或優於公認會計準則（GAAP）財務指標。我們的新聞稿和投資者簡報中提供了公認會計準則（GAAP）與非公認會計準則（Non-GAAP）財務指標的對帳表。

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

我們將致開幕詞，深入探討本季度的亮點，然後進入問答環節。之後，我將把電話交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara delivered a strong Q1 of our new fiscal year, surpassing $1.5 billion in ARR. We ended Q1 with $1.54 billion in ARR, growing 31% year over year adjusted for constant currency. During the quarter, we grew our customers with more than $100,000 in ARR by 154, an increase of 35% year over year. Our durable and efficient growth is a testament to the strength of our platform and our partnership with customers to address their critical needs.

謝謝麥克，也謝謝各位今天加入我們。 Samsara 在新財年第一季表現強勁，年度經常性收入 (ARR) 超過 15 億美元。第一季末，我們的 ARR 達到 15.4 億美元，按固定匯率調整後年增 31%。本季度，ARR 超過 10 萬美元的客戶增加了 154 家，年增 35%。我們持續高效的成長證明了我們平台的實力，以及我們與客戶攜手合作，以滿足他們的關鍵需求。

In Q1, we partnered with some of the largest organizations in physical operations, including 7-Eleven, the largest convenience store chain in the world; the Dallas-Fort Worth Airport, the second largest airport in the U.S.; and one of the largest counties in the U.S., which has more than 10 million residents. We're proud to work with these industry leaders and help them operate smarter.

第一季度，我們與一些最大的實體營運機構合作，包括全球最大的便利商店連鎖店 7-Eleven、美國第二大機場達拉斯-沃斯堡機場，以及美國最大的縣之一（該縣人口超過 1000 萬）。我們很榮幸能與這些產業領袖合作，幫助他們更聰明地運作。

Over the past few months, I visited some of our top customers and prospects in North America and Europe. They're focused on a few key priorities: increasing the focus on safety to reduce accident payouts and lower insurance premiums, using preventative maintenance to extend the life of their equipment and reduce capital expenditures, and improve asset utilization to run smarter and more efficient operations.

過去幾個月，我拜訪了我們在北美和歐洲的一些頂級客戶和潛在客戶。他們關注的重點包括：加強安全意識，以減少事故賠償和保險費；透過預防性維護延長設備使用壽命並降低資本支出；提高資產利用率，實現更智慧、更有效率的營運。

Across the board, our customers are digitizing their operations and using AI to help them get more out of their existing labor and assets. They're investing in technology to run safer, more efficient and more sustainable operations. Our customers have large complex operations. They rely on commercial vehicles to move goods and services to power infrastructure.

我們的客戶正在全面推進營運數位化，並運用人工智慧技術，最大限度地利用現有勞動力和資產。他們正在投資技術，以實現更安全、更有效率、更永續的營運。我們的客戶擁有規模龐大、複雜的運營，並依靠商用車輛將貨物和服務運送到電力基礎設施。

According to the National Highway Traffic Safety Administration, there are more than 500,000 accidents involving large trucks in the U.S. every year. Commercial accidents not only cause injuries, but are a source of reputational risk and potentially millions of dollars in insurance payouts and premiums.

根據美國國家公路交通安全管理局的數據，美國每年發生超過50萬起涉及大型卡車的事故。商業事故不僅會造成人員傷亡，還會損害企業聲譽，並可能造成數百萬美元的保險賠償和保費損失。

To better understand our customers' safety challenges, we surveyed more than 1,500 commercial drivers. They represent 21 industries spanning 7 countries. We found that 79% have had a near miss while driving distracted and 67% have experienced drowsiness while driving. When asked about how to reduce this risk, 95% of surveyed drivers agreed that coaching positively impacts their habits on the road. This shows the importance of technology to identify risk and help drivers avoid distractions on the road.

為了更了解客戶面臨的安全挑戰，我們調查了1500多位商業駕駛員。他們來自7個國家的21個行業。我們發現，79%的駕駛曾在分心駕駛時發生過險些相撞事故，67%的駕駛曾在駕駛時感到困倦。當被問及如何降低此類風險時，95%的受訪駕駛表示，指導對他們的駕駛習慣有正面的影響。這體現了技術在識別風險和幫助駕駛員避免分心駕駛方面的重要性。

Doing this at scale is a tremendous challenge. Our customers recognize that this is largely a data problem, and they're using AI and automation to improve their safety. We built Samsara's AI-powered safety solutions to directly manage risk at enterprise scale. Our platform provides comprehensive AI alerts covering a wide range of safety concerns. This includes collision risk, traffic violations, policy violations, harsh driving, driver fatigue, speeding, and distracted driving events like mobile phone use, smoking and eating and drinking.

大規模實施這項措施是一項巨大的挑戰。我們的客戶意識到這在很大程度上是一個數據問題，他們正在利用人工智慧和自動化來提升安全。我們建立了 Samsara 的人工智慧安全解決方案，以直接管理企業級風險。我們的平台提供全面的人工智慧警報，涵蓋廣泛的安全隱患，包括碰撞風險、交通違規、違規行為、惡劣駕駛、駕駛員疲勞、超速以及分心駕駛事件，例如使用手機、吸煙和飲食。

Our new intelligent safety inbox and AI-powered insights give our customers a smarter way to identify risk and coach drivers based on patterns, not just incidents. With high turnover rates and driver shortages, recognition is critical for our customers to keep their best drivers. We're doubling down on safety and recently launched new positive recognition tools within the Samsara platform.

我們全新的智慧安全收件匣和人工智慧洞察功能，讓客戶能夠更聰明地識別風險，並根據模式而非僅基於事故來指導駕駛員。在高流失率和駕駛員短缺的背景下，識別對於客戶留住優秀駕駛員至關重要。我們正在加倍重視安全，並最近在 Samsara 平台內推出了新的積極識別工具。

This includes streaks and milestones, personalized kudos, and shared visibility. These features use gamification to help our customers drive improvements in employee engagement and overall safety outcomes. We're excited to help our customers reduce risk, protect their workers, and save millions of dollars.

這包括連續記錄和里程碑、個人化榮譽以及共享可見性。這些功能利用遊戲化方式幫助我們的客戶提升員工敬業度和整體安全成果。我們很高興能夠幫助客戶降低風險、保護員工安全並節省數百萬美元。

I'd like to share an example of a customer using AI to improve their safety. In Q1, we partnered with one of the largest retail propane companies in the U.S. They have over 3,000 vehicles and 2,300 employees that deliver propane to residential, industrial, commercial, and agricultural customers. They also provide portable propane tank exchange operations. They first landed with telematics in Q3 of fiscal year '24.

我想分享一個客戶使用人工智慧提升安全性的例子。第一季度，我們與美國最大的丙烷零售公司之一合作。該公司擁有3000多輛運輸車輛和2300名員工，為住宅、工業、商業和農業客戶提供丙烷配送服務。他們還提供便攜式丙烷罐交換服務。 2024財年第三季度，他們首次引進了遠端資訊處理技術。

In Q1, we had one of our largest expansions with them, signing a deal for Samsara's video-based safety. In a pilot, they saw a 75% reduction in safety events and a 71% reduction in mobile usage. From pilot to partnership, they said the key differentiator for Samsara was the impact of our AI on the safety of their operations.

第一季度，我們與Samsara簽署了一項規模最大的合作協議，採用其基於視訊的安全技術。在試點計畫中，他們發現安全事件減少了75%，行動裝置使用量減少了71%。從試點到合作，他們表示，Samsara的關鍵優勢在於我們的人工智慧技術對其營運安全的影響。

A large portion of our customers' operating budgets goes towards physical assets like vehicles, forklifts, cranes, and other equipment. These assets have hundreds of moving parts. They're put to heavy use under demanding conditions and inevitably break down over time. As a result, most organizations allocate about 10% of their operational budget for repairs and maintenance.

我們客戶的營運預算很大一部分用於實體資產，例如車輛、堆高機、起重機和其他設備。這些資產包含數百個活動部件。它們在嚴苛的條件下頻繁使用，不可避免地會隨著時間的推移而發生故障。因此，大多數組織會將約 10% 的營運預算用於維修和保養。

In today's environment, our customers are focused on maximizing the value of their assets and optimizing maintenance spend. In particular, they're interested in extending the usable lifespan of these critical resources. Recently, they've been sharing feedback on the complexities of maintenance at scale, the impact of tariffs and the challenges with resilience of their supply chains. To address this, they're seeking AI to drive proactive maintenance to improve the operations with healthier assets.

在當今環境下，我們的客戶專注於最大化資產價值並優化維護支出。他們尤其關注延長這些關鍵資源的使用壽命。最近，他們一直在分享關於大規模維護的複雜性、關稅影響以及供應鏈韌性挑戰的回饋。為了解決這些問題，他們正在尋求利用人工智慧來驅動主動維護，以更健康的資產改善營運。

We're keeping our customers -- we're helping our customers achieve their maintenance goals with our AI-powered maintenance solutions. At the core of our solution is our massive data asset that powers our AI. We have millions of assets on our platform that collectively travel more than 80 billion miles each year. This provides us real-world data on how assets run and how they break. We digitize all this information through real-time diagnostics and the nearly 230 million vehicle inspections we see annually.

我們致力於維繫客戶－我們透過人工智慧驅動的維護解決方案幫助客戶實現維護目標。我們解決方案的核心是支援人工智慧的大量數據資產。我們的平台上擁有數百萬資產，每年總里程超過 800 億英里。這為我們提供了關於資產運作和故障情況的真實數據。我們透過即時診斷和每年近 2.3 億次車輛檢查，將所有這些資訊數位化。

This real-world data powers our AI to provide unique insights on the severity of fault codes and common vehicle repairs. We can then help our customers transform these insights into action by starting a maintenance workflow using our work-order-creation forms with pre-populated data. We're just getting started on the maintenance journey with our customers and are excited for the opportunities ahead.

這些真實世界的數據賦能我們的人工智慧，使其能夠針對故障碼的嚴重程度和常見的車輛維修提供獨特的見解。然後，我們可以使用預先填入資料的工單建立表單啟動維護工作流程，幫助客戶將這些洞察轉化為實際行動。我們與客戶的維護之旅才剛起步，我們對未來的機會充滿期待。

I'd like to share an example of a customer using AI to transform their maintenance. Sterling Crane is one of the world's largest mobile-crane-rental companies. They rent, supply and service cranes through 16 branches in Canada and have equipment across hundreds of job sites. They face unique operational challenges like maintaining cranes in remote locations and keeping the cranes road safe during Canada's difficult winters and wide-ranging terrain.

我想分享一個客戶利用人工智慧轉型維護的案例。 Sterling Crane 是全球最大的行動起重機租賃公司之一。他們透過加拿大的 16 家分公司提供起重機租賃、供應和服務，並在數百個施工現場擁有設備。他們面臨著獨特的營運挑戰，例如在偏遠地區維護起重機，以及在加拿大嚴酷的冬季和複雜的地形條件下確保起重機的安全行駛。

With Samsara, they reduced their unplanned maintenance from 34% to 20%. This saved 10,000 hours of technicians time, which equals to $500,000 of annual maintenance labor saved. They also report over $3 million saved in equipment maintenance and replacement costs with over $2 million saved for on-road equipment and an additional $1 million saved on off-road equipment. We're proud to partner with Sterling Crane to help them save money and time and better maintain their assets.

借助 Samsara，他們將計劃外維護從 34% 降低到 20%。這節省了技術人員 1 萬小時的時間，相當於每年節省 50 萬美元的維修人力。他們還報告稱，設備維護和更換成本節省了 300 多萬美元，其中公路設備節省了 200 多萬美元，非公路設備節省了 100 萬美元。我們很榮幸能與 Sterling Crane 合作，幫助他們節省時間和金錢，並更好地維護他們的資產。

As we build for the long term, we're investing in our ecosystem through OEM relationships. Vehicle and equipment manufacturers are building modern assets that are pre-connected to the cloud right off the assembly line. To create a seamless customer experience, we're integrating directly with the OEMs, so customers can deploy Samsara without installing any hardware. This helps our customers who have complex operations to simplify the digitization of their assets.

我們立足長遠，透過與原始設備製造商 (OEM) 的合作關係投資生態系統。車輛和設備製造商正在建立現代化資產，這些資產在下線後即可預先連接到雲端。為了打造無縫的客戶體驗，我們直接與原始設備製造商集成，因此客戶無需安裝任何硬體即可部署 Samsara。這有助於營運複雜的客戶簡化資產數位化流程。

This quarter, we continue to expand our ecosystem. First, we're partnering with Hyundai Translead, a leading manufacturer of semitrailers in North America to improve trailer visibility. This marks our first OEM integration that supports Samsara's video-based safety features. Second, we're partnering with Stellantis, one of the world's largest vehicle manufacturers. We expect this integration will allow over 14 million vehicles to connect directly to Samsara's connected operations platform. And third, we're partnering with Rivian, who's an electric vehicle leader to streamline electric fleet management. We will integrate essential Rivian data directly into the Samsara platform and provide a single pane of glass.

本季度，我們繼續擴展生態系統。首先，我們與北美領先的半拖車製造商現代Translead合作，以提高拖車的可視性。這是我們首次與OEM廠商集成，支援Samsara基於視訊的安全功能。其次，我們與全球最大的汽車製造商之一Stellantis合作。我們預計此次整合將使超過1,400萬輛汽車直接連接到Samsara的互聯營運平台。第三，我們與電動車領導者Rivian合作，以簡化電動車車隊管理。我們將把重要的Rivian資料直接整合到Samsara平台，並提供統一的管理平台。

It was a strong start to the new fiscal year. We're grateful to our customers, partners, investors, and the Samsara team around the world for their shared commitment to increasing the safety, efficiency, and sustainability of the operations that power the global economy. We're excited for the year ahead.

新財年開局強勁。我們感謝我們的客戶、合作夥伴、投資者以及遍布全球的Samsara團隊，感謝他們共同致力於提升驅動全球經濟的營運的安全性、效率和永續性。我們對新的一年充滿期待。

We're looking forward to seeing many of you at Beyond, our annual customer conference and an Investor Day in a few weeks in San Diego. At Beyond, we'll be bringing together leaders to discuss the state of physical operations and new ways to deliver value through data and AI. We'll also be announcing new products and features. We hope you can join us.

我們期待在幾週後於聖地牙哥舉行的年度客戶大會暨投資者日 Beyond 上與各位相見。在 Beyond 大會上，我們將匯集產業領袖，共同探討實體營運的現狀，以及利用數據和人工智慧創造價值的新途徑。我們還將發布新產品和新功能。誠摯邀請您蒞臨。

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，讓他回顧本季的財務亮點。

Thank you, Sanjit. Q1 FY26 was highlighted by strong top line growth and continued efficiency gains. After a strong start to the quarter, we experienced instances of elongated sales cycles on some transactions in the period following liberation day in April as some customers prioritize spending on tariff-impacted goods such as vehicles, equipment and other assets. Despite the current macro uncertainty, we're encouraged that a number of these transactions closed in May, that we generated record pipeline in Q1 and that our win rates remain generally consistent and healthy, all of which signal continued strong customer interest in our platform and the clear and fast ROI it delivers.

謝謝你，Sanjit。 2026財年第一季的亮點是強勁的營收成長和持續的效率提升。儘管本季開局強勁，但在4月印度解放日之後，由於部分客戶優先購買受關稅影響的商品，例如車輛、設備和其他資產，部分交易的銷售週期有所延長。儘管當前宏觀經濟存在不確定性，但我們仍然感到鼓舞，5月份已完成部分此類交易，我們在第一季創造了創紀錄的銷售管道，並且我們的成功率總體上保持穩定且健康。所有這些都表明客戶對我們的平台及其清晰快速的投資回報持續保持濃厚興趣。

Q1 ending ARR was $1.54 billion, growing 31% Year-over-year, both as reported and in constant currency. Q1 revenue was $367 million, growing 31% year over year or 32% adjusted for constant currency. Several factors drove our top-line performance in Q1. First, we focus on serving large enterprise customers to drive efficient growth at scale. To better reflect the structure of our largest enterprise customers who often have multiple subsidiaries and grow through M&A, we have adjusted our definition of a customer. Previously, separate entities within a larger organization were counted as individual customers.

第一季期末年度經常性收入 (ARR) 為 15.4 億美元，年增 31%，按報告和固定匯率計算均如此。第一季營收為 3.67 億美元，年增 31%，按固定匯率調整後成長 32%。有幾個因素推動了我們第一季的營收表現。首先，我們專注於服務大型企業客戶，以推動規模化高效成長。為了更好地反映我們最大的企業客戶（他們通常擁有多家子公司，並透過併購實現成長）的結構，我們調整了客戶的定義。此前，大型組織內的獨立實體被視為個人客戶。

Our updated methodology counts affiliated entities within the same parent organization as a single customer. This better aligns with our current go-to-market strategy and how we assign customer accounts to our sales reps. Overall, this change has a small impact on our large customer-related metrics and a more detailed comparison using the previous and updated methodologies can be found in the appendix of our investor presentation.

我們更新後的方法將同一母公司旗下的關聯實體計為單一客戶。這與我們目前的市場推廣策略以及我們將客戶帳戶分配給銷售代表的方式更加契合。整體而言，此次變更對我們與大客戶相關的指標影響較小。如需更詳細地比較先前和更新後方法的對比，請參閱我們投資者簡報的附錄。

We ended Q1 with 2,638 $100,000-plus ARR customers, growing 35% year over year, including a quarterly increase of 154 compared to 105 in Q1 1 year ago. ARR per 100,000-plus customer increased to $338,000 and the combination of adding more large customers and a higher average ARR resulted in ARR mix from $100,000-plus ARR customers of 58%, up from 56% 1 year ago and 52% 2 years ago.

截至第一季，我們擁有2,638名年營收超過10萬美元的客戶，年增35%，其中季度新增154名，而去年同期為105名。每位年收入超過10萬美元的客戶年收入增至33.8萬美元，大客戶數量的增加和平均年收入的提高，使得年收入超過10萬美元的客戶年收入佔比達到58%，高於一年前的56%和兩年前的52%。

Second, our customers are increasingly utilizing Samsara as a system of record for physical operations by subscribing to multiple applications on a single unified platform. 95% of our $100,000-plus ARR customers and 85% of core customers subscribe to 2 or more Samsara products. And 66% of our $100,000-plus ARR customers and 38% of core customers subscribe to 3 or more products. We also saw a number of large multiproduct transactions in Q1. 8 of the top 10 new logos in Q1 included at least 2 products and 5 included at least 3 products.

其次，我們的客戶越來越多地透過在統一平台上訂閱多個應用程序，將 Samsara 用作實體操作的記錄系統。我們 95% 的 10 萬美元 ARR 以上客戶和 85% 的核心客戶訂閱了 2 款或更多 Samsara 產品。 66% 的 10 萬美元 ARR 以上客戶和 38% 的核心客戶訂閱了 3 款或以上產品。我們還在第一季看到了一些大型多產品交易。第一季排名前 10 名的新標誌中有 8 個至少包含 2 款產品，5 個至少包含 3 款產品。

One of our largest new customers in Q1 was Knife River, a leading U.S. construction materials and contracting company operating across 14 states with over 5,700 employees. The company has made over 100 acquisitions over the last 30-plus years, helping revenue grow to more than $2.8 billion annually. Their initial purchase included video-based safety, telematics, and equipment monitoring.

我們第一季最大的新客戶之一是 Knife River，這是一家領先的美國建築材料和承包公司，業務遍及 14 個州，擁有 5,700 多名員工。在過去 30 多年裡，該公司進行了 100 多次收購，幫助年收入成長至 28 億美元以上。他們最初的收購包括基於視訊的安全、遠端資訊處理和設備監控。

In a pilot study, they observed a significant reduction in total safety events and AI coaching had an immediate impact on both distracted driving and seatbelt usage. And 8 of the top 10 expansions in Q1 included at least 2 products and 7 included at least 3 products. One of our largest expansions in the quarter was with a leading provider of vegetation management, line clearance, and electric utility line construction. This customer has expanded with us 15x since becoming a customer in 2019.

在一項試驗研究中，他們觀察到安全事故總數顯著減少，AI 指導對分心駕駛和安全帶使用率均產生了立竿見影的效果。第一季十大擴展項目中，有 8 個至少包含 2 種產品，7 個至少包含 3 種產品。本季我們最大的擴展項目之一是與一家領先的植被管理、線路清理和電力線路建設供應商合作。自 2019 年成為我們的客戶以來，該客戶已與我們合作擴展了 15 倍。

In Q1, they added more video-based safety, telematics, and equipment monitoring licenses, deploying Samsara on our recently acquired company. As a result of our strong expansion results, we achieved our target dollar-based net retention rate of approximately 115% under both the previous and updated customer count methodology.

第一季度，他們增加了更多基於視訊的安全、遠端資訊處理和設備監控的許可證，並在我們最近收購的公司部署了Samsara。由於我們強勁的擴張業績，無論按照先前的客戶數量計算或更新後的客戶數量計算，我們都實現了約115%的淨留存率目標。

And third, we demonstrated strong execution across several frontier markets. 18% of net new ACV came from international geographies, which was tied for the highest quarterly contribution ever. The biggest area of international strength was Europe, which accelerated net new ACV growth sequentially and contributed its highest quarterly net new ACV mix ever. We also saw momentum across construction, transportation, field services, and public sector end markets.

第三，我們在多個前沿市場展現了強勁的執行力。 18%的淨新增ACV來自國際市場，創下季度最高貢獻。國際市場表現最強勁的地區是歐洲，其淨新增ACV環比成長加速，並貢獻了史上最高的季度淨新增ACV組合。我們也看到了建築、運輸、現場服務和公共部門終端市場的強勁成長勢頭。

Construction drove the highest net new ACV mix of all industries for the seventh consecutive quarter. Transportation was our second largest vertical this quarter, achieving its highest year-over-year growth in over four years. Field services contributed its highest quarterly net new ACV mix in over five years. And public sector achieved its highest year-over-year growth in over three years, driven by wins with the state of South Carolina, City of Houston, and one of the largest counties in the United States. And last, we also saw strength in emerging products. Equipment monitoring accelerated year-over-year net new ACV growth for the fourth consecutive quarter, driven by another strong quarter from asset tags.

建築業連續第七個季度成為所有行業中淨新增ACV組合最高的行業。交通運輸是我們本季第二大垂直產業，實現了四年多來最高的年成長。現場服務貢獻了五年多來最高的季度淨新增ACV組合。公共部門實現了三年多來最高的同比增長，這得益於與南卡羅來納州、休斯頓市以及美國最大的縣之一的合作。最後，我們也看到了新興產品的強勁表現。設備監控連續第四個季度加速了淨新增ACV的年增速，這得益於資產標籤業務本季的強勁成長。

In addition to driving strong top line growth, we continued to deliver operating leverage across our business as we scale. Non-GAAP gross margin was a quarterly record 79% in Q1. Non-GAAP operating margin was 14% compared to 2% in Q1 FY25, and adjusted free cash flow margin was 12% in Q1 compared to 7% in Q1 last year.

除了推動強勁的營收成長外，隨著業務規模的擴大，我們繼續在業務範圍內發揮營運槓桿的作用。第一季度，非公認會計準則毛利率創下79%的季度新高。非公認會計準則營業利潤率為14%，而2025財年第一季為2%。第一季調整後自由現金流利潤率為12%，去年同期為7%。

Okay. Now turning to guidance, which is based on FX rates as of May 3. For Q2, we expect revenue to be between $371 million and $373 million, representing 24% year-over-year growth, both as guided and in constant currency. Non-GAAP operating margin to be 9% and non-GAAP EPS to be between $0.06 and $0.07. For full-year FY26, we expect revenue to be between $1.547 billion and $1.555 billion, representing year-over-year growth of 24% or between 24% and 25% adjusted for constant currency. Non-GAAP operating margin to be approximately 13% and non-GAAP EPS to be between $0.39 and $0.41. And finally, please see the additional modeling notes in our shareholder letter.

好的。現在來看看業績指引，指引是基於截至5月3日的匯率。對於第二季度，我們預計營收將在3.71億美元至3.73億美元之間，年增24%，無論是根據指引或固定匯率計算。非公認會計準則（Non-GAAP）營業利潤率為9%，非公認會計準則每股收益將介於0.06美元至0.07美元之間。對於2026財年全年，我們預計營收將在15.47億美元至15.55億美元之間，年增24%，按固定匯率調整後成長24%至25%。非公認會計準則（Non-GAAP）營業利潤率約為13%，非公認會計準則每股收益將介於0.39美元至0.41美元之間。最後，請參閱我們致股東信中的補充模型說明。

To wrap up, in Q1, we continued high growth at scale while also continuing to deliver operating efficiency gains. Looking forward, we believe we're well positioned to continue delivering durable and efficient growth. And we're excited to continue helping our customers operate more safely, efficiently and sustainably.

總而言之，在第一季度，我們持續維持規模高速成長，同時營運效率也持續提升。展望未來，我們相信我們已做好準備，繼續實現持久高效的成長。我們也很高興能夠持續幫助客戶更安全、更有效率、更永續地營運。

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

接下來，我會把時間交給 Mike 來主持問答環節。

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

謝謝，多米尼克。我們現在開始提問。 （操作員指示）

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

今天的第一個問題來自 Wolfe 的 Alex Zukin，其次是摩根士丹利的 Keith Weiss。

Hey, guys, thanks for taking the question. Maybe just the first one, with regards to the long -- the sales cycle elongation commentary, maybe just talk about -- you mentioned, I think, some of those deals closed in May, just the quality, the duration of those deals, the size of those deals in terms of were they the same as originally constructed? And maybe just also talk a little bit about the pipeline construction in this period? Is it kind of back to normal or maybe just a little bit of those impacts?

嘿，夥計們，謝謝你們回答這個問題。首先，關於銷售週期延長的問題，我想先談談——你提到過，有些交易在5月份完成，那麼這些交易的品質、持續時間、規模，以及它們是否與最初達成的交易相同？再者，能否談談這段時間的管線建設？現在情況已經恢復正常了嗎？還是說只是受到了一些影響？

Yes. So I would say the construction of the deals didn't change. We ended up closing a number of them in May. I don't think it makes sense to kind of fully quantify the amount from Q1 into Q2 because there's still a lot of macro uncertainty that can create more timing risk when deals close. I think I would say in Q1, it was more than hundreds of thousands. It was in tens of millions. It was a multimillion-dollar impact.

是的。所以我認為交易的結構沒有改變。我們最終在五月完成了一些交易。我認為完全量化從第一季到第二季的金額沒有意義，因為仍然存在許多宏觀不確定性，這可能會在交易完成時帶來更大的時機風險。我想在第一季度，交易金額超過數十萬美元，達到數千萬美元，影響了數百萬美元。

On the pipeline point, the pipeline was good. We had a record pipeline generation quarter in Q1. That doesn't necessarily obviously benefit us in Q1. These are enterprise sales cycles, so that they take time to kind of play out. But I think it goes more to just demonstrate the point that customer demand remains strong. This is a large market. It's growing quickly. We're providing real tangible ROI, quick payback periods. And customers are interested in that. There's just a lot of macro uncertainty with tariff-related news.

就通路方面而言，通路表現良好。我們在第一季的通路生成量創下了紀錄。但這並不一定對我們在第一季就有利。企業銷售週期不同，所以需要時間消化。但我認為這更能說明客戶需求依然強勁。這是一個龐大的市場，成長迅速。我們提供的是真正看得見的投資回報率和快速的回​​報期。客戶對此很感興趣。只是關稅相關的新聞帶來了許多宏觀不確定性。

Got it. And then maybe as a follow-up, Sanjit, for you, the OEM investments and relationships were quite notable this quarter. Maybe just talk through the expanded opportunities this opens up for you, maybe how it changes or strengthens your competitive positioning in the field? And any other impacts we should think through or think about from those deals this year?

明白了。接下來，Sanjit，您本季在OEM領域的投資和合作關係非常引人注目。能否談談這給您帶來的更多機遇，以及它如何改變或加強您在該領域的競爭地位？這些交易還有哪些影響值得我們思考？

Sure, Alex. I think about it through the customer lens. We're just trying to make it as easy as possible for our customers to get their operations into the Samsara Connected Operations Cloud. This essentially makes it a cloud-to-cloud connection. So as they get delivery of these new vehicles, they're already easily populated up in our cloud.

當然，Alex。我是從客戶的角度來考慮的。我們只是想讓客戶盡可能輕鬆地將他們的營運業務納入Samsara互聯營運雲。這其實就是雲端到雲端的連結。這樣，當他們收到這些新車時，它們就已經很容易地被遷移到我們的雲端了。

And that's been the strategy for a couple of years. We've been doing partnerships with light- and heavy-duty manufacturers, yellow iron, so construction equipment like Caterpillar and John Deere, refrigeration manufacturers. So the whole idea is just get as much data into the cloud as possible. And we think that will help us get deeper insights into the performance of these assets and like I said, just reduce friction in terms of how these things get turned on.

這是我們幾年來的策略。我們一直在與輕型和重型設備製造商、黃鐵礦、卡特彼勒和約翰迪爾等建築設備製造商以及冷凍設備製造商合作。我們的想法就是盡可能地將資料導入雲端。我們認為這將有助於我們更深入地了解這些資產的表現，就像我說的，減少這些設備啟動過程中的摩擦。

Perfect. Thank you, guys.

太棒了！謝謝你們。

The next question comes from Keith Weiss with Morgan Stanley, followed by Michael Turrin with Wells Fargo.

下一個問題來自摩根士丹利的 Keith Weiss，然後是富國銀行的 Michael Turrin。

Excellent. Thank you guys for taking the question and congratulations on a strong start to the fiscal year. I was looking to drill down into a couple of Alex's 12 questions that he asked on his prior question. One on the sort of deal-cycle elongation. You guys are selling a broader solution into the end customer. You're seeing more attach across multiple products.

太好了。感謝你們回答這個問題，也恭喜你們本財年開局良好。我想深入探討Alex在先前提問中提出的12個問題中的幾個。其中一個是關於交易週期延長的問題。你們正在向終端客戶銷售更廣泛的解決方案。你們看到跨多種產品的連結越來越多。

You're doing more with sort of like bigger deals. How do you sort of tell the difference between what's like a macro-related deal cycle elongation versus just like deal cycle elongation from having to sell a bigger deal and having to sell a more sort of integrated set of technologies?

你在做更多類似規模更大的交易。你如何區分宏觀相關的交易週期延長，以及出售更大交易和出售更整合的技術組合所導致的交易週期延長？

I mean it's just having direct conversations with customers, like Liberation Day hits, higher tariffs come on board than I think what anyone kind of expected and then customers saying, hey, I'm buying a lot of tariff-impacted vehicles and assets and other equipment, and I'm focused on prioritizing my strategies and how I'm going to purchase these things, and that becomes kind of a near-term concern because those are assets that they ultimately use to drive revenue.

我的意思是，這只是與客戶直接對話，例如解放日的衝擊，比任何人預期的都要高的關稅，然後客戶說，嘿，我正在購買大量受關稅影響的車輛和資產以及其他設備，我專注於優先考慮我的策略以及我將如何購買這些東西，這成為一種近期關注的問題，因為這些都是他們最終用來推動收入的資產。

And so hey, I still plan on digitizing my operations. I understand that there's real ROI here, and I'm excited about the payback period. But in this kind of period of uncertainty, I need to make sure that I'm focused on some of these tariff-impacted goods, and that can just delay conversations.

所以，我仍然計劃將我的業務數位化。我知道這確實能帶來投資回報，而且我對回報期感到興奮。但在這種不確定的時期，我需要確保專注於一些受關稅影響的商品，這可能會推遲談判。

Got it. And then as a follow-up, were there specific verticals that you're selling into that you saw bigger impacts than others? And if so, which one saw the bigger impacts?

明白了。接下來，請問您所銷售的產品中，有哪些特定垂直領域比其他領域受到的影響更大？如果有，哪個領域受到的影響較大？

No. I think it was widespread. I think across all of our end markets, they're asset- and people-intensive businesses. And so they're all purchasing, again, vehicles, heavy machinery equipment assets and a lot of those goods are impacted by tariffs.

不，我認為影響很廣泛。我認為在我們所有的終端市場，它們都是資產和人員密集型企業。所以他們都在購買車輛、重型機械設備等資產，而這些商品中的許多商品都受到關稅的影響。

Got it. And then just one on the margins. Gross margins continue to expand really well. Perhaps you could kind of unpack some of the drivers and how much room is there for further expansion there? And does the expansion of OEM relationships like just being able to go kind of straight to the data and not have to put your data collection device in there, does that help with the gross margin trajectory?

明白了。然後關於利潤率，我想問一個問題。毛利率持續成長，成長動能非常好。您能否解釋一下其中的一些驅動因素，以及未來還有多少成長空間？ OEM關係的拓展，例如能夠直接取得數據，而不必在OEM中放置數據收集設備，這對毛利率走勢有幫助嗎？

I think it can in the future. It's not today. It's just -- it's not a material part of the business. We're really excited about all these partnerships we have, and we can kind of meet customers where they are, if they've got connected vehicles and assets, we can pull that data directly in through an OEM cloud. If they don't, we can provide them a gateway or a device to ultimately collect the data into the cloud. And so as more and more customers have those assets, that can benefit them.

我認為未來可以實現，但現在還不行。只是——它現在還不是我們業務的重要組成部分。我們對現有的所有這些合作夥伴關係感到非常興奮，我們可以在客戶所在地與他們見面。如果他們擁有連網汽車和資產，我們可以直接透過OEM雲端平台取得這些數據。如果他們沒有，我們可以為他們提供網關或設備，最終將資料收集到雲端。隨著越來越多的客戶擁有這些資產，這將使他們受益。

On the gross margin side, I would just say we're really pleased with a quarterly record 79%. I don't expect a lot of near-term leverage in gross margin. I think that as we're rolling out a number of software-only SKUs and products, even things like asset tags, all of those are gross margin accretive. And so as those products scale, that can open up more opportunities for gross margin benefits in the future. And then obviously, as we continue to scale and get larger, there's opportunities on the cost side as well to get more economies of scale.

就毛利率而言，我只想說，我們對本季創紀錄的79%感到非常滿意。我預計短期內毛利率不會大幅上漲。我認為，隨著我們推出一系列純軟體SKU和產品，甚至是資產標籤之類的產品，所有這些都能提升毛利率。因此，隨著這些產品的規模擴大，未來將有更多機會提高毛利率。當然，隨著我們繼續擴大規模，在成本方面也有機會實現更大的規模經濟效益。

Thanks for your time, guys.

謝謝你們的時間。

The next question comes from Michael Turrin with Wells Fargo, followed by Matt Hedberg with RBC.

下一個問題來自富國銀行的 Michael Turrin，然後是加拿大皇家銀行的 Matt Hedberg。

Hey, great. Thanks very much. I appreciate you taking the questions. We've been hinting at the macro, but if I listen to the prepared remarks and look at the letters, construction, seventh straight quarter of highest mix, public sector showing through as a stronger vertical. Can you just speak to what you're seeing within those emerging verticals that's resonating in the current environment and public sector specifically, it's an area we've gotten a lot of questions from investors around what you're enabling that's allowing just the product set to really resonate there.

嘿，太好了。非常感謝。感謝您回答這些問題。我們一直在暗示宏觀經濟，但如果我聽一下準備好的發言稿，再看看這些信件，就會發現建築業連續第七個季度保持最高組合，公共部門表現得更強勁。您能否談談您在當前環境下看到的這些新興垂直行業中，以及公共部門中引發的共鳴？我們收到了許多投資者的提問，詢問您是如何讓產品組合在那裡真正引起共鳴的。

Sure. I'll take that one. So I think across both construction and public sector, it's really being driven by a desire to increase efficiency, especially I've been spending a lot of time with some state and local customers and prospects, and they're all looking to find savings and operational budgets without having to cut down staff. And that might be something as obvious as fuel savings from putting telematics devices out there and reducing engine idling. And then it can also mean reducing insurance claims for some of these large municipalities.

當然，我接受這個答案。所以我認為，無論是建築業還是公共部門，這實際上都是由提高效率的願望驅動的，尤其是我花了很多時間與一些州和地方的客戶及潛在客戶交流，他們都在尋求在不裁員的情況下節省成本和營運預算。這可能體現在顯而易見的方面，例如透過安裝遠端資訊處理設備並減少引擎空轉來節省燃油。此外，這也意味著可以減少一些大型市政當局的保險理賠。

So that's kind of the practical side of things. I think that's unchanged given the macro environment in terms of that interest. And really, these are areas that haven't digitized as heavily as you might expect. So as we kind of look industry by industry, construction and public sector are both areas where they historically had not bought a lot of telematics or safety monitoring systems that were connected. And now they see the value in it and they're looking to digitize.

這就是事情的實際方面。我認為，考慮到宏觀環境，這種興趣並沒有改變。實際上，這些領域的數位化程度可能不如你預期的那麼高。因此，我們逐一產業來看，建築業和公共部門這兩個領域過去都沒有大量購買連網的遠端資訊處理或安全監控系統。現在，他們看到了其中的價值，並且正在尋求數位化。

Excellent. And Dominic, maybe just on broader margin. As you work through a more fluid environment, remind us how you approach the trade-off signals you're watching and how you're thinking about things like sales capacity within the current environment? Thank you.

非常好。 Dominic，也許只是關於更廣泛的利潤率。當您在一個更動盪的環境中工作時，請告訴我們您如何處理您正在觀察的權衡訊號，以及您如何考慮當前環境下的銷售能力等因素？謝謝。

Yes. I mean we are looking at kind of a forecast on a monthly and quarterly basis. And on sales capacity, we're really looking at kind of the productivity from the sales reps. And if productivity is in line with where it was in previous years or if it's up, that gives us confidence that we can continue to add more capacity, and we saw that in Q1.

是的。我的意思是，我們關注的是月度和季度的預測。至於銷售能力，我們實際上關注的是銷售代表的生產力。如果生產力與前幾年持平或有所提高，我們就有信心繼續增加產能，我們在第一季就看到了這一點。

So sales productivity was good. We've been adding more sales capacity, and we plan to continue to do so throughout the year.

所以銷售效率很好。我們一直在提升銷售能力，並計劃全年繼續這樣做。

Thanks very much.

非常感謝。

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

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

Thanks, guys, for the questions. Dom, you called out asset tags as part of the success you're seeing in equipment monitoring. That's great to hear. And I know it's still early. But when you are seeing wins, can you talk about what it's doing to ACV at this point?

謝謝大家的提問。 Dom，您提到資產標籤是您在設備監控方面取得成功的一部分。聽到這個消息真是太好了。我知道現在還為時過早。但是，當您看到成效時，您能談談它目前對ACV的影響嗎？

It depends on a given deal. In some cases, it can be kind of the leading product for the customer use case. In some cases, it could be an add-on. In many of the examples, customers are trying it out on kind of one subset of assets before they're rolling it out wall-to-wall. We haven't really seen any kind of full deployments across a set of assets.

這取決於具體的交易。在某些情況下，它可能是客戶用例的主導產品。在某些情況下，它可能是一個附加元件。在許多情況下，客戶在全面推廣之前，會先在部分資產上試用。我們還沒有真正看到任何針對所有資產的全面部署。

But kind of three consistent case study -- use cases that we're seeing. First, lost or stolen asset. So if an item is missing, being able to find it very quickly. Second is really around worker efficiency. So cutting down the time that it takes for a worker to go out and find an asset somewhere. And then the last one is really around utilization.

但我們觀察到的三個用例是一致的。首先是資產遺失或被竊。如果物品遺失，能夠快速找到。其次是工人效率。減少工人外出尋找資產所需的時間。最後是利用率。

So if these things are moving or being used, we can pick that up and then it can help inform if customers should -- how they should manage their assets, if they need to buy more of them or if they can redeploy them to other areas. So we're excited with the progress. We've been selling it now for about a year. And yes, it's been a good point of strength for equipment monitoring.

因此，如果這些設備正在移動或使用，我們可以獲取這些信息，然後幫助客戶決定是否應該管理他們的資產，是否需要購買更多設備，或者是否可以將它們重新部署到其他區域。我們對這項進展感到非常興奮。我們已經銷售這項服務大約一年了。是的，它在設備監控方面一直是一個優勢。

That's great. And then you noted that net new grew 8% constant currency in 1Q. And you're talking about kind of flattish or at least flattish net new for the remainder of the year. I'm curious, post-Liberation Day and some of these deals that slipped, are you applying additional conservatism now to that guidance philosophy from an ARR perspective? Because previously, we talked about flat net new as well. So I'm just kind of curious on like sort of what the assumptions were in that net new commentary.

太好了。然後您提到，第一季淨新增業務以固定匯率計算成長了8%。您指的是今年剩餘時間的淨新增業務將基本持平，或至少持平。我很好奇，在解放日之後，以及一些交易出現下滑之後，從年度經常性收入（ARR）的角度來看，您是否現在對這一指導理念施加了額外的保守主義？因為之前我們也討論過淨新增業務持平。所以我只是有點好奇，那篇關於淨新增業務的評論中是基於什麼樣的假設。

Yes. I mean, I would say for net new, where we provide some color on the modeling notes and revenue, our guidance philosophy is similar to previous quarters. We're trying to make sure that we're setting guidance with a lot of confidence and that accounts for various downside scenarios. If those downside scenarios don't ultimately play out, it has generally resulted in more outperformance, and you saw that obviously in Q1.

是的。我的意思是，對於淨新增收入，我們會在模型說明和收入方面提供一些細節，我們的指導理念與前幾季相似。我們努力確保在製定指導時充滿信心，並考慮到各種不利因素。如果這些不利因素最終沒有發生，通常會導致業績表現更加優異，這在第一季已經顯而易見。

So I think that's kind of how we're thinking about things. We feel good about being able to hit that even with downside scenarios. And if we don't see those come to fruition, we'd like to be able to do better than that.

所以我想這就是我們的想法。即使在不利的情況下，我們也能實現這一目標，這讓我們感到很欣慰。即使這些目標無法實現，我們也希望能做得更好。

Got a lot. Got it. Thanks, Chris.

學到了很多。明白了。謝謝，克里斯。

The next question comes from Kirk Materne with Evercore, followed by Jim Fish with Piper Sandler.

下一個問題來自 Evercore 的 Kirk Materne，然後是 Piper Sandler 的 Jim Fish。

Oh yeah, thanks very much, guys, and congrats on a nice start to the year. Sanjit, I was just wondering, can you talk a little bit about whether just AI in general is coming into the conversations with your clients? I realize they're really looking to have you guys help them with their operations with safety. But I'm just kind of curious about the role AI is now playing in those conversations as it's become just a bigger part of the broader zeitgeist in IT.

哦，是的，非常感謝大家，恭喜你們新年伊始。 Sanjit，我只是想問一下，您能否簡單談談，人工智慧是否已經融入您與客戶的對話中？我知道他們非常希望你們能夠幫助他們提高營運安全性。但我只是好奇，隨著人工智慧在IT領域越來越成為主流，它在對話中扮演著怎樣的角色。

Yes, Kirk, I think absolutely, everyone that I've spoken with has interest in AI, and they see it as a transformational technology. That being said, our customers are really focused on clear and fast ROI. These are industries where they have a lot of operational complexity and they're looking for what can I really do with this AI. We've shown that with safety.

是的，Kirk，我認為絕對是如此。我交流過的每個人都對人工智慧感興趣，並將其視為一項變革性技術。話雖如此，我們的客戶真正關注的是清晰快速的投資回報。這些行業的運作非常複雜，他們正在尋找人工智慧真正能做什麼。我們已經在安全領域證明了這一點。

We're able to really show that now on the efficiency side where we can really help you find signals and patterns in the data by having AI crunch through it and then using our kind of vast data asset, as I was talking about with the workflow side of things. So I think they're very interested in AI as a technology, but really as it applies to their operations and then what sort of savings can it help drive or what kind of risk can it help reduce.

我們現在能夠在效率方面真正展現這一點，我們能夠透過人工智慧分析數據，然後利用我們龐大的數據資產，真正幫助你發現數據中的訊號和模式，就像我之前提到的工作流程方面一樣。所以我認為他們對人工智慧這項技術非常感興趣，但真正感興趣的是它如何應用於他們的運營，以及它能帶來哪些成本節省，或降低哪些風險。

That's super. And then just one follow-up for Dom, sort of similar and some other ones. But just visibility for you heading into the rest of the year, it sounded like you had a really good pipeline build quarter. Can you just talk a little bit about sort of visibility maybe today versus three months ago or just kind of how you're feeling about sort of the overall pipeline formation for the year?

太棒了。接下來想問 Dom 的問題，內容有點類似，還有一些其他的。不過，關於今年剩餘時間的展望，聽起來你這個季度的銷售管道建設情況非常好。能否簡單談談與三個月前相比，今天的展望如何，或者說你對今年整體銷售管道建設的感受如何？

Yes. I mean we're feeling good about the pipeline. And again, I think that taking a step back, like big market growing quickly, big opportunity for digital transformation. We add a ton of value for customers in terms of ROI very quickly. And I think the pipeline demonstrates the customer demand and interest.

是的。我的意思是，我們對產品線感到很滿意。而且，我認為退一步來看，市場正在快速成長，數位轉型也面臨巨大的機會。我們很快就為客戶帶來了巨大的投資回報。我認為產品線體現了客戶的需求和興趣。

I think the visibility point is just around kind of what happens in the broader kind of macro environment and what impact does that have on our customers and therefore, on the kind of near-term priorities. So I think near term, the macro uncertainty provides some timing risk to deals. But more medium and long term, we feel really good about the position and the momentum.

我認為，關鍵在於更廣泛的宏觀環境將如何發展，以及這將對我們的客戶以及我們近期的優先事項產生何種影響。因此，我認為短期內，宏觀不確定性會為交易帶來一些時機風險。但從中長期來看，我們對目前的狀況和發展動能非常樂觀。

Great. Thank you.

太好了，謝謝。

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

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

Hey, guys. Sanjit, circling back on the OEM side, how should we think or how should we expect both the exclusivity you have with the three that you have versus what you are looking to do with other OEMs? And could we see more partnerships?

大家好。 Sanjit，回到OEM方面，我們該如何看待或期待你們對這三家公司的獨家合作，以及你們希望與其他OEM公司合作的方式？我們是否會看到更多的合作？

And then, Don, for you around this, and I know Keith has multiple questions here asked around near-term gross margins. How should we think about the impact more longer-term margin?

然後，Don，關於這一點，我知道Keith有很多關於近期毛利率的問題。我們該如何看待它對長期利潤率的影響？

Sure. I'll cover the product side of things. So OEMs, more broadly speaking, are embedding this connectivity. They're doing it largely for their own reasons. They want to basically be able to service these assets more efficiently and get information back into the cloud. So that's where the partnerships lie is directly with the OEM. It's kind of a cloud-to-cloud connection. The majority of these partnerships are not exclusive. And I think it is just part of this kind of connected data strategy that many of them have.

當然。我會講產品方面的內容。所以，更廣泛地說，原始設備製造商 (OEM) 正在嵌入這種連接。他們這樣做主要是出於自身原因。他們希望能夠更有效率地服務這些資產，並將資訊傳回雲端。因此，我們與原始設備製造商 (OEM) 的合作關係就在於此。這是一種雲端到雲端的連線。大多數此類合作關係並非排他性的。我認為這只是他們許多公司所採用的互聯資料策略的一部分。

That being said, our customers are looking for a single pane of glass. They want to not just see their trucks, but their construction equipment, their refrigeration units, they want to see it all in one place. And that's really unique in terms of what we're able to offer in terms of the scale and breadth. We have a large number of these OEM partnerships, and that's going to continue to be our strategy is get more folks on to the cloud.

話雖如此，我們的客戶想要的是一站式服務。他們不僅希望看到他們的卡車，還希望看到他們的建築設備、冷凍設備，他們希望在一個地方看到所有的一切。就我們所能提供的規模和廣度而言，這確實是獨一無二的。我們擁有大量的原始設備製造商 (OEM) 合作夥伴關係，而我們的策略將繼續是讓更多人使用雲端。

And on the longer-term gross margin question. Again, today, it's not a significant part of our ARR of our net new ACV in any given period, and so not a lot of impact to gross margins. Medium and longer term, it could be beneficial. I would expect it to be more gross margin accretive than the kind of the offering where we provide a device. But we would need to see that kind of part of the business scale up dramatically and that's really driven by kind of customer interest.

關於長期毛利率的問題。同樣，目前來看，它在任何特定時期內都不是淨新增平均銷售收​​入（ACV）中重要的ARR（平均經常性收入）組成部分，因此對毛利率的影響不大。但從中長期來看，它可能是有益的。我預計它比我們直接提供設備的業務更能提升毛利率。但我們需要看到這類業務的規模大幅成長，而這其實取決於客戶的興趣。

Got it. And look, you guys called out the highest growth on transportation in four years, I believe, in the prepared remarks. But what are the drivers of that? And I guess, pun intended?

明白了。你看，你們在準備好的發言稿中提到了交通運輸業四年來的最高成長。但這背後的驅動力是什麼呢？我想，這話是雙關語吧？

I would say, in general, transportation is an industry where efficiency and safety are really top priorities. So they're continuing to digitize. We've been gaining market share among the top and like leading transportation companies. So I think we're becoming better known. It was another strong quarter. I think it was our second largest vertical. So we expect to see it continue to grow, and there's a lot of trucks out there.

我想說，總的來說，運輸業是一個效率和安全至上的行業。所以他們正在持續數位化。我們在頂級和領先的運輸公司中市場份額不斷擴大。所以我認為我們的知名度正在提高。這又是一個強勁的季度。我認為這是我們第二大垂直領域。所以我們預計它將繼續成長，而且市場上有很多卡車。

The next question comes from Dan Jester with BMO, followed by Matt Bullock with BofA.

下一個問題來自蒙特婁銀行的 Dan Jester，然後是美國銀行的 Matt Bullock。

Great. Thanks for taking my question. Maybe on the international side, great to hear the momentum in the business there. Maybe it's tough to break out, but I'd love just to hear your perspective on how much of that has just been from you building sales capacity in those regions versus some sort of discrete regulatory things that seem to be happening in Europe.

太好了。感謝您回答我的問題。也許在國際方面，我很高興聽到那裡業務的良好勢頭。也許很難一一闡述，但我很想聽聽您的看法，其中有多少是來自於您在這些地區建立銷售能力，還是來自於歐洲似乎正在發生的一些零散的監管措施。

Yes, I'll take that one. We have been investing in the region for some time. We're excited to see 18% of net new ACV come from international. Europe has been a good driver of that. So we have achieved the product market fit, and that's been over a couple of years. I wouldn't say that there's any specific new regulatory tailwind other than now we're seeing more interest in digital technologies and digital transformation than maybe we were seeing five years ago.

是的，我同意。我們在該地區投資已有一段時間了。我們很高興看到18%的新增ACV淨值來自國際市場。歐洲市場一直是推動這一成長的良好動力。因此，我們已經實現了產品與市場的契合，這已經持續了幾年。我不會說有什麼具體的新監管利好，只是現在我們看到人們對數位科技和數位轉型的興趣可能比五年前更濃厚了。

Okay. Great. And then on the preventative maintenance piece, is that going to be something that's going to be targeted to specific types of businesses first? Or do you think that, that's going to be useful for the entire industry set in which you cover? Thank you.

好的。太好了。那麼關於預防性維護，這會首先針對特定類型的企業嗎？還是您認為這會對您所涵蓋的整個行業都有用？謝謝。

Yes. I think Dominic made the point earlier, but our customers across industries, they buy similar types of assets. If you think about the trucks, they show up with the same kinds of trucks in transportation as utilities and construction. So we do see kind of broad-based use of this product feature set. And from there, we'll expand based on customer feedback, but we believe it's going to be quite general.

是的。我想Dominic之前已經提到過了，但我們各行業的客戶購買的資產類型都類似。以卡車為例，他們在運輸、公用事業和建築業使用的卡車類型都是一樣的。所以我們確實看到了這套產品功能的應用範圍很廣。之後，我們會根據客戶回饋進行擴展，但我們相信它會非常普及。

Thank you.

謝謝。

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

下一個問題來自美國銀行的馬特布洛克 (Matt Bullock)，然後是威廉布萊爾 (William Blair) 的迪倫貝克爾 (Dylan Becker)。

Great. Hi, thanks for taking the question. I wanted to ask a quick one on the upgrade program you launched this quarter. Are there any incremental details you can provide on the program? Has it catalyzed conversations on potential displacements? Did it contribute to the pipeline expansion you saw in 1Q? And then anything on incremental discounts through the program would be helpful.

太好了。您好，感謝您回答這個問題。我想快速問一下您本季推出的升級計畫。您能否提供一些關於該計劃的增量細節？它是否促進了關於潛在替代的討論？它是否促成了您在第一季看到的庫存擴張？此外，關於透過該計劃提供的增量折扣，任何資訊都會很有幫助。

Sure. So what we've been doing for a couple of years is helping customers do the transition. Some of these customers have legacy providers that they've been working with. They might be frustrated or looking for more functionality. And so in a number of these arrangements, that are three- to five-year contracts. As customers are coming towards the end of them, we've helped buy out the contracts.

當然。所以，我們這幾年一直在幫助客戶完成過渡。有些客戶之前一直與一些老牌供應商合作。他們可能會感到失望，或者希望獲得更多功能。因此，許多這類協議的期限是三到五年。當客戶的合約即將到期時，我們會幫助他們買斷合約。

So really, this program is kind of making that a little more templatized, making it an easier on-ramp. So that's the context there. And in this macroeconomic environment, I think people are looking to find ways to go drive that efficiency, find those savings, and we want to make it easy for them to pick up Samsara and adopt it.

所以，這個項目實際上在某種程度上使這一切變得更加模板化，使其更容易上手。這就是當時的背景。在當前的宏觀經濟環境下，我認為人們正在尋找提高效率、節省成本的方法，我們希望讓他們輕鬆學習並採用 Samsara。

That would be the high level. I don't think it's fundamentally changed the discounting and deals or anything like that. It's really just kind of made it easier for customers to understand we have an option for them if they're currently under contract with somebody else.

這大概就是高水準的。我不認為這從根本上改變了折扣、優惠之類的。它只是讓顧客更容易理解，如果他們目前與其他人簽訂了合同，我們為他們提供了選擇。

Got it. And then one quick follow up if I could. Could you provide an update on how the conversations are generally trending with some of those more strategic accounts, those accounts with 100,000-plus vehicles. Are those deals moving to the pipe as expected? What are you hearing from customers in general?

明白了。如果可以的話，我還有一個快速的後續問題。您能否更新與一些更具策略性的客戶（那些擁有10萬輛以上汽車的客戶）的對話趨勢？這些交易是否如預期進入了銷售管道？您從客戶那裡得到了哪些回饋？

Sure. I'm happy to cover that one as well. So I think these customers are very interested in what we're doing. They are large, very complex operations. They often have many operating divisions.

當然。我也很樂意報道這一點。所以我認為這些客戶對我們的業務非常感興趣。他們的業務規模龐大，非常複雜。他們通常有很多營運部門。

And so for them to either make a change or adopt a new technology for some of these companies, they don't have digital technologies deployed across their entirety of their fleet. It's a lot of change management. So I would say it continues to progress in terms of how they're working in the funnel, but these are multiyear sales cycles when you talk about strategic deals of that scale.

因此，對於一些公司來說，他們要么做出改變，要么採用新技術，因為他們還沒有在整個車隊中部署數位技術。這需要大量的變革管理。所以我認為，他們在漏斗中的運作方式仍在不斷進步，但對於這種規模的策略交易來說，銷售週期往往長達數年。

Got it. Thank you.

明白了。謝謝。

Next question comes from Dylan Becker with William Blair, followed by Mark Schappel with Loop Capital.

下一個問題來自 William Blair 的 Dylan Becker，然後是 Loop Capital 的 Mark Schappel。

Great, thanks, guys. Hey, Sanjit, Mike, everybody. Maybe, Sanjit, for you, on the predictive or preventative piece, I wonder how you think about maybe in a tightening macro, kind of the growing importance with fewer excess assets out there, the kind of the strategic value of that solution as maybe customers think about optimizing kind of throughput and run time of existing assets and ensuring that those are fully operational for maybe as long as possible.

太好了，謝謝大家。嗨，Sanjit，Mike，各位。 Sanjit，關於預測性或預防性方面，我想知道您如何看待在宏觀緊縮的背景下，隨著過剩資產的減少，該解決方案的重要性日益增加，以及該解決方案的戰略價值，因為客戶可能會考慮優化現有資產的吞吐量和運行時間，並確保它們盡可能長時間地全面運行。

I think you put your finger on it. So this is exactly what we're hearing from customers is in this kind of environment where equipment is becoming either more expensive to procure, lead times might be changing, they're really trying to drive up utilization and get as much value as they can and perhaps run these assets a little bit longer by maintaining them in a smarter way. So our technologies really help with both of those.

我想你說得對。這正是我們從客戶那裡聽到的，在這種環境下，設備採購成本越來越高，交貨週期也可能發生變化，他們真的在努力提高利用率，盡可能地創造價值，或許還能透過更聰明的方式維護這些資產，延長它們的使用壽命。而我們的技術確實能幫助解決這兩個問題。

Dominic mentioned this with asset tags, but our connected equipment portfolio in general, we help you understand what assets are being used where, how often should you rebalance them. And then as we're going deeper with our work in AI as it relates to fault codes and kind of diagnostics, that's an area where we can help you essentially extend the lifespan or the effective use life of these assets.

多明尼克提到了資產標籤，但總的來說，我們的互聯設備產品組合可以幫助您了解哪些資產在何處使用，以及應該多久重新平衡一次。隨著我們在人工智慧領域與故障碼和診斷相關的工作不斷深入，我們可以幫助您從根本上延長這些資產的使用壽命或有效使用壽命。

Okay. Great. Thank you. And then maybe, Dom, for you, too, as we think about kind of the non-vehicle strength in the business as well, too, could you give us a sense of maybe the directional kind of attach where we sit today and maybe how you expect that to trend as well, too as more of these larger enterprise customers tend to land kind of multiproduct in nature? Thanks.

好的。太好了，謝謝。 Dom，對您來說，當我們考慮非汽車業務的優勢時，您能否向我們介紹我們目前所處的方向性聯繫，以及您預計這種趨勢將如何發展，因為越來越多的大型企業客戶傾向於購買多產品？謝謝。

Yes. It's been pretty consistent. It's kind of in the mid-teens in terms of overall ARR. We're continuing to grow and scale equipment monitoring and other and all these other kind of workflow applications. I think the usage continues to be much higher than the ARR mix.

是的，一直很穩定。就整體ARR而言，大概在15%左右。我們正在持續成長和擴展設備監控以及其他各種工作流程應用程式。我認為使用率仍然遠高於ARR的比例。

So more than 50% of our core customers and more than two-thirds of our large customers are using a non-vehicle-based application, and we're seeing that adoption pick up as we release more and more of these new products. And so I think that, that gives us a lot of excitement about the ability to kind of go more wall-to-wall in some of these customers with these non-vehicle assets to increase that overall ARR mix over time.

因此，我們超過50%的核心客戶和超過三分之二的大客戶都在使用非基於車輛的應用程序，而且隨著我們發布越來越多的新產品，這種應用也在不斷增加。因此，我認為這讓我們非常興奮，因為我們能夠利用這些非車輛資產，更深入地涵蓋這些客戶，從而隨著時間的推移提升整體ARR組合。

Great. Thank you both. Appreciate it.

太好了！謝謝你們兩位。非常感謝。

The next question comes from Mark Schappel with Loop Capital, followed by Alexei Gogolev with JPMorgan.

下一個問題來自 Loop Capital 的 Mark Schappel，然後是摩根大通的 Alexei Gogolev。

Hi, thank you for taking my question. Sanjit, I was wondering if we could just circle back on the international opportunity. It's good to see the strength in Europe this quarter. I was wondering if you could give us a better sense, though, of where Europe is with respect to the U.S. in areas such as like video-based safety or next-gen telematics. How far behind, for example, are they in your view? And also, too, do you see a different set of competitors over there?

您好，感謝您回答我的問題。 Sanjit，我想我們能不能再談談國際市場的機會。很高興看到本季歐洲市場表現強勁。不過，您能否更詳細地介紹一下，在視訊安全或下一代遠端資訊處理等領域，歐洲相對於美國處於什麼位置？例如，在您看來，他們落後多少？此外，您是否也看到了歐洲市場存在一些不同的競爭對手？

Sure. So I would say, first of all, our presence in the European market is a little uneven in the sense that we've been in the U.K. and Ireland the longest, and that's where we have the most presence there. There's, I think, good acceptance of video-based safety. They're very comfortable with connected cameras. And really, what's different is perhaps how mature their driver safety coaching programs are and things like that, but they're not very far behind. It's very similar to what we see in the U.S.

當然。首先我想說，我們在歐洲市場的表現有些不均衡，因為我們在英國和愛爾蘭市場發展時間最長，我們的業務也最活躍。我認為，那裡的人們對於基於視訊的安全系統的接受度很高。他們對連網攝影機非常滿意。實際上，他們的差異可能在於駕駛安全訓練課程的成熟度等等，但他們並沒有落後太多。這與我們在美國看到的情況非常相似。

It's a little different on the continent in terms of in France and Germany, those are newer markets for us. We're making good headway there. And I think there, we've also seen certain industry verticals pick up the technology a little bit sooner and faster. And so I would say it still feels relatively early for us as we're a couple of years in the market. And I think -- I don't know, Dominic, if you want to add anything on Europe?

就法國和德國而言，歐洲大陸的情況略有不同，這些市場對我們來說是較新的市場。我們在那裡取得了良好的進展。而且我認為，我們也看到某些垂直產業更早、更快掌握了這項技術。所以我認為現在對我們來說還為時過早，因為我們才進入這個市場幾年。我想──多明尼克，關於歐洲，您還有什麼想補充的嗎？

Yes. I just -- I think it's been a number of years of solid kind of investment focus and execution. Obviously, we talked about launching a few new products in Europe, the bridge striking alerting and the electronic brake monitoring. We've also been landing more and more lighthouse customers. You've heard us talk about companies like VINCI, Fortune 500 construction company and a number of others. And so just a lot of kind of steady progress and investment there.

是的。我認為多年來我們一直專注於投資並執行。顯然，我們談到了在歐洲推出一些新產品，例如橋樑撞擊警報和電子煞車監控。我們也在吸引越來越多的燈塔客戶。你們也聽到我們談到了像VINCI這樣的公司，財富500強建築公司等等。所以，我們在那裡取得了穩定的進展和投資。

And I think the second half of your question was around competition. It is a different set of competitors there. They tend to be more regionally focused. And so we're showing up with a fairly mature technology platform that has a lot of functionality, and we're in the process of tweaking the product to meet the needs of each region.

我認為你問題的後半部是關於競爭的。那裡的競爭對手有所不同，他們往往更注重區域市場。因此，我們展示了一個相當成熟的技術平台，它擁有豐富的功能，我們正在對產品進行調整，以滿足每個地區的需求。

Thank you, very helpful.

謝謝，非常有幫助。

The next question comes from Alexei Gogolev with JPMorgan, followed by Alex Sklar with Raymond James. Okay. Let's go to Alex Sklar with Raymond James.

下一個問題來自摩根大通的Alexei Gogolev，接下來是Raymond James的Alex Sklar。好的。我們接下來請Raymond James的Alex Sklar提問。

Great, thanks. Dominic, on the dollar-based net retention, another strong quarter at 115%. Is that still the (technical difficulty)

太好了，謝謝。 Dominic，關於美元淨留存率，我們又一個季度表現強勁，達到了115%。這仍然是（技術難題）嗎？

I think we lost Alex there. Let's go with Derrick Wood with TD Cowen. Derrick?

我覺得我們把亞歷克斯弄丟了。我們選德里克·伍德和TD·考恩吧。德里克？

Hey guys, thanks. Hopefully, this hasn't been asked. But just with the extra market uncertainty out there, I'm wondering if perhaps in times like this, there could -- this opens up a window to gain share from legacy vendors. So I just -- I'm curious kind of what you're seeing out of the competitive landscape? And kind of do you have new strategies to look to drive up win rates or competitive displacements?

嘿，夥計們，謝謝。希望這個問題還沒被問到。但考慮到市場不確定性的增加，我想知道在這樣的時期，這是否可能為從傳統供應商那裡搶佔市場份額打開一扇窗口。所以我很好奇，您對目前的競爭格局有何看法？您是否有新的策略來提高贏率或競爭置換？

I don't think it's terribly different than when there is more macro stability. Again, I think we're coming, as Sanjit just said, with a platform with a lot of kind of functionality. And often cases, customers have not adopted any sort of digital technology around their operations, and we've got a market-leading product.

我認為這與宏觀經濟更加穩定時的情況並無太大差異。正如Sanjit剛才所說，我認為我們即將推出一個功能豐富的平台。很多時候，客戶還沒有在營運中採用任何數位技術，而我們擁有市場領先的產品。

And so I don't think that's any different now versus other periods of time. I think just more broadly, the kind of prioritization for customers with a lot of uncertainty around their near-term cost structure can create timing risk on some deals.

所以我認為現在的情況和其他時期沒什麼不同。我認為，更廣泛地說，對短期成本結構存在很大不確定性的客戶進行優先排序，可能會為某些交易帶來時機風險。

Sure. Dom, just to follow up too. I know you guys have indicated that you expected to temper hiring this year. Any change in how to think about headcount growth plans? And has that changed since the beginning of the year?

當然。 Dom，我只是想跟進一下。我知道你們已經表示過，預計今年會減少招募。你們對員工成長計畫的考量有什麼改變嗎？從年初到現在，情況有改變嗎？

No changes from the beginning of the year. I think just as a reminder, I think over the last couple of years, we really didn't make -- coming out of COVID, we really were kind of behind on hiring, and we really used the last kind of couple of years as catch-up years. And so this year was much more -- was planned to and continues to be planned to be more of a balanced year where productivity has been solid in Q1 and gives us the confidence to continue to add sales capacity, but we're kind of on track with what we expected at the beginning of the year.

與年初相比沒有變化。我想提醒一下，過去幾年我們確實沒有…疫情過後，我們的招募確實有點落後，我們實際上把過去幾年當作了追趕的年份。所以今年比計劃中的更加平衡，並且將繼續保持計劃，第一季的生產力保持穩健，這讓我們有信心繼續增加銷售能力，但我們的業績基本上符合年初的預期。

Thank you.

謝謝。

Thanks, Let's go back to Alex this time again to his connection back.

謝謝，這次讓我們再次回到 Alex 那裡，重新建立聯繫。

Great. Can you all hear me? Yes. All right. Sorry about that.

太好了。你們聽得到我說話嗎？是的。好的。抱歉。

So on the dollar-based net retention, 115%, again, another strong quarter. Is that still the right anchor for the rest of the year? And then when you look at the drivers behind that, any change in terms of contribution from growth in vehicles or units versus solutions versus kind of pricing at renewal?

那麼，以美元計算的淨留存率，115% 再次證明這是一個強勁的季度。這是否仍然是今年剩餘時間的正確基準？然後，當您觀察背後的驅動因素時，車輛或單位成長、解決方案以及續約定價的貢獻方面有什麼變化嗎？

No, yes. I think that's still our target for the year. We were able to achieve that in Q1, and that's what we're expecting for the rest of the year. Similar to in previous quarters and years, more of our expansion tends to come from upsells of existing licenses.

是的，不是。我認為這仍然是我們今年的目標。我們在第一季就實現了這個目標，這也是我們對今年剩餘時間的預期。與前幾季和年份類似，我們的業務擴張主要來自現有授權的追加銷售。

So customers will land with multiple products out of the gate, but they'll just do it on a subset of their assets or their workers. And then over time, they'll come back and they'll buy more licenses of their existing products across a broader set of assets, whether it's geographies or different operating companies. And that's what we saw in Q1.

因此，客戶一開始會選擇多種產品，但他們只會在部分資產或員工身上進行操作。隨著時間的推移，他們會回來購買更多現有產品的許可證，涵蓋更廣泛的資產，無論是跨地域還是跨營運公司。這就是我們在第一季看到的情況。

Okay. Great. And then maybe for you, Sanjit. You called out accelerating results from the field services end market. You had some PR earlier this week on that end market as well. Can you just talk about your focus there? Any particular solutions that you're focused on that are more tailored to that end market versus some of your others?

好的。太好了。接下來也許輪到你了，Sanjit。你提到了現場服務終端市場的績效加速成長。本週早些時候，你也在這個終端市場做了一些宣傳。可以談談你在這個市場的重點嗎？相較於其他一些解決方案，你專注於哪個特定解決方案，更適合這個終端市場？

Well, it continues to be an area of interest. So in field services, the operations are a little different than in transportation and logistics. They have more site visits. They have more equipment. So areas like the asset tag or new products like the asset tag are helpful there in terms of filling out the portfolio.

嗯，這仍然是一個值得關注的領域。現場服務的操作與運輸和物流略有不同。現場服務需要更多現場訪問，需要更多設備。因此，資產標籤或類似新產品的標籤在充實投資組合方面很有幫助。

They're also now starting to adopt driver safety. Historically, it had been industries like long-haul transportation that have bought cameras. Most of the market, if you think about most of the commercial vehicles on the road, 80%, 90% of them don't have any kind of connected driver safety coaching program.

他們現在也開始採用駕駛安全系統。從歷史上看，像長途運輸這樣的行業才開始購買攝影機。但市場上大多數車輛，想想路上行駛的大多數商用車，80% 到 90% 的車輛都沒有任何連網駕駛員安全指導程序。

Our field services customers, they think of their teams more as technicians or workers as opposed to drivers, and they're starting to see that they could actually reduce risk with technologies like this. So I think it's really just this is a segment of the market that's kind of activating and adopting these new technologies.

我們的現場服務客戶，他們更將自己的團隊視為技術人員或工人，而不是司機。他們開始意識到，這類技術其實可以降低風險。所以我認為，這部分市場正在積極啟動和採用這些新技術。

Great. Thank you, both.

太好了。謝謝你們兩位。

The next question comes from Junaid with Truist, followed by Alexei with JPMorgan.

下一個問題來自 Truist 的 Junaid，然後是摩根大通的 Alexei。

Great. Thank you for taking my question. Sanjit, I just wanted to ask about the adoption of some of your products around worker experience like workflows and training and how they're contributing to increased platform sales. Thank you.

太好了。感謝您回答我的問題。 Sanjit，我想問你們一些圍繞員工體驗（例如工作流程和培訓）的產品的採用情況，以及它們如何促進平台銷售額的成長。謝謝。

Sure. So on the workflow side, I mentioned earlier, there are some fairly standard workflows that we see hundreds of millions flow through our system on. So good adoption of those kind of digital technologies. I think there's increasing sort of awareness among the frontline workers in the market that digital is better. It's a better experience for them. They can attach photos from their smartphone and so on.

當然。就工作流程而言，我之前提到過，我們系統上數億個資料都基於一些相當標準的工作流程。所以，這類數位科技的採用效果很好。我認為市場上的第一線員工越來越意識到數位化技術更好。數位化對他們來說是一種更好的體驗。他們可以用智慧型手機上傳照片等等。

So that's been really strong. We've enhanced that with some more recent AI functionality where we can now -- it's a visual intelligence feature where we can understand what exactly is in a scene from a photograph. So that's an area where we're seeing a lot of interest.

所以這真的非常強大。我們透過一些最新的人工智慧功能增強了這一點，現在我們可以——這是一種視覺智慧功能，我們可以透過照片了解場景中的具體內容。所以，我們看到很多人對這個領域很有興趣。

And on the training side, that's really part of this broader worker safety push that I was talking about earlier. You can see risk reduction come from in-cap coaching. You can see it come from sit-down coaching as well. But then being able to do relevant trainings, especially on a mobile device, especially in context of what's happened, that results in additional risk reduction, and we're seeing customers start to realize that, and that's drawing some of the sales through.

在培訓方面，這實際上是我之前提到的更廣泛的工人安全推動措施的一部分。你可以看到，在職訓練可以降低風險。你也可以看到，面對面的訓練也能降低風險。但是，能夠進行相關的培訓，尤其是在行動裝置上，尤其是在發生過的情況背景下，可以進一步降低風險。我們看到客戶開始意識到這一點，這正在吸引一些銷售。

Great. Thank you.

太好了，謝謝。

Okay. Our last question today comes from Alexei with JPMorgan.

好的。我們今天的最後一個問題來自摩根大通的 Alexei。

Thank you, Mike. Sanjit, I had a question about this massive win with one of the largest counties. You've already provided broader public safety examples, but anything specific about that customer? What were the features that this customer was looking for? And was that decision perhaps related to the natural disasters in the area?

謝謝，麥克。桑吉特，我有個問題想問，關於這個與最大的縣之一簽訂的重大合約。您之前已經提供了更廣泛的公共安全案例，但能具體談談這個客戶嗎？這位客戶尋求的功能是什麼？這個決定是否與該地區的自然災害有關？

Sure. I would say there's really kind of two key use cases in that specific example. One is around just driving higher levels of efficiency. That's a better understanding of asset utilization, reducing areas like fuel consumption. So that would be one kind of cluster of interest from the customer.

當然。我想說，在這個具體例子中，實際上有兩個關鍵用例。一個是提高效率。這可以更好地理解資產利用率，從而減少燃料消耗等方面的消耗。所以，這應該是客戶感興趣的一個面向。

I will say for some of these counties that are in hazardous areas where they get affected by natural disasters, being able to locate assets like generators, for example, after a storm is very valuable. And then we shared a case study of the City of New Orleans, for example, they're trying to keep their citizens safe, being able to know where all these teams are at all times is helpful, especially in a disaster scenario. So efficiency, but also being able to be reactive and responsive for their citizens.

我想說，對於一些位於危險地區、容易受到天災影響的縣來說，能夠在暴風雨過後找到發電機等資產非常寶貴。然後，我們分享了一個新奧爾良市的案例研究，例如，他們努力保障市民安全，能夠隨時了解所有這些團隊的位置非常有幫助，尤其是在災難發生時。因此，這不僅提高了效率，也能夠為市民提供及時回應。

Thank you, Sanjit.

謝謝你，桑吉特。

Great. This concludes the question-and-answer portion. Thank you all for attending our Q1 fiscal year 2026 earnings call.

太好了。問答環節到此結束。感謝大家參加我們2026財年第一季財報電話會議。

Before I let you go, I have a few short announcements. First, we'll be attending the BMO Virtual Software Conference on June 9, the Mizuho Tech Conference in New York City on June 10, and the FBN Virtual Software Conference on June 11. We hope to see you at one of these events.

在你們離開之前，我有幾個簡短的公告。首先，我們將參加6月9日的蒙特婁銀行（BMO）虛擬軟體大會、6月10日在紐約舉行的瑞穗科技大會以及6月11日的FBN虛擬軟體大會。我們希望在這些活動中見到你們。

Second, we are hosting our Investor Day on June 24 in San Diego, where we will provide additional insights into Samsara's trajectory and the overall state of physical operations. Please send an e-mail to ir@samsara.com, if you're interested in attending in person. For those who prefer to attend virtually, our Investor Relations website will have a link to a live broadcast.

其次，我們將於6月24日在聖地牙哥舉辦投資者日活動，屆時我們將進一步介紹Samsara的發展軌跡和整體實體營運狀況。如果您有意親臨現場，請發送電子郵件至ir@samsara.com。如果您希望線上參會，我們的投資者關係網站將提供直播連結。

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

今天的會議就到這裡。如果您還有其他問題，可以發送電子郵件至 ir@samsara.com。再見，各位。