Samsara Inc (IOT) 2026 Q2 法說會逐字稿

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Good afternoon, and welcome to Samsara's second-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, Sanjay Biswas; and our Chief Financial Officer, Dominic Phillips.

下午好，歡迎參加 Samsara 2026 財年第二季財報電話會議。我是 Samsara 公司企業發展和投資者關係副總裁 Mike Chang。今天與我一起出席的還有 Samsara 執行長兼聯合創辦人 Sanjay Biswas 和我們的財務長 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準備好的評論之外，您還可以在我們的股東信函、新聞稿、投資者介紹和 SEC 文件（位於我們的投資者關係網站 investors.samsara.com）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 fully in our SEC filings. Any forward-looking statements that we make on this call are based on assumptions as of today, September 4, 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充分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 9 月 4 日）的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During today's call, we will discuss our second-quarter fiscal 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. We also report both actual and constant currency growth rates for certain metrics.

在今天的電話會議上，我們將討論 2026 財年第二季的財務表現。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。我們也報告某些指標的實際和恆定貨幣成長率。

On the call, we will only provide constant currency commentary when there is a material difference. Reconciliations of GAAP to non-GAAP financial measures and industrial information on constant currency are provided in our press release and investor presentation. We'll make opening remarks, debt highlights for the quarter and then open the call for Q&A.

在通話中，我們僅當出現重大差異時才會提供恆定的貨幣評論。我們的新聞稿和投資者介紹中提供了 GAAP 與非 GAAP 財務指標的對帳以及以固定匯率計算的行業資訊。我們將致開幕詞，介紹本季的債務重點，然後開始問答環節。

With that, I'll hand over to Sanjit.

說完這些，我就把麥克風交給 Sanjit。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara delivered another strong quarter of durable and efficient growth. We ended Q2 with $1.6 billion in ARR, growing 30% year over year. Our $100,000-plus ARR customers now contribute close to $1 billion of ARR, up 35% year over year and now represent 59% of our total ARR.

謝謝，麥克，也謝謝大家今天加入我們。Samsara 又一個季度實現了強勁、持久、高效的成長。我們第二季的 ARR 為 16 億美元，年增 30%。我們的 ARR 超過 10 萬美元的客戶現在貢獻了近 10 億美元的 ARR，年增 35%，現在占我們總 ARR 的 59%。

In Q2, we added 17 customers with more than $1 million in ARR, a quarterly record. Our $1 million-plus ARR customers crossed an important milestone in Q2 and they now generate more than 20% of our ARR or approximately $350 million. Our strategy to partner with the world's largest and most complex operations organization is working and is fueling our growth at scale. In Q2, we partnered with many large enterprises, including Alaska Airlines, the fifth largest airline in the US; SRM Concrete, the largest ready-mixed concrete provider in the US; and one of the largest Fortune 1000 rental equipment companies in North America. We're excited to work with these industry leaders and help them operate smarter.

在第二季度，我們增加了 17 位客戶，ARR 超過 100 萬美元，創下了季度紀錄。我們的 100 萬美元以上的 ARR 客戶在第二季度跨越了一個重要的里程碑，他們現在創造了我們 ARR 的 20% 以上，約 3.5 億美元。我們與世界上最大、最複雜的營運組織合作的策略正在發揮作用，並推動我們的規模成長。第二季度，我們與多家大型企業合作，包括美國第五大航空公司阿拉斯加航空、美國最大的預拌混凝土供應商SRM Concrete、北美最大的財富1000強租賃設備公司之一。我們很高興與這些行業領導者合作並幫助他們更聰明地運作。

As we grow our customer base, we're also scaling our data asset. We reached another company milestone in Q2. We now process approximately 20 trillion data points annually on our platform. Our unique and proprietary data asset is not found on the internet. It pulls data from gateways, cameras and sensors that we've deployed across our customers' vast operations with breadth across diverse asset types, end markets, and geographies.

隨著客戶群的擴大，我們也在擴大數據資產。我們在第二季達到了公司的另一個里程碑。我們現在每年在我們的平台上處理大約 20 兆個數據點。我們獨特的專有數據資產在網路上是找不到的。它從我們部署在客戶廣泛業務中的網關、攝影機和感測器中提取數據，涉及不同的資產類型、終端市場和地區。

We're proud to partner with our customers to build the world's largest physical operations data set which provides us unique visibility into where and how customers run their operations. Combining this with AI, we're delivering actionable insights that solve their toughest challenges.

我們很榮幸能與客戶合作，建立世界上最大的實體營運資料集，這為我們提供了獨特的視角，讓我們了解客戶在何處以及如何進行營運。將其與人工智慧結合，我們可以提供可行的見解來解決他們最棘手的挑戰。

In June, we hosted our biggest customer conference yet, Samsara Beyond. During the three-day event, thousands of leaders joined us to hear about how our newest innovations and to share their feedback and insights. We also learned about the challenges they're facing, including increased demand to build AI infrastructure, safety risks, capital expenditure costs, and employee churn. These conversations make our customers' top priorities clear.

6 月，我們舉辦了迄今為止規模最大的客戶會議「Samsara Beyond」。在為期三天的活動中，數千名領導者與我們一起了解我們的最新創新並分享他們的回饋和見解。我們也了解了他們面臨的挑戰，包括建立人工智慧基礎設施的需求增加、安全風險、資本支出成本和員工流失。這些對話讓我們清楚了解客戶的首要任務。

We're seeing a notable shift towards AI and automation as they modernize manual processes. They want a single unified platform to manage their complex operations, and they want to extend risk management from vehicles into the field to protect their workers and to use digital tools to help with high employee turnover and labor shortages.

隨著人工智慧和自動化使手動流程現代化，我們看到了向人工智慧和自動化的顯著轉變。他們希望有一個統一的平台來管理其複雜的操作，並且希望將風險管理從車輛擴展到現場以保護其工人，並使用數位工具來幫助解決高員工流動率和勞動力短缺問題。

Our customers are increasingly turning to AI to help them scale their output while running safer, more efficient, and more sustainable operations. During Beyond, we also hosted our Connected Operations award ceremony. We celebrated 17 global customers who achieved an outsized impact of our platform. I'd like to share some of the highlights from a few of our winners.

我們的客戶越來越多地轉向人工智慧來幫助他們擴大產出，同時運行更安全、更有效率、更永續的營運。在 Beyond 期間，我們也舉辦了互聯營運頒獎典禮。我們慶祝了 17 位全球客戶對我們的平台產生了巨大影響。我想分享一些獲獎者的精彩時刻。

Maxim Crane, a leading crane rental company in the US was our most innovative workforce winner. They saved $13 million in maintenance costs by shifting their maintenance program from reactive to proactive. They also saw a 94% reduction in harsh driving and an 87% reduction in speeding.

美國領先的起重機租賃公司 Maxim Crane 榮獲最具創新力勞動力獎。他們將維護計劃從被動轉變為主動，節省了 1,300 萬美元的維護成本。他們還發現惡劣駕駛行為減少了 94%，超速駕駛減少了 87%。

Another winner was Mohawk Industries, the largest flooring manufacturer in the world. They want excellence in systems efficiency. They saved $7.75 million by using planned versus actual analysis to reduce their mileage by 4.2 million miles. They saved an additional $500,000 from rightsizing their fleet. They also saw safety gains, including a 54% reduction in speeding.

另一個贏家是世界上最大的地板製造商莫霍克工業公司。他們希望系統效率卓越。他們透過計劃與實際分析將行駛里程減少了 420 萬英里，從而節省了 775 萬美元。他們透過調整車隊規模又節省了 50 萬美元。他們還看到了安全方面的提高，其中超速行駛減少了 54%。

We are proud to partner with our customers to make a real-world impact on their operations. Our connected operations platform is solving our customers' toughest challenges. As we scale to over 20,000 core customers, our flywheel of innovation is accelerating. We build products for our customers that deliver a clear and fast ROI.

我們很榮幸能與客戶合作，為他們的營運帶來實際影響。我們的互聯營運平台正在解決客戶最嚴峻的挑戰。隨著我們的核心客戶規模擴大到 20,000 多名，我們的創新飛輪正在加速發展。我們為客戶打造能夠帶來清晰、快速的投資報酬率的產品。

As our customers use these products, they contribute data to the platform. This growing data asset then allows us to build new products. This is fueling the expansion of our platform at an unprecedented rate, and I'm excited about the opportunity to deliver even more customer impact through our platform.

當我們的客戶使用這些產品時，他們會向平台貢獻數據。這些不斷增長的數據資產使我們能夠開發新產品。這推動了我們平台以前所未有的速度擴張，我很高興有機會透過我們的平台為客戶帶來更大的影響。

At Beyond, we announced a record number of new products and features. These products help our customers by protecting their frontline workers, modernizing the frontline worker experience, improving asset maintenance, and optimizing asset utilization. Safety is a top priority for leaders. Driving is one of the 10 most dangerous jobs in the US with fatal crashes up 49% in the past decade and insurance premiums up 40%.

在 Beyond 大會上，我們發布了創紀錄數量的新產品和新功能。這些產品透過保護第一線員工、現代化第一線員工體驗、改善資產維護和優化資產利用率來幫助我們的客戶。安全是領導者的首要任務。駕駛是美國十大最危險的工作之一，過去十年致命車禍增加 49%，保費增加 40%。

Leaders also want to modernize the frontline worker experience to improve productivity and are looking for new ways to improve asset maintenance and utilization as rising costs and high interest rates are creating pressure to reduce capital expenditures.

領導者還希望實現第一線員工體驗的現代化，以提高生產力，並正在尋找新的方法來改善資產維護和利用率，因為成本上升和高利率正在產生減少資本支出的壓力。

To help our customers with these challenges, we launched new products, including asset maintenance, which helps organizations monitor and manage the upkeep of their vehicles and equipment; commercial navigation, which is tailored to the unique constraints of large commercial vehicles; route planning, which creates and optimizes routes with fewer miles and vehicles; AI multi-cam, which gives drivers real-time 360-degree video coverage around any vehicle; and worker safety which protects frontline workers wherever they work. It's never been a more exciting time partnering with our customers to improve their operations.

為了幫助客戶應對這些挑戰，我們推出了新產品，包括資產維護，幫助組織監控和管理其車輛和設備的保養；商業導航，針對大型商用車的獨特限製而量身定制；路線規劃，創建和優化里程和車輛較少的路線；人工智能多攝像頭，為駕駛員提供任何車輛周圍實時 360 度視頻覆蓋；以及工人安全，無論人工智能多攝像頭，為駕駛員提供任何車輛周圍實時 360 度視頻覆蓋；以及工人安全，無論人工智能在哪裡工作，無論他們可以保護他們。與我們的客戶合作改善他們的營運從未像現在這樣令人興奮。

As we build for the long term, we're investing in innovation to meet our customers' evolving needs. Our open platform and partner ecosystem, and our leadership and culture. First, we announced many new features and in addition to our new products at Beyond. For our customers' frontline workers, we redesigned our driver app to be more intuitive and engaging with streaks and short training videos.

我們立足長遠，不斷投資創新，以滿足客戶不斷變化的需求。我們的開放平台和合作夥伴生態系統，以及我們的領導和文化。首先，我們在 Beyond 上宣布了許多新功能和新產品。對於我們客戶的前線員工，我們重新設計了我們的司機應用程序，使其更加直觀，並透過連續記錄和簡短的培訓影片更具吸引力。

We also built new AI-enhanced DVIRs to help workers improve compliance and accuracy. To help produce risk, we built weather intelligence, which provides real-time ground-level weather insights. All of these new features are broadly available to our customers, and we're looking forward to increasing our customer impact.

我們還建立了新的 AI 增強型 DVIR，以幫助工人提高合規性和準確性。為了幫助產生風險，我們建立了天氣情報，提供即時地面天氣洞察。所有這些新功能均廣泛提供給我們的客戶，我們期待提高對客戶的影響力。

Second, our open ecosystem and the work of our partners are central to our success. We've now expanded our partner ecosystem to over 350 integrations and our largest customer, on average, are using six of them. This demonstrates the value of partnerships and helping customers unify their operations. We're continuously building on this by adding dozens of new partners, including Element, Rivian, Happy Robot, and Marsh. And we're also deepening our existing integrations to provide even greater value.

其次，我們的開放生態系統和合作夥伴的工作對我們的成功至關重要。現在，我們已將合作夥伴生態系統擴展到 350 多個集成，我們最大的客戶平均使用其中的六個。這體現了合作夥伴關係的價值以及幫助客戶統一營運的價值。我們在此基礎上不斷拓展，增加了數十個新合作夥伴，包括 Element、Rivian、Happy Robot 和 Marsh。我們也正在深化現有的整合，以提供更大的價值。

Lastly, I'm happy to share that Gary Steele has joined our Board of Directors. Gary is a proven leader with over 30 years of leadership experience in the technology industry. His expertise in enterprise software and AI will be invaluable as we continue to drive multi-product adoption and deliver clear ROI for our customers. We're confident that his contributions will be a great asset, and we look forward to working with him.

最後，我很高興地宣布加里斯蒂爾 (Gary Steele) 已加入我們的董事會。加里是一位經驗豐富的領導者，在科技業擁有 30 多年的領導經驗。隨著我們繼續推動多產品採用並為客戶提供明確的投資回報，他在企業軟體和人工智慧方面的專業知識將非常寶貴。我們相信他的貢獻將是一筆巨大的財富，我們期待與他合作。

We're seeing great customer impact as we continue to scale. Our connected operations platform now sees approximately 20 trillion data points, 300 million digitized workflows, and 90 billion miles annually. With this data, we're driving actionable AI-powered insights to help our customers achieve even more ROI from our platform. Each year, we compound the impact we can make for our customers, and we're excited for the decades-long opportunity ahead. We want to thank all of the Samsarians, customers, partners, and investors for joining us on this journey.

隨著我們不斷擴大規模，我們看到了巨大的客戶影響力。我們的互聯營運平台現在每年可看到約 20 兆個數據點、3 億個數位化工作流程和 900 億英里。利用這些數據，我們可以提供可操作的人工智慧洞察，幫助我們的客戶從我們的平台獲得更多的投資回報。每年，我們都在不斷為客戶帶來正面影響，我們對未來數十年的機會感到興奮。我們要感謝所有 Samsarians、客戶、合作夥伴和投資者與我們一起踏上這段旅程。

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. Q2 was another quarter of durable growth and improved profitability. The quarter was highlighted by strong performance across several key metrics, including another quarter of 30%-plus year-over-year growth at a larger scale; 19% year-over-year net new ARR growth, which accelerated sequentially at a larger scale; 17 new $1 million-plus ARR customers, which was a quarterly record; more than 20% of total ARR from $1 million-plus customers and year-over-year ARR growth for this cohort accelerated sequentially at a larger scale; approximately $1 billion of ARR from 100,000-plus ARR customers, an increase of 35% year over year and representing 59% of total ARR; and 8% of net new ACV from new products launched since last year.

謝謝你，桑吉特。第二季又是一個持續成長、獲利能力增強的季度。本季度，多項關鍵指標表現強勁，包括：本季度同比增長 30% 以上，且規模更大；新增 ARR 淨額同比增長 19%，且規模環比加速；新增 17 位 ARR 超過 100 萬美元的新客戶，創下季度新高；超過 20% 的 ARR 總值來自 100 萬美元增長的 ARR 同約 ARR 同約 100 萬美元的客戶，比 10 億美元也加速來自 10 多萬名 ARR 客戶，年增 35%，佔 ARR 總值的 59%；新增 ACV 淨額的 8% 來自去年推出的新產品。

And while we experienced a few elongated sales cycles in Q1 following Liberation Day, all of the impacted larger transactions closed in Q2, which contributed to our strong growth and we didn't experience further tariff-related impact in the quarter. Looking ahead, we believe we are well positioned to deliver durable growth and create long-term shareholder value for a few key reasons.

雖然解放日之後我們在第一季經歷了一些延長的銷售週期，但所有受影響的較大交易都在第二季度完成，這促進了我們的強勁增長，並且我們在本季度沒有受到進一步的關稅相關影響。展望未來，我們相信，由於以下幾個主要原因，我們有能力實現持久成長並創造長期股東價值。

First, we have a unique defensible data advantage by instrumenting physical assets, we generate a large and growing proprietary data asset that cannot be replicated or sourced from the Internet. Second, AI is accelerating our innovation, and we are releasing new products and meaningful features at a faster pace driving higher customer engagement and usage. Third, our business model scales with physical assets rather than head count or knowledge workers and aligns us to end markets that are poised to benefit from major initiatives like the global AI infrastructure build-out.

首先，透過利用實體資產，我們擁有獨特的可防禦資料優勢，我們產生了龐大且不斷成長的專有資料資產，這些資料資產無法複製或從網路上取得。其次，人工智慧正在加速我們的創新，我們正在以更快的速度發布新產品和有意義的功能，從而提高客戶參與度和使用率。第三，我們的商業模式隨著實體資產而非員工數量或知識型員工的增加而擴展，並使我們與有望從全球人工智慧基礎設施建設等重大舉措中受益的終端市場保持一致。

Fourth, our products have a differentiated value prop and mission-critical workflows that delivers fast intangible ROI with quick payback periods that make us essential to our customers' operations. And lastly, we're targeting the large and less discretionary operations budget, which represents approximately 80% of our customers' revenue on average. And because we help them optimize this significant and durable cost base, we have a large opportunity to drive customer impact and long-term growth.

第四，我們的產品具有差異化的價值主張和關鍵任務工作流程，可實現快速的無形投資回報和快速的投資回收期，這使我們對客戶的營運至關重要。最後，我們的目標是龐大且可自由支配的營運預算，平均占我們客戶收入的約 80%。由於我們幫助他們優化這一重大且持久的成本基礎，我們有很大機會推動客戶影響力和長期成長。

Now taking a look at our Q2 results. Q2 ending ARR was $1.64 billion, an increase of 30% year over year. Within that, we added $105 million of net new ARR, an increase of 19% year over year or accelerating sequential growth at a larger scale. And Q2 revenue was $391 million, growing 30% year over year or 31% in constant currency.

現在來看看我們的第二季業績。第二季末 ARR 為 16.4 億美元，年增 30%。其中，我們增加了 1.05 億美元的淨新 ARR，年增 19%，或以更大規模加速連續成長。第二季營收為 3.91 億美元，年增 30%，以固定匯率計算成長 31%。

Several factors drove our strong top line performance in Q2. First, we focus on serving large enterprise customers to drive efficient growth at scale. In terms of large deals, we signed seven $1 million-plus net new ACV transactions in Q2, our second highest quarter ever. This reflects the success of our investments to support larger customer opportunities. At the same time, larger deals have inherently longer and less predictable sales cycles which means that their timing may introduce more variability into our quarterly results than in the past.

有幾個因素推動了我們第二季的強勁營收表現。一是聚焦服務大型企業客戶，推動規模高效率成長。在大型交易方面，我們在第二季簽署了七筆淨額超過 100 萬美元的新 ACV 交易，這是我們有史以來第二高的季度。這反映了我們為支持更大的客戶機會而進行的投資的成功。同時，規模較大的交易本身就具有更長且更難預測的銷售週期，這意味著其時機可能會為我們的季度業績帶來比過去更大的變化。

In terms of large customers, we ended Q2 with approximately $1 billion of ARR from 100,000-plus ARR customers an increase of 35% year over year, representing 59% of total ARR, up from 57% one year ago. We also ended Q2 with 147 $1 million-plus ARR customers, including a quarterly record increase of 17. $1 million-plus ARR customers contributed more than 20% of total ARR and year-over-year growth from this cohort accelerated sequentially at a larger scale. Second, landing new customers remains a key driver of our growth strategy that fuels future expansion opportunities.

就大客戶而言，我們在第二季結束時從 10 萬多名 ARR 客戶那裡獲得了約 10 億美元的 ARR，年成長 35%，佔總 ARR 的 59%，高於一年前的 57%。我們在第二季結束時還擁有 147 名 ARR 超過 100 萬美元的客戶，其中包括創紀錄的 17 名季度增幅。 100 萬美元以上的 ARR 客戶貢獻了總 ARR 的 20% 以上，而這群人的同比成長率在更大範圍內連續加速。其次，吸引新客戶仍然是我們成長策略的關鍵驅動力，為未來的擴張機會提供動力。

In terms of new customers, we added our third highest number of net new core customers in Q2, surpassing more than 1,000 for the fourth time in the past five quarters. Nine of the top 10 new logos adopted two or more products and eight of the top 10 adopted three or more products in their initial transactions. These new logos included two public sector customers, one with a state-level department and another with one of the largest counties in the US; a top five US airline, one of the largest employee-owned electrical contractors; and the UK subsidiary of one of the largest global retailers, which adopted four products in its initial contract: video-based safety, vehicle telematics, connected workflows, and connected training.

在新增客戶方面，我們在第二季新增了第三多的淨核心客戶，在過去五個季度中第四次超過 1,000 名。在最初的交易中，前 10 個新標誌中有 9 個採用了兩種或兩種以上的產品，前 10 個新標誌中有 8 個採用了三種或三種以上的產品。這些新標誌包括兩個公共部門客戶，一個是州級部門，另一個是美國最大的縣之一；美國排名前五的航空公司，最大的員工持股電氣承包商之一；以及全球最大的零售商之一的英國子公司，該子公司在其初始合約中採用了四種產品：基於視訊的安全、車輛遠端資訊處理、連接工作流程和連接培訓。

In terms of expansions, all 10 of the top 10 expansions in Q2 included at least two products and five of the top 10 included three or more products. Additionally, 15 of our top 25 ARR customers expanded in Q2, and we achieved our target dollar-based net retention rate of approximately 115% for core customers. And third, we demonstrated strong execution across several frontier markets. In terms of international, 15% of net new ACV came from non-US geographies, the largest of which was Europe, which accelerated net new ACV growth sequentially to its highest level in the last four quarters.

在擴展方面，第二季排名前 10 的擴展全部包含至少兩款產品，其中有 5 款包含三款或三款以上的產品。此外，我們前 25 名 ARR 客戶中有 15 名在第二季度實現了擴張，並且我們實現了核心客戶約 115% 的目標美元淨留存率。第三，我們在多個前沿市場展現了強大的執行力。在國際方面，15% 的淨新增 ACV 來自美國以外地區，其中最大的地區是歐洲，其淨新增 ACV 成長連續加速至過去四個季度的最高水準。

In terms of end markets, we saw momentum across construction, public sector, and manufacturing. Construction drove the highest net new ACV mix of all industries for the eighth consecutive quarter and delivered its highest net new ACV mix in the last six quarters. Public sector strength came from wins across several state departments, including Nebraska DOT as well as large municipalities, including the city of Nashville and a leading passenger transit agency in Los Angeles.

在終端市場方面，我們看到建築業、公共部門和製造業的發展勢頭強勁。建築業連續第八個季度成為所有行業中淨新增 ACV 組合最高的行業，並且在過去六個季度中實現了最高的淨新增 ACV 組合。公共部門的實力來自於多個州政府部門的勝利，包括內布拉斯加州交通部以及納許維爾市和洛杉磯一家領先的客運交通機構等大型城市。

And manufacturing delivered its highest net new ACV mix ever led by SRM concrete, the largest US ready-mixed concrete provider. Their initial purchase included video-based safety, vehicle telematics, equipment monitoring, connected workflows, and commercial navigation. In a pilot, they saw faster accidents response times with connected workflows, exonerated drivers and not adult accidents, improve job site efficiency with real-time visibility, and improved customer experience through more on-time deliveries using commercial navigation.

製造業交付了有史以來最高的淨新 ACV 混合料，由美國最大的預拌混凝土供應商 SRM 混凝土領先。他們最初的購買包括基於視訊的安全性、車輛遠端資訊處理、設備監控、連接工作流程和商業導航。在試點中，他們發現透過互聯的工作流程可以縮短事故響應時間，免除駕駛員的責任而不是成年人的事故，透過即時可視性提高工作現場效率，並透過使用商業導航實現更多準時交付，從而改善客戶體驗。

And in terms of emerging products, 8% of our net new ACV in Q2 came from our new products launched in the past year led by asset tags, connected workflows, connected training, asset maintenance, AI multi-cam, and commercial navigation. This quarter, we signed our largest ever asset tags deal with Bonnie Plants, the largest US supplier and producer of vegetable and herb plants. They deployed 15,000 asset tags to track their owned and leased car fleet reducing asset loss and theft while improving worker efficiency.

在新興產品方面，我們第二季淨新 ACV 的 8% 來自我們去年推出的新產品，其中以資產標籤、互聯工作流程、互聯培訓、資產維護、AI 多攝影機和商業導航為主。本季度，我們與美國最大的蔬菜和草本植物供應商和生產商 Bonnie Plants 簽署了迄今為止最大的資產標籤協議。他們部署了 15,000 個資產標籤來追蹤其自​​有和租賃的車隊，從而減少資產損失和盜竊，同時提高工人效率。

In addition to driving strong top line growth, we continue to deliver operating leverage across our business as we scale. Non-GAAP gross margin was 78% in Q2, up 1 percentage point year over year. Non-GAAP operating margin was 15%, up 9 percentage points from one year ago, and free cash flow margin was 11% in Q2, up 7 percentage points year over year.

除了推動強勁的營收成長之外，我們也隨著業務規模的擴大而繼續發揮經營槓桿的作用。第二季非公認會計準則毛利率為78%，較去年同期上升1個百分點。非公認會計準則營業利潤率為 15%，比去年同期成長 9 個百分點，第二季自由現金流利潤率為 11%，比去年同期成長 7 個百分點。

Okay. Now turning to guidance, which is based on FX rates as of August 2. For Q3, we expect revenue to be between $398 million and $400 million, representing 24% year-over-year growth or 23% to 24% growth in constant currency. Non-GAAP operating margin to be 15% and non-GAAP EPS to be between $0.11 and $0.12. For full-year FY '26, we expect revenue to be between $1.574 billion and $1.578 billion, representing 26% year-over-year growth, non-GAAP operating margin to be 15% and non-GAAP EPS to be between $0.45 and $0.47. And finally, please see the additional modeling notes in our shareholder letter.

好的。現在轉向指導，它基於 8 月 2 日的外匯匯率。對於第三季度，我們預計營收將在 3.98 億美元至 4 億美元之間，年增 24%，或以固定匯率計算成長 23% 至 24%。非公認會計準則 (Non-GAAP) 營業利潤率為 15%，非公認會計準則每股盈餘 (Non-GAAP EPS) 介於 0.11 美元至 0.12 美元之間。我們預計 2026 財年全年營收將在 15.74 億美元至 15.78 億美元之間，年增 26%，非公認會計準則 (Non-GAAP) 營業利潤率為 15%，非公認會計準則每股收益 (Non-GAAP EPS) 介於 0.45 美元至 0.47 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 Q2, we delivered high growth at scale while also delivering operating efficiency gains. Looking ahead, we believe Samsara is well positioned to sustain durable and efficient growth because we generate a unique, defensible data asset that powers differentiated AI innovation and deeper customer engagement.

總而言之，在第二季度，我們實現了規模的快速成長，同時也提高了營運效率。展望未來，我們相信 Samsara 完全有能力保持持久高效的成長，因為我們創造了獨特的、可防禦的數據資產，為差異化的人工智慧創新和更深入的客戶參與提供動力。

We are aligned with secular growth in physical operations that is poised to benefit from major initiatives such as the global AI infrastructure build-out, and we deliver tangible ROI through mission-critical workflows and help customers achieve fast payback periods on their investments. We look forward to building on this momentum as we help our customers operate more safely, efficiently, and sustainably at a greater scale.

我們與實體營運的長期成長保持一致，並將受益於全球人工智慧基礎設施建設等重大舉措，我們透過關鍵任務工作流程提供切實的投資回報，並幫助客戶快速實現投資回報期。我們期待在此基礎上進一步發展，幫助我們的客戶更安全、更有效率、更永續地進行更大規模的營運。

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。我們現在開始回答問題。（操作員指示）

Alex Zukin, Wolfe.

亞歷克斯·祖金，沃爾夫。

Hey, guys. Thanks for taking the question. Maybe the first one is just in terms of the early customer conversations coming out of Beyond, when you stack rank some of the new product launches that are getting the most traction where you've seen the fastest movement from interest to pilot or deployment, kind of walk through those a little bit and maybe help shape how we should think maybe for the -- even the full year as you look at your guidance, that net new ACV growth from new products kind of trending? And I have a quick follow-up.

嘿，大家好。感謝您回答這個問題。也許第一個只是就 Beyond 的早期客戶對話而言，當您對一些最受關注的新產品發布進行排序時，您看到了從興趣到試點或部署的最快轉變，稍微介紹一下這些產品，也許有助於塑造我們應該如何思考 - 甚至是全年，當您查看指導時，新產品的淨新 ACV 增長趨勢如何？我有一個快速的後續行動。

Sure. I'll take that one. Alex, this is Sanjit. So Beyond was great. I think a lot of enthusiasm and excitement from the customer base, especially for the new products and features we launched. I would say a number of them are hitting and resonating well. We launched routing and commercial navigation that's relevant in a number of industries that improve safety and efficiency for their operations. We also saw a lot of interest around maintenance and then continued interest in things like asset tags that we launched the previous year that are gaining momentum.

當然。我要那個。亞歷克斯，這是桑吉特。所以 Beyond 很棒。我認為客戶群表現出很大的熱情和興奮，特別是對於我們推出的新產品和新功能。我想說其中很多都很有衝擊力並且引起了共鳴。我們推出了與多個行業相關的路線和商業導航，以提高其營運的安全性和效率。我們也看到人們對維護產生了濃厚的興趣，並且對我們去年推出的資產標籤等產品的興趣持續增長。

With all of these products, it takes some time for these customers to figure out how they're going to adopt them on the platform and the change management for the front line. These folks often have tens of thousands of frontline workers. So putting a new app in front of them is a big change. That being said, I think we're seeing really positive momentum, trials and pilots in a number of accounts across different industries. We'll come back to you and report on that continued revenue growth.

對於所有這些產品，這些客戶需要一些時間來弄清楚如何在平台上採用它們以及如何對第一線進行變更管理。這些人通常擁有數萬名一線工作人員。因此，向他們推出一款新應用程式是一個巨大的改變。話雖如此，我認為我們在不同行業的許多帳戶中看到了非常積極的動力、試驗和試點。我們會向您報告持續的收入成長。

But as Dominic highlighted, 8% of the new ACV was coming from these other applications. So we're really pleased with the initial momentum.

但正如多明尼克所強調的，8% 的新 ACV 來自於這些其他應用程式。因此，我們對最初的勢頭感到非常滿意。

Perfect. And then maybe just as a follow-up, Dom. The net new ARR, $105 million accelerating growth, strong large deal and logo momentum. It seems like you really kind of hit it out of the park this quarter with sales execution. Maybe just help us understand how this performance kind of this bounce back after Q1.

完美的。然後也許只是作為後續，Dom。淨新 ARR，1.05 億美元加速成長，強勁的大額交易和標誌勢頭。看起來您本季的銷售執行確實非常出色。也許只是幫助我們了解這種表現在第一季之後是如何反彈的。

How much of that was macro kind of figuring itself out? How much of that was new product? How much of that was linearity from some of the deals that slipped? Give us a sense for how to think about both that and kind of the -- what looks like a pretty conservative guide for the second half.

其中有多少是宏觀層面自己解決的？其中有多少是新產品？其中有多少是一些失敗交易的線性結果？請讓我們了解如何看待這兩點，以及下半年而言似乎相當保守的指導。

Yeah. Maybe I'll just bifurcate the quarter in kind of the two components, the kind of the macro tariff and then just the strength in the quarter. I think as I called out in the prepared remarks, as we discussed last quarter, there were a few larger deals, I'd say, kind of totaling mid-single-digit millions of net new ACV that we originally had forecasted would come into Q1, but ultimately pushed to Q2 after the liberation Day tariff announcements.

是的。也許我會將本季分為兩個部分，即宏觀關稅和本季的強度。我想，正如我在準備好的發言中提到的那樣，正如我們上個季度所討論的那樣，有幾筆較大的交易，我想說，總額大約在幾千萬的淨新 ACV 左右，我們最初預測這些交易將進入第一季度，但在解放日關稅公告發布後最終被推遲到第二季度。

All of those larger impacted deals closed in Q2, we didn't experience any further impact in the quarter. And so really, if you look at the net new ARR growth really for the first half of the year, combining both kind of this Q1 and Q2, it was in the low-double digits.

所有這些受影響較大的交易都在第二季完成，我們在本季沒有受到任何進一步的影響。所以實際上，如果你看一下今年上半年的淨新 ARR 成長，結合第一季和第二季的數據，你會發現它處於低兩位數的水平。

I'd say beyond that, Q2 was really strong, and I think the call out is just the large customer momentum, now doing almost $1 billion of ARR from our 100,000-plus ARR customers, up 35% year over year. And then really, we're starting to see more traction out of our $1 million-plus ARR customers landing a quarterly record 17 and that cohort is now driving more than 20% of overall ARR. And so that definitely also contributed to the strength in the quarter.

我想說除此之外，第二季的表現確實非常強勁，我認為這是由於巨大的客戶勢頭所致，現在我們超過 100,000 名 ARR 客戶創造了近 10 億美元的 ARR，同比增長 35％。然後，我們確實開始看到我們 100 萬美元以上的 ARR 客戶取得了更大的進步，創下了 17 個季度紀錄，而這個群體現在推動了整體 ARR 的 20% 以上。因此，這無疑也促進了本季的強勁表現。

Perfect. Thank you, guys. Congrats.

完美的。謝謝你們。恭喜。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great. Thanks for taking my questions, guys. Congrats from me as well. Really strong results. I'm curious building on the new product success your traction in AI is notable. And in a market where investors are concerned about AI disrupting software it feels like you guys are well positioned to actually benefit from that. And it seems like that was a real focus and beyond.

偉大的。謝謝你們回答我的問題。我對此也表示祝賀。確實取得了很好的效果。我很好奇，基於新產品的成功，您在人工智慧領域的影響力是多麼顯著。在投資人擔心人工智慧會顛覆軟體的市場中，感覺你們已經做好了真正從中受益的準備。這似乎是一個真正的焦點，甚至超越了這一點。

I guess my question is, do you think broader about the product portfolio and the build-out, do we need to think about new ways to sort of monetize and price and package AI-based functionality? Does any of that evolve as you continue to roll out functionality leveraging the existing data on the platform?

我想我的問題是，您是否對產品組合和擴建有更廣泛的考慮，我們是否需要考慮新的方式來實現基於人工智慧的功能的貨幣化、定價和打包？隨著您繼續利用平台上的現有資料推出功能，這些功能是否會改變？

Yeah, absolutely. So I think we have a lot of exciting things going on with AI. One is it's enhancing the core product experience, which is really beneficial for our customers as they think about their safety and efficiency. So we're able to surface deeper insights, help them really make sense of all of this data. And then as you mentioned, as a byproduct of all this data flowing into the platform, these 20 trillion data points we can identify new sources of value.

是的，絕對是如此。所以我認為我們在人工智慧方面有很多令人興奮的事情正在發生。一是它增強了核心產品體驗，這對於考慮安全和效率的客戶來說確實有益。因此，我們能夠提出更深入的見解，幫助他們真正理解所有這些數據。然後，正如您所提到的，作為流入平台的所有數據的副產品，我們可以從這 20 兆個數據點中識別出新的價值來源。

So for example, one of the features we launched at Beyond was this ability to go see at a moment's notice the weather -- the current welter status anywhere on the roads in the US and really like up-to-the-minute sort of views. That's not something that was possible until we have the scale of data and then AI to process it, understand these conditions help provide it in a privacy preserving sort of way. So I think over time, we will be able to introduce net new products that are enabled by AI, but I would also expect that our current products get better and better because of what we're doing with AI.

舉例來說，我們在 Beyond 推出的功能之一就是能夠隨時查看天氣狀況——美國任何地方道路的當前惡劣天氣狀況，並且真正享受最新的視野。在我們擁有足夠規模的數據並使用人工智慧來處理它之前，這是不可能的，我們了解這些條件有助於以保護隱私的方式提供它。因此我認為隨著時間的推移，我們將能夠推出由人工智慧支援的全新產品，但我也希望我們目前的產品能夠因為我們在人工智慧方面的努力而變得越來越好。

That's great. And then, Dom, you mentioned the largest ever asset-tag deal with Bonnie Plants. Great to hear the success. I think we all we're excited coming out of that initial product launch. I'm wondering on a deal like that, is there any way to think about how that adds to customer ACV -- and really, how that customer thought about the ROI.

那太棒了。然後，Dom，您提到了與 Bonnie Plants 達成的有史以來最大的資產標籤交易。很高興聽到成功的聲音。我想我們都對首次產品發布感到興奮。我想知道，對於這樣的交易，有什麼方法可以考慮它如何增加客戶的 ACV——以及客戶實際上如何看待 ROI。

You mentioned some of the key reasons in terms of asset inventory. But could you walk us through maybe just some rough idea of sort of an economics of a deal like that? Thanks, guys.

您提到了資產清單方面的一些關鍵原因。但是您能否向我們粗略地介紹一下此類交易的經濟原理？謝謝大家。

Yeah, that's an interesting deal because the asset tag was the biggest component of it, but because of the asset-tag opportunity, it allowed us to also land with some of our core products, telematics and safety. So that really was a big expansion of that. And I think -- and use cases around asset tags are really replacing nothing.

是的，這是一筆有趣的交易，因為資產標籤是其中最大的組成部分，但是由於資產標籤的機會，它也使我們能夠獲得一些核心產品，即遠端資訊處理和安全產品。所以這確實是一次很大的擴充。我認為——資產標籤的使用案例實際上並沒有取代任何東西。

So they were losing these owned and leased carts. And so now being able to track them, they're going to be able to save a lot of money in asset loss and theft. And so a lot of the customers are coming from no technology. They're really just kind of starting out on their digital-transformation journey. And so being able to deploy technologies to these use cases really can drive a lot of ROI.

因此他們失去了這些自有和租賃的手推車。現在，如果能夠追蹤它們，他們將能夠節省大量的資產損失和盜竊費用。因此，許多客戶來自沒有技術背景的地方。他們的數位轉型之旅才剛開始。因此，能夠將技術部署到這些用例中確實可以帶來大量的投資回報。

Thank you.

謝謝。

Chris, Morgan Stanley.

克里斯，摩根士丹利。

Hey, Sanjit. Hey, Dominic. This is Chris on for Keith Weiss here. I wanted to ask about the large customer momentum that you've got going on here, really encouraging to see. You mentioned some of the investments you've been making there to support those larger deals.

嘿，桑吉特。嘿，多明尼克。我是克里斯，代表基斯‧韋斯 (Keith Weiss)。我想問一下你們在這裡所取得的巨大客戶勢頭，這確實令人鼓舞。您提到了為支持這些大型交易而進行的一些投資。

So can you remind us kind of what those were and how those have progressed versus your expectations? And kind of how you look on a go-forward basis of streamlining some more of those bigger deals?

那麼，您能否提醒我們這些是什麼以及與您的預期相比進展如何？您如何看待未來精簡更多大型交易？

I'll take that one. So we've been making investments to support these large customers across the board. On the sales side, we have a dedicated team focused on these strategic accounts, but more broadly, we have teams that are set up to help them with implementation and change management, adoption of these products across the board, their sustained sort of use and kind of value unlock. And then on the software side and the product side, we've been making a lot of investments around security, making sure the integrations and the APIs are really robust set up to operate at scale, technologies like FirstNet which are relevant for a lot of these large enterprises and more.

我要那個。因此，我們一直在進行投資以全面支持這些大客戶。在銷售方面，我們有一個專門的團隊專注於這些策略客戶，但更廣泛地說，我們有團隊幫助他們實施和變更管理，全面採用這些產品，持續使用和釋放價值。然後在軟體方面和產品方面，我們在安全性方面進行了大量投資，確保整合和 API 真正強大，能夠大規模運行，像 FirstNet 這樣的技術對許多大型企業等都很重要。

So I would say that it's been a company-wide effort to support the large enterprise. It's great to see us breaking records on that front. The $17 million-plus customers was a quarterly record. So I think we're going to continue to invest in that area. And the other exciting thing is these are very large complex operations where there's a lot of opportunity to unlock more value. So these core products are doing great. But as we get to know these customers, we're starting to do workshops with them and find additional areas of value that we can really help.

所以我想說，這是全公司上下為支持大型企業所做的努力。很高興看到我們在這方面打破紀錄。1700多萬美元的客戶創下了季度紀錄。所以我認為我們將繼續在該領域進行投資。另一件令人興奮的事情是，這些都是非常龐大且複雜的操作，其中有很多機會可以釋放更多價值。所以這些核心產品表現非常好。但隨著我們逐漸了解這些客戶，我們開始與他們一起舉辦研討會，並尋找我們真正能夠提供幫助的其他價值領域。

Got it. That's super helpful. Thanks, Sanjit. And then I wanted to also follow up on the European success. Another quarter of accelerating net new ACV growth there. Are there any specific unlocks or learnings that you've gathered over the past few months and years as you've penetrated into that market that you can bring to the broader international rollout?

知道了。這非常有幫助。謝謝，桑吉特。然後我也想延續歐洲的成功。另一個季度，淨新 ACV 成長加速。在過去的幾個月和幾年裡，隨著您深入該市場，您是否累積了哪些具體的解鎖或經驗，可以帶到更廣泛的國際推廣中？

I think it actually kind of dovetails off of what changes said around the large customers. It's just been a sustained investment in some of these regions where there's more commercial vehicles in Europe than there are in North America, but making steady investments around go-to-market, sales reps, sales engineers, the marketing resources, landing lighthouse customers that can be referenceable to other accounts and then making all of the kind of R&D investments required around the platform, the security, the scalability.

我認為這實際上與針對大客戶的變化是一致的。這只是對一些地區的持續投資，歐洲的商用車比北美的多，但在市場進入、銷售代表、銷售工程師、行銷資源、獲得可以參考其他帳戶的燈塔客戶方面進行穩步投資，然後在平台、安全性、可擴展性方面進行所有必要的研發投資。

We've called out in previous quarters that there are product-specific features that are required, like in Europe, Bridge Strikes is really critical. And so making those investments has allowed us to have some continued success there.

我們在前幾個季度已經指出，需要特定於產品的功能，例如在歐洲，Bridge Strikes 非常關鍵。這些投資使我們在那裡取得了一些持續的成功。

Awesome. Thanks so much, guys.

驚人的。非常感謝大家。

Michael Turrin, Wells Fargo

麥可圖林，富國銀行

Hey. Great. Can you hear me okay? Sorry, I just clicked over.

嘿。偉大的。你聽見我說話嗎？抱歉，我剛剛點過去了。

Yeah, we can hear you.

是的，我們能聽到你的聲音。

Okay. Excellent. I wanted to just spend a few moments on a couple of just key points that you're flagging in the prepared remarks. You mentioned the AI infrastructure built out specifically in the latter -- would be curious to just hear you speak more to where your customers fit within those end markets and how you're prioritizing that opportunity from a go-to-market perspective?

好的。出色的。我想花幾分鐘時間討論您在準備好的發言中提到的幾個關鍵點。您提到了後者專門建造的人工智慧基礎設施——我很好奇想聽您進一步談談您的客戶在這些終端市場中的位置，以及您如何從市場進入的角度優先考慮這一機會？

And also curious to hear any commentary around what you're seeing from public sector. We can appreciate the diversification. But those two areas, I think, are particularly in focus right now. Thanks very much.

而且也很好奇想聽聽您對公共部門的看法。我們可以欣賞這種多樣化。但我認為，這兩個領域目前尤其受到關注。非常感謝。

Sure. I'll take that one. AI infrastructure build-out is a really interesting theme. If you think about who our customers are, they're the world of physical operations. These are folks like the construction companies, the field services companies like the electricians, for example that are involved in these projects as well as the electric utilities. So almost all of them are trying to find ways to keep up with this demand and operate smarter. These are very compressed schedules, they demand a lot of efficiency, and they also have to be safe while they're doing all this work.

當然。我要那個。人工智慧基礎設施建設是一個非常有趣的主題。如果您想想我們的客戶是誰，他們就是實體運作的世界。這些人包括建築公司、現場服務公司（例如電工）以及電力公司，他們參與這些專案。因此，幾乎所有公司都在努力尋找方法來滿足這種需求並更聰明地運作。這些都是非常緊湊的時間安排，需要很高的效率，而且在完成所有這些工作時也必須確保安全。

So those would be the end markets that we're seeing that kind of traction in. Specifically, construction had the highest contribution to our net new ACV mix for the eighth quarter in a row. So it's really this kind of continued push that we're seeing from these industries.

所以這些就是我們看到這種吸引力的終端市場。具體來說，建築業連續第八個季度對我們的淨新 ACV 組合貢獻最大。因此，我們確實在這些行業中看到了這種持續的推動力。

And then somewhat related to that in the public sector, this is an area where there are a lot of assets. If you think about all of our towns and cities that we live in, they require infrastructure to operate everything from waste management and school buses to the folks running inspections on the roads. And so what we're seeing there is that this end market is waking up to how much money can be saved for their citizens by more efficient operations. And I think we've built the right feature set, and we've also done the right security work to meet the standards that many of these folks have in the state and local opportunities.

這與公共部門的情況有些相關，這是一個擁有大量資產的領域。如果您想想我們所居住的所有城鎮，它們都需要基礎設施來運作一切，從廢棄物管理和校車到道路檢查人員。因此，我們看到的是，這個終端市場開始意識到，透過更有效率的營運可以為公民節省多少錢。我認為我們已經建立了正確的功能集，並且我們還完成了正確的安全工作以滿足許多人在州和地方機會中的標準。

That's all super interesting. Thanks very much.

這一切都非常有趣。非常感謝。

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

Hey, guys, I wanted to follow up on one of the prior questions around the big quarter for $1 million-plus ARR deals. Is there a way to think about how much of that 20% is being, I'll say, more of a mid-market that is consolidated on top of Samsara as kind of the base versus a very upper end of the market, Global 2000. And sort of why now we're starting to see that $1 million cohort really coming on. And Dom, for you, how you're navigating these larger deals in the context of your projections, given the timing uncertainty. Thanks, guys.

嘿，夥計們，我想跟進一下之前關於 100 萬美元以上 ARR 交易的大季度的一個問題。有沒有辦法考慮這 20% 中有多少是，我想說，更多的是一個在 Samsara 之上整合的中端市場，作為基礎，而不是市場的高端，即全球 2000 強。這就是為什麼我們現在開始看到 100 萬美元的群體真正湧現。Dom，考慮到時間上的不確定性，您如何根據自己的預測來處理這些較大的交易？謝謝大家。

Yeah. Definitely, there are examples of some smaller customers that have really expanded and gone more wall-to-wall across our operations on Samsara. But primarily, the majority of the $147 million-plus ARR customers that we have today are really large enterprises with complex physical operations, and we're really just scratching the surface in terms of getting started with them often in our core products.

是的。確實有一些小客戶確實擴大了業務範圍，並且更加深入地融入了我們在 Samsara 的業務中。但主要是，我們今天擁有的 1.47 億美元以上的 ARR 客戶大多數都是擁有複雜物理操作的大型企業，而我們在核心產品中與它們合作才剛剛開始。

But as we've really picked up the pace of our innovation over the last couple of years. I called out a number of deals where customers are landing with three, four, five products out of the gate. And so we're finding more of these use cases with the large customers and again, that was a big driver of the growth in the quarter.

但在過去幾年裡，我們確實加快了創新的腳步。我列舉了一些客戶一開始就購買三、四、五種產品的交易。因此，我們在大客戶中發現了更多此類用例，這再次成為本季成長的一大推動力。

Matt Bullock, BofA.

美國銀行的馬特·布洛克（Matt Bullock）。

Fantastic. Thank you. Great to hear that there was no tariff impact during the quarter. But Sanjit, I would love to hear about how some of those conversations have evolved exiting April as things settle down, customers figured out some of those asset procurement strategies. I guess asked a different way, do we think we're out of the woods here and customers have done kind of the groundwork to continue to stay nimble in an evolving tariff environment?

極好的。謝謝。很高興聽到本季沒有受到關稅影響。但是 Sanjit，我很想聽聽四月後隨著事態平息，這些對話是如何發展的，客戶已經弄清楚了一些資產採購策略。我想換一種問法，我們是否認為我們已經擺脫了困境，並且客戶已經做好了基礎工作，可以在不斷變化的關稅環境中繼續保持靈活？

Yeah. Matt, I think you sort of put your finger on it, which was that back in April, it was a little bit of a shock to the system, especially for our customers. These are people operating in very heavy asset -- asset-heavy industries, and so they procure a lot of equipment and they had to really take a moment to figure out what their strategies would look like. At this point, there's still uncertainty on the tariff rates themselves, but tariffs appear to be here to stay. What I'm hearing from customers is they've adapted to the environment. they've made their plans.

是的。馬特，我想你已經指出了這一點，那就是在四月份，它對系統造成了一點衝擊，特別是對我們的客戶而言。這些人從事的是重資產產業，因此他們採購了大量的設備，他們必須花點時間來弄清楚他們的策略是什麼樣的。目前，關稅稅率本身仍存在不確定性，但關稅似乎將繼續存在。我從客戶那裡聽到的是，他們已經適應了環境，他們已經制定了計劃。

They are trying to find ways to be more efficient with the assets they have. So we're seeing them trying to essentially stretch asset life spans. They do that through smarter asset maintenance programs, which is what we're offering on our platform now. They're also trying to optimize the efficiency and the utilization of these assets, which again, we can provide with our asset products.

他們正在努力尋找更有效地利用現有資產的方法。因此我們看到他們試圖從根本上延長資產壽命。他們透過更聰明的資產維護計劃來實現這一點，這也是我們現在在平台上提供的服務。他們也試圖優化這些資產的效率和利用率，而我們可以透過資產產品來提供這些資產。

And so I think we're well set up to help solve these real problems for them. But while there's still uncertainty on the horizon of the specific tariff rates, I think the customers have really adapted to this new environment.

因此我認為我們已經做好了充分的準備來幫助他們解決這些實際問題。儘管具體關稅稅率仍存在不確定性，但我認為客戶已經適應了這種新環境。

Super helpful, Sanjit. And then a quick one for Dominic, if I could. Certainly, a larger net new ARR beat than I think we were all expecting, particularly in the enterprise segment. Can you maybe just help us think about sales productivity trends within that sales organization versus -- I know you're obviously building out and adding additional resources in that market specifically. But maybe help us parse through what you think drove that larger beat.

非常有幫助，Sanjit。如果可以的話，我會再快速向 Dominic 提問一下。當然，我認為淨新 ARR 的成長幅度比我們預期的要大，特別是在企業領域。您能否幫助我們思考一下該銷售組織內的銷售生產力趨勢——我知道您顯然正在專門為該市場建立和增加額外的資源。但也許可以幫助我們分析一下您認為是什麼推動了這種更大的節奏。

Yeah. I'd say the growth in -- and this quarter, Q1, the first half of this year has really been more balanced than maybe it has been in previous years where a couple of years ago, we were really adding a lot more capacity. And before that coming out of COVID, more of the growth was driven out of productivity with lower capacity.

是的。我想說的是，今年第一季，也就是上半年的成長確實比前幾年更均衡，而幾年前，我們確實增加了更多的產能。在新冠疫情爆發之前，更多的成長是由產能較低、生產力不足所驅動的。

I think going into FY26, we've really found a nice balance of continuing to add more sales capacity, but seeing really good productivity being driven by a lot of the efforts of the R&D organization, building a lot of the new products that are allowing us to solve even more use cases for customers and allowing our sales reps to be even more productive. So we feel good about the balance, and it's going to allow us to continue to make capacity investments going into the second half of the year.

我認為進入 26 財年，我們確實找到了一個很好的平衡點，繼續增加銷售能力，但看到研發部門的大量努力推動了非常好的生產力，構建了許多新產品，使我們能夠為客戶解決更多的用例，並使我們的銷售代表更加高效。因此，我們對這種平衡感到滿意，這將使我們能夠在下半年繼續進行產能投資。

Fantastic. Thank you.

極好的。謝謝。

Kirk Materne, Evercore.

柯克·馬特恩（Kirk Materne），Evercore。

Yeah. Thanks very much. Sanjit, I was just wondering, you guys obviously have a much more expansive product portfolio today than you did a couple of years ago. From a go-to-market perspective, how do you make sure that each of these newer products, each of which have a big opportunity in front of them, get the right type of care and feeding from the sales organization?

是的。非常感謝。Sanjit，我只是想知道，你們今天的產品組合顯然比幾年前更加廣泛。從行銷角度來看，您如何確保每一款新產品（每一款都面臨著巨大的機會）都能得到銷售組織的正確關注和支持？

Are you doing anything in terms of SPF, uncertain project or products or specialized sales reps? Just kind of wondering how you're balancing the fact that you guys just have a much more broad-based product portfolio today than a couple of years ago. Thanks.

您是否從事與 SPF、不確定的項目或產品或專業銷售代表相關的任何工作？我只是有點想知道你們如何平衡這樣一個事實：與幾年前相比，你們現在擁有的產品組合更加廣泛。謝謝。

Yeah. Kirk, I think you put your finger on a very practical problem for us, which is we do have a lot to offer our customers. We highlight the value of the platform first and foremost. Most of our customers are not looking to solve just one problem, but they often have many different operational challenges they want technology for. So we do have generalist sales reps that are familiar with the portfolio. They have sales engineers and specialists that can call in for additional help if they need to talk about a specific integration or specific feature on there.

是的。柯克，我認為你指出了我們面臨的一個非常實際的問題，那就是我們確實有很多東西可以提供給我們的客戶。我們首先強調平台的價值。我們的大多數客戶並不只想解決一個問題，他們往往面臨許多不同的營運挑戰，需要技術來解決。因此，我們確實有熟悉產品組合的通才銷售代表。他們有銷售工程師和專家，如果他們需要討論特定的整合或特定的功能，可以打電話尋求額外的幫助。

And then over time, we do experiment with things like SPIFFs, with specialists and other kind of tactics, I guess, to help with that, but it's an area that we're continuing to focus on. We want to make sure all of these products are successful. And most importantly, that we get the customers the assistance that they're really looking for.

然後隨著時間的推移，我們確實會嘗試 SPIFF 之類的方法，我想，我們會與專家和其他類型的策略一起來幫助解決這個問題，但這是我們將繼續關注的領域。我們希望確保所有這些產品都能成功。最重要的是，我們為客戶提供他們真正需要的幫助。

Okay. And you highlighted a number of your integration partners this quarter. I was just kind of curious, having those integrations, I think you mentioned your biggest customers have six integrations or thereabouts. Is that sort of a check the box for your big partner or your big customers, meaning if you didn't have those that would make the conversation more difficult? Or is it a real sort of differentiator when you're going up against other competitors in the market? Thanks.

好的。本季您重點介紹了一些整合合作夥伴。我只是有點好奇，有了這些集成，我想你提到你最大的客戶有六個左右的集成。這是否代表您為大合作夥伴或大客戶勾選了複選框，也就是說，如果沒有這些，對話就會變得更加困難？或者當你與市場上的其他競爭對手競爭時，它是真正的差異化因素嗎？謝謝。

I would say much more of the latter. We are the first company to offer this sort of widespread integration ability, and the quality of the integration matters, too. It's one thing to sign a partnership. It's another thing for the data to flow really well for us to have bidirectional data feeds, things like that. And it's an area that our customers are getting a lot of value from.

我想多談論後者。我們是第一家提供這種廣泛整合能力的公司，整合的品質也很重要。簽署合作協議是一回事。為了實現數據真正順暢地流動，我們需要實現雙向數據饋送等，這是另一回事。我們的客戶從這個領域獲得了很多價值。

They have been waiting for a company to come in and integrate all of this or really unify all of this data in one place. And that's everything from OEM telematics to fuel cards to insurance integrations, payroll providers, there's a lot you can do with this data, a lot of value for the customer. So I think it's a huge differentiator for us.

他們一直在等待一家公司介入並整合所有這些數據或真正將所有這些數據統一到一個地方。從 OEM 遠端資訊處理到燃油卡到保險整合、薪資供應商，您可以利用這些資料做很多事情，為客戶帶來很多價值。所以我認為這對我們來說是一個巨大的差異。

And again, the quality of these integrations really matters. These customers have often been burned in the past by vendors that they've said they'll do an integration, but it doesn't really work for them. When we were able to show these working out of the box and the quality is excellent, they get excited and they want to do more with us.

再次強調，這些整合的品質確實很重要。這些客戶過去經常被供應商欺騙，他們說他們會進行集成，但實際上這對他們不起作用。當我們能夠展示這些產品的開箱即用性以及卓越的品質時，他們感到非常興奮，並希望與我們合作做更多的事情。

Thank you.

謝謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Hi, this is Jessica on for Alex. Can you hear me?

大家好，我是潔西卡，為亞歷克斯報道。你聽得到我嗎？

Yes.

是的。

Just a one quick question from us. Has there been anything structural about international opportunity and differences in competitive environment that you think could be gaining [through] from achieving growth at level similar to what you've been seeing domestically the last few years has been really impressive.

我們只想問一個簡單的問題。您認為，透過實現與國內類似的成長水平，可以獲得哪些國際機會和競爭環境差異的結構性優勢？過去幾年，國內的成長水準確實令人印象深刻。

And also, have you been seeing anything about competitors being more aggressive on pricing as we're trying to be winning deals from you? How is this all interacting?

此外，當我們試圖贏得您的交易時，您是否發現競爭對手在定價方面採取了更激進的措施？這一切是如何相互作用的？

I'll take that one. I would say the set of competitors has been pretty consistent for the last several years for us. There are several of them, many of them are point solutions or regional players. But we're kind of seeing the same names come up over and over. And the way we differentiate again is the sort of platform approach, the way we engage with our customers, the amount of value we're able to unlock across their operations.

我要那個。我想說，過去幾年來我們的競爭對手一直相當穩定。他們中有好幾個，其中很多都是點解決方案或區域參與者。但我們卻看到同樣的名字一次又一次地出現。我們再次脫穎而出的方式是平台方法的類型、我們與客戶互動的方式以及我們能夠在他們的營運中釋放的價值量。

And then to the second part of your question around pricing, that is often where some of these competitors go is they'll just discount very heavily in order to try to compete for these deals. We again try to really demonstrate that we can do more for these customers, help them find more value. Around 80% of their revenue is invested in their operations. So this is a huge area of expense for them. And so if we can find additional areas of savings, things like that, they're not focused on price. They're focused on what can I do with all this technology.

然後關於你問題的第二部分關於定價的問題，這些競爭對手通常會採取大幅折扣的方式，以試圖爭奪這些交易。我們再次嘗試真正證明我們可以為這些客戶做更多的事情，幫助他們發現更多價值。其約 80% 的收入都投資於營運。所以這對他們來說是一筆龐大的開銷。因此，如果我們能夠找到額外的節省領域，諸如此類的事情，他們就不會關注價格。他們專注於我能用這些技術做什麼。

Got it. Thank you.

知道了。謝謝。

Dan Jester, BMO.

丹·傑斯特（BMO）。

Great. Good afternoon, everyone. Thanks for taking my question. A couple of weeks ago, you announced a pre-delivery installation program to get your hardware into the trucks before customers buy them. And I think in the press release, it said that you expect this to be the standard for the industry over time. Maybe can you just expand on the value of the pre-installation and what kind of maybe competitive moats that provides if you can get the hardware in before the truck even gets shipped to the customer. Thank you.

偉大的。大家下午好。感謝您回答我的問題。幾週前，您宣布了一項交付前安裝計劃，以便在客戶購買之前將硬體安裝到卡車上。我認為新聞稿中說過，你希望這將成為該行業的長期標準。也許您能否詳細說明預安裝的價值，以及如果您可以在卡車運送給客戶之前獲得硬件，那麼它可能提供什麼樣的競爭優勢。謝謝。

Yeah, absolutely, Dan. So I think maybe just for a little bit of customer context. If you're a larger enterprise and you've got 5,000 or 10,000 trucks, in a given year, you're swapping out 1,000 of them, which means that sometimes in a given month or even a week, you've got dozens of vehicles getting changed out. For us to be able to deliver -- have those vehicles be delivered with Samsara on board, it really helps eliminate a huge operational headache. And again, those vehicles may be delivered to different cities all over the country.

是的，絕對是，丹。所以我認為也許只是為了了解一點客戶背景。如果您的企業規模較大，擁有 5,000 或 10,000 輛卡車，那麼在某一年，您會更換其中的 1,000 輛，這意味著有時在某個月甚至一周內，您會更換數十輛汽車。對我們來說，能夠交付這些搭載有 Samsara 的車輛，確實有助於消除巨大的營運難題。而且，這些車輛可能會被運送到全國各地的不同城市。

So it's an area where we're able to streamline our customers' operations. It provides a much better experience for them. It makes sure those vehicles are ready to go on day one. And it's something that customers have been asking for and we're excited to be able to offer because of our scale and our presence in the market.

因此，這是我們能夠簡化客戶營運的領域。它為他們提供了更好的體驗。它確保這些車輛在第一天就可以出發。這是客戶一直要求的，憑藉我們的規模和市場地位，我們很高興能夠提供這種服務。

So very glad to get that program off the ground. And we're continuing to expand that program, partnering with even more OEMs. So hopefully, more good news to come on that front.

非常高興這個計畫能夠順利啟動。我們將繼續擴大該計劃，與更多的 OEM 建立合作夥伴關係。因此希望在這方面有更多好消息傳來。

Great. Thank you. And then maybe just to revisit the sort of strengthen the performance in sort of larger customers from a different angle. I know it's less of a focus, but maybe you can talk about what you're seeing with some of your smaller and midsized customers that maybe do have maybe a little bit more macro impact? Are you seeing any change in their behavior or have been pretty consistent? Thank you so much.

偉大的。謝謝。然後也許只是從不同的角度重新審視如何加強大客戶的表現。我知道這不是重點，但也許您可以談談您對一些小型和中型客戶的看法，這些客戶可能會產生一些更宏觀的影響？您是否看到他們的行為有任何變化或一直保持相當一致？太感謝了。

Yeah. Dan, it's Dominic. Yes, it was very consistent. And while we had a very strong large customer, $100,000-plus, $1 million-plus ARR quarter, we also saw a lot of strength in commercial mid-market. So maybe if you just look at the numbers, the ARR mix from 100,000-plus customers was 58% last quarter and went up to 59%. So it's definitely growing faster than our overall base, but it's not like it's stepped up exponentially which implies that the mid-market and kind of SMB part of our business also had strong growth in the quarter.

是的。丹，我是多明尼克。是的，非常一致。雖然我們有一個非常強大的大客戶，其季度 ARR 超過 10 萬美元、超過 100 萬美元，但我們也看到商業中端市場的巨大優勢。因此，如果您只看數字，您會發現上個季度來自 100,000 多名客戶的 ARR 組合為 58%，而今年則上升到了 59%。因此，它的成長速度肯定快於我們的整體基礎，但這並不意味著它的成長速度呈指數級增長，這意味著我們業務的中端市場和中小企業部分在本季度也實現了強勁增長。

Great. Thank you so much.

偉大的。太感謝了。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen, I appreciate it. Maybe, Dom, starting with you. If we look at the on the revenue line kind of a notable step up here. I was wondering if you could kind of help us parse through that a little bit more whether that was kind of conservatism, given some of the uncertainty we saw last year, any linearity of kind of ramp and go-lives. Obviously, some large customer momentum, but help us parse through kind of the revenue outperformance, if you would, please?

嘿，先生們，我很感激。也許，Dom，從你開始。如果我們看一下收入線，就會發現這裡有一個顯著的成長。我想知道您是否可以幫助我們進一步分析一下，考慮到我們去年看到的一些不確定性，這是否是一種保守主義，是否存在任何線性的增長和上線。顯然，一些大型客戶的勢頭強勁，但如果您願意的話，請幫我們分析一下收入超額表現的情況，好嗎？

Yeah. Thanks for asking that. Yeah, I'd say overall, even going into the quarter. And as I look into the back half here, like no change to our guidance philosophy. We're still going to try to ensure that we're setting revenue guidance with a lot of confidence that accounts for various downside scenarios. If we don't see those scenarios ultimately play out, it generally results in us being able to outperform the guidance.

是的。謝謝你問這個問題。是的，我想說總體而言，甚至進入本季度。當我回顧後半部時，我發現我們的指導理念沒有任何改變。我們仍將盡力確保我們能夠自信地制定收入指導，以應對各種不利情況。如果我們沒有看到這些情況最終發生，通常我們就能超越預期。

For Q2 specifically, there was even more outperformance than normal. Obviously, we got some revenue benefit from the stronger bookings linearity with some of those Q1 deals slipping in and closing in early in Q2. We don't have that same dynamic into Q3. And so that started the quarter off strong in terms of bookings linearity and you saw that outperformance flow through to the beat in the quarter.

具體來說，第二季的表現甚至比平常更出色。顯然，我們從更強勁的預訂線性中獲得了一些收入收益，其中一些第一季的交易在第二季初進入並結束。在第三季度，我們並沒有看到同樣的動態。因此，從預訂線性來看，本季開局表現強勁，並且您會看到優異的表現延續到了本季。

Very helpful. And then maybe for you or Sanjit as well, too. Obviously, the emphasis coming out of Beyond was on kind of the accelerated cadence of new product innovation. Wonder how maybe at the advent of AI, kind of the cost of building and introducing new products and capabilities is helping contribute to kind of some of this enterprise and 1 million-plus strength that we're seeing kind of the receptivity and willingness for them to try more products, but also your ability and appetite to have more irons in the fire over time as well. Thank you.

非常有幫助。那麼也許對你或 Sanjit 來說也是如此。顯然，Beyond 的重點在於加快新產品創新的節奏。想知道在人工智慧出現之際，建構和推出新產品和新功能的成本如何有助於促進這類企業的發展，我們看到了 100 多萬企業對嘗試更多產品的接受度和意願，同時也看到了隨著時間的推移，您對更多產品的接受度和意願。謝謝。

Yeah. Dylan, I think the interest in AI, it's certainly strong in the enterprise. We do see it in the mid-market as well. We collect a tremendous amount of data on the platform. There's a lot of value in that data, but you really do need AI to help you sift through it all, find insights and really help change behavior, and that's ultimately where the value comes from. That's how they get the safety and efficiency gains.

是的。迪倫，我認為企業對人工智慧的興趣肯定很濃厚。我們確實也在中端市場看到了它。我們在平台上收集了大量的數據。這些數據具有很大的價值，但你確實需要人工智慧來幫助你篩選所有數據，找到見解並真正幫助改變行為，這才是價值的最終來源。這就是他們獲得安全性和效率提升的方式。

I think we're getting a lot of new ideas from our enterprise customers because they have large complex operations. They're really experts in their various industries and so they often lead us to really innovative new solutions, and we kind of co-develop them together. But for us, we're excited about what AI is able to do and the capability sets just changing every year, whether it's large language models or some of these vector databases and other technologies coming to market. So we're generally excited about being able to find new sources of value for all kinds of customers, especially in the enterprise, but down in the mid-market in SMB as well.

我認為我們從企業客戶那裡獲得了很多新想法，因為他們擁有龐大而複雜的業務。他們確實是各自行業的專家，因此他們經常為我們提供真正創新的新解決方案，然後我們共同開發這些解決方案。但對我們來說，我們對人工智慧能夠做的事情感到興奮，而且其能力每年都在變化，無論是大型語言模型還是一些向量資料庫和其他進入市場的技術。因此，我們很高興能夠為各種類型的客戶找到新的價值來源，尤其是在企業中，但也包括中小型企業的中階市場。

Great, thank you.

太好了，謝謝。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Thanks, guys. Congrats on a great quarter. It's been over a year since the release of asset tags and just curious how is the product done versus your expectations? And should we think of this as kind of a longtail growth dynamic? Or is this something that could really start to contribute to larger deals and move the needle more on overall growth as we look out over the next 12 to 18 months?

偉大的。謝謝大家。恭喜本季取得優異成績。資產標籤發布已經一年多了，只是好奇該產品的完成情況與您的預期相比如何？我們是否應該將其視為一種長尾成長動力？或者，從未來 12 到 18 個月來看，這是否真的可以開始促成更大的交易，並進一步推動整體成長？

Yeah. We're really pleased with the performance of asset tags. I think it's just notable that it's a product that's addressing a really large problem where technology frankly doesn't exist today. So we've got these customers, and they've got all kinds of assets and machinery out there and they can't locate them, they got lost. They don't know where they are. And so this is really the first time that this kind of technology using the Bluetooth technology has really been available for these customers.

是的。我們對資產標籤的效能非常滿意。我認為值得注意的是，這款產品解決了當今技術尚不存在的一個大問題。我們有這些客戶，他們有各種各樣的資產和機械，但他們找不到它們，他們迷路了。他們不知道自己在哪裡。因此，這實際上是第一次向這些客戶提供這種使用藍牙技術的技術。

And so the product has been out for a year. We've had a lot of good conversations and trials with customers and then starting to result in some pretty big deals where you called out Bonnie Plants is our largest asset tag deal ever, 15,000 asset tags in the quarter. And so we had another really large one, I think, in Q4, a couple of quarters ago. And so we do expect this will continue to pick up as customers are more aware that this technology exists.

該產品已經推出一年了。我們與客戶進行了很多很好的對話和嘗試，然後開始達成一些相當大的交易，其中您所說的 Bonnie Plants 是我們有史以來最大的資產標籤交易，本季度有 15,000 個資產標籤。所以我認為，在幾個季度前的第四季度，我們又經歷了一次非常大規模的打擊。因此，我們確實預計，隨著客戶越來越意識到這項技術的存在，這一趨勢將會持續上升。

And I would just add, it takes some time for them to realize that this is now possible. Many of them spend tens of millions of dollars replacing these lost or stolen assets. You spent a lot of time searching for these assets in their operations. And they've done it that way for 25, 50, 100 years. So they're starting to realize technology can help, but it's an education process for us.

我想補充一點，他們需要一些時間來認識到現在這是可能的。他們中的許多人花費數千萬美元來更換這些遺失或被盜的資產。您花費了大量時間在他們的營運中尋找這些資產。他們已經這樣做了 25 年、50 年、100 年。所以他們開始意識到科技可以提供幫助，但對我們來說這是一個教育過程。

Interesting, thanks. And I guess, Dom, I mean, of the 8% of net new ACV from new products, is asset tag the biggest component of that? And is there maybe a clear number two within that mix that you'd highlight?

有趣，謝謝。我想，Dom，我的意思是，在新產品的 8% 淨新 ACV 中，資產標籤是其中最大的組成部分嗎？並且，在這種組合中，是否有一個明確的數字值得您強調？

It was actually pretty spread out across all of the products that I mentioned. So like asset tags definitely had a great quarter. But commercial NAV, workflows, maintenance, navigation, all contributed to the 8%.

它實際上相當分散於我提到的所有產品中。因此，資產標籤無疑度過了一個美好的季度。但商業 NAV、工作流程、維護、導航都貢獻了 8%。

Right. Okay, thanks.

正確的。好的，謝謝。

Junaid, Truist.

朱奈德，特魯伊斯特。

Junaid? Okay, let's move on to Matt with Goldman Sachs.

朱奈德？好的，讓我們繼續討論高盛的馬特。

Yeah, sorry. Hey, guys. Can you hear me okay?

是的，抱歉。嘿，大家好。你聽見我說話嗎？

Yeah. Let's do Junaid first and then we'll go to Matt.

是的。我們先去 Junaid，再去 Matt。

Great. Thanks, guys. It seems like you're continuing to add sales capacity and feel pretty confident about the significant opportunity going forward. But I just wanted to ask you how you're looking at the growth versus profitability framework going forward?

偉大的。謝謝大家。看起來您正在繼續增加銷售能力，並且對未來的重大機會充滿信心。但我只是想問您如何看待未來的成長與獲利框架？

Yeah. I mean both of them are important to us. We really focus on kind of balance both growth and profitability. I think this is the both consecutive quarter we've been north of a Rule of 40. And then obviously, even within that, we were able to accelerate our net new ARR year-over-year growth at a larger scale and continue to grow really quickly as a result of the large customer momentum and the strong kind of land-and-expand quarter and then the contribution of the emerging products in new frontiers.

是的。我的意思是他們兩個對我們都很重要。我們真正注重的是成長與獲利之間的平衡。我認為這是我們連續兩個季度超過 40 規則。顯然，即使在此情況下，我們仍然能夠以更大的規模加速淨新 ARR 同比增長，並且由於巨大的客戶勢頭和強勁的登陸和擴張季度以及新興產品在新領域的貢獻，我們能夠繼續快速增長。

And so within the construct of wanting to kind of balance both growth and profitability, being over a Rule of 40, we feel good about that and then wanting to continue to try to make the investments to grow as fast as we can beyond that.

因此，在想要平衡成長和獲利能力的框架內，遵循 40 法則，我們對此感到滿意，並希望繼續嘗試進行投資，以盡快實現成長。

Great. Thanks. And Dom, just on the gross margin, that continues to tick up. I know you've talked about that historically that most of the margin improvement is going to be below that line. But could you just call out some of the reasons for the strength there? And if you can continue to sustain that?

偉大的。謝謝。Dom，就毛利率而言，它繼續上升。我知道您曾經討論過這一點，大部分利潤率的提高都會低於這條線。但您能否簡單說說那裡實力雄厚的一些原因呢？如果你能繼續維持這種狀態呢？

Yeah. It comes really across our entire COGS stack. And I think we're up kind of 1 percentage point year over year. So not a lot of leverage. And I think going from here, we feel good with where gross margins are. And expect much more of the leverage to come from the other OpEx line items.

是的。它確實涉及我們的整個 COGS 堆疊。我認為我們比去年同期成長了 1 個百分點。因此槓桿作用不大。我認為從現在開始，我們對目前的毛利率感到滿意。並期望更多的槓桿來自其他營運支出項目。

But in terms of supply chain and inventory efficiencies, cloud and cellular efficiencies, more leverage out of customer support, all of those kind of line items within COGS or getting a little bit more efficient year over year, and we feel good with those results.

但就供應鏈和庫存效率、雲端和蜂窩效率、客戶支援的更多槓桿作用而言，所有這些項目都在 COGS 之內，或者說效率逐年提高，我們對這些結果感到滿意。

Great. Thank you.

偉大的。謝謝。

Matt, Goldman Sachs.

馬特，高盛。

Hey, guys. This is Matt on for Kash. Sanjit, maybe going back to the emerging product net new ACV strength in the quarter. You flagged contributions from a few of the announcements from Beyond '25 asset maintenance, AI, multi-cam, commercial NAV. These products have only been in market for a couple of months. I'm curious if you expected this level of momentum this early into the launch and how this may inform your view on emerging product net new ACV contributions looking ahead? Thanks.

嘿，大家好。這是 Matt 代替 Kash 上場的。Sanjit，也許會回到本季新興產品淨新 ACV 實力。您標記了來自 Beyond '25 資產維護、AI、多重攝影機、商業 NAV 的一些公告的貢獻。這些產品上市才幾個月。我很好奇，您是否預料到在發布初期就會出現這種勢頭，以及這會如何影響您對未來新興產品淨新 ACV 貢獻的看法？謝謝。

Yeah. I would say, Matt, we're -- a number of these customers that purchased in the quarter, they had been design partners with us, they're going much bigger with it. So it's exciting to see that the ready to go and the products are working for them at scale.

是的。我想說，馬特，我們——本季購買的許多客戶都曾是我們的設計合作夥伴，他們的合作將變得更大。因此，看到這些產品準備就緒並大規模地為他們服務，我們感到非常興奮。

I do think every product has a natural revenue ramp that takes the number of quarters. And we plan to continue enhancing these products over that -- over the next couple of quarters, too. It's not just that this is the release and that's it. So we're going to keep investing. We're going to keep getting more trials in action, but we are very pleased with that initial response we're seeing from the customer base.

我確實認為每種產品的收入都會隨著季度數的推移而自然增長。我們計劃在接下來的幾個季度繼續改進這些產品。這不僅僅是一次發布而已。因此我們將繼續投資。我們將繼續進行更多的試驗，但我們對從客戶群中看到的初步反應感到非常滿意。

Awesome. Thanks a lot.

驚人的。多謝。

Andrew, BNP.

安德魯，英國國家黨。

Thanks, for fitting me in. I guess looking at your net new customers that you added over 100,000. Looking how it trended relative to last year, while still good, I noticed it's slowed down slightly. Just wondering, is this a function of the fact that you're landing larger customers? Or am I missing something?

謝謝，幫我安排。我想看看您新增的淨客戶數量，您增加了超過 100,000 名。看看它與去年相比的趨勢，雖然仍然很好，但我注意到它略微放緩了。只是想知道，這是不是因為你吸引了更多的客戶？或者我遺漏了什麼？

Yeah. I would say, overall, it was a really strong large customer quarter. The 100,000-plus ARR customers are now doing about $1 billion of ARR, up 35% year over year. They're contributing 59% of the overall ARR, which is up from 57% last year. So this is clearly our fastest-growing cohort.

是的。我想說，總體而言，這是一個非常強勁的大客戶季度。超過 10 萬名 ARR 客戶的 ARR 目前約為 10 億美元，較去年同期成長 35%。他們貢獻了整體 ARR 的 59%，高於去年的 57%。所以這顯然是我們成長最快的族群。

I think it's important to consider the ARR -- the growth rates, the ARR mix, not just the customer counts. But beyond that, we obviously added a quarterly record 17 $1 million-plus ARR customers and that's becoming more meaningful to our results as well.

我認為考慮 ARR 很重要——成長率、ARR 組合，而不僅僅是客戶數量。但除此之外，我們顯然在本季增加了 17 位 ARR 超過 100 萬美元的客戶，這對我們的業績也變得更有意義。

Thanks. And then one on the R&D. Just wondering if in terms of this quarter was, would you expect this to continue to grow at the consistent rate? Or is there something like in terms of efficiency that you've achieved on that makes it a driver of bringing leverage going forward?

謝謝。然後是關於研發的。只是想知道就本季而言，您是否預計它會繼續以穩定的速度成長？或者，就效率而言，您是否取得了一些成就，使其成為未來發揮槓桿作用的驅動力？

I think R&D is going to continue to be one of our big areas of investment. We're obviously -- you're really focused on adding AI throughout the platform and in all of the products. And then the pace of innovation and products that we've announced over the last couple of years has really picked up, which requires a lot of R&D investment.

我認為研發將繼續成為我們投資的重點領域之一。我們顯然——您真正專注於在整個平台和所有產品中添加人工智慧。過去幾年我們發布的創新和產品的步伐確實加快了，這需要大量的研發投入。

So I don't expect it to materially decrease in terms of the overall leverage. But I also don't expect it to be an area where we're going to start to see the percentage of revenue go in the opposite direction as well.

因此，我預計整體槓桿率不會大幅下降。但我也不認為我們會開始看到該領域的收入百分比有相反的變化。

Thanks.

謝謝。

Mark, Loop Capital.

馬克，Loop Capital。

Hi, thank you for taking my question. Sanjit, the number of products the company sells has increased meaningfully during the past year or so, which can often complicate the selling process. Could you just discuss a little bit about how you've adapted your selling process to accommodate all the new products?

你好，謝謝你回答我的問題。Sanjit，在過去一年左右的時間裡，公司銷售的產品數量大幅增加，這通常會使銷售過程變得複雜。能否稍微討論一下您如何調整銷售流程以適應所有新產品？

Sure. I would say, again, we focus on the value of the platform. We really want to understand our customers' operations. Typically speaking, they'll have vehicles, and so safety and telematics will be lead products. And those are products that I think the market is generally familiar with. But along the way, they'll discover that, hey, there's an opportunity to improve training for a lot of these frontline workers or maybe there's a maintenance opportunity.

當然。我想再次說，我們關注的是平台的價值。我們確實想了解客戶的營運狀況。一般來說，他們會有車輛，因此安全和遠端資訊處理將成為主導產品。我認為這些都是市場普遍熟悉的產品。但在此過程中，他們會發現，嘿，有機會為許多第一線工人改善培訓，或者也許有一個維護機會。

So really, we try to, again, show our customers the entire platform. We do a lot of demos where they're able to see the breadth of what we offer. And many times, the customers will self-select and say, hey, I actually have a lot of construction equipment in my business or we're really trying to think through how we do commercial navigation because we have an issue with hazmat or Bridge Strikes and all these kind of real-world problems.

因此，我們確實再次嘗試向客戶展示整個平台。我們做了很多演示，讓他們能夠看到我們提供的產品的廣度。很多時候，客戶會自我選擇並說，嘿，我的業務中實際上有很多建築設備，或者我們真的在思考如何進行商業導航，因為我們面臨著危險品或橋樑撞擊等所有這些現實世界的問題。

So I view it as rather than focusing on selling products, really understand the customers' operations, their environment and then work backwards from that. And I think our sales team does a great job of really kind of engaging at that level.

因此，我認為，與其專注於銷售產品，不如真正了解客戶的營運和環境，然後以此為基礎進行逆向工作。我認為我們的銷售團隊在這一層面上確實做得非常出色。

Great. And then, Dominic, could you just discuss the hiring that took place in the quarter? And just remind us of how you're thinking about hiring for the balance of the year?

偉大的。那麼，多明尼克，您能討論一下本季的招募情況嗎？並且請您提醒我們一下，您打算如何安排今年剩餘時間的招募？

Yeah. I think what we've disclosed is that the -- that after two years of really elevated hiring growth that we are going into this year, we're still adding more head count but at a lower rate than what we had to do over the last two years to kind of catch up. We're on track to do that. So kind of the plan that we set out at the beginning of the year, we're on track with that and expect to continue to add more head count into the back half of the year as well.

是的。我認為我們已經披露的是——在經歷了兩年真正高速的招募成長之後，今年我們仍在增加員工數量，但速度低於過去兩年為了趕上而必須增加的速度。我們正朝著這個目標前進。因此，我們按照年初制定的計劃，正在按計劃進行，並預計在今年下半年繼續增加員工人數。

Thank you.

謝謝。

Alexei, JPMorgan.

摩根大通的阿列克謝。

Hi. This is Ella Smith on for Alexei Gogolev. Thank you so much for taking our questions. So first, I was hoping to ask about landing new customers as that is a focus for you. Are you primarily landing these new customers through telematics and video-based safety? Or is it becoming more common to land customers via a non-fleet solution?

你好。我是艾拉‧史密斯 (Ella Smith)，代表阿列克謝‧戈戈列夫 (Alexei Gogolev)。非常感謝您回答我們的問題。因此，首先，我希望詢問有關吸引新客戶的問題，因為這是您的關注重點。您主要透過遠端資訊處理和基於視訊的安全性來吸引這些新客戶嗎？或者透過非車隊解決方案來吸引客戶是否變得越來越普遍？

Yeah, it's definitely becoming more common. I think we called out the number of new logos that added two or more or three more products in the prepared remarks. The majority of the largest new logos. And then we give a number of examples of the products that customers are adopting.

是的，它確實變得越來越普遍。我想我們在準備好的評論中提到了添加兩個或更多或三個產品的新標誌的數量。大多數最大的新標誌。然後我們給出了一些客戶正在採用的產品的例子。

So that is becoming increasingly more common customers often will land with video-based safety and vehicle telematics. But increasingly, we're seeing monitoring in a number of the newer emerging products that we've announced over the last couple of years land in the initial transaction.

因此，越來越多的客戶開始使用基於視訊的安全和車輛遠端資訊處理技術。但我們越來越多地看到，我們在過去幾年中宣布的許多新興產品都已進入初始交易階段。

Got it. Thank you, Dominic. And for my follow-up, you're experiencing strength in the construction segment for some time now despite the macro data for that industry being somewhat weak. I was curious if you could shed some light on your conversation with your construction customers.

知道了。謝謝你，多米尼克。接下來我想問的是，儘管建築業的宏觀數據有些疲軟，但一段時間以來，建築業表現強勁。我很好奇您是否可以談談您與建築客戶的對話。

Yeah, I'll take that one. I think it's important to understand the construction industry and the context they're coming from. These are customers where they have very asset and labor-intensive operations for them to get deep visibility into which assets are being used and how much? And if they're operating safely, if they can find labor efficiencies, it makes a really big difference in their operations. This is also an industry that's relatively early in the digitization journey.

是的，我要那個。我認為了解建築業及其背景非常重要。這些客戶的營運資產和勞動非常密集，因此他們能否深入了解哪些資產正在被使用以及使用了多少？如果他們能夠安全地操作，如果他們能夠提高勞動效率，那麼這對他們的營運將產生很大的影響。這也是一個數位化進程相對較早的產業。

Most of that yellow iron equipment that you see at job sites isn't well tracked and doesn't have real-time telematics or video safety on it. Most of the small tools that you'll see in the construction side don't have any kind of tracking on them. So there's a lot of greenfield opportunity. It's a market that is starting to really wake up to the value of technology, and it's complex. So they have to digest it over time, but we're excited by what we're seeing.

您在工作現場看到的大多數黃鐵設備都沒有很好的跟踪，也沒有即時遠端資訊處理或視訊安全功能。您在施工現場看到的大多數小工具都沒有任何類型的追蹤。因此，存在著大量的新機會。這個市場開始真正意識到技術的價值，而且它很複雜。所以他們必須隨著時間的推移消化它，但我們對所看到的結果感到興奮。

Great. Thank you, Sanjit.

偉大的。謝謝你，桑吉特。

Okay. So this concludes the question-and-answer portion. Thank you all for attending our Q2 fiscal year 2026 earnings call. Before I let you go out a few short announcements.

好的。問答部分到此結束。感謝大家參加我們的 2026 財年第二季財報電話會議。在讓你們離開之前，我先發布幾個簡短的公告。

We will be attending the Goldman Sachs Communacopia Conference in San Francisco on September 8, the Wolfe Technology Conference in San Francisco on September 10, the Piper Sandler Growth Frontiers conference in Nashville on September 10, and Evercore Bus Tour on September 17. We hope to see at one of these events.

我們將參加 9 月 8 日在舊金山舉行的高盛 Communacopia 會議、9 月 10 日在舊金山舉行的 Wolfe 技術會議、9 月 10 日在納許維爾舉行的 Piper Sandler Growth Frontiers 會議以及 9 月 17 日舉行的 Evercore 巴士之旅。我們希望在某次活動中見到它。

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

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