Samsara Inc (IOT) 2026 Q3 法說會逐字稿

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

（影片播放）下午好，歡迎參加 Samsara 2026 財年第三季財報電話會議。我是Samsara公司企業發展與投資者關係副總裁Mike Chang。今天與我一同出席的有 Samsara 執行長兼共同創辦人 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, December 4, 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準備的發言稿外，更多資訊請參閱我們的股東信、新聞稿、投資者簡報以及提交給美國證券交易委員會（SEC）的文件，這些文件可在我們投資者關係網站 investors.samsara.com 上找到。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聲明中包含的結果有重大差異，並受到我們在提交給美國證券交易委員會的文件中更詳細描述的風險和不確定性的影響。我們在本次電話會議中所做的任何前瞻性陳述均基於截至 2025 年 12 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'll discuss our third-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. On the call, we'll only provide constant currency commentary when there's a difference. Reconciliations of GAAP to non-GAAP financial measures and additional information on constant currency are provided in our press release and investor presentation.

在今天的電話會議上，我們將討論我們 2026 財年第三季的財務表現。我們想指出，公司報告的非GAAP績效是作為依照GAAP計算的財務指標的補充，而不是替代或優於GAAP財務指標。我們也報告了某些指標的實際成長率和固定匯率成長率。在電話會議上，我們只會在匯率出現差異時提供即時評論。我們在新聞稿和投資者簡報中提供了 GAAP 與非 GAAP 財務指標的調整表以及有關固定匯率的補充資訊。

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

我們將作開場白，深入探討本季的亮點，然後開放問答環節。

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

這樣，我就把電話交給桑吉特了。

Thanks, Mike, and thank you, everyone, for joining us today. Samsara delivered another strong quarter of durable and efficient growth. We ended Q3 with $1.75 billion in ARR, growing 29% year-over-year. We also achieved our first quarter of GAAP profitability. In Q3, we added 219 customers with $100,000 plus in ARR, a quarterly record.

謝謝麥克，也謝謝各位今天蒞臨。Samsara 又迎來了一個強勁且高效的季度成長。第三季末，我們的年度經常性收入 (ARR) 為 17.5 億美元，年增 29%。我們也實現了首季GAAP獲利。第三季度，我們新增了 219 位 ARR 超過 10 萬美元的客戶，創下季度紀錄。

Our $100,000-plus ARR customers now contribute more than $1 billion of ARR, growing 36% year-over-year. We also added 17 $1 million-plus ARR customers tied for a quarterly record. Our growth is driven by our strategy to partner with the world's largest and most complex operations organizations. Q3 was a milestone quarter for large customers, and we partner with many new organizations, including the state of New York, one of the world's largest providers of oilfield services and one of the world's largest and most diversified media corporations. We're proud to partner with these industry leaders, driving safer and more efficient operations together.

我們年經常性收入超過 10 萬美元的客戶目前貢獻了超過 10 億美元的年經常性收入，年增 36%。我們也新增了 17 位年經常性收入超過 100 萬美元的客戶，並列季報。我們的發展動力源自於我們與全球規模最大、營運最複雜的組織建立合作關係的策略。第三季度對大客戶來說是一個具有里程碑意義的季度，我們與許多新組織建立了合作關係，包括紐約州、全球最大的油田服務提供者之一以及全球最大、業務最多元化的媒體公司之一。我們很榮幸能與這些產業領導企業合作，共同推動更安全、更有效率的營運。

Large enterprises are quickly digitizing their operations, and they're demanding a partner that delivers scale and performance. We've become their platform of choice for a few key reasons. First, we unified data from many disparate systems across all their vehicles, equipment and frontline teams in a single system of record. Second, we solve challenges across their operations with our broad multi-application platform. Third, we use our massive data asset and AI to deliver actionable insights that save our customers money.

大型企業正在快速實現營運數位化，他們需要一個能夠提供規模和性能的合作夥伴。我們之所以成為他們的首選平台，主要有幾個原因。首先，我們將他們所有車輛、設備和第一線團隊的許多不同系統的數據統一到一個記錄系統中。其次，我們利用我們廣泛的多應用平台，解決他們在營運中遇到的挑戰。第三，我們利用龐大的數據資產和人工智慧技術，提供可操作的見解，幫助客戶節省金錢。

Fourth, we provide an enterprise-grade platform that delivers the scalability, reliability and security our customers require. And lastly, we provide world-class support and expertise to help our customers drive change management and deliver outcomes, resulting in clear and fast ROI. I'd like to share two stories of new customers from Q3 that are using Samsara to transform their operations. The first is in student transportation, which is a complex and highly regulated network responsible for the safe transit of 26 million students every day. After landing First Student, the largest school bus provider in North America, in Q2, we partnered with another one of the top five largest school bus providers in Q3.

第四，我們提供企業級平台，滿足客戶對可擴展性、可靠性和安全性的需求。最後，我們提供世界一流的支援和專業知識，幫助我們的客戶推動變革管理並實現成果，從而獲得清晰快速的投資回報。我想分享兩個來自第三季度的新客戶的故事，他們正在使用 Samsara 來改變他們的營運方式。第一個面向是學生交通，這是一個複雜且監管嚴格的網絡，負責每天 2,600 萬名學生的安全出行。繼第二季與北美最大的校車供應商 First Student 達成合作後，第三季我們與排名前五的校車供應商之一建立了合作關係。

They transport over 1 million students today in more than 500 school districts across 30-plus states and provinces. Their initial purchase included our Video-Based Safety, Telematics and AI Multicam products. They're looking for a highly accurate and reliable AI solution to enforce their 0 tolerance policy on driver mobile use and eliminate in-cab distractions and driver drowsiness. With Samsara, they'll be able to detect, alert and reduce these behaviors. The second example is with one of the largest mechanical contractors in the US.

如今，他們為遍布 30 多個州和省的 500 多個學區的 100 多萬名學生提供交通服務。他們最初購買的產品包括我們的視訊安全系統、遠端資訊處理系統和人工智慧多攝影機產品。他們正在尋找一種高度準確可靠的人工智慧解決方案，以執行對駕駛員使用手機的零容忍政策，並消除駕駛室內的分心和駕駛員疲勞。借助 Samsara，他們將能夠偵測、提醒和減少這些行為。第二個例子是美國最大的機械承包商之一。

They have over 5,000 employees specializing in custom HVAC and plumbing systems for commercial and industrial projects. They help build major sports stadiums and critical medical and research facilities, and they also design and install the complex systems that power many modern data centers as part of the AI infrastructure build-out. The company is using our Video-Based Safety, Telematics, Connected Training and Driver Qualification products to ensure their complex field operations remain safe and efficient. In their pilot with Samsara, they saw a 44% reduction in the total safety event rate and a 72% reduction in mobile usage. We're proud of the impact we're creating together, and we're excited for the decades-long opportunity ahead.

他們擁有超過 5000 名員工，專門從事商業和工業項目的客製化 HVAC 和管道系統。他們幫助建造大型體育場館和重要的醫療及研究設施，並且作為人工智慧基礎設施建設的一部分，他們還設計和安裝為許多現代資料中心提供動力的複雜系統。該公司正在使用我們的基於視訊的安全、遠端資訊處理、互聯培訓和駕駛員資格認證產品，以確保其複雜的現場作業保持安全和高效。在與 Samsara 的試點計畫中，他們發現總安全事件發生率降低了 44%，行動應用程式使用率降低了 72%。我們為共同創造的影響感到自豪，並對未來幾十年的機會感到興奮。

Physical operations are the mission-critical infrastructure to keep the world running, representing over 40% of global GDP. These asset-heavy and labor-intensive organizations typically spend around 80% of their revenue on labor and assets. Running these complex operations carries significant inherent risk, from driving large commercial vehicles carrying hazardous materials to deploying frontline workers for services to operating heavy machinery. Unfortunately, a frontline worker dies from a work-related injury approximately every 99 minutes in the US. We help our customers protect their workers and support their top safety goals that have a material impact on their financials, brand and talent.

實體營運是維持世界運作的關鍵基礎設施，佔全球GDP的40%以上。這些資產密集、勞動密集型企業通常會將約 80% 的收入用於勞動力和資產。經營這些複雜的業務存在著巨大的固有風險，從駕駛運送危險材料的大型商用車輛到部署第一線工作人員提供服務，再到操作重型機械。不幸的是，在美國，平均每 99 分鐘就有一名第一線工作人員因工傷死亡。我們幫助客戶保護員工，並支持他們最重要的安全目標，這些目標對他們的財務、品牌和人才都有實質的影響。

This work is critical because accidents and noncompliance directly translates to substantial financial costs, including higher insurance premiums and large payouts. And these costs are increasing with the rise of large nuclear verdicts and accident litigation. Our customers also care about protecting their reputation to maintain a competitive edge, which can be hurt by a weak safety culture or history of incidents. And lastly, employees stay with companies that demonstrate their commitment to keeping them safe, which is important in a tight labor market. As we look ahead, we see a huge opportunity for AI to transform safety coaching and more broadly, automate coaching across operations.

這項工作至關重要，因為事故和違規行為會直接導致巨大的經濟損失，包括更高的保險費和巨額賠償。隨著巨額核事故賠償和訴訟案件的增加，這些成本也不斷上升。我們的客戶也十分重視保護自身聲譽，以保持競爭優勢，而薄弱的安全文化或事故記錄會損害這種優勢。最後，在勞動市場緊張的情況下，員工會留在那些展現對保障員工安全承諾的公司，這點非常重要。展望未來，我們看到人工智慧在變革安全指導方面具有巨大的潛力，更廣泛地說，它還能實現營運中指導的自動化。

This will help our customers scale their coaching programs without adding more head count. We recently added -- we recently launched new AI-powered coaching features: Automated Coaching, Group Coaching and Workflow Automations. Starting with Automated Coaching. This is the first advanced automated coaching to help with the entirety of the driver experience, including safety, compliance, idling and more. Coaches can quickly create their own digital doubles or use premade avatars to create tailored coaching videos for each worker.

這將有助於我們的客戶在不增加人手的情況下擴展其輔導計畫。我們最近新增了—我們最近推出了新的AI驅動的輔導功能：自動化輔導、小組輔導和工作流程自動化。從自動化輔導開始。這是首個先進的自動化駕駛指導系統，能夠幫助駕駛者全面提升駕駛體驗，包括安全、合規、怠速等等。教練可以快速創建自己的數位替身，或使用預先製作的虛擬形象，為每位員工創建量身定制的指導影片。

Next, Group Coaching helps managers recognize and coach front-line workers in group settings using operational data. It uses AI to generate ready-to-use coaching session that highlights positive recognition, fuel efficiency, compliance and safety.

接下來，小組輔導可以幫助管理者利用營運數據在小組環境中識別和輔導第一線員工。它利用人工智慧生成即用型輔導課程，重點在於積極認可、燃油效率、合規性和安全性。

Last, Workflow Automations is a no-code workflow builder that uses our data asset to streamline coaching and training processes. It allows for the intelligent management of compliance and safety programs, automatically directing lower priority events to the driver for self-review while ensuring that high priority incidents are flagged for manager coaching. We're excited to introduce these new AI-powered features for our customers. All of our innovation is translating to real-world customer impact. We recently released our safety report, which analyzed data from over 2,600 Samsara customers operating medium and large fleets.

最後，Workflow Automations 是一個無需編寫程式碼的工作流程建構器，它利用我們的資料資產來簡化輔導和培訓流程。它能夠智慧管理合規和安全計劃，自動將優先順序較低的事件引導至駕駛員進行自我審查，同時確保將優先順序較高的事件標記出來，以便管理人員進行指導。我們很高興向客戶推出這些全新的人工智慧功能。我們所有的創新都轉化為對客戶的實際影響。我們最近發布了安全報告，其中分析了來自 2600 多家 Samsara 客戶（營運中型和大型車隊）的數據。

Fleets using are dual-facing AI dash cameras, real-time in-cab alerts and driver coaching saw an aggregate 37% reduction in accidents after the first six months, and this increased to a 73% reduction in accidents after 30 months. These are life-saving outcomes that show our platform is transforming safety culture and demonstrating measurable results for our customers. Now I'd like to turn to the international growth opportunity. I've met with dozens of customers in our international markets this year. Every time I meet with them, I'm inspired by the long-term opportunity to expand our impact.

使用雙面 AI 行車記錄器、即時車內警報和駕駛員指導的車隊，在前六個月後事故總數減少了 37%，30 個月後事故總數減少了 73%。這些都是能夠挽救生命的成果，顯示我們的平台正在改變安全文化，並為我們的客戶帶來可衡量的成果。現在我想談談國際成長機會。今年我與國際市場上的數十位客戶進行了會面。每次與他們會面，我都會受到鼓舞，因為我們看到了擴大影響力的長遠機會。

There are a few reasons for this. First, the international market is very large. There are more assets and frontline workers in Europe, Canada and Mexico than in the US. Second, the international market is less penetrated than the US and earlier in its digitization journey.

這其中有幾個原因。首先，國際市場非常龐大。歐洲、加拿大和墨西哥的資產和第一線員工數量都比美國多。其次，國際市場的滲透率低於美國，數位化進程也尚處於早期階段。

Third, we believe the opportunity for impact and customer ROI is similar to the US. These customers are achieving similar savings from insurance payouts and premiums, fuel costs, improve worker retention and asset utilization. Over the last few months, we hosted our annual Go Beyond customer events in London and Mexico City. During these events, we brought together hundreds of local customers and prospects to share new product innovations and best practices across the community. At Go Beyond UK, we announced a new feature for our European customers, Samsara Smart Compliance.

第三，我們認為，在影響力和客戶投資報酬率方面，這裡的機會與美國類似。這些客戶在保險賠償和保費、燃油成本方面實現了類似的節省，提高了員工留任率和資產利用率。在過去的幾個月裡，我們在倫敦和墨西哥城舉辦了年度「超越自我」客戶活動。在這些活動中，我們聚集了數百名當地客戶和潛在客戶，與社區分享新產品創新和最佳實踐。在英國 Go Beyond 大會上，我們宣布了一個針對歐洲客戶的新功能：Samsara Smart Compliance。

This helps fleet use in-cab audio alerts to prevent costly driving time infringements before they occur. Both of these events were a great opportunity to hear our customers' top operational challenges and continue the feedback loop. We've also continued to strengthen our ecosystem through industry-leading partnerships in the UK and Mexico. This quarter, we announced a new partnership with Allianz, one of the largest general insurers in the UK.

這有助於車隊利用駕駛室內的音訊警報，在發生代價高昂的駕駛時間違規行為之前加以預防。這兩項活動都是了解客戶面臨的主要營運挑戰並繼續回饋的絕佳機會。我們也透過與英國和墨西哥的產業領先合作夥伴，不斷加強我們的生態系統。本季度，我們宣布與英國最大的綜合保險公司之一安聯集團建立新的合作關係。

This partnership gives Allianz insured commercial customers preferred access to Samsara's AI safety cameras and our connected operations platform. Also, building on our successful relationship with Element Fleet Management, we extended our partnership to the Mexico market. Together, we are providing organizations with an integrated full life cycle solution that drives down operational costs and enhances safety and efficiency in the region. We're excited about the impact we're making for our customers every day, transforming their operations to be safer, more efficient and more sustainable. We're just getting started and look forward to the multi-decade opportunity ahead.

此次合作使安聯的投保商業客戶能夠優先使用 Samsara 的人工智慧安全攝影機和我們的連網營運平台。此外，基於我們與 Element Fleet Management 的成功合作關係，我們將合作範圍擴展到了墨西哥市場。我們共同為各組織提供一體化的全生命週期解決方案，從而降低營運成本，提高該地區的安全性和效率。我們很高興每天都能為客戶帶來正面的影響，幫助他們實現更安全、更有效率、更永續的營運。我們才剛起步，期待未來幾十年的發展機會。

We're also proud that our long-term growth potential was recognized by Fortune this quarter, ranking us seventh on their Fortune Future 50 list. We want to thank all of our Samsarians, customers, partners, and investors for joining us on this journey.

我們也很自豪，我們的長期成長潛力在本季度得到了《財星》雜誌的認可，在《財星》未來 50 強榜單中排名第七。我們要感謝所有 Samsarians 的成員、客戶、合作夥伴和投資者，感謝你們與我們一起走過這段旅程。

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

現在我將把發言權交給多明尼克，讓他來介紹本季的財務亮點。

Thank you, Sanjit. Q3 was another quarter of durable growth and improved profitability. The quarter was highlighted by strong performance across several key metrics, including 23% year-over-year net new ARR growth in constant currency, our highest growth rate in the past seven quarters; 219 $100,000-plus ARR customers added, a quarterly record; and 17 $1 million-plus ARR customers added, tying a quarterly record; eight $1 million-plus net new ACV transactions in Q3, also tying a quarterly record; 20% of net new ACV from emerging products launched since last year; and achieving our first quarter of GAAP profitability. More broadly, our durable and increasingly efficient growth demonstrates the large yet still early opportunity for digital transformation across physical operations.

謝謝你，桑吉特。第三季持續維持穩定成長，獲利能力也有所提高。本季亮點在於多項關鍵指標的強勁表現，包括以固定匯率計算的淨新增 ARR 同比增長 23%，創下過去七個季度以來的最高增長率；新增 219 位 ARR 超過 10 萬美元的客戶，創下季度紀錄；新增 17 位 ARR 超過 100 萬美元的客戶淨，追平季度紀錄第三季度新增交易 80 萬美元的淨交易 1000 萬淨筆；的淨新增 ACV 來自去年以來推出的新興產品；以及實現了我們第一個季度的 GAAP 利潤。更廣泛地說，我們持續且日益高效的成長表明，實體營運領域的數位轉型存在著巨大但仍處於早期階段的機會。

Looking ahead, we believe Samsara is well positioned to deliver durable growth and create long-term shareholder value for several key reasons. First, we have a unique defensible data advantage. By instrumenting physical assets with IoT devices, we generate a large and growing proprietary data asset that cannot be easily replicated or sourced elsewhere. Second, AI is accelerating our innovation, enabling us to release new products and meaningful features at a faster pace, driving higher customer engagement and usage. Third, our business model scales with fiscal assets rather than head count or knowledge workers and aligns us with end markets poised to benefit from major initiatives such as the global AI infrastructure build-out. Fourth, our products have a differentiated value prop and mission-critical workflows, delivering fast, tangible ROI and quick payback periods that make us essential to our customers' operations.

展望未來，我們認為 Samsara 具備實現永續成長和創造長期股東價值的良好條件，原因有以下幾點：首先，我們擁有獨特的、可防禦的數據優勢。透過將物聯網設備應用於實體資產，我們產生了一個龐大且不斷成長的專有資料資產，該資產無法輕易複製或在其他地方取得。其次，人工智慧正在加速我們的創新，使我們能夠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，我們的商業模式以財政資產而非員工人數或知識工作者為增長點，使我們與即將受益於全球人工智慧基礎設施建設等重大舉措的終端市場保持一致。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，能夠快速、切實地帶來投資回報，並實現快速的投資回收期，這使我們對客戶的營運至關重要。

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 the significant and durable cost base, we have a large opportunity to drive customer impact and long-term growth. Okay. Now turning to our results. Q3 ending ARR was $1.75 billion, an increase of 29% year-over-year.

最後，我們將目標鎖定在規模較大且可自由支配的營運預算上，這部分預算平均約佔客戶收入的 80%。因為我們幫助他們優化了龐大且持久的成本基礎，所以我們有很大的機會推動客戶影響力和長期成長。好的。現在來看我們的結果。第三季末年度經常性收入為 17.5 億美元，年增 29%。

Within that, we added $105 million of net new ARR, an increase of 24% year-over-year or 23% in constant currency, resulting in the second consecutive quarter of accelerating sequential growth and the highest net new ARR growth rate in the past seven quarters. And Q3 revenue was $416 million, growing 29% year-over-year. Several factors drove our strong top line performance in Q3. First, large customer momentum is leading to higher growth at scale. In terms of large deals, we signed 8 $1 million-plus net new ACV transactions in Q3, tying a quarterly record.

其中，我們新增 ARR 1.05 億美元，年增 24%，以固定匯率計算成長 23%，實現了連續第二季環比成長加速，也是過去七個季度以來最高的淨新增 ARR 成長率。第三季營收為 4.16 億美元，年增 29%。第三季強勁的營收成長是由多種因素推動的。首先，龐大的客戶群正在推動規模化成長。在大筆交易方面，我們在第三季簽署了 8 筆淨新增 ACV 超過 100 萬美元的交易，與季度記錄持平。

This reflects the success of our R&D and go-to-market investments to support these larger customer opportunities. At the same time, these larger deals have inherently longer and less predictable sales cycles, which could introduce more variability into our quarterly ARR results than in the past.

這體現了我們在研發和市場推廣方面的投資取得了成功，從而支持了這些更大的客戶機會。同時，這些較大的交易本身就具有更長、更難以預測的銷售週期，這可能會比以往為我們的季度 ARR 業績帶來更大的波動。

In terms of large customers, we ended Q3 with 2,990 $100,000-plus ARR customers, a quarterly record increase of 219. ARR from $100,00-plus customers exceeded $1 billion, increasing 36% year-over-year, resulting in accelerating sequential growth at a larger scale. $100,000-plus ARR customers now represent 60% of total ARR, up from 57% one year ago. We also ended Q3 with 164 $1 million-plus ARR customers, tying a quarterly record increase of 17, $1 million-plus ARR customers contributed more than 20% of total ARR, and year-over-year ARR growth from this cohort accelerated sequentially for the second consecutive quarter at a larger scale. Second, our customers increasingly utilize Samsara as a system of record for physical operations by subscribing to multiple applications on a single unified platform.

就大客戶而言，我們第三季末擁有 2,990 位年經常性收入超過 10 萬美元的客戶，季度成長創紀錄，達到 219 位。來自年收入超過10萬美元客戶的年度經常性收入(ARR)超過10億美元，比去年同期成長36%，從而實現了更大規模的環比成長加速。目前，年收入超過10萬美元的客戶佔總ARR的60%，高於一年前的57%。第三季末，我們擁有 164 位年經常性收入超過 100 萬美元的客戶，與季度創紀錄的增長 17 位持平；年經常性收入超過 100 萬美元的客戶貢獻了超過 20% 的總年經常性收入；並且，該群體的年經常性收入同比增長率連續第二個季度在更大範圍內加速增長。其次，我們的客戶越來越多地將 Samsara 用作物理操作的記錄系統，他們在單一統一的平台上訂閱了多個應用程式。

Over 95% of our $100,000-plus ARR customers subscribe to two or more products, and approximately 70% subscribe to three or more products. In Q3, 10 of the top 10 net new ACV deals included two or more products and 9 of the top 10 included three or more products. In Q3, we signed a large expansion with one of the world's largest home improvement retailers.

超過 95% 的年經常性收入超過 10 萬美元的客戶訂閱了兩種或兩種以上的產品，約 70% 的客戶訂閱了三種或三種以上的產品。第三季度，淨新增 ACV 最高的 10 筆交易中有 10 筆包含兩種或兩種以上產品，最高的 10 筆交易中有 9 筆包含三種或三種以上產品。第三季度，我們與全球最大的家居建材零售商之一簽署了一項大型擴張協議。

In the quarter, they increased their total licenses for video-based safety, vehicle telematics and Connected Equipment after achieving significant ROI, including a more than 50% reduction in total auto liability claims by leveraging Samsara's AI detections. In Q3, they also added Connected Workflows to digitize and streamline operational processes for vehicle life cycle management and driver activities, covering everything from preventative maintenance and incident review to vehicle disposal and ride-along compliance. As a result of our strong multiproduct adoption, we achieved our target dollar-based net retention rate of approximately 115%.

本季度，他們透過利用 Samsara 的 AI 檢測技術實現了顯著的投資回報率，包括將汽車責任索賠總額減少了 50% 以上，從而增加了基於視訊的安全、車輛遠端資訊處理和連網設備的總許可數量。第三季度，他們還增加了互聯工作流程，以實現車輛生命週期管理和駕駛員活動的數位化和簡化操作流程，涵蓋從預防性維護和事故審查到車輛處置和隨行合規性的所有內容。由於我們強大的多產品採用率，我們實現了以美元計價的淨留存率目標，約為 115%。

And third, we demonstrated strong execution across several frontier markets. In terms of emerging products, 20% of our net new ACV in Q3 came from our new products launched since last year, including AI Multicam, Asset Maintenance, Asset Tags, Connected Training and Connected Workflows. 34 transactions in Q3 included more than $100,000 in emerging product net new ACV. 8 of the top 10 net new ACV transactions included an emerging product, and Asset Tags ARR grew more than 400% year-over-year.

第三，我們在多個新興市場展現了強大的執行力。就新興產品而言，第三季新增淨年度合約價值 (ACV) 的 20% 來自去年以來推出的新產品，包括 AI 多攝影機、資產維護、資產標籤、互聯培訓和互聯工作流程。第三季共有 34 筆交易的新增淨年度合約價值超過 10 萬美元，均來自新興產品。排名前十的新增淨年度合約價值交易中有 8 筆涉及新興產品，資產標籤的年度經常性收入 (ARR) 年比增長超過 400%。

Also, Q3 included our largest ever Asset Tags deal with a global leader in chemistry solutions and engineered equipment for the oil and gas industry. The company manages thousands of reusable chemical totes but has historically lacked visibility into where these high-value assets are deployed, how long they remain at customer sites and overall inventory levels. By adopting Samsara's Level Monitoring Asset Tags, they'll gain real-time visibility for the first time, unlocking the ability to improve their tote fleet efficiency by 25% and through the elimination of excess inventory and more efficient utilization. Additionally, the customer expects to cut the manual labor required for quarterly inventory checks by more than 90%, driving immediate productivity gains and significant cost savings. In terms of end markets, we saw strong momentum across construction and public sector.

此外，第三季我們還與一家全球領先的石油和天然氣行業化學解決方案和工程設備供應商達成了有史以來最大的資產標籤交易。該公司管理著數千個可重複使用的化學品容器，但長期以來缺乏對這些高價值資產的部署地點、在客戶現場停留時間以及整體庫存水準的了解。透過採用 Samsara 的液位監控資產標籤，他們將首次獲得即時可見性，從而能夠將週轉箱車隊的效率提高 25%，並透過消除過剩庫存和更有效率的利用來實現這一目標。此外，客戶預計每季庫存盤點所需的人工將減少 90% 以上，從而立即提高生產力並大幅節省成本。從終端市場來看，建築業和公共部門都呈現出強勁的成長動能。

Construction contributed the highest net new ACV mix of all industries for the ninth consecutive quarter and public sector contributed its highest ever net new ACV mix with wins across Texas, New York, Massachusetts and Chicago. Also, public sector net new ACV grew approximately 100% year-over-year, its highest growth rate in almost three years and crossed more than $100 million in ending ARR. And in terms of international, 16% of net new ACV came from non-US geographies. Europe contributed its highest ever quarterly net new ACV mix, and year-over-year net new ACV growth in Europe accelerated for the second consecutive quarter, resulting in its highest growth rate in the last seven quarters.

建築業連續第九個季度貢獻了所有行業中最高的淨新增年度合約價值 (ACV) 組合，公共部門也貢獻了有史以來最高的淨新增年度合約價值 (ACV) 組合，在德克薩斯州、紐約州、馬薩諸塞州和芝加哥均取得了成功。此外，公共部門淨新增年度合約價值年增約 100%，這是近三年來最高的成長率，期末年度經常性收入超過 1 億美元。就國際市場而言，16% 的新增淨 ACV 來自美國以外的地區。歐洲貢獻了有史以來最高的季度淨新增 ACV 組合，並且歐洲的淨新增 ACV 同比增長率連續第二個季度加速，從而實現了近七個季度以來的最高增長率。

And as a result, Europe's overall ARR growth rate also accelerated for the second consecutive quarter. 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 Q3, a slight increase year-over-year. Non-GAAP operating margin was a quarterly record 19%, up 9 percentage points from one year ago, and free cash flow margin was 13% in Q3, up 4 percentage points year-over-year. Okay.

因此，歐洲整體年度經常性收入成長率也連續第二季加速成長。除了推動營收強勁成長外，隨著業務規模的擴大，我們也持續提升了整個業務的營運效率。第三季非GAAP毛利率為78%，較上年同期略有成長。非GAAP營業利益率達季歷史新高19%，較去年同期成長9個百分點；第三季自由現金流利潤率為13%，較去年同期成長4個百分點。好的。

Now turning to guidance based on FX rates as of November 1. For Q4, we expect revenue to be between $421 million and $423 million, representing 22% year-over-year growth or 21% growth in constant currency; non-GAAP operating margin to be 16%; and non-GAAP EPS to be between $0.12 and $0.13. For full year FY26, we expect revenue to be between $1.595 billion and $1.597 billion, representing 28% year-over-year growth; non-GAAP operating margin to be 16%; and non-GAAP EPS to be between $0.50 and $0.51. And finally, please see the additional modeling notes in our shareholder letter. So to wrap up, in Q3, we delivered high growth at scale while also delivering operating efficiency gains.

現在轉向基於11月1日外匯匯率的指引。我們預計第四季度營收將在 4.21 億美元至 4.23 億美元之間，年增 22%（以固定匯率計算為 21%）；非 GAAP 營業利潤率為 16%；非 GAAP 每股收益將在 0.12 美元至 0.13 美元之間。我們預計 2026 財年全年營收將在 15.95 億美元至 15.97 億美元之間，年增 28%；非 GAAP 營業利潤率為 16%；非 GAAP 每股盈餘將在 0.50 美元至 0.51 美元之間。最後，請參閱我們致股東信中的其他模型說明。綜上所述，在第三季度，我們實現了規模化的高速成長，同時也提高了營運效率。

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. 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, helping 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.

展望未來，我們相信 Samsara 已做好充分準備，能夠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，從而推動差異化的 AI 創新和更深入的客戶互動。我們與實體營運的長期成長趨勢保持一致，預計將從全球人工智慧基礎設施建設等重大舉措中受益，並透過關鍵任務工作流程提供切實的投資回報，幫助客戶實現投資的快速回報。我們期待在此基礎上繼續發展，幫助我們的客戶以更安全、更有效率、更永續的方式大規模營運。

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

接下來，我將把問答環節交給麥克主持。

Thanks, Dominic. We will now open the line up for questions. (Operator Instructions) The first question today comes from Michael Turrin with Wells Fargo, followed by Alex Zukin with Wolfe.

謝謝你，多米尼克。現在開始接受提問。（操作員說明）今天的第一個問題來自富國銀行的邁克爾·圖林，接下來是沃爾夫銀行的亞歷克斯·祖金。

Sanjit, the large customer momentum, really standing out the past couple of quarters here. Can you just speak to what's enabling that from a product perspective and how significant a competitive advantage that is becoming for Samsara here?

Sanjit，大客戶成長動能在過去幾季表現尤為突出。您能否從產品角度談談是什麼促成了這一點，以及這對 Samsara 來說正在成為多麼重要的競爭優勢？

Sure. So we've been investing in the sort of scale and security and infrastructure needed to serve large customers for a number of years, both on the R&D and the go-to-market side. I would say on the product side, it's our ability to just manage these massive amounts of data, also customize the product to the needs of these large complex organizations and their org structures. And then on the go-to-market side, we really operate as a true partner to these companies, understanding their business, figuring out how to unlock the most value for them, and then we tailor the use of the product to meet those needs. I think the combination of those two has been the big unlock, and we're seeing it come through in the numbers now.

當然。因此，多年來，我們在研發和市場推廣方面都一直在投資於服務大型客戶所需的規模、安全性和基礎設施。我認為，從產品方面來說，我們有能力管理這些大量數據，還能根據這些大型複雜組織及其組織結構的需求來客製化產品。在行銷方面，我們真正以這些公司的合作夥伴的身份運作，了解他們的業務，弄清楚如何為他們釋放最大的價值，然後我們根據這些需求調整產品的使用方式。我認為這兩者的結合是重大突破的關鍵，我們現在已經從數據中看到了這一點。

Just to follow on, Dom, I know it's early, but you have a fairly good level of visibility in this model. Is there any high-level commentary you're willing to give us on fiscal '27 that's just helpful as we're rolling through some of the results from the rest of the year here?

Dom，我接著說一下，我知道現在還早，但你在這個模型中展現出了相當不錯的知名度。您是否願意就 2027 財年提供一些高層次的評論，以便我們在分析今年剩餘時間的一些業績時能夠更好地理解？

Yes. So look, yes, we're not in a position obviously to give formal guidance for next year. Q4 tends to be our seasonally largest quarter, and so we really need to get through the next couple of months before we finalize our FY27 plan. I will say that based on our current outlook, I would expect that our initial FY27 revenue guide in terms of the dollars will be higher than where current consensus is right now just given the Q3 outperformance.

是的。所以，是的，我們顯然無法對明年的情況給予正式的指導。第四季通常是我們業務量最大的季度，因此在最終確定 2027 財年計畫之前，我們真的需要度過接下來的幾個月。根據我們目前的展望，鑑於第三季業績超出預期，我預計我們 2027 財年的初步營收預期（以美元計）將高於目前的普遍預期。

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

今天的下一個問題來自 Wolfe Research 的 Alex Zukin，接下來是摩根士丹利的 Keith Weiss。

Sanjit, maybe for you. The contribution from new products, that jumped to 20% of net new ACV from 8% last quarter. Maybe just dig a little bit deeper of kind of what went better or what's outperforming your expectations to drive that kind of inflection. And then I've got a quick follow-up.

桑吉特，也許對你來說是這樣。新產品貢獻佔淨新增年度合約價值的比例從上季的 8% 躍升至 20%。或許應該更深入地挖掘哪些方面做得更好，或者哪些方面超出了你的預期，從而推動這種轉變。然後我還有一個後續問題。

Sure. So we launched a number of new products at the customer conference earlier this year, and I think it took a few months for customers to trial them out, see how they worked. And it's been great to see the contribution early on from these new products. So that 20% up from 8%, I think, reflects growth across a number of different products. So it was no single product but really kind of balanced across a number of different products.

當然。因此，我們在今年稍早的客戶大會上推出了一系列新產品，我認為客戶花了幾個月的時間來試用這些產品，看看它們的效果如何。很高興看到這些新產品在早期就做出了貢獻。因此，從 8% 成長到 20%，我認為反映了多種不同產品的成長。所以它不是單一產品，而是多種不同產品之間所取得的平衡。

Perfect. And then, Dom, maybe for you. It's a little bit -- it's great and rare to see sequential growth in net new ARR for you guys in a Q3, particularly given some of the mechanics around some deals pushing out from 1Q to 2Q. So maybe can you just highlight like what drove that strength? Maybe comment on the First Student deal.

完美的。然後，Dom，也許是為了你。有點——對你們來說，在第三季度實現淨新增 ARR 的連續增長是件好事，也是難得一見的，尤其考慮到一些交易的機制從第一季度推遲到了第二季度。所以，您能否重點介紹一下是什麼造就了這種優勢？或許可以評論一下First Student的交易。

Was that more impactful in Q2 or Q3? And anything else that we should keep in mind?

第二季還是第三季影響更大？還有其他需要注意的地方嗎？

Yes. Thanks. So yes, so Q2, obviously, we talked about this three months ago, and we had the benefit of some of the deals from Q1 that slipped into Q2, and we closed those in May at the beginning of the quarter. And so we called that out last quarter. In terms of First Student, that was a deal that we signed in Q2.

是的。謝謝。是的，第二季度，很顯然，我們三個月前就討論過這個問題，我們受益於第一季度的一些交易延續到了第二季度，我們在五月份季度初完成了這些交易。所以我們在上個季度就指出了這一點。至於 First Student，那是我們在第二季簽署的協議。

It's going to be a phased rollout. So the ARR will be added over time. That's very common for our large deals to do these phased rollouts. We actually added more ARR from that deal in Q2 than we did in Q3, so it really wasn't much of a contributor to this quarter. Q3 was really driven by things like the record number of large customers that we added, both $100,000 and $1 million plus, we tied the quarterly record again for $1 million-plus net new ACV transactions, all of the emerging product strength that Sanjit just mentioned and in some of the industries like construction, public sector, Europe, all of those contributed to a really strong quarter.

這將分階段推出。因此，ARR（年度經常性收入）會隨著時間的推移而增加。對於我們的大型交易來說，分階段推出是非常常見的做法。實際上，我們在第二季度從該交易中獲得的 ARR 比第三季度還要多，因此它對本季的貢獻並不大。第三季業績的真正驅動力在於我們新增了創紀錄的大客戶數量，包括 10 萬美元和 100 萬美元以上的客戶；我們再次追平了 100 萬美元以上淨新增 ACV 交易的季度紀錄；Sanjit 剛才提到的所有新興產品優勢；以及在建築、公共部門、歐洲等一些行業的強勁表現，所有這些都促成了非常強勁的業績。

Congrats, guys.

恭喜各位！

The next question comes from Keith Weiss with Morgan Stanley, followed by Matt Bullock with BofA.

下一個問題來自摩根士丹利的 Keith Weiss，緊接著是美國銀行的 Matt Bullock。

Congratulations on a really solid quarter. I wanted to dig in on sort of the 20% from emerging products. It seems like with the broader product portfolio that you guys have put out there, now you're seeing traction across multiple products. You're seeing those multiproduct deals really hit. Any sense you could give us on kind of the latent opportunity, if you will, within the customer base?

恭喜你們本季表現出色。我想深入研究新興產品帶來的 20% 的份額。看來隨著你們推出的產品組合越來越豐富，現在你們的多個產品都獲得了市場認可。你會看到那些多產品促銷活動真的很熱門。您能否就客戶群中潛在的商機談談您的看法？

Like how expansive could these products be within existing customers? How much further can you go in terms of growing existing customers with the expanded product portfolio?

這些產品在現有客戶群中的市場潛力究竟有多大？在產品組合擴展的基礎上，您還能在多大程度上拓展現有客戶群？

Yes. I mean most of our net new ACV or slightly more of it generally comes from expansions to existing customers, even within our core products, and so that's definitely also the case in these emerging products. We're really just scratching the surface. Again, these are products in totality that have been rolled out going back to the beginning of last year, but they're really allowing us to land larger in some of these customers. We called out that 9 of the top 10 net new ACV deals included three or more products.

是的。我的意思是，我們新增的年度合約價值 (ACV) 大部分甚至更多都來自現有客戶的業務拓展，即使是我們的核心產品也是如此，新興產品的情況也肯定如此。我們目前所看到的只是冰山一角。再次強調，這些產品是從去年年初開始全面推出的，但它們確實讓我們在一些客戶中取得了更大的成功。我們指出，淨新增 ACV 排名前 10 的交易中有 9 筆包含三種或更多種產品。

So that includes things outside of our core products. And that just wasn't the case before the beginning of last year, and so we're really seeing good momentum from the emerging products. And Sanjit said, it's not any one given product. We're really seeing good uptake across the board.

所以這其中也包括我們核心產品以外的內容。而去年年初之前並非如此，因此我們確實看到了新興產品的良好發展勢頭。桑吉特說，這不是某個特定產品的問題。我們看到各方面的接受度都非常好。

Got it. I mean, is there any kind of rule of thumb that you could kind of point us to if your average like $100,000-plus customers paying you $350,000 per year, today, if they fully buy in across the solution portfolio? Can that go to $700,000? Like is it like a 2 times, 3 times uplift potential from the expanded solution portfolio?

知道了。我的意思是，如果你們的平均客戶（例如年收入超過 10 萬美元的客戶）現在每年支付 35 萬美元，並且他們完全購買了你們的所有解決方案，那麼有沒有什麼經驗法則可以給我們一些參考？能達到70萬美元嗎？擴展後的解決方案組合是否能帶來 2 倍、3 倍的成長潛力？

I don't think there's like a really good rule of thumb for that. Some customers may have more assets out in the field or more frontline workers than they do commercial vehicles. Some of these deals are more of the net new ACV is coming from the emerging products than the kind of the core products. And so there's not really one rule of thumb, but it's just giving us more opportunities to land broader, again, really thinking about Samsara as a system of record and providing more kind of full-scale ROI for the customers.

我覺得這方面並沒有特別好的經驗法則。有些客戶在現場擁有的資產或第一線員工可能比商用車輛更多。在這些交易中，部分新增年度合約價值更多來自新興產品，而不是核心產品。因此，並沒有什麼經驗法則，但這確實給了我們更多機會去更廣泛地落地，再次認真地將 Samsara 視為一個記錄系統，並為客戶提供更全面的投資回報率。

Got it. And then maybe just as a follow-up. Taking the combination of the first two questions that my colleagues asked. The last two quarters have been pretty remarkable in terms of the acceleration and the net new ARR growth. It sounds like it's a combination of like more products hitting into the existing accounts and large customer go-to-market motion hitting.

知道了。然後或許可以作為後續跟進。綜合考慮同事們提出的前兩個問題。過去兩個季度，無論是加速成長或新增年度經常性收入淨成長，都相當顯著。聽起來像是更多產品湧入現有客戶群以及大型客戶市場推廣活動同時發生的結果。

Is that it? Like is it just like your initiatives are sort of compounding against each other to drive that? Or is there something else under the hood that's enabling you guys to see this type of acceleration in the net new?

就這些嗎？是不是你們的各項舉措相互疊加，最終導致了這種情況？或者說，還有其他因素讓你們能夠在新車上看到這種加速效果？

Yes. I mean, yes, and if you go back to Q2 where we had accelerating net new ARR growth versus Q1, obviously, again, we had the benefit of the Q1 deals that slipped in and we talked about First Student with Alex's question, Q3 was just really strong across the board. Again, quarterly record number of large customers added, tying a quarterly record in terms of largest deals, strength across emerging products, strength in international. It was just -- it was really strong across the board kind of firing on all cylinders versus kind of one thing that drove the second consecutive quarter of accelerating growth.

是的。我的意思是，是的，如果你回顧一下第二季度，你會發現我們的淨新增 ARR 成長速度比第一季度更快，顯然，我們再次受益於第一季度悄悄達成的交易，而且我們之前也討論過 Alex 提到的 First Student 的問題，第三季度整體表現非常強勁。再次，新增大客戶數創下季度新高，最大交易數量也創下季度新高，新興產品表現強勁，國際市場表現強勁。情況就是－各方面都非常強勁，各個環節都火力全開，而不是像以往那樣只有某一方面推動了連續第二季的成長加速。

The next question comes from Matt Bullock with BofA, followed by Matt Hedberg with RBC.

下一個問題來自美國銀行的馬特‧布洛克，緊接著是加拿大皇家銀行的馬特‧赫德伯格。

Excellent. I wanted to ask a quick follow-up to Alex's question to clarify some of the math I've done over here because I have to admit, looking at the initial stock reaction relative to that reported net new ARR number, I'm a little bit confused here. So even in our more aggressive upside model, $105 million in net new ARR was well above our estimate when you adjust for that approximately $5 million in incremental net new ARR tailwinds that you had in 2Q from the Liberation Day slippage. Am I correct in saying this will be the first sequential growth quarter in three years at about 5% plus or so when you do some of that math? Or do I have my numbers correct there?

出色的。我想就 Alex 的問題快速追問一下，以澄清我在這裡做的一些計算，因為我不得不承認，看著最初的股票反應相對於報告的淨新增 ARR 數據，我有點困惑。因此，即使在我們更激進的上漲模型中，1.05 億美元的新增淨 ARR 也遠高於我們的估計，即使考慮到第二季度因解放日促銷活動帶來的約 500 萬美元新增淨 ARR 利好因素。我這樣計算一下，如果以三年來首次實現連續成長，增速在 5% 左右，對嗎？我的數據是否正確？

Yes. I don't think we've like commented exactly on what the Q1 Liberation Day kind of impact was. We did say mid-single digits, and that is an amount that slipped out of Q1 and we landed in Q2. And so that definitely had an impact. I think if you look back over the last couple of years, even beyond that, Q3 has been a little bit below Q2.

是的。我認為我們還沒有具體評論過第一季解放日活動的影響究竟是什麼。我們之前說過會是中個位數，而這個數字從第一季滑落到了第二季。所以這肯定產生了影響。我認為，回顧過去幾年，甚至更久遠的時間，第三季的業績都略低於第二季。

And so I think sequentially, that's one way to look at it. The other way is obviously just the overall net new ARR growth rate. It's not only is it the second consecutive quarter of accelerating. It's the highest net new ARR growth rate in the last seven quarters. So again, not one thing to call out that really drove that strength.

所以我覺得，從順序上來說，這是看待這個問題的一種方式。另一種方法顯然就是整體淨新增 ARR 成長率。這不僅是連續第二季加速成長。這是近七季以來最高的新增年度經常性收入淨成長率。所以，再次強調，並沒有特別突出的原因導致了這種優勢。

It was really across the board.

這種情況幾乎遍及所有領域。

Awesome. And then a quick follow-up if I could. On the First Student deal, obviously, a huge amount of vehicles, 46,000. You're attaching video, telematics, commercial NAV, impressive deal. But over the long term, it looks to me, even when you underwrite conservative pricing assumptions, this could be $30 million, $40 million-plus ACV customer.

驚人的。如果可以的話，我還想快速跟進一下。顯然，與 First Student 的交易涉及大量車輛，共 46,000 輛。您提供的是視訊、遠端資訊處理、商用導航系統，這筆交易很划算。但從長遠來看，即使採用保守的定價假設，這也可能是一個年現金流價值 3,000 萬美元、4,000 萬美元以上的客戶。

Maybe just help us think about how deals of this magnitude typically roll out, right? Obviously, they're staged rollouts. But what percentage of those 46,000 you think can be deployed in the first six months to a year?

或許可以幫我們思考一下，像這樣規模的交易通常是如何進行的，對吧？顯然，這些都是分階段推出的。但你認為這 46,000 人中有多少百分比可以在前六個月到一年內部署？

It really depends. It's customer by customer. I mean some customers can deploy a lot faster. There's a lot of change management, project management required internally at the customers to deploy these systems, and so it really is customer by customer in terms of how long they will get rolled up. But many customers of this size or our largest deals get phased out over several quarters.

這真的要看情況。這是逐一客戶進行的。我的意思是，有些客戶的部署速度要快得多。客戶內部需要進行大量的變更管理和專案管理才能部署這些系統，因此，具體需要多長時間才能完成整合，真的要視客戶而定。但許多像這樣規模的客戶或我們最大的交易都會在幾個季度內逐步退出。

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

下一個問題來自 RBC 的 Matt Hedberg，緊接著是 Piper Sandler 的 Jim Fish。

Great. I'll offer my congrats as well. I mean seeing this kind of growth at scale and GAAP profitability is elite to say the least. Sanjit, I wanted to ask about international, something that we've been -- and you have been focused on over the last several years, and it's great to see the progress there. I think you said Europe accelerated now for the second straight quarter.

偉大的。我也要向你表示祝賀。我的意思是，能夠實現如此大規模的成長並達到GAAP獲利水平，這絕對是頂尖水平。Sanjit，我想問國際方面的問題，這是我們——也是你——在過去幾年一直關注的領域，很高興看到這方面取得的進展。我想你說過，歐洲經濟已經連續第二季加速成長了。

It's still early clearly from an international perspective, less penetrated in the US. If you were to sort of like look at a scorecard and say we think we're in the X inning of this journey, where are we? And as we think forward in the future, I mean, this feels like it could be a significant driver of total ACV growth. Just thoughts on kind of where we're at in this international journey.

從國際角度來看，這顯然還處於早期階段，在美國的滲透率也較低。如果像看記分卡一樣，說我們認為我們現在處於這段旅程的第 X 局，那麼我們現在在哪裡？展望未來，我認為這可能會成為推動年度合約價值 (ACV) 總成長的重要因素。只是對我們目前在國際征程中所處位置的一些想法。

Yes. Matt, I would agree with you that we're early. For us, international has always been an exciting long-term opportunity. We talked about this on the prepared remarks. There are more assets.

是的。馬特，我同意你的看法，我們來得早。對我們來說，國際市場一直是個令人興奮的長期機會。我們在準備好的演講稿中談到了這一點。還有更多資產。

Basically, there's more physical operations out in Europe, Mexico, and Canada than there are in the US, so more vehicle count and so on. That being said, they're earlier in their digitization journey, so they're maybe kind of earlier on how they're piloting these technologies, how they're implementing them. So we're kind of in the early innings is the way I would put it, and we're investing for the long term. We want to make sure we have a great product market fit. We're spending time out in the field with those customers.

基本上，歐洲、墨西哥和加拿大的實體營運規模比美國更大，因此車輛數量也更多等等。也就是說，他們在數位轉型過程中還處於早期階段，所以他們在試點和實施這些技術方面可能也還處於早期階段。所以，用我的話來說，我們現在還處於起步階段，我們進行的是長期投資。我們希望確保我們的產品與市場完美契合。我們正在花時間與這些客戶一起實地考察。

I referenced our local customer conferences. They've been awesome. So we're going to continue to invest there, but it really is against that long-term opportunity to digitize operations at a more global scale.

我提到了我們當地的客戶會議。他們太棒了。因此我們將繼續在那裡投資，但這實際上是與在全球範圍內實現營運數位化這一長期機會背道而馳的。

Got it. And then on AI, you continue to roll out new products at your user conference. I'm just curious, like philosophically speaking, how do you think AI itself contributes to growth? Like is it additive to growth? And I guess, in the future, do you see pricing and packaging evolving when you continue to layer on more AI and GenAI features?

知道了。然後，在人工智慧方面，你們繼續在用戶大會上推出新產品。我只是好奇，從哲學角度來說，你認為人工智慧本身是如何促進經濟成長的？它對成長有促進作用嗎？我猜想，未來隨著人工智慧和 GenAI 功能的不斷增加，您認為定價和包裝方式會改變嗎？

Well, I think of AI as just being an incredible unlock for this customer value. So we have this data asset that we've been compounding that gives us a lot of visibility into the physical operations, but it's way more data than any team of people can look at. And so I talked about automations, for example, being able to scale the impact of this product using AI, that's powered by LLMs, GenAI and a bunch of the newer technologies you've been hearing about. So again, I think of it as an unlock of what's going to make it possible for these industries to digitize in a practical way without having to add a ton of head count, get value from that data. So that both improves our ability to deliver the existing products that enhances them, and it creates a possibility for some of the newer products that we launched beyond.

我認為人工智慧正是釋放客戶價值的絕佳途徑。因此，我們擁有不斷累積的這項數據資產，它讓我們對實際營運有了更清晰的了解，但數據量遠遠超過任何一個團隊所能查看的範圍。因此，我談到了自動化，例如，利用人工智慧擴大該產品的影響範圍，而人工智慧則是由LLM、GenAI和你們聽說過的一系列新技術所驅動的。所以，我認為它就像是解鎖了讓這些行業能夠以切實可行的方式實現數位化，而無需增加大量員工，並從這些數據中獲取價值的關鍵。這樣既提高了我們交付現有產品的能力，也增強了現有產品的性能，同時也為我們之後推出的一些新產品創造了可能性。

So it really is sort of being applied across the board on both existing and new products.

因此，它實際上已經全面應用於現有產品和新產品。

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

下一個問題來自吉姆·菲什（Jim Fish）和派珀·桑德勒（Piper Sandler），接下來是柯克·馬特恩（Kirk Materne）和艾弗科爾（Evercore）。

Nice quarter. Maybe just going back to the school bus example. I mean, it's the second big school bus provider win. I guess, is there a way to think about how big of a vertical this is today? I assume very small, but really the crux of my question is how big of an opportunity in the US alone it is as we think about your TAM.

不錯的街區。或許我們可以回到校車的例子。我的意思是，這是第二家大型校車供應商得標。我想，有沒有辦法衡量一下如今這個垂直領域究竟有多大？我估計機會非常小，但我的問題的關鍵在於，考慮到你們的TAM（總市場規模），僅在美國，這究竟是一個多大的機會。

I don't have an exact number for you in terms of how big the school bus vertical is off the top of my head. One of the exciting things we've seen is once these industry verticals start to open up, they really go. So we've seen this with construction as we've gotten adoption. We've seen it in segments like building materials. And now with student transportation, I think landing the largest -- landing another top five, we're really starting to see the entire industry say, hey, this is a technology we need to implement because it massively improves safety.

我一時想不出校車垂直高度的確切數字。我們看到令人興奮的事情之一是，一旦這些行業垂直領域開始開放，它們就會發展壯大。所以，我們在建築業也看到了這一點，因為我們已經獲得了認可。我們在建築材料等領域已經看到了這種現象。現在，在學生交通領域，我認為，隨著規模最大的——又一個前五名——我們真的開始看到整個行業都在說，嘿，這是一項我們需要實施的技術，因為它能極大地提高安全性。

It helps us be competitive. So we look forward to seeing more growth in the student transport industry, but unfortunately, I don't have a specific number off the top of my head for you.

這有助於我們保持競爭力。因此，我們期待看到學生運輸業進一步發展，但遺憾的是，我目前無法提供具體的數字。

All good. And just on the newer products, I mean, Asset Tags ended -- ending ARR growing over 400%. I assume that's a reacceleration, albeit off of a smaller base. Is there a way to think about how that sizing now compares to that $10 million ARR given at Beyond? And more on the emerging products, how commercial navigation is going at this point?

一切都好。就新產品而言，我的意思是，Asset Tags 的結束——年度經常性收入增長超過 400%。我猜想這是重新加速成長，儘管起點較低。有沒有辦法將目前的規模與 Beyond 的 1000 萬美元 ARR 進行比較？還有更多關於新興產品的信息，目前商業導航的發展如何？

We'll give Asset Tag kind of ARR as we cross like important milestones, but you're right. I mean it was very strong growth. And I think one thing that's really helping to open that up is that we're really expanding what Asset Tags can do. We rolled out the kind of first version of it last year. And then this year, we rolled out the tank level monitoring aspects in addition to kind of the Bluetooth location.

我們會根據重要里程碑給 Asset Tag 發放 ARR，但你說得對。我的意思是，它的成長非常強勁。我認為真正有助於實現這一點的關鍵在於，我們正在不斷擴展資產標籤的功能。我們去年推出了它的第一個版本。今年，除了藍牙定位功能外，我們還推出了液位監控功能。

And so we'll continue to add more and more products on to the Samsara network, and that's just another kind of extension, which has allowed us to -- again, to win our largest deal, Asset Tags deal ever in Q3.

因此，我們將繼續在 Samsara 網路上添加越來越多的產品，這只是另一種擴展方式，它使我們能夠再次贏得有史以來最大的交易——Asset Tags 交易（第三季度）。

Great. The next question comes from Kirk Materne with Evercore, followed by Dylan Becker with William Blair.

偉大的。下一個問題來自 Evercore 公司的 Kirk Materne，緊隨其後的是 William Blair 公司的 Dylan Becker。

Sanjit, I want to follow up a little bit on Matt's question earlier about AI. And I was kind of curious, when your customers are thinking about their budgets next year, are they thinking about apportioning part of that towards AI? And do you guys get the benefit from that as a platform that obviously sort of future proofs them when it comes to that technology longer term? I'm just kind of curious if the discussions with bigger customers are actually benefiting from the fact that you're a platform that sort of will embed AI for them over time.

Sanjit，我想就 Matt 之前提出的關於人工智慧的問題再補充一點。我很好奇，當你們的客戶考慮明年的預算時，他們是否會考慮將一部分預算分配給人工智慧？你們是否從中受益，作為一個平台，它顯然能夠從長遠角度確保你們的技術發展不受未來影響？我只是有點好奇，你們作為一個平台，會隨著時間的推移為他們嵌入人工智慧，這是否真的對與大客戶的討論有所幫助。

Yes. I think, first of all, the budget we sell into is the operations budget. That tends to be the largest operational budget in these companies, and they are really thinking about how do they get value. Where is the ROI going to come from? AI is, I think, intuitive to a lot of buyers now.

是的。我認為，首先，我們銷售的預算是營運預算。這往往是這些公司最大的營運預算，他們真的在思考如何從中獲得價值。投資報酬率從何而來？我認為，現在很多買家都對人工智慧很有興趣。

This is going to be an unlock, but ultimately, they want to see savings when it comes to safety and efficiency and kind of the core tenets of their operation. So I do think it's a nice tailwind for us in some of these deals. It helps us articulate why it is possible now to see this kind of value unlock. But I wouldn't say that they're pulling from a discrete AI budget within their own budgets.

這將是一個突破口，但歸根結底，他們希望在安全性和效率方面看到節省，而這正是他們營運的核心原則。所以我認為這對我們完成其中一些交易來說是一個不錯的助力。它有助於我們闡明為什麼現在有可能看到這種價值的釋放。但我不會說他們是在從自己的預算中撥出獨立的AI預算。

Okay. That's helpful. And then, Don, just a follow-up for you. Obviously, international, another nice quarter. What's sort of the thought process on expanding go-to-market reach in those territories as you go into next year?

好的。那很有幫助。唐，還有一個後續問題想問你。顯然，國際業務又是一個不錯的季度。展望明年，您在擴大這些地區的市場覆蓋範圍方面有哪些考慮？

And kind of how should we think about that from an investment perspective for you all?

那麼，從投資的角度來看，我們該如何看待這個問題呢？

I think it will be very similar to what we've done over the last couple of years. We tend to invest a little bit more internationally. Again, as Sanjit alluded to in his prepared remarks, there are more physical operations assets and frontline workers in Europe and Canada and Mexico, and those markets are even less penetrated than what we see in the US. So we still see a lot of white space opportunity in our core market in the US, but these international markets are going to be -- continue to be more important as we think medium and long term and the durability of the growth. And so we will be making more investments in terms of our R&D go-to-market resources in international going into FY27.

我認為這將與我們過去幾年所做的工作非常相似。我們傾向於在國際市場上進行更多投資。正如桑吉特在事先準備好的演講稿中所提到的，歐洲、加拿大和墨西哥擁有更多的實體營運資產和第一線員工，而這些市場的滲透率甚至比我們在美國看到的還要低。因此，我們仍然看到在美國核心市場存在著許多空白市場機會，但從中長期來看，這些國際市場將會變得越來越重要，成長的可持續性也將得到保障。因此，進入 2027 財年，我們將增加對國際研發市場資源的投資。

The next question comes from Dylan Becker of William Blair, followed by Alex Sklar with Raymond James.

下一個問題來自 William Blair 公司的 Dylan Becker，緊隨其後的是 Raymond James 公司的 Alex Sklar。

Appreciate it. Maybe, Sanjit, just starting with you on the public sector strength. I think it's 100% growth in kind of new ACV or net new ARR there. I know we've got a dedicated team in place, and we've kind of worked through the FedRAMP process. But maybe if you could kind of double click on what that continues to unlock, how we should think about kind of what the public sector opportunity looks like and how we would expect sustained momentum from this segment in particular.

謝謝。或許，桑吉特，就從你開始，發揮公共部門的優勢。我認為新增ACV或淨新增ARR成長了100%。我知道我們已經組建了一個專門的團隊，並且我們已經基本完成了 FedRAMP 流程。但或許，如果我們能更深入地了解它所帶來的持續發展機遇，我們就能更好地思考公共部門的機會究竟是什麼樣子，以及我們如何期待這一領域持續保持成長勢頭。

Sure. So one thing that's worth noting is in the public sector for physical operations, most of the work is actually done on the state and local level. So that's where the physical operations are taking place, whether it's maintaining roadways or sort of all the other work that happens. So we're excited to have wins like the City of Los Angeles and Chicago. I think state of New York was another big one.

當然。因此，值得注意的是，在公共部門的實際運作中，大部分的工作實際上是在州和地方層級完成。所以，無論是道路維護還是其他各種工作，實際操作都是在那裡進行的。所以我們很高興能贏得像洛杉磯市和芝加哥這樣的城市。我認為紐約州也是一個大問題。

And what's exciting about that is that these state and local customers, they're not competitive with one another. In other words, they share notes. They're happy to share win stories of how they're getting value, and so that's been a big part of the unlock, is kind of growing momentum that this is now possible. You can fundamentally improve safety. You can improve efficiency of asset use.

令人興奮的是，這些州和地方客戶之間並沒有競爭關係。換句話說，他們會交流筆記。他們樂於分享自己如何獲得價值的成功故事，因此，這在很大程度上促成了這一突破，也逐漸形成了一種勢頭，表明現在這是可能的。你可以從根本上提高安全性。您可以提高資產利用效率。

And so it's not about a Fed opportunity as much as it is SLED in our business at least.

因此，至少在我們這個行業，這與其說是聯準會的機會，不如說是州和地方政府的機會。

Perfect. Okay. No, that's very helpful. And then maybe for Dom on the enterprise traction piece. Obviously, another very strong quarter with $1 million and $100,000 customers, continues to accelerate and become an increasingly larger share of the overall mix.

完美的。好的。不，這很有幫助。然後或許可以跟 Dom 講講企業成長方面的內容。顯然，又一個非常強勁的季度，擁有 100 萬美元和 10 萬美元的客戶，而這種成長勢頭持續加速，在整體組合中所佔的份額越來越大。

I guess, how should we think about kind of sustainability? Obviously, the opportunity is significantly large here but within that enterprise cohort and maybe how that helps drive conviction in your guys' outlook or confidence in the durability of the growth framework.

我想，我們該如何看待永續發展呢？顯然，這裡的機會非常大，但在這個企業群體中，這或許有助於增強你們對前景的信念或對成長框架持久性的信心。

Yes. Yes, this is enterprise or strategic areas that we've been investing in for several years, again, from an R&D perspective to make sure that our platform is scalable and secure and that we have more than 350 technology integrations and then on the go-to-market side, making sure that we have the right kind of strategic AE resources but also the kind of the front-end sales engineers and customer successes required to really service these really large enterprises. So a lot of investment, a lot of -- is driving a lot of the momentum. And we feel really good about the size of the opportunity and this continuing to be a big driver of growth for us over time. I will say that, obviously, as I kind of mentioned in my prepared remarks, these larger deals, they're a little bit longer.

是的。是的，這是我們多年來一直在投資的企業或戰略領域，同樣是從研發的角度出發，以確保我們的平台具有可擴展性和安全性，並且我們擁有超過 350 項技術集成；然後在市場推廣方面，確保我們擁有合適的戰略客戶經理資源，以及真正服務於這些大型企業所需的前端銷售工程師和客戶成功團隊。因此，大量的投資，大量的──正在推動這股發展勢頭。我們對這個機會的規模感到非常樂觀，並且相信它將繼續成為我們未來發展的重要驅動力。我要說的是，很顯然，正如我在準備好的演講稿中提到的那樣，這些較大的交易，耗時會更長一些。

They're a little bit less predictable on a kind of quarter-to-quarter basis. And so the kind of the timing of when they close could be a little bit different than more of our mid-market customers that just have a lot more predictability in terms of what the sales cycle links. So I think if you're looking at the growth rate over an extended period of time, maybe multiple quarters over a year, we feel really good about the durability. There may be some more variability on a quarter-to-quarter basis.

從季度角度來看，它們的穩定性稍差一些。因此，他們的成交時間可能與我們更多的中端市場客戶略有不同，後者在銷售週期方面具有更高的可預測性。所以我覺得，如果你從較長一段時間來看成長率，例如一年中的幾個季度，我們對這種成長的持續性感到非常樂觀。季度之間的波動可能更大。

The next question comes from Alex Sklar with Raymond James, followed by Derrick Wood with TD Cowen. Alex? Okay. Let's ask --

下一個問題來自 Raymond James 的 Alex Sklar，接下來是 TD Cowen 的 Derrick Wood。亞歷克斯？好的。我們來問問--

Sorry. Sanjit, just first one for you, following up on Dylan's question. Just given some of the success verticalizing that public sector sales force, has that changed your thought process at all on go to market for some of your other end markets?

對不起。Sanjit，這是給你的第一個問題，接上 Dylan 的問題。鑑於公共部門銷售團隊垂直化所取得的一些成功，這是否改變了您對其他一些終端市場的市場進入策略的思考過程？

Well, in general, we are always relooking at what's the best way to sell to these different kinds of customer segments. Nothing specific to announce at this point, but we've been happy with the public sector team. It is quite a different buyer persona and industry vertical than some of the others we sell into. But every year, as we go through the planning process, we have a number of different debates and discussions about how to organize.

總的來說，我們一直在重新審視向不同類型的客戶群銷售產品的最佳方式。目前還沒有什麼具體消息要宣布，但我們對公共部門團隊的表現感到滿意。這與我們銷售的其他一些產品相比，買家畫像和行業領域都截然不同。但每年在規劃過程中，我們都會就如何組織進行許多不同的辯論和討論。

Okay. Great. And Dominic, just a follow-up for you. Just given the traction on newer products we've talked about, any change to how you're thinking about the expansion motion as part of that 115% NRR framework? Is that something we could see step up as you continue to add products to the overall platform?

好的。偉大的。多明尼克，我還有一個後續問題想問你。鑑於我們之前討論過的新產品的市場反響，您在考慮如何將擴張計劃納入 115% NRR 框架時，有什麼變化嗎？隨著你們不斷在整個平台上添加產品，我們是否會看到這種情況有所改善？

Our business has been very consistent over the last several years and very balanced in terms of roughly half of the business -- roughly half of the new bookings in a given period coming from new logos and the other roughly 50% coming from expansions. I think there's clearly a lot of expansion opportunity in front of us with some of these larger customers and phased rollouts and all of the newer products that we're releasing, but there's still a lot of opportunity on the new logo side as well. And so I think I would expect it to be pretty balanced going forward, but again, on the expansion side, still a lot of opportunity to grow within the existing customers we've landed.

過去幾年，我們的業務一直非常穩定，而且業務組成非常平衡——在特定時期內，大約一半的新訂單來自新客戶，另外約 50% 來自現有客戶的擴張。我認為，隨著一些大客戶的加入、分階段的推廣以及我們推出的所有新產品，我們面前顯然有很多擴張的機會，但新標誌方面也仍然有很多機會。因此，我認為未來將會保持相當平衡的狀態，但同樣地，在擴張方面，我們仍然有很多機會在現有客戶群中實現成長。

The next question comes from Derrick Wood with TD Cowen, followed by Mark Schappel with Loop Capital.

下一個問題來自 TD Cowen 的 Derrick Wood，緊接著是 Loop Capital 的 Mark Schappel。

Congrats on my end. Sanjit, the -- I just wanted to ask about the new tariffs that went into effect in November on foreign trucks and truck parts. Just are you seeing this shape customer demand one way or the other? Like does this drive more companies to turn to Samsara to extend lifespan of assets owned? Or just curious how this may have had any impact on end market behavior.

我這邊也恭喜你。Sanjit，我只是想問11月生效的對外國卡車和卡車零件徵收的新關稅。您是否觀察到這種客戶需求趨勢？這是否會促使更多公司轉向Samsara來延長其擁有資產的使用壽命？或者只是好奇這會對終端市場行為產生怎樣的影響。

Yes. So Derrick, I was out on the road a lot last quarter, and I asked many of our customers what they thought about the tariffs, how it impact their operations. And really, they didn't think it was going to have much of a change in how they were behaving. You mentioned extending asset life spans. That is something we've seen interest in really for the last several years, which is these trucks have been getting more and more expensive over time.

是的。德里克，上個季度我經常出差，我問了很多客戶他們對關稅的看法，以及關稅對他們營運的影響。事實上，他們並不認為這會對他們的行為方式產生多大影響。您提到了延長資產使用壽命。過去幾年，我們確實看到了人們對卡車價格不斷上漲的現象。

But they're also possible to run for a few more years if you maintain them well. So we launched Connected Maintenance, for example. We have a lot of fault code insights and other AI that we're applying to helping extend asset lifespan. So that is, I think, more of an evergreen thing that we're seeing in the customer base, where they're always trying to figure out can we run these assets a little bit longer by maintaining them in a smarter way but not linked to the recent tariff needs at all.

但如果你保養得當，它們還可以再運作幾年。例如，我們推出了互聯維護服務。我們擁有大量的故障碼洞察和其他人工智慧技術，我們正在將其應用於幫助延長資產壽命。所以，我認為，這更像是我們在客戶群中看到的一種常態，他們總是試圖弄清楚我們能否透過更聰明的維護方式來延長這些資產的使用壽命，但這與最近的關稅需求完全無關。

Got it. Dom, in your prepared remarks, you called out selling into areas like construction, field services, energy, utilities. These are all impacted by physical AI infrastructure build-out. So could you double click on what you're seeing in that arena, how all the investments in CapEx on AI data centers may be impacting demand from those verticals and how you see that playing out over the next couple of years?

知道了。Dom，你在事先準備好的演講稿中提到了向建築、現場服務、能源、公用事業等領域進行銷售。這些都受到人工智慧基礎設施建設的影響。那麼，您能否深入探討您在該領域看到的情況，例如，所有對人工智慧資料中心的資本支出投資可能會如何影響這些垂直行業的需求，以及您認為這種情況在未來幾年將如何發展？

Yes, definitely. I mean we called out that construction was our largest industry in terms of net new ACV mix for the ninth consecutive quarter and it's obviously a direct beneficiary of the AI build-out. I think even more broadly, though, just the digital transformation for these physical operations businesses in all these industries really transcends what's going on in kind of in the broader economy. And so I think both of those are contributing to continued success in the industries you mentioned.

是的，當然。我的意思是，我們指出，建築業連續第九個季度成為淨新增 ACV 組合中佔比最大的行業，而且顯然是人工智慧建設的直接受益者。但我認為，從更廣泛的角度來看，所有這些產業中實體營運企業的數位轉型，實際上超越了更廣泛的經濟領域正在發生的事情。所以我認為這兩方面都對您提到的行業持續取得成功做出了貢獻。

Our last question today comes from Mark Schappel with Loop Capital.

今天最後一個問題來自 Loop Capital 的 Mark Schappel。

Sanjit, could you share more detail on what you're currently seeing in the telematics market, including any evidence of an accelerating replacement cycle? And then also, too, along those lines, is it fair to assume that you're still seeing high win rates versus some of the legacy providers there?

Sanjit，你能否分享一下你目前在車載資訊服務市場觀察到的更多細節，包括是否有任何證據表明設備更新換代週期正在加速？此外，從這個角度來看，是否可以合理地假設，與一些傳統供應商相比，你們的勝率仍然很高？

Yeah, absolutely. So I would say telematics, it's part of the market that's been around for some time, really since probably the late '90s, early 2000s. So we are seeing sort of aging incumbents that haven't been able to keep up. Customers are kind of looking for other solutions, and we're very well positioned for that. So that's really this kind of modernization going on.

是的，絕對的。所以我認為，遠端資訊處理技術是市場的一部分，它已經存在一段時間了，實際上可能從90年代末、本世紀初就開始出現了。所以我們看到的是一些老舊的、無法跟上時代步伐的現有企業。客戶們正在尋找其他解決方案，而我們在這方面具有非常有利的地位。這就是正在發生的這種現代化過程。

And then more broadly, safety is driving a lot of these new expansions and then new wins. So that's an area where we've seen a lot of strength. And the legacy telematics vendors that have been truly point solutions, they've either partnered for that or have implemented kind of basic safety products. So what we're seeing in the market is people are looking for a broader platform, something that's modern, something where they can really put multiple applications up and get a system of record going. That's different than the kind of telematics point solutions that were common about 20 years ago.

更廣泛地說，安全是推動這些新擴張和新勝利的驅動力。所以，這是我們展現強大實力的領域。而那些一直以來只提供單一解決方案的傳統車載資訊服務供應商，要嘛已經與其他公司合作，要嘛已經實施了一些基本的安全產品。因此，我們在市場上看到的是，人們正在尋找一個更廣泛的平台，一個現代化的平台，一個可以真正部署多個應用程式並建立一個記錄系統的平台。這與大約 20 年前常見的遠端資訊處理解決方案有所不同。

This concludes the question-and-answer portion. Thank you all for attending our Q3 fiscal year 2026 earnings call. Before I let you go, I have a few short announcements. We will be attending the Raymond James TMT and Consumer Conference in New York on December 9 and the FBN Virtual Technology Conference on December 12. We'll also be hosting the Piper Sandler Bus Tour on December 9, the Rothschild Bus Tour on December 9, the Evercore Bus Tour on January 5, the Bank of America Bus Tour on January 5, and the Jefferies Bus Tour on January 6.

問答環節到此結束。感謝各位參加我們2026財年第三季財報電話會議。在結束之前，我還有幾個簡短的通知。我們將於 12 月 9 日參加在紐約舉行的 Raymond James TMT 和消費品大會，並於 12 月 12 日參加 FBN 虛擬技術大會。我們也將於 12 月 9 日舉辦 Piper Sandler 巴士之旅，12 月 9 日舉辦 Rothschild 巴士之旅，1 月 5 日舉辦 Evercore 巴士之旅，1 月 5 日舉辦美國銀行巴士之旅，1 月 6 日舉辦 Jefferies 巴士之旅。

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

我們希望在這些活動中見到您。今天的會議就到這裡。如果您還有任何後續問題，可以發送電子郵件至ir@samsara.com。再見，各位。