Nutanix Inc (NTNX) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nutanix Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rich Valera, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Nutanix 2024 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Rich Valera。請繼續。

Good afternoon, and welcome to today's conference call to discuss second quarter fiscal year 2024 financial results. Joining me today are Rajiv Ramaswami, Nutanix' President and CEO; and Rukmini Sivaraman, Nutanix' CFO. After the market closed today, Nutanix issued a press release announcing second quarter fiscal year 2024 financial results.

下午好，歡迎參加今天的電話會議，討論 2024 財年第二季的財務業績。今天與我一起出席的還有 Nutanix 總裁兼執行長 Rajiv Ramaswami；以及 Nutanix 財務長 Rukmini Sivaraman。今日收盤後，Nutanix發布新聞稿，公佈2024財年第二季財務業績。

If you'd like to read the release, please visit the Press Releases section of our IR website. During today's call, management will make forward-looking statements, including financial guidance. These forward-looking statements involve risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially and adversely from those anticipated by these statements.

如果您想閱讀該新聞稿，請造訪我們的 IR 網站的新聞稿部分。在今天的電話會議上，管理階層將做出前瞻性陳述，包括財務指導。這些前瞻性陳述涉及風險和不確定性，其中一些是我們無法控制的，可能導致實際結果與這些陳述預期的結果有重大不利差異。

For a more detailed description of these and other risks and uncertainties, please refer to our SEC filings, including our annual report on Form 10-K for fiscal year ended July 31, 2023, and our subsequent quarterly reports on Form 10-Q as well as our earnings press release issued today. These forward-looking statements apply as of today, and we undertake no obligation to revise these statements after this call.

有關這些和其他風險和不確定性的更詳細描述，請參閱我們的 SEC 文件，包括截至 2023 年 7 月 31 日的財政年度的 10-K 表年度報告，以及我們隨後的 10-Q 表季度報告以及我們今天發布的收益新聞稿。這些前瞻性陳述自今日起適用，我們不承擔在本次電話會議後修改這些陳述的義務。

As a result, you should not rely on them as representing our views in the future. Please note, unless otherwise specifically referenced, all financial measures we use on today's call, except for revenue, are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided, to the extent available, reconciliations of these non-GAAP financial measures to GAAP financial measures on our IR website and in our earnings press release.

因此，您不應依賴它們來代表我們將來的觀點。請注意，除非另有特別說明，我們在今天的電話會議上使用的所有財務指標（收入除外）均以非 GAAP 為基礎表示，並且已進行調整以排除某些費用。我們已在投資者關係網站和收益新聞稿中盡可能提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表。

Nutanix will be participating in the Morgan Stanley TMT Conference in San Francisco on March 6. We hope to see some of you there. Finally, our third quarter fiscal 2024 quiet period will begin on Tuesday, April 16.

Nutanix 將於 3 月 6 日參加在舊金山舉行的摩根士丹利 TMT 會議。我們希望在那裡見到大家。最後，我們的 2024 財年第三季靜默期將於 4 月 16 日星期二開始。

And with that, I'll turn the call over to Rajiv. Rajiv?

說完這些，我會把電話轉給拉吉夫。拉吉夫？

Thank you, Rich, and good afternoon, everyone. We delivered a solid second quarter with results that came in ahead of our guidance. The macro backdrop in our second quarter remain uncertain, but stable relative to the prior quarter. We continue to see steady demand for our solutions driven by businesses prioritizing their digital transformation and infrastructure modernization initiatives and looking to optimize their total cost of ownership, or TCO.

謝謝你，Rich，大家下午好。我們第二季取得了穩健的業績，超出了我們的預期。我們第二季的宏觀背景仍然不確定，但與上一季相比保持穩定。我們繼續看到對我們的解決方案的穩定需求，這是由企業優先考慮其數位轉型和基礎設施現代化計劃並尋求優化其總擁有成本（TCO）所推動的。

Taking a closer look at the second quarter, we were happy to have exceeded all of our guided metrics. We delivered record quarterly revenue of $565 million and grew our ARR 26% year-over-year to $1.74 billion. We also had another quarter of strong free cash flow generation. Finally, we achieved quarterly GAAP operating profitability for the first time in Q2, demonstrating the progress we continue to make on driving operating leverage in our subscription model.

仔細觀察第二季度，我們很高興看到我們超出了所有指導指標。我們實現了創紀錄的 5.65 億美元季度收入，並且 ARR 年比增長 26% 至 17.4 億美元。我們也迎來了又一個季度強勁的自由現金流產生。最後，我們在第二季度首次實現了季度 GAAP 營業盈利，這表明我們在推動訂閱模式的營業槓桿方面繼續取得進展。

Overall, our second quarter financial performance reflected continued disciplined execution. Our largest wins in the quarter demonstrated the appeal of the Nutanix Cloud Platform to organizations that are looking to adopt hybrid multi-cloud operating models, optimize the performance of their workloads and improve their TCO, all while managing through some of the disruption from recent industry M&A.

總體而言，我們第二季的財務表現反映了持續嚴格的執行。我們在本季取得的最大勝利證明了 Nutanix 雲端平台對那些希望採用混合多雲營運模式、優化工作負載效能和改善整體擁有成本 (TCO) 的組織的吸引力，同時還能應對近期產業併購帶來的一些混亂。

A good example is a 7-figure win with a global EMEA-based provider of automotive technology solutions. This new customer had an existing 3-tier footprint in need of a refresh, but was frustrated by the recent price increases of their incumbent vendor and was also looking to have the flexibility to potentially move some of their footprint to the public cloud in the future. They choose our Nutanix Cloud Platform, including our AHV hypervisor as well as Nutanix Cloud Management based on its superior TCO built in automation for Infrastructure as a Service and its ability to seamlessly transition workloads to public cloud via our NC2 solution.

一個很好的例子是與位於歐洲、中東和非洲地區的全球汽車技術解決方案提供商達成的七位數合作協議。這位新客戶現有的 3 層足跡需要更新，但對其現任供應商最近的價格上漲感到沮喪，同時也希望能夠靈活地在未來將部分足跡轉移到公有雲。他們選擇我們的 Nutanix 雲端平台，包括我們的 AHV 虛擬機器管理程式以及 Nutanix 雲端管理，因為它具有卓越的 TCO 內建自動化基礎設施即服務功能，並且能夠透過我們的 NC2 解決方案將工作負載無縫轉換到公有雲。

We see this win as a good example of the value customers see in our cloud platform for both modernization and providing a seamless pathway to the public cloud. A second good example is a win with a large North American-based hedge fund that was looking to mitigate the growing cost of its public cloud hosted virtual desktop infrastructure, or VDI, and for a more responsive solution to meet the performance demand of its traders. They chose to repatriate their VDI on to the Nutanix Cloud Platform on GPU-based servers, resulting in a meaningful improvement in performance and an estimated 60% plus TCO savings.

我們認為這次勝利很好地體現了客戶對我們的雲端平台的價值的認可，它不僅實現了現代化，還提供了通往公有雲的無縫途徑。第二個很好的例子是一家大型北美對沖基金的成功案例，該基金正在尋求降低其公有雲託管虛擬桌面基礎設施（VDI）不斷增長的成本，並尋求更具響應能力的解決方案來滿足其交易員的效能需求。他們選擇將其 VDI 遷移到基於 GPU 的伺服器上的 Nutanix 雲端平台，顯著提高了效能並節省了約 60% 以上的 TCO。

We believe this win demonstrates the ability of the Nutanix Cloud Platform to seamlessly run and manage workloads wherever the optimal performance and TCO can be achieved, whether on-premise, at the edge or in the public cloud. A final example is one of our largest new customer wins in the quarter with a global airline based in the EMEA region that was looking to modernize their CTL infrastructure while enabling a hybrid multi-cloud environment.

我們相信，此次勝利證明了 Nutanix 雲端平台能夠無縫運行和管理工作負載，無論在本地、邊緣還是公有雲中，都能實現最佳效能和 TCO。最後一個例子是我們本季贏得的最大新客戶之一，位於 EMEA 地區的全球航空公司正在尋求實現其 CTL 基礎設施的現代化，同時實現混合多雲環境。

This customer chose the Nutanix Cloud Platform, including Nutanix Cloud Management, to run their business-critical applications, leveraging its simplicity and built in automation for Infrastructure as a Service. They also adopted Nutanix Database Service for managing and deploying their databases throughout their organization and Nutanix Unified Storage to service their unstructured data needs. We see this win as evidence of the value company see in adopting our full stack solution.

該客戶選擇了 Nutanix 雲端平台（包括 Nutanix 雲端管理）來運行其關鍵業務應用程序，利用其簡單性和內建的自動化功能實現基礎設施即服務。他們還採用 Nutanix 資料庫服務來管理和部署整個組織的資料庫，並採用 Nutanix 統一儲存來滿足其非結構化資料需求。我們認為這次勝利證明了公司採用我們的全端解決方案的價值。

Moving on, adopting and benefiting from generative AI is top of mind for many of our customers. As such, interest remains high in our GPT-in-a-Box offering, which enables our customers to accelerate the use of generative AI across their enterprises while keeping their data secure. Last quarter, we saw our first win for GPT-in-a-Box with a large federal agency. And this quarter, we saw multiple additional wins for our GenAI-ready infrastructure offering. While it's still early days and the numbers remain small, I'm excited about the longer-term potential for GPT-in-a-Box.

對於我們的許多客戶來說，繼續前進、採用並受益於生成式人工智慧是首要考慮的問題。因此，人們對我們的 GPT-in-a-Box 產品仍然很感興趣，它使我們的客戶能夠加速在整個企業中使用生成式人工智慧，同時確保其資料安全。上個季度，我們首次與一家大型聯邦機構合作，取得了 GPT-in-a-Box 的成功。本季度，我們的 GenAI 就緒基礎設施產品又獲得了多項額外勝利。雖然現在還處於早期階段，而且數量仍然很少，但我對 GPT-in-a-Box 的長期潛力感到興奮。

Finally, on the partner front, I'm happy with the early progress we're seeing with our Cisco partnership. We continue to see good customer interest in our joint offering and saw additional wins for it in the second quarter. While it's still early in this partnership, I'm encouraged by what we've seen so far.

最後，在合作夥伴方面，我對我們與思科合作的早期進展感到高興。我們繼續看到客戶對我們的聯合產品表現出濃厚興趣，並在第二季度獲得了更多收益。雖然這段合作關係還處於早期階段，但迄今為止所取得的進展令我感到鼓舞。

In closing, we are encouraged that the compelling value proposition of our cloud platform and the strength of our business model enabled us to increase our top and bottom line outlook for fiscal 2024. We remain focused on delighting our customers while continuing to drive sustainable, profitable growth.

最後，我們很高興看到，我們雲端平台引人注目的價值主張和強大的商業模式使我們能夠提高 2024 財年的營收和利潤預期。我們將繼續專注於取悅客戶，同時繼續推動永續的獲利成長。

And with that, I'll hand it over to Rukmini Sivaraman. Rukmini?

說完這些，我就把它交給 Rukmini Sivaraman。魯克米尼？

Thank you, Rajiv. I will first review our Q2 fiscal '24 results, followed by guidance for Q3 fiscal '24 and finally provide an updated view of our full year fiscal year '24 guidance. Results in Q2 '24 came in higher than the high end of our range across all guided metrics. ACV billings in Q2 were $329 million, above the guided range of $295 million to $305 million, representing year-over-year growth of 23%.

謝謝你，拉吉夫。我將首先回顧我們 24 財年第二季的業績，然後是 24 財年第三季的指引，最後提供我們 24 財年全年指引的最新情況。 2024 年第二季的結果在所有指導指標中均高於我們的最高範圍。第二季的 ACV 帳單為 3.29 億美元，高於 2.95 億美元至 3.05 億美元的指引範圍，年增 23%。

The outperformance was driven by better-than-expected renewals performance due to a combination of good discipline around renewals economics, improved on-time renewal performance as well as the early and co-term renewals. Revenue in Q2 was $565 million, higher than the guided range of $545 million to $555 million and a year-over-year growth rate of 16%. ARR at the end of Q2 was $1.737 billion, representing year-over-year growth of 26%.

這一優異表現得益於好於預期的續約表現，這得益於良好的續約經濟紀律、準時續約表現的提高以及提前和共同期限的續約。第二季營收為 5.65 億美元，高於 5.45 億美元至 5.55 億美元的預期範圍，年增 16%。第二季末的ARR為17.37億美元，年增26%。

In Q2, we continue to see modestly elongated average sales cycles compared to historical levels. Average contract duration in Q2 was 2.8 years, slightly lower than Q1 and more or less in line with our expectations. Non-GAAP gross margin in Q2 was 87.3%, higher than our guided range of 85% to 86%. Non-GAAP operating margin was 21.9%, higher than our guided range of 14% to 16%, largely due to higher revenue and lower operating expenses as a result of timing of hiring.

在第二季度，我們繼續看到與歷史水平相比平均銷售週期略有延長。第二季度的平均合約期限為 2.8 年，略低於第一季度，基本上符合我們的預期。第二季非公認會計準則毛利率為 87.3%，高於我們預期的 85% 至 86% 的範圍。非公認會計準則營業利潤率為 21.9%，高於我們預期的 14% 至 16% 的範圍，這主要是由於招聘時機選擇導致收入增加和營運費用降低。

Non-GAAP net income was $136 million or fully diluted EPS of $0.46 per share based on fully diluted weighted average shares outstanding of approximately 299 million shares. Q2 marked our first ever quarter of positive GAAP operating income of $37 million and a positive GAAP net income of $33 million with fully diluted GAAP EPS of $0.12 per share.

非公認會計準則淨收入為 1.36 億美元，或基於完全稀釋加權平均流通股數約 2.99 億股的完全稀釋每股收益 0.46 美元。第二季是我們首次實現 GAAP 營業收入為正 3,700 萬美元，GAAP 淨收入為正 3,300 萬美元，完全稀釋 GAAP 每股收益為 0.12 美元。

Given expected variability in quarterly revenue and timing of expenses, we would not expect to be consistently profitable at the GAAP operating profit level over the near term. DSOs based on revenue and ending accounts receivable were 31 days in Q2. Free cash flow in Q2 was $163 million, representing a free cash flow margin of 29%, higher than our expectations due to higher billings and lower expenses in the quarter. We ended Q2 with cash, cash equivalents and short-term investments of $1.644 billion, up from $1.571 billion at the end of Q1.

鑑於季度收入和費用時間的預期變化，我們預計短期內不會在 GAAP 營業利潤水準上持續獲利。第二季基於收入和期末應收帳款的 DSO 為 31 天。第二季的自由現金流為 1.63 億美元，自由現金流利潤率為 29%，由於本季帳單金額增加且費用減少，因此高於我們的預期。我們第二季末的現金、現金等價物和短期投資為 16.44 億美元，高於第一季末的 15.71 億美元。

We continued repurchasing shares in Q2 under the share repurchase program previously authorized by our Board of Directors. Our sustainable generation of free cash flow enabled us to transition to net share settlement to pay for employees' tax liability on RSU vesting in Q2 and going forward from our previous method of sell to cover. This, along with our share repurchase program, will help us continue to manage dilution.

根據董事會先前授權的股票回購計劃，我們在第二季繼續回購股票。我們可持續產生的自由現金流使我們能夠過渡到淨股份結算，以支付第二季度 RSU 歸屬的員工納稅義務，並從先前的賣出彌補方式繼續前進。這與我們的股票回購計劃一起將幫助我們繼續控制稀釋。

Moving to Q3 '24. Our guidance for Q3 is as follows: ACV billings of $265 million to $275 million; revenue of $510 million to $520 million; non-GAAP gross margin of approximately 85%; non-GAAP operating margin of 7.5% to 8.5%; and fully diluted shares outstanding of approximately 301 million shares.

進入 24 年第三季。我們對第三季的預期如下：ACV 帳單為 2.65 億美元至 2.75 億美元；營收 5.1 億美元至 5.2 億美元；非公認會計準則毛利率約為85%；非公認會計準則 億營業率為 7.5% 至 8.5%；完全稀釋流通股數約為 3.01 億股。

The updated guidance for full year fiscal year '24, which is higher than our previously provided fiscal year '24 guidance across all metrics is as follows: ACV billings of $1.09 billion to $1.11 billion, representing a year-over-year growth of 15% at the midpoint of the range; revenue of $2.12 billion to $2.15 billion, representing a year-over-year growth of 15% at the midpoint; non-GAAP gross margin of 85% to 86%; non-GAAP operating margin of 12.5% to 13.5%; free cash flow of $420 million to $440 million, representing a free cash flow margin of 20% at the midpoint.

更新後的 24 財年全年指引高於我們先前提供的涵蓋所有指標的 24 財年指引，具體如下：ACV 帳單為 10.9 億美元至 11.1 億美元，按範圍中點計算，年成長 15%；營收為 21.2 億美元至 21.5 億美元，年成長 15%；營收為 21.2 億美元至 21.5 億美元，年成長15%（中位數）；非公認會計準則毛利率為85%至86%；非公認會計準則營業利潤率為 12.5% 至 13.5%；自由現金流為 4.2 億美元至 4.4 億美元，中間值為 20% 的自由現金流利潤率。

I will now provide some commentary regarding our updated fiscal year '24 guidance. First, we are seeing continued new and expansion opportunities for our solutions, despite the uncertain macro environment. However, as we mentioned previously, we have continued to see a modest elongation of average sales cycles relative to historical levels. Our fiscal year '24 new and expansion ACV performance outlook assumed some impact from these macro dynamics.

我現在將對我們更新的 24 財年指導提供一些評論。首先，儘管宏觀環境不確定，但我們看到我們的解決方案仍持續出現新的擴展機會。然而，正如我們之前提到的，我們繼續看到平均銷售週期相對於歷史水準略有延長。我們對 24 財年新業務和擴張業務的 ACV 業績展望受到了這些宏觀動態的一些影響。

We are also seeing a higher mix of larger deals in our pipeline, which is driving greater variability in the timing of our new and expansion business. Second, the guidance assumes that our renewals business will continue to perform well. Third, the full year guidance continues to assume that average contract duration would be flat to slightly lower compared to fiscal year '23 as renewals continue to grow as a percent of our total billings. Fourth, a reminder that the full year ACV billing is not the straight sum of the ACV billings of the 4 quarters due to contracts with duration less than 1 year. We expect full year ACV billings to be about 5% to 6% lower than the sum of the 4 quarters ACV billings.

我們也看到，我們的交易管道中大額交易的比例正在增加，這導致我們的新業務和擴張業務的時間表更加靈活多變。其次，該指南假設我們的續訂業務將繼續表現良好。第三，全年指引繼續假設平均合約期限將與 23 財年持平或略低，因為續約占我們總帳單的百分比持續成長。第四，需要提醒的是，由於合約期限少於 1 年，因此全年 ACV 帳單不是 4 個季度 ACV 帳單的直接總和。我們預計全年 ACV 帳單將比 4 季 ACV 帳單總和低約 5% 至 6%。

In closing, we are pleased that our Q2 results exceeded guidance and to raise our top line and bottom line guidance for the full fiscal year. We remain focused on driving growth to capture the significant opportunity ahead of us and are investing prudently for that growth consistent with our stated philosophy of sustainable, profitable growth. With that, operator, please open the line for questions.

最後，我們很高興看到第二季的業績超出預期，並提高了整個財年的營收和利潤預期。我們將繼續專注於推動成長，抓住我們面前的重大機遇，並根據我們所述的可持續盈利增長理念，為這一增長進行審慎投資。接線員，請打開熱線來回答問題。

(Operator Instructions) Our first question will come from the line of Jim Fish from Piper Sandler.

（操作員指示）我們的第一個問題來自 Piper Sandler 的 Jim Fish。

Awesome quarter here. Look, I'm going to ask the obvious that's on top of everybody's mind, and I'm sure you're totally prepared for. On the VMware opportunity, and Rukmini, you even just mentioned you're seeing a higher mix of larger deals in the pipeline. So my question to you is, what sort of pipeline or bookings built have you seen relative to this stage last year between either direct customers kind of coming to you or partners coming over to you as well in terms of sign-ups?

這裡真是太棒了。瞧，我要問一個顯而易見的問題，這是每個人都最關心的問題，我相信你已經做好了充分的準備。關於 VMware 機會和 Rukmini，您甚至剛剛提到，您看到正在籌備的大型交易組合更高。所以我想問您一個問題：相對於去年的這個階段，無論是直接客戶還是合作夥伴向您註冊，您看到了什麼樣的管道或預訂量？

Yes. Why don't I start, Jim, and Rukmini can give you color on the pipeline. So first of all, I think, as you said, I mean, there are significant concerns from VMware customers regarding the Broadcom acquisition. And we think that this is a significant multiyear opportunity for us to win new customers and to gain share. Now getting to your question a bit here, the timing and magnitude of these deals is a bit unpredictable. Our pipeline is quite substantial and growing.

是的。為什麼我不先開始呢，吉姆，魯克米尼可以跟你講講管道的情況。首先，我認為，正如您所說，VMware 的客戶對於 Broadcom 的收購感到非常擔憂。我們認為，這對我們贏得新客戶和增加市場份額來說是一個重要的多年機會。現在來回答你的問題，這些交易的時間和規模有點難以預測。我們的管道相當龐大且還在持續成長中。

Now for a number of reasons, we expect contribution from the opportunity to build gradually, right? So -- and here are the reasons. The first one, Jim, is that many customers signed multi-year ELAs, enterprise agreement, with VMware prior to the deal closing 3 to 5 years. So it buys them some time to make decisions. The second converting from VMware 3-tier accounts or legacy storage accounts, which is a good chunk of VMware footprint, in many cases, requires a refresh of their storage and/or servers, right, 1 of the 2, which could also impact the timing of the potential software purchases that they would make with us, okay?

現在由於多種原因，我們期望透過逐步建設的機會做出貢獻，對嗎？所以——原因如下。第一個問題，吉姆，許多客戶在交易結束前 3 到 5 年就與 VMware 簽署了多年的 ELA（企業協議）。因此這為他們做出決定贏得了一些時間。第二次從 VMware 三層帳戶或舊儲存帳戶轉換，這佔用了 VMware 很大一部分空間，在許多情況下，需要刷新他們的儲存和/或伺服器，對吧，兩者中的 1 個，這也可能影響他們與我們進行潛在軟體購買的時間，好嗎？

And the last piece is like with all these accounts, we typically have a land and expand motion. So the first deal could be smaller, and then there's a lot of potential for expansion further than that. And then Rukmini, do you want to take this?

最後一點是，就像所有這些帳戶一樣，我們通常有一個土地和擴張動議。因此，第一筆交易的規模可能較小，但進一步擴大的潛力仍然很大。那麼 Rukmini，你想接受這個嗎？

Sure. Yes, I'll add one thing, Jim, to your question, is that I mentioned in my prepared remarks about this higher mix of larger deals that we're seeing in our pipeline. And that is driving the greater variability, we believe, in the timing of our new and expansion business as well as potentially contributing to the longer average sales cycles because larger deals do tend to take longer to close. And we believe that this higher mix of larger deals in the pipeline is driven by: one, our segmentation upmarket, as we've talked about before and the improved product readiness for those larger customers; and secondly, some of the dynamics that Rajiv talked about already regarding concerns from larger customers regarding the impacts from Broadcom's acquisition of VMware. And so we have continued and continue to factor all of the impact from some of these dynamics into our updated fiscal year '24 outlook.

當然。是的，吉姆，針對你的問題，我要補充一點，我在準備好的發言中提到了我們在規劃中看到的更大交易組合。我們認為，這導致新業務和擴張業務的時間表更加多樣化，也可能導致平均銷售週期延長，因為較大的交易往往需要更長的時間才能完成。我們相信，正在進行的大規模交易組合之所以如此豐富，是因為：第一，正如我們之前談到的，我們的市場細分更加高端，而且我們為這些大客戶做好了更好的產品準備；其次，拉吉夫已經談到了一些動態，涉及大客戶對博通收購 VMware 的影響的擔憂。因此，我們將繼續把這些動態的所有影響納入我們更新的 24 財年展望中。

Makes sense. And just a follow-up here. There's a bit of confusion out there from what I can tell in the conversations with investors between what VMware can do that Nutanix can't do? And so Rajiv, what differences actually exist, if any, or features exist? What the differences kind of exist, if any, between vSphere, for example, on Acropolis or the VMware platform versus Nutanix Platform or features functions you plan to add in order to make it an apples-to-apples compare?

有道理。這裡只是後續內容。從我與投資人的對話中我了解到的情況來看，大家對於 VMware 能做什麼而 Nutanix 不能做什麼存在一些困惑？那麼拉吉夫，如果有的話，實際上存在什麼差異或特徵？例如，Acropolis 或 VMware 平台與 Nutanix 平台之間的 vSphere 是否存在差異（如果有的話），或者您計劃添加哪些功能以進行同類比較？

Or is it simply just a legacy market perception thing that you guys can't address really what most of VMware could do? And really, why wouldn't we start to see that Acropolis attach rate get closer to 100% on every deal that you signed from kind of here on forward?

或者這只是遺留的市場認知問題，你們無法真正解決 VMware 所能解決的大部分問題？真的，為什麼我們從現在開始簽署的每一筆交易中，Acropolis 的附加率都沒有接近 100% 呢？

Yes. So Jim, I think, first of all, if you compare to the full stack that Broadcom was offering with BMI Cloud Foundation, that -- and our Nutanix Cloud Platform pretty much goes head-to-head against that, right? We've got all the capabilities. So that's a full stack that includes the Hypervisor, the software-defined storage, networking and management. So we compare very well, right, with that full stack and we're able to go -- do a very comparable offering.

是的。所以吉姆，我認為，首先，如果你將 Broadcom 透過 BMI Cloud Foundation 提供的完整堆疊與它進行比較，那麼 - 我們的 Nutanix Cloud Platform 幾乎可以與之匹敵，對嗎？我們擁有所有的能力。這是一個完整的堆疊，包括虛擬機器管理程式、軟體定義儲存、網路和管理。因此，我們與那個完整的堆疊進行了很好的比較，並且我們能夠提供非常可比的產品。

And indeed, as you can see, right, our AHV penetration -- our Hypervisor penetration in our installed base is about 70%, and we are seeing new customers who adopt our full stack start with our own hypervisor, okay? That part is correct. Now when it comes to the lower-tier offering, right, VMware does have a vSphere and now it's called, I believe, VMware Virtual Foundation, VVF, that includes vSphere or some operations management capabilities, et cetera.

確實，正如您所看到的，我們的 AHV 滲透率——我們在已安裝基礎中的虛擬機管理程序滲透率約為 70%，並且我們看到採用我們全棧的新客戶都是從我們自己的虛擬機管理程序開始的，好嗎？那部分是正確的。現在談到較低層級的產品，對吧，VMware 確實有一個 vSphere，現在它被稱為，我相信，VMware Virtual Foundation，VVF，其中包括 vSphere 或一些操作管理功能等等。

Now what you -- what I mentioned earlier in my -- in response to the question was that, there is some amount of VMware. In fact, a big chunk of VMware, it's only the hypervisor that's connected to legacy storage, right, 3-tier storage areas. Now the way we go after the market is not to just simply replace the hypervisor with our hypervisor, right? Because our hypervisor also is part of our complete solution, right, which includes our storage.

現在您——我之前提到過——在回答這個問題時，有一定數量的 VMware。事實上，VMware 的很大一部分只是連接到傳統儲存的虛擬機器管理程序，對，就是 3 層儲存區域。現在我們追逐市場的方式並不是簡單地用我們的虛擬機器管理程序替換虛擬機器管理程序，對嗎？因為我們的虛擬機器管理程式也是我們完整解決方案的一部分，對吧，其中包括我們的儲存。

So customers are actually making a shift from a legacy architecture that's a hypervisor plus external storage to a modern HCI architecture that includes our hypervisor, but also the rest of our stack. So there, it's not just a simple like-for-like, but it's a conversion and modernization of the infrastructure as well.

因此，客戶實際上正在從由虛擬機器管理程式加外部儲存組成的傳統架構轉向包含我們的虛擬機器管理程式以及其餘堆疊的現代 HCI 架構。因此，這不僅是簡單的同類替換，也是基礎設施的轉換和現代化。

So I feel pretty good about what we can do. We can handle all the workloads, we have a hybrid cloud solution, we have a modern apps platform that customers can run Kubernetes applications on We have partnerships with Red Hat for OpenShift. We have partnerships with our cloud partners like Azure and AWS. So from a capability of a portfolio perspective, we are very much there.

所以我對我們能做的事情感到非常滿意。我們可以處理所有工作負載，我們擁有混合雲解決方案，我們擁有現代應用平台，客戶可以在其上運行 Kubernetes 應用程序，我們與 Red Hat 建立了 OpenShift 合作夥伴關係。我們與 Azure 和 AWS 等雲端合作夥伴建立了合作夥伴關係。因此，從投資組合的能力角度來看，我們已經具備了足夠的實力。

Our next question will come from the line of Jason Ader from William Blair.

我們的下一個問題來自威廉布萊爾的傑森阿德。

I just wanted to ask on that kind of the follow-up thread in the last question, just on the 3-tier architectures out there and most of those running VMware today. Does it feel like this change with the Broadcom acquisition actually could accelerate the transition away from 3-tier architectures as customers maybe get a little bit disenfranchised and are looking for alternatives? And then it's like, well, we never really looked at HCI, that closely, but now maybe we should. Are those kind of conversations happening?

我只是想就上一個問題的後續線索詢問一下，關於現有的 3 層架構以及目前大多數運行 VMware 的架構。收購 Broadcom 帶來的變化是否實際上可以加速從三層架構的轉變，因為客戶可能會有點失去選擇權並正在尋找替代方案？然後就像，好吧，我們從來沒有真正仔細地研究過 HCI，但現在也許我們應該這樣做。此類對話正在進行嗎？

Very much so, I would say, Jason. So in fact, you're right, right? There's a lot of VMware with what we call 3 tier. And one of the things that Broadcom itself has done, by the way, is that with the VMware Cloud Foundation, that includes HCI. And that their default offering to a lot of the bigger customers. So effectively now, it's not just us doing HCI but they're also putting it here, which puts a little bit of pressure on the 3-tier storage piece of it.

我想說，非常如此，傑森。所以事實上你是對的，對嗎？有許多 VMware 都有我們所謂的 3 層結構。順便說一句，Broadcom 自己所做的事情之一就是利用 VMware Cloud Foundation，其中包括 HCI。這是他們向許多大客戶提供的預設服務。所以現在實際上，不僅僅是我們在做 HCI，而且他們也把它放在這裡，這給它的三層儲存部分帶來了一點壓力。

And so we are clearly focused on that opportunity, right, in terms of -- and we've been doing that all day long, right, since we have started migrating legacy 3-tier over to HCI and potentially that this might help. Now the other thing we should have to keep in mind, just so that we don't lose track of it, there are even easier and certain opportunities now because there is a substantial base of vSphere plus vSAN HCI out there. And so that's almost a like-for-like, right? Those customers have already made the HCI decision, and they might be looking.

因此，我們顯然專注於這個機會，就此而言 - 我們整天都在這樣做，自從我們已經開始將傳統的 3 層遷移到 HCI 以來，這可能會有所幫助。現在，我們應該記住的另一件事是，為了不忘記它，現在有更容易和更確定的機會，因為那裡有大量的 vSphere 和 vSAN HCI 基礎。所以這幾乎是同類的事情，對吧？這些客戶已經做出了 HCI 決定，他們可能正在考慮。

If they're looking to migrate away from VMware, we pretty much have a like-for-like solution that we can migrate over to. And we are doing -- we're not sitting idle here, right? We are doing a bunch of things to capitalize on the opportunity. I'd say 3 things that we're doing. First is that we have been targeting some more advertising dollars to maximize the awareness of Nutanix as the simplest, easiest viable alternative for these customers.

如果他們希望遷移至 VMware，我們基本上有一個類似的解決方案可供遷移。我們正在做——我們不會在這裡閒著，對吧？我們正在做很多事情來利用這個機會。我想說一下我們正在做的三件事。首先，我們一直致力於投入更多的廣告費用，以最大限度地提高 Nutanix 的知名度，使其成為這些客戶最簡單、最容易實現的替代方案。

Number two, we've also put in place incentives for our partners who are helping customers get to our platform for new customers. As partners bring new customers to us, we give them more incentives. Number three, yes, we are also helping end customers with migration. When they have a VMware environment and they're looking to bring our environment on, there's a period of time where they might have dual operating costs and we try to help them out on that front. So we're also taking some very specific steps to go after the opportunity.

第二，我們也為幫助客戶透過我們的平台吸引新客戶的合作夥伴提供了激勵措施。當合作夥伴為我們帶來新客戶時，我們會給予他們更多激勵。第三，是的，我們也在幫助最終客戶進行遷移。當他們擁有 VMware 環境並希望引入我們的環境時，有一段時間他們可能會有雙重營運成本，我們會盡力在這方面為他們提供協助。因此，我們也正在採取一些非常具體的措施來抓住機會。

Great. And then one quick follow-up just on your comments on Cisco that you're happy with the early progress. When do you think, Rajiv, that could start to really be a material contributor to the business?

偉大的。然後快速跟進您對思科的評論，您對早期的進展感到滿意。拉吉夫，您認為什麼時候才能真正為業務做出實質貢獻？

Yes. We factored in a modest contribution this year, Jason, from Cisco. I do expect that the contribution is going to be more significant in FY '25. And we'll cover that when we get to -- when we already talk about that FY '25 guide. But clearly, it takes time to build this up. We focused on enabling the full solution, training that sellers. And we're happy with the progress we're making. We are getting new customers through the cloud now and they are motivated. So I think over time, it will build.

是的。我們今年將思科的傑森的少量貢獻納入考量。我確實預計 25 財年的貢獻將會更大。當我們討論 25 財年指南時，我們會討論這個問題。但顯然，建立這個體系需要時間。我們專注於提供完整的解決方案，培訓賣家。我們對所取得的進展感到滿意。我們現在透過雲端技術獲得了新客戶，他們很有動力。所以我認為隨著時間的推移，它會逐漸建立起來。

And our next question will come from the line of Wamsi Mohan from Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

You've got very strong operating leverage in the quarter. Can you talk about if there were any onetime things in there? I think, Rukmini, you mentioned something around hiring. I didn't fully catch. But was there any onetime things in there? And why is that reverting lower next fiscal quarter? And I have a follow-up.

本季你們的經營槓桿非常強。你能說說裡面是否有一些曾經的東西嗎？我認為，Rukmini，您提到了一些有關招聘的事情。我沒完全聽懂。但裡面有曾經的東西嗎？那為什麼下個財政季度該數字會回落呢？我還有一個後續問題。

Yes. Wamsi, thanks for the question. So the reference I made in terms of our operating margin performance in Q2, which was -- came in strong at 22% and higher than our expectation was one revenue was higher than we expected. And expenses were a bit lower because of timing of hiring and just overall good expense management. And we do expect that expenses will go up in the second half.

是的。 Wamsi，謝謝你的提問。因此，我提到的第二季營業利潤率表現強勁，達到 22%，高於我們的預期，營收也高於我們的預期。由於招聘時機合適以及整體費用管理良好，費用略低。我們確實預計下半年支出將會上升。

So if you look at half over half, operating expenses implied in the guide that does go up in the second half, Wamsi, and of course, Q3 compared to Q2. Seasonally, the revenue is lower in Q3 than it is in Q2. So those are some of the things that are factoring into the outlook. But overall, I'd say we have continued to be focused on investing and investing thoughtfully on this growth opportunity that's ahead of us. And so that's the approach we've taken. And overall, we've been pleased to take up our full year outlook on both top and bottom line.

因此，如果你看一下指南中隱含的一半以上的營運費用，你會發現下半年、Wamsi 以及第三季與第二季相比確實有所上升。從季節性來看，第三季的營收低於第二季。這些都是影響前景的一些因素。但總的來說，我想說我們將繼續專注於投資，並認真投資我們面臨的這個成長機會。這就是我們採取的方法。總體而言，我們很高興對全年營收和利潤做出展望。

Okay. That makes a lot of sense. And then, Rajiv, I mean, you made some comments already. But can you perhaps maybe quantitatively talk about the wins that are coming your way because of this M&A and sort of how many points of growth potentially we should be thinking about or how many points of share that you think you could see shift over to Nutanix given this disruption? Or even maybe if you can talk about it in qualitative terms around rate and pace of pipeline build just quarter-over-quarter or over the last few quarters, that would be helpful?

好的。這很有道理。然後，拉吉夫，我的意思是，你已經發表了一些評論。但是，您能否量化地談談透過這次併購您將獲得的收益，以及我們應該考慮的潛在成長點數，或者考慮到這種中斷，您認為有多少份額可以轉移到 Nutanix？或者，如果您能從定性角度談談每個季度或過去幾季的管道建設速度和步伐，那會有幫助嗎？

Yes. Wamsi, first of all, I think it's going to be hard for me to give you some very specific quantitative numbers at this point. But what I'd say is, for sure, right, if you look at our last Investor Day, we talked about our TAM and the SAM as part of that, right? The $60 billion, $70 billion TAM and SAM. And what we really expect is -- I mean, we've always been going and continuing to grow market share and eat into that SAM and what this event creates is an opportunity to speed that up, right?

是的。 Wamsi，首先，我認為現在我很難給你一些非常具體的定量數字。但我想說的是，如果你看我們上次的投資者日，我們肯定會討論我們的 TAM 和 SAM，對吧？ 600億美元、700億美元的TAM和SAM。而我們真正期待的是——我的意思是，我們一直在不斷擴大市場份額並蠶食 SAM，而這次活動創造的是一個加速這一進程的機會，對嗎？

So it's the same -- the TAM and SAM haven't really changed. It's still the same, but now we're able to get after more of it quicker. Now the challenge with quantifying it is that it's very hard to predict, right? I mean it's -- yes, we've got that, how much of this is going to come how quickly and -- and this is what -- it's a little early for us to say something there, right? So we've got -- like I said, we've got customers who want to do something different, but they've got these 3, 5-year ELAs. They're not in a rush. There's some time it takes to convert customers and they have to depreciate the hardware that they bought, for example, and then the -- bring us in for a small portion and expand. So all of these things create some unpredictability in terms of timing and how quickly can we capture it.

所以是一樣的——TAM 和 SAM 實際上並沒有改變。情況仍然一樣，但現在我們能夠更快地獲得更多。現在量化的挑戰在於它很難預測，對嗎？我的意思是——是的，我們已經知道了，這些事情會以多快的速度發生——這就是——我們現在就說這些還為時過早，對吧？所以，就像我說的，我們有一些客戶想要做一些不同的事情，但他們有這些 3 年或 5 年的 ELA。他們並不著急。 轉換客戶需要一些時間，例如，他們必須貶值他們購買的硬件，然後 - 讓我們參與一小部分並擴大規模。因此，所有這些因素都會在時間方面以及我們能多快捕捉到它方面造成一些不可預測性。

But I certainly think that this provides us an opportunity for us to capture more of that market quicker, and we are trying to move as quickly as we can. I don't know, Rukmini, do you want to provide any color on the pipeline?

但我確實認為這為我們提供了一個更快佔領更多市場的機會，我們正努力盡快採取行動。我不知道，Rukmini，你想提供有關管道的任何資訊嗎？

Yes. I may add one thing to that, Rajiv, which is that I think, Wamsi, your question is specifically around what we can tell about this opportunity as a result of VMware's acquisition by Broadcom. And I'd say, I think the other nuance here is we've always competed against VMware, right? And so in some cases, it's quite clear to tell, well, this door wasn't open to us before. And now it is because of what they may be seeing from our competitor.

是的。拉吉夫，我可以補充一點，那就是我認為，瓦姆西，你的問題具體是關於我們可以談談 VMware 被 Broadcom 收購後帶來的這個機會。我想說，我認為這裡的另一個細微差別是我們一直在與 VMware 競爭，對嗎？因此，在某些情況下，我們可以很清楚地知道，這扇門以前沒有向我們敞開。現在這是因為他們可能看到了我們競爭對手的情況。

But in other cases, and we talked about an example on the last earnings call where existing customers of ours are maybe choosing to invest more in us or go single source with us are partly influenced by this, right? So there's this idea of, in some cases, it's clear in other cases, it's more of a factor, an important factor, but one factor. And so in that -- those situations is harder for us to attribute, specifically dollars and pipeline and things like that to this particular disruption in the competitive market. So all those factors combined are -- or what makes us feel good that this is a multiyear opportunity, as Rajiv has mentioned, but difficult to get precise in terms of magnitude and timing.

但在其他情況下，我們在上次收益電話會議上討論了一個例子，我們現有的客戶可能會選擇在我們身上投入更多資金或與我們進行單一來源採購，這在一定程度上受到了影響，對嗎？所以有這樣的想法，在某些情況下，很明顯在其他情況下，它更是一個因素，一個重要因素，但只是一個因素。因此，在這種情況下，我們很難將美元、管道等因素歸咎於競爭市場的這種特殊中斷。因此，所有這些因素結合起來——或者說，正如拉吉夫提到的那樣，讓我們感到高興的是，這是一個多年期的機會，但在規模和時間方面很難精確。

Our next question will come from the line of Pinjalim Bora from JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Congrats on the quarter. Rajiv, one of your partners compared the Nutanix Cisco relationship and the buzz around it to the formative years of VCE and noted how VCE was kind of a game changer for VMware at the time. Do you think the Cisco partnership could be that pivotal for Nutanix? And secondly, do you think there are any learnings from the rise and fall of VCE that you can apply, I guess, to this relationship?

恭喜本季取得佳績。您的一位合夥人 Rajiv 將 Nutanix 與思科的關係及其周圍的熱議與 VCE 的形成時期進行了比較，並指出 VCE 當時如何改變了 VMware 的遊戲規則。您認為與思科的合作對 Nutanix 是否至關重要？其次，您認為從 VCE 的興衰中可以得到哪些經驗教訓可以應用在這種關係上嗎？

Yes. I was actually there at Cisco at that time with the VCE partnership and clearly very cyclical initially. Now I -- it's hard for me to compare VCE back then converged infrastructure with this. But I'll tell you the -- I'll give you sort of the puts and takes, right? So clearly, Cisco has huge market leverage and market position, right, in terms of their sellers and their access to big accounts and their presence in all these accounts.

是的。我當時實際上在思科，與 VCE 合作，顯然最初是非常週期性的。現在我——我很難將 VCE 當時的融合基礎設施與此進行比較。但我會告訴你——我會給你一些得失，對吧？顯然，就其賣家、大客戶的獲取管道以及在所有這些客戶中的存在而言，思科擁有巨大的市場槓桿和市場地位。

Now if you look at this particular space in the market, their several position is not that -- they're a small -- relatively small market share player when it comes to servers compared to some of their other competitors. So it's -- so they're not as strong in this segment of the market. However, I mean, they certainly have a big overall market cloud. So now what would the 2 of us do together really to go into the market and that's really, I think, where I do see significant potential here over time.

現在，如果你看一下市場上的這個特定領域，你會發現他們的地位並不高——與其他一些競爭對手相比，他們在伺服器領域的市場份額相對較小。所以——他們在這個細分市場中並不那麼強大。然而，我的意思是，他們確實擁有龐大的整體市場雲。那麼現在我們兩個要一起做什麼才能真正進入市場呢？我認為，隨著時間的推移，我確實看到了這裡存在的巨大潛力。

Again, it has to take time to build up. And Cisco also has a complex selling motion. They have generalists, they have specialists. And right now, we are more focused on the data center specialists that they have and working together with them. So to answer your question, I mean, it's a little early days for us to predict how big this could be for us.

再次強調，這需要時間來建立。而思科的出售動議也十分複雜。他們有通才，也有專才。現在，我們更加關注他們擁有的資料中心專家並與他們合作。所以回答你的問題，我的意思是，現在預測這對我們有多大的影響還為時過早。

And I would say we -- I am optimistic, and I think this opportunity is also going to build up over time. And certainly, continuing to -- and in fact, there's a lot of cooperation happening between our sellers and Cisco sellers in the field. So all good omens at this point in time, but still very early.

我想說的是，我很樂觀，我認為這個機會也會隨著時間的推移而增加。當然，我們會繼續下去——事實上，我們的賣家和思科賣家之間在該領域正在進行大量合作。因此，目前看來一切都是好兆頭，但還為時過早。

Understood. I guess we'll stay tuned. One question for you, Rukmini. The ACV billings guidance for fiscal Q3. It seems like calls for maybe a little bit higher sequential drawdown. I want to ask you the sales cycle elongation comment that you made, was that versus Q1 -- the elongation in Q2 that you saw, was that sequential? And are you assuming kind of a similar sequential higher elongation in the Q3 guide as well?

明白了。我想我們會繼續關注。問你一個問題，Rukmini。財政年度第三季的 ACV 帳單指引。這似乎要求可能需要稍微高一點的連續下降。我想問一下，您所說的銷售週期延長是相對於第一季而言的嗎？您所看到的第二季的延長是連續的嗎？您是否也假設 Q3 指引中存在類似的連續更高伸長率？

Pinjalim, thank you for that question. So on -- I think the first part of your question was on seasonality between Q2 and Q3. And so on that front, if you look back to sort of our initial guidance that we gave for Q3 last year this time, Pinjalim, it was actually quite similar in terms of the -- what we guided for Q3 versus Q2. But we were able to beat Q3. And so actually, I think is what you're referring to with smaller than what we guided to.

Pinjalim，謝謝你的提問。所以——我認為你問題的第一部分是關於第二季和第三季之間的季節性。因此，在這方面，如果您回顧我們去年這個時候為第三季度給出的初步指導，Pinjalim，它實際上與我們對第三季度和第二季度的指導非常相似。但我們能夠擊敗 Q3。所以實際上，我認為您所指的比我們指導的要小。

But the decrease, I would say, is more or less in line with what we'd expect for seasonality and what we expected at this time last year as well. And then to your point on the average sales cycle and the modest elongation we're seeing there, it moves around a bit quarter-to-quarter, Pinjalim. But what I was referring to is that when we look back to historical levels, it remains somewhat elevated. And so that's what I was referring to.

但我想說，這種下降或多或少與我們對季節性的預期以及去年此時的預期相符。然後關於您所提到的平均銷售週期以及我們看到的適度延長，Pinjalim，它每個季度都會有一點變化。但我指的是，當我們回顧歷史水平時，它仍然處於較高水平。這就是我所指的。

Our next question comes from the line of George Wang from Barclays.

我們的下一個問題來自巴克萊銀行的喬治王 (George Wang)。

Congrats on the quarter and the guidance. I have two quick ones. Firstly, you briefly touched on the potential the discounts and promotions to promote VMware customers. And I just want to kind of see if you can elaborate on the approach for the Cisco partnership, the HyperFlex customers? Maybe you can give some color just on the incentives you guys are providing to kind of further drive the adoption from the older HyperFlex customers?

恭喜本季和指引取得的成績。我有兩個簡短的。首先，您簡要地談到了透過折扣和促銷來吸引 VMware 客戶的潛力。我只是想看看您是否可以詳細說明針對思科合作夥伴關係和 HyperFlex 客戶的方法？或許您可以稍微介紹一下你們提供的激勵措施，以進一步推動老 HyperFlex 客戶的採用？

Yes. We have -- I think I would say that's Cisco, right? With Cisco, clearly, we have a -- they are -- they've ended up like HyperFlex, first of all, and there's a limited time where -- so they're no longer selling the product, and there's a limited support window for it. So that by itself, by the way, it creates an incentive for HyperFlex customers to migrate. And we, through Cisco, of course, has a whole -- Cisco has a set of programs for migration and they're good at driving those types of migration initiatives, and we are supporting them as they do that. So this is being done largely through Cisco and through the Cisco router market.

是的。我們有——我想我會說那是思科，對嗎？顯然，對於思科來說，我們有一個——他們——他們最終變得像 HyperFlex 一樣，首先，在有限的時間內——所以他們不再銷售該產品，並且對它的支援窗口有限。順便說一句，這本身就為 HyperFlex 客戶遷移創造了動力。當然，我們透過思科擁有一整套遷移程序——思科擁有一套遷移程序，他們擅長推動這些類型的遷移計劃，而我們正在為他們這樣做提供支援。因此，這主要是透過思科和思科路由器市場來實現的。

Also, Rajiv, quickly, you talked about the repatriation in the prepared remarks. I'm just curious, are you seeing a more visible inflection point in terms of the repatriation to the private cloud? Or it's still a continuation of prior trend? Just besides lower TCO kind of versus expensive public cloud, can you kind of talk about other factors may contribute to continued repatriation to the private cloud?

另外，拉吉夫，您在準備好的發言中很快就談到了遣返問題。我只是好奇，您是否看到了私有雲回歸方面更明顯的轉折點？或者說仍是之前趨勢的延續？除了與昂貴的公有雲相比較低的 TCO 之外，您能否談談其他可能導致用戶繼續轉向私有雲的因素？

Yes. I'll give you a two-part answer to that, George. So I don't know if I can call it a point of inflection. But certainly, we are seeing more examples of people repatriating, but those are examples. It's hard for me to say that there's a whole trend here, right? Yet. But some are certainly repatriating, like the example I talked about. But also, I think the other thing that we should keep in mind is that the bulk of enterprise workloads are still not in the public cloud. They're still sitting in data centers.

是的。喬治，我會從兩個方面給你答案。所以我不知道是否可以稱之為轉捩點。但當然，我們看到了更多人員回國的例子，但這些只是例子。我很難說這裡有一個完整的趨勢，對吧？然而。但有些人一定會回國，就像我談到的例子一樣。但同時，我認為我們應該記住的另一件事是，大部分企業工作負載仍然不在公有雲中。它們仍然位於數據中心。

I'm talking about enterprise workloads because what has gone to the public cloud largely have been net new applications. So for these workloads that are still sitting in the enterprise environment, I think CIOs are being a lot more careful about how much of that do they take to the public cloud. So there's -- yes, there's some repatriation happening from the public cloud back on-prem, but there's also a lot more scrutiny and forethought being applied to what should I take going forward into the public cloud from where I'm at.

我談論的是企業工作負載，因為轉移到公有雲的大部分都是全新的應用程式。因此，對於仍然處於企業環境中的這些工作負載，我認為 CIO 們會更加謹慎地考慮將其中多少工作負載轉移到公有雲中。所以，是的，有一些資料從公有雲遣返到本地，但對於我應該將哪些資料從我所在的地方遷移到公有雲，還需要進行更多的審查和深思熟慮。

Our next question will come from the line of Michael Cikos from Needham.

我們的下一個問題來自尼德姆的邁克爾·西科斯 (Michael Cikos)。

And I wanted to echo my comments as well in addition to the others as far as the great quarter and the results here. I think there's a bit of a two part here. But the first, I know coming back to the financials specifically Rukmini, can you help us think about the benefit to the quarter from the co-terming that occurred? And if -- I guess, to what degree anything was pulled forward that was expected to land later this year when we think about the magnitude of the beat and raise for guidance?

除了其他人對本季的出色表現和結果的評論外，我還想重複我的評論。我認為這裡有兩個部分。但首先，我知道回到財務問題，特別是 Rukmini，您能否幫助我們思考同時終止合約對本季帶來的好處？並且如果——我想，當我們考慮超出預期的幅度並提高指導時，預計今年晚些時候會實現的目標會提前到什麼程度？

Sure. Mike, so yes, I talked about renewals outperformance in Q2, and there were 3 factors that I highlighted to -- as the reason for that outperformance. One was better renewals economics. And by that, I mean, just -- our team is able to get better sort of pricing at the time of renewal, which is good. Secondly, we talked about better on-time renewal performance, which was strong in the quarter as well. And then the third piece, I think, is what you're referring to, Mike, which is around I said that we did -- do a little better on early and co-term renewal.

當然。麥克，是的，我談到了第二季續約表現優異的情況，我強調了 3 個因素——這是其優異表現的原因。一是更好的更新經濟。我的意思是，我們的團隊能夠在續約時獲得更好的定價，這很好。其次，我們談到了更好的準時續約表現，這在本季也很強勁。然後，我認為第三部分就是你所指的，麥克，也就是我所說的我們在早期和共同續約方面做得更好一些。

And those, as we've said before, we go out to our customers well in advance of a renewal being due and start that conversation early and that's what they prefer as well. And often, we will be able to transact those renewals earlier than when they are -- in an earlier quarter than when they are due. And co-term similarly. Co-terms are beneficial both for us and for the customer because it then brings a lot of their licenses that may have been purchased at different times to all be aligned to the same end date.

正如我們之前所說，我們會在續約到期之前提前與客戶聯繫，並儘早開始對話，這也是他們所希望的。通常，我們能夠在到期日之前的更早的季度處理這些續約事宜。並以類似的方式共同期限。共同期限對我們和客戶都有利，因為它可以使許多可能在不同時間購買的許可證都統一到同一個結束日期。

And so those we generally welcome as long as they are coming at good economics for us. It's good for the customers. They give us cash upfront. And so those are all generally things that we welcome. Now in terms of the dynamic of the pull forward, which I think was another sort of aspect of your question, Mike, I'd say there is normal variation, right, between quarters, and we would expect that to continue going forward.

因此，只要這些措施能為我們帶來經濟效益，我們通常都會歡迎。這對顧客來說是好事。他們預先給我們現金。所以這些都是我們普遍歡迎的事情。現在就拉動的動態而言，我認為這是你的問題的另一個方面，麥克，我想說的是，季度之間存在正常的變化，我們預計這種情況會繼續下去。

And I would say, I think we had also talked about this dynamic between fiscal year '24 and fiscal year '25. And I'm not sure if that's where you were going, Mike. But at this point, we still do see that renewal available to renew for next year. The growth in that is accelerating compared to what we saw for fiscal year '24 because that was partly early than co-terms, but was also just a bigger renewal cohort that is coming up in '25, which is leading to that accelerated renewals ATR in '25 compared to '24.

我想說，我認為我們也討論過 24 財年和 25 財年之間的這種動態。我不確定那是不是你要去的地方，麥克。但目前，我們仍然看到可以續簽至明年。與 24 財年相比，這一增長速度正在加快，部分原因是這比共同條款要早，但也是 25 年即將出現的更大的續約群體，這導致 25 年的續約 ATR 比 24 年有所加速。

So overall, again, I would say a pretty strong quarter from a renewals perspective. And generally, these are all the outperformance is done by things that we like to see. So nothing that I would sort of characterize as better than expected certainly, but allows us to sort of certainly manage the business on a more predictable basis going forward.

因此，總體而言，從續約的角度來看，我認為這是一個相當強勁的季度。總的來說，這些都是我們樂見的出色表現。因此，我當然不會說這比預期更好，但可以讓我們在未來以更可預測的方式管理業務。

Got it. Got it. And Mike, it's funny you're ending that response on predictability. I think one of the things that I've been going through on my side, this earnings season is certain companies have cited seeing larger deals in their pipeline and greater variability based on when those deals close. So I wanted to get a sense if possible, but can you help us think about the magnitude when you're citing these larger deals?

知道了。知道了。麥克，你以可預測性來結束回答，這很有趣。我認為，就我而言，這個財報季經歷的事情之一是，某些公司表示，他們正在規劃的交易規模更大，而且這些交易完成時間的可變性也更大。所以，如果可能的話，我想了解一下，但是當您引用這些較大的交易時，您能幫助我們思考一下其重要性嗎？

Like are they coming with like an x percent increase in size from a dollar perspective versus what you're historically seeing? And just to help us get a better sense of that. And then the second piece tied to that is, how do you get confidence in driving those deals, again, just because they are obviously more strategic? There's less certainty around the timing of the windows closed. Just anything there as far as how you do gain confidence on that front. It's a high-quality problem I have I'll start with that, but I just want to make sure that you guys are thinking about this and wanted to see how you'd respond to that on our side.

從美元角度來看，與歷史上相比，它們的規模是否會增加 x%？只是為了幫助我們更好地理解這一點。與此相關的第二點是，你如何有信心推動這些交易，只是因為它們顯然更具策略性？關於關閉視窗的具體時間尚不確定。只要你能夠在這方面獲得信心就好了。這是我遇到的一個高品質問題，我將從這個開始，但我只是想確保你們正在考慮這個問題，並想看看你們會如何回應我們這個問題。

Yes, it's a good question, Mike, and you're right, these larger deals are inherently more unpredictable, which is why I think my point on your previous question, right, was renewals generally more predictable, although, of course, we think there is some variability there. But definitely more predictable, right, than the new and expansion portion.

是的，這是個好問題，麥克，你說得對，這些較大的交易本質上更難以預測，這就是為什麼我認為我對你之前的問題的看法是，續約通常更可預測，當然，我們認為其中存在一些可變性。但肯定比新的和擴展的部分更可預測，對吧。

And so I won't give you a specific number, Mike. I know you were looking for like some percentage or size or something like that. What I would say is when we look at our pipeline of opportunities, and we look at the mix of that, meaning how much is coming from deals of a certain size versus a larger size. And if you think you may have buckets of deal sizes, what we're seeing in the data is that a larger proportion is coming from those higher larger deal size buckets than we've seen previously, right?

所以我不會給你一個具體的數字，麥克。我知道您正在尋找百分比或大小或類似的東西。我想說的是，當我們審視我們的機會管道時，我們會考慮這些機會的組合，即有多少來自一定規模的交易，有多少來自更大規模的交易。如果您認為您可能擁有各種交易規模，那麼我們在數據中看到的是，其中很大一部分來自比我們之前看到的更大的交易規模，對嗎？

So -- and that's in addition to the pipeline growing. We're just saying that the mix of it is also changing to be weighted more towards larger deals. So that's sort of the first part of the answer to your question. Now in terms of just how do we get comfortable? We look at what's in the pipeline. We're looking at a lot of other things that we -- in terms of conversion rates and things like that and it's related to the pipeline. And then we put a probability on how many of those we think we can convert, right, during a period of time.

所以 — — 這是除了管道成長之外的。我們只是說，它的組合也在發生變化，更傾向於更大的交易。這是對你的問題的回答的第一部分。現在我們該如何才能感到舒適呢？我們看看正在進行的事情。我們正在研究很多其他的事情——比如轉換率之類的事情，這些都與管道有關。然後，我們計算出在一段時間內我們認為可以轉換的人數的機率。

And so that's sort of a little more color into the methodology of how we're approaching this, and all that is factored into the guidance that we provided, right? But Rajiv, did you want to add anything to that?

因此，這在某種程度上為我們處理這個問題的方法論提供了更多的細節，所有這些都被納入了我們提供的指導中，對嗎？但是拉吉夫，你還想補充什麼嗎？

Yes, just a couple of things. First of all, I think one of the reasons we're seeing these large deals is because we, of course, for a while, we've been working on a portfolio that -- product portfolio which we think is ready for large-scale enterprise deployments. And so we have segmented our focus a bit further up the market in terms of our own sales force segmentation. And then on top of that, we've got this industry disruption with VMware, where many large customers, of course, who are not necessarily engaged with us before are now engaging with us.

是的，只有幾件事。首先，我認為我們看到這些大額交易的原因之一是因為我們當然已經在一段時間內致力於開發一個產品組合——我們認為該產品組合已經為大規模企業部署做好了準備。因此，根據我們自己的銷售團隊細分，我們將重點進一步細分為市場高端部分。除此之外，我們也與 VMware 合作，顛覆了產業格局，許多大客戶之前不一定與我們合作，現在也開始與我們合作。

So that's the reason for why we're seeing more of these large deals in our pipeline. Now I think with respect to prosecuting these deals, I would say we keep getting better at going after these deals. I mean we have a whole 360 approach towards going after this. We have executive responses on the big accounts where we have large deals. We have a full team assembled to go pursue these deals. And now having said that, so it's still going to be timing, it's going to be a bit unpredictable and the size of these things also tend to vary over time.

這就是為什麼我們在規劃中看到更多此類大型交易的原因。現在，我認為就起訴這些交易而言，我們會在起訴這些交易方面做得越來越好。我的意思是，我們有一個全方位的方法來實現這一目標。對於有大額交易的大客戶，我們得到了高階主管的回應。我們已經組建了一支完整的團隊來執行這些交易。話雖如此，但這仍然需要時間，會有點難以預測，而且這些事情的規模也會隨著時間而改變。

So it doesn't completely replace the unpredictability, but it does -- it's a series of engagement, right, when you have these types of deals between both companies. We are investing resources, customers are investing a lot of resources as well because there's a lot of testing, certifications, going through contract negotiations, security audits, a whole bunch of things that get through this process. And so I would say we, as a company, are getting better and better at going after these types of opportunities.

因此，它並不能完全取代不可預測性，但它確實——當兩家公司之間有這類交易時，它就是一系列的參與。我們正在投入資源，客戶也在投入大量資源，因為這個過程需要進行大量的測試、認證、合約談判、安全審計等一系列工作。因此我想說，作為一家公司，我們在抓住這類機會方面做得越來越好。

Our next question will come from the line of Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

A couple of questions for me. Maybe just on -- you noted clearly some macro headwinds still. Just wanted to get a sense of any of the shape of that? Or is it still things that are just elongating lead times? Are you seeing it on larger deals, smaller deals, certain verticals, certain types of projects, kind of just any change in color from the past couple of quarters, if there are any?

我有幾個問題。也許只是——您清楚地註意到仍然存在一些宏觀阻力。只是想了解它的形狀嗎？或者它仍然只是延長交貨時間的事情？您是否在較大的交易、較小的交易、某些垂直行業、某些類型的項目中看到了它，或者過去幾個季度的顏色有什麼變化？

And then maybe on the second question, I would imagine you guys are getting a number of resumes in your inbox right now, just kind of given the disruption. Just any notable hires or how you're finding kind of the pool of talent to add in terms of some of your OpEx adds?

然後也許關於第二個問題，我想你們現在在收件匣裡會收到很多履歷，因為有點混亂。只是有任何值得注意的招聘，或者您如何找到人才庫來增加您的一些營運支出？

Yes. Rukmini, why don't you take number one, I'll take the number two question.

是的。魯克米尼，你為什麼不回答第一個問題呢，我來回答第二個問題。

Yes. Sure, Rajiv. So on macro, Meta, which I think was your first question, it's more or less remained stable relative to what we've seen in the last few quarters. So fairly consistent, okay, with what we've seen in the last few quarters. And I'd -- we'd characterize that as somewhat uncertain, but stable. And that's sort of what we continue to see. So no significant change from that, which, again, as we talked about, did show up in the continued modest elongation of sales cycles compared to our historical levels.

是的。當然，拉吉夫。因此，就宏觀而言，我想這是您的第一個問題，相對於我們在過去幾季看到的情況，Meta 或多或少保持穩定。與我們過去幾季看到的情況相當一致。我認為——我們將其描述為有些不確定，但穩定。這就是我們不斷看到的情況。因此，與此相比，沒有發生重大變化，正如我們所說的那樣，與歷史水平相比，銷售週期確實持續適度延長。

Now some of that could also be driven by this larger mix of higher -- larger deal sizes in our pipeline. So that's sort of showing up now. But again, that is also a factor of just the fact that we've gone up market. It's not necessarily a macro point. So on macro, nothing else I would call out in terms of specific verticals seeing strength or weakness that we're noticing at this point. Somewhat uncertain, but stable is how we'd characterize it.

現在，其中一些也可能受到我們管道中更大交易規模的更大組合的推動。現在這種情況已經顯現出來了。但同樣，這也是我們進入高端市場的因素。這不一定是一個宏觀點。因此，從宏觀角度來看，對於我們目前註意到的具體垂直領域的優勢或劣勢，我沒有什麼可說的。我們將其描述為有點不確定，但穩定。

Yes. And Meta, on the talent question, there's no doubt this is -- 2 years ago, it was a difficult market for talent, right? Everybody was hiring and it was a tough market as we tend to hire the top of the pyramid in terms of software developers. Now that has changed quite significantly for us, right? In this market, today, we are able to attract the best talent from every place, not just VMware or other places you might think of, but also from hyperscalers, for example. And so we see a good tenant environment.

是的。 Meta，關於人才問題，毫無疑問，兩年前，人才市場很艱難，對吧？每個人都在招聘，這是一個艱難的市場，因為我們傾向於招聘軟體開發人員金字塔的頂端。現在這對我們來說已經發生了很大的變化，對嗎？今天，在這個市場上，我們能夠吸引來自各個地方的最優秀人才，不僅僅是 VMware 或您可能想到的其他地方，還包括來自超大規模企業等。因此我們看到了良好的租戶環境。

We have been using that, of course -- we have been hiring carefully, but selectively in both R&D and sales. And we are seeing really good talent come in the door. And overall, it's helping up level the talent that we have in the company, and I'm very happy about that. And that's happening at the individual contributor levels, but also at the management levels as well, so across the board.

當然，我們一直在使用這種方法——我們在招募研發和銷售人員時一直很謹慎，但也很有選擇性。我們看到真正優秀的人才不斷湧入。總的來說，這有助於提升我們公司的人才水平，我對此感到非常高興。這不僅發生在個人貢獻者層面，也發生在管理層面，因此是全方位的。

Our next question will come from the line of Erik Suppiger from JMP.

我們的下一個問題來自 JMP 的 Erik Suppiger。

All right. Sorry about that. I wanted to just touch on the subject of larger deals and elongated sales cycles. As previously noted, there have been other vendors that have seen similar trends and there was some discussions around consolidation customers that are getting more focused on consolidating onto a single or a few vendors as opposed to a lot of tools out there. Is that one of the things that could be contributing to the elongated sales cycle? Or is it more of an economic uncertainty issue?

好的。很抱歉。我只是想談談更大的交易和延長的銷售週期這個主題。如前所述，其他供應商也看到了類似的趨勢，並且圍繞整合客戶進行了一些討論，這些客戶越來越專注於整合到單一或幾個供應商，而不是整合大量的工具。這是導致銷售週期延長的原因之一嗎？還是這更多的是一個經濟不確定性問題？

I'm not sure as much, Erik, whether it's because people are consolidating vendors. In our case, for example, certainly, there's a lot of like, okay, I've got an incumbent vendor that I need to rethink my strategy and bring on alternative vendor. And that's really playing very much for us, right, very much in play. So they were happy with the vendor prior, and now they don't feel happy. So they've got to look at an alternative and we have a very solid infrastructure alternative. That's one factor that's clearly playing.

艾瑞克，我不太確定這是否是因為人們正在整合供應商。例如，在我們的案例中，當然有很多類似的情況，好吧，我有一個現任供應商，我需要重新考慮我的策略並引入替代供應商。這對我們來說確實非常重要，對吧，非常重要。所以他們之前對供應商很滿意，但現在卻不滿意了。所以他們必須尋找替代方案，而我們有一個非常可靠的基礎設施替代方案。這顯然是一個起作用的因素。

The second factor, as I mentioned a little earlier, is that we as a company have gotten to a point where we have a portfolio that can address pretty much across the enterprise, all the applications that customers are running. So all applications that -- from small scale to very large scale, and that makes us a bigger player in our customers' minds, right? It's not that they're thinking about it as vendor for just one use case anymore. They're thinking about it as a platform vendor for them that can run all their applications.

第二個因素，正如我之前提到的，我們公司已經達到了這樣的程度：我們的產品組合幾乎可以解決整個企業中客戶正在運行的所有應用程式。所以所有的應用程式——從小規模到非常大規模，這使得我們在客戶心目中成為更重要的參與者，對嗎？他們不再將其視為僅針對某一用例的供應商。他們將其視為可以運行所有應用程式的平台供應商。

And so that's typically a -- leads to a more larger strategic engagement with the customer, which also takes longer, right? So that, I think, is what's playing in our -- for us -- playing out for us now.

因此，這通常會導致與客戶進行更廣泛的策略合作，這也需要更長的時間，對嗎？所以，我認為，這就是我們現在正在發生的事情。

Okay. Very good. And then just on the ChatGPT-in-a-Box. Just curious if you have seen particular groups or segments of your customer base that are adopting that? Who is doing AI in a private cloud these days?

好的。非常好。然後就在 ChatGPT-in-a-Box 上。我只是好奇，您是否發現您的客戶群中的特定群體或部分正在採用這種方法？現在誰在私有雲中進行人工智慧？

Yes. First of all, I'd say it's early days for us, Erik, on that. But we are seeing traction across all kinds of verticals, financial services, defense, federal. In fact, one of our first wins was with the federal agency. Manufacturing, pharma or medical devices. So there's just many different verticals, but the use cases tend to be somewhat similar. Document summarization, search analytics, co-piloting, customer service, right, enhanced fraud detection, these are some of the same -- or same use cases, but across a range of verticals.

是的。首先，艾瑞克，我想說，對我們來說，這還為時過早。但我們看到了各個垂直領域、金融服務、國防、聯邦領域的發展動能。事實上，我們首次取得的勝利之一就是與聯邦機構的合作。製造、製藥或醫療設備。因此，雖然存在許多不同的垂直領域，但用例往往有些相似。文件摘要、搜尋分析、共同駕駛、客戶服務、正確、增強詐欺檢測，這些都是相同的 - 或相同的用例，但涉及一系列垂直領域。

Our next question will come from the line of Ben Bollin from Cleveland Research Company.

我們的下一個問題來自克利夫蘭研究公司的本·博林。

Rukmini, you made a comment about investing carefully for the growth in front of you. And there's been a few questions on hiring. I'm curious about how your hiring plans have evolved since the start of the year when you look at what you see out there? And in particular, how you're managing the amount of inbound activity that you are seeing from partners and customers? And then I had a follow-up.

Rukmini，您評論說要謹慎投資以實現眼前的成長。還有一些關於招募的問題。我很好奇，從今年年初以來，您的招募計畫是如何演變的？特別是，您如何管理來自合作夥伴和客戶的入站活動量？然後我進行了後續跟進。

So maybe I'll take that, Ben. So I think there's a couple of points. One is related to hiring. The other is inbound activity from partners, customers, et cetera. So a slightly different question there. So I think -- on the hiring, we've -- if you look at our history here, we've been very, very tight on OpEx for the past few years for the right reasons. As we consolidated our portfolio, got some more focus into the company and got our execution going.

所以也許我會接受，本。所以我認為有幾點。一個與​​招募有關。另一個是來自合作夥伴、客戶等的入站活動。所以這是一個稍微不同的問題。所以我認為 - 在招聘方面，如果你看看我們的歷史，過去幾年我們出於正當理由一直非常嚴格地控制營運支出。隨著我們整合投資組合，更加關注公司並開始執行。

And now this is the year where we are investing. Our OpEx is going based on what we've talked about. And -- but we are investing judiciously, continuing to drive both growth and leverage to our bottom line, but we're certainly investing. We're investing in terms of building out our portfolio on an R&D perspective. We're investing in terms of our go-to-market so that we can be more effective in terms of getting -- handling the demand that we're starting to see.

今年是我們投資的一年。我們的營運支出將根據我們所討論的內容進行。而且——但我們正在明智地投資，繼續推動成長和槓桿作用，以實現我們的底線，但我們肯定會投資。我們正在從研發的角度進行投資，以擴大我們的投資組合。我們正在進行市場進入方面的投資，以便我們能夠更有效地滿足我們開始看到的需求。

And to your point, over the last, I would say, 1 year or 2 years, we've seen more incoming from customers, partners and managed service providers. And we are -- we now have focused efforts in terms of addressing all of those, right, whether it be a larger set of customer engagements, whether it be more focused in terms of the partners, which was one of the priorities that I said very early on when we started here 3 years ago.

正如您所說，我想說，在過去的一兩年裡，我們看到了來自客戶、合作夥伴和託管服務提供者的更多投入。我們現在專注於解決所有這些問題，無論是更廣泛的客戶互動，還是更加重視合作夥伴，這是我三年前我們剛開始工作時就說過的優先事項之一。

So more focus on the channel, enabling them, recruiting partners, giving them incentives, making them more autonomous and extending that to our managed service provider partners, where we continue to add more of them to our partner network over time.

因此，我們更加關注管道，為他們提供支持，招募合作夥伴，給予他們激勵，使他們更加自主，並將其擴展到我們的託管服務提供者合作夥伴，隨著時間的推移，我們將繼續將更多的合作夥伴添加到我們的合作夥伴網路中。

Okay. That's great. Rajiv, one other question for you is, you commented earlier about some CIO scrutiny as it relates to the data center investments and public cloud investments. I'm curious if you're seeing any change in how customers are thinking about their longer-term infrastructure planning from an investment perspective notably because of what's happened with Broadcom and VMware? And that's it for me.

好的。那太棒了。 Rajiv，我想問您的另一個問題是，您之前評論了一些與資料中心投資和公有雲投資相關的 CIO 審查。我很好奇，您是否看到客戶從投資角度對長期基礎設施規劃的看法發生了變化，尤其是因為 Broadcom 和 VMware 發生的事情？對我來說就是這樣。

Well, I mean, certainly, Ben. So the bottom line, I think, absolutely it is, right? I mean, again, VMware was a great technology vendor with a lot of innovation and customers and with a large footprint at customers. And now they have to rethink whether that's the right long-term strategy for them. And so that says, okay, well, we've got to either look at alternative providers, of which we are an easy alternative or they could say, when I could go more to the public cloud, okay, which is not as easy a thing for existing workloads to just take everything and move it to the public cloud, that's not easy to do.

嗯，我的意思是，當然了，本。所以我認為底線是絕對如此，對嗎？我的意思是，VMware 是一家出色的技術供應商，擁有大量創新和客戶，並且在客戶中佔有很大的份額。現在他們必須重新考慮這是否是適合他們的正確長期策略。所以這意味著，好吧，我們要么考慮替代供應商，而我們是一個簡單的替代方案，或者他們可以說，當我可以更多地轉向公有雲時，好吧，對於現有的工作負載來說，將所有內容移動到公有雲並不是一件容易的事，這並不容易做到。

And then they factor into the fact -- cost, regulatory aspects of it and so forth. So clearly, I think for us as a vendor, there is certainly -- we see customers continue to invest in infrastructure modernization in terms of digitization, in terms of running modern applications not just in the public cloud but also on-prem. And like some of these new cycles that are happening now, like AI, for example, we'll also find the spot down the same route, right, which is -- it's starting out with a lot of training happening in public cloud, but it's moving towards, okay, I'm going to run my AI, I'm going to -- I'm going to fine-tune the training on my own data sets, which are proprietary that I want to keep carefully.

然後他們考慮事實——成本、監管方面等等。因此，很明顯，我認為對於我們作為供應商來說，肯定有——我們看到客戶繼續在數位化方面的基礎設施現代化方面進行投資，不僅在公有雲中而且在本地運行現代應用程式。就像現在正在發生的一些新周期一樣，例如人工智慧，我們也會在同一條路線上找到位置，對吧，那就是 - 它開始於在公共雲中進行大量訓練，但它正在朝著，好吧，我將運行我的人工智能，我將 - 我將在我自己的數據集上對訓練進行微調，這些數據集是專有的，我想小心保存。

And I'm going to have to potentially look at slightly different solutions for inferencing which are going to be running closer to my edge locations. So these things are driving what we call hybrid multi-cloud. And I think that's very much, I think, the world that many of our customers are here for the next several years.

我將不得不考慮稍微不同的推理解決方案，這些解決方案將更接近我的邊緣位置。這些因素正在推動我們所說的混合多雲。我認為，這就是我們許多客戶未來幾年所處的世界。

Our next question comes from the line of Dan Bergstrom from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Bergstrom。

It's Dan Bergstrom for Matt Hedberg. To build off a recent answer that mentioned a 360 approach around VMware deals, could you go into some of the mechanics and processes involved in migration over from VMware? I guess, specifically what tools are in place to facilitate migrations? And then how long does a typical migration take?

丹伯格斯特羅姆 (Dan Bergstrom) 為馬特赫德伯格 (Matt Hedberg) 配音。為了鞏固最近提到的有關 VMware 交易的 360 方法的回答，您能否介紹一下從 VMware 遷移所涉及的一些機制和流程？我想，具體有哪些工具可以促進遷移？那麼典型的遷移需要多久？

Yes. I mean -- and the answer to that query -- but I'll go through the process, Dan. So there's clearly an assessment of what the workloads are that our applications are that are running on that infrastructure. That's one part of it and making sure that we can run all those workloads with good performance, which, by and large, is the case these days.

是的。我的意思是——以及對這個問題的回答——但我會經歷這個過程，丹。因此，顯然需要對在該基礎架構上執行的應用程式的工作負載進行評估。這是其中的一部分，並確保我們能夠以良好的效能運行所有這些工作負載，總的來說，目前的情況就是這樣。

The second is what elements of the stack have they deployed? And the more of the elements that they have deployed, the stickier or the more complex migration becomes. So for example, for a customer that just only deployed a hypervisor, it's a largely automated move away from the hypervisor to our hypervisor. We have automated tools. In fact, our tools called Move. We've done a lot of these VM migrations all day long. And so that's a relatively simple migration that can be done automated.

第二個是他們部署了堆疊的哪些元素？他們部署的元素越多，遷移就會變得越棘手或越複雜。例如，對於剛部署了虛擬機器管理程式的客戶來說，從虛擬機器管理程式到我們的虛擬機器管理程式的遷移基本上是自動化的。我們有自動化工具。事實上，我們的工具叫做 Move。我們整天都在進行大量的虛擬機器遷移。這是一個相對簡單且可以自動化完成的遷移。

Now at the other end of the spectrum, if they've invested a lot of custom automation work, custom security work on top of the stack, then some of those will have to be converted over and that requires a professional services engagement, which also is part of our offering to help convert over some of those onto our platform or onto more open types of platforms.

現在，在另一個極端，如果他們已經在堆疊頂部投入了大量的定制自動化工作、定制安全工作，那麼其中一些將必須進行轉換，而這需要專業服務的參與，這也是我們提供的服務的一部分，以幫助將其中一些轉換到我們的平台或更開放類型的平台上。

For example, automation people are looking at Terraform as an example. So in those cases, it's a more complex migration. I'll give you some examples though. In a lot of cases, actually, what happens is that the migration plan will take some time, the actual execution of the migration is very quick. There was a case study that we published recently of a health care system that we've been engaged with for the past 3 years or so. The name of pediatrics, it's public at this point. And they planned this migration for a few years. But when they actually came around to doing the migration, they were done within 90 days. So that's a typical example.

例如，自動化人員正在將 Terraform 作為範例。因此在這些情況下，遷移會變得更加複雜。不過我會給你舉一些例子。在很多情況下，實際上，遷移計畫需要一些時間，但實際的遷移執行卻非常快。我們最近發表了一份案例研究，涉及一個我們過去 3 年左右一直合作的醫療保健系統。兒科這個名字，到現在都是公開的。他們計劃這次遷移已經好幾年了。但當他們真正開始遷移時，他們在 90 天內就完成了。這是一個典型的例子。

There's a cycle of selling and engagement and everything and then getting everything ready. And then once it's ready, they were able to migrate in 90 days, and I would call them as a medium complexity environment. They're not at the high end of the complexity, but they're not necessarily the lower -- the simplest side.

有一個銷售、參與和一切的循環，然後準備好一切。一旦準備就緒，他們能夠在 90 天內完成遷移，我將其稱為中等複雜度的環境。它們並不處於複雜程度的高端，但它們也不一定是最低端——最簡單的。

And our next question comes from the line of Simon Leopold from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯公司的西蒙利奧波德。

This is Victor Chiu for Simon Leopold. Just really quickly, can you help us understand what's baked into your full year outlook specifically? Does the current guidance reflects gains from VMware at a similar rate? Or are you expecting this accelerates from here?

我是 Simon Leopold 的 Victor Chiu。您能否快速地幫助我們了解您對全年的展望具體包括哪些內容？目前指引是否反映了 VMware 的類似收益？或者您預計這一進程將從現在開始加速？

Thank you, Victor, for the question. So the full year guide assumes some benefit from the VMware being acquired by Broadcom, as we said at the beginning of the year. And no, it does not expect any acceleration at this point, right? It just assumes it has some benefit in there. It also assumes a small benefit, as we've talked about before, towards the end of the year from the Cisco partnership as well.

謝謝維克多提出的問題。因此，正如我們在年初所說的那樣，全年指南假設 VMware 被 Broadcom 收購帶來一些好處。不，它此時並不期望任何加速，對嗎？它只是假設它在那裡有一些好處。正如我們之前談到的，它還假設在年底之前從思科合作關係中獲得一點好處。

But that, again, as Rajiv said, we expect that to grow over time and certainly into fiscal year '25, but there's a small benefit from that baked in as well in addition to sort of all the other dynamics we've talked about on this call, right, including modest elongation, average sales cycles, unpredictability with regard to large deals in the pipeline, et cetera.

但是，正如拉吉夫所說，我們預計這一數字會隨著時間的推移而增長，並且肯定會持續到 25 財年，但除了我們在這次電話會議上討論的所有其他動態因素之外，這也會帶來一些好處，包括適度延長、平均銷售週期、正在進行的大額交易的不可預測性等等。

Okay. Great. That's helpful. And just lastly, I wanted to follow up on the macro question. We've been hearing through the channel that the sentiment on the HCI market overall has turned slightly more cautious. Can you help us understand what you're thinking for HCI growth overall this year and how Nutanix performs relative to that?

好的。偉大的。這很有幫助。最後，我想繼續討論一下宏觀問題。我們透過通路聽說，HCI 市場的整體情緒已經變得稍微謹慎一些。您能否幫助我們了解您對今年 HCI 整體成長的看法以及 Nutanix 的表現如何？

Yes. Maybe I'll take that. I don't think -- we haven't seen a slowdown or caution around HCI adoption. I think it's been the same kind of dynamic that we've seen in the past, right? There is a legacy infrastructure out there. The HCI capabilities have continuously gotten better over time where HCI today can run pretty much all enterprise workloads on the platform and in many cases, can do so with better performance even than legacy architecture.

是的。也許我會接受。我不認為——我們還沒有看到 HCI 採用的放緩或謹慎。我認為這與我們過去看到的是同一種動態，對嗎？那裡有一個遺留的基礎設施。隨著時間的推移，HCI 功能不斷改進，如今 HCI 可以在平台上運行幾乎所有企業工作負載，並且在許多情況下，甚至可以比傳統架構提供更好的效能。

So better performance, better TCO or much simpler to operate. So -- but I think the -- what we've always had to overcome is inertia, right? We've got a set way of doing things that customers have been doing for a long time. And here is a shift to a more modern software-defined architecture. And that shift we have to do, right? And we have to overcome that with all that. And -- but that's been what we've been doing for the entire existence of the company. So I wouldn't see that there's been a bunch of change in how our customers are thinking about it, certainly not in the last year or so that I've seen.

因此性能更佳、整體擁有成本更低或操作更簡單。所以——但我認為——我們一直要克服的是惰性，對嗎？我們有一套固定的做事方式，客戶也已經沿用很久了。這是向更現代的軟體定義架構的轉變。我們必須進行這種轉變，對嗎？我們必須克服這一切。而且——但這正是我們公司整個存在期間一直在做的事情。因此，我認為我們的客戶對此的看法不會發生很大變化，至少在過去一年左右的時間裡沒有改變。

That's great. And how the growth -- what you're thinking for growth and kind of how Nutanix is growing relative?

那太棒了。成長情況如何－您對成長有何看法？ Nutanix 的相對成長情況如何？

Yes. I think we -- I don't have much to add beyond what we covered at Investor Day just last September, where we provided both the TAM and SAM opportunities and our growth outlook in terms of -- 20% ARR growth in terms of what we could drive through FY '27 is what we said there.

是的。我認為我們——除了我們在去年 9 月的投資者日上討論的內容之外，我沒有什麼可補充的，當時我們提供了 TAM 和 SAM 機會以及我們的增長前景——就我們能夠在 2027 財年實現的 20% ARR 增長而言，我們在那裡說過。

And with that, this will conclude our question-and-answer session today. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

今天的問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。