Nutanix Inc (NTNX) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to Nutanix fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Rich Valera, Vice President of Investor Relations.

感謝您的支持，歡迎參加 Nutanix 2024 年第四季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。現在我想介紹今天節目的主持人、投資者關係副總裁 Rich Valera。

Good afternoon, and welcome to today's conference call to discuss Nutanix's fourth-quarter and fiscal year 2024 financial results. Joining me today are Rajiv Ramaswami, Nutanix's President and CEO; and Rukmini Sivaraman, Nutanix's CFO. After the market closed today, Nutanix issued a press release announcing fourth quarter and fiscal year 2024 financial results. If you'd like to read the release, please visit the press releases section of our IR website.

下午好，歡迎參加今天的電話會議，討論 Nutanix 第四季度和 2024 財年的財務業績。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財年第四季及全年財務表現。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。

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. For a more detailed description of these and other risks and uncertainties, please refer to our SEC filings, including our most recent annual report on Form 10-K 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. As a result, you should not rely on them as predictions of future events.

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。有關這些和其他風險和不確定性的更詳細描述，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表年度報告和隨後的 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。因此，您不應依賴它們來預測未來事件。

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.

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 Goldman Sachs Communacopia and Technology Conference in San Francisco on September 9, and the Piper Sandler Growth Frontiers Conference in Nashville on September 10. We hope to see you at these events. Finally, our first quarter fiscal 2025 quiet period will begin on Friday, October 18.

Nutanix 將於 9 月 9 日參加在舊金山舉行的高盛 Communacopia 和技術會議，並於 9 月 10 日參加在納許維爾舉行的 Piper Sandler 成長前沿會議。我們希望在這些活動中見到您。最後，我們的 2025 財年第一季靜默期將於 10 月 18 日星期五開始。

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. Our fourth quarter was a solid finish to our 2024 fiscal year. We continue to see steady demand for our solutions driven by businesses prioritizing infrastructure modernization initiatives while looking to adopt hybrid multi-cloud operating models and optimize their total cost of ownership.

謝謝你，Rich，大家下午好。我們的第四季為 2024 財年畫下了圓滿的句點。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基礎設施現代化計劃同時尋求採用混合多雲運營模式並優化其總體擁有成本所推動的。

In the fourth quarter, we are happy to have exceeded all our guided metrics. We delivered quarterly revenue of $548 million up 11% year over year and saw another quarter of strong free cash flow generation. We also saw the highest number of new logos we've seen in three years, an encouraging sign of building traction with some of our go-to-market partnerships and initiatives.

在第四季度，我們很高興超出了所有指導指標。我們本季的營收為 5.48 億美元，年增 11%，並且又一個季度實現了強勁的自由現金流。我們還看到了三年來最多的新標識，這是一個令人鼓舞的跡象，表明我們的一些市場合作夥伴關係和計劃正在逐漸增強。

Our full year 2024 results demonstrated good progress on a number of fronts. Financially, we delivered solid topline performance driven by continued strong performance from our renewables business. We saw good growth in our pipeline of larger deals as we shifted our focus upmarket and saw increased engagement from prospects looking for alternatives to their existing infrastructure solutions.

我們的 2024 年全年業績在多個方面取得了良好進展。財務方面，得益於再生能源業務持續強勁的表現，我們實現了穩健的營收業績。隨著我們將重點轉向高端市場，並看到越來越多的潛在客戶尋求現有基礎設施解決方案的替代方案，我們的大型交易管道出現了良好的成長。

Even as our land and expand business underperformed, related to our internal expectations, due to the longer-than-expected sales cycles we see, we delivered revenue of $2.15 billion, up 15% year over year, and ARR of $1.91 billion, up 22% year over year.

儘管我們的土地和擴張業務表現不佳，與我們的內部預期相關，由於我們看到的銷售週期比預期的要長，我們仍實現了 21.5 億美元的收入，同比增長 15%，ARR 為 19.1 億美元，同比增長 22%。

Our bottom-line performance was even stronger. We generated free cash flow of $598 million, almost 3 times higher than last year, resulting in a free cash flow margin of 28% and a Rule of 40 score of 43.

我們的底線表現甚至更加強勁。我們產生了 5.98 億美元的自由現金流，幾乎比去年高出 3 倍，自由現金流利潤率達到 28%，40 規則得分達到 43。

In FY24, we also saw tangible progress on the partnership front with significant new or enhanced partnerships with Cisco, Dell, and NVIDIA. And I'm pleased that Dell XC Plus, our new turnkey HCI-based appliance offering with Dell, is now generally available. We see these partnerships as both expanding our addressable market and providing us with meaningful go-to-market leverage.

在 24 財年，我們還在合作方面取得了切實進展，與思科、戴爾和 NVIDIA 建立了重要的新合作夥伴關係或加強了合作夥伴關係。我很高興我們與戴爾合作推出的全新交鑰匙基於 HCI 的設備 Dell XC Plus 現已全面上市。我們認為這些合作關係既擴大了我們的潛在市場，也為我們提供了有意義的市場進入槓桿。

Finally, we continue to innovate in FI24 with important new product releases and enhancements to our Nutanix cloud platform. These included the launch of GPT-in-a-Box, our solution for streamlining the adoption of generative AI by enterprises. We made meaningful progress towards our goal of becoming the best platform for modern applications. including the launch of Nutanix Data Services for Kubernetes, or NDK, which offers consistent data services across both virtual machines and containerized apps, as well as the recent release of Nutanix Kubernetes Platform, or NKP, to simplify management of modern applications on-premises and in any native public cloud service.

最後，我們繼續在 FI24 中進行創新，發布重要的新產品並增強我們的 Nutanix 雲端平台。其中包括推出 GPT-in-a-Box，這是我們為簡化企業採用生成式人工智慧而提供的解決方案。我們朝著成為現代應用程式最佳平台的目標取得了有意義的進展。包括推出 Nutanix Data Services for Kubernetes（簡稱 NDK），該服務可在虛擬機器和容器化應用程式之間提供一致的資料服務，以及最近發布的 Nutanix Kubernetes Platform（簡稱 NKP），以簡化本地和任何原生公有雲服務中現代應用程式的管理。

Our most significant wins in the quarter demonstrated the appeal of the Nutanix Cloud Platform to organizations that are looking to modernize their IT footprints and adopt hybrid cloud operating models, as well as those looking for alternatives in the wake of recent industry M&A.

我們在本季取得的最重大勝利證明了 Nutanix 雲端平台對那些希望實現 IT 現代化並採用混合雲營運模式的組織以及那些在最近的行業併購之後尋求替代方案的組織的吸引力。

Our largest win in Q4 was a multimillion-dollar ACV deal with a North American-based Fortune 100 Financial Services Company. Following a roughly year and a half engagement with us, they chose to replace their existing solution with Nutanix Cloud Platform, including our AHV hypervisor, as well as Nutanix Cloud Manager. This customer, who had been using a competing HCI solution in much of their footprint, was able to utilize their existing hardware for their Nutanix software deployment, obviating the need for a hardware refresh.

我們在第四季最大的勝利是與一家北美財富 100 強金融服務公司達成了一項價值數百萬美元的 ACV 交易。經過大約一年半的與我們合作，他們選擇用 Nutanix Cloud Platform（包括我們的 AHV 虛擬機器管理程式以及 Nutanix Cloud Manager）取代其現有解決方案。該客戶在其大部分業務範圍內一直使用競爭對手的 HCI 解決方案，現在能夠利用其現有硬體進行 Nutanix 軟體部署，從而無需更新硬體。

We also had a number of significant wins that included our Nutanix Cloud Clusters or NC2 capability, which enables workloads to be seamlessly and efficiently run in both private and public clouds. One of these was with an existing customer, an EMEA-based provider of global research services.

我們還取得了許多重大勝利，其中包括我們的 Nutanix 雲端叢集或 NC2 功能，它使工作負載能夠在私有雲和公有雲中無縫且有效率地運作。其中一位是現有客戶，位於歐洲、中東和非洲地區的全球研究服務供應商。

This customer was looking to accelerate the migration of their workloads to the public cloud while ensuring the workloads, once migrated, were run as efficiently and cost-effectively as possible. Having already made a commitment to Microsoft Azure, they purchased licenses for Nutanix Cloud Platform through the Azure Marketplace with the intent of utilizing its NC2 capability to shift their on-prem workloads to Azure.

該客戶希望加速將其工作負載遷移到公有雲，同時確保工作負載在遷移後盡可能高效且經濟地運作。他們已經對 Microsoft Azure 做出了承諾，並透過 Azure 市場購買了 Nutanix 雲端平台的許可證，目的是利用其 NC2 功能將其本地工作負載轉移到 Azure。

Another good example was a significant new customer win with a top North American university. Most of our customers start with our platform on-prem. However, this customer was motivated by their decision to migrate away from a competing platform they were using to run their virtual machine workloads at scale in the public cloud on AWS due to dissatisfaction with recent changes at their existing supplier.

另一個很好的例子是贏得了北美一所頂尖大學的重要新客戶。我們的大多數客戶都是從我們的內部平台開始的。然而，由於對現有供應商最近的變化不滿意，該客戶決定從他們用來在 AWS 上的公有雲中大規模運行虛擬機器工作負載的競爭平台遷移出去。

They chose Nutanix Cloud Platform to migrate their applications running in the public cloud to our NC2 on AWS, while also adopting our cloud platform to run their on-prem workloads. They also plan on adopting a Nutanix Cloud Manager for consistent self-service and automation across their private and public cloud estate.

他們選擇 Nutanix 雲端平台將他們在公有雲中運行的應用程式遷移到我們在 AWS 上的 NC2，同時採用我們的雲端平台來運行他們的內部工作負載。他們還計劃採用 Nutanix Cloud Manager，以便在私有雲和公有雲資產中實現一致的自助服務和自動化。

A final notable example is a win with an Asia-based Global 2000 semiconductor provider. This full-stack win, which was also a displacement of our primary competitor, enabled the customer to streamline their operations, increase their level of automation, and reduce their dependence on more expensive proprietary storage solutions. It included adoption of Nutanix Database Service, or NDB, to enable them to move off of their expensive commercial databases to open-source databases managed by NDB.

最後一個值得注意的例子是與一家亞洲全球 2000 強半導體供應商的合作。這次全端勝利也是我們取代主要競爭對手的勝利，使客戶能夠簡化其運營，提高其自動化水平，並減少對更昂貴的專有儲存解決方案的依賴。其中包括採用 Nutanix 資料庫服務 (NDB)，使他們能夠從昂貴的商業資料庫轉移到由 NDB 管理的開源資料庫。

This customer also plans to adopt our unified storage solution, replacing multiple third-party storage options. Finally, they also plan on utilizing NC2 on Azure to enable them to shift applications to the public cloud, including performing lift and shifts of IT workloads of acquired companies.

該客戶還計劃採用我們的統一儲存解決方案，取代多個第三方儲存選項。最後，他們還計劃利用 Azure 上的 NC2 將應用程式轉移到公有雲，包括執行被收購公司的 IT 工作負載的提升和轉移。

We see these events as reflecting the value customers see in our platform as they look for seamless and efficient application portability while adopting hybrid multi-cloud operating models, as well as the value of our partnerships with Azure and AWS.

我們認為這些事件反映了客戶在我們平台中看到的價值，因為他們在採用混合多雲操作模型的同時尋求無縫高效的應用程式可移植性，以及我們與 Azure 和 AWS 合作的價值。

In closing, I am pleased with our solid Q4 and fiscal 2024 results and the progress we continue to make on multiple fronts, including our financial model, our partnerships, and our ongoing innovation in our cloud platform towards our goal of becoming the leading platform for running applications and managing data anywhere. We also remain focused on capitalizing on what we view as a long-term opportunity to gain share in face of recent industry disruption, and are encouraged by our early successes, including some of the wins I just highlighted.

最後，我對我們第四季度和 2024 財年的穩健業績以及我們在多個方面繼續取得的進展感到滿意，包括我們的財務模式、我們的合作夥伴關係以及我們在雲端平台方面的持續創新，朝著成為在任何地方運行應用程式和管理資料的領先平台的目標邁進。面對近期的行業動盪，我們也將繼續專注於利用我們所認為的長期機會來獲取市場份額，並對我們早期的成功感到鼓舞，包括我剛才強調的一些勝利。

Finally, I would like to express my sincere gratitude to our investors, customers, and partners for their trust in us, and to our employees for their hard work that led to these results.

最後，我要衷心感謝投資人、客戶、合作夥伴對我們的信任，感謝全體員工的辛勤付出，取得這些成績。

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, and thank you, everyone, for joining us. I will first discuss our Q4 fiscal '24 and full fiscal year 2024 results followed by our guidance for Q1 fiscal '25 and for the full fiscal year 2025.

謝謝你，拉吉夫，也謝謝大家加入我們。我將首先討論我們的 2024 財年第四季和 2024 財年全年業績，然後討論我們對 2025 財年第一季和 2025 財年全年的指引。

Results in Q4 '24 came in above the high end of our range across all guided metrics. ACV billings in Q4 were $338 million, above the guided range of $295 million to $305 million, representing year-over-year growth of 21%.

2024 年第四季的業績在所有指導指標中均高於我們的預期範圍高端。第四季的 ACV 營業額為 3.38 億美元，高於 2.95 億美元至 3.05 億美元的指引範圍，年增 21%。

Revenue in Q4 was $548 million, higher than the guided range of $530 million to $540 million, representing a year-over-year growth of 11%. ARR at the end of Q4 was $1.908 billion, representing year-over-year growth of 22%.

第四季營收為 5.48 億美元，高於 5.3 億美元至 5.4 億美元的預期範圍，年增 11%。第四季末的ARR為19.08億美元，年增22%。

In Q4, we continue to see modestly elongated average sales cycles compared to historical levels. Average contract duration in Q4 was 3.1 years, 0.1 year higher than Q3.

在第四季度，我們繼續看到與歷史水平相比平均銷售週期略有延長。第四季平均合約期限為3.1年，比第三季增加0.1年。

Non-GAAP growth margin in Q4 was 86.9%, higher than our guided range of 85% to 86%. Non-GAAP operating margin in Q4 was 12.9%, higher than our guided range of 9% to 10%, largely due to one, lower operating expenses as a result of higher-than-expected non-recurring payments related to one of our partnership agreements and a few other items, and two, slightly higher growth margin and revenue.

第四季非公認會計準則成長利潤率為 86.9%，高於我們預期的 85% 至 86% 的範圍。第四季度非公認會計準則營業利潤率為 12.9%，高於我們預期的 9% 至 10%，這主要是因為：一是與我們的一項合作協議和其他一些項目相關的非經常性付款高於預期，導致營業費用降低；二是增長利潤率和收入略有提高。

Non-GAAP net income in Q4 was $76 million, or fully diluted EPS of $0.27 per share based on fully diluted weighted average shared outstanding of approximately 285 million shares. DSOs based on revenue and ending accounts receivable were 39 days in Q4. Free cash flow in Q4 was $224 million, representing a free cash flow margin of 41%. Free cash flow in Q4 benefited from the collection on the eight-figure ACV transaction that was booked in fiscal Q3.

第四季非公認會計準則淨收入為 7,600 萬美元，或基於完全稀釋加權平均流通股約 2.85 億股的完全稀釋每股收益為 0.27 美元。第四季基於收入和期末應收帳款的 DSO 為 39 天。第四季的自由現金流為 2.24 億美元，自由現金流利潤率為 41%。第四季的自由現金流受益於第三財季記帳的八位數 ACV 交易的收取。

Moving to the balance sheet, we ended Q4 with cash, cash equivalents, and short-term investments of $994 million, down from $1.651 billion at the end of Q3. The primary reason for the reduction in our cash balance was Bain Capital's conversion of the 2026 notes, which we announced in June. We settled the conversion in Q4 by paying $817.6 million in cash and delivering approximately 16.9 million shares of common stock. Please note that the entire conversion value had previously already been included in our fully diluted weighted average share count on an if-converted basis. The actual settlement included a portion settled in cash rather than exclusively in shares, resulting in the issuance of approximately 17 million shares, which is 12 million lower than the 29 million that we had previously included on an if-converted basis.

從資產負債表來看，我們在第四季末的現金、現金等價物和短期投資為 9.94 億美元，低於第三季末的 16.51 億美元。我們的現金餘額減少的主要原因是貝恩資本轉換了 2026 年票據，我們在 6 月宣布了這一消息。我們在第四季度支付了 8.176 億美元現金並交付了約 1,690 萬股普通股，完成了此次轉換。請注意，整個轉換價值之前已經按轉換後的基礎包含在我們的完全稀釋加權平均股數中。實際結算包括以現金而非全部以股票結算的部分，導致發行了約 1700 萬股，比我們之前按轉換後基礎計入的 2900 萬股少了 1200 萬股。

Moving to capital allocation. We repurchased about $25 million worth of shares in Q4 and $131 million worth of shares in all of fiscal year '24 under the share repurchase program previously authorized by our Board of Directors.

轉向資本配置。根據董事會先前授權的股票回購計劃，我們在第四季度回購了價值約 2,500 萬美元的股票，並在整個 24 財年回購了價值 1.31 億美元的股票。

Looking at our full-year financial results, we exceeded the high end of all guided metrics for fiscal year '24. ACV billings in fiscal year '24 were $1.162 billion, higher than our guidance of $1.12 billion to $1.13 billion, and representing a year-over-year growth of 21%. A reminder that the annual ACV billings is slightly lower than the sum of the ACV billings from the four quarters due to adjustments for deals with duration of less than a year.

縱觀我們的全年財務業績，我們超過了 24 財年所有指導指標的上限。24 財年的 ACV 帳單為 11.62 億美元，高於我們預期的 11.2 億美元至 11.3 億美元，較去年同期成長 21%。需要提醒的是，由於對期限少於一年的交易進行了調整，年度 ACV 帳單略低於四個季度的 ACV 帳單總和。

Revenue in fiscal year '24 was $2.149 billion, higher than our guidance of $2.13 billion to $2.14 billion, and representing a year-over-year growth of 15%. We are pleased to have exceeded the $2 billion revenue threshold in fiscal year '24. We ended fiscal year '24 with an ARR of $1.908 billion, as mentioned earlier, a year-over-year growth of 22%.

24 財年的營收為 21.49 億美元，高於我們預期的 21.3 億美元至 21.4 億美元，年增 15%。我們很高興 24 財年的營收突破了 20 億美元的門檻。如同前面所提到的，我們在 24 財年結束時的 ARR 為 19.08 億美元，年增 22%。

Net dollar-based retention rate, or NRR, at the end of FY24 was 114%. As the fiscal year progressed, we saw a higher mix of larger deals in our pipeline. These larger opportunities often involved strategic decisions and C-suite approvals causing them to take longer to close and to have greater variability in timing, outcome, and deal structure. And as we mentioned previously, we have continued to see a modest elongation of average sales cycles relative to historical levels. Largely due to these dynamics, our fiscal year 24 land and expand ACV and ARR performance were below our initial expectations at the beginning of the fiscal year. And we expect these dynamics to continue.

24 財年末的淨美元留存率（NRR）為 114%。隨著財政年度的進展，我們發現我們的交易管道中大型交易的數量增加。這些更大的機會通常涉及策略決策和高階主管批准，導致它們需要更長的時間才能完成，並且在時間、結果和交易結構方面具有更大的可變性。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。很大程度上由於這些動態，我們 24 財年的土地和擴展 ACV 和 ARR 表現低於我們在財年初的初步預期。我們預計這種勢頭將會持續下去。

Our renewals performance continued to be good through the fiscal year, and a reminder that renewals tend to be at a lower aggregate average contract duration compared to land and expand. Average contract duration in fiscal year '24 was 2.95 years, flat-ish to fiscal year '23, and slightly higher than expected, partly due to some larger deals with greater-than-average durations.

我們的續約表現在整個財政年度繼續保持良好，並提醒我們，與土地和擴張相比，續約的總平均合約期限往往較短。24 財年的平均合約期限為 2.95 年，與 23 財年持平，略高於預期，部分原因是一些規模較大的交易的期限高於平均水平。

Non-GAAP growth margin in fiscal year '24 was 86.7%. Non-GAAP operating expenses in fiscal year '24 were $1.515 billion, an increase of 7% year over year as we began to make additional investments primarily in research and development and sales and marketing. Non-GAAP operating margin in FY24 was 16%, representing an improvement of over 700 basis points year over year.

24 財年非公認會計準則成長利潤率為 86.7%。24 財年非公認會計準則營運費用為 15.15 億美元，年增 7%，因為我們開始主要在研發、銷售和行銷方面進行額外投資。24 財年非公認會計準則營業利益率為 16%，較去年同期提高超過 700 個基點。

We also delivered our first full year of positive GAAP operating income of $8 million in fiscal year '24. Non-GAAP net income was $384 million or diluted EPS of $1.31 per share based on fully diluted weighted average shares outstanding of approximately 294 million shares.

我們也於 24 財年實現了第一個全年正 GAAP 營業收入，達到 800 萬美元。非公認會計準則淨收入為 3.84 億美元，或稀釋每股收益為 1.31 美元（基於完全稀釋的加權平均流通股數約 2.94 億股）。

Free cash flow in fiscal year '24 was $598 million, higher than our guidance of $520 million to $540 million, and almost 3 times higher than last year's free cash flow. Free cash flow margin in fiscal year '24 was 28%, implying free cash flow margin expansion of 17 percentage points year over year. Free cash flow in fiscal year '24 benefited from approximately $30 million in non-recurring payments related to a partnership agreement as previously referenced.

24 財年的自由現金流為 5.98 億美元，高於我們預期的 5.2 億至 5.4 億美元，幾乎是去年自由現金流的 3 倍。24財年的自由現金流利潤率為28%，這意味著自由現金流利潤率較去年同期擴大了17個百分點。24 財年的自由現金流受益於與前面提到的合作協議相關的約 3000 萬美元的非經常性付款。

Overall, fiscal year '24 was a significant year, marking our first year with positive GAAP operating income, significant free cash flow generation of $598 million and free cash flow margin of 28%, while growing ARR at 22% and revenue at 15% year over year. We also delivered a Rule of 40 score, defined as the sum of revenue growth and free cash flow margin, of 43 for fiscal year '24, an improvement of 14 percentage points year over year and 28 percentage points higher compared to two years ago.

整體而言，24 財年是意義重大的一年，標誌著我們首次實現 GAAP 營業收入為正，自由現金流顯著增加，達到 5.98 億美元，自由現金流利潤率達到 28%，同時 ARR 同比增長 22%，收入同比增長 15%。我們也實現了 2024 財年的 40 規則分​​數（定義為營收成長和自由現金流利潤率的總和）為 43，年成長 14 個百分點，比兩年前高出 28 個百分點。

Moving to fiscal year '25, the guidance for the full year is as follows. Revenue of $2.435 billion to $2.465 billion, representing a year-over-year growth of 14% at the midpoint. Non-GAAP operating margin of approximately 15.5% to 17%. Free cash flow of $540 million to $600 million, representing a free cash flow margin of approximately 23% at the midpoint.

進入 25 財年，全年指引如下。營收為 24.35 億美元至 24.65 億美元，年增 14%。非公認會計準則營業利潤率約為15.5%至17%。自由現金流為 5.4 億美元至 6 億美元，中間值代表自由現金流利潤率約 23%。

I will now provide some commentary regarding our fiscal year '25 guidance. First, as previously mentioned at our 2023 Investor Day, we are streamlining our metrics by not reporting or guiding ACV billing starting in fiscal year '25. ACV billing was intended as a transitional metric during our subscription evolution, and we believe that now is the time to evolve away from that metric.

我現在將就我們 25 財年的指導提供一些評論。首先，正如我們先前在 2023 年投資者日所提到的，我們將從 25 財年開始不再報告或指導 ACV 計費，從而簡化我們的指標。ACV 計費原本是作為我們訂閱演變過程中的過渡指標，我們認為現在是時候擺脫該指標了。

We are also no longer guiding to non-GAAP gross margin, which was previously useful as we navigated our business model changes leading to significant improvements in non-GAAP gross margin. We will continue to guide to revenue, non-GAAP operating margin, and free cash flow on an annual basis, and to guide to revenue and non-GAAP operating margin for the subsequent quarter.

我們也不再指導非 GAAP 毛利率，這以前很有用，因為我們引導業務模式變革，從而顯著提高非 GAAP 毛利率。我們將繼續按年度預測收入、非公認會計準則營業利潤率和自由現金流，並按下第一季預測收入和非公認會計準則營業利潤率。

Second, and moving on to assumptions in our guidance, we are seeing continued and significant land-and-expand opportunities and a growing pipeline for our solutions. However, we continue to see a higher mix of larger deals in our pipeline, which is driving greater variability in our land and expand bookings. These larger opportunities often involve strategic decisions and C-suite approvals at the customer or prospect, causing them to take longer to close and to have greater variability in timing, outcome, and deal structure. And as we mentioned previously, we continue to see a modest elongation of average sales cycles relative to historical levels, which we expect to continue.

其次，繼續討論我們指導中的假設，我們看到持續且重大的土地擴張機會以及不斷增長的解決方案管道。然而，我們繼續看到我們的管道中大型交易的組合更高，這導致我們的土地和擴大預訂量的變化更大。這些更大的機會通常涉及客戶或潛在客戶的策略決策和高層批准，因此需要更長的時間才能完成，並且在時間、結果和交易結構方面具有更大的可變性。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，我們預計這種情況將持續下去。

Third, the guidance assumes that renewals will continue to perform well in fiscal year '25.

第三，指南假設續約將在 25 財年繼續表現良好。

Fourth, the full year guidance assumes that average contract duration will be flat to slightly lower compared to fiscal year '24 as renewals continue to grow as a percentage of our billing.

第四，全年指引假設平均合約期限將與 24 財年持平或略低，因為續約在我們帳單中的百分比持續成長。

Fifth, the non-GAAP operating margin guidance assumes incremental, prudent investments in sales and marketing and R&D targeted towards addressing our large market opportunity. It also factors in the annualized run rate of the incremental investments we made in fiscal year '24.

第五，非公認會計準則營業利潤率指引假設對銷售、行銷和研發進行漸進、審慎的投資，以抓住我們龐大的市場機會。它還考慮了我們在 24 財年進行的增量投資的年化運行率。

It also assumes A $20 million to $25 million headwind in operating expenses relative to fiscal year '24 from payments related to one of our partnership agreements. Specifically, there was about $44 million of this benefit to the R&D operating expense line in fiscal year '24, and we anticipate it to be $20 million to $25 million in fiscal year '25.

它還假設與我們的一項合作協議相關的付款相對於 24 財年而言將產生 2000 萬至 2500 萬美元的營運費用逆差。具體來說，24 財年研發營運費用項目收益約為 4,400 萬美元，我們預計 25 財年將達到 2,000 萬至 2,500 萬美元。

The free cash flow guidance reflects an approximately $30 million headwind relative to fiscal year '24 from lower interest income as a result of our lower invested cash due to the cash payment on the conversion of the 2026 convertible notes. We expect free cash flow in fiscal year '25 to also benefit from the approximately $30 million in non-recurring payments related to a partnership agreement, similar to the benefit we saw in fiscal year '24. It is expected to tail off towards the end of fiscal year '25.

自由現金流指引反映出，相對於 24 財年而言，由於 2026 年可轉換票據轉換的現金支付導致我們的現金投資減少，從而導致利息收入減少，因此面臨約 3000 萬美元的逆風。我們預計 25 財年的自由現金流也將受益於與合作協議相關的約 3,000 萬美元的非經常性付款，類似於我們在 24 財年看到的收益。預計這一數字將在 2025 財政年度結束時逐漸減少。

Moving to Q1 '25, our guidance for Q1 is as follows: revenue of $565 million to $575 million; non-GAAP operating margin of 14.5% to 15.5%; fully diluted weighted average shares outstanding of approximately 287 million shares.

展望 2025 年第一季度，我們對第一季的預期如下：營收 5.65 億美元至 5.75 億美元；非公認會計準則營業利潤率為 14.5% 至 15.5%；完全稀釋加權平均流通股數約為2.87億股。

In closing, we are pleased that our Q4 and fiscal year '24 performance exceeded guidance across all metrics. We are excited about the long-term market opportunity and Nutanix's ability to deliver compelling outcomes for customers and prospects. We remain committed to continued progress aligned with our stated philosophy of sustainable, profitable growth, both through durable topline growth and expanding margins.

最後，我們很高興看到第四季和 24 財年的業績在所有指標上都超出了預期。我們對長期的市場機會以及 Nutanix 為客戶和潛在客戶提供令人信服的成果的能力感到興奮。我們將繼續致力於繼續進步，這與我們所宣稱的可持續獲利成長理念相一致，即透過持久的收入成長和不斷擴大的利潤率。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) George Wang, Barclays.

（操作員指示）巴克萊銀行的 George Wang。

Oh, yeah, thanks for taking my question. Firstly, just curious if you have any update on the Broadcom trend, especially, last couple of quarters you guys top of that after the initial wave of will strong engagement and activity slowed just because of Broadcom walking back. Some of the initial initiatives is to be now more in favor also retain some of the primary customers. Just curious if it at that dynamic has changed.

哦，是的，感謝您回答我的問題。首先，我只是好奇您是否對 Broadcom 的趨勢有任何更新，特別是在過去的幾個季度中，在最初的浪潮之後，由於 Broadcom 的退出，強勁的參與和活動有所放緩。一些最初的舉措現在更加有利於保留一些主要客戶。只是好奇它的動態是否已經改變。

Hi George, Rajiv here. It's largely an unchanged multi-year opportunity to gain share, like we said last quarter. While the sales cycles have been a bit longer than we had initially anticipated, thus far we haven't really seen any meaningful changes in our win or loss rates on these opportunities. As we talked about in our prepared remarks, we are seeing some of these larger opportunities close. We gave you a few examples in the prepared remarks, and I do expect that we'll continue to see more of these over time.

你好，喬治，我是拉吉夫。正如我們上個季度所說的那樣，這基本上是一個多年不變的獲得市場份額的機會。雖然銷售週期比我們最初預期的要長一些，但到目前為止，我們還沒有看到這些機會的成功率或損失率有任何有意義的變化。正如我們在準備好的發言中談到的，我們看到一些更大的機會正在消失。我們在準備好的發言中給了一些例子，我確實希望隨著時間的推移，我們將繼續看到更多這樣的例子。

Now, in the mid-size and smaller customer segments, we're seeing significantly increased engagement and opportunity, as many of these smaller companies look for alternatives, and generally less competitive engagements relative to the larger customer opportunities. Along with our increased leverage from our go-to-market partnerships that we've talked about, as well as our programs and incentives that we have in place, this dynamic has also been one of our drivers for our larger, our stronger, new logo performance.

現在，在中型和小型客戶群中，我們看到參與度和機會顯著增加，因為許多小型公司正在尋找替代方案，與大型客戶機會相比，競爭性參與度通常較低。除了我們從談到的市場進入合作夥伴關係中獲得的更大影響力以及我們已實施的計劃和激勵措施之外，這種動態也是我們實現更大、更強大、新標誌表現的驅動力之一。

Okay, great. Just if I can squeeze in quickly, it's nice to see one customer in financial services, as you guys mentioned, without changing the underlying hardware. Previously, one of the gaining factors has been upgrading the underlying hardware to wait for the hardware refresh. I guess, can you talk about better path going forward. Now it seems -- especially after GAAP partnership, maybe you're kind of removing some of the constraints related to the underlying hardware refresh. Maybe you can give a little bit more comment on that.

好的，太好了。如果我能快速擠進去，很高興看到一位金融服務客戶，正如你們提到的那樣，無需改變底層硬體。在此之前，獲利因素之一就是升級底層硬件，等待硬體更新換代。我想，您能談談未來有更好的發展道路嗎？現在看來——特別是在 GAAP 合作之後，也許您正在消除一些與底層硬體更新相關的限制。也許您可以對此發表更多評論。

No, that's a very good question, George. I think if you look at the install base out there in data centers, a vast majority of it, I don't have the exact number, but roughly around 80% of it is what we call three-tier infrastructure. Separate storage, compute, and networking.

不，喬治，這是個非常好的問題。我認為，如果你看一下資料中心的安裝基礎，其中絕大多數，我沒有確切的數字，但大約 80％ 是我們所說的三層基礎設施。分離儲存、運算和網路。

And as you know, we have a HCI solution today in the market. And if you want to replace the three-tier with HCI, it's a better architecture, more cost-effective long-term, but it does require a hardware refresh.

如您所知，我們目前在市場上有 HCI 解決方案。如果你想用 HCI 取代三層架構，這是一個更好的架構，從長遠來看更具成本效益，但它確實需要硬體更新。

Now, the remaining 20% is HCI, of which we are a market leader and our competition has some of the rest. Now, in this particular case, the example that we talked about, the customer was already on HCI with a competing product. And when you're already on HCI, we've been quite successful at having our software be able to run on existing hardware, because it's already HCI hardware. And that's what happened in this particular account. And so for that subset of customers that are already on HCI, the migration path is easier. In some subset of those cases, we don't need a hardware refresh, and that's what happened here. On the pre-tier, it does require a hardware refresh.

現在，剩下的 20% 是 HCI，其中我們是市場領導者，其餘部分由我們的競爭對手佔據。現在，在這個特殊的案例中，也就是我們所討論的例子中，客戶已經在使用競爭產品的 HCI。當您已經使用 HCI 時，我們已經非常成功地讓我們的軟體能夠在現有硬體上運行，因為它已經是 HCI 硬體。這就是這個特定帳戶中發生的事情。因此，對於已經使用 HCI 的客戶來說，遷移路徑更容易。在某些情況中，我們不需要硬體更新，這就是這裡發生的情況。在預層，它確實需要硬體更新。

Now, we're also addressing the 3G market. To your point, one aspect of our partnership with Dell is that we said they would be the first that we would support at external storage, Dell PowerFlex. And now the whole idea of doing that is now we can find an easier insertion into 3G deployments without having to change out the hardware. Now, that solution is not available in the market today. It's only going to be available sometime next year. And over time, we anticipate being able to offer that support to a broader set of third-party storage arrays.

現在，我們也正在進軍3G市場。正如您所說，我們與戴爾合作的一個方面是，我們表示他們將是我們支持的第一家外部儲存公司 Dell PowerFlex。現在這樣做的目的是我們可以更輕鬆地將其插入 3G 部署中，而無需更換硬體。目前，市場上還沒有這種解決方案。它將於明年某個時候上市。隨著時間的推移，我們期望能夠為更廣泛的第三方儲存陣列提供支援。

Okay, thank you. I'll go back to the queue.

好的，謝謝。我將回到隊列。

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

Hey, guys. Thanks for the questions here. Chief, I do want to ask around, essentially, you alluded to a little bit of GPT-in-a-Box here. I don't think we can be on a conference call anymore without talking about AI, but are you seeing any sort of trend of repatriation of workloads back to private cloud for just a core workload, as well as for AI? Any update on the GPT-in-a-Box?

嘿，大家好。感謝您的提問。酋長，我確實想問，基本上，您在這裡提到了一點 GPT-in-a-Box。我認為我們不能再在電話會議上不談論人工智慧，但您是否看到將核心工作負載以及人工智慧工作負載遣返回私有雲的趨勢？GPT-in-a-Box 有任何更新嗎？

Yeah, Jim, good question. I'll give you a two-part answer to that. First, general-purpose workloads, and then second, on GPT.

是的，吉姆，這個問題問得好。我將用兩個部分來回答這個問題。首先是通用工作負載，其次是 GPT。

For general-purpose workloads, to your point, for steady-state workloads, I think people are getting to the conclusion that it's much more cost-effective to run those on-prem in a private cloud environment. We've seen some repatriation. We've also seen much more deliberation in terms of whether that workload goes to the public cloud in the first place, because a lot of the deployment is still on-prem of enterprise workloads. So we're certainly seeing that trend and realization in customers to say steady-state workloads, we can run them more cost-effectively in private clouds.

對於通用工作負載，正如您所說，對於穩定狀態工作負載，我認為人們得出的結論是，在私有雲環境中本地運行這些工作負載更具成本效益。我們看到了一些遣返。我們也看到了關於工作負載是否首先轉移到公有雲的更多討論，因為許多部署仍然在企業工作負載的內部進行。因此，我們確實看到了這種趨勢，客戶意識到，對於穩定狀態的工作負載，我們可以在私有雲中更經濟高效地運行它們。

Now on GPT specifically, I think a lot of the initial interest in GenAI has been in this creation and in training of LLMs, Large Language Models, and a lot of that is being done in the public cloud and massive GPU farms. And we don't play there fully well.

現在具體到 GPT，我認為對 GenAI 的最初興趣很大程度上在於它的創建和 LLM（大型語言模型）的訓練，其中許多工作都是在公共雲和大型 GPU 農場中完成的。我們在那裡表現得併不好。

But on the other hand, we think the bulk of the enterprise opportunity in terms of how companies are actually going to use it is potentially going to be on-prem because at the end of the day, the GenAI workload applications have to be run wherever the customer data is. And in a lot of cases, sensitive customer data is either inside data centers or at the edges. And so a platform like ours, GPT-in-a-Box, provides a very simple, easy-to-use, secure way of running GenAI applications.

但另一方面，我們認為，就公司實際如何使用它而言，大部分企業機會可能將在本地，因為歸根結底，GenAI 工作負載應用程式必須在客戶資料所在的任何地方運行。在許多情況下，敏感的客戶資料要么位於資料中心內部，要么位於邊緣。因此，像我們這樣的平台 GPT-in-a-Box 提供了一種非常簡單、易於使用、安全的方式來運行 GenAI 應用程式。

And so the use cases that we've seen so far have been around co-piloting, around document search and analysis, around customer support, around enhanced fraud detection. We are seeing certainly continued traction. It's still early days for us, but across multiple verticals, healthcare, financial services, government. So early days for GPT adoption in the private cloud enterprise, but I think that's going to be a growing market for fine-tuning, RAG, retrieval augmented generation, and for inferencing in terms of running these AI workloads close to the data in a private and secure way.

因此，到目前為止，我們看到的用例包括共同駕駛、文件搜尋和分析、客戶支援、增強詐欺偵測。我們確實看到了持續的牽引力。對我們來說，這仍處於早期階段，但涉及多個垂直領域，包括醫療保健、金融服務、政府。因此，私有雲企業採用 GPT 還處於早期階段，但我認為這將是一個不斷增長的市場，包括微調、RAG、檢索增強生成以及推理，以私有和安全的方式在靠近資料的地方運行這些 AI 工作負載。

Makes sense. And Rukmini, I'm sure you're anticipating this question already, but I guess how much -- as we think about that '25 guide, how much incremental contribution are you expecting either from a growth dollar perspective, however you want to put it, between the VMware opportunity, the Cisco and Dell partnerships versus the expansion within your existing install base that, if memory serves me right, should be accelerating a little bit in terms of the renewals up for grabs this year. And is there a way to think about where ARR actually exits this year? Thanks, guys.

有道理。魯克米尼，我相信你已經預料到了這個問題，但我想，當我們思考 25 年指南時，無論從增長美元的角度來看，無論你想怎麼說，在 VMware 機會、思科和戴爾合作夥伴關係與現有安裝基礎的擴展之間，你預計會有多少增量貢獻，如果我沒記錯的話，就今年的一點約定，應該會加速一點。有沒有辦法思考 ARR 今年的實際退出地點？謝謝大家。

Thank you, Jim, for that question. So in terms of contribution from the various buckets that you called out, Jim, so I'll give you some qualitative color on that, right? So we've talked about, in general, we are happy with our pipeline generation overall. We have talked about the growing pipeline and the fact that the pipeline from larger deals is growing faster. And that can lead to variability, right, with respect to timing or outcome or more complex deal structures and so on.

謝謝你，吉姆，提出這個問題。因此，就您提到的各個桶的貢獻而言，吉姆，我會給您一些定性說明，對嗎？所以我們討論過，總的來說，我們對我們的管道生成總體感到滿意。我們已經討論了不斷增長的管道以及來自大型交易的管道成長更快的事實。這可能會導致時間、結果或更複雜的交易結構等方面的變化。

And so some of those dynamics we expect to continue next year. Similarly, with just modestly elongated sales cycles across the board, not just large deals, right, but across the board, and we expect that to continue next year as well.

因此，我們預計這些動態明年仍將持續。同樣，整體銷售週期也略有延長，不僅僅是大宗交易，而是全方位的，我們預計這種情況明年還會繼續。

In terms of the contribution from Cisco, we do expect the Cisco contribution to grow in fiscal year '25 relative to last year. And we do expect a small initial contribution from Dell XC Plus, which is the new offering that's generally available now. And we expect a small initial contribution from that in '25 and expect that to grow as well over time. And so all of that is taken into account when you think about the fiscal year '25 topline guide that we provided, Jim.

就思科的貢獻而言，我們確實預期思科 25 財年的貢獻將比去年有所成長。我們確實期望戴爾 XC Plus 能帶來少量初始貢獻，這是目前普遍推出的新產品。我們預計在 25 年會有少量的初始貢獻，並且預計隨著時間的推移，這項貢獻還會成長。因此，當您考慮我們提供的 25 財年營收指南時，所有這些都會被考慮在內，吉姆。

The other thing you alluded to is Renault. So yes, our renewables business continues to grow nicely year over year, so that's factored in there as well.

您提到的另一件事是雷諾。所以是的，我們的再生能源業務逐年持續良好成長，這也是其中的因素。

And I think the last part of your question was around ARR. So we will, of course, continue to report ARR on a quarterly basis. And while we noted that ARR underperformed for fiscal year '24, relative to our internal expectations, we're not providing guidance for ARR.

我認為你問題的最後一部分是關於 ARR 的。因此，我們當然會繼續按季度報告 ARR。雖然我們注意到 ARR 在 24 財年的表現低於我們的內部預期，但我們並沒有為 ARR 提供指導。

Yeah, the only thing I'll add to that, Rukmini, would be, I think, Jim, you also had a question on the Broadcom opportunity, and, like I said, that's largely unchanged, but it's also very difficult to explicitly pass that out, because every one of our deals, historically, you know, we've been, you know, we have been competing against VMware in the past, and that continues, so there's some level of influence, is it only -- these are the only reason why people come to us, it's a little hard for us to tease that out separately.

是的，Rukmini，我唯一要補充的是，Jim，我認為你也對 Broadcom 的機會有疑問，而且，就像我說的，這基本上沒有變化，但也很難明確地傳遞這一點，因為從歷史上看，我們的每一筆交易，你知道，我們過去一直在與 VMware 競爭，而且這種情況還在繼續，所以有一定程度的影響，只是梳理這些程度，我們很難梳理出一點我們的原因。

Yes, thank you, Rajiv, that attribution is certainly nuanced, So we do expect it to continue to contribute some, but we wouldn't be overly precise on that. So thank you, Rajiv, and thank you, Jim, for the question.

是的，謝謝你，拉吉夫，這種歸因肯定是微妙的，所以我們確實希望它繼續做出一些貢獻，但我們不會對此過於精確。所以，感謝拉吉夫和吉姆提出這個問題。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. I wanted to get a sense, maybe kind of circling back to the question that's been asked a couple of times, just in terms of Do you feel like you've figured out where Broadcom's line is, where the definition of your customer is? Are you refining where you think the most actionable opportunities are, or are you still in that discovery mode of figuring out what are the most actionable opportunities?

太好了，謝謝。我想了解一下，也許有點回到已經被問過幾次的問題，只是就您是否覺得您已經弄清楚了 Broadcom 的路線在哪裡、您的客戶的定義在哪裡而言？您是否正在細化您認為最可行的機會，或者您仍處於探索模式，找出最可行的機會？

And then, Rukmini, I know Jim just asked about it, but just kind of any of the timing of renewals or co-terming, just given that we've had some kind of early renewal dynamics and kind of co-terming issues over the past couple of years that we should just be mindful of as we go into fiscal '25. Thanks.

然後，魯克米尼，我知道吉姆剛剛問過這個問題，但關於續約或共同終止的時間，考慮到過去幾年我們遇到了一些早期續約動態和共同終止問題，我們在進入 25 財年時應該注意這些問題。謝謝。

He Meta. I'll start and then Rukmini can answer the second part.

他 Meta。我先開始，然後 Rukmini 可以回答第二部分。

Independent of the Broadcom situation, as we look at our addressable market, Historically, Nutanix has been quite strong in what I would call the smaller side of enterprises and the higher end of commercial mid-market. But over the last few years, we have deliberately made a tilt further upmarket towards larger enterprises because that's where we are under-penetrated and the biggest TAM opportunity sits. So we have realigned our segmentation over the past few years to focus more on that market.

撇開博通的情況不談，當我們審視我們的潛在市場時，從歷史上看，Nutanix 在小型企業和高端商業中端市場中表現相當強勁。但在過去幾年中，我們有意向大型企業進一步傾斜，因為這些市場我們的滲透率還不夠高，而最大的 TAM 機會也存在於這些市場中。因此，過去幾年我們重新調整了市場細分，並更加關注該市場。

Now, the products are ready. We've done a lot of work on the product side. The GTM side, now we're ready. We've got some good partnerships. Now, we also clearly understand that when you get to the large customers, the G2K account, for example, or the Fortune 100-type accounts, those are going to be more competitive. And that's where clearly Broadcom is more focused on. And those engagements tend to be long, they tend to be bigger, but also very fruitful if and when we do win it.

現在，產品已經準備好了。我們在產品方面做了很多工作。GTM 方面，現在我們已經準備好了。我們有一些良好的合作關係。現在，我們也清楚地認識到，當你獲得大客戶時，例如 G2K 帳戶或財富 100 強類型的帳戶，這些客戶的競爭將會更加激烈。而這顯然是博通更加關注的重點。這些合作往往持續時間較長，規模較大，但如果我們真的贏得勝利，也會非常有成果。

And as you can see here, we are starting to win some of those. We talked about an eight-figure ACV win last quarter. This quarter we had a multi-million-dollar ACV win. So those tend to take time, but are well worth it when they do happen. So we've got a focus there for sure.

正如您所看到的，我們開始贏得其中一些勝利。我們談論了上個季度八位數的 ACV 勝利。本季我們獲得了數百萬美元的 ACV 收益。所以這些往往需要時間，但一旦發生就非常值得。所以我們肯定會把重點放在那裡。

The mid-market or the smaller side of the enterprise has been historically a sweet spot, and it's also less of a focus for Broadcom, given their explicit focus on the bigger accounts. It also tends to be less competitive and easier migrations as well. So that continues to be our historical sweet spot, it continues to be a sweet spot. But the bigger opportunity for us in growth is also now sitting at the top end of the pyramid.

中型市場或小型企業歷來都是熱門市場，而對博通來說，這也不是重點，因為他們明確地關注大客戶。它的競爭力也較低，遷移也更容易。所以這仍然是我們的歷史最佳點，它仍然是一個最佳點。但對我們來說，更大的成長機會現在也位於金字塔的頂端。

And I'll take the question, Meta, on renewals and expectations for renewals in fiscal year '25. So first, I say, you know, we did have in fiscal year '24 just overall good performance in renewals. And I think to your point, it did include really good discipline from the team around economics for the renewals in terms of pricing. It did include some early and core term renewals. And as we said before, those are good in our mind, as long as they come in at good economics, because the customer is willing to renew with us and renew their commitment to us earlier, and often give us the cash earlier as well. And then core terms, of course, a simplification of their real estate, right? So that serves both the customer and us well in terms of managing their footprint. So we did have some of that.

Meta，我將回答有關 25 財年續約情況和續約預期的問題。首先，我想說，你知道，我們在 24 財年在續約方面確實整體表現良好。我認為，正如您所說，它確實包括了團隊在定價方面對續約經濟學的良好紀律。它確實包括一些早期和核心期限的續約。正如我們之前所說，只要經濟效益好，我們認為這些都是好的，因為客戶願意與我們續約，並更早地向我們更新承諾，而且通常也會更早給我們現金。然後是核心術語，當然對其房地產的簡化，對嗎？因此，從管理客戶足跡的角度來看，這對客戶和我們都有很大幫助。所以我們確實有一些。

Now, when we look at fiscal year '25, our available to renew pool, or you can think of that as effectively, a pipeline for renewables continues to grow. It's a strong year-over-year growth. And it's roughly similar year-over-year growth, similar to what we saw in fiscal year '24.

現在，當我們回顧 25 財年時，我們的可續期資源池（或者您可以這樣認為）實際上可再生能源管道不斷增長。這是強勁的同比增長。與去年同期相比，其成長幅度大致相同，與我們在 24 財年看到的類似。

And then in terms of timing, I think perhaps your question was around sort of seasonality of that, Meta. It does move around a little bit, but in general, our fiscal Q2 and Q4 tend to be sort of higher quarters for us, given Q2 has the calendar year-end and budgets and flushes and things like that. And, of course, fiscal year Q4 is the end of our fiscal year, and there are incentives around that. So Q2 and Q4 historically tend to have higher, in general, available-to-renew pools relative to Q1 and Q3. But that's sort of how we think about the renewals opportunity in fiscal year '25.

然後就時間而言，我認為也許你的問題與季節性有關，Meta。它確實會有一些波動，但總的來說，我們的財政第二季度和第四季度對我們來說往往是較高的季度，因為第二季度有日曆年末和預算、沖洗等事情。當然，財政年度第四季度是我們財政年度的結束，並且有相關的激勵措施。因此，從歷史上看，Q2 和 Q4 的可續訂池通常比 Q1 和 Q3 更高。但這就是我們對 25 財年續約機會的看法。

Great. Thanks so much.

偉大的。非常感謝。

Thank you, Meta.

謝謝你，Meta。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Hi, thanks for taking the questions. It's Ruplu filling in for Wamsi today. I have one for Rajiv and one for Rukmini.

你好，謝謝你回答這個問題。今天是 Ruplu 代替 Wamsi。我有一個給 Rajiv，還有一個給 Rukmini。

Rajiv, is the demand environment materially different from 90 days ago? And can you talk about the pricing environment? Specifically, you know, I think you've said in the past that some customers may wait for their hardware to be depreciated. Is pricing a lever you can use to maybe drive faster share gains? For example, can a smaller customer be induced more to go with Nutanix? And as a management team, how do you trade off share gain versus margins? And I have a follow-up for Rukmini.

拉吉夫，需求環境與 90 天前相比有實質不同嗎？能談談定價環境嗎？具體來說，您知道，我認為您過去曾說過，一些客戶可能會等待他們的硬體貶值。定價是否可以作為一種槓桿來推動更快的市場佔有率成長？例如，是否可以更多地吸引小客戶選擇 Nutanix？作為管理團隊，您如何權衡份額成長與利潤率？我還有關於 Rukmini 的後續報導。

Yeah, Ruplu, those are all very good questions. At a top level, the demand environment has not changed, and it's been fairly stable. As we've said over the last several quarters, we are seeing some more elongated sales cycles, people getting more approvals and more awareness of PCO before they make a purchasing decision. So that part has not changed.

是的，Ruplu，這些都是非常好的問題。從頂層來看，需求環境沒有改變，而且相當穩定。正如我們在過去幾個季度所說的那樣，我們看到銷售週期有所延長，人們在做出購買決定之前獲得了更多的批准，並且對 PCO 有了更多的了解。所以那部分沒有改變。

Now, in terms of how we look at the opportunity, now, hardware refresh, as you can see, right, I mean, when we do need a hardware refresh, that tends to be a significant factor in terms of customers' timing on a deal. The key things to keep in mind is that hardware refresh is not just one point in time. Hardware refreshes happen depending on the size of the estate at various points, and we can use those points to secure an insertion. It may not be a full insertion because hardware always gets replaced over time in multiple cycles.

現在，就我們如何看待機會而言，現在，硬體更新，正如您所看到的，對的，我的意思是，當我們確實需要硬體更新時，這往往是客戶交易時機的一個重要因素。要記住的關鍵是硬體刷新不僅僅是一個時間點。硬體更新根據不同時間點的資產規模而發生，我們可以利用這些時間點來確保插入。這可能不是一個完整的插入，因為硬體總是隨著時間的推移在多個週期中被替換。

So we may be able to insert for, say, one workload where a portion of the hardware is getting replaced, say, this year, and maybe other portions of the hardware will only get refreshed in two or three years from now. So that's sort of normal engagement.

因此，我們可能能夠插入一個工作負載，其中一部分硬體在今年被替換，而其他部分硬體可能在兩三年後才會更新。這是一種正常的交往。

Now, we have offered some promotions to customers in terms of providing them sort of some overlapping windows where we can give them discounted licenses for a period of time. Now, I will say that hardware costs tend to be quite significant, so it's not that we're able to necessarily subsidize hardware costs ourselves, okay? But sometimes we may be able to work with partners, hardware partners who are more interested in doing that themselves. So that can be a possibility. as well when it comes to the hardware costs.

現在，我們向客戶提供了一些促銷活動，為他們提供一些重疊的窗口，我們可以在一段時間內為他們提供折扣許可證。現在，我要說的是，硬體成本往往相當高，所以我們不一定能夠自己補貼硬體成本，好嗎？但有時我們或許能夠與更有興趣自己做這件事的合作夥伴、硬體合作夥伴合作。所以這是有可能的。硬體成本也是如此。

And then, look, I think when it comes to landing new customers, especially significant ones, we are going to be quite aggressive in terms of, we already have aggressive promotions out there and incentives for customers, and we will do what is needed within reasonable bounds to go win these deals while at the same time protecting our margins. So that's probably a broad answer.

然後，你看，我認為在吸引新客戶，特別是重要客戶方面，我們會非常積極，我們已經為客戶提供了積極的促銷和激勵措施，我們將在合理的範圍內做必要的事情來贏得這些交易，同時保護我們的利潤率。這可能是個廣泛的答案。

I would say, net-net, we are being aggressive wherever needed. We are working with hardware partners to see if we can mitigate some hardware refresh opportunities. And at the same time, keep in mind, Ruplu, we are also working to broaden the set of places where we can insert without requiring a hardware refresh. Existing HCI environments or the ability to reuse servers that customers may already be invested in. And then over time, as we get our third-party storage support, we'll be able to do even more of that.

我想說，總的來說，我們在任何需要的地方都會積極行動。我們正在與硬體合作夥伴合作，看看是否可以減輕一些硬體更新的機會。同時，請記住，Ruplu，我們也正在努力擴大無需硬體更新即可插入的位置。現有的 HCI 環境或重複使用客戶可能已經投資的伺服器的能力。隨著時間的推移，當我們獲得第三方儲存支援時，我們將能夠做更多的事情。

Okay, thank you, Rajiv, for the detailed answer there.

好的，謝謝拉吉夫的詳細回答。

Rukmini, I wanted to ask you, your free cash flow guidance for fiscal '25 is very strong above the prior 2023 Investor Day guidance. How should we think about the cadence of that in the first half versus the second half of fiscal '25?

魯克米尼，我想問您，您對 25 財年的自由現金流指引非常強勁，高於之前的 2023 年投資者日指引。我們該如何看待 2025 財年上半年和下半年的節奏？

And then when we look at the remaining metrics, for example, revenue is now at the lower end of what you had thought, what you had guided in the Analyst Day. Given that, is it reasonable for investors to expect that the outer year, say fiscal '27 expectations, should also be lower? Or could there be a material acceleration over the next two years, given the dynamics of renewables and available to renew, as well as new logos that you're winning?

然後，當我們查看剩餘指標時，例如，現在的收入處於您所想的、分析師日所指導的水平的低端。有鑑於此，投資人是否有理由預期未來一年（例如 27 財年的預期）的業績也會下降？或者，考慮到再生能源和再生資源的動態以及您贏得的新標誌，未來兩年是否會出現實質的加速？

Hi, Ruplu. Thank you for that question. So first, I think your first question was around free cash flow. And so, yeah, we were pleased with our free cash flow performance in fiscal year '24 and happy to guide to free cash flow where we did, which as you noted, the midpoint is above the high end of the range of what we had put out last year at our Investor Day.

你好，Ruplu。謝謝你的提問。首先，我認為您的第一個問題是關於自由現金流。是的，我們對 24 財年的自由現金流表現感到滿意，並且很高興能夠引導我們的自由現金流，正如您所說，中點高於我們去年在投資者日公佈的範圍的高端。

Now, in terms of the quarterly cadence there, Ruplu, we don't, of course, guide quarterly to free cash flow, so there can be some variation there, including, you know, as we pointed out in the last couple of quarters, because we collect cash for multiple years upfront, generally, meaningful deals, right? If there are larger deals that we collect cash for upfront, or if it's a longer duration transaction, then those can cause swings.

現在，就 Ruplu 的季度節奏而言，我們當然不會按季度指導自由現金流，因此可能會有一些變化，包括，正如我們在過去幾個季度指出的那樣，因為我們會提前幾年收取現金，所以一般來說，這是有意義的交易，對吧？如果我們進行較大的交易並預先收取現金，或者交易持續時間較長，那麼這些都可能導致波動。

So yeah, so we don't guide to quarterly, but that's sort of the quality of the color. I will say that when you think about the operating expense increase over time, we've talked about, you can sort of see the implied OpEx growth year-over-year in our off-margin guide, and that will be more gradual over time, right, because we're going to invest in sales and marketing and in R&D, and some of that will be over time. The OpEx does include, for example, all of the analyzed run rate from investments in '24, all those are analyzed into '25, plus it includes salary raises for our employees that became effective, So some of those are more run rate and others will be more gradual as we ramp into the spend over time. So that's the first part of your question.

是的，我們不會按季度提供指導，但這就是顏色的品質。我想說的是，當你考慮到營運費用隨時間的增加時，我們已經討論過了，你可以在我們的利潤指南中看到隱含的營運支出同比增長，而且隨著時間的推移，這一增長將更加漸進，因為我們將投資於銷售、營銷和研發，其中一些將隨著時間的推移而增加。例如，OpEx 確實包括了 24 年投資的所有分析運行率，所有這些都分析到了 25 年，此外還包括了已經生效的員工加薪，因此其中一些是更多的運行率，而其他的將會隨著我們隨著時間的推移增加支出而更加漸進。這是你問題的第一部分。

And I think the second part was more around the sort of medium-to-longer-term financial targets that we put out at our last Investor Day. So while we don't plan on commenting on those medium-term financial targets on an interim basis, we are happy to note, as you just said, Ruplu, that the fiscal year 2025 free cash flow guidance, at the midpoint, is above the range of what we put at invest today. And our initial fiscal year '25 revenue guide is within the range that we provided at that time.

我認為第二部分更圍繞著我們在上次投資者日提出的中長期財務目標。因此，雖然我們不打算暫時評論這些中期財務目標，但我們很高興地註意到，正如你剛才所說，Ruplu，2025 財年的自由現金流指引中點高於我們今天投資的範圍。我們最初的 25 財年收入指南在我們當時提供的範圍內。

We continue to focus on driving durable topline growth and expanding free cash flow and operating margin, and driving to operating sustainably at a Rule of 40 plus over time. So that's sort of been our philosophy, and we continue to drive that philosophy, and we're not commenting specifically on those numbers at this point.

我們將繼續致力於推動持久的收入成長、擴大自由現金流和營業利潤率，並推動長期按照 40 規則可持續營運。這就是我們的理念，我們會繼續堅持這個理念，目前我們不會針對這些數字進行具體評論。

Okay, thank you for all the details and congrats on the results. Thank you.

好的，感謝您提供的所有詳細信息，並祝賀您的成果。謝謝。

Thank you, Ruplu.

謝謝你，Ruplu。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah, thank you. One quick one is on the eight-figure deal that you announced last quarter. Did you recognize any revenue this quarter from that deal? And then what's the kind of schedule look like on rev. rec. for that particular transaction?

是的，謝謝。一個快速的例子是關於您上個季度宣布的八位數交易。本季您是否從該交易中獲得了任何收入？那麼 rev 上的時間表是什麼樣的呢？記錄。針對該特定交易？

Yeah, thank you, Jason. So as we said, I think last quarter, we did collect the cash for that transaction, the entire sort of PCV value of that transaction. But all of the revenue recognition is over multiple years, starting in fiscal year '25. So no, I think there was a small professional services portion that began in Q4, Jason, but all the licensed revenue is in fiscal year '25 and beyond.

是的，謝謝你，傑森。所以正如我們所說，我認為上個季度我們確實收取了該交易的現金，即該交易的全部 PCV 價值。但所有收入確認都是跨多年的，從 25 財年開始。所以不，傑森，我認為從第四季開始就有一小部分專業服務收入，但所有授權收入都在 25 財年及以後。

Okay, thank you. And then, Rajiv, for you, I think a bunch of people have asked this question around the VMware displacement opportunity, but I wanted to kind of frame it like this, which is, do you think you have a little bit of misalignment from a go-to-market standpoint right now, just because you're moving up market over the last couple of years in terms of the types of customers that you're targeting. And yet, it seems like most of the low hanging fruit from VMware disruption is coming more in that kind of lower end of the market and kind of low end of because of the enterprise.

好的，謝謝。然後，拉吉夫，對你來說，我認為很多人都問過有關 VMware 替代機會的問題，但我想這樣表述，也就是說，你是否認為從現在的市場進入角度來看，你們存在一些錯位，只是因為過去幾年你們在目標客戶類型方面正在向高端市場邁進。然而，似乎 VMware 顛覆所帶來的大部分唾手可得的成果都更來自於低階市場和低階企業。

So to be clear, Jason, I don't think we are misaligned because we are targeting all GTM resources on where we think the maximum dollar opportunity lies, right? And the more the dollar opportunity is sitting higher up in the pyramid. By the way, which is the same reason why Broadcom is equally focused on those customers, right?

所以要明確的是，傑森，我不認為我們偏離了方向，因為我們將所有 GTM 資源都瞄準了我們認為最大美元機會所在的地方，對嗎？美元機會在金字塔中的位置越高。順便說一句，這也是為什麼博通同樣關注這些客戶的原因，對嗎？

So for us to grow, I mean, we already have -- we are well penetrated in the lower end of the market and we will continue to, we still have very much focus there, right? We haven't moved away from that. That's our sweet spot. That's our install base. And that's where we can go in and capture more customers. We are talking about, Everything ranging from school districts to retailers to those types of public sector. These are all types, you know, very much a sweet spot.

所以對我們來說，我的意思是，我們已經——我們已經很好地滲透到了低端市場，我們將繼續，我們仍然非常關注那裡，對嗎？我們還沒有擺脫這一點。這是我們的最佳位置。這就是我們的安裝基礎。這就是我們可以進入並吸引更多客戶的地方。我們談論的涉及從學區到零售商到公共部門的一切。您知道，這些都是非常甜蜜的類型。

But the bigger TAM opportunities for us, certainly sitting in the top of the pyramid. And so we have to, as a company, to be successful, we have to go after those, right? And we have the products, we have the GTM. Yes, we know those are going to be harder fought. But when we do win them, like you saw with the eight-figure opportunity that we won last quarter, those can be pretty significant.

但對我們來說，更大的 TAM 機會無疑地位於金字塔的頂端。因此，作為一家公司，為了取得成功，我們必須追求這些，對嗎？我們有產品，我們有 GTM。是的，我們知道這將是一場更艱難的鬥爭。但是當我們確實贏得這些機會時，就像您看到我們上個季度贏得的八位數機會一樣，這些機會可能非常重要。

Got you. But I thought the eight-figure one that you won last quarter was like a three-year sale or two-and-a-half-year sale cycle or something. That wasn't really related to the Broadcom.

明白了。但我認為你上個季度贏得的八位數銷售額就像是三年銷售或兩年半銷售週期之類的。這實際上與 Broadcom 無關。

Well, I think it was partly related to the Broadcom thing, very much so. I mean, again, it's hard to attribute everything 100% to Broadcom. Yes, we were engaged with them for two years, but a lot of the big customers at the very top of the pyramid were very sensitive and aware as soon as the Broadcom deal was announced. They started thinking about what they're going to do. It didn't wait for the deal to close, unlike many of the smaller customers, to see what was going to happen.

嗯，我認為這與博通的事情有一定關係，非常相關。我的意思是，很難將所有事情 100% 歸咎於博通。是的，我們與他們合作了兩年，但是當博通交易宣布後，許多金字塔頂端的大客戶都非常敏感和了解情況。他們開始思考要做什麼。與許多小客戶不同，該公司並沒有等到交易完成後才去觀察接下來會發生什麼事。

So this customer, we had certainly our unique value proposition and our use cases that they were driving the thinking, and then the Broadcom piece, of course, was an added boost. So it's one of these things where it's hard to attribute how much of it was Broadcom, how much was something else, but that's a good example.

因此，對於這個客戶，我們當然有我們獨特的價值主張和用例，他們正在推動這種思考，而博通的部分當然又是一個額外的推動力。因此，很難確定其中有多少是博通造成的，有多少是其他原因造成的，但這是一個很好的例子。

Similarly, the example from this quarter's call also, it's very much the same, right? This Fortune 100 financial services customer is very much driven by the Broadcom situation.

同樣，本季電話會議的例子也非常相似，對嗎？這家財富 100 強金融服務客戶很大程度上受到博通情況的影響。

Great. Thank you.

偉大的。謝謝。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Hi, guys. This is Victor Chiu in for Simon. I wanted to follow up on that last Regarding customer migrations, within VMware's footprint of the three-tier infrastructure customers that you described, can you help us think about what percentage of those would be able to fairly easily adapt their existing applications and platforms to AHP, and what percentage, for better or worse, are married to VMware because of their dependency on some of the more advanced virtualization functionalities?

嗨，大家好。我是 Victor Chiu，代替 Simon。我想跟進最後一個關於客戶遷移的問題，在您描述的 VMware 三層基礎設施客戶範圍內，您能否幫助我們思考一下其中有多少比例的客戶能夠相當輕鬆地將其現有應用程式和平台適應 AHP，又有多少比例的客戶，無論好壞，都因為依賴某些更高級的虛擬化功能而與 VMware 聯手？

So that's a good question, Victor. I would say the vast majority of applications running on a VMware high provider on three tiers can run very well on AHV in a HCI environment. There are perhaps things at the edges where it's not technical gaps, it's really more ecosystem certification gaps that might hinder some of them. There might be an application that's certified on ESX but not certified on AHV.

所以，維克多，這是個好問題。我想說，在三層 VMware 高級提供者上運行的絕大多數應用程式都可以在 HCI 環境中的 AHV 上很好地運行。邊緣問題可能不是技術差距，而是生態系統認證差距可能會阻礙其中一些問題。可能存在已在 ESX 上認證但未在 AHV 上認證的應用程式。

And over the last few years, we've built that out as well. There are going to be some corner cases that are not certified, but for the most part, we can address pretty much anything that is running on a three-tier infrastructure on VMware and run that effectively on Nutanix, HCI, on AHV.

在過去的幾年裡，我們也建立了這個體系。會有一些未經認證的極端情況，但在大多數情況下，我們可以解決在 VMware 三層基礎架構上運行的幾乎所有問題，並在 Nutanix、HCI、AHV 上有效運作。

But there are the other barriers that we talked about, right, in terms of hardware refresh cycles and then the timing of the renewals. Those are some of the other things that we still have to factor in, but it's not a technical barrier.

但是我們也討論了其他障礙，例如硬體更新周期和更新時間。這些是我們仍需要考慮的其他一些因素，但這並不是技術障礙。

Okay. That's very helpful. And then can you help us think about how the economics compare with Nutanix having an AHV, having kind of a hypervisor included in the platform, the economics, does that make the economic materially different, or is it just kind of a marginal difference in more of a capabilities kind of thing?

好的。這非常有幫助。然後，您能否幫助我們思考一下，與擁有 AHV 的 Nutanix（平台中包含某種虛擬機管理程式）相比，其經濟性如何，這是否會導致經濟性出現實質差異，還是僅僅是能力方面的邊際差異？

Yeah, I think, so Victor, on that, again, so clearly, historically, this has been the case. When a customer migrates from a three-tier deployment, over to HCI deployment, they save a lot, right? They save 30%, 40% at least in terms of TCO costs. If you factor in everything, including the hardware costs, the operating costs, all of it, it's a pretty substantial savings.

是的，我認為，維克多，關於這一點，很明顯，從歷史上看，情況確實如此。當客戶從三層部署遷移到 HCI 部署時，他們可以節省很多，對嗎？他們在TCO成本方面至少節省了30%、40%。如果把所有因素都考慮進去，包括硬體成本、營運成本等等，那麼省下的錢是相當可觀的。

And so that continues to be the case today, right? I think the barrier, of course, is you've invested in the hardware, you want to depreciate it before you actually go buy new hardware. But those savings and the value of HCI related to three-tier is very established and that continues.

那麼今天情況仍然如此，對嗎？我認為，當然，障礙在於你已經投資了硬件，你想在實際購買新硬件之前將其貶值。但是這些節省以及與三層相關的 HCI 的價值已經非常確定，而且還會持續下去。

And is the transition for an existing VMware HCI customer to Nutanix much easier?

現有的 VMware HCI 客戶向 Nutanix 的過渡是否更容易？

Much easier. Yeah, this Fortune 100 win that we talked about was exactly that situation. The customer had a lot of competitive HCI offerings deployed. It was an easier migration because for them, they didn't have to change out their hardware. We could just replace the other software with our software.

容易多了。是的，我們談論的財富 100 強企業的成功正是這種情況。客戶部署了許多具有競爭力的 HCI 產品。這是一個更容易的遷移，因為對於他們來說，他們不必更換硬體。我們可以用我們的軟體替換其他軟體。

Great, that's very helpful. Thank you.

太好了，這非常有幫助。謝謝。

Thank you, Victor.

謝謝你，維克多。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Hey, guys. This is [Imranan] from Matt Hedberg. Thanks for taking our question, and congrats on the quarter. I just have one. Can you touch more on the linearity of large deals within the quarter? And did you see any deals being pushed out or pulled in this quarter? And then looking ahead, what early trends have you been seeing so far in August? And then maybe just general linearity for 2025, given some of the uncertainty of these large-scale timing. Thanks.

嘿，大家好。我是 Matt Hedberg 的 [Imranan]。感謝您回答我們的問題，並祝賀本季取得的成績。我只有一個。您能否進一步談談本季內大額交易的線性情況？您是否發現本季有任何交易被推遲或取消？展望未來，到目前為止，您在八月看到了哪些早期趨勢？考慮到這些大規模時間安排的一些不確定性，也許只是 2025 年的一般線性。謝謝。

I'll take that, Rajiv, and you should feel free to add in. So for linearity in Q4, I would say it was more or less as we expected. I think your question specifically was on linearity with respect to large deals. And those we've talked about can be more unpredictable than other portions of the businesses, given they tend to be often more strategic, involve C-suite approvals, things like that. So it can be more unpredictable. But overall, I would say linearity in Q4 was largely as expected.

我會接受的，拉吉夫，你可以隨意添加。因此，對於第四季度的線性，我想說它或多或少符合我們的預期。我認為您的問題具體是關於大額交易的線性問題。而且，我們所談論的那些部分可能比業務的其他部分更難以預測，因為它們往往更具策略性，涉及高階主管批准等。因此它變得更加難以預測。但總體而言，我認為第四季的線性基本上符合預期。

In terms of push-out or pull-in, I think was the next part of the question, as we think about last Q4 coming into this year, nothing unusual there, I would note. I think it was sort of what we would expect for that time of year. So nothing unusual there.

關於推出或拉入，我認為是問題的下一部分，當我們考慮去年第四季度進入今年時，我注意到這並不罕見。我想這正是我們對那一年那個時候的期望。所以這沒什麼不尋常的。

And then again, on August linearity, the only thing I'd sort of call out in Q1 is it's the US federal end of fiscal year in September, of course. But again, that's all factored into how we think about our guidance and ability to collect free cash flow and things like that. But as I said earlier, I think the overall linearity can become a little more unpredictable because of the mix of the large deals as that grows over time. And it is something that we're continuing to watch closely.

再說一次，關於八月份的線性，我在第一季唯一要指出的是，當然，九月是美國聯邦財政年度的結束。但同樣，這一切都影響了我們如何看待我們的指導和收集自由現金流的能力等等。但正如我之前所說，我認為隨著時間的推移，由於大型交易的混合，整體線性可能會變得更加難以預測。我們將繼續密切關注此事。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Thanks for taking the questions, guys. I just wanted to ask, I know last quarter, the company gave some great color on the number of million-dollar-plus ACV opportunities in the pipeline, growing 30% year on year, growing more than 50% if we look at it on a dollar basis. Do these statistics still hold in Q4, and do we have a sizable enough cohort to start really understanding how much longer these sales cycles are for these deals?

謝謝大家回答這些問題。我只是想問一下，我知道上個季度，公司對正在進行的百萬美元以上的 ACV 機會數量進行了很好的描述，同比增長 30%，如果以美元計算，則增長超過 50%。這些統計數據在第四季是否仍然有效？我們是否有足夠的群體來真正了解這些交易的銷售週期有多長？

Hi, Mike. Yeah, good question. So we're not going to provide that metric necessarily quarterly, Mike, but as we said, I think we are happy overall with pipe creation and are seeing meaningful opportunities with those larger DO segments. So that continues to be good in terms of pipe creation.

你好，麥克。是的，好問題。因此，麥克，我們不一定會每季提供該指標，但正如我們所說，我認為我們對管道創建總體感到滿意，並在那些更大的 DO 細分市場中看到了有意義的機會。因此，就管道創建而言，這仍然是一件好事。

And I think your second question around, do we have enough data points? (inaudible) relatively early. The pipeline has grown nicely. But as we've talked about here, some of these larger deals can take a really long time. I would give one example where it was two years, another one this quarter where it was a year and a half. And so it is variable, and it can take long.

我認為你的第二個問題是，我們是否有足夠的數據點？（聽不清楚）相對較早。管道發展良好。但正如我們在這裡討論過的，一些較大的交易可能需要很長時間。我舉一個例子，它是兩年，本季再舉一個例子，它是一年半。因此它是可變的，並且可能需要很長時間。

And so I'd say, I don't think we have a lot of that data, or enough data points right under our belt to sort of draw too many conclusions from that. And that's what even the previous question here that was asked in terms of it is something we watch closely, right, in terms of tracking those deals, but also thinking about do we have multiple ways to get to the number, right? If deals X and Y close or don't close, do we have other deals A and B that could get us there? So that's definitely a discussion that we have internally and factor that into our guidance.

所以我想說，我認為我們並沒有掌握太多的數據，或者說沒有足夠的數據點來從中得出太多結論。這就是之前提出的問題，我們密切關注這個問題，對吧，在跟踪這些交易方面，但也在思考我們是否有多種方式來獲得這個數字，對吧？如果交易 X 和 Y 達成或未達成，我們是否有其他交易 A 和 B 可以幫助我們達成目標？所以這絕對是我們內部進行的討論，並將其納入我們的指導中。

Got it. Thank you for that. And I guess just for a quick follow-up, appreciate all the color on the assumptions here. Can you help us understand that COLA $30 million benefit to precast what we're expecting from the partner payments this year? Again, just because this is essentially the second back-to-back year we're now receiving this kind of payment. Is it the same partner? Any other color would be beneficial.

知道了。謝謝你。我想只是為了快速跟進一下，請欣賞這裡關於假設的所有細節。您能否幫助我們了解 COLA 的 3000 萬美元收益，以預示我們今年對合作夥伴付款的預期？再說一次，因為這基本上是我們連續第二年收到這種付款。是同一個合作夥伴嗎？任何其他顏色都會有益。

Yes, thank you, Mike, for that question. I think I would be happy to clarify that. So there are these non-recurring payments from this partner, and there is a timing difference between OpEx and free cash flow. And so the commentary that we had provided was we had about a $44 million benefit in fiscal year '24 over the course of the year to the R&D OpEx line in fiscal year '24. And we expect that same $44 million benefit to become more like $20 million to $25 million in fiscal year '25. So that's the $20 million to $25 million headwind that I was referring to in OpEx in '25 relative to fiscal year '24. So all of that is operating expense commentary.

是的，麥克，謝謝你提出這個問題。我想我很樂意澄清這一點。因此，該合作夥伴存在這些非經常性付款，且營運支出和自由現金流之間存在時間差異。因此，我們提供的評論是，我們在 24 財年為研發營運支出線帶來了約 4,400 萬美元的收益。我們預計，到 2025 財年，這 4,400 萬美元的收益將增加到 2,000 萬至 2,500 萬美元。因此，我指的是 2025 年營運支出相對於 24 財年將面臨 2,000 萬至 2,500 萬美元的逆風。所以所有這些都是營運費用評論。

Now, when you look at free cash flow, there's a bit of a delay in when the cash comes in relative to that payment. So we got about $30 million of a cash benefit from that in fiscal year '24. We expect another $30 million in 2025, and then it will taper off. There may be a small portion in '26, but it will then taper off as we end this fiscal year in '25. And it's non-recurring because we don't expect this to be an ongoing thing. It is continuing into this year, which we didn't fully anticipate about three months ago, but we do think that over time it will taper off.

現在，當您查看自由現金流時，您會發現現金到帳相對於付款而言有一點延遲。因此，我們在 24 財年從中獲得了約 3,000 萬美元的現金收益。我們預計 2025 年還會再增加 3,000 萬美元，然後就會逐漸減少。26 年可能會有一小部分，但隨著 25 年財政年度的結束，這一比例將會逐漸減少。而且它是非經常性的，因為我們不希望它成為持續的事情。這種趨勢將持續到今年，這是我們三個月前沒有完全預料到的，但我們確實認為隨著時間的推移，這種趨勢將會逐漸減弱。

Got it. Thank you so much.

知道了。太感謝了。

Thank you, Mike.

謝謝你，麥克。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。