Nutanix Inc (NTNX) 2025 Q1 法說會逐字稿

Hello, and welcome to the Nutanix first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 Nutanix 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

It is now my pleasure to introduce Vice President of Investor Relations, Rich Valera.

現在我很高興介紹投資者關係副總裁 Rich Valera。

Good afternoon, and welcome to today's conference call to discuss first quarter fiscal year 2025 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 first quarter fiscal year 2025 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 2025 財年第一季的財務業績。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。今天收盤後，Nutanix 發布新聞稿，宣布 2025 財年第一季業績。如果您想閱讀新聞稿，請造訪我們 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 as well as our earnings press release issued today.

在今天的電話會議上，管理層將做出前瞻性聲明，包括財務指導。這些前瞻性陳述涉及風險和不確定性，其中一些風險和不確定性超出了我們的控制範圍，這可能導致實際結果與這些陳述預期的結果有重大和不利的差異。有關這些以及其他風險和不確定性的更詳細描述，請參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表格年度報告以及我們今天發布的收益新聞稿。

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. 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.

這些前瞻性陳述自今天起適用，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。請注意，除非另有特別說明，否則我們在今天的電話會議上使用的所有財務指標（收入除外）均按非公認會計原則（non-GAAP）表示，並經過調整以排除某些費用。我們已在我們的 IR 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 財務指標的調整表。

Nutanix is participating in the Raymond James TMT and Consumer Conference in New York on December 10 and the Barclays Global Technology Conference in San Francisco on December 12. We hope to see some of you at these events. Finally, our second quarter fiscal 2025 quiet period will begin on January 18.

Nutanix 將參加 12 月 10 日在紐約舉行的 Raymond James TMT 和消費者會議以及 12 月 12 日在舊金山舉行的巴克萊全球技術會議。我們希望在這些活動中見到你們中的一些人。最後，我們的 2025 財年第二季靜默期將於 1 月 18 日開始。

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

然後，我會將電話轉給拉吉夫。拉吉夫？

Thank you, Rich, and good afternoon, everyone. We are happy to report first-quarter results that came in ahead of our guidance. 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, our TCO.

謝謝里奇，大家下午好。我們很高興地報告第一季的業績，該業績超出了我們的指導。我們繼續看到對我們的解決方案的穩定需求，這是由於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）。

Taking a closer look at the first quarter, we exceeded all our guided metrics. We delivered quarterly revenue of $591 million. We grew our ARR 18% year over year to $1.966 billion. We also saw another quarter of strong year-over-year growth in new logos and solid free cash flow generation.

仔細觀察第一季度，我們超出了所有指導指標。我們的季度營收為 5.91 億美元。我們的 ARR 年成長 18%，達到 19.66 億美元。我們還看到新標誌和穩定的自由現金流產生又一個季度同比強勁增長。

Our largest wins in the quarter demonstrated the appeal of the Nutanix Cloud Platform to organizations that are looking to modernize their IT footprint, including adopting hybrid multi-cloud operating models and modern applications while also managing through disruption from industry M&A.

我們本季最大的勝利證明了 Nutanix 雲端平台對於尋求 IT 業務現代化的組織的吸引力，包括採用混合多雲營運模式和現代應用程序，同時也透過產業併購帶來的干擾進行管理。

One of our largest wins of the quarter was a full stack expansion with a global provider of IT consulting services based in the APAC region. This existing Nutanix customer expanded with us by shifting more workloads to our cloud platform, and adding additional components of our portfolio, enabling them to increase their automation and self-service capabilities while also reducing their exposure to their other incumbent infrastructure provider. This expansion was also aimed at strengthening their go-to-market practice with Nutanix in the areas of generating AI, modern applications, and competitive migrations.

本季我們最大的勝利之一是與亞太地區的全球 IT 諮詢服務供應商進行全端擴張。這個現有Nutanix 客戶透過將更多工作負載轉移到我們的雲端平台，並添加我們產品組合的其他組件，與我們一起擴展，使他們能夠提高自動化和自助服務能力，同時減少與其他現有基礎設施提供者的接觸。此次擴張也旨在加強與 Nutanix 在產生人工智慧、現代應用和競爭性遷移領域的市場實踐。

Another notable win in Q1 was a significant expansion with a North American-based Fortune 100 provider of food services and products. This customer was looking to implement a hybrid multi-cloud environment with the intent of running more of their workloads in the public cloud and lowering their total cost of ownership while also reducing their exposure to our largest competitor. They chose the Nutanix Cloud platform, including our Nutanix Cloud Clusters or NC2, running on AWS, along with Nutanix Cloud Management. This enables them to reduce their projected TCO by nearly 50%, while also consolidating their existing data center footprint.

第一季的另一個顯著勝利是與北美財富 100 強食品服務和產品提供商的重大擴張。該客戶希望實施混合多雲環境，目的是在公有雲中運行更多工作負載並降低總擁有成本，同時減少與我們最大競爭對手的接觸。他們選擇了 Nutanix 雲端平台，包括在 AWS 上運行的 Nutanix 雲端叢集或 NC2，以及 Nutanix 雲端管理。這使他們能夠將預計的 TCO 降低近 50%，同時也鞏固了現有的資料中心佔地面積。

On the product front, we recently announced the general availability of GPT-in-a-Box 2.0, our solution for simplifying the deployment of generative AI applications. A key component of this offering is Nutanix Enterprise AI, or NAI, which helps streamline deployment scaling and running of influencing end points for large language models. NAI can be deployed within GPT-in-a-Box on-prem or at the edge or independently, on native public cloud services, such as AWS, EKS, and Azure AKF. These new capabilities help further our vision of becoming the leading platform for running all apps and managing data anywhere.

在產品方面，我們最近宣布全面推出 GPT-in-a-Box 2.0，這是我們用於簡化生成式 AI 應用程式部署的解決方案。該產品的關鍵組件是 Nutanix Enterprise AI（NAI），它有助於簡化大型語言模型影響端點的部署擴展和運行。NAI 可以部署在本地 GPT-in-a-Box 內或邊緣或獨立部署在本機公有雲服務（例如 AWS、EKS 和 Azure AKF）上。這些新功能有助於進一步實現我們成為在任何地方運行所有應用程式和管理資料的領先平台的願景。

A first-quarter new logo with the government ministry in the EMEA region demonstrated early progress with the new generative AI and modern application capabilities of our platform. This customer was looking to modernize their infrastructure and chose a full stack Nutanix solution to support development and deployment of their cloud-native and generative AI applications. They chose our GPT-in-a-Box 2.0 solution including our Nutanix Kubernetes Platform and Nutanix Cloud Infrastructure, as well as our Nutanix Unified storage and Nutanix Database Service offerings.

歐洲、中東和非洲地區政府部門推出的第一季新標誌展示了我們平台的新生成人工智慧和現代應用功能的早期進展。該客戶希望對其基礎設施進行現代化改造，並選擇了全棧 Nutanix 解決方案來支援其雲端原生和生成式 AI 應用程式的開發和部署。他們選擇了我們的 GPT-in-a-Box 2.0 解決方案，包括我們的 Nutanix Kubernetes 平台和 Nutanix 雲端基礎設施，以及我們的 Nutanix 統一儲存和 Nutanix 資料庫服務產品。

Moving on, we also continue to make progress on the partnership front, signing an expanded strategic partnership with AWS that will simplify cloud migrations and offer access to AWS services for customers looking to migrate to NC2 on AWS. As part of this collaboration, customers will gain access to promotional credits from AWS to support customer migrations and proof-of-concept trials as well as Nutanix licensing promotions. Customers can also gain access to promotional credits for migrating VMware cloud and AWS workloads to NC2 on AWS through the AWS VMware migration accelerator program.

接下來，我們還在合作夥伴關係方面繼續取得進展，與 AWS 簽署了擴大的策略合作夥伴關係，這將簡化雲端遷移，並為希望遷移到 AWS 上的 NC2 的客戶提供對 AWS 服務的存取。作為合作的一部分，客戶將獲得 AWS 的促銷積分，以支援客戶遷移和概念驗證試驗以及 Nutanix 許可促銷。客戶還可以獲得促銷積分，透過 AWS VMware 遷移加速器計畫將 VMware 雲端和 AWS 工作負載遷移到 AWS 上的 NC2。

Finally, we continue to receive industry recognition in Q1, being named a leader in the 2024 Gartner Magic Quadrant for distributed hybrid infrastructure, alongside some of the leading public cloud providers, improving from our challenged position in the 2023 Magic Quadrant.

最後，我們在第一季繼續獲得業界認可，在2024 年Gartner 分散式混合基礎設施魔力像限中與一些領先的公有雲供應商一起被評為領導者，從2023 年魔力像限中的挑戰地位中得到改善。

In closing, I'm pleased with our solid first-quarter results. Our ongoing innovation on our cloud platform, particularly with respect to its support for generative AI and modern applications and on the progress we continue to make on partnerships. We remain focused while driving sustainable, profitable growth.

最後，我對我們第一季的穩健業績感到滿意。我們在雲端平台上不斷創新，特別是在它對產生人工智慧和現代應用程式的支援以及我們在合作夥伴關係方面不斷取得的進展方面。我們保持專注，同時推動可持續的獲利成長。

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

接下來，我會將其交給魯克米尼·西瓦拉曼 (Rukmini Sivaraman)。魯克米尼？

Thank you, Rajiv, and thank you, everyone, for joining us today. I will first discuss our Q1 fiscal '25 results, followed by our guidance for Q2 fiscal '25 and an updated outlook for the full fiscal year 2025.

謝謝拉吉夫，也謝謝大家今天加入我們。我將首先討論我們的 25 財年第一季業績，然後是我們對 25 財年第二季的指導以及 2025 年整個財年的最新展望。

Results in Q1 '25 came in above the high end of our range across our guided metrics. Revenue in Q1 was $591 million, higher than the guided range of $565 million to $575 million, representing a year-over-year growth rate of 16%. The outperformance in revenue was driven by good renewals execution. ARR at the end of Q1 was $1.966 billion, representing year-over-year growth of 18%.

25 年第一季的結果超出了我們指引指標範圍的高端。第一季營收為 5.91 億美元，高於 5.65 億至 5.75 億美元的指導區間，年成長率為 16%。良好的續訂執行推動了收入的優異表現。第一季末的 ARR 為 19.66 億美元，年增 18%。

We saw strength in landing new customers onto our platform, helped by more leverage from our OEM and channel partners from the various programs we have put in place to incentivize new logos and from a general increase in engagement from customers looking at us as an alternative in the wake of industry M&A.

我們在吸引新客戶進入我們的平台方面看到了優勢，這得益於我們為激勵新徽標而製定的各種計劃中我們的OEM 和通路合作夥伴的更多影響力，以及將我們視為替代方案的客戶參與度的普遍增加。

NRR, or net dollar-based retention rate at the end of Q1 was 110%. Expansion with existing customers was impacted largely by our US federal business for which Q1 is a seasonally strong quarter given their September 30 fiscal year-end. Our US Fed business performance was lower year over year relative to the strong comparison from Q1 a year ago, which we believe is due to impacts from the elongated continuing resolution resulting in lighter spending from our Fed customers.

第一季末的 NRR（即基於美元的淨留存率）為 110%。現有客戶的擴張主要受到我們美國聯邦業務的影響，鑑於其 9 月 30 日財年結束，第一季是季節性強勁的季度。與一年前第一季的強勁比較相比，我們的聯準會業務表現同比較低，我們認為這是由於長期持續決議的影響導致我們的聯準會客戶支出減少。

Based on our current view, we expect our US federal business performance to return to more normal levels in the second quarter. In Q1, we continue to see modestly elongated average sales cycles compared to historical levels, which we believe is influenced by the macroeconomic environment and continued increased scrutiny on spend. In addition, as discussed during prior earnings calls, we believe the larger opportunities in our land and expand pipeline continue to involve strategic decisions and C-suite approvals, causing them to take longer to close and to have greater variability in timing, outcome and deal structure.

根據我們目前的觀點，我們預計美國聯邦業務業績將在第二季恢復到更正常的水平。在第一季度，我們繼續看到平均銷售週期與歷史水準相比略有延長，我們認為這是受到宏觀經濟環境和持續加強支出審查的影響。此外，正如之前的財報電話會議中所討論的那樣，我們認為我們的土地和擴展管道中的更大機會繼續涉及戰略決策和最高管理層的批准，導致它們需要更長的時間才能完成，並且在時間、結果和交易方面具有更大的可變性結構。

These factors also impact our ARR growth. Average contract duration in Q1 was to 3.1 years flat sequentially quarter over quarter. Non-GAAP gross margin in Q1 was 87.5%. Non-GAAP operating margin in Q1 was 20%, higher than our guided range of 14.5% to 15.5%, largely due to higher revenue and to a smaller extent, due to lower expenses including as a result of certain nonrecurring payments and credits.

這些因素也會影響我們的 ARR 成長。第一季的平均合約期限為 3.1 年，環比持平。第一季非 GAAP 毛利率為 87.5%。第一季的非GAAP 營業利潤率為20%，高於我們14.5% 至15.5% 的指導範圍，這主要是由於收入增加，較小程度上是由於費用減少，包括某些一次性付款和信貸帶來的費用減少。

Non-GAAP net income in Q1 was $122 million, of fully diluted EPS of $0.42 per share based on fully diluted weighted average shares outstanding of approximately 289 million shares. GAAP net income and fully diluted GAAP EPS in Q1 were $30 million and $0.10 per share, respectively. Free cash flow in Q1 was $152 million, representing a free cash flow margin of 26%.

第一季非 GAAP 淨利潤為 1.22 億美元，根據完全稀釋加權平均已發行股數約 2.89 億股計算，完全稀釋每股收益為 0.42 美元。第一季的 GAAP 淨利和全面攤薄後的 GAAP 每股收益分別為 3,000 萬美元和 0.10 美元。第一季自由現金流為 1.52 億美元，自由現金流率為 26%。

Moving to the balance sheet. We ended Q1 with cash, cash equivalence and short-term investments of $1.075 billion up from $994 million at the end of Q4.

轉向資產負債表。第一季末，我們的現金、現金等價物和短期投資為 10.75 億美元，高於第四季末的 9.94 億美元。

Moving to capital allocation. We repurchased about $20 million worth of shares in Q1 and used about $79 million of cash in Q1 to retire shares related to our employees' STAC liability for their quarterly RSU vesting.

轉向資本配置。我們在第一季回購了價值約 2,000 萬美元的股票，並在第一季度使用了約 7,900 萬美元的現金來註銷與員工季度 RSU 歸屬的 STAC 責任相關的股票。

Moving to Q2 '25. Our guidance for Q2 is as follows: revenue of $635 million to $645 million; non-GAAP operating margin of 20% to 21%; fully diluted weighted average shares outstanding of approximately 289 million shares.

轉到 25 年第二季。我們對第二季的指導如下：營收為 6.35 億美元至 6.45 億美元；非公認會計準則營業利益率為 20% 至 21%；完全稀釋加權平均已發行股數約2.89億股。

Moving to the full year. The updated guidance for fiscal year '25 is as follows: revenue of $2.435 billion to $2.465 billion, representing a year-over-year growth of 14% at third point and no change from our initial guidance. The non-GAAP operating margin of approximately 16% to 17%, an increase from our previous guidance. Free cash flow of $560 million to $610 million, representing a free cash flow margin of approximately 24% at the midpoint and an increase of $15 million relative to our prior initial guidance at the midpoint.

轉至全年。'25 財年的更新指引如下：營收為 24.35 億美元至 24.65 億美元，第三個點同比增長 14%，與我們最初的指導沒有變化。非 GAAP 營運利潤率約為 16% 至 17%，高於我們先前的指引。自由現金流為 5.6 億美元至 6.1 億美元，相當於中點自由現金流利潤率約為 24%，相對於我們先前的中點初步指引增加了 1,500 萬美元。

I will now provide some commentary and assumptions regarding our updated fiscal year '25 guidance. First, we are seeing continued land-and-expand opportunities and a growing pipeline for our solutions. However, as we have discussed previously, we expect continued uncertainty in the timing, outcome and deal structure from the growing mix of larger deals in the pipeline. And as I mentioned earlier, we have continued to see a modest elongation of average sales cycles relative to historical levels, which we believe is related to the uncertain spending environment and which we expect to continue.

我現在將提供有關我們更新的 25 財年指導的一些評論和假設。首先，我們看到了持續的土地擴張機會和不斷增長的解決方案管道。然而，正如我們之前所討論的，我們預計，由於正在醞釀中的大型交易不斷增多，時間、結果和交易結構將繼續存在不確定性。正如我之前提到的，我們繼續看到平均銷售週期相對於歷史水準略有延長，我們認為這與不確定的支出環境有關，並且我們預計這種情況將持續下去。

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

其次，該指南假設續約將在 25 財年繼續表現良好。第三，全年指導假設平均合約期限與 24 財年相比將持平或略低，因為續約占我們帳單的百分比持續增長。

Fourth, the non-GAAP operating margin guidance assumes incremental prudent investments in sales and marketing and research and development, targeted towards addressing our large market opportunity. Those investments are expected to continue to ramp through the course of the fiscal year.

第四，非公認會計原則營業利潤率指導假設在銷售、行銷以及研發方面進行增量審慎投資，旨在抓住我們巨大的市場機會。這些投資預計將在本財年繼續增加。

Finally, a note on seasonality. Based on our current view of renewal's cohorts and visibility into land and expand, we expect revenue seasonality in fiscal Q3 relative to Q2 to be similar to what we saw in fiscal year '23.

最後，關於季節性的說明。根據我們目前對更新群體以及對土地和擴張的了解的看法，我們預計第三財季相對於第二財年的收入季節性將與我們在 23 財年看到的相似。

In closing, we are pleased that our Q1 performance exceeded the high end of our guidance and would like to thank our employees, customers, partners, investors and stakeholders for their continued trust in us. We remain committed to continued progress aligned with our stated philosophy of sustainable, profitable growth, both through durable top line growth and expanding margins.

最後，我們很高興第一季的業績超出了我們指導的上限，並感謝我們的員工、客戶、合作夥伴、投資者和利害關係人對我們的持續信任。我們仍致力於透過持久的營收成長和不斷擴大的利潤率，按照我們既定的可持續獲利成長理念不斷取得進展。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) Pinjalim Bora, JPMorgan.

（操作員指令）Pinjalim Bora，摩根大通。

Rajiv, one for you. Maybe can you talk about what are you hearing from customers around the VMS offering? Trying to understand if this new partnership with AWS. It might act as a catalyst to kind of convince people to move to NC2 or are you seeing any signs of that?

拉吉夫，給你一個。也許您能談談您從客戶那裡聽到的有關 VMS 產品的資訊嗎？試圖了解與 AWS 的這種新合作夥伴關係。它可能會起到催化劑的作用，說服人們轉向 NC2，或者您是否看到任何跡象？

Okay. Pinjalim, Rajiv here. I think you meant VMC on AWS, correct? You said VMS --

好的。平賈林，拉吉夫在這裡。我認為您指的是 AWS 上的 VMC，對嗎？你說的是VMS——

Correct. VMC, correct.

正確的。VMC，正確。

VMC on AWS, correct. Okay. All right. So clearly, I think that seems to be an offering that Broadcom is not focused on as much. And it's created an opportunity for us, for sure, and customers are concerned as to what might happen with their offering.

AWS 上的 VMC，正確。好的。好的。很明顯，我認為這似乎是博通不太關注的產品。當然，這為我們創造了機會，而且客戶擔心他們的產品可能會發生什麼。

For example, the go cloud version of their offering, garment cloud version was apparently deprecated by Broadcom. So this is one of the impetus for the expanded partnership that we have with AWS, where we are working together with them to provide EVM migration for customers from BMC onto NC2 on AWS. We talked about one of the wins last quarter actually, leading universities that actually went and did exactly that. And anyway. So this is really one of the impetus why AWS is partnering with us.

例如，他們的產品的雲端版本、服裝雲版本顯然已被博通棄用。因此，這是我們與 AWS 擴大合作夥伴關係的推動力之一，我們正在與他們合作，為客戶提供從 BMC 到 AWS 上的 NC2 的 EVM 遷移。實際上，我們談到了上個季度的一場勝利，領先的大學實際上做到了這一點。無論如何。所以這確實是 AWS 與我們合作的動力之一。

They're offering immigration credit. The migration accelerator program, and we are working together to help customers who might be interested in migrating off that offering on to something else in the public

他們提供移民信貸。遷移加速器計劃，我們正在共同努力幫助那些可能有興趣從該產品遷移到其他公共產品的客戶

Yes. Understood. One for Rukmini. Rukmini, I'm trying to understand the guidance. It seems like a very solid Q1 beat.

是的。明白了。一張給魯克米尼。Rukmini，我正在嘗試理解指導。第一季的表現似乎非常穩健。

You took the Q2 numbers up, but the second half seems like it's an implied guide down because you didn't take the full year number up. So I'm trying to understand, is that just prudent caution around what you're seeing on the sales cycles, Were there any deals that mkind of moved from the second half into the first half that changed the seasonality a bit? And lastly, do you think we're close to a trough on NRR?

您增加了第二季的數字，但下半年似乎是一個隱含的指引，因為您沒有增加全年的數字。所以我試著去了解，這是否只是對銷售週期中所看到的謹慎謹慎的態度，是否有任何交易從下半年轉移到上半年，從而稍微改變了季節性？最後，您認為 NRR 是否已接近低谷？

Thank you, Pinjalim. Both good questions. I'll start with your revenue guidance first. So yes, we were happy with our Q1 revenue performance, but we are only one quarter into fiscal year. And given the uncertain environment, including that related to a new administration in the US, we think it's prudent to maintain our full year top-line guide until we have a better view of how the rest of the year is going to play out.

謝謝你，平賈利姆。兩個問題都很好。我首先從您的收入指導開始。所以，是的，我們對第一季的營收表現感到滿意，但我們的財年才剛進入四分之一。考慮到不確定的環境，包括與美國新政府有關的環境，我們認為，在我們更好地了解今年剩餘時間的情況之前，維持我們的全年營收指南是謹慎的做法。

And as I noted in my prepared remarks, we continue to see these modestly elongated average sales cycles compared to historical levels. And we believe that the larger opportunities in our land and expand pipeline continue to involve strategic decisions, more approvals and causing them to take longer to close and to have greater variability in deal structure outcome and timing.

正如我在準備好的演講中指出的那樣，與歷史水平相比，我們繼續看到這些平均銷售週期略有延長。我們相信，我們的土地和擴建管道中的更大機會繼續涉及戰略決策、更多批准，導致它們需要更長的時間才能完成，並且交易結構結果和時間安排具有更大的可變性。

And finally, from a seasonality perspective, we've historically seen a fairly even split in revenue between the first half and second half of the fiscal year. So our current expectations aren't that different from what we've seen historically.

最後，從季節角度來看，我們一直看到本財年上半年和下半年的收入分配相當平均。因此，我們目前的期望與我們歷史上所看到的並沒有太大不同。

So that's on the revenue top-line guidance question, Pinjalim. I think your second part of the question was around NRR. So a few things on NRR. First, I will say that given that our GRR, while we don't disclose it, we've said in the past that it has not changed significantly relative to recent levels. So given that, the largest driver of net new ARR is land and expand ACV, right?

這就是收入頂線指導問題，Pinjalim。我認為你問題的第二部分是圍繞 NRR 的。NRR 上有一些事情。首先，我要說的是，鑑於我們的 GRR，雖然我們沒有披露，但我們過去曾說過，相對於最近的水平，它沒有發生重大變化。因此，淨新 ARR 的最大驅動因素是土地和擴大 ACV，對嗎？

And your question specifically is on which does not, for example, benefit from the strength that we saw in our land. So I want to first start by clarifying that. And we did see some divergence there between sort of the strength in our land performance.

你的具體問題是，哪些方面不能從我們在我們的土地上看到的力量中受益。所以我想先澄清這一點。我們確實看到我們的陸地表現強度之間存在一些差異。

Now with respect to expand, with existing customers, expand accounts for the majority of our land and expand, which was impacted largely by our US Fed business, which was lower year over year relative to the strong compare we had from Q1 a year ago, which we believe is due to the CR and the continuing resolutions in the US. And so all the dynamics you talked about in large sales cycle, larger deal sizes, various sales cycles or that does impact expand as well, Pinjalim. So that all did go into the NRR number.

現在就擴張而言，與現有客戶相比，擴張佔了我們的大部分土地並擴張，這主要受到我們聯準會業務的影響，與一年前第一季的強勁比較相比，該業務同比下降，我們認為這是由於 CR 和美國持續的決議所致。因此，您在大型銷售週期、更大的交易規模、各種銷售週期中談到的所有動態，或影響也會擴大，Pinjalim。所以所有這些都進入了 NRR 號碼。

Now I think your question was around, is this the -- is this -- have we hit sort of the low point for NRR. We don't guide to NRR, as you know. But we do expect that and will be impacted by some of these factors that we've talked about like the sales cycles and the mix of large deals when we expect some of that to continue.

現在我想你的問題是，我們是否已達到 NRR 的最低點？如您所知，我們不指導 NRR。但我們確實預期會出現這種情況，當我們預期其中一些因素會持續下去時，我們會受到我們所討論的一些因素的影響，例如銷售週期和大型交易的組合。

So that, we believe is the case, but we don't explicitly guide to NRR.

因此，我們相信情況確​​實如此，但我們沒有明確指導 NRR。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Maybe following up on the federal piece. You noted in the script that you expected kind of fiscal Q2 to be better. I would expect you would need the administration change, so maybe you wouldn't expect kind of federal to improve until fiscal Q3, but just wanted to kind of listen about what went into that commentary or you could explain that more. And then maybe just a second question.

偉大的。也許會跟進聯邦的文章。您在腳本中指出，您預計第二季財政狀況會更好。我預計您需要政府變革，因此也許您不會期望聯邦在第三財季之前有所改善，但只是想聽聽該評論的內容，或者您​​可以對此進行更多解釋。然後也許只是第二個問題。

Just any update on timing of Dell PowerFlex kind of integration? Just anything there would be helpful.

有關 Dell PowerFlex 整合時間表的任何更新嗎？只要有任何東西都會有幫助。

So Meta, on the federal question, I mean, we don't have visibility in terms of what the new administration is going to do or not do. So we can't really talk about what's going to happen after the new agitation comes in. So we have a near-term view on Q2, of course, which we factored in. And that's why we feel comfortable about our federal business coming back to more normal levels in Q2 based on what we know today. And of course, we'll have to see what the new administration does after they come on board.

所以，梅塔，關於聯邦問題，我的意思是，我們不知道新政府將做什麼或不做什麼。因此，我們無法真正談論新的騷動到來後會發生什麼。當然，我們對第二季度有一個近期看法，我們已將其考慮在內。這就是為什麼根據我們今天所了解的情況，我們對我們的聯邦業務在第二季度恢復到更正常的水平感到放心。當然，我們也得看看新政府上任後會做什麼。

Now on the Dell question, specifically. So as you know, Meta, there's two parts to the Dell relationship. One is the existing hyper-converged solution that we have, which will be an appliance sale by combining our software on their service. That's been in the market now this quarter, and it's still early days for that.

現在具體來說一下戴爾的問題。如你所知，Meta，戴爾的關係分為兩個部分。一種是我們現有的超融合解決方案，這將是透過將我們的軟體與他們的服務結合來進行設備銷售。該產品已於本季上市，但目前仍處於早期階段。

Your question on PowerFlex. We expect to have that in the market in the first half of calendar '25, and we expect to see some revenue contribution from it in FY26.

您關於 PowerFlex 的問題。我們預計該產品將在 25 財年上半年上市，並預計在 2026 財年會帶來一些收入貢獻。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

I did want to build off of Meta's question and Pinjalim there a little bit. Can you just remind us how big this federal vertical can be for you guys here in fiscal Q1 versus kind of what you saw here? And what the actual impact net retention rate was? Like are we talking about a point or two difference that we would have seen versus the 110% or how to kind of quantify that?

我確實想以 Meta 和 Pinjalim 的問題為基礎。您能否提醒我們，與您在這裡看到的情況相比，在第一財季，這個聯邦垂直領域對您來說有多大？實際影響淨保留率是多少？就像我們談論的是我們會看到的與 110% 相比的一兩點差異，或者如何量化這種差異？

I'll take that, Jim. So First, on quantification of Fed, we don't disclose that, Jim. But as you can imagine and we've said this before, that for our Q1 is typically the seasonally strongest quarter given it's also the federal year-end, which covers September 30. So we don't disclose that number, Jim, but that is Q1 is our strongest Fed quarter. And similarly, right, we're not going to break out NRR impact by Fed or by any other sort of segmentation at this point.

我會接受的，吉姆。首先，關於聯準會的量化，我們不會透露這一點，吉姆。但正如您可以想像的那樣，我們之前也說過，第一季通常是季節性最強的季度，因為它也是聯邦年末，涵蓋 9 月 30 日。所以我們不會透露這個數字，吉姆，但第一季是我們最強勁的聯準會季度。同樣，我們目前不會分解聯準會或任何其他類型的細分對 NRR 的影響。

But we did see the fact that overall Fed and expand specifically was lower than last year. It was a challenge for us in Q1 relative to what we saw last Q1, which was a strong one to compare.

但我們確實看到了這樣一個事實：聯準會的總體利率和具體的擴張利率低於去年。相對於我們上一季所看到的情況，這對我們來說是一個挑戰，上一季是一個強有力的比較。

Got it. And Rajiv, maybe for you. I think we're all kind of anxious to hear about when we could see more stand-alone into other storage arrays. Obviously, you just talked about the calendar first half of '25 seeing Dell PowerFlex. But how should we start thinking about Nutanix's relationships of getting stand-alone AHV integration into some of the other providers out there?

知道了。拉吉夫，也許適合你。我認為我們都急切地想知道何時可以在其他儲存陣列中看到更多的獨立功能。顯然，您剛剛談到了 25 年上半年看到 Dell PowerFlex 的情況。但是，我們應該如何開始考慮 Nutanix 將獨立 AHV 整合到其他一些提供者中的關係呢？

And why we wouldn't start to see that AHV attach go from 7% today to faster to 100?

為什麼我們不開始看到 AHV 附加價值從今天的 7% 快速成長到 100？

Yes, I think those are two different questions there, Jim. I think on the first question, clearly, the only one that we've announced so far has been Dell PowerFlex relationship. As you can imagine, we do have plans to expand that selectively to other storage arrays over time. I'm not going to preannounce anything right now, but you can assume that we are working on that in a very careful way. At the same time, we also want to make sure that whatever we do is actually focusing on expanding the market opportunity for us and doesn't cannibalize the existing HCI opportunity.

是的，我認為這是兩個不同的問題，吉姆。我認為關於第一個問題，顯然，我們迄今為止宣布的唯一一個就是與 Dell PowerFlex 的合作關係。正如您可以想像的那樣，我們確實計劃隨著時間的推移有選擇地將其擴展到其他儲存陣列。我現在不打算預先宣布任何事情，但你可以假設我們正在以非常謹慎的方式開展工作。同時，我們也希望確保我們所做的一切實際上都是為了擴大我們的市場機會，而不是蠶食現有的人機互動機會。

So we are focused specifically on working with storage array vendors that are workloads that would not necessarily be easier to capture with HCI because the workload we can capture with our own HCI platform, we would like to do that at the full stack.

因此，我們特別專注於與儲存陣列供應商合作，這些供應商的工作負載不一定更容易使用 HCI 捕獲，因為我們可以使用自己的 HCI 平台捕獲工作負載，我們希望在整個堆疊上做到這一點。

And over time, even for those that we do go in our goal is to sell the full stack over time. So stay tuned. I mean, we, of course, will continue to explore other options in the market when it comes to other storage arrays. And you can -- we don't have any more to say at this point. But the idea is to start with Dell and then over time expand to others.

隨著時間的推移，即使對於那些我們確實這樣做的人來說，我們的目標也是隨著時間的推移出售整個堆疊。所以請繼續關注。我的意思是，當涉及到其他儲存陣列時，我們當然會繼續探索市場上的其他選擇。你可以——此時我們沒有更多可說的。但我們的想法是從戴爾開始，然後隨著時間的推移擴展到其他國家。

With respect to your question on AHV penetration. Again, I think our philosophy has always been we support multiple hypervisors. And there's been a natural cadence to buy which the AHV adoption has continued to grow, and we are still at where it is. I don't necessarily need it to be 100%, frankly, but our goal is to increase the AHV footprint because we also want to be able to insert into VMware accounts, where our platform is running on top of ESX, the VMware hypervisor, and we'll continue to support that going forward as well.

關於你關於AHV滲透率的問題。再說一遍，我認為我們的理念始終是支援多個虛擬機器管理程式。購買的節奏自然而然，AHV 的採用率持續成長，而且我們仍然處於現狀。坦白說，我不一定需要 100%，但我們的目標是增加 AHV 佔用空間，因為我們還希望能夠插入 VMware 帳戶，我們的平台在 ESX（VMware 虛擬機器管理程式）之上運行，我們也將繼續支持這一點。

But we would, of course, like to see more and more customers start to migrate over to our ASV footprint. And having, of course, this third-party storage support will only help amplify that.

但我們當然希望看到越來越多的客戶開始遷移到我們的 ASV 足跡。當然，擁有第三方儲存支援只會有助於放大這一點。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

So when I look at the second half and you gave basically guidance revenue per quarter for the second half. But then looking at the operating margin for the year, you raised that only slightly after having pretty significant outperformance in Q1 and also guiding to a pretty robust operating margin in Q2. So that implies the second half is going to be kind of weigh down on the operating margin.

因此，當我查看下半年時，您基本上給出了下半年每季的指導收入。但再看看今年的營業利潤率，在第一季度取得相當顯著的優異表現並在第二季度實現相當強勁的營業利潤率之後，您才略微提高了這一數字。因此，這意味著下半年的營業利潤率將會受到一定程度的壓力。

And I know you said you're going to be ramping expenses, but I just want to make sure that there's nothing kind of idiosyncratic to the second half that we're not thinking about. And then can you talk about where that ramp up in spending is going to come. You said sales and marketing and R&D, but could you be more specific within those buckets.

我知道你說過你會增加開支，但我只是想確保下半年沒有什麼特殊情況是我們沒有考慮到的。然後你能談談支出的增加將會發生在哪裡嗎？您提到了銷售、行銷和研發，但您能否在這些方面更具體一些。

Jason, first, on operating margin. So you're correct. So first, I'll start with revenue. What we said was -- I think in response to an earlier question, that our implied revenue split, first half to second half is roughly even based on the -- and that's similar to our historical patterns. While we expect operating expenses on the other hand, to grow over the course of the year, much like it did last fiscal year.

傑森，首先是營業利潤率。所以你是對的。首先，我將從收入開始。我們所說的是——我認為在回答之前的問題時，我們上半年到下半年的隱含收入分配大致是基於——這與我們的歷史模式相似。另一方面，我們預計營運支出將在這一年中成長，就像上一財年一樣。

So to your point, you're correct that we will expect to see lower operating margins in the second half of the year and fiscal year '25. However, overall, we still expect to see year-over-year improvement in operating margin for the full fiscal year relative to fiscal year '24. And then to the second part of your question on where are we spending those dollars.

因此，就您的觀點而言，我們預計下半年和 25 財年的營業利潤率將會下降，這是正確的。然而，整體而言，我們仍預期整個財年的營業利潤率將比 24 財年年比有所改善。然後是你問題的第二部分，也就是我們將這些美元花在哪裡。

So first, in R&D, we have talked about investing, for example, in these AHV standalone to support the stand-alone storage arrays. So that's one area of R&D investment. Some other examples include we have ramped up our offerings around cloud native or containerized applications. That's another area generative AI plus our core enterprise platform, right, to the platform and making sure that it continues to evolve. So even within our core platforms, there are innovations that we continue to drive.

首先，在研發方面，我們討論了投資，例如，投資這些獨立的 AHV 以支援獨立的儲存陣列。這就是研發投資的領域之一。其他一些例子包括我們圍繞雲端原生或容器化應用程式增加了我們的產品。這是產生人工智慧加上我們的核心企業平台的另一個領域，對的，平台並確保它不斷發展。因此，即使在我們的核心平台內，我們也會繼續推動創新。

So that's on the R&D side, some examples of where we're investing.

這就是研發方面，我們投資的一些例子。

On the sales and marketing side, we have talked about some investments we've made -- some we made last year and some will continue into this year, for example, around product specialist sellers, folks who are focused on selling our entire portfolio and helping our main field sellers go do that. We have increased some investments around the channel as another example, some inside sales folks who can be focused on driving both expansion and land around the more mid-market tiers. So those are some examples of areas that we're investing in both sales and marketing and in R&D.

在銷售和行銷方面，我們討論了我們所做的一些投資——有些是我們去年進行的，有些將持續到今年，例如，圍繞產品專家賣家、專注於銷售我們整個產品組合的人以及幫助我們的主要銷售商做到這一點。另一個例子是，我們增加了圍繞通路的一些投資，一些內部銷售人員可以專注於推動擴張並進入中端市場。這些是我們在銷售、行銷以及研發領域進行投資的一些例子。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

It's Ruplu filling in for Wamsi today. Rukmini, the renewals business has been strong. How should we think about the growth in available to renew pool in fiscal '25 versus fiscal '24? And is there any danger that renewals kind of fall off a cliff in fiscal '26? Or is there a large enough cohort of customers who are going to renew in fiscal '26 that strong growth in renewals continues and it grows as a mix of the business.

今天由 Ruplu 代替 Wamsi。Rukmini，續訂業務一直很強勁。我們該如何看待 25 財年與 24 財年可更新資金池的成長？26 財年續約是否有斷崖式下降的危險？或者是否有足夠多的客戶群將在 26 財年續訂，續訂量將繼續強勁增長，並且會隨著業務的混合而增長。

So just your thoughts on available to renew pool and how you see that business continuing to grow?

那麼您對可更新池的看法以及您如何看待該業務的持續成長？

Thank you, Ruplu. So you're correct that we did talk about renewals doing well for Q1. In terms of ATR for full year fiscal year '25, I think we referred to this in our last earnings call when we gave you all the initial guide for fiscal year '25. Available to the new pool or ATR is expected to grow nicely in '25 year over year versus '24, and we'll continue to grow quite nicely over the next few years, Ruplu. So I'm not going to give you a quantification for fiscal year '26 at this point.

謝謝你，魯普魯。所以你是對的，我們確實談到了第一季的續約表現良好。就 25 財年全年 ATR 而言，我想我們在上次財報電話會議中向大家提供 25 財年的所有初步指南時提到了這一點。與 24 年相比，新池或 ATR 預計將在 25 年實現良好增長，並且我們將在未來幾年繼續良好增長，Ruplu。因此，目前我不會向您提供 26 財年的量化數據。

We're still only one quarter into '25. But yes, we expect that growth in available to renew for our renewal cohorts to continue for the next couple of years.

25 年才剛過四分之一。但是，是的，我們預計我們的續訂群體的可用續訂成長將在未來幾年持續下去。

Okay. And maybe for my follow-up, I'll ask you another question. Free cash flow in fiscal 1Q was very strong. It was $152 million, which I don't think, over the last three, four years, you've had such a strong 1Q. Were there any one-time items?

好的。也許為了我的後續行動，我會問你另一個問題。第一財季的自由現金流非常強勁。這是 1.52 億美元，我認為在過去三、四年裡，第一季的表現並不如此強勁。有沒有一次性的物品？

I know last quarter, you had said that you might get from a partner, I think you had said $30 million benefit for the full year in terms of free cash flow. So any guidance on how we should think about the progression of free cash flow first half versus second half in this year?

我知道上個季度，您曾說過您可能會從合作夥伴那裡獲得，我想您曾說過全年自由現金流的收益為 3000 萬美元。那麼，我們該如何看待今年上半年與下半年自由現金流的進展有什麼指引嗎？

Thank you, Ruplu. We were happy with our free cash flow performance in Q1, as you alluded to. So nothing significant, I would call out as onetime. So you're right, those partner payments, we did call out for fiscal year '25 and those will continue to come in. They might be a little inconsistent in terms of quarter to quarter, but we're not breaking that out quarterly, Ruplu.

謝謝你，魯普魯。正如您所提到的，我們對第一季的自由現金流表現感到滿意。所以沒什麼重要的，我會一次喊出來。所以你是對的，我們確實在 25 財年要求了這些合作夥伴付款，而且這些付款將繼續出現。它們在季度與季度之間可能有點不一致，但我們不會按季度進行披露，Ruplu。

There wasn't any one thing I would call out. For example, in Q4, in our July quarter, we did call out there was one significant deal that we collected in that quarter. For example, there was nothing like that, that I would call out for Q1. And more generally, I think when you think about just, I think rest of the year, part of your question is $152 million was a strong Q1, and our full-year guide is $560 million to $610 million. And so I'll just remind you that, one, expenses are going up, expected to go up through the rest of the year.

我沒有任何一件事要指出。例如，在第四季度，在我們 7 月的季度中，我們確實指出我們在該季度收集了一筆重要交易。例如，我不會為 Q1 提出這樣的要求。更一般地說，我認為，當您考慮今年剩餘時間時，您的部分問題是，第一季 1.52 億美元表現強勁，而我們的全年指引為 5.6 億至 6.1 億美元。因此，我只想提醒您，第一，費用正在增加，預計今年剩餘時間都會增加。

So keep that in mind, right, those expenses will ramp over the course of the year, much like they did last fiscal year. So that in. And we do collect multiple years of cash from our customers typically upfront. And so that does mean that depending on duration or depending on some larger deals, there can be some variation quarter to quarter in that number, which is why we continue to guide for free cash flow really on an annual basis only.

因此，請記住這一點，對吧，這些支出將在一年中不斷增加，就像上一財年一樣。所以說在.我們通常會提前向客戶收取多年的現金。因此，這確實意味著，根據期限或一些較大的交易，該數字可能會出現季度與季度的一些變化，這就是為什麼我們繼續僅按年度指導自由現金流。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

I'm going to ask a boring one on guidance and build on some of the line of questioning that Mr. Rader was going after on the operating margin and the operating profit. But I just wanted to get a better understanding congratulations on the 20% operating margin we're seeing here in Q1.

我將問一個關於指導的無聊問題，並以雷德先生對營業利潤率和營業利潤提出的一些問題為基礎。但我只是想更好地理解我們在第一季看到的 20% 的營業利潤率。

Is the view for full year in any way informed like are we potentially behind on hiring versus where we expected to be exiting Q1? Or are you potentially increasing your view of additional investments in sales and marketing and R&D? Because I know that's something that we had flagged on the previous quarter. Just wanted to wrestle those two items.

對全年的看法是否有任何訊息，例如我們在招聘方面是否可能落後於我們預計第一季退出的情況？或者您有可能增加對銷售、行銷和研發方面額外投資的看法？因為我知道這是我們在上個季度就已經標記過的事情。只是想跟這兩個東西摔角。

Thank you, Mike. Always welcome the boring question on the guide. So thank you for that. Not at all boring, actually. It's very, very practical.

謝謝你，麥克。始終歡迎指南上的無聊問題。所以謝謝你。實際上一點也不無聊。這非常非常實用。

So when we think of spend and our planning cycles, Mike. So we're coming out of our planning cycle. And so as we deploy this, again, similar to last fiscal year, some of this will be ramping over the course of the year. So that is in the plan. And so you'll continue to see that this year relative to last year, right?

因此，當我們考慮支出和計劃週期時，麥克。所以我們即將結束我們的規劃週期。因此，當我們再次部署這一點時，與上一財年類似，其中一些將在今年內逐步增加。這就是計劃中的事。因此，與去年相比，今年你會繼續看到這一點，對嗎？

So there's nothing unusual or different necessarily that I would call out other than, of course, as we hire people in Q1 or Q2, they might be there for partially for that quarter. But then for the next quarter, they're there for the full quarter, right? So there is that almost normalization that happened over the course of the year. And so that's what's baked into the op margin guide for the full year relative to what you saw in Q1.

因此，我肯定沒有什麼不尋常或不同的地方，當然，當我們在第一季或第二季僱用人員時，他們可能會在該季度部分工作。但到了下個季度，他們整個季度都在那裡，對吧？因此，這一年幾乎實現了正常化。這就是全年營運利潤率指南中相對於第一季的情況的內容。

Got it. And then just one other, if I could. I know that we're -- and I appreciate the commentary here as well as far as the Q2 versus 3Q seasonality on revenue. I just wanted to make sure I'm thinking about this properly, even if I go back beyond last year, two years ago, we tend to see coal at a 7% to 8%, 7% feels about right as far as a sequential decline in revenue from Q2 to Q3. And I appreciate your qualitative comments, but if you could further elaborate on that.

知道了。如果可以的話，然後再講一個。我知道我們 - 並且我很欣賞這裡的評論以及第二季度與第三季度收入季節性的評論。我只是想確保我正確地考慮了這個問題，即使我回顧去年、兩年前，我們也傾向於看到煤炭價格在 7% 到 8% 之間，就連續來看，7% 感覺是正確的從第二季到第三季度，營收有所下降。我很欣賞你的定性評論，但如果你能進一步詳細說明這一點。

What is driving that seasonal component? Is it really tied to year-end in Q2 and then maybe the sales incentive comp for your sales force in Q4? Is that why we should be thinking about that Q2 to Q3 sequential movements that we're talking to?

是什麼推動了季節性因素？它真的與第二季度的年末掛鉤，然後可能與第四季度銷售人員的銷售激勵薪酬掛鉤嗎？這就是為什麼我們應該考慮我們正在討論的第二季到第三季的連續走勢嗎？

You're exactly right, Mike. So historically, if you look at our performance, Q2 and Q4 tend to be seasonally stronger quarters from a top line perspective, exactly for the recency outline because Q2 has the December year-end. And Q4 had our end of fiscal year, and therefore, some sales incentives tied to a strong finish there. What has happened also is as we now have the renewal cohorts layering in, they tend to follow similarly the land expand performance in the past because they're just reflective of deals that were signed and when those renewals view.

你說得完全正確，麥克。因此，從歷史上看，如果你看看我們的表現，從收入的角度來看，第二季度和第四季度往往是季節性較強的季度，這恰好符合最近的大綱，因為第二季度的年底是12 月。第四季度是我們的財政年度結束時，因此，一些銷售激勵措施與該季度的強勁業績掛鉤。所發生的情況還在於，由於我們現在有續約群體，他們往往會類似地遵循過去的土地擴張表現，因為它們只是反映了已簽署的交易以及這些續約的時間。

So now we have the impact of historical land and expand, but the renewal cohorts are also following that pattern. So we just wanted to remind folks of that going into Q3 and give you a sense of qualitatively, what to expect relative to the Q2 guidance.

因此，現在我們受到了歷史土地的影響並不斷擴張，但更新群體也在遵循這種模式。因此，我們只是想提醒人們第三季度的情況，並讓您對相對於第二季度指導的預期有一個定性的認識。

Ben Bollin, Cleveland Research Company.

本‧博林，克利夫蘭研究公司。

Rajiv, I wanted to get your perspective a bigger picture on enterprise refresh behavior, in particular, around how you see customers evolving around three-tier versus HCI? Any thoughts on the pace and rate of enterprise on-prem AI deployments?

Rajiv，我想讓您更全面地了解企業更新行為，特別是您如何看待客戶圍繞三層與 HCI 的發展？對企業本地人工智慧部署的步伐和速度有什麼想法嗎？

Yes, I'll take those two questions separately. I don't think Ben that much has changed with respect to three-tier versus HCI. We still continue to validate the proposition of 40% -- 40% to 50% lower TCO if you replace your three-tier with SCI and it also provides you the platform to really expand into becoming a hybrid cloud, which is what companies want. And so over time, I do expect to continue to see HCI gain into the legacy three-tier offering. So that part hasn't really changed.

是的，我將分別回答這兩個問題。我認為 Ben 在三層與 HCI 方面並沒有太大變化。我們仍然繼續驗證如果您用 SCI 替換三層，TCO 可以降低 40% - 40% 到 50% 的主張，並且它還為您提供真正擴展到混合雲的平台，這正是公司想要的。因此，隨著時間的推移，我確實希望看到 HCI 能夠繼續融入傳統的三層產品中。所以這部分並沒有真正改變。

The dynamics really haven't changed. Of course, it's usually tied to a hardware refresh cycle because that's when you refresh your storage arrays. And instead of refreshing storage here is what we tell customers when they just buy simple servers and put HCI on it. So no change really on that front.

動力確實沒有改變。當然，它通常與硬體刷新週期相關，因為這是您刷新儲存陣列的時間。當客戶購買簡單的伺服器並在其上放置 HCI 時，我們會告訴他們，這裡不是刷新儲存。所以這方面並沒有真正的改變。

On enterprise AI, what we see again is that the bulk of the spend so far have been not really in the enterprise, but in these large hyperscalers as they build out these massive clusters to train these large language models with huge investments from a small handful of very large providers. So we see that for sure.

在企業人工智慧方面，我們再次看到的是，到目前為止，大部分支出實際上並不是在企業中，而是在這些大型超大規模企業中，因為它們利用少數人的巨額投資構建了這些大規模集群來訓練這些大型語言模型非常大的供應商。所以我們確信這一點。

Now within the enterprise, most enterprises are, I would say, in the early stages of deploying Generative AI, largely for RAG relative long into generation and fine-tuning and inferencing. They're not going to train these models. They're going to use models that are pre-existing and then use them to drive inferencing but more cost-effective, smaller clusters. We think that, that segment of the market is in early stages. We have seen the first set of applications come about.

我想說，現在在企業內部，大多數企業都處於部署生成式人工智慧的早期階段，主要是因為 RAG 相對較長的生成、微調和推理階段。他們不會訓練這些模型。他們將使用預先存在的模型，然後使用它們來驅動推理，但更具成本效益，更小的叢集。我們認為，該市場部分正處於早期階段。我們已經看到第一組應用程式的出現。

Even this quarter, as you know, we talked about this government customer in EMEA that's starting to use our GPT 2.0 offering. I would say most enterprises are in the early stages of adoption, including ourselves, where we're targeting to see things like a 25% productivity gain for our developers, our improvements in how we manage legal contracts. So companies looking at fraud detection. These are the kind of use cases that we're starting to see emerge. But I would say it's in the early days.

如您所知，即使在本季度，我們也談到了 EMEA 的政府客戶開始使用我們的 GPT 2.0 產品。我想說，大多數企業都處於採用的早期階段，包括我們自己，我們的目標是讓我們的開發人員提高 25% 的生產力，並改善我們管理法律合約的方式。因此，公司正在考慮詐欺檢測。這些是我們開始看到出現的用例。但我想說的是，這還處於早期階段。

Most enterprises are only now getting into the act of trying to build these applications. And I do think that this space is going to continue to grow over the next few years, but it's still largely incubation at this point in the enterprise.

大多數企業現在才開始嘗試建立這些應用程式。我確實認為這個領域將在未來幾年繼續成長，但目前它在企業中仍然處於孵化階段。

That's great. And Rukmini, if I could. In the past, you had provided some perspective on the growth of $1 million-plus deals in your pipeline relative to the remainder of the business. Curious if you have any updates on that metric exiting the quarter?

那太棒了。還有魯克米尼，如果可以的話。過去，您曾對您的頻道中超過 100 萬美元的交易相對於其餘業務的成長提供過一些看法。好奇您是否有關於本季度退出指標的任何更新？

Thank you, Ben. I will say we are continuing to see nice growth in our pipeline, including for the larger deals that we've talked about before, Ben, we're not updating those metrics specifically on a quarterly basis. But yes, we are seeing continued interest and engagement and growth in pipeline from those $1 million-plus sort of cohorts and more generally.

謝謝你，本。我想說的是，我們的管道繼續看到良好的成長，包括我們之前討論過的較大交易，Ben，我們不會專門按季度更新這些指標。但是，是的，我們看到這些價值 100 萬美元以上的群體以及更廣泛的人群持續感興趣、參與和成長。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

This is Victor Chiu in for Simon Leopold. I wanted to drill into your commentary around the increased customer engagement from VMware Basin. Maybe help us understand if this was an incremental acceleration relative to what you were previously observing? If so, maybe help us understand what's driving that and if you expect that to continue?

這是維克多·趙（Victor Chiu）飾演西蒙·利奧波德（Simon Leopold）。我想深入了解您對 VMware Basin 提高客戶參與度的評論。也許可以幫助我們理解這是否是相對於您之前觀察到的增量加速？如果是這樣，也許可以幫助我們了解是什麼推動了這種情況，以及您是否希望這種情況繼續下去？

So, Victor, the market continues to be dynamic. But from our perspective, it's still largely unchanged in terms of our opportunity, a multiyear opportunity to gain share. So we haven't seen a significant change in that this quarter compared to the last several quarters really. And we haven't seen any real meaningful changes in our win-loss rate size around these opportunities. I'll say what we've already said before, right, a lot of these deals are tied to VMware customers, their ELA renewal cycles.

因此，維克多，市場仍然充滿活力。但從我們的角度來看，就我們的機會而言，它仍然基本上沒有改變，這是一個獲得份額的多年機會。因此，與過去幾個季度相比，本季我們並沒有看到真正的重大變化。我們還沒有看到圍繞這些機會的盈虧率大小發生任何真正有意義的變化。我會說我們之前已經說過的，對，很多這些交易都與 VMware 客戶及其 ELA 續約週期相關。

They try to when the installed base is coming up for a hardware refresh, although we are also expanding our ability to capture -- to have our solutions work on existing hardware like, for example, the three-tier work that we're doing with Dell or like continuing to be able to deploy our software on already existing BMS HCI customers. And of course, it's a dynamic market in the sense that sometimes we see aggressive behavior from Broadcom as well to keep those customers especially the very large ones. So really, I would say, net-net, nothing much has changed.

他們嘗試在安裝基礎即將進行硬體更新時進行更新，儘管我們也在擴展我們的捕獲能力 - 讓我們的解決方案在現有硬體上工作，例如我們正在使用的三層工作戴爾等公司繼續能夠在現有的BMS HCI 客戶上部署我們的軟體。當然，從某種意義上來說，這是一個充滿活力的市場，有時我們也會看到博通的激進行為，以留住這些客戶，尤其是大型客戶。所以說真的，我想說，網絡，網絡，沒有太大改變。

Okay. And if the organization decides that they wanted to move away from VMware kind of, on average, how long is that transition typically? And kind of what are the steps involved that required for a customer to do something like that?

好的。如果組織決定放棄 VMware，平均而言，這種過渡通常需要多長時間？客戶執行此類操作需要執行哪些步驟？

Correct. It depends on the scale and complexity of their deployment. So if they are -- for example, I'll give you the two bookends. So on the small -- on the easy side, if they are just largely the say, vSphere customer and they're willing to replace their hardware. It's a very easy migration.

正確的。這取決於其部署的規模和複雜性。因此，如果是──例如，我會給你兩個書擋。因此，從較小的角度來看，從簡單的角度來看，如果他們只是很大程度上的 vSphere 客戶，並且他們願意更換硬體。這是一個非常簡單的遷移。

We can migrate that within a month or two off a relatively small scale. A lot of that is automated as well. Same goes for public cloud to public cloud. And there was a question earlier about VMS Cloud on AWS. Those offerings are actually very easy to migrate.

我們可以在一兩個月內將其遷移到相對較小的規模。其中很多也是自動化的。公有雲到公有雲也是如此。之前有一個關於 AWS 上的 VMS 雲端的問題。這些產品實際上很容易遷移。

Again, this in a month, we can have those customers off and on to a tan offer. But at the other end of the spectrum are these large customers that use multiple VMware products with massive estates. And there, it can be many years. It can be three years to do a migration. Just because they can't migrate all of it at once, there is a requirement for a professional services engagement to convert over some of their more complex custom scripts, they have return on customer investments they've made on top of the VMS portfolio.

同樣，在一個月內，我們可以讓這些客戶斷斷續續地享受曬黑優惠。但另一方面，這些大客戶使用多種 VMware 產品，擁有大量資產。在那裡，可能會持續很多年。遷移可能需要三年時間。正因為他們無法一次遷移所有內容，所以需要專業服務參與來轉換一些更複雜的自訂腳本，他們在 VMS 產品組合之上進行的客戶投資獲得了回報。

So those migrations tend to be complex, require professional services and take a few years. So there's an entire spectrum across those.

因此，這些遷移往往很複雜，需要專業服務並且需要幾年時間。因此，這些方面都有一個完整的範圍。

Do you have maybe kind of a general ballpark kind of estimation of what percentage is the easy kind of low-hanging fruit? And what --?

您是否對容易實現的目標的百分比有大概的估計？還有什麼——？

Yes. I would say if you look at -- with the exception of, I think, if you go to a large Tier 1 big global accounts, those are the ones that are difficult, right? The vast majority of the smaller customers are going to be more on the easy side.

是的。我想說的是，如果你看一下——除了我認為，如果你去一個大型的一級大型全球帳戶，這些都是困難的，對吧？絕大多數小客戶會比較輕鬆。

Matt Hedberg, RBC Capital Markets.

馬特‧赫德伯格，加拿大皇家銀行資本市場部。

I just wanted to ask, obviously, it sounds like the federal business had some headwinds. Maybe just a simple question, but Rajiv, did the enterprise business, do you think it deteriorated from a demand perspective versus last quarter? Just because it seems like good revolve, but just trying to get a kind of finer point on sort of like your thought on enterprise spending today versus maybe many days ago?

我只是想問，顯然，聽起來聯邦業務遇到了一些阻力。也許只是一個簡單的問題，但是拉吉夫，企業業務，您認為從需求角度來看，與上季相比，情況是否惡化？只是因為這看起來不錯，但只是想獲得更好的觀點，例如您對今天的企業支出與多天前的企業支出的看法？

Yes. Matt, clearly, we saw the softness in Fed for sure. We saw it -- that was a very clear cut. The broader enterprise, I we've actually, again, been doing quite well at landing new logos and people migrating. But of course, some of that is perhaps due to just what's happening with the Broadcom situation.

是的。馬特，顯然，我們確實看到了聯準會的疲軟。我們看到了——這是一個非常明確的切入點。更廣泛的企業，我們實際上再次在新徽標和人員遷移方面做得很好。但當然，部分原因可能是博通的情況所致。

So we haven't seen a decline in enterprise spend or less willingness to spend. What we have seen, and we've been talking about this in multiple quarters, Matt, is lot more inspection going on the Fed and a lot more approvals being required higher in the food chain, looking at TCO more carefully, which, of course, plays to our benefit in some articles what we talk about in this environment is how we can reduce TCO.

因此，我們並沒有看到企業支出下降或支出意願下降。馬特，我們所看到的，而且我們在多個季度都在談論這一點，是美聯儲正在進行更多的檢查，並且在食物鏈的更高層需要更多的批准，更仔細地審視總體擁有成本，當然，這，在一些文章中我們討論的是如何降低 TCO，這對我們有利。

So that dynamic has been going on now for several quarters. We haven't seen much of a change. So net-net, I have to say it for the broader enterprise demand, we haven't seen a change this quarter compared to the prior quarters.

因此，這種動態已經持續了幾個季度。我們沒有看到太大的變化。因此，我不得不說，對於更廣泛的企業需求，與前幾季相比，本季我們沒有看到任何變化。

Got it. That's very clear. And then maybe another sort of, I guess, macro question for Rukmini. Obviously, it's not your year-end, but do you typically see a December budget flush from an enterprise percent? I can't imagine you're baking that into guidance.

知道了。這非常清楚。我想，對魯克米尼來說，也許還有另一個宏觀問題。顯然，這不是您的年末，但您通常會看到企業 12 月份的預算會減少嗎？我無法想像你會將其納入指導。

Just kind of curious on historically, do you see customers kind of spend it or lose it mentality when it comes to December, your calendar year end?

只是對歷史有點好奇，當您的日曆年結束 12 月時，您是否看到客戶會花掉它或失去它的心態？

I mean certainly, sometimes, right? I mean they may have a budget that's available for this year. We've seen that in the past. We probably will see some of that this year as well, right? I mean I think they do have -- I mean, if your company is on that calendar cycle, yes, you probably will have some budget to spend -- but again, I would not say we factor whatever we can see into our guide for Q2.

我的意思是，當然，有時，對嗎？我的意思是他們可能有今年可用的預算。我們過去已經看到過這一點。今年我們可能也會看到一些這樣的情況，對吧？我的意思是，我認為他們確實有- 我的意思是，如果您的公司處於該日曆週期內，是的，您可能會有一些預算可以花費- 但同樣，我不會說我們將我們可以看到的任何內容都考慮到我們的指南中Q2。

So nothing really different this year compared to prior years. And so typically, we see a seasonal increase in Q2 compared to Q1. And that's driven in part by the fact that what you alluded to, Matt, but people spending at the end of the year.

因此，今年與往年相比沒有什麼不同。因此，通常情況下，我們會看到第二季與第一季相比出現季節性成長。這在一定程度上是由你提到的事實推動的，馬特，人們在年底的支出。

George Wang, Barclays.

喬治王，巴克萊銀行。

I just had two quick ones. Firstly, can you kind of double-click in terms of the channel incentives in place kind of what has changed versus three months ago in terms of providing the promo and the incentives to the channel, especially at the backdrop of for maybe overlapping Nutanix or VMware contract?

我剛吃了兩個快的。Firstly, can you kind of double-click in terms of the channel incentives in place kind of what has changed versus three months ago in terms of providing the promo and the incentives to the channel, especially at the backdrop of for maybe overlapping Nutanix or VMware合約?

Yes. I mean this is a few months ago that we made the change, no recent changes, by the way, on the channel side. We made that going a while ago. But what we did, we did a couple of things there, Joe. First thing we did was we took a subset of our customer base, our target prospects and handed them off entirely to the channel to go drive.

是的。我的意思是，這是幾個月前我們做出的改變，順便說一下，最近沒有在頻道方面進行任何改變。我們不久前就做到了這一點。但我們所做的，我們在那裡做了一些事情，喬。我們做的第一件事是，我們將一部分客戶群、目標潛在客戶完全交給管道來推動。

And so we don't have our reps on those accounts. We leave it to the channel, and we provided more incentives to those channel partners to bring us business. So we have incentives in place for our channel partners to bring new logos to us in terms of rewards that they will get more rewards when they bring new logos to us. We are also committed to the channel in the sense that all our deals go through the channel partners. So we're not trying to work around them or shut them out of any of the deals.

因此我們沒有代表負責這些帳戶。我們把它留給管道，我們為那些通路合作夥伴提供更多激勵，為我們帶來業務。因此，我們為通路合作夥伴提供激勵措施，以獎勵方式為我們帶來新徽標，當他們為我們帶來新徽標時，他們將獲得更多獎勵。我們也致力於管道，因為我們的所有交易都透過通路合作夥伴進行。因此，我們並不是試圖繞過他們或將他們排除在任何交易之外。

And so we've seen, certainly, as a result of all of that, a significant increase in channel partner engagement with us over the last year or two. Some of it is, of course, just what they're seeing with Broadcom, more child partners coming to us, some of it is our own incentives that we are offering for them.

因此，我們當然看到，由於所有這些，過去一兩年通路合作夥伴與我們的互動顯著增加。當然，其中一些是他們在博通身上看到的，更多的兒童合作夥伴來到我們這裡，一些是我們自己為他們提供的激勵措施。

And we also have incentives for the end customer as well, right? So for example, to help them tide over migrations, we can offer them free licenses for a period of time to help them while they're still spending money on VMware to get going on our products until they're ready to go migrate fully over.

我們也為最終客戶提供激勵措施，對吧？例如，為了幫助他們渡過遷移的難關，我們可以為他們提供一段時間的免費許可證，以幫助他們在他們仍在花錢購買 VMware 的同時繼續使用我們的產品，直到他們準備好完全遷移。

Okay. Just a follow-up, if I can. Just in terms of repatriation, just as kind of a theme, which benefits on Nutanix. Just curious if anything has changed on the repenetration, any additional data points versus last quarter?

好的。如果可以的話，只是後續行動。就遣返而言，就像一個主題，這對 Nutanix 有利。只是好奇重複率是否有任何變化，與上季相比是否有任何額外的數據點？

Yes. In terms of cloud repatriation, I would say we haven't seen like a massive repatriation of workloads coming back from the public cloud. We see some of that here and there, right? That's where I would characterize it not has changed compared to past quarter. But I think what we see is, again, I can see there is people are much more careful about what they go put in the cloud.

是的。在雲端遣返方面，我想說我們還沒有看到大規模的工作負載從公有雲遣返。我們到處都能看到一些這樣的情況，對嗎？這就是我認為與上個季度相比沒有變化的地方。但我認為我們再次看到的是，我可以看到人們對於放入雲端的內容更加謹慎。

So keep in mind that the vast majority of enterprise workloads are still on-prem, not in the public cloud. And now CIOs are being more circumspect about what to use the public cloud for. For example, there's a realization that if we have steady-state workloads, those workloads can be run more efficiently on-prem than in the public cloud. And so this CIO of therefore saying, well, I'm going to keep that workload on-prem. I'm not going to move that to the public cloud.

因此請記住，絕大多數企業工作負載仍然在本地，而不是在公有雲中。現在，資訊長們對於公有雲的用途更加謹慎。例如，人們認識到，如果我們有穩定狀態的工作負載，這些工作負載可以在本地比在公有雲中更有效地運作。因此，這位 CIO 說，好吧，我將把該工作負載保留在本地。我不會將其轉移到公有雲。

So that's what we are seeing.

這就是我們所看到的。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Congrats on the really strong new logo up to 2% year-over-year. That's really impressive. I'm trying to put though, why is ARR decelerating given the strong land that you're seeing? And then if I look at the incremental ARR, i.e., the change quarter-over-quarter or October quarter, relative to the year ago quarter, that was down a lot as well. So thoughts on why are there such a weak incremental ARR characteristics, especially given the backdrop that you're having such strong WAN metrics?

恭喜您的新商標非常強大，較去年同期成長高達 2%。這真是令人印象深刻。但我想說的是，鑑於您所看到的堅固土地，為什麼 ARR 會減速？然後，如果我看一下增量 ARR，即相對於去年同期的季度環比或 10 月季度的變化，它也下降了很多。那麼，思考為什麼增量 ARR 特徵如此弱，特別是考慮到您擁有如此強大的 WAN 指標的背景？

Nehal, thank you. So a few things to -- I'll start with on your point about net new ARR. So One of the biggest drivers of net new ARR, which is simply, as you pointed out, the difference between ARR in this quarter versus the prior quarter is land and expand ACV. And given that our GRR has not changed significantly relative to recent historical levels. And so when you think about land and expand, we did see some divergence, as you point out in the performance of the land versus the expand portion of our business.

內哈爾，謝謝你。我將首先談談您關於淨新 ARR 的觀點。因此，淨新 ARR 的最大驅動因素之一，正如您所指出的，本季 ARR 與上一季的差異在於土地和擴大 ACV。鑑於我們的 GRR 相對於最近的歷史水準並沒有顯著變化。因此，當您考慮土地和擴張時，我們確實看到了一些分歧，正如您在土地績效與我們業務擴張部分所指出的那樣。

So we saw strength in the new customers. And we've talked about why that is. And so really happy with that performance.

所以我們看到了新客戶的力量。我們已經討論過為什麼會這樣。對這樣的表現非常滿意。

Expansion with existing customers, which actually accounts for the majority of the land and expand was impacted largely by our US federal business, Nihal, and we've talked about why we believe that will be the case. And so -- and overall, by the way, right, we've talked about these larger opportunities in our land and expand pipeline which are taking longer to close and have data variability in timing, outcome and deal structure. So all of those factors also do impact our ARR growth. So that's how to think about just ARR and net new ARR.

現有客戶的擴張實際上佔了大部分土地，擴張很大程度上受到我們美國聯邦業務 Nihal 的影響，我們已經討論了為什麼我們相信會發生這種情況。因此，總的來說，順便說一句，我們已經討論了我們土地上的這些更大的機會，並擴大了管道，這些機會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存在數據可變性。因此，所有這些因素也會影響我們的 ARR 成長。這就是如何考慮 ARR 和淨新 ARR。

Michael, Wells Fargo.

邁克爾，富國銀行。

I'll ask one on behalf of Aaron. I just want to ask about GPT 2.0 or GPT-in-a-Box 2.0 solution. I'm just curious, as you think about, I guess, the positioning of that in the marketplace relative to kind of a full stack or a three-tier architecture with NVIDIA's AI enterprise software suite. How do these differ in terms of where they sit in the market that I guess do you see opportunity to maybe move up market as these solutions mature going forward?

我會代表亞倫問一個。我只是想問一下 GPT 2.0 或 GPT-in-a-Box 2.0 解決方案。我只是好奇，當你想到時，我想，相對於 NVIDIA 的 AI 企業軟體套件的全端或三層架構，它在市場上的定位。這些解決方案在市場中的地位有何不同，我想隨著這些解決方案的成熟，您是否認為有機會提升市場地位？

Yes. I mean some of that is also a difference between training and inferencing. We are largely with GPT-in-a-Box focused on influencing, focusing on smaller clusters, not massive compute funds to our trade models. Smaller clusters that enterprises can use to deploy more cost-effective AI inferencing applications. I'll give you one example.

是的。我的意思是其中一些也是訓練和推理之間的區別。我們主要使用 GPT-in-a-Box 來影響、關注較小的集群，而不是為我們的貿易模型提供大量計算資金。企業可以使用更小的叢集來部署更具成本效益的人工智慧推理應用程式。我給你舉一個例子。

We, for example, one of our first use cases in Nutanix internally, was a customer service use case where incoming service request from a customer support ticket, the support engineer actually has a natural language into search interface through which they enter the query and then we look through all-on-one basis to try and accelerate our -- the ability to answer that issue. And that AI application is running on just a small cluster, okay, leaving an open source large language model.

例如，我們在 Nutanix 內部的第一個用例是客戶服務用例，其中來自客戶支援票證的傳入服務請求，支援工程師實際上在搜尋介面中使用自然語言，透過該介面輸入查詢，然後我們透過全方位的努力，試圖加快我們解決這個問題的能力。該人工智慧應用程式僅在一個小叢集上運行，好吧，留下一個開源的大型語言模型。

And that's the kind of upstarting on GPT-in-a-Box internally. And that's the kind of use case that we're enabling for the enterprise, where you have your secure data, you want to do your inferencing on it, using existing models that are already pretrained, but fine-tuned with your use cases. So that's a cost-optimized solution.

這是 GPT-in-a-Box 內部的新貴。這就是我們為企業提供的用例，您擁有安全數據，您希望使用已經經過預訓練但根據您的用例進行微調的現有模型對其進行推理。所以這是一個成本優化的解決方案。

And by the way, we are partnered with NVIDIA on that because we work with the immediate inferencing solution as well as, of course, using their GPUs to do all the hard work needed here. So again, I just think we want to distinguish between influencing on small clusters, which is mostly what we do versus training of very large clusters.

順便說一句，我們在這方面與 NVIDIA 合作，因為我們使用即時推理解決方案，當然，也使用他們的 GPU 來完成這裡所需的所有艱苦工作。再說一遍，我只是認為我們想要區分對小集群的影響（這主要是我們所做的）和對非常大集群的訓練。

That's helpful. And if I can sneak one more in. Just as we think about an improving sort of traditional server end demand environment and as we think about refresh cycles. Obviously, that presents an insertion opportunity for you guys within three-tier architecture. So I'm curious with the new partnerships with Dell and Cisco.

這很有幫助。如果我能再偷偷溜進去一次的話。正如我們考慮改進傳統伺服器端需求環境以及考慮刷新周期一樣。顯然，這為你們提供了在三層架構中插入的機會。所以我對與戴爾和思科的新合作關係感到好奇。

Have you seen your win rates at all changing? Or do you anticipate those improving given your kind of broader ability to enter those deals?

您是否發現您的勝率改變了？或者考慮到您有更廣泛的能力參與這些交易，您預計這些情況會有所改善嗎？

Yes. First of all, I think I think Cisco and Dell selling our products is, of course, positive for us. And Cisco has been a good contributor to our new logos this quarter as well as last quarter. That is still, I think, very early days for us. And that's independent of the server refresh cycle or not, right?

是的。首先，我認為思科和戴爾銷售我們的產品對我們來說當然是正面的。思科在本季和上季為我們的新商標做出了巨大的貢獻。我認為，這對我們來說還處於早期階段。這與伺服器刷新周期無關，對吧？

Second, I would say, with respect to refresh cycles, yes, server refreshes will help, but also storage of freshers are important, right? Because that's when we get the opportunity to displace those three-tier architectures with HCI footprint. So both matter. I think having Dell and Cisco as friends in the market, of course, significantly helps. And at the same time, the refresh cycles -- more so, I would say storage or fresh and server refresh will help us insert HCI into existing deployments.

其次，我想說，關於刷新周期，是的，伺服器刷新會有所幫助，但新生的儲存也很重要，對嗎？因為那時我們就有機會用 HCI 足跡取代那些三層架構。所以兩者都很重要。我認為戴爾和思科作為市場上的朋友當然會有很大幫助。同時，刷新週期——更重要的是，我想說儲存或刷新和伺服器刷新將幫助我們將 HCI 插入現有部署。

Thank you, and thanks for participating. This does conclude today's program, and you may now disconnect.

謝謝您，也謝謝您的參與。今天的節目到此結束，您現在可以斷開連線了。