Nutanix Inc (NTNX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Nutanix second-quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Nutanix 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Rich Valera, Vice President of Investor relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係副總裁 Rich Valera。請繼續。

Good afternoon and welcome to today's conference call to discuss second-quarter fiscal year 2025 financial results. Joining me today are Rajiv Ramaswami, Nutanix's President and CEO; and Rukmini Sivaraman, Nutanix's CFO.

下午好，歡迎參加今天的電話會議，討論 2025 財年第二季的財務表現。今天與我一起參加的是 Nutanix 總裁兼執行長 Rajiv Ramaswami；以及 Nutanix 財務長 Rukmini Sivaraman。

After the market closed today, Nutanix issued a press release announcing second-quarter fiscal year 2025 financial results. If you'd like to read the release, please visit the Press Releases section of our IR website.

今天收盤後，Nutanix發布新聞稿，宣布2025財年第二季財務業績。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 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，包括財務指引。這些前瞻性陳述涉及風險和不確定性，其中一些超出我們的控制範圍，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，請參閱我們的美國證券交易委員會文件，包括我們最近的 10-K 表年度報告和 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 基礎表示，並且已進行調整以排除某些費用。我們已在 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 財務指標的對帳表。

Nutanix will be participating in the KeyBank Emerging Technology Summit in San Francisco on March 4 and the Morgan Stanley TMT Conference in San Francisco on March 6. We hope to see some of you at these events.

Nutanix 將於 3 月 4 日參加舊金山舉行的 KeyBank 新興技術高峰會以及 3 月 6 日參加舊金山舉行的摩根士丹利 TMT 會議。我們希望在這些活動中見到你們。

Finally, our third-quarter fiscal 2025 quiet period will begin on April 17.

最後，我們的 2025 財年第三季的靜默期將於 4 月 17 日開始。

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

說完這些，我會把電話轉給拉吉夫。拉吉夫？

Thank you, Rich. And good afternoon, everyone. We're happy to report second-quarter results that came in ahead of our guidance. Against the dynamic backdrop, our results benefited from the strength of the Nutanix Cloud Platform, demand from businesses looking for a trusted long-term partner committed to innovation and customer care, and go-to market leverage from our partnerships and programs.

謝謝你，里奇。大家下午好。我們很高興地報告第二季的業績超出了我們的預期。在動態背景下，我們的業績受益於 Nutanix 雲端平台的實力、企業尋求致力於創新和客戶關懷的可信賴長期合作夥伴的需求，以及我們的合作夥伴關係和計劃帶來的市場影響力。

Taking a closer look at the second quarter, we once again exceeded all of our guided metrics. We grew our ARR 19% year-over-year to $2.06 billion and delivered strong free cash flow. We also saw our second quarter in a row of year-over-year new local growth exceeding 50% with strength seen across all of our customer segments including the Global 2000. Finally, we strengthened our balance sheet and increased our financial flexibility by issuing convertible notes at attractive terms and putting in place a revolving credit facility.

仔細觀察第二季度，我們再次超出了所有指導指標。我們的 ARR 年成長 19% 至 20.6 億美元，並實現了強勁的自由現金流。我們也連續第二季實現本地新業務年增超過 50%，包括全球 2000 強在內的所有客戶群均表現強勁。最後，我們透過以優惠條件發行可轉換票據並建立循環信貸機制，加強了我們的資產負債表並提高了我們的財務靈活性。

Nutanix recently published the results of our 7th Annual Enterprise Cloud Index survey. The report shows that implementing GenAI is top of mind for enterprises, with over 80% of those surveyed having started implementing their GenAI strategies. Respondents view infrastructure modernization as key to deploying GenAI. Challenges with respect to data security, compliance, and performance remain priorities.

Nutanix 最近發布了我們的第七次年度企業雲指數調查結果。報告顯示，實施GenAI是企業最關心的問題，超過80%的受訪企業已經開始實施GenAI策略。受訪者認為基礎設施現代化是部署 GenAI 的關鍵。資料安全性、合規性和效能方面的挑戰仍然是首要任務。

We believe the Nutanix Cloud Platform, including Nutanix Kubernetes Platform and Nutanix Enterprise AI or NAI, is well suited to helping enterprises quickly and efficiently deploy and run their GenAI applications on real-life use cases wherever the data resides.

我們相信，Nutanix 雲端平台（包括 Nutanix Kubernetes 平台和 Nutanix Enterprise AI 或 NAI）非常適合幫助企業在資料所在的實際用例中快速且有效率地部署和運行其 GenAI 應用程式。

As one example, in Q2, a financial services provider in the EMEA region adopted our Nutanix Enterprise AI platform to deploy their internal GenAI applications which include multilingual translation and a multilingual chatbot. NAI will enable them to deploy their GenAI apps on their existing Nutanix Cloud Platform while benefiting from the automation NAI provides in scaling and running of inferencing endpoints for large language models.

舉個例子，在第二季度，EMEA 地區的一家金融服務提供商採用了我們的 Nutanix Enterprise AI 平台來部署其內部 GenAI 應用程序，其中包括多語言翻譯和多語言聊天機器人。NAI 將使他們能夠在現有的 Nutanix 雲端平台上部署 GenAI 應用程序，同時受益於 NAI 在大型語言模型推理端點的擴展和運行方面提供的自動化。

Our largest wins in the quarter demonstrated our ability to land and expand within some of the largest and most demanding organizations in the world as they look to modernize their IT footprints while also managing through disruption from industry M&A. One of these events was a new logo with a North American-based Global 2000 energy technology company which was motivated to seek alternatives due to a 200% price increase from their incumbent vendor. They were looking for an alternative solution that could also be their cybersecurity requirements and desire for improved operational efficiency. They chose the Nutanix Cloud Platform, including Nutanix Cloud Manager, which will enable them to streamline their operations through increased automation and reduce their existing ID footprint by over 30%.

我們在本季取得的最大勝利證明了我們有能力在全球一些最大、要求最高的組織中落地並擴張，這些組織正在尋求實現 IT 足跡的現代化，同時也應對行業併購帶來的顛覆。其中一項活動是一家北美的全球 2000 強能源技術公司發布了新標誌，由於其現任供應商的價格上漲了 200%，該公司決定尋求替代方案。他們正在尋找一種替代解決方案，以滿足他們的網路安全要求和提高營運效率的願望。他們選擇了 Nutanix 雲端平台，包括 Nutanix Cloud Manager，這將使他們能夠透過提高自動化程度來簡化運營，並將現有 ID 佔用空間減少 30% 以上。

Another significant win in the quarter was an expansion with a Global 2000 provider of IT consulting services based in the APJ region. And happy with the changes they had experienced with their other incumbent infrastructure vendor, this customer decided to transition the portion of their estate served by this other vendor to the Nutanix Cloud Platform, enabling them to improve their total cost of ownership while also addressing their concerns about pricing and support. They also designated Nutanix as their preferred partner for future expansion opportunities.

本季的另一個重大勝利是與位於 APJ 地區的全球 2000 強 IT 諮詢服務提供者擴張。該客戶對其與其他現任基礎設施供應商合作時所經歷的變化感到滿意，因此決定將由該其他供應商提供服務的部分資產轉移至 Nutanix 雲端平台，這不僅能夠改善總體擁有成本，還能解決其對價格和支援的擔憂。他們還指定 Nutanix 作為未來擴展機會的首選合作夥伴。

Finally, I'd like to highlight a significant new logo win with the National Health ministry in the EMEA region that highlights our progress in supporting modern applications natively on our platform as well as our support for hybrid multi-cloud environments. This customer was looking to deploy a national telemedicine platform using container-based applications in a multi-cloud environment, including both private and public clouds. They chose the Nutanix Cloud Platform, including Nutanix Cloud Clusters or NC2 running on AWS. They also chose Nutanix Kubernetes or NKP and Nutanix Cloud Manager for deploying and managing their container-based applications in a standardized self-service manner while also enabling centralized observability and policy management.

最後，我想強調我們與歐洲、中東和非洲地區國家衛生部合作頒發的一項重要新標誌，這凸顯了我們在平台上原生支援現代應用程式以及對混合多雲環境的支援方面取得的進展。該客戶希望在多雲環境（包括私有雲和公有雲）中使用基於容器的應用程式部署國家遠距醫療平台。他們選擇了 Nutanix 雲端平台，包括在 AWS 上運行的 Nutanix 雲叢集或 NC2。他們還選擇了 Nutanix Kubernetes 或 NKP 和 Nutanix Cloud Manager，以標準化的自助服務方式部署和管理基於容器的應用程序，同時實現集中可觀察性和策略管理。

In closing, I am pleased that the strength of our cloud platform and the solid execution of our team produced strong second quarter results and enabled us to raise our outlook for our fiscal 2025 year. We remain focused on delivering on our vision of becoming the leading platform for running apps and managing data anywhere and capturing the multi-year growth opportunity in front of us.

最後，我很高興我們雲端平台的實力和團隊的穩健執行力創造了強勁的第二季業績，並使我們能夠提高對 2025 財年的展望。我們將繼續專注於實現我們的願景，即成為運行應用程式和管理資料的領先平台，並抓住擺在我們面前的多年成長機會。

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

現在，我將把它交給魯克米尼·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 Q2 fiscal '25 results, followed by our guidance for Q3 fiscal '25, and an updated outlook for the full fiscal year 2025.

謝謝你，拉吉夫。感謝大家今天的參與。我將首先討論我們的 2025 財年第二季業績，然後介紹我們對 2025 財年第三季的預期，以及對 2025 財年全年的最新展望。

Results in Q2 came in above the high end of all the ranges across our guided metrics. In Q2, we reported record quarterly revenue of $655 million, higher than the guided range of $635 million to $645 million, representing a year-over-year growth rate of 16%. ARR at the end of Q2 was $2.06 billion, surpassing the $2 billion ARR mark and representing year-over-year growth of 19%.

第二季的結果高於我們指引指標所有範圍的高端。我們在第二季報告的季度營收為 6.55 億美元，創歷史新高，高於 6.35 億美元至 6.45 億美元的預期範圍，年增 16%。第二季末的 ARR 為 20.6 億美元，超過 20 億美元的 ARR 大關，年增 19%。

We continue to see strength in landing new customers onto our platform from the various programs we have put in place to incentivize new logos, from a general increase in engagement from customers looking at us as an alternative in the ways of industry M&A, and helped by more leverage from our OEM and channel partners. Expand ACV bookings also improved in Q2 and relative to the challenging expansion we saw in Q1. Renewals continued to perform well with improved on-time performance and continued discipline on economics. NRR or net dollar based retention rate at the end of Q2 was 110% flat quarter-over-quarter.

我們繼續看到，透過各種計劃吸引新客戶加入我們的平台，我們擁有強大的實力，這些計劃包括將我們視為行業併購方式的替代方案的客戶的參與度普遍提高，以及來自我們的 OEM 和渠道合作夥伴的更多槓桿作用。相對於第一季面臨的挑戰性擴張，第二季的 ACV 預訂量也有所改善。續約表現持續良好，準時性不斷提高，經濟性持續受到約束。第二季末的 NRR 或淨美元留存率與上一季持平，為 110%。

In Q2, while we continue to see modestly elongated average sales cycles compared to historical levels as discussed previously, we believe this to be the continuing norm in the current macroeconomic environment with continued scrutiny on spend. We also continue to see more variability in timing, outcome, and deal structure with the larger deals in our pipeline, but we did start to see more of these close in Q2.

在第二季度，雖然我們繼續看到與歷史水平相比平均銷售週期略有延長（如前所述），但我們認為，在當前宏觀經濟環境下，在對支出進行持續審查的情況下，這將成為持續的常態。我們也繼續看到，在我們籌備中的大型交易中，時間、結果和交易結構的變化越來越大，但我們確實開始看到更多此類交易在第二季完成。

In Q2, average contract duration, which we define in the aggregate across land, expand, and renewals, was three years, slightly higher than our expectations, and down slightly quarter-over-quarter. Non-GAAP gross margin in Q2 was 88.3%. Non-GAAP operating margin in Q2 was 24.6%, higher than our guided range of 20% to 21% due to higher revenue and slightly lower operating expenses. Non-GAAP net income in Q2 was $165 million or fully diluted EPS of $0.56 per share based on fully diluted weighted average shares outstanding of approximately 293 million shares.

在第二季度，平均合約期限（我們對土地、擴張和續約的總期限進行定義）為三年，略高於我們的預期，且環比略有下降。第二季非公認會計準則毛利率為 88.3%。第二季非公認會計準則營業利潤率為 24.6%，高於我們預期的 20% 至 21% 的範圍，原因是收入增加且營業費用略有下降。根據約 2.93 億股的完全稀釋加權平均流通股計算，第二季非 GAAP 淨收入為 1.65 億美元，或完全稀釋每股收益為 0.56 美元。

GAAP net income and fully diluted GAAP EPS in Q2 were $56 million and $0.19 per share, respectively. Free cash flow in Q2 was $187 million representing a free cash flow margin of 29%.

第二季的 GAAP 淨收入和完全稀釋 GAAP EPS 分別為 5,600 萬美元和每股 0.19 美元。第二季的自由現金流為 1.87 億美元，自由現金流利潤率為 29%。

Moving to the balance sheet, we ended Q2 with cash, cash equivalents, and short-term investments of $1.743 billion, up from $1.075 billion at the end of Q1. As announced in December, we completed the issuance of $862.5 million in convertible notes due 2029 with 50 basis points of coupon. The net proceeds from that transaction were used to 1, retire a portion of our outstanding 2027 convertible notes; 2, repurchase $200 million in shares; and 3, add cash to our balance sheet for additional flexibility and general corporate purposes, including working capital, capital expenditures, and potential acquisitions. We also closed earlier this month a $500 million revolving credit facility that was announced back in December and which provides us with additional flexibility.

從資產負債表來看，我們在第二季末的現金、現金等價物和短期投資為 17.43 億美元，高於第一季末的 10.75 億美元。正如 12 月宣布的那樣，我們完成了 2029 年到期、票面利率為 50 個基點的 8.625 億美元可轉換票據的發行。此交易的淨收益用於：1、償還部分未償還的 2027 年可轉換票據；2、回購價值2億美元的股票；3、在我們的資產負債表中添加現金，以獲得額外的靈活性和一般公司用途，包括營運資金、資本支出和潛在收購。本月早些時候，我們還完成了去年 12 月宣布的 5 億美元循環信貸安排，這為我們提供了額外的靈活性。

Moving to capital allocation, in addition to the $200 million in shares that we repurchased using a portion of the net proceeds from the convertible notes offering, we used about $69 million of cash in Q2 to retire shares related to our employees' tax liability for their quarterly RSU vesting.

轉向資本配置，除了我們使用可轉換票據發行淨收益的一部分回購的價值 2 億美元的股票外，我們還在第二季度使用了約 6900 萬美元的現金來註銷與員工季度 RSU 歸屬納稅責任相關的股票。

Moving to Q3 '25, our guidance for Q3 is as follows: Revenue of $620 million to $630 million. Non-GAAP operating margin of 17% to 18%. Fully diluted weighted average shares outstanding of approximately 296 million shares.

展望25年第三季度，我們對第三季的預期如下：營收6.2億至6.3億美元。非公認會計準則營業利潤率為 17% 至 18%。完全稀釋的加權平均流通股數約為2.96億股。

Moving to the full year, the updated guidance for fiscal year '25 is as follows: Revenue of $2.495 billion to $2.515 billion representing a year-over-year growth rate of approximately 17% at the midpoint and an increase from our previous guidance. Non-GAAP operating margin of approximately 17.5% to 18.5%, an increase from our previous guidance. And free cash flow of $650 million to $700 million, representing a free cash flow margin of approximately 27% at the midpoint and an increase from our prior guidance.

展望全年，2025 財年的最新指引如下：營收為 24.95 億美元至 25.15 億美元，中位數年成長率約為 17%，高於我們先前的指引。非公認會計準則營業利潤率約為 17.5% 至 18.5%，高於我們先前的預期。自由現金流為 6.5 億美元至 7 億美元，中間值代表自由現金流利潤率約 27%，高於我們先前的預期。

I will now provide some commentary and assumptions regarding our updated fiscal year '25 guidance. First, the updated guidance assumes continued strength in landing new logo customers onto our platform, steady performance of our expansion into our existing customer base, and continued good renewal performance.

我現在將針對我們更新的 25 財年指引提供一些評論和假設。首先，更新後的指引假設我們能夠繼續有力地吸引新客戶進入我們的平台，穩步拓展現有客戶群，並繼續保持良好的續約表現。

Second, we assume aggregate contract duration for the full year to be more or less flat relative to last year.

其次，我們假設全年總合約期限與去年相比基本持平。

Third, and as discussed in prior earnings calls, we expect to continue to increase our investment in sales and marketing and research and development in the second half of the fiscal year. These investments are directed towards addressing our large market opportunity and are expected to continue to ramp in Q3 and Q4.

第三，正如在先前的財報電話會議上所討論的那樣，我們預計將在本財年下半年繼續增加對銷售、行銷和研發的投資。這些投資旨在解決我們巨大的市場機會，預計將在第三季和第四季繼續增加。

In closing, we are pleased that our Q2 results exceeded the high end of our guidance ranges and to raise our full fiscal year guidance across all metrics. We would like to thank our employees, customers, partners, investors, and stakeholders for their continued trust in us.

最後，我們很高興看到第二季的業績超出了預期範圍的上限，並提高了我們整個財年所有指標的預期。我們要感謝我們的員工、客戶、合作夥伴、投資者和利害關係人對我們的持續信任。

We remain committed to continued progress aligned with our stated philosophy of sustainable, profitable growth. Both through durable top line growth and expanding margins.

我們將繼續致力於繼續進步，並實踐我們所述的可持續獲利成長的理念。透過持續的營收成長和不斷擴大的利潤率。

With that operator, please open the line for questions.

請與那位接線生聯繫，以便我們解答疑問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Anneta Marshall, Morgan Stanley.

摩根士丹利的安妮塔‧馬歇爾 (Anneta Marshall)。

Great. Thanks and congrats on the really strong quarter. It seems like you're finally starting to see some momentum kind of in customers kind of coming over from competitive platforms. I guess just getting a sense of that, is that this time and it was going to always take time. Is that kind of targeting and kind of finding the right customer type, is it finding the right use case? Just kind of what do you attribute to kind of more success there?

偉大的。謝謝並恭喜本季業績表現強勁。看起來你終於開始看到來自競爭平台的客戶的一些發展勢頭。我想我只是感覺到，這次和將來一樣，總是需要時間。這種定位和尋找正確的客戶類型，是否找到了正確的用例？您認為是什麼促成了那裡取得更大的成功？

And then I'll just get into the second question now. Just kind of any commentary that you're seeing kind of about the federal vertical? Thank you.

然後我現在就進入第二個問題。您看到過關於聯邦垂直行業的任何評論嗎？謝謝。

Yes. Maybe I'll take the first part, Rukmini, you can comment on the second part. I think the market continues to be quite dynamic in terms of your question around new logos. And we still call this a multiyear opportunity in terms of gaining share. Now clearly, you've seen our new logos grow 50% year over year for the last couple of quarters now.

是的。也許我會選擇第一部分，Rukmini，你可以對第二部分發表評論。就您關於新標誌的問題而言，我認為市場仍然非常活躍。我們仍然稱此為獲得市場份額的多年機會。現在很明顯，您已經看到我們的新標誌在過去幾個季度中同比增長了 50％。

And it's driven by, I would say, a couple of things. Our pipeline has matured over time. And we've seen the impact from some of our recent go-to-market initiatives, seeing the benefit from our customer, our sales and partner incentive programs. We're also seeing more leverage from our OEM and channel partners who are contributing to our new logo growth as well. So I'd say those are the factors.

我想說，這是由幾件事推動的。隨著時間的推移，我們的管道已經成熟。我們已經看到了最近的一些行銷舉措的影響，看到了來自客戶、銷售和合作夥伴激勵計劃的好處。我們也看到來自 OEM 和通路合作夥伴的更多槓桿作用，它們也為我們新標誌的成長做出了貢獻。所以我認為這些就是因素。

Now, the overall dynamics haven't changed much in the sense that it's still a multiyear opportunity. We still have from a competitive perspective to deal with the fact that many customers have multiyear rate with VMware and hardware refreshers are needed in many cases to convert them over. But you've seen the results in terms of the passage of time here with the pipeline and all these go-to-market efforts. Rukmini, do you want to comment on the federal?

現在，整體動態沒有發生太大變化，因為這仍然是一個多年的機會。從競爭的角度來看，我們仍然需要應對這樣一個事實：許多客戶與 VMware 簽訂了多年的合作協議，而在許多情況下需要硬體更新才能完成轉換。但隨著時間的推移，您已經看到了管道和所有這些進入市場的努力所取得的成果。魯克米尼，你想對聯邦政府發表評論嗎？

So to your question on the US federal government, so in Q2, as expected, our US Fed business did improve and returned to solid year-over-year growth. Now I should say that while we don't report US federal separately as a percent over the last three fiscal years, Fed has been, 10% or less of our annual revenue with seasonal strength seen in our fiscal Q1, which happens to coincide with the Fed's fiscal year-end.

關於您關於美國聯邦政府的問題，第二季度，正如預期的那樣，我們的美國聯邦儲備委員會業務確實有所改善，並恢復了穩健的同比增長。現在我應該說，雖然我們沒有單獨報告過去三個財年的美國聯邦收入百分比，但聯邦收入一直占我們年收入的 10% 或更少，並且在我們的第一財季出現了季節性強勁增長，而這恰好與美聯儲的財年末相吻合。

So just to give you a sense of relative magnitude there. But yes, Q2 was an improved performance. And then when I think about outlook for the balance of the year and what we're seeing there, we currently have a good pipeline of opportunities. But it's too early to tell, if or how those opportunities may be affected by what's happening within the US government on the new administration, which remains quite dynamic.

只是為了讓你了解那裡的相對大小。但確實，第二季的表現有所改善。然後，當我考慮今年剩餘時間的前景以及我們所看到的情況時，我們發現我們目前擁有良好的機會。但現在判斷這些機會是否會或將如何影響美國新政府內部的動向還為時過早，因為新政府仍然充滿活力。

However, our platform is and always has been about modernization and helping to lower the total cost of ownership for our customers, which may make it attractive to those looking for productivity gains or efficiencies. So still pretty dynamic from a US Fed perspective, and we factored in this overall uncertainty into our updated fiscal year '25 guidance.

然而，我們的平台始終致力於現代化，並幫助降低客戶的整體擁有成本，這可能對尋求提高生產力或效率的人具有吸引力。因此，從聯準會的角度來看，情況仍然相當動態，我們在更新的 25 財年指引中考慮了這種整體不確定性。

And maybe, Rukmini, I would also say that -- we don't -- while we don't talk about how big federal list as a percentage of our business over the last three fiscal years has been 10% or less of our annual revenue, that's, of course, Q1 being the big quarter.

也許，Rukmini，我還要說的是——我們不會——雖然我們不會談論過去三個財年中聯邦名單占我們業務的比例是多少，但它占我們年收入的 10％ 或更少，當然，第一季是最大的季度。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Hey guys, nice quarter. Nice acceleration. Also working off of Meta's first question as it's good to hear about some of these larger wins come in here. Just on some of these Global 2000 that are out there, what's given the confidence in the pipeline for the upper part of the market, in particular? Is there any sense of how much of it is waiting for sort of that AHV stand-alone readiness with the storage they have versus looking to move to hyperconverged? How's the feedback been thus far on PowerFlex and potential buildup of other OEM relationships?

嘿夥計們，這是一個愉快的季度。加速很好。也正在研究 Meta 的第一個問題，因為很高興聽到一些更大的勝利在這裡發生。就現有的一些全球 2000 強企業而言，是什麼讓他們對市場上游部分的前景充滿信心？是否有任何跡象表明，他們正在等待 AHV 獨立就緒並具備儲存能力，而不是尋求轉向超融合？到目前為止，對 PowerFlex 以及潛在的其他 OEM 關係的建立的回饋如何？

Yes, Jim, I'll take a crack at that one. So yes, I think the G2 case, first of all, in many cases, it's a second vendor opportunity for us versus a wholesale migration. And it's a mix, as you can imagine, right? There's going to be some mix of three-tier and HCI. Some of the three tier we can convert to HCI.

是的，吉姆，我會嘗試一下。所以是的，我認為 G2 案例首先在許多情況下對我們來說是第二個供應商的機會，而不是全面遷移。正如您所想像的，這是一種混合體，對嗎？將會有三層和HCI的混合。我們可以將這三層中的某些層轉換為 HCI。

We've talked about some large examples in the past. Of where we've done that, where customers have adopted a large financial services customer running all their database workloads, for example. That's moving from legacy [CT] to HCI, bringing us in at the second vendor in that kind of an environment.

我們過去已經討論過一些大型例子。例如，我們已經做到了這一點，客戶採用了大型金融服務客戶來運行其所有資料庫工作負載。這是從傳統的[CT]轉向HCI的轉變，使我們成為這種環境中的第二家供應商。

So it's going to be a mix of HCI and CT here. Now to your question on the PowerFlex specifically, we do expect that the PowerFlex solutions will come to market in the second calendar quarter this year. and we have some good early interest. And again, I think we look at that as a market expansion opportunity for us, the ability to insert faster into these existing environments rather than trying to wait to convert everything over. So I think it's going to remain a mix, Jim, and we continue to focus on our core motion of converting customers over to HCI.

所以這裡將是HCI和CT的混合。現在具體回答您關於 PowerFlex 的問題，我們預計 PowerFlex 解決方案將於今年第二季上市。而我們早期就表現出了一些很好的興趣。而且，我認為我們將其視為我們的市場擴張機會，能夠更快地融入這些現有環境，而不是等待轉換一切。因此，我認為它將保持混合狀態，吉姆，我們將繼續專注於將客戶轉化為 HCI 的核心動向。

And at the same time, we also focus on expanding our market opportunity by being able to insert these existing accounts in to (inaudible) storage, starting with PowerFlex and hopefully, over time, to (inaudible).

同時，我們也專注於擴大我們的市場機會，能夠將這些現有帳戶插入（聽不清楚）存儲，從 PowerFlex 開始，希望隨著時間的推移，（聽不清楚）。

Makes sense. And then Rukmini, maybe for you. You talked about seeing better renewals. Obviously, I think mathematically, the dollar basis for the renewal piece moved up this quarter. But what's given the confidence that, that 110% net retention rate can be stable for the remainder of the year, and how do we think about the other aspects of net retention rate in terms of what you guys are trying to drive beyond just existing workload expansion?

有道理。然後是 Rukmini，也許對你來說。您剛才談到了看到更好的更新。顯然，我認為從數學上講，本季續約部分的美元基礎有所上升。但是，我們怎麼能確信 110% 的淨留存率能夠在今年剩餘時間內保持穩定呢？除了現有的工作量擴大之外，你們還試著從其他方面來考慮淨留存率呢？

Yes, there's a lot there, Jim. So let me try and break that down. So first on Fed, I should clarify that when we were referring to Fed business performance improving in Q2 and with solid year-over-year growth you were especially talking about land and expand for Q2. So I want to clarify that. And then I think your rest of your question was around NRR and how to think about that.

是的，那裡有很多，吉姆。讓我嘗試來分析一下。因此，首先關於美聯儲，我應該澄清的是，當我們提到美聯儲業務表現在第二季度改善並且同比增長穩健時，您特別談到了第二季度的土地和擴張。所以我想澄清這一點。然後我認為你的其餘問題是關於 NRR 以及如何看待它。

So first, NRR did stabilize is flat quarter over quarter at 110%. And we did see some overall improvement in Q2 for both land and expand. A few things to note on just NRR, and I'll get to the last part of your question, Jim, after that. So as ARR grows every quarter, the ACV dollars required to offset the same percentage churn does grow, which makes it increasingly challenging to achieve the same NRR, just mathematically.

首先，NRR 確實穩定下來，環比持平於 110%。我們確實看到第二季土地和擴張方面都有一些整體改善。關於 NRR 有幾點要注意，然後我會回答你問題的最後一部分，吉姆。因此，隨著 ARR 每個季度的成長，抵消相同百分比客戶流失所需的 ACV 美元也會成長，這使得從數學上實現相同的 NRR 變得越來越具有挑戰性。

And then over the last year, if you look at our expansion within existing customers, it has been affected, as we've discussed in previous quarters, by variability we've seen around timing and deal structures of these [logics] in the pipeline and the overall environment of elongated sales cycles. So that does have an effect on current period NRR.

然後，在過去的一年裡，如果你看看我們在現有客戶中的擴張，它受到了影響，正如我們在前幾個季度所討論的那樣，我們看到了渠道中這些[邏輯]的時間和交易結構的變化，以及銷售週期延長的整體環境。所以這確實會對目前期間的 NRR 產生影響。

As NRR is a function of expansion over the past year with the same group of customers that we had at the beginning of the 12-month period. So just some mechanics there on NRR that wanted to clarify for everybody. And I think to the rest of your question, Jim, which is on what about the other aspects of expansion.

由於 NRR 是過去一年擴張的結果，而我們的客戶群與 12 個月初期相同。因此，只是想向大家澄清一下 NRR 上的一些機制。吉姆，我認為你問題的其餘部分是關於擴張的其他方面。

So I would say we've talked about three vectors. One is selling more of the same workload to customers, selling more workloads and around selling more of the portfolio. So we think we remain focused on both retention and expansion across all of those three vectors. Jim, and we said in the past that we hired more portfolio solution specialists, for example, towards the end of last fiscal year and into this year. And those folks are ramping now, they would call them fully ramped yet. And so some of that is still ongoing, but we remain focused on both retention and expansion with existing customers across all of those three vectors.

所以我想說我們已經討論了三個向量。一是向客戶銷售更多相同的工作負載，銷售更多的工作負載，以及銷售更多的產品組合。因此，我們認為我們仍然專注於這三個方面的保留和擴展。吉姆，我們過去曾說過，我們僱用了更多的投資組合解決方案專家，例如在上個財政年度結束和今年。而這些人現在正全力以赴，他們會稱他們為全力以赴。因此，其中一些工作仍在進行中，但我們仍然專注於在這三個領域中保留和擴展現有客戶。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Oh great, thank you for taking the questions and congrats on a very solid quarter here. Rajiv, I wanted to -- I think I heard a couple of instances where you're talking about the Kubernetes Platform, which I think is, I guess, not well understood by investors.

哦，太好了，謝謝您回答這些問題，並祝賀我們本季取得了非常穩健的業績。拉吉夫，我想——我想我聽過你談論 Kubernetes 平台的幾個例子，我認為投資者對這個平台不太了解。

I want to ask you if you -- if a VMware customer is kind of choosing not to stay on-premise and kind of decide to move to the cloud, are they considering the Nutanix Kubernetes Platform as a platform of choice when they're kind of going through that app modernization journey, is that coming up in those VMware related conversations at this point?

我想問您——如果 VMware 客戶選擇不留在本地並決定遷移到雲端，他們在經歷應用程式現代化之旅時是否會考慮將 Nutanix Kubernetes 平台作為首選平台，這是否會出現在目前與 VMware 相關的對話中？

Yes. I mean I think, first of all, there's two parts to that answer there. If you look at migrating a VMware workload. One is, as you said, which is modernizing the workload itself on to Kubernetes. And we are very much a part of that equation, right, whether they're choosing to run it on-prem or in the public cloud.

是的。我的意思是，我認為，首先，這個問題的答案有兩個部分。如果您考慮遷移 VMware 工作負載。正如您所說，一是將工作負載本身現代化到 Kubernetes 上。無論他們選擇在本地還是在公有雲中運行，我們都是這個等式的一部分。

as part of the application modernization. Now yes, there is one other option there too, Pinjalim, which is for people who are looking to migrate workloads as if, in fact, we have a partnership with Amazon, for example, to help migrate those VMware workload from on-prem directly into the Public Cloud Assets on our [NP2] platform. And a lot of that migration is also automated.

作為應用程式現代化的一部分。是的，還有另一個選擇，那就是 Pinjalim，它適合那些希望遷移工作負載的人，事實上，我們與亞馬遜建立了合作夥伴關係，以幫助將這些 VMware 工作負載從本地直接遷移到我們 [NP2] 平台上的公共雲資產中。而且很多遷移也是自動化的。

So we have two options for these customers. One is, of course, with our Kubernetes Platform for workload modernization, if they're going to redo the application, if they're going to refactor the application, then that's an option.

因此，我們為這些客戶提供兩種選擇。當然，一種方式是使用我們的 Kubernetes 平台進行工作負載現代化，如果他們要重做應用程序，如果他們要重構應用程序，那麼這是一個選擇。

If they want to go run the application assets and migrate out, we can offer them a path to migrate into the public cloud or run it on-prem. I would also say that our Kubernetes platform is a fully standard compliant, right? It's a cloud native compute foundation, fully standard compliant. And we offer a lot of flexibility with that, too. The ability, for example, for a customer who's modernizing their workload to be able to use, say, a native Kubernetes substrate on a public cloud.

如果他們想要運行應用程式資產並遷移出去，我們可以為他們提供遷移到公有雲或在本地運行的途徑。我還想說，我們的 Kubernetes 平台是完全符合標準的，對嗎？它是一個雲端原生運算基礎，完全符合標準。而且我們也提供了很大的靈活性。例如，正在對其工作負載進行現代化升級的客戶能夠在公有雲上使用原生 Kubernetes 基底。

But also use us on top to be able to manage all their clusters wherever they may be fitting and simplify the orchestration of those clusters. So there's many different options for customers here. But the NKT platform, the Kubernetes platform is very much in the center of modernization of the assets.

但也可以在這裡使用我們，以便能夠管理所有適合的集群，並簡化這些集群的編排。因此這裡為客戶提供多種不同的選擇。但 NKT 平台、Kubernetes 平台是資產現代化的核心。

Understood. Very helpful. One for Rukmini. Rukmini, specifically on federal, would you say the underperformance that you had in Federal last quarter, did you recover all of it or partial recovery there? Trying to understand, obviously, the guidance looks extremely solid, much more than the beat, I think, if I did my math right. Trying to understand what kind of gives you confidence in the guidance going forward for the rest of the year?

明白了。非常有幫助。一份給魯克米尼 (Rukmini)。魯克米尼，具體到聯邦方面，您認為上個季度聯邦業務表現不佳，您是否全部恢復了，還是部分恢復了？試著去理解，顯然，如果我的數學計算正確的話，指導看起來非常可靠，比節拍要可靠得多。想了解什麼讓您對今年剩餘時間的指導充滿信心？

Yes. So on the federal piece, right, I would say that as we said in our last call that we expect a good quarter for said in Q2, and we saw that. What we did say that it would necessarily be a catch up quarter, Pinjalim, I think is part of your question because Q1 is our seasonally strongest quarter for Fed, as you would expect, given the fed fiscal year end in September. So that's on Fed.

是的。因此，就聯邦部分而言，我想說，正如我們在上次電話會議中所說的那樣，我們預計第二季將表現良好，我們也看到了這一點。我們確實說過，這必然是一個追趕季度，Pinjalim，我認為這是你問題的一部分，因為正如你所預期的那樣，考慮到美聯儲財政年度在 9 月份結束，第一季度是美聯儲季節性最強勁的季度。這就是聯準會的問題。

And then more generally, I think to your point on the rest of the year and our updated outlook for the full year, look, we think that we're happy with the first half performance and certainly the Q2 performance and our increased outlook for the full year incorporates our current view, the best view that we have at this time around a few things, continued strength in landing new logos.

然後更總體而言，我認為對於您提到的今年剩餘時間的情況以及我們對全年的最新展望，我們認為我們對上半年的表現感到滿意，當然第二季度的表現也令人滿意，我們對全年的預期有所提高，這體現了我們目前的看法，即目前我們圍繞一些事情持有的最佳看法，即繼續在推出新標誌方面保持強勁勢頭。

Steady performance within our expansion into existing customers and continued good renewal performance. And specifically, I think part of your question is perhaps what are we assuming about Fed Pinjalim, I think it's embedded in your question.

我們在現有客戶拓展方面表現穩定，並且持續保持良好的續約表現。具體來說，我認為您的問題的一部分可能是我們對 Fed Pinjalim 的假設是什麼，我認為這已經包含在您的問題中了。

And what I'd say is, as I said earlier, it is too early to tell what the back it going to be of some of the actions that the new administration may choose to undertake. But we do think that there's uncertainty out there, and it could be a net positive for us because our platform is about organization and reducing the total cost of ownership.

我想說的是，正如我之前所說，現在判斷新政府可能選擇採取的一些行動將會帶來什麼後果還為時過早。但我們確實認為存在不確定性，但這對我們來說可能是一件好事，因為我們的平台致力於組織和降低整體擁有成本。

But if I'm clear in terms of what the overall approach might be of the new administration. So we have factored in some of that overall uncertainty into the updated fiscal year '25 guidance as well.

但如果我清楚新政府的總體方針是什麼。因此，我們也將部分整體不確定性考慮在了更新後的 25 財年指引中。

Ben Bollin, Cleveland Research Company.

克利夫蘭研究公司的本‧博林 (Ben Bollin)

Good afternoon, everyone. Thank you for taking the question. Rukmini, you discussed variability of large deal timing. I'm interested in how you think about variability or flexibility of incentives that you're offering to these larger projects. Could you talk about how you think about the willingness to maybe subsidize or discount for takeouts or offer flexibility around timing of billings. Just any high-level thoughts or approach that you're taking to these larger projects? And then I have a follow-up for Rajiv.

大家下午好。感謝您回答這個問題。Rukmini，您討論了大筆交易時機的變化。我感興趣的是您如何看待為這些大型專案提供的激勵措施的多變性或靈活性。您能否談談您對於是否願意為外賣提供補貼或折扣，或者在結帳時間方面提供靈活性的看法？您對於這些大型專案有何高層次的想法或方法？然後我要跟進一下拉吉夫的狀況。

Sure. Ben, so a few things. So we've talked about how in this moment, we want to make sure that, one, we are articulating value proposition to customers, especially to new customers who are not our current existing customers; two, make sure they understand the value proposition in a holistic way. So meaning they understand our approach around being a hybrid multi-cloud platform around our approach to both virtualized machines and containerized applications, around our philosophy on customer service and how we value that with our Net Promoter Score being [94%] a decade now. So that's always where we start, Ben.

當然。本，有幾件事。所以，我們已經討論了此時此刻，我們要確保：第一，我們向客戶闡明價值主張，特別是向那些不是我們現有客戶的新客戶；二是確保他們全面理解價值主張。因此，他們了解我們作為混合多雲平台的方法、我們對虛擬機器和容器化應用程式的方法、我們的客戶服務理念以及我們如何重視這一點，十年來我們的淨推薦值一直保持在 [94%] 左右。所以我們的起點總是這裡，本。

And to your point, on structure, yes, you're right, we have talked about that, and we have seen more variability with some of our larger transactions. So what we'll continue to do there is to make sure that we'll be thoughtful about that, right, where people are looking to migrate, for example, you might give them some onetime incentives to do so and things like that.

關於結構，是的，您是對的，我們已經討論過這個問題，而且我們在一些較大的交易中看到了更多的變化。因此，我們將繼續做的是確保我們會深思熟慮，對吧，例如，當人們想要移民時，你可能會給他們一些一次性的激勵措施之類的。

And then more generally, I think your question around billings and things like that, our standard practice is to collect multiple years of cash upfront from our customers, as we mentioned before. And it's worth noting that many of our customers, we believe purchase our software along with third-party hardware, which we believe is typically part of their (inaudible) plans and therefore, generally pay us for those multiple years upfront.

然後更一般地說，我認為您關於帳單和類似事情的問題，我們的標準做法是向客戶預先收取多年的現金，正如我們之前提到的。值得注意的是，我們相信我們的許多客戶在購買我們的軟體的同時還購買了第三方硬件，我們認為這通常是他們（聽不清楚）計劃的一部分，因此他們通常會提前多年向我們支付費用。

However, we do make exceptions based on special circumstances. But all that said, we factored the anticipated impact of any of these structures and maybe nonstandard terms into our today's fiscal year '25 guidance, both across top line and bottom line.

然而，根據特殊情況，我們也會做出例外。但儘管如此，我們還是將這些結構和可能的非標準條款的預期影響考慮進了我們今天的 25 財年指導中，包括營收和淨利。

Okay. That's great. And Rajiv, bigger picture, when you think about the opportunity, historically, you've talked about more customers having spent in three tier overall and having kind of a bigger addressable opportunity there and some of these partnerships. But could you speak to what you're seeing from customers and their willingness to migrate more towards hyperconverged? You're seeing more refresh, you're talking about modernization.

好的。那太棒了。拉吉夫，從更大的角度來看，當您考慮歷史上的機會時，您談到了更多客戶在三個層級上進行消費，並且在那裡擁有更大的可尋址機會以及其中一些合作夥伴關係。但是您能否談談您從客戶那裡看到的情況以及他們遷移到超融合的意願？你看到的是更多的更新，你談論的是現代化。

Does it feel like you're seeing a bigger tipping point where they're more willing to make this migration? Or -- how do you think about -- or what are they saying about the incremental costs and the willingness to make those transitions?

您是否感覺看到了一個更大的轉折點，他們更願意進行這種遷移？或 —— 您如何看待 —— 或者他們對增量成本以及進行這些轉變的意願有何看法？

Yes. Ben, that's a very good question. In fact, I think what's happening here with a competitive situation is that customers are now retaking the entire stack. Because if they're being forced to look at an alternative and migration, it's also a good time for them to reexamine the overall stack, what do they want to do.

是的。本，這是一個非常好的問題。事實上，我認為現在的競爭狀況是客戶正在重新奪回整個堆疊。因為如果他們被迫考慮替代方案和遷移，那麼這也是重新審視整個堆疊的好時機，他們想要做什麼。

And at a big picture, that means, okay, maybe I should take some of these applications, put them in the cloud, maybe that should modernize some portion of my estate. And maybe I should move to a new stack.

從總體上看，這意味著，好吧，也許我應該把其中一些應用程式放到雲端，也許這應該可以使我的部分資產現代化。也許我應該轉到一個新的堆疊。

So it's actually creating the bigger picture, longer-term architecture and mind chip as well to be -- so what we see is, as a result customers are moving more towards, okay, I need a modern stack.

因此，它實際上也在創造更大的圖景、更長遠的架構和思維晶片——所以我們看到的是，客戶因此更加傾向於，好吧，我需要一個現代化的堆疊。

I need something that can handle virtual machines and containers. I need something that can work on-prem but also in the Public Cloud. And that's the kind of platform that we are providing today in the market, right? So from that perspective, if there's an impetus for a customer to migrate away from VMware, then it's also an impetus for them to look at what is their long-term architectural end game, and that's exactly what we are positioning with them.

我需要一些可以處理虛擬機器和容器的東西。我需要一些既可以在本地工作也可以在公有雲中工作的東西。這就是我們今天在市場上提供的平台，對嗎？因此從這個角度來看，如果客戶有動力遷移出 VMware，那麼這也是他們考慮其長期架構最終目標的動力，而這正是我們為他們設定的定位。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

This is Jake on for Aaron. Congrats on the quarter. I was just hoping you can maybe give an update on the momentum you're seeing around GPT-in-a-Box. Any changes you seen an enterprise adoption there more broadly? And maybe if there's been any material change over the last quarter or two, given the proliferation of reasoning models?

這是傑克 (Jake) 代替亞倫 (Aaron)。恭喜本季取得佳績。我只是希望您能介紹一下 GPT-in-a-Box 的發展勢頭。您看到企業更廣泛地採用哪些變化？鑑於推理模型的激增，過去一兩個季度是否會發生任何實質變化？

Yes. Let me cover that, Jake. It's a pretty broad question overall. As you know, today, we have a solution for influencing that makes interesting very easy to deploy in the enterprise. That's our Nutanix AI platform which, by the way, is a component in the overall GPT-in-a-Box solution.

是的。讓我來解釋一下，傑克。總的來說，這是一個相當廣泛的問題。如您所知，今天，我們有一個影響解決方案，可以輕鬆地在企業中部署。這就是我們的 Nutanix AI 平台，順便說一下，它是整體 GPT-in-a-Box 解決方案的一個元件。

Now an interesting point here is with DC coming on board, it shows that fairly powerful models can be trained and operated with a lot fewer resources than people previously thought. Now we think that this actually is going to lead to broader and more rapid adoption of GenAI. In Computer Science, we have (inaudible) when you have increased efficiency of something, then that leads to increased consumption of that resource. And we think the same will happen here for AI because what happens here is now companies and organizations can actually deploy more complex inferencing use cases with more effectively, and it will stimulate the demand for both computer and storage resources.

現在有趣的一點是，隨著 DC 的加入，它表明可以用比人們之前想像的少得多的資源來訓練和運行相當強大的模型。現在我們認為這實際上將導致 GenAI 得到更廣泛和更快速的應用。在電腦科學中，我們有（聽不清楚）當你提高某些東西的效率時，就會導致該資源的消耗增加。我們認為同樣的事情也會發生在人工智慧領域，因為現在公司和組織實際上可以更有效地部署更複雜的推理用例，這將刺激對電腦和儲存資源的需求。

Now when it comes to us and our platform, we have been very focused on being platform for inferencing in real-world AI use cases. That's what GPT-in-a-Box within AI delivered. And with open leasing models coming in, it makes the whole thing better and more broadly available. So what we are seeing at this point is we've certainly seen a lot of our customers interested in looking at how they can get productivity, efficiency gains out of deploying GenAI. But in some cases, they have to deploy by their data as a person, which can be in the data centers or at the edges and sometimes in the public cloud as well.

現在，當談到我們和我們的平台時，我們一直非常專注於成為現實世界人工智慧用例的推理平台。這就是 AI 中的 GPT-in-a-Box 所實現的功能。隨著開放租賃模式的出現，整個系統將變得更好，並且更加廣泛地普及。因此，我們現在看到的是，我們確實看到許多客戶對如何透過部署 GenAI 來提高生產力和效率感興趣。但在某些情況下，他們必須以個人身分部署其數據，這些數據可以在資料中心或邊緣，有時也可以在公有雲中。

And we continue to see increasing adoption. For example, on this call, we talked about how an EMEA based financial services provider is using us on top of the Nutanix platform, adding NAI to their existing Nutanix platform to help them do things like multilingual translation automatically and of course, Chatbox, which is the most of use case. So we are seeing more of these develop across the enterprise and more and more companies looking at starting to go from, say, initial experimentation with GenAI to driving towards real-life production deployments. And I think that will happen over the next few years.

而且我們持續看到其採用率不斷提高。例如，在這次電話會議中，我們討論了一家位於 EMEA 的金融服務提供者如何在 Nutanix 平台上使用我們的產品，將 NAI 添加到他們現有的 Nutanix 平台上，以幫助他們自動完成多語言翻譯等工作，當然還有 Chatbox，這是最常見的用例。因此，我們看到越來越多的此類技術在整個企業中發展，並且越來越多的公司開始考慮從最初的 GenAI 實驗轉向推動實際生產部署。我認為這將在未來幾年內實現。

Great. And then maybe just a follow-up. I was wondering if maybe you could add some color around the investment in sales and marketing and R&D in the back half of the year. And just maybe some color around how that's being allocated?

偉大的。然後可能只是一個後續行動。我想知道您是否可以介紹一下今年下半年在銷售、行銷和研發方面的投資情況。或許可以解釋一下如何分配嗎？

Rukmini, do you want to take that?

魯克米尼，你想拿走那個嗎？

Sure. Sure. Jake. So as we said in our prepared remarks, we are continuing to increase our investment in both sales and marketing and R&D. And I will say that we do expect that to ramp here in Q3 and Q4.

當然。當然。傑克。因此，正如我們在準備好的演講中所說的那樣，我們將繼續增加對銷售、行銷和研發的投資。我想說的是，我們確實預計這一數字將在第三季和第四季上升。

And then to your question on specifically where we're investing it. So within sales, it's across a few different areas in both frontline and inside sales. We've talked about how overall from our frontline sales rep head count perspective, we're fairly close to where we'd like to be, but we'll probably add a few more folks here in the second half.

然後回答你關於我們具體在哪裡投資的問題。因此在銷售方面，它涉及一線銷售和內部銷售的幾個不同領域。我們已經討論過，從一線銷售代表人數的角度來看，總體而言，我們已經相當接近我們想要的人數，但我們可能會在下半年再增加一些員工。

And then it's also the folks -- everybody, the supporting team that surrounds the rep, so sales engineers, channel sales, customer success and so on. And then in marketing, we're spending more to drug increase awareness of our platform. And in R&D, we're investing across one, strengthening our core platform, but also supporting more modern applications and AI in order to you talk clear about just how we think more about that. And then also supporting selected third-party storage, which announced PowerFlex will be the first platform that's coming on board here in the second calendar quarter.

然後還有人——每個人，圍繞著銷售代表的支援團隊，例如銷售工程師、通路銷售、客戶成功等等。然後在行銷方面，我們投入了更多資金來提高我們平台的知名度。在研發方面，我們正在進行全方位的投資，加強我們的核心平台，同時也支援更現代的應用程式和人工智慧，以便您清楚地了解我們對此的看法。然後還支持選定的第三方存儲，宣布 PowerFlex 將成為第二季度推出的第一個平台。

So those are some of the areas we're investing in. And all of those, we think of as directed and targeted towards addressing our large market opportunity and in areas where we see a line of sight to return on those investments.

這些就是我們正在投資的一些領域。我們認為，所有這些都是為了解決我們巨大的市場機會而製定的，並且是為了在我們看到這些投資回報的領域中製定的。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi today. Two questions, one for Rajiv one for Rukmini. Rajiv, you had strong revenue growth, and you're guiding higher for the year. Have you seen any quantifiable benefit from the partnership with AWS and then providing promotional credits to migrate customers to NC2? And how much are your partnership with Cisco and Dell contributing to the strong new logo growth and revenue growth this year? And I have a follow-up.

今天是 Ruplu 代替 Wamsi。有兩個問題，一個問拉吉夫 (Rajiv)，一個問魯克米尼 (Rukmini)。拉吉夫，您的收入成長強勁，並且您預計今年的收入會更高。您是否看到與 AWS 合作並提供促銷積分以將客戶遷移到 NC2 帶來的可量化利益？您與思科和戴爾的合作對今年強勁的新標誌成長和營收成長有多大貢獻？我還有一個後續問題。

Yes, great. Let me take each of those one at a time, Ruplu. So AWS, we've seen early traction with some customers migrating already from VMware Cloud on AWS over to our offering and also some time from on-prem into the public cloud. And so we've seen some of these customers actually move fairly quickly from where they were to being able to be running on a Nutanix platform, it's in a matter of a month. Because one of the things that we don't have to worry about in a cloud-to-cloud migration is the hardware refresh is not an issue anymore, right? It works pretty much on the same hardware instances that AWS provides, whether it's VMware or us.

是的，太棒了。讓我一次解決一個問題，魯普魯。因此，在 AWS 上，我們已經看到早期的趨勢，有些客戶已經從 AWS 上的 VMware Cloud 遷移到我們的產品，有些客戶從本地遷移到公有雲。因此，我們看到一些客戶實際上從原來的位置相當快地轉移到能夠在 Nutanix 平台上運行，這只需一個月的時間。因為在雲端到雲端遷移中我們不必擔心的事情之一是硬體更新不再是問題，對嗎？它幾乎可以在 AWS 提供的相同硬體實例上運行，無論是 VMware 還是我們。

And so that portion of it actually is a much easier migration and our automated tooling has. So that -- so we've seen examples of customers moving there. It's still fairly early now, but we're seeing more of those Public Cloud VMware customers as well as some on-prem to public cloud migration happening there.

因此，這部分其實更容易遷移，而且我們的自動化工具已經具備了。所以——我們已經看到了顧客搬到那裡的例子。現在還為時過早，但我們看到越來越多的公有雲 VMware 客戶以及一些本地到公有雲的遷移正在進行。

Cisco has been a good contributor for us in new logos, especially this quarter as well as over the last couple of quarters. And we expect to see that partnership continuing to grow and are working very closely with them as we go to market. That is still pretty early. There are two parts to that Dell relationship actually Ruplu.

思科在新標誌方面為我們做出了巨大的貢獻，尤其是本季以及過去幾季。我們期望看到這種合作關係繼續發展，並且在我們進入市場的過程中與他們保持密切的合作。現在還很早。實際上，Ruplu 與戴爾的關係分為兩部分。

The first one is then selling our Nutanix platform in the market. Now this is the second quarter they've had that in the market. And we saw a small contribution from that -- and the other big one, of course, is the PowerFlex availability, which Rukmini and I covered earlier, which will be available next calendar quarter, and we'll start to see customers trialing those and starting to adopt that but that benefit for that will really only happen in the next fiscal year.

第一個就是在市場上銷售我們的 Nutanix 平台。這是他們在市場上推出該產品的第二季。我們從中看到了一點貢獻——當然，另一個重要的貢獻是 PowerFlex 的可用性，Rukmini 和我之前提到過，它將於下個季度上市，我們將開始看到客戶試用並開始採用它，但它帶來的好處實際上只會在下一個財政年度出現。

Got it. Rukmini, as a follow-up, last quarter, you had expected the seasonality between 2Q and 3Q to be similar to fiscal '23. Where revenue was down 8% sequentially, but your guidance for 3Q is much better than that. It's about half of that sequential decline. So what is driving that?

知道了。Rukmini，作為後續問題，上個季度，您預計第二季和第三季之間的季節性與 23 財年相似。雖然收入環比下降了 8%，但您對第三季的預期要好得多。這約佔連續下降的一半。那麼，是什麼原因導致的呢？

And if the demand environment is improving and land and expand is also improving, should we take the seasonality change as permanent? Or is there something specific to this year that is driving better seasonality?

如果需求環境正在改善，土地和擴張也在改善，我們是否應該將季節性變化視為永久性的？或者今年有什麼特殊因素推動了季節性的改善？

Yes, so I think on the seasonality comment for this Q3, I would say for Q2, we did see good both land and expand, as we talked about and are happy to be able to guide to Q3 where we did. I think it's too early for us to comment on how next year's Q3 might be relative to Q2, Ruplu.

是的，所以我認為關於第三季度的季節性評論，我想說對於第二季度，我們確實看到了土地和擴張方面的良好表現，正如我們所討論的，並且很高興能夠指導我們在第三季度所做的工作。Ruplu，我認為現在評論明年第三季與第二季相比的表現還為時過早。

And as you know, there's also this this mechanism of the renewals cohorts and how they spread out over the quarters. And so yes, we're happy to guide Q3 to where we are guiding right now. We did see strength in both land and expand and renewal, as we talked about in Q2.

而且如您所知，還有這種更新佇列機制以及它們如何分佈在各個季度。是的，我們很高興將 Q3 引導到我們現在所引導的位置。正如我們在第二季所討論的那樣，我們確實看到了土地、擴張和更新方面的優勢。

But I'd say it's too early to maybe extrapolate anything beyond this fiscal year at this point. And of course, we'll make sure to update you all at the right time about seasonality for next fiscal year.

但我想說，現在就推斷本財年之後的任何情況都為時過早。當然，我們會確保及時向大家通報下一財年的季節性狀況。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

Congratulations on the strong quarter and released to the guidance that we have today. I wanted to circle up on some of the go-to-market questions that have been asked here, but maybe from a different angle. When we think about the partners that you guys have run campaigns for and how they're coming over to you potentially as a result of this industry M&A, can you provide some color or maybe qualitative commentary on the different size of these partners or maybe the different sized deals that they're originating on your behalf? Just wondering if we can get some sense of how the -- big differ versus where Nutanix has historically been?

恭喜您本季取得強勁業績，並發布了我們今天的業績指引。我想概括一下這裡提出的一些上市問題，但可能從不同的角度來說。當我們考慮你們為其開展活動的合作夥伴，以及他們如何因為這次行業併購而可能來到你們身邊時，你能否對這些合作夥伴的不同規模，或者他們代表你們發起的不同規模的交易，提供一些細節或定性評論？只是想知道我們是否可以了解一下與 Nutanix 歷史相比有何巨大差異？

So Mike, I think the way to think about it is if we look at our pyramid of customers, we have, of course, a very big customers to the top, and we've got smaller customers, volume customers. What I would say is with these partners coming on board, the channel partners, they cover the entire spectrum, all the way from the top to the bottom of the pyramid, right, across the board.

所以麥克，我認為思考這個問題的方式是，如果我們看看我們的客戶金字塔，​​我們當然有一個非常大的客戶在頂端，我們也有較小的客戶，批量客戶。我想說的是，隨著這些合作夥伴的加入，通路夥伴涵蓋了整個範圍，從金字塔的頂端到底端，全面覆蓋。

Now at the very bottom of what we have is the lower portion of that tier is what we call channel led, where we let the channel do all the work there. And we just support the channel. We don't have direct sellers engaged in that area.

現在，我們所擁有的最底層是該層的下部，我們稱之為渠道主導，我們讓渠道在那裡完成所有工作。我們只是支持該管道。我們沒有從事該地區的直銷商。

And that's seen a nice uptick over the last year or so. And again, that's where some of these channel partners are doing most of the lifting and where they're supporting the channel partners. As you go to the top of the pyramid, what they do is they're more healthy, right? It's very much, much more of a co-selling motion there. Our folks are very much involved in these bigger accounts, bigger large enterprise accounts, working with the customer with the partner being a big facilitator helping, for example, we might do some proof of concept to the partner, right?

在過去一年左右的時間裡，這一數字出現了良好的上升趨勢。再次強調，這就是一些通路合作夥伴承擔大部分工作以及為通路夥伴提供支援的地方。當你爬到金字塔頂端時，他們的健康狀況會更糟，對嗎？這更像是一種共同銷售動議。我們的員工非常參與這些更大的帳戶，更大的大型企業帳戶，與客戶合作，合作夥伴作為一個重要的推動者提供幫助，例如，我們可能會向合作夥伴做一些概念驗證，對嗎？

They will bring us in, they will engage it. They have labs and they are present in these accounts. So what I would say is the engagement varies depending on the kind of customer, for the large customer that's a core cell -- for the smaller customers, there's more these partners coming in and driving a good chunk of the business.

他們會把我們帶進來，他們會參與其中。他們有實驗室並且存在於這些帳戶中。所以我想說的是，參與度取決於客戶的類型，對於大客戶來說，這是一個核心單元；對於小客戶來說，有更多的合作夥伴加入並推動很大一部分業務。

Excellent. And just another follow-up. With the success in that upper end of the pyramid, those Global 2000 new logo lands that you had cited earlier. Is there a way to think about maybe specific features or capabilities as part of the more mature Nutanix Cloud Platform that are resonating today versus where we were a year or two ago?

出色的。這只是另一個後續行動。隨著金字塔上端的成功，您之前提到的全球 2000 強新標誌就誕生了。有沒有辦法將特定的特性或能力視為更成熟的 Nutanix 雲端平台的一部分，與一兩年前相比，現在這些特性或能力產生了共鳴？

Definitely, Mike. I think we've been doing a lot of work on the core platform from a scalability perspective, from a broader support of the ecosystem perspective, and also in terms of integrating with some of these big customers in terms of how all the integrations they need within their own environment, whether security or automation platforms.

當然，麥克。我認為，我們從可擴展性的角度、從對生態系統的更廣泛支持的角度，以及在與一些大客戶整合方面，在核心平台上做了很多工作，這些客戶都需要在自己的環境中進行所有集成，無論是安全還是自動化平台。

So we've been doing a lot of work along those over the last few years with the core platform itself. And so now when we go into a big ticket account, we are able to be -- we can get through all of those fairly quickly. The other, of course, part of this is that we are also now used to very much how to prosecute this -- this is not a product capability set, but it's more about how we tackle these opportunities.

因此，過去幾年來，我們在核心平臺本身上做了很多工作。所以現在，當我們進入一個大額帳戶時，我們能夠——我們可以相當快地處理所有這些問題。當然，另一部分原因是我們現在也非常習慣如何起訴這一點——這不是一組產品能力，而是更多地關於我們如何應對這些機會。

And we've gotten better understanding the full picture of what's needed here to go from the beginning to the end, proof of concept to commercial negotiations at the end, but in between security qualification, being qualified as a vendor, all of those processes we have these deal teams that are in place to handle those opportunities. So we become, I would say, more streamlined and efficient at being able to work with these larger customers even beyond having the product features.

我們對從開始到結束需要做什麼有了更好的了解，從概念驗證到最後的商業談判，但在安全資格、供應商資格以及所有這些流程之間，我們都有交易團隊來處理這些機會。因此，我想說，除了擁有產品功能之外，我們在與這些大客戶合作時變得更加精簡和高效。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

In our channel checks, Rajiv, we heard from a few folks that your sales cycles have actually shortened by a little bit. As customers feel greater urgency to get off VMware. And there's a lot of aging, call it, three-tier hardware that's been pushed out over the last couple of years because of the macro environment. First of all, I wanted to just get a sense, is that not -- maybe that's just sort of anecdotal, but is that something that you've heard from your reps at all?

拉吉夫，在我們的通路檢查中，我們從一些人那裡聽說，你的銷售週期實際上縮短了一點。由於客戶越來越迫切地希望擺脫 VMware。由於宏觀環境的原因，過去幾年許多老化的三層硬體都被淘汰了。首先，我想了解一下，這不是——也許這只是一種軼事，但這是你從你的代表那裡聽到的嗎？

And then secondly, we also heard some more [disillusion] from partners about Broadcom squeezing them on margins. So is it helping you sort of when you talked about channel engagement and channel leverage, is it helping you that channels are feeling squeezed a little bit there and make more money selling Nutanix?

其次，我們也聽到合作夥伴對博通擠壓他們的利潤率表示失望。那麼，當您談到通路參與度和通路槓桿時，它是否有幫助？它是否幫助您緩解了管道受到的擠壓，並透過銷售 Nutanix 賺了更多的錢？

Yes. Good question there, Jason. So on the first one, I would say more anecdotal. I don't think we can point to a systematic shortening of sales cycles at this point. In fact, what I would say is we saw sort of some of the other one -- other end of that spectrum where maturing of the pipeline and some of these larger deals that we've been talking about in the pipeline for a while closing this quarter.

是的。傑森，這個問題問得好。因此，對於第一個問題，我想說的是更多的軼事。我認為目前我們還不能指出銷售週期的系統性縮短。事實上，我想說的是，我們看到了另一方面的趨勢，即管道日趨成熟，以及我們在本季末一直在談論的一些較大的交易。

So one of it is we've seen certainly more of those close and not necessarily with shorter sales cycles. So that maybe have been some anecdotal feedback that you heard.

因此，其中之一就是，我們確實看到了更多接近完成的交易，但銷售週期並不一定更短。這可能是您聽到的一些軼事回饋。

On a second on the partner, I think that's very real. It is absolutely true that we have -- we are a very partner-centric company. All our business pretty much goes through the partner community, and we have continued to make enhancements to our channel programs and the incentives. For example, we have a new logo incentives for these partners to bring us business. They may not be new robots for them, but the new logos to Nutanix.

關於合作夥伴，我認為這是非常真實的。確實如此，我們是一家非常以合作夥伴為中心的公司。我們的所有業務幾乎都透過合作夥伴社群進行，我們一直在加強我們的通路計劃和激勵措施。例如，我們有新的標誌來激勵這些合作夥伴為我們帶來業務。對他們來說，這也許不是新的機器人，但對 Nutanix 來說，卻是新的象徵。

And so we've been working very hard to make it worthwhile for the channel to do business with us, and that's certainly helping and contributing.

因此，我們一直在努力使通路與我們做生意變得有價值，這無疑有幫助和貢獻。

Okay. And then one quick follow-up. Rukmini, I know you're not giving guidance for FY26, but just given the strength in operating margins this year, non-GAAP operating margins, and I know that this particular quarter is probably not replicable at least for the next couple of quarters based on the guidance. But can you give us a sense of where you're thinking about? Do you think operating margins will expand next year? Or do you think that these levels are sort of appropriate right now.

好的。然後進行一次快速的跟進。Rukmini，我知道您沒有給出 26 財年的指引，但考慮到今年的營業利潤率、非 GAAP 營業利潤率的強勁，我知道根據指引，這個特定季度的業績可能無法複製，至少在接下來的幾個季度是這樣。但您能讓我們了解一下您的想法嗎？您認為明年營業利益率會擴大嗎？或者您認為這些水平現在是合適的。

Thank you, Jason. So first, you are correct that Q2, we're happy with the margin performance. But as you rightly point out and as we said in the prepared remarks, we are investing more in the second half. So margins in the second half are expected to be lower than first half. And obviously still happy to raise the full year of margin guide like we did for fiscal year '25.

謝謝你，傑森。首先，您說得對，我們對第二季的利潤率表現感到滿意。但正如您正確指出的那樣，也正如我們在準備好的演講中所說，我們將在下半年投入更多資金。因此預計下半年的利潤率將低於上半年。顯然，我們仍然很高興提高全年利潤率指引，就像我們對 25 財年所做的那樣。

Now, we are not guiding to fiscal year '26 at this point, Jason. Look, I will say that we have always said and been consistent about this idea that we are continuing to drive towards a sustainable Rule of 40 plus and trading off growth and margins in a thoughtful and appropriate way. And that approach is still the case and we expect to remain to be the case.

現在，我們還沒有預測 26 財年，傑森。我想說的是，我們一直在說並且始終堅持這個想法，即我們將繼續推動實現可持續的 40 規則，並以深思熟慮和適當的方式平衡成長和利潤。我們現在依然採用這種方法，並且我們希望這種方法繼續有效。

So yes, I'll leave it there, Jason. I think we'll continue to watch that. And of course, we'll update you when we do provide guidance for fiscal year '26.

是的，我會把它留在那裡，傑森。我想我們會繼續關注這一點。當然，當我們為 26 財年提供指導時，我們會及時通知您。

Param Singh, Oppenheimer & Company.

Param Singh，奧本海默公司。

Great. And I really appreciate you. Firstly, I wanted to get a sense if you were to break down the front in the quarter, how much would you -- if you wanted to quantify is coming from the share gain due to the price hikes at VMware versus increased spend in existing workloads or better penetration in customers across the board that would have come without the price hike. If there's any way to disaggregate those? I'd really appreciate that.

偉大的。我真的很感謝你。首先，我想了解一下，如果您要細分本季度的業績，如果您想量化的話，其中有多少來自於 VMware 提價帶來的份額增長，以及在沒有提價的情況下，現有工作負載的支出增加或全面客戶滲透率的提高。有什麼方法可以分解它們嗎？我將非常感激。

And then I have a follow-up question.

然後我有一個後續問題。

I can start and Rajiv and I welcome you to add your thoughts as well. So Param, it's really hard to do that. Because as we've said before, we have competed with VMware for a long, long time for many years. And of course, with Broadcom's acquisition of VMware, there's certainly been some changes there and so on. So no, we actually don't think of it that way internally, either in terms of saying, well, can we parse this out the way you did.

我可以開始了，拉吉夫和我歡迎你也發表你的想法。所以 Param，做到這一點真的很難。因為正如我們之前所說，我們與 VMware 已經競爭了很長很長時間了。當然，隨著 Broadcom 收購 VMware，那裡肯定會發生一些變化等等。所以，不，我們實際上在內部並沒有這樣想過，也不會說，好吧，我們能否按照你的方式來分析這個問題。

So we don't think of it that way. We've talked about kind of how we run our go-to-market programs and some of the incentives we've put in place. And those are all, as you saw here, like some of those starting to pay off and bear fruit here. But your short answer is we're not able to kind of parse that out to that level of specificity. Rajiv, anything you would add to that?

所以我們不這麼認為。我們討論瞭如何運行我們的市場進入計劃以及我們實施的一些激勵措施。正如大家在這裡看到的，這些都開始得到回報並結出碩果。但您的簡短回答是，我們無法將其解析到這種具體程度。拉吉夫，您還有什麼要補充嗎？

No. No, I think you covered it.

不。不，我想你已經涵蓋了。

Right. Maybe I can ask a different question then if -- as you look to more displacement of VMware and Cloud Foundation, what are some of the challenges that your customers have come back to you with? Do they want more for price delta with VMware?

正確的。也許我可以問一個不同的問題——當您尋求進一步取代 VMware 和 Cloud Foundation 時，您的客戶向您提出了哪些挑戰？他們是否希望與 VMware 達成更多的價格差異？

Is it a better and easier ease of migration, Is it more integration with some of the legacy applications and operating systems because those are some of the challenges that the channel seems to talk about, but I want to understand from your perspective, what are some of the headwinds or issues that you're facing now and that you hope to drive in the back half with your R&D and sales and market expand?

它是否可以更好、更容易地實現遷移？它是否可以與一些遺留應用程式和作業系統更好地整合？因為這些是管道似乎在談論的一些挑戰，但我想從您的角度來看，您現在面臨的一些阻力或問題是什麼？您希望在後半年透過研發、銷售和市場擴張來推動哪些阻力或問題？

Yes. So then I can take that question, Param. It's a good one. First of all, I think there's the timing of the VMware license renewals, okay? That's, of course, a big factor.

是的。那我可以回答這個問題，帕拉姆。這是個很好的主意。首先，我認為 VMware 授權續約的時間是確定的，好嗎？當然，這是一個重要因素。

And in many cases, customers have signed these multiyear contracts with VMware. And so they're not necessarily in an urgent situation where they have to migrate. So there's a timing element of that. The hardware is certainly a key element of this, which is in many cases -- in fact, in most cases, today, while Broadcom is selling VMware Cloud Foundation, really, a lot of the customers are only using the hypervisor from VMware we, along with 3 tier storage. That's what they have, right, today.

在許多情況下，客戶已經與 VMware 簽署了多年合約。因此他們不一定處於必須遷移的緊急情況。因此，這其中存在一個時間因素。硬體當然是其中的關鍵要素，在許多情況下——事實上，今天在大多數情況下，雖然 Broadcom 正在銷售 VMware Cloud Foundation，但實際上許多客戶只使用來自 VMware 的虛擬機器管理程式以及三層儲存。這就是他們今天所擁有的。

And so when they have to convert that over to a Nutanix, for the most part, it's a hardware refresh. And so they bought new hardware, then we have to -- they're not typically ready to go replace that immediately. It's going to take them a few years to depreciate that. And so there's a timing of that hardware refresh cycle that comes into play when we are replacing or migrating. That's the second.

因此，當他們必須將其轉換到 Nutanix 時，在大多數情況下，這都是一次硬體更新。因此，他們購買了新硬件，然後我們必須——他們通常不准備立即更換它。他們要花幾年的時間來消除這些貶值。因此，當我們進行替換或遷移時，硬體更新周期就會發揮作用。這是第二個。

The third, of course, is something that we've gotten fairly good at, right, which is help we migrate, reduce the risk, do you have automation to migrate. Those things, I think we have actually gotten quite good at over the last many years of work in terms of VMware migration. So we have automated tooling a lot of the migration -- actual migration work along with, in some cases, professional services needed and whatever is needed to integrate with their current automation systems, et cetera, right?

第三，當然是我們已經相當擅長的事情，對吧，那就是幫助我們遷移，降低風險，你是否擁有遷移的自動化功能。我認為，在過去幾年的 VMware 遷移工作中，我們已經取得了相當好的成績。因此，我們已經自動化了大量遷移工作——實際的遷移工作，以及在某些情況下所需的專業服務以及與他們當前的自動化系統整合所需的一切，等等，對嗎？

Those thinks we know how to do, they do require some work and they do require a proper project plan and timing and so forth, but we know how to do those things. And the last is just an overall thing around, I would just say, inertia, right? They have something in place and now should I keep that thing in place or should I move to something else?

我們知道如何去做這些事情，它們確實需要做一些工作，它們確實需要適當的專案計劃和時間表等等，但我們知道如何做這些事情。最後，我想說的是整體而言，是慣性，對嗎？他們已經準備好了一些東西，現在我應該保留它還是應該轉向別的東西？

And so these are the challenges. They've actually been the challenges for quite a while, right? Nothing has really changed there, Param, which is why we've always characterized this as a multiyear journey. It's going to be in a steady way.

這就是挑戰。事實上，這些挑戰已經持續了相當長一段時間了，對嗎？帕拉姆，那裡什麼都沒有改變，這就是為什麼我們一直將其描述為多年的旅程。一切將會以穩定的方式進行。

We do expect that we will win more customers and you've seen that now all these new customers coming to us over the last few quarters, as you can see, are partly a result of the Broadcom situation.

我們確實希望贏得更多客戶，正如您所看到的，過去幾個季度來我們這裡的所有這些新客戶，部分都是博通事件的結果。

Got it. That's really helpful. Maybe one other quick one, if I could. You mentioned M&A as part of the cash usage from the convert. I want to get a sense of where do you see technical gaps in your portfolio today?

知道了。這真的很有幫助。如果可以的話，也許再快速問一下。您提到併購是轉換現金用途的一部分。我想了解的是，您認為目前的投資組合中存在哪些技術差距？

And is it really to fill a technical gap or to expand into some of the newer opportunities here that you would consider an M&A with?

這真的是為了填補技術空白或擴展到一些您會考慮進行併購的新機會嗎？

Yes. I'll just say historically, we're not going to comment on future M&A Param, but historically, what we've done is largely focused on smaller tuck-ins and areas where either it's complementing what we have or filling some gaps in terms of what we have in our portfolio. And we will probably continue to do those as we go forward and look at, for example, we did by -- day to IQ, which used to be called Mesosphere about a year ago, right? And that help boost -- our Kubernetes portfolio quite substantially. So those are the kind of acquisitions.

是的。我只想說，從歷史上看，我們不會對未來的併購協議發表評論，但從歷史上看，我們所做的主要集中在較小的收購和領域上，這些領域要么補充我們現有的資產，要么填補我們投資組合中存在的一些空白。我們可能還會繼續做這些事情，例如，我們對 IQ 所做的工作，大約一年前它被稱為 Mesosphere，對吧？這有助於大幅提升我們的 Kubernetes 產品組合。這些都是收購。

And that -- those are things that we are always continuously looking at and we'll continue to do.

這些都是我們一直在關注並將繼續做的事情。

Jeff Hickey, UBS.

瑞銀的傑夫·希基（Jeff Hickey）。

Building off a lot of just questions here on just partners in general, really healthy just new logo acquisition growth and I'm thinking about just the comments on -- you just talked about a lot of customers on VMware that are really just using the hypervisor. As you put more R&D investments and you leverage more of these channel partners, how should we think about the potential for increased customer adds moving forward as more come online as we get the PowerFlex capabilities turned on? Is this something that we could actually see even further almost acceleration, thinking into next year? Or any color or commentary would be helpful.

基於這裡關於合作夥伴的許多問題，總體而言，新標誌收購成長非常健康，我正在考慮的評論——您剛才談到許多 VMware 客戶實際上只是在使用虛擬機器管理程式。隨著您投入更多的研發資金並利用更多的通路夥伴，隨著 PowerFlex 功能的啟用，越來越多的客戶上線，我們應該如何看待未來增加客戶的潛力？考慮到明年，我們實際上是否可以看到進一步加速的發展？或任何顏色或評論都會有幫助。

Yes. I think, look, it's hard for me to predict the future on these things. But we are focused on expanding our overall ability to go after the broader portions of the TAM and some of these portions of the TAM are locked up with three tier, right? And the more three tier offerings that we bring to the table, the more we have the ability to easily insert ourselves in there. Now what I will say though is when we insert outs into a three-tier environment, it's going to be with a small portion of our portfolio, right?

是的。我想，看，我很難預測這些事情的未來。但是，我們專注於擴大我們的整體能力，以追逐 TAM 的更廣泛部分，而 TAM 的這些部分中的一些部分被三層鎖定，對嗎？我們提供的三層產品越多，我們就越有能力輕鬆地融入其中。現在我要說的是，當我們將輸出端插入三層環境時，它只會占我們投資組合的一小部分，對嗎？

So from a revenue or a selling size perspective, right, they're only sending a component of our portfolio rather than the full portfolio, which we would sell if it was a wholesale modernization into hyper-converged.

因此，從收入或銷售規模的角度來看，他們只發送我們產品組合的一部分，而不是整個產品組合，如果是全面現代化為超融合，我們會出售整個產品組合。

So there's some puts and takes there, but it's hard for us to talk about your new logos. We are happy with the success we're getting, and we'll continue to focus on growing those comps.

因此存在一些爭議，但我們很難談論您的新標誌。我們對所取得的成功感到高興，我們將繼續致力於發展這些公司。

And the only thing I'd add -- sorry, if I can add one thing. We are happy with our strong level performance. The comparisons do start to become a bit more challenging starting in Q4, just because last Q4 is when we saw the nice increase. And so the compares start to get tougher in Q4 of this year.

我唯一想補充的是——抱歉，如果我可以補充一點的話。我們對自己強勁的表現感到非常滿意。從第四季開始，比較確實開始變得更具挑戰性，只是因為我們在去年第四季看到了良好的成長。因此，今年第四季的比較開始變得更加艱難。

Got it. We'll keep that in mind. And then one follow-up for you Rukmini. Just is there anything that we should be conscious about is you have flat NRR this quarter at 110%. Is there any color you could share how we should think about maybe just divergences and expansionary trends you see from customers that have migrated over from competitors like VMware versus ones that have been with Nutanix for a long time? Or is it such a broad customer set that there really isn't a difference that we should see it that way?

知道了。我們會記住這一點。接下來是 Rukmini 的後續問題。我們是否應該意識到本季的 NRR 持平於 110%。您能否分享我們應該如何看待從 VMware 等競爭對手遷移過來的客戶與長期與 Nutanix 合作的客戶之間的分歧和擴張趨勢？還是因為客戶群如此廣泛，實際上並沒有什麼區別，我們應該這樣看待它？

Yes. So look, I'll first say, we don't guide to NRR and we continue to be focused on driving expansion and retention. And to your question on divergence, I'd say, look, I think as Rajiv said, we typically will land new customer only for a portion of that of their footprint or their wallet share, especially in the larger customers, right now if it's a more midsized system than they might just choose to come with us even early on, where they give us more or all of their footprint.

是的。所以，我首先要說的是，我們不指導 NRR，我們繼續專注於推動擴張和保留。對於你關於分歧的問題，我想說，看，我認為正如拉吉夫所說的那樣，我們通常只會以他們足跡或錢包份額的一部分來吸引新客戶，特別是對於較大的客戶，現在如果它是一個中型系統，那麼他們可能只是選擇與我們合作，甚至在早期，他們會給我們更多或全部的足跡。

But certainly, in the larger customers, you only get a portion and grow over time. So I think it's -- I'm not sure there's any particular difference, again, we compete with VMware for a long time. And so yes, I haven't we wouldn't say there's any difference in terms of the expansion potential necessarily, other than what I said, I think in one of the earlier questions on the call with regard to just the mechanism of NRR.

但可以肯定的是，在較大的客戶中，你只能獲得一部分，並且會隨著時間的推移而成長。所以我認為——我不確定是否存在什麼特別的區別，再說一次，我們長期與 VMware 競爭。是的，除了我在電話會議中先前提出的問題之一中提到的有關 NRR 機制的問題之外，我們不會說在擴展潛力方面存在任何差異。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Just two quick ones. Rajiv, I just want to ask again over the last three months, have you seen any pickup in private cloud repatriation?

只需簡單兩點。拉吉夫，我只是想再問一下，在過去三個月裡，您是否看到私有雲遣返有所回升？

I would not say so, Jorge. I don't think it's a systematic trend in private cloud repatriation. There's a lot of people talking about it, and we see some examples of that happening, but I wouldn't call it a trend. Not actually what I would say, George, this is the trend I see is that people are being more careful about whether to go to the public cloud in the first place, right?

我不會這麼說，豪爾赫。我不認為這是私有雲遣返的系統性趨勢。很多人都在談論這個，我們也看到了一些這樣的例子，但我不會稱之為一種趨勢。實際上我想說的不是喬治，我看到的趨勢是人們首先對是否要使用公有雲更加謹慎，對嗎？

There's more, I would say, about trying to modernize their on-prem infrastructure be ready for the future, look at applications, including things like GenAI running on-prem, and not just simply take everything to the public cloud.

我想說的還有更多，嘗試對內部部署基礎設施進行現代化改造，為未來做好準備，查看應用程序，包括在內部運行的 GenAI 之類的東西，而不僅僅是簡單地將所有內容都帶到公共雲上。

So that's the trend that I see more of than people bringing back. There are examples of people bringing back workloads in the public cloud. But I would say there's more of like let me take a much more measured approach to what I'm going to go put in the public cloud in the first place.

所以，我看到的趨勢比人們重新提起的趨勢多得多。有一些人將工作負載帶回公有雲的例子。但我想說的是，首先讓我採取更謹慎的方式來考慮將什麼內容放入公有雲。

Got it. Just a follow-up. Maybe you kind of talked briefly on it already. Just in terms of go-to-market, kind of maybe hiring more technical sales versus generous sales, the kind of solution original sales. Can you kind of unpack maybe give a little bit more color just whether that's certainly more of the direction going forward in terms of kind of go-to-market approach?

知道了。只是後續行動。或許您已經簡單談論過這一點了。僅就市場進入而言，可能要雇用更多的技術銷售人員，而不是慷慨的銷售人員，即解決方案原始銷售人員。您能否進一步解釋一下，就市場進入方式而言，這是否是未來的發展方向？

Yes, it's always a balancing approach, George. We have to have both generalist from a sales perspective as well as technical engineers to support them. And they got accounts, we need a higher ratio of technical engineers to sellers because those -- our product is technical, right? It tends to require [file technical] selling help there's proof of concepts involved, there's understanding of the customer environment involves.

是的，這始終是一種平衡的方法，喬治。我們必須既擁有銷售方面的通才，也擁有支援他們的技術工程師。他們有帳戶，我們需要更高的技術工程師與賣家的比例，因為我們的產品是技術性的，對吧？它往往需要[文件技術]銷售幫助，涉及概念的證明，涉及對客戶環境的理解。

So whenever we hire, say, a frontline salesperson, we also have to look at everything that it takes to make that successful. And that includes technical sellers, at inside salespeople, we need to make sure there's enough people to do adoption and renewals also along with that. So it's a whole -- we have to look at this holistically across the entire ecosystem.

因此，每當我們聘請一線銷售人員時，我們也必須考慮確保其成功所需的一切條件。其中包括技術銷售人員和內部銷售人員，我們需要確保有足夠的人來進行採用和續約。所以這是一個整體——我們必須從整個生態系統的角度全面看待這個問題。

And then on top of that, for specialist, special products, like portfolio products, some of the newer ones like Kubernetes, AI, these require some more specialized selling skills, too. So we have a small specialist team for some of these products as well. So we have to look at our sales investments across the entire length and invest appropriately in all of these.

除此之外，對於專業、特殊的產品，例如組合產品、一些較新的產品，如 Kubernetes、AI，也需要一些更專業的銷售技巧。因此，我們對其中一些產品也有一個小型專家團隊。因此，我們必須從整體上審視我們的銷售投資，並對所有這些投資進行適當的投資。

Thank you. This concludes the question-and-answer session and also our conference today. Thank you for participating, and you may now disconnect.

謝謝。今天的問答環節和會議到此結束。感謝您的參與，您現在可以斷開連接。