Nutanix Inc (NTNX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nutanix third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I will now hand it over to your speaker, Rich Valera, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Nutanix 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我將發言者交給投資人關係副總裁 Rich Valera。請繼續。

Good afternoon, and welcome to today's conference call to discuss third quarter fiscal year 2025 financial results. Joining me today are Rajiv Ramaswami, Nutanix' President and CEO; and and Rukmini Sivaraman, Nutanix' CFO. After the market closed today, Nutanix issued a press release announcing third quarter fiscal year 2025 financial results. If you'd like to read the release, please visit the Press Releases section of our IR website. During today's call, management will make forward-looking statements, including financial guidance.

下午好，歡迎參加今天的電話會議，討論 2025 財年第三季的財務業績。今天與我一起出席的還有 Nutanix 總裁兼執行長 Rajiv Ramaswami；以及 Nutanix 財務長 Rukmini Sivaraman。今日收盤後，Nutanix發布新聞稿，公佈2025財年第三季財務業績。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。在今天的電話會議上，管理階層將做出前瞻性陳述，包括財務指導。

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. 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.

這些前瞻性陳述涉及風險和不確定性，其中一些是我們無法控制的，可能導致實際結果與這些陳述預期的結果有重大不利差異。有關這些和其他風險和不確定性的更詳細描述，請參閱我們的美國證券交易委員會 (SEC) 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。請注意，除非另有特別說明，我們在今天的電話會議上使用的所有財務指標（收入除外）均以非 GAAP 為基礎表示，並且已進行調整以排除某些費用。

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. Nutanix will be participating in the Baird 2025 Global Consumer Technology & Services Conference in New York, and we hope to see some of you there. Finally, our fourth quarter fiscal 2025 quiet period will begin on July 18. And with that, I'll turn the call over to Rajiv. Rajiv?

我們已在投資者關係網站和收益新聞稿中盡可能提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表。Nutanix 將參加在紐約舉行的 Baird 2025 全球消費者技術與服務大會，我們希望在那裡見到你們。最後，我們的 2025 財年第四季靜默期將於 7 月 18 日開始。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 are happy to report third quarter results that came in ahead of our guidance. Against a dynamic backdrop, our results benefited from the strength of the Nutanix cloud platform, demand from businesses looking for a trusted long-term partner and go-to-market leverage from our partnerships and programs. Taking a closer look at the third quarter, we exceeded all our guided metrics. We grew our ARR 18% year-over-year to $2.14 billion and delivered strong free cash flow.

謝謝你，Rich，大家下午好。我們很高興地報告第三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 雲端平台的強大實力、尋求值得信賴的長期合作夥伴的企業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。仔細觀察第三季度，我們發現我們超越了所有指導指標。我們的 ARR 年成長 18%，達到 21.4 億美元，並實現了強勁的自由現金流。

We also saw another quarter of strong new logo growth with strength seen across all our customer segments. Our largest wins in the quarter demonstrated our ability to land and expand, which is some of the largest and most demanding organizations from the world as they look to modernize their IT footprint, including adopting hybrid multi-cloud operating models and modern applications as well as those looking for alternatives in the wake of industry M&A. A great example is a new logo and our largest land and expand win of the quarter with a Fortune Global 500 provider of technology and services based in the EMEA region. Our two-plus year engagement with this customer was catalyzed by their concerns regarding the proposed acquisition of their incumbent infrastructure supplier, which were realized subsequent to the close of that transaction. This new customer was initially looking at Nutanix as a second vendor alternative.

我們也看到新標誌又一個季度強勁成長，所有客戶群都表現出強勁勢頭。我們在本季度取得的最大勝利證明了我們獲得和擴展客戶的能力，這些客戶是世界上一些最大、要求最高的組織，他們希望實現 IT 足跡的現代化，包括採用混合多雲運營模式和現代應用程序，以及那些在行業併購後尋找替代方案的組織。一個很好的例子就是我們推出了新標識，並在本季度與位於歐洲、中東和非洲地區的財富全球 500 強技術和服務提供商達成了最大的土地和擴張協議。我們與該客戶合作了兩年多，是因為他們對擬議收購其現任基礎設施供應商的擔憂，而這些擔憂在該交易結束後得以實現。這位新客戶最初將 Nutanix 視為第二家供應商替代方案。

But further value of the Nutanix start platform as a way to modernize their existing infrastructure, and ultimately chose Nutanix to replace their entire incumbent supplier over time.

但 Nutanix 啟動平台的進一步價值在於將其作為實現現有基礎設施現代化的一種方式，並最終選擇 Nutanix 來取代其整個現任供應商。

Another good example is a seven-figure expansion we did with an EMEA-based IT solutions provider in the quarter. This customer was an early adopter of our GPT in a box, 1.0 solution along with Red Hat, OpenShift for managing Kubernetes. With this expansion, they're adopting our GPT box two solution, including Nutanix Enterprise AI while also replacing OpenShift with Nutanix Kubernetes platform. They see their enhanced platform as providing a centralized infrastructure for accelerated and scalable model deployment and influencing across different sites with initial use cases focused on information summary search as well as that agent and digital assistant solutions. Finally, a new logo win with one of the largest asset managers in the world based in North America demonstrated the value of the hybrid multi-cloud capabilities of the Nutanix start platform and our partnerships.

另一個很好的例子是，我們在本季與位於歐洲、中東和非洲地區的 IT 解決方案供應商合作完成了七位數的擴張。這位客戶是我們 GPT 盒裝 1.0 解決方案以及 Red Hat 和 OpenShift 管理 Kubernetes 的早期採用者。透過此次擴展，他們採用了我們的 GPT box two 解決方案，包括 Nutanix Enterprise AI，同時用 Nutanix Kubernetes 平台取代了 OpenShift。他們認為，增強型平台將為加速和可擴展的模型部署提供一個集中式基礎設施，並影響不同的站點，初始用例集中於資訊摘要搜尋以及代理和數位助理解決方案。最後，與總部位於北美的全球最大資產管理公司之一合作推出的新標誌證明了 Nutanix 啟動平台和我們合作夥伴關係的混合多雲功能的價值。

This customer was unhappy with the recent changes with their existing infrastructure provider and was looking for an alternative that could work across their private and public cloud estate. They purchased the Nutanix store platform, including NC2 on AWS through the AWS marketplace, appreciating the consistent management self-service and the automation it provides across private and public clouds. Earlier this month, we held our annual .NEXT conference in Washington, D.C. which drew over 5,000 . During , we made a number of announcements demonstrating our commitment to enhancing the Nutanix cloud platform and strengthening our partner ecosystem.

該客戶對其現有基礎設施供應商的最新變化感到不滿意，並正在尋找一種可以在其私有雲和公有雲領域中運作的替代方案。他們透過 AWS 市場購買了 Nutanix 商店平台，包括 AWS 上的 NC2，並對其在私有雲和公有雲中提供的一致管理自助服務和自動化功能表示讚賞。本月初，我們舉辦了年度.NEXT 會議在華盛頓特區舉行，吸引了超過 5,000 人參加。期間，我們發布了一系列公告，表明我們致力於增強 Nutanix 雲端平台和加強合作夥伴生態系統。

We demonstrated progress on our decision to enable customers to utilize their existing external storage hardware while adopting the Nutanix cloud platform powered by our AHV compute hypervisor. Our first offering supporting Dell PowerFlex became generally available at the end of April, well within our stated target of the first half of this calendar year. And during , we announced a new partnership with Pure Storage to support their flash array, an offering that is expected to be generally available by the end of this calendar year. We also continue to focus on helping customers build apps and run them anywhere. To that end, we announced we are expanding our cloud platform to support Google Cloud, which will be in early access this summer.

我們展示了我們的決定的進展，讓客戶在採用由我們的 AHV 計算虛擬機管理程序提供支援的 Nutanix 雲端平台的同時利用其現有的外部儲存硬體。我們的第一款支援 Dell PowerFlex 的產品於 4 月底全面上市，這遠遠超出了我們今年上半年的既定目標。在此期間，我們宣布與 Pure Storage 建立新的合作夥伴關係，以支持他們的快閃記憶體陣列，預計將於今年年底全面上市。我們還將繼續致力於幫助客戶建立應用程式並在任何地方運行它們。為此，我們宣布將擴展我們的雲端平台以支援 Google Cloud，該平台將於今年夏天提前開放。

We also announced a new solution, cloud-native AOS, which is about enabling modern applications to be able to use a set of highly resilient storage and data services whenever they're running, whether it's in the public cloud, in native Kubernetes substrates or bare metal. And finally, we announced general availability of a new version of Nutanix Enterprise AI, which adds a deeper integration with NMDA enterprise using their latest framework to speed the deployment of identic AI applications in the enterprise. In closing, I'm pleased with our solid Q3 results. our ongoing innovation on our cloud platform, particularly with respect to its support of modern applications and external storage and on the progress we continue to make on partnerships. We remain focused on delivering on our vision of becoming the leading platform for running apps and managing data anywhere and capturing the multiyear growth opportunity in front of us.

我們還宣布了一項新的解決方案，雲端原生 AOS，它旨在使現代應用程式能夠在運行時使用一組高度彈性的儲存和資料服務，無論是在公有雲、原生 Kubernetes 基板還是裸機中。最後，我們宣布推出新版 Nutanix Enterprise AI，它使用其最新框架與 NMDA 企業進行了更深入的集成，以加快在企業中部署相同的 AI 應用程式。最後，我對我們第三季的穩健業績感到滿意。我們在雲端平台上不斷創新，特別是在對現代應用程式和外部儲存的支援以及我們在合作夥伴關係方面不斷取得的進展。我們將繼續專注於實現我們的願景，即成為在任何地方運行應用程式和管理數據的領先平台，並抓住我們面前的多年成長機會。

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

說完這些，我就把它交給 Rukmini Sivaraman。魯克米尼？

Thank you, Rajiv, and thank you, everyone, for joining us today. I will first discuss our Q3 fiscal '25 results followed by our guidance for Q4 fiscal '25 and what that implies for our updated outlook for the full fiscal year 2025. Results in Q3 came in above the high end of our ranges across our guided metrics. In Q3, we reported quarterly revenue of $639 million higher than the guided range of $620 million to $630 million, representing a year-over-year growth rate of 22%. The ARR at the end of Q3 was $2.14 billion, representing year-over-year growth of 18%.

謝謝拉吉夫，也謝謝大家今天加入我們。我將首先討論我們 2025 財年第三季的業績，然後討論我們對 2025 財年第四季的預期，以及這對我們對 2025 財年全年的最新展望意味著什麼。第三季的結果超出了我們根據指導指標確定的範圍的高端。第三季度，我們報告的季度營收為 6.39 億美元，高於 6.2 億美元至 6.3 億美元的預期範圍，年增 22%。第三季末的ARR為21.4億美元，年增18%。

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 inpatient engagement from customers looking at us as an alternative in the wake of industry M&A and helped by more leverage from our OEM and channel partners. NRR or net dollar-based retention rate at the end of Q3 was 110% and flat quarter-over-quarter. In Q3, average contract duration was 3.1 years, slightly higher than our expectations and up slightly quarter-over-quarter. Non-GAAP gross margin in Q3 was 88.2%. Non-GAAP operating margin in Q3 was 21.5% and higher than our guided range of 17% to 18% due to slightly lower operating expenses related to timing of hiring and higher revenue.

我們繼續看到透過各種計劃吸引新客戶加入我們平台的優勢，這些計劃旨在透過來自客戶的一般住院參與來激勵新標識，這些客戶在行業併購之後將我們視為替代方案，並藉助我們的 OEM 和渠道合作夥伴的更多槓桿作用。第三季末的 NRR 或淨美元留存率為 110%，與上一季持平。第三季度，平均合約期限為 3.1 年，略高於我們的預期，且較上季略有成長。第三季非公認會計準則毛利率為88.2%。第三季非公認會計準則營業利潤率為 21.5%，高於我們預期的 17% 至 18% 的範圍，原因是與招聘時機相關的營運費用略有下降且收入增加。

Non-GAAP net income in Q3 was $125 million or fully diluted EPS of $0.42 per share based on fully diluted weighted average shares outstanding of approximately 297 million shares. A note on taxes. Historically, we calculated the non-GAAP effective tax rate by considering our sizable US net operating loss carryforwards and tax credit carryforwards. This resulted, for example, in a 6% non-GAAP tax rate for fiscal year '24.

第三季非公認會計準則淨收入為 1.25 億美元，或基於完全稀釋加權平均流通股數約 2.97 億股的完全稀釋每股收益為 0.42 美元。關於稅收的說明。從歷史上看，我們透過考慮大量的美國淨經營虧損結轉和稅收抵免結轉來計算非公認會計準則有效稅率。例如，這導致 24 財年的非 GAAP 稅率為 6%。

Going forward, we believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, better reflects our long-term tax structure and provides better consistency across reporting periods. This 20% non-GAAP tax rate is reflected in our statements starting in Q3 '25. It is important to note that we expect no meaningful change from a cash tax perspective. Our overall cash tax rate is expected to be approximately in the mid- to high single-digit percentage range of non-GAAP profit before tax for the next few years due to our net operating loss and tax credit carryforward balances. GAAP net income and fully diluted GAAP EPS in Q3 were $63 million and $0.22 per share, respectively.

展望未來，我們相信 20% 的長期預期稅率更符合非 GAAP 獲利能力衡量標準，更好地反映我們的長期稅收結構，並在報告期間提供更好的一致性。此 20% 的非 GAAP 稅率反映在我們從 25 年第三季開始的報表中。值得注意的是，我們預期從現金稅的角度來看不會發生任何有意義的變化。由於我們的淨營業虧損和稅收抵免結轉餘額，預計未來幾年我們的整體現金稅率將大約處於非公認會計準則稅前利潤的中高個位數百分比範圍內。第三季的 GAAP 淨收入和完全稀釋的 GAAP EPS 分別為 6,300 萬美元和每股 0.22 美元。

Free cash flow in Q3 was $203 million, representing a free cash flow margin of 32%. Moving to the balance sheet. We ended Q3 with cash, cash equivalents and short-term investments of $1.882 billion, up from $1.743 billion at the end of Q2. Moving to capital allocation. In Q3, we repurchased $38 million worth of common stock under our existing share repurchase authorization and used about $65 million of cash to retire shares related to our employees' tax liability for their quarterly RSU vesting.

第三季的自由現金流為 2.03 億美元，自由現金流利潤率為 32%。轉到資產負債表。截至第三季末，我們的現金、現金等價物和短期投資為 18.82 億美元，高於第二季末的 17.43 億美元。轉向資本配置。在第三季度，我們根據現有的股票回購授權回購了價值 3,800 萬美元的普通股，並使用了約 6,500 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 Q4 '25. Our guidance for Q4 is as follows: revenue of $635 million to $645 million. Non-GAAP operating margin of 15.5% to 16.5%, fully diluted weighted average shares outstanding of approximately 297 million shares. Moving to the full year. And based on that Q4 guidance, the updated guidance for fiscal year '25 is as follows: revenue of $2.52 billion to $2.53 billion, representing a year-over-year growth of approximately 17.5% at the midpoint and an increase from our previous guidance.

進入 25 年第四季。我們對第四季的預期是：營收 6.35 億美元至 6.45 億美元。非美國通用會計準則營業利益率為15.5%至16.5%，完全稀釋加權平均流通股數約為2.97億股。轉至全年。根據第四季的指引，2025 財年的最新指引如下：營收為 25.2 億美元至 25.3 億美元，年成長約 17.5%，高於我們先前的指引。

Non-GAAP operating margin of approximately 20.5%, an increase from our previous guidance Free cash flow of $700 million to $730 million, representing a free cash flow margin of approximately 28% at the midpoint and an increase from our prior guidance. I will now provide some commentary and assumptions regarding our updated guidance. First, we assume that the macro and demand environment remains similar to what we saw in Q3. We expect to continue to add new customers onto our platform, while noting that last Q4 presents a tough year-over-year comparison for new logo additions. Second, we assume aggregate average contract duration for Q4 to be more or less flat relative to Q3 and resulting in a full year contract duration that is expected to be flat to slightly higher compared to last fiscal year.

非公認會計準則營業利潤率約為 20.5%，高於我們先前的預期；自由現金流為 7 億美元至 7.3 億美元，中間值自由現金流利潤率約為 28%，高於我們先前的預期。我現在將針對我們更新的指南提供一些評論和假設。首先，我們假設宏觀和需求環境與第三季的情況類似。我們預計將繼續在我們的平台上增加新客戶，同時注意到去年第四季新標誌的增加與去年同期相比非常困難。其次，我們假設第四季的總平均合約期限與第三季基本持平，因此預計全年合約期限將與上一財年持平或略有增加。

Third, as discussed in prior earnings calls, we expect to continue to increase our investment in sales and marketing and research and development into the end of the fiscal year. These investments are directed towards addressing our large market opportunity are expected to continue to ramp in Q4 and are factored into our Q4 and implied full year guidance. In closing, we are pleased that our Q3 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. We remain committed to continued progress aligned with our stated philosophy of sustainable, profitable growth, both through durable top line growth and expanding margins.

第三，正如在先前的收益電話會議上所討論的那樣，我們預計將在本財年末繼續增加對銷售、行銷和研發的投資。這些投資旨在抓住我們龐大的市場機遇，預計將在第四季度繼續成長，併計入我們第四季和全年的預期。最後，我們很高興看到第三季的業績超出了預期範圍的上限，並提高了全年所有指標的預期。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。我們將繼續致力於繼續進步，這與我們所宣稱的可持續獲利成長理念相一致，即透過持久的收入成長和不斷擴大的利潤率。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Jim Fish, Piper Sandler.

（操作員指示）吉姆·菲什、派珀·桑德勒。

Hey guys, I appreciate the questions here. Of course, I'll kick it off with the macro question that we're all asking on all these calls. But I guess, can you just walk us through the linearity that you saw throughout the quarter and through May at this point, just given some of the tariff things back and forth, especially in the month of April. And Rajiv, separately from that, you seem to be talking up the next act of the company across platform services like managed Kubernetes. Are we seeing an improvement yet in that sort of contribution on the third wave or act whatever you want to call it, that's traditionally been a smaller part of the business.

嘿夥計們，我很感謝你們提出的問題。當然，我會從我們在所有這些電話會議上問到的宏觀問題開始。但我想，您能否向我們介紹整個季度以及整個 5 月份的線性情況，考慮到一些關稅問題的反复，尤其是在 4 月份。拉吉夫，除此之外，您似乎還在談論公司下一步在平台服務（如託管 Kubernetes）方面的舉措。我們是否看到第三波或任何你想稱呼的行為中這種貢獻有所改善，傳統上這只是業務中較小的一部分。

Yes. The three questions in there. I'll talk about macro. We can then talk about your specific question on linearity, I think Rukmini can cover that, and then I'll comment on the Kubernetes piece. So on the overall macro, Jim, it continues to be dynamic, continuing to change every day, and we've seen all these changes and recent actions from the new administration.

是的。這裡面有三個問題。我將談論宏觀。然後我們可以討論您關於線性的具體問題，我認為 Rukmini 可以回答這個問題，然後我會對 Kubernetes 部分進行評論。因此，吉姆，就整體宏觀而言，它繼續保持動態，每天都在變化，我們已經看到了新政府的所有這些變化和最近的行動。

The other related commentary on the macro is also on the federal business, right? And lot of person changes, people changing in the federal government, more additional revenues. So for us, what that's meant is somewhat longer deal cycles and some variability across our fed business. Now longer term, when you look at the Fed business, we are actually. We will be optimistic on the opportunity for this business to benefit from our platform's focus, we help people modernize and we help companies and organizations reduce so I think this is clearly a focus, and we can help the customers with this.

另一個與宏觀相關的評論也是關於聯邦事務的，對嗎？聯邦政府中有很多人員變動，額外收入也隨之增加。因此對我們來說，這意味著交易週期會更長，而且我們的聯邦業務也會有一些變化。從長遠來看，當你看美聯儲的業務時，我們實際上是這樣的。我們對這項業務從我們平台的重點中受益的機會持樂觀態度，我們幫助人們實現現代化，我們幫助公司和組織減少，所以我認為這顯然是一個重點，我們可以在這方面幫助客戶。

So we have factored some of this picture when we look at our outlook. Let me also answer the Kubernetes piece and I'll then turn it to Rukmini for linearity. So the Kubernetes piece, of course, I think at our last user conference, we really focused on becoming this platform for applications and data, both today's applications, which are all VM-based. And to all of the applications, which are more Kubernetes based and can be running anywhere. And so our whole focus on Kubernetes is about building the Kubernetes platform -- to align and provide customers a choice of VMs anywhere.

因此，當我們審視前景時，我們已經考慮到了部分這種情況。讓我也回答 Kubernetes 部分，然後我將把它轉向 Rukmini 以實現線性。因此，我認為在我們上次的使用者會議上，Kubernetes 部分確實專注於成為應用程式和資料的平台，而當今的應用程式都是基於 VM 的。對於所有應用程式來說，它們都更加基於 Kubernetes，可以在任何地方運行。因此，我們對 Kubernetes 的全部關注點在於建立 Kubernetes 平台——以便隨時隨地為客戶提供虛擬機器的選擇。

It's still pretty early days for the Kubernetes piece. We're actually quite enthusiastic about the initial progress we are seeing in terms of the product market fit that we've seen with what we've talked about. But it's still early days and the numbers and reduction are still pretty early. If you recall, we really got into this about a year ago with our acquisition of and we're building out -- we'll continue to build out this platform over the next few years. So the contribution is still small, but growing nicely.

Kubernetes 還處於早期階段。事實上，就我們所談論的產品市場契合度而言，我們對所看到的初步進展感到非常興奮。但現在還為時過早，數字和減少幅度仍處於早期階段。如果你還記得的話，我們大約在一年前就開始涉足這個領域，當時我們收購了該公司，並且正在建設中——我們將在未來幾年繼續建立這個平台。因此貢獻仍然很小，但增長良好。

Rukmini want to comment on the rest linearity.

Rukmini 想對其餘的線性進行評論。

Sure. Jim. So on a couple of things I'll add to what Rajiv said. So on linearity, look, I'll say more generally on the tariff point, Jim, we -- as a software provider, and as you know, we don't have a direct exposure to tariffs, and we haven't seen an impact from tariffs to date. I will also say that more generally, while linearity can move around from quarter-to-quarter, we haven't seen any meaningful sort of increase in pull-ins or push out more systematically over the course of Q3 other than what Rajiv alluded to, right, in terms of deal cycles lengthening and some variability with regard to the US

當然。吉姆。因此，我想對拉吉夫所說的內容做幾點補充。因此，關於線性，看，我會更籠統地談論關稅點，吉姆，我們 - 作為軟體提供商，如你所知，我們沒有直接受到關稅的影響，而且我們迄今為止還沒有看到關稅的影響。我還要說的是，更普遍的是，雖然線性可能會在各個季度之間發生變化，但除了拉吉夫提到的交易週期延長和美國市場的一些變化之外，我們在第三季度沒有看到任何有意義的拉入或更系統地推出的增長。

federal business. specifically. And as Rajiv said, I'll reiterate that overall, we are continuing to be solid demand for our solutions, and that -- but we have factored in some of this overall kind of macro uncertainty into the upgraded outlook.

聯邦事務。具體來說。正如拉吉夫所說，我要重申的是，總體而言，我們的解決方案仍然有強勁的需求，但我們在升級的前景中已經考慮到了部分整體宏觀不確定性。

(Operator Instructions) Pinjalim Bora, JPMorgan.

（操作員指令）Pinjalim Bora，摩根大通。

Great. Thank you so much for taking the questions and congrats on the solid quarter. Rajiv, now that solution is out, it seems like NCIC licensing. Any way to understand the delta between the NCIC and kind of the core standard NCI license. And I know it's early, but what are you seeing around the pipeline for that product at this point? And one follow-up, I'll just spit it out for Rukmini.

偉大的。非常感謝您回答這些問題，並祝賀本季業績穩健。拉吉夫，現在解決方案已經出來了，它看起來像是 NCIC 許可。有沒有辦法了解 NCIC 和核心標準 NCI 許可證之間的差異。我知道現在還為時過早，但您目前對該產品的進展有何看法？還有一個後續問題，我會向 Rukmini 吐露。

The operating margin guide is coming up substantially for the year. Maybe talk about what's driving that. Is there an element of timing of expenses that might have been pushed into 2026? Or are you seeing any productive improvement from kind of internal use cases? So I'm just trying to understand the sustainability of that margin levels as we go into '26.

今年的營業利益率指引將大幅調高。也許可以討論一下造成這種情況的原因。是否存在可能將支出時間延後至 2026 年的因素？或者您是否從內部用例中看到任何富有成效的改進？因此，我只是想了解進入 26 年時利潤水準的可持續性。

Yes. So Pinjalim, let me take the first part on NCIC and PowerFlex. So yes, we are happy that we were able to get it out at the end of April in line with what we talked about. We said in the first half calendar year, we were able to get it out before. Also at our conference in Washington, you heard some of the early customer feedback on that was on stage talking about how they were an early access customer for this offering.

是的。那麼 Pinjalim，讓我來談談 NCIC 和 PowerFlex 的第一部分。所以是的，我們很高興能夠按照我們談論的計劃在四月底推出它。我們說過，在上半年，我們能夠提前推出。此外，在我們華盛頓舉行的會議上，您聽到了一些早期客戶的回饋，他們在台上談論他們如何成為該產品的早期訪問客戶。

So now the way we've gone to market is now, yes, as you said, we call it NCIC and what it is, is the offering now includes basically the rest of the platform minus the storage, right? So it includes our hypervisor, includes our networking pieces, like our security microsegmentation offerings. And of course, it includes our full management suite. And what it does not include, of course, the storage because that storage piece the external component. And so that's how we priced it.

所以現在我們進入市場的方式是，是的，正如你所說，我們稱之為 NCIC，它現在提供的產品基本上包括平台的其餘部分減去存儲，對嗎？因此它包括我們的虛擬機器管理程式、我們的網路部分以及我們的安全微分段產品。當然，它包括我們的完整管理套件。當然，它不包括存儲，因為存儲部分是外部組件。這就是我們的定價方式。

We still have a standard pro-advanced type of three tiers of that licensing structure in there. Now in terms of the opportunity there, of course, PowerFlex is -- there's a limited installed base of PowerFlex, but it's at very large accounts customers like Moody's among others, where there's a large footprint of PowerFlex in those accounts. And our whole strategy with NCIC, this to platform minus the storage offering is to be able to go into those environments and get traction. So we've got -- we have some good early access feedback from our customers. The product is and so we expect to see some traction with that over the next several months.

我們仍然擁有標準的專業高級類型的三層許可結構。現在就在那裡的機會而言，當然，PowerFlex 是 - PowerFlex 的安裝基礎有限，但它在穆迪等非常大的客戶中，PowerFlex 在這些客戶中佔有很大的份額。我們與 NCIC 的整個策略，即平台減去儲存產品，是為了能夠進入這些環境並獲得牽引力。因此，我們從客戶那裡得到了一些很好的早期回饋。該產品確實如此，因此我們預計未來幾個月內會看到一些進展。

And really, I think some contribution -- a smaller contribution in FY26 in terms of actual revenue.

事實上，我認為就實際收入而言，2026 財年的貢獻較小。

I'll take the operating margin question. So you're right, we're happy with our operating margin performance in Q3 and to be able to take up the guide for the full year. And so as alluded to in my prepared remarks, in Q3, for example, I did call out timing of hiring is one of the reasons we overachieved on op margin relative to our guidance. And so yes, some of those people have been hired and will start in Q4, and you'll see that there's quite a meaningful step-up implied in the op margin guide from Q3 to Q4 because we are sort of hiring folks and expect them to start in Q4. We expect to also continue to ramp up the investments in Q4, pendulum, to your question.

我將回答營業利益率的問題。所以你說得對，我們對第三季的營業利潤率表現感到滿意，並且能夠達到全年的指導水準。正如我在準備好的演講中提到的那樣，例如在第三季度，我確實指出招聘時機是我們相對於預期實現超額營業利潤率的原因之一。是的，其中一些已經被聘用並將在第四季度開始工作，你會發現從第三季度到第四季度的營業利潤率指南中隱含著相當有意義的提升，因為我們正在招聘員工並預計他們將在第四季度開始工作。我們也希望在第四季度繼續加大投資，正如您提出的問題一樣。

And that's, of course, because we believe there's a big market opportunity here. And as we talked about before, we're investing in both sales and marketing and on the R&D line as we look to drive more innovation. And the last part of your question was around how do you think about fiscal year '26 and sustainability here. So of course, we'll guide to in in the next earnings call. What I will say though, of course, that all the folks we've hired here will be in the run rate for next fiscal year.

當然，這是因為我們相信這裡存在著巨大的市場機會。正如我們之前所討論的，我們正在對銷售、行銷和研發領域進行投資，以期推動更多創新。您問題的最後一部分是關於您如何看待 26 財年及其可持續性。因此，當然，我們將在下次收益電話會議上提供指導。當然，我要說的是，我們在這裡僱用的所有員工都將在下一個財政年度維持營運率。

And that we've had some really nice margin improvement year-over-year, and that pace is going to be hard to sustain, of course, Pinjalim, going forward. So I'll leave it there, but look, I think we're happy with the ability to drive leverage overall in the model. And as -- we've talked about those levers at a high level as being continuing improvement of -- not improvement or increase value of renewals mix as a percent of total and that will continue. We have -- we doing more productivity improvements with our sales reps, and we think there's more we can do there. And then overall, kind of prudent investments in areas where we think we can see a return.

我們的利潤率比去年同期確實有顯著提高，但 Pinjalim 表示，未來這種成長速度將很難維持。所以我就不多說了，但是看，我認為我們對模型中整體推動槓桿的能力感到滿意。而且，正如我們在高層次上討論過的，這些槓桿是持續改進，而不是改進或增加續約組合的價值佔總價值的百分比，而且這種情況將繼續下去。我們已經在進一步提高銷售代表的工作效率，而且我們認為我們可以做得更多。整體而言，我們在那些我們認為能夠獲得回報的領域中進行了謹慎的投資。

And so those are some of the areas, and you're right, there is some timing here as well, and we'd expect all of that to be in the run rate going into fiscal year '26.

這些就是其中的一些領域，您說得對，這裡也有一些時機，我們預計所有這些都會在 26 財年的運行率中體現出來。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah, thank you. So I have two questions. First, a quick one for Rukmini. Can you help us understand ARR versus revenue, just given the delta and the growth rates there? Was that a timing thing? Usually ARR growth for you guys has been above revenue growth. So that's the first question.

是的，謝謝。我有兩個問題。首先，先向 Rukmini 簡單介紹一下。僅給出差異和成長率，您能否幫助我們理解 ARR 與收入的關係？這是時間問題嗎？通常你們的 ARR 成長都高於收入成長。這是第一個問題。

Yes, Jason. So I'll start with a few things on the revenue versus ARR. So the first thing I would say is revenue, of course, is a flow metric, whereas ARR is more of a stock metric. And I think a few other things to call out. So when you think about revenue recognition for us, as you know, Jason, it's not fully ratable.

是的，傑森。因此，我將從收入與 ARR 的一些問題開始。所以我首先要說的是，收入當然是一個流量指標，而 ARR 更像是存量指標。我還認為還有一些其他的事情需要指出。因此，當您考慮我們的收入確認時，如您所知，傑森，它並不是完全可評估的。

There is a license portion that's recognized upfront and in the support and maintenance portion that recognizes more rapidly over time. Where ARR, of course, represents the annualized view of our installed base, therefore, being more of a stock metric. Now two things can affect the revenue, right? The contract duration, for example, can affect those relative growth rates because revenue is impacted by duration. So longer duration would be in a higher amount recognized upfront for license versus a shorter duration, but as ARR is agnostic of that.

有一個許可證部分是預先識別的，而支援和維護部分則會隨著時間的推移更快地識別。當然，ARR 代表了我們安裝基數的年度化觀點，因此，它更像是一個股票指標。現在有兩件事會影響收入，對嗎？例如，合約期限會影響這些相對成長率，因為收入會受到期限的影響。因此，與較短的期限相比，較長的期限意味著預先確認的許可金額更高，但 ARR 對此並不了解。

And I talked about how contract duration came a bit higher than our expectation. The other factor here is around large deals that can have delayed or phased deployment over time. also resulting in variability. I'll give you one example, a deal we've talked about before is this eight-figure ACV deal that we had booked in Q3 of fiscal year '24, so the year ago quarter. And it was built in -- we collected cash for it in a quarter later.

我談到了合約期限比我們預期的要長一些。這裡的另一個因素是大型交易可能會隨著時間的推移而延遲或分階段部署。也導致了多變性。我給你一個例子，我們之前談到的一筆交易是我們在 24 財年第三季（也就是去年同期）預訂的八位數 ACV 交易。它是內建的——我們在一個季度後就收集到了現金。

And we said then that the revenue for that transaction is going to come over time. And so for example, there's a significant chunk of that revenue from that transaction that did show up in Q3 -- now that is in both revenue and ARR, but revenue the effect is, of course, more pronounced and more lumpy on revenue given that upfront component. So overall, if we think both revenue and ARR provide useful information about our top line, and that's why we continue to provide both on a quarterly basis. But yes, that revenue number because of the license product commission can be a little more lumpy than ARR. So you could say manual view of revenue is a better measure than purely quarterly.

我們當時就說過，這筆交易的收入將會隨著時間的推移而增加。舉例來說，該交易的很大一部分收入確實出現在第三季度——現在既包括收入，也包括 ARR，但考慮到前期部分，收入的影響當然更明顯、更不均衡。因此，總的來說，如果我們認為收入和 ARR 都能提供有關我們營業收入的有用信息，那麼這就是我們繼續按季度提供這兩項信息的原因。但是，由於授權產品佣金，該收入數字可能比 ARR 更加不穩定。因此，您可以說手動查看收入比單純按季度查看收入更好。

Okay. Great. And then, Rajiv, VMware historically did really well with Tier 2 cloud service providers and MSPs as basically a cloud computing platform for those for those companies. We've heard some of those partners are not thrilled with the new licensing. And so I was just hoping you could comment on any progress you guys are seeing with these types of accounts. Is it a target type of account for you? Or are you more focused just on the kind of larger enterprise?

好的。偉大的。然後，Rajiv，VMware 歷來與二級雲端服務供應商和 MSP 合作非常順利，基本上作為這些公司的雲端運算平台。我們聽說有些合作夥伴對新的許可並不滿意。所以我只是希望您能對您看到的這些類型的帳戶的任何進展發表評論。這是您的目標帳戶類型嗎？還是您更關注的是大型企業？

Yes, Jason, that's a very good and appropriate question, actually. Because for us, the cloud service provider or managed service providers, the CSP MSP market historically had not been a big focus area for us because we were just focused on working directly with our customers. Now we do think that, that market actually for us, represents a significant opportunity given the big vacuum that's out there now with VMware, as you said, making some of the changes to their licensing model. And so our business with the CSPs and MSPs, while still early, is growing. So we've introduced specific programs for the CSPs and MSPs and in terms of their -- and we've actually added some resources both in the field and centrally to focus on those we are adding also some product capabilities to enable the service providers to deliver multi-tenant offerings.

是的，傑森，這實際上是一個非常好且恰當的問題。因為對於我們這些雲端服務供應商或主機服務供應商來說，CSP MSP 市場歷來不是我們關注的重點領域，因為我們只專注於直接與客戶合作。現在我們確實認為，對我們來說，這個市場實際上代表著一個重大機遇，因為現在存在著巨大的市場真空，正如您所說，VMware 對其許可模式進行了一些改變。因此，我們與 CSP 和 MSP 的業務雖然還處於早期階段，但正在成長。因此，我們為 CSP 和 MSP 引入了特定的程序，就他們而言 - 我們實際上在現場和中心都增加了一些資源，以專注於這些資源，我們還增加了一些產品功能，以使服務提供者能夠提供多租戶產品。

And also, there's another interesting dynamic that's starting to emerge now around sovereign clouds and some of the CSPs, like OVH in Europe that we work with -- are also emerging as building these local sovereign clouds for countries. So all of these represent, in my view, a good opportunity for us to have another route to market and get more leverage. And so we are now starting to focus, like I said, in making additional investments in this space. Early days, but that business is small right now but expecting to grow.

此外，現在圍繞著主權雲出現了另一個有趣的動態，一些 CSP（例如我們合作的歐洲 OVH）也正在為各國建立這些本地主權雲。因此，我認為所有這些都為我們開闢另一條市場途徑並獲得更多槓桿提供了良好的機會。因此，正如我所說，我們現在開始專注於在這個領域進行額外投資。雖然還處於早期階段，但目前業務規模較小，但有望成長。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. Maybe a couple of questions for me. Just traction that you guys are having kind of with the Dell and Cisco channel partners that you kind of added last year? Just kind of any update on where you're seeing kind of the most traction there. And then next, maybe if you could kind of give some commentary of at your next conference what kind of were the highest just where you were seeing the most activity or customer requests for kind of additional development.

太好了，謝謝。也許我有幾個問題。你們與去年增加的戴爾和思科通路合作夥伴之間有何關聯？您能否提供一些關於您認為最有吸引力的地方的最新消息？接下來，也許您可以在下次會議上發表一些評論，說明您看到最多活動或客戶對額外開發提出最多要求的地方是什麼。

Okay thank you, Meta. So first, let me comment on Dell and Cisco. So first, I think Cisco is a little further along than that because we've had the relationship with them a little longer. There have been a consistent contributor to our new logo growth. And I mean, it's still a minority contribution, but a steady contribution to our new logo growth. Cisco is, again, they have a very broad footprint.

好的，謝謝你，Meta。首先，讓我評論一下戴爾和思科。首先，我認為思科在這方面走得更遠一些，因為我們與他們的關係更長久一些。一直以來，都有一位人士為我們的新標誌的成長做出貢獻。我的意思是，這仍然是少數人的貢獻，但對我們新標誌的成長做出了穩定的貢獻。思科再次重申，他們的業務範圍非常廣泛。

And the customers that we are winning with them cover the gamut, they cover large customers, they cover federal customers, they cover smaller customers. They're -- Cisco is quite strong in state and local education as well. So it's a pretty broad spectrum across the board, domestic and international. -- from Cisco. The Dell relationship is a bit earlier.

我們贏得的客戶範圍很廣，包括大客戶、聯邦客戶和小客戶。思科在州和地方教育方面也相當強大。因此，它涉及範圍相當廣泛，涵蓋國內和國際。 ——來自思科。與戴爾的合作關係開始得更早一些。

In the life cycle, there's two parts to it. There is the HCI component where Dell resell our Asia platform, that's been in the market for a couple of quarters. But I would say that, that's one of many solutions that Dell sells. They obviously would lead with their own external storage solutions first and offer up our HCI solution only customers and interest in HCI. But then the second part of the offering, which is PowerFlex.

生命週期分為兩個部分。戴爾轉售我們的亞洲平台的 HCI 組件，該組件已在市場上銷售了幾個季度。但我想說，這是戴爾銷售的眾多解決方案之一。他們顯然會先推出自己的外部儲存解決方案，然後才向對 HCI 感興趣的客戶提供我們的 HCI 解決方案。但接下來是產品的第二部分，也就是 PowerFlex。

Our solution with PowerFlex, I mean that's very much aligned with Dell selling completely. And so we are -- now that the product is in the market. We are engaging with a large PowerFlex accounts. You heard from one of them at at next. So that's, I think, going along well.

我們的 PowerFlex 解決方案與戴爾的銷售完全一致。現在產品已經上市了。我們正在與大型 PowerFlex 客戶合作。接下來您將聽到其中一位的聲音。所以我認為一切進展順利。

But it's still -- since the product is just generally available, it's going to take some time for that revenue to build up. Now in terms of Next, I thought it was a very good show for us. We have 5,000 per certainties. We had a good -- I would say one of the big things for me was also seeing the partner sponsorships grow. Two years ago, we had about 25 partners sponsoring us at the show.

但由於該產品才剛上市，因此仍需要一段時間才能累積收入。現在就 Next 而言，我認為這對我們來說是一場非常精彩的演出。我們有 5,000 個確定性。我們有一個好的——我想說對我來說最重要的事情之一就是看到合作夥伴贊助的成長。兩年前，我們在展會上有大約 25 個合作夥伴贊助我們。

And then this year, we had 86 partners. So that's pretty good growth. And it's a testimony to the broader ecosystem that's building around us. Now on your question around customer requests, I would say, clearly, our customers would like us to support every external storage array that's out there. They want to see how we can make migrations as easy as possible for them.

今年，我們有 86 個合作夥伴。所以這是相當不錯的成長。這也證明了我們周圍正在建立更廣泛的生態系統。現在關於您關於客戶要求的問題，我想說，很明顯，我們的客戶希望我們支援現有的每個外部儲存陣列。他們想了解我們如何讓他們的遷移盡可能簡單。

And there were many customers who talked about a migration experience moving from VMware to Nutanix at the conference. So I would say enabling a broader use case for our platform, supporting external storage they have good traction around modern applications in terms of future direction for many of these customers that were there. So I think those are one of the big things for us, operating across a hybrid multi-cloud environment, I think the simplicity. And then specifically, given Washington DC, there was a fair bit of interest also in in us being able to work in air gap or secure environment. And we saw some examples of mission-critical deployments like the US

會議上有很多客戶談到了從 VMware 遷移到 Nutanix 的經驗。因此我想說，為我們的平台提供更廣泛的用例，支援外部存儲，它們在未來方向上對現代應用程式具有良好的吸引力，這對於許多客戶來說都是如此。所以我認為這對我們來說是一件大事，在混合多雲環境中操作，我認為很簡單。然後具體來說，考慮到華盛頓特區，我們對能夠在氣隙或安全環境中工作也有相當大的興趣。我們看到了一些關鍵任務部署的例子，例如美國

may be talked about how they're using us on some of their ships. So some of these need to be air gap, some of these B secure environments and some of the capabilities that we're bringing on the product also for those environments are helpful, too.

可能會談論他們如何在一些船上使用我們。因此，其中一些需要是空氣間隙，其中一些 B 安全環境以及我們在產品上為這些環境帶來的一些功能也是有幫助的。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi, thanks. It's Ruplu filling in for today. I have two questions, one for Rajiv and one for Rukmini. Rajiv, can you talk about the pricing environment? And in fiscal 3Q, can you talk about any share gains and competitive wins versus VMware. It sounded last couple of quarters that Nutanix was gaining some traction in terms of gaining VMware customers.

你好，謝謝。今天由 Ruplu 替補。我有兩個問題，一個問拉吉夫，一個問魯克米尼。拉吉夫，您能談談定價環境嗎？在第三財季，您能否談談與 VMware 相比的份額成長和競爭優勢？過去幾個季度，Nutanix 在贏得 VMware 客戶方面取得了一些進展。

So how did that track in fiscal 3Q? And then Rukmini I'll ask your question at the same time. Can you give us some commentary on how the renewals business did versus land and expand? Maybe talk about the pipeline of large deals and available to renew pool and in years past, you've had some pull-in of renewals. Any chance that, that is happening this year as well?

那麼第三財季的業績表現如何？然後，Rukmini，我會同時問你的問題。您能否就續約業務與登陸和擴張業務的表現給我們一些評論？也許可以談論大型交易的管道和可供續約的資金池，並且在過去幾年中，您已經獲得了一些續約。今年也有可能發生這種情況嗎？

I mean how are things trending? If you can give us any color on these points.

我的意思是事情的趨勢如何？如果您能就這些觀點給我們一些說明。

All right, good questions. And so first, I'll share gains and pricing environment. Look, I think perhaps the simplest indicator of our traction is in terms of share is perhaps the number of new customers joining us every quarter, right? And again, this quarter was a strong quarter for new logos. We had about, I think, 620 or so.

好的，好問題。首先，我將分享收益和定價環境。看，我認為也許我們吸引力最簡單的指標是份額，也許是每季加入我們的新客戶數量，對嗎？再次，本季是新標誌表現強勁的一個季度。我認為我們大約有 620 人左右。

And what's also changing is the adoption, the high-provider adoption. More and more of these customers are starting their journey with the hypervisor. This is certainly not the case five years ago. In fact, where more customers were, at that point, consuming our storage along with VMS hypervisor. But these days, all the new logo customers, the vast majority of them are starting their journey with our own hypervisor.

同樣變化的還有採用率，即高提供者採用率。越來越多的客戶開始使用虛擬機器管理程式。五年前的情況肯定不是這樣的。事實上，當時有更多的客戶在使用我們的儲存和 VMS 虛擬機器管理程式。但如今，所有新標誌客戶，絕大多數都是使用我們自己的虛擬機器管理程式開始他們的旅程。

And we'll give you some examples during our prepared remarks, we've talked about winning some large customers as well as smaller customers. So these logos are actually across the spectrum of pretty large Global 2000 tech accounts, but also smaller accounts around the world. The pricing environment has been fairly stable. I think we've seen the competitive pricing fairly pushing customers to adopt BCF, the full VMware stack. And we have a more a la carte approach providing what customers want.

我們將在準備好的演講中為您提供一些例子，我們談到如何贏得一些大客戶以及小客戶。因此，這些標誌實際上涵蓋了全球 2000 強科技巨頭的帳戶，也涵蓋了世界各地的小型帳戶。定價環境相當穩定。我認為我們已經看到有競爭力的定價公平地推動客戶採用 BCF，即完整的 VMware 堆疊。我們採用更個人化的方式提供客戶所需的一切。

And they can buy what they want to consume what they want on a very flexible term from us. So we haven't really seen any big changes from a pricing environment perspective.

他們可以從我們這裡以非常靈活的方式購買他們想要的東西、消費他們想要的東西。因此，從定價環境的角度來看，我們並沒有看到任何重大變化。

I'll take your second part of your question. on -- for Q3 specifically, we saw good strength in landing new logos as I think Botajivand I mentioned in our prepared remarks, that new logo growth was, again, really strong. I did mention that in Q4, the comparisons start to get harder because last Q4 was -- is when we sort of started to see this base traction with new logos. So happy with that. Expansion was good in Q3 and were solid as well in Q3.

我來回答你問題的第二部分。具體來說，對於第三季度，我們看到了新標誌的強勁增長，正如我在準備好的發言中提到的 Botajivand 所說，新標誌的增長再次非常強勁。我確實提到過，在第四季度，比較開始變得更加困難，因為去年第四季是我們開始看到新標誌的基本吸引力的時候。我對此非常高興。第三季的擴張情況良好，而且也很穩健。

Then I think the second part of your question was around pipeline, what we're seeing with regard to large deals and perhaps available to a new pool. Ruplu on the large deal pipeline, we continue to see a greater mix of larger deals in our pipeline. We've talked about that in the past, and that continues to be the case. And look, we think that will continue to cause some variability from quarter-to-quarter as those deals land. And those are also the ones where we can see occasionally more, say, request for deployment over time, for example, like that example I gave earlier of the eight-figure ACV deal from last year.

然後我認為你問題的第二部分是關於管道的，我們看到的關於大額交易的情況以及可能對新資金池有用的信息。Ruplu 在大型交易管道上，我們繼續看到我們的管道中大型交易的組合更加多樣化。我們過去曾討論過這個問題，現在仍然如此。而且，我們認為，隨著這些交易的達成，這將繼續導致季度間出現一些變化。而且我們偶爾也能看到更多這樣的請求，比如說，隨著時間的推移，對部署的請求，例如我之前給出的去年八位數 ACV 交易的例子。

So we do see that from time to time, and we expect that those will continue in those really large transactions because customers in those instances are willing to make a large upfront commitment. And it's reasonable that they can only consume it, not all at once, but over time. So we're willing to structure transactions in that way. So that's on the large deal side. And then on the available to the new pool, look, I would say that's a number that we have a fairly good visibility on at the start of the year.

因此，我們確實會不時看到這種情況，我們預計這種情況將在那些真正大額的交易中繼續下去，因為在這種情況下，客戶願意做出大筆的前期承諾。而且他們只能消耗它，不是一次性消耗完，而是隨著時間的推移，這是合理的。所以我們願意以這種方式來建構交易。這就是大宗交易方面的事。然後，關於新池的可用資源，我想說，這是我們在年初就能夠很好地預見的數字。

There are some timing differences, some come in earnings, for example, yes, that I think will continue to be the case. And as we've said in the past, we certainly welcome a customer willing to renew early as long as the economics are favorable because it's a commitment that they're willing to make with us earlier. And of course, we welcome that. And in the ATR number, as you said, will continue to grow. As you can imagine, though, that as that ATR base gets larger and larger, the growth rate of that and naturally, just numbers will grow slower, but it is expected to continue to grow here as we add more land and expand each year and that ATR grows over time.

存在一些時間差異，例如，有些來自收益，是的，我認為這種情況會持續下去。正如我們過去所說的那樣，只要經濟狀況良好，我們當然歡迎願意提前續約的客戶，因為這是他們願意提前向我們做出的承諾。當然，我們對此表示歡迎。正如您所說，ATR 數字將繼續增長。不過，你可以想像，隨著 ATR 基數越來越大，其增長率以及自然數量的增長將會放緩，但隨著我們每年增加土地並擴大規模，以及 ATR 隨著時間的推移而增長，預計它將繼續增長。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the questions here. Just to cycle back to the competitive displacements in the VMware Broadcom. Curious, as you guys continue to monitor these deals in your pipeline, is that cohort of deals exhibiting any different behavior versus broader Nutanix pipeline as it pertains to tariffs or the economic uncertainty out there? Or is the -- are deals progressing at a quasi-similar rate? I'm just interested in if you could unpackage that a little bit?

嘿夥計們，感謝你們在這裡回答問題。回到 VMware Broadcom 中的競爭位移。好奇的是，當你們繼續監控你們管道中的這些交易時，這批交易與更廣泛的 Nutanix 管道相比，在關稅或經濟不確定性方面表現出什麼不同的行為嗎？或者——交易是否以類似的速度進展？我只是想知道您是否可以稍微解釋一下這一點？

Yes. I think the first -- Mike, it's a good question. But first of all, it's very difficult for us to separate these deals. It's not one versus the other, right? I mean we don't have clear sort of delineation between just, hey, this is a VMware displacement opportunity versus a business as usual type B because in every deal, we are against competition.

是的。我認為第一個——麥克，這是一個很好的問題。但首先，我們很難將這些交易分開。這不是一方對抗另一方，對嗎？我的意思是，我們沒有明確區分“嘿，這是一個 VMware 替代機會”和“照常的 B 類業務”，因為在每筆交易中，我們都反對競爭。

So it's hard for us to really discriminate across these two deals. But I would say we haven't seen any substantial different behavioral patterns, I think. I will say that on location, we've seen I mean it depends depending on the customer, and it's kind of more anecdotal than broad based. There are some customers who say, absolutely, I want to get out of VMware Broadcom. And so those customers tend to be more motivated and progressing the deal forward at a more rapid clip and with some sense of urgency.

因此我們很難真正區分這兩筆交易。但我想說的是，我們還沒有看到任何實質的不同行為模式。我想說的是，就地點而言，我們已經看到，這取決於客戶，而且它更多的是基於軼事而不是廣泛的。有些客戶說，我絕對想擺脫 VMware Broadcom。因此，這些客戶往往更有動力，以更快的速度和緊迫感推動交易。

And so I would say that could potentially, in some ways, independent of the macro and the rest of the macro situation happening. But we -- I think these are all to conflated for us for us to really extract separate meaningful observations. Rukmini, do you want to add anything to this?

因此我想說，從某種程度上來說，這可能與宏觀經濟和其他宏觀情勢的發生無關。但是我們——我認為這些都是混淆的，我們無法真正提取出單獨的有意義的觀察。Rukmini，你還有什麼要補充的嗎？

The one thing I'd add, I think, is Mike, your part of your question was, is there any different behavior with respect to tariffs or macro specifically, Mike? And I want to . With respect to tariffs, again, as a software provider, we don't have any direct exposure to tariffs and haven't seen an impact to date, Mike. And look, the broader matter uncertainty is out there, as Rajiv said, that's sort of intertwined with some other specific situations that our prospects and customers are dealing with. And we factored through all of that as we talk about our updated guidance, Mike.

我想補充一點，麥克，你的問題是，在關稅或宏觀方面是否有任何不同的行為，麥克？我想。關於關稅，作為軟體供應商，我們不會直接受到關稅影響，而且迄今為止也沒有看到影響，麥克。而且，正如拉吉夫所說，更廣泛的不確定性問題存在，這與我們的潛在客戶和客戶正在處理的一些其他具體情況交織在一起。麥克，我們在討論更新後的指導方針時已經考慮到了所有這些因素。

For both of you on that response. And then just a quick follow-up with Rukmini. I know that we cited the timing of the hiring, if I come back to the question that Pinjalim got at. I just want to make sure I'm clear here. So is there an expectation that during this fiscal year, we will have caught up from a hiring standpoint?

對於你們兩位的回應。然後我們快速跟進一下 Rukmini 的情況。如果我回到 Pinjalim 提出的問題，我知道我們提到了招募的時間。我只是想確保我在這裡說清楚了。那麼，我們是否預期在本財年，從招募角度來看，我們會趕上呢？

Well, I would say, look, we are hiring to our plan for this fiscal year. There's been some timing changes I alluded to, between sort of Q3 and some of those folks being hired but starting in Q4. And so that is the intent, Mike, right? So the team -- teams are all have been given out their plans and they're all hiring as rapidly as they can to bring in the right people aboard. So we're certainly driving towards that.

嗯，我想說，看，我們正在按照本財政年度的計劃招聘員工。我提到過一些時間上的變化，大概是在第三季和一些被聘用但從第四季開始的人之間。這就是目的嗎，麥克，對吧？因此，所有團隊都已製定了計劃，並且都在盡快招募合適的人才。所以我們肯定會朝著這個目標努力。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you and congrats on the strong results, profitability and the guidance on the profitability as well done. On the ARR results, statistically the incremental ARR, which was about flat year-over-year. How would you characterize that relative to your expectations at your Q2 earnings call. And I do know that you don't guide to it, but not also that maybe you can at least discuss how it performed relative to your expectations?

是的，謝謝，並祝賀您取得的強勁業績、盈利能力以及盈利指導。從 ARR 結果來看，從統計上看，增量 ARR 與去年同期基本持平。相對於您在第二季財報電話會議上的預期，您如何描述這一點？我確實知道您沒有對此進行指導，但也許您至少可以討論一下它相對於您的預期表現如何？

Thank you for the question. So as you rightly said, we don't guide to ARR auto net new ARR. And so what I would say is we're happy to sort of see our net NRR, net dollar base retention rate stable at 10%. That, of course, is hard to compare directly to net new ARR. I think the number you're referencing is a quarter-over-quarter incremental ARR NRR, which is more which is more sort of a year number, right?

謝謝你的提問。因此，正如您所說，我們不會指導 ARR 自動淨增加新 ARR。所以我想說的是，我們很高興看到我們的淨 NRR，即淨美元基礎留存率穩定在 10%。當然，這很難與淨新 ARR 直接進行比較。我認為您所引用的數字是季度環比增量 ARR NRR，這更像是年度數字，對嗎？

So yes, so we don't really comment on net new ARR, we don't guide to it, but I would say we're overall happy with our outperformance exceeding our expectations and our guidance on both revenue and free cash flow for the quarter and to be able to raise all guided metrics for the full fiscal year.

是的，我們實際上並不評論淨新 ARR，我們也不對其進行指導，但我想說，我們總體上對我們的優異表現感到滿意，超出了我們的預期，並且我們對本季度的收入和自由現金流的指導以及能夠提高整個財政年度的所有指導指標。

Okay. Great. And then why didn't service revenue go down to $1 million Q-over-Q, was there a lot of reduction in the number of days in the quarter so broadcast?

好的。偉大的。那麼，為什麼服務收入沒有環比下降到 100 萬美元，是不是本季播出的天數減少了很多？

You mean Professional Services revenue, Nihal, was that your question?

您的意思是專業服務收入，Nihal，這是您的問題嗎？

No, the maintenance and entitlements of service revenue.

不，是維護和服務收入的權利。

Yes. So product versus support and entitlements. Is that the question?

是的。因此產品與支援和權利有關。這是問題嗎？

Yes, correct.

是的，正確。

Okay. Yes. So look, support actually, I think, grew year-over-year. It grew at a slower pace maybe than you folks are used to see. I wouldn't card anything unusual there that, as you know, that support line item really comes off the balance sheet of the deferred revenue balance on a schedule.

好的。是的。所以，我認為支持實際上逐年成長。它的增長速度可能比你們通常看到的要慢。我不會在那裡記錄任何不尋常的事情，正如你所知，該支援項目實際上是按計劃從遞延收入餘額的資產負債表中刪除的。

So it's not really reflective of anything. There is some -- the old model. We have some life device licenses that are still under support and some of those can move around quarter-to-quarter. So that had a small impact there for Q3 as well, Nehal, you can see product revenue grew really nicely actually in the quarter. And part of that reason for that is this large deal that I talked about, which had a significant revenue recognition in Q3.

所以它實際上並不能反映任何東西。有一些——舊模型。我們有一些仍在支援中的生命設備許可證，其中一些可以按季度移動。因此，這對第三季也產生了一點影響，Nehal，您可以看到本季產品收入實際上成長得很好。部分原因在於我談到的這筆大交易，該交易在第三季獲得了可觀的收入確認。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Hey guys, this is Deon from Matt Hedberg. Thanks for the question and congrats on another great quarter. Just one for me. I wanted to touch back on partnerships. Could you double-click on the progress with Dell and Cisco and other conversations with OEMs that you're having as you think about broadening these partnerships?

大家好，我是 Matt Hedberg 的 Deon。感謝您的提問，並祝賀您又一個出色的季度。對我來說只有一個。我想再次談合作關係。在考慮擴大這些合作關係時，您能否詳細介紹一下與戴爾、思科以及其他 OEM 廠商的對話進度？

And how should we think about contribution ramping into the second half of calendar year 2025 and into 2026

我們該如何看待 2025 年下半年和 2026 年的貢獻成長

Yes. I think Rukmini, you can help me on the numbers as well. But I think, first of all, I think we continue to focus on expanding our partner ecosystem. And you have to look at them in terms of -- there's multiple aspects when it comes to partner. There's the strategic partners like Cisco, Dell and Pure that you talked about.

是的。我認為 Rukmini，你也可以在數字方面幫助我。但我認為，首先，我們將繼續專注於擴大我們的合作夥伴生態系統。你必須從多個角度來看待它們——當涉及合作夥伴時，有多個方面。其中有您提到的思科、戴爾和 Pure 等策略夥伴。

And some of them actually are also go-to-market partners in the sense that they're reselling our products. So Cisco and Dell are reselling our product. We haven't talked specifics about Pure, the solution is not out yet, but at the end of the year. So until then, we'll have to wait. Cisco has been in the market for a while.

他們中的一些人實際上也是市場合作夥伴，因為他們轉售我們的產品。因此思科和戴爾正在轉售我們的產品。我們還沒有談論有關 Pure 的具體細節，解決方案還沒有出來，但會在年底推出。所以在那之前，我們必須等待。思科已進入該市場一段時間了。

They continue to ramp. They continue to deliver new logos to us. And again, we are focused on incremental business with these folks. Dell has been -- the first part of the Dell solution has been in the market for a couple of quarters. But again, that's not the solution that they tend to favor, right?

他們繼續攀升。他們不斷向我們提供新的標誌。再次強調，我們專注於與這些人進行增量業務。戴爾——戴爾解決方案的第一部分已經上市幾個季度了。但這並不是他們傾向於支持的解決方案，對嗎？

They'll sell their own solution with external storage first before they fell Nutanix HCI solution. Now that we also have an external storage solution, part two of that offering with Dell, which is the PowerFlex. So there, again, the solution is just arrived in market. We are in trials and early engagements with many customers. And so we are seeing -- it's early days, and we expect to see some revenue from that in FY26.

在推出 Nutanix HCI 解決方案之前，他們會先出售自己的外部儲存的解決方案。現在我們還有外部儲存解決方案，這是戴爾提供的第二部分，即 PowerFlex。所以，解決方案剛剛出現在市場上。我們正在與許多客戶進行試驗和早期合作。所以我們看到 - 現在還處於早期階段，我們預計在 26 財年會看到一些收入。

And of course, over time, we do expect to broaden and support more of the storage array partners. And we will talk about those in future calls at some point.

當然，隨著時間的推移，我們確實希望擴大並支援更多的儲存陣列合作夥伴。我們將在未來的電話會議中討論這些問題。

Ben Bollin, Cleveland Research Company.

克利夫蘭研究公司的 Ben Bollin。

Thank you. Good afternoon, everyone. I appreciate you taking the question. Rajiv, I wanted to start big picture. When you think about the discussions you're having with customers around these investments, -- how do you think their thoughts are evolving around traditional three-tier versus HCI? Have you seen any notable changes, more willingness to migrate? Just any big picture thoughts. And then a follow-up would be back in '23 prior to the VMware acquisition, it did seem like there was a large number of customers pulling forward renewals.

謝謝。大家下午好。感謝您回答這個問題。拉吉夫，我想開始描繪大局。當您考慮與客戶就這些投資進行的討論時——您認為他們的想法是如何圍繞傳統三層與 HCI 演變的？您是否看到任何顯著的變化，移民意願增強了？只是任何宏觀的想法。然後，在 23 年 VMware 收購之前，似乎確實有大量客戶提前續約。

Curious if you're seeing any top of funnel opportunities from those customers as they approach three-year milestones and what that might look like for visibility on a go-forward basis?

您是否好奇，當這些客戶接近三年里程碑時，您是否看到了他們身上的任何漏斗頂部機會，以及這些機會在未來的可見性方面會是什麼樣子？

Yes, both good questions, Ben. I think on the first one, we haven't really seen a big change in terms of the three-tier storage storage versus HCI. We fundamentally still believe that HCI is the best way to build a private cloud foundation and a hybrid cloud foundation for our customers. But there is still a huge installed base, right? If you look at the market overall, perhaps 20% of the addressable market is HCI today.

是的，這兩個問題都問得很好，本。我認為就第一個問題而言，我們還沒有真正看到三層儲存與 HCI 方面的巨大變化。我們從根本上仍然相信HCI是為客戶建立私有雲基礎和混合雲基礎的最佳方式。但仍有龐大的安裝基礎，對嗎？如果從整體來看市場，目前可尋址市場的 20% 可能屬於 HCI。

and the rest are still sitting at three tier. And we will continue to grow into the three-tier market and convert some of those customers over time, and we laid this out at our last Investor Day almost on a work-by-work cloud basis. Now that said, there's still a very large installed base of three-tier storage out there. And it will -- it's going to be a long, long while before all of that stuff migrates or it may never migrate. And so that's really the reason why, from our perspective, it makes sense to go broader.

其餘的仍位於三層。我們將繼續向三級市場發展，並隨著時間的推移轉化部分客戶，我們在上一次投資者日上幾乎逐一闡述了這一點。話雖如此，市場上仍有大量的三層儲存安裝基礎。而且所有這些東西遷移還需要很長很長的時間，或者可能永遠無法遷移。因此，從我們的角度來看，擴大範圍才是真正有意義的。

And think of ourselves that are not just a provider anymore, but now a platform company. And as a platform, you support a broad ecosystem around you. So you can have -- we have Excel storage or you can have our own storage. And so we now let the customer decide. And we still say, look, if you want to go to HCI, you're going to get significant TCO benefits compared with 3D solution, but we'd like to use a CTS solution.

想想我們自己，我們不再只是一個供應商，而是一個平台公司。作為一個平台，您支援周圍廣泛的生態系統。因此，您可以擁有——我們有 Excel 存儲，或者您可以擁有我們自己的存儲。所以我們現在讓客戶來決定。我們仍然說，看，如果你想採用 HCI，與 3D 解決方案相比，你將獲得顯著的 TCO 優勢，但我們希望使用 CTS 解決方案。

Here the rest of our cloud platform stands the storage piece, and we'll still give you the best experience when it comes to hybrid cloud offering and a hypervisor option alternative for VMware. So that's the thinking when it comes to HCI and three-tier storage for us. Now in terms of the VMware dynamic on renewals, Yes, we appoint a lot of customers did place three years, in fact, some did two years, some did five years with VMware as soon as they heard about the acquisition or around the time the acquisition was announced or as it started getting to be closed. And I would say that's, again, all of those customers that those renewals are coming up now, let's say, this year or next year, you can group them into -- but that's two buckets, right? The first bucket on the set of customers that did say, you know what, I am actively going to migrate out and put places take steps to do that and be out of there.

我們的雲端平台的其餘部分是儲存部分，當涉及混合雲產品和 VMware 的虛擬機器管理程序選項替代方案時，我們仍將為您提供最佳體驗。這就是我們對 HCI 和三層儲存的想法。現在就 VMware 的續約動態而言，是的，我們指定許多客戶在聽說收購消息後或在收購宣佈時或收購即將完成時與 VMware 簽訂了三年、兩年或五年的協議。我想說的是，所有這些即將續約的客戶，比如說今年或明年，你可以將他們分組——但這是兩個類別，對嗎？第一批客戶確實說過，你知道嗎，我要積極地遷出，並採取措施做到這一點，然後離開那裡。

And in fact, we've had several customers like that who did renew who had bought themselves some window of time and then embark on a migration with us. And in fact, we've talked about some of those on prior calls, we talked about a large North American insurance companies that's been doing this and has a plan to -- they're almost out of their dependence on VMware, right? And they've been doing the migration pretty actively. And we've seen that with some of the other customers who have been public about their stories there, too. Now at the same time, there was also a set of customers that did not move.

事實上，我們已經有幾個這樣的客戶，他們確實續約了，為自己爭取了一些時間，然後與我們一起開始遷移。事實上，我們在之前的電話會議上討論過其中的一些問題，我們談到了一家大型北美保險公司一直在這樣做，並且有一個計劃——他們幾乎擺脫了對 VMware 的依賴，對吧？他們一直在非常積極地進行遷移。我們也看到其他一些顧客公開講述了他們的故事。現在同時，還有一組顧客沒有動。

And for that customer, now they're looking at another renewal that they probably have to renew. And what we see is the sense we see is for those people who are not ready, they are increasingly saying, okay, boy, I think I hope this is my last renewal and I can do something about not being dependent again, say, three years now. So we are seeing quite a bit of variety and variations across customers, depending on how they approach approaches, which is why we've always characterized this, Ben, as a multiyear opportunity, right? This is not going to be just one cohort after the other cohort, it's just going to be a gradual opportunity because there's customers at many different stages in their journeys.

對於該客戶，現在他們正在考慮可能必須進行另一次續約。我們看到的是，對於那些還沒準備好的人來說，他們越來越多地說，好吧，孩子，我想我希望這是我最後一次更新，我可以做些事情不再依賴，比如說，三年了。因此，我們看到客戶之間存在相當多的多樣性和差異，這取決於他們採用何種方法，這就是為什麼我們一直將此描述為一個多年的機遇，對嗎？這不會只是一個接一個的群體，而是一個漸進的機會，因為客戶處於旅程的許多不同階段。

Mehdi Hosseini, Susquehanna Financial Group.

薩斯奎漢納金融集團的 Mehdi Hosseini。

Yes, so thanks for taking my question. This is for the team. As you think about ARR, especially over the next year or two, at what point should we assume there will be increased diversification of products, especially as we move from HCI to multi-cloud. And as part of that question, would would ARR growth be driven by new logos or would existing customers be the first adopters of additional products, especially as we migrate to AI inferencing? And I have a follow-up.

是的，感謝您回答我的問題。這是為了團隊。當您考慮 ARR 時，尤其是在未來一兩年內，我們應該在什麼時候假設產品多樣化會增加，尤其是當我們從 HCI 轉向多雲時。作為該問題的一部分，ARR 成長是否會由新標誌推動，或者現有客戶是否會成為附加產品的首批採用者，特別是當我們遷移到 AI 推理時？我還有一個後續問題。

Yes. I think it's a very broad question there, maybe. And I'll try to pass some pieces of it, and hopefully, you can help as well. So first of all, I mean, we do have a product portfolio today. It's a full product platform.

是的。我認為這可能是一個非常廣泛的問題。我會嘗試傳遞其中的一些內容，希望您也能提供協助。首先，我的意思是，我們今天確實有一個產品組合。這是一個完整的產品平台。

But again, it can be -- you can consume it from a cloud infrastructure perspective, we have to management and add-ons that our customers can consume unified storage, which is also an add-on and then our database platform. And then now we have our modern app platform and our AI solution. So these are all -- so we already have a portfolio of products. Of course, the bulk of our business today is still coming from the core. And -- but we are seeing, for example, good attach with our cloud management solutions.

但同樣，它可以是 - 您可以從雲端基礎設施的角度使用它，我們必須管理和附加元件，我們的客戶可以使用統一存儲，這也是一個附加元件，然後是我們的資料庫平台。現在我們有了現代應用平台和人工智慧解決方案。這些都是——我們已經有了一系列產品。當然，我們今天的大部分業務仍然來自核心業務。而且 — — 但我們看到，例如，我們的雲端管理解決方案具有良好的依附性。

And with some of the other elements of our portfolio that are still early. So for example, our hybrid cloud solutions are still early, modern applications is still fairly early. And over time, I think we do expect those portions of the portfolio to build up and be additive and be growth additive on top of our -- the rest of our core as well. Now in terms of the nature of the ARR itself, of course, we have new logos, and then we have expansion within our current customers. And the new logos you've seen what's happening there.

我們的投資組合中的其他一些元素還處於早期階段。例如，我們的混合雲解決方案仍處於早期階段，現代應用程式仍處於相當早期的階段。隨著時間的推移，我認為我們確實希望投資組合中的這些部分能夠不斷累積、不斷增加，並在我們的其他核心部分之上實現成長。現在就 ARR 本身的性質而言，當然，我們有新的標誌，然後我們在現有客戶中擴展。透過新標誌您已經看到了那裡發生的事情。

We've been on a good clip when it comes to adding new customers. And most -- the vast majorities of the new logos and new customers start with our core offering. And also now our hypervisor as part of that. Now when it comes to expansion, I think we certainly look at adding the rest of the portfolio as one of the expansion levers for us, along with more of the same workload that they were consuming or winning new workloads at the customers. So I would say we have three expansion vectors expanding with the rest of the portfolio, adding more of the same workload, expanding into new workloads.

在增加新客戶方面，我們的進展一直很順利。而且大多數——絕大多數新標誌和新客戶都是從我們的核心產品開始的。現在我們的虛擬機器管理程式也是其中的一部分。現在談到擴張，我認為我們肯定會將增加產品組合的其餘部分作為我們的擴張槓桿之一，同時增加他們正在消耗的相同工作負載或在客戶那裡贏得的新工作負載。所以我想說我們有三個擴展向量，隨著投資組合的其餘部分一起擴展，增加更多相同的工作負載，擴展到新的工作負載。

And those three also drive together expansion ARR.

這三者也共同推動了擴張 ARR。

The other thing I'd add -- sorry, maybe if I can add one other aspect of your question was contribution, I think, of expansion versus new logos and ARR. And one way to think about it is that the NRR we give you every quarter, which is 110 in the most recent quarter. That is, of course, the notes our ability to retain and expand. So if you assume that our retention is something less than 100%, and our expansion is something greater than 10%, right, to kind of get to that 110%. And then we said ARR growth of 18%, the remaining 8% over and above the NRR, that was the contribution of new logos.

我想補充的另一件事——抱歉，也許我可以補充一下你問題的另一個方面，那就是擴張與新標誌和 ARR 的貢獻。一種思考方式是，我們每季給您的 NRR，最近一個季度是 110。當然，這就是我們保留和擴展的能力。因此，如果您假設我們的保留率低於 100%，而我們的擴張率高於 10%，那麼，就達到 110% 吧。然後我們說 ARR 成長了 18%，剩下的 8% 超過 NRR，這是新標誌的貢獻。

So in general, when you look at land and expand performance in any given quarter, they expand typically is a significant majority of that land and expand with new logo being the smaller dollar contributor because of exactly what reset people tend to start small and then and continue to expand with us, that's typically what we see.

因此，一般來說，當你觀察任何一個季度的土地和擴張表現時，它們擴張的通常是該土地的絕大部分，而新標識的擴張對美元的貢獻較小，因為正是由於重置，人們往往從小處著手，然後繼續與我們一起擴張，這通常是我們所看到的。

Sure. And the reason I asked the question is I just wanted to make sure I understand the dynamics. And there wouldn't be a period where ARR growth would slow as we go through this transition. But correct me if I'm wrong from what I understand from you, these three vectors are going to provide these waterfalls, so that even if, let's say, market share gain come to an end, you have these two other vectors that kicks in and should help sustain the double-digit growth in ARR? Is that the way -- is it the right way of thinking about this simplistically?

當然。我問這個問題的原因只是想確保我理解其中的動態。在我們經歷這轉變的過程中，ARR 成長不會出現放緩的時期。但如果我對您的理解有誤，請糾正我，這三個向量將提供這些瀑布，這樣，即使市場份額的增長結束了，您還有另外兩個向量可以發揮作用，並有助於維持 ARR 的兩位數增長？這是不是——這是簡單地思考這個問題的正確方法？

-- commenting on specific ARR expectations, Mehdi, because we don't talk about that. As you know, we don't guide to it on a quarterly annual basis -- what I will say is that we do have -- we do view our business as having multiple levers of growth that Rajiv just outlined, whether it be portfolio, whether it be land and expand, landing new logos, expanding with them and so on. So yes, we are striving to have multiple growth drivers for the business overall.

——評論具體的 ARR 預期，Mehdi，因為我們不談論這個。如你所知，我們不會按季度或年度進行指導——我想說的是，我們確實有——我們確實認為我們的業務具有拉吉夫剛才概述的多個增長槓桿，無論是投資組合，還是土地和擴張，登陸新標識，與他們一起擴張等等。是的，我們正在努力為整個業務創造多種成長動力。

Got you. And one quick follow-up. You said the long-term tax rate of 20%. Right now, we're running less than 1%. Should I assume that this is a small trajectory with the increase in the tax rate.

明白了。還有一個快速的後續行動。你說的長期稅率是20%。目前，我們的運行率還不到 1%。我是否應該假設這是隨著稅率增加的一個小軌跡。

Let me clarify what I said, which is that if you look at our -- is it only about our non-GAAP effective tax rate, there is no change to cash taxes, which we still expect to be in the mid- to high single-digit percent of profit before tax. So I'm not sure we're getting the 1%, Mehdi. And what we are saying is if you look at fiscal year '24, for example, the way we were previously calculating -- the non-GAAP effective tax rate was factoring in all of our US net operating loss NOL carryforwards and other tax carryforwards. And so that has resulted in an effective non-GAAP tax rate for fiscal year '24 for 6% as an example.

讓我澄清一下我所說的內容，也就是說，如果你看一下我們的——這是否僅與我們的非 GAAP 有效稅率有關，那麼現金稅沒有變化，我們仍然預計它將佔稅前利潤的中高個位數百分比。所以我不確定我們是否能獲得 1% 的支持，Mehdi。我們的意思是，如果你看一下 24 財年，我們之前的計算方式是——非 GAAP 有效稅率已將我們所有的美國淨經營虧損 NOL 結轉和其他稅收結轉都考慮在內。因此，以 24 財年的非 GAAP 有效稅率為例，其為 6%。

What we're saying is we're going to -- starting in switch it to a 20% number, which we think is more effective of our longer-term non-GAAP effective tax rate, it also smooths out any variations from period to period.

我們的意思是，我們將首先將其轉換為 20% 的數字，我們認為這對我們的長期非 GAAP 有效稅率更有效，它也可以平滑各個時期之間的任何差異。

Got it. And the 1% was non-GAAP, but we take it offline. Thank you so much.

知道了。其中 1% 是非 GAAP，但我們將其離線。太感謝了。

Thank you.

謝謝。

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

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