Nutanix Inc (NTNX) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Nutanix fourth quarter, 2025 earnings conference call. At this time, all participants in a listen-only mode. (Operator Instructions). I would now want to turn the conference over to Rich Brow, Nutanix , Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Nutanix 2025 年第四季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指令）。現在我想將會議交給 Nutanix 投資者關係副總裁 Rich Brow。請繼續。

Good afternoon and welcome to today's conference call to discuss Nutanix fourth quarter fiscal year 2025 financial results. Joining me today are Rajiv Ramaswami, Nutanix's President and CEO, and Rukmini Sivaraman, Nutanix's CFO. After the market closed today, Nutanix's issued a press release announcing fourth quarter in fiscal year 2025 financial results. If you'd like to read the release, please visit the press releases section of our IR website.

下午好，歡迎參加今天的電話會議，討論 Nutanix 2025 財年第四季的財務業績。今天與我一起出席的還有 Nutanix 總裁兼執行長 Rajiv Ramaswami 和 Nutanix 財務長 Rukmini Sivaraman。今天收盤後，Nutanix發布新聞稿，公佈2025財年第四季財務表現。如果您想閱讀該新聞稿，請造訪我們的 IR 網站的新聞稿部分。

During today's call, management will make forward-looking statements, including financial guidance. These forward-looking statements involve risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially and adversely from those anticipated by these statements.

在今天的電話會議上，管理階層將做出前瞻性陳述，包括財務指導。這些前瞻性陳述涉及風險和不確定性，其中一些是我們無法控制的，可能導致實際結果與這些陳述預期的結果有重大不利差異。

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

有關這些和其他風險和不確定性的更詳細描述，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表年度報告和隨後的 10-Q 表季度報告，以及我們今天發布的收益新聞稿。這些前瞻性陳述自今日起適用，我們不承擔在本次電話會議後修改這些陳述的義務。

As a result, you should not rely on them as predictions of future events. Please note, unless otherwise specifically referenced, all financial measures we used on today's call, except for revenue, are expressed on a non-GAAP basis and have been adjusted to exclude certain charges.

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 added to the extent available, reconciliations of these non-GAAP financial measures to GAAP financial measures on our website and in earnings press release. Lieutenants will be participating in the Goldman Sachs Communicopia and Technology Conference in San Francisco on September 8 and the Piper-Sandler Growth Frontiers Conference in Nashville on September 10. We hope to see you at these events.

我們在網站和收益新聞稿中盡可能地加入了這些非 GAAP 財務指標與 GAAP 財務指標的對帳。副手們將於 9 月 8 日參加在舊金山舉行的高盛通訊和技術會議，並於 9 月 10 日參加在納許維爾舉行的派珀-桑德勒成長前沿會議。我們希望在這些活動中見到您。

We're also happy to announce that Nutanix's will be holding an investor day on April 7, 2026 in Chicago, in conjunction with our annual [dotex] customer event. So please mark your calendars if you're interested in attending. Finally, our first quarter fiscal 2026 quiet period will begin on Monday, October 20. And with that, I'll turn the call over to Rajiv. Rajiv?

我們也很高興地宣布，Nutanix 將於 2026 年 4 月 7 日在芝加哥舉辦投資者日，與我們的年度 [dotex] 客戶活動同時舉行。因此，如果您有興趣參加，請在日曆上標記。最後，我們的 2026 財年第一季靜默期將於 10 月 20 日星期一開始。說完這些，我會把電話轉給拉吉夫。拉吉夫？

Thank you, Rich, and good afternoon, everyone. Our fourth quarter was a solid finish to our 2025 fiscal year. In the fourth quarter, we are happy to have exceeded all of our guided metrics. We delivered quarterly revenue of $653 million up 19% year over year.

謝謝你，Rich，大家下午好。我們的第四季為 2025 財年畫下了圓滿的句點。在第四季度，我們很高興超出了所有指導指標。我們的季度營收為 6.53 億美元，年增 19%。

And saw another quarter of strong free cash flow generation. Our full year fiscal 2025 results demonstrated good progress on a number of fronts. Financially, we delivered solid topline performance, including revenue of $2.54 billion up 18% year over year.

並見證了另一個季度強勁的自由現金流產生。我們的 2025 財年全年業績在多個方面都取得了良好進展。財務方面，我們實現了穩健的營收業績，其中營收達到 25.4 億美元，年增 18%。

An ARR of $2.22 billion which increased 17% year over year. We also saw strong new logo performance across all of our customer tiers, including the global 2000. Adding over 2,700 new customers, our highest in four years.

ARR 為 22.2 億美元，年增 17%。我們也看到新標誌在所有客戶層級（包括全球 2000 強）中都表現強勁。新增客戶超過 2,700 名，為四年來的最高水準。

And finally, we generated free cash flow of $750 million an increase of 26% year over year yielding a free cash flow margin of 30%. This drove a rule of 40 of 48 for the fiscal year. Our second year in a row above 40. In FY25 We also saw tangible progress on the product and partnership fronts.

最後，我們產生了 7.5 億美元的自由現金流，年增 26%，自由現金流利潤率為 30%。這導致本財政年度的規則為 48 條中的 40 條。這是我們連續第二年超過 40 歲。在25財年，我們也看到產品和合作方面取得了實質的進展。

We enhance the GAI capabilities of our platform with the release of GPT in a box 2.0. And then delivered an enhanced version of Nutanix Enterprise AI that includes a deeper integration with NVIDIA AI Enterprise. We also extended the hybrid multi-cloud capabilities of our platform by adding support for Google Cloud, which is now in public purview.

我們發布了 GPT in a box 2.0，增強了平台的 GAI 功能。之後，我們又推出了 Nutanix Enterprise AI 的增強版，與 NVIDIA AI Enterprise 進行了更深入的整合。我們也透過增加對 Google Cloud 的支援擴展了我們平台的混合多雲功能，Google Cloud 現已公開。

Finally, we made progress on a strategic decision to enable customers to utilize their existing external storage hardware. The Nutanix platform now supports both HCI and external storage. And we delivered our first version of this new capability supporting Dell PowerFlex.

最後，我們在策略決策上取得了進展，使客戶能夠利用其現有的外部儲存硬體。Nutanix 平台現在同時支援 HCI 和外部儲存。我們推出了支援 Dell PowerFlex 的該新功能的第一個版本。

We also announced a new partnership with Pure Storage to support their flash array. This offering recently entered early access. And remains on track to be generally available by the end of this calendar year. We achieved important industry recognition in the last year, including being named a leader in the 2024 Gartner Magic Quadrant for distributed hybrid infrastructure.

我們也宣布與 Pure Storage 建立新的合作夥伴關係，以支援他們的快閃記憶體陣列。該產品最近已進入搶先體驗階段。並且預計在今年底前全面上市。去年，我們獲得了重要的產業認可，包括被評為 2024 年 Gartner 分散式混合基礎設施魔力像限的領導者。

Last month we were recognized as a challenger in the 2025 Garner Magic Quadrant for container management. And as a leader in the Forester Wave multi-cloud container platforms Q3 2025. Our most significant wins in the quarter demonstrated the appeal of the Nutanix platform to organizations that are looking for a trusted long-term partner in the wake of industry M&A and to those looking for a platform to seamlessly run both traditional and modern applications. We also saw some initial successes with our cloud platform that supports Dellars. What about significant events in Q4? What with Finance Informatics or F5?

上個月，我們被評為 2025 年加納魔力像限容器管理領域的挑戰者。並成為 2025 年第三季 Forester Wave 多雲容器平台的領導者。我們在本季取得的最重大勝利證明了 Nutanix 平台對那些在行業併購後尋求值得信賴的長期合作夥伴的組織以及那些尋求無縫運行傳統和現代應用程式的平台的組織的吸引力。我們也看到了支援 Dellars 的雲端平台取得的一些初步成功。第四季有哪些重大事件？財務資訊學或 F5 怎麼樣？

The digitalization partner and central IT service provider for Germany's Savings Bank Financial Group, serving around 50 million customers in Germany. This is a great example of a win that was motivated by a customer's desire for a trusted long-term partner. As part of our strategic collaboration. [FI] plans to migrate their Windows and Linux workloads to the Nutanix platform over the next two years.

德國儲蓄銀行金融集團的數位化合作夥伴和中央 IT 服務供應商，為德國約 5,000 萬名客戶提供服務。這是一個由客戶渴望找到值得信賴的長期合作夥伴而取得勝利的絕佳例子。作為我們策略合作的一部分，[FI] 計劃在未來兩年內將其 Windows 和 Linux 工作負載遷移到 Nutanix 平台。

In a joint press release, FI noted that their decision-making criteria for choosing mechanics included the security, availability, and cost effectiveness of the solution, as well as a partnership based on trust, intensive exchange, and active participation on their part. We are grateful for FI's trust in us and look forward to a long and productive partnership.

在聯合新聞稿中，FI 指出，他們選擇機制的決策標準包括解決方案的安全性、可用性和成本效益，以及基於信任、密切交流和積極參與的合作關係。我們感謝 FI 對我們的信任，並期待長期富有成效的合作。

Another one of our most significant deals in the quarter was a full stack expansion with a global provider of financial services. This customer was looking to make their private cloud more secure and cost effective with increased automation, standardization, and simplification. And what a platform to run their modern applications.

本季我們最重要的交易之一是與一家全球金融服務供應商進行全面擴展。該客戶希望透過提高自動化、標準化和簡化程度來使其私有雲更加安全和經濟高效。這是一個運行現代應用程式的平台。

They significantly increased their commitment to Nutanix, both expanding their footprint and adopting additional elements of our cloud platform, including Nutanix cloud Manager. Nutanixer in this platform to run their modern applications. Mechanics unified storage for their unstructured data management needs and our data lens security offering.

他們大大增加了對 Nutanix 的承諾，既擴大了他們的足跡，又採用了我們雲端平台的其他元素，包括 Nutanix 雲端管理器。Nutanixer 在這個平台上運行他們的現代應用程式。機械師統一儲存以滿足其非結構化資料管理需求，並提供我們的資料鏡頭安全服務。

This quarter, we also saw our first wins for our cloud platform supporting Dell PowerFlex. This included deals with two North American-based global 2000 companies. One a financial services provider, and one a medical equipment provider.

本季度，我們也首次見證了支援戴爾 PowerFlex 的雲端平台的勝利。其中包括與兩家位於北美的全球 2000 強公司的交易。一家是金融服務提供者，另一家是醫療設備提供者。

In both cases, the customers were looking to modernize their private cloud infrastructure while managing potential risks associated with industry M&A, but wanted to preserve their existing investments in external storage. They both adopted the Dan platform with support for Dellar. Enabling them to achieve these objectives. While it's still early days with this new offering, we're encouraged by these initial wins and the broader level of customer interest.

在這兩種情況下，客戶都希望實現私有雲基礎架構的現代化，同時管理與產業併購相關的潛在風險，但希望保留其在外部儲存方面的現有投資。他們都採用了 Dan 平台並支援 Dellar。使他們能夠實現這些目標。雖然這項新產品的推出還處於早期階段，但這些初步的成功和更廣泛的客戶興趣令我們感到鼓舞。

In closing, I'm pleased with our solid Q4 and fiscal 2025 results and the progress we continue to make on multiple fronts, including our financial model, our partnerships, and our ongoing innovation across our cloud platform, including modern applications and AI. We also remain focused on capitalizing on a multiyear opportunity to gain share in the face of recent industry disruption. And are encouraged by our early successes, including some of the wins I just highlighted.

最後，我對我們第四季度和 2025 財年的穩健業績以及我們在多個方面繼續取得的進展感到滿意，包括我們的財務模式、我們的合作夥伴關係以及我們在雲端平台上的持續創新，包括現代應用程式和人工智慧。面對近期的產業動盪，我們也將繼續專注於利用多年機會來獲取市場份額。我們早期所取得的成功令我們感到鼓舞，其中包括我剛才強調的一些勝利。

Finally, I would like to express my sincere gratitude to our investors, customers, and partners for their trust in us. And to our employees for their hard work that led to these results. And with that I'll hand it over to Rukmini Sivaraman. Took many?

最後，我要向投資人、客戶、合作夥伴對我們的信任表示最誠摯的感謝。並感謝我們的員工的辛勤工作，才取得了這些成果。現在我將把它交給 Rukmini Sivaraman。拍了多少？

Thank you, Rajeev, and thank you everyone for joining us today. I will first discuss our Q425 results followed by a full fiscal year '25 results, Q1, '26 guidance, and finally our initial fiscal year '26 guidance. Results in 425 were above the high end of our guidance range across all guided metrics. In Q4, we reported quarterly revenue of $653 million higher than the guided range of $635 million to $645 million representing a year over year growth rate of 19%.

謝謝你，Rajeev，也謝謝大家今天的到來。我將首先討論我們的 2025 年第四季業績，然後是 2025 年全年業績、2026 年第一季指引，最後是 2026 年初始財年指引。425 的結果在所有指導指標中均高於我們的指導範圍的高端。第四季度，我們報告的季度營收為 6.53 億美元，高於 6.35 億美元至 6.45 億美元的指導範圍，年增 19%。

ARR at the end of Q4 was $2.22 billion representing year over year growth of 17%. NRR or net dollar base retention rate at the end of Q4 was 108%. In Q4, average contract duration was 3.2 years, slightly higher than our expectation, and up slightly quarter over quarter due to a few transactions of longer than average duration.

第四季末的 ARR 為 22.2 億美元，年增 17%。第四季末的NRR或淨美元基準留存率為108%。第四季度，平均合約期限為 3.2 年，略高於我們的預期，並且由於少數交易的期限超過平均期限，因此環比略有上升。

Non-GAAP gross margin in Q4 was 88.3%. Non-GAAP operating margin in Q4 was 18%, higher than our guided range of 15.5% to 16.5% due higher gross margins and lower operating expenses than expected.

第四季非公認會計準則毛利率為88.3%。第四季非公認會計準則營業利潤率為 18%，高於我們預期的 15.5% 至 16.5% 的範圍，原因是毛利率高於預期且營業費用低於預期。

Non-GAAP net income in Q4 was $109 million or fully diluted EPS of $0.37 per share based on fully diluted weighted average shares outstanding, approximately 297 million shares. GAAP net income and fully diluted GAAP EPS in Q4 were $39 million and $0.13 per share, respectively.

第四季非公認會計準則淨收入為 1.09 億美元，或根據完全稀釋加權平均流通股數（約 2.97 億股）計算的完全稀釋每股收益為 0.37 美元。第四季 GAAP 淨收入和完全稀釋 GAAP EPS 分別為 3,900 萬美元和每股 0.13 美元。

Free cash flow in Q4 was $208 million representing a free cash flow margin of 32%. Moving to the balance sheet, we ended Q4 with cash equivalent and short-term investments of [$1.993 billion up from $1.882 billion] at the end of Q3.

第四季的自由現金流為 2.08 億美元，自由現金流利潤率為 32%。從資產負債表來看，我們在第四季末的現金等價物和短期投資為 [19.93 億美元，高於第三季末的 18.82 億美元]。

Moving to capital allocation in Q4, we repurchased $50 million worth of common stock under our existing share repurchase authorization and used about $44 million of cash to retire shares related to our employees' tax liability for their quarterly RSU vesting. Both of these help to manage shared dilution.

在第四季度轉向資本配置時，我們根據現有的股票回購授權回購了價值 5,000 萬美元的普通股，並使用了約 4,400 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。這兩者都有助於管理共享稀釋。

Moving to a summary of our results for the full fiscal year 2025. Fiscal year '25 revenue was $2.538 billion higher than the most recent guidance of $2.52 billion to $2.53 billion and representing a year over year growth rate of 18%. Fiscal year '25 ending ARR as mentioned earlier, was $2.223 billion representing year over year growth of 17%.

以下是我們 2025 財年全年業績的總結。25 財年的營收比最新預測的 25.2 億美元至 25.3 億美元高出 25.38 億美元，年增 18%。如前所述，25 財年結束的 ARR 為 22.23 億美元，年增 17%。

We continue to see strength in landing new customers, and we are grateful for the over 2,700 customers who joined our platform this year. This included organizations of various sizes and across several industry verticals and included over 50 global 2000 accounts, a meaningful increase year over year.

我們繼續看到吸引新客戶的力量，我們感謝今年加入我們平台的 2,700 多名客戶。這包括各種規模和多個垂直行業的組織，包括超過 50 個全球 2000 個帳戶，較去年同期成長顯著。

In fiscal year '25, we saw a nice increase in the number of million dollar plus land and expand ACV transactions, more than a 60% increase in fiscal year '25 relative to fiscal year 24, while still remaining a minority of our overall land and expand ACV. For the full year, average contract duration was 3.1 years, higher than last year's average contract duration of three years, and higher than our expectations.

在 25 財年，我們看到百萬美元以上的土地和擴大 ACV 交易數量大幅增加，與 24 財年相比，25 財年增長了 60% 以上，但仍只占我們整體土地和擴大 ACV 的一小部分。全年平均合約期限為3.1年，高於去年3年的平均合約期限，也高於我們的預期。

Non-GAAP gross margin in fiscal year '25 was 88.1%, a year over year increase of 150 basis points, and which is among industry leading software growth margins. As mentioned in prior calls, growth margins could move around slightly depending on the mix of professional services revenue in a given period.

25 財年非公認會計準則毛利率為 88.1%，較去年同期成長 150 個基點，處於業界領先的軟體成長利率之列。如同先前的電話會議中所提到的，成長利潤率可能會根據特定時期內專業服務收入的組合而略有波動。

Non-gap operating margin in fiscal year '25 was 21.1%, higher than our most recent guidance of approximately 20.5%, and a year over year increase of approximately 5% points. Non-GAAP net income in fiscal year '25 was $476 million or fully diluted EPS of [1.$0.62] per share based on fully diluted weighted average shares outstanding of approximately 294 million shares.

25 財年非缺口營業利益率為 21.1%，高於我們最近的預期（約 20.5%），較去年同期成長約 5 個百分點。2025 財年非公認會計準則淨收入為 4.76 億美元，或根據完全稀釋的加權平均流通股數約 2.94 億股計算，完全稀釋每股收益為 [1.00 美元]。

GAAP net income and fully diluted GAAP EPS in fiscal year '25 were $188 million and $0.65 per share respectively, representing our first full year of positive GAAP net income. Free cash flow in fiscal year '25 was $750 million representing a free cash flow margin of 30%.

25 財年的 GAAP 淨收入和完全稀釋 GAAP EPS 分別為 1.88 億美元和每股 0.65 美元，這是我們首次全年實現正 GAAP 淨收入。25 財年的自由現金流為 7.5 億美元，自由現金流利潤率為 30%。

In fiscal year '25, our rule of 40 score, defined as revenue growth rate plus free cash flow margin was a healthy 48%, reflecting our continued focus on sustainable, profitable growth. Driving durable top line growth with improving bottom line margins.

在 2025 財年，我們的 40 規則得分（定義為收入成長率加上自由現金流利潤率）達到了健康的 48%，這反映了我們對永續獲利成長的持續關注。透過提高底線利潤率來推動持久的營收成長。

In fiscal year '25, we strengthened our balance sheet with the net proceeds from the issuance of $862.5 million in convertible debt and enhanced our financial flexibility with our inaugural $500 million revolving credit facility.

在 25 財年，我們透過發行 8.625 億美元可轉換債券的淨收益增強了我們的資產負債表，並透過首次 5 億美元循環信貸額度增強了我們的財務靈活性。

Moving to guidance, our Q1, '26 guidance is as follows. Revenue of $67 million to $680 million. Non-GAAP operating margin of 19.5% to 20.5%. Fully diluted weighted average shares outstanding of approximately 296 million shares.

談到指導，我們對 26 年第一季的指導如下。營收：6,700萬美元至6.8億美元。非公認會計準則營業利益率為19.5%至20.5%。完全稀釋加權平均流通股數約2.96億股。

Moving to the full year, our initial fiscal year '26 guidance is as follows. Revenue of $2.9 billion to $2.94 billion representing a year over year growth rate of 15% at the midpoint of the range. Non-GAAP operating margin of 21% to 22% and increase from fiscal year 25% at the midpoint.

展望全年，我們對 26 財年的初步指引如下。營收在 29 億美元至 29.4 億美元之間，年成長率為 15%。非公認會計準則營業利益率為 21% 至 22%，高於財年中期的 25%。

Free cash flow of $790 to $830 million representing a free cash flow margin of 27.7% at the midpoint. I will now put points of commentary regarding our fiscal year '26 guidance. One, we expect to continue landing new customers onto our platform at a rate of approximately mid to high three digits of new logos a quarter in fiscal year '26.

自由現金流為 7.9 億美元至 8.3 億美元，中間值為 27.7%。我現在將針對我們 26 財年的指導提出一些評論要點。首先，我們預計在 2026 財年，我們平台將持續吸引新客戶，新客戶數量約為每季三位數中高位數。

We also expect some continued uncertainty in the overall macro environment, including in areas such as US federal government spending and with regard to currency fluctuations. Two, we expect the renewals ACV cohort or the available to the new pool in fiscal year '26 to grow year over year, but at a slower pace than in fiscal year '25 as the overall renewals base gets larger over time.

我們也預期整體宏觀環境仍將存在一些不確定性，包括美國聯邦政府支出和貨幣波動等領域。其次，我們預計 26 財年的續保 ACV 群體或新池可用數量將逐年增長，但由於整體續保基數隨著時間的推移而變大，增長速度將低於 25 財年。

Three, the guidance assumes a slight year over year decline in aggregate average contract duration because we saw some larger contracts with longer than average duration and fiscal year '25 that may not recur in fiscal year '26.

第三，該指引假設總平均合約期限較去年同期略有下降，因為我們看到一些期限超過平均期限且25財年合約規模較大的合約可能不會在26財年重現。

Four, as we have discussed previously, the vast majority of our customers have licenses provision upfront and also pay us multiple years of cash upfront upon purchase. In certain cases, typically larger transactions, we may provision licenses over a period of time rather than all upfront and or collect cash over time rather than all upfront.

第四，正如我們之前討論過的，絕大多數客戶都預先獲得許可證，並且在購買時預先向我們支付多年的現金。在某些情況下，通常是較大的交易，我們可能會在一段時間內提供許可證，而不是全部預付，或者隨著時間的推移收取現金，而不是全部預付。

Such situations may impact timing of revenue and cash collection and are factored into the guidance we provided five, as Rajiv mentioned, in four, we saw our first customer transactions for our cloud platform supporting Dell PowerFlex.

這種情況可能會影響收入和現金收款的時間，並被納入我們提供的指導中，正如 Rajiv 所提到的，在第四季度，我們看到了支援 Dell PowerFlex 的雲端平台的第一批客戶交易。

We expect this solution to have a small but growing contribution to fiscal year '26 revenue. We also expect the land and expand ACV contributions from our partners such as Cisco and Dell to grow year over year into fiscal year '26 with regard to operating expenses, in addition to the annualized run rate of employees we hired during the course of fiscal year '25 that we have discussed in prior calls, we have some delayed hiring from fiscal year '25, which we expect to be approximately $25 million in expenses in fiscal year '26.

我們預計該解決方案將對 26 財年的收入做出雖小但不斷增長的貢獻。我們還預計，來自思科和戴爾等合作夥伴的土地和擴大 ACV 貢獻將在 2026 財年逐年增長，這涉及到運營費用，除了我們在 2025 財年期間僱用的員工的年化運行率之外，我們已經在之前的電話會議中討論過，從 2025 財年起，我們有一些推遲財年的招聘，我們預計 2020 萬美元的支出。

Additionally, in prior earnings calls, we have also referenced some non-recurring partner payments which are accounted for as contra expense in the R&D line. These payments are expected to start to taper off in fiscal year '26, and we expect this to cause an approximately $10 million to $15 million dollar headwind to operating expenses in fiscal year '26. A couple of other notes as we start a new fiscal year.

此外，在先前的收益電話會議中，我們還提到了一些非經常性合作夥伴付款，這些付款在研發線中作為備抵費用核算。預計這些付款將在 26 財年開始減少，我們預計這將對 26 財年的營運費用造成約 1,000 萬至 1,500 萬美元的阻力。在開始新的財政年度之際，我們還有幾點其他注意事項。

Starting next quarter, that is Q1,'26, we are proactively updating our methodology for calculating ARR on a prospective basis to align it more closely with the timing of when licenses are made available to customers. NRR will also align with this updated methodology going forward.

從下個季度，即 2026 年第一季開始，我們將主動更新以預期為基礎計算 ARR 的方法，以使其與向客戶提供許可證的時間更加緊密地保持一致。NRR 今後也將遵循這項更新的方法。

Why this change will take effect next quarter, we have provided an illustrative historical table in the appendix of our earnings presentation that shows what ARR and Rar would have been under the new methodology for the relevant historical periods for comparison purposes.

為什麼這項變更將在下個季度生效，我們在收益報告附錄中提供了一個說明性的歷史表，該表顯示了在新方法下相關歷史時期的 ARR 和 Rar 情況，以便進行比較。

The table shows that ARR in any given period would have differed by no more than 2% under the new methodology. We believe it was important to make this change at the start of a new fiscal year, and as it is possible, we see more large customers looking for deferred license provisioning over time.

表格顯示，按照新方法，任何給定時期內的 ARR 差異不會超過 2%。我們認為在新的財政年度開始時做出這項改變非常重要，隨著時間推移，我們會看到越來越多的大客戶尋求延期授權配置。

And finally, from a capital allocation perspective, we announced today that our board of directors has approved a $350 million increase to our existing sharing purchase authorization is in addition to the $111 million remaining under the prior authorization as of July 301, 2025.

最後，從資本配置的角度來看，我們今天宣布，董事會已批准將現有的共享購買授權增加 3.5 億美元，這是在截至 2025 年 7 月 301 日之前授權剩餘的 1.11 億美元的基礎上增加的。

There is no expiration date for these authorizations, and we intend to continue repurchasing shares over time to manage share account dilution. In closing, we are pleased with our performance in fiscal year '25, exceeding the high end of the guidance across all guided metrics. We look forward to continued progress in fiscal year '26. With that operator, please open the line for questions.

這些授權沒有到期日，我們打算隨著時間的推移繼續回購股票以管理股票帳戶稀釋。最後，我們對 25 財年的業績感到滿意，所有指導指標都超出了預期上限。我們期待 26 財年繼續取得進展。請與該接線員聯繫，以便我們解答疑問。

Thank you. (Operator Instructions) Jason Adler of William Blair.

謝謝。（操作員指示）威廉布萊爾的傑森阿德勒。

Yeah, thank you. Can you talk about the FI win and just the size of the deal and, I don't know any other kind of opportunities like that out there, is this kind of a one off or do you feel like there's others, that you have in the hopper that you that you'll be able to talk about over the next year or so?

是的，謝謝。您能否談談 FI 的勝利以及交易的規模？我不知道還有其他類似的機會，這是一次性的嗎？還是您覺得還有其他機會，您可以在明年左右談？

Yeah, hi Jason, here. So if I, if you look at the dynamics in Germany, the German population is about 18 million and about 15 FI has about 15 million customers right who bank with the German savings banks, and FI provides the IT infrastructure for all those banks in a central manner.

是的，嗨，傑森，我在這裡。因此，如果你看一下德國的動態，德國人口約為 1800 萬，而金融機構擁有約 1500 萬在德國儲蓄銀行辦理業務的客戶，金融機構以集中方式為所有這些銀行提供 IT 基礎設施。

And so for us this was quite a significant win, very large size men as they're looking to migrate from their existing infrastructure onto mechanics, and it's a very long term partnership. It's an example of a significant deal. We haven't quantified the size of the deal, but you can imagine that it's a significant market deal.

因此，對我們來說，這是一個非常重大的勝利，因為他們希望從現有的基礎設施遷移到機械領域，這是一個非常長期的合作夥伴關係。這是一個重大交易的例子。我們還沒有量化這筆交易的規模，但你可以想像這是一筆重要的市場交易。

Now at any point in time, I mean, we talked about the fact that, over the last year we added 150 new global 2000 customers. So those are the larger end of the customer base and at any point in time, we have deals like these in the pipeline, but larger deals tend to be a bit more unpredictable in terms of when and how they're going to turn out.

現在，無論何時，我的意思是，我們都談到這樣一個事實：去年，我們在全球 2000 家新客戶中增加了 150 個。因此，這些是客戶群中較大的一端，而且在任何時候，我們都在籌備類似的交易，但大型交易在何時以及如何完成方面往往更加難以預測。

So certainly I mean we have interest from all ends of the spectrum and there are, other customers with larger deals, but again it's hard to predict how and when these will come out. But if I was a very good example of what we would consider to be a very marky win for us in Germany.

所以，我的意思是，我們確實受到了來自各方面的興趣，而且還有其他客戶有更大的交易，但同樣很難預測這些交易將如何以及何時出現。但如果我是一個很好的例子，我們會認為這對我們在德國來說是一次非常顯著的勝利。

Okay, great. And then one for quick one for Rukmini, NRR was down a couple of points sequentially and just if you can give us some explanation for that.

好的，太好了。然後快速問一下 Rukmini，NRR 連續下降了幾個百分點，您能否給我們一些解釋。

Sure. Hi, Jason. So on the NRR question, we remain focused on driving our expansion business with incremental investments and customer success to help drive retention and expansion in addition to the content focus that we've had on our expansion vectors, namely portfolio attach and workload expansion.

當然。你好，傑森。因此，關於 NRR 問題，除了我們在擴展向量上的內容重點（即產品組合附加和工作量擴展）之外，我們仍然專注於透過增量投資和客戶成功來推動我們的擴展業務，以幫助推動保留和擴展。

One other point to make on this is that our NRR and net new ARR actually, I know your question was on NRR, Jason, but both NRR and net new ARR in any given quarter can be affected by the net impact of ARR contributions from deals that are booked in prior quarters and are credited in the current quarter and the ARR that's booked in the current quarter but deferred to future periods.

關於這一點，還有一點需要說明的是，我們的 NRR 和淨新 ARR 實際上，我知道你的問題是關於 NRR 的，Jason，但任何特定季度的 NRR 和淨新 ARR 都可能受到前幾個季度預訂並記入本季度的交易的 ARR 貢獻的淨影響以及在本季度預訂但遞延到未來期間的 ARR 的影響。

And so there's a net effect there and in Q4 this dynamic was a net headwind to both our NRR and to net new ARR and so we expect that such variations could continue going forward. Two other points I'll make. One is that we've seen the average deal size of our new logos increasing over the last few years, which can also potentially be a headwind for the growth rate of expansion within those customers because their initial deal size has been larger than it has been historically for us.

因此，這會產生淨效應，並且在第四季度，這種動態對我們的 NRR 和淨新 ARR 都產生了淨阻力，因此我們預計這種變化可能會持續下去。我還要講另外兩點。一是，我們看到過去幾年中新標誌的平均交易規模不斷增加，這也可能對這些客戶的擴張成長率造成不利影響，因為他們的初始交易規模比我們歷史上的任何時候都要大。

And then the last point is around more of a numerical kind of law of large numbers point which is that as ARR has grown every quarter for us, the AC dollars required to offset a point of churn increases even at the same churn percentage, which could make it increasingly challenging to achieve the same NRR over time. So a few different dynamics there and because of those NRR could still move around somewhat from quarter to quarter, Jason.

最後一點是關於數字類型的大數定律點，即隨著我們每個季度的 ARR 都在增長，即使在相同的流失率下，抵消一個流失點所需的 AC 美元也會增加，這可能會使隨著時間的推移實現相同的 NRR 變得越來越具有挑戰性。因此，那裡存在一些不同的動態，並且由於這些動態，NRR 仍可能在不同季度之間有所波動，Jason。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Thank you. Meta Marshall, Morgan Stanley.

謝謝。摩根士丹利的 Meta Marshall。

You're great thanks and congrats on the quarter I guess just as you have start seeing some of these Dell Power flex deals if you could just give a sense of, how we should think of those customers kind of in relation to kind of the more traditional Nutanix customers and just as we could kind of get any visibility into what the.

非常感謝，並祝賀本季度，我想，正如您開始看到一些戴爾 Power flex 交易一樣，如果您能給我們一個概念，我們應該如何看待這些客戶與更傳統的 Nutanix 客戶的關係，就像我們可以對其中的內容有所了解一樣。

Customers looking at pure storages early access or like versus maybe the Dell PowerFlex customers, and maybe just as a second question, understanding you were kind of talking about more conservatism on the public sector within the guide, but just any kind of more updated commentary on what you're seeing with the federal government. Thanks.

客戶正在考慮純儲存的早期訪問或與戴爾 PowerFlex 客戶相比，也許只是第二個問題，了解您在指南中談論的是公共部門的更多保守主義，但只是對您在聯邦政府看到的情況的任何更新的評論。謝謝。

Yeah, maybe I'll take the, give you some color on this meter. Dell PowerFlex is what I would consider to be a solution for the top end of the pyramid. Their customers tend to be, relatively small customer base, but at the very top of the of the big companies, and you saw that the first two wins that we had were both Global 2000 customers, very large customers, and so the customer base tends to be concentrated. These tend to be large customers.

是的，也許我會給你一些關於這個儀表的顏色。我認為 Dell PowerFlex 是金字塔頂端的解決方案。他們的客戶群往往相對較小，但卻是大公司中的佼佼者，而且您會發現，我們贏得的前兩筆交易都是全球 2000 強客戶，都是非常大的客戶，因此客戶群往往比較集中。這些往往都是大客戶。

And they have significant deployments in their estate. And so for us it's an opportunity for us to land in these accounts and then expand over time. And I was quite happy that we were able to land in two of these fairly quickly after we actually got the product out in the last quarter.

他們在自己的莊園部署了大量的設施。因此，對我們來說，這是一個獲得這些帳戶並隨著時間的推移而不斷擴大的機會。我很高興我們在上個季度推出產品後能夠很快地實現其中兩個目標。

So I do expect business will continue. We will get more wins over the year. With pure, of course, the footprint is a bit broader than owlex out there. It's still early days for us because the solution is not out there. We are an early access now.

因此我確實希望業務能夠繼續下去。今年我們將取得更多勝利。當然，pure 的覆蓋範圍比 owlex 要廣一些。對我們來說現在還為時過早，因為還沒有解決方案。我們現在處於早期訪問階段。

What that means is that there'll be a handful of customers who will have access and they'll be testing our beta code, and we expect to be the solution to be available at the end of the calendar year. So we could potentially see some small amounts of revenue from that over the next, back half of the year. And so both solutions I think will be relatively small this year but having a growing contribution over time to our 26th Avenue and beyond.

這意味著會有少數客戶有權存取並測試我們的測試程式碼，我們預計解決方案將在年底前推出。因此，我們可能會在下半年看到一些小額收入。因此，我認為這兩種解決方案今年的規模都相對較小，但隨著時間的推移，它們對我們的第 26 大道及其他地區的貢獻將越來越大。

And I think the question on the US Fed. So Meta, with respect to the US Fed business, while we have a good fourth quarter for US Fed, some of the personnel changes and the additional reviews that we have seen in the US Fed seem to continue to have resulted in longer deal cycles and some increased variability overall in that particular vertical for us.

我認為這個問題與美聯儲有關。因此，就聯準會業務而言，儘管聯準會第四季度表現良好，但我們在聯準會看到的一些人事變動和額外審查似乎繼續導致交易週期延長，並且該特定垂直領域整體上的可變性有所增加。

However, as we've said before, we remain optimistic on the opportunity for that business to benefit from our platform's focus on modernization and lowering TCO overall. And as a reminder, we don't report US Federal as a% of our business, but we've said previously that over the last few fiscal years, has been the US Fed specifically has been 10% or less of our annual revenue with seasonal strength in the fiscal Q1, which of course is the Fed's fiscal year end, and we have factored in all of this in some of the overall uncertainty into our Q1 and overall fiscal year '26 guidance.

然而，正如我們之前所說，我們仍然對該業務從我們平台專注於現代化和降低整體 TCO 中受益的機會持樂觀態度。需要提醒的是，我們沒有將美國聯邦儲備銀行占我們業務的百分比報告出來，但我們之前曾說過，在過去的幾個財年中，美聯儲的支出一直占我們年收入的 10% 或更少，在第一財季（當然是美聯儲的財年末）呈現季節性強勁，我們已將所有這些因素都計入了第一財季（當然是美聯儲的財年末）呈現一些不確定性中。

Great, thank you.

太好了，謝謝。

Thanks.

謝謝。

Thank you. Matt Martino, Goldman Sachs

謝謝。高盛的馬特馬蒂諾

Yeah, thanks for taking my question, guys. two for me if I could. Raj, for you, GPT in a box has been in the market for about two years now. You introduced some new capabilities at next '25. I'm curious where you think we are in terms of enterprise AI maturity and whether we're getting closer to an inflection point that can. To benefit Newtonics.

是的，謝謝大家回答我的問題。如果可以的話，請問您兩個問題。Raj，對您來說，盒裝 GPT 已經上市大約兩年了。您在下一個 '25 中引入了一些新功能。我很好奇，您認為我們在企業人工智慧成熟度方面處於什麼水平，以及我們是否正在接近一個可以實現這一目標的轉折點。造福牛頓。

And then Rukmini, for you, it sounds like there's some revenue timing dynamics associated with some of these larger deals that Newtonix is landing. Can you help us understand how you may be de-risking the multi-year deal activation piece and how much visibility you have into this dynamic heading into 206?

然後，Rukmini，對您來說，聽起來 Newtonix 達成的一些較大的交易與一些收入時機動態有關。您能否幫助我們了解如何降低多年期交易啟動的風險，以及您對 206 年這一動態有多少了解？

Thanks. Yeah, and Matt, welcome to our conference call here. I believe the first one with us, and, so on GPT in a box 2.0, so we, the 2.0 version became generally available, this year, and it also included a component called [Nanic] Enterprise AI NAI, which can be deployed with GPT in a box or the standalone as well on top of cloud native cloud substrates. I would say enterprise maturity is still pretty early.

謝謝。是的，馬特，歡迎參加我們的電話會議。我相信第一個與我們同在的，就是 GPT in a box 2.0，所以我們 2.0 版本今年已經普遍可用，它還包含一個名為 [Nanic] Enterprise AI NAI 的組件，它可以與 GPT 一起部署在盒子裡，也可以獨立部署在雲原生雲基之上。我想說企業成熟度還處於相當早期的階段。

A lot of people, I think trying it now, but I think, and we have a few initial set of customers going into production and the good use cases, so it's still early days having this notion of turnkey inference and points, is what's driving the interest right now, but then that over time we move to more agentic use cases. So we've seen some good use cases, in the market.

我認為現在很多人正在嘗試，但我認為，我們有一些初始客戶投入生產並有良好的用例，所以現在還處於早期階段，這種交鑰匙推理和積分的概念是目前推動人們興趣的因素，但隨著時間的推移，我們會轉向更多的代理用例。我們在市場上看到了一些很好的用例。

People are looking at this for, fraud detection, for money laundering, pattern detection, for the classic use cases of support and summarization of documents and content, those types of use cases are what we see, wherever private data is needed, where they want to run on data that's. That needs to be secured and in a private way.

人們正在研究詐欺檢測、洗錢、模式檢測，以及支援和總結文件和內容的經典用例，這些類型的用例就是我們所看到的，無論在哪裡需要私人數據，他們都希望在數據上運行。這需要以安全且私密的方式進行。

So I would say we're in the early innings of AI influencing adoption in the enterprise, and so I think a lot more to come now. Are we at an inflection point. I think, it's moving pretty quickly, I would say, but, I would say over the next couple of years I think we certainly would expect to be seeing some inflection points, but I would say at this point it's still early days.

所以我想說，我們正處於人工智慧影響企業應用的早期階段，所以我認為現在還有很多事情要做。我們是否正處於一個轉捩點？我認為，它發展得相當快，但我想說，在接下來的幾年裡，我們肯定會看到一些轉折點，但我想說，現在還為時過早。

And Matt, your question on revenue, timing, and visibility. I think was part of your question, Matt, so I'd say we do see customers who want us to give them licenses over a period of time versus all up front. These tend to be larger transactions because the customer has made a large commitment.

馬特，你的問題是關於收入、時間和可見性。馬特，我認為這是你問題的一部分，所以我想說我們確實看到客戶希望我們在一段時間內向他們提供許可證，而不是預先提供所有許可證。這些交易往往規模較大，因為客戶做出了巨大的承諾。

In many cases and is looking to deploy it over time and we're of course very happy to make that available to them in that fashion and I think to your question of course going into any fiscal year so going into fiscal year '26 now we have visibility into the transactions we've done that are scheduled to go out or where we believe the customer is going to be looking for those licenses in '26 and we've made some assumptions, Matt about.

在許多情況下，我們希望隨著時間的推移部署它，我們當然非常樂意以這種方式向他們提供它，我認為你的問題當然是進入任何財政年度，所以進入 26 財政年度，現在我們可以清楚地了解我們已經完成的交易，這些交易計劃進行，或者我們認為客戶將在 26 年尋找這些許可證，我們已經做了一些假設，馬特。

About the bookings that we will commit the customers will commit in '26 but may have future deployment dates so we have so much assumptions built into that and we feel comfortable that all that is embedded into the guidance that we provided you today.

關於我們將承諾的預訂量，客戶將在 26 年承諾，但可能有未來的部署日期，因此我們對此有很多假設，並且我們感到很放心，所有這些都包含在我們今天向您提供的指導中。

Thanks guys appreciate the warm welcome.

謝謝大家的熱烈歡迎。

Thank you, Matt.

謝謝你，馬特。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey guys, on the guide Rick me, it seems to imply an acceleration beyond the quarter, beyond fiscal Q1 here. Can you just give us some of the put and take on the fiscal '26 guide as we think more about new ACV growth versus that available to renew with with the installed base or essentially how you're thinking about net retention rate and obviously that we've always talked about ARR is kind of the metric you guys want to point us to as we think about the annual year, is there a way is, how should we think about the sort of ARR exiting the this year?

嘿，夥計們，在指南 Rick me 上，它似乎暗示著超越本季度、超越財政第一季的加速。您能否給我們一些關於 26 財年指南的看法，因為我們更多地考慮新的 ACV 增長與已安裝基礎的可續訂量，或者您如何考慮淨留存率，顯然我們一直在談論 ARR 是一種指標，當我們考慮年度時，你們想向我們指出，有沒有辦法，我們應該如何考慮今年退出的 ARR 類型？

Thank you, Jim. So a few things that I'll try to address. So first on renewals cohort, as we, as I said in the prepared remarks, it is growing year over year, but at a slower pace relative to what we saw in fiscal year 25, for example, right? So it is growing year over year. The reason we called it out was because it's at a slower pace, it does, impact revenue and as Jim, ARR is more of a stock. Metric whereas revenue is slow right so while that impacts revenue, AR only gets credit when that, ARR actually grows, right? There's renewal is almost in the base of the ARR.

謝謝你，吉姆。我將嘗試解決以下幾個問題。首先，關於續約群體，正如我在準備好的發言中所說的那樣，它逐年增長，但相對於我們在 25 財年看到的情況，增長速度較慢，對嗎？因此，它逐年增長。我們之所以指出這一點，是因為它的速度較慢，確實會影響收入，而且正如吉姆所說，ARR 更像是一種股票。指標，而收入成長緩慢，對吧，所以雖然這會影響收入，但只有當 ARR 實際成長時，AR 才會獲得信用，對吧？更新幾乎是在 ARR 的基礎上進行的。

So AR can only grow either when we have more land and expand or, price increases on renewals and things like that, right? So there's sort of a flow versus a stock metric difference there between revenue. And ARR, we don't guide to ARR, Jim, so I'm not going to be able to give you sort of a specific answer on how to think about ARR expectations for the year other than kind of the things we've alluded to here, some of the timing of deals and so on can move ARR around from period to period as we go through as we go through the year and then similarly for NRR, right, some similar dynamics there in terms of timing, but also the new logo point I made where we have seen that we're landing the new logos at a larger deal size than before, which could mean that potential future expansion for those particular customers can be lower. So yeah, a few puts and takes there, Jim, and I'll leave it there because you know we're not quantifying a particular expectation for the full year.

因此，只有當我們擁有更多土地並進行擴張，或更新價格上漲等情況下，AR 才能成長，對嗎？因此，收入之間存在某種流量與存量指標差異。吉姆，我們不提供 ARR 指導，所以除了我們在這裡提到的那些事情之外，我無法給你一個關於如何看待今年 ARR 預期的具體答案，一些交易時機等可以在一年中的各個時期移動 ARR，然後對於 NRR 也是如此，在時間方面也存在一些類似的動態，但也有我提到的新標誌點，我們已經看到我們以比以前的潛在交易變化。是的，吉姆，這裡有幾個假設，我就不說了，因為你知道我們並沒有量化全年的具體預期。

Yeah, so maybe then on the larger transactions because it seems like we're all trying to figure this out, you, you're commenting about larger actions looking for deferrals you've told us that you consider the strategy of, more annual billings, let's say as opposed to multi-year billings.

是的，那麼也許在較大的交易中，因為看起來我們都在試圖弄清楚這一點，你，你正在評論尋求延期的較大行動，你告訴我們你考慮採用更多年度賬單的策略，而不是多年賬單。

Is it that you're seeing large eight figure type deals like you did last year, now in the pipeline more and more, or is it going to be more the kind of strength of of the seven figure type deals and beyond that you're getting sort of that competitive disruption? Thanks.

您是否像去年一樣看到了越來越多的八位數大額交易，還是說七位數大額交易的強度會更大，除此之外，您還會遇到某種競爭幹擾？謝謝。

Thank you, Jim. I think we'll, we would just leave it as large deals, Jim. Are there deals in both of those categories that you mentioned, yes, and our intention is to continue to do more of those over time. I what I would, not want to do is get two branded a 7 figure or 8 figure, right? I think we're referring to look they've been we've continued to close more of these large deals over time. I gave one statistic around a million dollars+ dollar a land and expand ACD deals that has increased nicely in the number of those that we closed in 25 relative to 24, and so our intention is to continue to to do more of those and the pipeline that continues to be continues to be good as we enter fiscal year '26.

謝謝你，吉姆。我認為我們會把它作為大交易，吉姆。您提到的這兩個類別中是否有交易？是的，我們的目的是隨著時間的推移繼續做更多這樣的交易。我不想做的是獲得兩個品牌的 7 位數或 8 位數，對嗎？我想我們指的是，隨著時間的推移，我們一直在繼續完成更多這樣的大交易。我給了一個統計數據，每塊土地大約一百萬美元以上，擴大 ACD 交易，我們在 25 年完成的交易數量相對於 24 年有大幅增長，因此我們打算繼續做更多這樣的交易，進入 26 財年，渠道繼續保持良好狀態。

Thank you. And the next question will be coming from the line of Mathead Berg.

謝謝。下一個問題來自 Mathead Berg。

I've. Hey guys, this is Sieron from Matt Hedberg. Just thinking more on a macro level for a second. Could you dig a bit deeper into the demand trends that you're seeing and what you're incorporating into guidance?

我已經。大家好，我是 Matt Hedberg 的 Sieron。只要從宏觀層面進一步思考。您能否更深入地探討您所看到的需求趨勢以及您在指導中納入的內容？

Yeah, I'll give you a high level view and you can talk about the guidance still Simon.

是的，我會給你一個高層次的觀點，你仍然可以談論指導，西蒙。

So the overall macro, it's fairly still dynamic. It's evolving. I mean, there's also recent and political, potential actions with the new administration. And then another part of the macro is the that Rukmini gave on the federal US federal business, right? So we had a good fourth quarter there, but still, lots of changes there and some additional reviews, of course, means longer these cycles and some variability.

因此從整體宏觀來看，它仍然相當活躍。它正在進化。我的意思是，新政府最近也採取了一些潛在的政治行動。然後宏觀的另一部分是 Rukmini 就美國聯邦事務給出的建議，對嗎？因此，我們的第四季度表現良好，但仍然有很多變化和一些額外的審查，當然，這意味著更長的周期和一些變化。

But again, I think I would say I, we feel optimistic about the longer term view of like the fact that we have a platform that can be very helpful as for modernization of the IT infrastructure and a lot of these government organizations, now in terms of the macro itself, I mean we have factored in some macro uncertainty into our updated outlook, but we are seeing pretty solid demand for our solutions as well. Rukmini, do you want to talk about our guide?

但是，我想說的是，我們對長期前景感到樂觀，因為我們擁有一個平台，它可以對 IT 基礎設施的現代化和許多政府組織非常有幫助，就宏觀本身而言，我的意思是我們在更新後的展望中已經考慮到了一些宏觀不確定性，但我們也看到對我們的解決方案的相當強勁的需求。Rukmini，你想談談我們的導遊嗎？

I think you covered it, Reggie. We factored all of that into the guidance we provided.

我想你已經講清楚了，雷吉。我們將所有這些都考慮在內，並納入了我們提供的指導中。

Okay.

好的。

Okay, great. And then just one more, so realizing the VMware replacement opportunity continues to be a multi-year journey. Can you walk us through how much of the opportunity remains and what you're assuming for share shift, throughout fiscal year 26?

好的，太好了。再說一次，因此實現 VMware 替代機會仍將是一個多年的旅程。您能否向我們介紹一下在整個 26 財年還剩下多少機會以及您對份額變化的假設？

Yeah, so I think the vast majority of the op opportunity is still in front of us. If you were to characterize this as a multi innings baseball game, I'd probably say we're in the second innings at this point, and there's still a lot of customers out there with VMware, and it's going to take time, in terms of these migrations. We are seeing, I mean the fact that we've added, 2,700 customers over the last year is a good sign that there are people moving.

是的，所以我認為絕大多數的手術機會仍然擺在我們面前。如果將此描述為多局棒球比賽，我可能會說我們現在處於第二局，並且仍然有很多客戶使用 VMware，而且這些遷移需要時間。我們看到，我的意思是，我們去年增加了 2,700 名客戶，這是一個好兆頭，表明人們正在流動。

But there's 200,000 customers out there for VMware, so there's still a lot to go through here and it's going to take time. And for the bigger comers it's going to take even longer. So we've done a fair number of migrations and completed them for customers ranging anywhere if you want to look at the sizing of their environment, say from 20,000 cores to maybe even 600, 70,000 cores, that those types of customers, which I would call, they can be medium to large enterprises.

但是 VMware 有 20 萬客戶，因此還有很多工作要做，而且需要時間。對於更大的角落來說，這將會花費更長的時間。因此，我們已經完成了相當數量的遷移，並且為來自世界各地的客戶完成了這些遷移，如果您想了解他們的環境規模，例如從 20,000 個核心到甚至 600、70,000 個核心，那麼這些類型的客戶（我稱之為）可以是中型到大型企業。

Those types of migrations we've actually done some.

我們實際上已經完成了一些此類遷移。

Now the real big ones out there I think will take a long time to to migrate and so the smaller you are, the faster it is to migrate, the longer you are the bigger you are, the longer it's going to take. So I would still say we've got a lot of runway still in front of us and it's going to be a gradual multi-year journey.

現在，我認為真正的大魚需要很長時間才能遷移，所以魚越小，遷移速度越快；魚越大，遷移所需的時間越長。因此我仍然要說，我們面前還有很長的路要走，這將是一個循序漸進的多年旅程。

Great. Thanks, guys.

偉大的。謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the questions here, and I'll, PowerFlex is getting a decent amount of attention, so I'll tap into that for a second, but, great to hear on these two initial wins with these large global 2000 customers.

嘿夥計們，感謝你們在這裡回答問題，而且，PowerFlex 得到了相當多的關注，所以我將花一點時間來談談這一點，但是，很高興聽到這兩個來自全球 2000 個大客戶的初步勝利。

Quite frankly, it's earlier than I had expected on my side, but I wanted the temperature check it. What were you guys anticipating as far as Wins with PowerFlex. Can you give us some more granularity as far as how these deals came together? Were they led by new tenants, were they led by Dell? Was it a co-marketing effort? Anything on that front would be incremental, and then I have a follow up.

坦白說，這比我預期的要早，但我想檢查一下溫度。你們對於 PowerFlex 的勝利有何期待？您能否向我們詳細介紹一下這些交易是如何達成的？他們是由新租戶領導的嗎？還是戴爾領導的？這是聯合行銷活動嗎？這方面的任何事情都會是漸進的，然後我會進行跟進。

Yeah, I would say, Mike, we were actually pleasantly surprised at how quickly we were able to land these customers. You should also deem that these customers also were interested early on. They participated in our early access program, so they've been kicking the tires on this for a bit, but it is usually, these types of customers are also fairly conservative, and they typically tend to wait. They don't go all in on the first release, they wait for the next release and a couple of releases done before they go. So we were very happy to have secured these deals in Q4.

是的，我想說，麥克，我們對於能夠如此迅速地獲得這些客戶感到非常驚訝。您也應該認為這些客戶很早就也感興趣了。他們參加了我們的早期訪問計劃，因此他們對此進行了一段時間的考察，但通常情況下，這些類型的客戶也相當保守，他們通常傾向於等待。他們不會在第一次發佈時就全力以赴，而是等待下一次發布以及幾個版本發布後再發布。因此，我們很高興在第四季度達成這些交易。

So to your point, I think, it came in a bit earlier than we had anticipated. And then there's a power base like I said, it's constantly at the top of the pyramid. These are large customers. With all of these, I think there's a very collaborative relationship with Dell. So we are very directly engaged in these accounts with these customers, that they need, so support that we provide directly, and Dell has been a very collaborative partner in these accounts, and I expect that to continue as we look at these other big customers.

所以就你的觀點而言，我認為它比我們預期的要早一些。然後就像我說的，有一個權力基礎，它總是位於金字塔的頂端。這些都是大客戶。有了這些，我認為我們與戴爾之間建立了非常合作關係。因此，我們非常直接地與這些客戶打交道，滿足他們的需要，我們直接提供支持，戴爾一直是這些客戶中非常合作的伙伴，我希望在我們考慮其他大客戶時，這種情況能夠繼續下去。

Thank you for that. And I guess my follow up for Mini, I know that there's a couple of different moving pieces here, on the average contract duration in addition to and thank you for all the assumptions on the guide, but if I look at the average contract duration specifically, Q4 was slightly higher than what you guys had anticipated. We're talking about this upcoming year average contract duration is expected to see a slight decline.

謝謝你。我想我對 Mini 的後續情況是，我知道這裡有幾個不同的變動部分，除了平均合約期限之外，感謝您對指南的所有假設，但如果我具體看一下平均合約期限，第四季度略高於你們的預期。我們正在談論即將到來的一年，預計平均合約期限將略有下降。

Is there any way you can help us? Conceptualize what that impact to revenue is as a result of these movements around the average contract duration.

您有什麼可以幫助我們嗎？概念化一下平均合約期限的變動對收入會產生什麼影響。

Yeah, hi Mike. So on contract duration in the short term or average contract duration can vary based on the mix of business in a given quarter and for example could be elevated by a few.

是的，嗨，麥克。因此，短期合約期限或平均合約期限可能會根據特定季度的業務組合而有所不同，例如可能會增加。

Larger and longer than average duration contracts and so you're seeing some of that Mike and the reason we call it out is because you know the what as you going forward for fiscal year '26 is that we expect the duration year on year to be down slightly which as you know does impact our revenue because. The license portion of revenue we do take up front and that is impacted by or affected by the by contract duration we're not quantifying that because there's a lot of, Mike, but it, that's one of the things we did want to call out in terms of thinking about '26 revenue versus '25.

合約期限比平均期限更大、更長，所以你會看到一些這樣的合同，麥克，我們之所以提到這一點，是因為你知道，在 26 財年，我們預計合約期限同比會略有下降，你知道，這確實會影響我們的收入。我們確實預先收取了許可收入部分，這部分收入受到合約期限的影響，我們沒有量化這部分收入，因為有很多，麥克，但這是我們在考慮 26 年收入與 25 年收入時確實想指出的事情之一。

The one other dynamics that we've also discussed in prior calls is that over time we could see some compression of duration as renewals continue to increase as a percentage of billings because renewals tend to have lower average contract duration relative to land and expand.

我們在先前的電話會議中討論過的另一個動態是，隨著時間的推移，我們可能會看到合約期限有所壓縮，因為續約佔合約總額的百分比會繼續增加，因為續約相對於土地合約的平均合約期限通常較低，並且會擴大。

So a couple of moving pieces there, one on these sort of maybe we have a few larger contracts that are longer than average, versus this impact of renewals. We, given, we put all that and factored all of that in in kind of conveying that for '26 we expect the total average contract duration to be down slightly which does have somewhat of an impact on that revenue line.

因此，這裡存在一些變動因素，其中之一可能是我們可能有一些比平均水平更長的合同，而不是續約的影響。考慮到所有這些因素，我們預計 26 年的總平均合約期限將略有下降，這確實會對收入線產生一定影響。

Understood. Thank you guys.

明白了。謝謝你們。

Thank you, Mike.

謝謝你，麥克。

[Sami Juje], JPMorgan.

[Sami Juje]，摩根大通。

Yeah, hi, thanks for taking my questions here. Maybe just on a couple of fronts, I believe you expanded your platform on Google Cloud in the summer, so if you can just give us an update on how, the customer engagement has been on that front and on the pure storage partnership, I think the last sort of update you gave. Because, we would see something available in the by the end of the year. Anything more specific that you can share in terms of timing on that front and then have a quick follow up for a mini please.

是的，你好，謝謝你在這裡回答我的問題。也許只是在幾個方面，我相信您在夏天擴展了您在 Google Cloud 上的平台，因此，如果您可以向我們提供有關客戶參與度的最新情況，以及純存儲合作夥伴關係的最新情況，我想您提供的最新更新是這樣的。因為，我們會在年底看到一些可用的東西。您能否就時間方面分享一些更具體的訊息，然後進行簡短的跟進。

Thank you.

謝謝。

Yeah, Sami also. I know this is your first call as well, and, let me start with the, Pure and then Google Cloud. So Pure again I think we are an early access, a customers starting to kick the tires on a beta version. And then I think we are on track. We set in the calendar year for the GA release, generally available release, and we're on track to deliver that, and for pure there is a, broad base of customers that pure has, and many of them I think are interested over time in terms of exploring alternative platforms, which are offering provides. So I expect that, again, as we get into the second half of this when we will be able to tell you more about how that offering is coming along.

是的，薩米也是。我知道這也是您的第一通電話，讓我先從 Pure 開始，然後是 Google Cloud。因此，我認為我們仍處於 Pure 的早期階段，客戶正在開始試用測試版。然後我認為我們就走上正軌了。我們設定了 GA 版本（普遍可用版本）的發布年份，並且我們正在按計劃交付該版本，對於 Pure 來說，它擁有廣泛的客戶群，我認為其中許多客戶會對探索提供的替代平台感興趣。因此，我希望，當我們進入下半場時，我們將能夠告訴您更多有關該產品進展的信息。

On Google Cloud, we had a fair amount of initial interest from customers who have chosen Google as their cloud provider. I mean, typically the larger ones tend to pick one or two main cloud providers, and certainly, Google has been on that list after AWS and Azure for us for a while.

關於 Google Cloud，我們最初從選擇 Google 作為雲端供應商的客戶那裡獲得了相當多的興趣。我的意思是，通常較大的公司傾向於選擇一到兩個主要的雲端供應商，當然，繼 AWS 和 Azure 之後，Google也一直在我們的名單上。

So now that we are in what we call public preview, what that means is that early customers can have access to this offering, and we do have people fixing the tires, and again, I think once it's generally available, again, we hope that towards the end of the year, and it's also dependent on Google's bare metal being available in the regions that we need to be offering our software on top of, then I think we should be able to give you some more color in terms of the actual adoption and how things are going.

因此，現在我們處於所謂的公開預覽階段，這意味著早期客戶可以使用此產品，我們確實有人在修理輪胎，而且我認為，一旦它普遍可用，我們希望在年底前推出，並且它也取決於谷歌的裸機在我們需要在其上提供軟體的地區是否可用，然後我認為我們應該能夠在實際採用情況和進展情況方面為您提供更多細節。

Got it. Thank you for that. And let me just a quick follow up on the cash flow, maybe if you could dive into seems like the cash flow for the year came in a bit better than you initially thought. And when I'm trying to sort of square to your cash flow guide for fiscal '26, my math indicates operating income going up by about 90 million or so and looks like that would generally put cash flow at the higher end of your guide if not for other offsetting factors if you can just walk through what the moving pieces there, thank you.

知道了。謝謝你。讓我快速跟進一下現金流，如果您深入了解一下，也許今年的現金流似乎比您最初想像的要好一些。當我嘗試將其與您的 26 財年現金流指南進行比較時，我的計算表明營業收入將增加約 9000 萬美元左右，看起來這通常會使現金流處於指南的高端，如果沒有其他抵消因素，您是否可以簡單介紹一下其中的變化，謝謝。

Yes, hi, Sami, welcomecom for me as well. So on the free cash, yeah, we're happy with the performance in Q4 and in fiscal year 25 million, 750 million of, free cash flow, and so really happy with that performance and I think there's, when you think about next year and you think about the year 26 and the guide there.

是的，你好，薩米，我也歡迎你。因此，關於自由現金，是的，我們對第四季度的表現感到滿意，並且整個財年有 2500 萬、7.5 億的自由現金流，因此對這一表現非常滿意，我認為，當您考慮明年並考慮 26 年和那裡的指南時，您就會明白這一點。

I think the dynamic around contract duration does also impact free cash flow because our standard practice is to collect multiple years of cash up front and customers will often use CapEx budgets to to purchase our software because we are infrastructure software and often they may be purchasing hardware as well and so.

我認為合約期限的動態也會影響自由現金流，因為我們的標準做法是預先收取多年的現金，而客戶通常會使用資本支出預算來購買我們的軟體，因為我們是基礎設施軟體，而且他們通常也會購買硬體等等。

Duration does have can have an impact on free cash flow as well and as I said earlier in answer to you know response to another question that we expect duration in the aggregate to go down year over year into fiscal year '26.

持續時間確實也會對自由現金流產生影響，正如我之前在回答另一個問題時所說的那樣，我們預計到 26 財年，總體持續時間將逐年下降。

No, got it. Okay.

不，明白了。好的。

Thank you. Thanks for taking my questions.

謝謝。感謝您回答我的問題。

Thank you so much.

太感謝了。

Thank you. Wamsi Mohan, Bank of America.

謝謝。美國銀行的 Wamsi Mohan。

Hi, thanks for taking my questions. It's Ruppio filling in for Rammy. I have two questions. First one for Rukmini on margins.

你好，謝謝你回答我的問題。魯皮奧 (Ruppio) 代替拉米 (Rammy) 上場。我有兩個問題。第一個是 Rukmini 在邊緣上。

If you look at the midpoint of fiscal '26 guidance, 21.5%, that implies only 40 bits of improvement year on year, which would be the lowest in any year so far.

如果你看一下 26 財年指引的中點 21.5%，這意味著同比僅提高了 40 位，這將是迄今為止任何一年中的最低水平。

Can you help us segment that into how much of that is from tariffs, how much is because you have more employees now and more SGNA? And the other factors that you mentioned, I think you said 30 million or so of other issues. So can you help us segment that and is there any conservatism factored into this?

您能否幫助我們將其細分為多少來自關稅，多少是因為您現在擁有更多員工和更多 SGNA？至於您提到的其他因素，我想您說的是 3000 萬左右的其他問題。那麼，您能幫我們細分一下嗎？其中是否考慮了保守因素？

Hi, thanks for that question. So you're correct that at the midpoint of the guide in 26 is slightly above what we reported for fiscal year 2025. 1 thing I called out in my prepared remarks was some delayed hiring that we have and that we intend to catch up in fiscal year '26. And I said that's about 25 million in 26 that you know could have been depending on when those folks might have been hired in in 25 right those numbers can move around, but to give you an order of magnitude or a sense of what that amount is is is like in terms of delayed hiring that we have going into next year.

你好，謝謝你的提問。所以您說得對，26 年指南的中點略高於我們報告的 2025 財年的數字。我在準備好的發言中提到的一件事是，我們的一些招募工作有所延遲，我們打算在 26 財年趕上來。我說的是 26 年大約有 2500 萬人，你知道這可能取決於這些人在 25 年什麼時候被雇用，這些數字可能會有變化，但給你一個數量級或讓你了解這個數量是什麼樣的，就像我們到明年延遲招聘一樣。

The other headwind I called out were these non part payments which we do expect to taper off in fiscal year 26, and that could potentially be a headwind of another 10 to 15 million as in the prepared remarks. And then there are of course all of the folks that we've hired and fiscal year '25 blue and we've talked about the investments and where we're making them and I'm, happy to summarize that in sales and marketing, for example, where we want. To hire a few more reps to get to our target headcount and associated people to support that rep, and we came very close on that actually to hitting our target by the end of fiscal year '25. So those folks will all be annualizedzed in fiscal year 26, as right, because they won't here for the full year in 25, but they will be in 26. So those are all some of the things that I sort of call out when you think about margin going into. Into next year relative to fiscal year '25 and in terms of is there conservatism baked in there, I would say, look, our guidance philosophy in general hasn't changed, in that we TRY to give you our best and reasonable estimate of how the year will play out at this point in time and so that's a similar approach we've taken this year as well.

我提到的另一個不利因素是這些非部分付款，我們預計它們將在 26 財年逐漸減少，而且正如我在準備好的評論中所說，這可能會帶來另外 1000 萬到 1500 萬的不利因素。當然，還有我們僱用的所有人以及 25 財年的藍色，我們已經討論了投資以及我們在哪裡進行投資，我很高興在銷售和營銷方面總結一下，例如，我們想要的地方。僱用更多的銷售代表來達到我們的目標員工人數，並僱用相關人員來支持該銷售代表，實際上我們已經非常接近在 25 財年末實現我們的目標。因此，這些人都會在 26 財年進行年度化，因為他們不會在 25 年全年都在這裡，但他們會在 26 年全年在這裡。因此，當您考慮保證金時，這些都是我提到的一些事情。相對於 25 財年，明年是否存在保守主義，我想說，看，我們的指導理念總體上沒有改變，我們試圖給你最好的、合理的估計，關於今年將如何發展，所以這也是我們今年採取的類似方法。

Okay, so that, Rukmini, for my follow up, I'd like to ask a question on ERR, and I know you don't guide specific ERR, but just as you mentioned, there are different factors that impact that. And one is of course land, which is new logos and new tanics is going to face a tough year on year compare because fiscal '25 was so strong on that front.

好的，Rukmini，作為我的後續問題，我想問一個關於 ERR 的問題，我知道您沒有指導具體的 ERR，但正如您所提到的，有不同的因素會影響它。其中一個當然是土地，新的標誌和新的計劃將面臨嚴峻的同比形勢，因為 25 財年在這方面表現非常強勁。

Then there's expand, which you know we can kind of infer from NRR and then you said pricing also. So maybe I'd like to ask how is the pricing environment? Do you see maybe pricing as a lever you can use that you can raise prices on and maybe Rajit you can use this to gain some share from VMware and then on NRR like. How should we think about what how high NRR can go and how should we think about expansion? So I guess what I'm trying to ask is of these three factors, where do you have the most confidence and how should we think about, this expansion versus pricing versus versus this, the new logo expansion.

然後是擴展，您知道我們可以從 NRR 推斷出來，然後您還說了定價。所以我想問定價環境如何？您是否認為定價可以作為一種槓桿，可以用來提高價格？也許 Rajit 可以利用它從 VMware 獲得一些份額，然後在 NRR 上獲得一些份額。我們該如何思考NRR能達到多高以及我們該如何思考擴張？所以我想我要問的是，在這三個因素中，你對哪個最有信心，以及我們應該如何考慮這種擴張與定價以及新標誌的擴張。

Thank you.

謝謝。

Thank you, Raul. There was a lot in there. Let me TRY to unpack that and Raji, you're welcome to add as well. So, you're right, Tupou, that, if you think of the The main component of an increase in ARR, it's those three things, right? So one is, of course we need to we're retaining the ARR base that we do have and doing as much of that as we can and if you set that aside, then you have expansion with existing customers, landing new customers onto the platform.

謝謝你，勞爾。裡面有很多東西。讓我試著解釋一下，拉吉，也歡迎你補充。所以，Tupou，你是對的，如果你考慮 ARR 增加的主要因素，那就是這三件事，對嗎？因此，首先，我們當然需要保留現有的 ARR 基礎，並盡可能地利用這些基礎，如果你把它放在一邊，那麼你就可以擴大現有客戶，並將新客戶引入平台。

And and you know potential price increases with the existing customers as well right? So I would say look I think we're happy with the land performance we've talked about the the 2,700 plus new logos that were that joined our platform in fiscal year '25 and gave you a sense of roughly what we expect that to be in fiscal year '26.

您知道現有客戶的價格也可能會上漲嗎？所以我想說，我們對土地表現感到滿意，我們已經談到了 25 財年加入我們平台的 2,700 多個新標識，並讓您大致了解我們對 26 財年的表現的預期。

I think we touched on expansion one of the earlier questions around NRR, which is that there's some mechanical ins and outs there, including the fact that new logos coming in at a higher initial deal size could impact that percentage of expansion in the future because the initial purchase has been higher than it than it used to be.

我認為我們之前談到了有關 NRR 的一個擴張問題，即其中存在一些機械方面的問題，包括新標誌以更高的初始交易規模出現可能會影響未來的擴張百分比，因為初始購買量已經高於以前了。

And so there's some dynamics there around and and we of course we have continued. Focus on some of the expansion initiatives that they have going on, but NRR could move around from peer to peer going forward. And then on pricing our approach has been that on a renewal we want to make sure that our customers, love the platform and and want to renew with us and so historically we've had more inflation, type pricing, increases on on renewal.

因此周圍存在一些動態，我們當然會繼續下去。專注於他們正在進行的一些擴展計劃，但 NRR 未來可能會在同行之間轉移。然後，在定價方面，我們的方法是，在續約時，我們希望確保我們的客戶喜歡這個平台，並願意與我們續約，因此從歷史上看，我們有更多的通貨膨脹、定價、續約增加。

And of course it depends on what else that customer is doing with us. Are they also expanding, right? Like what is the overall picture of that particular account? And then I will say in terms of competitive pricing, which I think was part of your question, that remains quite dynamic and regime. I don't know if you want to comment on that as you think about pricing relative to the competition. Yeah, I.

當然，這也取決於客戶還與我們合作做什麼。他們也在擴張，對嗎？例如，該特定帳戶的整體情況是怎樣的？然後我想說，就競爭性定價而言，我認為這是你問題的一部分，它仍然相當動態和有製度。當您考慮相對於競爭對手的定價時，我不知道您是否想對此發表評論。是的，我。

Mean, I think it very much depends on the kind of customer, the volume, of course we have volume based pricing for very large deals with lots of volume, the pricing is lower. We, as a matter of fact, we did also even for this year take up our list pricing, as we pointed out, only on an inflation kind of, in line with inflation type of basis. So we also think for example having our, external storage offering can give us some pricing advantages right because we don't have to necessarily try and, that we can potentially achieve somewhat of a lower price point but get in the door without compromising and upselling to the rest of our portfolio. So there are levers here that we will of course attach and then there's portfolio attached which of course the more portfolio we attach the more our our ASPs go up. We have seen an increase in ASPs, of our deals, in terms of total size of the deals, the individual pricing, elements vary very much depending on the situation.

我的意思是，我認為這很大程度上取決於客戶的類型和數量，當然，對於交易量很大的大交易，我們的定價是基於數量的，定價較低。事實上，正如我們所指出的，我們今年也確實採用了定價方案，只是基於通貨膨脹，與通貨膨脹相符的基礎。因此，我們也認為，例如，擁有我們的外部儲存產品可以為我們帶來一些定價優勢，因為我們不必一定要嘗試，而且我們有可能實現較低的價格點，但又不需要妥協和追加銷售我們產品組合的其他產品。因此，這裡當然會附加槓桿，然後再附加投資組合，當然，我們附加的投資組合越多，我們的 ASP 就越高。我們看到，就交易總規模、單一定價而言，我們的交易的平均銷售價格增加，各個因素的差異很大，具體取決於具體情況。

Okay, thank you for all the details. I appreciate it.

好的，感謝您提供所有詳細資訊。我很感激。

Thank you.

謝謝。

[Victor Chu] of Raymond James. Your line is open.

詹姆斯 (Raymond James) 的 [Victor Chu]。您的線路已開通。

Hey guys, this is Victor in for Simon Leopold. I just wanted to follow up on the pure partnership. Can you remind us which elements Nutanix provides primarily the hypervisor for compute and. I guess, also what competitive opportunities does the combined solution target strategically, I guess. Yeah.

大家好，我是 Victor，代替 Simon Leopold。我只是想跟進純粹的合作關係。您能否提醒我們 Nutanix 主要提供哪些元素用於計算和虛擬機器管理程式。我想，綜合解決方案在策略上針對的競爭機會又是什麼呢？是的。

Hi Victor. So it's, so yeah, it's if you look at the cloud platform today, it has a hypervisor, it has networking, it has operations and cost management, it has some security built in, it also does unified storage. And when we look at the platform with, pure, the part that's not there is the HCI storage, right? Everything else about the platform is still very much there. We have the hypervisor, we have the networking, we have the security, we have the operations management, all of that is sold together with Pure, right, except the storage is now pure storage as opposed to us.

你好，維克多。是的，如果你看看今天的雲端平台，它有一個虛擬機管理程序，它有網絡，它有操作和成本管理，它有一些內建的安全性，它也有統一儲存。當我們從純粹的角度看平台時，不存在的部分就是 HCI 存儲，對嗎？該平台的其他一切都還保留著。我們有虛擬機管理程序、網路、安全性、營運管理，所有這些都與 Pure 一起出售，對吧，只是存儲現在是 Pure 存儲，而不是我們的。

That is the that is the portfolio. Now again, for a lot of these customers where they're connecting your storage to servers running VMS.

這就是投資組合。現在，對於許多客戶來說，他們將儲存連接到運行 VMS 的伺服器。

And so these customers are looking to replace that VMware option with with a mechanics option, right? That's our op opportunity there in terms of getting in on those accounts.

所以這些客戶希望用機械選項取代 VMware 選項，對嗎？就獲取這些帳戶而言，這就是我們的營運機會。

And they want to preserve their pure hardware, right? They, they've invested in the pure architecture, the pure storage. They want to keep that at least for some period of time and therefore we can then essentially do a software, change on their servers to be able to allow them to use mechanics instead of VMware on those in those deployments.

他們想保留純粹的硬件，對嗎？他們投資了純架構、純儲存。他們希望至少在一段時間內保留這種狀態，因此我們可以從本質上做一個軟體，改變他們的伺服器，以便能夠允許他們在這些部署中使用機製而不是 VMware。

Okay, got it. Great. That makes a lot. And then just along those lines, Broadcom issued ace they issued ce letters in May, I think the customers, that were using VMware without, paying for support because, that specifically, you know. Open up any incremental opportunities or is that just kind of consistent in part for the course with their overall kind of, competitive.

好的，明白了。偉大的。這就夠多了。然後，正如那樣，Broadcom 在 5 月發布了 ace 信，我認為那些使用 VMware 而沒有支付支援費用的客戶是因為，具體來說，你知道的。開放任何增量機會，或者這只是在某種程度上與課程的整體競爭力一致。

I mean again I think most customers running mission critical applications would want to make sure that their their deployments are supported, right? So they don't typically most customers don't run unsupported in the mission critical deployment. So I don't think that's changing the picture that much.

我的意思是，我認為大多數運行關鍵任務應用程式的客戶都希望確保他們的部署得到支持，對嗎？因此，大多數客戶通常不會在關鍵任務部署中執行不受支援的情況。所以我不認為這會對情況造成太大的改變。

Great. Thank you.

偉大的。謝謝。

Thank you. [Brandon Nespo], KBCM.

謝謝。 [Brandon Nespo]，KBCM。

Great. Thank you for taking questions. You know what, I guess my question for me and, mainly just to follow up on margins just doing some math. It seems to imply, operating expenses are, $1.9 billion. You call out a couple of, one timers in terms of accelerating head count and partner contributions, but OpEx excluding that quite a bit. And it looks like your contribution margins from an operating income perspective are it looks like implied is just 24%, which is much lower than it's been.

偉大的。謝謝您的提問。你知道嗎，我想我的問題主要只是為了跟進利潤率，只是做一些數學計算。這似乎意味著營運費用為 19 億美元。您在加速員工人數和合作夥伴貢獻方面召集了幾個一次性人員，但營運支出卻將這部分排除在外。從營業收入角度來看，您的貢獻利潤率似乎僅為 24%，比以前低得多。

So what are you spending sort of the rest of the money on? Are you guys, maybe changing some channel payments or, top for employee base just trying to understand why OpEx would be up so materially and contribution margins would be down so materially, implied by the guidance. Thanks.

那麼，您把剩下的錢花在了什麼地方呢？你們是否會改變一些管道付款，或改變員工基礎的頂層，只是想了解為什麼營運支出會大幅上升，而貢獻利潤率會大幅下降，這是指導所暗示的。謝謝。

Yeah, hi, Brandon. So, a few, I think thoughts on fiscal '26.

是的，你好，布蘭登。所以，我想談談對 26 財年的一些看法。

OEs. So one, like I said, I, the one time, items that I called out in my prepared remarks, I won't repeat because I feel like we've covered that in enough detail already. In terms of other things, there is the run rate of the folks that we've hired for this year in fiscal year '25, getting over '26 is a meaningful chunk of that because a lot of that hiring did happen later in the year and so was the second half of the year. Those folks are all being analyzed going into.

原始設備製造商。所以，就像我說過的，我曾經在準備好的發言中提到過這些內容，我不會重複，因為我覺得我們已經討論得足夠詳細了。就其他方面而言，我們在 25 財年僱用的員工的運作率，超過 26 財年是一個很有意義的部分，因為許多招募都是在今年稍後進行的，下半年也是如此。這些人都正在接受分析。

Fiscal year '26 we have of course raises that we give for employees that is factored in there and then in terms of incremental investments there's a there's some that we've baked in there. Brandon, it's not a ton in the grand scheme of things or even in the incremental amount it's still a minority. It's more around areas around R&D and innovation that we said we'd continue to innovate, in areas like the.

在 26 財年，我們當然會為員工加薪，這些都已計入其中，在增量投資方面，我們也已經將一些投資納入其中。布蘭登，從總體來看，這不是很多，即使從增量來看，也仍然是少數。我們更多是在研發和創新領域進行創新，例如：

Support of external storage in areas like our Kuberneti's platform and KP where we're seeing a lot of interest and we think it's important that we continue to invest incrementally in those areas and then some in sales and marketing as well, around the area we think there is more opportunity for us to get that return. Like I said, we came very close to hitting our target rep headcount in, at the end of this year 25 and so there's going to be a little more we have to do there, but that's not a huge amount and then if.

我們在 Kuberneti 平台和 KP 等領域支援外部存儲，看到了很多關注點，我們認為繼續在這些領域逐步投資很重要，然後在銷售和行銷方面也進行一些投資，我們認為在這些領域我們有更多機會獲得回報。就像我說的，我們非常接近達到我們的目標代表人數，到今年年底，我們將有 25 名代表，因此我們還需要做更多的事情，但這不是一個巨大的數目，然後如果。

Investments in areas like IAEs where we're going to add a few more insight folks some adjustments to our portfolios like that so incrementally it's still a a small amount that is being added over and about the delayed hiring that we had in fiscal year '25 going into 26.

我們將在 IAE 等領域進行投資，為我們的投資組合增加一些有洞察力的人員，進行一些調整，因此，從增量上講，這仍然是一個很小的數額，它是在 2025 財年進入 2026 財年的延遲招聘的基礎上增加的。

Thank you for taking the question.

感謝您回答這個問題。

Thank you, Brandon.

謝謝你，布蘭登。

Thank you, and this does conclude today's conference call. Thank you so much for joining. You may all disconnect. Have a great evening.

謝謝，今天的電話會議到此結束。非常感謝您的加入。你們都可以斷開連線。祝您有個愉快的夜晚。