Nutanix Inc (NTNX) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Nutanix First Quarter 2026 Earnings Conference Call. (Operator Instructions) This conference is being recorded. Now it's my pleasure to turn the call over to Nutanix' Vice President of Investor Relations, Rich Valera. Please go ahead.

大家好，歡迎參加 Nutanix 2026 年第一季財報電話會議。（操作說明）本次會議正在錄音。現在我很高興將電話轉交給 Nutanix 的投資人關係副總裁 Rich Valera。請繼續。

Good afternoon, and welcome to today's conference call to discuss first quarter fiscal year 2026 financial results. Joining me today are Rajiv Ramaswami, Nutanix' President and CEO; and Rukmini Sivaraman, Nutanix' CFO. After the market closed today, Nutanix issued a press release announcing first quarter fiscal year 2026 financial results. 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，歡迎參加今天舉行的電話會議，我們將討論2026財年第一季的財務表現。今天與我一同出席的有 Nutanix 總裁兼執行長 Rajiv Ramaswami 和 Nutanix 財務長 Rukmini Sivaraman。今天市場收盤後，Nutanix 發布新聞稿，宣布了 2026 財年第一季財務業績。如需閱讀新聞稿，請造訪我們投資者關係網站的新聞稿部分。在今天的電話會議上，管理階層將發表前瞻性聲明，包括財務指引。

These forward-looking statements involve risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially and adversely from those anticipated by these statements. For a more detailed description of these and other risks and uncertainties, please refer to our SEC filings, including our most recent annual report on Form 10-K as well as our earnings press release issued today. 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，這可能導致實際結果與這些陳述所預期的結果有重大不利差異。有關這些及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，包括我們最新的 10-K 表格年度報告以及我們今天發布的盈利新聞稿。這些前瞻性陳述截至今日有效，我們不承擔在本次電話會議後修改這些陳述的義務。因此，你不應該依賴它們來預測未來事件。請注意，除非另有特別說明，否則我們今天電話會議中使用的所有財務指標（收入除外）均以非公認會計準則 (non-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 UBS Global Technology and AI Conference in Scottsdale on December 1; the Raymond James TMC and Consumer Conference in New York on December 8; and the Barclays Global Technology Conference in San Francisco on December 11. We hope to see some of you at these events. Finally, our second quarter fiscal 2026 quiet period will begin on Monday, January 19. And with that, I'll turn the call over to Rajiv.

我們已在投資者關係網站和獲利新聞稿中提供了這些非GAAP財務指標與GAAP財務指標的調節表（如適用）。Nutanix 將參加 12 月 1 日在斯科茨代爾舉行的瑞銀全球科技與人工智慧大會；1​​2 月 8 日在紐約舉行的 Raymond James TMC 和消費者大會；以及 12 月 11 日在舊金山舉行的巴克萊全球科技大會。我們希望在這些活動中見到你們中的一些人。最後，我們 2026 財年第二季靜默期將於 1 月 19 日星期一開始。接下來，我將把電話交給拉吉夫。

Rajiv?

拉吉夫？

Thank you, Rich, and good afternoon, everyone. In our first quarter, we saw solid demand for our solutions with bookings that were slightly ahead of our expectations, and continued progress with our partners. However, the solid performance of the business didn't translate into revenue within the quarter as previously expected. Late in the quarter, we saw more business than expected with start dates outside of the quarter. This resulted in some revenue being shifted out of Q1.

謝謝你，里奇，大家下午好。第一季度，我們的解決方案需求強勁，預訂量略高於預期，與合作夥伴的合作也持續取得進展。然而，該業務的穩健表現並未如預期在本季轉化為營收。本季末，我們發現一些業務超出預期，這些業務的開始日期不在本季內。這導致部分收入從第一季轉移出去。

As we evaluated the impact of this recent change in our business mix on our fiscal 2026 outlook, we now expect to see more revenue than we had previously planned. driving a reduction in our full year revenue guidance. Rukmini will provide more details on these changes in our comments. But there are a few key points I'd like to make. First, our view of the fundamentals of our business and bookings growth expectations for the year remain unchanged.

在評估近期業務組合變化對2026財年展望的影響時，我們現在預期營收將超過先前預期，因此下調了全年營收預期。Rukmini將在評論中提供更多關於這些變化的細節。但我有幾個關鍵點想說明。首先，我們對公司業務基本面和今年預訂成長預期的看法保持不變。

Second, these changes do not impact our free cash flow expectations for FY '26, which we are modestly increasing. And finally, this is solely a timing issue and the amount of revenue we expect to recognize over time from business booked in FY '26 remains unchanged. With that said, in our first quarter, we delivered quarterly revenue of $671 million within our guided range and grew our ARR 18% year-over-year to $2.28 billion. We also saw another quarter of healthy new logo additions and solid free cash flow generation. In Q1, we continue to see success in the marketplace with our cloud platform.

其次，這些變化不會影響我們對 2026 財年的自由現金流預期，我們只會小幅上調該預期。最後，這只是一個時間問題，我們預計從 2026 財年已確認的業務中逐步確認的收入金額保持不變。儘管如此，我們在第一季實現了 6.71 億美元的季度收入，符合預期範圍，我們的 ARR 年比成長 18%，達到 22.8 億美元。我們也看到新客戶數量連續第二季保持健康成長，自由現金流也十分強勁。第一季度，我們的雲端平台在市場上持續取得成功。

Our most notable wins, a few of which I'll highlight demonstrates the appeal of our solution to businesses that are looking to modernize their IT footprint, deploy modern apps and AI and adopt hybrid multi-cloud operating models. One of our largest expansion wins was with a North American-based provider of agricultural products and services. That was looking for an alternative to their existing 3-tier virtualization solution that included a potential future path to public cloud. They chose our Nutanix slot platform to run their mission-critical applications across their global manufacturing and business operations footprint. Appreciating the public cloud optionality provided by our Nutanix cloud clusters or NC2 capability.

我們取得的一些最顯著的成功（我將重點介紹其中幾個）表明，我們的解決方案對那些希望實現 IT 現代化、部署現代應用程式和 AI 以及採用混合多雲營運模式的企業具有吸引力。我們最大的擴張成功案例之一是與總部位於北美的農業產品和服務供應商合作。他們正在尋找一種替代現有三層虛擬化解決方案的方案，該方案包含未來遷移到公有雲的潛在途徑。他們選擇我們的 Nutanix 插槽平台，在其全球製造和業務運營範圍內運行其關鍵任務應用程式。非常欣賞我們 Nutanix 雲端叢集或 NC2 功能提供的公有雲選擇權。

They also chose Nutanix Kubernetes platform in anticipation of future deployment of modern workloads as well as Nutanix cloud management and Nutanix unified storage. Another example of a new logo win with a customer looking to take advantage of the hybrid multi-cloud capabilities of our platform was a European government agency that we're looking for a solution to deploy and manage their modern applications across public and private clouds. They are planning to run their modern applications on our Kubernetes platform on top of NC2 on AWS. And we continue to add some of the world's largest companies as new customers in Q1, including a 7-figure Global 2000 new logo with an EMEA-based provider of energy products and service. This customer was looking to implement a comprehensive cybersecurity solution.

他們還選擇了 Nutanix Kubernetes 平台，以應對未來部署現代工作負載的需求，以及 Nutanix 雲端管理和 Nutanix 統一儲存。另一個贏得新客戶的例子是，我們正在尋找一種解決方案，以便在公有雲和私有雲上部署和管理其現代應用程序，以利用我們平台的混合多雲功能。他們計劃在 AWS 上的 NC2 之上，在我們的 Kubernetes 平台上運行他們的現代應用程式。我們在第一季繼續新增了一些全球最大的公司作為新客戶，其中包括一家總部位於歐洲、中東和非洲地區的能源產品和服務提供商，該公司是全球 2000 強企業，新增客戶金額達七位數。這位客戶希望實施一套全面的網路安全解決方案。

They chose the Nutanix Cloud platform to run these security applications as well as cloud management for its common management interface, superiors of use, simple one-click upgrades and the ability to secularly run across multi-cloud environments. They also chose Nutanix unified storage for management of unstructured data. Finally, the first quarter new logo in our U.S. federal business highlighted the Gen AI and modern application capabilities of our platform. This government agency was looking to modernize their infrastructure and to utilize AI to enhance its effectiveness and efficiency.

他們選擇 Nutanix 雲端平台來運行這些安全應用程式以及雲端管理，因為該平台具有通用的管理介面、卓越的易用性、簡單的一鍵升級以及在多雲環境中長期運行的能力。他們還選擇了 Nutanix 統一儲存來管理非結構化資料。最後，我們美國聯邦業務第一季的新標誌突顯了我們平台的 Gen AI 和現代應用能力。該政府機構希望實現基礎設施現代化，並利用人工智慧來提高其效率和效能。

They chose a full stack metallic solution, including our cloud platform, Nutanix unified storage and Nutanix database service as well as our Nutanix Enterprise AI and Nutanix Kubernetes platform to support development and deployment of their modern and Gen AI applications. Moving on. We also continue to make progress on our initiative to support external storage with our platform. including selling our solutions supporting Dell PowerFlex to another Global 2000 customer in Q1. During this quarter, we also announced that Nutanix plans to support Dell's Power Store with general availability expected in the summer of 2026.

他們選擇了一個全端金屬解決方案，包括我們的雲端平台、Nutanix 統一儲存和 Nutanix 資料庫服務，以及我們的 Nutanix 企業 AI 和 Nutanix Kubernetes 平台，以支援其現代和 Gen AI 應用程式的開發和部署。繼續。我們在利用我們的平台支援外部儲存方面也持續取得進展，包括在第一季度向另一家全球 2000 強客戶銷售了支援 Dell PowerFlex 的解決方案。本季度，我們也宣布 Nutanix 計畫支援戴爾的 Power Store，預計將於 2026 年夏季全面推出。

And we remain on track to deliver our solutions supporting Pure Storage FlashArray within this calendar year. Finally, we continue to receive industry recognition in Q1. Nutanix was named a leader in the 2025 Gartner Magic Quadrant for distributed hybrid infrastructure. Our inclusion in the leaders quadrant, along with several leading public cloud providers, reflects the evolution of our offering to a true hybrid multi-cloud platform. In closing, our business performed solidly in the first quarter, including bookings that were slightly ahead of our expectations, ARR growth of 18% year-over-year another healthy quarter of new logo additions and solid free cash flow performance.

我們仍按計劃在今年內交付支援 Pure Storage FlashArray 的解決方案。最後，我們在第一季繼續獲得業界認可。Nutanix 被 Gartner 評為 2025 年分散式混合基礎設施魔力像限的領導者。我們與幾家領先的公有雲供應商一起躋身領導者象限，這反映了我們的產品正在朝向真正的混合多雲平台演進。綜上所述，我們第一季的業務表現穩健，包括訂單量略高於預期，年度經常性收入年增 18%，新增客戶數也維持健康成長，自由現金流表現良好。

The change to our revenue guidance relates solely to the timing of revenue recognition. I believe the fundamentals of our business remain healthy and unchanged. We remain focused on delighting our customers while driving sustainable profitable growth. And with that, I'll hand it over to Rukmini Sivaraman. Rukmini?

此次營收預期調整僅涉及營收確認時間。我認為我們業務的基本面依然健康且未改變。我們將繼續專注於讓客戶滿意，同時實現可持續的獲利成長。接下來，我將把麥克風交給魯克米尼·西瓦拉曼。魯克米尼？

Thank you, Rajiv, and thank you, everyone, for joining us today. I will first discuss our Q1 '26 results followed by Q2 '26 guidance and our updated fiscal year 2016 guidance. In Q1, we reported quarterly revenue of $671 million, within the guidance range of $670 million to $680 million, representing a year-over-year growth rate of 13%.

謝謝拉吉夫，也謝謝各位今天蒞臨。我將首先討論我們 2026 年第一季的業績，然後討論 2026 年第二季的業績指引以及我們更新後的 2016 財年業績指引。第一季度，我們公佈的季度營收為 6.71 億美元，符合 6.7 億美元至 6.8 億美元的預期範圍，年增 13%。

While bookings in Q1 were slightly ahead of our expectations. We saw a larger-than-expected proportion of land and expand bookings with future start dates late in the quarter, resulting in a shift of some revenue from Q1 into future periods. As a reminder, under U.S. GAAP, revenue recognition generally begins when the license starts which means booking with future start dates, shift revenue recognition into later periods, even though cash collection may occur earlier. This is solely timing related and does not change the overall revenue expected to be recognized over time.

第一季的預訂量略高於我們的預期。我們發現，本季末期預訂的土地和擴建項目數量遠超預期，且未來開始日期延長，導致部分收入從第一季轉移到未來期間。提醒一下，根據美國通用會計準則，收入確認通常從許可生效之時開始，這意味著即使現金收款可能更早發生，但如果記帳日期為未來的開始日期，收入確認也會推遲到以後的期間。這只是時間上的問題，不會改變預計隨著時間推移將確認的整體收入。

If land and expand bookings had come in with the proportion of future start dates that we had assumed Q1 revenue would have been above the high end of the guided range. ARR at the end of Q1 was $2.284 billion, representing year-over-year growth of 18%. The NRR or net dollar-based retention rate at the end of Q1 was 109% flat quarter order. Note that this ARR and NRR are under our updated methodology that started with Q1 26, as previously discussed on our last earnings call. In Q1, average contract duration was 3.1 years.

如果土地和擴建預訂能夠按照我們預期的未來開始日期比例進行，那麼第一季的收入將高於預期範圍的上限。第一季末的年度經常性收入為 22.84 億美元，年增 18%。第一季末的淨收入留存率（NRR）或以美元計價的淨留存率為 109%，與季度訂單持平。請注意，此 ARR 和 NRR 是根據我們從 2026 年第一季開始更新的方法計算的，正如我們在上次財報電話會議上討論的那樣。第一季度，平均合約期限為 3.1 年。

Non-GAAP gross margin in Q1 was 88%. Non-GAAP operating margin in Q1 was 19.7% and towards the lower end of our guided range of 19.5% to 20.5%, primarily due to lower revenue. Non-GAAP net income in Q1 was $121 million or fully diluted EPS of $0.41 per share based on fully diluted weighted average shares outstanding of approximately 297 million shares. GAAP net income and fully diluted GAAP EPS in Q1 were $2 million and $0.21 per share, respectively. Free cash flow in Q1 was $175 million, representing a free cash flow margin of 26%.

第一季非GAAP毛利率為88%。第一季非GAAP營業利益率為19.7%，接近我們預期的19.5%至20.5%區間的下限，主要原因是營收下降。第一季非GAAP淨收入為1.21億美元，或以約2.97億股完全稀釋加權平均流通股計算，完全稀釋每股收益為0.41美元。第一季 GAAP 淨利潤和完全稀釋後的 GAAP 每股收益分別為 200 萬美元和 0.21 美元。第一季自由現金流為 1.75 億美元，自由現金流利潤率為 26%。

Moving to the balance sheet. We ended Q1 with cash, cash equivalents and short-term investments of $2.062 billion, up from $1.993 billion at the end of Q4. Moving to capital allocation. In Q1, we repurchased $50 million worth of common stock under our existing share repurchase authorization and used about $89 million of cash to retire shares related to our employees' liability for their quarterly RSU vesting both of these help to manage share dilution. Moving to guidance.

接下來查看資產負債表。第一季末，我們的現金、現金等價物和短期投資為 20.62 億美元，高於第四季末的 19.93 億美元。接下來討論資本配置。第一季度，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 8,900 萬美元的現金來註銷與員工季度 RSU 歸屬相關的股份，這兩項措施都有助於控制股份稀釋。進入指導環節。

Our guidance for Q2 '26 is as follows; Revenue of $705 million to $715 million, non-GAAP operating margin of 20.5% to 21.5%. Fully diluted weighted average shares outstanding of approximately 296 million ships. Moving to the full year. Our updated guidance for fiscal year '26 is as follows; revenue of $2.82 billion to $2.86 billion, representing a year-over-year growth rate of 12% at the midpoint of the range. Non-GAAP operating margin of 21% to 22%, same as our prior guide despite the lower revenue guide, free cash flow of $800 million to $840 million an increase from our prior guidance and representing a free cash flow margin of 28.9% at the midpoint.

我們對 2026 年第二季的業績預期如下：營收 7.05 億美元至 7.15 億美元，非 GAAP 營業利潤率為 20.5% 至 21.5%。完全稀釋後的加權平均流通股數約為 2.96 億艘船舶。進入全年。我們對 2026 財年的最新預期如下：營收為 28.2 億美元至 28.6 億美元，按區間中點計算，年成長率為 12%。非GAAP營業利潤率為21%至22%，與我們先前預期的相同，儘管收入預期有所下調；自由現金流為8億美元至8.4億美元，高於我們先前的預期，自由現金流利潤率為28.9%（中位數）。

I will now provide some additional context regarding our fiscal year '26 guidance. First, as Rajiv mentioned, it is important to note that our full year bookings growth expectations remain unchanged relative to our last earnings call. We are also pleased to raise our free cash flow guidance for the full year. However, as we saw late in Q1, we are seeing that the timing of conversion of bookings into revenue is evolving with our business. We believe this is due to a couple of factors, including; One, increased customer demand for greater flexibility to start licenses aligned with their adoption time line, resulting in more bookings with future start dates; and two, the growing proportion of our business through our third-party OEM partners for which we only recognize revenue when our partners ship an appliance.

接下來，我將提供一些關於我們2026財年業績指引的補充資料。首先，正如拉吉夫所提到的，需要指出的是，我們對全年預訂量成長的預期與上次財報電話會議相比保持不變。我們也很高興上調全年自由現金流預期。但是，正如我們在第一季末看到的那樣，我們發現預訂轉化為收入的時間正在隨著我們業務的發展而變化。我們認為這主要歸因於以下兩個因素：一是客戶對許可證啟動時間的靈活性需求增加，以便根據他們的採用時間表啟動許可證，從而導致未來啟動日期的預訂量增加；二是我們的第三方 OEM 合作夥伴的業務比例不斷增長，我們僅在合作夥伴交付設備時才確認收入。

As a result, we now expect more revenue to shift from fiscal year '26 into future periods, while the total amount of revenue recognized over time remains unchanged. Second, a note on seasonality. We expect the quarter-over-quarter revenue trend from Q2 to Q3 to be similar to what we saw last year in fiscal year '25. Third, we continue to balance prudent investments for continued growth with a focus on efficiencies and expanding margins over time. This is reflected in our updated operating margin and free cash flow guidance for the full year.

因此，我們現在預計更多收入將從 2026 財年轉移到未來時期，而隨著時間的推移確認的收入總額保持不變。其次，關於季節性問題。我們預計從第二季到第三季的季度環比收入趨勢將與去年 2025 財年的情況類似。第三，我們將繼續在審慎投資以實現持續成長的同時，專注於提高效率並隨著時間的推移擴大利潤率。這體現在我們更新後的全年營業利潤率和自由現金流預期。

In closing, we believe the underlying value of our business remains unchanged. Demand and bookings expectations are unchanged. Our free cash flow outlook is higher. Revenue expected to be unchanged over time, but starting later, and our guidance philosophy is unchanged. With that, operator, please open the line for questions.

最後，我們認為我們業務的根本價值保持不變。需求和預訂預期保持不變。我們的自由現金流預期會更高。預計收入將保持不變，但開始時間會晚一些，我們的指導方針也保持不變。接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Hey guys, this is [Simmer Dew] on for Matt Hedberg. Thanks for taking our questions. So just to start with NRR, this was flat quarter-over-quarter. Would you be able to speak a bit more to these dynamics? I know last quarter, you had mentioned that the average deal size is growing for new logos could be a headwind to the growth rate of expansion. So how should we think about new logos versus expansions this quarter and throughout 2026.

大家好，我是[Simmer Dew]，今天為大家帶來Matt Hedberg的報導。謝謝您回答我們的問題。首先來看淨收益率（NRR），它與上一季相比持平。您能否再詳細談談這些動態？我知道上個季度您曾提到，新客戶的平均交易規模不斷增長，這可能會對擴張速度造成不利影響。那麼，我們該如何看待本季以及2026年全年的新標誌設計與品牌擴張之間的關係呢？

Yes, hi [Simmer]. I can take that. So on we had talked about, as you said, some puts and takes there where the new logos generally don't affect NRR directly. Because if you think of all the components that add up to our ARR growth. The first one is good retention, making sure we're getting as many of our customers as we can. And then there is this expansion component, which is reflected at NRR.

是的，你好[煨]。我可以接受。正如你所說，我們之前討論過一些利弊，新標誌通常不會直接影響淨收益率。因為如果你想想所有促成我們年度經常性收入成長的因素。第一點是提高客戶留存率，確保我們盡可能留住客戶。此外，還有擴張部分，這反映在淨收益率 (NRR) 中。

And then -- the third element is new logos, which then add to make up the full ARR number. So new levels in general don't affect NRR. I think the point we had made in the past was that as our average deal sizes for new logos has gone up over time, potentially in some customers, we might be doing a complete migration of their estate onto Nutanix platform even at the get-go. And that doesn't happen all the time, to be clear, right? There are bigger customers where it will be a migration over time.

然後——第三個要素是新標誌，這些標誌加起來就構成了完整的 ARR 數值。所以新的水平通常不會影響淨再生率。我認為我們過去的觀點是，隨著我們新客戶的平均交易規模不斷擴大，對於某些客戶而言，我們甚至可能從一開始就將其所有資產完全遷移到 Nutanix 平台上。需要說明的是，這種情況並非總是發生，對吧？對於一些規模較大的客戶，遷移過程會隨著時間的推移而進行。

We talked about that a little bit in the prepared remarks as well. So there are puts and takes here. Overall, we saw the NRR for for Q1 as reported stabilized. It was flat quarter-over-quarter.

我們在事先準備好的發言稿中也稍微談到了這一點。所以這裡有付出也有回報。總體而言，我們看到第一季的淨收益率趨於穩定。與上一季相比，業績持平。

Okay. Okay. Got it. And then could you also provide a little bit more color on Fed. How did it perform relative to expectations 90 days ago and the impact of the government shutdown.

好的。好的。知道了。那麼，您能否再詳細介紹一下聯準會的情況呢？與 90 天前的預期相比，其表現如何？政府停擺又產生了怎樣的影響？

Yes. Let me talk a little bit about U.S. Fed. So first, I'd say, as a reminder, we don't report U.S. Federal as a percent of our business, just to give people an idea.

是的。讓我簡單談談美國聯邦儲備銀行。首先，我想提醒大家，我們不會將美國聯邦業務占我們業務的百分比作為報告，只是為了讓大家有個概念。

But what we have said is that U.S. Fed has been 10% or less of our annual revenue with the seasonal strength, of course, seen in our fiscal Q1, the quarter that we just reported, which is fed fiscal year-end. In this Q1, specifically, our U.S. Fed business saw double-digit year-over-year growth off of admittedly of a relatively easy comparison last Q1, but we saw nice growth there. And going forward, we continue to expect a higher than historical level of variability in the U.S.

但我們說過，聯準會的收入占我們年度收入的 10% 或更少，當然，季節性因素也會影響到我們剛剛公佈的第一財季（即聯準會財年結束的季度）的收入。具體來說，在今年第一季度，我們的美國聯邦儲備銀行業務實現了兩位數的同比增長，雖然去年第一季的基數相對較低，但我們仍然看到了不錯的增長。展望未來，我們預期美國經濟的波動性將持續高於歷史水準。

Fed business given recent personnel changes, some policy changes, of course, we just came out of the government shutdown. So given all of that, we expect some variability there. But overall, we remain optimistic on the opportunity for this business to benefit from our platform's focus on modernization and lowering TCO, which we believe TCO being total cost of ownership, which we believe is well aligned with government objectives as well. And we have factored sort of all of this into our Q2 and updated fiscal year '26 guidance, we have factored this overall uncertainty into the updated guidance.

鑑於最近的人事變動和一些政策變化，聯準會的業務受到了影響，當然，我們剛剛結束了政府停擺。鑑於以上所有因素，我們預計會出現一些波動。但總的來說，我們仍然樂觀地認為，該業務有機會受益於我們平台對現代化和降低總擁有成本 (TCO) 的關注，我們認為 TCO 指的是總擁有成本，我們也認為這與政府的目標非常一致。我們已經將所有這些因素納入了我們第二季度和更新後的 2026 財年業績指引中，我們將這種整體不確定性納入了更新後的指引中。

Okay, great.

好的，太好了。

Thank you.

謝謝。

James Fish, PSC.

James Fish，PSC。

Hey guys. Look, let's get right to the point here. if bookings came in better than expected and granted it's apples and oranges slightly. Why did RPO bookings that -- I'm happy that you guys are finally talking about RPO because I think it's a more meaningful metric. But why did RPO bookings themselves [only 6%]. Can you guys help us with what that bookings growth rate was. And Rukmini, if it really shifted out of fiscal Q1, why does it seem that so much is pushed into fiscal Q4?

嘿，大家好。好了，咱們直奔主題吧。如果預訂情況好於預期，當然，這兩者之間可能存在一些差異。為什麼 RPO 預訂量會這樣——我很高興你們終於開始討論 RPO 了，因為我認為它是一個更有意義的指標。但為什麼RPO預訂本身會受到影響呢？[僅 6%]。你們能幫我們算一下預訂成長率是多少嗎？魯克米尼，如果真的從第一財季轉移出去了，為什麼似乎有那麼多工作被推到了第四財季？

Because if I look at your commentary here of seasonality, it means we have a pretty large ramp into fiscal Q4 versus fiscal Q3 then so help us out here.

因為如果我看一下你在這裡對季節性的評論，那就意味著我們第四財季的成長速度比第三財季要快得多，所以請幫我們分析一下。

Thank you for those questions. As you pointed out, we've started this quarter, providing RPO remaining come obligations in our earnings release. when before we were providing them in our filings, so in our 10-Qs and Ks. We believe that this is an additional relevant metric because, Jim, as you, I think, are alluding to, captures bookings activity in the period that is expected to be future revenue. And it includes deferred revenue, which, of course, is also on the balance sheet and it also includes noncancelable backlog.

謝謝你提出這些問題。正如您所指出的，我們從本季開始，在獲利報告中揭露剩餘的RPO義務。而此前，我們會在提交給稅務機關的文件（例如10-Q和K表格）中揭露這些資訊。我們認為這是一個額外的相關指標，因為正如你所暗示的，吉姆，它反映了預計未來收入的時期內的預訂活動。其中包括遞延收入（當然，遞延收入也列在資產負債表上），也包括不可取消的積壓訂單。

Those are the components of RPO. I'll also mind folks that RPO is a TCV or total contract value-based metric. And so it is -- it has all the revenue, meaning it has duration as well as opposed to ARR, which is an annualized metric. Now to your question, Jim, on and why we saw a small decline in backlog component as part of the RPO or subset of RPO in our first fiscal quarter. And I would say that's consistent with our historic seasonality, if you look at sort of what backlog does.

這些是RPO的組成部分。我還要提醒大家，RPO 是一個基於 TCV（總合約價值）的指標。確實如此——它包含了所有收入，這意味著它也包含了持續時間，而 ARR 則是一個年化指標。現在回答你的問題，吉姆，為什麼我們在第一財季的 RPO 或 RPO 子集中看到積壓訂單部分略有下降。我認為，如果你看看積壓訂單的情況，你會發現這與我們歷史上的季節性規律是一致的。

And then there's a small component that is not visible, which is non-cancelable backlog that is smaller -- sorry, cancelable backlog, which is a smaller proportion. And so that also typically does translate into revenue. So overall, look, we look at RPO, we are pleased with overall year-over-year growth in our peer, which is 26% in Q1. Your second question, Jim, I think, was on the seasonality point. So when we look at the full year, what I would say is we still see a mix that is similar to what we've seen in fiscal year '25 last year, for example.

然後還有一個不可見的較小組成部分，即不可取消的積壓工作，它佔比較小——抱歉，是可取消的積壓工作，它所佔比例較小。因此，這通常也會轉化為收入。總的來說，我們來看 RPO，我們對同業整體的同比增長率感到滿意，第一季同比增長率為 26%。吉姆，我想你的第二個問題是關於季節性的。所以，當我們縱觀全年時，我認為我們仍然看到與去年 2025 財年類似的組合。

So if you look at fiscal year '25, our revenue mix first half versus second half was $49.1 million. And for '26, the updated guidance we just gave you at the midpoint of Q2 and full year, it's just a touch more weighted towards second half. So it's not meaningfully different from what we saw last year.

因此，如果你看 2025 財年，我們上半年和下半年的營收組成分別為 4,910 萬美元和 4,910 萬美元。至於 2026 年，我們剛剛在第二季中期和全年給出的最新指引，只是稍微偏重於下半年。所以，它與我們去年看到的情況並沒有實質的不同。

Okay, got it. Good. And then I think anyone that's been following you guys for a while, will recall the time frame when it was out of your control the supply chain issues a few years ago that led to what we'd all call pushouts. So can you walk us through in terms of what you're seeing that's similar versus different on how we should think about the sort of push out time frame? Thanks.

好的，明白了。好的。我想，一直關注你們的人都會記得，幾年前供應鏈出現問題，而這些問題當時並不在你們的控制範圍內，導致我們所說的「產品外流」。那麼，您能否為我們詳細介紹一下，在考慮這種推出時間框架時，您觀察到的相似之處和差異是什麼？謝謝。

Yes. So why don't I start on that, Jim, and then I welcome Rajiv to add here as well. And maybe, Jim, it's a broad question, right? So I'll start with first maybe broadly talking about three relevant factors that are related to the recent dynamics that we see in our land and business specifically. So first, with the growth of Broadcom migrations, we're finding that these customers want to commit to us, but often need more flexibility to help them match their license deployments with their migration time line.

是的。那我先開始吧，吉姆，然後我也歡迎拉吉夫補充。吉姆，也許這是一個很廣泛的問題，對吧？那麼，我先從大致談談與我們近期在土地和商業領域所看到的動態相關的三個因素開始。首先，隨著博通遷移業務的成長，我們發現這些客戶希望與我們建立合作關係，但通常需要更大的靈活性來幫助他們將許可證部署與遷移時間表相匹配。

We have seen some of this in the past as noted in prior earnings calls, although the impact then was minimal relative to our expectations. We saw this become pronounced late in Q1 and we now expect this trend to continue, which is why we're expecting more revenue than previously expected to be shifted out of '26 and in the future period. That was the primary factor in the Q1 revenue performance. The second one is a growing proportion of our business. It means through our third-party OEM partners for which we only recognize revenue when our partners ship an appliance.

正如我們在先前的財報電話會議中提到的，我們過去也曾遇到過這種情況，儘管當時的影響相對於我們的預期而言微乎其微。我們看到這種情況在第一季末變得尤為明顯，現在我們預計這種趨勢將繼續下去，因此我們預計2026年及以後期間的收入將比之前預期的更多。這是影響第一季營收表現的主要因素。第二部分在我們業務中所佔比例越來越高。這意味著我們透過第三方 OEM 合作夥伴實現收入，只有當我們的合作夥伴出貨時，我們才會確認收入。

Third, and perhaps more directly to your question, Jim, we don't believe supply chain shortages or longer lead times were a meaningful driver of the revenue performance in Q1. However, based on what we have been hearing anecdotally about component shortages and the potential for longer lead times, we believe supply chain tightness could impact the business going forward. So we believe now that we have more refined insights based on recent trends on orders with future start dates, partnershipping time lines and the extent to which these factors impact timing of revenue. Now with all that said, I'd like to reinforce a few important points or reiterate a few important points that we said in the prepared remarks. We believe the underlying value of our business remains unchanged.

第三，或許更直接回答你的問題，吉姆，我們認為供應鏈短缺或交貨週期延長並不是第一季營收表現的重要驅動因素。然而，根據我們從一些傳聞中了解到的零件短缺和交貨週期可能延長的情況，我們認為供應鏈緊張可能會對公司未來的業務產生影響。因此，我們相信，根據近期關於未來開始日期訂單、合作時間表以及這些因素對收入時間的影響程度的趨勢，我們現在有了更精細的見解。綜上所述，我想強調或重申我們在準備好的演講稿中提到的一些重要觀點。我們相信公司業務的根本價值保持不變。

Demand and booking expectations for the year are unchanged. Free cash flow outlook is higher. Revenue is expected to be unchanged over time, but starting later, and our guidance will obviously is unchanged. Rajiv, anything you would add to that?

今年的需求和預訂預期保持不變。自由現金流前景看好。預計收入將保持不變，但開始時間會稍晚一些，我們的預期顯然不會改變。拉吉夫，你還有什麼要補充的嗎？

Let me provide a bit more color on the supply chain aspect. I think you called the other aspect Rukmini. On the supply chain side, I mean, we didn't believe that supply chain constraints were a meaningful factor in our Q1 results. But as we all know, there is a big massive AI buildout being done by a handful of large companies. And that has the potential, and it seems to be starting to cause supply shortages in the industry.

讓我再詳細闡述供應鏈方面的狀況。我想你把另一個面向稱為魯克米尼。就供應鏈方面而言，我們並不認為供應鏈限制是我們第一季業績的重要因素。但我們都知道，少數幾家大型公司正在進行大規模的人工智慧建設。這種情況有可能發生，而且似乎已經開始導致行業供應短缺。

Now we don't see this directly, but we are hearing anecdotally about component shortages and the potential for long lead times. Now this could impact our land and expand business going forward. renewals aren't affected. So we are monitoring this closely, and we have factored in a modest tightening of the supply chain to our updated outlook. Now again, in terms of looking at the supply chain per se, while, again, we don't control the supply chain ourselves.

雖然我們目前還沒有直接看到這種情況，但我們從一些傳聞中得知零件短缺，以及交貨週期可能較長。這可能會對我們的土地和未來的業務擴張產生影響。續約不受影響。因此，我們正在密切關注此事，並將供應鏈略微收緊的因素納入了我們更新後的展望中。現在，就供應鏈本身而言，我們再次強調，我們自己無法控制供應鏈。

But we have done a few things to help mitigate supply chain issues. I'd say three things -- there are four things actually. First is we do have more server partners now than we've in the past where notably, we've added Cisco as a server partners. So our customers have a choice of server vendors to pick from, and they can do that based on who's got the best supply. Second, we have continued to expand our hardware competitor list so that we can include more existing server configurations that customers have already deployed to run our infrastructure.

但我們已經採取了一些措施來幫助緩解供應鏈問題。我想說三點——其實是四點。首先，我們現在的伺服器合作夥伴比過去更多了，尤其值得一提的是，我們新增了思科作為伺服器合作夥伴。因此，我們的客戶可以從眾多伺服器供應商中進行選擇，他們可以根據哪家供應商的供貨能力最強來做出選擇。其次，我們不斷擴大硬體競爭對手名單，以便納入更多客戶已部署用於運行我們基礎設施的現有伺服器配置。

is there, for example, looking to get it to their existing software and putting our software on, we can run that more on existing hardware that they've deployed. Third, we've also added additional external storage options, such as Dell and Pure Storage that mitigate the need for customers to purchase new hardware to run our software. And finally, we also have more offerings in the public cloud, including now NC2 on Google Cloud, our Kubernetes offerings, et cetera. So these are all -- I think the overall set of things that we are doing on our end to provide broader applicability of our software across different hardware.

例如，他們希望將其整合到他們現有的軟體中，並將我們的軟體安裝上去，這樣我們就可以在他們已部署的現有硬體上運行它。第三，我們還增加了額外的外部儲存選項，例如戴爾和 Pure Storage，從而減少了客戶購買新硬體來運行我們軟體的需求。最後，我們在公有雲領域也提供了更多產品，包括現在的 Google Cloud 上的 NC2、我們的 Kubernetes 產品等等。所以我認為，這些都是我們為了使我們的軟體能夠更廣泛地適用於不同的硬體而正在做的一系列事情。

Matthew Martino, Goldman Sachs.

馬修馬蒂諾，高盛集團。

Yes, thanks for taking my questions. First one for me, like on the revenue that slipped from Q1 into future periods, like how much of that was tied to customer requested future start dates versus OEM shipment timing versus simple deal slippage. And I guess like what evidence broadly do you have that this is timing only an emerging demand softness? And then I have a follow-up.

是的，謝謝您回答我的問題。首先，我想了解一下從第一季下滑到未來幾季的收入，有多少是由於客戶要求的未來開始日期造成的，又有多少是由於 OEM 發貨時間造成的，還有多少是由於簡單的交易延誤造成的。那麼，您有什麼證據可以證明這只是針對新出現的需求疲軟時期呢？然後我還有一個後續問題。

Hi Matt. Thanks for the question. Let me start. So in Q1, the revenue performance in Q1, I think I want to be clear, was primarily related to the proportion of orders that we saw with these future start dates. And as we -- bookings in Q1 were ahead of what we had expected going in. And so it's that bookings view, Matt, that gives us -- that we were alluding to.

嗨，馬特。謝謝你的提問。我先開始。因此，我想明確一點，第一季的營收表現主要與我們看到的這些未來開始日期的訂單比例有關。正如我們之前所預期的那樣，第一季的預訂量超出了我們的預期。所以，馬特，正是這種預訂視圖給我們帶來了——也就是我們之前提到的。

And we said that, look, we have seen bookings to come in Q1, in fact, slightly ahead of what we had planned. And our view for the full year on bookings also remains unchanged from before. But the primary factor of Q1 revenue coming where it did, which was within the range. And as we said, if those proportion has come in as we had assumed it would above the high end of the range.

我們說，實際上，我們已經看到第一季的預訂量略微超過了我們的計劃。我們對全年預訂量的預期也與先前保持一致。但第一季營收達到預期範圍的主要因素是：營收確實在預期之內。正如我們所說，如果這些比率例如我們所假設的那樣，那麼它將高於範圍的上限。

Got it. And then for a follow-up, just given the commentary on deal recognition landing in later periods, I mean, how should we think about the duration and the timing there as we kind of think about framing our models for fiscal 27, kind of given the commentary that you expect, unchanged bookings growth, but a delay in that recognition.

知道了。然後，作為後續問題，鑑於有關交易確認將在後期確認的評論，我的意思是，當我們考慮為 2027 財年構建模型時，我們應該如何考慮其持續時間和時間安排？鑑於您預計預訂成長不變，但確認會延遲。

Yeah, so when we think about 27, I think it's part of your question, Matt, which is what does this change for 26 imply for fiscal year '27 if I were to paraphrase your question. Look, we have, we've given you our view of revenue for this year. Revenue growth in 27 is, as in any year, dependent on three factors; business deferred from 26 into 27, business booked in '27, and then how much we book in 27 that might get deferred into future years. So there's a net effect that, as you can see, along with actual bookings performance itself in '27. We look forward to providing more color on that, really anything beyond fiscal '26 during our Investor Day in April.

是的，所以當我們考慮 27 時，我認為這與你的問題有關，馬特，如果我轉述你的問題，那就是 26 年的這一變化對 27 財年意味著什麼。你看，我們已經向你們展示了我們對今年收入的看法。2027 年的營收成長與往年一樣，取決於三個因素：從 2026 年遞延到 2027 年的業務、2027 年預訂的業務，以及我們在 2027 年預訂的、可能會遞延到未來幾年的業務量。因此，正如你所看到的，淨效應是，加上 2027 年的實際預訂業績本身。我們期待在 4 月的投資者日上提供更多相關信息，特別是關於 2026 財年之後的任何事情。

The only thing I'd add to that, Rukmini, in terms of the demand side of the equation, you talked about, of course, bookings coming in slightly ahead of expectations. The other thing you could look at Matt also is the fact that our cash flow is fine, right? In fact, we're actually slightly taking up our free cash flow guide. And we're still collecting cash on all those bookings mostly upfront.

魯克米尼，關於需求方面，我唯一要補充的是，你當然提到了預訂量略高於預期。馬特，你還可以看看我們的現金流狀況，對吧？事實上，我們實際上稍微採納了我們的自由現金流指南。而且我們仍然在收取所有這些預訂的現金，大部分是預付款。

Samik Chatterjee, JP Morgan.

Samik Chatterjee，摩根大通。

This is MP on behalf of Samik from JPMorgan. I just wanted to ask on the customer spending plans like we have seen hardware costs, particularly impacted by the increased component component costs. So does that anyway impact the overall propensity of like customers in terms of spending towards IT? And also like if you could help us understand FY '26 guide adjusted for the timing issues?

這是代表摩根大通 Samik 的議員。我只是想詢問一下客戶的支出計劃，例如我們已經看到硬體成本，特別是受到零件成本上漲的影響。那麼，這是否會對這類客戶在 IT 方面的整體支出傾向產生影響呢？另外，您能否幫我們理解一下針對時間安排問題調整後的2026財年指引？

So I'll talk about the first one. I mean, look, we talked about the supply chain. I think Look, I mean, hardware, again, prices could change, prices go up, prior lead times could go up. And like I said, our approach is to provide -- fundamentally to provide more densification to customers. So they can try and arbitrate amongst all the hardware providers and provide -- we provide the broadest flexibility to run our platform, right, run our software on -- as many hardware platforms as they can.

那我就先講第一個問題。我的意思是，你看，我們討論過供應鏈。我覺得，硬體方面，價格可能會變化，價格可能會上漲，之前的交貨週期也可能會延長。正如我所說，我們的方法是為客戶提供——從根本上來說，是為客戶提供更高的密度。因此，他們可以嘗試在所有硬體供應商之間進行仲裁，並提供——我們提供最廣泛的靈活性來運行我們的平台，對吧，運行我們的軟體——盡可能多的硬體平台。

That's our approach of dealing with the hardware issues. We don't control the hardware directly, right? Now we have it to your question, we haven't seen any drop in demand in terms of customers saying, oh, yes, prices have gone up. Therefore, we're not going to buy as much. So we haven't seen that at this point at all.

這就是我們處理硬體問題的方法。我們無法直接控制硬件，對吧？現在我們來回答您的問題，我們沒有看到任何客戶抱怨價格上漲導致需求下降的情況。因此，我們不會買那麼多。所以目前為止我們還沒有看到這種情況。

Rukmini, do you want to talk about the guidance?

魯克米尼，你想談談指導意見嗎？

Yes. So I think the question was for the full year '26 guide, what would it have been if not for the timing of revenue. And look, I think a reasonable starting point to look at that is what we had guided last quarter, which was $290 million to $294 million , and our current guide is $282 million to $286 million. And as I said, the reason for that is we're expecting more revenue than previously expected to shift out out of fiscal year '26. And the factors I talked about, right?

是的。所以我認為問題在於，如果收入的時間安排不受影響，2026 年全年的業績指南會是什麼樣子。我認為，比較合理的起點是參考我們上個季度的預期，即 2.9 億美元至 2.94 億美元，而我們目前的預期是 2.82 億美元至 2.86 億美元。正如我所說，原因是我們預計 2026 財年的收入將比之前預期的要多。還有我剛才提到的那些因素，對吧？

One is the fact that more customers want to commit to us but are looking for more flexibility to help them match their migration time line with when they need licenses from us. and it's a growing proportion of our business that's coming through third-party OEM partners for which we only recognize revenue when our partnership and appliance. And the third one, which we really haven't seen thus far, it was not a factor -- a meaningful factor in Q1 revenue is that some of the supply chain shortage of the longer lead, which we sharing about anecdotally in which you alluded to as well.

一方面，越來越多的客戶希望與我們建立合作關係，但他們也希望獲得更大的靈活性，以便更好地配合他們的遷移時間表和從我們這裡購買許可證的時間。另一方面，我們越來越多的業務來自第三方OEM合作夥伴，而我們只有在合作夥伴和設備交付後才會確認收入。第三個因素，我們目前還沒有真正看到，它不是影響第一季營收的重要因素——一些較長交貨週期的供應鏈短缺，我們只是偶爾提及，你也提到過。

Thank you. And my follow-up question would be like, have you seen any increased competitive increased competitiveness across this space over the last 90 days or something like overall view on the competitive environment?

謝謝。我的後續問題是，在過去的 90 天裡，您是否觀察到該領域的競爭加劇？或者您對整體競爭環境有何看法？

I would say nothing has changed really on that front. We're seeing the same set of competitors that we've always competed with. And we really haven't seen any major change in the dynamics. Like I said, I think the migrations that we're seeing customers do onto our platform right? I mean they tend to be staged over time, right?

我覺得這方面其實沒有什麼改變。我們遇到的競爭對手和以往一樣。而且我們還沒有看到這種動態發生任何重大變化。正如我所說，我認為我們看到客戶正在向我們的平台遷移，對吧？我的意思是，它們往往是隨著時間的推移而精心策劃的，對吧？

It's not everything coming out front. And we're seeing -- as we see more of those migrations, as Rukmini explained, I think that's driving the customers to need more flexible start dates, right, in terms of when they actually want to activate their licenses so that they can activate those whenever they're ready to actually do the actual migration. So that, I think, is what we've seen. And I don't -- the competitive side of the equation really hasn't changed.

並非所有事情都會顯露出來。正如 Rukmini 所解釋的那樣，隨著此類遷移的增多，我認為這促使客戶需要更靈活的開始日期，以便他們能夠在準備好進行實際遷移時隨時啟動許可證。所以，我想，這就是我們所看到的。我不這麼認為——競爭的面其實並沒有改變。

Thank you.

謝謝。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

It's [Ruplu] in for Wamsi today. I have two questions, one for Rajiv. When you look at the rest of fiscal '26, how do you see the pipeline of large deals and the impact from that. And you talked about a growing proportion of revenue from the third-party OEM partners Raj, what percent of revenue this year is coming from those third-party OEMs? And can you give us any updated expectations for revenue from Dell and Cisco specifically?

今天由魯普魯代替瓦姆西上場。我有兩個問題，一個問拉吉夫。展望 2026 財年剩餘時間，您如何看待大型交易的進展及其影響？Raj，您提到第三方 OEM 合作夥伴的收入佔比越來越高，那麼今年這些第三方 OEM 的收入佔比是多少呢？您能否具體提供戴爾和思科的最新營收預期？

And I have a follow-up for Rukmini.

我還有一個關於魯克米尼的後續問題。

Okay. So first on the large deal, second on the OEM. So look, I think we continue to see our share of last. So at any point in time, we have a pipeline where we have a good number of large deals with this uncertain timing. And when you have these deals, larger deals, it's longer to really prosecute them and a little less clear about when, right?

好的。首先是大額交易，其次是OEM交易。所以你看，我認為我們仍然會看到屬於我們的那一部分。因此，在任何時候，我們都有大量大額交易正在進行，但完成時間並不確定。而且，當涉及到這些交易，尤其是較大的交易時，真正提起訴訟所需的時間會更長，而且何時提起訴訟也不太明確，對吧？

So we don't factor in all those deals into forecast but some likelihood of some subset of them hitting. I would say we're seeing a quite -- it's a good mix, right? We're seeing -- we did more million-dollar deals last year than prior year, we probably will do more this year as well as we go through the year, still early in the year. So we certainly have a pipeline of several deals out there that we should be -- we are working currently on that front. Now on the OEM side, I will say that we haven't broken it down yet in terms of what percentage of our revenue is coming from it, but it's clearly growing, right?

因此，我們不會將所有交易納入預測，而是考慮其中某些部分達成的可能性。我認為我們看到的是一種相當不錯的組合，對吧？我們看到——去年我們達成的百萬美元交易比前一年多，隨著今年的進行，我們今年可能會達成更多，現在還只是年初。所以，我們確實有幾個正在洽談中的交易——我們目前正在努力推進這方面的工作。現在來說說 OEM 方面，我們還沒有具體說明它占我們收入的百分比，但它顯然在增長，對吧？

Cisco has now been out there for a while and they're continuing to ramp along nicely. Dell is still early in that life cycle, but I think we've now got PowerFlex on. We will have PowerStore on sometime next summer. And so in general, our alignment with Dell is getting better, and so I would expect that to continue also growing. We've also had historically Lenovo, although they're a smaller OEM partner that's been there for a while, and it's business as usual on that front. But I would say I would expect the mix of Cisco and Dell both to grow for us over time. We haven't quantified it yet.

思科已經進入市場一段時間了，而且他們的發展勢頭依然良好。戴爾目前仍處於該生命週期的早期階段，但我認為我們現在已經實現了 PowerFlex 技術。我們將在明年夏季的某個時候推出 PowerStore 服務。因此，總的來說，我們與戴爾的合作關係越來越好，所以我預計這種合作關係也會繼續發展壯大。我們過去也曾與聯想有過合作，雖然他們是一家規模較小的 OEM 合作夥伴，但合作已久，目前這方面的業務一切照舊。但我認為，隨著時間的推移，思科和戴爾的業務組合都會為我們帶來成長。我們尚未對其進行量化。

Okay, thanks for the details there, Rajeev. Rukmini one for you. It sounds like a structural change in the business where more bookings going forward will have future start dates. I guess the first thing is like how -- what is giving you that confidence that this is a permanent change and not something just specific to the near term or fiscal '26. So am I reading this correct that this is a structural change? And then second and part of this question is on Slide 10, it says that we you're going to balance prudent investments for continued growth with a focus on margins, and you're keeping free cash flow more or less same, up a million at the midpoint.

好的，謝謝你提供的詳細信息，拉吉夫。魯克米尼，給你一個。聽起來像是公司結構上的調整，今後更多的預訂將設定未來的開始日期。我想首先要問的是——是什麼讓你確信這是一個永久性的變化，而不僅僅是近期或 2026 財年的特殊情況。所以我的理解沒錯吧，這是一場結構性改變？其次，這個問題的一部分在第 10 張投影片上，它說，你們將在謹慎投資以實現持續成長的同時，注重利潤率，並且保持自由現金流基本不變，中間值增加 100 萬美元。

Is there any risk that investing less now can hurt future revenue growth in outer years. So if you can just comment on that.

現在減少投資是否會對未來幾年的收入成長造成不利影響？所以，如果您能就此發表一下看法就太好了。

So on the first point you made in terms of the change to future start date and why we think it's going to continue. One thing we said earlier was that -- what are the factors we think that's driving this, the primary factor has been sort of this growth in Broadcom migrations. And we're finding that these customers, they want to commit with us. they often need more flexibility though to help them match their migration time lines and so on. And so that dynamic, as we've talked about for a while, we expect those migrations to be a multiyear journey for us.

所以關於您提出的第一點，即未來開始日期變更以及我們認為這種情況將會持續下去的原因。我們之前說過──我們認為推動這現象的因素是什麼？主要因素是博通公司用戶遷移的成長。我們發現這些客戶都希望與我們建立長期合作關係。但他們通常需要更大的靈活性，以幫助他們配合遷移時間表等等。因此，正如我們之前討論過的，我們預計這些遷移對我們來說將是一個多年的過程。

and so on. And we're always looking to balance customer needs with our own business goals. And so we'll continue to do that. The reality though is for some of these migrations, typically the larger ones where the customer might say, look, I need these licenses over time rather than all upfront, depending on their own migration time line. So that's the underlying dynamic around that.

等等。我們始終致力於在客戶需求和自身業務目標之間取得平衡。所以我們會繼續這樣做。但現實情況是，對於某些遷移，尤其是規模較大的遷移，客戶可能會說，我需要這些許可證分期購買，而不是一次性全部購買，這取決於他們自己的遷移時間表。這就是背後的根本動態。

Second to your question around we're keeping margins the same margin guidance -- operating margin guidance same as before, while we've taken revenue down relative to before and same on free cash flow, I think we take free cash flow up slightly, I think, relative to last -- what we told you last quarter. So if you think I would say, right, on the operating margin side, we do want to balance those two things, which is continuing to invest, investing prudently in growth. while looking to grow margins over time. I will say a few things on this. So one is with revenue getting deferred or shifted out of '26, there's some commission expenses that get deferred with that.

其次，關於您提出的利潤率問題，我們保持相同的利潤率預期——營業利潤率預期與之前相同，雖然我們下調了收入和自由現金流，但我認為我們略微提高了自由現金流，與上個季度相比——也就是我們上個季度告訴您的情況。所以，如果你認為我會這麼說，那麼在營業利潤率方面，我們確實希望平衡這兩件事，即繼續投資，謹慎地投資於成長，同時尋求隨著時間的推移提高利潤率。關於這一點，我想說幾點。一方面，部分收入被推遲或從 2026 年轉移出去，另一方面，部分佣金支出也被推遲。

We're also seeing slightly higher partner payments. These non-recurring partner payments we've talked about before are slightly higher than what we had assumed when we gave you guide three months ago. And then overall, we'll always be to manage the business efficiently, right? So when I think about all of that, we feel good about the balance between investments and growth. And then again, on free cash flow, the one other factor I'll say on free cash flow is that while we're seeing this more revenue shift out of '26, we still typically invoice on bookings and collect cash upfront regardless of when the license deployments occur.

我們還發現合作夥伴的付款略有增加。我們之前討論過的這些非經常性合作夥伴付款，比我們三個月前向您提供指南時所假設的要略高一些。總之，我們始終要有效率地管理業務，對吧？所以，綜合考慮所有這些因素，我們對投資和成長之間的平衡感到滿意。另外，關於自由現金流，我要說的另一個因素是，雖然我們看到更多收入從 2026 年轉移出去，但我們通常仍然會根據預訂情況開立發票並預先收取現金，無論許可證何時部署。

So that's another thing to keep in mind when you think about free cash flow and cash collection.

所以，在考慮自由現金流和現金回收時，這是另一個需要記住的因素。

Let me add one more thing, Rukmini -- sorry, on that front. So when you talk about a structural change to the business, I think one element of it is structured, which is more of our business is going to our OEM like Cisco and Dell. And there is a structural aspect of that in the sense that in that case, what we do is -- we give them our software and then they put it along with the hardware, they create an in kind of model and then they sell that, right? And so for us, fundamentally, at that point, we only recognize revenue when they ship right? We don't recognize revenue when we just provide the software to them, but only when they ship to their customers.

魯克米尼，我還要補充一點──抱歉，在這方面我有點失職。所以，當你談到業務的結構性變化時，我認為其中一個要素是結構性的，那就是我們更多的業務將轉移到像思科和戴爾這樣的原始設備製造商 (OEM) 那裡。從結構上看，這其中也存在一個問題，那就是在這種情況下，我們所做的就是——我們給他們提供軟體，然後他們把軟體和硬體結合起來，創建一個整合模型，然後把這個模型賣出去，對吧？所以對我們來說，從根本上講，只有在產品發貨時我們才會確認收入，對嗎？我們不會在僅僅向他們提供軟體時確認收入，只有當他們將軟體交付給他們的客戶時才確認收入。

So that, I think, we do expect that side of the business to continue growing, right? And that means that from the time we get a booking to the time that they -- we could get revenue for that. I think it's going to be similarly delayed, right? And so the more of that will see.

所以，我認為，我們確實預期這部分業務會繼續成長，對吧？這意味著從我們收到預訂到他們——我們可以獲得收入的這段時間。我認為也會有類似的延期，對吧？因此，我們將會看到更多這樣的情況。

Okay. Thank you for all the details.

好的。謝謝您提供的所有細節。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Thank you. I do have a couple of questions. First one, Rukmini, you said the bookings came in ahead of expectations. Did you actually state how much were bookings up on a year-over-year basis?

謝謝。我還有幾個問題。魯克米尼，你之前說過預訂量超出了預期。你有沒有具體說明預訂量比去年同期成長了多少？

We did not. We don't typically report or give you specifics on bookings. So we did not call that out specifically.

我們沒有。我們通常不會報告或提供預訂的具體資訊。所以我們沒有特別指出這一點。

Okay, and so that that's why you were talking about the different components of bookings, those being RPO and cancelable orders as well then, is that correct?

好的，所以你才提到預訂的不同組成部分，包括 RPO 和可取消訂單，是這樣嗎？

Yeah, so just to be clear, right, RPO captures a lot of things. RPO has deferred revenue, which is obviously coming as a waterfall from prior periods as well. The majority of deferred is support ratable piece of our business, and then there's some that's licenses that are coming from prior quarters, and that's the proportion that's increasing. And then we also have in RPO the other component of RPO is non-cancellable backlog.

是的，所以為了說清楚，RPO 涵蓋了很多方面。RPO 擁有遞延收入，這部分收入顯然也是從前幾個時期陸續到帳的。大部分延期付款是對我們業務中可分配支援部分的支持，還有一些是來自前幾季的許可證，而這部分比例正在增加。此外，RPO 的另一個組成部分是不可取消的積壓訂單。

And what I think I was answering in the prior question or the one before earlier from Jim I think was around the fact that RPO does give you a sense of what is expected, revenue in future periods we give you CRPO as well, which is next 12 months that is coming off of either the balance sheet or from this non-cancellable backlog, so it does give you that. Embedded in there is some proportion of the bookings that we had in Q1 but did not yield revenue in Q1.

我覺得我在上一個問題或更早之前吉姆提出的問題中回答的是關於 RPO 的確可以讓你了解未來期間的預期收入，我們還會提供 CRPO，即未來 12 個月從資產負債表或不可取消的積壓訂單中產生的收入，所以它確實可以告訴你這些信息。其中包含了我們在第一季收到的一部分預訂，但這些預訂在第一季並沒有產生收入。

Okay. Cancel backlog, though, that you have said something about cancel backlog in 1 of the other questions. What do you specifically say about that?

好的。不過，你在其他問題中也提到取消積壓工作。你對此具體是怎麼說的？

Yes, I was just saying that there's a small component of cancelable backlog relative to our PO number, it's small that we don't put out. But that's also -- eventually most of it does turn to revenue over time.

是的，我只是想說，相對於我們的採購訂單數量而言，可取消的積壓訂單佔比很小，這部分訂單我們不會發出去。但最終，大部分都會隨著時間的推移轉化為收入。

Understood. Okay. Rajiv, for you, and your best estimate, what market share do you think Nutaxis picking up of VMware migrations?

明白了。好的。Rajiv，你根據你的估計，認為 Nutaxis 在 VMware 遷移市場中能佔據多大的市場份額？

Look, that's a little hard to estimate, right? I mean if you get the customers who are doing the migrations, I mean, the choices are us, Red Hat, and then I would say, public cloud, which being, I would say, a minority, right? And I can give you some qualitative color quantitatively, it's very hard for us to really say. I would say, look, I mean, the proof of the pudding is we've got customers plus who we added last year, and we added another [640 or so] this quarter as well on top of that. And those are all customers who are doing migrations.

你看，這有點難以估算，對吧？我的意思是，如果你要找那些進行遷移的客戶，那麼他們的選擇就是我們、紅帽，然後我會說是公有云，但公有云應該只佔少數，對吧？我可以給你一些定性上的信息，但要定量地描述，我們很難說清楚。我的意思是，事實勝於雄辯，我們不僅擁有去年新增的客戶，而且本季還新增了約 640 位客戶。這些都是正在進行遷移的客戶。

Perhaps the one that might be pertinent is Red Hat, right? And if you look at it, I think we are winning a good chunk of business compared to what it had in terms of these customers migrating. That tends to be playing primarily where containerization is the main thing. Our platform is very solid when it comes to virtualization, the ability to run mission-critical workload and the flexibility to provide both virtualization solutions as well as container solutions. And we see some significant wins, some of which are public, right?

或許最相關的就是紅帽公司，對吧？如果你仔細觀察，我認為與之前相比，我們透過這些客戶的遷移贏得了相當大一部分業務。這通常主要發生在以容器化為主要特性的場景中。我們的平台在虛擬化方面非常強大，能夠運行關鍵任務工作負載，並且能夠靈活地提供虛擬化解決方案和容器解決方案。我們看到了一些重大勝利，其中一些是公開的，對吧？

So take finance informatic as an example. -- large bank in Germany, all the real banks. And for example, they had IBM and that had significant existing departments. And of course, big VMware shop, and they're migrating their VMware workloads over to Nutanix. And that's just one example of [when] so I don't have an exact quantification to your question on the number, by the way.

以金融資訊學為例──德國的大型銀行，所有真正的銀行。例如，他們擁有 IBM，而 IBM 當時已經擁有相當規模的部門。當然，還有一家大型 VMware 用戶公司，他們正在將 VMware 工作負載遷移到 Nutanix。這只是其中一個例子，所以對於你提出的數字問題，我無法給出確切的量化數據。

But we do believe we are winning a significant portion of those migrations.

但我們相信，我們贏得了其中很大一部分移民。

Okay. And then with respect to this container versus mix environment. Is it fair to say that increasingly organizations are looking for the modernized container-only solution? Or is it more organizations are looking for a next solution?

好的。然後是關於容器化與混合環境的問題。可以說，越來越多的組織正在尋求現代化的純容器解決方案嗎？或者，是否有更多組織正在尋找下一個解決方案？

Most companies that we talk -- most customers that we talk to have a mix with the majority of that state is still very much virtual machine-based and the newer stuff, everything that's new, net new being built is being built on containers. So almost everybody we talk to, at least, it's a mixed environment. with more of the existing asset being, what's the machine based.

我們接觸的大多數公司——我們接觸的大多數客戶——都採用了混合架構，其中大部分仍然基於虛擬機，而較新的、所有新的東西，所有新構建的東西，都是在容器上構建的。所以，我們交談過的幾乎每個人，至少都面臨著混合環境，現有資產大多是基於機器的。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作說明）

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Thank you. Good afternoon. So I think, Rajiv, what you guys have been saying is that the pushouts on the licensed start dates are due to the complexity of migrating off VMware, and it just takes a while and we kind of knew that, but you've been doing these migrations for almost two years now. I guess why do you think this pushout issue didn't pop up sooner what makes this current time period maybe special, forget about the OEM part of the business, but just on the flexibility question, do you think it's a budget issue, a macro issue or some other issue?

謝謝。午安.所以我覺得，Rajiv，你們一直說的意思是，許可生效日期的推遲是由於從 VMware 遷移的複雜性造成的，這需要一段時間，我們也知道這一點，但你們已經進行了近兩年的遷移工作。我想問的是，你認為為什麼這種推廣問題沒有更早出現？是什麼讓當下這段時期顯得如此特殊？先不談OEM業務，單就彈性問題而言，你認為這是預算問題、宏觀問題還是其他問題？

Yes. First of all, by the way, to your point there, it's not entirely new, right, Jason. We've seen this in the past, too. We've talked about how on some prior large deals, we've had to provide this kind of flexibility to align with the migration time lines. Now I think in the past, there were a smaller portion, right, of our business.

是的。首先，順便說一句，關於你剛才說的，這並不是什麼新鮮事，對吧，傑森。我們以前也見過這種情況。我們之前討論過，在一些大型交易中，我們不得不提供這種靈活性，以配合遷移時間表。現在我想，在過去，這部分業務佔比比較小，對吧。

Now we've got a growing set of broad cord migrations, right? So as that grows, again, we're finding that again, there's more of this that requires that flexibility. And that's really, I think, is the inflection that we saw. And we saw this very late this -- in Q1 as well on this front. So I would say it's just the fact that we have more of this man now.

現在我們看到越來越多的脊髓遷移，對吧？隨著這種情況的發展，我們再次發現，需要這種彈性的事情越來越多。我認為，這才是我們看到的真正轉捩點。而且我們很晚才看到這一點——在第一季也才看到。所以我覺得，這只是因為我們現在有了更多這樣的人。

That's the primary driver. Rukmini, do you want to add any color on this one?

這是主要驅動因素。魯克米尼，你想在這幅畫上添加顏色嗎？

I agree with you. I think you've covered it.

我同意你的看法。我覺得你已經講清楚了。

Okay. Great. And then as a follow-up for you, Rajiv, also, one of the comments we've heard from the channel is that when people compare the renewal from Broadcom compared to the upfront pricing, including hardware from Nutanix, it's not that different. And I know that you guys. You've talked about this.

好的。偉大的。Rajiv，我還要補充一點，我們從頻道中聽到的一種說法是，當人們比較博通的續訂價格和包含 Nutanix 硬體的預付價格時，兩者並沒有太大區別。我知道你們。你之前也談過這個問題。

But I guess the question is, should you be more aggressive on the upfront pricing to win business? And then is it -- is it going to be more problematic on that delta between the renewal for the customer versus the full hardware refresh with the NAND pricing going up as much as it is. So I guess that ties into the supply chain question that we discussed earlier. But how do you think about sort of upfront pricing and how that might change over [time].

但我想問的是，為了贏得業務，是否應該在前期定價方面採取更激進的策略？那麼，隨著 NAND 快閃記憶體價格的大幅上漲，客戶續訂和全面硬體更新之間的差額是否會造成更大的問題？所以，我想這和我們之前討論的供應鏈問題有關。但是，您如何看待預先定價，以及這種定價方式可能會如何變化？[時間]。

No, that's a very good question, right? I mean I think and a lot of it is also, do they need to buy new hardware or not, right? -- tied to that. Because look at it from a software perspective, we're not leading with price, but we aim to be very, very competitive, right, with Broadcom otherwise we will not win the account. And especially when we are landing a new customer, I think we will be aggressive.

沒錯，這確實是個好問題，對吧？我的意思是，我認為很大程度上也取決於他們是否需要購買新硬件，對吧？ ——這與此密切相關。因為從軟體的角度來看，我們並非以價格取勝，但我們的目標是與博通公司展開激烈的競爭，否則我們將無法贏得這個客戶。尤其是在爭取新客戶的時候，我認為我們會採取積極主動的策略。

Now I think the big barrier is they do need new hardware, and they have to purchase new hardware. Now there again, that's why the hardware timing. Timing of hardware refresh is a very important question, right? So now -- of course, so on our part, we've been doing a lot to try to get our software to work on as much of the existing hardware that our customers have, whether it's external storage now with Dell and Pure or even their existing servers that they may have running, for example, VMware VSAN or they're very equivalent hyper-converged. So we've been trying to reduce that hardware portion of the outlay for the customer.

現在我認為最大的障礙是他們需要新的硬件，而且他們必須購買新的硬體。現在又來了，這就是硬體時序的問題所在。硬體更新換代的時機是一個非常重要的問題，對吧？所以現在——當然，就我們而言，我們一直在努力使我們的軟體能夠在客戶現有的硬體上運行，無論是現在與戴爾和 Pure 合作的外部存儲，還是他們可能正在運行的現有伺服器，例如 VMware VSAN 或非常類似的超融合系統。因此，我們一直在努力降低客戶在硬體方面的支出。

And that will help us also, of course, the more that we're able to do there the easier it is for us to insert. So those dynamics haven't changed really significantly. I think on our part, we've been working to, again, make our software more broadly applicable so that our customers don't have to go reinvest in hardware. Now when they do reinvest in hardware, by the way, I think the other point that we should not forget is that a lot of the VMware deployments, 80% of it is still 3-tier storage. And if they move from 3-tier storage to HCI including the hardware, there is a significant TCO benefit.

當然，這對我們也有幫助，我們在那裡做得越多，我們就越容易進行插入。所以這些動態並沒有實質的變化。我認為，就我們而言，我們一直在努力使我們的軟體具有更廣泛的適用性，這樣我們的客戶就不必再投資硬體了。順便說一句，當他們確實對硬體進行再投資時，我認為我們不應該忘記的另一點是，在許多 VMware 部署中，80% 仍然是三層儲存。如果他們從三層儲存遷移到包含硬體的超融合基礎架構 (HCI)，則總體擁有成本 (TCO) 將顯著降低。

As long as they're ready to replace their hardware, there is a significant TCO benefit there, too. So we monitor this. We look at every deal. We look at the situation at the customer and then decide our strategy there.

只要他們願意更換硬件，那麼整體擁有成本也能顯著降低。所以我們會密切關注此事。我們會審查每一筆交易。我們先了解客戶的情況，然後根據實際情況制定策略。

Thank you.

謝謝。

Thanks, Jason.

謝謝你，傑森。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, thanks for taking the questions here, guys. I just have a quick one and then a follow-up. Wanted to add to just to make sure I was clear on it for the first question. When we add some of the guidance commentary here and specifically the second point around the growing proportion of business from third-party OEM partners. Is the point here that you're dependent on those partners as far as their time line to ship those appliances? Or does that default back to again the flexibility that these customers are requesting.

嘿，謝謝各位回答這些問題。我先簡單問一個問題，然後再問一個後續問題。我想補充一點，以確保我對第一個問題的理解是正確的。當我們在這裡加入一些指導性評論，特別是關於第三方 OEM 合作夥伴業務比例不斷增長的第二點時。這裡的重點是，你們在設備出貨時間上依賴這些合作夥伴嗎？或者，最終是否會恢復到這些客戶所要求的彈性？

And the heart of the question is, is there anything you can do on your side to help those OEM partners move boxes out the door?

問題的核心是，您這邊能做些什麼來幫助這些 OEM 合作夥伴把產品賣出去呢？

Yes, I'll start, Mike. It's more -- the point you made about our revenue recognition is tied to when they ship the hardware at which point our license provisioning is tied to that. It's less so, we believe, tied to this customer dynamic, which is why we call them out separately, Mike. So it's more the ability of the OEM partner to get the hardware shipped from their side, then our license deployment is kind of linked to that, leading to our rev rec. Rich, do you want to add anything to that?

好的，我先來，麥克。更確切地說——你提到的收入確認與他們何時發貨硬體有關，而我們的許可證發放也與此有關。我們認為，這與客戶動態的關係不大，所以我們才單獨列出它們，麥克。所以，關鍵在於 OEM 合作夥伴能否從他們那邊發貨，然後我們的許可證部署就與此相關，進而影響我們的收入。Rich，你還有什麼要補充的嗎？

Or on what we can maybe help them with in terms of --

或者我們可以在哪些方面幫助他們--

I mean they're not really, right? I mean we don't quite control when they ship, right? So it's up to the OEM partners to shift their hardware. And so we don't quite control that.

我的意思是，他們其實不是，對吧？我的意思是，我們無法完全控制他們的發貨時間，對吧？因此，硬體的轉移就取決於OEM合作夥伴了。所以，我們無法完全控制這一點。

Understood. Thanks for the additional color there, and then for the follow-up. I was just hoping to ask, and Rukmini, I understand there's a complexity of layers as far as how you put the guidance out there. But if I look at some of the delta here that we're talking about between the bookings and the timing of revenue.

明白了。感謝您補充的補充信息，以及後續的跟進。我只是想問，Rukmini，我知道在發布指導意見方面有很多複雜的層面。但是，如果我看一下我們在這裡討論的預訂量和收入到帳時間之間的差異。

How much of the, if I look at the full-year guidance reduction here, about $80 million at the midpoint, how much is based on what we saw exhibited in Q1 versus what is now expected to transpire as we get to Q2, Q3, and Q4? I just wanted to see if there's any way to triangulate or conceptualize the different moving pieces there, and I know that's a complex one, but again, just trying to get a little bit more of a firmer understanding.

如果我看一下全年業績預期下調，大約 8000 萬美元（中位數），其中有多少是基於我們在第一季度看到的情況，又有多少是基於我們預計在第二季度、第三季度和第四季度將會出現的情況？我只是想看看能否將其中不同的組成部分進行三角測量或概念化，我知道這是一個複雜的問題，但我只是想更深入地了解一下。

Yes. So I think what we said for Q1, Mike, was that if our assumptions have played out as we had expected from -- when we gave you the Q1 guide, that our revenue for Q1 would have been above the high end of the range. And instead, it was 671, right, which is what the reported revenue number was. So -- and then that gives you, I guess, a bit of sense of how much we were expecting in Q1 before we saw this late in quarter dynamic that we've talked about here. And so that's maybe -- I'll leave it there.

是的。所以我覺得我們對第一季的預測是，麥克，如果我們的假設像我們之前給出的第一季業績指引那樣得到驗證，那麼我們第一季的營收將高於預期範圍的上限。結果卻是 671，對吧，這正是公佈的收入數字。所以——我想，這就能讓你大致了解，在我們看到我們在這裡討論過的季度末動態之前，我們對第一季的預期有多高。所以，也許就是這樣──我就說到這裡吧。

Mike, we're not sort of breaking it down more than that, right, on specific quarters or so on. And then the other comment I made, which I'll say again is around seasonality like first half, second half. where for fiscal year '26, if you take the first half, Q1 actuals, Q2 guide and then compare it to what second half will be that mix is not meaningfully different from what we saw last year. So that will be the one other way to think about the contributions.

麥克，我們不會再進一步細分了，對吧，例如具體到季度之類的。我之前提到的另一點，我再說一遍，是關於季節性因素，例如上半年和下半年。就2026財年而言，如果你把上半年（第一季實際數據和第二季預期數據）與下半年的預測數據進行比較，會發現兩者的組合與去年並沒有顯著差異。所以，這是思考貢獻的另一種方式。

Very helpful. Thank you very much.

很有幫助。非常感謝。

Ben Bollin, Cleveland Research.

本‧博林，克利夫蘭研究公司。

Good afternoon, everyone. Thanks for taking the question.

大家下午好。感謝您回答這個問題。

Rajiv, I think you touched on this a couple of times indirectly. I'm interested in your thoughts on the progress you're making with large customers in making this transition from Broadcom to Nutanix. What you're doing to make that process easier, either reducing the duration of the POC or aiding in the reengineering and the replatforming and the training. You talked about the hardware relationships. So I'm interested in your thoughts on some of the things you're doing to improve that process or make it easier for customers.

拉吉夫，我想你已經間接地提到過幾次了。我想了解您在幫助大客戶從博通過渡到 Nutanix 的過程中取得的進展。你正在採取哪些措施來簡化這個過程，例如縮短概念驗證的時間，或協助重新設計、重新平台化和培訓。你談到了硬體之間的關係。所以我很想聽聽您對正在採取哪些措施來改善這項流程或讓客戶操作更便捷的一些想法。

And then I have a follow-up.

然後我還有一個後續問題。

Yes. I mean it's a very good question. And the larger customers tend to have more complex environments, right? So typically, if you want to go win them, there's, of course, a POC phase. And we do actually a pretty good job with the POC.

是的。我的意思是，這確實是個很好的問題。規模較大的客戶往往擁有更複雜的環境，對吧？所以通常情況下，如果你想贏得他們，當然會有一個概念驗證階段。我們其實在POC方面做得相當不錯。

It's not really a technical issue, right? So the POC is rarely actually a sting point. So we get through that usually easily. There are all these other factors that come into play, right? The commercial relationship and the dependency that they have potentially across multiple products with Broadcom, right?

這其實不是技術問題，對吧？所以，POC（可能是指某個特定因素或問題）很少會真正成為一個棘手的問題。所以我們通常都能輕鬆度過難關。還有其他很多因素要考慮，對吧？他們與博通公司之間存在商業關係，並且在多個產品方面可能存在依賴關係，對吧？

So that's a big dependency. The hardware piece, which again, is we try to do support as much more of their hardware as we can so that they don't have to go to fresh hardware when they switch to us. The third thing that we've been working on, of course, is making sure that we can support the baby of applications that they have. Now I would say this kind of the 80-20 rule. We support the vast majority of applications and being certified on a hypervisor.

所以這是一個很大的依賴關係。硬體方面，我們再次強調，我們會盡可能地支援他們的硬件，這樣當他們切換到我們這裡時，就不必購買新的硬體了。當然，我們一直在努力的第三件事是確保我們能夠支援他們現有的應用程式。現在我會說，這有點像是 80/20 法則。我們支援絕大多數應用程序，並且已獲得虛擬機器管理程序的認證。

There's always going to be maybe a handful of players that aren't fully supported. I'll give you one example. Cisco's unified communication appliances. And those until recently when -- they used to work on our platform, but they were not officially certified by Cisco. And for customers would be reluctant to run those on a Nutanix platform.

總會有少數玩家得不到充分的支持。我舉個例子。思科的統一通訊設備。直到最近，它們都還在我們平台上運行，但它們並沒有獲得思科的正式認證。而客戶則不願意在 Nutanix 平台上執行這些程式。

But now we're certified, right? So we are working on getting a certified Cisco officially said they're certifying it now. So that's a barrier that we have to overcome in some cases for specific applications. Then, of course, the migration itself in terms of professional services required. Almost every one of these larger customers needs a project team to go help them with their migration.

但現在我們已經獲得認證了，對吧？所以我們正在努力獲得思科的認證，思科官方表示他們正在進行認證。所以，在某些特定應用場景下，這是我們必須克服的障礙。當然，還有遷移本身所需的專業服務。幾乎所有這些大客戶都需要一個專案團隊來幫助他們進行遷移。

So we have we have that. And then, of course, for the larger deals, we also have a deal pursuit team that looks at all of these aspects in terms of putting together an appropriate commercial proposal. Now that said, Ben, for the very largest customers, we typically tend to find insertion points as opposed to trying to do complete pro comp takeouts, right? So we try to find places where we can actually -- they can use our solution for, say, specific workloads, specific use cases. And for example, we have a pretty good database management solution.

所以我們有了。當然，對於較大的交易，我們還有一個交易跟進團隊，負責從各個方面考慮，制定合適的商業提案。話雖如此，Ben，對於最大的客戶，我們通常會傾向於尋找切入點，而不是試圖完全取消專業補償，對吧？因此，我們努力尋找一些地方，讓他們能夠真正使用我們的解決方案，例如，針對特定的工作負載、特定的用例。例如，我們有一個相當不錯的資料庫管理解決方案。

We have a good corporates offering. So these are things where I think we try to differentiate and also try to get in with a subset of applications. And so that's I think typically what we do. Then of course, the last piece, I would just say we go through security audits, and we've gotten pretty good at doing that as well and carrying that across true. So we have won a fair share of what I would call, certainly Fortune 500 customers.

我們為企業客戶提供優質的服務。所以，我認為在這些方面，我們試圖做到差異化，並嘗試與一部分應用程式合作。所以，我想這就是我們平常的做法。當然，最後一點，我想說的是，我們會進行安全審計，而且我們在這方面也做得相當不錯，並將審計結果貫徹到底。因此，我們贏得了相當一部分我稱之為財富 500 強客戶。

I think as you get to the Fortune 50 at the very top of the pit and mid it's very hard to do a full displacement, right? And like I said, those will be partial entry points for specific workloads.

我認為，當你到達財富 50 強榜單的頂端和中部時，很難進行完整的排氣量計算，對吧？正如我所說，這些將是特定工作負載的部分入口點。

Okay. Okay. That's really helpful. And I guess the follow-up would be -- when you look at the enterprise footprint you are working with, obviously, AI is talking up a lot of mind share and dollar share. I'm interested how you think enterprise investments in AI may or may not be influencing your opportunity to go out there and capture bigger footprint?

好的。好的。這真的很有幫助。我想接下來的問題是——當你審視你所服務的企業規模時，很明顯，人工智慧正在佔據大量的注意力份額和資金份額。我很想知道您認為企業在人工智慧領域的投資可能會或不會如何影響您拓展業務、擴大市場份額的機會？

Are they trying to do too much at once, they got to pick their priority, how do you think about that? Thank you.

他們是不是想同時做太多事？他們必須選擇優先事項，你怎麼看？謝謝。

I mean it's a very fair question, Ben. I mean, almost everybody that we talk to as to AI at the top of their minds. But I would just say that it's not -- I mean, the vast majority of our customers are, I would say, more experimenting with AI right now than really deploying it at some massive scale. There are exceptions. There are some subsea customers that are further along the journey.

我的意思是，本，你問的這個問題很合理。我的意思是，幾乎所有我們交談過的人，談到人工智慧，首先想到的就是它。但我想說的是，事實並非如此——我的意思是，我們絕大多數客戶目前更多的是在嘗試使用人工智慧，而不是真正大規模地部署它。也有例外。一些海底工程客戶已經走得更遠了。

But most of our customers are still very early. So it's not like they've diverted the bulk of their AI their spend to AI. And so we haven't quite seen that yet in our subset of customers. And keep in mind, our customers aren't the AI native companies, right? They are the typical industrials and financial services and manufacturers and retailers who are all wanting to use AI, but still fairly early in their adoption.

但我們的大多數客戶仍處於早期階段。所以，他們並沒有把大部分人工智慧的支出都投入在人工智慧領域。所以，在我們這部分客戶中，我們還沒有看到這種情況。請記住，我們的客戶並不是人工智慧原生公司，對吧？它們是典型的工業、金融服務、製造和零售企業，都希望使用人工智慧，但仍處於人工智慧應用的早期階段。

Param Singh, Oppenheimer.

Param Singh，奧本海默。

Hi, thank you. I really appreciate you taking my questions. I have a couple, so Rajiv, Rukmini and sort of harp on again on the migration piece. But I really want to understand the impact, right? I would have assumed that with migration, we'll probably have larger deal sizes because migrations from VMware are much bigger. So that should layer on and impact your RPO in a much more positive way rather than just to see the impact to RPO this current quarter. We really haven't seen that.

您好，謝謝。非常感謝您回答我的問題。我有幾個，所以拉吉夫、魯克米尼，然後又開始反覆強調移民問題。但我真的想了解其影響，對吧？我原本以為，隨著遷移的進行，交易規模可能會更大，因為從 VMware 遷移的交易規模要大得多。因此，這將逐步對您的 RPO 產生更積極的影響，而不僅僅是在本季度看到對 RPO 的影響。我們確實沒見過這種情況。

So please, if you could help me understand that. And if it is true that you are gaining all these migrations, I would assume, since migrations take multiple years, as you get more and more migrations, your revenue would technically start to accelerate into next year, right? Like this year's revenue to next year plus whatever else you get. So you will see an accelerating trajectory to 2027. Am I wrong in this?

所以，請您幫我理解一下。如果你們真的獲得了這麼多遷移，我想，由於遷移需要數年時間，隨著遷移數量的不斷增加，你們的收入從技術上講會在明年開始加速增長，對嗎？例如今年的收入到明年的收入，再加上你得到的任何其他東西。因此，到 2027 年，你會看到一個加速成長的趨勢。我的理解錯了嗎？

Yeah, so let's first start with the first question, Param.

好的，那我們先從第一個問題開始，Param。

Thank you for those questions. So on the migrations, -- you're right that in general, it's for the -- typically for the bigger ones where they will say, where a customer might say, look like, can I have these licenses phased out over time versus all upfront. And so what we're saying is that in Q1, we did see bookings come in slightly higher than our expectations. And the mix of orders that came in with these future start dates that we saw late in Q1 meant that more of that revenue got pushed -- or shifted out into Q2 and beyond than we had previously expected.

謝謝你提出這些問題。所以關於遷移，——你說得對，一般來說，通常是針對——通常是針對規模較大的遷移，客戶可能會說，比如，我能否讓這些許可證隨著時間的推移逐步取消，而不是一次性全部取消。所以，我們想說的是，第一季的預訂量確實略高於我們的預期。而我們在第一季末看到的這些未來開始日期的訂單組合意味著，更多的收入被推遲到第二季及以後，這比我們之前預期的要多。

And so that's the point around just migration and so on. Now if you look at -- I think you were trying to tie that and so if I look at RPO, like I said, includes deferred revenue waterfall, which is pretty standard, right, and you can see in the balance sheet. And it also includes this noncancelable backlog, which what I said earlier was that in seasonally, you do expect that portion to be lower quarter-over-quarter. And that's what we saw in the Q1 as well. And if you look at RPO growth, it's quite significant year-on-year.

所以，這就是關於移民等等議題的重點。現在，如果你看一下——我想你是想把這聯繫起來，所以如果我看一下 RPO，就像我說的，它包括遞延收入瀑布，這是相當標準的，對吧，你可以在資產負債表中看到。它還包括這部分不可取消的積壓訂單，正如我之前所說，從季節性角度來看，你確實預計這部分訂單會逐季下降。我們在第一季也看到了同樣的情況。如果觀察RPO的成長情況，會發現其年成長幅度相當顯著。

which is a good thing, right? And when you look at total RPO growing meaningfully over time. So that's, I think, the first piece of the answer. And then I think the second part of your question was around, again, fiscal year. And why wouldn't they sort of be maybe an acceleration in '27, I think, is how you phrased the question.

這是好事，對吧？而且，隨著時間的推移，總RPO（RPO）也在顯著成長。所以，我想，這就是答案的第一部分。然後，我認為你問題的第二部分仍然是關於財政年度的。「為什麼他們在 2027 年不會加速發展呢？」我認為，你的問題就是這樣表述的。

as what I would say there, right, like look, I think this is -- if this was sort of a onetime thing, you're right, then we sort of have some kind of a catch-up. And we've talked about three factors here as we thought about the forward-looking view. One was these migrations. And if we believe, as we do, that these migrations are going to continue, and we're going to be able to prosecute more against the Broadcom displacement opportunity that we will see more of this sustain, and we expect bookings to grow as well over time, right? So even if you assume proportion of orders with wire stays the same and you expect bookings in general to grow over time, land and expand bookings to grow over time, the dollar amount that's getting shifted out and will be higher than shifted in, right?

正如我剛才所說，對吧，你看，我認為這——如果這是一次性的事情，你說得對，那麼我們得找個機會補上。我們在思考未來展望時，討論了三個因素。其中之一就是這些遷徙。如果我們相信（正如我們現在所相信的），這些遷移將會繼續，並且我們將能夠對博通的替代機會進行更多起訴，那麼我們將看到這種趨勢持續下去，我們也預計隨著時間的推移，預訂量也會增長，對吧？所以，即使你假設電匯訂單的比例保持不變，並且你預期總體預訂量會隨著時間的推移而增長，陸地和擴展預訂量也會隨著時間的推移而增長，那麼流出的美元金額將高於流入的美元金額，對吧？

So there's a net effect there that will matter in any given period, including and then like I said earlier, right, 27% overall revenue will also depend on our bookings expectations for '27, which, again, not commenting on today, but we'll -- we intend to cover some of that in our investors day.

因此，在任何特定時期，都會產生重要的淨影響，包括，就像我之前說的，對吧，27% 的總收入也將取決於我們對 2027 年預訂量的預期，對此，我今天不予置評，但我們打算在投資者日上討論其中的一些內容。

Sure, thank you for that, Rukmini. And really quickly, as my follow-up, strategically thinking about this, right, obviously, there's an opportunity to take share from VMware here. Why not be more aggressive for the rest of the VMware business here? I know you're going through your reference architectures. But is there a way to accelerate that? Or maybe not -- or you don't want to compete in that.

當然，謝謝你，魯克米尼。然後，我迅速跟進，從策略角度思考這個問題，很明顯，這裡存在著從 VMware 手中奪取市場份額的機會。為什麼不在 VMware 的其他業務方面採取更積極的策略呢？我知道你正在研究參考架構。但有沒有辦法加快這個過程呢？或許並非如此——或者你不想參與那項競爭。

I don't know how you're thinking about it. on the stand-alone virtualization side and how aggressive you want to be attacking that market. So anything you could share is appreciated.

我不知道你是怎麼考慮這個問題的，尤其是在獨立虛擬化方面，以及你想在這個市場上採取多積極的策略。所以，如果您能分享任何訊息，我們將不勝感激。

Yes. That's another good question. I think on the stand-alone virtualization again, we -- look, I mean, we have been adding, right? And we have been investing eerily to expand the support for third-party storage, right? So we have now their PowerFlex.

是的。那又是一個好問題。我認為關於獨立虛擬化，我們——你看，我的意思是，我們一直在添加，對吧？我們一直在進行大量的投資，以擴大對第三方儲存的支持，對吧？所以我們現在有了他們的 PowerFlex。

The number two coming on board very shortly, is pure. We have Dell PowerStore and yes, there will be more, right? Now at the same time, we have to also balance those investments versus investing in our future, right, where Kubernetes is and cloud-native and AI, right, on the other side. So we have to strike that balance, right? We don't want to go too far backwards in time to go support everything that's out there.

即將加入的第二個成員是純種的。我們有戴爾 PowerStore，而且肯定還會有更多，對吧？同時，我們也必須平衡這些投資與對未來的投資，對吧？例如 Kubernetes、雲端原生和人工智慧，對吧？所以我們必須找到這種平衡，對吧？我們不想回到過去太久遠，去支持所有既有的事物。

We want to support the big ones. And if you look at it, once you've got Bell and Pure, I mean, that's a big chunk of the market, right? And we'll probably get the other big ones to out there. So we'll focus on, again, getting sort of the big picture, big ones out there and then not trying to go meet everything and then also balance it out with investing in cloud native and AI.

我們想支持大公司。你看，一旦有了 Bell 和 Pure，我的意思是，這就佔據了很大的市場份額，對吧？我們可能還會把其他一些大型專案也推出去。所以我們將再次專注於掌握大局，把大事擺出來，而不是試圖面面俱到，同時也要兼顧對雲端原生和人工智慧的投資。

Understood. Thank you. Thank you so much for answering my questions, especially for. Appreciate it.

明白了。謝謝。非常感謝您回答我的問題，特別是關於…謝謝。

Thank you.

謝謝。

Thank you so much. And with that, ladies and gentlemen, we conclude our Q&A session and conference for today. Thank you all for participating, and you may now disconnect.

太感謝了。女士們、先生們，今天的問答環節和會議到此結束。感謝各位的參與，現在可以斷開連結了。