Nutanix Inc (NTNX) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nutanix Q2 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Nutanix 2026 年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁里奇·瓦萊拉。請繼續。

Good afternoon, and welcome to today's conference call to discuss second quarter fiscal year 2026 financial results. Joining me today are Rajiv Ramaswami, Nutanix' CEO; and Rukmini Sivaraman, Nutanix' CFO. After the market closed today, Nutanix issued a press release announcing second quarter fiscal year 2026 financial results. If you'd like to read the release, please visit the Press Releases section of our IR website. During today's call, management will make forward-looking statements, including financial guidance.

下午好，歡迎參加今天舉行的電話會議，我們將討論2026財年第二季的財務表現。今天和我一起出席的有 Nutanix 的執行長 Rajiv Ramaswami 和 Nutanix 的財務長 Rukmini Sivaraman。今天市場收盤後，Nutanix 發布新聞稿，宣布了 2026 財年第二季財務業績。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 and our subsequent quarterly reports on Form 10-Q as well as our earnings press release issued today.

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 表格年度報告和隨後的 10-Q 表格季度報告，以及我們今天發布的盈利新聞稿。

These forward-looking statements apply as of today, and we undertake no obligation to revise these statements after this call. As a result, you should not rely on them as predictions of future events. Please note, unless otherwise specifically referenced, all financial measures we use on today's call, except for revenue, are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided, to the extent available, reconciliations of these non-GAAP financial measures to GAAP financial measures on our IR website and in our earnings press release.

這些前瞻性陳述截至今日有效，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) 表示，並且已進行調整以排除某些費用。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 will be participating in the Morgan Stanley TMT Conference on Monday, March 2, in San Francisco, and we will be holding our Investor Day in conjunction with our .NEXT user conference on Tuesday, April 7, in Chicago. We hope to see you at these events. Finally, our third quarter fiscal 2026 quiet period will begin on Friday, April 17.

Nutanix將於3月2日星期一在舊金山參加摩根士丹利TMT大會，屆時我們將舉辦投資者日活動。.NEXT 用戶大會將於 4 月 7 日星期二在芝加哥舉行。我們希望在這些活動中見到您。最後，我們 2026 財年第三季靜默期將於 4 月 17 日星期五開始。

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

接下來，我將把電話交給拉吉夫。拉吉夫？

Thank you, Rich, and good afternoon, everyone. In our second quarter, we continue to see healthy demand for our solutions as reflected in our strong bookings and outperformance versus our guided metrics. We see this demand driven by businesses looking to modernize their IT footprints, adopt hybrid cloud operating models and deploy cloud-native applications, including AI.

謝謝你，里奇，大家下午好。第二季度，我們持續看到市場對我們解決方案的強勁需求，這體現在我們強勁的預訂量和超出預期指標的業績上。我們看到，這種需求是由希望實現 IT 現代化、採用混合雲營運模式和部署雲端原生應用程式（包括 AI）的企業所推動的。

I'm excited to announce our strategic partnership with AMD, which focuses on the growth opportunity in agentic AI. This multiyear collaboration is focused on development and marketing of a Nutanix-powered agentic AI platform for enterprises and service providers built on AMD accelerated compute infrastructure.

我很高興地宣布我們與 AMD 建立策略合作夥伴關係，重點關注智慧人工智慧領域的成長機會。這項為期多年的合作專注於開發和推廣基於 AMD 加速運算基礎設施、由 Nutanix 提供支援的企業和服務供應商的智慧體 AI 平台。

As part of the agreement, AMD will make a strategic investment of $150 million in Nutanix common stock and fund up to $100 million for R&D and go-to-market for the combined solutions. We look forward to delivering the first jointly developed platform from this partnership to our customers in late 2026. More broadly, we see AI as driving a whole new set of new enterprise inferencing and agentic applications for which we are in the early innings.

作為協議的一部分，AMD 將對 Nutanix 普通股進行 1.5 億美元的策略性投資，並為合併後的解決方案的研發和市場推廣提供高達 1 億美元的資金。我們期待在 2026 年底向我們的客戶交付此次合作開發的第一個平台。更廣泛地說，我們認為人工智慧正在推動一系列全新的企業推理和智能體應用，而我們目前還處於起步階段。

Nutanix provides the ideal platform to run them efficiently and securely on the hardware of their choice across any location, enterprise data centers, edges or cloud service providers. We see this as a significant long-term growth opportunity for us.

Nutanix 提供了一個理想的平台，可以在任何地點、企業資料中心、邊緣或雲端服務提供者的任何硬體上高效、安全地運行這些程式。我們認為這是一個重要的長期發展機會。

Moving to our results. In our second quarter, we delivered quarterly revenue of $723 million, above our guidance range, grew our ARR 16% year-over-year to $2.36 billion and saw solid free cash flow generation. We also added over 1,000 new customers, representing our strongest quarterly new logo additions in eight years.

接下來是我們的測試結果。第二季度，我們實現了 7.23 億美元的季度收入，高於預期範圍；年度經常性收入年增 16% 至 23.6 億美元；自由現金流也表現穩健。我們也新增了 1000 多名客戶，這是我們八年來季度新增客戶數量最多的一次。

Looking ahead, we continue to operate in a dynamic environment and supply chain challenges, which were not a meaningful factor in our first fiscal quarter, became much more acute subsequent to our last earnings call. Specifically, there have been well-documented shortages of memory and resulting increases in memory prices as well as shortages of CPUs. This is driving higher prices and lengthening lead times for servers. Thus far, longer lead times largely driven by lack of CPU availability have been a significantly bigger challenge for us than pricing.

展望未來，我們將繼續在動態的環境中運營，供應鏈挑戰在我們第一財季還不是一個重要因素，但在上次財報電話會議之後變得更加嚴峻。具體來說，記憶體短缺和記憶體價格上漲以及 CPU 短缺的情況都有據可查。這導致服務器價格上漲，交貨週期延長。到目前為止，由於 CPU 供應不足導致的較長交貨週期，對我們來說比定價的挑戰要大得多。

Nutanix' focus on customer choice across multiple vectors should help to mitigate the impact of supply chain challenges on our business. These options include choice of server platform from multiple providers, choice of running in multiple public clouds with our Nutanix Cloud Clusters or NC2, our support for selected external storage platforms where there is typically no hardware change required; and finally, support for software swaps on existing hyperconverged hardware.

Nutanix 專注於從多個方面滿足客戶選擇，這應該有助於減輕供應鏈挑戰對我們業務的影響。這些選項包括從多個供應商中選擇伺服器平台，選擇使用我們的 Nutanix 雲端叢集或 NC2 在多個公有雲中運行，我們支援某些外部儲存平台（通常不需要硬體變更），以及最後，支援在現有超融合硬體上進行軟體替換。

We have been working with our customers on these options to help them better manage the current supply chain dynamics in the server market and maintain their deployment time lines. However, we expect that the longer lead times our customers are seeing for servers will have some impact on the timing of our near-term revenue and free cash flow generated from our land and expand business. We have factored this anticipated impact into our updated outlook.

我們一直在與客戶合作，探討這些方案，以幫助他們更好地管理伺服器市場目前的供應鏈動態，並維持其部署時間表。然而，我們預期客戶收到伺服器的交貨週期延長，將對我們近期從土地和擴張業務中獲得的收入和自由現金流的時間產生一定影響。我們已將這項預期影響納入我們更新後的展望中。

Rukmini will provide more details on these changes in her comments. But there are a couple of key points I'd like to make. First, we believe the fundamentals of our business are strong; second, bookings growth expectations for the full fiscal year are higher than prior expectations, but the timing of the conversion of some of these bookings to revenue and free cash flow is expected to be delayed by availability of third-party servers; and finally, we see this solely as a timing issue, and the amount of revenue and free cash flow we expect to recognize over time from business booked in FY26 remains unchanged.

魯克米尼將在評論中提供更多關於這些變化的細節。但我想強調幾點。首先，我們認為公司的基本面仍然強勁；其次，本財年全年的預訂成長預期高於先前預期，但由於第三方伺服器的可用性問題，部分預訂轉化為收入和自由現金流的時間預計會有所延遲；最後，我們認為這只是一個時間問題，我們預計從2026財年預訂的業務中逐步確認的收入和自由現金流金額保持不變。

In Q2, we continue to see success in the marketplace with our cloud platform. Our most notable wins, a few of which I'll highlight, demonstrate the appeal of our solution to businesses that are looking to modernize their IT footprints, deploy modern apps and AI and adopt hybrid multi-cloud operating models.

第二季度，我們的雲端平台在市場上持續取得成功。我們取得的一些最顯著的成功（我將重點介紹其中幾個）證明了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。

One of our largest new logo wins in the quarter was with a North American headquartered Global 2000 financial services provider that is one of the largest asset managers in the world. This new customer was looking for an alternative to their incumbent infrastructure provider for a portion of their estate following a substantial price increase. They chose the Nutanix Cloud Platform, including Nutanix Cloud Manager to run some of their mission-critical applications, appreciating its common management interface, superior ease of use, simple one-click upgrades, and the public cloud optionality provided by our NC2 capability.

本季我們贏得的最大新標誌客戶之一是一家總部位於北美的全球 2000 強金融服務提供商，該公司是世界上最大的資產管理公司之一。由於價格大幅上漲，這位新客戶正在為其部分房產尋找現有基礎設施供應商的替代方案。他們選擇 Nutanix 雲端平台（包括 Nutanix 雲端管理器）來運行一些關鍵任務應用程序，他們欣賞其通用的管理介面、卓越的易用性、簡單的一鍵升級以及我們 NC2 功能提供的公有雲選項。

Another significant new logo win was with a North American-based provider of health care services. This new customer approached Nutanix initially looking for an on-prem alternative to their existing infrastructure environment. However, they ultimately also decided to leverage our NC2 on AWS to expedite the migration of a portion of their estate into the public cloud before their upcoming renewal with their incumbent provider.

另一個重要的全新標誌設計來自一家總部位於北美的醫療保健服務提供者。這位新客戶最初聯繫 Nutanix 是為了尋求替代其現有基礎設施環境的本地部署方案。不過，他們最終還是決定利用我們在 AWS 上的 NC2 來加快將部分資產遷移到公有雲的速度，以便在與現有供應商續約之前完成遷移。

We see this win as demonstrating the flexibility of our cloud platform in enabling customers to quickly migrate and operate in the environment of their choice, including public cloud. Finally, a large full stack expansion win, with an EMEA-based IT services provider reflected ongoing progress with our customers adopting the Nutanix Cloud Platform to deploy cloud native and AI applications.

我們認為此次成功證明了我們雲端平台的靈活性，使客戶能夠快速遷移並在他們選擇的環境（包括公有雲）中運作。最後，我們與一家總部位於 EMEA 的 IT 服務供應商達成了一項大型全端擴展合作，這反映了我們的客戶在採用 Nutanix 雲端平台部署雲端原生和 AI 應用程式方面取得的持續進展。

This customer is using Nutanix Enterprise AI and Nutanix Kubernetes Platform, or NKP, running on our cloud platform to deploy additional AI use cases in the areas of automation and optimization. They are also expanding their use of Nutanix Database Service for database automation and Nutanix Unified Storage for managing their unstructured data.

該客戶正在使用運行在我們雲端平台上的 Nutanix Enterprise AI 和 Nutanix Kubernetes Platform（簡稱 NKP），以在自動化和最佳化領域部署更多 AI 用例。他們也正在擴大 Nutanix 資料庫服務在資料庫自動化方面的應用，以及 Nutanix 統一儲存在管理非結構化資料方面的應用。

During the second quarter, we continued to make progress on our initiative to support external storage with our platform, including multiple meaningful wins with our solutions supporting Dell's PowerFlex. We also delivered general availability of our solutions supporting EverPure, formerly Pure Storage and saw our first wins for this new offering.

在第二季度，我們繼續推進利用我們的平台支援外部儲存的計劃，包括憑藉我們支持戴爾 PowerFlex 的解決方案取得了多項意義重大的成功。我們也正式推出了支援 EverPure（原 Pure Storage）的解決方案，並憑藉這項新產品取得了首批成功。

In Q2, we also introduced several enhancements to the Nutanix Cloud Platform designed to strengthen security and drive operational resilience across increasingly distributed environments. These updates are a response to the growing demand we see from organizations that require the flexibility to run their entire estate, including traditional cloud native and AI workloads on a single consistent platform. This is particularly relevant for customers operating in highly regulated sectors, including those looking to deploy sovereign clouds and fully disconnected sites.

第二季度，我們也對 Nutanix 雲端平台進行了多項增強，旨在加強安全性並提高日益分散的環境中的營運彈性。這些更新是為了回應組織日益增長的需求，這些組織需要靈活地在單一一致的平台上運行其整個系統，包括傳統的雲端原生和 AI 工作負載。這對於在高度監管行業運營的客戶來說尤其重要，包括那些希望部署主權雲端和完全斷開連接的站點的客戶。

In closing, we believe our business performed solidly in the second quarter, including strong bookings, strong new logo additions, and solid free cash flow performance. While we have updated our outlook to reflect the expected near-term impact of supply chain challenges on our business, these changes relate solely to timing of revenue and free cash flow.

綜上所述，我們認為公司業務在第二季度表現穩健，包括強勁的訂單量、強勁的新客戶成長以及穩健的自由現金流表現。雖然我們已更新了展望，以反映供應鏈挑戰對我們業務的預期近期影響，但這些變化僅與收入和自由現金流的時間有關。

I believe our partnership with AMD meaningfully expands our opportunity in the enterprise AI market. Our opportunities with AI, modern applications, hybrid multi-cloud and support for external storage provide us with a strong foundation for multiyear growth.

我相信我們與 AMD 的合作將顯著擴大我們在企業人工智慧市場的機會。我們在人工智慧、現代應用、混合多雲和外部儲存支援方面的機會，為我們多年的成長奠定了堅實的基礎。

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

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 Q2 '26 results, followed by an update on Q3 '26 and full fiscal year 2026. In Q2, we reported results that were above the high end of the range for all guided metrics. In Q2, we reported quarterly revenue of $723 million, higher than the guided range of $705 million to $715 ARR at the end of Q2 was $2.356 billion, representing year-over-year growth of 16%.

謝謝拉吉夫，也謝謝各位今天蒞臨。我將首先討論我們 2026 年第二季的業績，然後介紹 2026 年第三季和 2026 財年的最新情況。第二季度，我們公佈的結果顯示，所有指導指標均高於預期範圍的上限。第二季度，我們公佈的季度營收為 7.23 億美元，高於先前預期的 7.05 億美元至 7.15 億美元。第二季末的年度經常性收入 (ARR) 為 23.56 億美元，年增 16%。

NRR, or net dollar-based retention rate at the end of Q2 was 107%. Land and expand bookings in Q2 were higher than our expectations, which we believe is partially due to customers anticipating supply-related shortages and price increases for server hardware from our partners. As we move through the latter half of Q2, we began to see that the challenging supply environment for CPUs, memory, storage and other components is delaying our customers' ability to procure servers from our hardware partners in order to run our software.

第二季末的淨留存率（以美元計）為 107%。第二季的 Land and Expand 預訂量高於我們的預期，我們認為部分原因是客戶預期我們的合作夥伴的伺服器硬體會出現供應短缺和價格上漲。隨著第二季進入後半段，我們開始發現 CPU、記憶體、儲存和其他元件的供應環境面臨挑戰，這延緩了我們的客戶從我們的硬體合作夥伴處採購伺服器以運行我們的軟體的能力。

We did not see this as a meaningful driver of our results in our fiscal Q1 as mentioned in our last earnings call. But later in Q2, we did start to see it become more pronounced to a greater extent than anticipated, and expect it to continue through the rest of the fiscal year. Thus far, longer lead times largely driven by lack of CPU availability have been a significantly bigger challenge for us than pricing.

正如我們在上次財報電話會議上提到的，我們認為這並非我們第一財季業績的重要驅動因素。但到了第二季後期，我們確實開始看到這種情況變得更加明顯，程度也超出了預期，預計這種情況將持續到本財年結束。到目前為止，由於 CPU 供應不足導致的較長交貨週期，對我們來說比定價的挑戰要大得多。

Revenue in Q2 saw a headwind from these factors, but was more than offset by higher-than-expected TCV bookings that grew in the mid-teens percent and lower-than-expected percentage of land and expand bookings with future start dates. In Q2, average contract duration was 3.1 years, largely consistent with our expectations. Non-GAAP gross margin in Q2 was 88.6%. Non-GAAP operating margin in Q2 was 26.2%, higher than our guided range of 20.5% to 21.5% due to lower operating expenses related to timing of hiring, among other factors, and higher revenue than expected. Non-GAAP net income in Q2 was $164 million or fully diluted EPS of $0.56 per share based on fully diluted weighted average shares outstanding of approximately 292 million shares.

第二季的營收受到這些因素的不利影響，但高於預期的 TCV 預訂量增加了 15% 左右，以及低於預期的土地和擴展預訂量（未來開始日期）的成長，抵消了這些不利影響。第二季度，平均合約期限為 3.1 年，與我們的預期基本一致。第二季非GAAP毛利率為88.6%。第二季非GAAP營業利益率為26.2%，高於我們先前預期的20.5%至21.5%，主要得益於招募時機等因素帶來的營運費用降低，以及營收高於預期。第二季非GAAP淨收入為1.64億美元，或以約2.92億股完全稀釋加權平均流通股計算，完全稀釋每股收益為0.56美元。

The fully diluted weighted average share count incorporates the impact of the $300 million accelerated share repurchase transaction that was completed in Q2. GAAP net income and fully diluted GAAP EPS in Q2 were $103 million and $0.36 per share, respectively. Free cash flow in Q2 was $191 million, representing a free cash flow margin of 26%.

完全稀釋後的加權平均股份數包含了第二季完成的 3 億美元加速股票回購交易的影響。第二季 GAAP 淨利潤和完全稀釋後的 GAAP 每股收益分別為 1.03 億美元和 0.36 美元。第二季自由現金流為 1.91 億美元，自由現金流利潤率為 26%。

Moving to the balance sheet. We ended Q2 with cash and cash equivalents and short-term investments of $1.874 billion, down from $2.062 billion at the end of Q1. Moving to capital allocation. In Q2, we repurchased $333 million worth of common stock under our existing share repurchase authorization. We completed a $300 million accelerated share repurchase transaction and the remaining approximately $33 million worth of stock was repurchased through our ongoing share repurchase program. We also used about $48 million of cash to retire shares related to our employees' tax liability for their quarterly RSU vesting. All of these helped to manage share dilution.

接下來查看資產負債表。第二季末，我們的現金及現金等價物和短期投資為 18.74 億美元，低於第一季末的 20.62 億美元。接下來討論資本配置。第二季度，我們根據現有的股票回購授權回購了價值 3.33 億美元的普通股。我們完成了 3 億美元的加速股票回購交易，剩餘價值約 3,300 萬美元的股票透過我們正在進行的股票回購計畫回購。我們也動用了約 4,800 萬美元現金，用於償還員工季度 RSU 歸屬的稅務責任相關的股份。所有這些措施都有助於控製股份稀釋。

Moving to Q3 guidance. Our guidance for Q3 fiscal '26 is as follows: revenue of $680 million to $690 million, non-GAAP operating margin of 16% to 17%, fully diluted weighted average shares outstanding of approximately 288 million shares.

調整為第三季業績指引。我們對 2026 財年第三季的業績預期如下：營收 6.8 億美元至 6.9 億美元，非 GAAP 營業利潤率為 16% 至 17%，完全稀釋後的加權平均流通股約為 2.88 億股。

Moving to the full year. Our updated guidance for fiscal year '26 is as follows: revenue of $2.8 billion to $2.84 billion, non-GAAP operating margin of 21% to 22%, same as our prior guide despite the lower revenue guide, and free cash flow of $745 million to $775 million, representing a free cash flow margin of 27% at the midpoint.

進入全年。我們對 2026 財年的最新預期如下：營收為 28 億美元至 28.4 億美元，非 GAAP 營業利潤率為 21% 至 22%，與我們先前的預期相同，儘管營收預期有所下調；自由現金流為 7.45 億美元至 7.75 億美元，自由現金流量為 27%（27%）現金流量（中間值）。

I will now provide some additional context regarding our fiscal year '26 guidance. First, as Rajiv mentioned, while we continue to operate in a dynamic environment, our bookings expectations for the full year are higher relative to our last earnings call, indicating continued strong and growing demand for our solutions.

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，雖然我們繼續在動態的環境中運營，但我們對全年的預訂預期比上次財報電話會議時更高，這表明市場對我們解決方案的需求持續強勁增長。

Second, the challenging supply environment I described earlier is, however, delaying our customers' ability to procure servers from our hardware partners in order to run our software. For our orders that are linked to the shipment of server hardware, which are a minority of our bookings, we can only recognize software revenue and collect cash alongside the shipment. These include bookings that are sold through our OEM partners, such as Cisco, Dell or Lenovo and our integrated offering partnered with Supermicro.

其次，我前面提到的充滿挑戰的供應環境，正在延緩我們的客戶從我們的硬體合作夥伴那裡採購伺服器以運行我們的軟體的能力。對於與伺服器硬體出貨相關的訂單（這只占我們訂單總數的一小部分），我們只能確認軟體收入，並在出貨時收取現金。其中包括透過我們的 OEM 合作夥伴（如思科、戴爾或聯想）銷售的訂單，以及我們與 Supermicro 合作提供的整合產品。

As a result of this, we expect some revenue and free cash flow to be shifted out from this fiscal year. Both the Q3 and updated full year guidance are impacted by these dynamics. This is solely timing related and does not change the overall revenue and cash flow expected to be recognized over time from bookings in fiscal year '26. Absent this worsening supply chain dynamic, we would have been in a position to raise all guided metrics for fiscal year '26 following our good Q2 bookings performance. We expect TCV bookings growth to exceed revenue growth for fiscal year '26.

因此，我們預期部分收入和自由現金流將從本財年轉移出去。第三季業績和更新後的全年業績預期均受到這些因素的影響。這只是時間上的問題，不會改變預計在 2026 財年透過預訂確認的整體收入和現金流。如果沒有這種不斷惡化的供應鏈動態，鑑於我們第二季度良好的預訂業績，我們本可以提高 2026 財年的所有預期指標。我們預計 2026 財年 TCV 預訂量成長將超過營收成長。

Third, we are doing several things to actively manage through these dynamics. A, as Rajiv said, we provide customers with options, including choice of server platform, choice of running in public clouds with our NC2 solution; our support for selected external storage platforms where there is typically no hardware change required; and finally, support for software swaps on existing hyper-converged hardware.

第三，我們正在採取多種措施積極應對這些動態變化。正如 Rajiv 所說，我們為客戶提供多種選擇，包括選擇伺服器平台、選擇使用我們的 NC2 解決方案在公有雲上運行；我們支援某些外部儲存平台，通常無需進行硬體更改；最後，我們還支援在現有超融合硬體上進行軟體更換。

B, we are providing selected tools and promotions for our customers who are ready to make a decision to partner with Nutanix and lock in their server prices while facing uncertainty about server lead time. These include options around licensing start dates and increased flexibility to purchase the software separately from the server. We expect a higher percent of bookings in the second half of the year with future start dates than previously assumed.

B，我們為準備與 Nutanix 合作並鎖定伺服器價格，同時面臨伺服器交付時間不確定性的客戶提供精選工具和促銷活動。這些選項包括許可生效日期方面的選擇，以及將軟體與伺服器分開購買的更大靈活性。我們預計下半年未來入住日期的預訂比例將高於先前的預期。

Fourth, we are maintaining our full year operating margin guidance as we invest for continued growth while maintaining our focus on efficiencies and expanding margins over time. Fifth and finally, a note on seasonality of free cash flow. We expect our free cash flow in the second half to be more weighted towards Q4 rather than Q3 based on our current visibility into the supply chain dynamic outlined previously.

第四，我們維持全年營業利潤率預期，同時繼續投資以實現持續成長，並持續關注效率提升和利潤率的逐步擴大。第五，也是最後一點，關於自由現金流的季節性問題。根據我們目前對先前概述的供應鏈動態的了解，我們預計下半年的自由現金流將更集中在第四季而不是第三季。

In closing, we believe the underlying fundamental drivers of our business remain strong. Bookings expectations for the year are higher than before. Revenue and free cash flow realized from these bookings are coming in later. With that, operator, please open the line for questions.

最後，我們認為公司業務的基本驅動因素依然強勁。今年的預訂預期比以往更高。這些預訂產生的收入和自由現金流將在稍後到達。接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Radi Sultan, UBS.

Radi Sultan，瑞銀集團。

Awesome, thank you very much, guys. Starting with Rajiv, just on the VMware replacements, like can you just take a step back for us and like Broadcom has been making a lot of changes like reworking the hyperscaler agreements for VMware on cloud, ramping up audits, things like that. Like just taking a step back, like how do you think about the magnitude of the VMware replacement opportunity versus 12 months ago? And maybe what have been the biggest drivers of that change?

太棒了，非常感謝各位。先從 Rajiv 開始，就 VMware 的替代方案而言，您能不能先給我們回顧一下，例如 Broadcom 一直在進行很多變革，例如重新制定 VMware 在雲端上的超大規模協議，加強審計等等。例如，退一步想想，你如何看待 VMware 的替代機會與 12 個月前相比有多麼巨大？那麼，推動這項變化的最大因素是什麼呢？

Yeah, hello Radi, Rajiv here. I don't think anything has really changed from an opportunity perspective. You can see that we are still continuing to add new customers at a healthy clip. We added 1,000-plus customers this last quarter. Our AHV percentage, which is our hypervisor adoption has hit an all-time high.

你好，Radi，我是Rajiv。我認為從機會的角度來看，並沒有什麼真正的改變。可以看到，我們仍在以健康的成長持續增加新客戶。上個季度我們新增了1000多位客戶。我們的 AHV 百分比（即我們的虛擬機器管理程式採用率）達到了歷史最高水準。

To your point around the cloud partners, you've seen that we've extended our partnership with AWS post this Broadcom acquisition, and we're seeing some good traction. We talked about some examples on NC2 and how that's being used in the public cloud.

關於您提到的雲端合作夥伴問題，您也看到了，在收購博通之後，我們擴大了與 AWS 的合作關係，並且我們看到了一些良好的進展。我們討論了一些關於 NC2 的例子，以及它在公有雲中的應用。

And then we continue to add more external storage support. And you see the EverPure solution is now in the market. PowerFlex has been in the market and more public cloud options now with Google coming on. So all of these make migrations easier, right, from VMware. So we don't think anything has changed from an opportunity perspective. I've always said that this is a multiyear journey, and it will continue to be a multiyear journey for us.

然後我們繼續增加對外部儲存的支援。您可以看到，EverPure解決方案現在已經上市了。PowerFlex 已經進入市場，隨著Google的加入，現在有了更多公有雲選擇。所以所有這些都讓從 VMware 遷移變得更加容易，對吧。所以我們認為從機會的角度來看，沒有任何改變。我一直都說這是一段多年的旅程，對我們來說，它也將繼續是一段多年的旅程。

Got it. Crystal clear. And then just a follow-up for Rukmini. Just as you think about like in light of the supply chain constraints, like the implied Q4 guide does imply a pretty steep upsell. So just like what gives you confidence in that?

知道了。晶瑩剔透。然後是給魯克米尼的後續問題。正如你考慮到供應鏈限制所想的那樣，第四季度業績指引確實暗示著相當大的追加銷售。那麼，是什麼讓你對此充滿信心呢？

And if you could just speak to your level of visibility, like what leading indicators should we be looking at to kind of give us confidence in underwriting that Q4 upsell?

如果您能談談您對市場前景的了解程度，例如我們應該關注哪些領先指標，才能讓我們有信心承保第四季度的追加銷售項目？

Yes, Radi. So I would say a few things. One is that Q4 is traditionally our -- a very strong quarter for us. It's the end of the fiscal year, of course. So our sellers are all incentivized to maximize what they can do in Q4. And we also are guiding to Q3 and by implication to Q4 based on what we're seeing today in terms of supply in the market and when we can expect those to be reflected in our revenue, Radi. So those are sort of the two things I'd point to.

是的，拉迪。所以我想說幾點。一是第四季歷來是我們業績非常強勁的季度。當然，現在是財政年度結束的時候了。因此，我們的銷售人員都有動機在第四季度最大限度地提高業績。Radi，我們也根據目前市場上的供應情況以及我們預計這些供應何時會反映在我們的收入中，對第三季以及由此推斷的第四季做出預測。所以，這就是我想指出的兩點。

And I'd also say, look, our RPO had a nice growth in Q2 at the end of Q2. RPO grew 24%. So that's one other metric you can look at in terms of how much is remaining, right, in terms of our performance obligations and cRPO as well. So those are sort of the two or three things I'll point to in terms of Q4 -- Q3 to Q4 seasonality.

我還要說，你看，我們的 RPO 在第二季末實現了不錯的成長。RPO成長了24%。所以，就我們的履約義務和 cRPO 而言，這是另一個可以查看的指標，用來衡量還剩下多少，對吧。所以，關於第四季——第三季到第四季的季節性變化，我要指出的就是這兩三點。

Thank you very much, guys.

非常感謝各位。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. I mean, Rukmini, you probably were teeing that up for me with the RPO comment there. But I did want to touch on that. Help me with this dynamic where you guys have mid-teens TCV bookings, but RPO bookings growing 4% against that really tough 34% comp last year. I mean that implies about 10 points coming from sort of off-balance sheet bookings that is a materially higher amount than what you guys have historically suggested? Or what am I missing here that you're starting to see more off-balance sheet bookings?

嘿，夥計們。我的意思是，Rukmini，你剛才關於 RPO 的評論很可能就是在暗示我這一點。但我確實想談談這一點。請幫我分析一下這種動態：你們的總合約價值 (TCV) 預訂量在十幾個百分點左右，但 RPO 預訂量增長了 4%，而去年同期的增長率高達 34%，競爭非常激烈。我的意思是，這意味著大約有 10 個點來自表外交易，這比你們以往預測的數額要高得多？或者，我錯過了什麼，以至於你們開始看到更多的表外交易？

Hi, Jim, yes, so as I said, we saw strong year-over-year RPO bookings growth of 24%. And I believe what you're referring to, Jim, is the calculated bookings, which for everyone's reference is calculated as Q2 revenue plus quarter-over-quarter change in RPO.

嗨，吉姆，是的，正如我所說，我們看到 RPO 預訂量同比增長了 24%。吉姆，我相信你指的是計算出的預訂量，為了方便大家參考，它的計算方法是第二季度收入加上 RPO 的季度環比變化。

So similar to last quarter, Jim, the exclusion of cancelable backlog from our reported RPO has a meaningful impact on the RPO bookings calculation and year-over-year growth rate despite the fact that, that cancelable backlog remains a very small portion relative to our total RPO number. It's in the low single-digit percent as a percent of the total RPO.

與上個季度類似，Jim，儘管可取消的積壓訂單相對於我們的 RPO 總數而言仍然只佔很小一部分，但從我們報告的 RPO 中排除可取消的積壓訂單會對 RPO 預訂量的計算和同比增長率產生重大影響。佔總 RPO 的百分比僅為個位數百分比。

Now including that cancelable backlog number, which historically has very rarely been canceled, in the RPO bookings calculation, that results in a mid-teens percent year-over-year growth rate aligned with the overall TCV bookings growth rate that I alluded to in my prepared remarks.

現在，將歷史上很少被取消的可取消積壓訂單數量納入 RPO 預訂計算中，得出的年增長率為 15% 左右，與我在準備好的發言稿中提到的整體 TCV 預訂增長率一致。

Okay. And Rajiv, for you, I guess you're talking about a really good pipeline of conversion opportunity. But how are customers balancing the outlook of having to renew again with that incumbent and delaying their hardware purchasing versus the savings they get by deploying the hardware now and purchasing Nutanix?

好的。拉吉夫，我想你指的是一個非常好的轉換機會管道。但是，客戶如何權衡不得不再次與現有供應商續約並推遲硬體購買的前景，與現在部署硬體併購買 Nutanix 所節省的費用之間的關係呢？

Yes, it's a good question, Jim. So -- and we see kind of a combination of different things here, right, for all these customers. So -- there are customers who have gone out there and ordered hardware and they realize that prices are going to go up and they've ordered that ahead of time, and they are going ahead with the migrations. There are also customers who are looking and saying, okay, well, I've got my external storage now, and you guys can actually help me on that front without having to have me replace hardware. And that's a good -- that works very well for us actually.

是的，吉姆，你問得好。所以——我們看到，對於所有這些客戶來說，這裡存在著各種不同因素的組合，對吧。所以——有些客戶已經訂購了硬件，他們意識到價格將會上漲，他們提前訂購了硬件，他們正在繼續進行遷移。還有一些客戶表示，好吧，我現在有了外置儲存設備，你們可以在不讓我更換硬體的情況下幫我解決這個問題。而且這很好——這對我們來說效果非常好。

And so the migration, if you look at a customer migrating from VMware, it's obviously already tied to hardware refresh cycles. And if a hardware refresh is needed, we do very well from a TCO benefit compared to our competition, which is why people are moving over.

因此，如果你觀察一個從 VMware 遷移的客戶，你會發現遷移顯然已經與硬體更新周期掛鉤了。如果需要進行硬體更新，與競爭對手相比，我們的整體擁有成本優勢非常明顯，這也是人們轉向我們的原因。

Now if a customer decides to sweat their hardware in this environment, given your pricing of new hardware, we can still enable a software migration, right, because of the fact that now we're supporting a larger number of third-party storage and also being able to work on existing HCI hardware that runs VMware today. So we are offering our customers all of these options.

如果客戶決定在這種環境下投入大量硬體資源，考慮到你們對新硬體的定價，我們仍然可以實現軟體遷移，對吧？因為我們現在支援更多第三方存儲，並且能夠在目前運行 VMware 的現有 HCI 硬體上運行。因此，我們為客戶提供所有這些選擇。

And on top of that, they can also migrate to the public cloud, by the way, if they choose to. And there are some customers who are doing that. In fact, we talked about one of them here on the call. So we have all these choices, and that helps offset some of these hardware migration concerns -- hardware cost constraints, I should say.

此外，他們還可以選擇遷移到公有雲。確實有一些顧客正在這樣做。事實上，我們在電話會議上討論過其中一個。所以我們有很多選擇，這有助於緩解一些硬體遷移的擔憂——應該說是硬體成本的限制。

Thanks.

謝謝。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Yeah, thank you for taking the questions. Just some follow-ups on some of the headwinds in terms of revenue. Rukmini, last quarter, we talked about deferred start dates and that higher mix of deferred start dates. That doesn't seem to be the sort of near-term. It seems like that maybe came in line with your expectations and it's more of the supply constraints around CPU. I wanted to make sure that I understand the dynamics happening right now.

是的，謝謝你回答這些問題。關於營收方面面臨的一些不利因素，我再補充幾點。Rukmini，上個季度我們討論了延遲入職日期以及延遲入職日期比例較高的情況。這似乎不是近期就能實現的。看來這可能符合你的預期，更多的是CPU供應限製造成的。我想確保自己了解當前正在發生的各種動態。

And then it seems like the longer term or the midterm strategy here is to keep the bookings momentum alive by -- or keeping the bookings momentum strong by giving customers more flexibility when it comes to licensing and start dates. Is that how I should be thinking about it in terms of how you plan to navigate kind of the near-term turbulence around on long run on revenue of Nutanix?

然後，看起來這裡的長期或中期策略是透過在許可和開始日期方面給予客戶更大的靈活性來保持預訂勢頭，或者說保持強勁的預訂勢頭。我是否應該這樣思考，才能理解您計劃如何應對 Nutanix 近期收入波動及其對長期收入的影響？

Yeah. Hi Sanjit, let me perhaps first lay out sort of how we take our software to market, and then I'll address your question on future start dates and flexibility and so on. So we have two types of orders for our software, right? So one go-to-market motion, which typically accounts for the majority of our ACV bookings, involves software not linked to any hardware delivery, which we often refer to as software only.

是的。嗨，Sanjit，或許我可以先大致介紹一下我們如何將軟體推向市場，然後再回答你關於未來開始日期和靈活性等方面的問題。所以我們有兩種類型的軟體訂單，對嗎？因此，一種市場推廣策略（通常占我們 ACV 預訂的大部分）涉及與任何硬體交付無關的軟體，我們通常稱之為純軟體。

Now for the software-only deals, we typically will build a customer and recognize revenue -- so sorry, we'll build customer at the time the purchase order is made, and revenue is recognized at the time of the license start date, as we've talked about before, and that's what you're alluding to.

對於純軟體交易，我們通常會建立客戶關係並確認收入——所以抱歉，我們會在下達採購訂單時建立客戶關係，並在許可證生效日期確認收入，正如我們之前討論過的，而這正是您所指的。

Now the other type of order involves software that is tied to the delivery of the associated server. Now this includes business that's sold through our OEM partners as well as integrated offerings such as we offer with Supermicro. And in that case is where the software is tied to hardware delivery, revenue recognition is also tied to that delivery of the hardware.

另一種類型的訂單涉及與相關伺服器交付捆綁的軟體。現在，這包括透過我們的 OEM 合作夥伴銷售的業務，以及我們與 Supermicro 等公司合作提供的整合產品。在這種情況下，軟體與硬體交付掛鉤，收入確認也與硬體交付掛鉤。

So now to your question on future start dates, you are correct that the percent of orders and future start dates in Q2 was lower than we had expected and was lower than what we saw in Q1. And that percent or that mix depends on a variety of factors, right?

現在回答您關於未來開始日期的問題，您說得對，第二季的訂單和未來開始日期的百分比低於我們的預期，也低於第一季的水平。這個比例或這種組合取決於多種因素，對吧？

It includes customer migration time lines. It includes that time line to procure hardware as we're talking about now, and our approval processes around that. So -- and that number can move around from quarter-to-quarter. And given the recent supply chain dynamics and ongoing migrations, we have factored in a higher percent of orders than we had previously to come in with future start dates going into the second half of the forecast.

其中包括客戶遷移時間表。它包括我們現在正在討論的硬體採購時間表，以及我們圍繞該時間表的審批流程。所以——而且這個數字每季都會有所波動。鑑於近期供應鏈動態和持續的人口遷移，我們在預測的下半年中，已將未來開工日期對應的訂單比例設定得比以往更高。

That's very clear, Rukmini. I appreciate the color there. Let me talk a little bit about the partnership with AMD. So Rajiv, maybe in terms of the time line of having a solution out to the market, maybe get your viewpoint on that. It sounds like it's going to be later this year.

這一點很清楚，魯克米尼。我喜歡那裡的顏色。讓我簡單談談與AMD的合作。所以拉吉夫，關於將解決方案推向市場的時間安排，或許可以聽聽你的看法。聽起來好像要等到今年稍後。

And then in terms of which customer segments within the Nutanix or AMD customer base will be most interested in the joint solution? Is it sort of particular industries, higher segments like large enterprise. I just want to get a profile of who's going to be most viable as potential joint customers of the partnership.

那麼，在 Nutanix 或 AMD 的客戶群中，哪些客戶群會對聯合解決方案最感興趣呢？是指某些特定產業，例如大型企業等較高層級的產業嗎？我只是想了解哪些人最有可能成為這項合作的潛在共同客戶。

Yes. First of all, the target, just to be very clear, is we are building a platform together, that supports essentially inferencing and agentic applications, right? So this would be a full stack platform on top of which people could use run models and build these multi-agent applications or even simpler inferencing applications. The target customer base, to your question, really are enterprise customers, okay? Enterprise customers.

是的。首先，為了非常明確地說明，我們的目標是共同建立一個平台，該平台主要支援推理和代理應用程序，對嗎？因此，這將是一個全端平台，人們可以在此平台上運行模型並建立這些多智能體應用程序，甚至是更簡單的推理應用程式。至於你的問題，我們的目標客群確實是企業客戶，可以嗎？企業客戶。

And if you were to say within that enterprise customer base, it would be typically customers in more regulated industries, customers who care about sovereignty wanting to run their AI close to where their data is located. So it could also mean people who are running AI applications at the edge.

如果要說企業客戶群中的具體情況，通常是受監管產業中的客戶，他們重視國家主權，希望在資料所在位置附近運作人工智慧。所以它也可能指的是邊緣運行人工智慧應用程式的人。

So if you were to look at this set of customer base, right, what it translates into is people who care about protecting their data, running it locally, running it inside their data centers for the most part, running it in edges. But also some subset of these customers are going to consume them from service providers. We have a lot of service providers these days who are also offering GPU as a service. So that would be the second way of serving the same end customer being the enterprise.

所以，如果你看一下這群客戶群，你會發現他們是關心保護數據、在本地運行數據、在數據中心內運行數據，或是在邊緣運行數據的人。但其中一部分客戶也會從服務提供者消費這些服務。如今有許多服務提供者也提供GPU即服務。所以，這是服務同一最終客戶（即企業）的第二種方式。

So in short, targeting enterprise use cases for these agentic AI applications, mostly regulated industries to start with, but also people are interested in being service providers delivering to these enterprises. And as you said, the first solution out of this will be delivered by the end of this calendar year, and we are excited about the long-term potential for this partnership.

簡而言之，這些智慧人工智慧應用的目標客戶群主要是企業用戶，首先是受監管的行業，但也有不少人有興趣成為向這些企業提供服務的供應商。正如您所說，第一個解決方案將在今年年底前交付，我們對這項合作的長期潛力感到興奮。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Hi, thanks, It's Ruplu filling in for Wamsi. I've got two questions, I think, today, both for Rukmini. Just looking at the margin dynamics, I mean, the fiscal quarter you reported was very strong, stronger than expected. You're guiding fiscal 3Q operating margins to 16% to 17% and then the full year unchanged at 21% to 22%. Can you just help us understand the dynamics impacting fiscal 3Q margins? And what's the -- what are the factors that will help get to the full year 21% to 22%?

您好，謝謝。我是Ruplu，代Wamsi值班。今天我有兩個問題，都是問魯克米尼的。單從利潤率動態來看，我的意思是，你們公佈的本財季業績非常強勁，比預期還要好。您預計第三財季的營業利潤率為 16% 至 17%，全年保持不變，為 21% 至 22%。您能否幫我們了解一下影響第三財季利潤率的因素？那麼，哪些因素有助於實現全年 21% 至 22% 的目標呢？

And the same question on free cash flow. It looks like revenues are down $20 million for the full year, but you're taking down free cash flow down $60 million, but there's also potentially some -- the $100 million from AMD and they're also buying back shares or buying your shares. So can you just give us your thoughts on the cadence of free cash flow, the investments you're making and how we should model out free cash flow? And I have a follow-up. Thank you.

自由現金流方面也存在同樣的問題。看起來全年收入下降了 2000 萬美元，但自由現金流減少了 6000 萬美元，不過也可能有一些轉機——AMD 提供了 1 億美元，他們也在回購股票或購買你的股票。那麼，您能否談談您對自由現金流節奏、您正在進行的投資以及我們應該如何建立自由現金流模型的看法？我還有一個後續問題。謝謝。

Thank you, Ruplu. So on operating margin, I'll start there. So historically, our seasonality around operating margin is that it's higher in Q2 and Q4 and lower in Q1 and Q2 on a relative -- Q1 and Q3 on a relative basis. And that's because the revenue roughly follows that pattern as well. And of course, we're investing typically through the year. So that also flows in. But it's not unusual for us to have operating margin be higher in Q2 and Q4 relative to Q3, which I think is the dynamic that you're pointing out.

謝謝你，魯普魯。那麼，關於營業利益率，我就從這裡開始說起。因此，從歷史資料來看，我們的營業利潤率季節性變化規律是：第二季和第四季相對較高，第一季和第二季相對較低，第一季和第三季相對較低。這是因為收入也大致遵循同樣的模式。當然，我們通常全年都會進行投資。所以這部分也會流入。但對我們來說，第二季和第四季的營業利潤率高於第三季並不罕見，我認為這就是您所指出的動態。

And I will say that in terms of overall -- our overall view on investment, look, we still continue to believe there's a large growth opportunity ahead of us. And so we're investing for that growth, but doing so in a thoughtful way in a prudent way while also working on efficiencies and productivity within the business. So that's on the margin point, Ruplu.

而且，就整體而言——就我們對投資的整體看法而言，我們仍然相信前方有很大的成長機會。因此，我們正在投資以實現成長，但同時也以審慎和深思熟慮的方式進行投資，同時努力提高企業內部的效率和生產力。所以，這就是邊緣點，魯普魯。

And then on free cash flow and your point about revenue versus free cash flow. So one thing I'll say is that when you think about the orders that I described earlier, where orders that are linked to the shipment of server hardware, and we said that those are a minority of our bookings, we can only recognize software revenue and collect cash alongside the shipment. And as a reminder, we typically recognize about half of an order's TCV bookings upfront as revenue, while we typically collect all of the cash upfront.

然後是關於自由現金流以及你提出的關於收入與自由現金流的觀點。所以我要說的一點是，想想我之前描述的那些訂單，也就是與伺服器硬體出貨相關的訂單，我們說過這些訂單只占我們預訂量的一小部分，我們只能在出貨時確認軟體收入並收取現金。再次提醒大家，我們通常會預先確認訂單總合約價值的一半左右作為收入，同時通常會預先收取全部現金。

So you would impact the cash impact on free cash flow to be higher than on revenue, and that is, in fact, what we're expecting. So the change to our free cash flow guidance was largely due to these longer server lead times, which is delaying the timing of when we can bill and collect from customers. And that's why the free cash flow guidance change is higher than the revenue change, Ruplu. So those are some of the dynamics around free cash flow and on operating margin.

因此，現金流對自由現金流的影響將大於對收入的影響，而這實際上也是我們所預期的。因此，我們自由現金流預期的變化主要是由於伺服器交付週期延長，這推遲了我們向客戶開立帳單和收款的時間。這就是為什麼自由現金流預期變化幅度大於收入變化幅度的原因，Ruplu。以上就是自由現金流和營業利益率的一些動態變化。

So Ruplu, you also asked about the AMD piece, right? Do you want to cover the accounting?

Ruplu，你也問了關於 AMD 的問題，對吧？你想負責會計工作嗎？

Yes. So AMD is choosing to invest $150 million in our common stock, and that really has no impact on free cash flow because it's not going to be in the operating cash flow section.

是的。因此，AMD 選擇投資 1.5 億美元購買我們的普通股，但這實際上對自由現金流沒有任何影響，因為它不會計入經營現金流部分。

Right. And -- but they're also investing $100 million. Is that all this year?

正確的。而且──他們還投資了1億美元。今年就只有這些嗎？

Correct. So that's -- I will say, look, I think we aren't getting into the specifics of that, Ruplu, but we did say it was a multiyear strategic partnership with AMD, and it's up to $100 million over that period over that period -- over a multiyear period.

正確的。所以——我想說，Ruplu，我認為我們不會深入探討具體細節，但我們確實說過這是與 AMD 的多年戰略合作夥伴關係，而且在多年期間，金額將高達 1 億美元。

Got it. If I can ask a quick follow-up. So you mentioned two delays. One is the delay because of availability of servers. And then you also, in the commentary said that there's a higher the orders with delayed start dates, I mean, that is also growing versus your thought 90 days ago.

知道了。如果可以的話，我想問一個後續問題。你提到了兩次延誤。一是由於伺服器可用性問題導致的延遲。而且，你在評論中還提到，延遲開始日期的訂單數量更多，我的意思是，這和你 90 天前的想法相比也有所增長。

Which is -- can you help us quantify this? I think last quarter, you had said it was about $80 million of revenue that was being pushed out because of future start dates. Can you help us quantify how much is the impact from delayed availability of servers versus orders with later start dates? Like how are each of these impacting revenue recognition?

也就是說——您能幫我們量化一下嗎？我記得上個季度你說過，由於未來的開工日期，大約有 8000 萬美元的收入被推遲了。您能否幫助我們量化伺服器延遲交付與訂單開始日期延遲所造成的影響程度？這些因素各自如何影響收入確認？

Yes. So for this quarter's updated guide, Ruplu, I would say the more meaningful change is in the supply chain environment. It is worse than what we had expected three months ago. And so that is a meaningful portion of the change in guidance. And as we said on the call, we're also assuming that the second half orders with future start dates, the mix of those orders is also expected to be higher than we had thought.

是的。因此，Ruplu，就本季更新的指南而言，我認為更有意義的變化在於供應鏈環境。情況比我們三個月前預想的還要糟糕。因此，這是指導方針變更中的一個重要部分。正如我們在電話會議上所說，我們也預期下半年未來開始日期的訂單，其組合比例也將高於我們先前預期的。

So that is also factored in there. But we're not breaking out the quantification, Ruplu, but the more significant change was what we saw in the supply chain environment.

所以這一點也被考慮在內了。但我們不會公佈具體的量化數據，Ruplu，但更重要的變化是我們看到的供應鏈環境的變化。

Got it. Thank you for all the details.

知道了。謝謝您提供的所有細節。

(Operator Instructions) Matthew Martino, Goldman Sachs.

（操作說明）馬修‧馬蒂諾，高盛集團。

Yeah, hey, thanks for the question, guys. Maybe to start with Rukmini. You mentioned in the prepared remarks, extended lead times have been the bigger headwind and less so server prices. Can you provide us with some color on kind of what you've contemplated around guidance in the back half of the year, whether it's largely extended lead times or potentially lower initial deal sizes on higher server costs, just given the fluctuations out there in memory prices today?

是啊，嘿，謝謝大家的提問。或許可以先從魯克米尼開始。您在準備好的發言稿中提到，交貨週期延長是更大的不利因素，而服務器價格的影響較小。鑑於目前記憶體價格的波動，您能否簡要介紹一下您對下半年業績指引的考慮，例如是否主要採取延長交貨週期或因伺服器成本上漲而降低初始交易規模等措施？

Yes. Matt, so in terms of the forecast for the second half, we have factored in delays in availability of servers, right? So that is -- we factored in based on the visibility we have right now and what we see. But I will say, I think we've said this before, that we are indirectly impacted by this given that we -- it's our server partners that we rely on and our customers rely on to procure their hardware. But yes, we factored in some of the delays around server lead times and when we expect those to become available.

是的。馬特，那麼就下半年的預測而言，我們已經考慮到了伺服器可用性延遲的問題，對吧？所以，我們是根據我們目前所掌握的資訊和我們所看到的情況所做的考慮。但我想說的是，我們之前也說過，鑑於我們依賴伺服器合作夥伴，而我們的客戶也依賴伺服器合作夥伴來採購硬件，因此我們間接受到了影響。是的，我們已經將伺服器交付週期以及預計伺服器可用時間等方面的延誤考慮在內。

Now the second point about potentially impact of pricing on our software. As we've said, we continue to see solid demand for our solutions in Q2. We've talked about the booking's growth. And so far, I would say the impact of this higher server price and longer lead times can be mixed, Matt. And what I mean by that, in some cases, it is accelerating projects, while in other cases, it's requiring more approvals and lengthening procurement time lines. And as we said, we are also working with our customers to offer them many options, including choice of server vendor, external storage support, public cloud with NC2 solution and swapping software on existing hardware.

第二點是關於定價可能對我們軟體產生的影響。正如我們之前所說，第二季我們繼續看到市場對我們解決方案的強勁需求。我們已經討論過預訂量的成長情況。到目前為止，我認為服務器價格上漲和交貨時間延長帶來的影響喜憂參半，馬特。我的意思是，在某些情況下，這會加快專案進度；而在其他情況下，則需要更多審批，延長採購時間。正如我們所說，我們也在與客戶合作，為他們提供多種選擇，包括選擇伺服器供應商、外部儲存支援、具有 NC2 解決方案的公有雲以及在現有硬體上更換軟體。

So, so far, we have not seen a meaningful impact to our software deal sizes or pricing in the market. Although customers are, in fact, experiencing higher server prices and looking for ways to mitigate that. So we will continue to emphasize our software value proposition and provide a range of options to customers as we have described. So that's the way we're approaching this, Matt.

因此，到目前為止，我們還沒有看到市場對我們的軟體交易規模或定價產生實質影響。儘管客戶實際上正面臨伺服器價格上漲的問題，並正在尋找緩解措施。因此，我們將繼續強調我們的軟體價值主張，並如我們所述，為客戶提供一系列選擇。這就是我們處理這件事的方式，馬特。

Yes. Very clear, Thanks. And then for you, Rajiv, you guys are offering multiple workarounds. Rukmini just flagged it with NC2, expanded server platform choices, external storage. I'm curious, Rajiv, from your perspective, what's proving most effective for those deals that are staying on track in terms of providing that wider array of options?

是的。非常清楚，謝謝。然後，拉吉夫，你們卻提供了多種變通方案。Rukmini 剛剛用 NC2 標記了它，擴展了伺服器平台選擇和外部儲存。拉吉夫，我很好奇，從你的角度來看，對於那些能夠持續推進、提供更廣泛選擇的交易而言，什麼才是最有效的？

And then in context of that, the new logo velocity was really strong this quarter. So wondering if Pure Storage was a large contributor to that dynamic?

在此背景下，本季新標誌的推廣速度非常強勁。所以我想知道 Pure Storage 是否是造成這種局面的重要因素？

Yes. I think Pure Storage or EverPure is still very early. We did close our first wins this quarter, Matt. But I wouldn't say that was a big contributor to logos yet. Most of the logos came from our typical VMware migrations on to the HCI platform.

是的。我認為 Pure Storage 或 EverPure 目前還處於非常早期的階段。馬特，我們本季確實取得了首場勝利。但我認為它對標誌設計的影響還不大。大多數標誌都來自我們典型的 VMware 向 HCI 平台的遷移。

External storage is growing, but it's still a small portion. Now as we look at sort of which of these are moving the needle in a significant way, it's really a combination of all of these factors. The fact that we're able to run our HCI platform, I mean, now support a broader set of configurations and provide more choice to customers. There was a lot of arbitrage in the quarter about people looking at different server vendors to say, who can get me the best price and best lead time.

外部儲存雖然成長迅速，但佔比仍然很小。現在，當我們審視哪些因素正在產生重大影響時，實際上是所有這些因素的綜合作用。我們現在能夠運行我們的 HCI 平台，這意味著我們可以支援更廣泛的配置，並為客戶提供更多選擇。本季出現了大量的套利機會，人們會比較不同的伺服器供應商，看看誰能給我最優惠的價格和最快的交貨時間。

And the fact that we could support all of them, I think that's clearly a value proposition and a factor that our customers took advantage of for sure. NC2 had a pretty good quarter, right? So people are starting to use the public cloud more and more as in terms of the -- getting around the fact that they can't get servers on-prem. They can also potentially use NC2 to do a migration to the cloud.

我們能夠支援所有這些服務，我認為這顯然是一個價值主張，也是我們的客戶肯定利用的因素。NC2這個季度業績相當不錯，對吧？因此，人們開始越來越多地使用公有雲，以此來規避他們無法在本地部署伺服器的問題。他們還可以利用 NC2 進行向雲端的遷移。

And if they want to move it later on-prem and they have servers available, they can do that, too. So we are starting to see some of that come through as well. The external storage, like I said, is a third component, which is still early days. We're starting to see the I see the traction very clearly, though.

如果他們以後想把程式遷移到本地，並且有可用的伺服器，他們也可以這樣做。所以我們開始看到一些這樣的跡像出現。正如我所說，外部儲存是第三個元件，目前還處於早期階段。不過，我確實已經清楚地看到了這種趨勢。

And I do expect that as customers -- if they start looking at sweating their existing hardware more, given the supply constraints that they're seeing, then it's going to start to become even more important. So I think it's not that there's one thing that's driving -- helping us in a big way compared to the others. It's a combination of all of these things that's helping us mitigate the supply situation.

而且我預計，如果客戶開始更加重視現有硬體的效能，考慮到他們目前面臨的供應限制，那麼硬體的重要性將會進一步提升。所以我認為並不是有什麼因素在主導——或者說，沒有什麼因素在很大程度上幫助我們，讓我們比其他因素更有優勢。正是這些因素的綜合作用，幫助我們緩解了供應緊張的局面。

Very clear. Thanks for all the colors.

非常清楚。謝謝你帶來的所有色彩。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thank you for taking my question. This is MP on behalf of Samik Chatterjee. So firstly, just wanted to double-click on your AMD deal. What is the best way to size up your revenue opportunity here and the go-to-market strategy? Will it be just the attach rate with AMD's inferencing platforms or you will be able to do independent software sales as well? And then what is the likelihood of similar future deals? And how does the market look like?

您好，感謝您回答我的問題。我是代表薩米克·查特吉的議員。首先，我只想對你們的 AMD 交易表示一下讚賞。如何才能最好地評估您的收入機會和市場推廣策略？是僅限於與 AMD 的推理平台捆綁銷售，還是也可以進行獨立的軟體銷售？那麼，未來發生類似交易的可能性有多大？市場狀況如何？

Good question, MP. Let me take that. So first, in terms of the revenue itself, right, obviously, so the solution is the Nutanix software stack running on servers that include AMD's accelerated compute platform, right? So we take -- by the way, we already have solutions in the market today with nvidia on this front, right?

問得好，議員。讓我來拿吧。首先，就收入本身而言，顯然，解決方案是運行在包含 AMD 加速運算平台的伺服器上的 Nutanix 軟體堆疊，對吧？所以，我們採取──順便說一句，目前市場上已經有英偉達在這方面的解決方案了，對吧？

In fact, all our AI solutions today run on Nvidia, and now we are adding AMD to the mix to provide more choice for customers. So the go-to-market model is that we sell our software, the full stack, which is our Nutanix Cloud Platform, our Kubernetes platform and then our NAI, the Nutanix AI piece that runs on top of all of that.

事實上，我們目前所有的 AI 解決方案都基於 Nvidia 顯示卡，現在我們又加入了 AMD 顯示卡，以便為客戶提供更多選擇。因此，我們的市場推廣模式是銷售我們的軟體，即全端產品，包括我們的 Nutanix 雲端平台、Kubernetes 平台，以及運行在所有這些之上的 NAI（Nutanix AI 元件）。

All of that is now -- the R&D effort is to take all of that, get it to work very nicely and optimally on AMD hardware, right? That's inside the servers, AMD's GPU hardware and accelerated compute hardware. And so we sell our software just like we sell today. And more of that software will land on platforms that have AMD hardware inside. So that is the go-to-market collaboration, right?

現在，研發工作的目標是讓所有這些技術在 AMD 硬體上都能完美且有效率地運行，對吧？那是伺服器內部的元件，包括 AMD 的 GPU 硬體和加速運算硬體。所以，我們銷售軟體的方式和現在一樣。而且，更多這類軟體將會登陸搭載 AMD 硬體的平台。這就是市場推廣合作，對吧？

So AMD brings together their hardware solution, their ecosystem. And we then put our software stack on top, and we take that to market, take it into our enterprise customer base, and that is the go-to-market portion of this. Now revenue-wise, of course, the solution is going to be in the market at the end of this year. We expect to start seeing small amounts of revenue next calendar year or the second half of FY27, our fiscal FY27.

因此，AMD 將其硬體解決方案和生態系統整合在一起。然後，我們在上面部署我們的軟體棧，並將其推向市場，推向我們的企業客戶群，這就是市場推廣部分。當然，從收入角度來看，解決方案將於今年底推出市場。我們預計將在下一個日曆年或 2027 財年（即我們的 2027 財年）下半年開始看到少量收入。

Thank you. And my second one would be around supply constraints, between CPUs and memory, which are bigger supply constraints in your opinion, currently for server deliveries? And then how -- when do you expect the supply constraints to ease? Like do you expect it to ease within this fiscal year or go beyond this fiscal year as well?

謝謝。我的第二個問題是關於供應限制，特別是CPU和內存，您認為目前伺服器交付方面，哪個是更大的供應限制因素？那麼，您預計供應限制何時會緩解？您預計這種情況會在本財年內緩解，還是會持續到本財年之後？

Thank you. Both good questions, again, MP. So currently, I mean, look, I think the real answer is actually both. Right now, the critical item in the path is the CPUs. But very quickly, if we start -- if the CPU supply situation starts getting better, in fact, Intel has talked about this, right? During their last earnings call, they talked about how they were way behind in terms of meeting their demand. And certainly, we're seeing some of that, right?

謝謝。議員，這兩個問題都很好。所以目前，我的意思是，你看，我認為真正的答案實際上是兩者兼有。目前，這條路徑上的關鍵環節是CPU。但很快，如果我們開始——如果 CPU 供應情況開始好轉，事實上，英特爾已經談到這一點，對吧？在上次財報電話會議上，他們談到了他們在滿足市場需求方面遠遠落後於預期。當然，我們已經看到了一些這樣的現象，對吧？

So that's in the critical path right now. We also are bringing in more and more AMD SKUs to market, right, so that we can actually offer both AMD and Intel to ameliorate the situation a bit. But then very soon right after that, you run into memory. So the answer is actually it's both. And with respect to timing on when this could get better, frankly, I think it's unclear at this point. I don't think it is very short term.

所以，這目前是關鍵路徑上的一個環節。我們也不斷推出更多 AMD SKU，對吧？這樣我們就能同時提供 AMD 和 Intel 的產品，稍微改善一下這種情況。但緊接著，你就會遇到記憶體問題。所以答案其實是兩者兼具。至於這種情況何時才能好轉，坦白說，我認為目前還不清楚。我認為這並非短期問題。

I think it's going to be there for a period of time because obviously, this is being driven by the massive uptick in AI spending across some of these bigger hyperscaler providers that's causing this big supply issue overall in the industry. And so I do expect it's going to take some time to play out for the supply situation to normalize.

我認為這種情況還會持續一段時間，因為很明顯，這是由於一些大型超大規模資料中心供應商在人工智慧領域的支出大幅成長所致，導致整個產業出現嚴重的供應問題。因此，我預計供應情況需要一段時間才能恢復正常。

And it's hard for me to tell you exactly when that's going to happen. And keep in mind that we are a step removed from all of this, right? We are indirectly impacted. So it's very hard to predict exactly how quickly. But I do expect that -- I mean, obviously, the suppliers there, both the CPU folks as well as the memory folks are working hard to go get more supply online, and this is an industry-wide phenomenon. So again, it's hard for me to give you an exact prediction on when this is going to get normalized, but it will get normalized over some period of time here over the next couple of years.

我很難準確地告訴你那件事何時會發生。請記住，我們與這一切保持著一定的距離，對吧？我們受到了間接影響。所以很難準確預測速度會有多快。但我確實預計——我的意思是，很顯然，那裡的供應商，包括 CPU 供應商和記憶體供應商，都在努力增加線上供應，這是一個行業普遍現象。所以，我很難準確預測這種情況何時會恢復正常，但在未來幾年內，這種情況會逐漸恢復正常。

Okay, thank you.

好的，謝謝。

Ben Bollin, Cleveland Research Company.

本‧博林，克利夫蘭研究公司。

Thank you. Good afternoon, everyone. I appreciate you taking my questions. Rajiv, I'm curious your thoughts how you think about the mix of revenue or ARR orders that you're getting from AI inference, agentic opportunities today. Essentially, how big is it? And what type of growth rate do you think you're seeing from that opportunity? And then I had a follow-on for Rukmini.

謝謝。大家下午好。感謝您回答我的問題。Rajiv，我很好奇你如何看待你目前從人工智慧推理和智能體機會中獲得的收入或 ARR 訂單組合。它到底有多大？你認為這個機會能帶來怎樣的成長率？然後我又寫了一篇後續報道給魯克米尼。

Yes. So Ben, first of all, it was zero, 1.5 years ago. And so clearly, you're growing from a very small base, and it is still fairly small for us in the scheme of things because we are in the very early innings of enterprise AI adoption, really early, right? Our customers today, we talked about one of these customers in the EMEA region, who's now created the shared GPU platform that they are providing to various departments. So we are -- the use cases today tend to be fairly simple applications, simple inferencing applications, not multi-agent use cases yet.

是的。所以本，首先，那是1.5年前，數字是零。所以很明顯，你們的基數非常小，而且就整個產業而言，這個基數仍然相當小，因為我們還處於企業人工智慧應用的早期階段，真的非常早期，對吧？今天，我們談到了 EMEA 地區的一位客戶，他現在創建了共享 GPU 平台，並將其提供給各個部門。所以，我們目前的用例往往是相當簡單的應用程序，簡單的推理應用程序，而不是多智能體用例。

So we are in the very early stages of enterprises building these more sophisticated AI applications that they will consume. So for us, I mean, I look at this and say, over the next 5, 10 years, there's going to be a whole bunch of new applications that are going to be built in the enterprise. Existing applications will all start incorporating AI, workflows are going to change. So there's going to be a whole new set of workloads from our perspective that are -- including gen AI as part of these applications. And so for us, the opportunity is to become the underlying platform to run those applications, manage all the data associated with it.

所以，我們目前還處於企業建構他們將要使用的這些更複雜的人工智慧應用程式的早期階段。所以對我們來說，我的意思是，我展望未來 5 到 10 年，企業中將會湧現大量新的應用程式。現有應用程式都將開始融入人工智慧，工作流程也將隨之改變。因此，從我們的角度來看，將會出現一系列全新的工作負載，其中包括作為這些應用一部分的人工智慧。因此，對我們來說，機會在於成為運行這些應用程式的底層平台，並管理與其相關的所有數據。

So we are pretty early in the cycle at this point. And enterprise adoption, like I said, is just starting really. I mean, because most enterprises at this point are still grappling with AI. They're starting to use it more and more, but they haven't really built a lot of their own custom applications and custom workflows. but they're all starting to do it. And when that happens, I think this will grow.

所以目前我們還處於週期的早期階段。正如我所說，企業採用率才剛起步。我的意思是，因為目前大多數企業仍在努力應對人工智慧問題。他們開始越來越多地使用它，但他們還沒有真正建立很多自己的客製化應用程式和客製化工作流程。不過，他們都在開始這麼做。我認為，當這種情況發生時，它會發展壯大。

So short answer to your question, it is -- it was zero, two years ago. It is small right now, but growing and growing very nicely. And we have -- again, the fact that we now have a broad ecosystem that cuts across Nvidia and AMD, along with more third-party people coming to the mix here, we are very focused on this. Please come to our April conferencing event where we will talk more about our AI strategy and road map. But we do expect this to be a good long-term driver for us.

簡而言之，兩年前的答案是零。它現在規模還小，但發展得非常好。而且，我們現在擁有一個涵蓋英偉達和AMD的廣泛生態系統，並且還有更多第三方人士加入其中，我們非常關注這一點。請參加我們四月份的會議活動，屆時我們將更詳細地討論我們的人工智慧策略和路線圖。但我們預計這將是我們長期發展的良好驅動力。

That's helpful. Thanks, Rajiv. Rukmini, I'm also interested in your thoughts. When we look at the RPO and booking strength, obviously, the appliance pricing is going higher from these vendors and it's changing by the week or the month or whatever. How much of what you're seeing right now would you attribute to customers getting in line because they'd rather put the PO in today, try and get current prices versus assuming the price may be higher at some point in the future? How do you think about that?

那很有幫助。謝謝你，拉吉夫。魯克米尼，我也很想聽聽你的想法。當我們觀察 RPO 和預訂實力時，很明顯，這些供應商的家電價格正在上漲，而且價格每週、每月都在變化。您認為目前您看到的現像中，有多少是由於顧客寧願今天下單，爭取獲得當前價格，而不是假設未來某個時候價格可能會更高，所以才排隊購買的？你對此有何看法？

Yes. Look, we do think that some of our bookings performance -- outperformance in Q2, Ben, was tied to that. It's hard to be very precise and try to quantify that. But we do believe that our bookings in Q2 benefited from some orders being placed, as you say, earlier than originally expected as customers look to get ahead of server price increases or try to ensure access to servers. But it is difficult to quantify.

是的。你看，我們確實認為我們第二季的預訂業績——尤其是超額完成預訂——與此有關，Ben。很難非常精確地量化這一點。但我們相信，正如您所說，第二季度的預訂量受益於一些訂單的提前下達，因為客戶希望趕在伺服器價格上漲之前或試圖確保獲得伺服器的使用權。但這很難量化。

Thank you both.

謝謝你們兩位。

Brandon Nispel, KeyBanc Capital Markets.

Brandon Nispel，KeyBanc Capital Markets。

Great, thanks for taking the question. I think just one for me. NRR decelerated this quarter, I think, Rukmini, you called out 107%. Could you give us some color in terms of why NRR decelerated? That would be helpful. Thank you.

太好了，謝謝你回答這個問題。我覺得我只要一個就夠了。我覺得本季淨殖利率成長放緩了，Rukmini，你之前提到107%。您能否具體解釋一下淨收益率下降速度放緩的原因？那會很有幫助。謝謝。

Yes, hi Brandon. So the first thing I'd say it's important to note that the factors that we outlined last quarter and I'm talking about this quarter as shifting out the recognition of revenue also impacts ARR and NRR, because the dynamics are similar in terms of how we recognize revenue versus when something would show up in ARR and therefore, will be also reflected in NRR. So just important to keep that in mind, Brandon, right, because those dynamics are very similar.

是的，你好，布蘭登。首先，我想強調的是，我們上個季度概述的因素，以及我本季正在討論的收入確認時間的推遲，也會影響 ARR 和 NRR，因為在收入確認方式和何時計入 ARR 方面，動態是類似的，因此也會反映在 NRR 中。所以布蘭登，記住這一點很重要，對吧，因為這些動態非常相似。

Now in addition, I will say that our NRR in Q2 specifically was also impacted by timing delays we saw in some renewals in our -- with regarding our U.S. Fed business specifically that was created to some backlog related to the recent government shutdown, and we expect to receive those in Q3. So that was the timing delay from Q2 into Q3.

此外，我還要指出，我們第二季的淨收入也受到了一些續約延遲的影響——特別是關於我們美國聯邦儲備銀行業務的續約延遲，這是由於最近的政府停擺造成的積壓，我們預計將在第三季度收到這些續約款項。這就是第二季到第三季的時間延遲。

And so those are sort of the things I'll call, other than things we've talked about before, right, in terms of, look, our ASP of new logos have become -- have steadily increased over time. And we've also talked about as ARR grows every quarter, the ACV dollars required to offset a point of churn increases even at the same churn percentage. And so that can make it challenging to achieve the same NRR over time. So the last two I mentioned are ones we've talked about before, but I will call out the first two as being -- just things to keep in mind as you look at NRR.

所以，除了我們之前討論過的事情之外，我還要提到這些，例如，我們新商標的平均售價已經隨著時間的推移而穩定成長。我們也討論過，隨著 ARR 每季成長，即使流失率相同，為抵消一定程度的客戶流失，所需的 ACV 美元也會增加。因此，隨著時間的推移，要達到相同的淨收益率可能會變得困難。所以我提到的最後兩個是我們以前討論過的，但我還是要指出前兩者——只是在考慮 NRR 時需要記住的事情。

Great. Thank you.

偉大的。謝謝。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yeah, thank you. Congratulations on the good bookings quarter there. Talking about bookings, based on the color you provided so far, Rukmini, it sounds like cancelable bookings, while it's still in the single digit of the overall RPO, it is materially more than the total in terms of the year-over-year growth rate. So can you discuss what is behind canceled bookings year-over-year growth being much higher than non-cancelable bookings?

是啊，謝謝。恭喜你們那一季度預訂業績出色。談到預訂情況，Rukmini，根據你目前提供的信息，聽起來像是可取消的預訂，雖然它仍然只佔整體 RPO 的個位數，但就同比增長率而言，它明顯高於總數。那麼，您能否探討取消預訂的年增長率遠高於不可取消預訂的年增長率背後的原因？

Yeah, hi, Nehal, so cancelable bookings, like you said, I think this is again referring just for everybody's benefit, a bookings number that I think folks can calculate based on looking at our revenue in Q2 and adding that to the quarter-over-quarter change in RPO. And the way RPO is defined for us like it is for most companies is -- only includes orders that are non-cancelable.

是的，嗨，Nehal，所以可取消的預訂，就像你說的，我認為這只是為了大家的利益，指的是一個預訂數量，我認為大家可以根據我們第二季度的收入，再加上 RPO 的季度環比變化來計算。而我們和大多數公司對 RPO 的定義是－僅包括不可取消的訂單。

Now as I said earlier, we have a small portion. It's in the low single-digit percent of our total RPO that is cancelable. It remains in the low single-digit percent. But it can move around somewhat, Nehal, right? And which is why it sometimes distorts these year-over-year growth rates because you're looking at a quarter-over-quarter change in RPO and then we're trying to do a year-over-year calculation in terms of growth rates for bookings.

正如我之前所說，我們只有一小部分。可取消的RPO占我們總RPO的百分比只有個位數。它仍然維持在個位數百分比的低位。但它還是可以稍微移動一下的，尼哈爾，對吧？這就是為什麼它有時會扭曲這些同比增長率的原因，因為你看到的是 RPO 的季度環比變化，然後我們試圖計算預訂量的同比增長率。

So I would say it moves around a little bit. And why do we even have these cancelable orders? Like I said, internally, we look at them all as bookings because historically, these cancelable orders, even though they're officially cancelable, have very rarely been cancelable.

所以我覺得它會稍微移動一下。我們為什麼要設定可取消訂單？正如我所說，在內部，我們都將它們視為預訂，因為從歷史上看，這些可取消的訂單，即使官方上說可以取消，也很少能真正取消。

And so yes, there's really nothing else there other than we've had some old partners that have some of those clauses, and we're actually working to make sure that those are no longer the case, frankly, going forward, right? So over time, we would expect that cancelable number to go down, but it can move around from quarter-to-quarter because we have some of these from before.

所以，是的，除了我們以前的一些合作夥伴有一些這樣的條款之外，真的沒有其他問題了，坦白說，我們正在努力確保這種情況在未來不再發生，對吧？因此，隨著時間的推移，我們預計可取消訂單的數量會下降，但由於之前有一些訂單，因此每季的可取消訂單數量可能會有所波動。

Okay. So just to be clear, it's basically just quarter-to-quarter variability in these cancelable bookings, but it is two quarters in a row where we are seeing cancelable bookings have a greater growth rate than non-cancelable bookings.

好的。所以說清楚點，這些可取消預訂的波動基本上只是季度間的波動，但連續兩季我們都看到可取消預訂的成長率高於不可取消預訂。

Yes. As I said, when you calculate the bookings number, the using RPO that is taking the entire bookings and that's taking all of the RPO into account, the TCV bookings growth rate is in the mid-teens, which is also what we said in the prepared remarks. And there's some variation because what we report out externally to you all, we only include the non-cancelable orders in the RPO.

是的。正如我所說，當你計算預訂數量時，使用 RPO（預訂點），也就是考慮所有預訂量和所有 RPO 值，TCV 預訂增長率在 15% 左右，這也與我們在準備好的發言稿中所說的一致。因為在我們對外公佈的 RPO 中，只包括不可取消的訂單，所以存在一些差異。

Okay. My other question, which I think is probably more for Rajiv. Can you explain -- I mean, clearly, Nutanix does not need the cash from AMD. Why accept an investment at $36 a share when arguably that's a very attractive price for AMD and not so attractive for existing Nutanix shareholders?

好的。我的另一個問題，我覺得可能比較適合問拉吉夫。你能解釋一下嗎？我的意思是，很明顯，Nutanix 並不需要 AMD 的資金。為什麼接受每股 36 美元的投資，而這對 AMD 來說無疑是一個極具吸引力的價格，但對於 Nutanix 的現有股東來說卻並非如此？

Yes. No, Nehal, that's a good question for sure, right? So our belief is that the equity investment from AMD aligns their interest with Nutanix' success. And they are a very important ecosystem partner for us. If you look at the AI ecosystem out there, it's built around Nvidia to start with and AMD, right?

是的。沒錯，尼哈爾，這確實是個好問題，對吧？因此我們認為，AMD 的股權投資使他們的利益與 Nutanix 的成功保持一致。他們是我們非常重要的生態系統合作夥伴。如果你看看目前的人工智慧生態系統，它最初是以英偉達和AMD為核心建構的，對吧？

So for us, it's really important to make sure that we are well aligned and both sides want us to succeed. And this equity investment from AMD makes it very much their interest to see Nutanix succeed. The dilution from this, clearly, we understand there is dilution. It is quite small overall. If you look at it, it's somewhere slightly over 1%, I believe.

所以對我們來說，確保雙方目標一致，並且雙方都希望我們取得成功，這一點非常重要。AMD的這項股權投資使得他們非常希望Nutanix能成功。由此可見，稀釋效應是顯而易見的，我們明白有稀釋效應。整體來說，它很小。我認為，這個比例應該略高於 1%。

But the fact is that this partnership enables Nutanix to become a leader, right, in providing an agentic AI platform for enterprises and service providers. And together with Nvidia, I think now we have a complete solution that we can take to market across both of the major players in AI.

但事實是，這種合作關係使 Nutanix 能夠成為為企業和服務提供者提供智慧 AI 平台的領導者。我認為，現在我們與英偉達合作，已經擁有了一個完整的解決方案，可以推向市場，惠及人工智慧領域的兩大巨頭。

That makes sense. Thank you.

這很有道理。謝謝。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Hey, It's Dan Bergstrom for Matt Hedberg. To follow on with another bookings question, it sounds like Q3 bookings expectations are higher than previous, which is great. Now with the supply chain challenges, can you just help us think through your available to renew second half pipeline on a year-over-year basis? And then maybe how that's changed versus assumptions coming into the year?

大家好，我是 Dan Bergstrom，替 Matt Hedberg 為您報道。關於預訂方面的另一個問題，聽起來第三季的預訂預期比之前更高，這真是太好了。鑑於目前的供應鏈挑戰，您能否幫我們分析一下您下半年可用於續約的專案儲備情況，並以同比進行分析？那麼，與年初的假設相比，情況又發生了哪些變化呢？

Yes. So look, I think the available to renew pool is largely land and expand. It's driven by land and expand bookings that we've made in prior years. And so -- and then the other thing to note on renewals is that typically, those are not as tied to hardware requirements, as land and expand would be, right? So a lot of the dynamics we're talking about here with regard to supply chain are really more tied to land and expand rather than to renewals.

是的。所以你看，我認為可以用來更新泳池的主要是土地和擴建。這是由我們前幾年在陸地和陸地上的預訂量所推動的。所以——另外要注意的是，關於續約，通常情況下，續約與硬體要求的關聯性不如土地和擴張那麼強，對吧？因此，我們在這裡討論的許多與供應鏈相關的動態實際上與土地和擴張有關，而不是與更新有關。

And so yes, I think the available to renew pool again doesn't change based on these which are usually set largely based on land and expand bookings that we did in the past and are coming up for renewal in the second half. And so that's still the case for the second half in terms of just how that's factored into our forecast.

所以，是的，我認為可續訂名額不會因為這些因素而改變，這些因素通常主要取決於我們過去進行的陸地和擴展預訂，這些預訂將在下半年續訂。因此，下半年的情況仍然如此，這也正是我們預測中所考慮的因素。

Thank you.

謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great, thank you for taking the questions here, guys. I just wanted to come back to this AMD partnership announcement real quickly. And I think it's probably for you, Rajiv. But if I think about how Nutanix has developed or evolved over the past couple of years, the entire product road map really ties to providing customer choice, right?

太好了，謝謝各位回答這些問題。我只想快速地再談談AMD的這項合作公告。我覺得這很可能是給你的，拉吉夫。但如果我回顧 Nutanix 在過去幾年的發展歷程，就會發現其整個產品路線圖都圍繞著為客戶提供選擇這一核心目標，對吧？

And I know that you're highlighting the expanded AI opportunity here. But is that the number 1 takeaway we should be thinking about with this Nutanix-powered agentic AI platform in concert with AMD? I guess what else should we be thinking about in light of this platform offering?

我知道您在這裡強調的是人工智慧帶來的更大機會。但是，對於這款由 Nutanix 提供支援的智能體 AI 平台與 AMD 合作開發的平台，我們應該考慮的首要問題是：鑑於該平台提供的服務，我想我們還應該考慮哪些方面呢？

Yes. I think I covered some of this a bit earlier, Mike, but there's a couple of points that I want to make, right? One is there's an AI ecosystem being built, and it's really being built around two players right now, right? Nvidia is the lead by far, right? And of course, therefore, for you to be successful, you got to work with the Nvidia ecosystem on the one side, which we are already doing.

是的。麥克，我想我之前已經稍微提到過一些這方面的內容了，但我還有幾點要補充，對吧？一是正在建立一個人工智慧生態系統，而且它目前實際上是圍繞著兩個玩家構建的，對吧？英偉達遙遙領先，對吧？因此，要想取得成功，一方面你必須與英偉達生態系合作，而我們已經在這樣做了。

The other big player is AMD, right? And so it's very important for us to be able to go work with that AMD ecosystem as well. And at the end of the day, customers, like you said, we are all about offering customers choice, right? A choice of at every layer in the stack. And AMD is going to be an important player here, and they already are an important player here in this accelerated compute market.

另一家大型廠商是AMD，對吧？因此，對我們來說，能夠與 AMD 生態系統合作也非常重要。歸根結底，正如你所說，我們的一切都是為了給顧客選擇，對吧？堆疊中每一層都有選擇。AMD 將會是這裡的重要參與者，而且他們已經是加速運算市場的重要參與者了。

And so it's very important from a Nutanix perspective to be able to offer both choices to customers in a consistent way, right? So we provide an AI platform for agentic applications that underlying that could be a customer using Nvidia-based servers or AMD-based servers, right? And they get similar capabilities at the top level using our software. So that was the motivation for us to be able to provide the complete ecosystem.

因此，從 Nutanix 的角度來看，能夠以一致的方式向客戶提供這兩種選擇非常重要，對吧？因此，我們為智能體應用程式提供人工智慧平台，其底層可以是使用基於英偉達或AMD伺服器的客戶，對嗎？他們使用我們的軟體也能獲得類似的進階功能。這就是我們致力於提供完整生態系統的動力所在。

And again, it impacts sort of the whole picture, right? There's people who are certified -- if you look at third-party software, the ISV ecosystems, there's people who work with Nvidia and there's people who work with AMD, right? And we want to be benefiting from both sides of that.

而且，這又會影響到整體情況，對吧？有些人獲得了認證——如果你看看第三方軟體、獨立軟體開發商 (ISV) 生態系統，你會發現有些人為英偉達工作，有些人為 AMD 工作，對吧？我們希望能夠從雙方都獲益。

Excellent. And for the follow-up for Rukmini. I appreciate the shortages out there. Great to see the margin preservation. Can you just walk us through how -- I guess, the key investment initiatives this year and how you're actually managing against that, just given the reduced revenue profile? It would just be great to hear how you're operating against that. And thank you so much.

出色的。接下來是關於魯克米尼的後續報導。我理解目前物資短缺的情況。很高興看到邊距保持得很好。能否請您詳細介紹一下—我想，今年的主要投資舉措，以及在收入減少的情況下，您是如何應對的？我很想知道你們是如何應對這種情況的。非常感謝。

Yes. Thanks, Mike. So in terms of investments, look, it's consistent with what we've laid out, I think, at the beginning of this fiscal year. We think of this as a huge opportunity ahead of us, how do we make sure we're investing in a way where we're directing investments to where we see a clear return.

是的。謝謝你，麥克。所以就投資而言，我認為這與我們在本財年開始時所製定的計劃是一致的。我們認為這是一個巨大的機遇，我們如何確保我們的投資能帶來明確的回報？

So on the go-to-market side, it's around making sure we have the appropriate coverage around the world where we see the opportunity. It might be in areas like portfolio specialists, for example, where we think there's an opportunity to sell more of our portfolio across our customer base. So it's areas like that, that we're investing in, Mike, in the go-to-market front.

因此，在市場推廣方面，關鍵在於確保我們在世界各地，尤其是在我們看到機會的地方，都能獲得適當的覆蓋。例如，在投資組合專家等領域，我們認為有機會向我們的客戶群銷售更多我們的投資組合。所以，麥克，我們在市場推廣上投資的就是這類領域。

And then there's also some investments in R&D as we continue to innovate across all the things we've talked about here, right, in terms of Kubernetes platform, our AI platform, supporting external storage, et cetera. So a lot of important innovation initiatives as well in R&D that we want to make sure we are continuing to fund.

此外，我們還在研發方面進行了一些投資，以繼續在我們剛才討論的所有方面進行創新，對吧，例如 Kubernetes 平台、我們的 AI 平台、支援外部儲存等等。因此，研發領域也有許多重要的創新舉措，我們希望確保繼續為這些舉措提供資金。

So if you look at the overall operating margin guidance that we've maintained here, we're getting a little more contra expense from partners than we had expected at the beginning of the year and some lower commissions as well, given the revenues are getting shifted out of the year. So we haven't really made any changes to our investment plans for fiscal year '26, but some ins and outs, and that makes us feel comfortable with our overall full year op margin guide of 21% to 22%.

因此，如果您看一下我們一直維持的整體營業利潤率預期，我們會發現，由於收入被推遲到今年之外，我們從合作夥伴那裡獲得的抵銷費用比年初預期的要多一些，佣金也會有所下降。因此，我們並沒有對 2026 財年的投資計畫做出任何實質性的改變，只是進行了一些調整，這讓我們對全年 21% 至 22% 的營業利潤率預期感到滿意。

Thank you again. Good luck, guys.

再次感謝。祝你們好運。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。

Thank you all.

謝謝大家。