(NTNX) 2022 Q3 法說會逐字稿

Good afternoon, and thank you for attending today's Nutanix Q3 Fiscal 2022 Earnings Conference Call. My name is Selena, and I will be your moderator. (Operator Instructions) I would now like to pass the conference over to our host, Rich Valera, Vice President of Investor Relations. Please go ahead.

下午好，感謝您參加今天的 Nutanix 2022 財年第三季度收益電話會議。我的名字是賽琳娜，我將成為你的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，投資者關係副總裁 Rich Valera。請繼續。

Good afternoon, and welcome to today's conference call to discuss the results of our third quarter fiscal 2022.

下午好，歡迎參加今天的電話會議，討論我們 2022 財年第三季度的業績。

Joining me today are Rajiv Ramaswami, Nutanix's President and CEO; and Rukmini Sivaraman, Nutanix's CFO. After the market closed today, Nutanix issued a press release announcing financial results for its third quarter fiscal 2022. If you'd like to read the release, please visit the Press Releases section of our IR website.

今天加入我的是 Nutanix 總裁兼首席執行官 Rajiv Ramaswami； Nutanix 的首席財務官 Rukmini Sivaraman。今天收盤後，Nutanix 發布了一份新聞稿，宣布了其 2022 財年第三季度的財務業績。如果您想閱讀該新聞稿，請訪問我們投資者關係網站的新聞稿部分。

During today's call, management will make forward-looking statements, including statements regarding our business plans; strategies, initiatives; vision; objectives; and outlook, including our financial guidance as well as our ability to execute there on successfully and in a timely manner and the benefits and impact thereof on our business, operations and financial results; our financial performance and targets and use of new or different performance metrics in future periods; our competitive position and market opportunity; the timing and impacts of our current and future business model transitions; the factors driving our growth, macroeconomic, geopolitical and industry trends, including the ongoing global supply chain challenges and the current and anticipated impact of the COVID-19 pandemic.

在今天的電話會議中，管理層將做出前瞻性陳述，包括有關我們業務計劃的陳述；戰略、舉措；想像;目標；和展望，包括我們的財務指導以及我們成功及時地執行這些指導的能力，以及其對我們的業務、運營和財務業績的好處和影響；我們的財務業績和目標以及在未來期間使用新的或不同的業績指標；我們的競爭地位和市場機會；我們當前和未來業務模式轉型的時機和影響；推動我們增長的因素、宏觀經濟、地緣政治和行業趨勢，包括持續的全球供應鏈挑戰以及 COVID-19 大流行的當前和預期影響。

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 detailed description of these risks and uncertainties, please refer to our SEC filings, including our annual report on Form 10-K for the fiscal year ended July 31, 2021, and our quarterly reports on Form 10-Q for fiscal quarters ended October 31, 2021, and January 31, 2022, 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，其中一些超出我們的控制範圍，可能導致實際結果與這些陳述的預期產生重大不利差異。有關這些風險和不確定性的詳細描述，請參閱我們提交給 SEC 的文件，包括我們截至 2021 年 7 月 31 日的財政年度的 10-K 表格年度報告，以及我們截至 10 月的財政季度表格 10-Q 的季度報告2021 年 31 月 31 日和 2022 年 1 月 31 日，以及我們今天發布的收益新聞稿。

These forward-looking statements apply as of today, and we undertake no obligation to revise these statements after the call. As a result, you should not rely on them as representing our views in the future. 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.

這些前瞻性陳述自今天起適用，我們不承擔在電話會議後修改這些陳述的義務。因此，您將來不應依賴它們來代表我們的觀點。請注意，除非另有特別說明，否則我們在今天的電話會議中使用的所有財務指標（收入除外）均基於非公認會計原則表示，並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. Lastly, Nutanix management will be participating in the 42nd Annual William Blair Growth Stock Conference on June 6.

我們已在我們的投資者關係網站和收益新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對賬信息。最後，Nutanix 管理層將於 6 月 6 日參加第 42 屆年度威廉布萊爾成長股會議。

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

有了這個，我會把電話轉給 Rajiv。拉吉夫？

Thank you, Rich, and good afternoon, everyone. Against a volatile macro backdrop, we delivered another solid quarter, exceeding all our guided metrics and seeing continued strong performance in our renewals business.

謝謝你，Rich，大家下午好。在動蕩的宏觀背景下，我們又實現了一個穩健的季度，超過了我們所有的指導指標，並且我們的續訂業務表現持續強勁。

We continue to see solid demand for our Nutanix Cloud Platform, driven by businesses looking to accelerate their digital transformation, modernize their data centers and adopt hybrid multi-cloud operating models.

在尋求加速數字化轉型、實現數據中心現代化和採用混合多雲運營模式的企業的推動下，我們繼續看到對 Nutanix 雲平台的強勁需求。

That said, the quarter didn't finish as we had expected. Late in the third quarter, when we typically book a significant portion of our orders, we saw an unexpected impact from challenges that limited our upside in the quarter and affected our outlook for the fourth quarter. Increased hardware supply chain delays resulted in an increasing percentage of our orders having start dates in future quarters or, in some cases, being delayed pending availability of hardware. This affected both our billings and revenue upside in Q3, and we expect this trend to continue in Q4.

也就是說，本季度並沒有像我們預期的那樣結束。在第三季度末，當我們通常預訂大部分訂單時，我們看到了來自挑戰的意外影響，這些挑戰限制了我們在本季度的上行空間並影響了我們對第四季度的前景。硬件供應鏈延遲的增加導致我們的訂單中有越來越多的訂單開始日期在未來幾個季度，或者在某些情況下被延遲等待硬件的可用性。這影響了我們在第三季度的賬單和收入增長，我們預計這種趨勢將在第四季度繼續。

In addition, after seeing our attrition rate among sales reps improve for each of the prior 2 quarters, we saw it worsen in Q3, driving a lower-than-expected rep headcount entering Q4. Rukmini will discuss these issues in more detail in her prepared remarks.

此外，在看到我們的銷售代表流失率在前兩個季度的每個季度都有所提高之後，我們看到它在第三季度惡化，導致進入第四季度的銷售代表人數低於預期。 Rukmini 將在她準備好的評論中更詳細地討論這些問題。

Overall, our third quarter reflected continued execution on our subscription model and was marked by solid top line and improving bottom line performance. We delivered ACV billings growth of 28%, bolstered by strong execution on our building base of renewals.

總體而言，我們的第三季度反映了我們訂閱模式的持續執行，並以穩健的頂線和改善的底線表現為標誌。我們的 ACV 賬單增長了 28%，這得益於我們在續訂基礎上的強大執行力。

Our revenue, which continues to be affected by term compression, grew 17%. Top line growth, combined with diligent expense management and leverage from renewals, drove a sharp year-over-year improvement in non-GAAP operating income. While timing of collections adversely impacted our free cash flow performance for the quarter, we continued to prioritize working towards sustainable free cash flow generation in FY '23.

我們的收入繼續受到期限壓縮的影響，增長了 17%。收入增長，加上勤奮的費用管理和續約的槓桿作用，推動了非公認會計原則營業收入的同比大幅增長。雖然收款時間對我們本季度的自由現金流表現產生了不利影響，但我們繼續優先考慮在 23 財年實現可持續的自由現金流生成。

Overall, we are pleased with our third quarter financial results. Our largest deal in the quarter reflected healthy adoption of our core Nutanix Cloud Infrastructure by customers looking to modernize their data centers and deploy hybrid cloud operating models as well as good traction with adjacent solutions in storage, Database-as-a-Service and cloud management.

總體而言，我們對第三季度的財務業績感到滿意。我們在本季度最大的一筆交易反映了客戶對我們的核心 Nutanix 雲基礎架構的健康采用，這些客戶希望對其數據中心進行現代化改造並部署混合雲運營模式，以及在存儲、數據庫即服務和雲管理方面的相鄰解決方案的良好牽引力.

A good example is a 7-figure deal with a large North American-based energy exploration and operations company that was looking to modernize their traditional 3-tier infrastructure while adding the flexibility of extending their workloads into the public cloud.

一個很好的例子是與一家位於北美的大型能源勘探和運營公司達成的 7 位數交易，該公司希望對其傳統的 3 層基礎設施進行現代化改造，同時增加將工作負載擴展到公共雲的靈活性。

This new customer has decided to adopt Nutanix Cloud Infrastructure, including Nutanix Cloud Cluster, or NC2, for public cloud access as well as Nutanix Cloud Manager for full stack self-service automation, application life cycle management and hybrid multi-cloud management capabilities. The Nutanix solution is expected to enable them to simplify their operations, reduce their support requirements and seamlessly extend their workloads into the public cloud.

這個新客戶決定採用 Nutanix 雲基礎架構（包括 Nutanix Cloud Cluster 或 NC2）來訪問公共雲，並採用 Nutanix Cloud Manager 來實現全棧自助服務自動化、應用程序生命週期管理和混合多雲管理功能。 Nutanix 解決方案有望幫助他們簡化運營、降低支持需求並將工作負載無縫擴展到公共雲。

Another example is an EMEA-based online sports betting platform that are looking to quickly deploy their service in a new region. They used Nutanix Cloud Infrastructure with NC2 to extend their service to a regional AWS location in the Asia Pacific region, going from proof of concept to live deployment in just 2 weeks. Using NC2, they were able to expand operations into a new region virtually overnight while benefiting from the simplicity of a single unified control plane across private and public clouds.

另一個例子是基於 EMEA 的在線體育博彩平台，該平台希望在新地區快速部署其服務。他們使用 Nutanix Cloud Infrastructure 和 NC2 將其服務擴展到亞太地區的區域 AWS 位置，從概念驗證到實時部署僅用了 2 週時間。使用 NC2，他們幾乎可以在一夜之間將運營擴展到一個新區域，同時受益於跨私有云和公共雲的單一統一控制平面的簡單性。

We recently launched our updated product portfolio that simplifies our packaging, metering and pricing and aligns our offerings with the solutions we saw our customers looking for. Roughly one quarter in, we're very pleased with what we're seeing. It's streamlining the quoting process, increasing our competitiveness in all-flash configurations, enabling more high-velocity transactions for our full stack offerings comprising Nutanix Cloud Infrastructure and Nutanix Cloud Management and making it easier for customers to quickly identify solutions for their specific needs.

我們最近推出了更新的產品組合，簡化了我們的包裝、計量和定價，並使我們的產品與我們看到客戶正在尋找的解決方案保持一致。大約四分之一，我們對我們所看到的感到非常滿意。它簡化了報價流程，提高了我們在全閃存配置方面的競爭力，為我們的全棧產品（包括 Nutanix 雲基礎設施和 Nutanix 雲管理）實現了更高速的交易，並使客戶更容易快速確定滿足其特定需求的解決方案。

Our largest win in the quarter, a multimillion dollar order with an EMEA-based company in the financial services sector was a good example of a deal that benefited from the adoption of our updated portfolio pricing and packaging. This new customer, who was unhappy with the performance of their business-critical applications on their existing 3-tier infrastructure, chose our new Nutanix Cloud Platform full stack offering, comprising both Cloud Infrastructure and Cloud Management, due to its simplicity, built in automation for Infrastructure-as-a-Service and total cost of ownership advantages versus competing alternatives.

我們在本季度取得的最大勝利是與一家位於歐洲、中東和非洲的金融服務行業公司達成的價值數百萬美元的訂單就是一個很好的例子，該交易受益於我們更新的投資組合定價和包裝的採用。這位新客戶對現有 3 層基礎架構上的關鍵業務應用程序的性能不滿意，因此選擇了我們新的 Nutanix 雲平台全棧產品，包括雲基礎架構和雲管理，因為它簡單、內置自動化與競爭替代方案相比，基礎設施即服務和總擁有成本優勢。

They also added Nutanix Unified Storage and Nutanix Database Service for their storage and database automation needs, respectively, being impressed by their performance and seamless integration with the broader Nutanix platform.

他們還分別添加了 Nutanix 統一存儲和 Nutanix 數據庫服務以滿足其存儲和數據庫自動化需求，對它們的性能和與更廣泛的 Nutanix 平台的無縫集成印象深刻。

Go-to-market leverage with partners has been one of my top priorities, and we continue to see progress on this front during the third quarter. I'm especially pleased with the momentum with Red Hat, as we've been seeing a building pipeline and growing number of joint wins for both OpenShift and Red Hat Enterprise Linux running on Nutanix Cloud Infrastructure.

與合作夥伴一起進入市場一直是我的首要任務之一，我們在第三季度繼續看到這方面的進展。我對 Red Hat 的發展勢頭特別滿意，因為我們看到了在 Nutanix 雲基礎架構上運行的 OpenShift 和 Red Hat Enterprise Linux 的建設管道和越來越多的聯合勝利。

One example is a North American-based financial services provider that were looking to reduce the time and resources required to manage OpenShift on their bare metal servers. They decided to move their OpenShift environment, running their business-critical workloads, to Nutanix Cloud Infrastructure, including its AHV Hypervisor, looking to benefit from the simplicity and compelling total cost of ownership advantages of our Nutanix Cloud Platform versus their existing infrastructure.

例如，一家位於北美的金融服務提供商希望減少在其裸機服務器上管理 OpenShift 所需的時間和資源。他們決定將運行關鍵業務工作負載的 OpenShift 環境遷移到 Nutanix 雲基礎架構，包括其 AHV 虛擬機管理程序，希望從我們的 Nutanix 雲平台相對於現有基礎架構的簡單性和引人注目的總擁有成本優勢中受益。

We are excited about the large and building opportunity pipeline that we see with Red Hat. In the third quarter, we continued to receive industry recognition for both our core platform and our Unified Storage Solutions. Nutanix was recognized as a Major Player in the IDC MarketScape Worldwide Distributed Scale-out File System 2022 Vendor Assessment and was also named Customers' Choice in Gartner's Peer Insights program for both Hyperconverged Infrastructure and Files and Systems Object Store.

我們對 Red Hat 看到的龐大且正在建設的機會管道感到興奮。第三季度，我們的核心平台和統一存儲解決方案繼續獲得行業認可。 Nutanix 在 IDC MarketScape 全球分佈式橫向擴展文件系統 2022 供應商評估中被公認為主要參與者，並且在 Gartner 的超融合基礎架構和文件和系統對象存儲的 Peer Insights 計劃中被評為客戶選擇。

We are especially pleased with our strong performance in the customer revenue-driven Peer Insights program, which we see as a reflection of our obsession with delighting our customers.

我們對我們在以客戶收入為導向的 Peer Insights 計劃中的強勁表現感到特別滿意，我們認為這反映了我們對取悅客戶的痴迷。

Now I'd like to talk about our recent progress on another one of my priorities, developing and attracting talent. First, following Duston Williams' decision to join a pre-IPO startup after 8 productive years with Nutanix, we promoted Rukmini Sivaraman, previously our Senior Vice President of Financial Planning and Analysis, to be our new CFO, effective May 1.

現在我想談談我們最近在我的另一個優先事項上取得的進展，即培養和吸引人才。首先，在 Duston Williams 在 Nutanix 工作 8 年後決定加入一家 IPO 前的初創公司後，我們提拔了前財務規劃和分析高級副總裁 Rukmini Sivaraman 為我們的新首席財務官，自 5 月 1 日起生效。

In the 5 years with Nutanix, Rukmini has been instrumental in the company's growth and transformation while developing a unique understanding of our company and industry. I see Rukmini's appointment as a great example of the deep bench of talent we have cultivated at Nutanix and believe our financial, strategic, operational and human capital expertise will be a valuable asset as we continue to execute towards our long-term growth and profitability goals. Please join me in welcoming Rukmini on our first earnings call in a new role.

在 Nutanix 的 5 年裡，Rukmini 在公司的成長和轉型中發揮了重要作用，同時對我們的公司和行業形成了獨特的理解。我認為 Rukmini 的任命是我們在 Nutanix 培養的深厚人才的一個很好的例子，並相信我們的財務、戰略、運營和人力資本專業知識將成為我們繼續實現長期增長和盈利目標的寶貴資產.請和我一起歡迎 Rukmini 參加我們擔任新職位的第一次財報電話會議。

Second, I'd like to highlight the recent appointments of Mandy Dhaliwal as the new Chief Marketing Officer; and Shyam Desirazu as a new Head of Engineering. Both Mandy and Shyam are exceptional leaders with proven technological-savvy and unique insight into what it takes to build and deliver industry-leading solutions.

其次，我想強調一下最近任命 Mandy Dhaliwal 為新任首席營銷官； Shyam Desirazu 擔任新的工程主管。 Mandy 和 Shyam 都是傑出的領導者，他們對構建和交付行業領先的解決方案擁有成熟的技術和獨特的洞察力。

I see our ability to attract and develop such high-quality talent as reflecting belief in the opportunity that's in front of us and feel confident that we've got the team in place to take Nutanix to its next stage of profitable growth.

我認為我們吸引和培養高素質人才的能力反映了我們對擺在我們面前的機會的信念，並相信我們已經組建了團隊，可以將 Nutanix 帶入下一階段的盈利增長。

In closing, in our third quarter, we delivered another quarter of solid growth, exceeding all of our guided metrics. We continue to see solid adoption of our Nutanix Cloud Platform from customers choosing Nutanix to modernize their infrastructure and enable their transition from on-prem to hybrid multi-cloud operating models.

最後，在我們的第三季度，我們實現了又一個季度的穩健增長，超過了我們所有的指導指標。我們繼續看到選擇 Nutanix 的客戶對我們的 Nutanix 雲平台的可靠採用，以實現其基礎架構的現代化，並使他們能夠從本地過渡到混合多雲運營模式。

And we continue to execute well on our building base of subscription renewals, which we see as a reflection of both the strength of our team and our customers' high level of satisfaction with our products.

我們繼續在我們的訂閱續訂基礎上執行良好，我們認為這反映了我們團隊的實力和客戶對我們產品的高度滿意度。

While I'm disappointed with a weaker Q4 outlook due to the aforementioned supply chain and sales rep headcount issues, we don't believe our reduced outlook is a reflection of any change in our market opportunity or demand for our solutions. That said, we are focused on mitigating the impact of these challenges and continuing to drive towards profitable growth.

雖然由於上述供應鍊和銷售代表人數問題，我對第四季度前景疲軟感到失望，但我們認為我們的前景下調並不反映我們的市場機會或對我們的解決方案的需求發生任何變化。也就是說，我們專注於減輕這些挑戰的影響並繼續推動盈利增長。

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

有了這個，我會把它交給 Rukmini Sivaraman。魯克米尼？

Thank you, Rajiv. I am honored to join you all today for my first Nutanix earnings call. Getting directly to Q3 performance. Q3 was a solid quarter, and we beat all our guided metrics. ACV billings was $205 million, representing a year-over-year growth of 28%, exceeding our guidance range of $195 million to $200 million.

謝謝你，拉吉夫。今天很榮幸能與大家一起參加我的第一次 Nutanix 財報電話會議。直接進入第三季度的表現。第三季度是一個穩健的季度，我們擊敗了所有的指導指標。 ACV 賬單為 2.05 億美元，同比增長 28%，超出我們 1.95 億美元至 2 億美元的指導範圍。

Our renewals business continues to do well, and the ACV billings upside in Q3 was due to renewals performing better than expected. Gross retention rate, GRR, was in line with our expectations. Revenue for Q3 was $404 million, representing year-over-year growth of 17%, exceeding our guidance range of $395 million to $400 million.

我們的續訂業務繼續表現良好，第三季度的 ACV 賬單上升是由於續訂表現好於預期。總留存率 GRR 符合我們的預期。第三季度的收入為 4.04 億美元，同比增長 17%，超出了我們 3.95 億美元至 4 億美元的指導範圍。

Growth in ACV billings was greater than growth in revenue, because orders with future start dates that are booked and collected are reflected in ACV billings, but revenue can only begin to be recognized in the quarter of the actual license start date and also because of slight term compression from 3.3 years in Q3 '21 to 3.2 years in Q3 '22.

ACV 賬單的增長大於收入的增長，因為預訂和收取的具有未來開始日期的訂單反映在 ACV 賬單中，但收入只能在實際許可開始日期的季度開始確認，而且由於輕微期限從 21 年第三季度的 3.3 年壓縮到 22 年第三季度的 3.2 年。

ARR at the end of Q3 was $1.114 billion, growing at 46% year-over-year. Q3 sales rep productivity was in line with our expectations. However, we ended Q3 with fewer reps than planned as the talent market remained highly competitive. As Rajiv mentioned, we saw rep attrition worsen in Q3, resulting in lower-than-expected rep headcount entering Q4. Under the leadership of our new Chief Revenue Officer, Dom Delfino, our sales leaders remain focused on getting rep headcount to our target level via both better retention and increased hiring efforts.

第三季度末的 ARR 為 11.14 億美元，同比增長 46%。第三季度銷售代表的生產力符合我們的預期。然而，由於人才市場仍然競爭激烈，我們在第三季度結束時代表人數少於計劃。正如 Rajiv 所說，我們看到第三季度的代表流失惡化，導致進入第四季度的代表人數低於預期。在我們新任首席營收官 Dom Delfino 的領導下，我們的銷售主管仍然專注於通過更好地保留和增加招聘工作，使代表人數達到我們的目標水平。

Our overall company headcount grew slightly in Q3. We added 586 new logos in Q3, which is largely in line with our historical seasonal trends in new logo additions from Q2 to Q3. As we've discussed in previous quarters, our sales teams continue to focus on higher-quality new logos, which was reflected in year-over-year growth in new logo ASP in Q3.

我們公司的整體員工人數在第三季度略有增長。我們在第三季度添加了 586 個新徽標，這與我們在第二季度至第三季度添加新徽標的歷史季節性趨勢基本一致。正如我們在前幾個季度所討論的，我們的銷售團隊繼續專注於更高質量的新標識，這反映在第三季度新標識 ASP 的同比增長中。

Non-GAAP gross margin in Q3 was 83.3%, ahead of our guidance of approximately 82%. Non-GAAP operating expenses for Q3 were $342 million, lower than our guidance range of $365 million to $370 million. This is a result of continued diligence on expense management and hiring that was a bit slower than planned.

第三季度非美國通用會計準則毛利率為 83.3%，高於我們約 82% 的指導。第三季度的非公認會計原則運營費用為 3.42 億美元，低於我們 3.65 億美元至 3.7 億美元的指導範圍。這是對費用管理和招聘的持續努力的結果，這比計劃的要慢一些。

Non-GAAP operating margin for Q3 was negative 1%, which reflects our continued focus on operating leverage as we progress toward our goal of achieving sustained operating profit. DSOs were 40 days in Q3, up from 36 days in Q2. Free cash flow in Q3 came in at a negative $20 million and was impacted by worse-than-expected linearity of billings. We closed the quarter with $1.3 billion in cash and short-term investments, up slightly from $1.29 billion at the end of Q2.

第三季度的非公認會計原則營業利潤率為負 1%，這反映了我們在朝著實現持續營業利潤的目標前進的過程中繼續關注運營槓桿。第三季度的 DSO 為 40 天，高於第二季度的 36 天。第三季度的自由現金流為負 2000 萬美元，並受到比預期線性差的賬單的影響。我們以 13 億美元的現金和短期投資結束本季度，略高於第二季度末的 12.9 億美元。

Before we move to Q4 guidance, I will make a few comments regarding the supply chain. Nutanix transformed that appliance model to a software model starting back in fiscal year '18 and saw our non-GAAP gross margins grow from the low 60s to our current levels of around 83% in Q3. Our customers run our software on their choice of hardware, which they purchase from server providers, many of whom are our partners.

在我們轉向第四季度指導之前，我將對供應鏈發表一些評論。 Nutanix 從 18 財年開始將該設備模型轉變為軟件模型，並且看到我們的非 GAAP 毛利率在第三季度從 60 年代的低點增長到目前的 83% 左右。我們的客戶在他們選擇的硬件上運行我們的軟件，這些硬件是從服務器供應商那裡購買的，其中許多是我們的合作夥伴。

Because we are an infrastructure software provider, customers often prefer to time their purchase of software from us with the purchase of the underlying server from hardware providers. This means that when there are delays in server availability from hardware providers, customers may choose to either: one, line up the software subscription license start dates with the expected availability dates for the servers, leading to us receiving orders with start dates in future quarters; or two, in some case cases, delay their orders until the hardware becomes available.

因為我們是一家基礎設施軟件供應商，所以客戶通常更願意將他們從我們這裡購買的軟件與從硬件供應商那裡購買底層服務器來安排時間。這意味著，當硬件提供商延遲服務器可用性時，客戶可以選擇：一，將軟件訂閱許可證的開始日期與服務器的預期可用性日期對齊，從而使我們收到的訂單開始日期在未來幾個季度;或者兩個，在某些情況下，延遲他們的訂單，直到硬件可用。

During the last several quarters and until late in Q3, we had experienced minimal impact from supply chain issues. While we have not seen a change in the demand for our solutions, we saw these supply chain challenges impact us late in Q3, which limited our upside in Q3, and we expect these trends to continue in Q4.

在過去幾個季度以及直到第三季度末，我們受到供應鏈問題的影響微乎其微。雖然我們沒有看到對我們解決方案的需求發生變化，但我們看到這些供應鏈挑戰在第三季度末影響了我們，這限制了我們在第三季度的上行空間，我們預計這些趨勢將在第四季度繼續。

With that, the guidance for Q4 is as follows: ACV billings to be between $175 million and $185 million, revenue to be between $340 million and $360 million, non-GAAP gross margin between 79% and 80%, non-GAAP operating expenses between $360 million and $365 million, and weighted average shares outstanding of approximately 225 million.

因此，第四季度的指導如下：ACV 賬單在 1.75 億美元至 1.85 億美元之間，收入在 3.4 億美元至 3.6 億美元之間，非 GAAP 毛利率在 79% 至 80% 之間，非 GAAP 運營費用在3.6億美元和3.65億美元，加權平均流通股約為2.25億股。

The significant majority of the impact on our Q4 ACV billings guidance relative to our previously implied guidance for Q4 is due to the impact of increased supply chain challenges, which, as I described earlier, affects us in 2 ways: one, future start dates, that is orders that customers book with us but that are not yet collected; and two, customers choosing to delay placing orders with us, pending the availability of hardware.

相對於我們之前暗示的第四季度指導，對我們第四季度 ACV 計費指導的影響大部分是由於供應鏈挑戰增加的影響，正如我之前描述的，這在兩個方面影響我們：一，未來的開始日期，即客戶向我們預訂但尚未領取的訂單；第二，客戶選擇延遲向我們下訂單，等待硬件的可用性。

Our guidance is also impacted by sales rep headcount going into Q4 being lower than planned. Because of the increased uncertainty in the macro supply chain environment we saw towards the end of Q3 and continuing into Q4 and how rapidly it is changing, we are widening our ranges to reflect that increased uncertainty.

我們的指導也受到進入第四季度的銷售代表人數低於計劃的影響。由於我們在第三季度末看到並持續到第四季度的宏觀供應鏈環境的不確定性增加，以及它的變化速度有多快，我們正在擴大我們的範圍以反映這種增加的不確定性。

The guidance assumes that the supply chain challenges continue to worsen in Q4. Absent the supply chain issues, we believe that we would have likely been at or close to our previously implied Q4 ACV billings guidance range.

該指南假設供應鏈挑戰在第四季度繼續惡化。如果沒有供應鏈問題，我們認為我們可能會達到或接近我們之前暗示的第四季度 ACV 賬單指導範圍。

The Q4 revenue guidance is more impacted than ACV billings guidance relative to their respective previously implied Q4 numbers because orders with future start dates that are booked and collected are reflected in ACV billings, but are only reflected in revenue in the quarter of the actual license start date.

相對於它們各自先前隱含的第四季度數字，第四季度收入指導比 ACV 賬單指導受到更大的影響，因為預訂和收集的具有未來開始日期的訂單反映在 ACV 賬單中，但僅反映在實際許可開始季度的收入中日期。

Our average contract term length is expected to be flattish in Q4. The Q4 operating expenses guidance is well below the previously implied Q4 guidance of approximately $400 million, even though it includes about $6 million for an in-person sales enablement event that was moved into Q4 from Q3.

我們的平均合同期限預計在第四季度將持平。第四季度運營費用指引遠低於先前暗示的第四季度指引約 4 億美元，儘管其中包括約 600 萬美元的現場銷售支持活動，該活動從第三季度移至第四季度。

Because of the billing dynamics and because we expect linearity in Q4 to remain challenging due to supply chain delays, we expect working capital needs to increase in Q4. As a result, we expect cash usage to be significant in Q4 and higher than the current Q4 Street consensus.

由於計費動態，並且由於供應鏈延遲，我們預計第四季度的線性度仍然具有挑戰性，我們預計第四季度的營運資金需要增加。因此，我們預計第四季度的現金使用量將很大，並且高於當前第四季度的共識。

Moving on to full year revenue. The guidance for fiscal year '22 is as follows: ACV billings to be between $735 million and $745 million, representing year-over-year growth of 24% to 25%; revenue of $1.535 billion to $1.555 billion; non-GAAP gross margin of approximately 82%; non-GAAP operating expenses of between $1.402 billion and $1.407 billion.

繼續全年收入。 '22 財年的指導如下： ACV 賬單將在 7.35 億美元至 7.45 億美元之間，同比增長 24% 至 25%；收入為 15.35 億美元至 15.55 億美元；非美國通用會計準則毛利率約為 82%；非美國通用會計準則運營費用在 14.02 億美元至 14.07 億美元之間。

As a reminder, full year ACV billings is not a straight summation of the 4 quarters ACV billings because of the adjustment required for transactions with less than 1-year term length. The guidance above assumes that annual ACV billings guidance is 94% of the sum of the 4 quarters of ACV billings.

提醒一下，全年 ACV 賬單並不是 4 個季度 ACV 賬單的直接總和，因為少於 1 年期限的交易需要進行調整。上述指導假設年度 ACV 賬單指導為 4 個季度 ACV 賬單總和的 94%。

While our Q4 outlook is lower than our prior implied guidance, we remain focused on profitable growth and continue to prioritize working towards sustainable free cash flow generation and non-GAAP operating margin breakeven in fiscal year '23. We will look to provide more color on fiscal year '23 expectations during our Q4 and fiscal year '22 earnings call in August.

雖然我們的第四季度展望低於我們之前的隱含指引，但我們仍然專注於盈利增長，並繼續優先考慮在 23 財年實現可持續的自由現金流產生和非公認會計準則營業利潤率收支平衡。我們將在 8 月的第四季度和 22 財年財報電話會議上為 23 財年的預期提供更多色彩。

With that, operator, could you please open up the call for questions, please?

有了這個，接線員，你能打開電話提問嗎？

(Operator Instructions) The first question comes from Wamsi Mohan with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi today. Rukmini, congrats on the new role, look forward to working with you. My first question is for Rajiv. The 2 things that impacted you in the quarter, you said, were the attrition more than expected of the sales reps and the supply chain issues that impacted hardware availability. Rajiv, do you think these are things that will resolve in the fiscal fourth quarter, specifically when we think about sales rep, I'm assuming you're going to try and replace them? But given the labor shortages, do you think that you can make up the required sales reps in the quarter?

今天是 Ruplu 填補了 Wamsi。 Rukmini，恭喜新角色，期待與您合作。我的第一個問題是關於拉吉夫的。您說，本季度影響您的兩件事是銷售代表的流失超出預期以及影響硬件可用性的供應鏈問題。 Rajiv，你認為這些問題會在第四財季解決嗎，特別是當我們考慮銷售代表時，我假設你會嘗試替換它們？但是考慮到勞動力短缺，您認為您可以在本季度彌補所需的銷售代表嗎？

And the same question on the supply chain delays. How long do you think this will last? And so should we expect that going into fiscal '23, these effects linger on into fiscal 1Q as well? So just your thoughts on the timing on when you can replace the reps as well as on the hardware issues that you're seeing?

還有關於供應鏈延遲的同樣問題。你認為這會持續多久？那麼我們是否應該期望進入 23 財年，這些影響也會持續到第一季度？因此，您只是對何時可以更換代表以及您看到的硬件問題的想法？

Yes. So Ruplu, that -- so first of all, let me start with the supply chain because that was the biggest contributor, right? The vast majority of the lower outlook is because of supply chain hardware constraints. And we saw this really start to come in play very late in the last -- in Q3. Now if you look at that, I mean, until -- again, really until now, we were managing that, right? We didn't have -- we didn't experience any real issues from supply chain, but of course, late in Q3, it just started to become much more significant with orders being delayed.

是的。所以 Ruplu，首先，讓我從供應鏈開始，因為那是最大的貢獻者，對吧？前景較低的絕大多數是由於供應鏈硬件限制。我們看到這在最後一個很晚的時候才真正開始發揮作用——在第三季度。現在，如果您看一下，我的意思是，直到-再一次，真的直到現在，我們一直在處理它，對嗎？我們沒有——我們沒有遇到任何來自供應鏈的真正問題，但當然，在第三季度末，隨著訂單的延遲，它才開始變得更加重要。

Now with respect to the supply chain, we are working very closely with our hardware partners to try and improve the availability of hardware. But keep in mind that we have one step removed, right, because we don't directly supply the hardware. So the ability to influence them is somewhat limited. Now that said, based on what we are hearing from all the server manufacturers and the hardware partners, we expect that these challenges in the supply chain are likely to persist for multiple quarters.

現在在供應鏈方面，我們正與我們的硬件合作夥伴密切合作，努力提高硬件的可用性。但請記住，我們刪除了一個步驟，對，因為我們不直接提供硬件。所以影響他們的能力是有限的。話雖如此，根據我們從所有服務器製造商和硬件合作夥伴那裡聽到的消息，我們預計供應鏈中的這些挑戰可能會持續多個季度。

Now on the rep headcount, which was a smaller -- much smaller component of the issues that we're facing. Now we've been affected by the broader industry trend of greater resignations across the board, right? And we noted in prior quarters that we were somewhat behind our rep headcount targets. Now in the third quarter, after 2 quarters of improving attrition, we saw a quarter-over-quarter increase in rep attrition. That led to a lower-than-expected rep headcount entering the fourth quarter.

現在是代表人數，這是我們面臨的問題中較小的組成部分。現在我們受到了更廣泛的行業趨勢的影響，即全面辭職，對吧？我們在前幾個季度注意到我們在某種程度上落後於我們的代表人數目標。現在在第三季度，經過 2 個季度的人員流失改善後，我們看到代表流失率環比增加。這導致進入第四季度的代表人數低於預期。

Now in terms of what we're doing about that, right? So specifically with our new CRO, Dom Delfino is very focused on 3 things, right, rep retention, productivity of the reps and hiring. Now on rep retention, we are continuing to refine our segmentation and coverage model. And what that will do is it will result in improved territory coverage and higher level of quota attainment. And that's in progress, and we expect to really have that ready to go by the first part of -- as we move into our next fiscal year.

現在就我們正在做的事情而言，對吧？因此，特別是對於我們的新 CRO，Dom Delfino 非常專注於三件事，對，代表保留，代表的生產力和招聘。現在，在代表保留方面，我們正在繼續完善我們的細分和覆蓋模型。這樣做的結果是提高領土覆蓋率和實現更高水平的配額。這正在進行中，我們希望在我們進入下一個財政年度的第一部分真正做好準備。

On the rep productivity, we are doubling down on training and enablement. We are leveraging partner-based selling, and of course, implementing the simplified product portfolio. On the hiring side, since Q3, we've increased our recruiting efforts even more above previous levels. And we are seeing early encouraging results, right, that in terms of getting us back to where we'd like to be in terms of the sales rep headcount.

在代表生產力方面，我們正在加倍投入培訓和支持。我們正在利用基於合作夥伴的銷售，當然還有實施簡化的產品組合。在招聘方面，自第三季度以來，我們的招聘力度甚至超過了之前的水平。我們看到了早期令人鼓舞的結果，對，就銷售代表人數而言，我們回到了我們希望達到的水平。

So I think we're working on both of these issues, right? And I think the supply chain is going to last a few quarters, right? I don't know multiple quarters. We don't know yet, right? And on the rep headcount, we're working hard to get that remedied ASAP.

所以我認為我們正在解決這兩個問題，對嗎？而且我認為供應鏈將持續幾個季度，對吧？我不知道多個季度。我們還不知道，對吧？在代表人數方面，我們正在努力盡快得到補救。

Okay. Maybe just another question for you. The new customer count this quarter was 580 new customers. I know in the past, you've talked about focusing more on quality versus quantity. I think the average, if I look at from 2Q to 3Q over the last couple of years, I think it's been around 700.

好的。也許只是你的另一個問題。本季度的新客戶數量為 580 名新客戶。我知道過去，您曾談到更多地關注質量而不是數量。我認為平均而言，如果我查看過去幾年從 2 季度到 3 季度的數據，我認為它在 700 左右。

So I mean, are you happy with this level of customer additions? And given the issues with the sales force, should we focus less on the number of customers that are being added in the next couple of quarters? Do you think that becomes less meaningful of a metric? And should we focus more on things like ACV billings or some other metric?

所以我的意思是，您對這種級別的客戶添加感到滿意嗎？考慮到銷售人員的問題，我們是否應該少關注未來幾個季度新增的客戶數量？您是否認為這對指標的意義不大？我們是否應該更多地關注 ACV 賬單或其他一些指標？

Yes. So Q3 is seasonally weaker than Q2. And we saw a decline roughly in line with historical seasonality in the third quarter, right, when it came to new logos. Now as you indicated also, we have been focused on higher quality, higher ASP new logos more so than absolute new logo comp. And on that front, we saw a solid year-over-year new logo ASP growth in Q3, which is what we're driving for.

是的。因此，第三季度的季節性弱於第二季度。我們看到第三季度的下降與歷史季節性大致相符，正確的，當涉及到新標識時。現在正如您所指出的，我們一直專注於更高質量、更高 ASP 的新徽標，而不是絕對的新徽標組合。在這方面，我們看到第三季度的新標識 ASP 同比穩健增長，這正是我們所追求的。

So if you look go forward, we expect new logo growth to be driven through enabling more partner-based selling, continuing to drive our partner autonomy program, trying to get more leverage from our strategic partners and by continuing to make sure that we have the right sales incentives in place. So yes, we are focused more on new -- the quality of these logos going forward and the ASPs that we can capture.

因此，如果您展望未來，我們預計新徽標的增長將通過支持更多基於合作夥伴的銷售、繼續推動我們的合作夥伴自主計劃、嘗試從我們的戰略合作夥伴那裡獲得更多影響力以及繼續確保我們擁有適當的銷售激勵措施。所以是的，我們更關注新的——這些標誌的質量以及我們可以捕捉到的 ASP。

Got it. And let me just sneak one more in, if I could, for Rukmini. I think you had guided average contract term to be flat. I think it went up a little bit from 3.1 to 3.2 years in 3Q. I think you're guiding flat again for fiscal 4Q. How do -- how would you say that the growth in your renewals business, how would that be impacting both the ACV billings seasonality as well as this -- the average contract terms?

知道了。如果可以的話，讓我再偷偷溜進去一個，給 Rukmini。我認為你已經指導平均合同期限持平。我認為它在第三季度從 3.1 年上升到 3.2 年。我認為你在第四財季再次持平。如何 - 您如何看待續訂業務的增長，這將如何影響 ACV 計費季節性以及平均合同條款？

And should we expect that after 4Q, 1Q average contract term will decline, given that the federal business is a more significant part of your revenues in that quarter? So any thoughts you have on the growth in the renewals business and how should we think about the seasonality of ACV billings as well as the trend in the average contract term.

鑑於聯邦業務在您該季度的收入中佔更重要的部分，我們是否應該期望在第四季度之後，第一季度的平均合同期限會下降？因此，您對續訂業務增長的任何想法以及我們應該如何考慮 ACV 計費的季節性以及平均合同期限的趨勢。

Yes. Thank you for the question. So on -- to first answer your question on the contract terms, so I think this quarter in Q3, we had a couple of significant transactions that came in at higher terms. So that's why we saw the 3.2. But I think more generally, I'd say at this point, we are quite close to sort of what we think was where terms will eventually settle, which is around the 2.8- to 3-year mark, which we had laid out previously. So we're quite close to that level, right?

是的。感謝你的提問。等等——首先回答你關於合同條款的問題，所以我認為在第三季度的這個季度，我們有幾筆以更高條款進入的重大交易。這就是我們看到 3.2 的原因。但我認為，更廣泛地說，在這一點上，我們已經非常接近我們認為條款最終會解決的地方，大約是我們之前提出的 2.8 到 3 年的大關。所以我們非常接近那個水平，對吧？

So it fluctuates a little bit as you're seeing, I think here and what we are projecting for Q4 as well. And we expect that to again maybe trend down slightly, but not too dramatically at this point, given where we are and how close we are to the sort of where we think we'll settle.

因此，正如您所看到的，它會有所波動，我認為這里以及我們對第四季度的預測也是如此。而且我們預計，考慮到我們所處的位置以及我們與我們認為我們將定居的地方的距離有多近，這可能會再次略有下降，但在這一點上不會太顯著。

I think your second question was on the seasonality as it relates to renewals and what that does for ACV billings. And what I think in renewals, as we talked about, I think, on the -- in the prepared remarks, right, renewals just continues performed really well for us overall. And I think what it does is we do see the available to renew or ATR, which I think we talked about before on these calls, does go up in general over time, right, as the base of renewals continues to build.

我認為您的第二個問題是與續訂有關的季節性以及這對 ACV 計費有什麼作用。正如我們所談到的，我認為在續約中，我認為，在準備好的評論中，對，續約繼續對我們整體表現得非常好。而且我認為它的作用是我們確實看到了可續訂或 ATR，我認為我們之前在這些電話會議上談到過，隨著時間的推移，隨著續訂基礎的不斷建立，它確實會隨著時間的推移而普遍上升。

So I would say that renewals in general is less seasonal than new ACV overall. But as you can imagine, right, renewals is just at this point an outflow of when those orders came in going back, right? So if the new business that we booked 3 years ago, 2 years ago, is -- has that seasonality, the available to renew also has some of that seasonality, right? So it's not perfectly correlated, but I hope that answers your question that overall, I think our renewals business is doing really well.

所以我想說，總體而言，續訂的季節性不如新 ACV 的整體。但正如你可以想像的那樣，對，續訂只是這些訂單回來時的流出，對吧？因此，如果我們在 3 年前、2 年前預訂的新業務是 - 具有季節性，可續訂也具有一些季節性，對嗎？所以它不是完全相關的，但我希望這能回答你的問題，總的來說，我認為我們的續訂業務做得很好。

We're seeing slightly less seasonality in that business. But again, it follows the same pattern as what new business did a few years ago, which is somewhat seasonal between the quarters, right? So this is our first sort of full year of renewals, and so we'll continue to watch that closely.

我們看到該業務的季節性略有下降。但同樣，它遵循與幾年前新業務相同的模式，這在季度之間有點季節性，對吧？所以這是我們第一次全年更新，所以我們將繼續密切關注。

The next question comes from James Fish with Piper Sandler.

下一個問題來自 James Fish 和 Piper Sandler。

I want to continue on the supply chain challenges. Is there -- appreciate the color you just gave. But is there a way to think of the backlog you now have that should come in when supply comes back? Or put another way, is your backlog up by roughly the $90 million that you had to guide down for fiscal Q4, understanding there's multiple ways here of how orders get booked or delayed? Are you expecting that $80 million, $90 million then to come in during all of fiscal '23?

我想繼續應對供應鏈挑戰。有沒有——欣賞你剛剛給出的顏色。但是，有沒有辦法考慮您現在擁有的積壓訂單，當供應恢復時應該進入？或者換一種說法，你的積壓訂單是否增加了大約 9000 萬美元，你必須在第四財季引導下來，了解這裡有多種方式來預訂或延遲訂單？您是否預計在整個 23 財年期間會有 8000 萬美元、9000 萬美元進入？

And do you think the persistence of these issues actually persist long enough that puts your $300 million to $500 million free cash flow guide in the out-year at risk?

您是否認為這些問題的持續時間真的足夠長，以至於您的 3 億至 5 億美元的自由現金流指南在去年面臨風險？

Thank you, Jim, for that question. I can take that, Rajiv. So a couple of thoughts, and maybe I'll add a little more color to what we said about supply chain. So as you'll recall, one of the things we said was a significant majority of the Q4 ACV billings guidance relative to what was implied at our previous quarter when we guided for Q3 and for full year, the significant majority of that delta is coming from the supply chain challenges, and it shows up in 2 ways.

謝謝你，吉姆，這個問題。我可以接受，拉吉夫。所以有幾個想法，也許我會為我們所說的供應鏈增加一點色彩。因此，您會記得，我們所說的其中一件事是第四季度 ACV 賬單指導的絕大部分相對於我們上一季度我們為第三季度和全年指導時所暗示的內容，該增量的絕大部分即將到來從供應鏈挑戰中，它以兩種方式表現出來。

One is orders that come in and have future start dates, they're booked, but have future start dates. Or they don't get booked because customers are waiting for the availability of the hardware. And the way we thought about trying to estimate Q4 is we looked at the percentage of our orders in Q3 that came in with future start dates. And as Rajiv talked about and I talked about, we saw late in Q3 that the percentage of those orders that came in with future start dates went up.

一種是進來並有未來開始日期的訂單，它們已被預訂，但有未來的開始日期。或者他們沒有被預訂，因為客戶正在等待硬件的可用性。我們考慮嘗試估計第四季度的方式是查看第三季度未來開始日期的訂單百分比。正如拉吉夫和我談到的那樣，我們在第三季度末看到，那些在未來開始日期到來的訂單的百分比上升了。

And what we are modeling for Q4, we are modeling that percentage of our orders to come in with future start dates to go up, to increase or worsen compared to what it was in Q3. So that's how we've approached estimating Q4. And I do want to make the point, I think, to your question, Jim, on the revenue piece, right? So if it's booked and we're able to collect it, it does show up in ACV billings. And we do, do that even with orders with future start dates.

我們為第四季度建模的是，與第三季度相比，我們正在建模未來開始日期增加、增加或惡化的訂單百分比。這就是我們估算第四季度的方式。我想就收入方面的問題，吉姆，我確實想說明這一點，對嗎？因此，如果它被預訂並且我們能夠收集它，它確實會出現在 ACV 帳單中。我們會這樣做，即使訂單具有未來的開始日期。

Whereas in revenue, even if we have booked and collected it, it doesn't show up in revenue until the actual date of the license starts. So those are some of the sort of the nuances there. And to answer your question, Jim, on backlog and deferred and so on, right? So because of this effect of these increased percentage of orders coming with delayed start dates, we do expect to build some deferred revenue in backlog.

而在收入中，即使我們已經預訂並收取了它，它也不會在許可證的實際日期開始之前顯示在收入中。所以這些是那裡的一些細微差別。並且回答你的問題，Jim，關於積壓和延期等等，對吧？因此，由於延遲開始日期的訂單百分比增加的影響，我們確實希望在積壓中建立一些遞延收入。

But until supply chain starts to improve and we see that percentage start to decrease, we would really not expect to sort of see that upside or that same magnitude kind of show up in our top line just yet, right? So that's how I would characterize thinking about backlog and deferred revenue.

但是，在供應鏈開始改善並且我們看到該百分比開始下降之前，我們真的不會期望看到這種上升或同樣幅度的增長出現在我們的收入中，對吧？這就是我對積壓和遞延收入的思考方式。

Got it. And just on that $300 million to $500 million free cash flow, is that still on the table here? I know that's far out, but...

知道了。就這 3 億至 5 億美元的自由現金流而言，這還在討論中嗎？我知道這很遙遠，但是...

Yes, thank you for reminding me of that. So I think what we're -- we are in the process of planning for fiscal '23, as you can imagine. But we are anticipating exiting fiscal '22 below our earlier expectations and all the increased uncertainty we're seeing with respect to the supply chain.

是的，謝謝你提醒我。所以我認為我們是——正如你可以想像的那樣，我們正在規劃 23 財年。但我們預計 22 財年的退出將低於我們之前的預期，並且我們看到的供應鏈方面的所有不確定性都會增加。

So what I'm in the position right now to affirm those targets we provided, Jim, but we do plan to update our view more generally for '23 specifically in the Q4 earnings call. However, I will say, and I think it's worth emphasizing this, that we remain focused on profitable growth and continue to prioritize working towards sustainable free cash flow generation and non-GAAP operating margin breakeven in fiscal '23.

所以我現在可以確認我們提供的那些目標，吉姆，但我們確實計劃更廣泛地更新我們的觀點，尤其是在第四季度財報電話會議中。但是，我會說，我認為值得強調的是，我們仍然專注於盈利增長，並繼續優先考慮在 23 財年實現可持續的自由現金流產生和非 GAAP 營業利潤率盈虧平衡。

Okay. Fair enough. My follow-up would be on actually the new packaging modules. How should we think about the rank order of these new packaging modules that are being adopted? And after the primary one, what package or 2 are coming in second or third? I know it's very early, but in what kind of time frame are you expecting to get that second or third add-on, especially as we're 1 quarter into kind of the new packaging?

好的。很公平。我的後續行動實際上是新的包裝模塊。我們應該如何看待這些被採用的新封裝模塊的排名順序？在第一個包之後，第二個或第三個包是什麼或 2 個？我知道現在還為時過早，但是您希望在什麼時間範圍內獲得第二個或第三個附加組件，尤其是在我們採用新包裝的四分之一時？

Yes. So Jim, I'll take that one. It's still early, but the initial rollout here has been pretty good, right? So if you look at -- the largest deal of our quarter last quarter was from an EMEA-based financial services company. And this was facilitated by news of our new solution-based pricing. And by the way, in that case, they essentially bought the entire portfolio, right? The full Nutanix Cloud Platform, all of it.

是的。所以吉姆，我要那個。現在還為時過早，但這裡的初始部署已經相當不錯了，對吧？因此，如果您看一下 - 我們上個季度最大的一筆交易來自一家位於歐洲、中東和非洲的金融服務公司。我們新的基於解決方案的定價的消息促進了這一點。順便說一句，在那種情況下，他們基本上買下了整個投資組合，對吧？完整的 Nutanix 雲平台，應有盡有。

Now more specifically, right, a couple of things we've been seeing. First is more rapid closure of deals, right, utilizing this new pricing and packaging, right?

現在更具體地說，是的，我們已經看到了一些事情。首先是更快地完成交易，對吧，利用這種新的定價和包裝，對吧？

And second, to your question around add-ons, we are seeing a notably higher attach of our Nutanix Cloud Management solution to our Cloud Infrastructure solution. So at least the new solution packaging continues to be adopted on an increased pace. We expect to see -- but again, higher velocity transactions and more attach of our portfolio of products, which should help in the productivity of our sales reps and our partners.

其次，關於您關於附加組件的問題，我們發現 Nutanix 雲管理解決方案與我們的雲基礎設施解決方案的附加值明顯更高。因此，至少新的解決方案包裝繼續以更快的速度被採用。我們希望看到 - 但同樣，更快的交易速度和我們產品組合的更多附加值，這將有助於提高我們的銷售代表和合作夥伴的生產力。

The next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Great. I wanted to just kind of briefly touch on stock-based compensation as a part of attrition. And just you noted that you were seeing kind of larger-than-expected attrition. Was stock-based comp any part of that, just given the recent evaluations kind of across a lot of names? Are there any efforts or adjustments that you guys are planning on making as part of kind of increasing retention of sales reps?

偉大的。我想簡單地談談基於股票的薪酬作為減員的一部分。只是你注意到你看到的減員比預期的要大。僅考慮到最近對許多名字的評估，基於股票的補償是否是其中的一部分？作為提高銷售代表保留率的一部分，你們是否計劃做出任何努力或調整？

And then clearly, it sounds as if kind of the core underlying business is seeing some similar trends. But just whether in any region or any particular vertical, you've seen any kind of slowdown in activity, just given macro would just be helpful.

然後很明顯，聽起來好像某種核心基礎業務正在看到一些類似的趨勢。但是，無論是在任何地區還是在任何特定的垂直領域，您都已經看到了任何形式的活動放緩，只要給定宏觀環境就會有幫助。

Yes. So I think on the first -- the 2 questions, Meta. On the first one, look, I think it's an overall statement around compensation overall, right? That includes, of course, equity and it includes cash compensation. There's clearly some inflationary pressure on that, right? And stock price, of course, (inaudible) more salespeople very much are focused on quota attainment. And a lot of it, therefore, is focused on enabling them to achieve quotas.

是的。所以我認為第一個問題——兩個問題，Meta。關於第一個，看，我認為這是一個關於整體薪酬的整體聲明，對吧？當然，這包括股權，也包括現金補償。這顯然有一些通脹壓力，對吧？當然，股票價格（聽不清）更多的銷售人員非常關注配額的實現。因此，其中很多都集中在使他們能夠實現配額。

And so we have -- that's the work that we talked about when it's came to segmentation -- better segmentation, better coverage models, better training, getting them leverage through partners. All of that helps from a retention perspective because ultimately, it gives them a much better shot at achieving or overachieving their quota, right? So I think that's what we are really focused on there.

所以我們有 - 這就是我們在細分時談到的工作 - 更好的細分，更好的覆蓋模型，更好的培訓，讓他們通過合作夥伴發揮作用。從保留的角度來看，所有這些都有幫助，因為最終，它可以讓他們更好地實現或超額完成配額，對吧？所以我認為這才是我們真正關注的地方。

We're also factoring in some degree of inflation in our wages. This has been moved forward and factoring that into our compensation plans. The other thing that I do believe is that some of the companies that we compete with for talent, especially start-ups, may be increasingly focused on conserving cash and slowing down hiring in this current environment, which should actually help us.

我們還在工資中考慮了某種程度的通貨膨脹。這已經向前推進，並將其納入我們的薪酬計劃。我確實相信的另一件事是，與我們競爭人才的一些公司，尤其是初創企業，可能會越來越關注在當前環境下節省現金和放慢招聘速度，這實際上應該對我們有所幫助。

And the second question, I think, was on demand and whether we are seeing any changes in demand around verticals and so forth. I would say overall, our demand remains solid, but our ability to execute against it is being constrained by these supply chain issues, which are causing delayed start dates and delayed orders and, to some extent, the shortage of reps as well that we need to focus on hiring back.

我認為，第二個問題是隨需應變，以及我們是否看到垂直行業等方面的需求發生任何變化。我想說，總體而言，我們的需求仍然穩固，但我們的執行能力受到這些供應鏈問題的限制，這些問題導致開始日期延遲和訂單延遲，在某種程度上，我們需要的代表短缺專注於重新招聘。

Overall, on a demand perspective, we haven't seen any notable changes in customer spending. But we are watching the demand and macro backdrop quite closely.

總體而言，從需求的角度來看，我們沒有看到客戶支出有任何顯著變化。但我們正在密切關注需求和宏觀背景。

Our fundamental demand is driven by accelerating digital transformation, customers modernizing legacy 3-tier infrastructure, running all forms of workloads, including performance-oriented databases and mission-critical workloads on our platform and extending to the public cloud. So we talked about a few customer wins during our prepared remarks, right, that highlight these.

我們的基本需求是由加速數字化轉型、客戶對傳統 3 層基礎架構進行現代化改造、在我們的平台上運行各種形式的工作負載（包括以性能為導向的數據庫和任務關鍵型工作負載）以及擴展到公共雲來推動的。因此，我們在準備好的評論中談到了一些客戶的勝利，對，突出了這些。

The next question comes from Nehal Chokshi with Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

When in the quarter did you start to notice higher-than-expected sales rep attrition?

您在本季度什麼時候開始注意到銷售代表流失率高於預期？

Nehal, could you repeat the question, please? I couldn't catch it.

Nehal，你能重複一下這個問題嗎？我沒能抓住它。

Yes. When in the quarter did as you start to notice a higher-than-expected sales rep attrition rate?

是的。您在本季度什麼時候開始注意到銷售代表流失率高於預期？

Very, very late in the third quarter, right, literally the last couple of weeks in the quarter, Nehal.

第三季度非常非常晚，對，實際上是本季度的最後幾週，內哈爾。

Okay. So sales and marketing, that at some point was down 10% year-over-year and I think 9% below where I think most analysts were. So would it be fair to say that your sales rep headcount ended up much lower than the 10%. I mean where is your sales rep headcount relative to your expectations? Is it 10% lower? Is it 20% lower? Is it 30% lower? Can you give us some indication here of what the magnitude here is?

好的。所以銷售和營銷，在某個時候同比下降了 10%，我認為比我認為大多數分析師的水平低 9%。因此，可以公平地說，您的銷售代表人數最終遠低於 10%。我的意思是您的銷售代表人數相對於您的期望在哪裡？是不是低了10%？是不是低了20%？是不是低了30%？你能告訴我們這裡的大小嗎？

Yes. We are -- look, we have not quantified exactly where we are at. We are -- let's call it, we're slightly below where we would like to be. And we are doing everything we can to get it back up to where we want it to be going into next fiscal year.

是的。我們是 - 看，我們還沒有準確量化我們所處的位置。我們 - 讓我們稱之為，我們略低於我們想要的位置。我們正在盡我們所能讓它回到我們希望它進入下一個財政年度的地方。

Got it. Understood. Okay.

知道了。明白了。好的。

The one point I'd add -- the one thing I'd add...

我要添加的一點 - 我要添加的一件事...

Go ahead. Yes, sorry.

前進。是的，對不起。

Sorry, Nehal. I wanted to add one point there. If you were referring to just sort of the Q3 sales and marketing line item, I did mention this in my remarks, but in case, I just want to highlight that there was about $6 million in OpEx within that line item that was supposed to be in Q3, the sales enablement in-person event that got moved from Q3 to Q4. And so that's now in the Q4 number in the guidance we gave for Q4, but it was not in Q3. I just wanted to point that out as well.

對不起，尼哈爾。我想在那裡補充一點。如果您只是指第三季度的銷售和營銷項目，我確實在我的發言中提到了這一點，但以防萬一，我只想強調一下，該項目中應該有大約 600 萬美元的運營支出在第三季度，銷售支持現場活動從第三季度轉移到第四季度。所以這現在是我們為第四季度提供的指導中的第四季度數字，但不是在第三季度。我也只是想指出這一點。

Right. That's a very good point. Okay. And then in terms of sales attrition, often it is correlated to a weakened demand outlook, as salespeople tend to flock towards where there is demand and away from where there is a weak demand. So pushback on that natural correlation that tends to be out there.

對。這是一個很好的觀點。好的。然後就銷售流失而言，這通常與需求前景疲軟有關，因為銷售人員往往會湧向有需求的地方，而遠離需求疲軟的地方。因此，對往往存在的自然相關性進行抵制。

Yes. I think, look, our -- again, I think part of this is, like I said, focusing in terms of making -- refining our coverage models, refining our segmentation to make sure that our sales reps can hit that number, right? Basically, sales reps needs to hit their numbers and give them every ability to do that. I don't believe it's a reflection of demand, right? The environment is also competitive, right?

是的。我認為，看，我們的 - 再次，我認為這部分是，就像我說的，專注於製作 - 改進我們的覆蓋模型，改進我們的細分以確保我們的銷售代表能夠達到這個數字，對嗎？基本上，銷售代表需要達到他們的數字並賦予他們一切能力。我不相信這是需求的反映，對吧？環境也是有競爭力的，對吧？

We've had -- our sales steps typically go, the [1/3 of] reps end up going, in many cases, to these startups, right, in the promise of quick IPO riches. And some of that, of course, is starting to potentially moderate at this point as well. So I don't believe this has anything to do with demand or the ability to -- for them to go achieve their numbers.

我們已經 - 我們的銷售步驟通常會進行，在許多情況下，[1/3] 的銷售代表最終會去這些初創公司，對，承諾快速 IPO 致富。當然，其中一些也開始可能在這一點上緩和。所以我不認為這與需求或能力有任何關係——讓他們去實現他們的數字。

And the other thing I -- yes, thank you, Nehal. The other thing I'd add to that point is our rep productivity was in line with expectations in the quarter. And if you recall, in the past, you said we expect that directly to go up over time. So that was in line with what we expected, which means that our reps are productive in terms of bringing in and closing deals. That said, we absolutely are keeping our ear to the ground on demand.

還有一點我——是的，謝謝你，Nehal。我要補充的另一件事是我們的代表生產力符合本季度的預期。如果你還記得，在過去，你說過我們預計隨著時間的推移會直接上升。所以這符合我們的預期，這意味著我們的代表在引入和完成交易方面富有成效。也就是說，我們絕對會根據需要密切關注。

The next question comes from Rod Hall with Goldman Sachs.

下一個問題來自高盛的 Rod Hall。

Welcome aboard, Rukmini. Good to have you aboard or I guess, aboard with the markets anyway. So first question I had for you is your comment on the renewals and the deviation on ACV billings kind of representing upside to your expectations on renewals? I wonder if you could say a little bit more about that.

歡迎登機，魯克米尼。很高興有你加入，或者我猜，無論如何都要加入市場。所以我問你的第一個問題是你對續訂的評論以及對 ACV 賬單的偏差代表你對續訂的期望的上升嗎？我想知道你是否可以多說一點。

Are you talking about the high end of the ACV billings guidance range and then what you actually printed, so $5 million? And then that -- I'm just kind of trying to triangulate into the renewals number from that comment. I wonder if you could give us a little bit more color on that. And then I have a follow-up question.

您是在談論 ACV 賬單指導範圍的高端，然後是您實際打印的內容，即 500 萬美元？然後——我只是想從該評論中對續訂數量進行三角測量。我想知道你是否可以給我們更多的色彩。然後我有一個後續問題。

Thank you, Rod. I appreciate that. Yes, so on -- as we said, I think just to emphasize what we said, we said the outperformance in Q3 on ACV billings was due to our renewals performance. And I think as we've said, we said this last quarter, our renewals business continues to do really well. And they have largely not been impacted by the challenges that we've talked about in this call, right, on the supply chain side and on overall rep headcount.

謝謝你，羅德。我很感激。是的，依此類推——正如我們所說，我想只是為了強調我們所說的，我們說第三季度 ACV 賬單的出色表現是由於我們的續訂表現。而且我認為正如我們所說，我們在上個季度說過，我們的續訂業務繼續做得很好。他們在很大程度上沒有受到我們在這次電話會議中談到的挑戰的影響，對，供應鏈方面和整體代表人數。

Those are predominantly affecting our new ACV outlook. So that all said, we don't provide the split of new ACV, which is renewals, on a quarterly basis, so I won't give that, Rod. But hopefully, that gives you some color on what I meant when I said outperformance for Q3 and renewals doing well.

這些主要影響我們新的 ACV 前景。綜上所述，我們不按季度提供新 ACV 的拆分，即續訂，所以我不會提供，羅德。但希望這能讓你對我所說的第三季度表現出色和續約表現良好時的意思有所了解。

Okay. And then following up that, I guess, just a little more color, since there's not really any answer there. On ATR, we were modeling the lower seasonality, obviously, for the quarter. And we would guess that seasonality on ATR is about double -- a little bit more than double what it was. If you look at quarter-on-quarter development of ATR, a little more than double what it was this quarter next quarter in quarter-on-quarter growth terms. Is that in the ballpark for ATR?

好的。然後跟進，我猜，只是多一點顏色，因為那裡沒有真正的答案。在 ATR 上，我們顯然是在為本季度建模較低的季節性。我們猜測 ATR 的季節性大約是兩倍——比原來的兩倍多一點。如果你看一下 ATR 的季度環比發展，按季度環比增長計算，下個季度是本季度的兩倍多。這在 ATR 的範圍內嗎？

So can you make sure I understand. So what exactly is double in your estimate?

所以你能確保我理解。那麼你的估計中究竟是雙倍呢？

The quarter-on-quarter growth rate. So when we talk about seasonality, we're talking about ATR this quarter -- at fiscal Q3 over the quarter before. And so if we look at fiscal Q4 over fiscal Q3, we'd say it's kind of a little more than double what it was in fiscal Q3, but I just -- I would like to triangulate that and make sure that we're kind of in the ballpark at least on that.

環比增長率。因此，當我們談論季節性時，我們談論的是本季度的 ATR——在第三財季的上一季度。因此，如果我們看第四財季和第三財季，我們會說它是第三財季的兩倍多，但我只是 - 我想對它進行三角測量，並確保我們是善意的至少在球場上。

Yes, it's not that high. The delta is not double. The growth is not double, Rod, right? There is, as I said, Q4 does have a higher ATR than we had going into Q3. But there's also, I think, the dynamics we talked about last quarter where there are some dynamics of earlies and so on, right? So it's not nearly that large.

是的，沒有那麼高。增量不是兩倍。增長不是雙倍的，羅德，對吧？正如我所說，第四季度的 ATR 確實比我們進入第三季度的要高。但我認為，還有我們上個季度談到的動態，其中有一些早期的動態等等，對吧？所以它幾乎沒有那麼大。

Right. Right. That's a trouble with waterfalling this stuff out. And then I had -- and then, Rajiv, I wanted to come back to you and just ask on the hardware attach. Can you guys -- can you quantify how much of the new software license you're selling are attached to hardware versus not? Is there any way to -- is it most all of it? Or is there a proportion of it that really isn't attached to the necessity to ship a piece of hardware along with the software license?

對。對。把這些東西扔掉是個麻煩。然後我有 - 然後，Rajiv，我想回到你身邊，只是詢問硬件連接。你們能不能量化一下你們銷售的新軟件許可證有多少是附加到硬件上的？有什麼辦法——是全部嗎？或者是否有一部分真的不依賴於隨軟件許可證一起發布硬件的必要性？

Yes. By the way, I mean, to be clear, we are not shipping the hardware, right? So we're getting just a software.

是的。順便說一句，我的意思是，要明確一點，我們不會運送硬件，對吧？所以我們得到的只是一個軟件。

I know that. I'm saying for a customer to take delivery of the new piece of hardware along with the software license, just to be clear, we understand your model.

我知道。我的意思是讓客戶接收新硬件和軟件許可證，為了清楚起見，我們了解您的型號。

I understand your question, Rod. So it's hard for us to actually have a view on that. First of all, renewals are all software, right? Renewals are largely independent of hardware, right, pretty much. So people, once they have a software license from us, they're likely to renew it on the same hardware. So that largely is decoupled. And our renewals business is not being impacted by all the supply chain or hardware issues.

我理解你的問題，羅德。所以我們很難對此有實際的看法。首先，續訂都是軟件，對吧？更新在很大程度上獨立於硬件，對，幾乎是。所以人們，一旦他們從我們那裡獲得了軟件許可證，他們很可能會在相同的硬件上更新它。所以這在很大程度上是解耦的。我們的續訂業務並未受到所有供應鍊或硬件問題的影響。

So really, it comes down to the new orders, right? And out of those new orders, yes, some of those are tied to customers buying hardware, in fact, a good chunk. And some of it is just them buying software when they may already have hardware available, right, and then they're just buying software to go run on the hardware. So it's hard for us to tease apart and make a clear pattern on much of that. It tends to vary also.

所以真的，它歸結為新訂單，對吧？在這些新訂單中，是的，其中一些與購買硬件的客戶有關，事實上，很大一部分。其中一些只是他們在可能已經有硬件可用的情況下購買軟件，對，然後他們只是購買在硬件上運行的軟件。因此，我們很難將其中的大部分內容分開並形成清晰的模式。它也趨於變化。

So we don't have a specific proportion that I can tell you, right, what portion gets to be just software-only independent of the hardware, what portion gets to be tied to the hardware. But what we can say is the stuff that is tied to the hardware, we saw a significant impact, right, because of the delay in hardware availability.

所以我們沒有一個具體的比例可以告訴你，對，什麼部分是獨立於硬件的純軟件，什麼部分與硬件相關聯。但是我們可以說的是與硬件相關的東西，我們看到了顯著的影響，對，因為硬件可用性的延遲。

The next question comes from Erik Suppiger with JMP Securities.

下一個問題來自 JMP Securities 的 Erik Suppiger。

I guess I was just trying to understand, your customers have some pretty good flexibility in terms of the different platforms that they can choose from. Why weren't they able to migrate from one platform that had supply chain constraints to another?

我想我只是想了解，您的客戶在他們可以選擇的不同平台方面具有相當好的靈活性。為什麼他們不能從一個有供應鏈限制的平台遷移到另一個平台？

Yes. And by the way, this is a good question. And exactly -- look, until last quarter, this is exactly what we were managing, right? And people were -- had the flexibility. But the problem here is, essentially, we're seeing future (inaudible) across many, if not most of the several platforms that we partner with.

是的。順便說一句，這是一個很好的問題。確切地說 - 看，直到上個季度，這正是我們所管理的，對吧？人們 - 有靈活性。但這裡的問題本質上是，我們在許多（如果不是我們合作的幾個平台中的大多數）看到未來（聽不清）。

So it's not an isolated issue, and it's not like our customers can go to a different hardware supplier and get what they want. It's across the board, at least with most of the hardware providers that we are partnered with or our customers running our software on.

所以這不是一個孤立的問題，我們的客戶也不可能去不同的硬件供應商那裡得到他們想要的東西。它是全面的，至少與我們合作的大多數硬件供應商或運行我們軟件的客戶都是如此。

Can you give us a sense? I mean is it the majority of hardware solutions at this point that are seeing constraints?

你能給我們一個感覺嗎？我的意思是目前大多數硬件解決方案都受到限制嗎？

Yes. And I would say the constraints are different across different providers. It's not just one item that's causing supply chain issues across all the providers. Different providers seem to have different constraints in their supply chain. But it seems to be pretty much across all our major partners we are seeing.

是的。我想說的是，不同供應商的限制是不同的。導致所有供應商出現供應鏈問題的不僅僅是一項。不同的供應商似乎在他們的供應鏈中有不同的限制。但它似乎幾乎遍及我們所看到的所有主要合作夥伴。

Okay. And is the largest partner at this point still Supermicro?

好的。而目前最大的合作夥伴仍然是 Supermicro 嗎？

We have -- the business that -- Supermicro is still very significant for us, but we do a fair amount of business with HP. We still do a fair amount of Dell, right, Lenovo. And then we have smaller players like Fujitsu and others.

我們擁有——Supermicro 對我們來說仍然非常重要的業務，但我們與惠普有相當多的業務。我們仍然做相當多的戴爾，對，聯想。然後我們有像富士通和其他公司這樣的小公司。

The next question comes from Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

This is [Jake] on for Aaron. Could you talk a little bit about the competitive landscape and maybe what's giving you the confidence that you're not seeing some increased competitive dynamics versus likes of, say, VMware or others or maybe a shift in applications in the public cloud?

這是亞倫的[傑克]。您能否談一談競爭格局，也許是什麼讓您確信與 VMware 或其他公司相比，您沒有看到競爭動態增加，或者公共雲中的應用程序發生了轉變？

Yes. So first of all, in terms of win rates in 3Q, we saw actually a year-over-year improvement in our win rates, both against our largest competitor as well as against legacy 3-tier solutions. So that I think is actually going well, right? And we are much more focused on that.

是的。因此，首先，就第三季度的勝率而言，我們的勝率實際上比去年同期有所提高，無論是與我們最大的競爭對手相比，還是與傳統的 3 層解決方案相比。所以我認為實際上進展順利，對吧？我們更專注於這一點。

Now with respect to the cloud itself, I don't think the dynamics there have changed, right? I mean the people are continuing to use the cloud for new applications, but we also -- they're also looking at a world where there is hybrid and multi-cloud and workloads are running everywhere, right? And so we don't -- I mean, the dynamic of moving to the cloud has been there for a while. And we don't think that's changed significantly in any sense recently. And we are participating in that, right?

現在就雲本身而言，我認為那裡的動態沒有改變，對吧？我的意思是人們繼續將雲用於新的應用程序，但我們也 - 他們也在尋找一個混合和多雲的世界，工作負載無處不在，對吧？所以我們沒有——我的意思是，遷移到雲的動力已經存在了一段時間。而且我們認為最近在任何意義上都沒有發生重大變化。我們正在參與其中，對嗎？

But some of the examples that we've been showing with our solutions in AWS and soon to be in Azure. So we are participating in that cloud journey as well with our customers. So we haven't seen any significant changes on that front. And on the on-prem side, I would say our win rates have been continuing to increase year-over-year.

但是我們已經在 AWS 中展示了我們的解決方案中的一些示例，並且很快將在 Azure 中展示。因此，我們也與我們的客戶一起參與了這一云之旅。所以我們在這方面沒有看到任何重大變化。在本地方面，我想說我們的贏率一直在逐年增加。

Okay. Great. And then maybe just as a follow-up, you guys noted demand remains pretty strong. What about visibility, especially in the enterprise space? Are you having any major changes in visibility?

好的。偉大的。然後也許只是作為後續行動，你們指出需求仍然非常強勁。可見性如何，尤其是在企業領域？您的能見度是否有任何重大變化？

I think the biggest question around visibility is when we have a set of the opportunities in the pipeline, when is that going to be realized in orders and what is -- how much is going to come in with future start dates? That's the part that we don't know, right?

我認為關於可見性的最大問題是，當我們有一系列機會在管道中時，什麼時候會在訂單中實現，以及未來的開始日期會有多少？那是我們不知道的部分，對吧？

And we have been assuming that, that part of it is actually getting worse this quarter compared to last quarter. So the fundamental demand from our perspective has not changed. But at what point can the demand be realized with these hardware issues on is a question really.

我們一直在假設，與上一季度相比，本季度的這一部分實際上變得更糟。因此，從我們的角度來看，基本需求沒有改變。但這些硬件問題在什麼時候才能實現需求確實是個問題。

The next question comes from Simon Leopold with Raymond James.

下一個問題來自 Simon Leopold 和 Raymond James。

I wanted to see if you had some thoughts as to whether or not the circumstances will cause your customers to accelerate public cloud adoption and potentially make opportunities for on-premise business for you essentially be reduced, given that if they're facing these kinds of challenges, just building out data centers, regardless of who the supplier of the software is, does that accelerate public cloud adoption?

我想看看您是否對這種情況是否會導致您的客戶加速採用公共雲並可能使您的本地業務機會基本上減少有一些想法，因為如果他們面臨這些類型的挑戰，只是建立數據中心，無論軟件供應商是誰，這是否會加速公共雲的採用？

Yes, that's a good question. First of all, I will also say that public cloud providers also have to deal with hardware issues, right? They have to deal with their own. But second, I think cloud is a strategic initiative for our customers, right? So customers are thoughtful about figuring out what they want to do with the cloud. And it's not largely -- we haven't seen them do so in a reactive manner just because they can't get hardware temporarily on-prem, right?

是的，這是個好問題。首先，我還要說公共雲提供商也必須處理硬件問題，對嗎？他們必須自己處理。但其次，我認為雲對我們的客戶來說是一項戰略舉措，對吧？因此，客戶在弄清楚他們想用雲做什麼時會考慮周全。而且這在很大程度上不是——我們還沒有看到他們以被動的方式這樣做，只是因為他們無法在本地臨時獲得硬件，對吧？

So clearly, people have been going to the cloud for new applications. And for customers who have the Nutanix platform, we provide a very quick and simple way for them to move to the cloud, right? And so they have our platform, they can also move to the cloud using our platform, right, and run on public cloud hardware, that's available in the public cloud. And we haven't seen a lot of that happening yet, right?

很明顯，人們一直在向雲端尋求新的應用程序。對於擁有 Nutanix 平台的客戶，我們為他們提供了一種非常快速簡單的遷移到雲端的方法，對嗎？所以他們有我們的平台，他們也可以使用我們的平台遷移到雲端，對，並在公共雲硬件上運行，這在公共雲中可用。而且我們還沒有看到很多這樣的事情發生，對吧？

Because what customers decide -- they decide what applications they are going to run on-prem and what applications they are going to run in the public cloud. And those applications that they are an on-prem, they have good reasons to run on-prem, right? They might be systems of record or they might be mission-critical applications. So they may have data privacy or locality issues.

因為客戶決定什麼——他們決定他們將在本地運行哪些應用程序以及他們將在公共雲中運行哪些應用程序。那些他們是本地部署的應用程序，他們有充分的理由在本地運行，對吧？它們可能是記錄系統，也可能是關鍵任務應用程序。因此，他們可能存在數據隱私或位置問題。

So it's not easy for them to just take all of those and take it to the public cloud, right? So they have been thoughtful. So in that sense, I think the answer to your question, Simon, is no, we haven't seen this as a reactive measure of people going more to the public cloud because they can't get hardware on-prem.

所以他們很難把所有這些都帶到公共雲上，對吧？所以他們一直深思熟慮。所以從這個意義上說，我認為西蒙，你的問題的答案是否定的，我們還沒有將其視為人們更多地使用公共雲的一種被動衡量標準，因為他們無法在本地獲得硬件。

Great. And then as a follow-up, when you're thinking about your strategy for rebuilding the sales reps, do you think about trying to essentially hire experienced sales reps, which potentially cost more money or alternatively grooming and developing new sales reps, which may cost less, but take more time. How do you think about that trade-off in the rebuilding process?

偉大的。然後作為後續行動，當您考慮重建銷售代表的策略時，您是否考慮嘗試從本質上聘請經驗豐富的銷售代表，這可能會花費更多的錢，或者是培養和發展新的銷售代表，這可能成本更低，但需要更多時間。您如何看待重建過程中的權衡？

Yes. I think it's a combination of both, right? I mean it's not one or the other. So clearly, there's a combination of people we are hiring with the experience and with the skill sets. Last year, for example, we graduated many of our inside salespeople to become account reps, right, as part of their own career development.

是的。我認為這是兩者的結合，對吧？我的意思是它不是一個或另一個。很明顯，我們正在招聘的人既有經驗又有技能。例如，去年，我們的許多內部銷售人員畢業成為客戶代表，對，這是他們自己職業發展的一部分。

And so that's another thing that we have done in the past, right, and provide a career opportunity for our people to go from whether they are inside sales, whether they're customer success to potentially taking on a role, right, as an account rep and training them and taking them there forward to combine with hiring. So it's both together, it's not one or the other.

所以這是我們過去做過的另一件事，對，並為我們的員工提供了一個職業機會，從他們是否是內部銷售，是否是客戶成功到潛在地擔任一個角色，對，作為一個帳戶代表和培訓他們並將他們帶到那裡與招聘相結合。所以兩者都在一起，不是一個或另一個。

Thank you. That concludes today's Q&A session as well as today's call. Thank you for joining. Please disconnect your lines.

謝謝你。今天的問答環節和今天的電話會議到此結束。感謝您的加入。請斷開您的線路。