NetApp Inc (NTAP) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the NetApp Third Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions)

女士們先生們，下午好。歡迎參加 NetApp 2022 財年第三季度財報電話會議。 （操作員說明）

I would now like to turn the call over to Kris Newton, Vice President, Investor Relations.

我現在想把電話轉給投資者關係副總裁 Kris Newton。

Thank you for joining us. With me today are our CEO, George Kurian; and CFO, Mike Berry. This call is being webcast live and will be available for replay on our website at netapp.com.

感謝您加入我們。今天和我在一起的是我們的首席執行官 George Kurian；和首席財務官 Mike Berry。此電話會議正在進行網絡直播，可在我們的網站 netapp.com 上重播。

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects such as our guidance for fourth quarter and fiscal year 2022; our expectations regarding future revenue, profitability and shareholder returns; the value we bring to customers; our ability to drive continued growth in both our hybrid cloud and public cloud segments; and our ability to manage through the current supply chain environment, all of which involve risk and uncertainty. We disclaim any obligation to update our forward-looking statements and projections. Actual results may differ materially for a variety of reasons, including macroeconomic and market conditions such as the continuing impact and uneven recovery of the COVID-19 pandemic, including the resulting supply chain disruptions; and the IT capital spending environment; as well as our ability to gain share in the storage market, grow our cloud business and generate greater cash flow.

在今天的電話會議中，我們將就我們的財務前景和未來前景做出前瞻性陳述和預測，例如我們對第四季度和 2022 財年的指導；我們對未來收入、盈利能力和股東回報的預期；我們為客戶帶來的價值；我們推動混合雲和公共雲領域持續增長的能力；以及我們管理當前供應鏈環境的能力，所有這些都涉及風險和不確定性。我們不承擔任何更新我們的前瞻性陳述和預測的義務。實際結果可能因多種原因而存在重大差異，包括宏觀經濟和市場狀況，例如 COVID-19 大流行的持續影響和不均衡恢復，包括由此導致的供應鏈中斷；和 IT 資本支出環境；以及我們在存儲市場中獲得份額、發展我們的雲業務和產生更大現金流的能力。

Please also refer to the documents we file from time to time with the SEC and available on our website, specifically our most recent Forms 10-Q and 10-K, including in the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors section.

另請參閱我們不時向美國證券交易委員會提交的文件以及我們網站上提供的文件，特別是我們最新的 10-Q 和 10-K 表格，包括管理層對財務狀況和運營結果及風險的討論和分析因素部分。

During the call, all financial measures presented will be non-GAAP unless otherwise indicated. Reconciliations of GAAP to non-GAAP estimates are posted on our website.

在電話會議期間，除非另有說明，否則所有提出的財務措施都將是非公認會計原則。 GAAP 與非 GAAP 估計的對賬已發佈在我們的網站上。

I'll now turn the call over to George.

我現在將電話轉給喬治。

Thanks, Kris. Good afternoon, and welcome, everyone, to our Q3 FY '22 earnings call. We delivered another outstanding quarter, building on the momentum we've had in recent periods. Demand for our solutions is strong and powered by the alignment of our differentiated technology portfolio with customer priorities.

謝謝，克里斯。下午好，歡迎大家參加我們的 22 財年第三季度財報電話會議。在我們最近幾個時期的勢頭的基礎上，我們又交付了一個出色的季度。我們的差異化技術組合與客戶優先事項的一致性推動了對我們解決方案的強勁需求。

In Q3, our focused execution delivered double-digit revenue growth, led by the impressive performance of our public cloud services and all-flash array businesses; record high gross margin dollars, operating income and earnings per share. NetApp plays a critical role in helping customers achieve their business and cloud transformation goals. I am pleased that our differentiation here continues to receive third-party validation by industry leaders, independent analysts and existing and new customers. We were recognized by Amazon Web Services for our achievements as an AWS partner. NetApp was named the 2021 AWS Independent Software Vendor Design Partner of the Year - U.S. for the jointly engineered and natively integrated Amazon FSx for NetApp ONTAP service.

在第三季度，我們專注的執行實現了兩位數的收入增長，這主要得益於我們的公共雲服務和全閃存陣列業務的出色表現；毛利率、營業收入和每股收益均創歷史新高。 NetApp 在幫助客戶實現業務和雲轉型目標方面發揮著關鍵作用。我很高興我們在這方面的差異化繼續得到行業領導者、獨立分析師以及現有和新客戶的第三方驗證。我們作為 AWS 合作夥伴的成就得到了 Amazon Web Services 的認可。 NetApp 因其聯合設計和本地集成的 Amazon FSx for NetApp ONTAP 服務而被評為 2021 年度美國 AWS 獨立軟件供應商設計合作夥伴。

Additionally, GigaOm called out NetApp as the only vendor with a multi-cloud strategy and execution that translates to a continuous data management plane across clouds and locations, a comprehensive enterprise-grade feature set and flexible deployment options. We were listed as a leader in 3 GigaOm Radar Reports: Cloud File Systems, Primary Storage for Large Enterprises and Enterprise Scale-Out File Systems. Not only are we a leader in each category, we are the only vendor to lead in all 3. This recognition spotlights the value we bring to our customers on their cloud and digital transformation journeys.

此外，GigaOm 稱 NetApp 是唯一一家擁有多雲戰略和執行的供應商，可轉化為跨雲和位置的連續數據管理平面、全面的企業級功能集和靈活的部署選項。我們在 3 GigaOm 雷達報告中被列為領導者：雲文件系統、大型企業的主存儲和企業橫向擴展文件系統。我們不僅是每個類別的領導者，而且是唯一一家在所有 3 個類別中都處於領先地位的供應商。這種認可突出了我們在客戶的雲和數字化轉型之旅中為他們帶來的價值。

Customers are also endorsing our value, creating strong demand for solutions in both our Hybrid Cloud and Public Cloud segments. Growth in our Hybrid Cloud segment was driven by continued strength in object storage and all-flash arrays. Our all-flash array business hit another milestone in Q3 with a record-high annualized run rate of $3.2 billion, an increase of 23% year-over-year. All-flash array penetration of our installed base ticked up another point to 31% of installed base systems, giving us substantial headroom to continue to help existing and new customers modernize their storage environments with cloud-connected flash arrays. We further enhanced our position with the introduction of the AFF A900, which delivers unified support for file, block and object protocols, built-in data protection with cutting-edge anti-ransomware capabilities and the high performance and resiliency required to support the most critical business workloads.

客戶也認可我們的價值，對我們的混合雲和公共雲領域的解決方案產生了強烈需求。對象存儲和全閃存陣列的持續增長推動了我們混合雲領域的增長。我們的全閃存陣列業務在第三季度達到了創紀錄的年化運行率 32 億美元，同比增長 23%，達到了另一個里程碑。我們已安裝基礎的全閃存陣列滲透率又上升了一點，達到已安裝基礎系統的 31%，這為我們提供了巨大的空間，可以繼續幫助現有和新客戶使用雲連接閃存陣列實現存儲環境的現代化。我們通過推出 AFF A900 進一步鞏固了我們的地位，它提供對文件、塊和對象協議的統一支持、具有尖端反勒索軟件功能的內置數據保護以及支持最關鍵的所需的高性能和彈性業務工作負載。

Public Cloud ARR grew to $469 million, an increase of 98% year-over-year, including the benefit from the CloudCheckr acquisition, which closed early in Q3. Public Cloud dollar-based net revenue retention rate remains healthy at 169%, as customers increase their usage of our public cloud services and adopt new products. The expanded market reach from our cloud partners and the broadening participation of our field sales organization has delivered outstanding performance in our Public Cloud segment this year, which puts us well ahead of our plan to achieve $1 billion in ARR in fiscal year '25.

公共雲 ARR 增長至 4.69 億美元，同比增長 98%，其中包括第三季度初完成的 CloudCheckr 收購帶來的收益。隨著客戶增加對我們公共雲服務的使用並採用新產品，基於公共雲美元的淨收入保留率保持在 169% 的健康水平。我們的雲合作夥伴擴大了市場範圍，並擴大了我們現場銷售組織的參與範圍，今年我們在公共雲領域取得了出色的業績，這使我們遠遠領先於我們在 25 財年實現 10 億美元 ARR 的計劃。

We uniquely have fully integrated services with all the major public cloud providers. I am pleased with the level of engagement from our cloud partners and with the performance of our cloud storage services. Azure NetApp Files again grew ahead of plan. Cloud Volumes Service for Google Cloud is ramping nicely. And while still very early days, we are seeing lots of proofs of concept and activity with AWS FSx for NetApp ONTAP.

我們擁有與所有主要公共雲提供商完全集成的服務，這是獨一無二的。我對我們的雲合作夥伴的參與程度以及我們的雲存儲服務的性能感到滿意。 Azure NetApp 文件再次超出計劃增長。適用於 Google Cloud 的 Cloud Volumes Service 進展順利。雖然仍處於早期階段，但我們已經看到許多 AWS FSx for NetApp ONTAP 的概念和活動證明。

Our differentiated CloudOps portfolio for multi-cloud infrastructure management is also growing well, led by Spot and Cloud Insights. It is expanding our addressable market and opening opportunities with new buyers at existing customers and with new customers as we help them reduce the cost and complexity of managing their rapidly growing cloud environments. We are delivering innovation at cloud speed and enhancing our solutions to address the needs of cloud natives and born-in-the-cloud applications. We've made Cloud Backup Kubernetes-aware and broadened Spot Ocean with automated cloud infrastructure and application management for Apache Spark and Ocean CD, enabling faster deployment of Kubernetes applications with end-to-end visibility and management.

在 Spot 和 Cloud Insights 的帶領下，我們用於多雲基礎設施管理的差異化 CloudOps 產品組合也增長良好。它正在擴大我們的目標市場，並為現有客戶和新客戶帶來新買家的機會，因為我們幫助他們降低管理其快速增長的雲環境的成本和復雜性。我們正在以雲速度提供創新並增強我們的解決方案，以滿足雲原生和雲中誕生的應用程序的需求。我們已經使 Cloud Backup 具有 Kubernetes 感知能力，並通過 Apache Spark 和 Ocean CD 的自動化雲基礎設施和應用程序管理擴展了 Spot Ocean，從而能夠通過端到端的可見性和管理來更快地部署 Kubernetes 應用程序。

As I mentioned earlier, we closed the CloudCheckr acquisition early in Q3. CloudCheckr complements the FinOps capabilities of Spot with the multi-cloud reports, analytics and governance needed to plan, manage and optimize cloud costs to ensure organizations get the most out of their cloud investment.

正如我之前提到的，我們在第三季度初完成了對 CloudCheckr 的收購。 CloudCheckr 通過規劃、管理和優化云成本所需的多雲報告、分析和治理來補充 Spot 的 FinOps 功能，以確保組織從其云投資中獲得最大收益。

We continue the rapid pace of organic and inorganic innovation with today's announcement of the acquisition of Fylamynt. Fylamynt extends our leadership in cloud operations. Adding Fylamynt's cloud automation technology to the Spot platform will make it easy for customers to integrate Spot's solutions with their existing tools, processes and infrastructure code. This will accelerate their ability to take advantage of Spot's suite of capabilities for understanding and optimizing their cloud infrastructure. I'm excited to welcome the Fylamynt team to NetApp.

我們今天宣布收購 Fylamynt，繼續加快有機和無機創新的步伐。 Fylamynt 擴大了我們在雲運營方面的領導地位。將 Fylamynt 的云自動化技術添加到 Spot 平台將使客戶能夠輕鬆地將 Spot 的解決方案與他們現有的工具、流程和基礎設施代碼集成。這將加速他們利用 Spot 的功能套件來理解和優化其云基礎設施的能力。我很高興歡迎 Fylamynt 團隊加入 NetApp。

As I've said many times, our strategy to help customers deal with the challenges of managing data and applications in hybrid multi-cloud environments is helping us expand our business by winning new customers and displacing the competition. A global third-party logistics company chose FSx for NetApp ONTAP to host data migrated from Nutanix systems in its data centers. They chose NetApp-based cloud services for our resiliency, cost efficiency and multi-protocol support. This win marks a new logo for us and has already created additional opportunity for Cloud Manager and Cloud Insights.

正如我多次說過的那樣，我們幫助客戶應對在混合多雲環境中管理數據和應用程序的挑戰的戰略正在幫助我們通過贏得新客戶和取代競爭對手來擴展我們的業務。一家全球第三方物流公司選擇 FSx for NetApp ONTAP 來託管從其數據中心的 Nutanix 系統遷移的數據。他們選擇基於 NetApp 的雲服務是為了我們的彈性、成本效益和多協議支持。此次勝利標誌著我們的新徽標，並且已經為 Cloud Manager 和 Cloud Insights 創造了更多機會。

Another new customer win came from a multinational energy infrastructure company who chose Cloud Volumes ONTAP in Azure to migrate workloads away from on-premises Dell systems. They are now considering replacing expired Dell systems with on-premises NetApp systems to make it easier to move data across environments in the future.

另一個新客戶贏得來自一家跨國能源基礎設施公司，該公司選擇 Azure 中的 Cloud Volumes ONTAP 將工作負載從本地戴爾系統遷移出去。他們現在正在考慮用本地 NetApp 系統替換過期的 Dell 系統，以便將來更輕鬆地跨環境移動數據。

We had a first-time win at an international government agency with Spot Eco to optimize its multimillion-dollar cloud spend. This win becomes a lighthouse reference account for us, which we can leverage to reach into other related agencies.

我們與 Spot Eco 首次在一家國際政府機構中獲勝，以優化其數百萬美元的雲支出。這次勝利成為我們的燈塔參考賬戶，我們可以利用它來接觸其他相關機構。

In summary, our strong Q3 results underscore our unique position in solving organizations' most significant challenges in both cloud-native and traditional applications, on-premises and in hybrid multi-cloud environments. First, we help customers simplify and modernize existing data centers and deploy traditional applications quickly and confidently. Second, we help customers adopt modern application architectures like Kubernetes and microservices for new workloads and deploy data-rich applications like machine and deep learning. And third, we help customers optimize cost, performance, availability and security for applications and associated infrastructure across multiple clouds. The complexities created by rapid data growth, multi-cloud management and the adoption of next-gen technologies creates a sizable opportunity for us. With focused execution, I am confident in our ability to capture that opportunity and deliver continued growth.

總而言之，我們強勁的第三季度業績凸顯了我們在解決組織在雲原生和傳統應用程序、本地和混合多雲環境中面臨的最重大挑戰方面的獨特地位。首先，我們幫助客戶簡化和現代化現有數據中心，并快速、自信地部署傳統應用程序。其次，我們幫助客戶針對新的工作負載採用 Kubernetes 和微服務等現代應用程序架構，並部署機器學習和深度學習等數據豐富的應用程序。第三，我們幫助客戶優化跨多個雲的應用程序和相關基礎架構的成本、性能、可用性和安全性。數據快速增長、多雲管理和下一代技術的採用所帶來的複雜性為我們創造了巨大的機會。通過集中執行，我相信我們有能力抓住這個機會並實現持續增長。

We're holding an Investor Day on March 22, where we'll talk more about our growth opportunity and our plans to drive shareholder value. You can register at investors.netapp.com. If you have any questions, please reach out to the IR team.

我們將在 3 月 22 日舉辦投資者日，屆時我們將更多地討論我們的增長機會和推動股東價值的計劃。您可以在 investors.netapp.com 上註冊。如有任何疑問，請聯繫 IR 團隊。

Before I turn the call over to Mike to walk you through the numbers, I want to take a moment to welcome Harv Bhela to NetApp as our Chief Product Officer. Harv brings with him more than 25 years of experience building industry-defining software categories and cloud services. I also want to thank Brad Anderson for his leadership and wish him well in his retirement.

在我將電話轉給 Mike 向您介紹這些數字之前，我想花點時間歡迎 Harv Bhela 加入 NetApp，擔任我們的首席產品官。 Harv 擁有超過 25 年的構建行業定義軟件類別和雲服務的經驗。我還要感謝布拉德·安德森 (Brad Anderson) 的領導才能，並祝他退休後一切順利。

With that, I'll hand it over to Mike.

有了這個，我會把它交給邁克。

Thank you, George. Good afternoon, everyone, and thank you for joining us. As a reminder, I'll be referring to non-GAAP numbers unless otherwise noted. Before we go through the financial details, I think it would be valuable to walk you through the key themes for today's discussion.

謝謝你，喬治。大家下午好，感謝您加入我們。提醒一下，除非另有說明，否則我指的是非 GAAP 數字。在我們討論財務細節之前，我認為帶您了解一下今天討論的關鍵主題是很有價值的。

Number one, Q3 was another strong quarter with all-time company highs in gross profit dollars, operating income and EPS as our business model continues to show significant operating leverage as we grow our operating profitability and margins. Number two, our cloud business had another outstanding quarter. We clearly are solidly ahead of our original plan to hit our $1 billion ARR target in fiscal '25. Number three, we are prioritizing meeting as much customer demand as possible as we navigate near-term component shortages and expect revenue to continue to be constrained in Q4. And number four, we are increasing our full year guidance for revenue, EPS and Public Cloud ARR, driven by the outperformance in Q3 and a very healthy demand backdrop for Q4.

第一，第三季度是另一個強勁的季度，毛利潤、營業收入和每股收益均創下公司歷史新高，因為隨著我們的營業盈利能力和利潤率的增長，我們的商業模式繼續顯示出顯著的經營槓桿。第二，我們的雲業務有另一個出色的季度。我們顯然遠遠領先於我們在 25 財年實現 10 億美元 ARR 目標的最初計劃。第三，我們正在優先滿足盡可能多的客戶需求，因為我們正在應對近期的組件短缺，並預計第四季度的收入將繼續受到限制。第四，在第三季度的出色表現和第四季度非常健康的需求背景的推動下，我們正在提高對收入、每股收益和公共雲 ARR 的全年指導。

Now to the details. In fiscal Q3, we delivered strong revenue, gross margin and operating leverage across the entire business. Outstanding execution by the NetApp team yielded Q3 billings of $1.76 billion, up 10% year-over-year. Revenue came in at $1.61 billion, also up 10% year-over-year. Our solid Q3 results were driven by continued strong demand across both our Hybrid Cloud and Public Cloud segments.

現在到細節。在第三財季，我們在整個業務中實現了強勁的收入、毛利率和運營槓桿。 NetApp 團隊出色的執行力使第三季度的營業額達到 17.6 億美元，同比增長 10%。收入為 16.1 億美元，同比增長 10%。我們穩健的第三季度業績是由我們的混合雲和公共雲領域持續強勁的需求推動的。

Hybrid Cloud segment revenue of $1.5 billion was up 6% year-over-year. Within Hybrid Cloud, we delivered product revenue growth for the fourth consecutive quarter and expect this momentum to continue into Q4 and throughout fiscal '23. Product revenue of $846 million increased 9% year-over-year. Consistent with the trends we've seen over the last 2 quarters, software product revenue of $507 million increased 18% year-over-year, driven by the ongoing mix shift towards our all-flash portfolio. Total Q3 recurring support revenue of $586 million increased 3% year-over-year. As George highlighted, our all-flash revenue run rate, which includes both product and support revenue, eclipsed $3.2 billion for the first time in the company's history and was up 23% year-over-year.

混合雲部門收入為 15 億美元，同比增長 6%。在混合雲中，我們連續第四個季度實現了產品收入增長，預計這一勢頭將持續到第四季度和整個 23 財年。產品收入為 8.46 億美元，同比增長 9%。與我們在過去兩個季度看到的趨勢一致，軟件產品收入為 5.07 億美元，同比增長 18%，這得益於我們不斷向全閃存產品組合的組合轉變。第三季度經常性支持總收入為 5.86 億美元，同比增長 3%。正如 George 強調的那樣，我們的全閃存收入運行率（包括產品和支持收入）在公司歷史上首次超過 32 億美元，同比增長 23%。

Public Cloud ARR exited Q3 at $469 million, up 98% year-over-year and 21% sequentially, driven by strong growth in Azure NetApp Files, Spot and Cloud Insights, with CloudCheckr contributing $35 million in ARR. Organic Public Cloud ARR, excluding CloudCheckr, was $434 million in Q3, up 83% year-over-year. Public Cloud revenue recognized in the quarter was $110 million, up 100% year-over-year and 26% sequentially. The growing scale of our Public Cloud portfolio continues to positively impact the overall growth profile of NetApp, delivering 4 of the 10 points in revenue growth. Recurring support and Public Cloud revenue of $696 million was up 11% year-over-year, constituting 43% of total revenue. When combined, software product revenue, recurring support and Public Cloud revenue totaled $1.2 billion, another company high and increased 14% year-over-year, representing 75% of total revenue, up from 72% in Q3 '21.

公共雲 ARR 在第三季度結束時達到 4.69 億美元，同比增長 98%，環比增長 21%，這得益於 Azure NetApp Files、Spot 和 Cloud Insights 的強勁增長，其中 CloudCheckr 貢獻了 3500 萬美元的 ARR。第三季度有機公共雲 ARR（不包括 CloudCheckr）為 4.34 億美元，同比增長 83%。本季度確認的公有云收入為 1.1 億美元，同比增長 100%，環比增長 26%。我們公有云產品組合的規模不斷擴大，繼續對 NetApp 的整體增長狀況產生積極影響，實現了 10 分收入增長中的 4 分。經常性支持和公共雲收入為 6.96 億美元，同比增長 11%，佔總收入的 43%。合併後，軟件產品收入、經常性支持和公共雲收入總計 12 億美元，這是另一家公司的最高收入，同比增長 14%，佔總收入的 75%，高於 21 年第三季度的 72%。

We ended Q3 with $4 billion in deferred revenue, an increase of 4% year-over-year. Q3 marks the 16th consecutive quarter of year-over-year deferred revenue growth, which is the best leading indicator for continued recurring revenue growth.

我們以 40 億美元的遞延收入結束了第三季度，同比增長 4%。第三季度是遞延收入連續第 16 個季度同比增長，這是經常性收入持續增長的最佳領先指標。

Total gross margin was 67%, reflecting the value of our software and Public Cloud portfolio. Total Hybrid Cloud gross margin was also 67% in Q3. Within our Hybrid Cloud segment, product gross margin was 52%, while our growing recurring support business continues to be very profitable with gross margin of 92%. Public Cloud gross margin of 71% was accretive to the overall corporate average. As we highlighted last quarter, we expect Public Cloud gross margins to continue to trend towards our long-term goal of 75% to 80% as an increasing percentage of our Public Cloud business will be built on software solutions. The introduction of FSx for ONTAP with AWS and the addition of CloudCheckr to the Spot portfolio, both of which are software offerings, support our long-term margin goal.

總毛利率為 67%，反映了我們的軟件和公共雲產品組合的價值。第三季度混合雲的總毛利率也為 67%。在我們的混合雲部門，產品毛利率為 52%，而我們不斷增長的經常性支持業務繼續保持高利潤，毛利率為 92%。公有云 71% 的毛利率提高了整體企業平均水平。正如我們上個季度強調的那樣，我們預計公共雲毛利率將繼續朝著我們 75% 至 80% 的長期目標發展，因為我們的公共雲業務中越來越多的百分比將建立在軟件解決方案之上。 FSx for ONTAP with AWS 的推出以及 CloudCheckr 到 Spot 產品組合的添加，這兩者都是軟件產品，支持我們的長期利潤目標。

Q3 highlighted the tremendous leverage in our operating model with operating margin of 25%, an all-time company high. EPS of $1.44 was up 31% year-over-year and also represented a new quarterly record for the company. Cash flow from operations was $260 million, and free cash flow was $199 million. During Q3, we repurchased $125 million in stock and paid out $111 million in cash dividends. In total, we returned $236 million to shareholders, representing 119% of free cash flow. We closed Q3 with $4.2 billion in cash and short-term investments.

第三季度突出了我們運營模式中的巨大槓桿作用，營業利潤率為 25%，創下公司歷史新高。每股收益 1.44 美元，同比增長 31%，也創下了公司的季度新紀錄。運營現金流為 2.6 億美元，自由現金流為 1.99 億美元。第三季度，我們回購了 1.25 億美元的股票，並支付了 1.11 億美元的現金股息。我們總共向股東返還了 2.36 億美元，佔自由現金流的 119%。我們以 42 億美元的現金和短期投資結束了第三季度。

As many companies have highlighted during this earnings season, the dynamic supply chain situation continues to cause disruptions across the technology ecosystem. These headwinds were further exacerbated by Omicron. In addition to a worsening freight and expedite environment, we also experienced component supplier decommits beginning in the second half of Q3, which required us to purchase components in the open market at significant premiums. We were faced with the short-term decision of supporting the robust customer demand versus optimizing near-term product margin. NetApp has consistently focused on being a great long-term strategic partner to our loyal customer base, especially throughout the last 2 years of COVID. Consistent with this philosophy, we made the strategic decision to prioritize meeting customer demand with the trade-off being lower product margins in the short term. To be clear, the pricing and availability of our core HDD and SSD components are stable and are not a contributor to the near-term headwinds.

正如許多公司在本財報季強調的那樣，動態的供應鏈形勢繼續對整個技術生態系統造成破壞。 Omicron 進一步加劇了這些不利因素。除了運費和快遞環境惡化之外，我們還經歷了組件供應商從第三季度下半年開始退役的情況，這要求我們在公開市場上以高價購買組件。我們面臨支持強勁的客戶需求與優化近期產品利潤的短期決策。 NetApp 一直專注於成為我們忠實客戶群的重要長期戰略合作夥伴，尤其是在過去 2 年的 COVID 期間。與這一理念一致，我們做出戰略決策，優先滿足客戶需求，但要在短期內降低產品利潤率。需要明確的是，我們核心 HDD 和 SSD 組件的定價和可用性是穩定的，不會造成近期不利因素。

With these supply chain headwinds as a backdrop, I want to highlight 2 critical takeaways. Number one, we believe these cost headwinds are temporary in nature. And number two, we expect that Q4 will be the trough for product margins. As you all know, the timing of getting completely through these supply chain challenges remains fluid, but we do expect cost improvements in the coming quarters as the supply headwinds begin to ease throughout the first half of fiscal '23. We also expect our recent price increases to help further stabilize product margins in the coming quarters. As the supply base for components and airline cargo normalize, we are confident that product margin will return to its structural level in the mid-50s, particularly as our mix continues to trend towards all-flash.

以這些供應鏈逆風為背景，我想強調 2 個關鍵要點。第一，我們認為這些成本逆風本質上是暫時的。第二，我們預計第四季度將是產品利潤率的低谷。眾所周知，完全克服這些供應鏈挑戰的時間仍然不確定，但我們確實預計未來幾個季度的成本會有所改善，因為供應逆風在 23 財年上半年開始緩解。我們還預計我們最近的價格上漲將有助於在未來幾個季度進一步穩定產品利潤率。隨著組件和航空貨運的供應基礎正常化，我們有信心產品利潤率將在 50 年代中期恢復到其結構水平，尤其是當我們的產品組合繼續向全閃存發展時。

We do anticipate these supply chain challenges to impact our product revenue and product gross margins in Q4. The supply chain headwinds and our ongoing actions to mitigate them have been factored into our Q4 and updated full year guidance. We expect Q4 net revenues to range between $1.635 billion and $1.735 billion, which at the midpoint implies an 8% increase year-over-year. We anticipate consolidated gross margin in Q4 to be approximately 64%. The near-term margin headwind is being driven by an incremental $50 million to $60 million of premiums we expect to incur in open market component purchases.

我們確實預計這些供應鏈挑戰會影響我們第四季度的產品收入和產品毛利率。供應鏈逆風和我們為緩解這些逆風而採取的持續行動已被納入我們的第四季度並更新了全年指南。我們預計第四季度淨收入將在 16.35 億美元至 17.35 億美元之間，中點意味著同比增長 8%。我們預計第四季度的綜合毛利率約為 64%。我們預計在公開市場組件採購中產生的 5,000 萬至 6,000 萬美元保費將推動近期利潤逆風。

Consistent with our philosophy and culture, we actively prioritize being a great strategic partner to our loyal customers, many of which have been with us for over 25 years, and feel great about the discipline and execution the NetApp team has displayed in managing through the current supply situation. We expect operating margin to be approximately 22% in Q4, which would have been closer to 25% without the recent supplier decommits.

根據我們的理念和文化，我們積極優先考慮成為我們忠實客戶的重要戰略合作夥伴，其中許多客戶已經與我們合作超過 25 年，並且對 NetApp 團隊在管理當前供應情況。我們預計第四季度的營業利潤率約為 22%，如果沒有最近的供應商退出，該利潤率將接近 25%。

Assumed in this guidance are Q4 operating expenses of $705 million to $715 million, driven by continued investment in revenue-generating activities, including expanding our Public Cloud portfolio and investments in both our cloud and customer success sales teams. We anticipate earnings per share for Q4 to range between $1.21 and $1.31 per share. Assumed in our Q4 guidance is our expectation that other income and expense will be a negative $15 million, and our tax rate will be approximately 18%.

本指南假設第四季度的運營費用為 7.05 億美元至 7.15 億美元，這是由於對創收活動的持續投資推動的，包括擴大我們的公共雲產品組合以及對我們的雲和客戶成功銷售團隊的投資。我們預計第四季度每股收益在 1.21 美元至 1.31 美元之間。我們在第四季度的指導中假設其他收入和支出將為負 1500 萬美元，我們的稅率約為 18%。

Our Q4 guidance implies revenue growth of approximately 10% year-over-year for fiscal '22. We also have growing confidence in our expanding Public Cloud opportunity, driven by enhanced go-to-market activities, deeper and broader cloud partnerships and continued product innovation. As a result, we are raising the guidance on our Public Cloud ARR with a new range of $525 million to $545 million exiting fiscal '22. Please note that Fylamynt is a tech and talent acquisition and will not contribute any ARR in Q4.

我們的第四季度指引意味著 22 財年的收入同比增長約 10%。在加強上市活動、更深入和更廣泛的雲合作夥伴關係以及持續的產品創新的推動下，我們對不斷擴大的公共雲機會也越來越有信心。因此，我們提高了對公有云 ARR 的指導，將 22 財年的新範圍調整為 5.25 億美元至 5.45 億美元。請注意，Fylamynt 是一項技術和人才收購，不會在第四季度貢獻任何 ARR。

The implied forecast for total gross margin is approximately 67% for the full year. Our disciplined management of the business, despite the backdrop of supply cost headwinds, has allowed us to reaffirm our full year operating margin guidance of 23% to 24%. We are raising our fiscal '22 EPS guidance. We now expect EPS to range between $5.07 and $5.17, representing 26% year-over-year growth at the midpoint.

全年總毛利率的隱含預測約為67%。儘管存在供應成本逆風的背景，我們對業務的嚴格管理使我們能夠重申我們的全年營業利潤率目標為 23% 至 24%。我們正在提高我們的財政 '22 每股收益指導。我們現在預計每股收益在 5.07 美元到 5.17 美元之間，中點同比增長 26%。

In closing, I want to thank the entire NetApp team for the outstanding execution in delivering strong Q3 results. We will continue to be disciplined and long term minded as we manage through the temporary supply challenges to meet as much customer demand as possible. Given the current environment, George and I are incredibly proud that the team stayed focused on our strategic priorities and have collectively leaned into executing against a tremendous growth opportunity we see over the next 3 to 5 years.

最後，我要感謝整個 NetApp 團隊出色的執行力，他們在第三季度取得了強勁的業績。在應對臨時供應挑戰以滿足盡可能多的客戶需求時，我們將繼續保持紀律和長遠眼光。鑑於當前的環境，我和喬治感到無比自豪的是，團隊一直專注於我們的戰略重點，並共同傾向於執行我們在未來 3 到 5 年內看到的巨大增長機會。

As George mentioned, we plan to host an Investor Day on March 22, where we will further discuss the long-term growth potential and value drivers for our shareholders, customers and partners.

正如 George 提到的，我們計劃在 3 月 22 日舉辦投資者日，屆時我們將進一步討論我們的股東、客戶和合作夥伴的長期增長潛力和價值驅動因素。

I'll now hand the call back to Kris to open the call for Q&A. Kris?

我現在將電話轉回給 Kris，以打開問答環節。克里斯？

Thanks, Mike. Let's open the call for questions. Operator, let's begin the Q&A.

謝謝，邁克。讓我們打開問題的電話。接線員，讓我們開始問答。

(Operator Instructions) Our first question comes from Karl Ackerman with Cowen.

（操作員說明）我們的第一個問題來自 Karl Ackerman 和 Cowen。

Yes. A first question for Mike, if I may. You spoke about how revenue is constrained by component shortages in your fiscal Q4. But I wanted to better understand how that may be impacting your deferred revenue growth, which has moderated to 4% growth. And so I was hoping you could describe in a little bit more detail why that may have slowed and how we should think about the trajectory on a go-forward basis.

是的。如果可以的話，邁克的第一個問題。您談到了第四財季的組件短缺如何限制收入。但我想更好地了解這可能如何影響您的遞延收入增長，該增長已放緩至 4%。因此，我希望你能更詳細地描述為什麼速度可能會放緩，以及我們應該如何在前進的基礎上考慮軌跡。

Sure. So thanks for the question, Karl. So there's 2 parts of that. So the first thing is when revenue is constrained and we're not able to ship or invoice, it does not go into deferred revenue. So it does not go on the balance sheet until it's actually invoiced. So if we're not able to ship, it does not go on the balance sheet.

當然。謝謝卡爾的提問。所以有兩個部分。因此，第一件事是當收入受到限制並且我們無法發貨或開具發票時，它不會進入遞延收入。因此，在實際開具發票之前，它不會出現在資產負債表上。因此，如果我們無法發貨，它就不會出現在資產負債表上。

On deferred revenue, this is a super important question. I'm going to tie it also to support revenue. When you look at the year-over-year growth for the last 7 quarters of total deferred revenue and total support revenue, that has averaged somewhere between, call it, 4% to 6% when you take into account the impact of FX. So to be more specific, in Q3 and Q4 of last year, Q1 of this year, we had a benefit of FX of 2 to 3 percentage points. This quarter has actually a headwind of 1 percentage point. So when you normalize deferred revenue and support revenue, and those 2 are going to go almost hand in hand for the FX impact, you're going to get between 4%, 5% or 6% on an annual basis for all of those.

關於遞延收入，這是一個非常重要的問題。我還要將其綁定以支持收入。當您查看過去 7 個季度的總遞延收入和總支持收入的同比增長時，考慮到外彙的影響，平均增長率介於 4% 到 6% 之間。所以更具體地說，在去年的第三季度和第四季度，今年的第一季度，我們從外匯中獲益了 2 到 3 個百分點。本季度實際上有 1 個百分點的逆風。因此，當您將遞延收入和支持收入正常化時，這兩個收入幾乎會同時產生外匯影響，所有這些收入每年都會增加 4%、5% 或 6%。

So hopefully, that answers the question. Again, if we don't ship, it doesn't go into deferred. And then deferred and support also have been impacted by FX, and they would largely move together. Thanks for the question.

所以希望這能回答這個問題。同樣，如果我們不發貨，它就不會進入延期狀態。然後延期和支持也受到 FX 的影響，它們將在很大程度上一起移動。謝謝你的問題。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Just on the supply chain impact, I wondered if you could give any sense of type of product that was impacted more and maybe just a split between what is kind of what you would call freight versus underlying inputs, kind of difference in the headwind that you're seeing. And whether it's kind of giving you more visibility as you look into kind of the next fiscal year, whether you're seeing kind of order activity pick up as customers try to assure availability.

偉大的。就供應鏈的影響而言，我想知道你是否可以給出受影響更大的產品類型的任何感覺，也許只是你所謂的運費與基礎投入之間的分裂，你的逆風中的某種差異看見了以及它是否會在您調查下一個財政年度時為您提供更多可見性，您是否會看到訂單活動在客戶試圖確保可用性時有所回升。

First of all, with regard to the large items in our bill of materials, meaning processors, DRAM, hard drives, solid-state storage, we have a very well-managed supply chain and have seen continued support from our leading suppliers. Most of our storage media are multi-sourced, as you would expect, and we have had really good engagement from them. I think the places where we have seen supply decommits have been mostly in analog semiconductors. These are low volume -- low-value components that are used across a lot of our product families for things like voltage stabilization and other kinds of analog functions in those systems. So they are broad-based across our systems portfolio, and which is why we've had to resort to, in some cases, open market purchases to offset constrained supply or supplier decommits that we saw in the middle of Q3.

首先，關於我們物料清單中的大項目，即處理器、DRAM、硬盤、固態存儲，我們有一個管理良好的供應鏈，並且得到了我們領先供應商的持續支持。正如您所期望的那樣，我們的大多數存儲介質都是多源的，我們與他們的合作非常好。我認為我們看到供應退役的地方主要是模擬半導體。這些是小批量 - 低價值組件，用於我們的許多產品系列，用於這些系統中的穩壓和其他類型的模擬功能。因此，它們在我們的系統產品組合中具有廣泛的基礎，這就是為什麼我們不得不在某些情況下訴諸公開市場採購來抵消我們在第三季度中期看到的供應受限或供應商退役的原因。

With regard to the logistics, as you all know, cargo airfreight has been the major source of distribution of both parts and finished products, and airfreight was impacted by Omicron. We're hopeful that we can see a steady recovery as we head into fiscal year '23 of both parts availability and logistics constraints. And I can certainly share with you the multistep action plan that we have taken that includes engineering programs, that includes strong supplier engagement, that includes pricing uplifts and discount management as well as close customer engagement to get us through this process.

物流方面，大家都知道，無論是零部件還是成品，貨運空運一直是主要的配送渠道，空運受到了Omicron的衝擊。我們希望，隨著我們進入 23 財年的零件可用性和物流限制，我們能夠看到穩步復甦。我當然可以與您分享我們已經採取的多步驟行動計劃，其中包括工程計劃，包括強有力的供應商參與，包括定價提升和折扣管理以及密切的客戶參與，以幫助我們完成這一過程。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes. Mike, I got 2 questions. The first one is for Mike. You talked about April to mark the trough in operating margin. Does that mean despite seasonal trend into Q1, July quarter, the mix will help you and it -- we should see a margin expansion?

是的。邁克，我有兩個問題。第一個是給邁克的。你談到 4 月份是為了標誌著營業利潤率的低谷。這是否意味著儘管 7 月季度第一季度出現季節性趨勢，但這種組合將對您和它有所幫助——我們應該看到利潤率擴張？

And then on -- just a quick follow-up on all-flash array. How should I think about the mix of all-flash array between on-prem or enterprise customers versus the cloud? And I'm assuming that the cloud would be considered new type of customers for your all-flash array.

然後繼續 - 只是對全閃存陣列的快速跟進。我應該如何考慮本地或企業客戶與雲之間的全閃存陣列組合？我假設雲將被視為您的全閃存陣列的新型客戶。

So Mehdi, it's Mike. So if -- I just want to replay back your question. And is your question the lower operating margin in Q4, which was driven almost entirely by the premiums? And what was the question on the mix going into the July quarter?

邁赫迪，我是邁克。所以，如果——我只想重播你的問題。您的問題是第四季度較低的營業利潤率，這幾乎完全是由保費驅動的嗎？進入 7 月季度的混合問題是什麼？

Yes. I'm assuming that July would follow some sort of a seasonal trend, revenues down, but you would benefit from the mix so that your operating margins would rebound despite lower revenues.

是的。我假設 7 月將遵循某種季節性趨勢，收入下降，但你會從組合中受益，這樣儘管收入下降，你的營業利潤率也會反彈。

Yes. So we haven't guided fiscal '23 yet. We'll talk about that on the next call. What we would tell you is that we wouldn't expect any change in our seasonality from Q4 to Q1. That's been relatively consistent. The one thing I'd ask you to think about as well going into Q1, and both George and I talked about it, is the growth in cloud ARR is starting to have a much bigger impact positively on revenue growth as well as gross margins, which goes to OpInc. So that would be the one area I would ask you to consider as you do your models for next year. And again, we'll guide Q1 on the Q4 call.

是的。所以我們還沒有指導 23 財年。我們將在下一次通話中討論。我們要告訴您的是，我們預計從第 4 季度到第 1 季度我們的季節性不會有任何變化。那是相對一致的。在進入第一季度時，我要請您考慮的一件事是，我和喬治都談到了這一點，即云 ARR 的增長開始對收入增長和毛利率產生更大的積極影響，去 OpInc。因此，這將是我要求您在明年製作模型時考慮的一個領域。同樣，我們將在 Q4 電話會議上指導 Q1。

With regard to your question -- go ahead, Mehdi.

關於你的問題——繼續，Mehdi。

No. I was just going to repeat the question, diversification of all-flash array customers.

不，我只是想重複這個問題，全閃存陣列客戶的多樣化。

Yes. With regard to our customer footprint, we are winning with multiple elements of our portfolio. All-flash arrays continue to be well ahead of market growth rates, which is a clear indication that we are gaining share. And we are doing that by both winning new workloads in existing customers as well as new customers. Our cloud portfolio, as I mentioned with an example on our call, gives us strength not only in net new to NetApp customers on the Public Cloud, but also an opportunity to displace their previous suppliers in their data centers as they harmonize their cloud environment with their data center environment. And our CloudOps portfolio of Spot, Cloud Insights, CloudCheckr have been a source of great new customer additions.

是的。關於我們的客戶足跡，我們正在通過我們產品組合的多個元素取勝。全閃存陣列繼續遠遠領先於市場增長率，這清楚地表明我們正在獲得份額。我們正在通過贏得現有客戶和新客戶的新工作負載來做到這一點。正如我在電話會議中提到的一個例子，我們的雲產品組合不僅讓我們在公有云上對 NetApp 客戶來說是全新的，而且在他們協調他們的雲環境與他們的數據中心環境。我們的 Spot、Cloud Insights 和 CloudCheckr 的 CloudOps 產品組合已經成為大量新增客戶的來源。

Our next question comes from Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Yes. George, I was wondering about -- if you could talk about the confidence in Q4 margins being a trough. What signs are you seeing that is making you think that specifically? And it appears that you're not baking in headwinds from NAND and HDDs, and you called out good supplier relationships there. But it seems as though some of these are running into some issues as well. And if you could comment on if those had -- if those start to become headwinds, is it right to understand that, that's not contemplated to create incremental margin pressure? And I have a follow-up.

是的。喬治，我想知道——你是否可以談談對第四季度利潤率處於低谷的信心。你看到什麼跡象讓你特別這麼想？而且看起來您並沒有受到來自 NAND 和 HDD 的不利影響，並且您在那裡呼籲建立良好的供應商關係。但似乎其中一些也遇到了一些問題。如果你可以評論那些是否有 - 如果那些開始成為逆風，那麼理解這一點是否正確，這不打算創造增量利潤壓力？我有一個後續行動。

Okay. Let me take that in 2 parts. So let me first talk about the NAND, SSD market and then talk about the rest of the supply base, if that's all right?

好的。讓我把它分成兩部分。那麼讓我先談談 NAND、SSD 市場，然後再談談其餘的供應基礎，如果可以的話？

Sure.

當然。

On the NAND side, we obviously have strong supplier relationships across the memory industry and are clearly multi-sourced for all elements of our supply portfolio and SSDs. With regard to the recent incident impacting one of the members of that industry ecosystem, they, as you know, are not our leading supplier for SSDs. And so we feel good about the work that we've done on our SSD base. There may be some increases in prices in SSDs, but our engineering and manufacturing team has done a superb job. And we expect that for the go-forward, the total storage media cost will be flat year-on-year. So we feel good about that, offsetting certain elements of the supply base with other elements of the supply base.

在 NAND 方面，我們顯然在整個內存行業擁有強大的供應商關係，並且顯然是我們供應組合和 SSD 的所有元素的多源供應商。關於最近影響該行業生態系統成員之一的事件，如您所知，他們不是我們領先的 SSD 供應商。因此，我們對我們在 SSD 基礎上所做的工作感到滿意。 SSD 的價格可能會有所上漲，但我們的工程和製造團隊做得非常出色。我們預計，在未來，總存儲介質成本將同比持平。所以我們對此感覺很好，用供應基礎的其他元素抵消了供應基礎的某些元素。

With regard to the broader -- why do we believe product gross margins are a trough in Q4, listen, there's been a lot of work that we have undertaken to deal with the supply constraints. Clearly, we have -- most of the large volume items and the high dollar items in our supply base are well managed, and we do not see them impacted by the supply constraints that we have seen so far. There are certain elements of our supply base that we are dealing with, with decommits in the quarter that has required us to be in the open market. And we have engineering qualifications going on for all of the major elements to create alternate sources of supply or to engineer our way around those supply constraints. And some of those engineering solutions have reached the market and will come to market over the course of the first half of fiscal year '23.

關於更廣泛的——為什麼我們認為產品毛利率在第四季度處於低谷，聽著，我們已經開展了大量工作來應對供應限制。顯然，我們的供應基地中的大多數大批量商品和高價商品都得到了很好的管理，我們認為它們不會受到迄今為止我們所看到的供應限制的影響。我們正在處理我們供應基礎的某些要素，本季度退役要求我們進入公開市場。我們擁有所有主要元素的工程資格，以創建替代供應來源或設計解決這些供應限制的方法。其中一些工程解決方案已經上市，並將在 23 財年上半年上市。

The second -- the third element is pricing and discount management. As you know, we have communicated previously that we did raise prices in the fall, and we have recently also communicated another impending price increase that takes effect this month. Those 2 price increases will have the primary impact later in Q4 and going through -- for the most part, the benefit will be seen in fiscal year '23. And those are all the mechanisms that cause us to feel confident that while we have been dealing with a constrained supply base, we have put in place a lot of controls to allow us to feel better about the path forward.

第二——第三個要素是定價和折扣管理。如您所知，我們之前已經溝通過我們確實在秋季提高了價格，而且我們最近還傳達了本月生效的另一項即將實施的價格上漲。這 2 次價格上漲將在第四季度晚些時候產生主要影響並持續——在大多數情況下，收益將在 23 財年顯現。這些都是讓我們充滿信心的機制，儘管我們一直在處理供應基礎受限的問題，但我們已經實施了很多控制措施，讓我們對前進的道路感覺更好。

Okay. That's really helpful. And if I could, Mike, just to go back on your seasonality from fiscal 4Q to fiscal 1Q comment. If I understood this right, you're taking actions in paying open market prices to mitigate the revenue impacts. So are you able to -- but you also noted that you do have some revenue impact in fiscal Q4. And you're -- if we take George's comments here about sort of the supply chain normalization happening as you head into fiscal '23, then why would we not see a better-than-normal seasonality in fiscal 1Q '23 if fiscal 4Q is constrained?

好的。這真的很有幫助。邁克，如果可以的話，我想回顧一下你從第四財季到第一財季的季節性評論。如果我的理解是正確的，那麼您正在採取行動支付公開市場價格以減輕收入影響。你能做到嗎——但你也注意到你確實對第四財季的收入產生了一些影響。而且你 - 如果我們在這裡接受喬治關於在你進入 23 財年時發生的某種供應鏈正常化的評論，那麼如果第四財季是約束？

Yes. So thanks for the question, Wamsi. So we do -- going into Q1 after Q4, assuming Q4 plays out as we expect, that really all depends on the availability of supply and specific supply. And hey, mix matters here a lot. George talked about the components affecting a lot of the products across our portfolio.

是的。謝謝你提出這個問題，Wamsi。所以我們這樣做 - 在第四季度之後進入第一季度，假設第四季度如我們預期的那樣發揮作用，這實際上完全取決於供應的可用性和特定供應。嘿，混合在這裡很重要。 George 談到了影響我們產品組合中許多產品的組件。

So as it sits today and as we look into Q1, we would expect to see some of that flow into fiscal '23. When that's going to hit really depends on where we are from a supply chain perspective and specific components. And again, we'll update you on the Q4 call in terms of Q1. And certainly, the backdrop is, hey, we feel really good about the demand environment. Timing of those are really dependent on the supply chain situation, Wamsi.

因此，正如今天所處的那樣，當我們研究第一季度時，我們預計會看到其中一些流入 23 財年。什麼時候會成功真的取決於我們從供應鏈的角度和特定組件的位置。再一次，我們將在第一季度的第四季度電話會議上向您更新。當然，背景是，嘿，我們對需求環境感覺非常好。這些時間真的取決於供應鏈情況，Wamsi。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Yes. I have two as well, if I can. Just building on kind of Wamsi's question there, I guess the simple question for me is that you talk about the confidence in returning to a mid-50% product gross margin. Obviously, you're working through some things, and you've outlined kind of your expectations on storage media cost being flat. But with all of that said, do I think -- should I think that gross margin on the product line returns to mid-50s in fiscal '23? Is it second half of fiscal '23? Any kind of framing of how you're thinking about the longevity of the pressures on that product gross margin would be helpful.

是的。我也有兩個，如果可以的話。只是基於 Wamsi 的問題，我想對我來說這個簡單的問題是你談論恢復到 50% 的產品毛利率的信心。顯然，您正在處理一些事情，並且您已經概述了您對存儲介質成本持平的期望。但綜上所述，我認為 - 我是否應該認為產品線的毛利率在 23 財年回到 50 年代中期？是 23 財年的下半年嗎？任何一種關於你如何考慮該產品毛利率壓力的持久性的框架都會有所幫助。

Yes. Aaron, it's Mike. So thanks for the question. So this is super important. So just as a context, as you look at fiscal '23, just a couple of things for you folks to think about. We really think we executed well on the things that we can control in Q3. And we've raised guidance and revenue ARR and EPS, largely due to the great work of the team. And we have multiple new highs. We would expect to continue to execute well going into fiscal '23.

是的。亞倫，是邁克。所以謝謝你的問題。所以這非常重要。因此，作為一個背景，當您查看 23 財年時，您需要考慮幾件事。我們真的認為我們在第三季度可以控制的事情上執行得很好。我們提高了指導和收入 ARR 和 EPS，這在很大程度上要歸功於團隊的出色工作。我們有多個新高。我們希望在 23 財年繼續表現良好。

This is -- as we sit today, we're not guiding Q3. But what we would say is, hey, let's do a replay of what we have said, and I think this will help you, which is product revenue has grown for 4 straight quarters. We expect that to continue into next year. We've talked about the supply chain issues, we expect to moderate as we go through the first half of fiscal '23. So we would hope and expect that we would get back to that mid-50s during the second half of next year. And that's really driven by the 3 things George talked about: the improving supply chain situation, freight and expedite and the impact of the price increase.

這是 - 正如我們今天坐的那樣，我們沒有指導第三季度。但我們要說的是，嘿，讓我們重播一下我們所說的話，我認為這會對你有所幫助，即產品收入連續 4 個季度增長。我們預計這種情況將持續到明年。我們已經討論了供應鏈問題，我們預計在 23 財年上半年會有所緩和。因此，我們希望並期望我們能在明年下半年回到 50 年代中期。這實際上是由喬治談到的三件事推動的：供應鏈狀況的改善、貨運和加速以及價格上漲的影響。

So as you look at next year, yes, we would expect to get back sometime in the second half of the year. Hopefully, that helps you with your modeling. Again, we're not giving guidance for Q3 just as we sit today. But hopefully, that helps a lot, Aaron.

所以當你看明年時，是的，我們希望在下半年的某個時候回來。希望這對您的建模有所幫助。同樣，我們不會像今天這樣為第三季度提供指導。但希望這能幫上大忙，Aaron。

Yes. That's very helpful. And then just as a quick follow-up, you talk about the Public Cloud business. And I know that you mentioned that Google, in particular, was ramping. Could you just give us maybe a bit more context of where we're at as far as the progression of maybe both Google and Amazon at this point? And when those -- how we should think about those really kicking into that Public Cloud revenue?

是的。這很有幫助。然後作為快速跟進，您談到了公共雲業務。我知道你提到過谷歌，尤其是在加速發展。你能不能給我們更多關於谷歌和亞馬遜目前進展情況的背景信息？當那些——我們應該如何考慮那些真正影響公共雲收入的人？

I think we're pleased with all of our partnerships. Azure NetApp Files was the really strong performer this quarter as it has been for several quarters now, which demonstrates both our ability and knowledge of how to scale a hyperscaler relationship and the enormous strength and leverage that gives us once it's scaled. I would say the earliest of the 3 is Amazon FSx for NetApp ONTAP. We announced it in September, and we are very, very pleased with the level of trials and early activity. They have frankly surpassed our expectations, but it's early in the going. And so it takes time to translate those trials into paid customers and to expand the relationships across the FSx.

我認為我們對我們所有的合作夥伴關係都很滿意。 Azure NetApp Files 在本季度的表現非常出色，因為它已經持續了幾個季度，這證明了我們在如何擴展超大規模關係方面的能力和知識，以及一旦擴大規模就會給我們帶來的巨大力量和影響力。我會說這 3 個中最早的是 Amazon FSx for NetApp ONTAP。我們在 9 月宣布了它，我們對試驗和早期活動的水平非常非常滿意。坦率地說，他們已經超出了我們的預期，但現在還處於早期階段。因此，將這些試驗轉化為付費客戶並擴大整個 FSx 的關係需要時間。

So I would say we're excited, but we've got a lot of work to do, and we know where -- what that work is. And so you should expect -- broadly speaking, I see FSx about 18 months behind where we saw AMS with Microsoft Azure. Google is in between. Google has -- we have seen several big customer successes with Google, and we are working to expand the range of workloads and the range of use cases with them across the portfolio.

所以我想說我們很興奮，但我們還有很多工作要做，而且我們知道在哪裡——那是什麼工作。所以你應該期待——從廣義上講，我看到 FSx 比我們看到 AMS 和 Microsoft Azure 晚了大約 18 個月。谷歌介於兩者之間。谷歌 - 我們已經看到谷歌的幾個大客戶成功，我們正在努力在整個產品組合中擴大工作負載範圍和用例範圍。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I had a quick couple of questions on the Public Cloud as well and just following up on Aaron's question. I think the first one, if you can help me understand if I look at your ARR -- Public Cloud ARR, you did have an increase of about $80 million or so, which looks to be an acceleration sequentially compared to how you've done in recent quarters. How much of that is maybe attributable to CloudCheckr? And excluding that, it does still look like an acceleration. So if you can get us -- give us some more insight into how much of that is driven by some of the newer partnerships versus it does sound like more of the growth coming from partnerships that you initiated earlier, that would be great. And then I have a quick follow-up on Public Cloud ARR as well.

我也有幾個關於公共雲的問題，只是跟進了 Aaron 的問題。我認為第一個，如果你能幫助我理解，如果我看一下你的 ARR——公共雲 ARR，你確實增加了大約 8000 萬美元左右，與你所做的相比，這看起來是一個連續的加速在最近幾個季度。其中有多少可歸因於 CloudCheckr？排除這一點，它看起來仍然像一個加速。因此，如果你能讓我們——讓我們更深入地了解其中有多少是由一些較新的合作夥伴關係推動的，而不是聽起來更多的增長來自你之前發起的合作夥伴關係，那就太好了。然後我也對公共雲 ARR 進行了快速跟進。

Sure. So this is Mike. I'll take the first part. So we finished cloud ARR at $469 million, as you referenced, 98% growth. In that number, CloudCheckr represented about $35 million of ARR. So the "organic" business, about $434 million, that was a year-over-year growth of about 83% versus 80% in Q2 and 89% in Q1. So really nice growth on the organic business. And as we called out, that was really driven by Azure NetApp Files, Cloud Insights and Spot.

當然。所以這是邁克。我先講第一部分。因此，正如您所提到的，我們以 4.69 億美元的價格完成了雲 ARR，增長了 98%。在這個數字中，CloudCheckr 代表了大約 3500 萬美元的 ARR。因此，“有機”業務約為 4.34 億美元，同比增長約 83%，而第二季度為 80%，第一季度為 89%。有機業務的增長非常好。正如我們所說，這實際上是由 Azure NetApp 文件、Cloud Insights 和 Spot 驅動的。

George, any -- sorry, any color on what's driving the acceleration here? How much of that is coming from the earlier partnerships with Azure versus the newer partnerships with AWS?

喬治，任何 - 抱歉，是什麼推動了這裡的加速？其中有多少來自與 Azure 的較早合作夥伴關係，以及與 AWS 的較新合作夥伴關係？

As Mike mentioned, the new partnerships are not material contributors yet. The -- we are excited about the potential, but you should see that potential realize over the next few years. I think that in the past quarter, the vast majority of the acceleration comes from both new customer additions as well as when you see a really strong dollar-based net retention rate. It shows that once the customer uses one of these cloud portfolios, they expand their use quite substantially. So I think that's where the vast majority of the progress has been.

正如 Mike 提到的，新的合作夥伴關係還不是實質性貢獻者。 - 我們對潛力感到興奮，但您應該會在未來幾年看到這種潛力的實現。我認為在上個季度，絕大多數加速來自新客戶的增加，以及當你看到基於美元的淨保留率非常強勁時。它表明，一旦客戶使用這些雲產品組合之一，他們就會大大擴展其使用範圍。所以我認為這是絕大多數進展的地方。

Our next question comes from Simon Leopold with Raymond James.

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

I don't think you've talked about your other growth rates. And I just wanted to see if you could maybe help us get a better understanding of how your customers are behaving, given that we had a sense that in IT space, many customers, given the lengthening of lead times and the supply chain constraints, are putting in orders earlier. I want to confirm if you're seeing that and what kind of order growth rates you're experiencing.

我不認為你已經談論過你的其他增長率。我只是想看看你是否可以幫助我們更好地了解你的客戶的行為方式，因為我們感覺到在 IT 領域，許多客戶，考慮到交貨時間的延長和供應鏈的限制，是提前下訂單。我想確認您是否看到了這一點以及您正在經歷什麼樣的訂單增長率。

Listen, we don't see any unusual behavior. We have close relationships with our customers. Clearly, we are monitoring, given the supply chain situation, a very, very tight inspection of our order backlog and our order pipeline. We see healthy broad-based demand but no sense of shadow demand or multiple purchases to -- in our pipeline. So we feel good about the sort of the real demand in the business, and we're doing as much as we can to meet it. Demand, as Mike has said, is outpacing supply.

聽著，我們沒有看到任何異常行為。我們與客戶有著密切的關係。顯然，鑑於供應鏈情況，我們正在監控對我們的訂單積壓和訂單管道的非常、非常嚴格的檢查。我們看到健康的廣泛需求，但在我們的管道中沒有影子需求或多次購買。因此，我們對業務中的實際需求感到滿意，並且我們正在盡我們所能來滿足它。正如邁克所說，需求正在超過供應。

Our next question comes from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

Yes. I wanted to start off with the price increases. We've seen other people in this general category of products increasing prices by around 10%. I wonder if you guys could maybe quantify the ballpark of those price increases and maybe comment a little bit on the stickiness of that, too. There's a difference of opinion as to whether these are going to be around to stay or will people flex prices back down as underlying costs go back down as they do. So I just wanted a comment on that, if I could get it.

是的。我想從漲價開始。我們已經看到此類產品中的其他人將價格提高了 10% 左右。我想知道你們是否可以量化這些價格上漲的大致範圍，也可以對價格上漲的粘性發表一些評論。對於這些是否會繼續存在，或者人們是否會隨著潛在成本的下降而降低價格，存在不同意見。所以我只想對此發表評論，如果我能得到的話。

Listen, I won't give you a specific number. I'll just say your read of the industry and our participation in it are -- is in the target range, right? So as I say, we monitor the behavior of the industry and the cost of our supply, and we take appropriate action. We've taken 2 actions, as we mentioned earlier, one in the fall and the second one in February. And we should see the benefits of those play out over time. We have to give our customers the benefit of those orders that are already in flight. Our quotes that are in flight, you have to honor them to be a good partner to customers. But over the course of Q4 and certainly heading into the new fiscal year, you should see the benefits of that come into the business.

聽著，我不會給你一個具體的數字。我只想說你對該行業的了解以及我們對它的參與 - 在目標範圍內，對嗎？因此，正如我所說，我們監控行業行為和供應成本，並採取適當的行動。正如我們之前提到的，我們已經採取了兩項行動，一項是在秋季，另一項是在二月。我們應該看到這些好處隨著時間的推移逐漸顯現出來。我們必須讓我們的客戶從那些已經在飛行中的訂單中受益。我們的報價正在進行中，您必須兌現它們才能成為客戶的好夥伴。但在第四季度的過程中，肯定會進入新的財政年度，您應該會看到業務帶來的好處。

With regard to the likely duration and so on, listen, we always trade off being a good partner to customers with the need to maintain margins in our business. It's too early for me to comment. We will continue to monitor the situation. And if we make changes, we will let you know.

關於可能的持續時間等等，聽著，我們總是在成為客戶的好合作夥伴與維持我們業務利潤率的需要之間進行權衡。我現在評論還為時過早。我們會繼續留意情況。如果我們做出更改，我們會通知您。

Okay. And then I had a quick follow-up, and that is on the Public Cloud services. We were wondering, is all of that regionally accounted for in the Americas? Or do you spread it across the regions? And then I guess more generally, after you answer that one, just comment maybe on the strength of the Americas, what's driving that. It was pretty strong this quarter.

好的。然後我進行了快速跟進，那就是公共雲服務。我們想知道，是否所有這些都在美洲地區進行了計算？還是將其傳播到各個地區？然後我想更一般地說，在你回答那個問題之後，可能只是評論美洲的實力，是什麼推動了它。這個季度非常強勁。

Yes. So answer to the first question is the large majority of the PCS business is generated in the Americas. To the extent that there is international business that flows through entities internationally, we would certainly report it that way. The strong results in the Americas, as you mentioned, they did have a very strong quarter. That's where we saw a lot of the strong order growth come in. So the Americas had a good quarter both in the Hybrid Cloud and the Public Cloud segments, Rod.

是的。所以第一個問題的答案是大部分 PCS 業務是在美洲產生的。如果存在通過國際實體流動的國際業務，我們當然會以這種方式報告。正如您所提到的，美洲的強勁業績確實有一個非常強勁的季度。這就是我們看到許多強勁訂單增長的地方。所以美洲在混合雲和公共雲領域都有一個很好的季度，Rod。

Our next question comes from Steven Fox with Fox Advisors.

我們的下一個問題來自 Fox Advisors 的 Steven Fox。

Just first of all, just a clarification on some of the comments you made about the quarter just closed. Are you saying that unmet demand was entirely related to supply chain? Or was there also a further acceleration in orders? And then I had a follow-up.

首先，澄清一下您對剛剛結束的季度所做的一些評論。您是說未滿足的需求完全與供應鏈有關嗎？或者訂單是否也進一步加速？然後我進行了跟進。

Demand -- as we said, demand is outpacing supply. We've been aggressive to meet demand wherever we could. And I'll just say, our team executed really well. I think that we'll just be transparent. Demand has outpaced supply both in Q3 and we expect in Q4.

需求——正如我們所說，需求超過供應。我們一直在盡可能地積極滿足需求。我只是說，我們的團隊執行得非常好。我認為我們會保持透明。第三季度和我們預計第四季度的需求都超過了供應。

Okay. That's helpful. And then, George, it seems like the M&A that you've done on the Public Cloud side is starting to have a compounding effect on your growth rates. Is there any way to sort of think about how that sort of changes the view for longer-term growth in Public Cloud, given that when you first set some of these targets, you didn't have some of the capabilities you have now? And sort of how that fact layers into growth going forward?

好的。這很有幫助。然後，喬治，您在公共雲方面進行的併購似乎開始對您的增長率產生復合影響。考慮到當您第一次設定其中一些目標時，您沒有現在擁有的某些能力，有沒有什麼方法可以考慮這種改變對公共雲長期增長的看法？這個事實如何影響未來的增長？

I think, first of all, listen, we know we are clearly ahead of our $1 billion ARR target. We will communicate the long-term targets and our perspectives on the cloud business at our Investor Day, right? So I am really excited about the portfolio we've built. We started with cloud storage. We have natively integrated cloud storage with the world's leading cloud providers, and you are seeing the acceleration of that business. We also expanded our cloud portfolio with a strong position in cloud infrastructure management, with Spot, Cloud Insights, CloudCheckr and now Fylamynt helping the entire portfolio get easily adopted by customers.

我認為，首先，聽著，我們知道我們明顯領先於 10 億美元的 ARR 目標。我們將在投資者日傳達長期目標和我們對雲業務的看法，對嗎？所以我對我們建立的投資組合感到非常興奮。我們從雲存儲開始。我們已將雲存儲與世界領先的雲提供商本地集成，您會看到該業務的加速發展。我們還通過在雲基礎設施管理方面的強大地位擴展了我們的雲產品組合，Spot、Cloud Insights、CloudCheckr 和現在的 Fylamynt 幫助客戶輕鬆採用整個產品組合。

And so I really do feel like we have built 2 strong beachheads in markets that are expanding to our overall TAM and are demonstrating the ability for us to get new customers and cross-sell and upsell them a lot of different things. So I'm really excited about our portfolio. We continue to be disciplined acquirers and manage shareholder returns, both with investing for the long-term growth of our business while returning a significant amount of free cash flow to shareholders.

因此，我真的覺得我們已經在市場上建立了 2 個強大的灘頭陣地，這些市場正在擴展到我們的整體 TAM，並展示了我們獲得新客戶以及交叉銷售和追加銷售許多不同產品的能力。所以我對我們的投資組合感到非常興奮。我們將繼續成為紀律嚴明的收購者並管理股東回報，既為我們業務的長期增長進行投資，同時又將大量自由現金流返還給股東。

Our next question comes from Jason Ader with William Blair.

我們的下一個問題來自 Jason Ader 和 William Blair。

Yes. So George, I understand that the supply is -- sorry, the demand is outpacing the supply. But how would you characterize the demand environment right now versus, say, the last few quarters, especially for your hybrid solutions in light of what some people have talked about with some pent-up demand impact in 2021?

是的。所以喬治，我知道供應是 - 抱歉，需求超過了供應。但是，與過去幾個季度相比，您如何描述當前的需求環境，特別是根據一些人談到的 2021 年一些被壓抑的需求影響，您的混合解決方案？

And then just as a quick follow-up, I know you guys are not guiding for FY '23 revenue. But Mike, any early thoughts on kind of puts and takes in terms of helping us thinking about the model for revenue in 2023?

然後作為快速跟進，我知道你們並沒有指導 23 財年的收入。但是邁克，在幫助我們考慮 2023 年的收入模型方面，是否有任何早期想法？

Listen, I think we continue to see steady, broad-based demand, right? It's very solid. It's across a lot of different industries, a lot of different verticals. And they are for use cases that are headline news in the industry, digital transformation, cloud enablement, unstructured data analytics, artificial intelligence, ransomware protection. I mean, these are all well-known use cases with broad secular demand.

聽著，我認為我們繼續看到穩定的、廣泛的需求，對嗎？它非常結實。它跨越很多不同的行業，很多不同的垂直領域。它們適用於行業頭條新聞、數字化轉型、雲支持、非結構化數據分析、人工智能、勒索軟件保護等用例。我的意思是，這些都是具有廣泛長期需求的知名用例。

I did not believe that there was a V-shaped recovery, to be honest. I think IT departments are mature buying centers, and they buy steadily over time. I think the year-on-year compares, in some cases, were exacerbated by the fact that during COVID, you saw the opposite pattern for many companies. We had a good business pattern even during COVID. So I continue to remain optimistic. Our team has executed excellently. We have gained share in every category that we have played in, and our Hybrid Cloud business has 2 strong growth engines in object storage and all-flash.

老實說，我不相信會出現 V 型複蘇。我認為 IT 部門是成熟的採購中心，他們會隨著時間的推移穩步採購。我認為，在某些情況下，同比比較因在 COVID 期間看到許多公司的相反模式而加劇。即使在 COVID 期間，我們也有良好的業務模式。所以我繼續保持樂觀。我們的團隊表現出色。我們所涉足的每一個品類都獲得了份額，我們的混合雲業務在對象存儲和全閃存方面有兩個強勁的增長引擎。

Yes. Jason, on your question -- I'm sorry, did you want to add something?

是的。 Jason，關於你的問題——抱歉，你想補充什麼嗎？

No. Go for it. Yes, go for it.

不，去吧。是的，去吧。

Okay. Great. So I'll go back over what basically to Aaron's question. So we're exiting -- when you look at the different revenue components, 4 straight quarters of growth in product, we've guided for the fifth in Q4, and we expect that to continue in '23. On a year-to-date basis, product is up about 11%. Support, we've talked about, when you normalize for FX, hey, the last 7 quarters, it's been a 4%, 5%, 6% grower. And again, worked hard at deferred revenue, especially short-term deferred because more than 90% of support revenue in a quarter comes off the balance sheet.

好的。偉大的。所以我將基本上回到Aaron 的問題。所以我們正在退出——當你看到不同的收入組成部分時，產品連續四個季度增長，我們在第四季度指導了第五個季度，我們預計這將在 23 年繼續。從年初至今，產品上漲了約 11%。支持，我們已經討論過，當你對 FX 進行標準化時，嘿，過去 7 個季度，它增長了 4%、5%、6%。再次，努力處理遞延收入，尤其是短期遞延收入，因為一個季度超過 90% 的支持收入來自資產負債表。

The cloud ARR, again, we'll update you in March, but you can do your own forecast there. As I talked about in my script, cloud contributed 4 of the 10 percentage points of growth in the quarter. So it's really starting to have a meaningful impact. And then, hey, nice results in professional services, but it's pretty small. So those would be the puts and takes going into next year. The one thing to keep in mind is that's largely organic. We'll continue to obviously be disciplined acquirers, but we do look to expand our cloud portfolio next year as well.

雲 ARR，我們將在 3 月份為您更新，但您可以在那裡進行自己的預測。正如我在腳本中所說，雲計算貢獻了本季度 10 個百分點增長中的 4 個。所以它真的開始產生有意義的影響。然後，嘿，在專業服務方面取得了不錯的成績，但是規模很小。所以這些將是明年的看跌期權和需求。要記住的一件事是，這在很大程度上是有機的。我們顯然將繼續成為紀律嚴明的收購者，但我們確實希望明年也能擴大我們的雲產品組合。

Our next question comes from Nik Todorov with Longbow Research.

我們的下一個問題來自 Longbow Research 的 Nik Todorov。

Yes. A question on -- regarding -- given all of the constraints and the price increases you guys talked about, are you seeing any changes in customer behavior in relation as to whether they prefer hardware versus cloud solution? Or do you see any increase in appetite for fully managed solutions like your cloud services or maybe Keystone?

是的。一個關於 - 關於 - 考慮到你們談論的所有限制和價格上漲的問題，你是否看到客戶行為有任何變化，與他們是否更喜歡硬件而不是雲解決方案有關？或者您是否看到對完全託管的解決方案（例如您的雲服務或 Keystone）的需求有所增加？

We feel good about the ability to serve customers in all of the ways that you talked about, absolutely on target. I think we've seen -- while we haven't seen any sort of radical shift in behavior, the long-term trends around cloud and the use of as-a-service model is broadly defined continue to be playing out for us. Our cloud portfolio continues to be really, really strong. And we are able to help customers deploy workloads very quickly on public cloud environments if they aren't able to build and deploy an environment in their data center.

我們對能夠以您談到的所有方式為客戶提供服務的能力感到滿意，而且完全符合目標。我認為我們已經看到——雖然我們還沒有看到任何形式的行為根本轉變，但圍繞雲的長期趨勢和廣泛定義的即服務模型的使用繼續為我們發揮作用。我們的雲產品組合仍然非常非常強大。如果客戶無法在其數據中心構建和部署環境，我們能夠幫助客戶在公共雲環境中快速部署工作負載。

Keystone also had a good quarter. It's early in the going, but we continue to see more and more vertical industry wins, more and more new customer wins and also wins across our geographic base, just like you would expect us to be focused on when managing an early business. So I feel good about both parts of the business.

Keystone 也有一個不錯的季度。現在還處於早期階段，但我們繼續看到越來越多的垂直行業獲勝，越來越多的新客戶獲勝，並且還在我們的地理基礎上獲勝，就像您希望我們在管理早期業務時所關注的那樣。所以我對業務的兩個部分都感覺良好。

And then, of course, our differentiated product portfolio, as we said, we're focused on growing all-flash and object storage. We have the best operating system in the market for hybrid flash, and that had a good quarter. So good execution across the board.

然後，當然，正如我們所說，我們的差異化產品組合專注於發展全閃存和對象存儲。我們擁有市場上最好的混合閃存操作系統，並且有一個很好的季度。全面執行得很好。

Our next question comes from Shannon Cross of Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

Just two for me. You guided $705 million to $716 million, I think it was, for OpEx last quarter and came in about $683 million. I'm just curious how you're thinking about OpEx and your ability to sort of toggle it if gross margin remains under pressure. And then if you can just talk a bit about Asia since it was about 12% of revenue, which seems low. Was there anything specific to pressure that?

對我來說只有兩個。你指導了 7.05 億美元到 7.16 億美元，我認為是，上個季度的 OpEx 收入約為 6.83 億美元。我只是好奇你是如何考慮 OpEx 的，以及你在毛利率仍然面臨壓力的情況下切換它的能力。然後，如果你能談談亞洲，因為它大約佔收入的 12%，這似乎很低。有什麼具體的壓力嗎？

Sure. So Shannon, it's Mike. On OpEx, yes, we did come in a little bit below guidance. That was really driven by timing of program spend. And quite frankly, we had baked in being able to hire more folks than we were able to. So that were -- those were the 2 big drivers. From Q3 to Q4, we've talked about it. Hey, we want to make sure that we're investing in the areas that drive growth. So the increase is driven by cloud, both in sales and in product. There is some program spend that we didn't spend in Q3 that will flow into Q4, and then there's always timing around things like commissions, so that's Q4.

當然。香農，是邁克。在 OpEx 方面，是的，我們確實略低於指導。這實際上是由計劃支出的時間驅動的。坦率地說，我們已經能夠僱用比我們能夠僱用的更多的人。那就是——那些是 2 大驅動因素。從第三季度到第四季度，我們已經討論過了。嘿，我們要確保我們投資於推動增長的領域。因此，增長是由雲驅動的，無論是在銷售方面還是在產品方面。我們在第三季度沒有支出的一些計劃支出將流入第四季度，然後總是圍繞佣金等事情安排時間，所以這就是第四季度。

And it's a great question on toggling OpEx. I mean, again, our view is this is temporary. It's going to work its way through to '23. Therefore, we don't want to do anything that hamstrings the growth in the business. If something changes during '23, we'll certainly take a look at it, but that's not our stance today.

這是一個關於切換 OpEx 的好問題。我的意思是，我們的觀點是這是暫時的。它將一直持續到 23 年。因此，我們不想做任何阻礙業務增長的事情。如果 23 年期間有什麼變化，我們肯定會看一看，但這不是我們今天的立場。

The Asia revenue drop that you saw is really driven by 2 things, largely supply chain and us not being able to deliver. So that was mostly supply chain related versus we were able to deliver more in the other geos, which is why you saw that year-over-year drop in revenue.

您看到的亞洲收入下降實際上是由兩件事驅動的，主要是供應鍊和我們無法交付。因此，這主要與供應鏈相關，而我們能夠在其他地區交付更多產品，這就是為什麼您看到收入同比下降的原因。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

I just have one question, and it's probably for George or maybe Mike. But you've been very ethical, loyal and true to your customers who placed orders and agreeing to the terms and contracts and commitments. When you hear of these decommitments, what's the action or reaction to NetApp then strategically? Do you find alternative providers long term? Or do those who contracted with you who broke their promises come back and give you some concessions down the road? Or do you just kind of divorce or break the bridge and move on without them? I'm just kind of curious because you've taken the high road, and it seems like some of your suppliers have really put you in an awkward situation.

我只有一個問題，可能是問喬治或邁克的。但是對於下訂單並同意條款、合同和承諾的客戶，您一直非常有道德、忠誠和忠誠。當您聽說這些取消承諾時，NetApp 在戰略上採取了什麼行動或反應？您是否找到長期的替代供應商？還是那些與你簽約的人違背了諾言回來給你一些讓步？或者你只是離婚或打破橋樑並在沒有他們的情況下繼續前進？我只是有點好奇，因為你走了大路，而且你的一些供應商似乎真的讓你陷入了尷尬的境地。

Listen, I think these are all the conversations that we have with our supply base. We have good long-term suppliers that support the vast majority of our BOM and that we manage directly. There are other components that are integrated into subassemblies in our overall systems that sometimes are -- have been a part of the challenge here.

聽著，我認為這些就是我們與供應商之間的所有對話。我們擁有良好的長期供應商，他們支持我們的絕大部分 BOM，並且由我們直接管理。在我們的整個系統中，還有其他組件被集成到子組件中，有時 - 已經成為這裡挑戰的一部分。

There's sort of multiple discussions there, right? I think clearly, we want to understand the reasons for such a decommit. We want to understand where we are in sort of the ability for the customer -- for the supplier to meet our demand profile. And then there are ways that we have worked really hard in engineering to continue to build diversity of supply across our entire bill of materials and in the cases where we don't feel like we can rely on a supplier to give us access to other suppliers. And so you'll see us continuing to work that over the next several quarters to make sure that we have all the levers at our disposal to meet demand.

那裡有很多討論，對吧？我想清楚了，我們想了解這種退役的原因。我們想了解我們在某種程度上對客戶的能力 - 供應商滿足我們的需求概況。然後，我們在工程方面非常努力地工作，以繼續在我們的整個材料清單中建立供應的多樣性，並且在我們覺得我們不能依賴供應商讓我們接觸其他供應商的情況下.所以你會看到我們在接下來的幾個季度繼續努力，以確保我們擁有所有可用的槓桿來滿足需求。

Our next question comes from Ananda Baruah with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes. Just a quick one for me. George, how would you describe in hybrid environments where your sweet spot is today for object storage and all-flash arrays? And do you think that changes over time as you add to the portfolio?

是的。對我來說只是一個快速的。 George，您如何描述混合環境中的對象存儲和全閃存陣列？你認為隨著你添加到投資組合中，這種情況會隨著時間而改變嗎？

I mean, all-flash arrays, clearly, we are the strongest vendor in the mid-range systems. And mid-range is displacing traditional high-end systems. So we are in more and more and more customers winning the really high end of the market as well. So really strong broad-based distribution of our portfolio. Our hybrid flash systems have done really well in the entry market. If you look at the entry price bands, growth rates, those are much more hybrid flash businesses than all-flash business. And so the combination of those 2 give us the ability to cover a broad range of use cases with the right form factor.

我的意思是，全閃存陣列，顯然，我們是中端系統中最強大的供應商。中檔正在取代傳統的高端系統。因此，我們在越來越多的客戶中也贏得了真正的高端市場。我們的產品組合分佈非常廣泛。我們的混合閃存系統在入門市場上做得非常好。如果您查看入門價格區間和增長率，就會發現混合閃存業務比全閃存業務要多得多。因此，這兩者的結合使我們能夠以合適的外形覆蓋廣泛的用例。

With regard to object storage, it's another extension of our unstructured data portfolio. The unstructured data started out in files for the most part. And increasingly, as the scale of those repositories have grown, customers are starting to use object technology to allow for management and ease of administration. Our solutions have been really, really strong. I think we're focused on that market. We have a really good, cost-effective, highly scalable, centrally managed object solution. And even in the object world, we have unique integrations with the public clouds that allows us to build a truly hybrid object environment, combining some parts of the environment being in customers' data centers and some parts being in true public cloud under one policy framework.

關於對象存儲，它是我們非結構化數據組合的另一個擴展。大部分非結構化數據都是從文件開始的。隨著這些存儲庫規模的增長，客戶越來越多地開始使用對象技術來實現管理和簡化管理。我們的解決方案非常非常強大。我認為我們專注於那個市場。我們有一個非常好的、經濟高效的、高度可擴展的、集中管理的對象解決方案。即使在對象世界中，我們也與公共雲進行了獨特的集成，這使我們能夠構建一個真正的混合對象環境，將環境的某些部分位於客戶的數據中心，而另一些部分則位於一個策略框架下的真正的公共雲中.

Our next question comes from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I apologize if this has been asked already. The first one I had was on the cloud ARR side. I think you talked about the gross margins being 71% better than corporate averages. Is there a way to think about at what point do we cross or we start to see operating margins in that business that are in line to corporate averages potentially?

如果已經有人問過這個問題，我深表歉意。我擁有的第一個是在雲 ARR 端。我想你談到毛利率比公司平均水平高 71%。有沒有辦法考慮我們在什麼時候交叉，或者我們開始看到該業務的營業利潤率可能與公司平均水平一致？

Yes. So Amit, this is Mike. So we go down in the segment reporting to gross margin. At this point, we don't have any plans to go down to operating margin. We'll continue to look at that, but we're going to report segment reporting revenue down to gross margin.

是的。阿米特，這是邁克。因此，我們在報告毛利率的細分市場中下降。在這一點上，我們沒有任何計劃降低營業利潤率。我們將繼續關注這一點，但我們將報告分部報告收入下降至毛利率。

Fair enough. And then on these component issues that I think you and everyone else has been going through these challenges now, as I think about maybe the April quarter headwinds, right, and you've talked about the gross margin issues, is there a way to think about how much of that is freight logistics versus component issues? And then is there any revenue left on the table in April that you would call out or quantify for us?

很公平。然後在這些組件問題上，我認為你和其他人現在一直在經歷這些挑戰，正如我所想的那樣，也許是 4 月季度的逆風，對吧，你已經談到了毛利率問題，有沒有辦法思考大約有多少是貨運物流與組件問題？那麼 4 月份的桌面上是否還剩下任何收入，您可以為我們調用或量化？

The majority of the headwinds are from components versus freight. Freight and logistics are there, but the components are a bigger piece of that. And then we won't quantify what that was from a revenue perspective. What we'd say is that's all baked into the Q4 and full year guidance that we gave.

大多數不利因素來自零部件與運費。貨運和物流在那裡，但組件是其中更大的一部分。然後我們不會從收入的角度量化那是什麼。我們要說的是，這些都包含在我們提供的第四季度和全年指導中。

I guess, Mike, the part that I was trying to get was we should have conviction that we could pick up what revenue was left on the table in the July quarter as you are requalifying some of these products and these bottlenecks alleviate, right?

我想，邁克，我想要得到的部分是我們應該相信我們可以在 7 月季度獲得剩餘的收入，因為您正在重新認證其中一些產品並且這些瓶頸得到緩解，對吧？

Yes. So -- and there was a previous question on that. What we'd say is to the extent that we have supply available and we're able to deliver those, then they could flow into Q1. We're not guiding Q1 yet. We'll do that at the end of Q4, but that is almost entirely dependent on the supply chain situation. And mix matters here. It's super important in terms of what is the mix and what are the components.

是的。所以 - 之前有一個問題。我們要說的是，只要我們有可用的供應並且我們能夠交付這些供應，那麼它們就可以流入第一季度。我們還沒有指導第一季度。我們將在第四季度末這樣做，但這幾乎完全取決於供應鏈情況。並在這裡混合事項。就什麼是組合以及什麼是組件而言，這是非常重要的。

Our last question comes from Louis Miscioscia with Daiwa.

我們的最後一個問題來自 Daiwa 的 Louis Miscioscia。

Okay. So I've got 4 demand questions and 2 OpEx ones. So -- but joking aside, when you look at what happened in calendar 2018 with a big hardware refresh cycle, I know you talked multiple times about demand is outpacing supply. But just curious because some of my CIO checks suggest that there is a replacement cycle coming on, maybe more in the back half of this year. And then on top of that, some of my CIO checks also suggest that with some IT workers getting back to the office or just people getting back to the office, that's also some of the growth drivers. So I know you did talk about a couple before, George. But maybe if you could extrapolate if some of these are also contributing to hopefully a good demand year for you all this calendar year.

好的。所以我有 4 個需求問題和 2 個 OpEx 問題。所以 - 但開個玩笑，當你看看 2018 年發生的事情時，硬件更新周期很大，我知道你多次談到需求超過供應。但只是好奇，因為我的一些 CIO 檢查表明有一個更換週期即將到來，可能在今年下半年更多。然後最重要的是，我的一些 CIO 檢查還表明，隨著一些 IT 員工回到辦公室或只是人們回到辦公室，這也是一些增長動力。所以我知道你之前確實談過一對夫婦，喬治。但也許如果您可以推斷其中一些是否也有助於在整個日曆年為您帶來良好的需求年。

Yes. Listen, I think you hit the points quite accurately. I think we see the improvements in the overall sort of return to work and the impact from Omicron sort of easing through the course of the year, all things remaining the same. And we think that demand continues to be really solid, steady and broad based. And so we're excited about the year ahead. We're certainly not guiding next fiscal. We'll guide it when we guide it. But as I said in my remarks, we feel very, very good about the demand picture, and we're working hard to meet it with as much supply as we can get.

是的。聽著，我認為你說得很準。我認為我們看到整體復工情況有所改善，Omicron 的影響在今年有所緩和，所有事情都保持不變。我們認為需求仍然非常穩固、穩定且基礎廣泛。因此，我們對來年感到興奮。我們當然不會指導下一個財政年度。當我們引導它時，我們會引導它。但正如我在發言中所說，我們對需求情況感覺非常非常好，我們正在努力滿足需求，盡可能多地供應。

Thank you. As we wrap up, I want to leave you with 3 callouts. The sizable and enduring trends of cloud and data-driven digital transformation, where we at NetApp play a critical role in helping customers achieve their goals, are driving broad-based customer demand for our products and services. Our embrace of cloud has expanded our addressable market. The real opportunity is still in front of us. And thanks to our strong Public Cloud services performance, we are well ahead of our plan to achieve $1 billion in ARR in fiscal year '25.

謝謝。在我們結束時，我想給你留下 3 個標註。雲和數據驅動的數字化轉型的巨大而持久的趨勢，我們 NetApp 在幫助客戶實現目標方面發揮著關鍵作用，正在推動客戶對我們的產品和服務的廣泛需求。我們對雲的擁抱擴大了我們的目標市場。真正的機會還在我們面前。由於我們強大的公共雲服務性能，我們遠遠領先於我們在 25 財年實現 10 億美元 ARR 的計劃。

Our focused execution and effective management of temporary supply chain headwinds enable us to capture our expanding opportunity and deliver operating leverage as we grow our operating profitability and margins. Thank you, and I hope to see you at our Investor Day next month, where we will talk more about our long-term growth and value drivers.

我們對臨時供應鏈逆風的專注執行和有效管理使我們能夠抓住不斷擴大的機會，並在我們提高運營盈利能力和利潤率的同時提供運營槓桿。謝謝，我希望在下個月的投資者日見到你，我們將在會上更多地討論我們的長期增長和價值驅動因素。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。