NetApp Inc (NTAP) 2022 Q4 法說會逐字稿

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

下午好，女士們，先生們。歡迎參加 NetApp 第四季度和 2022 財年財報電話會議。 （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.

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；和首席財務官邁克·貝瑞。

This call is being webcast live and will be available for replay on our website at netapp.com.

本次電話會議正在進行網絡直播，並可在我們的網站 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 first quarter and fiscal year 2023, 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.

在今天的電話會議中，我們將對我們的財務前景和未來前景做出前瞻性陳述和預測，例如我們對第一季度和 2023 財年的指導，我們對未來收入、盈利能力和股東回報的預期，我們帶來的價值對客戶而言，我們推動混合雲和公共雲領域持續增長的能力以及我們在當前供應鏈環境中進行管理的能力，所有這些都涉及風險和不確定性。

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.

我們不承擔更新我們的前瞻性陳述和預測的任何義務。由於各種原因，實際結果可能存在重大差異，包括宏觀經濟和市場條件，例如 COVID-19 大流行的持續影響和不均衡的恢復，包括由此導致的供應鏈中斷和 IT 資本支出環境以及我們的能力在存儲市場獲得份額，發展我們的雲業務並產生更大的現金流。

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 sections.

另請參閱我們不時向美國證券交易委員會提交並在我們的網站上提供的文件，特別是我們最近的 10-Q 和 10-K 表格，包括管理層對財務狀況和運營與風險結果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 估計的對賬公佈在我們的網站上。

I'll now turn the call over to George.

我現在把電話轉給喬治。

Thank you, Kris. Thanks, everyone, for joining us this afternoon.

謝謝你，克里斯。謝謝大家，今天下午加入我們。

Our solid fourth quarter results cap off a strong year. We made sustained progress against our strategic goals, successfully achieving our commitment to grow the business while delivering operating leverage in fiscal 2022. We gained share in enterprise storage with strong growth in all-flash array and object storage products. We expanded our Public Cloud business with robust expansion of customers, ARR, innovation and routes to market. And most notably, we delivered record levels of gross margin dollars, operating income and earnings per share.

我們穩健的第四季度業績結束了強勁的一年。我們在實現戰略目標方面取得了持續進展，成功實現了發展業務的承諾，同時在 2022 財年實現了運營槓桿。我們在企業存儲中的份額隨著全閃存陣列和對象存儲產品的強勁增長而獲得。我們通過客戶、ARR、創新和市場路徑的強勁擴張來擴展我們的公共雲業務。最值得注意的是，我們實現了創紀錄的毛利率、營業收入和每股收益。

While the demand environment remains strong, macroeconomic uncertainty, including supply constraints, rising interest rates, inflation and geopolitical conflict has increased since we last spoke with you at our Investor Day in March. Navigating this complex and dynamic environment is testing our teams, and we are sharply focused on managing what is in our control.

儘管需求環境依然強勁，但自我們上次在 3 月份的投資者日與您交談以來，包括供應限制、利率上升、通貨膨脹和地緣政治衝突在內的宏觀經濟不確定性有所增加。駕馭這個複雜而動態的環境正在考驗我們的團隊，我們非常專注於管理我們可以控制的東西。

Backlog is elevated due to supply constraints, despite our excellent supply chain management, helping us meet as much of the demand as possible. I want to thank our global team for their disciplined execution and agile response to changing conditions. That we achieved all-time highs for gross margin dollars, operating income and earnings per share in the face of these headwinds demonstrates our disciplined operating management.

儘管我們出色的供應鏈管理幫助我們盡可能多地滿足需求，但由於供應限制，積壓訂單有所增加。我要感謝我們的全球團隊紀律嚴明的執行和對不斷變化的條件的敏捷響應。面對這些不利因素，我們實現了毛利率、營業收入和每股收益的歷史新高，這表明我們有紀律的經營管理。

The turbulent environment also creates challenges for our customers, raising the urgency for data-driven, digital and cloud transformations. We sit at the intersection of these mega trends as the complexities created by rapid data growth, multi-cloud management and the adoption of next-gen technologies, such as AI, cloud-native and modern application and data infrastructures create a sizable opportunity for us.

動蕩的環境也給我們的客戶帶來了挑戰，提高了數據驅動、數字和雲轉型的緊迫性。我們正處於這些大趨勢的交匯點，因為快速數據增長、多雲管理以及採用下一代技術（如人工智能、雲原生和現代應用程序和數據基礎設施）所帶來的複雜性為我們創造了巨大的機會.

At our Investor Day, we outlined our objective to deliver long-term value through sustained growth, and that thesis remains unchanged. Our critical role in helping customers achieve their transformation goals underpins our strategy and drives confidence for future growth.

在我們的投資者日，我們概述了我們的目標，即通過持續增長實現長期價值，並且這一論點保持不變。我們在幫助客戶實現轉型目標方面發揮的關鍵作用鞏固了我們的戰略，並增強了對未來增長的信心。

Public Cloud ARR of $505 million grew 68% year-over-year, and the Q4 dollar-based net revenue retention rate remains strong at 159%.

公共雲 ARR 為 5.05 億美元，同比增長 68%，第四季度基於美元的淨收入保留率保持在 159% 的強勁水平。

Before I get to the many highlights of the quarter, I want to address the fact that our Public Cloud ARR came short of our expectations. Demand for our cloud storage solutions was strong in Q4. We also saw a healthy number of new customer additions across both cloud storage and cloud operation services in the quarter. Unfortunately, these tailwinds were not enough to offset the lower-than-expected growth created by higher churn, lower expansion rates and sales force turnover in our cloud operations portfolio.

在談到本季度的許多亮點之前，我想先說明一下我們的公共雲 ARR 沒有達到我們的預期。第四季度對我們的雲存儲解決方案的需求強勁。我們還看到本季度雲存儲和雲運營服務的新客戶數量增加。不幸的是，這些順風不足以抵消我們的雲運營組合中較高的客戶流失、較低的擴張率和銷售人員流動造成的低於預期的增長。

We understand the root causes of these temporary headwinds, and in FY '23, our focus will be on returning these services to the growth trajectory we saw in the first 3 quarters of the year. We have made organizational changes to increase focus on renewal and expansion motions, and we'll continue to refine our go-to-market activities to better address the cloud operations market. Additionally, we have refreshed the sales organization and strengthened the leadership team.

我們了解這些暫時逆風的根本原因，在 23 財年，我們的重點將是使這些服務恢復到我們在今年前三個季度看到的增長軌跡。我們進行了組織變革，以增加對更新和擴展運動的關注，我們將繼續完善我們的上市活動，以更好地應對雲運營市場。此外，我們更新了銷售組織，加強了領導團隊。

We believe strongly in the sizable opportunity created by our cloud operations portfolio, where we bring differentiated enterprise capabilities to cloud infrastructure management built on our long experience, supporting a broad range of applications. Our differentiation in this space continues to receive third-party validation. Spot by NetApp was recognized as a leader and the only outperformer in GigaOm's Radar for cloud resource optimization.

我們堅信我們的雲運營組合所創造的巨大機會，我們將基於我們長期經驗的差異化企業功能引入雲基礎設施管理，支持廣泛的應用程序。我們在這個領域的差異化繼續得到第三方的驗證。 Spot by NetApp 被公認為 GigaOm 的雲資源優化雷達中的領導者和唯一表現出色的公司。

As I noted earlier, our cloud storage services continue to perform well. Azure NetApp Files remains the standout here. Cloud volume service for GCP, and FSx for NetApp ONTAP also had strong growth in ARR and customer additions, albeit off small bases.

正如我之前提到的，我們的雲存儲服務繼續表現良好。 Azure NetApp 文件仍然是這裡的佼佼者。 GCP 的雲卷服務和 NetApp ONTAP 的 FSx 在 ARR 和客戶增加方面也有強勁增長，儘管基數很小。

We continue to deliver significant innovation to help customers get the most from their cloud storage environments. AWS announced FSx for ONTAP support for single-availability zones, lowering storage costs and improving performance as well as its inclusion in the EC2 Launch Wizard, streamlining the selection of FSx for ONTAP as file storage for customers creating a new compute instance. These new capabilities unlock new use cases, expanding the opportunity for FSx for ONTAP.

我們將繼續提供重大創新，以幫助客戶充分利用其云存儲環境。 AWS 宣布 FSx for ONTAP 支持單可用區域，降低存儲成本並提高性能，並將其包含在 EC2 啟動嚮導中，簡化了選擇 FSx for ONTAP 作為創建新計算實例的客戶的文件存儲。這些新功能開啟了新的用例，擴大了 FSx for ONTAP 的機會。

Our cloud storage and data management services are complemented by our cloud operations, infrastructure management and optimization functionality. Together, these capabilities deliver an industry-leading portfolio of multi-cloud infrastructure services, for stateful and stateless workloads.

我們的雲存儲和數據管理服務與我們的雲操作、基礎設施管理和優化功能相輔相成。這些功能共同為有狀態和無狀態工作負載提供了行業領先的多雲基礎架構服務組合。

Now we're enabling customers to deploy applications quickly, easily and cost effectively on that multi-cloud infrastructure. For big data applications with Spark on Kubernetes; for managed desktops, with Spot PC; and for open source database, data pipeline and workflow applications with our most recent acquisition, Instaclustr.

現在，我們使客戶能夠在該多雲基礎架構上快速、輕鬆且經濟高效地部署應用程序。對於在 Kubernetes 上使用 Spark 的大數據應用程序；對於託管桌面，使用 Spot PC；我們最近收購的 Instaclustr 用於開源數據庫、數據管道和工作流應用程序。

Instaclustr delivers open source data and workflow applications as a fully managed service. Instaclustr will leverage our best-in-class infrastructure services, cloud volumes, storage optimization, Spot's compute optimization and cloud insights monitoring and troubleshooting to make it easier and faster for customers to build, deploy and operate cloud applications.

Instaclustr 將開源數據和工作流應用程序作為完全託管的服務提供。 Instaclustr 將利用我們一流的基礎設施服務、雲卷、存儲優化、Spot 的計算優化以及雲洞察監控和故障排除，使客戶能夠更輕鬆、更快地構建、部署和運營雲應用程序。

This will enable us to deliver more value to cloud operations teams and capture more revenue from those same buyers by delivering new services as well as through the significant synergies with our cloud storage services. I am excited to welcome the Instaclustr team to the NetApp family.

這將使我們能夠通過提供新服務以及通過與我們的雲存儲服務的顯著協同作用，為雲運營團隊提供更多價值並從這些買家那裡獲得更多收入。我很高興歡迎 Instaclustr 團隊加入 NetApp 大家庭。

Overall, fiscal year '22 was a good year for our cloud business. We doubled Public Cloud segment revenue from $199 million in fiscal year '21 to $396 million in fiscal year '22. We expanded our cloud partnerships and routes to market, introduced new organic innovations. And we completed a number of acquisitions that position us well for the future. In the coming year, we will prioritize the integration of these services.

總體而言，22 財年對我們的雲業務來說是個好年頭。我們將公共雲部門的收入從 21 財年的 1.99 億美元翻了一番，增加到 22 財年的 3.96 億美元。我們擴大了我們的雲合作夥伴關係和市場路線，引入了新的有機創新。我們完成了多項收購，為我們的未來做好準備。來年，我們將優先整合這些服務。

To underscore our commitment here, we plan to slow the pace of acquisitions and re-prioritize our use of cash in FY '23 to favor shareholder returns. Mike will provide the details in his commentary. I want to underscore that we remain convinced of the opportunity, the strength of our position and our ability to achieve $2 billion in ARR exiting fiscal year '26.

為了強調我們在這方面的承諾，我們計劃放慢收購步伐，並重新確定我們在 23 財年使用現金的優先級，以有利於股東回報。邁克將在他的評論中提供詳細信息。我想強調的是，我們仍然相信機會、我們的地位以及我們在 26 財年實現 20 億美元 ARR 的能力。

Now turning to Hybrid Cloud. Demand for our Hybrid Cloud solutions remains high. Despite supply constraints that again impeded our ability to meet all customer demand, we grew product revenue 6% in the fourth quarter and 10% in fiscal year '22.

現在轉向混合雲。對我們的混合雲解決方案的需求仍然很高。儘管供應限制再次阻礙了我們滿足所有客戶需求的能力，但我們在第四季度的產品收入增長了 6%，在 22 財年增長了 10%。

All flash array annualized revenue run rate grew 12% year-over-year to $3.2 billion. Thanks to strong unit growth in SaaS hybrid arrays, all flash penetration remained flat at 31% of installed systems.

全閃存陣列年化收入運行率同比增長 12% 至 32 億美元。由於 SaaS 混合陣列的強勁單位增長，所有閃存滲透率保持在已安裝系統的 31% 的水平。

In Q4, we further enhanced our position in Hybrid Cloud with new innovations and recognition. We updated our object storage solution with security and compliance enhancements, Google Cloud integration and faster performance for analytics workloads. We also announced the next generation of our collaboration with Cisco, Flexpod XCS for hybrid multi-cloud deployments. Additionally, Business Intelligence Group recognized NetApp AI as a winner of its Artificial Intelligence Excellence award.

在第四季度，我們通過新的創新和認可進一步提升了我們在混合雲中的地位。我們更新了我們的對象存儲解決方案，增強了安全性和合規性、Google Cloud 集成以及更快的分析工作負載性能。我們還宣布了與思科合作的下一代 Flexpod XCS，用於混合多雲部署。此外，商業智能集團將 NetApp AI 評為人工智能卓越獎的獲得者。

Looking forward, our priorities are clear. We remain focused on capturing the substantial opportunity ahead as we scale our Public Cloud services while continuing to drive growth in our Hybrid Cloud solutions.

展望未來，我們的優先事項很明確。隨著我們擴展我們的公共雲服務，同時繼續推動我們的混合雲解決方案的增長，我們將繼續專注於抓住未來的重大機遇。

The long-term thesis we presented at our Investor Day of delivering value through sustained growth remains intact. The strong fundamentals of our business, including our alignment to customer priorities, strong balance sheet and prudent operational management put NetApp in a position of strength.

我們在投資者日提出的通過持續增長創造價值的長期論點仍然完好無損。我們業務的強大基礎，包括我們與客戶優先事項保持一致、強大的資產負債表和審慎的運營管理，使 NetApp 處於優勢地位。

I want to underscore my confidence in our strategy, our execution and the value we bring to all our stakeholders.

我想強調我對我們的戰略、執行以及我們為所有利益相關者帶來的價值的信心。

With that, I'll turn the call over to Mike.

有了這個，我會把電話轉給邁克。

Thank you, George. Good afternoon, everyone, and thank you for joining us.

謝謝你，喬治。大家下午好，感謝您加入我們。

As a reminder, I'll be referring to non-GAAP numbers unless otherwise noted.

提醒一下，除非另有說明，否則我將指的是非 GAAP 數字。

As we look back on fiscal '22, I am incredibly proud of the results the team delivered in an environment with such fluid and complex supply chain challenges.

當我們回顧 22 財年時，我為團隊在面臨如此多變和復雜的供應鏈挑戰的環境中所取得的成果感到無比自豪。

We delivered billings of $6.7 billion, an increase of 13% year-over-year, and grew revenue 10% to $6.3 billion. Within our Hybrid Cloud segment, all flash revenue grew 20% and object storage revenue grew 49%. We finished fiscal '22 with $505 million in Public Cloud ARR, with Public Cloud revenue growing 99% for the full year.

我們交付了 67 億美元的賬單，同比增長 13%，收入增長 10% 至 63 億美元。在我們的混合雲部門中，全閃存收入增長了 20%，對象存儲收入增長了 49%。我們以 5.05 億美元的公共雲 ARR 結束了 22 財年，公共雲收入全年增長了 99%。

We balanced strong growth in our key strategic areas with another year of disciplined investment, delivering record operating margin of 23.7%, up more than 3 points from last year, with an all-time high EPS of $5.28, up 30% year-over-year.

我們在關鍵戰略領域的強勁增長與又一年的嚴格投資取得了平衡，實現了創紀錄的 23.7% 的營業利潤率，比去年增長了 3 個多點，每股收益創下歷史新高 5.28 美元，同比增長 30%年。

In Q4, despite supply-constrained shipments, elevated freight and logistical expense and component cost headwinds, we delivered solid revenue, with both gross margin and operating margin coming in above guidance.

在第四季度，儘管出貨量受限、貨運和物流費用增加以及零部件成本逆風，但我們實現了穩健的收入，毛利率和營業利潤率均高於預期。

Strong execution yielded Q4 billings of $2 billion, up 16% year-over-year. Revenue came in at $1.68 billion, up 8% year-over-year, including a 2-point headwind from FX. Our solid Q4 results were driven by continued strong demand for our all flash and object storage solutions.

強勁的執行產生了 20 億美元的第四季度賬單，同比增長 16%。收入為 16.8 億美元，同比增長 8%，其中包括來自外彙的 2 個百分點的逆風。對我們的全閃存和對象存儲解決方案的持續強勁需求推動了我們穩健的第四季度業績。

Our cloud portfolio continues to positively impact the overall growth profile of NetApp, delivering 3.5 of the 8 points in revenue growth. Hybrid Cloud segment revenue of $1.56 billion was up 5% year-over-year. Within Hybrid Cloud, we delivered product revenue growth for the fifth consecutive quarter and expect this momentum to continue into fiscal '23.

我們的雲產品組合繼續對 NetApp 的整體增長狀況產生積極影響，實現了 8 個收入增長點中的 3.5 個。混合雲部門收入為 15.6 億美元，同比增長 5%。在混合雲中，我們連續第五個季度實現了產品收入增長，並預計這種勢頭將持續到 23 財年。

Product revenue of $894 million increased 6% year-over-year. Software product revenue of $530 million increased 10% year-over-year, driven by the ongoing mix shift towards our all flash portfolio. Total Q4 recurring support revenue of $590 million increased 2% year-over-year, highlighting the health of our installed base.

產品收入為 8.94 億美元，同比增長 6%。受持續向全閃存產品組合轉變的推動，軟件產品收入 5.3 億美元同比增長 10%。第四季度總經常性支持收入為 5.9 億美元，同比增長 2%，突顯了我們安裝基礎的健康狀況。

Public Cloud ARR exited Q4 at $505 million, up 68% year-over-year, driven by strength in cloud storage, led by Azure NetApp Files. Public Cloud revenue recognized in the quarter was $120 million, up 82% year-over-year and 9% sequentially.

公共雲 ARR 以 5.05 億美元退出第四季度，同比增長 68%，這得益於以 Azure NetApp Files 為首的雲存儲實力。本季度確認的公共雲收入為 1.2 億美元，同比增長 82%，環比增長 9%。

We didn't end the year as expected for Cloud ARR, but are confident that we remain well positioned to deliver on the long-term Public Cloud opportunity. While it is not unusual for hyper-growth assets to hit air pockets along their journey, we are using this moment to learn and continue to improve the operational rigor across the CloudOps products. Towards this goal, we are laser-focused on using fiscal '23 to strengthen our field and customer success go-to-market motions, while integrating our CloudOps product portfolio.

我們沒有像 Cloud ARR 預期的那樣結束這一年，但有信心我們仍然處於有利地位，可以提供長期的公共雲機會。雖然超增長資產在其旅程中遭遇氣穴並不罕見，但我們正在利用這一刻來學習並繼續提高 CloudOps 產品的運營嚴謹性。為了實現這一目標，我們專注於使用 '23 財年來加強我們的領域和客戶成功進入市場的行動，同時整合我們的 CloudOps 產品組合。

Recurring support and Public Cloud revenue of $710 million, was up 11% year-over-year, constituting 42% of total revenue. We ended Q4 with a record $4.2 billion in deferred revenue, an increase of 6% year-over-year. Q4 marks the 17th consecutive quarter of year-over-year deferred revenue growth, which is the best leading indicator for recurring revenue growth.

經常性支持和公共雲收入為 7.1 億美元，同比增長 11%，佔總收入的 42%。我們在第四季度末的遞延收入達到創紀錄的 42 億美元，同比增長 6%。第四季度是遞延收入連續第 17 個季度同比增長，這是經常性收入增長的最佳領先指標。

Total gross margin was 66% and came in solidly ahead of our guidance, reflecting better-than-expected product margins. Total Hybrid Cloud gross margin was 65% in Q4.

總毛利率為 66%，遠超我們的預期，反映出產品利潤率好於預期。第四季度混合云總毛利率為 65%。

Within our Hybrid Cloud segment, product gross margin was 51% as the supply chain team did an amazing job of mitigating a portion of the component cost headwinds, and our sales team was very focused on capturing our recent price increases.

在我們的混合雲部門，產品毛利率為 51%，因為供應鏈團隊在緩解部分組件成本逆風方面做得非常出色，而且我們的銷售團隊非常專注於捕捉我們最近的價格上漲。

Our growing recurring support business continues to be very profitable with gross margin of 93%. Public Cloud gross margin of 68% was again accretive to the overall corporate average. The sequential decline in Public Cloud gross margin was driven by lower-than-expected cloud revenue and incremental CapEx investment for Azure NetApp Files, which is a healthy leading demand signal.

我們不斷增長的經常性支持業務繼續保持盈利，毛利率為 93%。公共雲 68% 的毛利率再次提高了整體企業平均水平。公共雲毛利率的連續下降是由於低於預期的雲收入和 Azure NetApp Files 的資本支出增加，這是一個健康的領先需求信號。

We remain confident in our long-term Public Cloud gross margin goal of 75% to 80% as we continue to drive scale in cloud storage and an increasing percentage of our Public Cloud business being built on software solutions.

我們對 75% 至 80% 的長期公共雲毛利率目標仍然充滿信心，因為我們繼續推動雲存儲的規模化，並且我們的公共雲業務越來越多地建立在軟件解決方案之上。

Q4 highlighted the strong leverage in our operating model, with operating margin of 23% despite the ongoing supply chain headwinds.

第四季度突出了我們運營模式的強大槓桿作用，儘管供應鏈面臨持續的逆風，但營業利潤率為 23%。

EPS of $1.42 was up 21% year-over-year, and even excluding a onetime tax benefit of $0.12, represents a new Q4 record for the company.

每股收益為 1.42 美元，同比增長 21%，即使不包括一次性稅收優惠 0.12 美元，也創下了該公司第四季度的新紀錄。

Cash flow from operations was $411 million, and free cash flow was $343 million.

運營現金流為 4.11 億美元，自由現金流為 3.43 億美元。

The ongoing supply constraints resulted in shipments being pushed to the end of the quarter, leading to the highest-ever accounts receivable balance of $1.2 billion exiting the year, an increase of $431 million from Q3. As a result, we expect healthy cash collections in the first half of fiscal '23, which will be a tailwind to operating cash flow for the full year.

持續的供應限制導致出貨量被推遲到本季度末，導致今年應收賬款餘額達到 12 億美元，比第三季度增加 4.31 億美元，創下歷史新高。因此，我們預計 23 財年上半年將有健康的現金收集，這將是全年運營現金流的順風。

During Q4, we repurchased $250 million in stock and paid out $111 million in cash dividends. In total, we returned $361 million to shareholders, representing 105% of free cash flow.

在第四季度，我們回購了 2.5 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 3.61 億美元，佔自由現金流的 105%。

We closed Q4 with $4.1 billion in cash and short-term investments.

我們以 41 億美元的現金和短期投資結束了第四季度。

Now to guidance. In fiscal '23, we are guiding revenues to grow 6% to 8% year-over-year, which includes a 2-percentage point headwind from FX.

現在來指導。在 23 財年，我們指導收入同比增長 6% 至 8%，其中包括來自 FX 的 2 個百分點的逆風。

In fiscal '23, we anticipate sustained demand for and continued share gain momentum in both our all flash and object storage solutions, which we expect to drive product revenue growth in the mid-single digits. We will also continue to grow and invest in our Public Cloud business.

在 23 財年，我們預計對我們的全閃存和對象存儲解決方案的持續需求和持續份額增長勢頭，我們預計這將推動產品收入以中個位數增長。我們還將繼續發展並投資於我們的公共雲業務。

We expect to exit fiscal '23 with Public Cloud ARR of $780 million to $820 million, which includes approximately $40 million from our recently closed acquisition of Instaclustr.

我們預計以 7.8 億美元至 8.2 億美元的公共雲 ARR 退出 '23 財年，其中包括我們最近完成的對 Instaclustr 的收購的約 4000 萬美元。

At the ARR midpoint, we expect our Public Cloud segment to drive 4 points of total company revenue growth in fiscal '23. As George noted, we remain confident in our ability to deliver $2 billion in Public Cloud ARR exiting fiscal '26.

在 ARR 中點，我們預計我們的公共雲部門將在 23 財年推動公司總收入增長 4 個百分點。正如 George 指出的那樣，我們仍然有能力在 26 財年實現 20 億美元的公共雲 ARR。

In fiscal '23, we expect gross margin to range between 66% and 67% as elevated component costs and logistical expenses from supply constraints continue to weigh on product margins. We expect first half product margins to be roughly consistent with Q4 levels.

在 23 財年，我們預計毛利率將在 66% 至 67% 之間，因為供應限制導致的組件成本和物流費用上升繼續影響產品利潤率。我們預計上半年產品利潤率將與第四季度水平大致一致。

As we have previously disclosed, we believe these cost headwinds are temporary in nature, and we believe that Q4 '22 is 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, coupled with our recent price increases to be a modest tailwind to product margins as we head into the back half of fiscal '23.

正如我們之前披露的那樣，我們認為這些成本逆風本質上是暫時的，我們認為 22 年第四季度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機仍然不確定，但我們確實預計成本會有所改善，再加上我們最近的價格上漲將成為產品利潤率的適度順風，因為我們進入了 23 財年的後半期.

We anticipate operating margin to range between 23% to 24% for the full year as we continue to invest in our growth initiatives while maintaining a disciplined approach to spending. Our commitment is to, again, grow revenue faster than operating expenses in fiscal '23.

我們預計全年營業利潤率將在 23% 至 24% 之間，因為我們將繼續投資於我們的增長計劃，同時保持嚴格的支出方法。我們的承諾是，在 23 財年，收入的增長速度再次超過運營費用。

Moving down the P&L. We expect net interest expense to be approximately $30 million and our effective tax rate to be in the range of 21% to 22%.

向下移動損益表。我們預計淨利息支出約為 3000 萬美元，我們的有效稅率將在 21% 至 22% 之間。

Despite the considerable headwind to earnings as a result of the higher tax rate, we are committed to delivering $5.40 to $5.60 in fiscal '23 EPS.

儘管較高的稅率對收益造成了相當大的不利影響，但我們承諾在 23 財年每股收益中實現 5.40 至 5.60 美元。

We expect to generate greater than $1.4 billion in operating cash flow in fiscal '23 as we continue to drive incremental profitability in our Hybrid Cloud segment to fund the growth in our Public Cloud business.

我們預計在 23 財年將產生超過 14 億美元的運營現金流，因為我們將繼續推動混合雲部門的盈利能力增加，為公共雲業務的增長提供資金。

Free cash flow is expected to exceed $1.1 billion for the full year. Factored into the year-over-year free cash flow growth is a step-up in CapEx to approximately $250 million to $300 million.

全年自由現金流預計將超過 11 億美元。考慮到自由現金流的同比增長，資本支出增加至約 2.5 億至 3 億美元。

The higher CapEx forecast is being driven by 3 key items: one, additional capacity deployments in Azure and GCP; two, higher cloud software capitalization; and three, growing pipeline for our Keystone offering. As we've discussed before, additional capacity deployments within Azure and GCP are a healthy leading indicator for cloud storage demand.

較高的資本支出預測是由 3 個關鍵項目推動的：一，Azure 和 GCP 中的額外容量部署；二、更高的雲軟件資本化；第三，我們的 Keystone 產品不斷增長的管道。正如我們之前所討論的，Azure 和 GCP 中的額外容量部署是雲存儲需求的健康領先指標。

Generating over $1.1 billion in free cash flow will allow us to continue to deliver on our shareholder return commitments while also investing in our key strategic areas. From a capital allocation perspective, we expect to hit pause on CloudOps acquisitions for the first half of fiscal '23 as we focus on strengthening our field and customer success go-to-market motions while integrating our CloudOps product portfolio.

產生超過 11 億美元的自由現金流將使我們能夠繼續履行我們的股東回報承諾，同時也投資於我們的關鍵戰略領域。從資本配置的角度來看，我們預計將在 23 財年上半年暫停 CloudOps 收購，因為我們專注於加強我們的領域和客戶成功進入市場的行動，同時整合我們的 CloudOps 產品組合。

As a result, we plan to return 100% of fiscal '23 free cash flow to investors through dividends and share repurchases. We expect our quarterly dividend to remain at $0.50 per share throughout fiscal '23, with the remainder of free cash flow allocated to share repurchases. We plan to front-end load these share repurchases, with $500 million coming in the first half of the year, which will reduce share count by 2% to 3% as we go through fiscal '23.

因此，我們計劃通過股息和股票回購將 23 財年自由現金流的 100% 返還給投資者。我們預計我們的季度股息將在整個 23 財年保持在每股 0.50 美元，其餘的自由現金流分配給股票回購。我們計劃對這些股票回購進行前端加載，上半年將有 5 億美元，這將使我們在 23 財年期間減少 2% 至 3% 的股票數量。

Now on to Q1 guidance. We expect Q1 net revenues to range between $1.475 billion and $1.625 billion, which at the midpoint, implies a 6% increase year-over-year. We expect consolidated gross margin to be approximately 67%, and operating margin to be approximately 21%.

現在進入第一季度指導。我們預計第一季度的淨收入在 14.75 億美元至 16.25 億美元之間，中間值意味著同比增長 6%。我們預計綜合毛利率約為 67%，營業利潤率約為 21%。

We anticipate our tax rate to be between 21% and 22%. And we expect earnings per share for Q1 to range between $1.05 and $1.15 per share.

我們預計我們的稅率在 21% 到 22% 之間。我們預計第一季度的每股收益將在每股 1.05 美元至 1.15 美元之間。

Assumed in our Q1 guidance is net interest expense of $10 million to $15 million, and a share count of approximately 224 million.

我們在第一季度的指導中假設淨利息支出為 1000 萬至 1500 萬美元，股票數量約為 2.24 億股。

In closing, I want to thank the entire NetApp team for the outstanding dedication, focus and hustle in delivering strong fiscal '22 results in a very fluid environment. We remain disciplined and committed to the long-term thesis we shared with you as we continue to navigate the dynamic supply challenges to meet as much customer demand as possible.

最後，我要感謝整個 NetApp 團隊在非常多變的環境中提供出色的 '22 財年業績的出色奉獻、專注和努力。在我們繼續應對動態供應挑戰以盡可能多地滿足客戶需求的過程中，我們將保持紀律並致力於我們與您分享的長期論點。

We are confident, enthusiastic and incredibly focused on our long-term strategic priorities and the tremendous growth opportunity we see over the next several years.

我們對我們的長期戰略重點和我們在未來幾年看到的巨大增長機會充滿信心、熱情和難以置信的專注。

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 以打開問答電話。克里斯?

Thanks, Mike.

謝謝，邁克。

Operator, let's begin the Q&A.

接線員，我們開始問答吧。

(Operator Instructions) Our first question will come from Jim Suva with Citigroup.

（操作員說明）我們的第一個問題將來自花旗集團的 Jim Suva。

Based upon the results and your competitors who've also reported, it looks like NetApp has been gaining significant share, which is great. Is there anything in there that we should think about that would cause us to kind of pause or downshift that, like any big recent design-ins or acceptances?

根據結果和也報告的競爭對手，NetApp 似乎已經獲得了可觀的份額，這很棒。那裡有什麼我們應該考慮的東西會導致我們暫停或降檔，就像最近的任何大型設計或驗收一樣？

Or on the other hand, with your sales force now fully ramped and the additional CapEx and things that Mike laid out, is there actually the potential you're looking at actually upselling or upshifting it to even a higher share gain in the future quarters?

或者另一方面，隨著您的銷售人員現在全面增加，以及邁克提出的額外資本支出和其他事項，您是否真的有可能在未來幾個季度實際向上銷售或提高其份額以獲得更高的份額？

I think if you look at the dynamics of this past year, demand was strong and consistent throughout. We were gated by supply, particularly in the back half of the year. That certainly was true even in Q4. We feel very good about our competitive position, as we outlined at our Financial Analyst Day, and we continue to see cloud storage has been a really strong addition to the portfolio.

我認為，如果您看一下過去一年的動態，需求自始至終都是強勁且一致的。我們受到供應的限制，尤其是在今年下半年。即使在第四季度也是如此。正如我們在金融分析師日所概述的那樣，我們對自己的競爭地位感到非常滿意，並且我們繼續看到雲存儲一直是產品組合中非常強大的補充。

The number of net new-to-NetApp customers, meaning those that do not have our storage on-premises, that part of cloud storage continues to be strong. So we get to cross-sell additional on-premises workloads in the future.

NetApp 的淨新客戶數量，即那些沒有我們本地存儲的客戶，這部分雲存儲繼續保持強勁勢頭。因此，我們將來可以交叉銷售額外的本地工作負載。

And I think with regard to the performance of our flash portfolio throughout the year and the growth of object, the second growth engine in our on-premises portfolio, we feel really good. So thank you for the question, Jim.

我認為關於我們閃存產品組合全年的表現以及我們本地產品組合中的第二個增長引擎對象的增長，我們感覺非常好。所以謝謝你的問題，吉姆。

Your next question will come from Amit Daryanani with Evercore.

您的下一個問題將來自 Evercore 的 Amit Daryanani。

George, I was hoping you talk a little bit about some of the headwinds that you saw in the cloud services side that impacted the ARR number this quarter. I know you talked about 3 issues. Maybe just elaborate on kind of what these things were. And really, the important part would be to understand your ability and conviction to resolve these and the time line to resolve these.

喬治，我希望你能談談你在雲服務方面看到的一些不利因素，這些不利因素影響了本季度的 ARR 數字。我知道你談到了 3 個問題。也許只是詳細說明這些東西是什麼。實際上，重要的部分是了解您解決這些問題的能力和信念以及解決這些問題的時間表。

And my follow-up, just related to the same question around it. When I think about the 60% growth rate you're implying on the cloud services for fiscal '23, is there some linearity that I should be thinking about? Maybe the back half has trouble, which is the first half. That would be helpful as well.

而我的後續行動，只是與它周圍的同一個問題有關。當我想到你暗示的 23 財年雲服務的 60% 增長率時，我應該考慮一些線性嗎？可能後半段有問題，也就是前半段。那也會很有幫助。

Mike? Thanks for the question, Amit. I'll have Mike just start walking you through the specifics. I'll talk about the remedies, and then we'll come back to guidance.

麥克風？謝謝你的問題，阿米特。我會讓邁克開始帶你了解細節。我將討論補救措施，然後我們將返回指導。

Perfect. Thank you, George. Amit, thanks for the question.

完美的。謝謝你，喬治。阿米特，謝謝你的問題。

So hey, when we talked to you folks in February and we were looking at Q4, we have raised our expectations on the strength of Q3. We had expected Q4 to be largely consistent with what we saw in Q1, 2 and 3. And we expected to see some continued growth in Spot and Cloud Insights. We did know that there were some significant renewals in Cloud Insights.

所以，嘿，當我們在二月份與你們交談時，我們正在關注第四季度，我們提高了對第三季度實力的預期。我們曾預計第四季度與第一季度、第二季度和第三季度的情況基本一致。我們預計 Spot 和 Cloud Insights 將繼續增長。我們確實知道 Cloud Insights 中有一些重要的更新。

So as we went through the quarter, especially as we got into April, we saw increased churn in Cloud Insights. As you know, a good bit of the sales there are helping our customers move from their OCI, their on-prem solution, to the cloud solution. And some of them are still trying to find their way there.

因此，當我們度過本季度時，尤其是進入四月時，我們看到 Cloud Insights 的流失率有所增加。如您所知，那裡的大量銷售正在幫助我們的客戶從他們的 OCI（他們的本地解決方案）遷移到雲解決方案。他們中的一些人仍在試圖找到他們的方式。

Spot, we saw lower expansion, as you know. We see -- we have seen in the first 3 quarters a good bit of expansion in that business as they've deployed more into the cloud. And that didn't come through as expected. And then we did see higher sales and customer success turnover, especially in the Spot group.

如您所知，我們看到了較低的擴張。我們看到——我們在前 3 個季度看到該業務有很大的擴張，因為他們已經將更多的部署到雲中。這並沒有按預期進行。然後我們確實看到了更高的銷售額和客戶成功率，尤其是在 Spot 組中。

So that's what happened in CloudOps. I'll now turn it back to George, and then I'll come back on your question on seasonality.

這就是 CloudOps 中發生的事情。我現在把它轉回給喬治，然後我會回到你關於季節性的問題。

I think with regard to the remedies and the overall portfolio, listen, we feel good about the customer adds across the portfolio. Cloud storage was a strong number.

我認為關於補救措施和整體投資組合，聽著，我們對客戶在投資組合中增加的感覺很好。雲存儲是一個強大的數字。

With regard to specifically how we're addressing the CloudOps portfolio, we have refreshed the sales team. So a lot of the churn in the sales organization is behind us. We do have a newer set of members, so it will take time to ramp them.

關於我們如何處理 CloudOps 產品組合，我們已經更新了銷售團隊。因此，銷售組織中的很多流失都在我們身後。我們確實有一組更新的成員，因此需要時間來增加他們。

We have brought on a new experienced leader for our Spot portfolio, who led enterprise sales at Splunk. We have brought on, as you might have seen, a new Senior Vice President for Customer Success, who was a senior executive at Informatica; and a leader for our renewals and customer success motion in the field who was the leader of that renewals and sales at Palo Alto.

我們為 Spot 產品組合聘請了一位經驗豐富的新領導，他在 Splunk 領導企業銷售。正如您可能已經看到的那樣，我們聘請了一位新的客戶成功高級副總裁，他曾是 Informatica 的高級主管；以及我們在該領域的更新和客戶成功運動的領導者，他是帕洛阿爾托更新和銷售的領導者。

So much stronger team at the top with a focused mission around our CloudOps portfolio and driving renewals and customer success.

如此強大的頂級團隊，專注於我們的 CloudOps 產品組合併推動更新和客戶成功。

A couple of other things that we've learned, right? We've learned that we need to integrate these acquisitions more quickly, particularly on the go-to-market side. And we are taking that lesson learned and applying that to our Instaclustr acquisition as well as the work that we're doing to integrate the product portfolio more quickly, so that it's easier for customers to buy.

我們學到了一些其他的東西，對吧？我們了解到，我們需要更快地整合這些收購，尤其是在上市方面。我們正在吸取教訓，並將其應用於我們的 Instaclustr 收購以及我們正在做的工作以更快地整合產品組合，以便客戶更容易購買。

Now I'll hand it back to Mike to talk about how that impacts guidance for next year.

現在我將把它交還給邁克，討論這對明年的指導有何影響。

Thank you, George.

謝謝你，喬治。

So Amit, on the numbers, I just want to walk that for you. So we ended the year, total ARR at $505 million. The midpoint of guidance is $800 million. That does include $40 million from Instaclustr.

所以阿米特，關於數字，我只是想為你介紹一下。所以我們在今年結束時，總 ARR 為 5.05 億美元。指導的中點為 8 億美元。這確實包括來自 Instaclustr 的 4000 萬美元。

So let's do the organic business first, $505 million to $760 million at the midpoint, which implies about a 50% growth during the year. And then you add the $40 million exiting the year from Instaclustr. That gets you to the $800 million.

因此，讓我們先做有機業務，中點為 5.05 億美元至 7.6 億美元，這意味著年內增長約 50%。然後你加上 Instaclustr 當年退出的 4000 萬美元。這讓你達到了 8 億美元。

And as we go through the year, we feel really good about several drivers of growth we should start to see accelerate as we go through fiscal '23. Number one, we have added a good bit of sales capacity. You see it in the OpEx numbers, not only in '22, but we will in the first half '23. We are excited about the ramp of FSx for -- FSx ONTAP as well as GCP as we go through the year and have those become more meaningful contributors.

隨著我們度過這一年，我們對幾個增長驅動力感覺非常好，隨著我們度過 23 財年，我們應該開始看到加速增長。第一，我們增加了很多銷售能力。您可以在 OpEx 數字中看到它，不僅在 22 年，而且我們將在 23 年上半年。我們對 FSx 為 FSx ONTAP 和 GCP 的增長感到興奮，因為我們度過了這一年，並讓它們成為更有意義的貢獻者。

As I talked about in my prepared remarks, we continue to invest a lot in the capacity for ANF, specifically. And then a smaller piece is just as we resolve some of the items we talked about with CloudOps, we think that, that will help the second half.

正如我在準備好的發言中所說，我們繼續在 ANF 的容量上投入大量資金，特別是。然後是一個較小的部分，就像我們解決了我們與 CloudOps 討論的一些項目一樣，我們認為這將有助於下半年。

So you should expect to see acceleration as we go through the year into the second half. And we feel really good about the $760 million number.

因此，隨著我們進入下半年，您應該期望看到加速。我們對 7.6 億美元的數字感覺非常好。

Our next question will come from Samik Chatterjee with JPMorgan.

我們的下一個問題將來自摩根大通的 Samik Chatterjee。

I guess, George, in relation to your Public Cloud, sort of the air pocket that you're seeing, it does look like you're implying that most of the headwinds have stemmed from a go-to-market sort of execution. Just wanted to sort of maybe ask for a bit more color there of what gives you confidence.

我猜，George，就你的公共雲而言，你所看到的那種氣袋，看起來你確實暗示大多數不利因素都源於一種進入市場的執行方式。只是想有點可能要求更多的顏色給你信心。

Is it just a go-to-market approach? You have to have the decision to stop acquisitions. What gives you the clarity at this point that it's not a sort of additional services that you need to add to round out the portfolio? Sort of what's the guarantee it's good go-to-market execution at this point? And I have a quick follow-up, Mike.

它只是一種進入市場的方法嗎？你必須有停止收購的決定。在這一點上，是什麼讓您清楚地知道它不是您需要添加以完善產品組合的一種附加服務？在這一點上，它是良好的上市執行的保證是什麼？我有一個快速跟進，邁克。

We saw strong adoption of our services. I think, as we mentioned in the prepared remarks, a strong number of customer additions. I think the places where we can do a better job is really customer success and cross-sell and upsell, which is work that's in front of us. I think that also requires some integration work in the product portfolio to make it easier for the sales organization to do that cross-sell and upsell.

我們看到我們的服務被廣泛採用。我認為，正如我們在準備好的評論中提到的，大量的客戶添加。我認為我們可以做得更好的地方實際上是客戶成功以及交叉銷售和追加銷售，這是擺在我們面前的工作。我認為這還需要在產品組合中進行一些整合工作，以使銷售組織更容易進行交叉銷售和追加銷售。

Some of that integration work is completed. Others is in process. And you will see us integrating Instaclustr quickly into the NetApp portfolio so that it can take advantage of all of our differentiated infrastructure services, storage, Spot, Cloud Insights so that they can -- we can hit the ground running pretty quickly with all of that differentiated platform behind them.

部分集成工作已完成。其他正在處理中。您將看到我們將 Instaclustr 快速集成到 NetApp 產品組合中，以便它可以利用我們所有的差異化基礎架構服務、存儲、Spot、Cloud Insights，以便它們能夠——我們可以通過所有這些快速啟動他們背後的差異化平台。

So I would say, within the quarter, it was mostly go-to-market execution. I think to aid the go-to-market team, we also have work to do on the product side, which we're accelerating and trying to accelerate the integration of Instaclustr into NetApp.

所以我想說，在本季度內，主要是上市執行。我認為為了幫助上市團隊，我們在產品方面也有工作要做，我們正在加速並試圖加速 Instaclustr 與 NetApp 的集成。

Got it. And Mike, just a quick follow-up on gross margin sort of trajectory through the year. Is the improvement that you're implying, sort of as you get into the back half, is that just more a function of the Public Cloud margins improving as you scale those revenues? Or are you expecting a similar improvement in Hybrid Cloud? And how much of that has to do with sort of pricing actions coming more materially through the P&L?

知道了。邁克，只是對全年毛利率軌蹟的快速跟進。當你進入後半部分時，你所暗示的改進是否只是公共雲利潤率隨著你擴大這些收入而提高的功能？或者您是否期待混合云有類似的改進？這在多大程度上與通過損益表進行更實質性的定價行為有關？

Yes. Thanks for the question, Samik.

是的。謝謝你的問題，薩米克。

So it's both of those. And let's take Hybrid Cloud first. So we do expect the margins -- the product margins in Hybrid Cloud in the first half to be relatively consistent with Q4. We did say, "Hey, we thought Q4 was a trough." We still feel that way as we go through the year, and then seeing some expansion in the back half, driven by both the pricing actions that we took as well as all the work that's going on around supply chain. So both of those go into that number.

所以這兩者都是。讓我們先來看看混合雲。所以我們確實預計利潤率——上半年混合雲的產品利潤率與第四季度相對一致。我們確實說過，“嘿，我們認為第四季度是一個低谷。”在過去的一年中，我們仍然有這種感覺，然後在我們採取的定價行動以及圍繞供應鏈進行的所有工作的推動下，在下半年看到了一些擴張。所以這兩個都進入了這個數字。

And then from a Public Cloud perspective, there are several drivers of that increased gross margin that we've talked about: a, scaling that business. As ANF scales and utilizes those assets better, more software and growth in that business. So it's both of those that will add to the margin and that breaks out apart.

然後從公共雲的角度來看，我們已經談到了毛利率增加的幾個驅動因素：a，擴展業務。隨著 ANF 更好地擴展和利用這些資產，更多的軟件和業務增長。因此，這兩個都會增加利潤並分開。

You'll also see, when you go through the numbers; a, the cloud gross margins are starting to be a pretty significant contributor to the growth as we go into '23 and beyond. So thank you for the question.

當您查看數字時，您還會看到； a，隨著我們進入 23 世紀及以後，雲的毛利率開始成為增長的一個相當重要的貢獻者。所以謝謝你的問題。

Our next question will come from Rod Hall with Goldman Sachs.

我們的下一個問題將來自高盛的 Rod Hall。

This is Bala Reddy on for Rod. I want to start with price increases. So it looks like they're starting to kick in. And from memory, I remember the price increases magnitude is to the tune of high single digits or maybe 10% are in that range.

這是羅德的巴拉雷迪。我想從價格上漲開始。所以看起來他們開始發揮作用了。從記憶中，我記得價格上漲幅度達到了高個位數，或者可能有 10% 在這個範圍內。

Given this price increase, I'm wondering, why wouldn't product revenues grow more than mid-single digit in fiscal '23. Maybe there is an element of cautiousness in that guide given the current macro uncertainty. I just thought you would help us understand a little bit better, spell it out for us.

鑑於這種價格上漲，我想知道，為什麼產品收入在 23 財年的增長不會超過中個位數。鑑於當前的宏觀不確定性，該指南中可能存在謹慎因素。我只是想你會幫助我們更好地理解，為我們拼寫出來。

First of all, customers buy in dollars. And so whether we raise prices or not, their budgets are determined in dollars. And so if we raise prices, they'll buy fewer systems for the same dollars, right? I think that's the first.

首先，客戶以美元購買。所以無論我們是否提高價格，他們的預算都是以美元來確定的。所以如果我們提高價格，他們會以同樣的美元購買更少的系統，對吧？我認為這是第一個。

I think the second is, listen, we feel good about -- really good about the work that our supply chain team has been doing all year. We've had 2 successive quarters, where we've been gated by supply rather than demand. We see a steady demand picture next year, this coming year, and we're just being realistic about how fast the supply chain constraint eases.

我認為第二個是，聽著，我們對我們的供應鏈團隊全年所做的工作感到非常滿意。我們已經連續兩個季度受到供應而不是需求的限制。我們看到明年和明年的需求情況穩定，我們只是對供應鏈限制緩解的速度持現實態度。

So buying in dollars and supply chain continuing to be work in progress for us through the course of the year.

因此，在這一年中，以美元購買和供應鏈對我們來說仍在進行中。

That helps, George. And just to make sure I get it right. So you're not really baking in but any macro slowdown or anything in the back half of the year? Or it's actually just more a function of supply chain shortages?

這有幫助，喬治。只是為了確保我做對了。所以你並沒有真正參與進來，而是在今年下半年出現宏觀經濟放緩或任何事情？或者它實際上只是供應鏈短缺的一個功能？

At the moment, we see demand to be steady, and we are gated by supply. And so yes, we understand the economic environment is uncertain. We're managing what we can control. Our demand outlook has so far been really solid, and we're gated by supply.

目前，我們看到需求穩定，我們受到供應的限制。所以是的，我們知道經濟環境是不確定的。我們正在管理我們可以控制的東西。到目前為止，我們的需求前景非常穩固，而且我們受到供應的限制。

That's helpful. And a quick follow-up, if I may. Looking at Americas commercial mix -- revenue mix in the quarter, it looks like it's only flat quarter-over-quarter, whereas it's typically up in Q4. And on the other hand, Asia Pacific has done really well in the quarter. I'm just wondering, are you seeing any kind of divergence or more of a function of allocating supply to different places.

這很有幫助。如果可以的話，還有一個快速跟進。看看美洲的商業組合——本季度的收入組合，看起來它只是環比持平，而它通常在第四季度上升。另一方面，亞太地區在本季度的表現非常好。我只是想知道，您是否看到任何類型的分歧或更多的將供應分配到不同地方的功能。

Bala, it's Mike. So it's really the supply chain gating that revenue generation. And it varies by geo in terms of the product. So no significant changes from a geo perspective. Those -- what you see there is really supply chain gating that revenue.

巴拉，是邁克。因此，真正控制創收的是供應鏈。就產品而言，它因地理位置而異。所以從地理角度來看沒有顯著變化。那些——你看到的確實是供應鏈控制了收入。

Our next question will come from Meta Marshall with Morgan Stanley.

我們的下一個問題將來自 Meta Marshall 和摩根士丹利。

You guys noted some success in hiring new sales reps during the quarter. Just wanted to get a sense of whether that was more backfilling or whether you've had some success on some of the hiring for the higher-level solution sales like -- or sales execs that can help with the cross-sell and upsell.

你們注意到本季度在招聘新的銷售代表方面取得了一些成功。只是想了解這是否更具回填性，或者您是否在某些高級解決方案銷售的招聘方面取得了一些成功，例如 - 或者可以幫助交叉銷售和追加銷售的銷售主管。

And then maybe just kind of on the second point around replacing some of the sales execs that have left, just what do you see as the ramping time line for some of the new hires to productivity?

然後也許只是關於更換一些已經離開的銷售主管的第二點，你認為一些新員工提高生產力的時間線是多少？

I think the majority of our investment is focused on new sales reps with cloud backgrounds. We call them cloud sales specialists. So the types of exec, Meta, that you mentioned that know how to sell some of our application portfolio and CloudOps portfolio, so that's the majority. We also have had to replace some attrition in our frontline sales teams as well. And we continue to manage through that as a normal sort of course of business, right?

我認為我們的大部分投資都集中在具有云背景的新銷售代表上。我們稱他們為雲銷售專家。所以你提到的高管類型 Meta 知道如何銷售我們的一些應用程序組合和 CloudOps 組合，所以這是大多數。我們還必須更換一線銷售團隊的一些減員。我們繼續將其作為正常的業務流程進行管理，對嗎？

I think the specific areas that we saw higher-than-anticipated attrition were really in our CloudOps portfolio. And I think we've done a good job sort of refreshing the team and also bringing on the new leadership team. I think when you look at the ramp time, it takes a few quarters. And that's why I think -- there's already been activity underway. We see that there will be some improvements through the first half. And then certainly, in the second half of the year, we should see the team being fully productive.

我認為我們看到的流失率高於預期的特定領域確實在我們的 CloudOps 產品組合中。而且我認為我們在刷新團隊並引入新的領導團隊方面做得很好。我認為當你查看斜坡時間時，它需要幾個季度。這就是為什麼我認為 - 已經有活動在進行中。我們看到上半年會有一些改善。然後當然，在今年下半年，我們應該看到團隊完全富有成效。

In addition, given the ramp of our cloud business and the expectations of the ramp, we are continuing to invest in additional capacity, for example, in cloud storage and other areas. We will, of course -- in line with our disciplined operating management philosophy, we don't see the growth gap on the breaks. But right now, we feel that's a good investment to make.

此外，鑑於我們雲業務的增長和對增長的預期，我們將繼續投資於額外的容量，例如在雲存儲和其他領域。我們當然會 - 根據我們嚴格的運營管理理念，我們不會看到休息時的增長差距。但現在，我們認為這是一項很好的投資。

Our next question will come from Nik Todorov with Longbow Research.

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

And congrats on strong results, particularly given supply chain headwinds.

並祝賀強勁的結果，特別是考慮到供應鏈的逆風。

George, a question may be, how have -- I'm just curious, how have the conversations been over the last, especially a couple of weeks, when you talk with customers regarding their IT budgets in this environment?

George，一個問題可能是，我只是好奇，過去的談話，尤其是幾週，當您與客戶討論他們在這種環境中的 IT 預算時，談話是如何進行的？

I think clearly, there's a lot of headwinds, like you talked, in macro and supply chain and inflation. But there's been some recent third-party surveys showing that budgets for IT are actually picking up, not down, and even if inflation pressure kind of persists. So just curious what is the feedback that you're getting from CIOs and CFOs on those discussions around IT budgets.

我清楚地認為，正如你所說，在宏觀、供應鍊和通貨膨脹方面存在很多不利因素。但最近的一些第三方調查顯示，IT 預算實際上正在上升，而不是下降，即使通脹壓力持續存在。所以只是好奇你從 CIO 和 CFO 那裡得到的關於 IT 預算討論的反饋是什麼。

I think IT is continuing to be seen, as we've said, a spur for the transformation of the business. And so there are the strategic projects around customer experience, transformation, business process automation, a variety of those projects, better analytics, continue to move forward. AI/ML projects, for example, continue. We had a strong year, and continue to see a strong outlook for that part of our business.

正如我們所說，我認為 IT 繼續被視為推動業務轉型的動力。因此，圍繞客戶體驗、轉型、業務流程自動化的戰略項目，各種各樣的項目，更好的分析，繼續向前發展。例如，人工智能/機器學習項目繼續進行。我們度過了強勁的一年，並且繼續看到我們這部分業務的強勁前景。

So so far, as we've said, the demand picture has been steady, and we recognize that there is increased uncertainty. But I think so far, the demand picture for IT spending within our customer base has remained steady.

到目前為止，正如我們所說，需求情況一直穩定，我們認識到不確定性增加。但我認為，到目前為止，我們客戶群對 IT 支出的需求情況一直保持穩定。

Okay. Great. And if I can follow up, Mike, on the price increases, I just want to understand, do you envision incremental price increases, especially if you see further cost pressures through the year? Or you think that you've kind of front-loaded the price increases and you just need to realize those as the year progresses?

好的。偉大的。如果我可以跟進，邁克，關於價格上漲，我只想了解，您是否設想價格上漲，特別是如果您看到全年成本壓力進一步增加？或者你認為你已經預先加載了價格上漲，你只需要隨著時間的推移意識到這些？

Yes. So thanks, Nik. My answer to that would be we are intently focused on realizing the ones that we put in place. We're still working through those. So at this point, that's our focus. We'll see what the rest of the year holds. Never say never, but our focus right now, Nik, is realizing those other 2 price increases.

是的。所以謝謝，尼克。我對此的回答是，我們專注於實現我們已經實施的那些。我們仍在努力解決這些問題。所以在這一點上，這是我們的重點。我們將看看今年剩下的時間會發生什麼。永遠不要說永遠，但我們現在的重點，尼克，是實現另外兩個價格上漲。

Our next question will come from Sidney Ho with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Sidney Ho。

In terms of your billings, obviously, very strong billings of over $2 billion for the quarter. It's always strong in the second half of the fiscal year, and that's also the case this past year.

就您的帳單而言，顯然，本季度的帳單非常強勁，超過 20 億美元。本財年下半年總是很強勁，過去一年也是如此。

Are there any trends within the billings that you would highlight that suggest maybe customers are putting in orders longer than they did historically because of maybe some concerns of supply constraints. Maybe just asked differently, how do you monitor the health of these billings?

您是否會強調賬單中的任何趨勢表明客戶下訂單的時間可能比歷史上更長，因為可能是對供應限制的一些擔憂。也許只是問的不同，你如何監控這些賬單的健康狀況？

Sidney, it's Mike. So great question. So thank you.

西德尼，是邁克。這麼好的問題。所以謝謝。

So in Q4, we saw billings growth of 16%. As you know, billings is revenue plus change in deferred. Largely, on a quarterly basis, when you see billings and revenue come in differently, it's going to be driven by the timing of support, not only on point of sale, but also renewals. And that's exactly what happened in Q4.

所以在第四季度，我們看到賬單增長了 16%。如您所知，賬單是收入加上遞延變化。很大程度上，在季度基礎上，當您看到賬單和收入不同時，這將受到支持時間的推動，不僅在銷售點，而且在續訂方面。這正是第四季度發生的事情。

Keep in mind that a lot of our initial transactions will come with 3 years of maintenance. So you will get some variability on when those renew. So if you bifurcate the 16%, about 12% of that growth came through support renewals. And thankfully, a lot of that was in software support. So that bodes well for all of us. And that was really based on the timing of some renewals, not only initial sales but also renewals.

請記住，我們的許多初始交易將附帶 3 年的維護。所以你會在這些更新時得到一些變化。因此，如果你將 16% 分成兩部分，大約 12% 的增長來自支持續訂。值得慶幸的是，其中很多是在軟件支持方面。所以這對我們所有人來說都是好兆頭。這實際上是基於一些續訂的時間，不僅是初始銷售，還有續訂。

So we watch that very carefully. We watch duration. And when you look at deferred revenue, you see some of that did go into long term. So we did see some longer-term renewals typically related to initial sales. But we've seen that short-term and long-term deferred revenue percentage stayed remarkably consistent.

所以我們非常仔細地觀察。我們看持續時間。當您查看遞延收入時，您會發現其中一些確實是長期的。因此，我們確實看到了一些通常與初始銷售相關的長期續訂。但我們已經看到，短期和長期遞延收入百分比保持非常一致。

So that will jump around a little bit by quarter. Nothing to be concerned about on this. It was a great quarter of billings. And the nice part is that will translate into cash flow next year. So hopefully, that helps.

所以這會一點一點地跳躍。對此沒有什麼可擔心的。這是一個很好的季度賬單。好的部分是明年將轉化為現金流。所以希望，這會有所幫助。

Our next question will come from Tim Long with Barclays.

我們的下一個問題將來自巴克萊的 Tim Long。

Yes. Maybe two, if I could. First, on the all flash array front, still pretty good growth, but you mentioned the installed base is still not moving that much. So could you talk a little bit about what you think NetApp can do to further get that installed base over to all flash given the better economics all around for you?

是的。如果可以的話，也許兩個。首先，在全閃存陣列方面，增長仍然相當不錯，但您提到的安裝基數仍然沒有太大變化。那麼，您能否談談您認為 NetApp 可以做些什麼來進一步將安裝基礎擴展到全閃存？

And then second, if I could just go back to the cloud ARR business, could you talk a little bit about kind of better conversion of your installed base on-prem? And what you're seeing from the other large on-prem players, and if they're trying to enter into this piece of the market as well?

其次，如果我可以回到雲 ARR 業務，您能否談談如何更好地轉換您的本地安裝基礎？您從其他大型本地玩家那裡看到了什麼，以及他們是否也試圖進入這一市場？

First of all, the installed base that we are penetrating is a very, very large installed base. And there are several factors that they consider as they look at new purchases, right, IT budgets, a mix of different system types.

首先，我們正在滲透的安裝基礎是一個非常非常大的安裝基礎。他們在考慮新採購時會考慮幾個因素，對，IT 預算，不同系統類型的組合。

We did see a higher mix of our hybrid flash portfolio, where we have the only modern operating system that supports hybrid flash technology. In prior circumstances, when there was some uncertainty about budgets or economics, they would shift towards more of a value-oriented system like a hybrid flash. So whether that's true or not, it's one data point. But we did see very strong hybrid flash unit shipments this quarter, which is why the total penetration into our installed base was relatively flat.

我們確實看到了混合閃存產品組合的更高組合，我們擁有唯一支持混合閃存技術的現代操作系統。在以前的情況下，當預算或經濟存在一些不確定性時，他們會轉向更多以價值為導向的系統，如混合閃存。因此，無論這是否屬實，這都是一個數據點。但是本季度我們確實看到了非常強勁的混合閃光燈出貨量，這就是為什麼我們的安裝基數的總滲透率相對持平。

We continue to do the work to qualify more applications, more new workloads and drive our field to go after new logos as well as drive our installed base conversion. There are incentives in place to sell new systems at a higher rate than renewals or refreshes, and those have been put in place for this year. And so I'm hopeful that, that will drive more conversion.

我們將繼續開展工作，以驗證更多應用程序、更多新工作負載，並推動我們的領域追求新徽標並推動我們的安裝基礎轉換。有激勵措施以高於更新或更新的價格銷售新系統，這些激勵措施已在今年實施。所以我希望，這將推動更多的轉換。

With regard to cloud ARR, I think the main questions are, listen, we feel good about the acquisition of net new customers into our cloud portfolio. I think when we started the cloud journey, there was a concern that cloud growth would literally be offset by on-prem decline. We're not seeing that, and it's reflective of the strength of our portfolio on both fronts.

關於雲 ARR，我認為主要問題是，聽著，我們對將淨新客戶納入我們的雲產品組合感到滿意。我認為當我們開始雲之旅時，人們擔心雲增長實際上會被本地下降所抵消。我們沒有看到這一點，這反映了我們在兩個方面的投資組合的實力。

And so yes, could we do more to convert our installed base to cloud? We have got incentives in place this year, where the sales reps cannot make their number without selling cloud as a part of their overall kind of quota. And so there are discrete quotas set up for cloud. They have got to complete selling that to be able to accomplish their total compensation objectives.

所以是的，我們可以做更多的事情來將我們的安裝基礎轉換為雲嗎？今年我們已經制定了激勵措施，如果不將云作為他們整體配額的一部分，銷售代表就無法獲得他們的數量。因此，為雲設置了離散配額。他們必須完成銷售才能實現他們的總薪酬目標。

And so we've got work underway. We're doing enablement, but I do feel good about the fact that we are able to acquire a lot of net new customers. Those are our competitors' customers after all with our cloud storage portfolio.

所以我們已經開始工作了。我們正在進行支持，但我對我們能夠獲得大量淨新客戶這一事實感到滿意。畢竟，我們的雲存儲產品組合是我們競爭對手的客戶。

Our next question will come from David Vogt with UBS.

我們的下一個問題將來自瑞銀的 David Vogt。

Just a quick question on the acquisition strategy. So before you decided to hit pause, can you kind of discuss how the pipeline was shaping up, and how sort of the opportunities might have looked for that particular strategy given the repricing that we've seen in both the public and the private markets?

只是一個關於收購策略的簡單問題。因此，在您決定暫停之前，您能否討論一下管道是如何形成的，以及鑑於我們在公共和私人市場上看到的重新定價，該特定策略可能會尋找什麼樣的機會？

And when you think about the opportunity cost of pursuing -- not pursuing transactions, how do we think that affects the ramp of the longer-term target in that sector -- or in that segment, I should say? And then I have a quick follow-up.

當你考慮追求的機會成本 - 不追求交易時，我們認為這會如何影響該部門或該部門的長期目標的斜坡，我應該說？然後我有一個快速跟進。

Listen, I think we've had a disciplined acquisition strategy, right? We started with cloud storage. We enabled cloud storage to become multi-cloud across all the hyperscalers with both NetApp-managed and native cloud services. We then added monitoring, which is Cloud Insights, organically taking one of our enterprise products and making it cloud-ready and made that a multi-cloud monitoring service so that customers could understand the performance of their applications.

聽著，我認為我們已經制定了嚴格的收購策略，對吧？我們從雲存儲開始。我們通過 NetApp 託管和原生雲服務使雲存儲成為跨所有超大規模企業的多雲。然後，我們添加了監控，即 Cloud Insights，有機地採用我們的一種企業產品並使其具備雲就緒狀態，並使其成為多雲監控服務，以便客戶能夠了解其應用程序的性能。

Then we brought in Spot, which gave us the complement for compute that we had with storage, right, our organic storage. So now we've got a multi-cloud infrastructure services portfolio that's truly unique in the market. And we're adding applications deliberately, right?

然後我們引入了 Spot，它為我們提供了與存儲（對，我們的有機存儲）相比的計算補充。因此，現在我們擁有了市場上真正獨一無二的多雲基礎架構服務組合。而且我們是故意添加應用程序的，對嗎？

So we're not trying to be in every application. We've got specific applications that leverage the full portfolio of our infrastructure services. Spot PC for virtual desktop uses for volume and Spot's compute optimization technology. We've got Spot for Kubernetes, which uses the Spot Ocean technology as part of its underlying infrastructure capability. And then most recently, Instaclustr.

因此，我們不會嘗試在每個應用程序中。我們有特定的應用程序可以利用我們的基礎設施服務的完整組合。用於虛擬桌面的 Spot PC 用於音量和 Spot 的計算優化技術。我們有 Spot for Kubernetes，它使用 Spot Ocean 技術作為其底層基礎設施功能的一部分。然後是最近的 Instaclustr。

I feel really good about the portfolio. Listen, we want to integrate these acquisitions so that they get off to a fast start. And I think we feel really good about our portfolio. If you look at the numbers that we're guiding to, I think if we hit -- we finish FY '23 strong, we're in great shape to accomplish our $2 billion target. And we're just focused on, let's get these right in the first half of the year, and then we'll take a look at the market.

我對投資組合感覺非常好。聽著，我們想整合這些收購，以便他們快速起步。我認為我們對我們的投資組合感覺非常好。如果你看看我們指導的數字，我認為如果我們達到 - 我們在 23 財年表現強勁，我們的狀態很好，可以實現 20 億美元的目標。我們只是專注於，讓我們在今年上半年把這些做好，然後我們看看市場。

Great. And then, Mike, maybe a follow-up for you on Public Cloud gross margin. What scale -- maybe can you give us a sense of scale that you need to get to, to get to your longer-term targets? Because even if I look before this quarter, sort of the incremental gross margins have been running in the low 70s as you invest in the business. And obviously, there's some cost absorption issues.

偉大的。然後，邁克，也許是您對公共雲毛利率的跟進。什麼規模——也許你能給我們一個你需要達到的規模感，以實現你的長期目標？因為即使我在本季度之前查看，當您投資該業務時，某種增量毛利率一直在 70 年代的低位運行。顯然，存在一些成本吸收問題。

Or maybe it's helpful if you can give us sort of an order of magnitude of what that delta might look like from a margin perspective, so we could see the road map to that 75-plus percent Public Cloud gross margin that you sort of targeted out there.

或者，如果您可以從利潤率的角度為我們提供一個數量級的增量可能會有所幫助，這樣我們就可以看到您定位的 75% 以上的公共雲毛利率的路線圖那裡。

Thanks, David. So I would answer that by saying, hey, by the time we get to $1 billion in ARR, I'm going to break it up for you a little bit. We would certainly expect to see us getting very close to at least the bottom of that range. And there's 2 major drivers to that brand.

謝謝，大衛。所以我會回答說，嘿，當我們的 ARR 達到 10 億美元時，我會為你分解一下。我們當然希望看到我們至少非常接近該範圍的底部。該品牌有兩個主要驅動力。

In CloudOps, the majority of those products are software or cloud-based. As those continue to grow, they are accretive to, not only cloud, but certainly the total company. And hey, the other big driver here is in cloud storage. We are continuing to invest a good bit for all the right reasons to drive growth in ANF and GCP.

在 CloudOps 中，這些產品中的大多數都是軟件或基於雲的。隨著這些業務的不斷增長，它們不僅會增加雲，而且肯定會增加整個公司。嘿，這裡的另一個重要驅動力是雲存儲。出於所有正確的原因，我們將繼續進行大量投資，以推動 ANF 和 GCP 的增長。

As we've talked about, when it comes -- after a couple of years, as we start to modulate that CapEx investment, those are being depreciated over 3 years. That depreciation is going to start to cap out. It's going to have a significant positive impact to gross margins because now, we're going to benefit from utilizing those assets longer than their accounting life because their useful life is quite a bit longer.

正如我們所說，當它到來時——幾年後，當我們開始調整資本支出投資時，這些投資將在 3 年內貶值。這種貶值將開始出現。這將對毛利率產生重大的積極影響，因為現在，我們將從使用這些資產的時間長於其會計壽命中受益，因為它們的使用壽命要長得多。

So of all the stuff we've talked about I feel really good about getting to 75% at least at the bottom end because of all those items. And to your earlier question, acquisitions will focus around those software and cloud assets as well. So all of those things added together make me feel really good about that range.

因此，在我們討論過的所有內容中，由於所有這些項目，我對至少在最低端達到 75% 感覺非常好。對於您之前的問題，收購也將集中在這些軟件和雲資產上。所以所有這些加在一起讓我對這個範圍感覺非常好。

If I would just add one more, FSx is a software-only solution. So as that ramps, that's also accretive.

如果我再添加一個，FSx 是一個純軟件解決方案。因此，隨著這種情況的增加，這也是一種增值。

Great point. Thank you.

好點。謝謝你。

Yes, the clarification is very helpful.

是的，澄清非常有幫助。

Our next question will come from Simon Leopold with Raymond James.

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

First, I just wanted to see if maybe we can clarify what happened to gross margin for the Public Cloud in the quarter. With the step down, was there any new significant investments being made in terms of the deployed footprint ahead of revenue, given that you're not facing the same kind of input cost issues? That's just a clarification.

首先，我只是想看看我們是否可以澄清本季度公共雲的毛利率發生了什麼變化。隨著下台，考慮到您沒有面臨同樣類型的投入成本問題，在收入之前的部署足跡方面是否有任何新的重大投資？這只是一個澄清。

And then in terms of my longer-term question, I'd like to see what you're hearing in terms of the demand side that's influencing your forecast for the Public Cloud services revenue outlook. I heard a lot about the execution in the internal aspects, but I want to get a better understanding of the demand side of that equation.

然後就我的長期問題而言，我想看看你在需求方面聽到了什麼，這會影響你對公共雲服務收入前景的預測。我聽說了很多關於內部方面的執行，但我想更好地了解這個等式的需求方面。

Sure. So hey, Simon, it's Mike. I'll do the gross margin first.

當然。嘿，西蒙，我是邁克。我會先做毛利率。

So a couple of things. It did dip down a little bit from, I believe, 71% to 68%. There were 2 major drivers of that. Number one is a little bit lower revenue. Obviously, there is some fixed costs in there. The other part is we've continued to invest in the capacity, specifically for ANF, even though we are largely -- our CapEx number for fiscal '22, right about where we guided, there was a mix shift.

所以有幾件事。它確實從我相信的 71% 下降到 68%。有兩個主要驅動因素。第一是收入略低。顯然，其中有一些固定成本。另一部分是我們一直在繼續投資產能，特別是 ANF，儘管我們在很大程度上是——我們在 22 財年的資本支出數字，就在我們指導的地方，發生了混合轉變。

Candidly, we spent less in facilities because, I'm going to bring up supply chain again. We had a little issue there. That got pushed in '23. And for all the good reasons, we actually deployed more capacity for ANF. Now that depreciation hits right away, and then the ARR builds. So that -- those were the 2 major drivers.

坦率地說，我們在設施上的花費更少，因為，我將再次提出供應鏈。我們在那裡遇到了一個小問題。那是在 23 年推出的。出於所有充分的理由，我們實際上為 ANF 部署了更多容量。現在折舊立即發生，然後 ARR 建立。所以——那是兩個主要的驅動因素。

As we go through fiscal '23, our goal is to get back to that 70%. Instaclustr will come in at, call it, mid-60s margin, and we expect that to fully get to about 70% exiting the year. And then as we continue to build ARR and leverage the existing footprint, that's why we feel good about getting back to 70% by the end of the year. So those are the margin puts and takes.

當我們完成 23 財年時，我們的目標是回到 70%。 Instaclustr 將以 60 年代中期的利潤率進入，我們預計今年將完全達到 70% 左右。然後，隨著我們繼續建立 ARR 並利用現有足跡，這就是為什麼我們對在年底前恢復到 70% 感到滿意的原因。所以這些是邊際看跌期權。

On demand, we feel good. Listen, we had strong customer adds across the portfolio in the quarter. We continue to see good dollar-based net retention rates of 159%. So we feel good, and we're really focused on going and capturing the demand. Cloud continues to be a place where we see customers prioritizing investment.

根據要求，我們感覺很好。聽著，我們在本季度的投資組合中增加了強勁的客戶。我們繼續看到 159% 的基於美元的良好淨保留率。所以我們感覺很好，我們真的專注於去捕捉需求。雲仍然是我們看到客戶優先投資的地方。

Our next question will come from Wamsi Mohan with Bank of America.

我們的下一個問題將來自美國銀行的Wamsi Mohan。

On gross margins, you thought that 4Q would be the bottom in gross margins. I think you're saying that again today. But you're also saying first half will be roughly at the same level for this in the next quarter.

在毛利率方面，您認為第 4 季度將是毛利率的最低點。我想你今天又說了一遍。但你也說上半年將在下個季度大致處於同一水平。

Is that the trajectory you had expected last quarter? Or did things change on us causing you to bump along the trough margins for a longer time? Especially given that fiscal 2Q, you typically have a much richer mix from Federal that should be helping your gross margins tick up higher? And I have a follow-up.

這是你上個季度預期的軌跡嗎？還是我們的情況發生了變化，導致您在低谷邊緣顛簸了更長的時間？特別是考慮到第二財季，您通常會從聯邦獲得更豐富的組合，這應該有助於您的毛利率上升嗎？我有一個後續行動。

Listen, I think what we've said is the first half of this coming year will be relatively similar to what we had in Q4, which is substantially better than what we -- that we realized a substantially better outcome than what we feared going into the quarter. I think what we said is second half of the year is a modest tailwind to the first half of the year.

聽著，我認為我們所說的是來年上半年將與我們在第四季度的情況相對相似，這比我們實現的要好得多——我們實現的結果比我們擔心的要好得多季度。我認為我們所說的下半年是對上半年的適度順風。

We see improvements in the supply chain through the course of the year. I think COVID-related freight should get better. I think the amount of open market purchases should hopefully get better over time. I think we're being a little bit cautious about where we are in the course of the year. But overall, I think that's the picture.

我們在這一年中看到了供應鏈的改善。我認為與 COVID 相關的貨運應該會變得更好。我認為隨著時間的推移，公開市場購買的數量有望變得更好。我認為我們對今年的情況有點謹慎。但總的來說，我認為情況就是這樣。

And just for the clarification, I know you made several comments around PCS tracking a bit weaker than expected. But as you're mapping this on to longer-term targets, can you give your thoughts around hitting pause on CloudOps M&A, which is a big part of the overall long-term guide? I mean, it's a substantial part of how you were originally getting to your long-term guide, especially in light of the fact that valuations seem to have come down. You just did Instaclustr.

為了澄清起見，我知道您對 PCS 跟踪發表的一些評論比預期的要弱一些。但是，當您將其映射到長期目標時，您能否就暫停 CloudOps 併購提出您的想法，這是整個長期指南的重要組成部分？我的意思是，這是你最初如何獲得長期指導的重要部分，特別是考慮到估值似乎已經下降的事實。你剛剛做了 Instaclustr。

Just wondering if hitting the pause is more some cautiousness about the rate and pace of trajectory. Or is it about the speed of integrating some of these assets that you have acquired, especially given the valuation compression that we've seen in the market?

只是想知道暫停是否對軌蹟的速度和步伐更加謹慎。或者是關於整合你所收購的一些資產的速度，特別是考慮到我們在市場上看到的估值壓縮？

Listen, we don't expect the valuation compression to go away, right? I think we see that at the start of the journey, and so we see plenty of opportunity ahead to do inorganic goals.

聽著，我們預計估值壓縮不會消失，對吧？我認為我們在旅程的開始就看到了這一點，因此我們看到了很多實現無機目標的機會。

I think the focus we're trying to bring is, first of all, in our outlook, we feel really good about the outlook. We wouldn't guide the year to a strong number if we didn't feel that way. We see continued strength in organic innovation, for example, cloud storage and Cloud Insights.

我認為我們試圖帶來的重點是，首先，在我們的前景中，我們對前景感覺非常好。如果我們不這麼認為，我們就不會引導這一年達到一個強勁的數字。我們看到有機創新的持續優勢，例如雲存儲和 Cloud Insights。

We've done a substantial number of acquisitions in CloudOps, and we're going to take a little bit of time to integrate them on the product side and integrate them on the go to market.

我們已經在 CloudOps 中進行了大量收購，我們將花一點時間將它們整合到產品端並在上市時整合它們。

I think it's just -- it's prudent, it's disciplined, and we'll be -- we feel very, very good about our portfolio, not just in cloud storage, but in CloudOps as well.

我認為這只是——它是謹慎的、自律的，而且我們會——我們對我們的產品組合感覺非常非常好，不僅在雲存儲方面，而且在 CloudOps 方面也是如此。

Our next question will come from Aaron Rakers with Wells Fargo.

我們的下一個問題將來自富國銀行的 Aaron Rakers。

I'll try and slip in 2 real quick, if I can.

如果可以的話，我會嘗試快速滑入 2 個。

I guess the first one is, one of your competitors tonight talked about actually some customers pulling forward demand from the back half of the year into the first half of the year. There's been a lot of discussion around the backlog.

我猜第一個是，你的一個競爭對手今晚談到實際上一些客戶將需求從下半年拉到上半年。關於積壓的討論很多。

And so I'm curious, number one, have you seen any of that? And how would you characterize the duration of kind of the backlog you're seeing. And, how maybe that's changed over the last 2 or 3 quarters?

所以我很好奇，第一，你見過嗎？你如何描述你看到的積壓的持續時間。而且，在過去的 2 或 3 個季度中，情況可能發生了怎樣的變化？

We haven't seen any evidence of pull forwards or phantom demand. I think we have a close relationship with our customers. Every one of them has been quite balanced in terms of being a good citizen around, "Hey, we'll take some of our order and we'll wait for others."

我們還沒有看到任何拉動或幻影需求的證據。我認為我們與客戶有著密切的關係。他們每個人在做一個好公民方面都相當平衡，“嘿，我們會接受我們的一些訂單，我們會等待其他人。”

So I think we've got a pretty balanced book of business. As we said, we've had supply gate demand for 2 successive quarters. Q3 and Q4 very clearly saw the same pattern, and backlog is elevated.

所以我認為我們有一本相當平衡的商業賬簿。正如我們所說，我們連續兩個季度都有供應門需求。第 3 季度和第 4 季度非常清楚地看到了相同的模式，並且積壓工作有所增加。

Yes. And just as a quick follow-up, a simple question. How would you characterize the competitive landscape? I know Dell EMC saw growth for the first time in a while this last quarter. How would you characterize what you're seeing competitively in the market?

是的。作為一個快速跟進，一個簡單的問題。您如何描述競爭格局？我知道戴爾易安信上個季度一段時間以來首次出現增長。您如何描述您在市場上看到的具有競爭力的產品？

I think it's pretty much the same. Pure and NetApp taking share from Dell and HP and several other players. So I would characterize it as no fundamental change, to be honest. Thank you.

我認為這幾乎是一樣的。 Pure 和 NetApp 從戴爾、惠普和其他幾家公司手中奪取了份額。因此，老實說，我將其描述為沒有根本性的變化。謝謝你。

Our next question will come from Nehal Chokshi with Northland Capital.

我們的下一個問題將來自 Northland Capital 的 Nehal Chokshi。

I realize you guys are not economists here, but what do you think is the probability of the IT CapEx down cycle given tightening financial conditions? And then, what are your thoughts on NetApp's share gain trajectory being stunted or helped by a potential IT CapEx down cycle as well?

我知道你們在這裡不是經濟學家，但是在金融環境趨緊的情況下，您認為 IT 資本支出下降週期的可能性是多少？然後，您對 NetApp 的份額增長軌跡因潛在的 IT 資本支出下降週期而受到阻礙或幫助有何看法？

Listen, I'll just say I'm not an economist, right? We are in discussions with our customers. I would say, in every IT portfolio, there's probably projects that are strategic that will continue to be invested in regardless of supply chain constraints or economic environment or whatever it is, right? So I think those projects we see continuing, and we're going to be a part of those as much as we can.

聽著，我只想說我不是經濟學家，對吧？我們正在與我們的客戶進行討論。我想說，在每個 IT 投資組合中，可能都有戰略性項目將繼續投資，無論供應鏈限製或經濟環境如何，對吧？所以我認為我們看到的那些項目仍在繼續，我們將盡可能多地參與其中。

I think with regard to our competitive environment, listen, we are part of several mega trends that those will continue, right. Cloud, data management, analytics, high-performance computing environments. So long as we continue to innovate and stay focused, I think we've got a good opportunity ahead.

我認為關於我們的競爭環境，聽著，我們是幾個大趨勢的一部分，這些趨勢將繼續下去，對吧。雲、數據管理、分析、高性能計算環境。只要我們繼續創新並保持專注，我認為我們就有很好的機會。

And so just to be clear, you expect your share gain trajectory would be helped or stunted by a potential IT CapEx down cycle?

因此，為了清楚起見，您希望潛在的 IT 資本支出下降週期有助於或阻礙您的份額增長軌跡？

I think if there's an IT CapEx down cycle, what we generally see is, within the IT spending envelope, transformational projects that are critical to business need will get prioritized. And so long as we are part of those projects, it's a share gain opportunity.

我認為，如果存在 IT 資本支出下降週期，我們通常會看到，在 IT 支出範圍內，對業務需求至關重要的轉型項目將得到優先考慮。只要我們是這些項目的一部分，這就是一個獲得份額的機會。

And today's final question will come from Jason Ader with William Blair.

今天的最後一個問題將來自 Jason Ader 和 William Blair。

Great. I guess, George, just to wrap up, what lessons has NetApp learned from these last couple of years, where you've been kind of on an acquisition binge in this cloud services space? As you kind of reflect on what you could have done better and what you need to do better, maybe just kind of summarize your thoughts there for us.

偉大的。我想，George，最後總結一下，NetApp 從過去幾年中學到了什麼教訓，你在這個雲服務領域的收購狂潮中？當您反思自己可以做得更好以及需要做得更好的地方時，也許只是為我們總結一下您的想法。

Listen, I feel like we've accomplished a lot, right? I think no one believed us when we said our cloud storage would be a native service in all of the 3 major hyperscale cloud providers, and we've delivered on that. We said we would cross $500 million in cloud ARR, and we've delivered on that. We said cloud gross margins would be at or better than company average gross margins, we've delivered on that. We said cloud would be a way for us to acquire a whole lot of net new customers, we've delivered on that.

聽著，我覺得我們已經取得了很多成就，對吧？當我們說我們的雲存儲將成為所有 3 個主要超大規模雲提供商的本地服務時，我想沒有人相信我們，我們已經實現了這一點。我們說我們將在雲 ARR 上突破 5 億美元，我們已經實現了這一目標。我們說云的毛利率將等於或高於公司的平均毛利率，我們已經實現了這一點。我們說云將是我們獲得大量淨新客戶的一種方式，我們已經實現了這一點。

And over the course of the last 2 years, we've balanced organic innovation, and there's been a substantial amount, with complementary deliberate acquisitions that allow us to serve a full customer's need right around an application portfolio.

在過去的 2 年中，我們平衡了有機創新，並且有大量的補充性有意收購，使我們能夠圍繞應用程序組合滿足客戶的全部需求。

I think where we could do better is learn from the mistakes we made around integration. And we're going to -- everybody learns from that, and we're going to own that, and we're going to take -- do the work that's needed to integrate those acquisitions better in the first half of this year.

我認為我們可以做得更好的地方是從我們在集成方面所犯的錯誤中吸取教訓。我們將 - 每個人都從中學習，我們將擁有它，我們將採取 - 在今年上半年更好地整合這些收購所需的工作。

But I don't think any of that diminishes from the opportunity in front of us or the place that we are. We're in a strong position, and we're going to capitalize on it with disciplined execution.

但我認為這一切都不會因為我們面前的機會或我們所處的位置而減少。我們處於有利地位，我們將通過嚴格執行來利用它。

Before we close, we delivered a solid Q4, rounding out a strong FY '22 with record levels of gross margin dollars, operating income and earnings per share.

在我們關閉之前，我們實現了穩健的第四季度，以創紀錄的毛利率、營業收入和每股收益水平結束了強勁的 22 財年。

Looking forward, we remain focused on capturing the substantial opportunity ahead as we scale our Public Cloud services while continuing to drive growth in our Hybrid Cloud solutions.

展望未來，我們將繼續專注於抓住未來的重大機遇，同時擴大我們的公共雲服務，同時繼續推動我們的混合雲解決方案的增長。

I want to underscore my confidence in the long-term thesis we presented at our Investor Day of delivering value through sustained growth. Our alignment to customer priorities, strong balance sheet and prudent operational management put NetApp in a position of strength. Thank you.

我想強調我對我們在投資者日提出的通過持續增長創造價值的長期論點的信心。我們與客戶優先事項保持一致、穩健的資產負債表和審慎的運營管理使 NetApp 處於優勢地位。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，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。