NetApp Inc (NTAP) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the NetApp First Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions)

女士們，先生們，下午好，歡迎參加 NetApp 2023 財年第一季度財報電話會議。 （操作員說明）

I would now like to turn the conference over to Kris Newton, Vice President and Investor Relations. Please go ahead.

我現在想將會議轉交給副總裁兼投資者關係部 Kris Newton。請繼續。

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；和首席財務官邁克·貝瑞。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 second quarter and fiscal year 2023, our expectations regarding future revenue, profitability and shareholder returns, our resilience and opportunity for future growth in the turbulent macroeconomic environment, our ability to drive continued growth in both our Hybrid Cloud and Public Cloud segments, our ability to invest in areas of high return while managing supply chain constraints and maintaining disciplined operational management, all of which involve risk and uncertainty. We disclaim any obligation to update our forward-looking statements and projections.

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，例如我們對第二季度和 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，我們的彈性和機會為了在動蕩的宏觀經濟環境中實現未來增長，我們在混合雲和公共雲領域推動持續增長的能力，我們在管理供應鏈約束和保持紀律嚴明的運營管理的同時投資於高回報領域的能力，所有這些都涉及風險和不確定性。我們不承擔更新我們的前瞻性陳述和預測的任何義務。

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 keep pace with the rapid industry, technological and market trends and changes in the markets in which we operate, execute our data fabric strategy and introduce and gain market acceptance for our products and services, and generate greater cash flow.

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，以及我們的能力跟上快速的行業、技術和市場趨勢以及我們經營所在市場的變化，執行我們的數據結構戰略，為我們的產品和服務引入並獲得市場認可，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 Form 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-K 表格，包括管理層對財務狀況和運營結果和風險因素的討論和分析部分。

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，否則提出的所有財務指標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。

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

謝謝，克里斯。歡迎大家。感謝您今天下午加入我們。

We delivered a great start to the year with company all-time Q1 highs for billings, revenue, gross margin dollars, operating income and EPS, fueled by broad-based demand across our portfolio and geographies. Achieving record results in the face of ongoing macroeconomic uncertainty, decades-high inflation and supply constraints underscores our disciplined operational management.

在我們投資組合和地區廣泛需求的推動下，我們在第一季度的賬單、收入、毛利率、營業收入和每股收益方面創下了公司歷史新高，開局良好。面對持續的宏觀經濟不確定性、數十年的高通脹和供應限制，取得創紀錄的成績突顯了我們紀律嚴明的運營管理。

As organizations accelerate their data-driven digital and cloud transformations, our relevance grows. We are helping customers navigate disruption with a modern approach to hybrid multi-cloud infrastructure and data management. Our opportunity is defined by the complexities created by rapid data and cloud growth, multi-cloud management and the adoption of next-generation technologies such as AI, Kubernetes and modern databases.

隨著組織加速其數據驅動的數字和雲轉型，我們的相關性也在增長。我們正在通過混合多雲基礎架構和數據管理的現代方法幫助客戶應對中斷。我們的機會是由快速的數據和雲增長、多雲管理以及人工智能、Kubernetes 和現代數據庫等下一代技術的採用所帶來的複雜性所定義的。

The urgency to address these priorities increased with the COVID pandemic, and is further driven by the turbulent macro economy. Customers are searching for ways to reduce costs, improve flexibility, increase automation and accelerate application delivery in the Public Cloud, in their own data centers and in Hybrid Cloud environments. Our role in helping organizations achieve these transformation goals underpins our strategy and confidence in future growth.

隨著 COVID 大流行，解決這些優先事項的緊迫性增加，並受到動蕩的宏觀經濟的進一步推動。客戶正在尋找在公共雲、他們自己的數據中心和混合雲環境中降低成本、提高靈活性、提高自動化和加速應用程序交付的方法。我們在幫助組織實現這些轉型目標方面的作用鞏固了我們的戰略和對未來增長的信心。

Let me share with you a couple of examples how data-intensive applications like AI, drive demand for both our Public Cloud and Hybrid Cloud solutions. A global e-commerce company chose ONTAP AI for several AI workloads, including natural language processing, recommendation engines and deep learning. Our ultra-high-performance storage, close partnership with NVIDIA and tight application integration were key to the win, and the customer has realized better performance and reliability while reducing its operating costs and data center footprint.

讓我與您分享幾個示例，例如 AI 等數據密集型應用程序如何推動對我們的公共雲和混合雲解決方案的需求。一家全球電子商務公司選擇 ONTAP AI 處理多種 AI 工作負載，包括自然語言處理、推薦引擎和深度學習。我們的超高性能存儲、與 NVIDIA 的密切合作以及緊密的應用程序集成是獲勝的關鍵，客戶在降低運營成本和數據中心佔用空間的同時實現了更好的性能和可靠性。

A Fortune 500 hyperscaler is adopting a Hybrid Cloud strategy to augment existing on-premises AI/ML workloads. It chose Azure NetApp Files to accelerate AI research and development on cutting-edge, machine learning, training workloads for its AI business unit. The initial footprint consists of nearly 1 petabyte of Azure NetApp Files storage with plenty of opportunities for continued growth.

一家財富 500 強的超大規模企業正在採用混合雲戰略來增強現有的本地 AI/ML 工作負載。它選擇 Azure NetApp Files 來加速其 AI 業務部門在尖端、機器學習、培訓工作負載方面的 AI 研發。最初的佔用空間包括近 1 PB 的 Azure NetApp 文件存儲，並有大量的持續增長機會。

Our AI solutions remove data processing bottlenecks at the edge, core and cloud to enable more efficient data collection, accelerated AI workloads, faster time to Insight and smoother cloud integration.

我們的 AI 解決方案消除了邊緣、核心和雲端的數據處理瓶頸，以實現更高效的數據收集、加速的 AI 工作負載、更快的洞察時間和更順暢的雲集成。

Now let's turn to our Public Cloud segment performance for the quarter. In Q1, we continue to see strong demand for our Public Cloud services. Public Cloud ARR grew 73% year-over-year, exiting Q1 at $584 million. Public Cloud segment revenue grew 67% from Q1 a year ago to $132 million, and dollar-based net revenue retention rate of 151% remains healthy. We continue to expand our Public Cloud customer base, the penetration into our Hybrid Cloud installed base and the percentage of customers using multiple of our Public Cloud services.

現在讓我們看看本季度公共雲部門的表現。在第一季度，我們繼續看到對我們的公共雲服務的強勁需求。公共雲 ARR 同比增長 73%，第一季度達到 5.84 億美元。公共雲部門的收入比一年前的第一季度增長了 67% 至 1.32 億美元，基於美元的 151% 的淨收入保留率保持健康。我們繼續擴大我們的公共雲客戶群、對我們混合雲安裝基礎的滲透以及使用我們多種公共雲服務的客戶百分比。

Storage services constitute approximately 60% of our Public Cloud ARR. We see significant opportunity for continued growth in this part of our business as we help customers migrate or deploy data-intensive, demanding storage workloads to the cloud. Early in Q1, AWS announced that FSx for NetApp ONTAP is SAP certified. SAP certification for Azure NetApp Files has helped drive large business-critical deployments on that service, and we are excited about the potential to see similar workloads deployed on FSx for ONTAP.

存儲服務約占我們公共雲 ARR 的 60%。隨著我們幫助客戶將數據密集型、要求苛刻的存儲工作負載遷移或部署到雲中，我們看到了這部分業務持續增長的重要機會。在第一季度初，AWS 宣布 FSx for NetApp ONTAP 已通過 SAP 認證。 Azure NetApp 文件的 SAP 認證幫助推動了該服務上的大型關鍵業務部署，我們很高興看到在 FSx for ONTAP 上部署類似工作負載的潛力。

We recently announced that NetApp is the only cloud storage service provider certified and supported for use as an external data store for VMware cloud environments, further expanding the opportunity for our Public Cloud storage services. We've long been known for the high levels of enterprise-grade data services we bring to on-premises VMware environments. And now we can bring those same benefits to VMware workloads running in the major Public Clouds.

我們最近宣布，NetApp 是唯一一家獲得認證並支持用作 VMware 雲環境外部數據存儲的雲存儲服務提供商，進一步擴大了我們的公共雲存儲服務的機會。長期以來，我們以為本地 VMware 環境帶來的高水平企業級數據服務而聞名。現在，我們可以為在主要公共雲中運行的 VMware 工作負載帶來同樣的好處。

As we discussed on last quarter's call, we made organizational changes to increase focus on renewal and expansion motions and refined our go-to-market execution to better address the cloud operations opportunity. These actions are starting to deliver results.

正如我們在上個季度的電話會議上所討論的那樣，我們進行了組織變革，以更加關注更新和擴展動議，並改進了我們的上市執行，以更好地應對雲運營機會。這些行動開始產生效果。

In Q1, Spot bounced back, returning to its prior growth trajectory. Cloud Insights stabilized but remains a work in progress, as we continue to optimize our sales and customer success motions.

在第一季度，Spot 反彈，回到了之前的增長軌跡。隨著我們繼續優化我們的銷售和客戶成功行動，Cloud Insights 已經穩定下來，但仍在進行中。

We delivered a substantial amount of innovation in our cloud operations portfolio, with announcements of general availability of Spot Security, Spot PC and Ocean for Apache Spark, providing a fully managed serverless infrastructure for Apache Spark on Google Cloud. We also completed the acquisition of Instaclustr, a leading provider of fully managed open-source database, pipeline and workflow applications. We can now combine the Spot capabilities of continuous infrastructure optimization, automation, monitoring and security with expertise in deploying and operating fully managed open-source applications to help our customers focus on their business goals, building and releasing leading-edge applications at speed.

我們在雲運營產品組合中進行了大量創新，宣布 Spot Security、Spot PC 和 Ocean for Apache Spark 全面上市，為 Google Cloud 上的 Apache Spark 提供完全託管的無服務器基礎架構。我們還完成了對完全託管的開源數據庫、管道和工作流應用程序的領先供應商 Instaclustr 的收購。我們現在可以將持續基礎架構優化、自動化、監控和安全性的 Spot 功能與部署和運營完全託管的開源應用程序的專業知識相結合，以幫助我們的客戶專注於他們的業務目標，快速構建和發布領先的應用程序。

Onto our Hybrid Cloud segment. In Q1, Hybrid Cloud revenue grew 6% year-over-year, driven by solid product revenue growth of 8%. All-flash array annualized revenue run rate grew 7% year-over-year to $3 billion. All-flash penetration of our installed base grew to 32% of installed systems. FAS hybrid arrays, again, posted strong unit growth. The breadth of our storage systems portfolio enables us to address a broad range of customer business, technical and economic requirements under a single unified management environment, we offer high-performance all-flash arrays for mission-critical, performance-sensitive deployments, QLC-based all-flash arrays for capacity-oriented applications and hybrid flash arrays for price-sensitive workloads.

進入我們的混合雲部分。在第一季度，混合雲收入同比增長 6%，這得益於 8% 的穩健產品收入增長。全閃存陣列年化收入運行率同比增長 7% 至 30 億美元。我們已安裝基礎的全閃存滲透率增長到已安裝系統的 32%。 FAS 混合陣列再次實現強勁的單位增長。我們廣泛的存儲系統產品組合使我們能夠在一個統一的管理環境下滿足廣泛的客戶業務、技術和經濟要求，我們為任務關鍵型、性能敏感型部署提供高性能全閃存陣列，QLC-基於全閃存陣列的面向容量的應用程序和混合閃存陣列的價格敏感型工作負載。

Despite the uncertain macro, the enterprise spending environment has remained steady, driven by priority investments in digital and cloud transformation. Organizations around the globe want to learn how NetApp can increase the performance and reliability of these transformational projects, while helping reduce cost, risk and complexity. Our ability to address a broad range of customer problems while also optimizing cloud and IT investments makes NetApp more resilient to a potential further slowdown than many of our peers.

儘管宏觀環境不確定，但在數字和雲轉型優先投資的推動下，企業支出環境保持穩定。全球各地的組織都希望了解 NetApp 如何提高這些轉型項目的性能和可靠性，同時幫助降低成本、風險和復雜性。我們能夠解決廣泛的客戶問題，同時優化雲和 IT 投資，這使得 NetApp 比我們的許多同行更能抵禦潛在的進一步放緩。

Just as our customers are looking to save while transforming, we too must be agile in our response to the dynamic macro. We will continue to invest into areas of high return to drive growth, while at the same time, moderating spending elsewhere.

正如我們的客戶希望在轉型時節省開支一樣，我們也必須靈活應對動態宏觀。我們將繼續投資於高回報領域以推動增長，同時減少其他領域的支出。

In closing, we delivered a great quarter, kicking off a strong start to FY '23. Customer priorities are increasingly aligned with the solutions that we uniquely provide. You are seeing evidence of that in the strong growth of our revenues, billings and profitability. I am proud of the NetApp team's focus, execution and disciplined operational management in navigating this dynamic environment.

最後，我們交付了一個出色的季度，為 23 財年開啟了強勁的開端。客戶的優先事項越來越與我們獨特提供的解決方案保持一致。您在我們的收入、賬單和盈利能力的強勁增長中看到了這一點。我為 NetApp 團隊在這個動態環境中的專注、執行和嚴格的運營管理感到自豪。

I'll now turn the call over to Mike to walk through the details of our outstanding Q1.

我現在將把電話轉給邁克，詳細介紹我們出色的第一季度的細節。

Thank you, George. Good afternoon, everyone, and thank you for joining us. 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。在我們討論財務細節之前，我認為向您介紹今天討論的關鍵主題會很有價值。

Number one, as George highlighted, we had an outstanding Q1 in a dynamic environment with all-time Q1 company highs for billings, revenue, gross profit dollars, operating income and EPS, despite an uncertain macro and unprecedented FX headwinds.

第一，正如喬治強調的那樣，儘管宏觀環境不確定和前所未有的外匯逆風，但我們在動態環境中的第一季度表現出色，第一季度公司的賬單、收入、毛利潤、營業收入和每股收益均創下歷史新高。

Number two, our Public Cloud business had an outstanding quarter, with excellent performance by our Cloud Volume Service offerings from AWS, Azure and Google Cloud, which collectively grew ARR over 100% year-over-year. We also saw improved execution in our CloudOps portfolio.

第二，我們的公有云業務季度表現出色，AWS、Azure 和谷歌云提供的雲量服務產品表現出色，ARR 同比增長超過 100%。我們還在 CloudOps 產品組合中看到了改進的執行。

Number three, as George mentioned, we continue to see healthy customer engagement and demand trends. Like everyone on this call, we are mindful of the complexity in both the macro backdrop and supply chain. We will remain extremely disciplined in running our business while continuing to invest in our key strategic initiatives.

第三，正如喬治所說，我們繼續看到健康的客戶參與和需求趨勢。像本次電話會議的每個人一樣，我們注意到宏觀背景和供應鏈的複雜性。在繼續投資於我們的關鍵戰略計劃的同時，我們將在經營業務方面保持極其自律。

And number four, we are reaffirming our full year guidance for revenue, margins, EPS, free cash flow and Public Cloud ARR, even when factoring in a 3- to 4-point revenue headwind from FX versus the 2-point FX headwind contemplated in our guide provided last quarter.

第四，我們重申我們對收入、利潤率、每股收益、自由現金流和公共雲 ARR 的全年指導，即使考慮到來自外彙的 3 到 4 點的收入逆風與預期的 2 點外匯逆風我們的指南在上個季度提供。

Now to the details. As a reminder, I'll be referring to non-GAAP numbers unless otherwise noted. In Q1 despite elevated freight and logistical expense, significant component cost premiums and unprecedented FX headwinds, we delivered solid revenue with both operating margin and EPS coming in above the high end of guidance. Strong execution yielded Q1 billings of $1.56 billion, up 13% year-over-year.

現在到細節。提醒一下，除非另有說明，否則我將指的是非 GAAP 數字。在第一季度，儘管運費和物流費用增加、組件成本溢價顯著和前所未有的外匯逆風，我們實現了穩健的收入，營業利潤率和每股收益都高於指導的高端。強勁的執行產生了 15.6 億美元的第一季度賬單，同比增長 13%。

Revenue came in at $1.59 billion, up 9% year-over-year. Adjusting for the 4-point headwind from FX, billings and revenue would have been up 18% and 13% year-over-year, respectively. Our solid Q1 results were driven by broad-based demand across our portfolio and geographies. Our cloud portfolio continues to positively impact the overall growth profile of NetApp, delivering 3.5 of the 9 points in revenue growth.

收入為 15.9 億美元，同比增長 9%。調整來自外彙的 4 點逆風，賬單和收入將分別同比增長 18% 和 13%。我們穩健的第一季度業績受到我們投資組合和地區廣泛需求的推動。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 9 個收入增長點中的 3.5 個。

Hybrid Cloud segment revenue of $1.46 billion was up 6% year-over-year. Within Hybrid Cloud, we delivered product revenue growth for the sixth consecutive quarter and expect this momentum to continue as we go through fiscal '23. Product revenue of $786 million increased 8% year-over-year. Consistent with growth in fiscal '22, software product revenue of $476 million increased 15% year-over-year, driven by the value of our ONTAP software and data services. Total Q1 recurring support revenue of $598 million increased 3% year-over-year, highlighting the health of our installed base.

混合雲部門收入為 14.6 億美元，同比增長 6%。在混合雲中，我們連續第六個季度實現了產品收入增長，並預計隨著我們 23 財年的發展，這種勢頭將繼續下去。產品收入為 7.86 億美元，同比增長 8%。與 22 財年的增長一致，在我們 ONTAP 軟件和數據服務價值的推動下，4.76 億美元的軟件產品收入同比增長 15%。第一季度經常性支持總收入為 5.98 億美元，同比增長 3%，突顯了我們安裝基礎的健康狀況。

Public Cloud ARR exited Q1 at $584 million, up 73% year-over-year driven by strength in cloud storage services, led by Azure NetApp Files, AWS FSx for ONTAP and Google CVS. Public Cloud revenue recognized in the quarter was $132 million, up 67% year-over-year and 10% sequentially.

公共雲 ARR 在第一季度以 5.84 億美元退出，同比增長 73%，這得益於雲存儲服務的實力，其中包括 Azure NetApp Files、AWS FSx for ONTAP 和 Google CVS。本季度確認的公共雲收入為 1.32 億美元，同比增長 67%，環比增長 10%。

Recurring support and Public Cloud revenue of $730 million was up 11% year-over-year, constituting 46% of total revenue, a new record for NetApp. We ended Q1 with $4.2 billion in deferred revenue, an increase of 7% year-over-year. Q1 marks the 18th 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 7.3 億美元，同比增長 11%，佔總收入的 46%，創下 NetApp 的新紀錄。我們以 42 億美元的遞延收入結束了第一季度，同比增長 7%。第一季度是遞延收入連續第 18 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 67%, in line with our guidance. Total Hybrid Cloud gross margin was 66% in Q1. Within our Hybrid Cloud segment, product gross margin was 50%, including a 2-point year-over-year headwind from FX. Our growing recurring support business continues to be very profitable with gross margin of 93%.

總毛利率為 67%，符合我們的預期。第一季度混合云總毛利率為 66%。在我們的混合雲部門，產品毛利率為 50%，包括來自外彙的 2 個百分點的同比逆風。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%。

Public Cloud gross margin of 70% was again accretive to the corporate average. The sequential increase in Public Cloud gross margin was driven by improving software mix within our Public Cloud business. We remain confident in our long-term Public Cloud gross margin goal of 75% to 80%, as we continue to scale the business and an increasing percentage of our Public Cloud revenue is driven by cloud and software solutions.

公共雲 70% 的毛利率再次提高了企業平均水平。公共雲毛利率的連續增長是由我們公共雲業務中軟件組合的改善推動的。我們對 75% 至 80% 的長期公共雲毛利率目標仍然充滿信心，因為我們將繼續擴大業務規模，並且我們的公共雲收入中越來越多的百分比是由雲和軟件解決方案推動的。

Q1 highlighted the strong leverage in our operating model, with operating margin of 23%, despite the ongoing supply chain and currency headwinds. EPS of $1.20 came in nicely ahead of guidance.

儘管存在持續的供應鍊和貨幣逆風，但第一季度突出了我們運營模式的強大槓桿作用，營業利潤率為 23%。每股收益為 1.20 美元，遠超預期。

Cash flow from operations was $281 million, and free cash flow was $216 million. During Q1, we had strong cash collections while we continue to invest in inventory that included paying substantial premiums for constrained trailing-edge analog parts. This purchasing strategy allowed us to meet as much customer demand as possible but was clearly a headwind to cash flow and gross margins.

運營現金流為 2.81 億美元，自由現金流為 2.16 億美元。在第一季度，我們的現金收入強勁，同時我們繼續投資於庫存，其中包括為受限的後沿模擬部件支付大量溢價。這種採購策略使我們能夠盡可能多地滿足客戶需求，但顯然對現金流和毛利率不利。

We are seeing early signs of relief in supply availability. The timing of a full supply recovery remains uncertain. However, as our inventory levels start to normalize, it will be a tailwind to free cash flow as we go through fiscal '23.

我們看到供應供應出現緩解的早期跡象。供應全面復甦的時間仍然不確定。但是，隨著我們的庫存水平開始正常化，在我們度過 23 財年時，這將是自由現金流的順風。

During Q1, we repurchased $350 million in stock and paid out $110 million in cash dividends. In total, we returned $460 million to shareholders, representing 213% of free cash flow. We closed Q1 with $3.4 billion in cash and short-term investment.

在第一季度，我們回購了 3.5 億美元的股票並支付了 1.1 億美元的現金股息。我們總共向股東返還了 4.6 億美元，佔自由現金流的 213%。我們以 34 億美元的現金和短期投資結束了第一季度。

Now to guidance. We are reaffirming our fiscal '23 guidance. Our revenue guide of 6% to 8% growth year-over-year now includes 3 to 4 points of FX headwind versus the 2-point headwind assumed in our original guidance provided last quarter. We will continue to grow and invest in our Public Cloud business and expect to exit fiscal '23 with Public Cloud ARR of $780 million to $820 million. At the ARR midpoint, we expect Public Cloud segment to drive 4 points of total company revenue growth.

現在來指導。我們正在重申我們的 '23 財年指導方針。我們的收入指南同比增長 6% 至 8%，現在包括 3 至 4 個點的外匯逆風，而我們在上個季度提供的原始指南中假設的 2 點逆風。我們將繼續發展並投資於我們的公共雲業務，並預計以 7.8 億美元至 8.2 億美元的公共雲 ARR 退出 '23 財年。在 ARR 中點，我們預計公共雲部門將推動公司總收入增長 4 個百分點。

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. Adding to these product cost overhang is an additional 1 point from incremental FX headwinds. As you know, the vast majority of our bill of materials is procured in U.S. dollars.

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。增加這些產品成本的額外因素是外匯逆風增加了 1 分。如您所知，我們絕大多數的物料清單都是以美元採購的。

We are cautiously optimistic that supply constraints will ease further in the second half of our fiscal year, reducing our dependence on recurring parts at significant premiums. We should also start to see a benefit from declining prices for our hardware components. While the timing is uncertain, we remain confident that our structural product margins will normalize back to the mid-50s in the fullness of time.

我們謹慎樂觀地認為，在本財年下半年，供應限制將進一步緩解，從而減少我們對高溢價的經常性零件的依賴。我們還應該開始看到硬件組件價格下降帶來的好處。雖然時間不確定，但我們仍然相信我們的結構性產品利潤率將在適當的時候恢復到 50 年代中期。

Despite the incremental currency headwinds, we remain committed to driving operating margin of 23% to 24% and EPS of $5.40 to $5.60 for the full year. Like all of you, we are closely monitoring the demand signals and broader macro trends. As George noted, customer engagement and demand remain healthy. However, given the fluidity of the environment, we will continue to be appropriately measured in our outlook and extremely disciplined with our spending envelope. We continue to expect to generate greater than $1.4 billion in operating cash flow and $1.1 billion in free cash flow for the full year.

儘管貨幣逆風增加，我們仍致力於將全年營業利潤率提高 23% 至 24%，每股收益從 5.40 美元提高至 5.60 美元。像你們所有人一樣，我們正在密切關注需求信號和更廣泛的宏觀趨勢。正如喬治所指出的，客戶參與度和需求保持健康。然而，鑑於環境的流動性，我們將繼續對我們的前景進行適當的衡量，並對我們的支出範圍進行極度自律。我們繼續預計全年將產生超過 14 億美元的運營現金流和 11 億美元的自由現金流。

Now to Q2 guidance. We expect Q2 net revenues to range between $1.595 billion and $1.745 billion, which at the midpoint implies a 7% increase year-over-year, including 4 points of currency headwinds. We expect consolidated gross margin to range between 66% and 67% and operating margin to be approximately 23%. We anticipate our tax rate to be between 21% and 22%. And we expect earnings per share for Q2 to range between $1.28 and $1.38 per share. Assumed in our Q2 guidance is net interest expense of $5 million and a share count of approximately 223 million.

現在到第二季度的指導。我們預計第二季度的淨收入將在 15.95 億美元至 17.45 億美元之間，中點意味著同比增長 7%，包括 4 個點的貨幣逆風。我們預計綜合毛利率將在 66% 至 67% 之間，營業利潤率約為 23%。我們預計我們的稅率在 21% 到 22% 之間。我們預計第二季度的每股收益將在每股 1.28 美元至 1.38 美元之間。我們在第二季度的指導中假設淨利息支出為 500 萬美元，股票數量約為 2.23 億股。

In closing, I want to thank the entire NetApp team for the outstanding execution in Q1. As a result, the year is off to a strong start.

最後，我要感謝整個 NetApp 團隊在第一季度的出色執行。因此，今年開局強勁。

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

我現在將其交還給 Kris，以打開問答電話。克里斯?

Thanks, Mike. Operator, let's begin the Q&A.

謝謝，邁克。接線員，我們開始問答吧。

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

（操作員說明）第一個問題將來自花旗集團的 Jim Suva。

Wow, congratulations to you and your team. Great results. My question to you is, look, the past 2, 2.5 years have been very challenging with COVID. And it appears that NetApp has stepped it up by going the extra distance to procuring the shortages of parts, paying premiums and delivering to the customers. Does this set you up with relationships and customer expectations and even deeper, longer visibility and opportunities? I'm just kind of wondering because it seems like you walked down this aisle of going way beyond just what a normal agreement would be. And it seems like things are even deeper now in a positive way.

哇，祝賀你和你的團隊。偉大的結果。我的問題是，過去 2 年、2.5 年對於 COVID 來說是非常具有挑戰性的。看來，NetApp 通過加緊採購零件、支付保費和交付給客戶來加快步伐。這是否為您建立了關係和客戶期望，以及更深入、更長久的知名度和機會？我只是想知道，因為您似乎走在這條過道上，遠遠超出了正常協議的範圍。似乎事情現在以積極的方式更深入了。

Thank you, Jim. I think, first of all, we continue to see demand ahead of supply. We had a broad-based book of business in Q1 with healthy demand trends, and we're doing everything we can to meet customer expectations by procuring parts in as many ways as we can. We think that, that helps us to be able to deliver on the promises that we make to customers. I think equally importantly, we broaden the range of capabilities that we bring to customers, particularly with our cloud offerings, our cloud storage and our cloud operations portfolio that now address a vast range of both digital and cloud transformation.

謝謝你，吉姆。我認為，首先，我們繼續看到需求超過供應。我們在第一季度有一本基礎廣泛的業務手冊，需求趨勢健康，我們正在盡我們所能通過盡可能多的方式採購零件來滿足客戶的期望。我們認為，這有助於我們兌現對客戶的承諾。我認為同樣重要的是，我們擴大了我們為客戶帶來的能力範圍，特別是我們的雲產品、雲存儲和雲運營組合，這些產品現在解決了廣泛的數字和雲轉型。

And so the combination of meeting expectations for the day-to-day business as well as being part of their go-forward transformation, allowing them to kind of make their businesses a lot more digital and cloud capable, is helping us broaden our exposure to new buyers and customers and deepen relationships within existing buyers as well as net new buyers. So I'm excited about what the year ahead holds for us.

因此，滿足對日常業務的期望以及成為他們前進轉型的一部分，使他們能夠使他們的業務更加數字化和雲化，這有助於我們擴大我們對新買家和客戶，並加深現有買家和淨新買家之間的關係。所以我對未來的一年對我們來說很興奮。

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

下一個問題將來自 Meta Marshall 和摩根士丹利。

Great. A couple of questions for me. Just on the outlook and saying that you're kind of observing signs for macro conditions, just any sense of in your conversations, kind of any change in tone or what you would be looking for to kind of detect whether you were seeing any of that macro impact?

偉大的。我有幾個問題。就前景而言，並說您正在觀察宏觀條件的跡象，只是在對話中的任何感覺，語氣的任何變化或您將要尋找的東西來檢測您是否看到任何這些宏觀影響？

And then maybe second question, just whether there's any benefit that you're seeing from memory prices kind of coming down that maybe offset some of the higher component costs that you're seeing elsewhere?

然後也許是第二個問題，您是否從內存價格的下降中看到了任何好處，這可能抵消了您在其他地方看到的一些較高的組件成本？

Thanks for the question. I think, first of all, we have a broad book of business across geographies, customer segments, vertical industries. And so we monitor the discussions going on with our field teams and customers about their intent to purchase, the project that they want to do with us. So I think, clearly, we continue to see healthy investment in the transformational projects. I think that we are fortunate given the work we've done in the cloud business to be able to participate in those projects in a truly unique way, whether they are in modernizing data centers or migrating them to cloud. I think that we continue to see new application deployment and business process transformations continue to take priority in customer budgets.

謝謝你的問題。我認為，首先，我們擁有涵蓋地域、客戶群和垂直行業的廣泛業務。因此，我們監控與我們的現場團隊和客戶就他們的購買意圖以及他們想與我們合作的項目進行的討論。所以我認為，很明顯，我們繼續看到對轉型項目的健康投資。我認為我們很幸運，因為我們在雲業務中所做的工作能夠以真正獨特的方式參與這些項目，無論是數據中心現代化還是將它們遷移到雲。我認為我們繼續看到新的應用程序部署和業務流程轉型繼續在客戶預算中佔據優先地位。

In public sector, we saw the late start to public sector spending now start to create opportunity for us to participate, particularly with agencies that were generally closed to doing business during COVID, some of the more defense and security-focused agencies that we couldn't really engage with because of the COVID trend. So overall, a good balanced book of business, priority on the transformational projects and then really kind of engagement across our customers showing a steady rebound from 2 years of COVID delays. Mike, do you want to talk about the supply?

在公共部門，我們看到公共部門支出起步較晚，現在開始為我們創造參與機會，特別是與在 COVID 期間通常禁止開展業務的機構，一些我們無法做到的更專注於國防和安全的機構。由於 COVID 趨勢，t 真正參與其中。因此，總體而言，這是一本平衡良好的業務賬簿，優先考慮轉型項目，然後是我們客戶的真正參與，顯示出從 2 年的 COVID 延誤中穩步反彈。邁克，你想談談供應嗎？

Sure. Thanks, George. Meta, thanks for the question. So as we talked about on the earnings call last quarter, we did expect and we still do expect the memory prices to be a slight headwind in the first half and then moving to a tailwind in the second half. All the surveys and discussions we've had certainly support that. As you know, we did add a good bit of inventory after the issue that we saw with SSDs in Q4. So it will take a little bit of time to work through the P&L. And all of that is in our guidance, by the way, that we do expect to see memory prices become a little bit more of a tailwind in the second half.

當然。謝謝，喬治。元，謝謝你的問題。因此，正如我們在上個季度的財報電話會議上談到的那樣，我們確實預計並且我們仍然預計內存價格在上半年會出現輕微的逆風，然後在下半年轉向順風。我們進行的所有調查和討論都肯定支持這一點。如您所知，在第四季度出現 SSD 問題後，我們確實增加了一些庫存。因此，處理損益表需要一點時間。順便說一句，所有這些都在我們的指導中，我們確實希望看到內存價格在下半年變得更加順風。

The next question will come from Shannon Cross with Credit Suisse.

下一個問題將來自瑞士信貸的 Shannon Cross。

I was wondering, as we think about the growth in Public Cloud ARR up 73%, how should we think about the length of the contracts. Has there been any change? Or -- I'm trying to think about how quickly that will continue to flow through in terms of cloud growth overall. Just as you talk to your customers in the environment that we're in right now, have you seen any shifts in contract length or timing of when you expect things to be recognized?

我想知道，當我們考慮公共雲 ARR 增長 73% 時，我們應該如何考慮合同的長度。有什麼變化嗎？或者 - 我正在嘗試考慮在整體雲增長方面將繼續以多快的速度流動。正如您在我們現在所處的環境中與您的客戶交談一樣，您是否看到合同期限或您期望事情得到認可的時間有任何變化？

And then I was just wondering, from a cost perspective, you mentioned being a little bit more cautious, I guess. I'm just wondering, are you still planning on increasing headcount. I mean how cautious are you thinking when you look at your OpEx?

然後我只是想知道，從成本的角度來看，我猜你提到要更加謹慎一些。我只是想知道，您是否還計劃增加員工人數。我的意思是，當您查看 OpEx 時，您的想法有多謹慎？

Yes. In terms of cloud contracts, we have a broad book of business. We have contracts that are subscription contracts. They're usually a couple of years in duration, so they can move around a bit. And then we have, of course, consumption type contracts, which are the type of agreements that we work on with customers in the kind of first-party cloud services, so a broad range. I think overall, we see strong demand for our offerings because they help our customers use the cloud more efficiently. Storage cloud services are much more efficient than sort of hyperscaler-native services, so you can get more performance for less dollars using our capabilities.

是的。在雲合同方面，我們有一本廣泛的業務書。我們有訂閱合同。它們的持續時間通常為幾年，因此它們可以稍微移動一下。當然，我們還有消費類合同，這是我們在第一方雲服務中與客戶合作的協議類型，範圍很廣。我認為總體而言，我們看到對我們產品的強勁需求，因為它們可以幫助我們的客戶更有效地使用雲。存儲雲服務比超大規模原生服務更高效，因此您可以使用我們的功能以更少的錢獲得更高的性能。

And then, of course, our cloud operations portfolio directly address customer concerns about cloud spending by optimizing their overall usage of compute and storage and network on the Public Cloud. Mike?

然後，當然，我們的雲運營組合通過優化他們在公共雲上的計算、存儲和網絡的整體使用來直接解決客戶對雲支出的擔憂。麥克風？

Yes. And keep in mind, too, as well, Shannon, that ARRs are -- is what we expect to recognize during the next 12 months. So those -- that you'll see ARR tie pretty closely to revenue.

是的。還要記住，香農，ARR 是我們期望在未來 12 個月內認識到的。所以那些 - 你會看到 ARR 與收入密切相關。

And then on your headcount question, as we talked about, hey, we're going to be very disciplined. We want to continue to invest in the areas that are going to drive growth, specifically around cloud as well as some of our sales headcount. We are taking a look at just like everybody else, making sure that we reallocate dollars to drive growth, and we'll be very prudent around other additions.

然後關於您的人數問題，正如我們所說，嘿，我們將非常自律。我們希望繼續投資於將推動增長的領域，特別是圍繞雲計算以及我們的一些銷售人員。我們正在像其他人一樣進行研究，確保我們重新分配資金以推動增長，並且我們將非常謹慎地處理其他新增內容。

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

下一個問題將來自德意志銀行的 Sidney Ho。

Maybe just to follow up on the Public Cloud side. The ARR in Q1 seems to have come in better than expected, up 16% organically. It looks like the upside was driven by some of the issues being resolved like maybe in the Spot. But why not more positive on the ARR exiting the year? Is FX an impact in this business? And can you talk about maybe some of the other issues that you're working on? When do you expect them to get resolved?

也許只是為了跟進公共雲方面。第一季度的 ARR 似乎好於預期，有機增長了 16%。看起來上漲是由一些正在解決的問題推動的，比如可能在 Spot 中。但為什麼不對今年的 ARR 更加積極呢？外匯對這項業務有影響嗎？你能談談你正在處理的其他一些問題嗎？你希望他們什麼時候得到解決？

Listen, we're pleased to the start of the year. I think our cloud storage portfolio is really strong. And as we said, we are in the early innings with Amazon and Google, and there's plenty of opportunity to expand our business with them. We are doing the work to be able to do so.

聽著，我們很高興今年的開始。我認為我們的雲存儲產品組合非常強大。正如我們所說，我們正處於與亞馬遜和谷歌的早期階段，有很多機會與他們擴展我們的業務。我們正在努力做到這一點。

With regard to the cloud operations portfolio, we've had a really good start to the year in the Spot portfolio, which -- where we've had new sales leadership, strong disciplined execution in the product team and in the field organization, and I feel pretty good about the focus so far.

關於雲運營產品組合，今年我們在 Spot 產品組合方面有一個非常好的開端，其中 - 我們擁有新的銷售領導，產品團隊和現場組織中嚴格的執行力，以及到目前為止，我對焦點的感覺很好。

I think on Cloud Insights, we still have some more work to do, particularly sharpening the parts of the market that we attack and the execution on customer success motions in that part of the business. So we're pleased we're at the end of the first quarter, if we see more strength at that point, we can talk about the full year guidance. But I feel really good about reiterating our guidance. It's a strong growth target for the full year for our cloud portfolio. And at the start of the year, we're off to a great start.

我認為在 Cloud Insights 上，我們還有更多工作要做，特別是加強我們所攻擊的市場部分以及該部分業務中客戶成功動議的執行。所以我們很高興我們在第一季度末，如果我們在那個時候看到更多的力量，我們可以談論全年的指導。但我對重申我們的指導感覺非常好。這是我們雲產品組合全年的強勁增長目標。在今年年初，我們有了一個良好的開端。

The next question will come from David Vogt with UBS.

下一個問題將來自瑞銀的 David Vogt。

Maybe this is a question for both George and Mike. So when I think about the profitability and the challenges that the industry is facing, it looks like just quickly from our math, that the Hybrid Cloud incremental gross margin might be at the lowest level that we've seen in quite some time, kind of below 20%. And should we -- so therefore, if I think about the business going forward, are we at the low-water mark from product gross margin this quarter given your commentary about supply chain getting better? And should we expect sort of a sequential improvement in product gross margin going forward? Or is there something else under the hood like are we expecting some sort of Public Cloud gross margin pressure in the back half as well? I'm just trying to triangulate kind of where we are today versus where we might be in 3 to 4 quarters from now.

也許這對喬治和邁克來說都是一個問題。因此，當我考慮行業面臨的盈利能力和挑戰時，從我們的數學計算來看，混合雲增量毛利率可能處於我們在相當長一段時間內看到的最低水平，有點像低於 20%。我們是否應該 - 因此，如果我考慮未來的業務，鑑於您對供應鏈變得更好的評論，我們本季度的產品毛利率是否處於低水位？我們是否應該期望未來產品毛利率會出現連續改善？或者還有什麼其他的東西，比如我們是否預計後半部分的公共雲毛利率也會受到壓力？我只是想對我們今天所處的位置與從現在起 3 到 4 個季度可能出現的位置進行三角測量。

David, it's Mike. So great question. So let's go through that. As we talked about on the call last quarter, we did expect and without the incremental impact of FX, it would have been true that we expected product gross margins to be at its lowest in Q4. Q1 came in pretty much as we expected. When we gave the guidance at the midpoint, we're saying, hey, relatively consistent in Q2. To your point, keep in mind that on a year-over-year basis, we are paying, call it -- and we talked about this a couple of calls ago, about $60 million a quarter for premiums. We expect that to continue in Q2 and then get better as we go through the rest of the year.

大衛，我是邁克。這麼好的問題。所以讓我們來看看。正如我們在上個季度的電話會議上談到的那樣，我們確實預計並且沒有外彙的增量影響，我們確實預計產品毛利率將在第四季度處於最低水平。 Q1 與我們預期的差不多。當我們在中點給出指導時，我們說，嘿，第二季度相對一致。就您的觀點而言，請記住，我們每年都在支付，打電話給它 - 我們在幾個電話前談到了這個，每季度大約 6000 萬美元的保費。我們預計這種情況將在第二季度繼續，然後隨著我們在今年餘下的時間裡變得更好。

In addition to Meta's earlier question, we do expect memory prices to get a little bit better in the second half. Again, all of that is baked into our guidance when we gave our full year number. So all else being equal, no crazy on the supply chain things happening or things that we don't know of at this time. We would expect gross margins to continue to improve as we go throughout the year.

除了 Meta 之前的問題，我們確實預計下半年內存價格會有所好轉。同樣，當我們給出全年數字時，所有這些都包含在我們的指導中。因此，在其他條件相同的情況下，供應鏈上發生的事情或我們目前不知道的事情不會瘋狂。隨著我們全年的發展，我們預計毛利率將繼續提高。

And then maybe can I just follow up, Mike. So you may be leveraging what Meta had asked before on operating expenses. Was there anything sort of unique in the first quarter? It certainly appeared to us at least maybe there might have been some tight cost controls on your end to keep sales and marketing looks like flat year-over-year and down fairly meaningfully quarter-over-quarter. As supply chain gets better and revenue continues to ramp, should we expect some incremental dollars to flow back into the OpEx lines over the next couple of quarters?

然後也許我可以跟進，邁克。因此，您可能正在利用 Meta 之前關於運營費用的要求。第一季度有什麼獨特之處嗎？在我們看來，至少在我們看來，可能會有一些嚴格的成本控制，以保持銷售和營銷看起來與去年同期持平，而季度環比下降相當有意義。隨著供應鏈變得更好，收入繼續增加，我們是否應該期望在接下來的幾個季度中，一些增量資金會流回運營支出線？

Yes. So thanks for the question. So overall, we were down about $20 million quarter-on-quarter total company. To your point, sales and marketing was down about 7%. There were 3 major moves, movements in OpEx quarter-over-quarter. That was -- FX gave us about a $10 million benefit because the stronger dollar means lower OpEx. Q1, David, we always have a reset of incentives, incentive pay as well as commissions, and that -- part of that flowed through sales and marketing. And then in R&D, mostly you saw the addition of Instaclustr.

是的。所以謝謝你的問題。因此，總體而言，我們的公司總額環比下降了約 2000 萬美元。就您而言，銷售和營銷下降了約 7%。有 3 個主要變動，即 OpEx 季度環比變動。那是——外匯給我們帶來了大約 1000 萬美元的收益，因為美元走強意味著運營支出降低。第一季度，大衛，我們總是會重新設置激勵、激勵薪酬和佣金，其中一部分是通過銷售和營銷來實現的。然後在研發中，你主要看到了 Instaclustr 的加入。

Also, keep in mind that marketing, one of the big variables there is just marketing spend program timing. Q1 is typically a lower program spend for marketing. So those are the 3 big movements. And as Meta asked as well, hey, we're looking hard at making sure that we're investing in growth. Candidly, sales and marketing will be one of those areas, especially as it looks to drive growth in cloud.

另外，請記住，營銷是營銷支出計劃時間的一大變量。 Q1 通常是較低的營銷計劃支出。這就是三大運動。正如 Meta 所問的那樣，嘿，我們正在努力確保我們正在投資於增長。坦率地說，銷售和營銷將是這些領域之一，尤其是在它希望推動雲計算增長的時候。

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

下一個問題將來自富國銀行的 Aaron Rakers。

Yes. This is Michael on behalf of Aaron. How should we think about your recent price increases flowing through the model from a timing perspective? I guess really what I'm trying to get at is how much of your fiscal '23 revenue growth can be attributed to those price increases?

是的。這是代表亞倫的邁克爾。從時間的角度來看，我們應該如何看待您最近通過模型流動的價格上漲？我想我真正想知道的是，你們 23 財年的收入增長有多少可以歸因於這些價格上漲？

Listen, we've implemented, as we have shared before, 2 price increases. And we are seeing our sales teams being disciplined to be able to capture the value of those price increases. The important thing to note is customers' budget in dollars, they don't get incremental IT budget just because vendors raise prices. So I do not see the fact that our revenue is strong being tied to price increases. I think customers spend and you got to go get your fair share or more than your fair share of their spend. And so we'll continue to monitor how the supply base evolves, and we'll adjust pricing -- if we need to take another action, we will do that at the appropriate point in time. Right now, I don't see the need to do that.

聽著，正如我們之前分享的那樣，我們已經實施了兩次價格上漲。我們看到我們的銷售團隊受到紀律處分，能夠捕捉到這些價格上漲的價值。需要注意的重要一點是客戶的美元預算，他們不會因為供應商提高價格而獲得增量 IT 預算。所以我看不到我們的收入與價格上漲掛鉤的事實。我認為客戶消費，你必須得到你的公平份額或超過你在他們支出中的公平份額。因此，我們將繼續監控供應基礎如何發展，我們將調整定價——如果我們需要採取其他行動，我們將在適當的時間點採取行動。目前，我認為沒有必要這樣做。

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

下一個問題將來自高盛的 Rod Hall。

I wanted to dig into the Americas Commercial revenue a little bit, just the trajectory there. What I see there is quarter-on-quarter deterioration and a little bit worse than normal seasonality to about 12%. The last couple of years, you were just below 8% quarter-on-quarter, and that's off of an April quarter that was just flat seasonally. So it was weak seasonally in April as well. And then if I look at the year-over-year on that line, it was just under 7% year-over-year growth deteriorating from 10.5% last quarter and then about 20% the quarter before. So it looks like it's moderated a little bit. And I just wondered if you guys could maybe dig into what you think is happening there. Is there a demand fluctuation in that particular line? Or is there something else going on?

我想稍微挖掘一下美洲商業收入，只是那裡的軌跡。我看到季度環比惡化，比正常季節性差一點，約為 12%。過去幾年，您的季度環比增長率略低於 8%，這與 4 月季度的季節性持平不同。因此，4 月份的季節性也很弱。然後，如果我看一下這條線上的同比增長率，同比增長略低於 7%，低於上一季度的 10.5%，然後是前一季度的約 20%。所以看起來它已經緩和了一點。我只是想知道你們是否可以深入了解您認為那裡正在發生的事情。該特定線路是否存在需求波動？還是有其他事情發生？

Yes. Rod, it's Mike. Thanks for the question. So the big driver there is -- and we'll go back to what we talked about last time, it's really supply chain in terms of how it impacts the GOs on a quarterly basis. You did see nice growth in USPS, which was great. EMEA and APAC grew as well. So that was more really an issue of supply chain where we were able to place our product versus any change in demand on a quarter-on-quarter basis.

是的。羅德，是邁克。謝謝你的問題。因此，最大的驅動因素是 - 我們將回到我們上次談到的內容，就其如何按季度影響 GO 而言，它實際上是供應鏈。你確實看到了 USPS 的良好增長，這很棒。 EMEA 和 APAC 也有所增長。因此，這實際上是一個供應鏈問題，我們能夠將我們的產品與季度環比的需求變化相比較。

And Mike, can I just follow that up and asked, did you guys make a decision to allocate less to that particular group of customers? Or is there any -- could you give us any more color on why maybe they got less supply than some of these other regions?

邁克，我可以跟進並問，你們是否決定減少分配給特定客戶群的費用？或者有什麼 - 你能給我們更多的顏色，說明為什麼他們的供應可能比其他一些地區少嗎？

Yes. So it's a nuanced answer, Rod. And no, we didn't decide to do that. It depends on what availability we have, what customers are purchasing, when those purchase orders came in, linearity matters. So hey, there's a lot that goes in there, but no, there was no outright decision or direction that way. It just was how it fell in the quarter.

是的。所以這是一個微妙的答案，羅德。不，我們沒有決定這樣做。這取決於我們有什麼可用性，客戶正在購買什麼，這些採購訂單何時進來，線性很重要。所以嘿，那裡有很多東西，但不，沒有直接的決定或方向。這就是它在本季度的下跌方式。

Your next question will come from Amit Daryanani with Evercore.

您的下一個問題將來自 Evercore 的 Amit Daryanani。

Guess I have two as well. I'll ask them together. I guess first off on an organic basis on the top line, it looks like you're actually raising your revenue guide by about 150 basis points or so given the FX issues you have. I'd love to just understand what is driving the better organic performance? Is it end-demand trends that are better or share gain and kind of which buckets are you seeing it on? That will be really good to understand.

猜猜我也有兩個。我會一起問他們。我想首先在收入的有機基礎上，考慮到您遇到的外匯問題，看起來您實際上將收入指南提高了約 150 個基點左右。我很想了解是什麼推動了更好的有機性能？是最終需求趨勢更好還是分享收益以及您在哪種桶上看到它？這將是非常好的理解。

And then secondly -- and Mike, it could just be for you, I think, but you beat Q1 by $0.10. Your Q2 guide, I think, it's about 5 to 6 ahead of The Street, but you're not raising your full year numbers really on an EPS basis. So I guess, what are you seeing or not seeing that's not letting you flow the upside in the first half on the EPS line to the back half?

其次——邁克，我認為這可能只適合你，但你以 0.10 美元的優勢擊敗了第一季度。我認為，您的第二季度指南比 The Street 領先 5 到 6 倍，但您並沒有真正根據每股收益提高全年數字。所以我想，你看到或沒有看到什麼不會讓你在 EPS 線上的前半部分向上流動到後半部分？

I'll take the demand one, and then Mike will cover the EPS. First of all, we're pleased with the book of business we saw in Q1. Our teams are engaged with our customers deeply across all of the segments and geographies. And as you see from our results, we had a really good balanced book of business with strength across all of the geographies.

我將接受需求，然後邁克將涵蓋 EPS。首先，我們對第一季度看到的商業賬簿感到滿意。我們的團隊在所有細分市場和地區與我們的客戶進行深入接觸。正如您從我們的結果中看到的那樣，我們有一本非常平衡的業務賬簿，在所有地區都有實力。

I think with regard to the year ahead, listen, we are 1 quarter in. We feel really good about the progress. We are reiterating our guidance. Yes, you correctly note that we saw incremental FX headwinds from the time we guided. So by reiterating guidance today, it actually shows that we have confidence in our business through the course of the year. I would say if you ask me what's sort of top of mind for me at the moment, it really is about having supply, and I wish I could just get to confidence on having all of the supply we need to meet demand, right? And I think that is the place we continue to do the work. We feel that it's stabilizing, but supply is still behind demand.

我認為關於未來的一年，聽著，我們已經進入了 1 個季度。我們對進展感覺非常好。我們正在重申我們的指導。是的，您正確地註意到，從我們指導的那一刻起，我們就看到了增量的外匯逆風。因此，通過今天重申指導，它實際上表明我們對全年的業務充滿信心。我會說，如果你問我目前最關心的是什麼，這確實是關於供應，我希望我能夠對擁有滿足需求所需的所有供應充滿信心，對吧？我認為這是我們繼續開展工作的地方。我們認為它正在企穩，但供應仍然落後於需求。

And Amit, on the EPS number, as you appropriately noted, we actually are raising the full year number when you take into account the incremental FX impact. And when you flow that through, I think that you're going to see that there is actually a slight waste EPS as well, although albeit not as much as revenue. So we feel -- hey, we feel good about the year. We have -- we've talked several times about reiterating the EPS as well as the operating cash flow number in an uncertain time. So we feel good about that range. As George said, hey, we'll see how the rest of the year goes. We'll take a look at it, but we are certainly very disciplined around our spending and targeted to make sure that we hit both profit and cash goals.

阿米特，關於 EPS 數字，正如您所恰當指出的那樣，當您考慮到增量的外匯影響時，我們實際上正在提高全年數字。當你通過它時，我認為你會看到實際上也有輕微的 EPS 浪費，儘管沒有收入那麼多。所以我們覺得——嘿，我們對這一年感覺很好。我們已經 - 我們已經多次談到在不確定的時間內重申每股收益以及運營現金流量。所以我們對這個範圍感覺很好。正如喬治所說，嘿，我們將看看今年剩下的時間會如何。我們會看看它，但我們肯定對我們的支出非常自律，並有針對性地確保我們達到利潤和現金目標。

The next question will come from Matt Sheerin with Stifel.

下一個問題將來自 Matt Sheerin 和 Stifel。

Yes. It looks like your all-flash ARR growth rates slowed somewhat from last quarter. It was up 7% versus up 12% last quarter. Anything to read into that as far as trends and the transition to all-flash from customers? Or was it just up against tough comps, supply constraints or other reasons?

是的。看起來您的全閃存 ARR 增長率比上一季度有所放緩。它與上一季度的 12% 相比增長了 7%。就趨勢和客戶向全閃存的過渡而言，有什麼可以解讀的嗎？或者它只是為了應對艱難的競爭、供應限製或其他原因？

The combination of some supply constraints and also we have an FX headwind to product revenue. I think given the percentage of our total book of business being all flash, you would assume that FX would affect it the same as our total book of business, so substantial headwind. I also think it's too early to comment, but at times like this in the past, we have seen customers choose to buy more economic configurations in certain cases. So we had a strong quarter in our hybrid flash segment, which is really targeting customers who have -- want to buy the most cost-effective configuration. And so we'll continue to monitor that. It's 1 quarter in, so I wouldn't call that a trend yet.

一些供應限制的組合以及我們對產品收入的外匯逆風。我認為，鑑於我們的總賬簿中的百分比都是閃存，您會假設外匯對它的影響與我們的總賬簿相同，因此是巨大的逆風。我也認為現在評論還為時過早，但在過去這樣的時候，我們已經看到客戶在某些情況下選擇購買更多的經濟配置。因此，我們在混合閃存領域有一個強勁的季度，這實際上是針對那些想要購買最具成本效益的配置的客戶。因此，我們將繼續對此進行監控。現在是第 1 個季度，所以我還不認為這是一種趨勢。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

This is Angela Jin on for Samik Chatterjee. I just wanted to dig into the comment you made about over 100% growth in ARR from AWS, Azure and Google Cloud combined. I'm guessing the majority of that contribution comes from ANF just given its scale right now, but -- do you mind parsing through how each one is trending and where you're seeing the greatest traction and where you might see it going in the future?

這是 Samik Chatterjee 的 Angela Jin。我只是想深入了解一下您關於 AWS、Azure 和 Google Cloud 的 ARR 增長超過 100% 的評論。我猜大部分貢獻來自 ANF 剛剛考慮到它的規模，但是 - 你介意分析一下每個人的趨勢如何，你在哪裡看到最大的牽引力，你可能會看到它在哪裡？未來？

Angela, it's Mike. As we've talked about, ANF is the largest portion of CVS. All 3 of the products with the hyperscalers are performing well. We're not going to go into the trends individually. They're all at a different part of their stage in terms of go-to-market and product, but all 3 of them did well in the quarter relative to how they were. And yes, ANF continues to be the largest portion of that, and ANF performed quite well in the quarter.

安吉拉，我是邁克。正如我們所討論的，ANF 是 CVS 的最大部分。所有 3 款帶有超大規模器的產品都表現良好。我們不會單獨探討趨勢。在進入市場和產品方面，他們都處於不同階段，但相對於他們的現狀，他們三個在本季度都表現良好。是的，ANF 仍然是其中最大的部分，並且 ANF 在本季度的表現相當不錯。

The next question will come from Mehdi Hosseini with SIG.

下一個問題將來自 SIG 的 Mehdi Hosseini。

Yes. Two follow-ups. Within your cloud data services, how should I think about the current mix of cloud storage versus CloudOps? And how would this mix change over the next 4 to 6 quarters? And I have a follow-up.

是的。兩個後續。在您的雲數據服務中，我應該如何考慮當前云存儲與 CloudOps 的組合？在接下來的 4 到 6 個季度中，這種組合將如何變化？我有一個後續行動。

In cloud storage, as we said, is 60%. And we think that the mix should stay relatively stable over the next several quarters.

正如我們所說，在雲存儲中是 60%。我們認為未來幾個季度這種組合應該保持相對穩定。

Okay. Because I'm looking at your AFA, all-flash array commentary you mentioned and it seems like if I were to just take your fiscal year '23 guide, the AFA growth would accelerate. FY '22 AFA growth was 20% this year tracking to low teens. And I was just trying to better understand if cloud data services will provide an uplift in addition to installed base that is upgrading.

好的。因為我正在查看您提到的 AFA、全閃存陣列評論，並且似乎如果我只是採用您的 23 財年指南，AFA 的增長將會加速。 22 財年的 AFA 增長率為 20%，今年跟踪到低青少年。我只是想更好地了解雲數據服務是否會在升級的安裝基礎上提供提升。

Listen, we saw customer challenges in multiple ways, right? I think unlike some other players in the market, we can solve it through a cloud-based solution. We can solve it through a hybrid flash solution as well as managed service offerings. So we're going to do what customers want, and we're going to give them the full range of our portfolio. I think our flash offerings are strong. We have certainly been affected by the macro. But as we have shared before, the vast majority of our cloud growth comes from outside our on-premises installed base. So most of those customers are not buying our AFA, they're buying new stuff.

聽著，我們從多個方面看到了客戶的挑戰，對吧？我認為與市場上的其他一些參與者不同，我們可以通過基於雲的解決方案來解決它。我們可以通過混合閃存解決方案以及託管服務產品來解決這個問題。因此，我們將做客戶想要的，我們將為他們提供我們全方位的產品組合。我認為我們的閃存產品很強大。我們當然受到了宏觀的影響。但正如我們之前所分享的，我們絕大多數的雲增長來自我們的本地安裝基礎之外。所以這些客戶中的大多數都不是在購買我們的 AFA，而是在購買新產品。

The next question will come from Krish Sankar with Cowen and Company.

下一個問題將來自與 Cowen and Company 的 Krish Sankar。

Congrats on the great result. I have 2 quick ones. First one for George. How much visibility do you have into FY '23? Because typical lead time to storage products is about 2 to 3 months. But FY guidance reiterated, is it safe to assume you're starting to have some visibility into the back half of FY '23? So any color on the visibility would be helpful.

祝賀偉大的結果。我有2個快速的。第一個給喬治。您對 23 財年的知名度有多少？因為存儲產品的典型交貨時間約為 2 到 3 個月。但是重申了 FY 指導，假設您開始對 23 財年的後半部分有所了解是否安全？因此，可見性上的任何顏色都會有所幫助。

And then a quick one for Mike. Conversely, given the uncertain macro, especially heading into calendar '23, how do you think about your operating leverage? I understand you have some ARR and subscriptions. But if product revenues are down typical number down 10% hypothetically, how do you think about margins and earnings in that environment, Mike?

然後是邁克的一個快速的。相反，鑑於不確定的宏觀環境，尤其是進入 '23 日曆，您如何看待您的經營槓桿？我了解您有一些 ARR 和訂閱。但是，如果假設產品收入下降了 10%，那麼您如何看待這種環境下的利潤率和收益，邁克？

With regard to visibility, listen, we are engaged in conversations with customers. And as I said in my prepared remarks and the -- what we see within customers is there are transformational projects that continue to receive the benefit of spending, right? These could be digital business process enablement. It could be data and analytics to better understand and target the customer base. It could be cloud migrations and accelerated application deployment. Those are all getting funded, right? And we get to participate in all of those. I think we have certainly more visibility into some of the larger accounts and spending plans just because of the range of engagement we have with them than maybe the smaller accounts, which are a smaller part of our total business.

關於知名度，聽，我們正在與客戶進行對話。正如我在準備好的評論中所說的那樣——我們在客戶中看到的是，有一些轉型項目繼續從支出中受益，對吧？這些可能是數字業務流程支持。它可以是數據和分析，以更好地了解和定位客戶群。它可能是雲遷移和加速應用程序部署。這些都得到了資助，對吧？我們可以參與所有這些。我認為我們肯定對一些較大的賬戶和支出計劃有更多的了解，這僅僅是因為我們與他們的接觸範圍可能比較小的賬戶要多，因為這些賬戶只占我們總業務的一小部分。

With regard to what we see going on, it's steady demand. As we said, some of our clients are recovering from 2 years of COVID pandemic. So while they may not be as excited about what the next year holds, they're still recovering from 2 years of delayed spending. And so these projects are moving forward. And so we continue to work with our customers on their planning not only for this year, but also for the first half of next year, which comprises the finish of our fiscal year.

關於我們所看到的情況，這是穩定的需求。正如我們所說，我們的一些客戶正在從 2 年的 COVID 大流行中恢復過來。因此，儘管他們可能對明年的情況不那麼興奮，但他們仍在從 2 年的延遲支出中恢復過來。所以這些項目正在向前推進。因此，我們將繼續與我們的客戶一起制定他們的計劃，不僅是今年，還有明年上半年，包括我們財政年度的結束。

And Krish, hey, on your last question, the way I would answer that is we certainly look at different scenarios. You mentioned 10% down. No one on this call had said that that's what we think it would be. We've looked at our operating expenses, where we spend our money, where we would look to reallocate or reduce if we saw a different scenario than we're calling for the year. Also, hey, keep in mind one important note, which is the majority of the gross profit is still being generated by support, which we feel very good about. And cloud continues to be a bigger part of that. Based on the midpoint of the guidance by the end of the year, cloud will be about a little over 10% of the revenue and that of gross profit as well. So that provides a nice buffer. So we're looking at all those things as we go into the year, nothing certainly that we would pull the trigger on unless we saw different scenarios rolling out.

還有 Krish，嘿，關於你的最後一個問題，我的回答方式是，我們當然會考慮不同的情況。你提到了 10% 的降價。這次電話會議上沒有人說過我們認為會是這樣。我們已經研究了我們的運營費用，我們把錢花在了哪裡，如果我們看到與我們今年所要求的不同的情況，我們將在哪裡重新分配或減少。另外，嘿，請記住一個重要的注意事項，即大部分毛利潤仍然來自支持，我們對此感到非常滿意。雲仍然是其中的重要組成部分。根據年底指引的中點，雲計算將佔收入和毛利的 10% 左右。所以這提供了一個很好的緩衝。因此，我們在進入這一年時正在研究所有這些事情，除非我們看到不同的情況出現，否則我們肯定會扣動扳機。

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

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

This is Victor Chiu in for Simon. If there was some "back of the napkin" math here, that the Public Cloud NRR of 151% this quarter seems to implies strong Public Cloud ARR contributions from new customer bookings in the quarter relative to renewal expansion contributions. Is that an accurate assumption? And if so, were there specific drivers behind that this quarter? And how should we think about this dynamic going forward if we assume NRR continues to trend down as it has over the last several quarters?

這是西蒙的維克多·邱。如果這裡有一些“餐巾紙背面”的數學，那麼本季度 151% 的公共雲 NRR 似乎意味著本季度新客戶預訂對公共雲 ARR 的貢獻相對於續訂擴展貢獻的強勁。這是一個準確的假設嗎？如果是這樣，本季度背後是否有特定的驅動因素？如果我們假設 NRR 像過去幾個季度一樣繼續呈下降趨勢，我們應該如何看待這種動態？

Listen, we've said that dollar-based net retention rate would come down over time. I think we said we've kind of stabilized around 120%, but we feel really good about the book of business we're adding. It will bump around a bit. New cohorts certainly are showing strong expansion trajectory, but I don't read anything particular into our book of business, right? I think we have really strong growth across the cloud portfolio, and we are acquiring a good new set of customers, especially with our hyperscaler routes to market. So there's plenty of opportunity ahead. we're going to continue to balance expansion with net new customer additions.

聽著，我們已經說過，基於美元的淨保留率會隨著時間的推移而下降。我認為我們說我們已經穩定在 120% 左右，但我們對我們正在添加的商業賬簿感覺非常好。它會顛簸一下。新的同夥當然顯示出強勁的擴張軌跡，但我沒有在我們的業務書中讀到任何特別的內容，對吧？我認為我們在整個雲產品組合中都有非常強勁的增長，並且我們正在獲得一批很好的新客戶，尤其是通過我們的超大規模產品進入市場。所以前面有很多機會。我們將繼續在擴張與淨新客戶增加之間取得平衡。

Okay. So -- but is it right to think that baked into your kind of outlook that new bookings kind of play a bigger role? Is that kind of correct?

好的。所以——但是你認為新預訂會發揮更大作用的觀點是否正確？那是正確的嗎？

I mean, listen, I think that as the installed base and cloud gets to be a bigger and bigger number, the amount of new additions, if they are very strong, will naturally become a smaller part of the total business. So we're not -- we don't feel badly about the new customer additions at all. It's just -- it's the law of large numbers catching up with you.

我的意思是，聽著，我認為隨著安裝基礎和雲變得越來越大，新增的數量，如果它們非常強大，自然會成為總業務的一小部分。所以我們不是——我們對新客戶的增加一點也不感到難過。只是——這是大數定律在追趕你。

The next question will come from Nehal Chokshi with Northland Capital Markets.

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

Congrats on strong solid results and effectively the guidance rates here. George, you talked about some of your customer wins, and I believe this is one of the first times, if not the first time where you talked about Data ONTAP enabling better AI workload data management and being a key portion of these wins. Can you double click into that and talk about what's inherent in ONTAP that enables to AI workload data management?

恭喜這裡取得了強勁的可靠結果和有效的指導率。 George，您談到了您的一些客戶勝利，我相信這是您第一次（如果不是第一次）談到 Data ONTAP 能夠實現更好的 AI 工作負載數據管理並成為這些勝利的關鍵部分。您能否雙擊它並談談 ONTAP 中支持 AI 工作負載數據管理的固有特性？

Yes. First of all, it isn't the first time we have talked about AI. It's been a strong contributor to our business over many quarters now. We have 3 things that we're excited about. First is the technology underpinning AI works great on file-based data, image analysis, natural language processing. Those are all tied to analyzing files.

是的。首先，這不是我們第一次談論人工智能。現在，它在許多季度為我們的業務做出了重要貢獻。我們有 3 件事讓我們感到興奮。首先是支持人工智能的技術在基於文件的數據、圖像分析、自然語言處理方面表現出色。這些都與分析文件有關。

The second is AI requires high-performance training infrastructure to make the algorithm smart. And so high-performance file storage, we are the market leader without question in that part of the market. And I think over the last year, the third point I'll raise is, we have done really good work over the last few years with NVIDIA to build reference designs that combine their technology software vendors and our infrastructure. So I'm super excited about the opportunities ahead in that part of the market. And as you saw from my prepared remarks, we cannot only address it on-prem but uniquely address it on the cloud as well.

二是人工智能需要高性能的訓練基礎設施來讓算法變得智能。如此高性能的文件存儲，我們無疑是該領域的市場領導者。我認為在過去的一年中，我要提出的第三點是，在過去幾年中，我們與 NVIDIA 一起在構建參考設計方面做得非常好，將他們的技術軟件供應商和我們的基礎設施結合起來。所以我對這部分市場的未來機會感到非常興奮。正如您從我準備好的評論中看到的那樣，我們不僅可以在本地解決它，而且還可以在雲上獨特地解決它。

Your next question will come from Steven Fox with Cross Research.

您的下一個問題將來自 Cross Research 的 Steven Fox。

It's Steve Fox from Fox Advisors. One quick question from me. Can you just talk about the hybrid storage rates a little bit more. It looks like they grew double digit year-over-year. I'm not sure the last one that happened. And it sounded like that mix was happening in the prior quarter as well. How much more do you think you have to deal with that negative mix shift in the product sales, especially since you're starting to see a loosening up of NAND and DRAM?

是 Fox Advisors 的 Steve Fox。我的一個快速問題。你能多談談混合存儲率嗎？看起來他們同比增長了兩位數。我不確定最後發生的事情。聽起來這種混合也發生在上一季度。您認為您還需要處理多少產品銷售中的負面組合轉變，特別是因為您開始看到 NAND 和 DRAM 的鬆動？

Listen, I don't see hybrid flash strength as a negative. I just think that we offer a broad range of capabilities for customers. In certain workloads hybrid flash is obviously the right answer because it gives you the combination of large amounts of capacity at a really cost-effective price point and with caching technology, the ability to generate good enough performance for those use cases. So we actually feel like having cloud, all-flash arrays, capacity flash arrays and hybrid flash arrays is the right answer for customers. And we do that not just ina file and block, but also increasingly an object.

聽著，我不認為混合閃光強度是負面的。我只是認為我們為客戶提供了廣泛的功能。在某些工作負載中，混合閃存顯然是正確的答案，因為它以真正具有成本效益的價格點為您提供大量容量的組合，並與緩存技術相結合，能夠為這些用例生成足夠好的性能。因此，我們實際上認為擁有云、全閃存陣列、容量閃存陣列和混合閃存陣列是客戶的正確答案。我們不僅在文件和塊中這樣做，而且越來越多地成為對象。

The next question will come from Tim Long with Barclays.

下一個問題將來自巴克萊的 Tim Long。

It's actually George Wang on behalf of Tim Long here. Congrats again on the quarter. So I have 2 questions. Firstly, just kind of holding on the CloudOps in terms of future tuck-in acquisitions. Last time you guys talked about the folding in the first half just given kind of a valuation has come in rapidly for the private market companies, is there any sort of shift in the strategy in terms of maybe kind of pick up some private kind of near term?

這裡實際上是代表 Tim Long 的 George Wang。再次祝賀本季度。所以我有2個問題。首先，就未來的收購而言，只是持有 CloudOps。上次你們談到上半年的折疊只是因為私人市場公司的估值已經迅速到來，戰略是否有任何轉變，可能會撿起一些私人的學期？

Listen, we are disciplined acquirers. We have done well with the start to the year. That doesn't mean that we don't have more work to do to integrate the acquisitions we've already completed, especially both CloudCheckr and Instaclustr, right? So we're deeply involved in doing that work. That work should be wrapped up soon, right, at least the preponderant majority of that work. And we continue to monitor the landscape. We won't rule out doing things that they are massively advantaged, but we're also just trying to be balanced, disciplined acquirers so that we can make sure that the acquisitions we already have done are off to strong starts.

聽著，我們是有紀律的收購者。今年年初我們做得很好。這並不意味著我們沒有更多的工作要做來整合我們已經完成的收購，尤其是 CloudCheckr 和 Instaclustr，對吧？因此，我們深入參與了這項工作。這項工作應該很快結束，對，至少大部分工作都應該結束。我們繼續監測景觀。我們不排除做他們擁有巨大優勢的事情，但我們也只是試圖成為平衡、紀律嚴明的收購者，以便我們可以確保我們已經完成的收購有一個良好的開端。

Great. So my follow-up is just if you can unpack on the billings and the deferred both (inaudible) metrics. So when I look at the billings, so it decelerated by 3%, but that's probably the kind of FX you guys mentioned also from maybe some seasonality, some tough compare with versus quarter last year. But it's good to see deferred rev actually accelerated. So maybe you can unpack it a little bit, maybe talk about any update you saw from [constructor] support renewal front?

偉大的。所以我的後續行動只是你是否可以解開賬單和延遲的兩個（聽不清）指標。因此，當我查看賬單時，它減速了 3%，但這可能是你們提到的那種外匯，也可能是一些季節性因素，與去年同期相比有些困難。但很高興看到延遲轉速實際上加速了。所以也許你可以把它拆開一點，也許談談你從 [constructor] 支持更新方面看到的任何更新？

Sure, George. So a couple of answers to that. So thanks for asking about billings. So keep in mind that it was 13% this quarter but 18% on a constant currency basis. So it actually did accelerate quarter-over-quarter. I believe it was 16% last quarter. If I missed that, I apologize. What drove the billings growth mostly in Q4 of last year was, as you know, it's revenue plus change in deferred. Most of that growth was from support. We had a very good support quarter in Q4. You saw that in the deferred revenue results.

當然，喬治。所以有幾個答案。所以感謝您詢問賬單。因此請記住，本季度為 13%，但按固定匯率計算為 18%。所以它實際上確實比上一季度加速了。我相信上個季度是 16%。如果我錯過了，我很抱歉。如您所知，去年第四季度推動賬單增長的主要因素是收入加上遞延的變化。大部分增長來自支持。我們在第四季度有一個非常好的支持季度。您在遞延收入結果中看到了這一點。

This quarter, it was nice. Support did well. Again, but really, it was cloud that drove a good bit of the billings growth. So the 13% as reported, cloud was about 7.5 of that. So it was a big driver. And a lot of that was what George talked about us getting our feet under us again around cloud ops because that's where you'll end up doing subscription arrangements. So that is to compare on billings. Again, keep in mind, on an FX-adjusted basis, really strong billings quarter.

這個季度，很好。支持做得很好。同樣，但實際上，是雲推動了比林斯的大量增長。因此，報告中的 13%，雲大約是其中的 7.5。所以這是一個很大的驅動力。其中很多都是 George 談到的，我們再次在雲操作方面站穩腳跟，因為這就是您最終要做訂閱安排的地方。所以這是在賬單上進行比較。同樣，請記住，在外匯調整的基礎上，非常強勁的比林斯季度。

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

下一個問題將來自美國銀行的 Wamsi Mohan。

Yes. On the Public Cloud ARR, can you just parse through what was organic versus inorganic in the quarter? And last quarter, you had noted that you were expecting the trajectory to accelerate as you go through the course of the year. Is that still your view? Or do you expect that you sort of turned it around a little bit faster than you thought and that trajectory sort of maybe doesn't really accelerate from here? And I have a quick follow-up on gross margins.

是的。在公共雲 ARR 上，您能否分析一下本季度的有機與無機？上個季度，您曾指出，您預計這一軌跡會隨著一年的進程而加速。這仍然是你的觀點嗎？或者你是否期望你的轉身速度比你想像的要快一點，而這條軌跡可能並沒有真正從這裡加速？我對毛利率進行了快速跟進。

Sure. So hey, Wamsi, thanks for the question. So let's go through the ARR results in the quarter. So as we expected, Instaclustr came in right around $34 million, $35 million. And as we talked about, we expected to see good growth through the year, a little bit of acceleration in the second half. That's still where we are. So organic, I would -- I'm going to define that as everything except for Instaclustr because we had CloudCheckr in Q4, grew by $45 million and then Instaclustr was about $34 million to $35 million. That gets you to the $585 million. That's about a 9% growth quarter-on-quarter. We would expect Q2 to be, call it, between 10% and 11% growth on the $584 million.

當然。所以，嘿，Wamsi，謝謝你的問題。因此，讓我們來看看本季度的 ARR 結果。因此，正如我們預期的那樣，Instaclustr 的收入約為 3400 萬美元，3500 萬美元。正如我們所說，我們預計全年會出現良好的增長，下半年會略有加速。那仍然是我們所在的地方。如此有機，我會 - 我將把它定義為除了 Instaclustr 之外的所有東西，因為我們在第四季度擁有 CloudCheckr，增長了 4500 萬美元，然後 Instaclustr 大約在 3400 萬美元到 3500 萬美元之間。這讓你達到了 5.85 億美元。環比增長約 9%。我們預計第二季度將在 5.84 億美元的基礎上實現 10% 至 11% 的增長。

And then the second half, right around 11%. So a little bit more, not much. It's certainly nowhere near -- well, maybe it's an old hockey stick where they weren't curved at all. But -- so a little bit of growth but not much, and that gets us to about the $800 million midpoint. So we feel really good about the rest of the year and how we need to grow that on a quarter-on-quarter basis.

然後是下半年，大約 11%。所以多一點，不多。它肯定離得很近——好吧，也許它是一根舊曲棍球棒，它們根本沒有彎曲。但是 - 增長了一點點，但並不多，這使我們達到了大約 8 億美元的中點。因此，我們對今年剩餘時間以及我們需要如何按季度增長感到非常好。

Okay. That's really helpful color, Mike. And then on gross margin, your fiscal 2Q gross margin guide, it's roughly flat quarter-on-quarter, but you are getting significant positive revenue leverage and 5% sequential at the midpoint. You got a positive mix from federal potentially. So what would you say are some of the key offsets outside of FX? Or do you see the opportunity to potentially deliver some upside to those gross margin numbers?

好的。這真的很有幫助，邁克。然後在毛利率方面，即您的第二財季毛利率指南，環比大致持平，但您獲得了顯著的正收入槓桿，並且在中點連續增長 5%。你可能會從聯邦那裡得到積極的組合。那麼您會說 FX 之外的一些關鍵偏移量是什麼？或者您是否看到了可能為這些毛利率數字帶來一些好處的機會？

Yes. So thanks for the question. The big mover there is at that kind of quarter-on-quarter basis, keep in mind, hey, the USPS had a really good Q1. That's much more of a programmatic spend now versus a big bump that you used to see in Q2. We expect premiums to continue to be relatively consistent. And then while again, we expect the memory prices to help, that's really a second half of the year because we have to work through some of the inventory that we very appropriately put on the balance sheet before. So we feel good about that number. We'll see. And here's a big thing, mix really matters on gross margin, not only within the product, but also within those products, in terms of entry level versus some of the higher ones. So there's a lot of moving parts. We feel good about it. Again, we expect the second half to see that product margin increase as we go through the year.

是的。所以謝謝你的問題。最大的推動者是這種季度環比，請記住，嘿，USPS 第一季度的表現非常好。與您過去在第二季度看到的大幅增長相比，這更多的是現在的程序化支出。我們預計保費將繼續保持相對穩定。然後再一次，我們預計內存價格會有所幫助，這實際上是下半年，因為我們必須處理一些我們之前非常恰當地放在資產負債表上的庫存。所以我們對這個數字感覺很好。走著瞧。這是一件大事，混合對毛利率非常重要，不僅在產品內部，而且在這些產品內部，就入門級與一些較高的產品而言。所以有很多活動部件。我們對此感覺良好。同樣，我們預計下半年產品利潤率會隨著我們全年的增長而增加。

The last question will come from Jason Ader with William Blair.

最後一個問題將來自 Jason Ader 和 William Blair。

I guess, George, I wanted to ask you about the environment that we're in right now in terms of whether it's had an impact on demand for Spot relative to the last couple of years. Like have you seen any acceleration in interest? Maybe it's not actual ARR yet, but it's pipeline. It's just -- I know that a lot of customers are scrutinizing cloud costs right now. And it seems like Spot is really a perfect type of tool for them in this type of climate.

我想，George，我想問一下我們現在所處的環境，相對於過去幾年，它是否對 Spot 的需求產生了影響。就像您看到任何興趣加速一樣？也許它還不是真正的 ARR，但它是管道。只是——我知道很多客戶現在都在審查云成本。在這種氣候下，Spot 似乎真的是他們的完美工具。

Yes. Clearly, the Spot portfolio, which helps with both resource constraints in terms of talent with automation as well as the raw cost of cloud spend and kind of keeping track of where you're spending in the cloud is perfectly set up for this environment. We are off to a good start to the year with our Spot portfolio. We intend to widen and broaden customer engagement in line with the pattern that you just appropriately identified.

是的。顯然，Spot 產品組合有助於解決自動化人才方面的資源限制、雲支出的原始成本以及跟踪您在雲中的支出情況，非常適合這種環境。我們的 Spot 產品組合今年有了一個良好的開端。我們打算根據您剛剛適當確定的模式擴大和擴大客戶參與度。

Okay. So I guess is that -- does that mean that you have seen an acceleration in interest? I guess I didn't catch the comment.

好的。所以我猜是——這是否意味著你已經看到了興趣的加速？我想我沒看到評論。

Listen, customers are appropriately scrutinizing their cloud spend. And I think as they begin to understand that we have a tool set to help with them, we're seeing good proof of concept, good trials going on in the Spot portfolio.

聽著，客戶正在適當地審查他們的雲支出。我認為，當他們開始了解我們有一套工具可以幫助他們時，我們看到了良好的概念證明，在 Spot 產品組合中正在進行良好的試驗。

All right. I'll turn it back over to George.

好的。我會把它還給喬治。

Thanks, Kris. In summary, Q1 was a great start to the year, setting company records for Q1 billings, revenue, gross margin dollars, operating income and EPS. Despite the uncertain macro, the enterprise spending environment has remained steady, driven by priority investments in digital and cloud transformation. Our ability to address the challenges created by these initiatives with a broad portfolio drives our growing relevance with organizations globally. We will continue to maintain our focus on our top priority while driving disciplined execution and operational management to deliver increasing shareholder value. Thank you.

謝謝，克里斯。總而言之，第一季度是今年的一個良好開端，創下了公司第一季度賬單、收入、毛利率、營業收入和每股收益的記錄。儘管宏觀環境不確定，但在數字和雲轉型優先投資的推動下，企業支出環境保持穩定。我們通過廣泛的產品組合應對這些舉措所帶來的挑戰的能力推動了我們與全球組織的日益相關。我們將繼續專注於我們的首要任務，同時推動紀律嚴明的執行和運營管理，以提供不斷增長的股東價值。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。