Everpure Inc (P) 2027 Q2 法說會逐字稿

Good day, and welcome to the Everpure second quarter fiscal 2027 financial results conference call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.

各位好，歡迎參加 Everpure 2027 會計年度第二季財務結果電話會議。今天的會議將被錄音。(接線員指示) 現在我想把電話交給投資人關係副總裁 Paul Ziots。請開始。

Thank you. Good afternoon, everyone, and welcome to Everpure's second quarter fiscal year 2027 earnings conference call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Tarek Robbiati, Chief Financial Officer; and Rob Lee, Chief Technology and Growth Officer. Following Charlie's and Tarek's prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast.

謝謝。各位下午好，歡迎參加 Everpure 2027 會計年度第二季財報電話會議。今天與會者包括執行長 Charlie Giancarlo；財務長 Tarek Robbiati；以及技術與成長長 Rob Lee。在 Charlie 與 Tarek 的準備發言之後，我們將開放提問。我們的新聞稿已於收盤後發布，並已張貼於公司網站；同時，本次電話會議也正在進行網路直播。

The slides that accompany this webcast can be downloaded at investor.everpuredata.com. On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings, our ability to procure a sufficient supply of components and manage our supply chain, our hyperscaler opportunity and competitive industry and economic trends.

本次網路直播所搭配的簡報可於 investor.everpuredata.com 下載。今天的電話會議中，我們將作出前瞻性陳述，這些陳述受多項風險與不確定性影響。

Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance.

我們所作的任何前瞻性陳述，均以截至今日的事實與假設為基礎，我們不承擔更新這些陳述的義務。我們的實際結果可能與預測結果存在重大差異，已揭露的結果不應被視為未來表現的指標。

A discussion of some of the risks and uncertainties related to our business is contained in our filings with the SEC, and we refer you to these public filings. During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue, remaining performance obligations, or RPO, and cash and investments.

我們向 SEC 提交的文件中包含與本公司業務相關的部分風險與不確定性之討論，並請各位參閱這些公開文件。在本次電話會議中，除營收、剩餘履約義務（remaining performance obligations，或 RPO）以及現金與投資外，所有財務指標及其相關成長率皆為非 GAAP 指標。

Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. This call is being broadcast live on the Everpure Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Everpure. Our third quarter fiscal 2027 quiet period begins at the close of business Friday, October 16, 2026.

與最直接可比的 GAAP 指標之調節表，已提供於我們的財報新聞稿與簡報中。本次電話會議正在 Everpure 投資人關係網站進行即時直播，並將錄音以供回放。網路直播的存檔將於投資人關係網站提供，並為 Everpure 之財產。我們 2027 會計年度第三季的靜默期將於 2026 年 10 月 16 日（週五）營業結束時開始。

With that, I'll turn it over to Charlie.

接下來我把時間交給 Charlie。

Thank you, Paul. Good afternoon, everyone, and welcome to Everpure's Q2 fiscal 2027 earnings call. Q2 was another outstanding and remarkable quarter; we exceeded our guidance range and all key company metrics. Revenue growth of 38% year-over-year continued our 30%-plus growth performance since Q4. Operating profit surged 77% to $230 million year-over-year.

謝謝你，Paul。各位下午好，歡迎參加 Everpure 2027 會計年度第二季（Q2）財報電話會議。Q2 再次是一個非常出色且令人矚目的季度；我們超越了指引區間以及公司所有關鍵指標。營收年增 38%，延續自第四季以來 30% 以上的成長表現。營業利益年增 77% 至 2.30 億美元。

Growth was broad-based across all geographies, products and business segments. Strong sales momentum carried over from Q1 and continued to build throughout the quarter. Additionally, TCV for Evergreen/One has accelerated to a $1 billion run rate for fiscal year '27, which indicates that our market share gain momentum is even greater than our revenue growth implies.

成長動能遍及所有地區、產品與業務部門。強勁的銷售動能自第一季延續，並在整個季度持續增強。此外，Evergreen/One 的 TCV 已加速至 2027 會計年度 10 億美元的年化運行率，這顯示我們的市占率提升動能甚至比營收成長所反映的更強。

We have seen our revenue growth accelerate, consistently and steadily, over the last eight quarters, and we now believe that this higher growth rate will be sustainable for some time. Based on current demand signals and win rates, we believe we will see sales and market share strength continue into next year, as you will see in our revised full year guidance.

在過去八個季度，我們的營收成長率持續且穩定地加速，我們現在相信這樣較高的成長率將可在一段時間內維持。基於目前的需求訊號與得標率，我們相信銷售與市占的強勢將延續到明年，正如各位將在我們修訂後的全年指引中看到的。

Only some of our growth acceleration can be attributed to price increases, as our growth is far beyond that of our legacy competitors. We believe that we have entered into breakout territory in our core enterprise market because of the steady progress we have made in building out our product line and architecture.

我們的成長加速只有一部分可歸因於漲價，因為我們的成長遠遠超過傳統競爭對手。我們相信，由於我們在產品線與架構建置上持續取得進展，我們已在核心企業市場進入突破性成長區間。

I am going to speak to you today about four areas that underpin our confidence in our long-term growth. First, the cause and foundation for the acceleration of our growth and market share in our core market. Second, how the current pricing environment advantages our technology and company. Third, our growth opportunity in new areas of business, such as AI, data management, and modern apps and virtualization. And fourth, our growing hyperscale opportunity.

今天我將就四個面向與各位分享，這些面向支撐我們對長期成長的信心。第一，推動我們在核心市場成長與市占加速的原因與基礎。第二，當前的定價環境如何讓我們的技術與公司受益。第三，我們在 AI、資料管理，以及現代化應用與虛擬化等新業務領域的成長機會。第四，我們日益擴大的超大規模（hyperscale）機會。

First, let's look at what's driving our growth. Everpure has spent the last decade expanding beyond our groundbreaking FlashArray product to serve every storage segment, from backup to AI, from terabytes to exabytes, all on a single, unified software foundation, Purity. Purity unifies block, file, and object; it drives DirectFlash and allows our customers to benefit from products that never grow old, with its unique Evergreen capability that promises non-disruptive upgrades forever.

首先，讓我們看看是什麼在驅動我們的成長。過去十年，Everpure 從我們具突破性的 FlashArray 產品出發，持續擴展以服務所有儲存細分市場，從備份到 AI、從 TB 到 EB，全部建立在單一、統一的軟體基礎 Purity 之上。Purity 統一了區塊、檔案與物件；驅動 DirectFlash，並透過其獨特的 Evergreen 能力（承諾永遠可非中斷升級），讓客戶受益於「永不過時」的產品。

For example, one of Europe's largest telecom operators, a long-standing customer, enjoys flexible scaling without disruptive hardware refreshes, significantly lowering their total cost of ownership. During the last decade, we also invested in the ability to have our capabilities offered as a service with Evergreen/One and offered on the cloud with Everpure Cloud Storage.

例如，歐洲最大的電信營運商之一、也是我們的長期客戶，可在不進行具破壞性的硬體汰換下彈性擴充，顯著降低其總持有成本。在過去十年，我們也投資於以 Evergreen/One 將能力以服務形式提供，並透過 Everpure Cloud Storage 在雲端提供。

As a senior executive from a fast-growing global managed service provider stated: we chose Evergreen/One because it gives us predictable, consumption-based economics, and lets us expand capacity and performance as customers' demands change. With Everpure managing the underlying infrastructure and lifecycle, our teams can spend less time maintaining storage and more time delivering reliable, high-value services to our customers. That's why they've fully embraced our SLA-backed Evergreen/One model.

正如一位來自快速成長的全球託管服務供應商的資深主管所說：我們選擇 Evergreen/One，因為它提供可預測、以用量計費的經濟模式，並讓我們能隨客戶需求變化擴充容量與效能。由 Everpure 管理底層基礎架構與生命週期後，我們的團隊可花更少時間維護儲存，並投入更多時間為客戶提供可靠、高價值的服務。這也是為什麼他們全面採用我們以 SLA 支援的 Evergreen/One 模式。

We alone allow our customers to operate our systems as their own global Enterprise Data Cloud with Everpure Fusion. And now we are enabling our customers to contextualize their data to make it AI-ready with Data Intelligence, from our 1touch acquisition.

我們是唯一能讓客戶透過 Everpure Fusion，將我們的系統作為其自有的全球企業資料雲（Enterprise Data Cloud）來運作的廠商。而現在，我們也透過 Data Intelligence（來自我們收購 1touch），協助客戶為資料建立情境脈絡，使其具備 AI 就緒（AI-ready）。

Since our very first product, industry analysts have recognized Everpure as an innovation and customer leader. Just last week, Gartner validated that momentum, once again positioning Everpure highest in execution and furthest in vision in their 2026 Magic Quadrant for Enterprise Storage Platforms.

自我們第一款產品起，產業分析師便認可 Everpure 是創新與客戶領導者。就在上週，Gartner 再次驗證了這股動能，在其 2026 年《企業儲存平台魔力象限》中，將 Everpure 定位為「執行能力最高」且「願景最前瞻」。

Alongside that innovation, we have scaled and developed our go-to-market engine and strategy to become a top-tier competitor across mid-market, enterprise, and government markets globally. Our brand reputation has expanded to where every customer needs to consider Everpure as a supplier in every area of data storage. It is the combination of all of these factors that has brought us to this point, where our growth has reaccelerated, and it gives us the confidence that this higher growth rate will endure for some time.

在創新之外，我們也擴大規模並發展我們的市場進入（go-to-market）引擎與策略，成為在全球中型市場、企業與政府市場的頂尖競爭者。我們的品牌聲譽已擴展到：在資料儲存的每個領域，每位客戶都需要將 Everpure 納入供應商評估。正是這些因素的綜合作用，讓我們走到今天這一步——成長再度加速，並使我們有信心這樣較高的成長率將可維持一段時間。

Next, let's address the current pricing environment and why it directly advantages Everpure. The rapid increase in semiconductor demand and cost continues to affect our industry in multiple and complex ways. This quarter, we saw the predicted effect of increasing prices on both sales and demand. Customers transacting now are paying more for less capacity, while others are increasingly adopting our as-a-service model.

接下來，讓我們談談目前的定價環境，以及為何它直接讓 Everpure 受益。半導體需求與成本的快速上升，持續以多重且複雜的方式影響我們的產業。本季我們看到了預期中的影響：價格上升同時影響銷售與需求。目前成交的客戶以更高的價格買到更少的容量，而另一些客戶則日益採用我們的即服務（as-a-service）模式。

For example, this quarter, the University of Western Australia expanded its Evergreen/One footprint with us, enjoying the ability to scale its storage on demand while managing costs efficiently. Evergreen/One has grown substantially in this environment and is now on a TCV, or Total Contract Value, run rate in excess of $1 billion this year. Everpure's advantages in flash technology, lower operational labor costs and leadership in our Storage as-a-Service offerings are providing us with outsized market share gains in this high-cost environment.

例如，本季西澳大學（University of Western Australia）擴大了其與我們合作的 Evergreen/One 規模，享有按需擴充儲存並有效管理成本的能力。在此環境下，Evergreen/One 大幅成長，今年其 TCV（Total Contract Value，合約總價值）年化運行率已超過 10 億美元。Everpure 在快閃記憶體技術、較低的營運人力成本，以及在儲存即服務（Storage as-a-Service）產品上的領導地位，使我們在這個高成本環境中取得超額的市占率提升。

And our decision to honor our past and existing commitments, share the burden with our customers and operate at the lower end of our product gross margin range while component costs escalate has solidified our relationships with both customers and channel partners.

而我們決定履行過去與現有的承諾、與客戶分擔負擔，並在零組件成本攀升之際於我們產品毛利率區間的較低端運作，已鞏固了我們與客戶及通路夥伴的關係。

Adjusting for the acceleration of Evergreen/One, which dilutes reported near-term revenue growth numbers, we are growing well above 40% year-over-year, far exceeding the market and our data storage competitors. Beyond our core portfolio, we're opening up major new avenues for growth and expanding our market opportunity. The growth of AI is focusing customers more than ever on how they manage their data.

若排除 Evergreen/One 加速推進（其會稀釋已揭露的短期營收成長數字）的影響，我們的年增率遠高於 40%，大幅超越市場以及我們的資料儲存競爭對手。除了核心產品組合之外，我們正在開啟重大的全新成長途徑，並擴大我們的市場機會。AI 的成長使客戶比以往任何時候都更聚焦於如何管理其資料。

At our June Accelerate User Conference, we introduced the concept of data primacy, which will be the future of IT architectures in the AI era. Data primacy posits that for organizations to streamline their operations and make their data AI-ready, they need to rationalize and structure their data into sources of truth and systems of record.

在我們 6 月的 Accelerate 使用者大會上，我們提出了「資料主權優先」（data primacy）的概念，這將成為 AI 時代 IT 架構的未來。資料主權優先主張，為了讓組織精簡營運並使其資料具備 AI 就緒（AI-ready）能力，他們需要將資料合理化並加以結構化，形成「真實來源」（sources of truth）與「紀錄系統」（systems of record）。

Data primacy will enable enterprises to take control of their own data, manage it strategically in their own data cloud, and provide governed access to their data and its context to their chosen AI service providers. Interest in Everpure Data Intelligence, which includes capabilities from our 1touch acquisition, is off the charts. Every customer we meet identifies with the core issue facing them in their use of AI, namely that their internal data is far too fragmented to be immediately useful for the AI future.

資料主權優先將使企業能掌控自身資料，在自有的資料雲中以策略方式管理，並向其選定的 AI 服務供應商提供對其資料及其脈絡的受治理（governed）存取。市場對 Everpure Data Intelligence 的興趣（其中包含我們收購 1touch 所帶來的能力）高得驚人。我們接觸到的每一位客戶都認同其在使用 AI 時所面臨的核心問題：也就是他們的內部資料過於碎片化，無法立即對 AI 的未來發揮效用。

Fragmented and inconsistent data leads to lots of manual reconciliation and incorrect results. While a 95% accurate answer to an AI search prompt can be considered a great result, a 95% accurate invoice is unacceptable. Businesses require 100% accuracy in their financial and business operations. 100% accuracy depends on data that is unambiguous.

碎片化且不一致的資料會導致大量人工對帳與錯誤結果。雖然對 AI 搜尋提示（prompt）而言，95% 的正確率可被視為很好的成果，但 95% 正確的發票則不可接受。企業在其財務與營運作業上需要 100% 的正確性。100% 的正確性仰賴於明確無歧義的資料。

Everpure Data Intelligence allows enterprises to find their distributed sources of data, discover their semantics and context, and deliver a shared context between the different data sets. It can find both the similarities and the discrepancies between individual data elements and make this available explicitly to the organization.

Everpure Data Intelligence 讓企業能找出分散的資料來源，探索其語意與脈絡，並在不同資料集之間提供共享的脈絡。它能找出各個資料元素之間的相似之處與差異之處，並將其以明確方式提供給組織。

Most importantly, it allows the enterprise to control these capabilities themselves rather than trusting their data and context to third parties while enabling selective access to their AI service partners. This puts the enterprise in control and gives them full sovereignty over their own data.

最重要的是，它讓企業能自行掌控這些能力，而不是在允許其 AI 服務夥伴選擇性存取的同時，把資料與脈絡託付給第三方。這使企業掌握主導權，並對自身資料擁有完整的主權（sovereignty）。

It is the first step to data primacy, and it is an exciting new area of growth for Everpure. Our enterprise data cloud strategy continues to advance with over 2,000 of our 15,000 customers now enabled with the capability.

這是邁向資料主權優先的第一步，也是 Everpure 令人振奮的全新成長領域。我們的企業資料雲策略持續推進，目前在 15,000 名客戶中已有超過 2,000 名客戶具備此能力。

Customers appreciate the ability to set policy for their global storage fleet and have the systems automatically and reliably configured to comply with their company policies without error. Our Pure1 Copilot lets customers monitor, diagnose issues, and deploy changes fleet-wide, making global data management easier, more consistent, and more secure. We continue to scale sales of our products supporting the AI needs of both enterprise and large-scale AI neoclouds.

客戶重視能為其全球儲存機群制定政策，並讓系統自動且可靠地完成設定以符合公司政策且不出錯的能力。我們的 Pure1 Copilot 讓客戶能監控、診斷問題並在全機群部署變更，使全球資料管理更容易、更一致且更安全。我們持續擴大銷售支援企業與大規模 AI 新雲（neocloud）需求的產品。

This quarter, Samsung Electronics chose FlashBlade/S to support its advanced AI and research initiatives. And a major global bank selected FlashBlade/S to standardize their internal GPU-as-a-Service and agent development and deployment environments.

本季，Samsung Electronics 選擇 FlashBlade/S 以支援其先進 AI 與研究計畫。此外，一家全球大型銀行選擇 FlashBlade/S 以標準化其內部的 GPU-as-a-Service 以及代理（agent）開發與部署環境。

Everpure Data Stream, our offering built on NVIDIA's AI data platform, was released for general availability and saw its first sales this quarter. One of the largest trial court systems in the US selected Data Stream to streamline and automate AI-accelerated analysis of petabytes of unstructured data, saving hundreds of hours of specialized labor and transforming decades of court records into an AI-ready knowledge base while meeting the court's strict data privacy requirements.

Everpure Data Stream（我們基於 NVIDIA AI 資料平台打造的產品）已正式全面上市（general availability），並在本季取得首批銷售。美國最大的審判法院系統之一選擇 Data Stream，以精簡並自動化對 PB 級非結構化資料的 AI 加速分析，節省數百小時的專業人力，並在符合該法院嚴格資料隱私要求的同時，將數十年的法院紀錄轉化為 AI 就緒的知識庫。

FlashBlade/EXA, designed for the highest performance needs of large-scale AI, continues to expand. An international high-performance and AI computing provider selected EXA for their high-performance AI training environments. And STN, a large AI managed service provider, expanded its FlashBlade/EXA investment to support growing customer demand.

FlashBlade/EXA 專為大規模 AI 的最高效能需求而設計，持續擴張。一家國際高效能與 AI 運算供應商選擇 EXA 用於其高效能 AI 訓練環境。此外，大型 AI 託管服務供應商 STN 擴大其 FlashBlade/EXA 投資，以支援不斷成長的客戶需求。

EXA gives STN the world's highest performance and scalability while simplifying operations. FlashBlade/S and FlashBlade/EXA in combination uniquely position Everpure to meet customers' AI needs from the smallest enterprise AI environments to the largest neoclouds and everything in between. We've seen a steady increase in GPU attachments for our FlashBlade products across this spectrum.

EXA 為 STN 帶來全球最高的效能與可擴展性，同時簡化營運。FlashBlade/S 與 FlashBlade/EXA 的組合，使 Everpure 能獨特地滿足客戶從最小型企業 AI 環境到最大型新雲（neocloud）以及其間各種情境的 AI 需求。我們看到在此整個範圍內，FlashBlade 產品的 GPU 掛載（attachments）穩定增加。

We see growing traction in our virtualization solutions as customers evolve their VM estates. Everpure continues to help customers optimize their VMware footprint with VCF, while adoption for non-VMware modern virtualization solutions such as Portworx with Red Hat OpenShift and Nutanix Virtualization continue to grow.

隨著客戶演進其 VM 資產（VM estates），我們看到虛擬化解決方案的動能持續增強。Everpure 持續透過 VCF 協助客戶最佳化其 VMware 佈署規模，同時，非 VMware 的現代虛擬化解決方案（例如搭配 Red Hat OpenShift 的 Portworx 以及 Nutanix Virtualization）的採用也持續成長。

Everpure has been named Technology Partner of the Year by both Red Hat and Nutanix, and our VMware alternative solutions have grown to well over a $100 million per year run rate. As we announced on August 10, we are pleased to have achieved a design win and signed a supply agreement with a second top 5 hyperscaler for our hyperscale products. This newly signed agreement will begin to generate significant revenue in fiscal year '28 and beyond.

Everpure 同時獲 Red Hat 與 Nutanix 評選為年度技術合作夥伴（Technology Partner of the Year），而我們的 VMware 替代方案年化營收運行率（run rate）已成長至超過 1 億美元。如我們在 8 月 10 日所宣布，我們很高興已取得一項設計導入（design win），並與第二家前五大超大規模雲端業者（hyperscaler）就我們的超大規模產品簽署供應協議。這份新簽署的協議將自 2028 會計年度起及其後開始帶來可觀營收。

As discussed in previous quarters, we expect hyperscale product revenue to rise significantly in Q3, growing in Q4 and in the years ahead. This win confirms DirectFlash's value proposition in massive-scale environments with customers that build their own storage services. DirectFlash is software-defined flash, streamlined, efficient, advanced software, providing media management, resiliency, performance, quality, and reliability paired with reliable hardware.

如前幾季所討論，我們預期超大規模產品營收將在第三季顯著上升，並於第四季及未來數年持續成長。此項勝出案（win）驗證了 DirectFlash 在超大規模環境中的價值主張，特別是對於自行建置儲存服務的客戶。DirectFlash 是軟體定義快閃（software-defined flash），以精簡、高效率、先進的軟體提供媒體管理、韌性、效能、品質與可靠性，並搭配可靠的硬體。

Moving the complexity out of black box SSDs and hard disks lets hyperscalers optimize storage for their workloads, delivering industry-leading density, power, cooling, and lifetime. DirectFlash provides customers the flexibility to evolve and qualify faster as their infrastructure scales and enables a resilient supply ecosystem across a range of flash technology.

將複雜度從黑盒 SSD 與硬碟中移出，讓超大規模業者能針對其工作負載最佳化儲存，提供業界領先的密度、功耗、散熱與使用壽命。DirectFlash 讓客戶在其基礎設施擴展時，能更快地演進與完成認證（qualify），並在多種快閃技術範圍內建立具韌性的供應生態系。

With the second top 5 hyperscaler signed and other prospects in progress, we will now refer to our sales and strength in this business in terms of our hyperscale solutions as a whole rather than referring to any specific customer, customer details, or prospect time frames.

隨著第二家前五大超大規模業者完成簽約且其他潛在機會持續推進，我們接下來將以「超大規模解決方案」整體來描述我們在此業務的銷售與實力，而不再提及任何特定客戶、客戶細節或潛在案的時間表。

We expect large hyperscaler order commitments for our DirectFlash solution to extend into calendar 2028, powering tens of exabytes of capacity, representing a multiple of our expectations for this year. Our estimates and committed order volumes for total sales to hyperscalers through both fiscal year '27 and '28 continue to grow and will be incorporated and consolidated into our product revenue and guidance reporting.

我們預期超大規模業者對我們 DirectFlash 解決方案的大額訂單承諾將延伸至 2028 年曆年，驅動數十 EB（exabytes）的容量，規模將是我們對今年預期的數倍。我們對超大規模業者的總銷售（涵蓋 2027 與 2028 會計年度）的估計與已承諾訂單量持續增加，並將納入並整合至我們的產品營收與財測指引揭露中。

We look forward to providing more details on our product advancements, particularly our core growth and expansion into new areas, including advanced data management, at our upcoming international Accelerate conferences starting in September, as well as our Financial Analyst Meeting scheduled for September 23 here in Santa Clara.

我們期待在 9 月起舉行的國際 Accelerate 大會，以及 9 月 23 日在聖塔克拉拉舉辦的金融分析師會議（Financial Analyst Meeting）上，提供更多關於我們產品進展的細節，特別是我們的核心成長與向新領域的擴張，包括先進資料管理。

We continue to operate in a very dynamic macro environment and a tight supply market, yet demand for our products is strong even amid substantial price increases across the industry. This is yet another of many reasons why we feel fully confident in our growth, our strategy, and our future.

我們仍在非常動態的總體環境與緊俏的供應市場中營運，然而即使全產業面臨顯著漲價，我們產品的需求依然強勁。這也是眾多原因之一，使我們對自身成長、策略與未來充滿信心。

I'll now turn the call over to Tarek to provide greater insight into our performance and our expectations for the remainder of the year. Tarek?

接下來我將把電話會議交給 Tarek，請他更深入說明我們的表現以及對今年剩餘期間的展望。Tarek？

Thank you, Charlie. Q2 was another outstanding quarter for Everpure and represents an important milestone in our growth journey. Year-over-year, revenue increased 38%, while operating profit grew 77%, with both metrics exceeding the high end of our guidance range. In addition, this marked our third consecutive quarter with performance above the Rule of 40, underscoring our ability to deliver both strong growth and profitability.

謝謝你，Charlie。第二季對 Everpure 而言是另一個傑出的季度，並代表我們成長旅程中的一個重要里程碑。年增率方面，營收成長 38%，而營業利益成長 77%，兩項指標皆超越我們指引區間的上緣。此外，這也是我們連續第三個季度表現高於「40 法則」（Rule of 40），凸顯我們同時交付強勁成長與獲利能力的實力。

Importantly, our performance was not driven by any single product, customer, or geography. Growth was broad-based across our business with strength across all major geographies, product categories, and business segments, and the sales momentum we experienced in Q1 continued into Q2.

重要的是，我們的表現並非由任何單一產品、客戶或地理區域所驅動。成長在我們的業務中呈現廣泛且均衡的態勢，所有主要地理區域、產品類別與業務部門皆展現強勁表現，而我們在第一季（Q1）所經歷的銷售動能也延續至第二季（Q2）。

As we look ahead, we believe the fundamentals supporting our business are more than ever firmly in place. We are entering Q3 with a healthy pipeline, strong customer engagement, and continued momentum across the organization.

展望未來，我們相信支撐本公司業務的基本面比以往任何時候都更加穩固到位。我們以健康的商機管線、強勁的客戶互動，以及全組織持續的動能進入第三季（Q3）。

As a result, we're raising our full year revenue growth guidance substantially to reflect the strength of our execution and the confidence we have in our outlook for the remainder of the fiscal year. More on that later. In addition to our excellent financial performance in Q2, on August 10, we announced that we secured a design win and supply agreement with a second top 5 hyperscaler. This achievement represents a significant validation of our technology and strategy.

因此，我們大幅上調全年營收成長指引，以反映我們執行力的強勁表現，以及我們對本會計年度剩餘期間展望的信心。稍後會再詳細說明。除了我們在第二季（Q2）優異的財務表現之外，我們也在8月10日宣布，已與第二家前五大超大規模雲端服務商（hyperscaler）取得設計導入（design win）並簽訂供應協議。此一成果顯著驗證了我們的技術與策略。

Securing a second top 5 hyperscaler reinforces the compelling economic, operational, and performance advantages of our DirectFlash technology and demonstrates the growing recognition of our differentiated architecture in the world's most demanding data infrastructure environments.

取得第二家前五大超大規模雲端服務商，進一步強化了我們 DirectFlash 技術在經濟性、營運與效能方面的顯著優勢，並展現我們差異化架構在全球最嚴苛的資料基礎設施環境中正獲得日益提升的認可。

As we noted in our August 10 announcement, we expect only a de minimis revenue contribution in fiscal year '27 from this new agreement and anticipate a meaningful ramp beginning in fiscal year '28, with revenue continuing to scale in subsequent years.

如同我們在8月10日公告中所提及，我們預期此新協議在2027會計年度（'27）僅會帶來極小（de minimis）的營收貢獻，並預期自2028會計年度（'28）起開始顯著放量，且營收在後續年度持續擴大。

Importantly, this agreement marks another inflection point for our hyperscale products and provides another long-term growth opportunity for the business. Now let's dive deep into our Q2 performance. The exceptional momentum we experienced in our core in Q2 was driven by a combination of pricing, mix shift, and capacity growth, offsetting lower system unit volumes. Our ability to implement price increases while continuing to drive demand demonstrates the strength of both our technology and our customer relationships.

重要的是，這項協議標誌著我們超大規模產品的另一個拐點，並為公司帶來另一項長期成長機會。現在讓我們深入探討第二季（Q2）的表現。我們在第二季核心業務所展現的卓越動能，係由定價、產品組合轉移（mix shift）與產能成長等因素共同驅動，並抵銷了系統出貨量（unit volumes）較低的影響。我們能在持續帶動需求的同時實施漲價，顯示我們的技術實力與客戶關係的強韌性。

We saw particularly strong demand from large established enterprise customers, many of whom were willing to absorb higher costs to secure access to our solutions. In fact, we are operating at a pricing level that we have not seen in 10 years. Even as we tested higher price points, demand remained resilient, particularly among our top-tier enterprise customers, reflecting both the mission-critical nature of our solutions and the value customers place on our differentiated offerings.

我們看到來自大型且成熟的企業客戶需求特別強勁，其中許多客戶願意吸收更高成本，以確保能取得我們的解決方案。事實上，我們目前的定價水準是過去10年未曾見過的。即使我們測試更高的價格點，需求仍具韌性，尤其是在我們的頂級企業客戶之中，反映出我們解決方案的關鍵任務（mission-critical）特性，以及客戶對我們差異化產品所賦予的價值。

Product revenue increased 54% year-over-year to $687 million. As expected, hyperscaler revenue contributed only minimally during Q2. It is worth noting a couple of observations that attest of the overall strength of demand for our products.

產品營收年增54%至6.87億美元。如預期所示，超大規模雲端服務商（hyperscaler）營收在第二季（Q2）僅有極小貢獻。值得指出幾項觀察，足以證明我們產品整體需求的強勁。

First, customers are buying fewer solutions at higher prices. Second, we have observed a mix shift to higher performance configurations with terabyte capacity up across our portfolio. Third, in terms of deal sizes, deals above $5 million grew 59%, and deals above $20 million grew a whopping 385% year-on-year.

第一，客戶以更高的價格購買較少的解決方案。第二，我們觀察到產品組合轉向更高效能的配置，整體產品組合中的TB容量占比提升。第三，就交易規模而言，500萬美元以上的交易年增59%，而2,000萬美元以上的交易更是年增高達385%。

Finally, sales of our Evergreen/One solution have grown significantly higher than product sales, indicating even stronger growth than appears in our current revenue numbers. Overall, Q2 demonstrated the strength of our business model, the durability of demand across our customer base, and our ability to execute in a dynamic market environment. We remain focused on sustaining this momentum as we continue to expand our market opportunity, deepen customer relationships, and drive long-term profitable growth.

最後，我們 Evergreen/One 解決方案的銷售成長顯著高於產品銷售，顯示實際成長力道甚至高於目前營收數字所呈現的幅度。整體而言，第二季（Q2）展現了我們商業模式的強度、客戶基礎需求的持久性，以及我們在動態市場環境中的執行能力。我們將持續聚焦於維持此一動能，並持續擴大市場機會、深化客戶關係，以及推動長期且具獲利性的成長。

Turning to our Storage-as-a-Service business. We continue to see exceptional momentum, particularly with Evergreen/One. Evergreen/One Total Contract Value, or TCV, has accelerated to an annualized run rate of above $1 billion for fiscal year '27. Evergreen/One performance in Q2 was driven by a combination of both velocity deals, those below $5 million, and large enterprise agreements, highlighting broad-based customer adoption. The current pricing environment has further strengthened the value proposition of Evergreen/One.

接著談我們的「儲存即服務」（Storage-as-a-Service）業務。我們持續看到卓越的動能，尤其是在 Evergreen/One 方面。Evergreen/One 的總合約價值（Total Contract Value，TCV）已加速至2027會計年度（'27）年化運行率超過10億美元。Evergreen/One 在第二季（Q2）的表現，係由速度型交易（velocity deals，亦即500萬美元以下）與大型企業協議共同驅動，凸顯客戶採用的廣泛性。目前的定價環境也進一步強化了 Evergreen/One 的價值主張。

Unlike traditional product sales, which can be more directly affected by component cost fluctuations, Evergreen/One is built on long-term customer commitments with lower upfront capital requirements. With Evergreen/One, customers can ramp into growth and are billed on a consumption basis, which allows them to better match expense outlays to the growth of their solutions. These characteristics provide customers with a more predictable and cost-efficient operating model.

不同於傳統產品銷售可能更直接受到零組件成本波動影響，Evergreen/One 建立在長期客戶承諾之上，且前期資本需求較低。透過 Evergreen/One，客戶可隨成長逐步擴量，並以用量計費（consumption basis），使其能更好地將費用支出與其解決方案的成長相匹配。這些特性為客戶提供更可預測且更具成本效率的營運模式。

Importantly, and because we control the configurations of the solutions that underpin the Evergreen/One SLA-based contracts, we were able to contain price increases for Evergreen/One well below the price increases of traditional product purchases, making the offering even more compelling in the current environment.

重要的是，由於我們能掌控支撐 Evergreen/One 以SLA為基礎之合約的解決方案配置，因此我們得以將 Evergreen/One 的漲價幅度控制在遠低於傳統產品採購的漲價幅度，使該方案在目前環境下更具吸引力。

As a result, TCV for our Storage-as-a-Service portfolio, which includes Evergreen/One, increased 121% year-over-year to $277 million in Q2. The continued acceleration we are seeing reinforces our belief that customers increasingly value consumption-based infrastructure models that provide greater flexibility and cost predictability.

因此，我們的「儲存即服務」產品組合（包含 Evergreen/One）的TCV在第二季（Q2）年增121%至2.77億美元。我們所見到的持續加速，再次強化我們的看法：客戶愈來愈重視以用量為基礎的基礎設施模式，因其能提供更高的彈性與成本可預測性。

Turning to our broader subscription business. Subscription services revenue in Q2 increased 20% year-over-year to $499 million and represented 42% of total company revenue. Annual recurring revenue, or ARR, increased 20% year-over-year to more than $2 billion, driven primarily by the continued growth of Evergreen/One and strong renewal activity during the quarter. Remaining performance obligations, or RPO, increased 44% year-over-year to more than $4 billion.

接著談我們更廣泛的訂閱業務。第二季（Q2）訂閱服務營收年增20%至4.99億美元，占公司總營收的42%。年度經常性收入（Annual Recurring Revenue，ARR）年增20%至超過20億美元，主要由 Evergreen/One 的持續成長以及本季強勁的續約活動所帶動。剩餘履約義務（Remaining Performance Obligations，RPO）年增44%至超過40億美元。

Growth in RPO was driven by strong bookings across our core business, including offerings attached to Evergreen/Forever, as well as continued momentum with Evergreen/One. I'd like to briefly address the relationship between RPO and ARR, as differences in the timing of these metrics can create variations in their respective growth rates from quarter-to-quarter.

RPO的成長來自核心業務的強勁訂單（bookings），包括與 Evergreen/Forever 綁定的產品，以及 Evergreen/One 的持續動能。我想簡要說明RPO與ARR之間的關係，因為這些指標在認列時點上的差異，可能導致其各自成長率在不同季度之間出現變動。

RPO reflects the total value of contracted revenue that has yet to be recognized, while ARR measures the annualized value of recurring revenue currently contributing to the business. Because multiyear contracts are included in RPO when they are signed, RPO often serves as a leading indicator for future ARR growth.

RPO反映尚未認列的已簽約營收總價值，而ARR衡量的是目前對業務做出貢獻之經常性收入的年化價值。由於多年期合約在簽署時即納入RPO，因此RPO往往可作為未來ARR成長的領先指標。

As a result, ARR can temporarily lag RPO during periods of strong bookings activity, particularly when large multiyear contracts are signed. Given the acceleration we are seeing in RPO, we would expect ARR growth to continue over the next several quarters as these contracts begin contributing recurring revenue.

因此，在訂單活動強勁的期間，ARR可能會暫時落後於RPO，尤其是在簽下大型多年期合約時更為明顯。鑑於我們在RPO上看到的加速，我們預期在接下來數個季度，隨著這些合約開始貢獻經常性收入，ARR成長將持續。

Turning to gross margins. Total gross margin was 69.9%. Product gross margin stood at 66.2%, in line with our long-term range of 65% to 70%, representing an increase of 70 basis points sequentially, while subscription services margin was relatively unchanged at 74.9%.

接著談毛利率。總毛利率為69.9%。產品毛利率為66.2%，符合我們65%至70%的長期區間，較前一季提升70個基點；訂閱服務毛利率則相對持平，為74.9%。

As predicted on our last earnings call, the revenue contribution from our hyperscale business was minimal in Q2, and we continue to expect the majority of hyperscaler revenue to be recognized in the second half of fiscal year '27.

如同我們在上次財報電話會議所預告，第二季（Q2）來自超大規模業務的營收貢獻極小，我們仍預期大部分超大規模雲端服務商（hyperscaler）營收將在2027會計年度（'27）下半年認列。

Hyperscale product deployments yield margins in the range of 75% to 85% and, therefore, should provide an incremental benefit to total product gross margins as volumes begin to ramp in the second half of fiscal year '27.

超大規模產品部署的毛利率約落在75%至85%區間，因此，隨著2027會計年度（'27）下半年出貨量開始放量，應可對整體產品毛利率帶來額外的增益。

Let me address product revenue growth and gross margins, excluding hyperscaler revenues. First, the pricing actions we implemented in Q2 have largely offset the increases we've seen in component costs so far. We continue to monitor component costs to maintain stable pricing and margins. Second, it's important to emphasize that our pricing strategy remains focused on balancing near-term profitability with our long-term growth and market share objectives.

接著我想在排除超大規模雲端服務商營收的情況下，說明產品營收成長與毛利率。第一，我們在第二季（Q2）採取的定價措施，已在很大程度上抵銷迄今所見的零組件成本上升。我們將持續監控零組件成本，以維持定價與毛利率的穩定。第二，必須強調的是，我們的定價策略仍聚焦於在短期獲利能力與長期成長及市占目標之間取得平衡。

We have approached pricing in a measured and disciplined manner, remaining consistent with our commitments to customers while preserving the long-term strength of our franchise. Our goal here is not simply to maximize margins in the current environment. We intend to continue to operate at the low end of our 65% to 70% product revenue gross margin range to drive top-line growth and market share gains while maintaining strong customer relationships.

我們以審慎且自律的方式進行定價，在履行對客戶承諾的同時，維持我們特許經營業務（franchise）的長期實力。我們在此的目標並非僅是在當前環境下將毛利率最大化。我們打算持續在65%至70%產品營收毛利率區間的低端運作，以推動營收成長與市占提升，同時維持穩固的客戶關係。

Ultimately, our plan is to allow our product gross margins to return to the upper end of the long-term range of 65% to 70% once semiconductor costs begin to stabilize and return close to original levels. This balanced approach is clearly paying off as we are driving higher levels of top-line growth and operating leverage, as our operating profit growth attests.

最終，我們的計畫是在半導體成本開始趨於穩定並回到接近原先水準後，讓產品毛利率回升至65%至70%長期區間的高端。這種平衡的作法顯然正在奏效：我們正推動更高水準的營收成長與營運槓桿，而我們的營業利益成長也證明了這一點。

Our operating profit of $230 million grew 77% year-over-year, resulting in an operating margin of 19.4%. Revenue outperformance and pricing management discipline drove this excellent result. With respect to our geographic mix of revenues, US revenue was $688 million, growing 19%, and international revenue was $498 million, growing 75% year-over-year. International revenue represented 42% of total revenue in Q2.

我們的營業利益為2.30億美元，年增77%，使營業利益率達19.4%。營收優於預期以及自律的定價管理帶來了這項優異成果。就營收的地理組合而言，美國營收為6.88億美元，成長19%；國際營收為4.98億美元，年增75%。第二季國際營收占總營收的42%。

Notably, this marks our highest international revenue contribution to date. Scaling our international presence remains a significant opportunity and a key strategic focus for the company, and we are very pleased with the team's execution this quarter.

值得注意的是，這是迄今為止我們國際營收貢獻最高的一次。擴大我們的國際布局仍是公司一項重大機會與關鍵策略重點，我們對團隊本季的執行表現感到非常滿意。

Moving on to our balance sheet. Our liquidity remains robust with over $1 billion in cash and investments at the end of the quarter. Cash flow from operations was negative $136 million in the quarter, primarily reflecting strategic component purchases made to support customer demand and secure component supply to fuel strong growth of our core business.

接著談談資產負債表。我們的流動性依然強勁，本季末現金與投資合計超過10億美元。本季營運活動現金流為負1.36億美元，主要反映為支援客戶需求並確保零組件供應、以推動核心業務強勁成長而進行的策略性零組件採購。

These purchases consisted primarily of NAND and other key components that were intentionally made to mitigate the impact of continued cost inflation and further increases in component pricing. These actions are consistent with our long-standing approach to supply chain management and reflect prudent operational planning to meet the strong demand across our portfolio. While these purchases created a temporary headwind to operating cash flow in the quarter, we expect operating cash flow to normalize over the next two quarters.

這些採購主要包括NAND及其他關鍵零組件，係為降低持續成本通膨及零組件價格進一步上漲影響而刻意進行。這些行動符合我們長期以來的供應鏈管理方針，並反映為滿足我們產品組合強勁需求所做的審慎營運規劃。雖然這些採購在本季對營運現金流造成暫時性逆風，但我們預期營運現金流將在未來兩季恢復正常。

Capital expenditures were $101 million, representing approximately 9% of revenue for the quarter. Our capital investments continue to support the continued scaling of our hyperscale business and to accelerate growth of our Evergreen/One subscription offering, while also reflecting the higher price of components.

資本支出為1.01億美元，約占本季營收的9%。我們的資本投資持續支援超大規模（hyperscale）業務的持續擴張，並加速Evergreen/One訂閱方案的成長，同時也反映零組件價格較高的情況。

As a result, free cash flow was negative $238 million, and we expect free cash flow to track back to operating margins during the course of the year and expect free cash flow for fiscal year '27 to be between $600 million and $800 million.

因此，自由現金流為負2.38億美元；我們預期自由現金流在今年內將回到與營業利益率相一致的水準，並預期2027會計年度的自由現金流介於6.00億至8.00億美元之間。

In Q2, we repurchased 932,000 shares, returning approximately $69 million to shareholders. We also paid $74 million in withholding taxes on employee awards, offsetting dilution of approximately 1 million shares. We currently have about $176 million remaining under our existing $400 million repurchase authorization announced in Q4 '26. Finally, our head count increased sequentially by 282 employees, bringing our total head count to 6,900 employees.

第二季我們回購93.2萬股，向股東返還約6,900萬美元。我們也就員工獎酬支付7,400萬美元的預扣稅，抵銷約100萬股的稀釋。目前在既有的4.00億美元回購授權（於2026會計年度第四季宣布）下，尚餘約1.76億美元額度。最後，我們的員工人數較前一季增加282人，使總員工數達6,900人。

Now turning on to guidance. I would like to take the opportunity to explain the rationale for our guidance raise. As mentioned in the prior Q1 earnings announcement on May 27, 2026, we were unsure about the sustainability of demand as market participants had to adjust to unprecedented price increases that had not been experienced in years. Equally, the supply environment was tight and allocation-driven. The combination of these two factors led us to argue that it was too early to call for further upside to our guide in the second half of 2027.

接下來談展望指引。我想藉此機會說明我們上調指引的理由。如同在2026年5月27日發布的前一季（Q1）財報公告中所提到的，由於市場參與者必須調整多年未見的前所未有價格上漲，我們當時不確定需求是否具有可持續性。同時，供給環境緊俏，並以配給（allocation）為主。這兩項因素的組合，使我們認為要在2027年下半年進一步上修指引仍為時過早。

Today, although market prices have increased to levels not experienced since 2017, demand remains strong, and we have anticipated continuous supply tightness with further strategic buys. Also, as we are past the half year point, we have now two quarters of visibility towards the end of fiscal year '27. With this new backdrop, we are now in a position to significantly increase our guidance for the second half of the year.

今天，儘管市場價格已上升至自2017年以來未見的水準，需求仍然強勁；而我們也透過進一步的策略性採購，預期供給緊俏將持續。此外，隨著我們已過半年節點，現在對2027會計年度結束前已有兩季的可視性。在這樣的新背景下，我們現在有條件大幅上調下半年指引。

For Q3, we anticipate revenue to be in the range of $1.325 billion to $1.335 billion, representing approximately a 38% increase year-over-year at the midpoint. We expect operating profit to be in the range of $265 million to $275 million, representing approximately also a 38% year-over-year increase at the midpoint.

就第三季而言，我們預期營收將介於13.25億至13.35億美元之間，以中位數計算約年增38%。我們預期營業利益將介於2.65億至2.75億美元之間，以中位數計算同樣約年增38%。

The outstanding strength of our Q2 results, good short-term pipeline visibility, and continued momentum we are seeing across our customer base gives us confidence in our full year guidance. Again, I would like to remind everyone for prior guidance that we continue to expect significant hyperscale product revenue in Q3 and Q4 based on order commitments through the hyperscale supply chain for our DFM solutions.

第二季結果的卓越強勁、短期管線的良好可視性，以及我們在客戶群中持續看到的動能，使我們對全年指引充滿信心。再次提醒大家，依據先前指引，我們仍預期第三季與第四季將有顯著的超大規模產品營收，這是基於超大規模供應鏈中對我們DFM解決方案的訂單承諾。

For fiscal year '27, we anticipate revenue to be in the range of $5.030 billion to $5.070 billion, representing at the midpoint, an increase of more than $500 million relative to prior fiscal year '27 guidance. In growth terms, we expect revenue growth year-on-year to be at 38% at the midpoint. This is an increase of 75% in growth rate from prior guidance.

就2027會計年度而言，我們預期營收將介於50.30億至50.70億美元之間；以中位數計算，較先前2027會計年度指引增加超過5.00億美元。以成長角度來看，我們預期營收年增率以中位數計算為38%。這較先前指引的成長率提高了75%。

We expect operating profit to be in the range of $940 million to $960 million, representing approximately at the midpoint, an increase of $110 million relative to prior fiscal year '27 guidance. In growth terms, we expect operating profit growth year-on-year to be at 50% at the midpoint. This is an increase of 54% in growth rate from prior guidance.

我們預期營業利益將介於9.40億至9.60億美元之間；以中位數計算，較先前2027會計年度指引增加1.10億美元。以成長角度來看，我們預期營業利益年增率以中位數計算為50%。這較先前指引的成長率提高了54%。

As Charlie mentioned, we look forward to providing you with an update on Everpure's long-term strategy, path to growth, and long-term financial framework at our upcoming Financial Analyst Meeting that will be held on Wednesday, September 23 at our Santa Clara campus.

如Charlie所提到的，我們期待在即將舉行的金融分析師會議上，向各位更新Everpure的長期策略、成長路徑以及長期財務架構；會議將於9月23日（週三）在我們聖塔克拉拉園區舉行。

With that, I'll now turn the call back to Paul for Q&A.

接下來我把電話交回給Paul，進入問答環節。

(Operator Instructions)

(接線員指示)

(Operator Instructions)

(接線員指示)

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Thanks a lot, and congrats on the impressive print and guide over here. Charlie, I think the question you dealt with over the last 90 days was why are you folks implying this big decel in your full year guide? You clearly are implying no more deceleration with this updated 37%, 38% growth on the guide. But -- and I heard all the reasons you kind of gave upfront and what's driving some of the strength. But if you could just help us appreciate when we think about the sizable uplift in guide against 90 days ago, you're talking about 16%, 17%, what specifically changed in the last 90 days?

非常感謝，也恭喜你們這次亮眼的成績與上調指引。Charlie，我想你們過去90天面對的問題是：為什麼你們在全年指引中暗示會出現這麼大的成長放緩？而在這次更新後的指引中，你們顯然不再暗示會進一步放緩，指引顯示37%、38%的成長。不過——我也聽到了你們一開始提到的各種原因，以及推動強勁表現的一些因素。但如果可以的話，請幫助我們理解：相較90天前，指引大幅上修，你們談的是16%、17%的提升，過去90天究竟具體發生了哪些變化？

And is there a way to think about how big the factors when maybe it's end market or better supply or pricing on new workloads? So I think the guide is obviously very impressive and the step-up. It would be helpful if you just unpack what's driving it and the durability of it versus 90 days ago. Thank you.

以及是否有一種方式可以思考各項因素的影響程度，例如終端市場、更好的供給，或是新工作負載的定價？所以我認為這份指引顯然非常令人印象深刻，且有明顯的上調幅度。如果你能拆解一下是什麼在驅動它，以及相較90天前其可持續性如何，會很有幫助。謝謝。

You bet, Amit, and thanks for the question. Just to set the record straight, we were -- we've repeated multiple times in the last call that we weren't saying there was going to be a deceleration. We simply said that we were not updating the annual guidance beyond what we had already seen. So it was the lack of an update.

當然可以，Amit，謝謝你的提問。先澄清一下，我們——在上次電話會議中已多次重申，我們並沒有說成長會放緩。我們只是說，我們不會在已經看到的情況之外去更新全年指引。所以當時是沒有更新，而不是暗示放緩。

Now why is that? And you're absolutely correct. What changed? Well, first of all, as you well know and for people who listened to this call all the time though, we generally operate with one to two quarters of visibility, not a full year. So we -- I don't -- I cannot remember a time when we raised guidance after Q1 other than just the performance that we had in Q1 plus Q2. So -- but things did change over the last quarter.

那為什麼會這樣呢？而且你說得完全正確。有什麼改變了？嗯，首先，正如你很清楚的，以及那些一直收聽這通電話的人也知道，我們一般只有一到兩個季度的能見度，而不是整整一年。所以我們——我——我不記得有哪一次是在第一季之後上調指引，除了只是把第一季加上第二季的表現反映進去。所以——但在上一個季度，確實有些事情改變了。

So your question is absolutely appropriate. Two things went away, the concern about our ability to source components to be able to deliver. And the second was the understanding of what our customers and market participants would do under the scenario of far higher prices. As you may remember, price increases were implemented in Q1, but really didn't fall into the customer environment until Q2. So this is the first full quarter that we've seen of higher prices.

所以你的問題非常恰當。有兩件事消除了：對於我們能否取得零組件以完成交付的擔憂。第二個是，在價格大幅提高的情境下，我們對客戶與市場參與者會如何行動的理解。如你所記得的，第一季已實施漲價，但真正進入客戶端環境是在第二季。因此，這是我們首次看到完整一個季度的高價格。

And we now have a much better understanding of how customers are responding to the higher prices. And we also have now two quarters of visibility. So two things went away, concern about the higher prices and the effect, the concern around supply chain, which we feel now we are very much on top of. And then one thing, new information that came in, which is actual experience in how customers are responding to the higher prices. I hope that answers your question, Amit.

而我們現在對客戶如何回應較高價格有了更好的理解。同時我們現在也有兩個季度的能見度。所以有兩件事消除了：對高價格及其影響的擔憂，以及對供應鏈的擔憂——我們現在覺得已經非常掌握。另外還有一件事：有新的資訊進來，也就是客戶如何回應高價格的實際經驗。希望這回答了你的問題，Amit。

Thank you, Amit. Next question, please.

謝謝你，Amit。請下一題。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

This is Michael [Turner] on behalf of Aaron. I also want to say congrats on the results in the second hyperscaler design win. For my question, I just was wondering if you can unpack sort of what's baked into the full year guide as far as the trajectory of product gross margins and OpEx growth as well to the back half? Thank you.

我是Michael [Turner]，代表Aaron發言。我也想說，恭喜你們在業績以及第二個超大規模雲端客戶（hyperscaler）的設計案勝出。我的問題是，想請你們拆解一下全年指引中，產品毛利率走勢以及下半年營業費用（OpEx）成長方面，分別隱含了哪些假設？謝謝。

You bet. So let me start with that. We -- I want to make it really clear. We are very intentional with our gross margins. I feel that we are in complete control of our gross margins, and we are choosing to operate at the lower end of our normal range in order to help customers to share the pain with the customers to help customers through this very difficult transition that is going on in the industry through no fault of their own.

沒問題。我先從這點開始。我們——我想把話說得很清楚。我們對毛利率是非常有意識地在管理。我覺得我們對毛利率完全可控，而我們選擇在正常區間的較低端運作，是為了協助客戶、與客戶分擔痛苦，幫助客戶度過這個產業正在發生、且並非他們自身造成的非常艱難轉型。

I mean the demand for semiconductors has completely outstripped supply. That's driving semiconductor prices higher across the board from the smallest to the largest, most complex, and it affects us as someone who assembles those semiconductors into equipment.

我的意思是，半導體需求已經完全超過供給。這正推動各類半導體價格全面上升，從最小到最大、最複雜的都一樣，而這也影響到我們——因為我們是把這些半導體組裝成設備的廠商。

Tarek, I'll leave it to you to the other part of the question on OpEx.

Tarek，營業費用（OpEx）那部分我就交給你來回答。

Yes. Thank you, Charlie. I would add to that, that I'd like to add some color on intentionality that Charlie has referred to a moment ago. Our goal is not to maximize gross margin in percentage terms. Our goal is to seize the opportunity to accelerate the growth and continue to gain market share.

好的。謝謝你，Charlie。我補充一點，針對Charlie剛才提到的「有意識」這件事再多說一些。我們的目標不是在百分比上把毛利率最大化。我們的目標是把握機會、加速成長並持續提升市占率。

We are deliberately choosing to operate at the bottom end of our product gross margin long-term range of 65% to 70% and this strategy is paying off. It's paying off visibly in terms of operating leverage, and you can see two things.

我們刻意選擇在產品毛利率長期區間65%到70%的下緣運作，而這個策略正在奏效。它在營運槓桿方面的成效非常明顯，你可以看到兩件事。

Number one, the top line growth that we're driving that I consider to be very impressive at 38%. But also at the bottom line, at the operating profit level, we're driving substantial growth in operating profit, 77% year-over-year because we can see that acceleration outpacing the acceleration of our OpEx cost in totality. So this is very intentional, and it's about driving market share gains, revenue growth and operating leverage.

第一，我們推動的營收成長，我認為以38%來說非常亮眼。第二，在獲利端、也就是營業利益層面，我們的營業利益年增77%，成長幅度相當可觀，因為我們看到成長加速的速度超過了我們整體營業費用（OpEx）成本加速的速度。所以這是非常有意識的作法，目的在於推動市占提升、營收成長與營運槓桿。

Thank you, Michael. Next question, please.

謝謝你，Michael。請下一題。

Howard Ma, Guggenheim Securities.

Howard Ma，Guggenheim Securities。

Hi, thanks. Good afternoon, and I want to add my congratulations, too, on a spectacular performance all around, including the second hyperscale win and demand holding up in light of these unprecedented price increases.

嗨，謝謝。午安，我也想加入恭喜，整體表現非常出色，包括第二個超大規模客戶的勝出，以及在這些前所未見的漲價之下需求仍能維持。

My question is, can you help us better understand the ASP versus volume mix so far this year? In Q1, I think you guys said pricing and pull forward was roughly 10 points to 15 points of growth, and therefore, volume growth was about 20 points of that growth or I guess, a little over 20. Volume was down in Q2, as you guys said, or I should say more specifically overall capacity shifts. Can you share how much?

我的問題是，你們能否幫我們更好地理解今年迄今ASP（平均售價）相對於出貨量的組合（mix）？在第一季，我記得你們說定價與提前拉貨大約貢獻了10到15個百分點的成長，因此出貨量成長大約是其中的20個百分點，或我想應該是略高於20。你們也提到第二季出貨量下滑，或者更精確地說是整體產能配置的變動。可以分享一下幅度有多少嗎？

And then with ASPs up over 100% already in the back half this year, does that mean that your guidance despite the big raise that, that still implies a significant drop-off in capacity or a bigger drop-off in capacity back half versus Q2, and that's even after adjusting for the higher Evergreen/One sales. Or in other words, maybe a better way to ask it too is, is there still a similar level of conservatism built into the back half guide?

另外，既然今年下半年ASP已經上升超過100%，那是否代表即使你們大幅上調指引，仍隱含下半年產能會顯著下滑，或是相較第二季下半年產能下滑更大——即便已經調整了較高的Evergreen/One銷售？或者換句話說，也許更好的問法是：下半年指引中是否仍然包含類似程度的保守假設？

I'll take that one first, Tarek. So look, the way I like to phrase it is very simple, which is there is elasticity in the market. And when prices go up, elasticity works against the volume side of it. So the increase in revenues that we're seeing is not in proportion.

我先回答這題，Tarek。你看，我喜歡用很簡單的方式來說：市場是有彈性的。當價格上升時，彈性會對出貨量那一端不利。所以我們看到的營收增加並不是等比例的。

The proportion of total capacity shipped, however you calculate that does not -- has not kept up is far less than the amount of total revenue dollars that are shipped. And as we see prices start to stabilize, which I would hope to see towards the end of the year, I think we'll start to see volume start to come back up. But Tarek, do you want to add any further.

總出貨產能的占比——不管你怎麼計算——都沒有跟上，遠低於出貨的總營收金額增幅。而當我們看到價格開始趨於穩定——我希望在今年底前能看到——我認為出貨量將開始回升。不過Tarek，你要不要再補充一些？

Sure. Thank you, Charlie. And thank you, Howard, for the question. I won't comment on the second part of your question. I would simply say to you that there are four things that have driven our performance in Q2: price, mix, unit systems and also capacity.

當然。謝謝你，Charlie。也謝謝你，Howard，提出這個問題。你問題的第二部分我就不評論了。我只想說，第二季我們的表現是由四個因素驅動：價格、組合、系統台數，以及產能。

So overall, system units are down. We see customers paying more for systems at the high end of our portfolio. That's also explainable by the mix shift and capacity in the system that they buy has gone up. So it is only the units of systems that has not grown, and that's what we have observed across our portfolio.

整體而言，系統出貨台數是下降的。我們看到客戶在我們產品組合的高階端為系統支付更高的價格。這也可以用組合轉移來解釋，而且他們購買的系統內含產能也提高了。所以沒有成長的只有系統台數，而這就是我們在整個產品組合中觀察到的情況。

And that is, in a sense, a very good result, considering that in Q1, as also was anticipated, there were some pull-ins, and we were transparent in the fact that when you have substantial price increases, customers tend to bring forward some purchases, and that's why we had pull-ins in Q1.

從某種意義上說，這其實是非常好的結果，因為第一季如同先前預期，確實有一些提前拉貨（pull-ins），而我們也坦率說明：當你大幅調漲價格時，客戶往往會把部分採購提前，因此第一季才會出現提前拉貨。

But in Q2, this is no longer the case. Pull-ins did not play any role, and we don't anticipate any further impact from so-called pull-ins in the rest of the year. We feel very good about our guidance as it stands. And I think that if you really look at our top line growth at 38% you would have to adjust that also for the growth of Evergreen/One.

但在第二季，情況已不再如此。提前拉貨沒有扮演任何角色，我們也不預期今年剩餘時間還會有所謂提前拉貨的進一步影響。我們對目前的指引感到非常有信心。而且我認為，如果你仔細看我們38%的營收成長，你也必須把Evergreen/One的成長一併納入調整。

Evergreen/One has grown spectacularly well in Q2.As Charlie remarked, it's in excess of a $1 billion run rate. So our total growth once you normalize for the Evergreen/One contribution is well north of 40%, approaching the 50s.

Evergreen/One 在第二季成長非常亮眼。正如 Charlie 所提到的，其年化營收運行率已超過 10 億美元。因此，若將 Evergreen/One 的貢獻標準化後，我們的總成長率遠高於 40%，接近 50% 區間。

Thank you, Howard. Next question, please.

謝謝你，Howard。請下一題。

Mike Cikos, Needham & Company.

Needham & Company 的 Mike Cikos。

Hey, guys. This is Matt Calitri on for Mike Cikos over at Needham. We're curious about contract duration and deal size trends for Storage-as-a-Service customers that underlie the strong growth you're seeing there. Are you seeing any difference in how new and existing customers are approaching Evergreen deals, particularly as it relates to near versus long-term planning in the current supply environment?

嗨，各位。我是 Needham 的 Matt Calitri，代替 Mike Cikos 提問。我們想了解支撐你們在 Storage-as-a-Service 客戶端所看到強勁成長的合約期間與交易規模趨勢。在目前的供應環境下，你們是否看到新客戶與既有客戶在採用 Evergreen 交易的方式上有任何差異，特別是就短期與長期規劃而言？

Yes. No substantial change other than larger volume. Average contract length tends to exceed three years, somewhere between three and four years. So there's been no substantial change in that. What we are seeing is that -- well, first of all, just because of the way it works, we did not need and we did not raise prices in the -- in Evergreen/One as a Service as much as we had to on product sales.

是的。除了量變得更大之外，沒有實質性的改變。平均合約期限通常超過三年，大約在三到四年之間。所以在這方面沒有明顯變化。我們看到的是——首先，因為其運作方式的關係，在 Evergreen/One as a Service 上，我們不需要、也沒有像產品銷售那樣大幅調漲價格。

And we've gone through why that's the case on multiple occasions. I think what customers see is that it's a much -- they can -- they're able to plan on lower prices over a longer period of time with the as-a-service environment, and they appreciate that stability.

我們也在多個場合解釋過為什麼會是這樣。我認為客戶看到的是：在 as-a-service 的環境下，他們能在更長的期間內以較低的價格做規劃，並且很重視這種穩定性。

So -- and we've seen this in the past that when prices go up, we see relatively more demand for Evergreen/One, which is great because part of the challenge in an as-a-service business when it's on-prem is that customers weren't used to it. So we really welcome the additional attention it's getting. But also when prices go down, then customers may arbitrage and look to buy a product rather than go with a service. So we'll see both sides of that.

所以——而且我們過去也看過，當價格上升時，Evergreen/One 的相對需求會更高，這很好，因為 on-prem 的 as-a-service 商業模式其中一個挑戰是客戶過去不習慣這種模式。因此我們非常歡迎它獲得更多關注。但同時，當價格下降時，客戶可能會進行套利，轉而選擇購買產品而不是採用服務。所以兩種情況我們都會看到。

Thank you, Matt. Next question, please.

謝謝你，Matt。請下一題。

Erik Woodring, Morgan Stanley.

Morgan Stanley 的 Erik Woodring。

Very much for taking my questions, and congrats on the hyperscaler win and nice guide. Charlie, when I think about why Everpure wins some of these deals in these higher-growth hyperscaler environments, today, it doesn't seem super cost effective to replace nearline HDDs with DFMs, just given where QLC NAND pricing is versus HDDs.

非常感謝讓我提問，也恭喜你們拿下超大規模客戶（hyperscaler）的案子，指引也很不錯。Charlie，當我思考 Everpure 為何能在這些高成長的 hyperscaler 環境中贏得部分交易時，以目前來看，考量 QLC NAND 價格相對於 HDD 的位置，用 DFM 取代近線（nearline）HDD 似乎並不特別具成本效益。

So in these new kind of wins and environments with hyperscalers, like what exactly are you displacing? Is that traditional SSDs? Or maybe asked differently, what is the value proposition that these new customers are seeking with your DFMs that they couldn't get with their prior solutions? Thanks so much.

所以在這些與 hyperscaler 相關的新型贏單與環境中，你們實際上是在取代什麼？是傳統 SSD 嗎？或者換個問法，這些新客戶在你們的 DFM 上尋求的價值主張是什麼，是他們在先前解決方案中無法獲得的？非常感謝。

Yeah. So I'll start. I'm going to hand it over to Rob, who works this extensively. But at a top level, you're correct. We are mainly, at this point in time, replacing SSDs. Now our solution can be extended down to HDDs when the pricing comes back into line. But in the meantime, we replace SSDs. And you might ask, well, what is our benefit over SSDs?

是的。我先回答。我會把問題交給 Rob，他在這方面投入很多。但從高層來看，你說得沒錯。就目前這個時間點，我們主要是在取代 SSD。當價格回到合理水平時，我們的解決方案也可以延伸到取代 HDD。但在此期間，我們取代的是 SSD。你可能會問，那我們相對於 SSD 的優勢是什麼？

Well, quite simply, it's everything from power performance to absolute performance to ease of use because we have one software solution for any size, any scale, any performance level, longer lifetimes, lower failure rate, and then I'm going to hand it over to Rob.

很簡單，從功耗表現到絕對效能、到易用性——因為我們用同一套軟體解決方案就能支援任何容量、任何規模、任何效能等級——再加上更長的使用壽命、更低的故障率。接著我把問題交給 Rob。

Yes, Erik, just to add on to that, Charlie has enumerated a number of the benefits of the DirectFlash technology, which obviously, our enterprise customers are well familiar with and have been able to be beneficiaries of for some time. Where the hyperscalers are now seeing a lot of promise for the technology is as they're looking at, to your point, now some of these SSD estates, comparing the benefits they can get in those areas that Charlie enumerated versus SSDs and the dramatic effects that has on reducing their overall cost and, just call it, headache of operations at hyperscale.

是的，Erik，我補充一下。Charlie 已經列舉了 DirectFlash 技術的多項優勢，我們的企業客戶顯然非常熟悉，也已經受益一段時間了。而 hyperscaler 現在之所以看到這項技術很有前景，是因為他們正如你所說，檢視其既有的 SSD 資產，並比較採用 DirectFlash 在 Charlie 提到的那些面向相對於 SSD 能帶來的好處，以及這些好處如何大幅降低其整體成本，並且——就稱之為——降低在超大規模環境下的營運「頭痛」。

When you think about -- just to put some numbers for comparison. When you think about the significant reliability benefits that DirectFlash drives versus SSDs, 5 times more reliability on a component basis. When you think about the density benefits, the fact that we can be 2, 3, 5 times as dense, when you multiply those out and you look at the overall reliability benefits that drives, you're getting into 25, 50x type of benefits.

如果用一些數字來做比較。當你想到 DirectFlash 磁碟相較於 SSD 在可靠性上的顯著優勢——以元件層級來看，可靠性高出 5 倍。再想到密度優勢，我們的密度可以高出 2、3 甚至 5 倍；當你把這些相乘並看整體可靠性帶來的效益時，就會進入 25 倍、50 倍這種等級的提升。

When you look at efficiency, when you look at power savings, similarly outsized amounts of benefits. And as compelling as those are in the enterprise, you now think about this at hyperscale and those benefits are very, very significant.

再看效率、再看省電，同樣是非常可觀的效益。而這些在企業端已經很有吸引力，現在把它放到 hyperscale 的情境下，這些效益就變得非常、非常顯著。

So look, I think it's very early days. We're very pleased to be able to announce the second major design win. But more so, it's just great validation that DirectFlash software has a lot of room to run in this new market that we're opening up.

所以你看，我認為這還在非常早期的階段。我們很高興能宣布第二個重大設計導入（design win）。但更重要的是，這是很好的驗證：DirectFlash 軟體在我們正在開拓的新市場中，還有很大的成長空間。

Thank you, Eric. Next question, please.

謝謝你，Eric。請下一題。

Jason Ader, William Blair.

William Blair 的 Jason Ader。

Yeah. Thank you. Good afternoon, guys. Just on the hyperscale business, do you plan on providing any disclosure on the size of the business maybe at the end of the year or sometime next year? And have you raised your hyperscale contribution in the guidance for this year versus what you had baked in last quarter?

是的。謝謝。各位下午好。關於 hyperscale 業務，你們是否計畫在今年底或明年某個時間點，提供一些關於業務規模的揭露？另外，相較於上季你們原先納入的假設，你們是否在今年的指引中提高了 hyperscale 的貢獻？

So starting off with that on the -- on what's baked in. It's mostly baked in. There's been a slight modification to it, but nothing worth calling out. It is on track. It should be stated that it's very much on track according to what we had indicated at the beginning of the year.

先從「納入假設」這部分說起。大致上都已經納入了。有做些微調整，但不值得特別點出。目前進度符合預期。應該要說的是，它非常符合我們在年初所指出的進度。

With two hyperscalers now, it creates a little bit of, if you will, greater confidentiality, but not a lot. So we're going to still stay fairly -- keep it fairly abstract in terms of guidance. We've indicated the rough size of exabytes that we'll be shipping this year.

現在有兩家 hyperscaler，某種程度上會帶來更高的保密需求，但也不至於太多。因此我們在指引上仍會維持相當——保持相當抽象的表述。我們已經指出今年將出貨的大致 EB（exabytes）規模。

We said next year would be multiples of that. We're staying on that right now as the guide. But yeah, we can't go further. Once the business gets to be bigger than it is today, hopefully, with more customers than we have today, we'd be able to then become a bit more specific in terms of the overall scale of the business.

我們也說過明年會是其倍數。目前我們仍以此作為指引。但確實，我們無法再更進一步。一旦這項業務規模比現在更大——希望也能有比現在更多的客戶——我們就能在整體業務規模上提供更具體的說明。

Thank you, Jason. Next question, please.

謝謝你，Jason。請下一題。

Simon Leopold from Raymond James.

Raymond James 的 Simon Leopold。

Great. Thank you for taking the questions. I wanted to see if maybe you could do a little bit of compare and contrast of the second hyperscale deal to the first. And what I'm sort of trying to tease out is, I recall that there was some degree of R&D work that needed to be done and prep work to ramp it. So what's different about this deal versus the original hyperscale deal? And how should we think about those compared to the others you're pursuing? Thank you.

太好了。感謝讓我提問。我想看看你是否可以把第二個超大規模（hyperscale）交易和第一個做一點比較與對照。我想釐清的是，我記得當時需要做一些研發工作以及為了拉升產能所需的前置準備。所以這筆交易和最初那筆超大規模交易相比，有哪些不同？以及相較於你們正在追求的其他案子，我們應該如何看待這些差異？謝謝。

Yeah. I want to identify one thing that was different in the -- if you will, the closing, if you will, of the deal, and then I'll hand it to Rob on the technology side of it. One of the things about this deal and the reason why it took longer than we anticipated was that this particular hyperscaler didn't want to award the design win until they also had a contract -- a supply contract in place. And so while we had strong indications of a design win quite some time ago, we didn't have an official one until we had the supply contract. So that took -- that was one of the things that was different about this one. So Rob?

是的。我想先指出一件不同之處——如果你願意這麼說的話——在交易「完成／結案」的部分，然後我會把技術面的部分交給 Rob。這筆交易之所以比我們原先預期花更久時間，其中一個原因是，這家特定的超大規模客戶不希望在同時也有合約——供應合約——到位之前，就授予設計導入（design win）。因此，雖然我們在相當久之前就已經有很強的設計導入跡象，但直到供應合約簽妥之前，我們都沒有正式的設計導入。所以這——這是這次不同的一點。所以 Rob？

Yeah. And Simon, just to add on, maybe to get back to your original question. Look, if I step back for a minute without getting into too specific details, what I'd say is that the general design, the environment, the integration, the packaging of our technology in the second environment is substantially similar to the first customer.

是的。Simon，我再補充一下，也許回到你原本的問題。你看，如果我先退一步、不談太具體的細節，我會說第二個環境中的整體設計、運作環境、整合方式，以及我們技術的封裝，和第一位客戶基本上非常相似。

As with the first design win, the focus is initially going to be in the warmer and higher performance tiers as we spoke about earlier during the call. But as well, this customer is very interested in, over time, having this consistent architecture, be able to be applied across multiple and lower performance tiers as well.

和第一個設計導入一樣，初期的重點會放在我們先前在電話會議中提到的較「溫熱」以及較高效能的層級。但同時，這位客戶也非常有興趣在時間推進下，讓這套一致的架構也能夠應用到多個、以及較低效能的層級。

And again, similar to the first customer environment and what we're seeing in our ongoing conversations across the board, very horizontal storage environments across all workloads, including AI, but as well serving end customer Platform-as-a-Service and infrastructure services.

而且同樣地，和第一位客戶的環境以及我們在各方持續對話中看到的一樣，這是非常水平化的儲存環境，涵蓋所有工作負載，包括 AI，同時也支援終端客戶的 Platform-as-a-Service（平台即服務）與基礎設施服務。

Always will be some fit and finish integrations as with any large customized environment. But what's really nice to see and validates our strategy here is that the core IP, the core packaging, the core implementation of solution, very, very similar as well as not just the solution from a technology point of view, but a business model point of view, right?

一如任何大型客製化環境，總會有一些需要微調與收尾的整合工作。但很高興看到、也驗證了我們策略的是：核心 IP、核心封裝、核心解決方案的實作都非常、非常相似；而且不只是從技術角度的解決方案，從商業模式角度也是如此，對吧？

As we have had conversations with the financial community over the last four to five quarters as we ramped up our experience with our first customer, really nicely landed on a business model that worked well for both parties mutually taking advantage of our IP, our -- the hyperscaler supply chain capabilities and our contract manufacturer relationships.

在過去四到五個季度、我們隨著第一位客戶的經驗逐步擴大並與金融界交流的過程中，我們很順利地落地了一個對雙方都運作良好的商業模式：共同利用我們的 IP、超大規模客戶的供應鏈能力，以及我們與合約製造商的合作關係。

Thank you, Simon. Next question, please

謝謝你，Simon。請下一題。

Krish Sankar, TD Cowen.

TD Cowen 的 Krish Sankar。

Yeah. Hi, thanks for taking my questions. Congrats again for the really impressive numbers. Charlie or Rob, I had a question for you, again, sorry, on the hyperscalers. Very impressive, the second hyperscaler. I'm just kind of curious, how much of the -- is there a date to figure out how much of this is actually going to be recurring revenues? And how confident are you given that multiples [of tens] exabytes, is there any correlation to NAND prices versus your hyperscaler wins? And any chance you can announce a third hyperscaler win this year? Thank you.

是的。嗨，謝謝讓我提問。再次恭喜你們交出非常亮眼的數字。Charlie 或 Rob，我有個問題想再問一次，抱歉，還是關於超大規模客戶。第二家超大規模客戶非常令人印象深刻。我只是有點好奇，是否有辦法判斷其中有多少會實際成為經常性收入（recurring revenues）？另外，考量到是數十個 EB（exabytes）的規模，你們有多大信心？NAND 價格與你們拿下超大規模客戶的設計導入之間是否有任何關聯？以及今年有沒有機會宣布第三個超大規模客戶的設計導入？謝謝。

Yeah. So with respect to the -- there is -- NAND prices obviously have a very significant effect on the business, both in terms of where the technology is targeted and also, frankly, in terms of our -- because we do manage -- we're very deeply involved in the supply chains that deliver the NAND to the customer. So it also affects how we have to engage at that level overall. So I would say NAND prices do affect our business in a very significant way.

是的。就——關於這點——NAND 價格顯然會對業務產生非常重大的影響，無論是在技術鎖定的目標市場方面，坦白說也包括我們——因為我們確實管理——我們非常深度參與把 NAND 交付給客戶的供應鏈。因此它也會影響我們在那個層級上整體需要如何參與與運作。所以我會說，NAND 價格確實以非常顯著的方式影響我們的業務。

And Krish, since you speak in the second part of the question, we're not going to be speaking about individual customers and speculating about timing of design wins moving forward. Now with the second customer with the repeatability, we'll be speaking about looking at this product category as a whole moving forward.

Krish，至於你問題的第二部分，我們不會談論個別客戶，也不會去推測未來設計導入的時間點。現在有了第二位客戶、也展現了可重複性，我們往後會以整個產品類別的角度來對外溝通。

Thank you, Krish. Next question, please

謝謝你，Krish。請下一題。

Joseph Cardoso, JPMorgan.

JPMorgan 的 Joseph Cardoso。

Hi, thanks for the questions. And I'll echo my congrats here as well. Maybe can you just touch on the pre-buys that you highlighted in the prepared remarks? Like how should we be thinking about the duration or how many quarters of supply you've now locked in? And any thoughts in terms of how we should think about the implications for margins? Or is the expectation here that you can pass through pricing? Thanks.

嗨，謝謝讓我提問。我也在此附和一下恭喜。也許你們可以談談在事先準備稿中提到的預先採購（pre-buys）嗎？例如我們應該如何看待其期間，或你們現在已鎖定了多少個季度的供應？以及就毛利率的影響，你們有什麼想法？或者這裡的預期是你們能夠把價格轉嫁出去？謝謝。

Well, Joe, thank you for the question, and welcome. I think this is your first call with us. So glad to hear your voice. Look, we've executed those strategic purchases to continue to support the growth of our core. Our core is growing extremely solidly, and we have now sufficient supply coverage for the foreseeable future.

Joe，謝謝你的問題，歡迎加入。我想這是你第一次參加我們的電話會議。很高興聽到你的聲音。你看，我們已執行這些策略性採購，以持續支援我們核心業務的成長。我們的核心業務成長非常穩健，而我們現在也已經為可預見的未來取得了足夠的供應覆蓋。

I won't go into the details because it is commercially sensitive, as you can expect. We also now have a -- reached a point in time where pricing has roughly caught up with the costs of raw materials, and this is really helping the management of the gross margins moving forward. But like I said to your colleague earlier on the call, we continue to want to operate at the low end of our product gross margin range of 65% to 70%. That is to continue to accelerate top line growth and market share and drive higher levels of operating leverage. Hopefully, this helps.

我不會深入細節，因為如你所料，這涉及商業敏感資訊。我們也已經來到一個時間點：定價大致追上了原物料成本，這對於未來毛利率的管理非常有幫助。但正如我先前在電話會議中對你的同業所說，我們仍希望把產品毛利率維持在 65% 到 70% 區間的低端。這是為了持續加速營收成長與市占率，並推動更高程度的營運槓桿。希望這能解答你的問題。

Thank you, Joe. Next question, please

謝謝你，Joe。請下一題。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Hi, thank you. I think you just noted in the Q&A that you were waiting for the hyperscaler customer to secure supply. And I'm wondering sort of a follow-up to your prior question. Would you be willing to share if you are signing any long-term agreements with memory makers? Or is there an appetite to do that at all given that your hyperscaler customers are trying to secure supply.

嗨，謝謝。我想你們剛才在問答中提到，你們是在等待那家超大規模客戶先確保供應。我想就你先前的回答追問一下。你們是否願意分享：你們是否正在與記憶體製造商簽署任何長期協議（LTA）？或是考量到你們的超大規模客戶正試圖確保供應，你們是否有意願這麼做？

But for your non-hyperscale business, obviously, you bumped up some supply with inventory buildup. But just curious if you're motivated or think that it might be necessary for you to sign any LTAs as you look out further beyond the next couple of quarters?

另外，就你們的非超大規模業務而言，你們顯然透過建立庫存來增加了一些供應。但我只是好奇，當你們把視野放到未來、超過接下來幾個季度時，你們是否有動機、或認為可能有必要去簽任何 LTA？

Wamsi, it's Tarek. Thank you for the question. We executed those strategic buys for our core, not for the hyperscaler business. We do not procure the NAND for the hyperscaler business. The hyperscalers procure the NAND for their business through their supply chain.

Wamsi，我是 Tarek。謝謝你的問題。我們為核心業務執行了那些策略性採購，不是為了超大規模業務。超大規模業務的 NAND 並不是由我們採購。超大規模客戶會透過他們的供應鏈為其業務採購 NAND。

And what Charlie was referring to before is as we executed the second agreement with the hyperscaler, the hyperscaler was waiting to secure his own purchase agreements before signing the agreement with us. That is the distinction.

而 Charlie 先前所提到的是，當我們與該超大規模雲端業者（hyperscaler）簽署第二份協議時，該 hyperscaler 在與我們簽署協議之前，正等待先確保其自身的採購協議。這就是差異所在。

We don't procure the NAND for hyperscalers. So strategic buys are just there to continue to fuel the growth of our core, which has been outstanding in Q2, and we have really good confidence for the rest of the year because of that.

我們不會替 hyperscaler 採購 NAND。因此，策略性採購只是為了持續推動我們核心業務的成長，而我們在第二季的表現非常出色；也正因如此，我們對今年剩餘時間非常有信心。

Thank you, Wamsi. Next question, please

謝謝你，Wamsi。請下一題。

Asiya Merchant, Citi.

Citi 的 Asiya Merchant。

Great. Charlie, if I may, I think the commentary suggests that you have a good visibility beyond just fiscal '27 that you guys are guiding to here, but it seems like the commentary suggested that you have possibility of continued share gains and durability of demand.

很好。Charlie，如果可以的話，我認為你的評論顯示，你們對於不僅僅是目前所指引的 27 財年之後也有相當好的能見度；而且聽起來你的評論也暗示，你們可能持續提升市占，且需求具備韌性。

So if I could just ask you to just unpack, is it enterprise AI adoption that's really driving this and you see the demand towards these high-performance flash that's driving sustainability just even beyond the hyperscaler business, if you could? And just if I may, on subscription margins, maybe if you could peel the level here as well on when to expect subscription margins to come back to ranges that they were in the past? Thank you.

所以如果我可以請你再拆解一下：是否是企業端 AI 採用（enterprise AI adoption）真正驅動了這一切？你是否看到對這些高效能快閃記憶體（high-performance flash）的需求，正在推動可持續性，甚至不僅限於 hyperscaler 業務？如果可以的話。另外，如果我可以再問一下訂閱毛利率（subscription margins）：你是否也能再說明一下，預期何時訂閱毛利率會回到過去的區間水準？謝謝。

Yeah. Well, thank you for the question. So we -- as I mentioned at the beginning, we generally operate on about two quarters of good visibility of good pipeline that we -- that allows us to forecast roughly two quarters in the future. And so that's what we're doing right now. Now you're correct.

是的。謝謝你的問題。如我一開始提到的，我們一般大約能掌握兩個季度的良好能見度與管線（pipeline），這讓我們可以大致預測未來約兩個季度。所以我們現在就是這麼做的。你說得沒錯。

I'm referencing that I believe that our momentum has increased and that we're picking up share faster than we have in the past or at least in the most recent past. And because of that, we're more confident as we go into FY28 because the momentum that we have, we feel, is much stronger than we've had in the last -- for multiple years.

我提到的是，我相信我們的動能已經提升，而且我們取得市占的速度比過去更快，或至少比最近一段時間更快。也因為如此，當我們展望 FY28 時更有信心，因為我們目前的動能，我們認為比過去多年來都更強。

And the reasons I gave at the very beginning of my opening remarks is the basis of that. That is to say that we've completed building our products across the entire application use case space of data storage. We're leading the industry.

我在開場致詞一開始所提出的原因，就是這個判斷的基礎。也就是說，我們已完成在資料儲存各種應用情境（use case）全範圍的產品建置。我們正引領產業。

The Gartner Magic Quadrant is another example of that. We continue to expand what customers can do with their data and how they can protect it and how they can leverage it for AI. And we think that is benefiting us with outsized market share demands. And that momentum, we think, will carry going forward. But I want to be very clear that on a forecast or guide basis, we really only have about two quarters of visibility generally, and that's what we guide on is what -- that is our best prediction of the near future that we can have.

Gartner 魔力象限（Magic Quadrant）就是另一個例子。我們持續擴展客戶能用其資料做什麼、如何保護資料，以及如何將資料用於 AI。我們認為這讓我們受惠於超出市場平均的市占需求。而這股動能，我們認為將會延續到未來。但我想非常清楚地說，就預測或指引而言，我們一般確實只有大約兩個季度的能見度；我們的指引就是基於這個——也就是我們對近期未來所能做出的最佳預測。

Sorry, let me answer the second part of the question on subscription gross margins. Look, there are many small factors that have that are behind the performance in this quarter. But the main one is being price increases in components replacement costs for our Forever program. And that is a good thing.

抱歉，讓我回答問題的第二部分：關於訂閱毛利率（subscription gross margins）。你看，這一季的表現背後有許多小因素。但主要因素是我們 Forever 計畫中，零組件更換成本上升所帶來的價格上調。而這其實是件好事。

And the reason why it's a good thing is that what we know from customers who take on Forever is that their churn is lower. And so this helps in the long run our business, and we will continue to make investments to fuel our Evergreen/Forever program. Thank you.

之所以說是好事，是因為我們從採用 Forever 的客戶身上看到，他們的流失率（churn）較低。因此，長期而言這有助於我們的業務；我們也會持續投資，以推動我們的 Evergreen/Forever 計畫。謝謝。

Thank you, Asiya. We're a little bit over time, but we're going to squeeze in one more question.

謝謝你，Asiya。我們稍微超時了，但我們會再擠出時間多問一題。

Tim Long, Barclays.

Barclays 的 Tim Long。

Thank you. Thanks for squeezing me in. I think we covered a lot of the stuff here. I did want to -- maybe if you could just touch a little bit, Charlie or Tarek, on the international performance, really big spike in the quarter.

謝謝。謝謝讓我插進來提問。我想我們已經涵蓋了很多內容。我確實想問——也許 Charlie 或 Tarek 你們可以稍微談一下國際市場的表現，這一季出現非常大的跳升。

So just curious, I know that's been an area of focus and last quarter it was down a little bit. So I'm sure there's some lumpiness. But what are the kind of the dynamics there? Is this go-to-market? Is it better product availability? What kind of drove that? And how sustainability -- how sustainable do you see that theater?

所以我很好奇，我知道那一直是你們的重點領域，而上一季還稍微下滑。所以我確定其中有些波動性（lumpiness）。但那裡的動態是什麼？是 go-to-market 的因素嗎？是產品供應更充足嗎？是什麼驅動了這個變化？以及你們認為該區域（theater）的可持續性如何——有多可持續？

Well, we believe that we're going to -- our -- we have been operating at roughly a 30%-plus international share of our total revenues, which is a bit low for -- and it's an area that we've been investing in for a long time.

嗯，我們相信我們將會——我們一直以來國際營收約占總營收 30% 以上，這個比例對我們而言偏低——而這也是我們長期投入資源的領域。

So we do expect that to continue to go up. But I will say on a quarter-by-quarter basis, it's better measured on an annual basis. Quarter-by-quarter, remember, it's all based on shipments rather than on bookings and -- both shipments and bookings vary over time. So really, it's better measured on an annual basis. But yes, we hope to see that continue to increase over time.

所以我們確實預期這個比例會持續上升。但我也要說，以逐季來看，最好用年度來衡量。逐季來看，請記得這完全是以出貨（shipments）為基礎，而不是以訂單（bookings）為基礎——而且出貨與訂單都會隨時間波動。所以真的比較適合用年度來衡量。但沒錯，我們希望看到它隨時間持續增加。

Thank you, Tim. Before we conclude, Charlie, I think he has a final comment.

謝謝你，Tim。在我們結束之前，Charlie，我想他還有最後一段補充。

Yeah. Before we close, I do want to thank our customers, employees, our partners, our investors and our suppliers through -- going with us through this very challenging period of time. Our continued success is made possible by your trust and your commitment. So thank you all very much. Speak to you next quarter.

是的。在我們結束之前，我確實想感謝我們的客戶、員工、合作夥伴、投資人以及供應商，在這段非常具挑戰性的期間一路與我們同行。我們能持續成功，仰賴各位的信任與承諾。所以非常感謝大家。我們下個季度再聊。

That concludes the Everpure's second quarter fiscal 2027 financial results conference call. Thank you for your participation. You may now disconnect your lines.

以上為 Everpure 2027 財年第二季財務結果電話會議。感謝各位的參與。您現在可以掛斷電話。