Pure Storage Inc (PSTG) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pure Storage First Quarter Fiscal Year 2023 Earnings Release Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們，先生們，美好的一天。感謝您的支持，歡迎參加 Pure Storage 2023 財年第一季度收益發布電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I would now like to introduce your host for today's conference call, Mr. Sanjot Khurana. Please go ahead.

我現在想介紹一下今天電話會議的主持人，Sanjot Khurana 先生。請繼續。

Thank you, and good afternoon. Welcome to the Pure Storage First Quarter Fiscal 2023 Earnings Conference Call.

謝謝，下午好。歡迎來到 Pure Storage 2023 財年第一季度收益電話會議。

My name is Sanjot Khurana, Vice President of Investor Relations and Treasurer at Pure Storage. Joining me today are our CEO, Charlie Giancarlo; our CFO, Kevan Krysler; and our CTO, Rob Lee.

我叫 Sanjot Khurana，Pure Storage 投資者關係副總裁兼財務主管。今天加入我的是我們的首席執行官 Charlie Giancarlo；我們的首席財務官 Kevan Krysler；和我們的首席技術官 Rob Lee。

Before we begin, I would like to remind you that during this call, management will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding the COVID-19 pandemic and related disruptions, inflation and macro environment, our growth in sales prospects, competitive industry and technology trends, our strategy and its advantages, our current and future product offerings, our sustainability goals and benefits and our business and operations.

在開始之前，我想提醒您，在本次電話會議期間，管理層將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響。其中包括有關 COVID-19 大流行和相關破壞、通貨膨脹和宏觀環境、我們的銷售前景增長、競爭性行業和技術趨勢、我們的戰略及其優勢、我們當前和未來的產品供應、我們的可持續發展目標和利益以及我們的業務和運營。

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.

我們做出的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新它們的義務。我們的實際結果可能與預測結果大相徑庭，報告的結果不應被視為未來業績的指標。

A discussion of some of the risks and uncertainties relating to our business is contained in our filings with the SEC, and we refer you to these public filings. During this call, we will discuss non-GAAP measures in talking about the company's performance and reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

我們向美國證券交易委員會提交的文件中包含對與我們業務相關的一些風險和不確定性的討論，我們建議您參考這些公開文件。在本次電話會議中，我們將討論非 GAAP 措施，以討論公司的業績以及與我們的收益新聞稿和幻燈片中提供的最直接可比的 GAAP 措施的對賬。

Additionally, when we refer to sales in our prepared remarks, we mean total bookings, excluding castable orders. This call is being broadcast live on the Pure Storage 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 Pure Storage.

此外，當我們在準備好的備註中提到銷售額時，我們指的是總預訂量，不包括可鑄件訂單。此次電話會議正在 Pure Storage 投資者關係網站上直播，並正在錄製以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

With that, I'll turn the call over to our CEO, Charlie Giancarlo.

有了這個，我將把電話轉給我們的首席執行官 Charlie Giancarlo。

Hello, everyone, and thank you for joining us today. Pure once again delivered very strong results this quarter in the midst of a highly dynamic environment. We drove 50% year-over-year revenue growth with exceptional performance in both U.S. and international markets.

大家好，感謝您今天加入我們。在高度動態的環境中，Pure 本季度再次取得了非常強勁的業績。我們憑藉在美國和國際市場的出色表現推動了 50% 的收入同比增長。

Enterprise expansion continues, experiencing strong growth year-over-year. The Pure brand is now both highly recognized and highly respected in enterprise customers worldwide and is considered a must-have in any storage consideration. We were especially delighted this quarter that a large telecom customer expanded their relationship with Pure, selecting our FlashArray product line for their 5G deployments.

企業擴張仍在繼續，同比增長強勁。 Pure 品牌現在在全球企業客戶中得到高度認可和推崇，被認為是任何存儲考慮的必備品。本季度我們特別高興的是，一家大型電信客戶擴大了與 Pure 的關係，選擇我們的 FlashArray 產品線進行 5G 部署。

Our industry-leading subscription services business grew 35% over the same quarter last year. Pure's unique Evergreen and Pure as-a-Service models continue to resonate strongly with customers and differentiate us from the rest of the industry.

我們行業領先的訂閱服務業務比去年同期增長了 35%。 Pure 獨特的 Evergreen 和 Pure as-a-Service 模式繼續引起客戶的強烈共鳴，並使我們與業內其他公司區分開來。

Next week at our Annual //Accelerate conference in Los Angeles, we will announce further expansions of our Evergreen portfolio. Customers such as [Knight Systems], which provides predictive behavioral analytics, will share stories of how multigenerational Evergreen upgrades have provided huge benefits including lowered operational costs and complexity, increased uptime and lower energy consumption, yielding greater environmental sustainability.

下週在洛杉磯舉行的年度//Accelerate 會議上，我們將宣布進一步擴展我們的 Evergreen 產品組合。提供預測行為分析的 [Knight Systems] 等客戶將分享多代 Evergreen 升級如何帶來巨大好處的故事，包括降低運營成本和復雜性、增加正常運行時間和降低能源消耗，從而提高環境可持續性。

On this very topic, we released our first-ever environmental, social and governance, or ESG report this past quarter. On particular note, we were proud to show that our products make a significant and immediate reduction of data center energy usage. Pure positively improves our customers' environmental footprint by requiring substantially less power, space and cooling and by producing less waste than both legacy solutions and current competitive systems.

關於這個主題，我們在上個季度發布了我們的第一份環境、社會和治理或 ESG 報告。特別值得一提的是，我們很自豪地展示了我們的產品顯著且立即減少了數據中心的能源使用量。 Pure 與傳統解決方案和當前的競爭系統相比，所需的電力、空間和冷卻需求大大減少，並且產生的廢物更少，從而積極改善了我們客戶的環境足跡。

Customers that deploy Pure are able to reduce direct energy usage in their data storage systems by up to 80%. They are also able to reduce their data center's contribution to e-waste. More than 97% of Pure Arrays purchased 6 years ago are still in service benefiting from our industry-leading Evergreen program, which actively reduces e-waste while also saving customers' time, money and effort.

部署 Pure 的客戶能夠將其數據存儲系統中的直接能源使用量減少多達 80%。他們還能夠減少其數據中心對電子垃圾的貢獻。 6 年前購買的 97% 以上的 Pure Arrays 仍在使用中，這得益於我們行業領先的 Evergreen 計劃，該計劃積極減少電子垃圾，同時也節省了客戶的時間、金錢和精力。

In our ESG report, we commit to extend our leadership by further reducing our Scope 3 emissions by 66% per petabyte by 2030. Operating profit was very strong this quarter, continuing the trend of past quarters and benefiting from the combination of increased scale and prudent expense management.

在我們的 ESG 報告中，我們承諾到 2030 年將我們的範圍 3 排放量每 PB 進一步減少 66%，從而擴大我們的領導地位。本季度的營業利潤非常強勁，延續了過去幾個季度的趨勢，並受益於規模擴大和審慎的結合費用管理。

Our investment in research and development remains strong, demonstrating our commitment to innovation and belief that data storage and management is high technology and requires the same level of investment as other critical technologies. Too many competitors in our industry actively promote and invest in storage as a commodity.

我們在研發方面的投資依然強勁，這表明了我們對創新的承諾，以及我們堅信數據存儲和管理是高科技，需要與其他關鍵技術相同水平的投資。我們行業中有太多競爭對手積極推動和投資存儲作為一種商品。

For both enterprise customers and developing modern private and hybrid cloud solutions as well as cloud service providers, Pure delivers the flexibility, simplicity and agility required by today's operations and applications environments. A key milestone we achieved last month was releasing both Pure Fusion and Portworx data services for general availability.

對於企業客戶和開發現代私有云和混合雲解決方案以及雲服務提供商，Pure 提供了當今運營和應用環境所需的靈活性、簡單性和敏捷性。我們上個月實現的一個關鍵里程碑是發布 Pure Fusion 和 Portworx 數據服務以實現普遍可用性。

Pure Fusion provides an end-to-end storages code platform for organizations that want to create a cloud operating model to automate and deliver data services to their organizations. Portworx data services deliver single click deployments of multiple data services for search, event streaming, no SQL databases and more.

Pure Fusion 為希望創建雲操作模型以自動化並向其組織交付數據服務的組織提供端到端存儲代碼平台。 Portworx 數據服務為搜索、事件流、無 SQL 數據庫等提供多種數據服務的單擊部署。

Together, these 2 products allow customers to create a cloud operating model, automating data management tasks and delivering customized data services to developers and applications, through a simple unified control plane. With these products, customers will be able to modernize their data center operations, avoiding existing highly manual and costly operations for both traditional and cloud-native workloads.

這兩款產品共同允許客戶通過簡單的統一控制平面創建雲運營模型、自動化數據管理任務並為開發人員和應用程序提供定制的數據服務。借助這些產品，客戶將能夠實現數據中心運營的現代化，避免傳統和雲原生工作負載的現有高度手動和成本高昂的運營。

FlashArray, FlashArray//C and FlashBlade all saw strong growth during the quarter, setting multiple individual records. Unstructured file and object data makes up the majority of data worldwide, and FlashBlade has taken the lead in penetrating the file and object workloads that require high performance such as EDA, advanced analytics and AI and rapid recovery.

FlashArray、FlashArray//C 和 FlashBlade 在本季度均實現強勁增長，創下多項單項記錄。非結構化文件和對像數據構成了全球數據的大部分，FlashBlade 率先滲透了 EDA、高級分析和 AI 和快速恢復等需要高性能的文件和對象工作負載。

However, the vast majority of unstructured data continues to exist primarily on lower cost disk-based storage systems. Please join us next week at our //Accelerate conference for a game-changing announcement on FlashBlade. We continue our progress towards creating the all-flash data center, expanding into higher performance Tier 0 workloads with FlashArray//XL while also expanding our leadership in QLC. With our unique DirectFlash technology, we're using QLC to close the price gap with magnetic storage. Using the latest developments in solid-state storage to overtake the lower-cost magnetic market requires sophisticated software and years of experience.

然而，絕大多數非結構化數據仍然主要存在於成本較低的基於磁盤的存儲系統上。請在下週參加我們的 //Accelerate 會議，了解有關 FlashBlade 的改變遊戲規則的公告。我們繼續在創建全閃存數據中心方面取得進展，通過 FlashArray//XL 擴展到更高性能的第 0 層工作負載，同時也擴大了我們在 QLC 中的領導地位。憑藉我們獨特的 DirectFlash 技術，我們正在使用 QLC 來縮小與磁性存儲的價格差距。利用固態存儲的最新發展來超越低成本磁性市場需要復雜的軟件和多年的經驗。

We believe we have a multiyear advantage in delivering this price performing QLC technology, and we'll showcase this next week. This past quarter, I had the opportunity to meet with many of our customers, partners and team members in Europe and the Middle East for the first time in over 2 years. It was wonderful to strengthen existing relationships and build new ones. And it's impossible to overstate the pleasure and the effectiveness of resuming face-to-face meetings. These meetings made clear that our customers' confidence in Pure is high, that our brand is strong and getting stronger and that we are clearly differentiating ourselves in the market. Simply put, our messages are being embraced, that data storage is high technology, not a commodity as our competitors promote, that customers can build the cloud operating model for themselves and that Evergreen is a better way to buy and operate their infrastructure.

我們相信我們在提供這種性價比高的 QLC 技術方面具有多年優勢，我們將在下週展示這一點。上個季度，我有機會在 2 年多以來第一次與我們在歐洲和中東的許多客戶、合作夥伴和團隊成員會面。加強現有關係並建立新關係真是太好了。恢復面對面會議的樂趣和有效性怎麼強調都不為過。這些會議清楚地表明，我們的客戶對 Pure 的信心很高，我們的品牌很強大並且越來越強大，並且我們在市場上明顯與眾不同。簡而言之，我們的信息正在被接受，即數據存儲是高科技，而不是我們的競爭對手所宣傳的商品，客戶可以為自己構建雲運營模式，並且 Evergreen 是購買和運營其基礎設施的更好方式。

We are also aware of current industry and customer concerns. Of course, one of these concerns is supply chain. This remains a challenge across industries and around the world. Pure's focus on a simplified, consistent and efficient architecture across our product line has served us and our customers well as fewer components means lower cost, lower waste and less supplier risk.

我們也了解當前行業和客戶的擔憂。當然，這些擔憂之一是供應鏈。這仍然是跨行業和世界各地的挑戰。 Pure 專注於整個產品線的簡化、一致和高效的架構，這為我們和我們的客戶提供了服務，更少的組件意味著更低的成本、更少的浪費和更少的供應商風險。

Our architecture and world-class hardware design team means that we can quickly address component supply disruptions with design modifications. And as we've stated before, we have invested for years in strong relationships with our supply partners and flexible, multi-sourced global operations. I'm very proud of the way our extended team have worked together to continue meeting customer demand with minimal disruption.

我們的架構和世界一流的硬件設計團隊意味著我們可以通過設計修改快速解決組件供應中斷問題。正如我們之前所說，我們多年來一直在與我們的供應合作夥伴建立牢固的關係以及靈活、多來源的全球運營。我為我們的擴展團隊共同努力，以最小的干擾繼續滿足客戶需求的方式感到非常自豪。

Another area of concern is inflation and its effect on the economy and on demand. We believe inflation will be present for some time and will also cause both stock market rebalancing as well as monetary and fiscal responses. And this will certainly have economic effects in our market.

另一個令人擔憂的領域是通貨膨脹及其對經濟和需求的影響。我們認為通脹將持續一段時間，也將導致股市再平衡以及貨幣和財政反應。這肯定會對我們的市場產生經濟影響。

However, we believe its influence on IT customer behavior will be muted in aggregate and even less for Pure. First, enterprises have now made digital transformation top on their list for the success of their organizations. Next, we believe Pure has entered a second phase of growth, enabled by an expanding portfolio of highly differentiated and leading products as well as sales and business models spanning commercial, enterprise and cloud customers.

然而，我們相信它對 IT 客戶行為的影響總體上會減弱，對於 Pure 來說甚至更小。首先，企業現在已將數字化轉型列為其組織成功的首要任務。接下來，我們相信 Pure 已經進入了第二個增長階段，這得益於不斷擴大的高度差異化和領先產品組合以及跨越商業、企業和雲客戶的銷售和業務模式。

Another area of concern is cost inflation, coupled with the so-called great resignation. We have seen higher-than-average levels of attrition over the last year, but lower than what has been reported for the industry as a whole. While we do expect somewhat higher labor costs this year, we expect labor cost increases to moderate going forward. Recently reported slowdowns of hiring in the tech space will soften the demand for technology professionals, which will, in turn, reduce attrition and wage inflation.

另一個值得關注的領域是成本膨脹，再加上所謂的大辭職。去年，我們看到的員工流失率高於平均水平，但低於整個行業的報告水平。雖然我們確實預計今年的勞動力成本會有所上升，但我們預計未來勞動力成本的增長將放緩。最近報導的技術領域招聘放緩將軟化對技術專業人士的需求，進而減少人員流失和工資上漲。

We believe that this marks the beginning of a return to the old normal. Pure is a great place to work as validated by both external recognition and our own internal surveys, which has enabled us to recruit and retain top talent. Our brand and our strong talent acquisition team are attracting top performance across industries, and we are hiring to our planned targets.

我們認為，這標誌著回歸舊常態的開始。 Pure 是一個很好的工作場所，得到了外部認可和我們自己的內部調查的驗證，這使我們能夠招募和留住頂尖人才。我們的品牌和強大的人才招聘團隊正在吸引各行各業的頂級表現，我們正在招聘我們的計劃目標。

The final item I'd like to touch upon is the European economy given the effects of general inflation and Russia's invasion of Ukraine. Inflation, especially in energy, is projected to dampen European economies in the near term. While this may somewhat reduce overall investment capacity of European-based businesses, European customers have indicated that investment in IT is required to make up for the loss of other business modalities, as noted earlier.

鑑於總體通貨膨脹和俄羅斯入侵烏克蘭的影響，我想談的最後一個項目是歐洲經濟。通脹，尤其是能源通脹，預計將在短期內抑制歐洲經濟。雖然這可能會在一定程度上降低歐洲企業的整體投資能力，但歐洲客戶表示，如前所述，需要對 IT 進行投資以彌補其他業務模式的損失。

Furthermore, higher energy costs are already increasing demand for IT equipment that is energy efficient, something that Pure excels in. We believe that this represents another opportunity for Pure to pick up more market share. The bottom line is that technology is now the #1 driving force of enterprise strategy and business transformation. And Pure is the innovation and customer experience leader in one of the largest segments of technology investment.

此外，更高的能源成本已經增加了對節能 IT 設備的需求，而這是 Pure 擅長的。我們認為，這代表了 Pure 獲得更多市場份額的另一個機會。底線是，技術現在是企業戰略和業務轉型的第一推動力。 Pure 是最大的技術投資領域之一的創新和客戶體驗領導者。

We believe that we are now positioned to see secular growth, less affected by this economic cycle than our competitors. Our full views of the impact of all these events are taken into consideration in our guidance. Overall, we have never been more optimistic about Pure's opportunity and growth prospects. Despite pandemic, war and market turmoil, Pure has thrived and grown. We have only gotten stronger over these last several years, and we expect to delight ever more customers in the years ahead.

我們相信，與我們的競爭對手相比，我們現在能夠看到長期增長，受這一經濟周期的影響較小。我們的指導考慮了我們對所有這些事件的影響的全面看法。總體而言，我們對 Pure 的機會和增長前景從未如此樂觀。儘管大流行、戰爭和市場動盪，Pure 仍然蓬勃發展。在過去的幾年裡，我們只是變得更強大，我們希望在未來的幾年裡取悅更多的客戶。

I'll now turn the call over to our CFO, Kevan Krysler, for a deeper look at the numbers.

我現在將把電話轉給我們的首席財務官 Kevan Krysler，以更深入地了解這些數字。

Thank you, Charlie, and good afternoon. Robust demand across our portfolio, outstanding execution and high resilience continue to be the constant, contributing to our sustaining momentum and our very strong performance this quarter. We again saw solid demand across our portfolio of solutions, services and geographies. We saw impressive growth in our key international geographies as well as the U.S.

謝謝你，查理，下午好。我們投資組合的強勁需求、出色的執行力和高彈性繼續保持不變，為我們的持續發展勢頭和本季度非常強勁的業績做出了貢獻。我們再次看到我們的解決方案、服務和地域組合的需求強勁。我們在主要國際地區以及美國看到了令人矚目的增長。

We continue to minimize delays and deliver for our customers as the backdrop of a challenging supply chain environment has not improved. We also achieved increased profitability in cash flows during the quarter, resulting from our revenue growth and continued operational discipline despite broad-based inflationary pressures.

在充滿挑戰的供應鏈環境沒有改善的背景下，我們將繼續盡量減少延誤並為我們的客戶提供服務。儘管存在廣泛的通脹壓力，但由於我們的收入增長和持續的運營紀律，我們還在本季度實現了現金流的盈利能力增加。

The strength of our subscription business continues as subscription annual recurring revenue, or ARR, grew 29% to $900 million, remaining performance obligations or RPO grew to $1.43 billion. Our RPO balance when compared to Q1 of last year reflects a reduction of approximately $32 million relating to product shipments for an outstanding commitment with 1 of our global system integrators.

隨著訂閱年度經常性收入或 ARR 增長 29% 至 9 億美元，剩餘的履約義務或 RPO 增長至 14.3 億美元，我們的訂閱業務繼續保持強勁勢頭。與去年第一季度相比，我們的 RPO 餘額反映了與我們的全球系統集成商之一的未償承諾有關的產品出貨量減少了約 3200 萬美元。

Excluding these product shipments, our RPO also grew 29% year-over-year. We continue to be very focused on growth of our new customer business, which has improved as we increase our travel. Our total customer count reflects the acquisition of approximately 360 new customers this quarter and includes approximately 54% of the U.S. Fortune 500 customers. Total revenue for the quarter was exceptional, growing over 50% to over $620 million. Approximately $60 million of our product revenue upside this quarter was with several of our larger enterprise customers in the U.S. that we had originally forecasted to close in the second half of our fiscal year.

不包括這些產品出貨量，我們的 RPO 也同比增長了 29%。我們繼續非常關注新客戶業務的增長，隨著我們旅行的增加，這一業務得到了改善。我們的客戶總數反映了本季度獲得的大約 360 名新客戶，其中包括大約 54% 的美國財富 500 強客戶。本季度的總收入非常出色，增長了 50% 以上，達到 6.2 億美元以上。本季度我們大約 6000 萬美元的產品收入增長來自我們在美國的幾個大型企業客戶，我們最初預計這些客戶將在本財年下半年關閉。

Our customers were pleased we were able to deliver our solutions against the earlier schedule, which is a testament to the agility and resilience of our technology and supply chain. Revenue growth when excluding these transactions was still a very strong 36%. Revenue in the U.S. grew 57% and international revenue grew 33% year-over-year. Subscription services revenue grew approximately 35% year-over-year and represented approximately 35% of total revenue.

我們的客戶很高興我們能夠按時交付我們的解決方案，這證明了我們的技術和供應鏈的敏捷性和彈性。排除這些交易後的收入增長仍然非常強勁，達到了 36%。美國收入同比增長 57%，國際收入同比增長 33%。訂閱服務收入同比增長約 35%，約佔總收入的 35%。

Non-GAAP total gross margins were solid at 70.6% this quarter. As we have continued to highlight, we believe our integrated software and hardware designs continue to be a key differentiator that our customers appreciate and value. High performance, simplicity, sustainability and resilience of our solutions are key factors contributing to our product gross margins of 70% this quarter.

本季度非 GAAP 總毛利率穩定在 70.6%。正如我們繼續強調的那樣，我們相信我們的集成軟件和硬件設計仍然是我們客戶欣賞和重視的關鍵差異化因素。我們解決方案的高性能、簡單性、可持續性和彈性是我們本季度產品毛利率達到 70% 的關鍵因素。

Non-GAAP subscription services gross margins also continue to be strong at 71.5% this quarter. We were very pleased with achieving non-GAAP operating profit of over $85 million and non-GAAP operating margins of 13.8% this quarter. The strength of our operating profit and margin during the quarter was further improved by transactions that occurred during the quarter but were forecasted to close later in the year that I mentioned earlier.

本季度非 GAAP 訂閱服務毛利率也繼續保持強勁，達到 71.5%。我們很高興本季度實現了超過 8500 萬美元的非 GAAP 營業利潤和 13.8% 的非 GAAP 營業利潤率。本季度發生的交易進一步提高了我們本季度的營業利潤和利潤率，但預計將在我之前提到的今年晚些時候完成。

Now let's turn to the balance sheet and cash flows. We ended the quarter with over $1.29 billion in cash and approximately 4,400 employees. Cash flow from operations was over $220 million this quarter. High collections benefited both from robust sales in both Q4 and Q1. Higher profitability was also a contributing factor.

現在讓我們轉向資產負債表和現金流。我們在本季度結束時擁有超過 12.9 億美元的現金和大約 4,400 名員工。本季度運營現金流超過 2.2 億美元。高藏品得益於第四季度和第一季度的強勁銷售。較高的盈利能力也是一個促成因素。

Capital expenditures were approximately $33 million during the quarter. As mentioned last quarter, our outstanding credit revolver balance of $250 million was paid at the beginning of this fiscal quarter. We returned approximately $66 million of capital to repurchase slightly over 2.1 million shares during the quarter. We have approximately $184 million remaining from our $250 million share repurchase program.

本季度的資本支出約為 3300 萬美元。如上個季度所述，我們在本財政季度初支付了 2.5 億美元的未償信貸循環餘額。我們在本季度返還了大約 6600 萬美元的資本，回購了略高於 210 萬股的股票。我們從 2.5 億美元的股票回購計劃中剩餘大約 1.84 億美元。

Now turning to guidance. Clearly, we are executing well against our strategy of driving strong revenue growth and continued improvement in profitability. We expect continued demand strength in Q2 with estimated revenue to be approximately $635 million, growing approximately 28%.

現在轉向指導。顯然，我們在推動收入強勁增長和盈利能力持續改善的戰略方面表現良好。我們預計第二季度需求持續強勁，預計收入約為 6.35 億美元，增長約 28%。

We expect non-GAAP operating profit to be approximately $75 million in Q2, representing approximately 11.8% non-GAAP operating margin. Given our Q1 performance and outlook for Q2, as well as consideration of the current macro environment, we are raising our annual guidance for the full fiscal year. We now expect that revenue for FY '23 will be $2.66 billion, growing approximately 22%.

我們預計第二季度非 GAAP 營業利潤約為 7500 萬美元，約佔非 GAAP 營業利潤率的 11.8%。鑑於我們第一季度的業績和第二季度的前景，以及對當前宏觀環境的考慮，我們正在提高我們對整個財年的年度指導。我們現在預計 23 財年的收入將達到 26.6 億美元，增長約 22%。

Non-GAAP operating profit is estimated to be approximately $320 million, representing approximately 12% non-GAAP operating margin. Revenue and estimated profits from transactions that were projected to close later in the year, but closed during Q1 were included in our original annual guidance.

非美國通用會計準則營業利潤估計約為 3.2 億美元，約佔非美國通用會計準則營業利潤率的 12%。預計將在今年晚些時候完成但在第一季度完成的交易的收入和估計利潤包含在我們最初的年度指導中。

In closing, our team and partners continue to deliver as the results this quarter were exceptional. Our sustained commitment to innovation provides our customers with solutions that are highly performing and reliable. On integrated software and hardware that require fewer components consume substantially less energy and space and produce less waste than other flash storage alternatives in the market. Strong demand for our market-leading solutions and excellent execution, in particular to our supply chain, providing our leading storage and data management solutions to our customers when and where they need it, will help us deliver 22% annual revenue growth, along with 12% non-GAAP operating margins. With that, I will turn it over to the operator so we can get to your questions. Operator?

最後，我們的團隊和合作夥伴繼續提供服務，因為本季度的業績非常出色。我們對創新的持續承諾為我們的客戶提供高性能和可靠的解決方案。在需要更少組件的集成軟件和硬件上，與市場上的其他閃存存儲替代品相比，消耗的能源和空間大大減少，產生的浪費也更少。對我們市場領先的解決方案和出色執行的強烈需求，特別是對我們的供應鏈，在客戶需要的時間和地點提供我們領先的存儲和數據管理解決方案，這將幫助我們實現 22% 的年收入增長，以及 12 % 非公認會計原則營業利潤率。有了這個，我會把它交給接線員，這樣我們就可以回答你的問題了。操作員？

(Operator Instructions) The first question is from the line of Simon Leopold with Raymond James.

（操作員說明）第一個問題來自 Simon Leopold 和 Raymond James。

I wanted to first to help -- get a little help on, Charlie, your comments around the macro. It sounds like you're acknowledging the environment is more difficult, yet you sound quite upbeat. I'd like a better understanding of what's really informing your view of how Pure should be more resilient than its peers?

我想首先提供幫助——查理，你對宏的評論得到一點幫助。聽起來你承認環境更加困難，但你聽起來很樂觀。我想更好地了解是什麼讓您認為 Pure 應該比同行更具彈性？

And essentially, what are your customers telling you that give you the kind of confidence that you're essentially giving us yet acknowledgment that the macro is more challenging. What -- how do we put these things together?

本質上，你的客戶告訴你什麼給你那種信心，你本質上是給我們的，但承認宏觀更具挑戰性。什麼——我們如何把這些東西放在一起？

And just as a very quick follow-up, if you guys could give us a little bit of insight regarding the recent announcement you made with a partnership with Snowflake. I'd like to hear about that as well.

作為一個非常快速的後續行動，如果你們可以就你們最近與 Snowflake 合作發布的公告向我們提供一些見解。我也想听聽。

Very good. Thank you, Simon. I hope you're well. So Simon, our -- what we're seeing is strong momentum in the market overall. All of our products, customers buying more, the fact that we have a stronger and broader portfolio now being brought into a much greater set of opportunities in large existing customers and a stronger brand that's allowing us to penetrate net new logos and to penetrate with larger opportunities in larger companies as a net new logo. So we're actually seeing strength.

很好。謝謝你，西蒙。我希望你很好。所以西蒙，我們 - 我們看到的是整個市場的強勁勢頭。我們所有的產品，客戶購買更多，我們擁有更強大和更廣泛的產品組合的事實正在為現有的大型客戶帶來更多機會和更強大的品牌，這使我們能夠滲透全新的徽標並滲透到更大的大公司的機會作為一個全新的標誌。所以我們實際上看到了力量。

And just to address your question, I would say that our -- the way we're looking at the macro is a little bit different. I would say we have not yet seen affects -- the macro affecting us or the customers that we speak to, but we are not blind to the fact that the macro and the possibility of economic slowdown can affect us going forward.

為了解決您的問題，我想說的是，我們看待宏觀的方式有點不同。我想說我們還沒有看到影響——宏觀影響我們或我們與之交談的客戶，但我們並沒有忽視宏觀和經濟放緩的可能性會影響我們前進的事實。

So I would say what we're currently seeing -- what I'm currently seeing in the market through last quarter, continues to be strong demand by IT customers and then a greater acceptance for Pure overall, just the strengthening, if you will, of our brand and our value proposition -- and the breadth of our value proposition to our customers. And I'm going to let Rob answer the question on Snowflake.

所以我想說的是我們目前看到的——我目前在上個季度看到的市場情況，仍然是 IT 客戶的強勁需求，然後是對 Pure 的整體接受度更高，如果你願意的話，只是加強，我們的品牌和我們的價值主張——以及我們對客戶的價值主張的廣度。我要讓 Rob 回答關於 Snowflake 的問題。

Yes, Simon, this is Rob. So to answer your question on Snowflake, look, we're super excited about the joint hybrid cloud analytics solution that we announced earlier this month. This is the first step in a strategic partnership that we're forging with Snowflake. And we think that this joint solution is going to be a great fit really for customers who would benefit from the power of cloud-based data warehousing, but would also benefit from holding either tighter control or -- over their data or want to manage and operate that data in their on-premise environment. We see early customer demand for these types of solutions for security reasons, customers that need to hold and manage the data more tightly for security compliance as well as customers who are generating a lot of data in the on-premise environment, that may want to share that data across multiple tool sets.

是的，西蒙，這是羅伯。因此，要回答您關於 Snowflake 的問題，看，我們對本月早些時候宣布的聯合混合雲分析解決方案感到非常興奮。這是我們與 Snowflake 建立戰略合作夥伴關係的第一步。我們認為，這種聯合解決方案將非常適合那些將從基於雲的數據倉庫的強大功能中受益的客戶，但也將受益於對數據的更嚴格控製或 - 對他們的數據或想要管理和在他們的本地環境中操作這些數據。我們看到早期客戶出於安全原因對這些類型的解決方案有需求，需要更嚴格地保存和管理數據以實現安全合規性的客戶以及在本地環境中生成大量數據的客戶，他們可能希望跨多個工具集共享該數據。

And so like I said, early days, but we're seeing good signs of early interest, and we think this is just a great joint solution to bring the 2 technologies together for customers.

所以就像我說的，早期的，但我們看到了早期興趣的良好跡象，我們認為這只是一個很好的聯合解決方案，可以為客戶將兩種技術結合在一起。

The next question is from the line of Pinjalim Bora with JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Charlie, Kevan and everyone else, it seems like a really solid quarter. I had to look at the number twice, again, I guess, for the second quarter in a row.

查理、凱文和其他所有人，這似乎是一個非常穩固的季度。我不得不再次查看這個數字兩次，我猜是連續第二個季度。

But Charlie, I wanted to ask you on supply chain. Pure obviously has done an incredible job in managing the supply chain until now, and it seems like you're not getting affected at all. However, we do see casualties all over in the field.

但是查理，我想問你關於供應鏈的問題。到目前為止，Pure 顯然在管理供應鏈方面做得非常出色，而且您似乎根本沒有受到影響。但是，我們確實看到現場到處都有人員傷亡。

So -- are you -- as this kind of elongates or prolongs, I should say, for a longer time, are you seeing any streams developing which investors should be aware of that might impact Pure over the 6 to 12 months if this kind of environment prolongs on the supply chain side?

所以——你是不是——隨著這種拉長或延長，我應該說，在更長的時間裡，你是否看到任何投資者應該意識到的流在發展，如果這種情況可能會在 6 到 12 個月內影響 Pure供應鏈方面的環境延長了嗎？

Thank you, Pinjalim. It's a great question. Let me characterize the supply chain environment now. We generally -- and if you were to ask our supply -- our operations team or engineering, they would tell you that the situation has not gotten better. It's changed in character perhaps a bit, but we still see surprises on decommits.

謝謝你，平賈林。這是一個很好的問題。現在讓我描述一下供應鏈環境。我們通常——如果你要問我們的供應——我們的運營團隊或工程，他們會告訴你情況並沒有好轉。它的性質可能發生了一些變化，但我們仍然看到退役的驚喜。

Obviously, things like Shanghai shutting down means a lot of background work to rebalance and to find new sources of supply for various subassemblies and so forth. So it's a constant stream of challenges that are being thrown at us from a supply chain perspective.

顯然，像上海關閉這樣的事情意味著需要大量的背景工作來重新平衡並為各種子組件尋找新的供應來源等等。因此，從供應鏈的角度來看，我們面臨著源源不斷的挑戰。

I would say that we've minimized to the point of almost nonexistent, the effect on our customers. but it's certainly affecting us a lot. Our teams are very, very busy, and I want to take my hat off to them because there's a lot of work that goes into this. But as Kevan mentioned, as did I in our prepared remarks, we have fewer parts that we need to worry about. That gives us more optionality.

我想說的是，我們已經將對客戶的影響降到了幾乎不存在的程度。但它肯定對我們影響很大。我們的團隊非常非常忙碌，我想向他們脫帽致敬，因為這方面有很多工作要做。但正如凱文所說，正如我在準備好的評論中所說，我們需要擔心的部分更少。這給了我們更多的選擇餘地。

We have -- because we design our own hardware rather than most of our competitors are using commodity parts, they have less choice, less flexibility. So it gives us greater flexibility and our goal is to make sure we have a minimum effect on our customers. And we were fortunate to actually be able to accelerate some of the shipments this quarter, as Kevan noted. But I knock on wood as I talk about these things because the supply chain remains challenging.

我們有——因為我們設計自己的硬件，而不是我們的大多數競爭對手都使用商品零件，所以他們的選擇更少，靈活性也更低。因此，它為我們提供了更大的靈活性，我們的目標是確保我們對客戶的影響最小。正如 Kevan 所說，我們很幸運能夠在本季度加快一些出貨量。但是當我談論這些事情時，我敲了敲木頭，因為供應鏈仍然充滿挑戰。

Two other things I'd add to that is high confidence with the risk that Charlie alluded to. I'd say the -- the other thing I'd add to it is our supply partners are doing a terrific job as well. And the 3 factors combined, I think, really drives the sustainability confidence that we have around the supply chain even acknowledging the risks that we've alluded to. The other thing I'd point out is NAND is not subject to the same types of challenges and constraints that we see across -- really around the IC side and semiconductor side. And so obviously, that's the biggest part of our BOM and materials, and that's an important call-out as well.

我要補充的另外兩件事是對查理提到的風險的高度信心。我想說——我要補充的另一件事是我們的供應合作夥伴也做得很好。我認為，這三個因素結合起來確實推動了我們對供應鏈的可持續性信心，甚至承認我們已經提到的風險。我要指出的另一件事是，NAND 不會受到我們所看到的相同類型的挑戰和限制——實際上是在 IC 方面和半導體方面。很明顯，這是我們 BOM 和材料的最大部分，也是一個重要的標註。

Understood. And a quick follow-up for Kevan. I had to really squint to find (inaudible) the press release. But I want to ask you on the subscription revenue side, it seems it was in line to consensus. When I look at the sequential growth, it seems like it's not that much.

明白了。并快速跟進凱文。我不得不瞇著眼睛才能找到（聽不清）新聞稿。但我想問一下訂閱收入方面的問題，似乎符合共識。當我查看連續增長時，似乎並沒有那麼多。

And then when I look at subscription ARR, net new growth seems like it's decelerated a bit. Was this mainly kind of a CapEx led quarter versus unified subscription led?

然後當我查看訂閱 ARR 時，淨新增長似乎有點減速。這主要是資本支出主導的季度與統一訂閱主導的季度嗎？

I think that's right. That's a good way to be thinking about it. I mean we had a lot of volume coming through on the CapEx side. But look, the subscription business continues to be strong. ARR growing 29%. I would be expecting variability quarter-to-quarter.

我認為這是對的。這是思考它的好方法。我的意思是我們在資本支出方面有很多成交量。但是看，訂閱業務繼續強勁。 ARR 增長 29%。我預計會出現季度變化。

We're very focused on accelerating growth with our partner ecosystem, a lot of great energy out there and looking forward to accelerate and talking to our partners around Pure as-a-Service. We've got some key milestones that we've identified around general availability for Pure Fusion and imported data services.

我們非常專注於通過我們的合作夥伴生態系統加速增長，那裡有很多巨大的能量，並期待加速並與我們的合作夥伴圍繞 Pure as-a-Service 進行交流。我們已經確定了圍繞 Pure Fusion 和導入數據服務的普遍可用性確定的一些關鍵里程碑。

And really, this takes us on a roadmap that we've talked about that Charlie has laid out around really establishing a cloud operating model for every customer no matter where their workloads are being run. I'd say stay tuned, too. We're very excited with some new announcements of Evergreen at //Accelerate as well.

真的，這將我們帶入我們已經討論過的路線圖，查理已經制定了真正為每個客戶建立雲運營模型，無論他們的工作負載在哪裡運行。我也會說請繼續關注。我們也對在 //Accelerate 上發布的 Evergreen 的一些新公告感到非常興奮。

The next question is from the line of Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

And congrats on the great results. I guess the first question I wanted to ask is that when I look at your gross margin at 70% on the product line, it would really imply that you've not seen any incremental deployments with one of your large hyperscale cloud customers.

並祝賀偉大的成果。我想我想問的第一個問題是，當我看到你的產品線毛利率為 70% 時，這真的意味著你沒有看到你的一個大型超大規模雲客戶的任何增量部署。

So I guess first question is, is that a fair assessment? And I guess, on the heels of that, how are you thinking about that hyperscale customer, Meta, fully deploying their AI project through the course of this year, how that factored into the expectations?

所以我想第一個問題是，這是一個公平的評估嗎？我想，在那之後，您如何看待超大規模客戶 Meta 在今年全面部署他們的 AI 項目，這是如何考慮到預期的？

Yes. Thanks, Aaron. So you're correct. We've not seen this quarter substantial revenues from the nature of the hyperscaler that you spoke about before. We do -- but we've also been making good progress on both the discounting front as our -- as the market has stabilized, if you will, from a pricing standpoint as well as the ability to extract more value from our products overall.

是的。謝謝，亞倫。所以你是對的。我們在本季度沒有看到您之前談到的超大規模企業性質的可觀收入。我們確實 - 但我們在折扣方面也取得了良好的進展 - 因為市場已經穩定，如果你願意的話，從定價的角度來看，以及從我們的整體產品中提取更多價值的能力。

So I would say that we've been able to manage the gross margin, I think, very well. And I'll let Kevan answer the question. Well, actually, I'll take this one. As we discussed when we first started speaking about the Meta win, and that was before they permitted the use of their name, we indicated that these types of sales tend to be somewhat episodic as they build out their data centers on specific quarters.

所以我想說我們已經能夠很好地管理毛利率。我會讓凱文回答這個問題。好吧，實際上，我會接受這個。正如我們在第一次開始談論 Meta win 時所討論的那樣，那是在他們允許使用他們的名字之前，我們表示這些類型的銷售往往是偶發性的，因為他們在特定季度建立了數據中心。

And this is one of the light quarters, but we continue working with them. We're certainly optimistic on future orders, but it will be on their time frames.

這是燈光區之一，但我們會繼續與他們合作。我們當然對未來的訂單持樂觀態度，但這將取決於他們的時間框架。

Yes. And I think to be clear, that was expected, right?

是的。而且我認為要清楚，這是意料之中的，對吧？

Very much expected. We're not expecting the sales this quarter. That's correct. Right.

非常期待。我們不期待本季度的銷售額。這是正確的。正確的。

Yes. That's very helpful. And I guess I'm just curious, given the momentum that you not only saw this last quarter, but you've seen these last couple of quarters, how has the competitive landscape reacted? What have you seen?

是的。這很有幫助。我想我只是好奇，考慮到你們不僅在上個季度看到了這種勢頭，而且在過去幾個季度也看到了這種勢頭，競爭格局是如何反應的？你看到了什麼？

I know that Dell EMC saw a little bit of growth, 9% growth this last quarter in your storage business. I'm just curious, have you seen any changes on the competitive landscape at all?

我知道 Dell EMC 在上個季度的存儲業務中看到了一點點增長，增長了 9%。我只是好奇，你有沒有看到競爭格局的任何變化？

Yes. It's relatively minor to be honest with you. We tend to be competing against the same set of products in the same type of environments with the same set of customers. Obviously, as we expand our sales force, we're competing across a greater set of customers, a larger set of customers, which is a good thing. We get in more fights and more at bats.

是的。對你誠實是相對次要的。我們傾向於在相同類型的環境中與同一組客戶與同一組產品競爭。顯然，隨著我們擴大銷售隊伍，我們正在與更多的客戶、更多的客戶競爭，這是一件好事。我們打架的次數更多，打球的次數也更多。

And our win rates are very good. So I would say -- and our brand is certainly helping. The fact that we're now -- I think customers believe that we have to be in any competitive bake-off that they may be performing. So I would say that -- and I'll let Rob contribute here, but I haven't seen anything terribly substantial from the competitors in this space.

而且我們的勝率非常好。所以我想說 - 我們的品牌肯定會有所幫助。我們現在的事實 - 我認為客戶認為我們必須參加他們可能正在執行的任何競爭性烘烤。所以我會這麼說——我會讓 Rob 在這裡做出貢獻，但我還沒有從這個領域的競爭對手那裡看到任何非常實質性的東西。

Yes, Aaron, I'll just add. I think the biggest takeaway is that, from my view, we really remain standouts as we look at the competitive set in terms of having really differentiated technology as well as, as Charlie talked about in his prepared remarks, our thesis in investing in innovation to further expand those -- that differentiated technology.

是的，亞倫，我會補充一下。我認為最大的收穫是，在我看來，當我們從真正差異化的技術方面看待競爭環境時，我們確實仍然是傑出的，正如查理在他準備好的演講中所說的那樣，我們關於投資創新的論點進一步擴展那些——差異化技術。

If you look at what we're doing with QLC to go after disk and hybrid. If you look at what we're doing with FlashArray and extending that family into XL, to go after higher performance, with Pure Fusion, now GA and with Portworx Data Services, and not to mention significantly more to come next week.

如果你看看我們用 QLC 做什麼來追求磁盤和混合。如果您看看我們正在使用 FlashArray 做什麼並將該系列擴展到 XL，以追求更高的性能，使用 Pure Fusion，現在是 GA 和 Portworx Data Services，更不用說下週將推出更多。

I think this is just an area where we see a great opportunity set out there for us, a lot of runway ahead of us to go grab more market share. And I think the biggest standout is that we don't see any of the competitive announcements materially changing that landscape.

我認為這只是一個我們看到了巨大機會的領域，我們前面有很多跑道可以搶奪更多市場份額。我認為最大的亮點是我們沒有看到任何競爭性公告實質性地改變了這種格局。

Actually, Aaron, let me also answer it with 1 additional comment, which is we're just playing a different game than our competitors. Our competitors play a commodity game. They've been marketing their products. They've been marketing storage as a commodity. The customers should only care about price and nothing else.

實際上，Aaron，讓我也用 1 條附加評論來回答這個問題，那就是我們只是在玩與競爭對手不同的遊戲。我們的競爭對手玩的是商品遊戲。他們一直在推銷他們的產品。他們一直將存儲作為一種商品進行營銷。客戶應該只關心價格而不是其他。

And we're playing a high technology game. We invest in it like it's high technology. It's an entirely different business strategy, and it's going to be very difficult, I think, for them to respond.

我們正在玩高科技遊戲。我們投資它就像投資它的高科技一樣。這是一個完全不同的商業戰略，我認為他們很難做出回應。

The next question is from the line of Amit Daryanani with Evercore.

下一個問題來自與 Evercore 的 Amit Daryanani。

Congrats on a great quarter. I guess my first one is really, Charlie, you sort of talked in your prepared comments about Pure has entered a second phase of growth in its journey.

祝賀一個偉大的季度。我想我的第一個是真的，查理，你在準備好的評論中談到了 Pure 已進入其旅程的第二個增長階段。

I'm hoping you could talk a little bit about what does that mean for Pure? Because when looking at the new customer additions, for example, that definitely inflected higher pretty materially. But what is the second phase of growth mean for the company?

我希望你能談談這對 Pure 意味著什麼？因為例如，在查看新客戶添加時，這肯定會在實質上產生更高的影響。但是，第二階段的增長對公司意味著什麼？

Are you seeing engagements with bigger enterprises? Or are you seeing a quicker land and expand? Just maybe help frame what does this mean? And does that potentially inflect growth higher as you go forward?

您是否看到與更大企業的合作？或者您是否看到更快的土地和擴張？只是也許幫助框架這是什麼意思？隨著您的前進，這是否可能會影響增長？

Yes. What we mean by second phase is if we look back, our first phase of growth was building an award-winning product in a unique environment where really for many years, it was the only product of its type, and therefore, allowed us very, very rapid early growth.

是的。我們所說的第二階段的意思是，如果我們回顧一下，我們的第一階段增長是在一個獨特的環境中構建一個屢獲殊榮的產品，多年來，它是同類產品中唯一的產品，因此，讓我們非常，非常快速的早期生長。

And as our competitors started to respond, they were able to use their larger sales forces and their greater portfolio to compete with us more effectively and so our growth slowed a bit. We've responded over the last several years as our long-time investors know, with continued investment in R&D and in particular, an investment in broadening out our sales focus and capabilities, sales and support such that we could support enterprise customers with a larger portfolio.

隨著我們的競爭對手開始做出反應，他們能夠利用更大的銷售隊伍和更大的產品組合更有效地與我們競爭，因此我們的增長有所放緩。正如我們的長期投資者所知道的那樣，我們在過去幾年中做出了回應，持續投資於研發，特別是投資擴大我們的銷售重點和能力、銷售和支持，以便我們可以為企業客戶提供更大的支持。文件夾。

And now we're seeing the fruits of that bear out. And so the second phase of growth is the fact that we can penetrate more into larger customers with an expanded and superior portfolio, and that's going to give us a runway, a pretty long runway to continue what I believe is going to be a second phase of growth. And we're now -- we now have the scale, if you will, to compete with any of our competitors and deploy our unfair advantage of leadership products. So that's how I phrased the second phase of growth.

現在我們看到了結果。所以第二階段的增長是我們可以通過擴大和卓越的產品組合更多地滲透到更大的客戶中，這將為我們提供一條跑道，一條相當長的跑道來繼續我認為將是第二階段的事情的增長。而且我們現在 - 如果你願意的話，我們現在擁有與我們的任何競爭對手競爭並部署我們領導產品的不公平優勢的規模。這就是我對第二階段增長的表述。

Got it. And then if I could just follow up really quick. The upside in growth -- in revenues, I'm sorry, that we saw in the quarter, right? And I think, Kevan, the way you laid it out, it was sounding like $60 million of that, call it, was from pulling from the back half and $40 million was more organic.

知道了。然後，如果我能很快跟進。增長的好處——很抱歉，我們在本季度看到的收入增長，對吧？而且我認為，凱文，按照你的佈局方式，這聽起來像是 6000 萬美元，稱之為，來自後半部分，而 4000 萬美元更有機。

I'm curious is the outgrowth that Pure is seeing more a reflection of the fact that you are resonating better with customers on the engagement Charlie is that what you talked about? Or is it very simply the fact that you probably have better supply ability and so you're getting incremental market share because you are the one with better supply versus your peers. I'm curious do you think better supply is playing a part in this outgrowth? Or is it more fundamentally driven?

我很好奇，Pure 看到的結果更多地反映了這樣一個事實，即您在參與上與客戶產生了更好的共鳴，查理就是您所說的？還是很簡單的事實是您可能具有更好的供應能力，因此您正在獲得增量市場份額，因為您是與同行相比供應更好的人。我很好奇你認為更好的供應是否在這種結果中發揮了作用？還是更根本的驅動？

Well, look, I mean -- this is Kevan. I'll start with that, and I'll let Charlie add to it. I'm not sure it makes sense to decouple supply versus the power of our portfolio and our technology. I mean when you look at the architecture of our technology and how we're leveraging software and how we -- from an architecture standpoint, require less components, simpler in terms of architecture. That's obviously helping us a lot on the supply side.

好吧，聽著，我的意思是——這是凱文。我將從這個開始，我會讓查理添加它。我不確定將供應與我們的產品組合和技術的力量分開是否有意義。我的意思是當您查看我們的技術架構以及我們如何利用軟件以及我們如何 - 從架構的角度來看，需要更少的組件，在架構方面更簡單。這顯然在供應方面幫助了我們很多。

But then that's also what really resonates for customers, right? It's performance, it's resilient. It's simple to use. And the -- our ESG report, we've got some just kind of stunning stats in terms of what we're doing in terms of sustainability and in energy reduction with the architecture that we're leveraging with our portfolio. So I would actually say that the 2 go together from my perspective. Charlie, any other thoughts?

但這也是真正引起客戶共鳴的原因，對吧？它的性能，它的彈性。使用起來很簡單。而且 - 我們的 ESG 報告，我們在可持續性和節能方面所做的工作以及我們在投資組合中所利用的架構方面獲得了一些令人驚嘆的統計數據。所以我實際上會說，從我的角度來看，這兩個是一起的。查理，還有其他想法嗎？

That says it all, Kevan. Really do. Mic drop.

這說明了一切，凱文。真的會。麥克風掉落。

The next question is from the line of Rod Hall with Goldman Sachs.

下一個問題來自高盛的 Rod Hall。

I wanted to go back to the $60 million and just try to understand how we should be thinking about that? In other words, are we -- should we be thinking about it as backlog that you had good execution against supply so you were able to kind of go ahead and deliver it? Or more a customer coming back to you and going, "Hey, we were thinking about doing this in H2. We really want to accelerate that."

我想回到 6000 萬美元，試著了解我們應該如何考慮這個問題？換句話說，我們是否應該將其視為積壓工作，您對供應有良好的執行，因此您能夠繼續交付它？或者更多的客戶回到你身邊說，“嘿，我們正在考慮在下半年這樣做。我們真的想加速它。”

I'm just kind of trying to figure out how we should come and sensically think about that $60 million? And then I have a quick follow-up.

我只是想弄清楚我們應該如何來合理地考慮這 6000 萬美元？然後我有一個快速跟進。

Rod, it's a great question. It was very much the latter. We -- obviously, we have visibility with these large enterprise customers in terms of our plan. In terms of our discussions, they came back to us requesting earlier delivery. I could appreciate those requests given the environment, but it's really the latter to your point, Rod.

羅德，這是一個很好的問題。很大程度上是後者。我們——顯然，就我們的計劃而言，我們對這些大型企業客戶有了解。就我們的討論而言，他們回過頭來要求我們提前交貨。考慮到環境，我可以很感激這些要求，但對於你的觀點來說，這確實是後者，羅德。

Okay. Great, Charlie. And then on Portworx, I noticed all these -- the Portworx GA announcements mid-month. And I feel like that's a pretty exciting part of the Services portfolio.

好的。太好了，查理。然後在 Portworx 上，我注意到了所有這些——月中的 Portworx GA 公告。我覺得這是服務組合中一個非常令人興奮的部分。

I'm just curious what you think the funnel looks like there? What kind of interest have you had expressed? Kind of how does that affect ARR as we move through the next few quarters?

我只是好奇你認為那裡的漏斗是什麼樣的？你表達了什麼樣的興趣？在接下來的幾個季度中，這對 ARR 有何影響？

Well, as we spoke about in the past, Portworx is still a relatively new product and because it is, as you point out, it's ratable and goes into ARR. We are seeing very good growth in that product line overall.

好吧，正如我們過去所說，Portworx 仍然是一個相對較新的產品，因為正如您所指出的，它是可評級的並且進入 ARR。我們看到該產品線的整體增長非常好。

As I mentioned in my opening remarks, I've spent a lot of time this past quarter -- or actually over the last quarter and this quarter, in Europe and the Middle East, a lot of excitement by customers and our sales teams and partners in the product. So I think it has -- what we're -- we believe it has a really strong future as we go forward.

正如我在開場白中提到的那樣，我在上個季度——或者實際上在上個季度和這個季度，在歐洲和中東度過了很多時間，客戶、我們的銷售團隊和合作夥伴對此感到非常興奮在產品中。所以我認為它有——我們現在的樣子——我們相信它在我們前進的過程中會有一個非常強大的未來。

Obviously, it will take a little bit of time before it really starts making a tangible difference, a reportable difference, if you will, in our ARR.

顯然，要真正開始在我們的 ARR 中產生明顯的差異，一個可報告的差異，如果你願意的話，還需要一點時間。

The next question comes from the line of Jason Ader with William Blair.

下一個問題來自 Jason Ader 和 William Blair。

Yes. I guess I want to understand, Kevan, on the comment on macro and how you -- when you thought about the guidance for the year, you baked in macro? Does that mean that you changed any of your assumptions on close rates or deal sizes or geographies or customer behavior?

是的。我想我想了解一下，Kevan，關於宏觀的評論以及你是如何 - 當你考慮今年的指導時，你是如何看待宏觀的？這是否意味著您改變了對成交率、交易規模、地域或客戶行為的任何假設？

Yes, it's a great question, Jason. And then I think the simple answer is no. There were no significant changes to our assumptions. Look, the first thing we evaluated pretty carefully was demand signals. And as Charlie mentioned, demand continues to be quite strong. Obviously, a lot of noise out there from a macro perspective that we're digesting and understanding what, if any, impact that will have for us in second half.

是的，這是一個很好的問題，傑森。然後我認為簡單的答案是否定的。我們的假設沒有重大變化。看，我們非常仔細地評估的第一件事是需求信號。正如查理所說，需求仍然非常強勁。顯然，從宏觀角度來看，我們正在消化和理解下半場將對我們產生的影響（如果有的話）有很多噪音。

But when I really break it down and look and compare against our initial guide for the year, we're outperforming. We saw that from a demand standpoint in Q1. We see that in terms of our guide for Q2 and then obviously increasing our annual guide for the year. So I think it's business as usual with the outperformance that we're seeing in Q1 and Q2.

但是，當我真正將其分解並與我們今年的初始指南進行比較時，我們表現出色。我們從第一季度的需求角度看到了這一點。我們在第二季度的指南中看到了這一點，然後顯然增加了我們今年的年度指南。因此，我認為我們在第一季度和第二季度看到的出色表現是照常營業。

Okay. Great. And then, Charlie, for you, just in the last couple of quarters have been off the charts. And I understand that there's been some kind of, let's call it, near-term spikiness to the business, and you're going to have some deceleration as you move through the year here.

好的。偉大的。然後，查理，對你來說，就在過去的幾個季度中，它已經超出了圖表。而且我知道有某種，讓我們稱之為，近期的業務高峰，隨著你在這裡度過這一年，你會遇到一些減速。

But is the storage market just that much better right now than it's been in a while? Or is it just that you guys are taking just gobs of share?

但是，現在的存儲市場是否比過去好很多？或者只是你們只是在分享一些東西？

It's an interesting question, Jason. Obviously, the numbers speak for themselves. We're clearly taking share. The market is very benign at the moment. It's a strong market despite everything that's going on. Prices at ASPs have stayed strong. That's always helpful.

這是一個有趣的問題，傑森。顯然，數字不言自明。我們顯然正在分享。目前市場非常良性。儘管發生了一切，但這是一個強大的市場。平均售價的價格一直保持強勁。這總是有幫助的。

So I think it's been a benign market, and we're taking share. It's probably the best way to put it.

所以我認為這是一個良性市場，我們正在分一杯羹。這可能是最好的表達方式。

And is there a lot of pent-up demand still from the pandemic that's helping? In other words, should we be moderating our expectations for 2020 -- for fiscal 2024 because of pent-up demand sort of will be -- that tailwind will be gone in 2024.

大流行是否仍然存在大量被壓抑的需求？換句話說，我們是否應該緩和對 2020 年的預期——因為被壓抑的需求將是 2024 財年——那麼順風將在 2024 年消失。

Honestly, we've not really been seeing -- even over the last year, pent-up demand playing a role here. It's usually new developments, new infrastructure, expansions -- fundamental expansions, not pent-up demand. So I would say pent-up demand, at least for us, has not been playing a big role.

老實說，我們並沒有真正看到——即使在去年，被壓抑的需求在這裡發揮了作用。通常是新的發展、新的基礎設施、擴張——基本的擴張，而不是被壓抑的需求。所以我想說，至少對我們來說，被壓抑的需求並沒有起到很大的作用。

Remember, we don't get refreshes of equipment. Our Evergreen means that the equipment is always upgraded on a regular basis. And when customers need additional capacity, they pay for that, but they don't pay for any replacement of existing capacity. So we don't get the same benefit that maybe some of our competitors get by pent-up demand because we don't have replacements.

請記住，我們不會更新設備。我們的常青樹意味著設備總是定期升級。當客戶需要額外的容量時，他們會為此付費，但他們不會為現有容量的任何更換付費。因此，由於我們沒有替代品，我們無法獲得與某些競爭對手通過被壓抑的需求獲得的相同的好處。

We have Evergreen. And so I would say, again, that pent-up demand has not really been a factor for us. This is all basically new demand or expansion of existing environments.

我們有常青樹。所以我要再說一次，被壓抑的需求對我們來說並不是一個真正的因素。這基本上都是對現有環境的新需求或擴展。

Yes. It is interesting too, Jason, when you look at seasonality, pre-COVID for us and growth rates and you normalize for the $60 million that we alluded to. I'll tell you that the seasonality is matching kind of the pre-COVID days in terms of first half, second half growth rates. So that's another data point for thoughts as well.

是的。傑森，這也很有趣，當您查看季節性、COVID 之前的我們和增長率時，您會正常化我們提到的 6000 萬美元。我會告訴你，就上半年和下半年的增長率而言，季節性與 COVID 之前的日子相匹配。所以這也是另一個想法的數據點。

The next question is from the line of Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Great. Maybe taking it away from macro, but a little bit more micro into your -- you guys do have about 30% exposure to cloud customers. And so just want to get a sense just as we're seeing some kind of changes in the technology, hiring environment, whether that's trickled down to anything you're seeing from that customer set?

偉大的。也許將其從宏觀上拿走，但對您的業務更微觀一些——你們確實有大約 30% 的雲客戶曝光率。所以只是想了解一下，就像我們看到技術、招聘環境的某種變化一樣，這是否會影響到您從該客戶群中看到的任何東西？

And then just maybe diving into the $40 million kind of an additional upside that you guys saw in the quarter. Just any indications of whether that's from more like of your commercial or enterprise customers?

然後可能會潛入你們在本季度看到的 4000 萬美元的額外上漲空間。是否有任何跡象表明這更像是您的商業客戶或企業客戶？

So overall, I would say we've seen just strong demand and growth across the entire set of customer segments that commercial enterprise what we characterized as cloud in the past. These were all strong segments for us.

所以總的來說，我想說我們已經看到整個客戶群的強勁需求和增長，即我們過去稱之為雲的商業企業。這些對我們來說都是強大的部分。

I don't think, other than the continuing exceptional growth of enterprise, I wouldn't say there's been a dramatic change in the overall character of the revenues coming in. And I'll let Kevan answer the question on the accelerated shipments.

我不認為，除了企業持續異常增長之外，我不會說收入的整體特徵發生了巨大變化。我會讓凱文回答關於加速出貨的問題。

Yes. And I would call out actually that international had a fantastic quarter along with U.S. And so to Charlie's point on broad-based performance, we saw that from a geography standpoint, I was really pleased with what we saw in the international side, which really, when you normalize for the $60 million in the U.S., it's really tracking with the U.S. growth rates.

是的。實際上，我要指出的是，國際和美國的季度表現非常出色。因此，就查理關於廣泛表現的觀點而言，我們從地理的角度來看，我對我們在國際方面看到的情況感到非常滿意，這真的，當你將美國的 6000 萬美元歸一化時，它實際上是在跟踪美國的增長率。

And as Charlie talked about commercial, we saw some good strength there. Public sector was a highlight for us as well in terms of how we look at it. So again, when we look at the $40 million of outperformance, I would, again, talk about the power of the portfolio we have. Enterprise is absolutely a workhorse for us, but we're seeing it across the board.

當查理談到商業時，我們在那裡看到了一些不錯的實力。就我們如何看待公共部門而言，公共部門也是我們的一個亮點。因此，當我們再次看到 4000 萬美元的出色表現時，我想再次談談我們擁有的投資組合的力量。 Enterprise 絕對是我們的主力軍，但我們正在全面看到它。

The next question is from the line of Sidney Ho with Deutsche Bank.

下一個問題來自德意志銀行的 Sidney Ho。

I want to go back to the full year guidance. Obviously, you raised it by a little bit, but that would imply second half will be up about 10% year-over-year, but maybe 15% of your account for the revenue pulling you talked about.

我想回到全年指導。顯然，您將其提高了一點，但這意味著下半年將同比增長約 10%，但可能佔您賬戶的 15%，用於拉動您所說的收入。

Can you walk us through your thought process there? Are you just being prudent in your guidance? Or are there more revenue being pulled in from second half into second quarter?

你能告訴我們你的思考過程嗎？你只是謹慎地指導你嗎？還是從下半年到第二季度有更多的收入？

And the follow-up to that is if I look at the operating profit, you also raised it. But you're seeing high revenue in the second half, but the operating profit dollar is roughly flat in the first half of the year. Just can you walk us through maybe that dynamics as well.

後續行動是，如果我看營業利潤，你也提高了。但是你看到下半年的收入很高，但上半年的營業利潤美元大致持平。你能不能帶我們了解一下這種動態。

Yes. That sounds great, Sidney. Let me start with revenue growth. And look, we're very pleased with the raise of our annual guide to 22%. I think that's very strong. Obviously, an outlier in terms of what we're seeing, especially in this environment. So not backing away from that annual growth rate, which I think is very strong.

是的。聽起來不錯，西德尼。讓我從收入增長開始。看，我們對將年度指南提高到 22% 感到非常高興。我認為這是非常強大的。顯然，就我們所看到的而言，這是一個異常值，尤其是在這種環境中。因此，不要放棄我認為非常強勁的年增長率。

You're seeing strong growth in the first half, and you're seeing some moderation in the second half. Some of that is seasonality. The $60 million that we alluded to that really was contemplated and forecasted for second half.

上半年增長強勁，下半年則有所放緩。其中一些是季節性的。我們提到的 6000 萬美元確實是在下半年考慮和預測的。

But when normalizing for this seasonality, the expected growth rate in the back half is still in the high teens, which is quite strong. And then again, as I talked with Jason about when you look at our growth rates, first half, second half from a seasonality standpoint, we're kind of getting back to what we saw in the pre-COVID days, which is great.

但是當這個季節性正常化時，後半部分的預期增長率仍然在十幾歲，這是相當強勁的。再說一次，當我與 Jason 談到從季節性的角度來看我們的增長率時，上半年，下半年，我們有點回到了我們在 COVID 之前看到的情況，這很棒。

A couple of other thoughts. As we progress through the year, we're also working with strong comps. I mean, we had a fantastic year last year, and that's only growing. We also had an extra week in the fourth quarter. So that's a consideration as well. And we are being thoughtful about the macro environment as well. But without a doubt, we're pleased with our revenue growth outlook for the year.

還有一些其他的想法。隨著我們這一年的進步，我們也在與強大的比賽合作。我的意思是，我們去年度過了美好的一年，而且還在不斷增長。我們在第四季度也有額外的一周。所以這也是一個考慮因素。我們也在考慮宏觀環境。但毫無疑問，我們對今年的收入增長前景感到滿意。

Now if I move to operating profits, which was really the second piece of your question, we feel really good about the current view and increasing profitability. This is our execution against our strategy that Charlie laid out, which is absolutely prioritizing innovation and growth while at the same time improving profitability, and that's what you're seeing here. So we're quite pleased with the operating profits in the quarter. Expect 12% operating margin for the year.

現在，如果我轉向營業利潤，這實際上是您的第二個問題，我們對當前的觀點和不斷提高的盈利能力感到非常滿意。這是我們對查理制定的戰略的執行，該戰略絕對優先考慮創新和增長，同時提高盈利能力，這就是你在這裡看到的。因此，我們對本季度的營業利潤感到非常滿意。預計今年的營業利潤率為 12%。

And obviously, our profit overachievement this quarter was helped by the transactions that were moved into Q1. We're also doing very well on hiring in Q1. We've made great progress in hiring talent, and we continue to invest thoughtfully and we'll continue to be focused on operating discipline and operating leverage as we monitor the effects of inflation at time that is on. So hopefully, that answers your question.

顯然，我們本季度的利潤超額實現得益於第一季度的交易。我們在第一季度的招聘方面也做得很好。我們在招聘人才方面取得了很大進展，我們繼續進行深思熟慮的投資，我們將繼續關注運營紀律和運營槓桿，因為我們會及時監測通貨膨脹的影響。所以希望這能回答你的問題。

Yes. That's helpful. Maybe 1 quick follow-up. If I look at the product gross margin for Q1, it's definitely improved more than we expected. But was NAND pricing a headwind in the quarter as you expected that may be able to raise prices to offset that.

是的。這很有幫助。也許 1 快速跟進。如果我看第一季度的產品毛利率，肯定比我們預期的要好得多。但 NAND 定價是否如您預期的那樣在本季度遭遇逆風，這可能會提高價格以抵消這一影響。

But the real question is, how are you thinking about gross margin for both products and subscription services for Q2 and the rest of the year?

但真正的問題是，您如何看待第二季度和今年剩餘時間的產品和訂閱服務的毛利率？

Yes, we might be a broken record on the product gross margins. Look, I still think longer term, I'm very happy with product gross margins being in the high 60s. I think once again, we've overachieved and I'm very pleased.

是的，我們可能會打破產品毛利率的記錄。看，我仍然認為從長遠來看，我對產品毛利率處於 60 年代的高位感到非常滿意。我想再一次，我們已經超額完成了，我很高興。

I think the sales team is doing a tremendous job selling the value of our solution, and we're seeing that in the average selling prices as we navigated Q1. So I think that's a large driver on it. In terms of subscription gross margins, what we've been tracking is pretty consistent in the low 70s, and that's a good kind of corridor that I like in terms of subscription gross margins.

我認為銷售團隊在銷售我們解決方案的價值方面做得非常出色，我們在第一季度的平均售價中看到了這一點。所以我認為這是一個很大的驅動力。就訂閱毛利率而言，我們一直在跟踪的 70 年代低點相當一致，就訂閱毛利率而言，這是我喜歡的一種很好的走廊。

The next question is from the line of Nehal Chokshi with Northland Capital Markets.

下一個問題來自北國資本市場的 Nehal Chokshi。

Yes. And a fantastic quarter of execution. I take a tick on this. But subscription year-over-year growth did decelerate to 35% year-over-year growth from 42% in the prior quarter. Why did that happen?

是的。還有一個很棒的季度執行。我對此表示贊同。但訂閱同比增長確實從上一季度的 42% 放緩至同比增長 35%。為什麼會這樣？

And then also why subscription ARR growing slower than the revenue line? I think you did mention that there is some lumpiness. And so if you go into why there's that lumpiness that would be helpful as well.

還有為什麼訂閱 ARR 的增長速度慢於收入線？我想你確實提到有一些腫塊。因此，如果您了解為什麼會有這種塊狀也會有幫助。

Yes. I mean, look, I think when you look at the subscription revenue growth, I mean, that's really a late indicator. I mean that's revenue coming off the balance sheet over time. I think when I really look at the health of our subscription business, I'm looking at our subscription ARR balance as well as how we're doing from an RPO standpoint, which grew 29%.

是的。我的意思是，看，我認為當您查看訂閱收入增長時，我的意思是，這確實是一個較晚的指標。我的意思是隨著時間的推移，收入會從資產負債表中消失。我認為，當我真正關注我們訂閱業務的健康狀況時，我正在關注我們的訂閱 ARR 餘額以及從 RPO 的角度來看我們的表現如何，增長了 29%。

And look, I'm very pleased with that. That's very strong growth. We're set up well. We've got a lot of good things happening in terms of our accelerated announcements on Evergreen. And so -- and obviously, you're going to get a little bit of variability on subscription ARR as well as RPO growth.

看，我對此非常滿意。這是非常強勁的增長。我們設置得很好。就我們在 Evergreen 上的加速公告而言，我們發生了很多好事。所以 - 很明顯，訂閱 ARR 和 RPO 增長會有所不同。

But again, if I'm looking at the revenue and rolling off the balance sheet to the top line, I think that's really not a strong indicator in terms of the health of the subscription business. Now the other thing, Nehal, that I would highlight to you is when you're comparing quarter-to-quarter and you've got to build in the extra week in Q4, which would have a bearing on that as well.

但同樣，如果我正在查看收入並將資產負債表滾動到頂線，我認為就訂閱業務的健康狀況而言，這真的不是一個強有力的指標。現在，Nehal，我要向您強調的另一件事是，當您進行季度間比較時，您必須在第四季度的額外一周內進行建設，這也會對此產生影響。

Yes. Okay. All right. Understood on that. That's a good point. And then Charlie, in an earlier question, you had made a point of saying Pure Storage is doing a technology sale versus competitors doing a commodity sale. Can you expand on what do you actually really mean by that?

是的。好的。好的。對此有所了解。那是個很好的觀點。然後查理，在之前的一個問題中，你強調說 Pure Storage 是在做技術銷售，而競爭對手是在做商品銷售。你能擴展一下你真正的意思嗎？

You bet. I'll take it back to R&D. We invest heavily in R&D, which means that we consistently build a product that leads the market. Our competitors -- generally our largest competitors spend less than 5% on R&D. I used to run a very large R&D shop. You can barely keep the lights on at 5% R&D. They can't keep up with us from a technology development perspective.

你打賭。我會把它帶回研發。我們在研發上投入巨資，這意味著我們始終如一地打造一款引領市場的產品。我們的競爭對手——通常我們最大的競爭對手在研發上的投入不到 5%。我曾經經營過一家非常大的研髮店。在 5% 的研發費用下，您幾乎無法保持亮起。從技術發展的角度來看，他們跟不上我們的步伐。

And if we're correct that data storage and management is high technology and requires continuing development of advanced capability. It's going to be very difficult for them to change their business models to accommodate that higher R&D, not just from a financial standpoint, but from the standpoint of managing a top tier -- top class R&D staff. You get a reputation.

如果我們是正確的，數據存儲和管理是高科技，需要不斷發展先進的能力。他們很難改變他們的商業模式以適應更高的研發，不僅從財務角度來看，而且從管理頂級研發人員的角度來看。你獲得了聲望。

And so we -- as I said, we play a very different game. And customers have been used to buying storage as a commodity, used to substandard support and capability and assuming that all of them were alike, they're learning very quickly that Pure is very different than the other vendors that we require far less labor, that we're highly automated, that we require less space power and cooling and that they have a superior experience overall with our product, and that's being now increasingly appreciated.

所以我們——正如我所說，我們玩的是一個非常不同的遊戲。客戶已經習慣於將存儲作為商品購買，習慣於不合標準的支持和能力，並假設所有這些都是相似的，他們很快就了解到 Pure 與其他供應商非常不同，我們需要的勞動力要少得多，我們是高度自動化的，我們需要更少的空間電力和冷卻系統，而且他們對我們的產品擁有卓越的整體體驗，現在越來越受到讚賞。

I think the results of that are pretty apparent if you look across the portfolio, but if you look at FlashArray//C., we've been shipping that product for 2.5 years now, going after hybrid and disk completely unmatched out in the market.

如果您查看整個產品組合，我認為其結果非常明顯，但如果您查看 FlashArray//C.，我們已經推出該產品 2.5 年了，追求的是市場上完全無與倫比的混合和磁盤.

You look at FlashBlade. What we're doing for some of the high-value use cases out there, whether it's analytics and AI, whether it's technical computing, chip design, simulation, modernizing data protection, rapid recovery. And if you look at Portworx and the entire suite of products that we have there, that just gives you some small hints of really the results that this focus on R&D and innovation is driving, much less what we have to discuss next week at //Accelerate.

你看看FlashBlade。我們正在為一些高價值用例做些什麼，無論是分析和人工智能，還是技術計算、芯片設計、模擬、現代化數據保護、快速恢復。如果你看看 Portworx 和我們在那裡擁有的整套產品，那隻會給你一些小的暗示，即專注於研發和創新正在推動的真正結果，更不用說我們下週在 // 上討論的內容了加速。

The next question is from the line of Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

I was wondering -- I apologize if this has already been answered, jumping across calls here. But can you talk about the second half guide? I mean, you're attributing about $60 million to pull forward, but also effectively lowering the second half implied guide by the same amount.

我想知道 - 如果這已經得到回答，我很抱歉，在這裡跳過電話。但是你能談談下半場指南嗎？我的意思是，你投入了大約 6000 萬美元來推進，但同時也有效地將下半年的隱含指引降低了相同的數額。

So are you actually saying that the demand environment has not changed because I mean, there's all the companies are saying that the demand remains robust. There are supply chain issues, but demand remains robust. So I just want to clarify if you're saying that the macro environment is not actually impacting demand thus far? And what's the methodology where you're effectively calculating the $60 million pull forward? I know you have obviously visibility into the deals in your pipeline. Can you talk about how broad-based that was in terms of -- was it just an isolated like a few customers where you saw this pull forward? Was it much more broader? And if you could address profit seasonality as well in the second half relative to the first half?

那麼，您實際上是在說需求環境沒有改變，因為我的意思是，所有公司都在說需求仍然強勁。存在供應鏈問題，但需求仍然強勁。所以我想澄清一下，如果你說宏觀環境到目前為止並沒有真正影響需求？您有效計算 6000 萬美元預付款的方法是什麼？我知道你對你的管道中的交易有明顯的了解。你能談談它的廣泛性——它只是像少數客戶這樣的孤立的客戶，你看到了這種進步嗎？它更廣泛嗎？如果你能在下半年相對於上半年解決利潤季節性問題？

Yes, you bet. So we can only report on what we are actually seeing and what we're actually seeing is demand remains robust. At the same time, we're certainly taking note of the increase in inflation. The public debate around a slowdown in the economy, possible -- even some discussion about possible recession. And so we -- our outlook has to be a bit more -- I have to keep that in mind and not get ahead of ourselves.

是的，你打賭。因此，我們只能報告我們實際看到的情況，而我們實際看到的是需求仍然強勁。與此同時，我們當然注意到通貨膨脹的增加。圍繞經濟放緩的公開辯論，可能 - 甚至一些關於可能衰退的討論。所以我們 - 我們的前景必須更多 - 我必須牢記這一點，不要超越自己。

And so I think that our forecast reflects exactly that thinking. But for -- through the last quarter, demand remains strong without -- and even at the end of -- at the end of April, even though at that time, there were warning clouds on the horizon with respect to economies.

所以我認為我們的預測正是反映了這種想法。但是，直到最後一個季度，需求仍然強勁，即使在 4 月底，甚至在 4 月底，即使在那個時候，與經濟有關的烏雲籠罩在地平線上。

Certainly, energy in the -- prices in Europe, et cetera. At the same time, we were hearing from our IT customers that their budgets and their focus on investment in IT was remaining strong.

當然，歐洲的能源價格等等。與此同時，我們從 IT 客戶那裡得知，他們的預算和對 IT 投資的關注依然強勁。

Yes. And then just to answer your question in terms of the $60 million, that would have been a couple of large customers, so it was limited. Obviously, for these large enterprise customers, we're working with them very closely with their demand planning.

是的。然後只是用 6000 萬美元來回答你的問題，那將是幾個大客戶，所以它是有限的。顯然，對於這些大型企業客戶，我們正在與他們密切合作，制定他們的需求規劃。

So I would put it in more of the isolated bucket, very easy for us to quantify, very binary in terms of understanding in our demand planning with the customer that, that was second half. So that's a shift in seasonality. And that's how I view it. It's simply a shift in seasonality. It has nothing to do in my mind with demand drop-off as one might have alluded to in the second half. Demand looks strong.

所以我會把它放在更多的孤立的桶裡，我們很容易量化，在我們與客戶的需求計劃中的理解方面非常二元，那是下半年。所以這是季節性的轉變。這就是我的看法。這只是季節性的轉變。在我看來，這與下半年可能暗示的需求下降無關。需求看起來很強勁。

Revenue, as I mentioned, I went through a fair amount of detail, Wamsi, in terms of revenue first half, second half as well as operating profit first half and second half, and we can take you through that in more detail as well.

收入，正如我所提到的，我在上半年、下半年的收入以及上半年和下半年的營業利潤方面經歷了相當多的細節，我們也可以更詳細地為您介紹。

The next question is from the line of Tim Long with Barclays.

下一個問題來自巴克萊銀行的蒂姆朗。

Yes, two, if I could, as well. First, Charlie, you mentioned something about a win with a large telco for FlashArray for 5G. Could you talk a little bit about kind of application there? And just give us a little color on this as a potential new vertical. How important can this be as the wireless world moves to more of a data-centric architecture?

是的，兩個，如果可以的話。首先，查理，你提到了一家大型電信公司贏得了 FlashArray for 5G。你能談談那裡的應用程序嗎？作為一個潛在的新垂直領域，只需給我們一點色彩。隨著無線世界轉向更多以數據為中心的架構，這有多重要？

And secondly, just one more on the Op margin, just 22% revenue growth, but only moving overall Op margin a little over 100 basis points for the year. So can you talk about what's limiting that? Is that just return to office and T&E -- or is there any other reason we're not seeing as much leverage on a really strong revenue growth here?

其次，運營利潤率僅增加一個，收入僅增長 22%，但全年運營利潤率僅移動了 100 多個基點。那麼你能談談是什麼限制了它嗎？這只是回到辦公室和 T&E - 還是有任何其他原因我們沒有看到這裡真正強勁的收入增長的槓桿作用？

Thanks, Tim. I'll let Kevan handle the second part. As far as 5G, what an exciting opportunity and an exciting -- and call-out we were able to make for this quarter. It's one of the top telcos in the world. They're not the only ones we're talking to about 5G, but it was great to get one of the first large orders associated with 5G deployments.

謝謝，蒂姆。我會讓凱文處理第二部分。就 5G 而言，這是一個多麼令人興奮的機會和令人興奮的——我們能夠為本季度做出的呼籲。它是世界頂級電信公司之一。他們不是我們談論 5G 的唯一客戶，但很高興獲得與 5G 部署相關的首批大訂單之一。

The fact that we're smaller, we're denser, more power efficient and generally more performance than other products in the market have certainly helped in this environment. We think it's -- as I mentioned, we are talking to quite a few other telcos about 5G deployments. I'm optimistic about this space. And I'm going to invite Rob who worked on this opportunity to tell us a little bit more about this specific deployment.

與市場上的其他產品相比，我們更小、更密集、更節能且性能通常更高，這一事實無疑對這種環境有所幫助。我們認為是——正如我所提到的，我們正在與很多其他電信公司討論 5G 部署。我看好這個空間。我將邀請利用這個機會工作的 Rob 向我們詳細介紹一下這個特定的部署。

Yes. So I think this is a testament really to the quality of our products and the reliability and performance, all the attributes that Charlie just mentioned and really the suitability of those attributes to 5G deployments.

是的。因此，我認為這確實證明了我們產品的質量、可靠性和性能、查理剛剛提到的所有屬性以及這些屬性對 5G 部署的適用性。

In many ways, it's a great validation that just like the hyperscale environments, which we've spoken to you previously about. In these large telecom environments, really share a lot of the same requirements. They're highly available, highly performance demanding, very mission-critical environment, highly automated as well.

在許多方面，它是一個很好的驗證，就像我們之前與您討論過的超大規模環境一樣。在這些大型電信環境中，確實有很多相同的需求。它們是高度可用、對性能要求很高、非常關鍵的環境、高度自動化的。

And I think those are all attributes where Pure's products and services are uniquely well positioned to go and serve. And so I think we're super pleased with the win. I think I'd also mention that in this particular environment, we were chosen to replace what was initially a custom design built around open source software as customer had really tried to build out part of the environment themselves and then turn back to us to -- when they couldn't achieve the reliability performance and really the ease of management and automation required of these very demanding environments.

我認為這些都是 Pure 的產品和服務具有獨特優勢的所有屬性。所以我認為我們對勝利感到非常滿意。我想我還要提一下，在這個特定的環境中，我們被選中來替換最初圍繞開源軟件構建的定制設計，因為客戶真的試圖自己構建環境的一部分，然後轉回給我們—— - 當他們無法實現這些非常苛刻的環境所需的可靠性性能以及真正易於管理和自動化時。

And I'll just hit the operating profit question again. And really, this just comes back down to our strategy really around prioritizing innovation and growth that's paying off. We're seeing it. We've been seeing it for several quarters.

我將再次談到營業利潤問題。真的，這只是回到我們的戰略，真正圍繞著優先考慮創新和增長的回報。我們看到了。我們已經看到了幾個季度。

And at the same time, we're increasing our profitability. Now we're balancing that. We had some great hiring, as I mentioned. I think we quarter-over-quarter, hired over 170 folks and new talent worldwide, which we're really pleased with. We are navigating some higher wage costs as to be expected, and all that's being balanced and incorporated while we're increasing profitability for the year. So hopefully, that's a helpful context.

與此同時，我們正在提高我們的盈利能力。現在我們正在平衡這一點。正如我所提到的，我們有一些很棒的招聘。我認為我們季度環比在全球範圍內僱傭了 170 多名員工和新人才，我們對此感到非常滿意。正如預期的那樣，我們正在應對一些更高的工資成本，並且在我們提高今年的盈利能力的同時，所有這些都得到平衡和整合。所以希望這是一個有用的背景。

The next question is from the line of Eric Martinuzzi with Lake Street.

下一個問題來自 Eric Martinuzzi 與 Lake Street 的路線。

Just curious, I wanted to go a layer deeper on the product gross margins. Curious to see if there's any let up. Obviously, you're putting up good gross margins in a tough supply chain environment. But expedited shipping fees, anything there where you're seeing relief or forecasting relief?

只是好奇，我想更深入地了解產品毛利率。好奇看看有沒有鬆懈。顯然，您在艱難的供應鏈環境中獲得了良好的毛利率。但是加急運費，有什麼你看到緩解或預測緩解的地方嗎？

I would say not at the moment. We had hoped back in Q3 and Q4 that the supply chain constraints would start to ease by Q1 or Q2. Unfortunately, we've not seen that. One situation after another just continues to extend. It changes the nature of the supply chain problems, but it extends the supply chain problems.

我會說暫時沒有。我們曾希望在第三季度和第四季度供應鏈限制將在第一季度或第二季度開始緩解。不幸的是，我們還沒有看到。一個接一個的情況還在繼續擴大。它改變了供應鏈問題的性質，但它延伸了供應鏈問題。

To be clear, we've not seen it get worse, but we've not seen it get better either. And it's across the board, as you're pointing out, everything from logistics shipping, but the ones that -- we can absorb all of that, the ones that always concern us is components and availability of components because that can get you to shut -- or border closures, right? Those are the ones we're most concerned about. But it's still across the board.

需要明確的是，我們沒有看到它變得更糟，但我們也沒有看到它變得更好。正如你所指出的，它是全面的，從物流運輸開始，但我們可以吸收所有這些，我們始終關心的是組件和組件的可用性，因為這會讓你關閉——或者邊境關閉，對吧？這些是我們最關心的。但它仍然是全面的。

It's across the board. And where the advantage again comes to us is really around the fact that we have less parts that we have to navigate in terms of exposure. And that's really paying off for us, both on the inflationary side as well as supply constraints and how we've been able to navigate against that headwind.

這是全面的。我們再次獲得優勢的地方實際上是圍繞著這樣一個事實，即我們必須在曝光方面導航的部分更少。這對我們來說真的是有回報的，無論是在通脹方面，還是在供應限制方面，以及我們如何能夠逆風而行。

This concludes the question-and-answer session. At this time, I will turn the call back over to Charlie Giancarlo for closing remarks.

問答環節到此結束。此時，我會將電話轉回給 Charlie Giancarlo 以結束髮言。

Thank you, operator. Our strategy to deliver a simple and Evergreen data platform, enabling our customers and companies around the world to turn their data and innovation. It continues to deliver exceptional results across our business.

謝謝你，接線員。我們的戰略是提供一個簡單且常青的數據平台，使我們在世界各地的客戶和公司能夠轉變他們的數據和創新。它繼續在我們的業務中取得卓越的成果。

We're growing share in our market segments as customers turn to our leadership in digital transformation and that's critical to their future, and this promises to sustain us for quite a few quarters and hopefully years ahead. I want to thank once again our customers, our partners for their trust, our suppliers for their collaboration and to all of our employees for their innovation and their hard work. And I thank -- I'd like to thank all of our listeners today and look forward to seeing you next week at //Accelerate. Thank you.

隨著客戶轉向我們在數字化轉型方面的領導地位，這對他們的未來至關重要，我們在細分市場中的份額正在增長，這有望使我們在相當多的季度甚至未來幾年內維持下去。我要再次感謝我們的客戶、合作夥伴的信任、供應商的合作以及我們所有員工的創新和辛勤工作。我要感謝 - 我今天要感謝我們所有的聽眾，並期待下週在 //Accelerate 見到你。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。