Pure Storage Inc (PSTG) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pure Storage Second 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 財年第二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 our host for today's conference call, Mr. Sanjot Khurana. Mr. Sanjot Khurana, please go ahead.

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

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

謝謝，下午好。歡迎參加 Pure Storage 2023 財年第二季度收益電話會議。我的名字是 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, our growth and sales prospects, competitive industry and technology trends, our strategy and its advantages, our current and future product offerings 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 大流行和相關中斷、我們的增長和銷售前景、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以及我們的業務和運營的聲明。

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 the risks and uncertainties relating to our business is contained in our filings with the SEC, and we refer you to these public filings.

與我們業務相關的風險和不確定性的討論包含在我們提交給 SEC 的文件中，我們建議您參考這些公開文件。

During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenues, remaining performance obligations or RPO, and cash and investments. Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. Additionally, when we refer to sales in our prepared remarks, we mean total bookings, excluding cancellable orders.

在本次電話會議期間，除收入、剩餘履約義務或 RPO 以及現金和投資外，所有財務指標和相關增長率都是非 GAAP 指標。我們的收益新聞稿和幻燈片中提供了與最直接可比的 GAAP 措施的對賬。此外，當我們在準備好的備註中提到銷售時，我們指的是總預訂量，不包括可取消的訂單。

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. Once again, we are very pleased with Pure's continued success as demonstrated by this quarter's strong results. Pure's Q2 revenue grew by 30% year-over-year with our subscription ARR up 31%. Our growth was balanced between the U.S. and our international markets, highlighting the broad and durable appeal of our portfolio and Pure's continuing ability to deliver simple, sustainable data storage and management solutions that every organization needs.

大家好，感謝您今天加入我們。再一次，我們對 Pure 的持續成功感到非常高興，正如本季度強勁的業績所證明的那樣。 Pure 的第二季度收入同比增長 30%，我們的訂閱 ARR 增長 31%。我們的增長在美國和我們的國際市場之間取得了平衡，突出了我們產品組合的廣泛而持久的吸引力，以及 Pure 持續提供每個組織都需要的簡單、可持續的數據存儲和管理解決方案的能力。

Data is the modern linchpin of business transformation, and Pure is the innovation and customer experience leader in one of the largest segments of technology investment. Building on our momentum, we introduced a number of major advancements in our portfolio during our annual //Accelerate conference in Q2, generating strong excitement from current and potential customers. We unveiled FlashBlade//S, our next-generation FlashBlade, a significant step forward in performance, density and capacity, providing a modular architecture for increased efficiency and flexibility.

數據是業務轉型的現代關鍵，Pure 是最大的技術投資領域之一的創新和客戶體驗領導者。憑藉我們的勢頭，我們在第二季度的年度 //Accelerate 會議上介紹了我們產品組合中的一些重大進展，引起了當前和潛在客戶的強烈興奮。我們推出了 FlashBlade//S，我們的下一代 FlashBlade，在性能、密度和容量方面邁出了重要一步，提供了模塊化架構以提高效率和靈活性。

FlashBlade//S significantly expands the use cases for this product line, including a wide price performance range of file and object workloads, such as computational analytics and AI, image search and recognition, electronic design automation, media special effects, high-performance computing and data protection.

FlashBlade//S 顯著擴展了該產品線的用例，包括廣泛的性價比文件和對象工作負載，例如計算分析和人工智能、圖像搜索和識別、電子設計自動化、媒體特效、高性能計算和數據保護。

FlashBlade//S was designed with full Evergreen capabilities, enabling the system to be continuously upgraded without disruption. With its launch in mid-Q2, FlashBlade//S comprised 20% of all Q2 FlashBlade orders, and customer feedback on the first installed units is excellent. In Q2, our Evergreen subscription portfolio was extended with the addition of Evergreen//Flex, a new fleet level Evergreen offering. Evergreen//Flex provides customers additional flexibility as they optimize their data infrastructure.

FlashBlade//S 的設計具有完整的 Evergreen 功能，使系統能夠持續升級而不會中斷。 FlashBlade//S 於第二季度中期推出，佔第二季度所有 FlashBlade 訂單的 20%，客戶對首批安裝設備的反饋非常好。在第二季度，我們的 Evergreen 訂閱組合得到了擴展，增加了 Evergreen//Flex，一種新的車隊級 Evergreen 產品。 Evergreen//Flex 為客戶優化數據基礎設施提供了額外的靈活性。

It provides utilization pricing across a customer's entire storage environment with the ability for customers to purchase inexpensive storage hardware and consume capacity on a pay-as-you-go model. Evergreen//Flex joins Evergreen//Forever and Evergreen//One, formerly known as Pure as-a-Service, and is available across our Pure portfolio.

它為客戶的整個存儲環境提供使用定價，讓客戶能夠購買廉價的存儲硬件並在即用即付模式下消耗容量。 Evergreen//Flex 加入 Evergreen//Forever 和 Evergreen//One，以前稱為 Pure as-a-Service，可在我們的 Pure 產品組合中使用。

We also released our Pure Fusion service for general availability this past quarter. Pure Fusion enables customers, managed service providers and cloud service providers to implement a cloud operating model for data storage management and offerings. The industry sometimes refers to this as infrastructure-as-code. Customers can use Pure Fusion to orchestrate and manage their entire fleet of Pure Storage, reducing cost and complexity and also offer storage services to their customers or developers through APIs, dramatically increasing developer productivity and corporate agility.

我們還在上個季度發布了我們的 Pure Fusion 服務以供普遍使用。 Pure Fusion 使客戶、託管服務提供商和雲服務提供商能夠為數據存儲管理和產品實施雲運營模型。業界有時將其稱為基礎設施即代碼。客戶可以使用 Pure Fusion 來編排和管理他們的整個 Pure Storage 車隊，從而降低成本和復雜性，還可以通過 API 向他們的客戶或開發人員提供存儲服務，從而顯著提高開發人員的生產力和企業敏捷性。

While Pure Fusion is still in its early days, it has generated great interest from our largest enterprise and MSP customers. Pure Fusion is yet another example of how Pure continues to drive the data storage and management industry forward.

雖然 Pure Fusion 仍處於早期階段，但它已經引起了我們最大的企業和 MSP 客戶的極大興趣。 Pure Fusion 是 Pure 如何繼續推動數據存儲和管理行業向前發展的又一個例子。

Pure's Portworx software was chosen by GigaOm Radar reports for the third consecutive year as the leader for enterprise Kubernetes storage and cloud-native Kubernetes data storage. Their in-depth analysis awarded us the highest scores among all market segments, deployment models and evaluation metrics. Portworx's ability to empower developers to deliver superior outcomes on every cloud, both public and private, is the reason that a large global credit card company dramatically expanded their use of Portworx this quarter to support their hybrid cloud data strategy. Portworx Data Services released just 3 months ago has likewise generated great interest, including many POCs and its first sales in Q2.

Pure 的 Portworx 軟件連續第三年被 GigaOm Radar 報告選為企業 Kubernetes 存儲和雲原生 Kubernetes 數據存儲的領導者。他們的深入分析使我們在所有細分市場、部署模型和評估指標中得分最高。 Portworx 使開發人員能夠在公共和私有的每種雲上交付卓越成果的能力，是一家大型全球信用卡公司在本季度大幅擴大對 Portworx 的使用以支持其混合雲數據戰略的原因。僅在 3 個月前發布的 Portworx 數據服務同樣引起了極大的興趣，包括許多 POC 及其在第二季度的首次銷售。

Customers valued its simple one-stop shop for modern database operations, its rapid time to deploy and scale database-as-a-service for developers and ability to avoid cloud lock-in due to its multi-cloud compatibility.

客戶看重其簡單的現代數據庫操作一站式服務、為開發人員部署和擴展數據庫即服務的快速時間以及由於其多雲兼容性而避免雲鎖定的能力。

As I have said before, Pure believes data storage and management is high tech, a fundamental component of critical infrastructure, and we invest in it accordingly. We are reaping the rewards of delivering leading products and services in a massive market that was written off as a commodity by legacy competitors. In this uncertain macro environment, customers are especially looking for solutions that speed their digital transformation road maps while reducing their overhead and total cost of ownership.

正如我之前所說，Pure 認為數據存儲和管理是高科技，是關鍵基礎設施的基本組成部分，我們對此進行了相應的投資。我們正在收穫在一個被傳統競爭對手作為商品註銷的龐大市場中提供領先產品和服務的回報。在這種不確定的宏觀環境中，客戶特別需要能夠加快數字化轉型路線圖，同時降低開銷和總擁有成本的解決方案。

I have just returned from 2 weeks of customer and partner visits in Australia and Japan, including hosting a very successful Tokyo //Accelerate event. In our Asia Pacific theater, as elsewhere, customers are simply blown away by the superior performance, reliability and simplicity of our products, and they rave about their entire experience with Pure. One customer who installed Pure to replace a competitor's all-flash product reported a tenfold improvement in performance, while also significantly reducing their labor and energy expenses.

我剛剛結束了在澳大利亞和日本為期兩週的客戶和合作夥伴訪問，其中包括舉辦了一場非常成功的東京 //Accelerate 活動。在我們的亞太地區，與其他地方一樣，客戶對我們產品的卓越性能、可靠性和簡單性感到震驚，他們對 Pure 的整個體驗贊不絕口。一位安裝 Pure 以替換競爭對手的全閃存產品的客戶報告說性能提高了十倍，同時還顯著降低了勞動力和能源費用。

And now, for the first time, I increasingly hear from international customers that they actively consider Pure specifically for our ability to drive down energy usage and e-waste. The demand for solutions that reduce customers' environmental footprint is now top of mind in a majority of international enterprises that we speak to.

現在，我第一次聽到越來越多的國際客戶表示，他們積極考慮 Pure 是因為我們有能力降低能源使用和電子垃圾。現在，與我們交談的大多數國際企業都將減少客戶對環境足蹟的解決方案的需求放在首位。

We added more than 350 new customers this past quarter. In addition to sustained growth of new customers in Enterprise and Commercial segments, we also saw very strong interest from public sector customers this quarter. Many of them cited sustainability and energy reduction goals as equal to their performance, price and reliability targets.

在上個季度，我們增加了 350 多個新客戶。除了企業和商業領域的新客戶持續增長外，本季度我們還看到公共部門客戶的濃厚興趣。他們中的許多人將可持續性和節能目標視為與其性能、價格和可靠性目標相同的目標。

One example is San Luis Obispo County's IT department, which reduced their data center storage footprint by 75% and power consumption by 59% while substantially increasing their storage capacity. By replacing a competitor's all-flash systems with Pure, they also reduced their time dedicated to storage administration with Pure1 and enabled safe mode to protect their data infrastructure against cyber threats.

一個例子是聖路易斯奧比斯波縣的 IT 部門，該部門將他們的數據中心存儲空間減少了 75%，電力消耗減少了 59%，同時顯著增加了他們的存儲容量。通過用 Pure 替換競爭對手的全閃存系統，他們還減少了使用 Pure1 進行存儲管理的時間，並啟用了安全模式來保護其數據基礎架構免受網絡威脅。

Now I will discuss the business environment as we see it today. I'm pleased with our ability to deliver on our strategy of strong growth while increasing operating profit, all while navigating the external inflationary and supply chain environments without raising list prices. Our customers are continuing to expand their data storage with Pure, and we continue to expand our customer base. We do, however, see signs of increased diligence of purchases by enterprise customers, resulting in some lengthening of sales cycle.

現在我將討論我們今天看到的商業環境。我很高興我們能夠實現強勁增長戰略，同時增加營業利潤，同時在不提高標價的情況下應對外部通脹和供應鏈環境。我們的客戶正在繼續使用 Pure 擴展他們的數據存儲，我們也在繼續擴大我們的客戶群。但是，我們確實看到了企業客戶購買勤奮的跡象，導致銷售週期有所延長。

Overall, I remain confident in our ability to take market share and to grow faster than the market. As reported last quarter, our hiring remains strong. Our attrition rates are below the rest of our industry peers and are reduced from the highs experienced this past spring. As companies around the world adjust to a post-COVID normal, we believe that investment in critical data infrastructure will remain central to their growth plans, and that the dedication of our talented technology, sales, customer success and other core teams will enable Pure to outperform the market.

總體而言，我對我們搶占市場份額和比市場增長更快的能力仍然充滿信心。正如上個季度所報導的，我們的招聘依然強勁。我們的員工流失率低於其他行業同行，並且低於去年春天的高點。隨著世界各地的公司適應 COVID 後的常態，我們相信對關鍵數據基礎設施的投資仍將是其增長計劃的核心，而我們才華橫溢的技術、銷售、客戶成功和其他核心團隊的奉獻將使 Pure 能夠跑贏大盤。

Next week, we are officially kicking off our new hybrid work policy, which will have full teams come together in the office on specified days to collaborate, enhance creativity and increase employee engagement. Many of our development teams are already at over 50% in office occupancy. Like everyone else at Pure, I'm excited about our new Silicon Valley campus that we will be moving into this coming spring.

下週，我們將正式啟動我們的新混合工作政策，該政策將讓整個團隊在指定的日子聚集在辦公室進行協作、增強創造力並提高員工敬業度。我們的許多開發團隊的辦公室佔用率已經超過 50%。和 Pure 的其他人一樣，我對即將搬入今年春天的矽谷新校區感到興奮。

I'd now like to hand the mic over to our CFO, Kevan Krysler, for a detailed review of our numbers.

我現在想將麥克風交給我們的首席財務官 Kevan Krysler，以詳細審查我們的數據。

Thank you, Charlie, and good afternoon. We delivered strong financial results once again this quarter. Our ongoing commitment to innovation, including our recent introduction of FlashBlade//S, and our expanded Evergreen subscription business models have enabled us to deliver highly differentiated solutions that our customers are leveraging to accelerate their strategic objectives.

謝謝你，查理，下午好。本季度我們再次交付了強勁的財務業績。我們對創新的持續承諾，包括我們最近推出的 FlashBlade//S，以及我們擴展的 Evergreen 訂閱業務模式，使我們能夠提供高度差異化的解決方案，我們的客戶正在利用這些解決方案來加速他們的戰略目標。

The power of our technology and software enables our customers to grow and increase productivity. Our customers also deeply appreciate our ability and commitment to deliver our products with short lead times, not increase prices and substantially lower their energy requirements. These factors, among others, are why we believe demand for our solution portfolio continues to be strong despite a turbulent macro environment.

我們的技術和軟件的力量使我們的客戶能夠成長和提高生產力。我們的客戶也非常欣賞我們以短交貨期交付產品的能力和承諾，而不是提高價格並大幅降低他們的能源需求。除其他外，這些因素是我們認為儘管宏觀環境動盪，但對我們的解決方案組合的需求仍然強勁的原因。

Our U.S. business continues to deliver strong revenue growth, growing 31% with particular strength this quarter in both commercial and public sector. Revenue growth of 29% from our international business was also strong, even with FX headwinds due to the strengthening of the U.S. dollar. We continue to be pleased with meaningful contributions from new business.

我們的美國業務繼續實現強勁的收入增長，本季度在商業和公共部門都增長了 31%，尤其強勁。我們國際業務的收入增長 29% 也很強勁，即使由於美元走強導致外匯逆風。我們繼續對新業務的有意義貢獻感到高興。

Our total customer count reflects the acquisition of more than 350 new customers this quarter and 56% of the U.S. Fortune 500 customers. Performance of our Evergreen subscription businesses and Portworx were solid as subscription annual recurring revenue, or ARR, grew 31% to $955 million. Remaining performance obligations, or RPO, grew 25% to $1.5 billion. Similar to the remarks we made last quarter, our RPO growth compared to Q2 of last year reflects a reduction of approximately $32 million relating to product shipments for an outstanding commitment with one of our global system integrators. Excluding, these product shipments, RPO grew 28% year-over-year.

我們的客戶總數反映了本季度獲得的 350 多個新客戶和 56% 的美國財富 500 強客戶。我們的 Evergreen 訂閱業務和 Portworx 的表現穩健，訂閱年度經常性收入 (ARR) 增長 31% 至 9.55 億美元。剩餘履約義務或 RPO 增長 25% 至 15 億美元。與我們上個季度的評論類似，與去年第二季度相比，我們的 RPO 增長反映了與我們的全球系統集成商之一的傑出承諾相關的產品出貨量減少了約 3200 萬美元。不包括這些產品出貨量，RPO 同比增長 28%。

Our headcount has increased to 4,600 employees as our investments in talent continue to be disciplined and focused around our key business objectives.

我們的員工人數已增至 4,600 名，因為我們對人才的投資繼續保持紀律性並專注於我們的關鍵業務目標。

Now turning to specific financial results and discussion. Total revenue for the quarter grew 30% to approximately $647 million. Product revenue grew 28%, and subscription services revenue grew approximately 35%. Subscription services revenue represented approximately 36% of total revenue. We continue to drive solid gross margin at 70.4% this quarter. High performance, reliability, simplicity and sustainability of our solutions are factors contributing to both our strong product gross margins of 69% this quarter and subscription services gross margins of nearly 73% this quarter.

現在轉向具體的財務結果和討論。本季度總收入增長 30% 至約 6.47 億美元。產品收入增長 28%，訂閱服務收入增長約 35%。訂閱服務收入約佔總收入的 36%。本季度我們繼續將毛利率保持在 70.4%。我們解決方案的高性能、可靠性、簡單性和可持續性是我們本季度強勁的 69% 的產品毛利率和本季度近 73% 的訂閱服務毛利率的因素。

Importantly, we were also able to deliver these gross margins without passing price increases onto our customers. We achieved favorable operating profits of $106 million and operating margins of 16.4% this quarter.

重要的是，我們還能夠在不將價格上漲轉嫁給客戶的情況下實現這些毛利率。本季度我們實現了 1.06 億美元的可觀營業利潤和 16.4% 的營業利潤率。

Now let's turn to the balance sheet and cash flows. We ended the quarter with over $1.36 billion in cash. Cash flow from operations was over $159 million, resulting from the combination of strong sales, collections and increasing profitability. Capital expenditures were approximately $25 million during the quarter. We returned over $60 million of capital to repurchase approximately 2.4 million shares during the quarter. We have approximately $123 million remaining from our $250 million share repurchase program.

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 13.6 億美元的現金。來自運營的現金流超過 1.59 億美元，這得益於強勁的銷售、收款和不斷提高的盈利能力。本季度的資本支出約為 2500 萬美元。我們在本季度返還了超過 6000 萬美元的資本以回購約 240 萬股股票。我們從 2.5 億美元的股票回購計劃中剩餘大約 1.23 億美元。

Now turning to guidance. We are pleased to have established a track record of strong performance in a dynamic and challenging environment. Demand signals for our solutions are solid, and our visibility of opportunities is healthy.

現在轉向指導。我們很高興在充滿活力和充滿挑戰的環境中建立了強勁的業績記錄。對我們的解決方案的需求信號是可靠的，我們對機會的可見性是健康的。

We estimate revenue in Q3 to be approximately $670 million, growing approximately 19% year-over-year, and we expect operating profit to be approximately $85 million in Q3, representing approximately 12.7% operating margin. We are also raising our annual guidance for the full fiscal year. We now expect that revenue for FY '23 will be $2.75 billion, growing approximately 26% year-over-year.

我們預計第三季度的收入約為 6.7 億美元，同比增長約 19%，我們預計第三季度的營業利潤約為 8500 萬美元，營業利潤率約為 12.7%。我們還提高了整個財政年度的年度指導。我們現在預計 23 財年的收入將達到 27.5 億美元，同比增長約 26%。

Operating profit is estimated to be approximately $390 million, representing approximately 14% operating margin. Also, as a reminder from our remarks last quarter, approximately $60 million of product revenue in the first quarter of this year was forecasted to close in the second half of our fiscal year. This impacts seasonality when comparing growth rates in our first half compared to our back half of this year. Our Q3 and updated annual guidance contemplates, based on our visibility, macro environment conditions, including factors such as demand signals, foreign currency and inflation.

營業利潤估計約為 3.9 億美元，約佔營業利潤率的 14%。此外，作為我們上個季度言論的提醒，預計今年第一季度大約 6000 萬美元的產品收入將在我們財政年度的下半年結束。在比較我們上半年與今年下半年的增長率時，這會影響季節性。我們的第三季度和更新的年度指南根據我們的知名度考慮了宏觀環境條件，包括需求信號、外彙和通貨膨脹等因素。

With time being such a critical asset for our customers, we continue to expect to deliver our solutions with short lead times despite supply chain challenges that have reduced slightly but still exist.

由於時間對我們的客戶來說是一項如此重要的資產，儘管供應鏈挑戰略有減少但仍然存在，但我們仍然希望在較短的交貨時間內交付我們的解決方案。

In closing, our data storage and management technologies and software are critical to accelerating our customers' digital transformation objectives. Customers continue to depend on us to innovate, to be flexible, to meet their needs quickly, to not raise prices and to reduce their energy consumption and e-waste.

最後，我們的數據存儲和管理技術及軟件對於加速客戶實現數字化轉型目標至關重要。客戶繼續依靠我們進行創新、保持靈活性、快速滿足他們的需求、不提高價格並減少他們的能源消耗和電子垃圾。

With that, I will turn it over to the operator so we can get to your questions. Operator?

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) Our first question is from Aaron Rakers with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Aaron Rakers。

Congratulations on the solid results. You guys raised the guidance for the full year, strong guidance in the fiscal third quarter. But clearly, there's a little bit of kind of commentary around the macro. I think, Charlie, you had mentioned that you did see some signs of lengthening maybe sales cycles, et cetera. So I'm curious if you could kind of expand a little bit upon what you're exactly seeing from a demand profile in your pipeline. Have you seen kind of coming out of this quarter any kind of extension in deal cycles? Just any kind of incremental clarity you can provide on how you factored in the macro environment currently looking into this quarter.

祝賀你取得了堅實的成果。你們提高了全年的指導，第三財季的指導很強。但很明顯，有一些關於宏觀的評論。我想，查理，你提到你確實看到了一些延長銷售週期的跡象，等等。所以我很好奇您是否可以稍微擴展一下您從管道中的需求概況中確切看到的內容。您是否看到本季度交易週期出現任何形式的延長？您可以提供任何類型的增量清晰度，說明您如何考慮本季度當前的宏觀環境。

(technical difficulty)

（技術難度）

Sorry, I guess we were having technical trouble. So let me start over again. I was talking to myself apparently for a while. We're very pleased, obviously, with the financial results we had this quarter, and frankly, demand signals continue to be quite healthy. So we wanted to make sure we were very measured in the way that we were reflecting what we are seeing. While we are seeing a little bit of, let's say, second looks by companies, finance perhaps stepping in for a second look at a deal, and that is lengthening some of the enterprise sales cycles, but it's not changed the closing of the deals later in the process. And as I said, demand and pipeline looks very healthy.

抱歉，我想我們遇到了技術問題。所以讓我重新開始。我顯然在自言自語了一會兒。顯然，我們對本季度的財務業績感到非常高興，坦率地說，需求信號仍然非常健康。所以我們想確保我們在反映我們所看到的東西的方式上是非常有衡量的。雖然我們看到了一些，比如說，公司的第二次審查，財務部門可能會介入對交易進行第二次審查，這延長了一些企業的銷售週期，但這並沒有改變後來的交易完成進行中。正如我所說，需求和管道看起來非常健康。

The way we look at this is we are market share takers in what is a very large market, slight perturbations in the growth of this market shouldn't affect dramatically our ability to transform pipeline into sales and continue to grow our pipeline. So we feel like we're very well positioned. We have a very broad portfolio. Our differentiation is only increasing right now.

我們看待這個問題的方式是，我們是一個非常大的市場中的市場份額獲取者，這個市場增長的輕微擾動不應顯著影響我們將管道轉化為銷售並繼續發展我們的管道的能力。所以我們覺得我們處於非常有利的位置。我們擁有非常廣泛的產品組合。我們的差異化現在只是在增加。

We're still the only player that can now take on hard disk at the secondary tier level, which is -- continues to be a strong area of growth for us. And now, honestly, our ability to provide a more sustainable product is in greater demand on a worldwide basis. So we're very bullish from the standpoint of being able to weather some amount of economic uncertainty.

我們仍然是現在唯一可以在二級級別使用硬盤的玩家，這對我們來說仍然是一個強勁的增長領域。現在，老實說，我們提供更可持續產品的能力在全球範圍內受到了更大的需求。因此，從能夠經受住一定程度的經濟不確定性的角度來看，我們非常看好。

Yes, very good. And then as a quick follow-up, I wanted to touch maybe on some of the points you brought up there, portfolio differentiation and just portfolio expansion. The FlashBlade//S product, you started off your prepared remarks just highlighting, it sounds like, out of the gate very strong traction, 20% of your FlashBlade volumes. Where are you seeing exactly the most momentum from that product? And has that seen -- have you seen any cannibalistic effect of your existing product portfolio? Or is this -- what I'm trying to, I guess, get at is how expansion -- how much expansion of your existing TAM does that bring to the table for Pure?

是的，很好。然後作為快速跟進，我想談談你在那裡提出的一些觀點，投資組合差異化和投資組合擴張。 FlashBlade//S 產品，你剛開始準備的評論只是突出顯示，聽起來，非常強大的牽引力，20% 的 FlashBlade 體積。您在哪裡看到該產品的最大動力？並且已經看到了-您是否看到現有產品組合的任何同類相食效應？或者這 - 我想，我想要了解的是如何擴展 - 你現有的 TAM 的擴展量為 Pure 帶來了多少？

Yes. Well, it is the next-generation product, so I don't know that cannibalization is the right word. It's our next-generation product. In several quarters, it should be full replacement for the existing, the generation 1 FlashBlade product. But it's a very significant expansion of the price performance range that the former or that the gen 1 product provided.

是的。嗯，它是下一代產品，所以我不知道蠶食是正確的詞。這是我們的下一代產品。在幾個季度內，它應該會完全替代現有的第一代 FlashBlade 產品。但這是前者或第一代產品提供的價格性能範圍的一個非常顯著的擴展。

So it scales both up and down better in both capacity as well as in performance. And in fact, it's capable of multiple levels of performance in the same implementation. So we really see it as dramatically expanding what our share of the original TAM brought out. And it really represents a broadening of the family of FlashBlade.

因此，它在容量和性能方面都可以更好地向上和向下擴展。事實上，它能夠在同一個實現中實現多個級別的性能。所以我們真的認為它極大地擴展了我們在原始 TAM 中的份額。它確實代表了 FlashBlade 家族的擴大。

Our next question comes from Simon Leopold from Raymond James.

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

I wanted to see if maybe you could help us characterize how your customer base might be evolving. And what I'm getting at here is you've talked in the past about moving upmarket and doing more business with larger enterprises and larger deals that I imagine could offset some weakening from smaller businesses. Is there some metrics you could share with us to help us understand the change in the profile of your customers?

我想看看您是否可以幫助我們描述您的客戶群可能會如何發展。我在這裡要說的是，您過去曾談到過向高端市場進軍並與更大的企業開展更多業務以及更大的交易，我認為這些交易可以抵消小型企業的一些疲軟。您是否可以與我們分享一些指標，以幫助我們了解您的客戶資料的變化？

Well, I think we continue to expand on all fronts. There's no -- this quarter, commercial, what we call commercial, and public sector were the stars of the quarter. But we continue to expand into enterprise and large enterprise, which was a process that we started a little over 3 years ago. My expectations is that we'll continue to optimize each of those market segments and our business model to support each of those market segments as we go forward.

好吧，我認為我們會繼續在各個方面進行擴展。沒有——本季度，商業，我們所說的商業和公共部門是本季度的明星。但我們繼續擴展到企業和大型企業，這是我們在 3 年多前開始的一個過程。我的期望是，我們將繼續優化每個細分市場和我們的業務模式，以支持我們前進的每個細分市場。

But my expectations, over the longer term, is that the percentage of enterprise in our sales will continue to increase, simply because we started out as a commercial player, and enterprise was something that we had to grow into. And our brand is continuing to build among those enterprise players.

但從長遠來看，我的期望是，企業在我們的銷售額中所佔的百分比將繼續增加，這僅僅是因為我們最初是作為商業參與者，而企業是我們必須成長的東西。我們的品牌將繼續在這些企業參與者中建立。

So on a longer-term basis, I'd expect the percentage of our sales in enterprise, and frankly, cloud, to continue to increase not because of any lack of success in commercial and pub sec just because of the size of those markets in general.

因此，從長遠來看，我預計我們在企業（坦率地說，雲）中的銷售額百分比將繼續增加，這不僅僅是因為這些市場的規模在商業和 pub sec 方面缺乏成功一般的。

Yes. And Simon, I think -- this is Kevan. I'd add on just a little bit more in terms of the traction we're getting with new business and new customers. And we saw some meaningful contribution to revenue from new customers across all customer segments this quarter, which was definitely a plus.

是的。西蒙，我想——這是凱文。關於我們對新業務和新客戶的吸引力，我想再補充一點。我們看到本季度所有客戶群的新客戶對收入做出了有意義的貢獻，這絕對是一個加分項。

And just as a quick follow-up. Your architecture, which is basically leveraging raw NAND rather than buying solid-state drives, could you talk about whether you're seeing some benefit from maybe lower prices in the marketplace for that raw NAND because of weakness in verticals like PCs or smartphones? How much sort of shifting of production capacity and trends are you seeing? Even though there may be different products, is there any flexibility or fungibility of the manufacturing that is benefiting you?

就像快速跟進一樣。您的架構基本上是利用原始 NAND 而不是購買固態驅動器，您能否談談由於 PC 或智能手機等垂直行業的疲軟，您是否從原始 NAND 市場的較低價格中看到了一些好處？您看到了多少產能和趨勢的轉變？即使可能有不同的產品，製造的靈活性或可替代性是否有利於您？

Well, Simon, this is something that's been a hallmark for Pure since almost the very beginning, since -- ever since we started building our own digital flash modules, which is that we have a wide variety of suppliers for the raw NAND. We're able to leverage different levels of quality of that raw NAND without affecting the quality that we deliver to our customers. And that gives us a large degree of freedom in terms of the costs that we pay for the NAND as well as choice of supply.

好吧，Simon，這幾乎是 Pure 的標誌，從一開始，自從我們開始構建自己的數字閃存模塊以來，我們就有各種各樣的原始 NAND 供應商。我們能夠利用原始 NAND 的不同質量水平，而不會影響我們向客戶提供的質量。這讓我們在為 NAND 支付的成本以及供應選擇方面擁有很大的自由度。

And it also tends to allow us to be able to take advantage of price declines on the NAND market faster than the rest of the competition. So yes, it's given -- and lastly, what I'll mention is that it's also given this sort of tremendous energy advantage because we make better use of the flash, which allows us to produce products that require far less power than the competition. But I'm going to invite our CTO, Rob, to chime in.

它還使我們能夠比其他競爭對手更快地利用 NAND 市場的價格下跌。所以是的，它是給定的——最後，我要提到的是，它還具有這種巨大的能源優勢，因為我們更好地利用了閃光燈，這使我們能夠生產出比競爭對手需要的電力少得多的產品。但我將邀請我們的首席技術官 Rob 加入。

Yes, Simon, just to add a couple of things there. Like Charlie said, the DirectFlash technology definitely opens up a much broader menu of NAND options for us to go and evaluate and incorporate into the products. We do drive a significant amount of efficiency, more efficiency than others would be able to achieve through SSDs out of our DirectFlash technology.

是的，Simon，我只是想在其中添加一些內容。正如查理所說，DirectFlash 技術無疑為我們打開了一個更廣泛的 NAND 選項菜單，供我們去評估和整合到產品中。我們確實提高了效率，比其他人通過我們的 DirectFlash 技術通過 SSD 能夠實現的效率更高。

The other thing I would point out is that now with the introduction of FlashBlade//S, as we've gone over the years and standardized our technology on the same DirectFlash Modules across the entire platform, we're going to realize some pretty significant benefits from this.

我要指出的另一件事是，現在隨著 FlashBlade//S 的推出，隨著我們多年來在整個平台上的相同 DirectFlash 模塊上標準化我們的技術，我們將實現一些非常重要的從中受益。

One is certainly the kind of scale and leverage that we have in terms of the development of the technology. But then number two, this is also going to allow us to move a bit more nimbly and intentionally, even more so than we do today, as we navigate future NAND parts and generation. So net-net, it's a significant advantage for us all around.

一個當然是我們在技術開發方面擁有的那種規模和影響力。但是第二點，這也將使我們能夠更加靈活和有意識地移動，甚至比我們今天做的更多，因為我們在未來的 NAND 部件和一代中導航。所以net-net，對我們所有人來說都是一個顯著的優勢。

Our next question comes from Shannon Cross from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

Charlie, can you take a step back and talk about your thoughts regarding margin? And you obviously have a very leverageable model where revenue growth sort of flows through very quickly and drive the higher operating margin. But I'm wondering how you think about investments in the business to continue to drive the strong revenue growth versus trying to increase your cash flow or, over time, see the operating margin go up as it is because clearly, you have a good product that's well received that I don't know if you could invest even more, maybe you could either accelerate or at least continue the rapid revenue growth, and then I have a follow-up.

查理，你能退後一步談談你對保證金的看法嗎？而且你顯然有一個非常具有槓桿作用的模型，其中收入增長很快就會流過，並推動更高的營業利潤率。但我想知道你如何看待業務投資以繼續推動強勁的收入增長，而不是試圖增加你的現金流，或者隨著時間的推移，看到營業利潤率上升，因為很明顯，你有一個好的產品這很受歡迎，我不知道你是否可以投資更多，也許你可以加速或至少繼續快速的收入增長，然後我有一個跟進。

Yes. Thank you, Sharon (sic) [Shannon]. We're actually always looking at this in terms of pricing and growth. Frankly, we believe we provide a very high-value product, and we do get a return. We think we get a premium of 10% or more, in general, in the market for the product and the value that we deliver in our product. I would say that we're generally fairly happy with the margins in the range -- the product margin in the range, where we've been over the last multiple quarters.

是的。謝謝你，莎朗（原文如此）[香農]。實際上，我們一直在從定價和增長的角度來看待這個問題。坦率地說，我們相信我們提供了非常高價值的產品，而且我們確實得到了回報。一般來說，我們認為我們在市場上獲得了 10% 或更多的產品溢價以及我們在產品中提供的價值。我想說的是，我們通常對該範圍內的利潤率相當滿意——該範圍內的產品利潤率，我們在過去的多個季度中一直在這個範圍內。

We think it gives us a lot of flexibility to be able to win deals, especially new customers. We do invest in winning new customers without a doubt. Existing customers over time really understand the total cost of ownership that we deliver and our -- and I think we receive the value accordingly. So I think we have the right balance of investment versus margin at this point. Kevan, do you want to add?

我們認為這為我們贏得交易提供了很大的靈活性，尤其是新客戶。毫無疑問，我們確實投資於贏得新客戶。隨著時間的推移，現有客戶真正了解我們提供的總擁有成本和我們的 - 我認為我們會相應地獲得價值。所以我認為在這一點上，我們在投資與保證金之間取得了適當的平衡。凱文，你要添加嗎？

Yes. Shannon, I think I'll add just a couple of things, right? So when we think about the full year from an investment standpoint, and we're talking about 20% in terms of additional operating expense investment. And when we entered the year, we were very much committed to disciplined investment as well as addressing some of the inflationary impacts we were seeing. And those business objectives really haven't changed.

是的。香農，我想我會添加一些東西，對吧？因此，當我們從投資的角度考慮全年時，我們談論的是額外運營費用投資的 20%。當我們進入這一年時，我們非常致力於有紀律的投資以及解決我們所看到的一些通脹影響。這些業務目標確實沒有改變。

Now our talent team has done a wonderful job this quarter. We had some great success in hiring talent. We're not where we'd like to be, frankly, with our quota sellers, our quota-carrying sellers. And so that will be an area of focus for us in terms of hiring for the remainder of the year in investment. So we are expecting to see some higher investment levels really within our sales organization in the second half. And there's always some seasonality with our OpEx, especially in the fourth quarter as a result of our sales reps starting to earn their accelerators. So hopefully, that's helpful context for you.

現在我們的人才團隊在本季度做得非常出色。我們在招聘人才方面取得了一些巨大的成功。坦率地說，對於我們的配額賣家，我們的配額賣家來說，我們不是我們想要的。因此，就今年剩餘時間的投資招聘而言，這將是我們關注的一個領域。因此，我們預計下半年我們的銷售組織內會看到更高的投資水平。而且我們的運營支出總是存在一定的季節性，尤其是在第四季度，因為我們的銷售代表開始獲得他們的加速器。所以希望這對你有幫助。

Okay. Yes. And I'm sorry if I missed it, I don't think I did. Can you give us an update on the Meta relationships and opportunities with other hyperscalers?

好的。是的。如果我錯過了，我很抱歉，我想我沒有。您能否向我們介紹與其他超大規模企業的元關係和機會的最新情況？

Sure. Meta relationship continues. We did -- it wasn't terribly significant this quarter, although there were some shipments, and we continue to make progress, slow and steady, with other hyperscalers. Obviously, you'll be the first to hear when -- assuming that we actually are able to solidify something solid.

當然。元關係繼續。我們做到了——儘管有一些出貨量，但本季度的影響並不大，而且我們繼續與其他超大規模生產商一起取得進展，緩慢而穩定。顯然，您將是第一個聽到的消息——假設我們實際上能夠固化一些堅固的東西。

Our next question comes from Tim Long from Barclays.

我們的下一個問題來自巴克萊的 Tim Long。

Two questions, if I could. First, on the subscription services side, another strong quarter. It sounds like some of the new platforms are really working. Maybe just give us a sense as you kind of transition some of the solutions towards more subscription, what are the pushbacks and what do the customers like about that?

兩個問題，如果可以的話。首先，在訂閱服務方面，又是一個強勁的季度。聽起來一些新平台確實有效。當您將一些解決方案轉向更多訂閱時，也許只是給我們一種感覺，有哪些阻力以及客戶對此有何喜歡？

And then secondly, I did want to follow up [because, as said before], you had a pretty nice win with a large telco customer, I think, for 5G. So just update us on that larger deal. And also similar to the last question, are there any other large opportunities that seems like it could be a nice, large, new TAM for you guys to go after?

其次，我確實想跟進 [因為，如前所述]，我認為您在 5G 方面與大型電信客戶取得了相當不錯的勝利。因此，只需向我們更新那筆更大的交易。並且與最後一個問題類似，是否還有其他大型機會看起來可能是一個不錯的、大型的、新的 TAM 供你們追求？

Absolutely. Well, the numbers, I think, on the subscription side pretty much speak for themselves. I'd say the largest hurdle that we have with customers is just that it's a very new way to buy. And it may very well be that other parts of their data center build, they build with CapEx. So it's a bit different from that standpoint. So I would say it is largely the fact that it's new and different is the largest hurdle.

絕對地。好吧，我認為訂閱方面的數字幾乎不言自明。我想說，我們對客戶的最大障礙就是它是一種非常新的購買方式。很可能他們的數據中心的其他部分是用資本支出構建的。所以從這個角度來看有點不同。所以我想說，最大的障礙是它是新的和不同的。

In terms of the terms of the service capability -- no, one additional one actually is the channel. It's also a new way for the channel to sell. And of course, the economics, like any company going through a CapEx to OpEx transition, it takes time for them to adjust how they pay their sellers and for their sellers to adjust as well. So I would say, in general, it's just the newness of the OpEx model versus CapEx, both with customers and the channel that is probably the biggest hurdles. But we are seeing steady -- as you can see, steady growth and steady interest in it.

就服務能力而言——不，實際上是增加了一個通道。這也是渠道銷售的一種新方式。當然，經濟學，就像任何一家經歷資本支出到運營支出過渡的公司一樣，他們需要時間來調整他們支付給賣家的方式以及他們的賣家也需要時間來調整。所以我想說，總的來說，這只是運營支出模型與資本支出相比的新奇，無論是客戶還是渠道，這可能是最大的障礙。但我們看到的是穩定的——正如你所看到的，穩定的增長和對它的穩定興趣。

Two additional things I'd add to that, Tim, and maybe Charlie or Rob, you can jump in. But the expansion of Evergreen with Flex, I think that's going to be a big opportunity for us. Early days at this point. But then even more so with FlashBlade//S and the additional features now with Evergreen that we've enabled, I think, is going to be pretty powerful as well. And I don't know if you want to add some commentary on that.

我還要補充兩點，Tim，也許還有 Charlie 或 Rob，你可以加入。但是 Evergreen 與 Flex 的擴展，我認為這對我們來說將是一個巨大的機會。在這一點上的早期。但更是如此，FlashBlade//S 以及我們現在啟用的 Evergreen 的附加功能，我認為，也將非常強大。我不知道您是否想對此添加一些評論。

Yes, absolutely. This is Rob. Let me add to that. So I think one of the biggest impacts that we have with S, Charlie talked about in his prepared remarks significant step forward in performance capacity density, lowering of power consumption. That's all true. One of the biggest other impacts that we haven't covered yet is the additional flexibility that we've introduced to the platform.

是的，一點沒錯。這是羅布。讓我補充一下。因此，我認為我們對 S 產生的最大影響之一，查理在他準備好的講話中談到，在性能容量密度、降低功耗方面邁出了重要的一步。這都是真的。我們尚未涵蓋的其他最大影響之一是我們為平台引入的額外靈活性。

By separating the compute and the storage elements, not only have we allowed customers to configure that really family of products at this point for different performance and capacity levels on day 1, but we've also now opened up the path for that customer as they evolve to grow independently performance or capacity as they need.

通過分離計算和存儲元素，我們不僅允許客戶在這一點上配置真正的產品系列以在第一天獲得不同的性能和容量水平，而且我們現在還為該客戶開闢了道路，因為他們發展以根據需要獨立增長性能或容量。

And that flexibility now allows us to introduce the full benefits of Evergreen//Forever to FlashBlade. And so we look at that as definitely going to be a tailwind as we look forward.

現在，這種靈活性使我們能夠將 Evergreen//Forever 的全部優勢引入 FlashBlade。因此，我們認為這肯定會像我們期待的那樣順風順水。

On the 5G question, that -- as you may know, we've already made shipments against the account. They're being deployed. The commentary that we're receiving back from the customer is excellent. So I expect more of the same in the future. But it does tend to be ordered in -- ordered episodically as they build out.

關於 5G 問題，您可能知道，我們已經根據該帳戶發貨。他們正在部署。我們從客戶那裡收到的評論非常好。因此，我希望將來會有更多相同的情況。但它確實傾向於按順序排列——隨著它們的擴展，按情節排列。

Our next question comes from Krish Sankar from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

And Charlie and Kevan, congrats on executing really well in a very tough environment. So kudos you and your team. Charlie, my first question is, to the extent you can talk about it, how should we think about enterprise demand beyond the January quarter? I know it's still early, but the main concern with investors seems to be that storage could be the next shoe to drop. So I'm kind of wondering what you're hearing from your customer base about their IT spend budget for next year. And then I have a follow-up for Kevan on operating margins.

查理和凱文，恭喜他們在非常艱難的環境中表現出色。所以讚美你和你的團隊。查理，我的第一個問題是，在您可以談論的範圍內，我們應該如何考慮 1 月季度之後的企業需求？我知道現在還為時過早，但投資者的主要擔憂似乎是存儲可能是下一個要跌的鞋。所以我有點想知道您從客戶群那裡聽到的關於他們明年的 IT 支出預算的信息。然後我對凱文的營業利潤率進行了跟進。

Well, that's a tough question. I'll pull out my crystal ball. What we're generally hearing is -- from the enterprise customers is general optimism around the IT budget. Meaning, that they also see the questions around the economy, questions around recession. And I don't think we can answer this question uniformly around the world. I think Europe and in particular, the U.K., is different from Asia Pac and different from the U.S.

嗯，這是一個棘手的問題。我會拿出我的水晶球。我們通常聽到的是——來自企業客戶對 IT 預算的普遍樂觀態度。這意味著，他們也看到了圍繞經濟的問題，圍繞經濟衰退的問題。而且我認為我們無法在全球範圍內統一回答這個問題。我認為歐洲，尤其是英國，不同於亞太地區，也不同於美國。

But in the U.S., I think general optimism that with digital transformation and the need for companies to really be able to compete in the new world that they have to continue investing in their IT environment. Data is the core of that, being able to leverage their data. And so data infrastructure is important. So we're seeing general optimism there.

但在美國，我認為普遍樂觀的是，隨著數字化轉型以及公司需要真正能夠在新世界中競爭，他們必須繼續投資於其 IT 環境。數據是其中的核心，能夠利用他們的數據。所以數據基礎設施很重要。因此，我們在那裡看到了普遍的樂觀情緒。

I think Europe is going through somewhat different challenges with energy pricing and inflation. And that could be affected a bit more. And then Asia Pac is a tale of many different countries. But I'm expecting Asia Pac, absent some kind of geopolitical issue, to continue to be a strong growth engine for us.

我認為歐洲在能源定價和通貨膨脹方面正在經歷一些不同的挑戰。這可能會受到更多影響。然後亞太地區是許多不同國家的故事。但我預計，在沒有某種地緣政治問題的情況下，亞太地區將繼續成為我們強勁的增長引擎。

Got it. Very helpful. And then a follow-up for Kevan on the operating margin. And congrats on raising the op margin guidance from 12% to 14%. I'm just kind of curious to figure out what are the key drivers for it. I'm just trying to understand the sustainability of an operating margin. And Kevan, if I can extend this question a little further. If hypothetically speaking, revenues are up 10% next year, how will op margins look? And conversely, if revenues were down 10% next year, how will op margin look?

知道了。非常有幫助。然後是 Kevan 關於營業利潤率的後續行動。並祝賀您將運營利潤率指導從 12% 提高到 14%。我只是想弄清楚它的關鍵驅動因素是什麼。我只是想了解營業利潤率的可持續性。還有凱文，如果我可以進一步擴展這個問題。如果假設性地說，明年收入增長 10%，那麼運營利潤率會如何？相反，如果明年收入下降 10%，運營利潤率會如何？

Yes. Thanks, Krish. I mean, let's first talk about the performance around op margins, which yes, we're very pleased with. And again, when we think about our strategy and business objectives, it's really about growing our top line and balancing that with increasing profitability in a sustainable way. And we're doing that, and we feel very comfortable with that. This year is a fine example of being able to grow both our top line while seeing some expansion in terms of our operating margin.

是的。謝謝，克里什。我的意思是，讓我們首先談談運營利潤率方面的表現，是的，我們對此感到非常滿意。再一次，當我們考慮我們的戰略和業務目標時，它實際上是關於增加我們的收入並以可持續的方式增加盈利能力。我們正在這樣做，我們對此感到非常自在。今年是一個很好的例子，既能增長我們的收入，又能看到我們的營業利潤率有所增長。

And we believe that's sustainable as we look out beyond this year. And we've got a track record of that, and it's not without investing heavily. I view a 20% increase in investment this year, very healthy, and we're really driving that across our innovation with our engineers. I've talked a little bit about our sellers. We've got more work to do to invest in our selling organization, and we look forward to doing that in the second half. And then on scale and infrastructure, we're doing a nice job continuing to invest in that area. And so without getting into details beyond this year, I would just say that I have a lot of confidence that it's sustainable.

我們相信，隨著我們展望今年以後，這是可持續的。我們有這方面的記錄，而且並非沒有大量投資。我認為今年的投資增長了 20%，非常健康，我們正在與我們的工程師一起在創新中推動這一點。我已經談到了我們的賣家。我們還有更多的工作要做來投資我們的銷售組織，我們期待在下半年這樣做。然後在規模和基礎設施方面，我們在繼續投資該領域做得很好。因此，在今年之後不談細節，我只想說我很有信心它是可持續的。

Our next question comes from Nehal Chokshi from Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Yes. Great quarter and really very impressive guidance given the trends that everybody is citing. I'm not going to beat that dead horse. Clearly a very strong pipeline that you have. A couple of quick things, though. Dollar-based net revenue retention rate on your ARR, you did give some color a couple of quarters ago that was a 120-plus percent. Has there been any material change on that?

是的。鑑於每個人都引用的趨勢，很棒的季度和非常令人印象深刻的指導。我不會打敗那匹死馬。顯然，您擁有一個非常強大的管道。不過，有一些快速的事情。您的 ARR 上基於美元的淨收入保留率，您確實在幾個季度前給出了一些顏色，即 120% 以上。是否有任何實質性變化？

High level, no material change, and we update that, Nehal, once a year.

高水平，沒有實質性變化，我們每年更新一次，Nehal。

Okay. Great. And then I do want to double click on the sales hiring environment. It does seem like things are improving, but your sales hiring has not improved in material way yet. Why is that? And why do you expect that to be able to improve going forward?

好的。偉大的。然後我確實想雙擊銷售招聘環境。看起來情況正在好轉，但你的銷售招聘並沒有實質性的改善。這是為什麼？為什麼你希望它能夠在未來有所改善？

Well, I think our sales hiring has improved, but we're continuing to scale. And we are a bit behind. No doubt, we're a bit behind where we'd like to be or behind plan. But we caught up quite a bit in Q1 to where plan had been. So we're narrowing that delta, if you will, between where we are in plan. I do agree with you. I think the environment is getting a bit better on the sales hiring side.

好吧，我認為我們的銷售招聘有所改善，但我們正在繼續擴大規模。我們有點落後。毫無疑問，我們有點落後於我們想要達到的目標或落後於計劃。但我們在第一季度趕上了相當多的計劃。因此，如果您願意的話，我們正在縮小我們計劃範圍之間的增量。我同意你的意見。我認為銷售招聘方面的環境正在變得更好。

Okay. And then finally, just a follow-up to that is that clearly, you've been putting up very strong results that imply that your sales productivity has been improving massively. Is there room for further sales productivity improvements here?

好的。最後，只是對此的跟進很明顯，您已經提出了非常強勁的結果，這意味著您的銷售效率已經大大提高。這裡有進一步提高銷售效率的空間嗎？

Short answer is absolutely. I think we still have a ways to go to become best-in-class there, and we have plans in place, too, that we think are the elements that will allow us to continue to improve sales productivity.

簡短的回答是絕對的。我認為我們還有很長的路要走，成為那裡的一流企業，我們也制定了計劃，我們認為這些計劃將使我們能夠繼續提高銷售效率。

Our next question comes from David Vogt from UBS.

我們的下一個問題來自瑞銀的 David Vogt。

If we just kind of go back to the -- can you guys hear me?

如果我們回到過去——你們能聽到我的聲音嗎？

Yes, we can hear you. Go ahead, David.

是的，我們可以聽到你的聲音。去吧，大衛。

He can't hear us, though.

不過，他聽不到我們的聲音。

(technical difficulty)

（技術難度）

Guys, I'm here. I just got static. Can you guys hear me?

伙計們，我來了。我剛得到靜電。你們能聽到我嗎？

Okay, good. Yes, we can hear you, David. Go ahead.

好的。是的，我們可以聽到你的聲音，大衛。前進。

So just want to go back to the macro and the conversation around elongated sales cycles. When you talk to customers, are you seeing any -- again, it just cut out.

所以只想回到宏觀和圍繞延長銷售週期的對話。當您與客戶交談時，您是否看到任何 - 再次，它只是被切斷了。

Please go ahead, David.

請繼續，大衛。

Yes, let's move on. And let's move on to Amit, if we can.

是的，讓我們繼續。如果可以的話，讓我們繼續討論 Amit。

Our next question comes from Amit Daryanani from Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess the first question I have is, you beat July quarter by about $12 million versus what you folks initially said. But you're raising the full year by like $90 million or so. So you're clearly thinking of the back half expectations up a fair bit beyond just the beat. And despite, Charlie, all the macro commentary you had, I'd love to sort of understand what are the levers of the upside you're seeing. Is it better share gains? Is it more of the hyperscaler Meta ramps that are happening? Or it's something else? I'd love to just understand what's enabling you to wave your numbers well above and beyond what you've (inaudible).

我想我的第一個問題是，與你們最初所說的相比，您比 7 月季度多出約 1200 萬美元。但是你全年將增加大約 9000 萬美元。因此，您顯然認為後半部分的期望值超出了節拍。儘管查理，你有所有的宏觀評論，我很想了解你所看到的上行槓桿是什麼。分享收益更好嗎？是否正在發生更多的超大規模 Meta 坡道？或者是別的什麼？我很想了解是什麼使您能夠將您的數字遠遠超出您所擁有的（聽不清）。

Yes. I'll start, and I'm going to invite Kevan to join in. We do a very bottoms up fundamental analysis of everything from pipeline to deal to the field forecasts and so forth, and it's really based on that. So if I were to up-level it towards more of the macro, I would say, yes, it's continued share gains. And as I might have mentioned earlier in this call, we are still roughly a $2.5 billion, $2.75 billion, knock on wood, vendor in a $50 billion market. Our opportunity is based on gaining share and less on the overall size of the market at any particular time. So Kevan, do you want to...

是的。我將開始，我將邀請 Kevan 加入。我們對從管道到交易到現場預測等所有內容進行了非常自下而上的基本分析，它確實基於此。因此，如果我將其升級為更多宏觀，我會說，是的，它是持續的份額增長。正如我在本次電話會議前面提到的那樣，我們仍然是大約 25 億美元、27.5 億美元的敲門磚，是 500 億美元市場中的供應商。我們的機會是基於在任何特定時間獲得份額，而不是基於市場的整體規模。所以凱文，你想...

Yes. Amit, I think I'd add a little bit here. So we continue to have relatively good visibility beyond just 1 quarter out. I think our sales leadership team has done a really nice job focusing on demand gen and pipeline beyond 1 quarter. The sales team has really got a good pulse on the business right now around our pipeline, our opportunities, ability to convert, what that looks like.

是的。阿米特，我想我會在這裡補充一點。因此，我們在僅僅 1 個季度之後繼續保持相對較好的能見度。我認為我們的銷售領導團隊在 1 季度之後專注於需求生成和管道方面做得非常好。銷售團隊現在對我們的管道、我們的機會、轉化能力以及它的樣子有了很好的把握。

That, in combination with our track record, both with our existing customers and be able to expand within our existing customers as well as the continued traction we're seeing with the new business, this is just really how the second half shapes out based on what we saw exiting Q2 and looking out to Q3 and the rest of the year. So hopefully, that's helpful for you.

結合我們現有客戶的往績記錄，以及能夠在現有客戶中擴展的能力，以及我們在新業務中看到的持續牽引力，這就是下半年的實際情況我們在第二季度看到的情況以及對第三季度和今年剩餘時間的展望。所以希望這對你有幫助。

That is super helpful. And I know there's a bunch of moving parts over here. Kevan, I guess, from your perspective, I think the question that folks will probably have is, in the back half of the year, you're sort of implying low double-digit kind of top line growth versus the 40% at least in the first half. I know there are a few moving parts that compare to that (inaudible). But maybe just help contextualize what's driving the deceleration in the back half versus the first half?

這非常有幫助。我知道這裡有一堆活動部件。凱文，我想，從你的角度來看，我認為人們可能會遇到的問題是，在今年下半年，你在某種程度上暗示著兩位數的低收入增長，而至少在 40%上半場。我知道有一些活動部件可以與之相比（聽不清）。但也許只是有助於了解是什麼推動了後半場與上半場的減速？

Yes, it's a great question. And obviously, we've had a fantastic first half and leading to raising our annual guidance to 26% year-over-year. But you're right, as we think about growth in the second half, there's a few things to be thinking about and a few factors to keep in mind here.

是的，這是一個很好的問題。顯然，我們上半年表現出色，並將我們的年度指導提高到 26%。但你是對的，當我們考慮下半年的增長時，有一些事情需要考慮，還有一些因素需要牢記。

One is that the second half is impacted by seasonality of that deal we mentioned previously around $60 million. There's actually a couple of deals that we delivered in Q1, really contemplated for second half. And so that's going to impact second half growth by approximately 6 points. So that's important to consider.

一是下半年受到我們之前提到的約 6000 萬美元交易的季節性影響。實際上，我們在第一季度交付了幾筆交易，真正考慮到了下半年。因此，這將對下半年的增長產生大約 6 個百分點的影響。所以這很重要。

I think the next factor to consider is our comps are getting much tougher in the second half due to the substantial growth and the additional week we had last year. Just a reminder, in terms of our growth last year, in Q3 and Q4, were 37% and 41%, respectively, which was just outstanding.

我認為下一個要考慮的因素是，由於去年的大幅增長和額外的一周，我們的比賽在下半年變得更加艱難。提醒一下，就我們去年的增長而言，第三季度和第四季度分別為 37% 和 41%，這非常出色。

And then lastly, as we mentioned, we're navigating some incremental headwinds as we think about the elongation of the sales cycle, but we've contemplated that in our guide. So that, with FX, I feel pretty good in terms of how we're looking in terms of second half growth.

最後，正如我們所提到的，當我們考慮延長銷售週期時，我們正在克服一些增量逆風，但我們已經在我們的指南中考慮到了這一點。因此，對於 FX，我對下半年增長的看法感覺非常好。

Congrats on a great quarter.

祝賀一個偉大的季度。

Our next question comes from Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Charlie, you mentioned it again on the call, but just wanted to get a sense of on the power consumption advantages that you guys have or just the kind of green energy angle, where or what type of customer type is that having the most success with? You mentioned Europe last quarter. Is it having any increase prevalence or acceptance with cloud customers?

偉大的。查理，你在電話中再次提到它，但只是想了解你們擁有的功耗優勢，或者只是那種綠色能源角度，在哪里或哪種類型的客戶類型是最成功的?你上個季度提到了歐洲。它在雲客戶中的流行度或接受度是否有所提高？

And then maybe second, you guys have clearly talked about a little bit of elongation of deal cycles. Just wondering if there is any difference in deal types, whether you're seeing customers want to move more towards Evergreen or kind of pay as you grow versus kind of whatever purchasing model they were looking at before? Have we seen any changes in what type of purchasing they're looking to make?

然後也許是第二個，你們已經清楚地談到了交易週期的一點點延長。只是想知道交易類型是否有任何區別，您是否看到客戶希望更多地轉向 Evergreen 或隨著您的成長而支付的某種薪酬與他們之前所關注的任何購買模式？我們是否看到他們希望進行的採購類型有任何變化？

Yes. Great. Thanks, Meta. On the energy side, there are several different customer types that are focused on energy. One, I would say our large reporting companies that are now needing to report on their own ESG environment, and that's been pushed down into their data center operations, which tends to be a very large part of their energy utilization.

是的。偉大的。謝謝，梅塔。在能源方面，有幾種不同的客戶類型專注於能源。一，我想說我們的大型報告公司現在需要報告他們自己的 ESG 環境，這已經被推到他們的數據中心運營中，這往往是他們能源利用的很大一部分。

The second, I would say, is countries now with energy insecurity. So that covers a lot of Europe right now. It's not just the price of energy that's causing them to take a look at their energy bills and so forth. It's now also the availability of energy, making them quite nervous about how much energy their entire environment takes up. But certainly, a big part of that, again, is in their data center.

第二個，我想說的是現在能源不安全的國家。所以現在涵蓋了很多歐洲。導致他們查看能源賬單等的不僅僅是能源價格。現在也是能源的可用性，使他們對整個環境佔用多少能源感到非常緊張。但可以肯定的是，其中很大一部分還是在他們的數據中心。

And then third, I'd say, it's government. Government worldwide, governments worldwide now are very focused on energy reduction, and so we're seeing a lot of it there. In Japan, it was palpable, and it also fits, if you will, the Japanese ethic for smaller, more compact, more efficient, more reliable capabilities, which we fit really quite perfectly. So I'd say the energy sensitivity is large and growing, probably not surprising to this audience, larger internationally currently than it is in the U.S., but growing in the U.S. as well.

然後第三個，我會說，是政府。全世界的政府，現在全世界的政府都非常關注節能減排，所以我們在那裡看到了很多。在日本，這是顯而易見的，而且如果你願意的話，它也符合日本關於更小、更緊湊、更高效、更可靠的能力的倫理道德，我們非常適合。所以我想說能源敏感性很大並且在不斷增長，這對這些觀眾來說可能並不奇怪，目前在國際上比在美國更大，但在美國也在增長。

On the deal cycle standpoint. We started to see it earlier. I'd say starting around mid-quarter, we started to see it and then it increased through the quarter. The deal cycles were just taking another week or two. Generally, all those deals closed. So it wasn't a demand issue. And so far, the approvals are still going through, but there definitely was, on average, a lengthening of the deal process.

從交易週期的角度來看。我們很早就開始看到它。我會說從季度中期開始，我們開始看到它，然後在整個季度增加。交易週期只需要一兩個星期。一般來說，所有這些交易都完成了。所以這不是需求問題。到目前為止，批准仍在進行中，但平均而言，交易過程肯定會延長。

And I would say -- this is Kevan. I'd add a couple of things. I think the elongation, I'd really point that more to the enterprise, larger enterprise segment. We didn't see a lot of that, frankly, on the commercial and pub sec side. So I think that's an important clarification.

我會說——這是凱文。我要補充幾件事。我認為延伸，我真的會更多地指向企業，更大的企業領域。坦率地說，在商業和酒吧方面，我們並沒有看到很多這樣的情況。所以我認為這是一個重要的澄清。

I think the other thing you had asked, which we absolutely are seeing and we're well positioned for, is our customers looking for more flexibility in how they structure their deals. And I would say absolutely. And I think our timing of Evergreen//Flex bringing another option for customers and how they might want to consume our technology and solutions is really resonating. But we are having a fair amount of conversations with our customers around flexibility.

我認為你問的另一件事，我們絕對看到並且我們處於有利位置，是我們的客戶在他們如何構建交易時尋求更大的靈活性。我會說絕對。我認為 Evergreen//Flex 為客戶帶來另一種選擇的時機以及他們可能希望如何使用我們的技術和解決方案確實引起了共鳴。但我們正在與客戶就靈活性進行大量對話。

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

我們的下一個問題來自美國銀行的Wamsi Mohan。

Congrats on the solid results. If we look at your guidance here, it sort of implies product revenue grow about 20% or a little bit higher. And when we look at your long-term model, that really implies software or subscription growing at 30% plus and becoming more than 50% of revenues. So as we look into next year and further out, should we be thinking that product meaningfully decelerates? Or is a 20% product revenue growth sustainable from share gains? Then I have a follow-up.

恭喜您取得了可靠的結果。如果我們在這裡查看您的指導，這在某種程度上意味著產品收入增長約 20% 或更高一點。當我們查看您的長期模型時，這實際上意味著軟件或訂閱增長 30% 以上，並成為收入的 50% 以上。所以當我們展望明年和更遠的時候，我們是否應該認為產品會有意義地減速？或者 20% 的產品收入增長能否從股票收益中持續？然後我有一個跟進。

Yes. My opinion, Wamsi, is that product growth will continue. Again, we're still a relatively small player in a very large market. And so share gains continue to be a major growth item for us or growth sector. Plus there's the option or the opportunity to start selling more into the hyperscale environment, the top 10 hyperscalers. And if each one of those that gets cracked really would be a meaningful revenue accelerant on the product side. So no, we're looking at both as meaningful growth vectors for us.

是的。我認為，Wamsi，產品增長將繼續。同樣，在一個非常大的市場中，我們仍然是一個相對較小的參與者。因此，股票收益繼續成為我們或增長部門的主要增長項目。此外，還有開始向超大規模環境（前 10 名超大規模企業）銷售更多產品的選項或機會。如果每一個被破解的產品真的會成為產品方面有意義的收入促進劑。所以不，我們將兩者都視為對我們有意義的增長載體。

Okay. And then if we think about your operating margin performance in the quarter, relative to your expectation, you got a $12 million top line beat, but you had a multiple [on top of your] operating income dollar delta on your beat. And I'm just wondering if there was anything that you would call out specifically around the operating margin performance.

好的。然後，如果我們考慮您在本季度的營業利潤率表現，相對於您的預期，您獲得了 1200 萬美元的收入，但您的營業收入美元增量為倍數。我只是想知道您是否會特別針對營業利潤率表現提出任何意見。

And as we look at the back half of the year, I know the revenue growth is decelerating, but generally speaking, like when you think about the margin profile there, anything you can help us to bridge the sequential margins, that would be helpful.

當我們回顧今年下半年時，我知道收入增長正在減速，但一般來說，當你考慮那裡的利潤率概況時，任何你能幫助我們彌合連續利潤率的事情都會有幫助。

Yes. Thanks, Wamsi. I think the primary factor I probably want to highlight around our investments for the second half. And then overall, when we think about our operating expenses for the year and the growth is really around continuing to invest in our sellers. And we've mentioned that before. But that is an area where, for Q2, arguably, I would have liked to have been further along in terms of where we are with our investment profile on the sales side with our sellers. But we'll make that up. I feel confident on that, and we'll see that through our investments as you look at the second half.

是的。謝謝，萬西。我認為我可能想強調的主要因素是我們下半年的投資。然後總體而言，當我們考慮今年的運營費用時，增長實際上是圍繞繼續投資於我們的賣家。我們之前已經提到過。但這是一個領域，對於第二季度，可以說，就我們在銷售方面的投資概況與我們的賣家而言，我希望能走得更遠。但我們會彌補的。我對此充滿信心，當你看到下半年時，我們將通過我們的投資看到這一點。

Our next question comes from Matt Sheerin from Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

I had a follow-up, Charlie, on your comments regarding customer expansion in addition to the new logo adds. Can you comment on the progress you're seeing in increasing spend within existing customers, particularly large enterprises due to the expanding products and services within your portfolio and the opportunity for that going forward?

除了添加新徽標外，查理，我對您關於客戶擴展的評論進行了跟進。您能否評論一下您在現有客戶中看到的增加支出的進展，特別是由於您的產品組合中不斷擴大的產品和服務以及未來的機會而導致的大型企業？

Absolutely. That is another major growth vector for us, is simply the number of large enterprise logos that we have, I think it kind of hides a big opportunity for us in that our wallet share on average in those large enterprises is still relatively small. I mean, obviously, there are a handful of them where we are the majority of their spend in the storage area. But for the vast majority of those enterprise logos, we still have a lot of opportunity ahead of us.

絕對地。這對我們來說是另一個主要的增長向量，僅僅是我們擁有的大型企業徽標的數量，我認為這對我們來說隱藏了一個很大的機會，因為我們在這些大型企業中的平均錢包份額仍然相對較小。我的意思是，很明顯，我們是他們在存儲區域花費的主要部分。但是對於絕大多數企業標識來說，我們面前還有很多機會。

And frankly, with our customers, to know us is to love us. Their experience with Pure is very, very good. And because of that, we get, I think, exceptional opportunities every time another one of their storage properties comes up for renewal. So it is a major area of growth for us, and I expect that to continue to pay dividends for quite some time.

坦率地說，與我們的客戶一起，了解我們就是愛我們。他們對 Pure 的體驗非常非常好。正因為如此，我認為，每當他們的另一個存儲屬性出現更新時，我們都會獲得非凡的機會。所以這對我們來說是一個主要的增長領域，我預計這將在相當長的一段時間內繼續派發紅利。

Okay. And just for my follow-up. Could you just comment on the supply environment? You really haven't called that out as an issue. Relative your competitors, I know you've got a smaller footprint in terms of components, and you've managed that very well. But any sort of hiccups or incremental pluses or minuses or negatives there?

好的。只是為了我的後續行動。你能評論一下供應環境嗎？你真的沒有把它當作一個問題。相對於你的競爭對手，我知道你在組件方面的足跡更小，而且你管理得很好。但是那裡有任何形式的打嗝或增量的優點或缺點或缺點嗎？

I would say that, in general and on average, the situation has ameliorated somewhat. That is, it's not quite -- it hasn't gotten worse. And in fact, if anything, it's gotten a little better. But it's very uneven. In other words, there are some components that have become much more widely available, shorter lead times, but many others that are still on allocation, and we still get decommits every now and then. So the number of decommits are down. Things are a little bit easier, but it's still -- I wouldn't say that we're out of the woods yet. That being said, we expect it to continue to improve.

我想說，總的來說，平均而言，情況有所改善。也就是說，它並不完全——它並沒有變得更糟。事實上，如果有的話，它已經好一點了。但是很不平衡。換句話說，有一些組件變得更廣泛可用，交貨時間更短，但還有許多其他組件仍在分配中，我們仍然不時地被淘汰。所以decommits的數量減少了。事情稍微容易了一點，但它仍然——我不會說我們已經走出困境。話雖如此，我們預計它會繼續改善。

Yes. And I think it's all about our confidence in our track record of delivering timely to our customers, which is so critical for them as they're kind of working through accelerating what they need to do from a digital transformation standpoint, and we don't see that changing. And again, the challenges we are having would be outside, obviously, of NAND and DRAM, to be clear as well.

是的。而且我認為這完全取決於我們對及時向客戶提供服務的記錄的信心，這對他們來說非常重要，因為他們正在努力從數字化轉型的角度加速他們需要做的事情，而我們沒有看到變化。同樣，我們面臨的挑戰顯然不在 NAND 和 DRAM 之外，這一點也很清楚。

Our next question comes from Jason Ader from William Blair.

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

This is Sebastien on for Jason. I just wanted to ask a little bit more about the Evergreen//Flex offering. What is sort of the target customer for that offering? And what has been the initial reaction from the channel or from customers that are looking to adopt it?

這是傑森的塞巴斯蒂安。我只是想問更多關於 Evergreen//Flex 產品的信息。該產品的目標客戶是什麼？渠道或希望採用它的客戶的最初反應是什麼？

Yes. Thanks. So Evergreen//Flex is really targeted at those customers that were open and interested in a subscription model that is a pay-as-you-go model, but whose internal financial philosophy was really based on CapEx. So you can think of, in some cases, managed service providers. You can think of a large enterprise, where I had mentioned on an earlier question, that there the model for the rest of their data center is CapEx. And they just couldn't make the full jump over to an OpEx model or at least not yet.

是的。謝謝。因此，Evergreen//Flex 真正針對的是那些開放且對按需付費模式的訂閱模式感興趣，但其內部財務理念真正基於資本支出的客戶。因此，在某些情況下，您可以想到託管服務提供商。您可以想到一個大型企業，我在之前的問題中提到過，他們的數據中心其餘部分的模型是資本支出。他們只是無法完全跳到運營支出模型，或者至少現在還沒有。

And this gives them the ability -- it gives them several things. One is it gives them the ability to buy on CapEx, but to really reserve a lot of their spending for when they actually start using the product. The second, and this one is more subtle and more important to many customers, Flex is really calculated on a full fleet environment across their entire environment rather than on an array by an array capability. And what that means is it gives them greater economics, more efficiency, and it gives them much greater flexibility, ergo, the name Flex, as they build out their data infrastructure. Rob, do you want to add?

這給了他們能力——它給了他們幾樣東西。一是它使他們能夠在資本支出上進行購買，但實際上可以為他們實際開始使用該產品時保留大量支出。第二個，這對許多客戶來說更微妙和更重要，Flex 實際上是在整個環境中的完整車隊環境上計算的，而不是在陣列能力的陣列上計算。這意味著它為他們提供了更大的經濟性、更高的效率，並為他們提供了更大的靈活性，因此，在他們構建數據基礎架構時，這就是 Flex 的名字。 Rob，你要添加嗎？

Yes, I just wanted to jump in and add here for a second. We introduced Flex at the same time that we rebranded and renamed some of our other subscription offerings to bring them all under the Evergreen umbrella. And that would be Evergreen//Forever, Flex and then Evergreen//One, formerly known as Pure as-a-Service. And one of the reasons that we did this is it really is a spectrum of ways that customers can get the benefits of the Evergreen architecture and the services we're able to deliver there.

是的，我只是想跳進去並在這裡添加一秒鐘。我們推出 Flex 的同時，我們重新命名並重命名了我們的其他一些訂閱產品，將它們全部歸入 Evergreen 旗下。那將是 Evergreen//Forever、Flex，然後是 Evergreen//One，以前稱為 Pure as-a-Service。我們這樣做的一個原因是，客戶可以通過一系列方式獲得 Evergreen 架構的好處以及我們能夠在那裡提供的服務。

And just to put this in perspective, right? We look at this as a spectrum all the way from one end where you've got, as Charlie mentioned, a more CapEx-oriented customer, more traditional hardware sale that's seeing the benefits of Evergreen through the Forever program, where those assets are being constantly modernized, hardware and software, non-disruptively, they get access to future evolution and growth without worry there.

只是為了正確看待這一點，對吧？正如查理提到的那樣，我們將其視為一個範圍，從一端開始，您將獲得一個更以資本支出為導向的客戶，更傳統的硬件銷售，通過 Forever 計劃看到 Evergreen 的好處，這些資產正在那裡不斷現代化，硬件和軟件，無中斷，他們可以無憂無慮地獲得未來的發展和增長。

On the other end of the spectrum, you've got customers that are fully bought into the cloud operating model, want to effectively turn the keys over to Pure to go and run and manage and say, "Hey, we just want to interact based on a performance SLA, a capacity basis with full consumption level flexibility."

另一方面，您的客戶完全接受了雲運營模式，希望有效地將密鑰交給 Pure 去運行和管理，然後說：“嘿，我們只是想基於交互基於性能 SLA，具有完全消耗級別靈活性的容量基礎。”

And then in the middle, you have customers that are more in the camp that Charlie was discussing, where either as a stepping stone to get to the full cloud operating model, they see the benefits of Flex owning us -- owning title to the hardware upfront, but seeing the benefits that Flex can offer in terms of flexibility to grow, evolve as well as redeploy assets across their fleet. And so what we really see with this enhanced and more, I would say, consolidated Evergreen family is introducing a variety of ways for customers to realize the benefits of the core architecture wherever they are on that journey to the cloud operating model.

然後在中間，你有更多的客戶在查理討論的陣營中，作為進入完整雲運營模式的墊腳石，他們看到了 Flex 擁有我們的好處——擁有硬件所有權前期，但看到 Flex 在靈活性方面可以提供的好處，以在其機隊中增長、發展以及重新部署資產。因此，我們真正看到的是這種增強型和更多整合的 Evergreen 家族正在為客戶引入各種方法，讓他們無論身處雲運營模式的旅程中，都能實現核心架構的好處。

Got it. That's really helpful. Maybe just a quick follow-up on that point. I guess now that you have sort of middle offering, is this going to be a big driver, you think, of new customer additions? Or was this something that existing customers were asking for and it's going to be a big driver of expansion within those accounts? Can you help me think about how you're thinking about those aspects?

知道了。這真的很有幫助。也許只是對這一點的快速跟進。我想現在你有某種中間產品，你認為這會成為增加新客戶的主要驅動力嗎？或者這是現有客戶所要求的，並且將成為這些客戶擴張的重要推動力？你能幫我想想你是如何考慮這些方面的嗎？

Yes. I really think it's both that certainly for existing customers that -- and we've reported this in the past that we're looking at Evergreen//One, but at the end, fell back to CapEx because of their unfamiliarity with that buying model. We think Evergreen//Flex now gives them that opportunity to get into a capacity-oriented subscription model. And secondly, no doubt, for customers that -- or for prospects that want to try Pure, but want to do so on an as-you-go basis, I think it can open up new opportunities for us.

是的。我真的認為對於現有客戶來說，這兩者肯定是 - 我們過去曾報導過我們正在關注 Evergreen//One，但最後，由於他們不熟悉這種購買模式，他們又回到了資本支出.我們認為 Evergreen//Flex 現在為他們提供了進入以容量為導向的訂閱模式的機會。其次，毫無疑問，對於那些想要嘗試 Pure 但想要在即用即用的基礎上這樣做的客戶或潛在客戶，我認為它可以為我們開闢新的機會。

Our next question comes from Tom Blakey from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

Couple of questions here. I think just listening to Rob talk about the change in products, I mean, going forward, is it fair to say that the strength that we're seeing in product and obviously early in share gains, Charlie, will be coming from more of a subscription-based sale? Maybe this kind of [software model-esque] question here, just the precursor, holding back product growth, so strengthen long-term deferred here in the quarter. So going forward, we can expect some mechanisms there. Just going out maybe into fiscal '24, is that something we can expect in terms of the product revenue growth? And I have a follow-up on the service side.

這裡有幾個問題。我認為只是聽 Rob 談論產品的變化，我的意思是，展望未來，是否可以公平地說，我們在產品中看到的力量以及顯然在股票收益的早期階段，查理，將來自更多基於訂閱的銷售？也許這種[軟件模型式的]問題在這裡，只是前兆，阻礙了產品的增長，所以在本季度加強長期延期。因此，展望未來，我們可以期待一些機制。可能只是進入 '24 財年，就產品收入增長而言，這是我們可以期待的嗎？我在服務方面進行了跟進。

Well, we definitely believe that subscription should outpace product growth. That's been our -- that's our long-range plan and certainly what we believe. But I would also remind everybody on the call that, in fact, our Evergreen subscription, the entire range of it, even the Evergreen//Forever, which is attached to a CapEx sale, does, in fact, over time, reduce the CapEx sale. And that's because we never have to replace an existing -- customer never has to replace an existing system.

好吧，我們絕對相信訂閱應該超過產品增長。這一直是我們的 - 這是我們的長期計劃，當然也是我們所相信的。但我還要提醒電話中的每個人，事實上，我們的 Evergreen 訂閱，它的整個範圍，甚至是與資本支出銷售相關的 Evergreen//Forever，事實上，隨著時間的推移，確實會減少資本支出銷售。那是因為我們永遠不必更換現有的——客戶永遠不必更換現有的系統。

So many -- the storage industry, a significant portion of their sales is just selling a new system to replace an old system. We always see that in our subscription line. We don't see that in a -- you don't see that in a product sale line. You see that in growth in subscription. So it's a different way to sell product. We only sell it once. The customer never has to buy it a second time.

這麼多——存儲行業，他們銷售的很大一部分只是銷售一個新系統來替換舊系統。我們總是在我們的訂閱行中看到這一點。我們在產品銷售線中看不到這一點。您會在訂閱量的增長中看到這一點。所以這是一種不同的產品銷售方式。我們只賣一次。客戶永遠不必第二次購買。

Okay. Great. I thought the upfront portion of the subscription sales is recognized in product, not all in service. And then so ...

好的。偉大的。我認為訂閱銷售的前期部分在產品中得到認可，而不是全部在服務中。然後……

Not -- you're right. It's subscription. So when we do an Evergreen//One transaction, the entire value would be reflected as a subscription. Evergreen//Flex, the hardware portion, obviously, would be in product, but the consumption piece would be in subscription. And then for Evergreen, Evergreen//Forever, all of the Evergreen//Forever attached for that subscription is reflected as subscription revenue. Hopefully, that's helpful for you.

不——你是對的。是訂閱。因此，當我們進行 Evergreen//One 交易時，整個價值將反映為訂閱。 Evergreen//Flex，硬件部分顯然在產品中，但消費部分將在訂閱中。然後對於 Evergreen、Evergreen//Forever，為該訂閱附加的所有 Evergreen//Forever 都反映為訂閱收入。希望這對您有所幫助。

Very, very clear, Kevan. And then second question, I guess, related more to the services side. We know this is where the data services and Portworx and basically your overall software portfolio is there. Any commentary you can give in terms of maybe you're getting a little bit more steep here? Any type of upsell callouts you can call, maybe an attach rate of software to new enterprise deals now? Any type of like help you can give that can give us comfort in terms of continued strong growth here on the services line as it relates to software would be helpful.

非常非常清楚，凱文。然後第二個問題，我想，更多地與服務方面有關。我們知道這是數據服務和 Portworx 以及基本上您的整個軟件組合都在那裡的地方。你可以給出任何評論，也許你在這裡變得更陡峭了一點？您可以調用任何類型的追加銷售標註，也許現在將軟件附加到新的企業交易中？您可以提供的任何類型的類似幫助都可以讓我們在服務線上持續強勁增長方面感到安慰，因為它與軟件相關會有所幫助。

Absolutely. Well, we're seeing a large fraction, probably more than 50% of the software sales are going to existing customers. But a significant amount are going to new customers as well. And I would say that also, even within existing customers, it may be a new buyer within that customer account. I would say that a large fraction are into enterprise customers more so than on the commercial side. And a small but increasing amount coming from channel source.

絕對地。好吧，我們看到很大一部分，可能超過 50% 的軟件銷售流向了現有客戶。但也有大量資金流向了新客戶。而且我還要說，即使在現有客戶中，它也可能是該客戶帳戶中的新買家。我會說很大一部分是企業客戶而不是商業客戶。還有一小部分來自渠道來源。

Our last question comes from Rod Hall from Goldman Sachs.

我們的最後一個問題來自高盛的 Rod Hall。

This is Bala on for Rod. Congrats on a good quarter. I just want to double click on the guidance. Really strong guidance for the second half. Implied Q4 guidance, it looks like it's up meaningfully from what you're thinking before. I'm just wondering if there is any large deal. I know you mentioned that telco deal [quarters back] and then Meta ramp. I know you said Meta could be lumpy and then it didn't do much business this quarter. So could one of those large deals be helping in Q4 that's why the raise in guidance? And I have a follow-up.

這是羅德的巴拉。祝賀一個好季度。我只想雙擊指導。下半年的指導真的很強大。暗示的第四季度指導，看起來它比你之前的想法有意義。我只是想知道是否有任何大的交易。我知道你提到了電信交易 [季后賽] 然後 Meta 坡道。我知道你說過 Meta 可能很不穩定，然後它本季度沒有做太多的生意。那麼，其中一項大型交易能否在第四季度有所幫助，這就是提高指引的原因？我有一個後續行動。

Yes. Thank you. A couple of things. Meta hasn't changed in terms of our remarks earlier. I think when we were coming into the year and our view on Meta, so that hasn't changed meaningfully. And then in terms of how we're thinking about the second half, walk through that a fair amount in terms of how we're thinking about it.

是的。謝謝你。有幾件事。就我們之前的評論而言，Meta 沒有改變。我認為當我們進入這一年時，我們對 Meta 的看法並沒有發生有意義的變化。然後就我們如何考慮下半場而言，就我們如何考慮它而言，請仔細考慮一下。

Our approach hasn't changed. We continue to evaluate and analyze our pipeline and opportunities. We're staying very close with the sales leadership team, who have a very good pulse on the business. I wouldn't call out anything specific as we think about implied Q4 on any particular deals. It's just where we're falling out based on the visibility we have over the next 2 quarters or the remainder of the year.

我們的方法沒有改變。我們將繼續評估和分析我們的管道和機會。我們與銷售領導團隊保持密切聯繫，他們對業務有很好的把握。當我們考慮任何特定交易的隱含第四季度時，我不會提出任何具體的問題。根據我們在接下來的 2 個季度或今年剩餘時間的可見性，這只是我們失敗的地方。

Okay. Follow-up. Product gross margins at 69%, still very strong, but down slightly, only slightly from last quarter. I understand FlashBlade new product, FlashBlade//S, that could carry lower margins. So maybe it's that. But I'm just wondering, given your commentary about not planning to increase the list prices for your products, I guess I'm wondering what are you seeing in terms of competition? Are you seeing any increase in intensity at all?

好的。跟進。產品毛利率為 69%，仍然非常強勁，但略有下降，僅比上季度略有下降。我了解 FlashBlade 的新產品 FlashBlade//S，可能會帶來較低的利潤。所以也許就是這樣。但我只是想知道，鑑於您關於不打算提高產品標價的評論，我想我想知道您在競爭方面看到了什麼？您是否看到強度有任何增加？

Look, we're having some great success in terms of the opportunities we're in. and winning those opportunities. I've said and been very consistent with my remarks on product gross margin that the high 60s is our sweet spot, and we continue to be in our sweet spot of product gross margins. Frankly, when I start getting into the 70s, it's a bit hot in terms of sustainability and what we can do with our customers. So I actually like where we are in terms of our product gross margin profile, if that's helpful.

看，就我們所處的機會而言，我們取得了一些巨大的成功。並贏得了這些機會。我已經說過並且與我對產品毛利率的評論非常一致，即 60 年代的高位是我們的最佳點，我們繼續處於產品毛利率的最佳點。坦率地說，當我開始進入 70 年代時，就可持續性以及我們可以為客戶做些什麼而言，它有點熱。所以我實際上喜歡我們在產品毛利率方面的情況，如果這有幫助的話。

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

問答環節到此結束。此時，我會將電話轉回給查理以結束髮言。

Well, as I hope we've been able to convey, we believe Pure Storage is well positioned to grow both in the near and in the long term. We have this unique combination of product portfolio and operational rigor to continue to lead our industry, and we continue to improve our game every quarter. We enable organizations everywhere to build a cloud operating model for their private and hybrid cloud infrastructure. We lead in solutions for the all-flash data center. We have the most advanced services and tools to automate data management for both traditional and modern cloud-native applications. And we're definitely the clear sustainability and energy reduction leader now.

好吧，正如我希望我們能夠傳達的那樣，我們相信 Pure Storage 在近期和長期都處於有利地位。我們擁有產品組合和運營嚴謹性的獨特組合，可以繼續引領我們的行業，我們每個季度都在不斷改進我們的遊戲。我們使世界各地的組織能夠為其私有云和混合雲基礎架構構建雲運營模型。我們在全閃存數據中心解決方案方面處於領先地位。我們擁有最先進的服務和工具來自動化傳統和現代云原生應用程序的數據管理。我們現在絕對是可持續發展和節能減排的領導者。

I'm deeply appreciative to all of our employees for their innovation and their diligence, to our partners and suppliers for their ongoing partnership, to our customers for entrusting Pure Storage with their mission-critical data storage and management needs, and to all of you that follow us so closely each and every quarter. Thank you all very much, and have a wonderful rest of your day.

我非常感謝我們所有員工的創新和勤奮，感謝我們的合作夥伴和供應商的持續合作，感謝我們的客戶委託 Pure Storage 滿足他們的關鍵任務數據存儲和管理需求，以及你們所有人每個季度都如此密切地關注我們。非常感謝你們，祝你們度過美好的一天。

That 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。