Pure Storage Inc (PSTG) 2023 Q3 法說會逐字稿

Good day, and welcome to Pure Storage Third Quarter Fiscal Year 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

美好的一天，歡迎來到 Pure Storage 2023 財年第三季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.

此時，我想將電話轉給投資者關係副總裁 Paul Ziots。請繼續。

Thank you. Good afternoon, everyone, and welcome to Pure's third quarter fiscal 2023 earnings conference call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Kevan's prepared remarks, we'll take questions.

謝謝你。大家下午好，歡迎來到 Pure 的 2023 財年第三季度財報電話會議。在電話會議上，我們有首席執行官 Charlie Giancarlo；首席財務官 Kevan Krysler；和首席技術官 Rob Lee。在 Charlie 和 Kevan 準備好的發言之後，我們將接受提問。

Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast. Slides which accompany this webcast can be downloaded at investor.purestorage.com.

我們的新聞稿是在收盤後發布的，並張貼在我們的網站上，該電話會議正在該網站上同步進行網絡直播。此網絡廣播附帶的幻燈片可在 investor.purestorage.com 下載。

On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings and competitive industry and economic trends. 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. 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.

在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響。這些包括關於我們的財務前景和運營、我們的戰略、技術及其優勢、我們當前和新產品供應以及競爭性行業和經濟趨勢的聲明。我們所做的任何前瞻性陳述均基於截至今日的事實和假設，我們不承擔更新這些陳述的義務。我們的實際結果可能與預測結果存在重大差異，報告的結果不應被視為未來業績的指標。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，我們建議您參閱這些公開文件。

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.

在此次電話會議中，所有財務指標和相關增長率都是非 GAAP 指標，但收入、剩餘履約義務或 RPO 以及現金和投資除外。我們的收益新聞稿和幻燈片中提供了與最直接可比的 GAAP 指標的調節。

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. Our fourth quarter fiscal '23 quiet period begins at the close of business, Friday, January 20, 2023.

該電話正在 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。我們的 23 財年第四季度靜默期從 2023 年 1 月 20 日星期五營業結束時開始。

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

有了這個，我會把它交給查理。

Thanks, Paul. Hello, everyone, and welcome to the call. We hope that our fellow Americans had a wonderful Thanksgiving holiday and that our non-U.S. listeners had a restful few days, while everyone in the U.S. was off-line. We are once again pleased with our quarterly results, showing year-over-year revenue growth of 20% and subscription ARR growth of 30%, surpassing $1 billion for the first time.

謝謝，保羅。大家好，歡迎來電。我們希望我們的美國同胞度過了一個愉快的感恩節假期，希望我們的非美國聽眾在美國的每個人都離線的情況下度過了幾天。我們再次對我們的季度業績感到滿意，收入同比增長 20%，訂閱 ARR 增長 30%，首次超過 10 億美元。

Our portfolio of subscription products had a strong quarter with Evergreen//One achieving record results. Our new products, including FlashArray//C, FlashArray//XL and FlashBlade//S also saw excellent growth this past quarter. FlashBlade//S, our newest product, is off to a great start in its first full quarter of sales. The number of S-systems sold were above our plan and petabytes sold were well above our plan. We're also seeing S customers taking advantage of the increased performance and scale, choosing to purchase larger systems than the prior generation.

我們的訂閱產品組合在本季度表現強勁，其中 Evergreen//One 取得了創紀錄的業績。我們的新產品，包括 FlashArray//C、FlashArray//XL 和 FlashBlade//S，在上個季度也取得了出色的增長。我們的最新產品 FlashBlade//S 在其第一個完整季度的銷售中取得了良好的開端。售出的 S 系統數量超出了我們的計劃，售出的拍字節數也遠高於我們的計劃。我們還看到 S 客戶利用性能和規模的提高，選擇購買比上一代更大的系統。

Pure continues to lead the industry in product innovation, having released a record number of new products and services this year, including FlashArray//XL, FlashBlade//S, Pure Fusion, (inaudible) Port Works Data Services and Evergreen//Flex. We are proud to share that this innovation has once again been recognized with Gartner's highest rankings in their Magic Quadrant. Pure was named the leader for the ninth consecutive year for primary storage and a leader for distributed file systems and object storage, significantly increasing FlashBlade's ranking year-over-year.

Pure 在產品創新方面繼續引領行業，今年發布了創紀錄數量的新產品和服務，包括 FlashArray//XL、FlashBlade//S、Pure Fusion、（聽不清）Port Works Data Services 和 Evergreen//Flex。我們很自豪地宣布，這項創新再次獲得 Gartner 魔力像限最高排名的認可。 Pure 連續第九年被評為主存儲領域的領導者，以及分佈式文件系統和對象存儲領域的領導者，從而顯著提高了 FlashBlade 的排名。

Pure's unique value proposition of advanced technology, low total cost of ownership, industry-leading energy savings, combined with powerful performance is the reason that leading-edge technology and hyperscale cloud companies increasingly choose to rely on Pure. This past quarter, as planned, we were pleased to ship the second phase of Meta's build-out of their Research SuperCluster (inaudible) or RSC. As a reminder, our shipments for MetaRSC consists of both FlashBlade and FlashArray//C. Meta relies on Pure's FlashBlade to provide lightning fast data delivery to their NVIDIA GPUs and FlashArray//C to provide performance-oriented and cost-effective bulk data storage at one tenth the space, power and cooling of a disk alternative.

Pure 獨特的先進技術價值主張、低總擁有成本、行業領先的節能效果以及強大的性能是領先技術和超大規模雲公司越來越多地選擇依賴 Pure 的原因。在上個季度，我們很高興按照計劃發布了 Meta 對其 Research SuperCluster（聽不清）或 RSC 進行擴建的第二階段。提醒一下，我們的 MetaRSC 發貨包括 FlashBlade 和 FlashArray//C。 Meta 依靠 Pure 的 FlashBlade 為他們的 NVIDIA GPU 和 FlashArray//C 提供閃電般的快速數據傳輸，以磁盤替代方案的十分之一的空間、功率和冷卻提供面向性能和成本效益的大容量數據存儲。

NAND cost per bit continues to approach that of magnetic disks. Because of Pure's unique intellectual property, Pure (inaudible) QLC-based systems are now competitive with hybrid disk-based systems on a price per bit level, years ahead of the commodity crossover point. We expect that the currently anticipated improvements in Pure's NAND economics this coming year will enable Pure to deliver our QLC-based products at prices competitive with most near-line disc arrays on a total cost of ownership basis. We believe strongly that the days of the hard disk in the data center are over. Customers that do not take advantage of Pure's QLC products to replace (inaudible) fit systems are choosing the more expensive and energy-intensive option.

NAND 的每比特成本繼續接近磁盤的成本。由於 Pure 獨特的知識產權，基於 Pure（聽不清）QLC 的系統現在在每比特價格水平上與基於混合磁盤的系統競爭，比商品交叉點早了很多年。我們預計 Pure 的 NAND 經濟性目前預期的改進將在明年使 Pure 能夠以與大多數近線磁盤陣列具有競爭力的價格提供我們基於 QLC 的產品，在總擁有成本的基礎上。我們堅信數據中心硬盤的時代已經結束。不利用 Pure 的 QLC 產品來替換（聽不清）貼合系統的客戶正在選擇更昂貴和能源密集型的選項。

New enterprise customers this quarter include a large global telco, a large global payment processor and a major energy provider. Existing customers like Vertafore, a leading provider of modern insurance technology continue to expand their relationship with Pure, relying on the combination of technology performance, total cost of ownership and an Evergreen customer experience to fuel their data-dependent business objectives.

本季度的新企業客戶包括一家大型全球電信公司、一家大型全球支付處理商和一家大型能源供應商。現代保險技術領先提供商 Vertafore 等現有客戶繼續擴大與 Pure 的關係，依靠技術性能、總擁有成本和 Evergreen 客戶體驗的結合來推動其依賴數據的業務目標。

This past quarter, significant numbers of enterprise companies specifically chose Pure for our exceptionally low power space and cooling performance. This has been especially evident in Europe, where not only energy prices, but energy security is of major concern.

上個季度，大量企業公司特別選擇了 Pure，因為我們具有極低的功耗空間和冷卻性能。這在歐洲尤為明顯，不僅能源價格，而且能源安全也是歐洲的主要關注點。

As mentioned, we saw strong growth in both new and existing Evergreen customers this quarter. Evergreen's flexible approach to both consumption and pricing is helping customers of every size, deal with the uncertainties that businesses and organizations face in the current environment. Many new customers also cited energy savings as a new important benefit. Also this quarter, we saw several large telco customers purchase our portfolio to support projects ranging from 5G deployment to modernizing infrastructure. For example, one of the largest telecommunication providers in Asia increased their Pure portfolio, including their FlashArray//C footprint, furthering their commitment to environmental sustainability while accelerating their transformation and services offerings to their customers.

如前所述，本季度我們看到 Evergreen 新老客戶的增長強勁。 Evergreen 靈活的消費和定價方法正在幫助各種規模的客戶應對企業和組織在當前環境中面臨的不確定性。許多新客戶還將節能列為一項新的重要優勢。同樣在本季度，我們看到幾家大型電信客戶購買了我們的產品組合，以支持從 5G 部署到現代化基礎設施的項目。例如，亞洲最大的電信提供商之一增加了他們的 Pure 產品組合，包括他們的 FlashArray//C 足跡，進一步加強了他們對環境可持續性的承諾，同時加速了他們向客戶提供的轉型和服務。

Looking ahead to world economic conditions, we continue to see instances of longer sales cycles in the enterprise segment and expect that enterprises will continue to exercise caution in spending over the next year. We believe that this focus on spending uniquely favors Pure Storage in the quarters ahead. The combination of Pure's Evergreen offerings, best-in-class power space and cooling and operating simplicity results in significantly lower operating costs for enterprise customers. Given challenging economic and energy situations around the world, more enterprises are focused on total cost of ownership, an area where Pure excels.

展望世界經濟狀況，我們繼續看到企業部門銷售週期延長的例子，預計明年企業將繼續謹慎消費。我們認為，這種對支出的關注在未來幾個季度特別有利於 Pure Storage。 Pure 的 Evergreen 產品、一流的電源空間以及冷卻和操作簡單性相結合，可以顯著降低企業客戶的運營成本。鑑於全球充滿挑戰的經濟和能源形勢，越來越多的企業開始關注總擁有成本，這是 Pure 擅長的領域。

As we look forward, we are keeping our eyes on a number of macroeconomic factors, in particular, inflation, slower economic growth and lingering supply chain disruptions. Considering the current economic uncertainty, we plan to thoughtfully invest in our expansion while continuing to deliver strong operating results. Despite the challenges and uncertainties of the current business environment, we remain confident in our ability to take share and outpace the market while delivering products, solutions and services to customers that exceed their expectations.

展望未來，我們將密切關註一些宏觀經濟因素，尤其是通貨膨脹、經濟增長放緩和揮之不去的供應鏈中斷。考慮到當前的經濟不確定性，我們計劃在繼續提供強勁的經營業績的同時，謹慎地投資於我們的擴張。儘管當前的商業環境充滿挑戰和不確定性，但我們仍然相信我們有能力在向客戶提供超出他們期望的產品、解決方案和服務的同時搶占市場份額並超越市場。

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

我想現在將麥克風交給我們的首席財務官 Kevan Krysler，以審查我們的數字。

Thank you, Charlie. Through solid execution, we delivered strong financial results in Q3, growing revenue 20% and increasing our operating profits by over 50%, while navigating the effects of the macroeconomic environment. Substantial revenue from sales to Meta also contributed to our financial results this quarter.

謝謝你，查理。通過紮實的執行，我們在第三季度取得了強勁的財務業績，收入增長了 20%，營業利潤增長了 50% 以上，同時應對了宏觀經濟環境的影響。向 Meta 銷售的可觀收入也為我們本季度的財務業績做出了貢獻。

Our customers, which now exceed 11,000 and represent 58% of the Fortune 500, leverage our portfolio of innovative data storage and management products and subscription services to drive optimal business outcomes and performance. Revenue performance, growth and demand of our FlashArray//C and FlashBlade//S solutions, both leveraging (inaudible) QLC flash was very strong this quarter. Our leadership in flash management, enabled by our software and declining cost of flash is accelerating our progress in replacing traditional disk solutions and substantially reducing data center energy consumption.

我們的客戶現在超過 11,000 家，佔財富 500 強的 58%，他們利用我們的創新數據存儲和管理產品組合以及訂閱服務來推動最佳業務成果和績效。我們的 FlashArray//C 和 FlashBlade//S 解決方案的收入表現、增長和需求都利用（聽不清）QLC 閃存，本季度非常強勁。我們在閃存管理方面的領先地位，得益於我們的軟件和閃存成本的下降，正在加速我們在替代傳統磁盤解決方案和大幅降低數據中心能耗方面的進展。

We also continue to be pleased with meaningful contributions from new business as we acquired approximately 390 new customers this quarter, including across the telecom industry. Subscription annual recurring revenue or subscription ARR exceeded $1 billion this quarter, growing 30% year-over-year. Record sales of Evergreen//One in Q3 represent a key driver of our subscription ARR growth.

本季度我們獲得了大約 390 名新客戶，包括整個電信行業的客戶，我們也繼續對新業務的有意義貢獻感到高興。本季度訂閱年度經常性收入或訂閱 ARR 超過 10 億美元，同比增長 30%。第三季度 Evergreen//One 創紀錄的銷售額是我們訂閱 ARR 增長的主要驅動力。

Remaining Performance Obligations, or RPO, grew 26% to $1.6 billion. Similar to the remarks we made in previous quarters, our RPO growth is impacted by product shipments for an outstanding commitment with one of our global system integrators. Excluding these product shipments, RPO grew 31% year-over-year.

剩餘履約義務 (RPO) 增長 26% 至 16 億美元。與我們在前幾個季度發表的言論類似，我們的 RPO 增長受到產品出貨量的影響，因為我們與全球系統集成商之一做出了傑出的承諾。排除這些產品出貨量，RPO 同比增長 31%。

Our headcount has increased to nearly 4,900 employees and our investments in talent continue to be disciplined and focused around our key business objectives. Total revenue for the quarter grew 20% to $676 million. For Q3, U.S. revenue was $493 million, an increase of 21% year-over-year with international revenue, which continues to be impacted by foreign exchange headwinds, growing 19% year-over-year to (inaudible) $183 million. Product revenue grew 15% and subscription services revenue increased 30%.

我們的員工人數已增加到近 4,900 名，我們對人才的投資繼續受到約束並專注於我們的主要業務目標。本季度總收入增長 20% 至 6.76 億美元。第三季度，美國收入為 4.93 億美元，同比增長 21%，國際收入繼續受到外匯逆風的影響，同比增長 19% 至（聽不清）1.83 億美元。產品收入增長 15%，訂閱服務收入增長 30%。

Subscription services comprised 36% of total revenue for the quarter. Contributions from both product and subscription services gross margins continued to be strong as total gross margins were 70.9% in Q3. Sales of our larger configuration systems and new FlashBlade//S contributed to slightly higher product gross margins of 70.1%. Subscription Services gross margins were 72.3%.

訂閱服務佔本季度總收入的 36%。產品和訂閱服務毛利率的貢獻繼續強勁，第三季度總毛利率為 70.9%。我們更大的配置系統和新的 FlashBlade//S 的銷售貢獻了略高的產品毛利率，達到 70.1%。訂閱服務毛利率為 72.3%。

Our strong Q3 operating profit of $107 million and operating margin of 15.9% were driven by a combination of factors, including strong gross margins. We ended the quarter with approximately $1.5 billion in cash and investments. Cash flow from operations was $155 million in Q3, resulting from the combination of strong sales, collections and operating profit. Capital expenditures trended higher this quarter at nearly $40 million due to deliveries of test equipment, which had previously been on back order.

我們強勁的第三季度營業利潤為 1.07 億美元，營業利潤率為 15.9%，這是由包括強勁毛利率在內的多種因素共同推動的。我們在本季度結束時擁有大約 15 億美元的現金和投資。第三季度的運營現金流為 1.55 億美元，這得益於強勁的銷售、收款和運營利潤。由於測試設備的交付，本季度的資本支出呈上升趨勢，接近 4000 萬美元，而這些設備此前一直處於延期交貨狀態。

In Q3, we returned approximately $24.5 million in capital to repurchase approximately 900,000 shares of stock. This represents a lower level of repurchase activity than recent quarters as a result of the fixed trading plan parameters that were in place throughout the quarter. We would expect that share repurchase volume will increase next quarter. We have approximately $100 million remaining from our $25 million share repurchase program.

在第三季度，我們返還了大約 2450 萬美元的資本，用於回購大約 900,000 股股票。由於整個季度實施的固定交易計劃參數，這表明回購活動水平低於最近幾個季度。我們預計下個季度股票回購量將增加。我們 2500 萬美元的股票回購計劃還剩下大約 1 億美元。

Now turning to guidance. We estimate revenue for Q4 to be approximately $810 million, up 14% year-over-year. For comparison purposes -- a couple of reminders. Our Q4 of last year included an additional week of revenue of approximately $20 million as a result of FY '22, including 53 weeks.

現在轉向指導。我們估計第四季度的收入約為 8.1 億美元，同比增長 14%。出於比較目的——一些提醒。由於 22 財年（包括 53 週），我們去年第四季度的收入增加了大約 2000 萬美元。

Also, from our previous remarks, approximately (inaudible) $60 million of product revenue recognized in the first quarter of FY '23 had been forecasted to close in the second half of the year. Adjusting for this impact of seasonality, our expected revenue growth in the second half of FY '23 would have been nearly 21% year-over-year. For FY '23, we are reiterating our annual revenue guidance of approximately $2.75 billion, an increase of 26% versus FY '22.

此外，根據我們之前的評論，預計 23 財年第一季度確認的大約（聽不清）6000 萬美元的產品收入將在下半年結束。調整季節性影響後，我們預計 23 財年下半年的收入同比增長近 21%。對於 23 財年，我們重申我們的年度收入指導約為 27.5 億美元，比 22 財年增長 26%。

Our operating profits remained solid, which is reflected in our Q4 operating profit outlook of $130 million or operating margin of approximately 16%. As a result of our performance in Q3 and outlook for Q4, we are increasing our operating profit outlook for the full year to $430 million. Operating margins are expected to be approximately 15.6%, reflecting a significant expansion from 10.8% last year.

我們的營業利潤保持穩健，這反映在我們 1.3 億美元的第四季度營業利潤預期或約 16% 的營業利潤率中。由於我們在第三季度的表現和對第四季度的展望，我們將全年營業利潤預期上調至 4.3 億美元。營業利潤率預計約為 15.6%，較去年的 10.8% 有顯著增長。

Revenue growth and strong product and subscription services gross margins have contributed to our strong operating profit and operating margin outlook for this year.

收入增長以及強勁的產品和訂閱服務毛利率為我們今年強勁的營業利潤和營業利潤率前景做出了貢獻。

During the first half of the year, our operating profits also benefited from less travel, higher attrition and slower-than-anticipated hiring. We do not expect that our operating profits will continue to benefit from these tailwinds next year. While it remains too early to provide guidance for FY '24, our current preliminary view is for operating margins to remain robust around 14% to 15%.

今年上半年，我們的營業利潤還受益於差旅減少、人員流失率上升和招聘速度低於預期。我們預計明年我們的營業利潤不會繼續受益於這些有利因素。雖然現在為 24 財年提供指導還為時過早，但我們目前的初步看法是營業利潤率將保持在 14% 至 15% 左右的強勁水平。

In closing, through our unwavering commitment to innovation and customer service, we continue to be in a unique position of creating valuable outcomes for our customers, including dramatically reducing energy consumption and e-waste. With the strength of our portfolio of products and the power of our Evergreen offerings, the opportunities in front of us remain compelling.

最後，通過我們對創新和客戶服務的堅定承諾，我們繼續處於為客戶創造有價值成果的獨特地位，包括大幅減少能源消耗和電子垃圾。憑藉我們強大的產品組合和 Evergreen 產品的強大功能，擺在我們面前的機會仍然引人注目。

With that, I will turn it back to Paul for Q&A.

有了這個，我會把它轉回給保羅進行問答。

Thanks, Kevan. Before we begin the Q&A, I'll please ask you to limit yourselves to one question consisting of one part so we can get to as many people as possible. Operator, let's get started.

謝謝，凱文。在我們開始問答之前，我會請您將自己限制在一個由一個部分組成的問題上，這樣我們就可以接觸到盡可能多的人。接線員，讓我們開始吧。

(Operator Instructions) Our first question comes from the line of Amit Daryanani with Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Amit Daryanani。

And congrats on the (inaudible). I guess my question, Charlie, for you really is, your print and the guide you have provided, it's surely impressive, especially in comparison to the commentary, I think from some of your peers like Dell and (inaudible) NetApp recently. So I'd love to just understand what do you think is driving this contrast with your peers, I don't think you're foresaw (inaudible) a backlog, for example, that would be helping you. So it would be great to just hear what do you think is enabling this divergence of performance at (inaudible) versus your peers? And then what do you think the durability of this (inaudible) average until year as we go forward.

並祝賀（聽不清）。我想我的問題，查理，因為你真的是，你的印刷品和你提供的指南，這肯定令人印象深刻，特別是與評論相比，我認為來自你的一些同行，如戴爾和（聽不清）NetApp 最近。因此，我很想了解您認為是什麼導致了與同行的這種對比，我認為您沒有預見到（聽不清）積壓，例如，這會對您有所幫助。因此，很高興聽到您認為是什麼導致了（聽不清）與您的同行之間的這種表現差異？然後你認為這個（聽不清）平均值在我們前進的一年之前的持久性如何。

Thank you, Amit. And I hope you're well. Thank you for the question. Well, Amit, I think it's a -- based on a variety of different things, but fundamentally upon our core strategy. So the core strategy, first of all, is to drive an all-flash data environment in the data center. And to be able to provide a product that's very modern in terms of its software capabilities and management abilities. We have consistently grown market share since the day that we were founded. That is based on the fact that we, of all the vendors developed a software stack that focused on the benefits of using a pure semiconductor versus just refilling disk-oriented architectures with SSDs, and that's allowed us to provide a product that's simpler to operate, uses less power -- space, power (inaudible) and cooling requires far less labor, is far more reliable and more performance than competitive products that are out there. And to this day, our competitors still compete with SSD alternatives.

謝謝你，阿米特。我希望你一切都好。感謝你的提問。好吧，阿米特，我認為這是一個——基於各種不同的事情，但從根本上說是基於我們的核心戰略。所以核心策略，首先是在數據中心驅動全閃存數據環境。並且能夠提供在軟件功能和管理能力方面非常現代的產品。自我們成立之日起，我們的市場份額就一直在增長。這是基於這樣一個事實，即我們在所有供應商中開發了一個軟件堆棧，該堆棧專注於使用純半導體與僅使用 SSD 重新填充面向磁盤的架構的優勢，這使我們能夠提供操作更簡單的產品，使用更少的電力——空間、電力（聽不清）和冷卻需要更少的勞動力，比現有的競爭產品更可靠、性能更高。時至今日，我們的競爭對手仍在與 SSD 替代品競爭。

Secondly, it's based on a much broader portfolio, we believe, going from our roots or our initial product, which was block-oriented to now having file and object based systems. And then thirdly, now starting to pursue replacements for secondary tier disc alternatives. So this allows us a lot of market -- allows us to expand into a lot of market adjacencies and allows a lot of elasticity in our market as flash prices decline. So we're very excited about this.

其次，我們相信，它基於更廣泛的產品組合，從我們的根源或我們最初的產品開始，它是面向塊的，現在擁有基於文件和對象的系統。第三，現在開始尋求二級光盤替代品的替代品。因此，這為我們提供了很多市場 - 允許我們擴展到許多市場鄰接，並允許我們的市場在閃存價格下降時具有很大的彈性。所以我們對此感到非常興奮。

Finally, what I'll mention is once we penetrate an account our ability to expand in that account is very large because of the improved experience that our customers have. When I tell our -- when I repeat to our team that our Net Promoter Score is the most important number in the company, that's -- it's the experience of our customers that allow us really broad expansion capabilities in an account once we penetrate. So I think you add those things together, it allows us to continue to operate as a share taker in this $50 billion market. And as you well know, we're still coming up upon $3 billion in terms of our total revenue. So lots of growth opportunities in the future.

最後，我要提到的是，一旦我們滲透到一個帳戶中，由於我們的客戶體驗得到改善，我們在該帳戶中擴展的能力非常大。當我告訴我們 - 當我向我們的團隊重複我們的淨推薦值是公司中最重要的數字時，那就是 - 我們客戶的體驗一旦我們滲透，就會讓我們在賬戶中真正廣泛的擴展能力。所以我認為你把這些東西加在一起，它使我們能夠繼續在這個 500 億美元的市場中作為股票接受者運營。眾所周知，就我們的總收入而言，我們仍將達到 30 億美元。所以未來有很多增長機會。

Thank you, Amit. Next question, please.

謝謝你，阿米特。請下一個問題。

Our next question comes from the line of Meta Marshall with Morgan Stanley.

我們的下一個問題來自 Meta Marshall 與摩根士丹利的對話。

Maybe a question from me of -- clearly, you are highlighting that some of the memory pricing getting cheaper is helping with the QLC disk (inaudible) conversion. So I just wanted to kind of get a sense of what kind of traction you're seeing with either very large enterprises or hyperscalers with that motion (inaudible) and whether you're seeing kind of some shortening of sales cycles as we kind of get closer to some of these conversion points.

也許我的一個問題——很明顯，你強調一些內存定價變得更便宜有助於 QLC 磁盤（聽不清）轉換。因此，我只是想了解一下您在超大型企業或超大規模企業中看到了什麼樣的牽引力（聽不清），以及您是否看到了某種程度的銷售週期縮短，因為我們有點更接近其中一些轉換點。

Yes. Thank you. Let me address the hyperscaler first. Obviously, we -- I spoke about Meta in my initial remarks. The fact that we were able to deliver (inaudible) Flash or AC for their bulk data requirements at a price point that competed with their own software running on their -- what would have been their disk arrays, really speaks to the power of the -- of being able to use QLC and flash to compete with disc. And now that environment also benefited from the lower power and lower space requirements. And I think that's part of what will allow flash to compete against disk in this environment or increasingly in this environment as flash prices start to -- NAND costs start to come down. We're seeing the same in large enterprises, although I would say that, that's in an earlier phase right now. But we -- FlashArray//C has been an incredible grower for us, and that does compete largely with the hybrid disk market, and we think we'll be able to go after the non-hybrid that is the what's called the nearline market as we go into this new year. So we believe that -- thirdly, the power -- while we've been speaking about the lower power requirements and cooling requirements for many years, this is the first year and starting in Europe but also Asia, where we're seeing companies say it's specifically because of the power savings that they're buying Pure products, or getting them initially to start with Pure products. So we think it's going to become an even bigger issue as we go forward. So we are starting to see that now in large enterprise.

是的。謝謝你。讓我先談談超大規模。顯然，我們——我在最初的發言中談到了 Meta。事實上，我們能夠提供（聽不清）閃存或 AC 來滿足他們的大容量數據需求，其價格與他們運行在他們自己的軟件上的競爭 - 他們的磁盤陣列，真正說明了 - - 能夠使用 QLC 和閃存與光盤競爭。現在，這種環境也受益於更低的功耗和更小的空間要求。我認為這是允許閃存在這種環境中或越來越多地在這種環境中與磁盤競爭的部分原因，因為閃存價格開始下降——NAND 成本開始下降。我們在大型企業中看到了同樣的情況，儘管我要說的是，現在還處於早期階段。但我們 - FlashArray//C 對我們來說是一個令人難以置信的增長者，它確實在很大程度上與混合磁盤市場競爭，我們認為我們將能夠追求非混合市場，即所謂的近線市場當我們進入新的一年。所以我們相信——第三，功率——雖然我們多年來一直在談論較低的功率要求和冷卻要求，但今年是第一年，從歐洲和亞洲開始，我們看到公司說他們購買 Pure 產品或讓他們最初開始使用 Pure 產品正是因為節省電量。因此，我們認為隨著我們的前進，這將成為一個更大的問題。所以我們現在開始在大型企業中看到這一點。

Thank you, Meta. Next question please.

謝謝你，梅塔。請下一個問題。

Our next question comes from the line of Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Charlie, I was wondering if you could share some color around the outlook on IT spending into 2023, particularly for the storage market. And some of your competitors are talking about that being down on a year-on-year basis. You mentioned your confidence in your ability to take share and outgrow that market. So curious if you could give us some high-level thoughts of what those trends look like in storage is going to grow or decline and how much you can outgrow that market? And what's embedded in that in sort of that operating margin of 14% to 15%?

查理，我想知道你是否可以就 2023 年的 IT 支出前景分享一些色彩，尤其是存儲市場。你的一些競爭對手正在談論同比下降。您提到了您對自己佔據市場份額並超越該市場的能力的信心。很好奇您是否可以給我們一些關於存儲領域的趨勢將如何增長或下降以及您可以在多大程度上超越該市場的高層次想法？在 14% 到 15% 的營業利潤率中嵌入了什麼？

Yes. Let me start with sort of our view on GDP in general and then go into what we think will happen in the IT side with storage. So for GDP in general, obviously, there are a lot of different analysts out there speaking about the current economic environment and how that -- their prognostication for next year. The way we're looking at it is a roughly flat U.S. economy next year and perhaps a slightly recessionary international economy, obviously, varying a lot country by country. And as we go into that, we're seeing IT spending holding steady, maybe it's slightly up relative to the overall GDP growth. But in addition to that, what we are looking at is storage remaining relatively healthy relative to the rest of the IT economy. So we actually believe that storage might be up moderately next year. That being said, you're correct. In terms of our own results, we believe we'll continue to take market share. And we believe that we -- similar to this quarter versus our competitors believe that we'll be able to stay in the double-digit growth area. Perhaps a bit more moderate than our overall growth this year, but we believe still solidly well into the double digits.

是的。讓我先談談我們對 GDP 的總體看法，然後談談我們認為在存儲方面 IT 方面會發生什麼。因此，對於一般的 GDP，顯然有很多不同的分析師在談論當前的經濟環境以及他們對明年的預測。我們看待它的方式是明年美國經濟大致持平，國際經濟可能略有衰退，顯然，各國情況各不相同。隨著我們的深入，我們看到 IT 支出保持穩定，可能相對於整體 GDP 增長略有上升。但除此之外，我們關注的是存儲相對於 IT 經濟的其他部分保持相對健康。所以我們實際上認為明年存儲量可能會適度增長。話雖這麼說，你是對的。就我們自己的業績而言，我們相信我們將繼續佔據市場份額。我們相信我們 - 與本季度類似，與我們的競爭對手相比，我們相信我們將能夠保持兩位數的增長區域。也許比我們今年的整體增長要溫和一些，但我們相信仍然穩穩地達到兩位數。

Thank you, Wamsi. Next question, please.

謝謝你，瓦姆西。請下一個問題。

Our next question comes from the line of Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

I want to ask about your visibility beyond this quarter. I'm not asking specific for financial guidance for calendar '23 yet. But previously, you talked about having good visibility in the pipeline in the second half of the year and that there are some delays but not -- no permanent pause. I also think you mentioned (inaudible) Goose would be one 1 quarter. So how would you characterize the pipeline in the first half of next year at this point? And maybe comment on demand trends between the enterprise versus commercial customers?

我想問一下您在本季度之後的知名度。我還沒有要求具體的日曆 '23 的財務指導。但之前，你談到了今年下半年在管道中有良好的可見性，並且有一些延遲但沒有 - 沒有永久暫停。我還認為你提到（聽不清）Goose 將是一個季度。那麼，此時您如何描述明年上半年的管道特徵？也許評論企業與商業客戶之間的需求趨勢？

Sure. Generally, our ability to have visibility in the pipeline extends about 2 quarters. So current quarter plus 1, current quarter plus 2. So you're asking -- and that would extend to -- through Q1 of next year, not -- our Q1 that is of next year. And generally, we don't necessarily have visibility 3 quarters out, just to be really clear. So I can't really speak about the first half from a visibility perspective. What I would say is visibility into our Q4, the remainder of this year and visibility into Q1 of next year remains quite good. So that will form, if you will, that will go into forming our view of next fiscal year. We're in the middle of planning right now. So difficult to give you any further insight into that. But we -- but as I said, that our visibility into Q1, Q2 remains fairly good.

當然。一般來說，我們在管道中的可見性能夠延長大約 2 個季度。所以當前季度加 1，當前季度加 2。所以你問的是 - 這將延伸到 - 到明年的第一季度，而不是 - 我們明年的第一季度。一般來說，我們不一定能看到三個季度後的情況，只是為了非常清楚。所以我不能從可見性的角度真正談論上半年。我要說的是我們第四季度、今年剩餘時間和明年第一季度的可見度仍然非常好。所以，如果你願意的話，這將形成我們對下一財年的看法。我們現在正在計劃之中。很難讓你對此有任何進一步的了解。但我們——但正如我所說，我們對第一季度、第二季度的可見性仍然相當不錯。

Thank you, Sidney. Next question, please.

謝謝你，西德尼。請下一個問題。

Our next question comes from the line of David Vogt with UBS.

我們的下一個問題來自瑞銀集團的 David Vogt。

Maybe just a follow-up to Kevan's comments about preliminary margins next year and Charlie's comments about growth being well into the double digits next year. I know you mentioned, Kevan, that there's going to be some items that are not going to repeat this year -- excuse me, fiscal '23 versus this year. But just quickly kind of doing top -- back of the envelope math, it would suggest that your sort of incremental margins next year are going to be under pretty material pressure; if your margins are going to come (inaudible) in at 14% to 15%. Can you kind of walk us through what's really the incremental spend -- categories of spend that you're looking at next year, given where you are and sort of where the long-term operating model should shake out over the medium term?

也許只是 Kevan 關於明年初步利潤率的評論和 Charlie 關於明年增長將達到兩位數的評論的後續行動。我知道你提到過，Kevan，今年會有一些項目不會重複——對不起，23 財年與今年相比。但只要快速做一些最重要的事情——粗略計算，這表明你明年的增量利潤率將面臨相當大的物質壓力；如果您的利潤率（聽不清）在 14% 到 15% 之間。你能不能給我們介紹一下真正的增量支出——你明年要考慮的支出類別，考慮到你所處的位置，以及長期運營模式應該在中期擺脫的地方？

Yes. No, I appreciate that, David. Yes, look, we're quite pleased with the overall margin expansion that we've seen this year. And really key drivers of that being our strong revenue growth and product gross margins and subscription services gross margins. And I've talked about the fact that we did have some tailwinds. And we're thinking that it's approximately 1.5, 1.5 points to our operating profits this year. And really, it's kind of in 3 areas. We've talked about as we were exiting last year, early in first half, we had higher attrition levels, and that really continued through Q1 and Q2. So obviously, there's a benefit -- a pick up there. And then there was slower-than-planned hiring during the first half as well. Now we've made really good progress, as you've seen on our hiring of talent, particularly in Q2 and this quarter. And obviously, that's going to play into next year in terms of how we're thinking about it. But then in addition to that, we are planning for an increase in travel costs slightly. For example, we're doing our first in-person sales kickoff in the new year. We haven't had that in 2 years --

是的。不，我很感激，大衛。是的，看，我們對今年我們看到的整體利潤率增長感到非常滿意。真正的關鍵驅動因素是我們強勁的收入增長、產品毛利率和訂閱服務毛利率。我已經談到了我們確實有一些順風的事實。我們認為這大約是我們今年營業利潤的 1.5、1.5 個百分點。實際上，它涉及 3 個方面。我們在去年上半年退出時談到過，我們的流失率更高，而且這種情況一直持續到第一季度和第二季度。很明顯，這是有好處的——在那裡接客。然後，上半年的招聘速度也低於計劃。現在我們取得了非常好的進展，正如您在我們招聘人才方面所看到的那樣，特別是在第二季度和本季度。顯然，就我們的思考方式而言，這將在明年發揮作用。但除此之外，我們還計劃略微增加差旅費用。例如，我們將在新的一年進行第一次面對面的銷售啟動。我們已經兩年沒有這樣了——

3 years.

3年。

-- or 3 years. So obviously, we're considering that as we're looking at our operating margin and profits for next year.

-- 或 3 年。很明顯，我們正在考慮這一點，因為我們正在考慮明年的營業利潤率和利潤。

Thank you, David. Next question, please.

謝謝你，大衛。請下一個問題。

Our next question comes from the line of Mehdi Hosseini with Susquehanna.

我們的下一個問題來自 Mehdi Hosseini 和 Susquehanna 的台詞。

Just a quick follow-up for Charlie and the team. You have done a good job of expanding margin very diligently, keeping the OpEx very reasonable and realizing margin expansion. I just wanted to get an update on the strategy looking to the next 1 to 2 years, especially into next calendar year, perhaps as the enterprise budgets are more constrained. How is that strategy going to evolve? Are you going to spend more to capture more dollars of revenue or the strategy is to remain focused on having more leverage in the P&L? And I'm not asking for a guidance, but it would just be helpful if you could give us an update how the strategy changes into a rather challenging macro environment.

只是對查理和團隊的快速跟進。你們非常努力地在擴大毛利方面做得很好，保持了非常合理的 OpEx 並實現了毛利擴張。我只是想了解未來 1 到 2 年的戰略更新，尤其是下一個日曆年，也許是因為企業預算受到更多限制。該戰略將如何演變？您是要花更多的錢來獲得更多的收入，還是要繼續專注於在損益中發揮更大的影響力？我並不是在尋求指導，但如果你能向我們介紹一下該戰略如何轉變為一個相當具有挑戰性的宏觀環境，那將會很有幫助。

Absolutely. And it's a very fair question, Mehdi. So we are consistently focused on revenue growth. That being said, we never like to go back on margin and largely because it's about operational discipline, that being a high-performing company with good internal practices, we should be able to grow at an optimal rate, while at the same time, being diligent in terms of delivering good operating margin.

絕對地。這是一個非常公平的問題，Mehdi。因此，我們一直專注於收入增長。話雖這麼說，我們從不喜歡利潤率下降，主要是因為這與運營紀律有關，作為一家擁有良好內部實踐的高績效公司，我們應該能夠以最佳速度增長，同時，在提供良好的營業利潤率方面勤奮。

Now that being said, as we go into next year, we have -- we've increased a lot on our head count already, and we'll be seeing the full impact of that next year. We want to continue investing in our quota-bearing heads, so we'll continue making that investment. We want to continue, obviously, in developing a good core product. But we're going to be very diligent and focused. And we also want to be just thoughtful about potential pitfalls in the economy as we go forward. So we want to stay agile as well in terms of our ability to be flexible in the way we spend money or how much money we spend, given that the economy is uncertain. So we are going to prioritize revenue growth, but at the same time, we want to make sure we can deliver good results on the bottom line.

話雖這麼說，隨著我們進入明年，我們已經 - 我們的人數已經增加了很多，我們將在明年看到它的全部影響。我們希望繼續投資於我們的配額負責人，所以我們將繼續進行這項投資。顯然，我們希望繼續開發優質的核心產品。但我們會非常勤奮和專注。我們也希望在我們前進的過程中考慮經濟中的潛在陷阱。因此，鑑於經濟不確定，我們希望在花錢方式或花多少錢方面保持靈活。因此，我們將優先考慮收入增長，但與此同時，我們希望確保我們能夠在底線上取得良好的結果。

Thank you, Mehdi. Next question, please.

謝謝你，邁赫迪。請下一個問題。

Our next question comes from the line of Nehal Chokshi with Northland Capital Markets.

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

(inaudible) just very generic color regarding the contribution from Meta's Research (inaudible) Supercluster. Can you give a little bit more detail around that? And more importantly, trying to get a sense as far as what is the revenue growth excluding Meta?

（聽不清）關於 Meta 研究（聽不清）Supercluster 的貢獻的非常通用的顏色。你能提供更多細節嗎？更重要的是，試圖了解不包括 Meta 的收入增長是多少？

You're right. Well, let me give it a shot, and then Kevan will give you -- fill in some of the details. So first of all, we did ship the vast majority of the second phase of our Meta program this past quarter. We were very pleased to be able to do so. The relationship remains very strong, and we look forward to continuing to build good strength and good business with Meta as we go forward.

你是對的。好吧，讓我試一試，然後 Kevan 會給你——填寫一些細節。因此，首先，我們確實在上個季度交付了 Meta 計劃第二階段的絕大部分。我們很高興能夠這樣做。這種關係仍然非常牢固，我們期待著在我們前進的過程中繼續與 Meta 建立良好的實力和良好的業務。

So Kevan, I know there's a lot behind this quarter, so perhaps you can provide some of…

所以 Kevan，我知道這個季度還有很多事情要做，所以也許你可以提供一些……

Yes. So I'll touch on the financial comparison Nehal. I hope you're doing well. When you think about the economics of our Phase 2 shipments to Meta, when comparing that to our Phase 1 shipments back in Q3 of last year. Without getting into specifics, we did make some modifications to the deal structure of Phase 2, which actually resulted in less revenue and improved product gross margins because obviously, you see the strength of our product gross margins this quarter, especially compared to Q3 of last year. If we'd use the same deal structure for Phase 2 that we used in Phase 1, revenue growth, frankly, would have been aligned with the remarks I made earlier in the year. Also, our product gross margin profile would have been similar to what we saw in Q3 of FY '22. So hopefully, that's helpful for you, Nehal, in terms of how we're thinking about it.

是的。因此，我將談談 Nehal 的財務比較。我希望你過得很好。當你考慮我們向 Meta 發貨的第二階段的經濟性時，將其與我們去年第三季度的第一階段發貨進行比較。沒有詳細說明，我們確實對第二階段的交易結構進行了一些修改，這實際上導致收入減少並提高了產品毛利率，因為很明顯，你看到了本季度我們產品毛利率的實力，尤其是與上一季度相比年。如果我們對第二階段使用與第一階段相同的交易結構，坦率地說，收入增長將與我今年早些時候發表的言論保持一致。此外，我們的產品毛利率狀況將與我們在 22 財年第三季度看到的情況相似。因此，希望這對你有幫助，Nehal，就我們如何考慮它而言。

Thank you, Nehal. Next question, please.

謝謝你，內哈爾。請下一個問題。

Our next question comes from the line of Simon Leopold with Raymond James.

我們的下一個問題來自 Simon Leopold 和 Raymond James 的台詞。

I wanted to see how you're thinking about product gross margins in light of the idea that memory prices appear to have come down and look like they'll be down meaningfully over at least the next several quarters. And I appreciate the fact that there are other inputs, but I imagine that's a pretty significant contributor to your bill of materials. So I'm just wondering if you're expecting maybe some price deflation or responses from others in the -- in your competitive space, cutting prices? What are you assuming in terms of the inputs for product gross margin?

我想看看你是如何考慮產品毛利率的，因為內存價格似乎已經下降並且看起來至少在接下來的幾個季度內會顯著下降。我很欣賞還有其他輸入，但我認為這對您的材料清單有很大的貢獻。所以我只是想知道你是否期望價格通縮或其他人在你的競爭領域中的反應，降價？您假設產品毛利率的輸入是什麼？

Yes, Simon, a great but complex question. As you know, we have a lot of experience in this now, especially -- and frankly, probably for me, especially not coming in -- and not originally being in this market. So I've had now 5 years of experience of how this operates. And of course, as you well know, costs and prices operate on different time frames, and they are not 100% connected to one another. We compete with companies that utilize SSDs and therefore, don't get -- are not exposed specifically to the raw -- the cost of raw flash, whereas we are. Our point of view on this is that, as always, we tend to have advanced opportunity with a lower cost compared to our competitors, which doesn't mean that they won't discount in the market. So I suppose that we believe that we will see pricing come down sometime in the future, maybe not right away. We'll see prices start to come down. Overall, a good thing for us. It allows us to go after more of the disc market. One of the things that's very different this time around is that these -- this round of NAV reductions is going to make flash, especially with our products on the QLC side with FlashArray//C and S much more competitive with (inaudible) pure disk-based products. And to be direct, we're going to use any cost reductions we see to go after that market. So it's always hard to predict gross margins with any level of exactitude. But you should expect us to stay within the range that we identified and use cost savings that we have there to focus on the disk side.

是的，西蒙，一個很好但很複雜的問題。如你所知，我們現在在這方面有很多經驗，尤其是——坦率地說，可能對我來說，尤其是沒有進入——而且最初不是在這個市場上。所以我現在已經有 5 年的運作經驗了。當然，眾所周知，成本和價格在不同的時間範圍內運行，它們並非 100% 相互關聯。我們與使用 SSD 的公司競爭，因此，沒有——沒有特別暴露於原始——原始閃存的成本，而我們是。我們對此的看法是，一如既往，與我們的競爭對手相比，我們傾向於以更低的成本獲得更先進的機會，這並不意味著他們不會在市場上打折。所以我想我們相信我們會在未來的某個時候看到價格下降，也許不是馬上。我們會看到價格開始下降。總的來說，對我們來說是一件好事。它使我們能夠追求更多的光盤市場。這次非常不同的一件事是這些 - 這一輪 NAV 減少將使閃存，特別是我們在 QLC 方面的產品與 FlashArray//C 和 S 相比（聽不清）純磁盤更具競爭力基於產品。直接地說，我們將使用我們看到的任何成本削減措施來追趕該市場。因此，總是很難準確預測毛利率。但是您應該期望我們保持在我們確定的範圍內，並使用我們在那裡專注於磁盤方面的成本節約。

(inaudible) Yes. And Teri, if I could jump in. I think it's really important here to just again emphasize the sustained and structural advantages that Pure has in being able to use the raw NAND flash versus really being limited to enterprise SSDs, such as most of our larger competitors are especially in terms of navigating some of the near-term cost volatility. And these advantages really go back to our direct flash technology, which is the result of over a decade of software and hardware IP and it gives us a sustained structural advantages over the competitive set in terms of well, a, being able to source raw commodity NAND versus the higher-priced enterprise SSDs, which don't always travel in line with one another in terms of the short term. #2, to be able to make much more efficient use of that NAND, have faster time to market and just realize and deliver to customers significant reliability and performance advantages. And so you (inaudible) add it all up, I think this set of advantages was a huge benefit in the early days. But as we look at today's technology set, QLC, the road maps beyond QLC in terms of cost-effective NAND. It's just absolutely requisite to be able to deliver that technology to customers in a (inaudible) reliable perform in an efficient manner.

（聽不清）是的。還有 Teri，如果我可以插話的話。我認為在這裡再次強調 Pure 在能夠使用原始 NAND 閃存方面所具有的持續和結構優勢非常重要，而實際上僅限於企業級 SSD，例如我們大多數較大的競爭對手尤其擅長應對近期的成本波動。這些優勢實際上可以追溯到我們的直接閃存技術，這是十多年軟件和硬件 IP 的結果，它使我們在競爭方面具有持續的結構優勢，能夠採購原始商品NAND 與價格較高的企業級 SSD 相比，後者在短期內並不總是一致。 #2，能夠更有效地使用 NAND，縮短上市時間，並實現並向客戶提供顯著的可靠性和性能優勢。所以你（聽不清）把它加起來，我認為這組優勢在早期是一個巨大的好處。但當我們審視今天的技術集 QLC 時，在具有成本效益的 NAND 方面超越 QLC 的路線圖。能夠以（聽不清）可靠的方式以有效的方式向客戶提供該技術是絕對必要的。

Thank you, Simon. (inaudible) Next question, please.

謝謝你，西蒙。 （聽不清）請下一個問題。

Our next question comes from the line of Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Yes. As we think about modeling for next year, it looks like you're going to come up against some tough comps with Meta. And so are there expectations for contributions from that customer next year? And then as related to that, in terms of other hyperscale opportunities. Could you update us on what that pipeline looks like?

是的。當我們考慮明年的建模時，看起來您將要與 Meta 進行一些艱難的比賽。那麼明年是否期望該客戶做出貢獻？然後與此相關的是，就其他超大規模機會而言。您能否向我們介紹一下該管道的最新情況？

Absolutely. So on Meta, it's -- as we've identified, we shipped Phase I, by (inaudible) Metazone blog, there's -- they had indicated an (inaudible) exabyte to be shipped in total. So there's still more to be completed in that project for the (inaudible) RSC. There's no further guidance we can give you on the timing of that right now. We just don't have that for certain. So unfortunately, we're not able to provide additional insights into that. And in terms of other hyperscalers, conversations continue. We're optimistic that we will see realizable opportunities there. But again, too early to be able to put any real guidance on that.

絕對地。因此，在 Meta 上，正如我們所確定的那樣，我們通過（聽不清）Metazone 博客運送了第一階段，那裡 - 他們表示總共運送了一個（聽不清）艾字節。因此，（聽不清）RSC 在該項目中還有更多工作需要完成。目前我們無法為您提供有關時間安排的進一步指導。我們只是不確定。所以不幸的是，我們無法提供更多的見解。就其他超大規模企業而言，對話仍在繼續。我們樂觀地認為，我們將在那裡看到可實現的機會。但同樣，要對此提供任何真正的指導還為時過早。

Thank you, Matt. Next question, please.

謝謝你，馬特。請下一個問題。

Our next question comes from the line of Krish Sankar with Cowen.

我們的下一個問題來自 Krish Sankar 和 Cowen 的對話。

Very impressive op margin of 15% last quarter and your guidance of 14% to 15% for next year. I'm just wondering, what is the op margin last quarter have been without Meta in the mix? I'm kind of -- you mentioned that you cannot quantify Meta revenue. But you kind of highlighted that 14% to 15% op margin for next year's guidance. So I'm kind of curious how to think about that with Meta in the mix? Because my understanding is Meta's op margin accretive since you don't go through the channel. Any color there would be helpful.

上個季度 15% 的營業利潤率非常可觀，明年的指導價為 14% 至 15%。我只是想知道，在沒有 Meta 的情況下，上個季度的運營利潤率是多少？我有點 - 你提到你無法量化元收入。但你有點強調明年指導的 14% 到 15% 的營業利潤率。所以我很好奇如何在混合中考慮 Meta？因為我的理解是 Meta 的運營利潤會增加，因為你不通過渠道。那裡的任何顏色都會有所幫助。

hey, Krish, this is Kevan. Look, when we think about Meta from an operating margin perspective, I think you -- it would be good to be thinking about that in terms of the company profile on operating margins. So I don't think that's a detractor or a positive for us. Where we saw the benefit was really on product gross margin. And again, that was a result of using a different deal structure. But I think from a company profile operating margin standpoint, I would put that in that category.

嘿，Krish，我是 Kevan。看，當我們從營業利潤率的角度考慮 Meta 時，我認為你 - 從公司營業利潤率的角度考慮這一點會很好。所以我不認為這對我們有負面影響或積極影響。我們真正看到收益的地方在於產品毛利率。同樣，這是使用不同交易結構的結果。但我認為從公司概況營業利潤率的角度來看，我會把它放在那個類別中。

Yes. I do want to correct one statement, however, which is that, in fact, we do use a -- we do have a partner with Meta. It's an integration partner, and so there is economics involved in that.

是的。然而，我確實想糾正一個說法，那就是，事實上，我們確實使用了一個——我們確實有一個與 Meta 的合作夥伴。它是一個集成合作夥伴，因此其中涉及經濟學。

Thank you, Krish. It looks like we have one more question in queue. So this will be the last question.

謝謝你，克里什。看來我們還有一個問題要排隊。所以這將是最後一個問題。

Our last question comes from the line of Eric Martinuzzi with Lake Street.

我們的最後一個問題來自 Eric Martinuzzi 與 Lake Street 的對話。

Yes. You talked about having a little bit better success on the hiring side. As we look at Q4, where is -- is that kind of equally distributed across R&D and sales and marketing?

是的。你談到在招聘方面取得了更好的成功。當我們看第 4 季度時，這種情況在研發、銷售和營銷中是否平均分佈？

I would say that we -- while we're continuing to hire in both and in particular on the R&D side, we are expanding overseas largely to take advantage of overall lower cost profile. And to make it more -- to be honest, to be just much more balanced as a company between our onshore and offshore headcount in R&D. We're really very much focused on the quota-bearing head side in terms of our expansion in sales and marketing. I believe that to continue the growth, we have to continue to develop -- to improve our capacity on the sales side. So we'll be continuing to invest there.

我會說我們——雖然我們繼續在這兩個方面招聘，特別是在研發方面，但我們正在向海外擴張，主要是為了利用整體成本較低的優勢。並且讓它變得更多 - 老實說，作為一家公司，我們在研發方面的在岸和離岸員工人數之間更加平衡。就我們的銷售和營銷擴張而言，我們真的非常專注於配額方面。我相信要繼續增長，我們必須繼續發展——提高我們在銷售方面的能力。所以我們會繼續在那裡投資。

Thank you, Eric. Before we conclude, I think Charlie has a few parting comments.

謝謝你，埃里克。在我們結束之前，我想查理有一些離別評論。

Yes. Thank you, Paul. Pure continues, I think, as you can see, to outpace our industry in both innovation and customer satisfaction. And now our advantages in total cost of ownership, energy efficiency, price performance are setting the pace in this new economy. And they're going to make -- and they are making us the preferred choice for leading organizations around the world.

是的。謝謝你，保羅。 Pure 繼續，我認為，正如你所看到的，在創新和客戶滿意度方面超越我們的行業。現在，我們在總擁有成本、能源效率和性價比方面的優勢正在引領這一新經濟。他們將使 - 他們正在使我們成為全球領先組織的首選。

I remain confident that we will continue to take share and outperform the market as we've done since the very first day of our founding.

我仍然相信，我們將繼續佔據市場份額並跑贏市場，就像我們自成立第一天以來所做的那樣。

I want to thank again our dedicated employees, our partners, our suppliers and our -- especially our customers for choosing to partner with Pure for the world's best data storage and management solutions. Thank you.

我要再次感謝我們敬業的員工、我們的合作夥伴、我們的供應商和我們的——尤其是我們的客戶選擇與 Pure 合作以獲得世界上最好的數據存儲和管理解決方案。謝謝你。

This concludes today's Pure Star's third quarter fiscal year 2023 financial results call. Thank you for your participation. You may now disconnect your lines.

今天的 Pure Star 2023 財年第三季度財務業績電話會議到此結束。感謝您的參與。您現在可以斷開線路。