Pure Storage Inc (PSTG) 2024 Q1 法說會逐字稿

Good day, and welcome to the Pure Storage First Quarter Fiscal Year 2024 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

美好的一天，歡迎來到 Pure Storage 2024 財年第一季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

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

在這個時候，我想把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 First Quarter Fiscal 2024 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 will take questions. .

謝謝。大家下午好，歡迎來到 Pure 的 2024 財年第一季度收益電話會議。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. The slides that accompany this webcast can be downloaded at investor.purestorage.com.

我們的新聞稿是在收市後發布的，並發佈在我們的網站上，該電話會議同時進行網絡直播。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.

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。

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.

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 revenue, 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.

在此次電話會議期間，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.

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。

Our second quarter fiscal '24 quiet period begins at the close of business, Friday, July 21, 2023. With that, I'll turn it over to Charlie.

我們第二季度的 24 財年靜默期從 2023 年 7 月 21 日星期五營業結束時開始。有了這個，我會把它交給查理。

Good afternoon, everyone, and welcome to our Q1 FY '24 earnings call. Thank you for joining us today. We were pleased with our Q1 performance in what continues overall to be a challenging IT environment. Highlights for the quarter include the highest all-time sales for Evergreen//One; our first sales of FlashBlade//E, which is experiencing the fastest first quarter pipeline growth for any new Pure product; our largest single order since inception of almost 8 digits for our Cloud Block store product; and the release of a major upgrade to our FlashArray unified block and file software.

大家下午好，歡迎來到我們的 24 財年第一季度財報電話會議。感謝您今天加入我們。我們對第一季度在總體上仍然充滿挑戰的 IT 環境中的表現感到滿意。本季度的亮點包括 Evergreen//One 的歷史最高銷售額；我們第一季度的 FlashBlade//E 銷售，這是所有新 Pure 產品中最快的第一季度管道增長；自我們的 Cloud Block 商店產品近 8 位數以來最大的單筆訂單；並發布了對我們的 FlashArray 統一塊和文件軟件的重大升級。

We are especially pleased with the customer response to our E product line. The E line is the first and only all-flash storage system that can address the secondary storage market,at competitive prices to 7,200 RPM hard disk systems, but with only 1/10 the power, space, cooling and labor requirements.

我們對客戶對我們的 E 產品線的反應感到特別滿意。 E 系列是第一個也是唯一一個可以滿足二級存儲市場需求的全閃存存儲系統，價格具有競爭力，可達到 7,200 RPM 硬盤系統，但功率、空間、冷卻和勞動力要求僅為其 1/10。

As I've stated in the past, the days of hard disks are coming to an end. We predict that there will be no new hard disks sold in 5 years. But beyond the benefits of the E product line itself, it enables Pure to now compete for our customers' entire storage environment. It enables Pure for the first time to be our customers' complete storage partner, something that our customers have been asking for, for years. The operational and economic benefits of Pure's comprehensive storage portfolio are clear and overwhelming and are based on sustainable technology and business model advantages.

正如我過去所說，硬盤的時代即將結束。我們預測 5 年內不會有新的硬盤出售。但除了 E 產品線本身的優勢之外，它還使 Pure 現在能夠競爭我們客戶的整個存儲環境。它使 Pure 首次成為我們客戶的完整存儲合作夥伴，這是我們的客戶多年來一直要求的。 Pure 全面的存儲產品組合的運營和經濟效益是顯而易見的，並且是基於可持續的技術和商業模式優勢。

In March, we gathered our sales team for our annual sales kickoff, an event we had not held in person since 2020. Everyone was energized by both the event and the training we conducted there. This ongoing training focuses on honing sales skills with our expansion into the secondary storage market, advancing our as-a-service offerings and selling in today's environment of constrained IT spending.

3 月，我們召集了銷售團隊參加年度銷售啟動活動，這是我們自 2020 年以來沒有親自舉辦過的活動。活動和我們在那裡進行的培訓都讓每個人都充滿活力。這種持續培訓的重點是通過我們向二級存儲市場的擴張來磨練銷售技巧，推進我們的即服務產品以及在當今 IT 支出受限的環境中進行銷售。

This valuable training is already bearing fruit and enabling us to reach new customers, better support the needs of current customers and reduce sales cycles, which have lengthened in this economic environment. It's clear that our continued innovation strongly resonates with our customers, whether it is for AI/machine learning, rapid recovery from ransomware, high-performance databases, electronic design automation and video editing, traditional or cloud-native applications and now also for secondary storage environments such as content and media stores, enterprise imaging and even traditional backup and archive.

這種寶貴的培訓已經取得成果，使我們能夠接觸到新客戶，更好地支持現有客戶的需求，並縮短在這種經濟環境下延長的銷售週期。很明顯，我們的持續創新引起了客戶的強烈共鳴，無論是人工智能/機器學習、從勒索軟件中快速恢復、高性能數據庫、電子設計自動化和視頻編輯、傳統應用程序還是雲原生應用程序，現在也適用於二級存儲內容和媒體商店、企業成像甚至傳統備份和存檔等環境。

We deliver unique outcomes that are highly valuable to our customers in every environment. Compared to our all-flash competitors, we are 10x more reliable. We are 2 to 5x more power and space efficient. And we require 5 to 10x less manual labor to operate, resulting overall in at least 50% lower total cost of ownership.

我們在各種環境中提供對我們的客戶非常有價值的獨特成果。與我們的全閃存競爭對手相比，我們的可靠性高 10 倍。我們的功率和空間效率提高了 2 到 5 倍。而且我們需要的人工操作減少了 5 到 10 倍，從而使總體擁有成本至少降低了 50%。

Also, our products never become obsolete and never require forklift upgrades because our Evergreen program provides continual hardware and software upgrades nondisruptively to the customer's application environment forever. Products we sold 10 years ago are not only still in service, but have been continually modernized to our latest models without disruption or additional customer expense with our Evergreen subscription.

此外，我們的產品永遠不會過時，也永遠不需要叉車式升級，因為我們的 Evergreen 計劃永遠為客戶的應用程序環境提供持續的硬件和軟件升級，不會中斷。我們 10 年前銷售的產品不僅仍在使用中，而且通過我們的 Evergreen 訂閱不斷升級為我們的最新型號，而不會造成中斷或額外的客戶費用。

These capabilities are based upon 4 unique and sustainable competitive advantages. One, our Purity software uniquely works directly with raw flash, while other competitors use more expensive, less efficient and shorter-lived SSDs; two, Pure's highly consolidated product line, consisting of our common operating system, Purity, and 1 management system Pure1, operating on both a scale-up and a scale-out platform utilizing common direct flash modules, while competitors require many disparate software and hardware platforms to cover the same breadth of use cases; three, Pure's unique Evergreen technology and services, which guarantee that deployed products never become obsolete, never need to be replaced and enable nondisruptive upgrades; and four, Pure's cloud operating model, which enables customers to operate their storage the way that cloud customers operate theirs, highly automated, orchestrated and available as-a-service.

這些能力基於 4 個獨特且可持續的競爭優勢。第一，我們的 Purity 軟件獨特地直接與原始閃存一起工作，而其他競爭對手使用更昂貴、效率更低且壽命更短的 SSD；第二，Pure 高度整合的產品線，包括我們的通用操作系統 Purity 和 1 個管理系統 Pure1，在使用通用直接閃存模塊的縱向擴展和橫向擴展平台上運行，而競爭對手需要許多不同的軟件和硬件涵蓋相同用例範圍的平台；三、Pure獨有的Evergreen技術和服務，保證部署的產品永不過時，永不更換，實現無中斷升級；第四，Pure 的雲運營模型，它使客戶能夠以雲客戶運營存儲的方式運營他們的存儲，高度自動化、協調和可用即服務。

As we expected, Evergreen//One is thriving in this economic environment. Sales of Evergreen//One more than doubled year-over-year. As a reminder, Evergreen//One is Pure's storage-as-a-service offering that enables customers to access storage entirely through service level agreements with no capital expenditure, only paying for capacity as they use it.

正如我們所料，Evergreen//One 在這種經濟環境下蓬勃發展。 Evergreen//One 的銷售額同比增長了一倍以上。提醒一下，Evergreen//One 是 Pure 的存儲即服務產品，它使客戶能夠完全通過服務級別協議訪問存儲，無需資本支出，只需在使用時為容量付費。

Customers can place their data on-premise, on Pure-owned infrastructure or on AWS or Azure with Pure's Cloud Block Store. The customer only pays for what they use under a single contract for enterprise-class capabilities for less than what they pay for raw cloud storage. This past quarter, we saw the largest individual sale of Pure Cloud Block Store at almost 8 figures. A Fortune 500 health care organization purchased Cloud Block Store because of its ability to securely store data in the cloud with enterprise features, reduced management overhead and lower TCO. By using Cloud Block Store, the organization is able to significantly reduce their cloud storage spend while getting the most out of their data.

客戶可以使用 Pure 的 Cloud Block Store 將他們的數據放在本地、Pure 擁有的基礎設施或 AWS 或 Azure 上。客戶只需為他們在一份企業級功能合同下使用的內容付費，其費用低於他們為原始雲存儲支付的費用。上個季度，我們看到 Pure Cloud Block Store 的最大個人銷售額接近 8 位數。一家財富 500 強的醫療保健組織購買了 Cloud Block Store，因為它能夠通過企業功能將數據安全地存儲在雲中，減少管理開銷並降低 TCO。通過使用 Cloud Block Store，該組織能夠顯著減少雲存儲支出，同時充分利用數據。

Our extraordinary lead in driving power space, labor and e-waste reduction, both on-prem and in the cloud, has also garnered attention amid increased customer focus on the selection criteria. The continued strength of FlashArray//C and interest in FlashBlade//E speaks to our customers' demand for the TCO benefits of Pure all-flash products over competitive offerings now including both their flash and hard disk systems.

我們在推動電力空間、勞動力和電子垃圾減少方面的非凡領先地位，無論是在本地還是在雲端，隨著客戶對選擇標準的關注度越來越高，也引起了人們的關注。 FlashArray//C 的持續優勢和對 FlashBlade//E 的興趣說明了我們的客戶對 Pure 全閃存產品的 TCO 優勢的需求，而不是現在包括閃存和硬盤系統在內的競爭產品。

In particular, FlashBlade//E consumes approximately 1/10 as much power and space as similar capacity hard disk systems that it replaces, requiring up to 1/10 the labor and generates less than 1/10 the e-waste. Only Pure's direct flash management and operational simplicity is able to deliver this operational performance.

特別是，FlashBlade//E 消耗的功率和空間大約是它所替代的類似容量硬盤系統的 1/10，需要多達 1/10 的勞動力，產生的電子垃圾不到 1/10。只有 Pure 的直接閃存管理和操作簡單性才能提供這種操作性能。

As I mentioned, Early interest in FlashBlade//E is off the charts for a new product. FlashBlade//E is the second in a series of products that can compete for the secondary tier and soon lower tiers of the storage market entirely dominated today by hard disks. Prior to FlashArray//C and FlashBlade//E, all flash products were only price competitive for high-performance systems and therefore, Pure could only provide products for our customers' Tier 1 storage needs.

正如我所提到的，早期對 FlashBlade//E 的興趣超出了新產品的圖表。 FlashBlade//E 是一系列產品中的第二個，這些產品可以在當今完全由硬盤主導的存儲市場的二級和很快的低級存儲市場中競爭。在 FlashArray//C 和 FlashBlade//E 之前，所有閃存產品僅針對高性能係統具有價格競爭力，因此 Pure 只能提供滿足客戶的第 1 層存儲需求的產品。

With the introduction of our E product line, Pure can now compete for customers' entire storage estate, enabling Pure to become their complete storage partner for the first time. For years, customers have asked us for products that could address the remainder of their storage is safe. I have now had many customer visits since our introduction of FlashBlade//E with senior IT executives describing our key advantages and our ability to provide flash solutions for their entire storage environment.

隨著我們 E 產品線的推出，Pure 現在可以競爭客戶的整個存儲資產，使 Pure 首次成為他們完整的存儲合作夥伴。多年來，客戶一直要求我們提供能夠解決其剩餘存儲安全問題的產品。自從我們推出 FlashBlade//E 以來，我已經拜訪了很多客戶，高級 IT 主管描述了我們的主要優勢以及我們為他們的整個存儲環境提供閃存解決方案的能力。

A common question from these senior executives is why aren't we doing this already. In April, we announced a major update to our FlashArray unified block and file software, representing a significant expansion of our broader file strategy and portfolio. I'm proud to share that we're now able to address customers' file needs across high-performance, general-purpose NAS, VMware over NFS and dozens of other use cases, allowing us to compete for all of a customer's file storage estate. Best of all, FlashArray customers can simply upgrade to the latest software to get these capabilities without any additional expense.

這些高級管理人員的一個常見問題是，我們為什麼不這樣做呢？ 4 月，我們宣布對我們的 FlashArray 統一塊和文件軟件進行重大更新，代表著我們更廣泛的文件策略和產品組合的重大擴展。我很自豪地與大家分享，我們現在能夠通過高性能、通用 NAS、基於 NFS 的 VMware 和許多其他用例來滿足客戶的文件需求，從而使我們能夠競爭客戶的所有文件存儲資產.最重要的是，FlashArray 客戶只需升級到最新的軟件即可獲得這些功能，而無需任何額外費用。

This unified offering was a key component in the largest individual international market win in Pure history last quarter. Touching upon the most recent trends, generative AI and ChatGPT has brought artificial intelligence to the top of mind in all of our major customers and has become a focal part of literally every earnings script this quarter.

這種統一的產品是上個季度 Pure 歷史上最大的個人國際市場胜利的關鍵組成部分。談到最近的趨勢，生成式 AI 和 ChatGPT 已將人工智能帶到我們所有主要客戶的首要考慮，並已成為本季度幾乎每個收益腳本的焦點部分。

Pure saw the AI opportunity years ago and started innovating in this area with our introduction of FlashBlade in 2017 and then with our AI-ready infrastructure, AIRI, product, co-developed with NVIDIA. We've continued to advance FlashBlade's high-performance parallel architecture, and Pure continues to be the go-to partner for storage on AI projects.

Pure 多年前就看到了 AI 機會，並開始在這一領域進行創新，我們在 2017 年推出了 FlashBlade，然後又推出了我們與 NVIDIA 共同開發的 AI 就緒基礎設施 AIRI 產品。我們繼續推進 FlashBlade 的高性能並行架構，Pure 繼續成為 AI 項目存儲的首選合作夥伴。

For instance, we support more than 10 leading autonomous vehicle development companies in managing and processing the massive amounts of data required for their machine learning activity. In addition to our very successful position with Meta in their AI research supercluster, or RSC, the largest AI supercomputer in the world, Pure is the chosen vendor for AI environments across a broad range of industries, including media and entertainment, pharma, health care, aerospace, transportation and financial services.

例如，我們支持 10 多家領先的自動駕駛汽車開發公司管理和處理其機器學習活動所需的大量數據。除了我們與 Meta 在其 AI 研究超級集群（世界上最大的 AI 超級計算機 RSC）中取得的非常成功的地位外，Pure 還是眾多行業（包括媒體和娛樂、製藥、醫療保健）的 AI 環境的選定供應商、航空航天、運輸和金融服務。

We expect our leading role in AI to continue to expand, but we are equally excited that the requirements for Big Data will drive even more use of high-performance flash for traditional bulk data. As we mentioned last quarter, we expect the current macro environment to continue through this fiscal year, and we continue to operate the company with our usual diligence, improving productivity and focusing investment on meaningful innovation and growth.

我們預計我們在 AI 領域的領先地位將繼續擴大，但我們同樣感到興奮的是，對大數據的需求將推動更多地使用高性能閃存來處理傳統的大容量數據。正如我們上個季度提到的，我們預計當前的宏觀環境將持續到本財年，我們將繼續以一貫的勤奮經營公司，提高生產力，並將投資重點放在有意義的創新和增長上。

Our as-a-service offerings, including Evergreen//One and Evergreen//Flex, and our Pure financing vehicles provide customers with a wide range of economic alternatives to address their business needs. Pure's superior TCO and flexible Evergreen offerings are making a difference in this challenging IT economy.

我們的即服務產品（包括 Evergreen//One 和 Evergreen//Flex）以及我們的 Pure 融資工具為客戶提供了廣泛的經濟替代方案來滿足他們的業務需求。 Pure 卓越的 TCO 和靈活的 Evergreen 產品正在這個充滿挑戰的 IT 經濟中發揮作用。

While we saw continuing caution by enterprise and cloud customers in Q1, similar to what we saw in Q4, we also experienced enhanced demand for our most cost-effective studies, especially Evergreen//One. Given all of our advantages, we remain confident that we will continue to increase our market share, outgrow our competitors and pick up even greater momentum, especially as our new products and services gain mind share.

雖然我們在第一季度看到企業和雲客戶持續謹慎，與我們在第四季度看到的情況類似，但我們也經歷了對我們最具成本效益的研究的需求增加，尤其是 Evergreen//One。鑑於我們所有的優勢，我們仍然相信我們將繼續增加我們的市場份額，超越我們的競爭對手，並獲得更大的動力，特別是當我們的新產品和服務獲得市場份額時。

I am confident that we are gaining recognition with both customers and prospects that Pure is the company to trust for their future data storage architectures. We are years ahead of the competition in our ability to provide all storage needs with the most consistent, modern and efficient storage solutions.

我相信我們正在獲得客戶和潛在客戶的認可，Pure 是他們未來數據存儲架構值得信賴的公司。在為所有存儲需求提供最一致、現代和高效的存儲解決方案方面，我們領先於競爭對手數年。

We enjoy a highly sustainable competitive advantage based on the only direct to flash operating system in Purity, a simple, consistent product line with common management, our Evergreen technology to continually upgrade our products nondisruptively to the third state of the art and our ability to provide our customers with a cloud operating model.

我們享有高度可持續的競爭優勢，基於 Purity 中唯一的直接閃存操作系統、具有通用管理的簡單、一致的產品線、我們的 Evergreen 技術不斷將我們的產品無中斷地升級到第三技術水平以及我們提供的能力我們的客戶採用雲運營模式。

Our new capability to compete for the full range of enterprise storage needs gives us even greater relevance to our enterprise accounts and enables us to deliver a full and far more integrated storage solution to our customers.

我們競爭全方位企業存儲需求的新能力使我們與我們的企業客戶具有更大的相關性，並使我們能夠為我們的客戶提供完整且集成度更高的存儲解決方案。

In closing, I am excited to share that in just a couple of weeks, we'll be hosting our annual Accelerate user conference in Las Vegas. We're looking forward to seeing customers, partners and analysts from around the world to discuss the future of data storage and management.

最後，我很高興與大家分享，幾週後，我們將在拉斯維加斯舉辦年度 Accelerate 用戶大會。我們期待著與來自世界各地的客戶、合作夥伴和分析師一起討論數據存儲和管理的未來。

I'll now turn the call over to Kevan.

我現在將電話轉給 Kevan。

Thank you, Charlie, and good afternoon, everyone. In Q1, we achieved revenue of $589 million and operating profit of nearly $20 million, exceeding our expectations. We also set an all-time record of Evergreen//One subscription sales this quarter as demand was exceptional.

謝謝查理，大家下午好。第一季度，我們實現了 5.89 億美元的收入和近 2000 萬美元的營業利潤，超出了我們的預期。由於需求異常旺盛，本季度我們還創下了 Evergreen//One 訂閱銷售的歷史記錄。

We were pleased that our U.S. enterprise business exceeded our expectations this quarter. Macro conditions continue to be challenging, consistent with what we saw in Q4. Against this macro backdrop, our sales force and leadership are actively monitoring deals to get ahead of challenges as well as continuing to focus conversations both on our business value and total cost of ownership advantages, which are unmatched against our competitors.

我們很高興本季度我們的美國企業業務超出了我們的預期。宏觀環境仍然充滿挑戰，這與我們在第四季度看到的情況一致。在這種宏觀背景下，我們的銷售團隊和領導層正在積極監控交易以應對挑戰，並繼續將對話重點放在我們的業務價值和總體擁有成本優勢上，這是我們的競爭對手無法比擬的。

Our subscription services annual recurring revenue grew 29% year-over-year to $1.2 billion, and subscription services revenue of $280 million represented 48% of total revenue. Remaining performance obligations, or RPO, grew 26% year-over-year to $1.8 billion. Similar to the remarks we've made in previous quarters, our RPO included an outstanding commitment with one of our global system integrators. During Q1, this remaining outstanding commitment was fully satisfied with Evergreen//One sales. When excluding the impact of the past outstanding commitment from our global system integrator, RPO grew 31%.

我們的訂閱服務年度經常性收入同比增長 29% 至 12 億美元，訂閱服務收入為 2.8 億美元，佔總收入的 48%。剩餘履約義務 (RPO) 同比增長 26% 至 18 億美元。與我們在前幾個季度發表的言論類似，我們的 RPO 包括與我們的全球系統集成商之一的傑出承諾。在第一季度，Evergreen//One 的銷售額完全滿足了剩餘的未完成承諾。如果排除我們全球系統集成商過去未履行承諾的影響，RPO 增長了 31%。

Our headcount increased slightly to approximately 5,270 employees in Q1, and we remain disciplined in managing our costs, including hiring. Incremental investments in headcount remains focused on quota-carrying sales capacity and critical business hires.

我們的員工人數在第一季度略有增加，達到約 5,270 名員工，我們在管理成本（包括招聘）方面仍然保持紀律。對員工人數的增量投資仍然集中在配額銷售能力和關鍵業務招聘上。

As I previously mentioned, total revenue in Q1 was $589 million and product revenue was $309 million. As we noted in previous earnings calls, Q1 revenue last year included $60 million of product revenue that was contemplated in the second half of last year. Excluding this impact, Q1 total revenue grew approximately 5%. U.S. revenue for Q1 was $427 million, and international revenue was $162 million. We also acquired 276 new customers during the quarter.

正如我之前提到的，第一季度的總收入為 5.89 億美元，產品收入為 3.09 億美元。正如我們在之前的財報電話會議中指出的那樣，去年第一季度的收入包括去年下半年預計的 6000 萬美元產品收入。排除這一影響，第一季度總收入增長約 5%。第一季度美國收入為 4.27 億美元，國際收入為 1.62 億美元。本季度我們還獲得了 276 名新客戶。

We were pleased with our continued strong gross margin performance in Q1 of 72.2% with product gross margins of 70.8% and subscription services gross margin of 73.7%. Q1 operating profit of nearly $20 million exceeded expectations and included higher year-over-year costs for salaries and our first sales kickoff event since 2020. Pure's balance sheet and liquidity remained very strong, including $1.2 billion in cash and investments. In April, we reduced our overall debt, paying off $575 million in convertible notes using $475 million in cash and $100 million from our revolving line of credit. Cash flow from operations during the quarter was $173 million, and capital expenditures totaled $51 million.

我們對第一季度 72.2% 的持續強勁毛利率表現感到滿意，其中產品毛利率為 70.8%，訂閱服務毛利率為 73.7%。第一季度近 2000 萬美元的營業利潤超出預期，其中包括同比更高的工資成本和我們自 2020 年以來的首次銷售啟動活動。Pure 的資產負債表和流動性仍然非常強勁，包括 12 億美元的現金和投資。 4 月，我們減少了整體債務，使用 4.75 億美元現金和循環信貸額度中的 1 億美元償還了 5.75 億美元的可轉換票據。本季度運營現金流為 1.73 億美元，資本支出總計 5100 萬美元。

In Q1, we repurchased 2.9 million shares of stock, returning nearly $70 million to our shareholders and have approximately $211 million remaining on our existing $250 million repurchase authorization.

在第一季度，我們回購了 290 萬股股票，向股東返還了近 7000 萬美元，我們現有的 2.5 億美元回購授權還剩餘約 2.11 億美元。

Now turning to guidance. We are reiterating our annual guidance for FY '24 with revenue growth in the mid- to high single digits and expect an operating margin of 15%. Our annual revenue guidance assumes that macro conditions will continue to be challenging and will be consistent with what we have seen over the last couple of quarters.

現在轉向指導。我們重申我們對 24 財年的年度指導，收入增長為中高個位數，預計營業利潤率為 15%。我們的年度收入指引假設宏觀環境將繼續充滿挑戰，並將與我們在過去幾個季度所看到的情況保持一致。

We expect continued momentum of our Evergreen subscription services, in particular, Evergreen//One. The strength of our Evergreen//One offering has been contemplated in our annual revenue guide as the recurring revenue for these services is recognized over time. Also, as Charlie mentioned, early customer response to FlashBlade//E, which became generally available in late April, has exceeded our expectations. Our FY '24 annual revenue guidance that we provided last quarter assumed a modest revenue ramp during the second half of the year from sales of FlashBlade//E. While we are very pleased with the early response to FlashBlade//E, our FY '24 revenue guidance continues to assume a modest revenue ramp during the second half of the year.

我們預計我們的 Evergreen 訂閱服務將繼續保持增長勢頭，尤其是 Evergreen//One。我們的年度收入指南中考慮了我們 Evergreen//One 產品的優勢，因為這些服務的經常性收入會隨著時間的推移而得到確認。此外，正如 Charlie 所提到的，早期客戶對 FlashBlade//E 的響應超出了我們的預期，FlashBlade//E 於 4 月下旬全面上市。我們上個季度提供的 FY '24 年度收入指導假設下半年 FlashBlade//E 的銷售收入溫和增長。雖然我們對 FlashBlade//E 的早期反應感到非常高興，但我們的 FY '24 收入指引繼續假設今年下半年收入溫和增長。

Moving to Q2 guidance. We expect Q2 revenue of $680 million representing an increase of approximately 5% year-over-year. Our Q2 revenue guidance implies continued strong subscription revenue growth and a slight year-over-year decline in product revenue. We also expect Q2 operating profit of $90 million as we remain focused on profitable growth and ensuring we are appropriately aligning our cost structure with demand.

轉向第二季度的指導。我們預計第二季度收入為 6.8 億美元，同比增長約 5%。我們的第二季度收入指引意味著訂閱收入持續強勁增長，產品收入同比略有下降。我們還預計第二季度的營業利潤為 9000 萬美元，因為我們仍然專注於盈利增長並確保我們根據需求適當調整成本結構。

In closing, through our innovation, our competitive advantages are clear and aligned to our customers' focus on both performance and cost. We are uniquely positioned to deliver significant business value while reducing our customers' total cost of ownership, including labor, energy and real estate.

最後，通過我們的創新，我們的競爭優勢非常明顯，並且與我們客戶對性能和成本的關注保持一致。我們具有獨特的優勢，可以提供顯著的商業價值，同時降低客戶的總擁有成本，包括勞動力、能源和房地產。

It's a pleasure to also invite you to join us for our product and technology-focused financial analyst meeting at Accelerate on June 15, either in person at Las Vegas or virtually through our Investor Relations website.

我們也很高興邀請您參加我們於 6 月 15 日在 Accelerate 舉行的以產品和技術為重點的金融分析師會議，您可以親自參加，也可以通過我們的投資者關係網站參加。

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. (Operator Instructions) Alex, let's get started.

謝謝，凱文。 （操作員說明）亞歷克斯，讓我們開始吧。

(Operator Instructions) Our first question for today comes from Amit Daryanani of Evercore ISI.

（操作員說明）我們今天的第一個問題來自 Evercore ISI 的 Amit Daryanani。

Congrats on a really strong print here despite the tough macro environment. Charlie, I was hoping you could talk a little bit more about what are you seeing from an AI infrastructure investment perspective from your customers. You folks obviously have good engagement with Meta. That's been doing well, I think. But would love to hear how your customers really thinking about their storage needs broadly and very specifically around Pure's product portfolio, [around IRS, ability to] help put any dimensions around it and how do you distinguish yourself from the broader storage requirements.

儘管宏觀環境艱難，但恭喜這裡的印刷品非常強勁。查理，我希望你能多談談你從客戶的人工智能基礎設施投資角度看到了什麼。你們這些人顯然與 Meta 有很好的接觸。我認為這一直做得很好。但很想听聽您的客戶如何真正圍繞 Pure 的產品組合廣泛而具體地考慮他們的存儲需求，[圍繞 IRS，能夠] 幫助圍繞它設置任何維度，以及您如何將自己與更廣泛的存儲需求區分開來。

Yes. Thank you, Amit. Good to hear from you. Well, we view AI -- well, we've been viewing AI as a great opportunity for us and representing a reasonable portion of our sales now for multiple years, especially with the introduction of our FlashBlade product 5 years ago. And we've continued to expand that area.

是的。謝謝你，阿米特。很高興聽到你的消息。好吧，我們認為人工智能——好吧，我們一直認為人工智能對我們來說是一個很好的機會，並且多年來代表我們銷售額的合理部分，尤其是在 5 年前推出我們的 FlashBlade 產品時。我們繼續擴大該領域。

We do believe that we are the go-to partner, as I mentioned, for AI projects, and we literally support well over a half dozen to a dozen different industries in their AI activities. The majority of the AI now continues to be part of what we, as an industry, and what everyone on the call had known of AI for many years, whether that's genomic research or advanced analysis, financial analysis or self-driving cars and so forth.

正如我所提到的，我們確實相信我們是 AI 項目的首選合作夥伴，我們確實支持超過 6 到 12 個不同行業的 AI 活動。大多數人工智能現在仍然是我們作為一個行業的一部分，以及每個人多年來對人工智能的了解，無論是基因組研究還是高級分析、財務分析或自動駕駛汽車等等.

Now what's happening, of course, is every company is looking at large language models, ChatGPT, et cetera, trying to determine exactly what it means for them. We've seen some interest in that area, but it still remains a minority, the majority being traditional, much -- if I can use that word, with AI, traditional AI projects.

當然，現在正在發生的事情是每家公司都在研究大型語言模型、ChatGPT 等，試圖確定它對他們到底意味著什麼。我們已經看到對該領域的一些興趣，但它仍然是少數，大多數是傳統的，很多 - 如果我可以用這個詞，與 AI，傳統的 AI 項目。

What we're most excited by is both the opportunity for a high-performance FlashBlade systems, but frankly, we are at least as excited that customers now more and more are going to want to put their data that is in cold, hard-to-reach hard disk systems and make that available for analysis by putting it in much more higher performance flash-based systems. And both our FlashArray//C and FlashBlade//E are perfect repositories for that. So we think it's coming out at a perfect time.

我們最興奮的是高性能 FlashBlade 系統的機會，但坦率地說，我們至少同樣興奮的是，現在越來越多的客戶希望將他們的數據放在冷的、難以訪問的地方-到達硬盤系統並通過將其放入性能更高的基於閃存的系統中使其可用於分析。我們的 FlashArray//C 和 FlashBlade//E 都是完美的存儲庫。所以我們認為它是在一個完美的時間出現的。

And let me just -- let me go back to Meta. We continue to have an excellent relationship around AI with Meta. They recently fully turned on the first 2 phases of their Research SuperCluster, which they announced a few weeks back, and we look forward to continuing to work with them on that project as they continue to build it out, but also on other projects that they are contemplating in the other parts of the company.

讓我 - 讓我回到 Meta。我們繼續與 Meta 圍繞 AI 保持良好的關係。他們最近完全啟動了幾週前宣布的 Research SuperCluster 的前兩個階段，我們期待在他們繼續構建該項目時繼續與他們合作，同時也期待他們在其他項目上的合作正在考慮在公司的其他部門工作。

Rob, anything to add?

羅布，有什麼要補充的嗎？

No -- yes. I mean I think a couple of things. Number one, Amit, as Charlie mentioned, we're very excited about really what we see as 2 sets of opportunities that AI creates for us and, I think, are very constructive for Pure, supporting the AI training environments themselves as well supporting enterprise customers as they look to connect their data sets to AI-powered applications.

不——是的。我的意思是我想到了幾件事。第一，阿米特，正如查理提到的，我們真的很興奮我們看到人工智能為我們創造的兩組機會，我認為這對 Pure 非常有建設性，支持人工智能培訓環境本身以及支持企業客戶希望將他們的數據集連接到 AI 驅動的應用程序。

One set of demands, which Charlie discussed, is, hey, this needs to go in store larger and larger amounts of data. It can't be cold data. And so it's a perfect fit for C and our E products. But then equally so, enterprises are going to need to connect data from all across the organizations and all across different silos of infrastructure into these applications.

查理討論的一組需求是，嘿，這需要存儲越來越多的數據。它不能是冷數據。因此它非常適合 C 和我們的 E 產品。但同樣如此，企業將需要將來自所有組織和所有不同基礎設施孤島的數據連接到這些應用程序中。

They can no longer be islands of their own, relegated to silos that the infrastructure had held them to. And if you step back from it, those are the hallmarks of a private cloud experience for storage and is exactly what we're delivering with the cloud operating model. So net-net, we think this is very constructive for us, both in supporting the high-performance and large-scale training environments certainly with our secondary tier disk takeout product lines, but also in what we're delivering with the cloud operating model.

它們不再是自己的孤島，淪為基礎設施將它們束縛的孤島。如果你退後一步，這些就是私有云存儲體驗的標誌，而這正是我們通過雲操作模型提供的。所以 net-net，我們認為這對我們來說非常有建設性，無論是通過我們的二級磁盤外賣產品線支持高性能和大規模培訓環境，還是在我們通過雲運營模型交付的產品方面.

Our next question comes from Meta Marshall of Morgan Stanley.

我們的下一個問題來自摩根士丹利的元馬歇爾。

Maybe first question. You noted that you had, had some FlashBlade//E sales have begun. Just wondering if there was any kind of surprise on where that uptake had been. And then maybe as a follow-up question. You had noted kind of the 8-figure Block Store deal. Just wondering kind of how long that deal has been in the works and kind of what were the ultimate decision-making factors for that.

也許是第一個問題。您注意到您已經開始銷售一些 FlashBlade//E。只是想知道在接受的地方是否有任何驚喜。然後可能作為後續問題。您已經註意到了 8 位數的 Block Store 交易。只是想知道這筆交易進行了多長時間以及最終的決策因素是什麼。

You bet. Thanks, Meta. In terms of the -- let me start with the Cloud Block Store. As you know, we introduced that product about 2.5 years ago approximately and continued to work with major customers in terms of their efforts to so-called lift and shift their traditional apps into the cloud. .

你打賭。謝謝，梅塔。就 - 讓我從 Cloud Block Store 開始。如您所知，我們大約在 2.5 年前推出了該產品，並繼續與主要客戶合作，努力將他們的傳統應用程序提升並轉移到雲中。 .

That progress of lift and shifting traditional apps to the cloud has probably taken longer than any of our customers expected, perhaps a bit longer than we expected as well. That being said, now that they -- now that, that has started and they're seeing some of the bills coming back from the cloud vendors for the storage of that, those large amounts of data for traditional apps, they now really start to become even more curious about Cloud Block Store.

將傳統應用程序提升和轉移到雲端所花費的時間可能比我們任何客戶預期的都要長，也許也比我們預期的要長一點。話雖這麼說，現在他們 - 現在已經開始了，他們看到雲供應商返回的一些賬單用於存儲那些傳統應用程序的大量數據，他們現在真正開始對 Cloud Block Store 更加好奇。

This particular deal, we had talked to them about 1.5 years ago before they moved into the cloud. And they -- at that time, they were so busy moving into the cloud, they didn't really -- I don't think they really appreciated what it would cost them as they started to deploy a production environment. As they deployed that production environment and started to see the costs, they came back to us and said, "We really would like to understand better the Cloud Block Store." And I would say from that point where they came back to us to the sale was probably only about 3 months. So a relatively short period of time.

大約 1.5 年前，在他們遷移到雲端之前，我們已經與他們談過這個特別的交易。他們 - 當時，他們忙於遷移到雲中，他們並沒有真正 - 我不認為他們真的很感激他們開始部署生產環境時會付出什麼代價。當他們部署生產環境並開始查看成本時，他們回信給我們說：“我們真的很想更好地了解 Cloud Block Store。”我會說從他們回到我們這裡到銷售可能只有大約 3 個月的時間。所以時間比較短。

Our next question for today comes from Tim Long of Barclays.

我們今天的下一個問題來自巴克萊銀行的 Tim Long。

Charlie, I was hoping you could talk a little bit about visibility. A lot of talk of macro. And obviously, last quarter, there was a little bit more challenging environment, but pretty positive that you guys are keeping the full year here. So can you just touch on kind of how your visibility compares to a few months ago? And what are the kind of factors that can kind of swing the numbers into the second half or -- and into next fiscal year, maybe from a product standpoint or where there could be upside?

查理，我希望你能談談能見度。很多關於宏觀的話題。顯然，上個季度的環境更具挑戰性，但非常積極的是你們將全年留在這裡。那麼，您能否談談您的知名度與幾個月前相比如何？什麼樣的因素可以使數字進入下半年或 - 進入下一個財政年度，也許是從產品的角度或可能有上升空間的地方？

You bet. What we saw -- if I go back to Q4, we saw a fairly sharp degradation midway through Q4. And what we saw in Q1 was, if you will, a stabilization to what we saw at the end of Q4. So it didn't get any better, but it didn't get any worse either.

你打賭。我們所看到的——如果我回到第四季度，我們看到第四季度中途出現了相當急劇的下降。如果你願意的話，我們在第一季度看到的是我們在第四季度末看到的穩定。所以它沒有變得更好，但也沒有變得更糟。

The visibility is basically just the way we're handicapping, if you will, how -- what we see in terms of -- from our sales team and the length of time that we believe accounts will close. And I think our sales teams have become much better at really understanding what the full gamut, if you will, of signatures and approvals that they're going to need to get in each account and therefore, have also become better at handicapping and staging, if you will, the deals.

可見性基本上就是我們阻礙的方式，如果你願意的話，我們從銷售團隊那裡看到的方式以及我們認為客戶將關閉的時間長度。而且我認為我們的銷售團隊在真正理解他們需要在每個帳戶中獲得的簽名和批准的全部方面變得更好，因此，在障礙和分期方面也變得更好，如果你願意，交易。

So I would say that, in general, the current environment we see as stable. We would hope for improvement towards the year, but we're not counting on it at the moment. And I think that generally, we feel that this will be a -- and I'm going to exclude, let's say, surprises in federal issues. But if we see -- we're expecting stabilization through the end of the year and hopefully an improvement towards the end of the year beginning of next.

所以我想說，總的來說，我們認為當前的環境是穩定的。我們希望在今年有所改善，但目前我們不指望它。而且我認為，一般來說，我們認為這將是 - 我將排除，比方說，聯邦問題中的意外。但如果我們看到 - 我們預計到今年年底會穩定下來，並希望在明年年底前有所改善。

Tim, I probably would add a couple of things. This is Kevan as well. We did indicate the fact that our enterprise business performed better than expectations. And again, I think that's a testament to our field really adjusting to our customers' buying behavior. So that's a plus for us.

蒂姆，我可能會補充幾件事。這也是凱文。我們確實表明了一個事實，即我們的企業業務表現好於預期。再一次，我認為這證明了我們的領域確實在適應客戶的購買行為。所以這對我們來說是一個優勢。

I think the other 2 key highlights for us that came across as incremental strengths, if you will, would be Evergreen//One performance, which we alluded to. Again, that strength was much stronger than we were even anticipating. And we were already anticipating in this environment our Evergreen//One storage as a service sales would be strong coming into this type of environment. And then FlashBlade//E, again, is a highlight for us. Early, but customer response has been fantastic.

我認為對我們來說，作為增量優勢出現的另外兩個關鍵亮點，如果你願意的話，將是 Evergreen//One performance，我們提到了這一點。再一次，那種力量比我們預期的要強大得多。我們已經預料到在這種環境下，我們的 Evergreen//One 存儲即服務銷售會很強勁地進入這種環境。然後 FlashBlade//E 再次成為我們的亮點。很早，但客戶反應非常好。

And Charlie, I don't know if you want to say a few words on FlashBlade//E, too, in terms of what we're seeing there.

查理，我不知道你是否也想就我們在那裡看到的 FlashBlade//E 說幾句話。

Yes. As we mentioned, it's a very fast pipeline build. I've been in front of dozens of customers now and the excitement with customers around this product line and with the prospect of replacing their disks, which are troublesome with-all flash products, has been very high.

是的。正如我們提到的，這是一個非常快速的管道構建。我現在已經在幾十個客戶面前，客戶對這個產品線以及更換磁盤的前景感到非常興奮，這對全閃存產品來說很麻煩。

And as I mentioned, I think what's most exciting is that we're seeing customers appreciate the fact that we can address the majority of their storage needs and to be able to do that with the simplicity, the power, the ease and the reliability of Pure products. So that's -- I have to say, the enthusiasm that when any one of us go in with a new pitch, if you will, to our customers, that we feel coming out of it is really palpable.

正如我提到的，我認為最令人興奮的是我們看到客戶讚賞我們可以滿足他們的大部分存儲需求，並且能夠以簡單、強大、易用和可靠的方式做到這一點純品。所以這就是 - 我不得不說，當我們中的任何一個人進入一個新的推銷時，如果你願意，對我們的客戶來說，我們感覺從中走出來的熱情是非常明顯的。

Our next question comes from Pinjalim Bora of JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Great. And congrats on the strong quarter. One question for Kevan. Subscription, obviously, is very strong, and you kind of highlighted the potential headwind to revenue because of that. Is it possible to quantify that? You've kind of beaten the guidance by $29 million. You're kind of keeping the full year, which I appreciate, but I'm sure there is a little bit of conservatism there, too. I'm trying to understand what -- for the year, what would you kind of circle as a potential year-over-year growth headwind from that Evergreen//One strength.

偉大的。並祝賀強勁的季度。有一個問題要問凱文。顯然，訂閱非常強勁，因此你有點強調了收入的潛在阻力。有可能量化嗎？你已經超出了 2900 萬美元的指導。你有點保留全年，我很欣賞，但我確信那裡也有一點保守主義。我試圖了解什麼 - 對於這一年，你會把什麼樣的圈子作為 Evergreen//One 力量的潛在同比增長逆風。

Yes. Look, we won't get into specifics there, Pinjalim. Consistent with our practice of really talking about the subscription portfolio in total as well as from a performance standpoint, we do the same from a product standpoint. But you are thinking about it right in terms of the fact that the Evergreen//One strength, we'll see it come through on top line over time, which is a positive in terms of quantifying that. We won't -- we'll let you do the math specifically on that. .

是的。 Pinjalim，我們不會在那裡詳細說明。與我們從整體和性能角度真正談論訂閱組合的做法一致，我們從產品角度做同樣的事情。但是你正在考慮 Evergreen//One 力量這一事實，我們會看到它隨著時間的推移出現在頂線，這在量化方面是積極的。我們不會——我們會讓你專門計算一下。 .

But again, from a scale perspective as well, we already have over 1/3 of our revenues are subscription. So the headwind isn't as intense as one would expect though it does have a consideration for us, and it has been contemplated in our annual guide, which we reiterated.

但同樣，從規模的角度來看，我們已經有超過 1/3 的收入來自訂閱。因此，逆風並不像人們預期的那樣強烈，儘管它確實對我們有所考慮，而且我們的年度指南中已經考慮到了這一點，我們重申了這一點。

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

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Yes. I was wondering, just to clarify, are you embedding anything from Meta in your guide? And as my main question I want to ask you. We're hearing a lot of strategic buys that are happening in -- now for some areas within memory, particularly in NAND. And wondering how you're thinking about it and potential impact to [RF] margins for the rest of fiscal '24. Or maybe a different way to think about the same thing is you are going to see competitors particularly be able to take advantage of this low-cost NAND environment for maybe a prolonged period of time. Do you think that closes any of the competitive gap at all or pressure to margins in the second half?

是的。我想澄清一下，您是否在指南中嵌入了 Meta 中的任何內容？作為我的主要問題，我想問你。我們聽到很多戰略收購正在發生——現在是針對內存中的某些領域，特別是在 NAND 領域。並想知道您如何看待它以及對 24 財年剩餘時間 [RF] 利潤率的潛在影響。或者換一種思考同一件事的方式是，您將看到競爭對手尤其能夠在很長一段時間內利用這種低成本 NAND 環境。您認為這是否會縮小下半年的任何競爭差距或對利潤率的壓力？

Yes. Maybe we can take -- talk about the competitive advantages first, Charlie, if you want to take that around our direct to flash management advantages, which really, I think, are sustaining. And we'll hit that first, then we'll hit Meta.

是的。也許我們可以——首先談談競爭優勢，查理，如果你想圍繞我們直接到閃存管理的優勢展開討論，我認為這確實是持續的。我們將首先點擊它，然後我們將點擊 Meta。

Absolutely. Well, the interesting thing here, Pinjalim -- or I'm sorry, Wamsi, is that we believe that our advantage based on the Purity operating system and our continuing advancement of our -- what we call our direct flash modules is going to allow us to accelerate our advantage over SSDs. So I'm going to ask Rob to jump in and give you some detail there.

絕對地。嗯，這裡有趣的是，Pinjalim——或者我很抱歉，Wamsi，我們相信我們基於 Purity 操作系統的優勢和我們不斷進步的——我們稱之為直接閃存模塊的東西將允許我們加速我們對 SSD 的優勢。所以我要請 Rob 插話並在那裡給你一些細節。

Yes, absolutely. Wamsi, I think we've been pretty clear with our view that disk is, well, a dead technology spinning, so to speak. And -- but our view on SSDs, frankly, isn't that much rosier. We think it's -- SSDs are going to fall further and further behind. And that's really driven by our ability to out-distance SSDs with our direct flash technology.

是的，一點沒錯。 Wamsi，我想我們已經非常清楚我們的觀點，可以這麼說，磁盤是一種死技術旋轉。而且 - 但坦率地說，我們對 SSD 的看法並沒有那麼樂觀。我們認為——固態硬盤將越來越落後。這實際上是由我們使用直接閃存技術超越 SSD 的能力推動的。

If I step back, certainly, SSDs have played an important role in making flash more broadly available, but they're inherently less efficient, more complex, less performant, less reliable and just have overall shorter lifetimes than the systems we can deliver based on our direct flash software technology.

如果我退後一步，當然，固態硬盤在使閃存更廣泛地可用方面發揮了重要作用，但它們本質上效率較低、更複雜、性能更差、可靠性更差，而且總體壽命比我們可以提供的系統更短基於我們的直接閃存軟件技術。

And so while we get a lot of benefits today, the issue for SSDs and frankly, our competitive set that are reliant on SSDs is that SSDs are going to find it harder and harder to keep up with the rate of improvement that we're forging down. If we think about it, NAND flash, it's getting harder and harder to work with, that's creating pressure for what the SSD has to do from a technology perspective. Trying to build larger capacity SSDs only exacerbates that.

因此，雖然我們今天獲得了很多好處，但 SSD 的問題坦率地說，我們依賴 SSD 的競爭群體是 SSD 會發現越來越難跟上我們正在打造的改進速度向下。如果我們考慮一下，NAND 閃存，它變得越來越難使用，從技術角度來看，這給 SSD 必須做的事情帶來了壓力。試圖構建更大容量的 SSD 只會加劇這種情況。

And then I think you have an economic barrier around, hey, is there consumer demand that's going to drive the same -- and follow the same type of road map that we're going to drive with our direct flash technology? And so you net it out, I think we're very bullish here that we've got a 3- to 5-year structural and sustained competitive advantage over, frankly, the rest of the field that, I think, is trapped on SSD technology. And we're going to be pretty aggressive about going after that.

然後我認為你周圍有經濟障礙，嘿，是否有消費者需求會推動相同的 - 並遵循我們將使用我們的直接閃存技術推動的相同類型的路線圖？所以你把它算出來，我認為我們在這裡非常樂觀，我們有 3 到 5 年的結構和持續的競爭優勢，坦率地說，我認為被困在固態硬盤上的其他領域技術。我們將非常積極地追求這一目標。

And then bringing this back to Meta, right? I think that our engagement in Meta is a great example and proof point of the value that we're able to deliver based on this technology. As we've discussed in prior calls, one of the -- really, the key reason that we won that engagement was our ability -- our sole ability to deliver the balance of performance, cost efficiency as well as power space and cooling savings. And that traces its roots directly back to the direct flash technology.

然後把它帶回 Meta，對吧？我認為我們對 Meta 的參與是一個很好的例子，證明了我們能夠基於這項技術提供的價值。正如我們在之前的電話會議中所討論的那樣，我們贏得這種參與的關鍵原因之一實際上是我們的能力——我們提供性能、成本效率以及電源空間和冷卻節省之間平衡的唯一能力。這直接追溯到直接閃存技術。

So then, Wamsi, I do think, just to answer your question specifically around our product gross margins, look. I think the pricing environment, clearly, we're seeing heightened competitiveness around the pricing environment probably not a lot different than what we've seen historically. That's always been an area where our competitors compete with us.

那麼，Wamsi，我確實認為，只是為了回答你關於我們產品毛利率的問題，看看。我認為定價環境，很明顯，我們看到圍繞定價環境的競爭力增強可能與我們過去看到的沒有太大不同。這一直是我們的競爭對手與我們競爭的領域。

But even despite that, you saw the favorability in product gross margins, which again, is the testament to what Rob and Charlie were talking about specific to our direct to flash management advantages, which, again, I think are sustaining despite what the competition will do from a pricing competitiveness perspective.

但即便如此，您還是看到了產品毛利率的優勢，這再次證明了 Rob 和 Charlie 所談論的關於我們直接到閃存管理優勢的具體內容，我認為無論競爭如何，這些優勢都會持續下去從定價競爭力的角度來做。

Our next question comes from Krish Sankar of Cowen.

我們的下一個問題來自 Cowen 的 Krish Sankar。

This is Eddy for Krish from TD Cowen. Congrats on strong results. Going back to the AI question, of course. Just at a high level, what is the predominant storage solution for AI today? Is it hybrid storage or flash storage, right? When you go to our customer already working on AI applications, what kind of systems do you usually replace, a competing old flash solution or a hybrid storage system?

這是來自 TD Cowen 的 Eddy for Krish。祝賀取得優異成績。當然，回到 AI 問題。概括地說，當今 AI 的主要存儲解決方案是什麼？是混合存儲還是閃存，對吧？當你去找我們已經在研究 AI 應用程序的客戶時，你通常會更換什麼樣的系統，競爭性的舊閃存解決方案還是混合存儲系統？

Yes, I'll take that. Well, AI systems are typically new, so they're greenfield. So we're not generally replacing. What we are competing with are solely all-flash systems. Hard disk systems just can't provide the kind of performance necessary for a sophisticated AI environment. .

是的，我會接受的。好吧，人工智能係統通常是新的，所以它們是未開發的。所以我們一般不會更換。我們所競爭的只是全閃存系統。硬盤系統無法提供複雜人工智能環境所需的性能。 .

Of course, you still have hard disk systems in there for some analytics environments, where the performance is not generally as required. But for anything that's machine learning or real-time AI-oriented, it's only all-flash systems, and we compete on the basis largely of our FlashBlade product, which has been in place for 5 years now and now augmented by the latest generation FlashBlade//S.

當然，對於某些分析環境，您仍然有硬盤系統，其中的性能通常達不到要求。但對於任何面向機器學習或實時 AI 的東西，它都只是全閃存系統，我們的競爭主要基於我們的 FlashBlade 產品，該產品已經推出 5 年，現在由最新一代的 FlashBlade 增強//S。

Yes, Krish (sic) [Eddy], this is Rob, just to add on to that. As Charlie said, AI, earlier in cycle, generally in the training environments are net new and all-flash. I think the broader brownfield opportunity we see is, hey, so what are the large corpuses of data that enterprises have been collecting for sometimes decades? They've been throwing in the corner on hard disk-based systems that have generally been very, very cold and haven't had a need to access that data.

是的，Krish (sic) [Eddy]，我是 Rob，補充一下。正如查理所說，人工智能在周期的早期，通常在訓練環境中都是全新的和全閃存的。我認為我們看到的更廣泛的棕地機會是，嘿，企業有時收集了幾十年的大量數據是什麼？他們一直在研究基於硬盤的系統，這些系統通常非常非常冷，並且不需要訪問該數據。

Well, now, with AI technology, there's now a demand to apply AI or AI applications to those large data sets. Well, now, all of a sudden, those large pools of data need to be accessible. They need to be, to a degree, performant. And I think that's where we see a tremendous opportunity for us with especially E in our FlashArray//C line.

嗯，現在有了人工智能技術，現在需要將人工智能或人工智能應用程序應用於那些大數據集。好吧，現在，突然之間，需要訪問那些龐大的數據池。他們需要在一定程度上表現出色。我認為這就是我們看到巨大機會的地方，尤其是我們的 FlashArray//C 系列中的 E。

Our next question comes from Shannon Cross of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

I wanted to ask about operating income and margin. Given the outperformance this quarter, I know you didn't really change your guidance for the full year. But I'm wondering, assuming there may be some upside, are there areas that you would look to invest further? Or is this something where if revenue upside grew, we should expect perhaps greater than 15% operating margins through the year given the opportunity for leverage?

我想問一下營業收入和利潤率。鑑於本季度的出色表現，我知道您並沒有真正改變全年的指導方針。但我想知道，假設可能有一些上行空間，您是否希望在哪些領域進一步投資？或者，如果收入增長，我們應該預計今年的營業利潤率可能會超過 15%，因為有機會發揮槓桿作用？

Yes, Shannon, I'll take this and let Charlie comment as well. But yes, pleased with, obviously, our Q1 results, including better than expectations, both on top line as well as operating profits. We are continuing to be disciplined in terms of spending, really focusing on key hires and expanding sales capacity. And that focus remains. It's not changed from how we're thinking about Q1.

是的，Shannon，我接受這個並讓 Charlie 發表評論。但是，是的，很明顯，我們對第一季度的業績感到滿意，包括好於預期的收入和營業利潤。我們將繼續在支出方面保持紀律，真正專注於關鍵僱員和擴大銷售能力。這種關注仍然存在。這與我們對第一季度的看法並沒有改變。

So when we look at Q2, we're pleased with our guide. You see the expansion sequentially from Q1 to Q2 in terms of our operating profit and again, reiterating the 15% operating margin for the year, which we feel comfortable with. Charlie, any other commentary you'd have?

因此，當我們查看第二季度時，我們對我們的指南感到滿意。你看到我們的營業利潤從第一季度到第二季度連續擴張，再次重申了今年 15% 的營業利潤率，我們對此感到滿意。查理，你還有其他評論嗎？

Yes, it's a bit early in the year to be speculating, I think, on this topic. What I would say is we think 15% really represents the best compromise, if you will, between continued growth and profitability. And we continue to invest in growth overall as a company. If we -- I would say that, that's where our mindset is at the moment, but it's another long 3 quarters ahead of us. So we may -- we'll look downstream before we update you on that.

是的，我認為現在就這個話題進行推測有點早。我要說的是，我們認為 15% 確實代表了持續增長和盈利能力之間的最佳折衷方案。我們繼續投資於公司的整體增長。如果我們——我會這麼說，那就是我們目前的心態，但我們還有很長的三個季度。所以我們可能 - 在我們向您更新之前，我們會先看看下游。

Our next question comes from Sidney Ho of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

Great. I have a question on subscription revenue. So your subscription ARR and revenue has grown pretty consistently 30% a year. Are there any risk that growth will start to slow down over the next few quarters when product sales are actually going through a correction in the last quarter and maybe the next couple of quarters?

偉大的。我對訂閱收入有疑問。因此，您的訂閱 ARR 和收入每年以 30% 的速度穩定增長。當產品銷售實際上在上個季度甚至可能在接下來的幾個季度中經歷調整時，是否存在未來幾個季度增長開始放緩的風險？

Yes, it's a great question. And look, we don't specifically guide to subscription ARR. I really do view this metric as important in measuring the overall health of our subscription businesses. And look, we've stated back in fiscal 2022 that our 3-year CAGR expectations for subscription ARR would be around 30%, and we're tracking nicely to that expectation.

是的，這是一個很好的問題。看，我們沒有專門指導訂閱 ARR。我確實認為這個指標對於衡量我們訂閱業務的整體健康狀況很重要。看，我們早在 2022 財年就表示，我們對訂閱 ARR 的 3 年 CAGR 預期將在 30% 左右，我們正在很好地跟踪這一預期。

Like we've noted in Q1, we saw just outstanding strength of our Evergreen//One offering. And obviously, that's really offset any reductions you might have on other Evergreen offerings that might be attached to CapEx sales. So look, I think we're continuing to see strength in terms of our subscription ARR growth. The value of Evergreen is really resonating with our customers due to flexibility that these offerings provide.

正如我們在第一季度所指出的那樣，我們看到了 Evergreen//One 產品的出色實力。顯然，這確實抵消了您可能對其他可能與資本支出銷售相關的 Evergreen 產品的任何減少。所以看，我認為我們在訂閱 ARR 增長方面繼續看到實力。由於這些產品提供的靈活性，Evergreen 的價值真正引起了我們客戶的共鳴。

And of course, there's incredible value for customers in being able to use critical data storage infrastructure that frankly stays modernized and you don't have to pull out and refresh. So therefore, yes, I think we're continuing to see strong subscription growth and ARR growth.

當然，對於客戶而言，能夠使用坦率地保持現代化並且您無需退出和更新的關鍵數據存儲基礎架構具有不可思議的價值。因此，是的，我認為我們將繼續看到強勁的訂閱增長和 ARR 增長。

Yes. I tend to think of this number as a stabilizing element in our overall performance as a company and that when the economy slows down, customers are much more oriented towards these as-a-service offerings to be able to save on cash outlays and CapEx. And when the economy is strong and they move to CapEx, we get it with the Evergreen attached subscription. So I think there's some balance there and it'll vary a little bit, but I think it's going to be -- it's a fairly stable number.

是的。我傾向於認為這個數字是我們公司整體業績的一個穩定因素，當經濟放緩時，客戶更傾向於這些即服務產品，以便能夠節省現金支出和資本支出。當經濟強勁並且他們轉向資本支出時，我們通過 Evergreen 附加訂閱獲得它。所以我認為那裡有一些平衡，它會有所不同，但我認為它會 - 這是一個相當穩定的數字。

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。

My question is on Portworx. Haven't talked about that one in a bit. So love to hear thoughts on, I guess, 2 years in, something like that, how that product is doing. And just what are some of the dynamics out there, some of the puts and takes relative to the point in time when you acquired the asset.

我的問題是關於 Portworx 的。有一點沒談過那個。所以很想听聽關於 2 年之後的想法，類似的東西，該產品的表現如何。那裡的一些動態是什麼，一些相對於您獲得資產時的時間點的看跌期權和看跌期權。

Yes. Portworx had a good quarter, so we're very pleased with the progress overall of Portworx. I would say that the enterprise market for cloud native applications -- for stateful cloud-native applications has probably progressed a bit slower in the last year than we had expected early on. .

是的。 Portworx 有一個很好的季度，所以我們對 Portworx 的整體進展感到非常滿意。我想說的是，雲原生應用程序的企業市場——有狀態的雲原生應用程序在去年的進展可能比我們早期預期的要慢一些。 .

But our expectation is that 5 to 10 years from now, all applications will be designed in a cloud-native environment with containers and Kubernetes. So we're very confident about the future. We remain the best-in-class product in that area. According to numerous analyst reports as well as we track sales of competitive products, we're #1 in that space, and we expect that to continue. So we're overall pleased. Maybe the market is a little bit slower this past year than we might have expected, but overall, very bullish on the segment.

但我們的期望是，從現在開始的 5 到 10 年，所有應用程序都將在具有容器和 Kubernetes 的雲原生環境中設計。所以我們對未來非常有信心。我們仍然是該領域一流的產品。根據眾多分析師報告以及我們對競爭產品銷售情況的跟踪，我們在該領域排名第一，並且我們預計這種情況會持續下去。所以我們總體上很高興。也許去年市場比我們預期的要慢一些，但總體而言，該細分市場非常看好。

Yes. And Jason, this is Rob. Let me just add a few thoughts to that. As Charlie mentioned, we saw a strong quarter from Portworx and I would call it, in particular, strength in seeing customers expand with us. And I think that, to a degree, this is natural as we see this idea of platform engineering, the evolution of DevOps really starting to take hold. We believe this is driving more customers to look for -- look to Portworx for really the complete enterprise and scale-ready solutions for their cloud-native applications.

是的。傑森，這是羅伯。讓我對此補充一些想法。正如 Charlie 提到的那樣，我們看到了 Portworx 的強勁季度，我特別稱之為看到客戶與我們一起擴張的力量。我認為，在某種程度上，這是很自然的，因為我們看到了平台工程的想法，DevOps 的發展真正開始紮根。我們相信這會促使更多的客戶尋找 Portworx，為他們的雲原生應用程序尋找真正完整的企業和規模就緒的解決方案。

I'll also point out that I think we're starting to hear stories back from customers that, hey, Portworx is saving them a lot of money in terms of whether that's optimizing -- helping them optimize their virtualization strategy, optimize their cloud storage and compute cost and spend or just speeding up their overall time to market. And so as we've discussed with other elements of the portfolio, I think there is definitely a focus across the board on value that customers are -- essentially, the solutions, our solutions, that are able to save customers money in this environment.

我還要指出，我認為我們開始從客戶那裡聽到這樣的故事，嘿，Portworx 在優化方面為他們節省了很多錢——幫助他們優化他們的虛擬化策略，優化他們的雲存儲併計算成本和支出，或者只是加快他們的整體上市時間。因此，當我們與投資組合的其他元素進行討論時，我認為肯定會全面關注客戶的價值——本質上，解決方案，我們的解決方案，能夠在這種環境下為客戶節省資金。

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

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

Yes. Congrats on a strong quarter. I wanted to ask about the MediaZen win that you guys cited last week in a press release. And specifically, you guys cited the shortened voice recognition modeling cycle in 6 months to 2 weeks, which is definitely seeing an order of massive improvement. So a few questions on this [presser]. First, is this app generative recommendation AI case study? And then is the voice recognition modeling another way of saying basically the training period? And then finally, is the typical level of benefits customers are seeing, i.e., in order of magnitude of performance improvement? And it sounds like the typical structure that's being completed with is indeed all-flash arrays with the AI cases. If you can address all three...

是的。祝賀一個強勁的季度。我想問一下你們上週在新聞稿中提到的 MediaZen 勝利。具體來說，你們將語音識別建模週期從 6 個月縮短到 2 週，這無疑是一個巨大的改進。關於這個 [presser] 的幾個問題。首先，這個應用程序生成推薦 AI 案例研究嗎？然後語音識別建模基本上是訓練期的另一種說法嗎？最後，客戶看到的典型收益水平是多少，即性能改進的數量級？聽起來正在完成的典型結構確實是帶有 AI 案例的全閃存陣列。如果你能解決這三個問題......

Thanks for the multipart question, Nehal. We're going to try to consider it a one question and condense the answer. Please go ahead, Charlie.

感謝多部分問題，Nehal。我們將嘗試將其視為一個問題並濃縮答案。請繼續，查理。

Yes. As Nehal mentioned, we actually had 2 press releases last quarter associated with -- or recently, I should say, recently with first quarter wins in the AI space, MediaZen and Crater Labs. These were releases that these organizations themselves put out. So we're very pleased to see it. .

是的。正如 Nehal 所提到的，我們上個季度實際上有 2 個新聞稿與 - 或者最近，我應該說，最近在 AI 領域，MediaZen 和 Crater Labs 的第一季度獲勝。這些是這些組織自己發布的版本。所以我們很高興看到它。 .

In each case, dramatic improvements in the overall speed of training of their various environments. I'm going to have Rob speak in more detail on MediaZen, which was the focus of your question.

在每種情況下，他們在各種環境中的整體訓練速度都有顯著提高。我將讓 Rob 詳細介紹 MediaZen，這是您問題的重點。

Yes, Nehal. I think what MediaZen saw is not atypical from customers that are scaling their AI training environments, which is as they started down the AI path, they're doing a lot of training on smaller data sets. Those data sets might be sitting directly on the GPU servers.

是的，尼哈爾。我認為 MediaZen 看到的客戶正在擴展他們的 AI 訓練環境，這並不少見，因為他們開始沿著 AI 道路前進，他們在較小的數據集上進行了大量訓練。這些數據集可能直接位於 GPU 服務器上。

And so at small scale, that works really well. The issue, of course, is, as you know, to produce very good results with AI, you need to apply it to very, very large sets of data. And immediately, what customers run into is this challenge of, hey, how do I get a subset of my large, large pool of data, which might be sitting on cold tier systems over to my GPU servers so I can go and crunch on them and feed them to GPUs?

所以在小範圍內，效果非常好。當然，正如你所知，問題是要用 AI 產生非常好的結果，你需要將它應用於非常非常大的數據集。立即，客戶遇到的挑戰是，嘿，我如何獲得我的大型數據池的一個子集，這些數據可能位於冷層系統上，轉移到我的 GPU 服務器上，這樣我就可以處理它們並將它們提供給 GPU？

And so I think what they saw was, again, not atypical. They were spending a ton of time waiting for data to move back and forth between these disparate systems. What Pure FlashBlade was able to do for them is essentially collapse those systems, right, and allow them to train directly off of other shared storage, thus removing a -- not just long manual steps, but just reducing the overall time to training. And to your first part -- or I guess, maybe the third part of your multipart question. These types of results are, I would say, are not atypical as AI projects start to scale beyond what they're able to achieve with a small-scale infrastructure.

所以我認為他們所看到的，再一次，並非非典型。他們花費了大量時間等待數據在這些不同的系統之間來回移動。 Pure FlashBlade 能夠為他們做的基本上是折疊這些系統，對吧，並允許他們直接從其他共享存儲中進行訓練，從而消除了——不僅是冗長的手動步驟，而且還減少了整體訓練時間。關於你的第一部分——或者我想，也許是你的多部分問題的第三部分。我想說，這些類型的結果並不少見，因為 AI 項目開始擴展，超出了它們通過小型基礎設施所能實現的範圍。

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

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

I think I'm going to go back to Portworx as well actually, just the DB announcement that you had in the press release. Just wondering what the driving force there just in terms of market demand was there, what does incrementally bring to Pure and then the Portworx data services platform. And any kind of update on details you've relayed into the partnership with Mongo serving as a channel? Is this consumption based, et cetera?

實際上，我想我也會回到 Portworx，只是您在新聞稿中發布的 DB 公告。只是想知道就市場需求而言，那裡的驅動力是什麼，是什麼逐漸給 Pure 和 Portworx 數據服務平台帶來了什麼。以及關於您與 Mongo 作為渠道的合作夥伴關係的任何更新細節？這是基於消費等等嗎？

And if I could squeeze one more in. Paul, don't get mad at me. But I don't know if I heard the answer to Wamsi's question about Meta and hyperscale in the fiscal '24 guide from Kevan. That'd be helpful.

如果我能再擠一個進去。保羅，別生我的氣。但我不知道我是否在 Kevan 的 24 財年指南中聽到了 Wamsi 關於 Meta 和超大規模的問題的答案。那會很有幫助。

Tom, I think we're going to need to take the Meta question. We're running out of time, and we have quite a few people left in the queue. So I'm sorry everybody, but we do need to stick to our policy.

Tom，我想我們需要回答 Meta 問題。我們的時間不多了，還有很多人在排隊。所以我很抱歉大家，但我們確實需要堅持我們的政策。

Yes. And then, Tom, on Meta, our annual guide continues to exclude new Meta orders. And in particular, future phases, i.e., phases 3 and 4 of the RSC environment. So no changes from our annual guide, which again, we have reiterated this quarter.

是的。然後，Tom，在 Meta 上，我們的年度指南繼續排除新的 Meta 訂單。特別是未來階段，即 RSC 環境的第 3 和第 4 階段。因此，我們的年度指南沒有變化，我們在本季度再次重申了這一點。

Our next question comes from Simon Leopold of Raymond James.

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

I was interested in Charlie's comment about the demise of hard several years out. And just wanted to see what your thinking is or your take on the hard disk technology known as Heat-Assisted Magnetic Recording, or HAMR, whether that's a competitive threat or how you think about that in the landscape?

我對查理關於幾年後艱苦生活消亡的評論很感興趣。只是想看看您的想法或您對稱為熱輔助磁記錄或 HAMR 的硬盤技術的看法，這是否是一種競爭威脅或您如何看待這一領域？

Yes. Absolutely, Simon. Well, look, the density of hard drives will continue to increase. That's a logarithmic curve that hasn't failed for over 40 years. Unfortunately, what's not going to increase is the I/O speed on and off of these disks, which is now becoming more important.

是的。當然，西蒙。好吧，你看，硬盤的密度會不斷增加。這是一條 40 多年來從未失效的對數曲線。不幸的是，這些磁盤的 I/O 速度不會增加，而現在這變得越來越重要。

What's also not going to change is the overall weight and failure ratios of these devices. And as systems become larger and more dense, flash is just accelerating its performance curve beyond hard disk at an amazing rate. So when we say that we're able to replace hard disk systems that exist today at 1/10 the space power and cooling, even with these new hard disk technology, we're still 5x better, and we'll accelerate beyond that. So I think it's going to be very hard for the hard disk to keep up.

同樣不會改變的是這些設備的整體重量和故障率。隨著系統變得越來越大和越來越密集，閃存正以驚人的速度加速其性能曲線超越硬盤。因此，當我們說我們能夠以 1/10 的空間功率和冷卻替換當今存在的硬盤系統時，即使使用這些新的硬盤技術，我們仍然要好 5 倍，而且我們將加速超越。所以我認為硬盤很難跟上。

One last thing to remember is the last refuge for hard disks now is in the secondary and tertiary tier. And now we're able to reach price parity with them at a procurement cost and yet have much lower total cost of ownership and be smaller and be more reliable. So that's the -- there's no other markets that are going to hold revenue for hard disks that flash won't penetrate. And what that means is just lesser revenue and therefore, lesser investment in ongoing development of hard disks. That's also going to be a problem for the vendors. So it's unfortunate. I don't hold any malice. But similar to markets in the past, you're just -- when these transitions take place, CDs over vinyl or DVDs over VHS, there's just no stopping progress.

最後要記住的是，現在硬盤的最後避難所是第二層和第三層。現在，我們能夠以採購成本與他們達成價格平價，但總擁有成本要低得多，體積更小，更可靠。這就是 - 沒有其他市場可以為閃存無法滲透的硬盤帶來收入。這意味著收入減少，因此對硬盤持續開發的投資減少。對於供應商來說，這也將是一個問題。所以很不幸。我沒有任何惡意。但與過去的市場類似，當這些轉變發生時，CD 轉黑膠或 DVD 轉 VHS，進展就不會停止。

We're going to actually run over by a couple of minutes. We're going to try to get in at least 3 more questions, if we could.

我們實際上要跑幾分鐘。如果可以的話，我們將嘗試再提出至少 3 個問題。

Our next question comes from Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

This is Jake on for Aaron. I was just hoping you could talk a little bit about your views on component pricing for the rest of the year and maybe its effect on FlashBlade//E's ramp?

這是亞倫的傑克。我只是希望你能談談你對今年剩餘時間組件定價的看法，以及它對 FlashBlade//E 的影響？

Yes. I would say that we're seeing -- obviously, we've seen a significant drop in flash pricing over the last several quarters. We're expecting the same that you're reading in analyst reports. We're expecting that to stabilize through the remainder of the year. But our economics on FlashBlade//E are really strong and compelling, and we believe that's -- as we said, we're offering it now at the same price as hard disk systems for nearline, and we expect our improvements in density, regardless of flash pricing, to allow us to accelerate as we go into next year. Meaning, that we can penetrate ever deeper into lower and lower cost tiers of disk while maintaining the kind of margins that we expect as a company. So I hope that answers your question.

是的。我想說我們看到了——顯然，我們已經看到過去幾個季度閃存定價的顯著下降。我們期待您在分析師報告中看到的內容。我們預計這種情況會在今年剩餘時間內穩定下來。但我們在 FlashBlade//E 上的經濟性確實強勁且引人注目，我們相信——正如我們所說，我們現在以與近線硬盤系統相同的價格提供它，我們期望我們在密度方面有所改進，無論閃存定價，讓我們在進入明年時加速。這意味著，我們可以更深入地滲透到越來越低的磁盤成本層，同時保持我們作為一家公司所期望的那種利潤率。所以我希望這能回答你的問題。

Our next question comes from David Vogt of UBS.

我們的下一個問題來自瑞銀集團的 David Vogt。

Great. Charlie, I just wanted to go back to your product road map and how you're seeing it developed going forward. I know you're shipping DFM solutions up to 40 terabytes today. But given the exponential -- the likely exponential growth in data going forward, can you kind of talk through how you're thinking about scaling your business going forward as some of the HDD guys are talking about 50 terabytes and up to 100-terabyte drives getting deployed over the next couple of years? Just would love to get your thoughts on how you're thinking about your product road map.

偉大的。查理，我只想回到你的產品路線圖，以及你如何看待它的發展。我知道您今天要交付高達 40 TB 的 DFM 解決方案。但是考慮到指數——未來數據可能呈指數增長，你能談談你是如何考慮擴展你的業務的嗎，因為一些 HDD 人正在談論 50 TB 和高達 100 TB 的驅動器在未來幾年內部署？只是想了解您對產品路線圖的看法。

You bet. You bet. And thank you for the question. Well, we're expecting to deliver a 75-terabyte SSD DFM, right? We provide direct flash modules. We'll provide 75 this year. We expect that to double next year and to double again by the year after that. So it's an incredibly -- it's not -- we believe that, that's not an ambitious road map. We believe that's eminently doable.

你打賭。你打賭。謝謝你的問題。那麼，我們期望交付一個 75 TB 的 SSD DFM，對嗎？我們提供直接閃存模塊。今年我們將提供 75 個。我們預計明年會翻一番，然後再翻一番。所以這是一個令人難以置信的——它不是——我們相信，這不是一個雄心勃勃的路線圖。我們相信這是非常可行的。

And there's -- if you look at the road maps for hard disk vendors, they can't get close to that and certainly not at the same power weight, power size space cooling envelope that we'll be fitting in.

還有——如果你看一下硬盤供應商的路線圖，他們無法接近這一點，而且肯定不會達到我們將要安裝的相同功率重量、功率大小的空間冷卻範圍。

Yes. And this is Rob, just to add on to that. To Charlie's point, that road map is -- we have very high confidence in it. It's based on effectively existing technology. We don't -- no new physics needs to be invented to make that happen. And I think that's a road map that, again, to my earlier discussion, I think vastly distances us from the hard disk road maps, but as well the SSD manufacturers, right? We just do not believe that the SSDs are going to be able to keep pace with where we're headed. And that's one of the reasons why we're so bullish about our advantage here.

是的。這是羅布，只是為了補充這一點。就查理的觀點而言，該路線圖是——我們對此非常有信心。它基於有效的現有技術。我們不——不需要發明新的物理學來實現這一點。而且我認為這是一個路線圖，再一次，對於我之前的討論，我認為我們與硬盤路線圖以及 SSD 製造商之間的距離很大，對嗎？我們只是不相信 SSD 能夠跟上我們前進的步伐。這就是我們如此看好我們在這裡的優勢的原因之一。

Let's take 1 more question, please. So this will be the last question.

請再回答 1 個問題。所以這將是最後一個問題。

Our final question for today comes from Eric Martinuzzi of Lake Street.

我們今天的最後一個問題來自 Lake Street 的 Eric Martinuzzi。

Yes. Curious on the CapEx. I'm looking at it [year-earlier] there for Q1 versus Q1 a year ago. Looks like we're up about $18 million or so. I understand you called out the capitalized software investments up a couple of (inaudible). What else is driving that increased CapEx spend here in Q1 versus a year ago? And then what are you expecting for Q2?

是的。對資本支出感到好奇。我正在 [一年前] 那裡查看第一季度與一年前的第一季度。看起來我們增加了大約 1800 萬美元左右。我知道你把資本化的軟件投資提高了幾個（聽不清）。與一年前相比，還有什麼因素推動第一季度資本支出增加？然後你對第二季度有什麼期待？

Great question. And really, there's 2 drivers for that. It's really around our test equipment for new product releases. And obviously, we've come out with FlashBlade//E, and we've got a lot of stuff in the works. So we've got some test equipment investments associated with that. And then we're moving into our new headquarters. And so we've got some additional CapEx associated with that as well.

很好的問題。實際上，有 2 個驅動程序。它實際上圍繞著我們用於新產品發布的測試設備。顯然，我們已經推出了 FlashBlade//E，而且我們還有很多工作要做。所以我們有一些與之相關的測試設備投資。然後我們要搬進新總部。因此，我們還有一些與之相關的額外資本支出。

But again, when we look at it in terms of our CapEx rate, we'll see a little bump this year against as a percentage of revenue, but around 6% to 7% is what we're thinking.

但同樣，當我們從資本支出率的角度來看時，我們今年會看到它佔收入的百分比略有上升，但我們的想法是在 6% 到 7% 左右。

Thank you, Eric. Before we conclude, Charlie has a few comments to make.

謝謝你，埃里克。在我們結束之前，查理有幾點要說。

Thank you, Paul, and thank you all for joining us on today's call. We continue to outpace the industry, I think, as you can see from our commentary in innovation and the advantages now in total cost of ownership, energy efficiency, price performance are really setting the pace in the data center and really make us the preferred choice now for global organizations.

謝謝你，保羅，感謝大家參加今天的電話會議。我認為，我們繼續超越行業，正如您從我們對創新的評論中看到的那樣，現在在總擁有成本、能效、性價比方面的優勢確實引領了數據中心的步伐，並真正使我們成為首選現在為全球組織。

I do thank our employees for their dedication, to our partners and suppliers to their ongoing partnership and to our customers for entrusting Pure Storage with their data storage and management needs. And as a reminder, I do -- we all look forward to seeing you at Accelerate, whether that is physical or virtual, so you can hear more about our continued momentum in the future of data storage and the data center. Thank you.

我非常感謝我們的員工的奉獻精神，感謝我們的合作夥伴和供應商，感謝他們持續的合作夥伴關係，感謝我們的客戶將他們的數據存儲和管理需求委託給 Pure Storage。提醒一下，我確實——我們都期待在 Accelerate 見到你，無論是物理的還是虛擬的，這樣你就可以聽到更多關於我們在數據存儲和數據中心的未來持續發展的動力。謝謝。

Thank you. That concludes the Pure Storage First Quarter Fiscal Year 2024 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

謝謝。 Pure Storage 2024 財年第一季度收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。