Pure Storage Inc (PSTG) 2024 Q2 法說會逐字稿

Good day, and welcome to the Pure Storage Second Quarter Fiscal Year 2024 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) And at this time, I'd like to turn the call over to Mr. Paul Ziots, Vice President, Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 Pure Storage 2024 財年第二季度收益電話會議。今天的會議正在錄製中。 （操作員指示）此時，我想將電話轉給投資者關係副總裁 Paul Ziots 先生。請繼續，先生。

Thank you. Good afternoon, everyone, and welcome to Pure's Second Quarter Fiscal 2024 Earnings Conference Call.

謝謝。大家下午好，歡迎參加 Pure 2024 財年第二季度收益電話會議。

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. Our press release was issued after the close of market and is posted on our website where this call is being simultaneously webcast.

首席執行官 Charlie Giancarlo 出席了電話會議。凱文·克萊斯勒，首席財務官；首席技術官 Rob Lee。在查理和凱文準備好的發言之後，我們將回答問題。我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網絡直播。

The slides that accompany this webcast can be downloaded at investor.purestorage.com. On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings and competitive industry and economic trends.

本網絡廣播附帶的幻燈片可在 Investor.purestorage.com 下載。在今天的電話會議上，我們將做出前瞻性聲明，這些聲明受到各種風險和不確定性的影響。其中包括有關我們的財務前景和運營、我們的戰略、技術及其優勢、我們當前和新產品以及競爭行業和經濟趨勢的聲明。

Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance. A discussion of some of the risks and uncertainties related to our business is contained in our filings with the SEC, and we refer you to those public filings.

我們做出的任何前瞻性陳述均基於截至目前的事實和假設，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 SEC 提交的文件中包含了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.

在本次電話會議中，除收入、剩餘績效義務或 RPO 以及現金和投資外，所有財務指標和相關增長率均為非 GAAP 指標。我們的收益新聞稿和幻燈片中提供了與最直接可比的公認會計準則衡量標準的對賬。

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 third quarter fiscal '24 quiet period begins at the close of business, Friday, October 20, 2023. With that, I'll turn it over to Charlie.

此次電話會議正在 Pure Storage 投資者關係網站上進行現場直播，並進行錄音以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。我們的第三季度 24 財年靜默期從 2023 年 10 月 20 日星期五營業結束時開始。接下來，我會將其交給 Charlie。

Good afternoon, everyone, and welcome to Pure Storage's Q2 conference call. We are pleased with our financial results this quarter. While the macro environment continued to be challenging, we outpaced our competitors and saw strong growth in our strategic investments, particularly in FlashBlade//S, FlashBlade//E and Evergreen//One.

大家下午好，歡迎參加 Pure Storage 第二季度電話會議。我們對本季度的財務業績感到滿意。雖然宏觀環境仍然充滿挑戰，但我們超越了競爭對手，並看到我們的戰略投資強勁增長，特別是在 FlashBlade//S、FlashBlade//E 和 Evergreen//One 方面。

Our results demonstrate that we continue to lead our market and that our strategy is working. Pure is delivering extraordinary outcomes for our customers by transforming data storage from a highly fragmented solution set to a single, consistent platform. Pure is today the first and only data storage company that can deliver a single, consistent, nondisruptive operating and management environment, leveraging the most advanced flash technology across all data storage needs.

我們的結果表明我們繼續引領市場並且我們的戰略正在發揮作用。 Pure 通過將數據存儲從高度分散的解決方案集轉變為單一、一致的平台，為我們的客戶提供非凡的成果。 Pure 是當今第一家也是唯一一家能夠提供單一、一致、無中斷操作和管理環境的數據存儲公司，利用最先進的閃存技術來滿足所有數據存儲需求。

With the introduction of the E family, our all-flash products now span from the highest performance systems to the most cost-effective systems for bulk data. Uniquely in our industry, all of Pure's products are based on one operating system, Purity, the only storage software that operates natively direct to Flash rather than using less efficient commodity SSDs.

隨著 E 系列的推出，我們的全閃存產品現在涵蓋了從最高性能係統到最具成本效益的海量數據系統。 Pure 的所有產品都基於同一個操作系統 Purity，這在我們行業中是獨一無二的，它是唯一一款直接在閃存上運行而不是使用效率較低的商用 SSD 的存儲軟件。

All of Pure's products are managed with our Pure1 management system and have consistent APIs. All of our products support nondisruptive upgrades forever, through our Evergreen technology and subscription programs and are all available to consume as a service through Evergreen//One. The data storage industry has, for decades, been plagued with different tailored software and hardware solutions for the wide range of storage protocols, formats, performance levels and price points needed to cover the market.

Pure 的所有產品均通過我們的 Pure1 管理系統進行管理，並具有一致的 API。通過我們的 Evergreen 技術和訂閱計劃，我們的所有產品都支持永久無中斷升級，並且都可以通過 Evergreen//One 作為服務使用。幾十年來，數據存儲行業一直受到不同定制軟件和硬件解決方案的困擾，這些解決方案適用於覆蓋市場所需的各種存儲協議、格式、性能水平和價格點。

The storage portfolio of legacy data storage providers was generally assembled by acquisition and our collections of disparate inconsistent environments. That approach left customers with a complex infrastructure with multiple software operating environments with different management systems and multiple different operational processes. As a result, legacy storage environments are complex. They vary for each use case. They require downtime for upgrades and require forklift replacements roughly every 5 years. Pure is the only company that provides customers a single consolidated operating environment for all of their data storage needs, including block, file and object.

傳統數據存儲提供商的存儲組合通常是通過收購和我們收集不同的不一致環境來組裝的。這種方法為客戶留下了複雜的基礎設施，其中包含多個軟件操作環境、不同的管理系統和多個不同的操作流程。因此，遺留存儲環境非常複雜。它們因每個用例而異。它們需要停機進行升級，並且大約每 5 年需要更換一次叉車。 Pure 是唯一一家為客戶提供單一整合操作環境來滿足其所有數據存儲需求（包括塊、文件和對象）的公司。

Q2 was the first full quarter of shipments for FlashBlade//E. Sales and pipeline have exceeded our expectations, and it is experiencing the fastest growth of all prior new product releases. At purchase, FlashBlade//E with 3 years of Evergreen subscription has an acquisition cost competitive with hard disk-based systems and has substantially lower operating cost. It enables our customers to move ever more of their cost-sensitive workloads to all-flash.

第二季度是 FlashBlade//E 出貨量的第一個完整季度。銷售和管道已經超出了我們的預期，並且正在經歷所有先前新產品發布中最快的增長。購買時，擁有 3 年 Evergreen 訂閱的 FlashBlade//E 的購置成本與基於硬盤的系統相比具有競爭力，並且運營成本大幅降低。它使我們的客戶能夠將更多的成本敏感型工作負載轉移到全閃存。

The E family of products allows Pure to now cover the entire spectrum of data storage, inclusive of low-priced bulk storage, providing customers with a consistent, modern and reliable product line for all their storage needs. FlashArray//E will become available later this year (inaudible) FlashBlade. FlashArray//E will enable cost-effective storage for bulk data or capacities from 1 to 4 petabytes. And as part of the E family, it can also reduce customers' total operational costs by up to 60% and produce 85% less e-waste compared to hard disk-based systems.

E 系列產品使 Pure 現在能夠覆蓋整個數據存儲領域，包括低價的大容量存儲，為客戶提供一致、現代且可靠的產品線，滿足他們的所有存儲需求。 FlashArray//E 將於今年晚些時候推出（聽不清）FlashBlade。 FlashArray//E 將為批量數據或 1 到 4 PB 的容量提供經濟高效的存儲。作為 E 系列的一部分，與基於硬盤的系統相比，它還可以將客戶的總運營成本降低多達 60%，並減少 85% 的電子垃圾產生。

We are seeing continued momentum and opening new opportunities with our cloud strategy. Last week, we announced an expanded multiyear partnership with Microsoft Azure services and its Azure VMware solution known as AVS, using our Pure Cloud Block Store. This offers a new age of cloud migration that can drive faster, more cost-effective adoption of cloud services.

我們看到了雲戰略的持續發展勢頭並帶來了新的機遇。上週，我們宣布使用我們的 Pure Cloud Block Store 擴大與 Microsoft Azure 服務及其 Azure VMware 解決方案（稱為 AVS）的多年合作夥伴關係。這開啟了雲遷移的新時代，可以推動雲服務更快、更經濟地採用。

Combining Pure's industry-leading data reduction with our ability to decouple storage needs from compute, customers can significantly reduce their total cloud costs while increasing hybrid cloud capabilities. In addition to operating in the cloud, our cloud operating model allows our customers to operate their storage environment like the cloud, to offer services like the cloud, to better build for the cloud and also to consume storage like the cloud. Pure Fusion enables our customers to manage the Pure portfolio as a fleet as an integrated pool of storage across data centers and across clouds.

將 Pure 業界領先的數據縮減技術與我們將存儲需求與計算分離的能力相結合，客戶可以顯著降低總云成本，同時提高混合雲功能。除了在雲中運營之外，我們的雲運營模式還允許我們的客戶像雲一樣運營他們的存儲環境，像雲一樣提供服務，更好地為雲構建，也像雲一樣使用存儲。 Pure Fusion 使我們的客戶能夠將 Pure 產品組合作為一個隊列進行管理，作為跨數據中心和跨雲的集成存儲池。

Pure Fusion allows customers to offer their developers access to bespoke data services through APIs. Portworx, the most highly rated Kubernetes data platform for deploying cloud-native applications, was chosen for the fourth consecutive year by analyst firm GigaOM as the leader for enterprise Kubernetes data storage and cloud-native Kubernetes data storage.

Pure Fusion 允許客戶通過 API 為開發人員提供定制數據服務的訪問權限。 Portworx 是評價最高的用於部署雲原生應用程序的 Kubernetes 數據平台，連續第四年被分析公司 GigaOM 選為企業 Kubernetes 數據存儲和雲原生 Kubernetes 數據存儲的領導者。

Evergreen//One allows our customers to also consume like the cloud based entirely on a service level agreement with Pure to allow them to store their data whenever and wherever they want. Evergreen//One is available for all of Pure's product offerings. The growth of subscription services contributed significantly to our success in Q2. Evergreen//One, the industry's leading storage as a service offering saw sales double again year-over-year.

Evergreen//One 允許我們的客戶完全基於與 Pure 的服務級別協議像雲一樣進行消費，以便他們可以隨時隨地存儲數據。 Evergreen//One 適用於 Pure 的所有產品。訂閱服務的增長對我們第二季度的成功做出了重大貢獻。 Evergreen//One 是業界領先的存儲即服務產品，其銷售額同比再次翻倍。

Our Evergreen technology and programs have revolutionized the industry and provide Pure a sustainable competitive advantage, ending traditional legacy hardware replacement practices for customers and turning every sale into a storage-as-a-service relationship. With our Evergreen forever subscription, companies upgrade both hardware and software of the latest technology without paying additional capital continually without downtime forever. As we discussed last quarter, generative AI and ChatGPT have brought artificial intelligence to the top of mind for all customers, and AI creates 2 sets of opportunities for Pure. First, we can supply products for AI training environments such as the creation of large language models or LLM in short.

我們的常青技術和計劃徹底改變了行業，並為 Pure 提供了可持續的競爭優勢，結束了客戶傳統的硬件更換做法，並將每次銷售轉變為存儲即服務關係。通過我們的 Evergreen 永久訂閱，公司可以升級最新技術的硬件和軟件，而無需持續支付額外的資金，而不會永遠停機。正如我們上季度所討論的，生成式 AI 和 ChatGPT 已將人工智能帶入所有客戶的首要考慮，而 AI 為 Pure 創造了兩組機會。首先，我們可以為人工智能培訓環境提供產品，例如創建大型語言模型或簡稱LLM。

And second, we can support enterprises to prepare their data architecture for AI inference, meaning the use of LLMs on their own data. Most customers will leverage third-party LLMs as their base. They will retune and retrain these models on their proprietary data within their own organizational boundaries. By adding guardrails, they will enable AI inference to achieve outcomes specific to their business.

其次，我們可以支持企業為人工智能推理準備數據架構，這意味著在自己的數據上使用法學碩士。大多數客戶都會利用第三方法學碩士作為他們的基礎。他們將在自己的組織範圍內使用其專有數據重新調整和重新訓練這些模型。通過添加護欄，他們將使人工智能推理能夠實現特定於其業務的結果。

The former requires very high performance, while the latter is enhanced with the replacement of low-performance secondary hard disk systems with our e-family of cost-effective flash storage. During the quarter, FlashBlade//S won a generative AI footprint in a production environment in the low 8 digits.

前者需要非常高的性能，而後者則通過用我們的 e 系列經濟高效的閃存存儲替換低性能的輔助硬盤系統來增強。本季度，FlashBlade//S 在生產環境中的生成式 AI 足跡達到了低 8 位數。

Portworx also saw multiple wins in early AI development environments. Customers purchased Portworx to ensure reliable data management during the training and inference process. Over the last 5 years, well over 100 customers have chosen FlashBlade to accelerate their AI and machine learning environments. With the introduction of FlashBlade//E, AI customers are able to take advantage of a single operating and management environment for both their (inaudible) and their bulk data, dramatically simplifying their data storage infrastructure and reducing its cost and environmental footprint.

Portworx 在早期人工智能開發環境中也取得了多項勝利。客戶購買 Portworx 是為了確保訓練和推理過程中可靠的數據管理。在過去 5 年裡，超過 100 家客戶選擇了 FlashBlade 來加速他們的 AI 和機器學習環境。隨著 FlashBlade//E 的推出，AI 客戶能夠利用單一操作和管理環境來處理他們的（聽不清）數據和批量數據，從而大大簡化他們的數據存儲基礎設施，並降低其成本和環境足跡。

For the last few months, I have visited customers, partners and resellers across the U.S., Asia Pacific and Europe, to highlight Pure's new ever more powerful position. Customers immediately got the benefits of and the need for a unified operating and management environment for all of their data storage needs, block, file and object from the highest performance to the most cost effective. They responded enthusiastically to the ability to operate their storage and data environment as consistent storage pools across data centers and clouds, and they welcome the advantages of our Evergreen technology and subscription available across our entire data storage platform.

在過去的幾個月裡，我拜訪了美國、亞太地區和歐洲的客戶、合作夥伴和經銷商，以突顯 Pure 日益強大的新地位。客戶立即受益並需要一個統一的操作和管理環境來滿足他們所有的數據存儲需求，從最高性能到最具成本效益的塊、文件和對象。他們對將存儲和數據環境作為跨數據中心和雲的一致存儲池進行操作的能力做出了熱情的回應，並且他們歡迎我們的 Evergreen 技術和整個數據存儲平台上可用的訂閱的優勢。

Pure's products uniquely stand out in the industry due to our single operating environment and consistent APIs across our products. This is powered by our consistent use of purity and our Pure1 management system across all our products. Our new E family of products leverage our latest direct-to-flash capabilities of Purity software to unlock the most cost-effective QLC flash to penetrate the bulk data market for the first time with all-flash technology.

Pure 的產品由於我們單一的操作環境和跨產品一致的 API 而在行業中脫穎而出。這得益於我們在所有產品中始終如一地使用純度和 Pure1 管理系統。我們的全新 E 系列產品利用 Purity 軟件最新的直接閃存功能，解鎖最具成本效益的 QLC 閃存，通過全閃存技術首次打入大容量數據市場。

Our high-density direct flash modules or DFMs, work with purity to power this advance. This enables better performance, better longevity, better reliability and ultimately better price performance than both hard disks and even SSD-based systems. We have been shipping 48-terabyte DFMs for the last 3 years and we will introduce our 75 terabyte DFM later this year.

我們的高密度直接閃存模塊或 DFM 純粹地為這一進步提供動力。與硬盤甚至基於 SSD 的系統相比，這可以實現更好的性能、更長的使用壽命、更好的可靠性以及最終更好的性價比。過去 3 年我們一直在銷售 48 TB DFM，今年晚些時候我們將推出 75 TB DFM。

Today, Pure's DFMs are 2 to 4x denser than the largest hard disk and SSDs in competitive use. And our advantage in density is accelerating. Our road map calls for a 150-terabyte DFM next year and a 300 terabyte DFM by 2026. Our improvements in performance and density of direct flash versus commodity products will enable us to increase our competitiveness in the industry by a wide margin, not only in performance and cost, but also in energy efficiency and e-waste reduction.

如今，Pure 的 DFM 密度比競爭中使用的最大硬盤和 SSD 密度高 2 到 4 倍。我們在密度方面的優勢正在加速。我們的路線圖要求明年實現150 TB 的DFM，到2026 年實現300 TB 的DFM。與商品產品相比，我們在直接閃存性能和密度方面的改進將使我們能夠大幅提高行業競爭力，而不僅僅是在性能和成本，還包括能源效率和電子廢物減少。

Speaking of energy and e-waste, we issued our second ESG report last week. It details the advancements we continue to make across our technology portfolio, operations and people. Our largest area of contribution continues to be the extraordinary energy e-waste and space savings of our products, which enable our customers to achieve their environmental sustainability goals. Pure products can reduce the total energy and emissions from data centers globally by upwards of 20% as Pure's flash-optimized systems use up to 5x less power than competitive SSD-based systems and up to 10x less power than the hard disk systems we will replace.

談到能源和電子垃圾，我們上週發布了第二份 ESG 報告。它詳細介紹了我們在技術組合、運營和人員方面持續取得的進步。我們最大的貢獻領域仍然是我們產品的非凡能源電子廢物和空間節省，這使我們的客戶能夠實現他們的環境可持續發展目標。 Pure 產品可將全球數據中心的總能源和排放量降低 20% 以上，因為 Pure 的閃存優化系統的功耗比基於 SSD 的競爭系統低 5 倍，比我們將更換的硬盤系統低 10 倍。

In closing, I have never been more confident in our long-term growth strategy or in our opportunity to lead this market. I'll now turn the call over to Kevan Krysler. Kevan?

最後，我對我們的長期增長戰略或領導這個市場的機會從未如此有信心。我現在將把電話轉給凱文·克萊斯勒。凱文？

Thank you, Charlie. Revenue of $689 million in Q2 grew 6.5% year-over-year and exceeded our revenue guidance. We achieved record sales of our entire FlashBlade portfolio, including FlashBlade//E and saw continued high demand for our Evergreen//One subscription services as sales more than doubled year-over-year.

謝謝你，查理。第二季度收入為 6.89 億美元，同比增長 6.5%，超出了我們的收入指導。我們的整個 FlashBlade 產品組合（包括 FlashBlade//E）的銷售額創下了紀錄，並且我們的 Evergreen//One 訂閱服務需求持續強勁，銷售額同比增長了一倍多。

While the spending environment remains relatively consistent to what we have seen over the last couple of quarters, our customers are choosing to invest in our high technology data storage solutions for their key strategic projects as we have seen with the sales performance of both our FlashBlade and Evergreen//One offerings this quarter.

雖然支出環境與我們過去幾個季度所看到的情況保持相對一致，但我們的客戶選擇為其關鍵戰略項目投資我們的高科技數據存儲解決方案，正如我們從FlashBlade 和FlashBlade 的銷售業績中看到的那樣Evergreen//本季度推出一項產品。

Momentum we saw across our entire FlashBlade portfolio included specific AI and ML use cases, including a significant generative AI win that Charlie highlighted. We are excited with the historic ramp for both sales and pipeline of FlashBlade//E throughout the quarter. Customers no longer need to settle for hard disk systems and can now choose Pure's higher-performance flash solutions at competitive price points.

我們在整個 FlashBlade 產品組合中看到的勢頭包括特定的 AI 和 ML 用例，其中包括 Charlie 強調的重大生成式 AI 勝利。我們對 FlashBlade//E 在整個季度的銷售和管道的歷史性增長感到興奮。客戶不再需要滿足於硬盤系統，現在可以以具有競爭力的價格選擇 Pure 的高性能閃存解決方案。

Q2 operating profit of nearly $112 million exceeded expectations due to the performance of our product and subscription gross margins. Our unique purity software architecture working directly with raw-flash rather than less efficient and shorter-lived SSDs, contributed to the strength in product gross margins. Leveraging our Purity software, the majority of the capacity we now ship is based on QLC raw flash. More aggressive discounting behavior from our competitors during the quarter slightly offset product gross margin expansion.

由於我們產品的表現和訂閱毛利率，第二季度營業利潤近 1.12 億美元超出預期。我們獨特的純淨軟件架構直接與原始閃存配合使用，而不是與效率較低且壽命較短的 SSD 配合使用，從而提高了產品毛利率。利用我們的 Purity 軟件，我們現在發貨的大部分容量都是基於 QLC 原始閃存。本季度競爭對手更激進的折扣行為略微抵消了產品毛利率的增長。

In Q2, subscription services annual recurring revenue grew 27% year-over-year to $1.2 billion and included strong growth from our Evergreen//One Storage as a Service offering. Closed Evergreen//One contracts where the effective service date has not yet started are excluded from the subscription ARR calculation. Subscription ARR growth would have been 28% when considering closed Evergreen//One contracts where the service date has not yet started.

第二季度，訂閱服務的年度經常性收入同比增長 27%，達到 12 億美元，其中包括我們的 Evergreen//One 存儲即服務產品的強勁增長。已關閉的 Evergreen // 生效服務日期尚未開始的一份合約不包括在認購 ARR 計算中。如果考慮服務日期尚未開始的已關閉 Evergreen//One 合約，訂閱 ARR 增長率將為 28%。

Remaining performance obligations, or RPO, grew 26% to $1.9 billion. Similar to the remarks we've made in previous quarters, our RPO previously included an outstanding commitment with one of our global system integrators. During Q1, this remaining outstanding commitment was fully satisfied. And when excluding the impact of the past outstanding commitment, RPO grew 30% year-over-year.

剩餘履約義務 (RPO) 增長 26%，達到 19 億美元。與我們在前幾個季度發表的言論類似，我們的 RPO 之前包括對我們的一家全球系統集成商的傑出承諾。在第一季度，剩餘的未履行承諾已完全履行。當排除過去未履行承諾的影響時，RPO 同比增長 30%。

Subscription services revenue of $289 million comprised 42% of total revenue, which is 6 points higher than Q2 last year. U.S. revenue for Q2 was $495 million, and international revenue was $194 million. We acquired 325 new customers during the quarter and our total customer count now exceeds 12,000. As previously mentioned, we were pleased with our continued strong gross margin performance of 72.8% with product gross margin of 71.5% and subscription services gross margin of 74.5%.

訂閱服務收入為 2.89 億美元，佔總收入的 42%，比去年第二季度高 6 個百分點。第二季度美國收入為 4.95 億美元，國際收入為 1.94 億美元。本季度我們獲得了 325 名新客戶，目前客戶總數超過 12,000 名。如前所述，我們對 72.8% 的持續強勁毛利率表現感到滿意，其中產品毛利率為 71.5%，訂閱服務毛利率為 74.5%。

Our headcount increased slightly to approximately 5,400 employees at the end of the quarter. Pure's balance sheet and liquidity remain very strong, including $1.2 billion in cash and investments at the end of Q2. Cash flow from operations during the quarter was $102 million and capital expenditures totaled $55 million.

截至本季度末，我們的員工人數略有增加，達到約 5,400 名。 Pure 的資產負債表和流動性仍然非常強勁，包括第二季度末的 12 億美元現金和投資。該季度運營現金流為 1.02 億美元，資本支出總計 5500 萬美元。

In Q2, we repurchased nearly 600,000 shares of stock, returning nearly $22 million to our shareholders. This represents a lower level of repurchase activity than recent quarters as a result of the fixed trading parameters that were in place throughout the quarter.

第二季度，我們回購了近 60 萬股股票，向股東返還了近 2200 萬美元。由於整個季度實行固定交易參數，這表明回購活動水平低於最近幾個季度。

We have approximately $190 million remaining on our existing $250 million repurchase authorization.

我們現有的 2.5 億美元回購授權還剩大約 1.9 億美元。

Now turning to guidance. We expect Q3 revenue to be $760 million, representing double-digit growth of over 12% year-over-year. Our Q3 revenue guidance assumes continued strong subscription revenue growth fueled by our Evergreen//One subscription services. We continue to execute on aligning our cost structure with expected demand. The results of our continued operational discipline and the economic benefits we are seeing with our unique architecture of Purity software working directly with flash is reflected in our Q3 operating profit guide of $135 million or 17.8% operating margin.

現在轉向指導。我們預計第三季度收入為 7.6 億美元，同比增長超過 12%，實現兩位數增長。我們的第三季度收入指引假設我們的 Evergreen//One 訂閱服務推動訂閱收入持續強勁增長。我們繼續努力使我們的成本結構與預期需求保持一致。我們持續的運營紀律的結果以及我們通過直接與閃存配合使用的獨特的Purity 軟件架構所看到的經濟效益反映在我們的第三季度運營利潤指南中，即1.35 億美元或17.8% 的運營利潤率。

Our annual revenue guidance we previously communicated remains unchanged and assumes revenue growth in the mid- to high single digits as we expect significantly stronger year-over-year revenue growth for the second half of FY '24. As a reminder, revenue for our Evergreen//One subscription service offering is recurring and is recognized over time. The sales strength of our Evergreen//One offering through the first half of the year has outperformed our expectations, and this momentum is expected to continue throughout the remainder of the year. The success of our sales of Evergreen//One subscription services has been considered in our annual revenue guidance as the growth of this offering creates a near-term headwind to the total revenue growth rate as revenue is recognized over time.

我們之前傳達的年度收入指引保持不變，並假設收入增長為中高個位數，因為我們預計 24 財年下半年的同比收入增長將顯著強勁。提醒一下，我們的 Evergreen//One 訂閱服務產品的收入是經常性的，並隨著時間的推移而得到確認。今年上半年我們的 Evergreen//One 產品的銷售實力超出了我們的預期，預計這一勢頭將在今年剩餘時間內持續下去。我們的年度收入指導中已考慮了 Evergreen//One 訂閱服務銷售的成功，因為該服務的增長對總收入增長率造成了短期阻力，因為收入隨著時間的推移而得到確認。

We also continue to assume no significant improvement or worsening of macroeconomic conditions from what we have seen over the last few quarters. Finally, we are increasing our annual operating margin guidance from 15% to 15.5%, driven by our continued operational discipline as well as the benefits we are seeing as a result of our unmatched flash management technology powered by Purity software.

我們還繼續假設過去幾個季度宏觀經濟狀況沒有顯著改善或惡化。最後，在我們持續的運營紀律以及由 Purity 軟件支持的無與倫比的閃存管理技術所帶來的好處的推動下，我們將年度運營利潤率指導從 15% 提高到 15.5%。

In closing, treating data storage and management as high technology, as demonstrated through our continuous innovation across our portfolio and business models, we have established an extraordinary advantage in reducing power consumption, real estate space, labor and e-waste for our customers. Our business value and total cost of ownership advantages are unmatched against our competitors.

最後，將數據存儲和管理視為高科技，正如我們在產品組合和業務模式上的持續創新所證明的那樣，我們在為客戶減少功耗、房地產空間、勞動力和電子廢物方面建立了非凡的優勢。我們的商業價值和總體擁有成本優勢是競爭對手無法比擬的。

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

這樣，我會將其轉回給保羅進行問答。

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

（操作員指示）操作員，我們開始吧。

(Operator Instructions) We'll go first this afternoon to Amit Daryanani at Evercore.

（操作員說明）今天下午我們首先去 Evercore 的 Amit Daryanani。

I was hoping you folks to talk a bit more about the FlashBlade portfolio. I think in the press release, you talked about record sales over here. So I'd love to understand where is the strength coming from? What's driving the success here given the challenged macro?

我希望大家能多談談 FlashBlade 產品組合。我想在新聞稿中，您談到了這裡的唱片銷售情況。所以我很想知道力量從何而來？鑑於宏觀經濟面臨挑戰，是什麼推動了這裡的成功？

And really related to this, any sense on how FlashBlade//E adoption is looking and (inaudible) traction there. I think NetApp recently talked about how their equivalent product, at least is having a very strong launch. So I'd love to hear where is FlashBlade broadly resonating with customers? And is there any way to quantify what you're saying would be really helpful.

與此真正相關的是，FlashBlade//E 的採用情況如何以及（聽不清）那裡的吸引力有什麼意義。我認為 NetApp 最近談到了他們的同類產品至少是如何推出非常強勁的產品。所以我很想知道 FlashBlade 在哪些方面引起了客戶的廣泛共鳴？有沒有什麼方法可以量化你所說的內容，這真的很有幫助。

Absolutely. Thanks, Amit. Well, just as a reminder to the audience, we launched FlashBlade about 5 or 6 years ago now and then more recently, a little over a year ago, updated it with what we call our FlashBlade//S program, which shares our direct flash modules with our FlashArray series as well as more recently just last Q1, our FlashBlade//E product.

絕對地。謝謝，阿米特。好吧，只是為了提醒觀眾，我們大約在 5 或 6 年前推出了 FlashBlade，然後最近，一年多前，用我們所謂的 FlashBlade//S 程序更新了它，該程序共享我們的直接閃存我們的FlashArray 系列模塊以及最近的第一季度我們的FlashBlade//E 產品。

FlashBlade//S addresses the high performance end of the market, and FlashBlade//E, as I mentioned in my script, actually addresses the high capacity but bulk data, lower cost market overall.

正如我在腳本中提到的，FlashBlade//S 解決了市場的高性能問題，而 FlashBlade//E 實際上解決了大容量但大數據、整體成本較低的市場。

To answer your question directly, I believe the greater focus around AI certainly helps in FlashBlade sales, but frankly, FlashBlade has continued to grow, especially since the introduction of FlashBlade//S, which gave it even greater compatibility with our FlashArray series ever since we introduced that product. And now that we've introduced the E, it really allowed customers to look at the full range of price performance for their high-capacity workloads with one consistent platform. And I think, completing, if you will, the family with E has really helped FlashBlade sales overall.

直接回答你的問題，我相信對人工智能的更多關注肯定有助於FlashBlade 的銷售，但坦率地說，FlashBlade 一直在持續增長，特別是自從推出FlashBlade//S 以來，這使它與我們的FlashArray 系列具有更大的兼容性我們介紹了該產品。現在我們推出了 E，它確實讓客戶能夠通過一個一致的平台了解其高容量工作負載的全方位性價比。我認為，如果您願意的話，完善 E 系列確實有助於 FlashBlade 的整體銷售。

Yes, absolutely. And Amit, this is Rob, just to jump into the second part of your question. Look, I think it's important to realize that E really has no equivalent in the market. As Charlie mentioned, E is really enabled by our highly differentiated purity software and direct flash technology that's designed for that software, which really sets it far apart not only from disk, which is largely the displacement market we're going after, but also any of the competitive set that might try to follow us with SSD-based technology.

是的，一點沒錯。阿米特，我是羅布，我想跳到你問題的第二部分。聽著，我認為重要的是要認識到 E 在市場上確實沒有同等產品。正如Charlie 提到的，E 確實是由我們高度差異化的純度軟件和專為該軟件設計的直接閃存技術實現的，這確實使其不僅與磁盤（我們正在追求的位移市場）相距甚遠，而且與任何其他市場都相距甚遠。可能會嘗試用基於 SSD 的技術追隨我們的競爭者。

And as Charlie mentioned, we started using this technology, leveraging and bringing it -- using it to bring QLC into the enterprise over 3 years ago with FlashArray//C at the time to displace hybrid disk-based systems. And then now with E, with both FlashBlade//E and FlashArray//E joining later this year, really see a complete portfolio to go after the entirety of the customers' data storage needs. And again, as Charlie said, being able to do that and offer it with a very consistent hardware, software and management approach.

正如 Charlie 提到的，我們在 3 年前就開始使用這項技術，充分利用並引入它，將 QLC 引入企業，當時使用 FlashArray//C 來取代基於混合磁盤的系統。現在，隨著 E，FlashBlade//E 和 FlashArray//E 在今年晚些時候加入，真正看到了一個完整的產品組合來滿足客戶的全部數據存儲需求。正如查理所說，能夠做到這一點並為其提供非常一致的硬件、軟件和管理方法。

The next is Aaron Rakers at Wells Fargo.

下一個是富國銀行的亞倫·雷克斯(Aaron Rakers)。

I guess I wanted to ask about the AI opportunity. Charlie, if you can, can you untap a little bit of about the 8-figure deal that you won in AI this quarter (inaudible) revenue recognized that? Just kind of any context to that? And then also just to clarify, the Meta deal, are you continuing to not assume any kind of follow-on from that footprint deployment, next-generation data center opportunity at Meta in your guidance for fiscal '24?

我想我想問一下人工智能的機會。查理，如果可以的話，你能不能利用一下你本季度在人工智能領域贏得的 8 位數交易（聽不清）的收入認可嗎？只是有什麼背景嗎？然後還要澄清一下，Meta 交易，在您的 24 財年指導中，您是否繼續不假設 Meta 的足跡部署、下一代數據中心機會的任何後續情況？

So the 8-figure deal was a nice, as I said, a low 8-figure deal, but in a production environment that has opportunity for expansion. So very excited. And it was the largest Gen AI deal of its type, which is why we wanted to highlight it. Not the only AI deal that we did in the quarter, but just because of its scale, something we wanted to highlight.

因此，正如我所說，8 位數的交易是一筆不錯的交易，雖然是低額的 8 位數交易，但在有擴展機會的生產環境中。非常興奮。這是同類交易中規模最大的 Gen AI 交易，這就是我們想要強調它的原因。這不是我們在本季度進行的唯一一筆人工智能交易，但只是因為其規模，這是我們想要強調的。

I would also say that it's an area that where we are seeing additional interest overall in the market. That being said, as I said last quarter, I'm just excited by the opportunity to upgrade customers' existing data environment, the lower performance environment because of the needs of wanting to use that data for AI inference in the future. So I'm seeing both of those opportunities in front of us. Separately, with respect to the Meta RSC, which we've commented on the past, because when new shipments happen, it tends to have an effect on our overall P&L.

我還想說，我們在這個領域看到了市場整體上的額外興趣。話雖這麼說，正如我上季度所說，我對有機會升級客戶現有的數據環境（較低性能的環境）感到興奮，因為未來需要使用這些數據進行人工智能推理。所以我看到這兩個機會就在我們面前。另外，關於 Meta RSC，我們過去曾對此進行過評論，因為當新的發貨發生時，它往往會對我們的整體損益產生影響。

Yes, until -- as I've stated in the past, we have -- there's really no change from prior quarters. It continues to be an environment that Meta is happy with. Our relationship with them is very good. There is no change as far as we know, of their plans to expand it in the future. In other words, that's still our expectation, but we don't know the exact timing.

是的，直到——正如我過去所說，我們已經——與前幾個季度相比確實沒有任何變化。它仍然是 Meta 滿意的環境。我們和他們的關係非常好。據我們所知，他們未來擴展的計劃沒有變化。換句話說，這仍然是我們的期望，但我們不知道確切的時間。

Kevan, did you want to make a comment about revenue recognition for that 8-figure deal that was...

Kevan，您想對那筆 8 位數交易的收入確認發表評論嗎？

Yes, it's included in our revenue, yes.

是的，它包含在我們的收入中，是的。

We'll go next now to Meta Marshall at Morgan Stanley.

接下來我們請摩根士丹利的梅塔·馬歇爾 (Meta Marshall) 發言。

A couple of questions for me. Just coming out of Accelerate. You guys had made some very bold statements just about kind of customers not needing this anymore. And I just wanted to get a sense of how you found that message resounding with customers and what pieces of the portfolio do you feel like or pieces of the road map that you need to demonstrate over the next kind of coming years demonstrate to customers that they can have more comfort in that transition? And then just maybe a clarification on FlashBlade//E, just kind of typical order to ship time?

有幾個問題問我。剛剛從加速中出來。你們已經就不再需要這個的客戶發表了一些非常大膽的聲明。我只是想了解您如何發現這一信息引起客戶的共鳴，以及您喜歡產品組合的哪些部分，或者您需要在未來幾年展示的路線圖的哪些部分向客戶展示他們在這個轉變中可以有更多的安慰嗎？然後也許只是對 FlashBlade//E 進行澄清，只是一種典型的發貨時間訂單？

So I can answer the first part of that question in a number of different ways. First of all, I believe that customers have already experienced the disk-to-flash benefits when they went with their primary storage from disk to flash. And what they found was smaller footprints, higher reliability, less maintenance, less effort overall, especially when they moved to Pure flash.

所以我可以用多種不同的方式回答這個問題的第一部分。首先，我相信客戶在將主存儲從磁盤轉向閃存時已經體驗到了磁盤到閃存的優勢。他們發現佔地面積更小，可靠性更高，維護更少，整體工作量更少，尤其是當他們轉向純閃存時。

And so they already recognized that as a positive effect. And so when we can now go in at these lower price points, lower price performance levels, they get very excited about it. But as I had mentioned in my prepared remarks, what gets me even more excited is consolidating their overall environment to a more consistent hardware, software environment because it reduces the complexity in their overall IT data center, reduces their complexity when they want to move to the cloud, just reduces complexity generally. So it's not -- E is interesting, not just in the disk-to-flash transition but in the ability of customers to move to a more consistent portfolio overall.

所以他們已經認識到這是一個積極的影響。因此，當我們現在可以以較低的價格、較低的性價比水平進入市場時，他們會感到非常興奮。但正如我在準備好的發言中提到的，更令我興奮的是，將他們的整體環境整合為更加一致的硬件、軟件環境，因為這降低了他們整個IT 數據中心的複雜性，降低了他們想要遷移到的複雜性。雲，通常只是降低複雜性。所以，E 很有趣，不僅在於磁盤到閃存的過渡，還在於客戶能夠轉向整體上更加一致的產品組合。

And Meta, just to jump in here. I think part of your question had to do with building comfort with customers around the transition. Look, I think it's important to realize that the transition from hard disk to the flash we're offering with E is completely seamless, right? Another way to look at it is there are basically no reasons that a customer says, hey, I would like to get disk. I would like to keep this. There are really no puts and takes. The only reason that customers have held on to disk in a lot of these environments historically has been price.

Meta，只是跳到這裡。我認為你的部分問題與在過渡過程中讓客戶感到舒適有關。看，我認為重要的是要認識到我們通過 E 提供的從硬盤到閃存的過渡是完全無縫的，對吧？另一種看待它的方式是，客戶基本上沒有理由說，嘿，我想要磁盤。我想保留這個。確實沒有投入和獲取。歷史上，客戶在許多此類環境中保留磁盤的唯一原因是價格。

And then now with our technology, with what we've been able to do with E, we have effectively neutralized that. And so I think that's something that perhaps goes less appreciated, and I think we'll use that transition because it's not a re-architecture, it's not a redesign. It really is just a seamless and really instantaneous improvement on all dimensions.

現在，通過我們的技術，通過我們對 E 所做的事情，我們已經有效地消除了這一點。所以我認為這可能不太受重視，我認為我們將使用這種轉變，因為它不是重新架構，也不是重新設計。這確實是各個方面的無縫且即時的改進。

And let me just touch on that last question on order to ship time for FlashBlade//E, consistent with what we see across our portfolio. So no significant difference there.

讓我簡單談談關於 FlashBlade//E 的交付時間的最後一個問題，這與我們在我們的產品組合中看到的一致。所以沒有顯著差異。

We'll go next now to Pinjalim Bora at JPMorgan.

接下來我們將前往摩根大通的 Pinjalim Bora。

Congrats on the quarter. Staying on the AI theme. I want to ask you about Portworx. It seems that was a little bit surprising. I don't think people are thinking about Portworx and AI together. Maybe talk about that AI opportunity with respect to Portworx. What are you seeing what kind of workloads are these? Are these on-premise or cloud attaches? Are these more of a training or inference time of AI? That would be helpful.

恭喜本季度。繼續關注人工智能主題。我想問你關於Portworx的事。看來這有點讓人意外了。我不認為人們會同時考慮 Portworx 和人工智能。也許可以談談 Portworx 的人工智能機會。您看到這些是什麼樣的工作負載？這些是本地附件還是雲附件？這些更多的是人工智能的訓練或推理時間嗎？那會有幫助的。

Yes. Thanks, Pinjalim. Well, first of all, it's both inference and training. And as you might imagine, a lot of these new developments are being made in container-based and Kubernetes-based environments. And Portworx is without equal in terms of its ability to manage storage of all types for Kubernetes and containers and to do it both -- can do it on bare-metal, can do it in the cloud, can do it on top of our infrastructure.

是的。謝謝，平賈利姆。嗯，首先，它既是推理，也是訓練。正如您可能想像的那樣，許多新開發都是在基於容器和基於 Kubernetes 的環境中進行的。 Portworx 在管理 Kubernetes 和容器的所有類型存儲以及兩者兼得的能力方面是無與倫比的——可以在裸機上執行，可以在雲中執行，可以在我們的基礎設施之上執行。

And so as -- these are very large environments. Portworx has always been really superior when it gets to large-scale production. And so before going into a development where the developers know it's going to go large scale when they scale out, they're starting off with Portworx for their stateful data management.

這些都是非常大的環境。 Portworx 在大規模生產方面始終表現出色。因此，在進行開發之前，開發人員知道在橫向擴展時將會進行大規模開發，他們首先使用 Portworx 進行狀態數據管理。

And Pinjalim, just to add on to that. I look at the Portworx and cloud native piece of this puzzle is really a part of the overall set of environments that we see as being impacted by the uptake of AI technology, positively impacted.

還有 Pinjalim，只是補充一下。我看看 Portworx，這個難題的雲原生部分實際上是整個環境的一部分，我們認為這些環境受到人工智能技術採用的影響，產生了積極的影響。

So certainly, number one, AI training infrastructure and environment. We've talked to you all a lot about that. Number 2 is really the demand to store more and more data in the enterprise, remove the silos and really move more of that cold data into the warm.

當然，第一是人工智能培訓基礎設施和環境。我們已經和你們談過很多關於這個的事情了。第二個真正的需求是在企業中存儲越來越多的數據，消除孤島，並將更多的冷數據真正轉移到熱數據中。

And then as Charlie says, number three, looking at the application environments that the trained AI models are connected to. If you look at where a lot of that data is coming into enterprises. It's coming from multiple sources. It's coming from business data, databases, IoT sensors, machine data, all over the place. A lot of these application set environments are very highly dynamic, very aligned to open-source, cloud native technologies. It's also important to realize that getting these trained AI models deployed and connected to real-time systems, is ultimately the goal for a lot of these enterprises.

然後，正如查理所說，第三，查看經過訓練的人工智能模型所連接的應用程序環境。如果你看看大量數據進入企業的地方。它來自多個來源。它來自各地的業務數據、數據庫、物聯網傳感器、機器數據。許多應用程序集環境都非常動態，與開源、雲原生技術非常一致。同樣重要的是要認識到，部署這些訓練有素的人工智能模型並將其連接到實時系統是許多此類企業的最終目標。

And so when you look at the application environments driving these real-time systems that folks want to plug chatbots or what have you into again, all very heavily based on and built on by cloud native architectures, open-source software. And they have the need for agility, scalability, elasticity that those architectures afford, while at the same time, having the enterprise capabilities that technologies like Portworx can offer. And really, that's what we're seeing out there today.

因此，當您查看驅動這些實時系統的應用程序環境時，人們希望將聊天機器人或您再次插入的東西，所有這些都很大程度上基於雲原生架構和開源軟件並由其構建。他們需要這些架構所提供的敏捷性、可擴展性和彈性，同時擁有 Portworx 等技術可以提供的企業功能。事實上，這就是我們今天所看到的。

We'll go next now to Wamsi Mohan at Bank of America.

接下來我們將去美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Charlie, we've not really seen a large uptick on on-premise AI-driven workloads, but you mentioned sort of this large inference opportunity at enterprises. Any thoughts on when that can happen? Do you see that in calendar '24 or '25 from a materiality perspective?

Charlie，我們並沒有真正看到本地人工智能驅動的工作負載出現大幅增長，但您提到了企業中的這種巨大推理機會。關於什麼時候可以發生有什麼想法嗎？從重要性的角度來看，您在 24 或 25 日曆中看到了這一點嗎？

And if I could, like subscription ARR has been decelerating over the last 4 quarters. How should we think about the growth trajectory here?

如果可以的話，訂閱 ARR 在過去 4 個季度一直在減速。我們應該如何思考這裡的增長軌跡？

It's an interesting question. I would say that we do see opportunities on-prem for AI in, I would say, highly specialized environments. And so I think that is a real thing. Of course, many of them are waiting for delivery of GPU and AI-based processing systems and environments.

這是一個有趣的問題。我想說，我們確實在高度專業化的環境中看到了人工智能的本地機會。所以我認為這是真實的事情。當然，他們中的許多人都在等待基於 GPU 和人工智能的處理系統和環境的交付。

And I would say that a lot of focus has been on the -- currently on the compute side of it, a little bit less focused by the customers because they've been so focused on the compute side, a little less focused on the storage infrastructure. I believe that's just starting to become better known and understood requirement for these AI systems.

我想說的是，目前很多注意力都集中在計算方面，客戶的關注有點少，因為他們非常關注計算方面，而不太關注存儲方面基礎設施。我相信，人們對這些人工智能係統的要求才剛剛開始變得更加廣為人知和理解。

But I'd say that -- I would disagree, Wamsi, I'd say that we do -- we are starting to see interest, if not yet deployments on on-prem.

但我想說的是——我不同意，Wamsi，我想說的是——我們開始看到人們的興趣，即使還沒有在本地部署。

And Wamsi, let me touch on the subscription ARR growth. Definitely pleased with what we saw in terms of subscription ARR growth, especially Evergreen//One, which is outperforming our already strong expectations that we had at the beginning of the year.

Wamsi，讓我談談訂閱 ARR 的增長。我們對訂閱 ARR 的增長感到非常滿意，尤其是 Evergreen//One，它的表現超出了我們在年初的強烈預期。

And as a reminder, in my prepared remarks, closed Evergreen//One contracts where the effective service date has not yet started are excluded from the ARR calculation. And our subscription ARR growth would have been 28% had we included those contracts where the service date had not begun.

提醒一下，在我準備好的發言中，已關閉的 Evergreen//One 合同（有效服務日期尚未開始）不包括在 ARR 計算中。如果我們將那些服務日期尚未開始的合同納入其中，我們的訂閱 ARR 增長率將達到 28%。

And look, it is just as a result of product revenue being lower for our CapEx sales, we do have less attach of our Evergreen subscription which is also reflected in our subscription ARR growth rate.

看，這只是由於我們的資本支出銷售的產品收入較低，我們的常青訂閱附加值確實較少，這也反映在我們的訂閱 ARR 增長率中。

Thank you, Wamsi. (Operator Instructions)

謝謝你，瓦姆西。 （操作員說明）

We'll go next now to Krish Sankar at TD Cowen.

接下來我們將採訪 TD Cowen 的 Krish Sankar。

Charlie, I had a question on AI too. From a storage standpoint, where do you think benefits the most for AI workloads between block storage and object -- where do you think it benefits the most? And also can you help us clarify what products in your portfolio today support InfiniBand and how to think about it in the future?

查理，我也有一個關於人工智能的問題。從存儲的角度來看，您認為塊存儲和對象之間的人工智能工作負載在哪裡受益最大？您認為它在哪裡受益最大？您能否幫助我們闡明您目前產品組合中的哪些產品支持 InfiniBand 以及未來如何考慮它？

Absolutely. I would say that a lot of the AI environments use block because it's very straightforward, especially with programmers and block can be utilized for any structure that you want underneath. But increasingly, it's moving to an object-based environment.

絕對地。我想說，很多人工智能環境都使用塊，因為它非常簡單，特別是對於程序員來說，並且塊可以用於您想要的任何結構。但它正逐漸轉向基於對象的環境。

Because over time, block is easier, it's more efficient and it's less -- it requires less state than what's generally necessary in a block environment. So I think we're starting to see that shift, but it's been taking a lot of time to get to a very high-performance object. Rob, do you want to add?

因為隨著時間的推移，區塊會變得更容易、更高效、更少——它需要的狀態比區塊環境中通常需要的狀態更少。所以我認為我們已經開始看到這種轉變，但需要花費很多時間才能獲得非常高性能的對象。羅布，你想補充一下嗎？

Yes. No, Wamsi, I think -- sorry, Chris, a couple of things. Look, I think if we step back from the application sets we're seeing AI technology being applied to today and we look at the long-term drivers, I think it's going to have a positive effect on all forms of storage.

是的。不，瓦姆西，我想——對不起，克里斯，有幾件事。看，我認為，如果我們從應用程序集退一步，我們會看到人工智能技術在今天的應用，並著眼於長期驅動因素，我認為這將對所有形式的存儲產生積極影響。

And what makes me believe that is, look, the source data that enterprises are looking to feed into AI technology and get benefits from are coming from all over the place. They're coming from business systems, they're coming from traditional databases, they're coming from more modern databases, they're coming from unstructured data, log files, images. And that really spans the gamut of block file and object.

讓我相信的是，企業希望輸入人工智能技術並從中受益的源數據來自世界各地。它們來自業務系統，它們來自傳統數據庫，它們來自更現代的數據庫，它們來自非結構化數據、日誌文件、圖像。這確實涵蓋了塊文件和對象的整個範圍。

I also think that the enterprises kind of source data that they're collecting through those means today and is going to increase in the future. I think that's the larger opportunity set. AI is clearly a fast-moving technology space that every enterprise is looking to adopt and looking to take advantage of. And that's just going to drive a greater demand to collect and store data across the enterprise.

我還認為，企業現在通過這些方式收集的源數據在未來將會增加。我認為這是更大的機會。人工智能顯然是一個快速發展的技術領域，每個企業都希望採用並利用。這只會推動整個企業收集和存儲數據的更大需求。

I think just to address the second part of your question on InfiniBand. Look, we've really focused on addressing the AI space as one of several very important segments in the portfolio. One of the things that really sets us apart in the market and really with our customers is the benefits we can deliver by having a consistent hardware, software and management experience across all of their workload sets.

我想只是解決你關於 InfiniBand 問題的第二部分。看，我們確實專注於將人工智能領域作為產品組合中幾個非常重要的部分之一。真正使我們在市場上以及在客戶中脫穎而出的原因之一是，我們可以通過在所有工作負載集上擁有一致的硬件、軟件和管理體驗來提供優勢。

And this is where we see the benefits of Ethernet-based technologies. We see the benefit of more ubiquitous technologies that, again, as the current application sets that you see perhaps in a trading environment broaden and those environments need to connect to other parts of a customer's data center. Special purpose technologies, if you will, such as InfiniBand really hinder that, really get in the way. And so Infiniband is nothing new. It's been around for quite some time, but mostly found in more specialized environments. We see the bigger demand and value to the enterprise and being able to give them a complete solution set not just for the AI training environments, but for all of the data environments that are going to be impacted by the uptake of AI technology.

這就是我們看到基於以太網的技術的好處的地方。我們看到了更普遍的技術的好處，同樣，隨著您在交易環境中看到的當前應用程序集的擴大，這些環境需要連接到客戶數據中心的其他部分。特殊用途的技術，如果你願意的話，比如 InfiniBand 確實阻礙了這一點，確實阻礙了這一點。因此，Infiniband 並不是什麼新鮮事。它已經存在相當長一段時間了，但主要出現在更專業的環境中。我們看到了企業更大的需求和價值，能夠為他們提供完整的解決方案集，不僅適用於人工智能培訓環境，而且適用於將受到人工智能技術採用影響的所有數據環境。

Next is now to Sidney Ho at Deutsche Bank.

接下來是德意志銀行的 Sidney Ho。

Great. My question is on the remaining purchase obligation that is still showing really good growth and 26% growth year-over-year. But the unbilled portion really has accelerated in the past few quarters. Can you talk about what's driving that acceleration? Does it have anything to do with the new products or maybe Evergreen just growing rapidly?

偉大的。我的問題是關於剩餘的購買義務，該義務仍然顯示出良好的增長，同比增長 26%。但在過去幾個季度中，未開票部分確實有所加速。您能談談是什麼推動了這種加速嗎？這是否與新產品有關，或者可能與長榮的快速增長有關？

I appreciate the question, and it's a real simple answer. You're exactly right. It's due to the Evergreen//One acceleration and just timing of billings is really what it comes down to.

我很欣賞這個問題，這是一個非常簡單的答案。你說得完全正確。這是由於常青//一個加速和計費的時機才是真正的原因。

We go next now to Shannon Cross at Credit Suisse.

我們現在去瑞士信貸銀行的香農·克羅斯 (Shannon Cross)。

You mentioned that E is exceeding your expectations. I'm wondering if you can talk a bit more about how the customer conversations are going, how much you're seeing is being sold into existing customers versus some of the new customers? Is this opening up a new opportunity for -- to bid on new RFPs? Just any more color you can give there.

您提到E超出了您的預期。我想知道您是否可以多談談客戶對話的進展情況，您所看到的現有客戶與新客戶的銷售量是多少？這是否為競標新的 RFP 開闢了新的機會？您可以在那裡提供更多顏色。

Yes, let me start. First of all, it is exceeding our expectations, both in terms of the revenue that we saw in our first full quarter of shipments as well as in the pipeline growth, which continues at unprecedented rates very, very fast. The conversations are, first of all, they're happening all around the world. they're happening across a very broad set of use cases. And in some cases, at prices higher than what the customer would be paying for new disk environments because of the lower total operating costs that they're able to get and the better performance that they're able to get out of the all-flash E environment.

是的，讓我開始吧。首先，無論是在我們第一個完整季度的出貨量中看到的收入，還是在管道增長方面，它都超出了我們的預期，並且管道增長繼續以前所未有的速度非常非常快。首先，這些對話發生在世界各地。它們發生在非常廣泛的用例中。在某些情況下，價格高於客戶為新磁盤環境支付的價格，因為他們能夠獲得更低的總運營成本，並且能夠從全閃存中獲得更好的性能電子環境。

So -- and I would say that it's really -- I have yet to hear of a use case around for an existing disk-based system that FlashBlade//E was not able to address.

因此，我想說的是，我還沒有聽說過 FlashBlade//E 無法解決的現有基於磁盤的系統的用例。

We'll go next now to Jason Ader at William Blair.

接下來我們將請來威廉·布萊爾的傑森·阿德 (Jason Ader)。

Can you quantify the revenue growth headwind over the last 12 months from Evergreen//One? And also just -- any color on materiality to the total services revenue. I mean can you give us a ballpark of how big it's becoming?

您能否量化過去 12 個月 Evergreen//One 的收入增長阻力？還有——對總服務收入的重要性的任何顏色。我的意思是，你能給我們大概介紹一下它的規模有多大嗎？

Yes. No, it's a great question. And Evergreen//One performance has simply been terrific in the first half, and we're expecting that momentum to continue. And you're right, there is a short-term headwind on revenue as a result of revenue being recognized over time.

是的。不，這是一個很好的問題。 Evergreen//One 在上半年的表現非常出色，我們預計這種勢頭將繼續下去。你是對的，由於收入隨著時間的推移而被確認，因此收入存在短期阻力。

And when we think about it from an annual (inaudible), it's probably about 1 to 2 points is how we're thinking about it currently. And then we don't -- we're not quantifying Evergreen//One specifically at this point in time, Jason.

當我們從年度（聽不清）角度思考這個問題時，我們目前的思考方式可能是 1 到 2 個點。然後我們不會——傑森，我們目前還沒有具體量化長青//一個。

We'll go next now to Mehdi Hosseini at Susquehanna.

接下來我們將前往薩斯奎哈納 (Susquehanna) 的邁赫迪·侯賽尼 (Mehdi Hosseini)。

I want to better understand the dynamics of the folks that you're talking to decision-makers at the customer side? And how is that changing? And I'm asking you because I'm looking at your OpEx that is on track to grow in the low teens versus a revenue growth target of mid- to high single digits.

我想更好地了解與客戶決策者交談的人們的動態？這種情況有何變化？我問你這個問題是因為我看到你的運營支出有望以十幾位數的速度增長，而收入增長目標為中高個位數。

Yes. Regarding the type of customer environment, the new positioning, the new messaging that we're talking about is definitely getting us into the C-suite increasingly. And it's both -- that message is made up of several parts. One is an extremely consistent environment that, first of all, can take care of all of their storage needs in the same -- with the same environment, therefore, lowering their total operating costs.

是的。關於客戶環境的類型、新的定位、我們正在談論的新的消息傳遞肯定會讓我們越來越多地進入高管層。兩者兼而有之——該消息由幾個部分組成。一種是極其一致的環境，首先，可以在同一環境中滿足所有存儲需求，從而降低總運營成本。

The dramatically lower power space and cooling that both lowers cost, but improves their ESG -- their own ESG ratings, which is extremely important. And then also, as I mentioned in my prepared remarks, the ability now to be able to rise above just individual arrays attached to individual use cases and enable customers to create an environment where they can have consistent storage pools across their entire enterprise, multiple data centers, multiple clouds, this is really a new message, and it's one that addresses the concerns of CIOs, CTOs, even of business units and developers. So this is getting us certainly a higher level attention in major accounts.

顯著降低的電源空間和冷卻既降低了成本，又提高了 ESG——他們自己的 ESG 評級，這是極其重要的。然後，正如我在準備好的發言中提到的，現在能夠超越附加到各個用例的單個陣列，並使客戶能夠創建一個環境，在該環境中他們可以在整個企業、多個數據中擁有一致的存儲池中心、多個雲，這確實是一個新消息，它解決了 CIO、CTO、甚至業務部門和開發人員所關心的問題。因此，這無疑讓我們在主要客戶中獲得了更高級別的關注。

We'll go next now to David Vogt at UBS.

接下來我們請瑞銀集團的戴維·沃格特 (David Vogt) 發言。

So Kevan and Giancarlo, I just want to go back to the current demand environment and the macro. You touched on the challenging macro backdrop and FlashBlade//E was a really strong launch during the quarter. Just curious about what did you see from customers? Was there any sort of potential spin-down where it did make sense to maybe use a more lower cost all-flash solution in the quarter at the expense of maybe a little bit more performant solutions in addition to maybe disk replacement?

Kevan 和 Giancarlo，我只想回到當前的需求環境和宏觀。您談到了充滿挑戰的宏觀背景，FlashBlade//E 在本季度的推出非常強勁。只是好奇您從客戶那裡看到了什麼？是否存在任何潛在的降速，在本季度使用成本更低的全閃存解決方案確實有意義，但除了更換磁盤之外，可能還需要犧牲性能更高的解決方案？

And then how do you think about that sort of dynamic as we move through the balance of the year? It doesn't sound like the macro is getting dramatically better. And so should we expect to see, obviously, on the Blade//E side and then ultimately, the Array//E side sort of be a key growth driver in the second half of the year?

那麼，當我們度過今年剩下的時間時，您如何看待這種動態？聽起來宏觀經濟並沒有顯著改善。那麼，顯然，我們是否應該期望看到 Blade//E 方面以及最終 Array//E 方面成為今年下半年的關鍵增長動力？

Yes. We haven't really seen that type of, what you call it, a spin-down or cannibalization. We track this very, very closely, as you might imagine, when we bring in a lower price performant product to see if customers are trading down. We really don't see that. It really did open up net new opportunity for us to go into new areas.

是的。我們還沒有真正看到那種類型的，你所說的，分拆或蠶食。正如您可能想像的那樣，當我們推出價格較低的產品時，我們會非常非常密切地跟踪這一點，看看客戶是否會降價。我們真的沒有看到這一點。它確實為我們進入新領域開闢了新的機會。

I think if we were in a better economic environment, all of these numbers would be enhanced. But no, I think it's just -- we'd all love to see even stronger growth than what we're seeing now. And of course, we're pedaling very hard to drive more performance out of the team overall. But the economic effect has been broad-based. And I would say, if anything, when you have an economy that started off the year the way it did, customers reduce their intentions to spend and they have their high priority projects and because we announced the disk-to-flash transition, after the beginning of the year, I think, if anything, it's muted and will be increased next year as customers start to plan for it in their budgets. So no, I think it's more economy than anything else.

我認為如果我們處於更好的經濟環境中，所有這些數字都會增加。但不，我認為這只是——我們都希望看到比現在更強勁的增長。當然，我們正在非常努力地推動整個團隊的表現。但其經濟影響是廣泛的。我想說的是，如果有的話，當你的經濟以今年的方式開始時，客戶會減少他們的支出意願，他們有他們的高優先級項目，因為我們宣布了磁盤到閃存的過渡，在從今年年初開始，我認為，如果有什麼不同的話，那就是它已經減弱，並且隨著客戶開始在預算中進行規劃，明年將會增加。所以不，我認為這比其他任何事情都更經濟。

We'll go next now to Thomas Blakey at KeyBanc.

接下來我們請聽 KeyBanc 的托馬斯·布萊基 (Thomas Blakey)。

I just want to circle back to the subscription service line. And from a puts and takes perspective, Evergreen//One doing great, off to a great start. Just what -- maybe focus on the other areas that maybe are experiencing some pressure. And I specifically want to know like maybe there's -- just understanding how you relatively start smaller and grow with your customers, if there's any pent-up demand that you could see there heading into next year from any pressures in the other areas of the Evergreen products?

我只想回到訂閱服務熱線。從看漲期權的角度來看，長榮//一個做得很好，有一個良好的開端。只是——也許關注可能正在經歷一些壓力的其他領域。我特別想知道，也許只是了解你如何相對較小地開始並與你的客戶一起成長，是否有任何被壓抑的需求，你可以看到明年由於長青其他領域的壓力而存在的需求產品？

Yes. No, this is Kevan, and I'll start off and let Charlie add on any more commentary. But it's a good question. And again, we commented on the strength of our subscription ARR, which really has been driven and fueled by our Evergreen//One subscription offering.

是的。不，這是凱文，我將首先讓查理添加更多評論。但這是一個好問題。我們再次評論了我們的訂閱 ARR 的實力，這確實是由我們的 Evergreen//One 訂閱產品推動和推動的。

Now obviously, with demand being a bit lower on the CapEx side, the attach of Evergreen subscriptions, whether that's forever or foundation, is impacting somewhat our subscription ARR growth rate, which I've talked about a little bit earlier. Now if we look at -- and really, that's the only thing going on that I would highlight, in particular, if you're looking specifically at our subscription revenue growth rate, I do want to let you know, we've got professional services in that line item as well. And obviously, that's not growing at the same pace as our subscription offerings. And so that would be driving your difference that you might be noting.

現在顯然，隨著資本支出方面的需求略低，常青訂閱的附加，無論是永久訂閱還是基礎訂閱，都會在一定程度上影響我們的訂閱 ARR 增長率，我之前已經談到過這一點。現在，如果我們看看——實際上，這是我要強調的唯一事情，特別是，如果您專門關注我們的訂閱收入增長率，我確實想讓您知道，我們有專業的該行項目中的服務也是如此。顯然，這與我們的訂閱產品的增長速度不同。因此，您可能會注意到，這將推動您的差異。

We'll go next now to Simon Leopold at Raymond James.

接下來我們將採訪雷蒙德·詹姆斯 (Raymond James) 的西蒙·利奧波德 (Simon Leopold)。

I wanted to see if we could maybe step back and help us size the AI opportunity as to sort of where it is now and where it's going. I think in the past, you've talked about sort of where FlashBlade is and that maybe AI use case is not just generative where probably more than half of those use cases -- you've given us some customer metrics. I wonder if we could get some revenue metrics as well, even a ballpark.

我想看看我們是否可以退後一步，幫助我們評估人工智能的機會，了解它現在的狀況和未來的發展方向。我想在過去，你已經談到了 FlashBlade 的定位，也許人工智能用例不僅僅是生成性的，其中可能超過一半的用例——你給了我們一些客戶指標。我想知道我們是否也可以獲得一些收入指標，甚至是一個大概的數據。

Yes. We don't -- as you know, Simon, we don't generally like to break these things out. I would say, though, that the AI is a significant contributor to our revenue. It's not a dominant one, nor frankly do I expect it to be. It's a very exciting new area without a doubt, and we expect to see growth in that. But playing old data storage, both for high-performance databases as well as for lower performance bulk data will continue to dominate our market.

是的。我們不——正如你所知，西蒙，我們通常不喜歡把這些事情說出來。不過，我想說，人工智能是我們收入的重要貢獻者。它不是一個占主導地位的，坦率地說，我也不希望它成為一個主導。毫無疑問，這是一個非常令人興奮的新領域，我們預計會看到增長。但使用舊的數據存儲，無論是高性能數據庫還是低性能批量數據，都將繼續主導我們的市場。

What is exciting about the AI environment is high-performance systems, generally our high-profit system environment, which is good. And we do hopefully anticipate like the Meta RSC that we might see environments where the scale of it really starts to grow. But I would say still -- and I think this is true for everyone except for the GPU builders, while it's an exciting new area, it's probably going to be a small, let's say, low double-digit portion of their overall revenues in general.

AI環境令人興奮的是高性能係統，一般我們的高利潤系統環境，這是好的。我們確實希望像 Meta RSC 一樣，我們可能會看到其規模真正開始增長的環境。但我仍然想說——我認為除了GPU 製造商之外，這對每個人來說都是如此，雖然這是一個令人興奮的新領域，但總體來說，它可能只佔其總收入的一小部分，比如說，較低的兩位數部分。

We'll go next now to Nehal Chokshi at Northland Capital Markets.

接下來我們將採訪 Northland Capital Markets 的 Nehal Chokshi。

I realize a new presentation content format. It's really great. So FlashBlade//E sounds like you've had better expected revenue and pipeline. With respect to pipeline, are you assuming a lower conversion rate of that pipeline for the remainder of this fiscal year that's more or less driving the -- no change in forward guidance here?

我實現了一種新的演示內容格式。真的很棒。因此，FlashBlade//E 聽起來您對收入和渠道的預期更好。就渠道而言，您是否假設本財年剩餘時間內該渠道的轉化率較低，這或多或少會導致前瞻性指引沒有變化？

Yes, Nehal, it's a great question. And the answer would be no. Our conversion rate, especially for FlashBlade//E is quite healthy. And we've considered that in our overall annual revenue guide that we've provided. The other thing to highlight as well is -- and we've highlighted that in my prepared remarks is the strength of Evergreen//One, which needs to be considered as well because, obviously, that takes more time to make its way to revenue. And that's been considered as well as we've looked at our overall annual guide for this year. So hopefully, that's helpful for you.

是的，內哈爾，這是一個很好的問題。答案是否定的。我們的轉化率，尤其是 FlashBlade//E 的轉化率相當健康。我們在提供的總體年度收入指南中考慮了這一點。另一件要強調的事情是——我們在我準備好的發言中強調了 Evergreen//One 的實力，這也需要考慮，因為顯然，這需要更多時間才能實現收入。我們已經考慮了這一點，並查看了今年的總體年度指南。希望這對您有幫助。

We go next now to Matt Sheerin at Stifel.

接下來我們請聽 Stifel 的 Matt Sheerin。

My question is on the recent Azure VMware announcement. Could you help us understand the significance of that in terms of your position with Microsoft within the Azure ecosystem, how that positions you versus competitors in the cloud and how we should think about the product road map going forward?

我的問題是關於最近的 Azure VMware 公告。您能否幫助我們了解這一點對於您在 Azure 生態系統中的 Microsoft 地位的重要性、您在雲領域與競爭對手相比的地位如何以及我們應該如何考慮未來的產品路線圖？

Yes. We consider it to be a very significant announcement. It is a combination of the VMware in the cloud Azure VM services -- VMware services as well as our Cloud Block Store, providing a simpler methodology for customers to move their existing workloads into the cloud and also, at the same time, dramatically reducing their overall cloud costs. So it's really a one-two punch that's hard to beat.

是的。我們認為這是一個非常重要的公告。它是雲中VMware Azure VM 服務（VMware 服務以及我們的Cloud Block Store）的組合，為客戶提供了一種更簡單的方法，將其現有工作負載遷移到雲中，同時大大減少了他們的工作負載。總體云成本。所以這確實是一打二拳，很難被擊敗。

We consider the relationship with Microsoft very strong and continuing. We're looking forward to doing more things with them as we go forward. And I think this is going to be a very competitive offering in the market. Rob?

我們認為與微軟的關係非常牢固並且持續。我們期待著與他們一起做更多的事情。我認為這將是市場上非常有競爭力的產品。搶？

Yes. No, I mean, just to add on to that, what Charlie said. I think one of the things that really makes us unique is the integration that we've undertaken with -- in partnership with the Azure team really over the last year plus to bring the service to market.

是的。不，我的意思是，只是補充一點，查理所說的。我認為真正讓我們與眾不同的事情之一是我們在過去一年中與 Azure 團隊合作進行的集成，並將服務推向市場。

We have had a number of Cloud Block Store customers that have really been pushing both of us in this direction and have been part of early previews and beta activities, and they're very excited now to be able to move into production. And -- look, overall, we just see this as a continued validation of the benefit that customers are seeing from the Cloud Block Store technology and reducing their cloud costs and really giving them a much better environment on the cloud infrastructure to run their production workloads.

我們有許多 Clo​​ud Block Store 客戶，他們一直在推動我們朝這個方向發展，並參與了早期預覽和測試活動，他們現在非常高興能夠投入生產。總的來說，我們認為這是對客戶從雲塊存儲技術中看到的好處的持續驗證，降低了他們的云成本，並真正為他們在雲基礎設施上提供了更好的環境來運行他們的生產工作負載。

As we mentioned last quarter, we had our largest individual sale in the quarter of Cloud Block Store to a large health care organization. That organization is now moving into production and frankly, is seeing even better than expected cost reductions and savings as a result of that. So overall, we see this as just continued validation of the great technology, the ability to go drive meaningful savings for customers. And then now in partnership with Azure tightly integrated to a very, very important use case for our customers.

正如我們上季度提到的，我們向一家大型醫療保健組織進行了本季度最大的 Cloud Block Store 個人銷售。該組織現在正在投入生產，坦率地說，由此帶來的成本降低和節省效果甚至好於預期。總的來說，我們認為這只是對偉大技術的持續驗證，以及為客戶帶來有意義的節省的能力。現在，我們與 Azure 合作，緊密集成到對我們的客戶來說非常非常重要的用例中。

Thank you, Matt. It looks like we have time for one more question, and I'm happy to say we have a person who's rejoined the queue. So this will be a second at that. So our last question.

謝謝你，馬特。看起來我們還有時間再問一個問題，我很高興地說我們有一個人重新加入了隊列。所以這將是第二次。所以我們的最後一個問題。

We'll take that now from Mehdi Hosseini.

我們現在就從 Mehdi Hosseini 那裡得到這個答案。

Yes, I want to go back to my original question. As you engage more of a C-level executives, obviously, opportunities are reflected in your subscription. Is there another metric that we could track to better understand your longer-term revenue growth because you're spending -- your OpEx growth is much higher than this year's fiscal year revenue growth. But obviously, it helps you sustainability of revenue growth. And I'm just wondering if there's any other metric that we could look at to better measure your longer-term revenue growth?

是的，我想回到我原來的問題。顯然，隨著您聘請更多的 C 級高管，機會就會反映在您的訂閱中。我們是否可以跟踪另一個指標，以更好地了解您的長期收入增長，因為您的支出 - 您的運營支出增長遠高於今年財年的收入增長。但顯然，它可以幫助您實現收入增長的可持續性。我只是想知道我們是否可以考慮其他任何指標來更好地衡量您的長期收入增長？

Nothing specific, Mehdi, that I'd point you to other than the rich amount of in our portfolio and the opportunity associated with that portfolio across our entire data storage platform. So obviously navigating through this year, I provided a guide for this year. And as we navigate through the second half, we'll be looking at next year as well.

Mehdi，除了我們的產品組合中豐富的內容以及整個數據存儲平台中與該產品組合相關的機會之外，我沒有什麼具體的建議。顯然，為了度過今年，我提供了今年的指南。當我們度過下半年時，我們也會展望明年。

Before we conclude, I think Charlie has some final comments.

在我們結束之前，我想查理有一些最後的評論。

Thank you. Customers appreciate our new capabilities and the positioning as I'd mentioned, the only consistent consolidated data storage and management platform for all of their data storage needs. I want to thank our customers and partners, suppliers, employees and investors, your collaboration, your innovation, your hard work and your trust propel us forward.

謝謝。正如我所提到的，客戶讚賞我們的新功能和定位，這是滿足他們所有數據存儲需求的唯一一致的整合數據存儲和管理平台。我要感謝我們的客戶和合作夥伴、供應商、員工和投資者，你們的合作、你們的創新、你們的辛勤工作和你們的信任推動我們前進。

So we look forward to meeting you around the world. We have a number of Accelerate Roadshows set up in various major cities around the world, and we look forward to seeing you all there. Thank you.

因此，我們期待在世界各地與您見面。我們在全球各個主要城市舉辦了多次 Accelerate 路演，期待與您見面。謝謝。

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

Pure Storage 2024 財年第二季度收益電話會議至此結束。感謝大家的參與。您現在可以斷開線路。