Pure Storage Inc (PSTG) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pure Storage Third Quarter Fiscal Year 2022 Earnings Release Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們，先生們，美好的一天。感謝您的支持，歡迎參加 Pure Storage 2022 財年第三季度收益發布電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

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

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

Thank you, and good afternoon. Welcome to the Pure Storage Third Quarter Fiscal 2022 Earnings Conference Call. My name is Sanjot Khurana, Vice President of Investor Relations at Pure Storage. Joining me today are our CEO, Charlie Giancarlo; our CFO, Kevan Krysler; and our CTO, Rob Lee.

謝謝，下午好。歡迎來到 Pure Storage 2022 財年第三季度收益電話會議。我是 Pure Storage 投資者關係副總裁 Sanjot Khurana。今天加入我的是我們的首席執行官 Charlie Giancarlo；我們的首席財務官 Kevan Krysler；和我們的首席技術官 Rob Lee。

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

在開始之前，我想提醒您，在電話會議期間，管理層會做出一些前瞻性陳述，這些陳述會受到各種風險和不確定性的影響。其中包括有關 COVID-19 大流行和相關中斷、我們的增長和銷售前景、競爭性行業和技術趨勢、我們的戰略及其優勢、我們當前和未來的產品供應以及我們的業務和運營的聲明。

Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance. 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.

我們做出的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新它們的義務。我們的實際結果可能與預測結果大相徑庭，報告的結果不應被視為未來業績的指標。我們向美國證券交易委員會提交的文件中包含對與我們業務相關的一些風險和不確定性的討論，我們建議您參考這些公開文件。

During this call, we will discuss non-GAAP measures in talking about the company's performance and reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. Additionally, when we refer to sales in our prepared remarks, we mean total bookings, excluding cancelable orders.

在本次電話會議中，我們將討論非 GAAP 措施，討論公司的業績以及與我們的收益新聞稿和幻燈片中提供的最直接可比的 GAAP 措施的對賬。此外，當我們在準備好的備註中提到銷售時，我們指的是總預訂量，不包括可取消的訂單。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage.

此次電話會議正在 Pure Storage 投資者關係網站上直播，並正在錄製以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

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

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

Welcome, everyone. As American families and many of you get ready for Thanksgiving, all of us at Pure extend to you our thanks for joining us today to discuss another terrific quarter.

歡迎大家。隨著美國家庭和你們中的許多人為感恩節做好準備，Pure 的所有人都感謝你們今天加入我們討論另一個了不起的季度。

We are very pleased with our Q3 results, which demonstrate what can be achieved when great innovation and enthusiastic customer focus work together. Our Q3 revenue was up 37% year-over-year with double-digit quarter-over-quarter growth across all product lines and across both U.S. and international markets. We are also pleased with our strong profitability trend continuing through this fiscal year with a sustained and steady growth across all key regions, products and customer segments. Pure continues to take share in this large and growing market.

我們對第三季度的業績感到非常滿意，這表明當偉大的創新和熱情的客戶關注共同作用時可以取得什麼成果。我們的第三季度收入同比增長 37%，所有產品線以及美國和國際市場的季度環比均實現兩位數增長。我們還對本財年持續強勁的盈利趨勢感到高興，所有關鍵地區、產品和客戶群都實現了持續穩定的增長。 Pure 繼續在這個龐大且不斷增長的市場中佔有一席之地。

Our strategy to deliver a modern data experience to our customers and partners continues to lead the industry with new firsts almost every quarter as we deliver on all aspects of the modern data experience, modernizing data infrastructure, operations and applications. This quarter, we announced the latest additions to our product portfolio that bring storage and applications even closer together.

我們為客戶和合作夥伴提供現代數據體驗的戰略繼續引領行業，幾乎每個季度都創造新的第一，因為我們提供現代數據體驗的各個方面，實現數據基礎設施、運營和應用程序的現代化。本季度，我們宣布了我們產品組合的最新成員，它們使存儲和應用程序更加緊密地結合在一起。

Pure Fusion, our new software-defined, multi-cloud, self-service storage environment is a major advance that will allow customers to better manage their data in a multi-cloud environment while enabling developers to deploy sophisticated data storage services on demand.

Pure Fusion 是我們新的軟件定義、多雲、自助服務存儲環境，是一項重大進步，它將使客戶能夠在多雲環境中更好地管理他們的數據，同時使開發人員能夠按需部署複雜的數據存儲服務。

We also announced Portworx Data Services, which will further allow those self-sustained developers to quickly deploy production-grade data services on Kubernetes. Together with advances in our Pure1 digital experience, Pure is enabling a cloud operating model for enterprises everywhere and engagement has been strong. Our next announcement on December 8 will push infrastructure modernization even further and extend the breadth of our FlashArray platform.

我們還發布了 Portworx 數據服務，它將進一步允許那些自我維持的開發人員在 Kubernetes 上快速部署生產級數據服務。隨著我們 Pure1 數字體驗的進步，Pure 正在為各地的企業啟用雲運營模式，並且參與度很高。我們在 12 月 8 日發布的下一個公告將進一步推動基礎設施現代化，並擴大我們 FlashArray 平台的廣度。

Today, all of Pure's capabilities are available as a service. We continue to see strong growth across Evergreen, Pure as-a-Service and Portworx, which together represent 1/3 of our revenues. Gartner has once again validated Pure's leadership in both of their storage Magic Quadrants, recognizing our execution and vision in primary storage and in the rapidly growing file and object market for unstructured data.

今天，Pure 的所有功能都可以作為服務使用。我們繼續看到 Evergreen、Pure as-a-Service 和 Portworx 的強勁增長，它們合計占我們收入的 1/3。 Gartner 再次驗證了 Pure 在其存儲魔力像限中的領導地位，認可了我們在主存儲和快速增長的非結構化數據文件和對象市場中的執行和願景。

Given our speed and breadth of innovation, it should not be a surprise that more and more customers are purchasing the full Pure portfolio. This quarter, the Commonwealth of Massachusetts chose a full Pure as-a-service solution with FlashArray and FlashStack for block performance and capacity, FlashBlade for unified fast file and object and our Portworx suite to containerize and modernize applications. The Commonwealth of Massachusetts said that what put Pure ahead of the competition was our ability to provide them with what they describe as a data plane-as-a-service offering that can work with any data type, provide ransomware protection and rapid recovery and scale seamlessly, all delivered through an SLA for transparency, reliability and cost effectiveness.

鑑於我們創新的速度和廣度，越來越多的客戶購買完整的 Pure 產品組合也就不足為奇了。本季度，馬薩諸塞州聯邦選擇了一個完整的 Pure as-a-service 解決方案，其中包含用於塊性能和容量的 FlashArray 和 FlashStack、用於統一快速文件和對象的 FlashBlade 以及用於容器化和現代化應用程序的 Portworx 套件。馬薩諸塞州聯邦表示，Pure 之所以在競爭中領先，是因為我們能夠為他們提供他們所描述的數據平面即服務產品，該產品可以處理任何數據類型，提供勒索軟件保護以及快速恢復和擴展無縫地通過 SLA 交付，以確保透明度、可靠性和成本效益。

One of their first use cases will be to modernize an application for Massachusetts law enforcement. Using Pure and Portworx, they will provide fast distributed access to criminal record information with no degradation even under heavy load, increasing the safety of their law enforcement personnel and the public.

他們的第一個用例將是對馬薩諸塞州執法的應用程序進行現代化改造。使用 Pure 和 Portworx，他們將提供對犯罪記錄信息的快速分佈式訪問，即使在重負載下也不會降級，從而提高執法人員和公眾的安全性。

Pure continues to see strong adoption in the public sector. State and local governments and agencies have long been a strong segment for Pure. I am pleased that we are seeing steady progress and traction with U.S. federal and international governmental agencies. For instance, we now have deployments in all 3 branches of the U.S. federal government and 3 branches of the U.S. Department of Defense.

Pure 繼續在公共部門得到廣泛採用。長期以來，州和地方政府及機構一直是 Pure 的強大部門。我很高興我們看到美國聯邦和國際政府機構的穩步進展和牽引力。例如，我們現在在美國聯邦政府的所有 3 個分支機構和美國國防部的 3 個分支機構都有部署。

Enterprise and commercial markets continue to experience strong growth. Pure is proud to deliver our modern data experience to now more than 50% of Fortune 500 companies and almost 50% of Fortune's Global 500 list of companies, which speaks to the universal appeal of our portfolio.

企業和商業市場繼續強勁增長。 Pure 很自豪能夠為現在超過 50% 的財富 500 強公司和近 50% 的財富全球 500 強公司提供我們的現代數據體驗，這說明了我們產品組合的普遍吸引力。

I will now turn briefly to 2 topics very much in the news and on investors' minds. Our global customers and prospects are beginning to appreciate the power and green advantage of Pure. And by power, I am not referring to IOPS or throughput. And by green, I am not referring to our Evergreen subscription.

我現在將簡要談談新聞和投資者心目中的兩個話題。我們的全球客戶和潛在客戶開始意識到 Pure 的強大功能和綠色優勢。就功率而言，我指的不是 IOPS 或吞吐量。綠色，我不是指我們的常青訂閱。

Simply speaking, Pure's products use dramatically less energy and create far less waste than competitive offerings. We take this expanded scope and responsibility very seriously and look forward to publishing our first environmental, social and governance report early next calendar year. When customers learn how much our solutions reduce energy, space and waste in their environmental footprint, Pure becomes a true partner in helping them achieve their ESG objectives.

簡而言之，與競爭產品相比，Pure 的產品使用的能源大大減少，產生的浪費也少得多。我們非常重視這一擴大的範圍和責任，並期待在明年年初發布我們的第一份環境、社會和治理報告。當客戶了解我們的解決方案在其環境足跡中減少了多少能源、空間和浪費時，Pure 成為幫助他們實現 ESG 目標的真正合作夥伴。

Supply chains are on everyone's mind and no company is immune to this disruption. As we have reported in the past, Pure has built a very robust supply chain based on strong, open and trusted relationships with our partners. Our strategy incorporates manufacturing and operations in multiple sites and on multiple continents to enable flexibility, resilience and global responsiveness.

供應鏈在每個人的腦海中，沒有一家公司能倖免於這種破壞。正如我們過去所報導的那樣，Pure 已經建立了一個非常強大的供應鏈，它與我們的合作夥伴建立了強大、開放和值得信賴的關係。我們的戰略包括在多個地點和多個大陸的製造和運營，以實現靈活性、彈性和全球響應能力。

This past quarter, global semiconductor availability was more challenging than last quarter, and we expect this environment to continue into next year. However, our operations team and the strong partnerships we've built with our suppliers have continued to work well, minimizing impacts to our customers and our business.

上個季度，全球半導體供應比上個季度更具挑戰性，我們預計這種環境將持續到明年。但是，我們的運營團隊以及我們與供應商建立的強大合作夥伴關係繼續運作良好，將對我們的客戶和業務的影響降至最低。

Knowing that our products are helping people all over the world is incredibly motivating to our team. I am proud of how well Pure employees have innovated, executed and delivered our modern data experience to customers despite the continuing COVID environment and the many other challenges they may individually face. I'd like to give a special shout out and congratulations to our new Chief Revenue Officer, Dan FitzSimons, who in his 6 years at Pure has risen to every challenge we've thrown at him, most recently leading our Americas business to increasing excellence. Dan's elevation is indicative of the deep leadership and bench strength we have across the company. Given the effectiveness of our team, the quality of our products and the strength of our customer and partner relationships, the future remains bright for Pure.

知道我們的產品正在幫助世界各地的人們，這極大地激勵了我們的團隊。我為 Pure 員工在持續的 COVID 環境以及他們個人可能面臨的許多其他挑戰的情況下如何出色地創新、執行並向客戶交付我們的現代數據體驗感到自豪。我要特別向我們的新任首席營收官 Dan FitzSimons 表示祝賀，他在 Pure 的 6 年裡已經迎接了我們向他提出的每一個挑戰，最近領導我們的美洲業務不斷提高.丹的升職表明我們在整個公司擁有深厚的領導力和板凳實力。鑑於我們團隊的效率、產品質量以及客戶和合作夥伴關係的實力，Pure 的未來依然光明。

Kevan, over to you.

凱文，交給你了。

Thank you, Charlie, and good afternoon. We are very pleased with the continued robust demand across our entire portfolio as well as our execution, delivering both strong revenue growth and operating profit during the quarter.

謝謝你，查理，下午好。我們對整個投資組合的持續強勁需求以及我們的執行感到非常滿意，在本季度實現了強勁的收入增長和營業利潤。

The high demand we saw this quarter was balanced across our portfolio, key geographies and market segments and was evidenced by our sales growth of an incredibly strong 41%, excluding cancelable orders. Our sales growth this quarter also includes sales of FlashArray//C to one of the top 10 hyperscalers. Our supply chain team and suppliers continue to execute, minimizing disruptions for our customers despite an increasingly supply-constrained environment that is dynamic.

我們在本季度看到的高需求在我們的產品組合、主要地區和細分市場中得到了平衡，我們的銷售額增長了 41%，令人難以置信的強勁增長（不包括可取消的訂單）就證明了這一點。我們本季度的銷售增長還包括 FlashArray//C 對十大超大規模廠商之一的銷售。我們的供應鏈團隊和供應商繼續執行，儘管動態供應日益受限的環境，但最大限度地減少了對我們客戶的干擾。

We are also pleased with the continued progress of our subscription business as subscription services revenue grew approximately 38% year-over-year. Subscription ARR or annual recurring revenue was $788 million at the end of Q3, growing at 30% compared to last year. Subscription ARR includes the annualized value of all active subscription contracts as of the last day of the quarter plus annualized on-demand revenue. Remaining performance obligations, or RPO, which includes our committed and noncancelable future revenue, was over $1.2 billion, growing at 27%.

我們也對訂閱業務的持續進步感到高興，因為訂閱服務收入同比增長約 38%。截至第三季度末，訂閱 ARR 或年度經常性收入為 7.88 億美元，與去年相比增長 30%。訂閱 ARR 包括截至本季度最後一天的所有有效訂閱合同的年化價值加上年化按需收入。包括我們承諾和不可取消的未來收入在內的剩餘履約義務或 RPO 超過 12 億美元，增長 27%。

We saw an improvement in new customer acquisition with 345 new customers, representing 12% year-over-year growth. New customer acquisitions were balanced across geography, market segment and our solutions portfolio. Our total customer count has exceeded 9,500 customers, which includes over 50% of Fortune 500 companies.

我們看到新客戶獲取有所改善，新增 345 名客戶，同比增長 12%。新客戶的獲取在地域、細分市場和我們的解決方案組合方面保持平衡。我們的客戶總數已超過 9,500 家，其中包括超過 50% 的財富 500 強公司。

Now turning to additional specific financial results for the quarter. Total revenue grew 37% to approximately $563 million. Revenue in the United States grew 35% and international revenue grew 42% compared to last year. With the strong demand this quarter, including the sale of FlashArray//C to one of the top 10 hyperscalers, product revenue was very strong, growing approximately 37%.

現在轉向本季度的其他具體財務業績。總收入增長 37% 至約 5.63 億美元。與去年相比，美國的收入增長了 35%，國際收入增長了 42%。由於本季度的強勁需求，包括將 FlashArray//C 出售給十大超大規模廠商之一，產品收入非常強勁，增長了約 37%。

Non-GAAP total gross margins were 68.5% this quarter. The decline in non-GAAP total gross margins both sequentially and compared to the last year is driven by non-GAAP product gross margins, which were 66.7% in Q3. Our sale of FlashArray//C to one of the top 10 hyperscalers this quarter and, to a lesser extent, increasing supply chain costs were the primary drivers we saw impacting product gross margins this quarter.

本季度非美國通用會計準則的總毛利率為 68.5%。非 GAAP 總毛利率環比下降是由於非 GAAP 產品毛利率在第三季度為 66.7%。我們本季度將 FlashArray//C 出售給了前 10 大超大規模製造商之一，在較小程度上，供應鏈成本的增加是我們看到影響本季度產品毛利率的主要驅動因素。

Non-GAAP subscription services margins continued to trend favorably at 72.1% this quarter. We achieved nearly $70 million of non-GAAP operating profit and 12.3% of non-GAAP operating margin this quarter. Increasing revenue growth, sales efficiency and the effects of the COVID environment contributed to our increasing profitability.

本季度非 GAAP 訂閱服務利潤率繼續保持良好趨勢，為 72.1%。本季度我們實現了近 7000 萬美元的非 GAAP 營業利潤和 12.3% 的非 GAAP 營業利潤率。收入增長、銷售效率的提高以及 COVID 環境的影響有助於我們提高盈利能力。

We estimate that the effects of the COVID environment are approximately 2 points of benefit to our operating margin this quarter. These reduced expenses generally relate to significantly reduced travel, physical marketing events and slower-than-planned hiring. We ended the quarter with over $1.36 billion in cash and approximately 4,000 employees.

我們估計，COVID 環境的影響對我們本季度的營業利潤率大約有 2 個好處。這些減少的費用通常與大幅減少的差旅、實體營銷活動和慢於計劃的招聘有關。我們在本季度結束時擁有超過 13.6 億美元的現金和大約 4,000 名員工。

Cash flow from operations of $127 million were, again, very strong this quarter. And capital expenditures were $25.7 million during the quarter. We returned approximately $56 million of capital to repurchase slightly over 2.3 million shares. At the end of the quarter, we have approximately $70 million remaining from our $200 million share repurchase program.

本季度運營現金流為 1.27 億美元，再次非常強勁。本季度的資本支出為 2570 萬美元。我們返還了大約 5600 萬美元的資本，回購了略高於 230 萬股的股票。到本季度末，我們 2 億美元的股票回購計劃還剩下大約 7000 萬美元。

Now turning to Q4 guidance. We expect strong demand in Q4 with estimated revenue to be approximately $630 million, growing 25%. We also expect continued healthy profitability, with non-GAAP operating profit estimated to be approximately $90 million in Q4, representing approximately 14% of non-GAAP operating margin.

現在轉向第四季度的指導。我們預計第四季度需求強勁，預計收入約為 6.3 億美元，增長 25%。我們還預計持續健康的盈利能力，第四季度非 GAAP 營業利潤估計約為 9000 萬美元，約佔非 GAAP 營業利潤率的 14%。

For the full fiscal year, given the strong performance of our business in Q3 and outlook for Q4, we are also raising our annual guidance. We now expect that revenue for FY '22 will be $2.1 billion, growing approximately 25%. Non-GAAP operating profit is estimated to be approximately $206 million, representing approximately 10% non-GAAP operating margin.

對於整個財年，鑑於我們第三季度業務的強勁表現和第四季度的前景，我們也在提高我們的年度指導。我們現在預計 22 財年的收入將達到 21 億美元，增長約 25%。非美國通用會計準則營業利潤估計約為 2.06 億美元，約佔非美國通用會計準則營業利潤率的 10%。

In closing, our highly differentiated and innovative portfolio and services is why our customers are choosing Pure. I want to thank our entire Pure team and channel partners for continuing to deliver terrific results while navigating a dynamic environment.

最後，我們高度差異化和創新的產品組合和服務是我們的客戶選擇 Pure 的原因。我要感謝我們整個 Pure 團隊和渠道合作夥伴，他們在動態環境中繼續提供出色的結果。

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

有了這個，我會把它交給接線員，這樣我們就可以回答你的問題了。

(Operator Instructions) Our first question is from the line of [Jason Ader] from William Blair.

（操作員說明）我們的第一個問題來自 William Blair 的 [Jason Ader]。

Okay. So I guess the -- my main question is, can you rank order the main factors to driving your outperformance? I mean, obviously, this is a bit of a weird year given that the comps are pretty easy. But yet you guys seem to be executing really well. So maybe just macro, execution, new products and then maybe competitor weakness because we know that some of your competitors are struggling with supply. And I don't know if that -- you think that's factoring in as well to your performance.

好的。所以我想——我的主要問題是，你能對推動你表現優異的主要因素進行排序嗎？我的意思是，很明顯，鑑於比賽很容易，今年有點奇怪。但是你們似乎表現得非常好。所以可能只是宏觀、執行、新產品，然後可能是競爭對手的弱點，因為我們知道你的一些競爭對手正在為供應而苦苦掙扎。我不知道那是否——你認為這也是你表現的因素。

Yes, Jason, thank you for the question. And first, what I'd say that we had a hard time describing this quarter only in the sense that everything went very, very well this past quarter. So calling any one thing out really seem to only diminish everything else that was going very well. So very -- as I mentioned, very balanced across new products. The longer-standing products like FlashArray also did very well. Balanced and strong growth across the world. Great participation from our sales force, so very balanced among the sales force as well.

是的，傑森，謝謝你的問題。首先，我想說的是，我們很難描述這個季度，只是因為過去一個季度的一切都非常非常好。所以說任何一件事真的似乎只會削弱其他一切進展順利的事情。非常 - 正如我所提到的，新產品非常平衡。 FlashArray 等歷史悠久的產品也表現出色。全球均衡強勁增長。我們的銷售人員積極參與，銷售人員之間也非常平衡。

If I were to rank it, I'd have to do so not so much on -- I'd have to do it in very general terms. Obviously, as you point out, the comps are easier. But even if you were to compare us on 2-year comps, the results are very good.

如果我要對它進行排名，我將不得不這樣做，而不是太多 - 我必須以非常籠統的方式來做。顯然，正如您所指出的，比賽更容易。但是，即使您要在 2 年的比賽中比較我們，結果也非常好。

I really believe that it is the coming together of the investments that we've been making over multiple years that are finally coming together. The investments we've made in enterprise, the investments we've made in broadening out our product line to be a much broader supplier to major enterprises. The fact that we did invest in enterprise, which has been a stronger market throughout the COVID environment, all of these have really contributed to our strength and the fact that we've continued to advance the technology to the extent that even as we pointed out, hyperscalers looking to utilize us in their infrastructure.

我真的相信，正是我們多年來所做的投資終於走到了一起。我們在企業方面所做的投資，我們在擴大產品線以成為主要企業的更廣泛供應商方面所做的投資。事實上，我們確實投資了企業，在整個 COVID 環境中，它一直是一個更強大的市場，所有這些都確實為我們的實力做出了貢獻，而且我們一直在繼續推進技術，即使正如我們所指出的那樣，希望在他們的基礎設施中利用我們的超大規模企業。

And of course, that will be lumpy business, which we saw this quarter. That added to this quarter. But again, it's very promising for us in terms of we think all these investments will continue to pay dividends as we go forward. So does that answer your question?

當然，這將是我們本季度看到的不穩定的業務。這增加了本季度。但同樣，這對我們來說非常有希望，因為我們認為所有這些投資將在我們前進的過程中繼續帶來紅利。那麼這是否回答了你的問題？

Yes, that's great. And then that's perfect. And then Kevan, is there any early look at fiscal '23 and how we should be thinking about both top line and then the operating margin? Obviously, you've got some serious outperformance this year. But you just mentioned 2 points coming from kind of COVID-related benefits. Any kind of just broad strokes on fiscal '23 for us?

是的，那太好了。然後就完美了。然後是凱文，是否對 23 財年有任何早期的看法，以及我們應該如何考慮收入和營業利潤率？顯然，你今年的表現非常出色。但是您剛剛提到了來自與 COVID 相關的好處的 2 點。對我們來說，對 23 財年有什麼粗略的介紹嗎？

Yes, Jason. And again, when we think about it from a demand lens, continues to be robust as we think about Q4. I wouldn't see a significant change in demand as we look beyond Q4.

是的，傑森。再一次，當我們從需求的角度考慮它時，當我們考慮第四季度時，它繼續保持強勁。當我們展望第四季度之後，我不會看到需求發生重大變化。

Now with that being said, it's probably a bit early to get specific views, as you mentioned, for next year. I would like to see how the remainder of this year plays out with our guide that is reflecting continued strength in Q4.

話雖如此，正如你所提到的，明年獲得具體觀點可能還為時過早。我想看看今年剩餘時間如何與我們的指南一起發揮作用，這反映了第四季度的持續強勁。

A couple of call outs, when we do think about next year, with these terrific growth rates that Charlie mentioned for all the great reasons, but also aided as well by the COVID environment. So we do need to take that into account. And then obviously, the hyperscaler opportunity that's being reflected in this quarter is a consideration as well when we think about next year. But hopefully, that's helpful, Jason.

當我們考慮明年時，有幾個呼籲，查理提到了這些驚人的增長率，原因有很多，但也受到了 COVID 環境的幫助。所以我們確實需要考慮到這一點。然後很明顯，當我們考慮明年時，本季度反映的超大規模機會也是一個考慮因素。但希望這會有所幫助，傑森。

Your next question comes from the line of Aaron Rakers with Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

I guess I want to kind of build off that last point. Can you help us appreciate how meaningful that cloud opportunity was this last quarter? I think last quarter, you talked about an 8-figure deal. Did that all impact this last quarter? Is there any expectation of follow-on for cloud opportunities?

我想我想建立最後一點。您能否幫助我們了解上個季度的雲機會有多重要？我想上個季度，你談到了一筆 8 位數的交易。這一切都影響了上個季度嗎？對雲機會的後續行動是否有任何期望？

And maybe in that same vein, can you talk about -- I think recently, you announced a relationship or a deal with Microsoft Azure for EDA. Was that the cloud relationship? Or is that something separate from your opportunities? And I have a follow-up.

也許同樣如此，你能談談 - 我想最近，你宣布了與 Microsoft Azure 的 EDA 關係或交易。那是雲關係嗎？還是那與您的機會不同？我有一個後續行動。

Right. Okay, Aaron. So first of all, no, the EDA announcement was separate from the top 10 hyperscaler. Obviously, if we felt we could have announced it, we certainly would have. But the customer is -- wants to keep this confidential. So we certainly respect that on the hyperscaler.

正確的。好的，亞倫。所以首先，不，EDA 公告與前 10 名超大規模計算機是分開的。顯然，如果我們覺得我們可以宣布它，我們當然會宣布。但客戶是——想要保密。因此，我們當然尊重超大規模計算機上的這一點。

But the EDA one is -- one, yes, we worked very closely with Microsoft to develop it where customers wanted to have very high-speed performance on EDA workloads. And it's not necessarily restricted or we don't believe that the architecture is restricted to EDA workloads, but we think that it's something that's going to scale well for us. So we're looking forward to that.

但是 EDA 是 - 一個，是的，我們與 Microsoft 密切合作開發它，客戶希望在 EDA 工作負載上具有非常高速的性能。而且它不一定受到限制，或者我們不認為該架構僅限於 EDA 工作負載，但我們認為它對我們來說可以很好地擴展。所以我們很期待。

But the hyperscaler was different. I'll let Kevan respond with how -- we've given you some insight into how the hyperscale affected the quarter.

但超大規模不同。我會讓凱文回答如何 - 我們已經讓你了解超大規模如何影響本季度。

Yes. I mean it's not that different than how we were talking about it last quarter as part of our guide. But hey, if you think about with the quarter being completed, if we were to exclude the hyperscaler opportunity that came through this quarter, our year-over-year growth would more likely be in the high 20s is a good way to be thinking about it.

是的。我的意思是這與我們上個季度作為指南的一部分談論它的方式沒有什麼不同。但是，嘿，如果您考慮在本季度完成後，如果我們排除本季度出現的超大規模機會，我們的同比增長更有可能處於 20 年代的高位，這是一個很好的思考方式它。

Okay. And that's helpful. And just so I understand, there's nothing embedded in this quarter from a hyperscale top 10 win.

好的。這很有幫助。就我所知，本季度沒有任何內容來自超大規模前 10 名的勝利。

We announced the win last quarter, but we booked it and fulfilled it this quarter. So this -- that is in Q3.

我們在上個季度宣布了勝利，但我們預訂了它並在本季度實現了它。所以這 - 那是在第三季度。

And then as a quick follow-up, I'm just curious on gross margin. I know you talked about the hyperscale deal impacting gross margin. But product gross margin, cost headwinds and stuff, do we think that those start to abate? Do you feel comfortable still that, that 70% plus gross margin that you outlined at the Analyst Day is achievable? And how should we think about that the next couple of quarters?

然後作為快速跟進，我只是對毛利率感到好奇。我知道您談到了影響毛利率的超大規模交易。但是產品毛利率、成本逆風等等，我們認為這些會開始減弱嗎？您是否仍然覺得可以實現您在分析師日概述的 70% 以上的毛利率？我們應該如何考慮接下來的幾個季度？

Yes. That sounds great. And that gross margin, I think, on the 70% was more akin to the subscription -- our subscription business. But hey, when we think about it from a product gross margin or a total perspective, look, the largest driver really this quarter was a hyperscaler opportunity.

是的。聽起來不錯。我認為，70% 的毛利率更類似於訂閱——我們的訂閱業務。但是，嘿，當我們從產品毛利率或總體角度考慮時，看，本季度最大的驅動因素是超大規模的機會。

It did have some headwind, obviously, with the increasing component costs that we saw in the quarter. But that would be a much lower driver, if you will, in terms of what we saw in the sequential and year-over-year drop in product gross margins. And hey, when I think about looking into Q4, I do expect our product gross margins when normalized back to what we typically see in the high 60s is a good way to think about it. And that's even obviously considering the cost increases that we're contemplating.

顯然，隨著我們在本季度看到的組件成本增加，它確實有一些不利因素。但就我們在產品毛利率的連續和同比下降中看到的情況而言，這將是一個低得多的驅動因素。嘿，當我考慮研究第四季度時，我確實希望我們的產品毛利率正常化回到我們通常在 60 年代高位看到的水平是一個很好的思考方式。這甚至顯然是考慮到我們正在考慮的成本增加。

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

您的下一個問題來自 Simon Leopold 和 Raymond James 的觀點。

I wanted to maybe just get a better sense of where you are in terms of the Pure software product revenue or contribution within the mix. So I know Pure Fusion is new, but Portworx has been around a bit. Is this something you could break out for us?

我想也許只是想更好地了解您在純軟件產品收入或組合中的貢獻方面的位置。所以我知道 Pure Fusion 是新的，但 Portworx 已經出現了一點。這是你可以為我們打破的東西嗎？

Well, Simon, as you probably know, my bias is to not give details on -- especially on new products as they grow, not to break them out. I find that new products go through their own cycles. They tend to be lumpy. And then you have too much focus on the new products, not enough on the total revenue line.

好吧，西蒙，你可能知道，我的偏見是不提供細節——尤其是隨著新產品的發展，而不是打破它們。我發現新產品有自己的周期。它們往往是塊狀的。然後你過分關注新產品，對總收入線不夠關注。

But what I would say is that we gave color last quarter on Portworx as well as Pure as-a-Service. They're growing very, very well, typically in the 3-digit percentage range on a year-over-year basis. And we're seeing more of the same. But I would say in terms of a breakout, we're unlikely to do that in the future.

但我想說的是，我們上個季度在 Portworx 和 Pure as-a-Service 上提供了顏色。它們的增長非常非常好，通常每年都在 3 位數的百分比範圍內。我們看到更多相同的東西。但我會說，就突破而言，我們未來不太可能這樣做。

Yes. That's right, Simon. I mean look at the integrated solutions that we're delivering to the market. Obviously, there's tremendous value with our software that's part of that. And that's reflected in the gross margins that we're seeing both on subscription as well as product. We're seeing some nice traction, as Charlie pointed out, on subscription ARR, again, growing 30% year-over-year.

是的。沒錯，西蒙。我的意思是看看我們向市場提供的集成解決方案。顯然，作為其中一部分的我們的軟件具有巨大的價值。這反映在我們在訂閱和產品上看到的毛利率中。正如查理指出的那樣，我們看到了一些不錯的牽引力，訂閱 ARR 再次同比增長 30%。

So pleased with what we're seeing there. And then obviously, software is a large driver in the value and the economics we're seeing as we look at our growth numbers.

對我們在那裡看到的感到非常滿意。然後很明顯，軟件是我們在查看增長數據時看到的價值和經濟的重要驅動力。

Just as a follow-up, I wanted to see if maybe you could unpack a bit about the use case for this hyperscaler. And what I'm really trying to get at in this question is an understanding of if this is a repeatable opportunity either with this customer or other customers. I'm looking for an understanding of the use case and whether we should think of this as a new leg of growth or more of a one-off project.

作為後續行動，我想看看您是否可以了解一下這個超大規模的用例。在這個問題中，我真正想要了解的是，了解這是否是該客戶或其他客戶的可重複機會。我正在尋找對用例的理解，以及我們是否應該將其視為一個新的增長階段或更多的一次性項目。

Right. Simon, I think also Aaron might have referred to this early on, and we didn't respond to it specifically. So I did want to start off where with this particular hyperscaler, we do believe it's repeatable. No reason for us not to believe that it's repeatable and conversations continue. But let me let Rob weigh in on the general use case.

正確的。 Simon，我想 Aaron 也可能很早就提到了這一點，我們沒有具體回應。所以我確實想從這個特殊的超大規模計算機開始，我們相信它是可重複的。我們沒有理由不相信它是可重複的並且對話仍在繼續。但是讓我讓 Rob 權衡一下一般用例。

Yes. So as far as the use case, this is part of their production environment. It's an environment that has a very large amount of data, and they're using this environment to essentially do analysis and understanding of how to better deliver the hyperscale service, so it is part of the production environment.

是的。所以就用例而言，這是他們生產環境的一部分。這是一個擁有大量數據的環境，他們使用這個環境本質上是為了分析和理解如何更好地交付超大規模服務，所以它是生產環境的一部分。

I think as far as repeatability and understanding just the broad applicability of the use case, I think what's notable is the overall size and capacities that we're talking about here, the performance requirement, and the fact that this is a very sophisticated customer, evaluated all the options available to them. Obviously, cost was a part of the equation and so obviously looked at disk. But pretty quickly came to the conclusion that FlashArray//C was really the only option that was going to solve the balance of their needs, performance, price, footprint, so on and so forth.

我認為就可重複性和對用例的廣泛適用性的理解而言，值得注意的是我們在這裡討論的整體規模和容量、性能要求以及這是一個非常成熟的客戶這一事實，評估了他們可用的所有選項。顯然，成本是等式的一部分，因此很明顯是看磁盤。但很快得出結論，FlashArray//C 確實是解決他們的需求、性能、價格、佔用空間等平衡的唯一選擇。

And I think it's also worth noting that the overall footprint savings was a key part of winning the initial deal. But we're now also undergoing work with this same customer to quantify the environmental savings and benefits that we're delivering to them with a FlashArray//C solution as part of their ESG analysis. And the nice thing is that these are all benefits that we're able to deliver to each and every one of our customers.

而且我認為還值得注意的是，總體足跡節省是贏得初始交易的關鍵部分。但我們現在也在與同一位客戶合作，以量化我們通過 FlashArray//C 解決方案為他們提供的環境節約和收益，作為他們 ESG 分析的一部分。好消息是，這些都是我們能夠為每一位客戶提供的好處。

Your next question comes from the line of Rod Hall with Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

This is Bala on for Rod. My question is a clarification. The 10-K from earlier this year seems to indicate that there could be an extra week in Q4. I might be wrong, but I just wanted to double check.

這是羅德的巴拉。我的問題是澄清。今年早些時候的 10-K 似乎表明第四季度可能會有額外的一周。我可能錯了，但我只是想仔細檢查一下。

Spot on. Yes. For Q4, as we contemplate Q4, we do have an additional week with our fiscal year, and that is contemplated both from a revenue side and OpEx side. The revenue and OpEx is about equal. So I view it as a bit of a headwind for us in terms of profitability, probably around $14 million, $15 million, both on the revenue and the OpEx side is a good way to be thinking about it in terms of the additional week.

發現。是的。對於第四季度，當我們考慮第四季度時，我們的財政年度確實有額外的一周，這是從收入方面和運營支出方面考慮的。收入和運營支出大致相等。因此，我認為就盈利能力而言，這對我們來說有點不利，收入和運營支出方面可能約為 1400 萬美元、1500 萬美元，這是考慮額外一周的好方法。

Got you. Very helpful. And as a follow-up, so I just want to double click on this FlashArray//C hyperscale road map. Now it seems that every hyperscaler (inaudible) obviously, but I guess I'm wondering, we see more potential hyperscale customers tax going forward? Are you having more conversations with more cloud players? If anyone who actually might be evaluating accelerating, any color on the road map there would be very helpful.

得到你。非常有幫助。作為後續，我只想雙擊這個 FlashArray//C 超大規模路線圖。現在似乎每個超大規模（聽不清）顯然，但我想我想知道，我們會看到更多潛在的超大規模客戶稅收嗎？您是否與更多雲玩家進行了更多對話？如果有人實際上可能正在評估加速，那麼路線圖上的任何顏色都會非常有幫助。

Yes. Well, first of all, we believe very strongly that as flash continues to decline relatively to the declines in magnetic disk, that there's inevitably going to be a crossover point where every player everywhere, including the hyperscalers, will start switching from disk to flash. And it's just a matter of time in their particular use case or instance before that happens.

是的。嗯，首先，我們非常堅信，隨著閃存相對於磁盤的下降繼續下降，不可避免地會出現一個交叉點，世界各地的每個玩家，包括超大規模生產商，都將開始從磁盤切換到閃存。在他們的特定用例或實例中發生這種情況只是時間問題。

We do have the best technology in the business. We are having multiple conversations with multiple parties. I think it's too early to -- the issue with these large environments is that they're lumpy, uncertain. When they do come, they're big. When they don't come, you're waiting.

我們確實擁有業內最好的技術。我們正在與多方進行多次對話。我認為現在談這些還為時過早——這些大型環境的問題在於它們是不穩定的、不確定的。當他們來的時候，他們很大。他們不來的時候，你在等。

So I think it's a little bit too early for us to speculate on it. But there are conversations and it is -- we believe that it's just a matter of time before flash is used in a more substantial way or, let's say, in the mainstream way in the hyperscale environment.

所以我認為現在推測它有點為時過早。但是有一些對話——我們相信，閃存以更實質性的方式被使用，或者比方說，在超大規模環境中以主流方式使用只是時間問題。

And a quick follow-up here. Flash will see the revenue of [carriers] in the revenues from fiscal Q4 from that hyperscale win?

並在這裡進行快速跟進。 Flash 是否會在超大規模的勝利中從第四財季的收入中看到 [運營商] 的收入？

We are not expecting revenue from that particular hyperscaler in Q4. We shipped it all at that point -- well, I'm sorry, okay. There's some residual revenue for it in Q4, but for the most part, no.

我們預計第四季度該特定超大規模企業不會獲得收入。那時我們都發貨了——好吧，對不起，好吧。第四季度有一些剩餘收入，但在大多數情況下，沒有。

Your next question comes from the line of Steve Enders with KeyBanc.

您的下一個問題來自於 KeyBanc 的 Steve Enders。

Okay. Great. I just wanted to touch a little bit more on the 4Q guide. Pretty strong revenue that you're expecting to see there. But just kind of wondering kind of what's built into the assumptions within that guide. And how should we be thinking about kind of how the macro environment has played out over the past 90 days that's leading to that rate guide here.

好的。偉大的。我只是想多談談 4Q 指南。您期望在那裡看到的相當可觀的收入。但只是想知道該指南中的假設中包含什麼。以及我們應該如何考慮宏觀環境在過去 90 天內的表現如何導致此處的利率指南。

Well, let me start and then I'll let Kevan go into it. It's based on what we see in the market today and the performance that we had in Q3. We're certainly not -- we're not contemplating any major changes to the current direction of the world economy. So the expectation is generally more of the same in terms of macroeconomic forces. We're expecting COVID to continue. Probably if you've been watching the news and watching the figures, it's having its seasonal effect. So seasonally, it will get a bit worse, but we're not expecting that to have a major change to -- in our expectations, what business will -- how business will perform this coming quarter.

好吧，讓我開始，然後我會讓凱文進入它。它基於我們今天在市場上看到的情況以及我們在第三季度的表現。我們當然不會——我們不會考慮對世界經濟的當前方向進行任何重大改變。因此，就宏觀經濟力量而言，預期通常更為相同。我們預計 COVID 將繼續存在。如果你一直在看新聞和數據，可能會產生季節性影響。因此，季節性地，情況會變得更糟，但我們預計這不會對 - 在我們的預期中，業務將 - 下個季度的業務表現產生重大變化。

What we see is a strong demand. And we believe that, that strong demand is based on fundamentals, fundamental demand. We don't think it's -- we don't think that at least for our market, there's a lot of phantom demand out there. And our lead times have stayed relatively low. Our customers know that. So they can order when they need it, not when -- not to game the system.

我們看到的是強勁的需求。我們相信，強勁的需求是基於基本面的，基本面的需求。我們不認為——我們認為至少對於我們的市場來說，那裡沒有很多幻影需求。而且我們的交貨時間保持在相對較低的水平。我們的客戶知道這一點。所以他們可以在需要的時候訂購，而不是什麼時候——不是為了玩弄系統。

Yes. And Steve, I probably wouldn't have much more to add on that. I think this -- we've got good visibility in terms of how we're looking at Q4. To Charlie's point, demand still is robust in terms of what we're looking at. No real change in the trajectory. Understanding that there's a little bit more in terms of what we're seeing on a wave of COVID on the European front. But again, I don't think those will be meaningful drivers as we think about Q4.

是的。史蒂夫，我可能沒有更多要補充的了。我認為這一點——就我們如何看待第四季度而言，我們有很好的知名度。在查理看來，就我們所看到的而言，需求仍然強勁。軌跡沒有真正的變化。了解我們在歐洲前線的一波 COVID 浪潮中看到的還有一點點。但同樣，當我們考慮第四季度時，我認為這些不會是有意義的驅動因素。

Okay. Great. That's helpful. And then just on the hiring environment, it seems like it might have been a little bit behind plan in the quarter. But I guess, is there kind of anything to call out there in terms of where the biggest challenges are and when you kind of see that beginning to reverse?

好的。偉大的。這很有幫助。然後就招聘環境而言，本季度的計劃似乎有點落後。但我想，就最大的挑戰在哪里以及什麼時候你看到這種情況開始逆轉而言，有什麼可以說的嗎？

Yes. I would say that there are -- being a bit behind in hiring is across the board. There's no one, let's say, function that stands out. To put some context on it, we're seeing somewhat slightly higher attrition than average years. Certainly, a lot more than last year. Last year was very low by comparison to an average year. This year is a bit higher.

是的。我想說的是 - 在招聘方面有點落後是全面的。比方說，沒有一個功能脫穎而出。為了說明這一點，我們看到的流失率略高於平均年份。當然，比去年多很多。與往年相比，去年非常低。今年有點高。

I would say that recruiting interestingly is the quality of resumes that one can bring on for interviews now is high. So the good news is that there are lots of good people available. The bad news is there are lots of slots that we need to fill. But we're confident we'll be able to catch up.

我想說的是，招聘有趣的是現在可以帶去面試的簡歷質量很高。所以好消息是有很多好人可用。壞消息是我們需要填補很多空缺。但我們有信心能夠趕上。

Yes. And I would just add on to that, that we are seeing a nice pickup in terms of our hiring cadence. I think our talent acquisition team is doing a nice job on that front. And that's been contemplated, obviously, in the Q4 guidance. You'll see a pickup in OpEx sequentially. And that's not only the additional week but also contemplates the pickup in pace that we're seeing in hiring talent as well.

是的。我想補充一點，就招聘節奏而言，我們看到了不錯的回升。我認為我們的人才招聘團隊在這方面做得很好。顯然，在第四季度的指導中已經考慮到了這一點。您會依次看到 OpEx 的回升。這不僅是額外的一周，而且還考慮到我們在招聘人才方面看到的步伐加快。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

This is [John] on behalf of Wamsi. My first question, so you've mentioned about the supply chain constraint headwinds faced this quarter. I was just wondering if you could maybe quantify the impact from the cost of revenue standpoint. And I just want to confirm the guide reflects the supply chain uncertainty.

這是代表Wamsi的[John]。我的第一個問題，你提到了本季度面臨的供應鏈約束逆風。我只是想知道您是否可以從收入成本的角度量化影響。我只是想確認該指南反映了供應鏈的不確定性。

Yes. But maybe what I'll do is talk just more tactically in terms of the impact for the quarter and then maybe have Charlie just talk about it more from a holistic standpoint because I think the operations team and our engineering team as well as our suppliers continue to do a terrific job for the quarter.

是的。但也許我要做的只是在本季度的影響方面更具戰術性地談論，然後也許讓查理從整體的角度更多地談論它，因為我認為運營團隊和我們的工程團隊以及我們的供應商會繼續為這個季度做一個了不起的工作。

Obviously, you saw a drop in product gross margins, both sequentially and [year-over-year]. The smaller piece of that is really due to the component cost increases that we saw during the quarter. That was moderated slightly by the fact that our ASPs are still quite stable.

顯然，您看到產品毛利率下降，無論是環比還是[同比]。其中較小的部分實際上是由於我們在本季度看到的組件成本增加。由於我們的平均售價仍然相當穩定，這一點略有緩和。

So with that, I'll turn it over to Charlie to give some more holistic macro comments.

因此，我將把它交給查理給出一些更全面的宏觀評論。

Yes. On the macro side, we see all costs associated with the supply chain. So component transformation and logistics costs have all increased on an annual basis, we think, on the order of approximately 10%. So that's a significant cost increase in what is traditionally a deflationary market for technology products, so quite significant.

是的。在宏觀方面，我們看到了與供應鏈相關的所有成本。因此，我們認為組件改造和物流成本都在每年增加約 10%。因此，對於傳統上通貨緊縮的技術產品市場來說，這是一個顯著的成本增加，非常重要。

Our expectation at this point is that while supply chains will remain tight, we're expecting to not see the same kind of increases in costs going into next year. Now it is, as Kevan said, a very dynamic market on a quarter-by-quarter basis. Things can change dramatically because both supply and demand are a little bit difficult to predict, and that causes swings in pricing.

我們目前的預期是，雖然供應鏈將保持緊張，但我們預計明年的成本不會出現同樣的增長。正如凱文所說，現在它是一個非常活躍的市場，每季度都在變化。事情可能會發生巨大變化，因為供需都很難預測，這會導致價格波動。

So as Kevan mentioned, it's a very dynamic market. And it's hard to get a complete -- or it's hard to have complete confidence in exactly where it will go.

正如凱文所說，這是一個非常活躍的市場。而且很難得到一個完整的——或者很難對它的確切去向有完全的信心。

Great. Got it. And as a quick follow-up, I was just wondering how the broader IT spending environment is tracking, particularly in storage, and if you have any trends that you would call out.

偉大的。知道了。作為快速跟進，我只是想知道更廣泛的 IT 支出環境是如何跟踪的，特別是在存儲方面，以及是否有任何趨勢可以指出。

Yes. On the enterprise side, it's been quite robust. So we think quite good. A lot of demand, a lot more data processing taking place and upgrading. So we've seen it quite strong. Commercial wallet is recovering. It's recovering slowly. I would say that in general, that's probably still down from where it might have been without COVID. And we're looking forward to continue a recovery there. But I would think, overall, the demand for enterprise storage actually has been quite good.

是的。在企業方面，它非常強大。所以我們覺得挺好的。大量的需求，更多的數據處理和升級。所以我們已經看到它非常強大。商業錢包正在復蘇。它正在慢慢恢復。我會說，總的來說，這可能仍然低於沒有 COVID 的情況。我們期待在那裡繼續復甦。但我認為，總體而言，企業存儲的需求實際上相當不錯。

Your next question comes from the line of Tim Long with Barclays.

您的下一個問題來自巴克萊銀行的 Tim Long。

Maybe, Charlie, if you can talk a little bit -- or Kevan, if you want to chime in. Just obviously, good margin performance in the quarter. Just curious how -- I know you don't want to get into too much of next year. But going to be a lot of moving parts, I guess, with some of the benefits becoming offsets with return to work and things like that. So kind of how are we thinking about leverage over the next year or 2 in the model?

也許，查理，如果你能談談 - 或者凱文，如果你想插話。很明顯，本季度的利潤率表現很好。只是好奇如何 - 我知道你不想過多地參與明年。但我想，這將是很多活動的部分，其中一些好處會隨著重返工作崗位之類的事情而抵消。那麼，我們如何考慮模型中明年或 2 年的槓桿率？

And then second, I wanted to just go back to the hyperscale and FlashArray//C if I could. It looks like the pricing resulted in a much lower gross margin for that business. Just curious, how is that pricing set? Is it somewhat that you had to get close to disk? Is that kind of what the bogey is going to be for all hyperscale deals? Or will that be different and -- or potentially, is it maybe a tougher margin upfront? And then on repeat business, it's a little bit better. So if you could just talk about kind of the dynamics around pricing and potential movements there.

其次，如果可以的話，我想回到超大規模和 FlashArray//C。看起來定價導致該業務的毛利率低得多。只是好奇，這個定價是如何設定的？您是否必須靠近磁盤？這是所有超大規模交易的忌諱嗎？還是會有所不同，或者可能是前期利潤更高？然後在重複業務方面，情況會好一些。所以，如果你能談談那裡的定價和潛在變動的動態。

Yes. I don't want to get too far ahead of next year. And we'll certainly have a better view of this as we -- when we get into our Q4 earnings call and projection for next year. What I would say is we're planning that we'll still be under COVID rules through certainly Q1 and probably most of Q2. And then as we get into the summer, that's when we think we will start seeing customers being open to visits and, therefore, open up more travel and normal expense-type, in-person meetings for some of the things we do as well.

是的。我不想在明年之前走得太遠。當我們進入第四季度財報電話會議和明年的預測時，我們肯定會對這一點有更好的看法。我想說的是，我們計劃在第一季度和第二季度的大部分時間裡，我們仍將處於 COVID 規則之下。然後當我們進入夏季時，我們認為我們將開始看到客戶對訪問持開放態度，因此，我們也會為我們所做的一些事情開放更多的旅行和正常的費用類型的面對面會議。

So that's -- we'll see about half a year of a return to more investment. And so I think what you're going to see is a gradual easing into those additional expenses. At the same time, we expect there to be -- as you saw during this -- even the COVID period, our margins didn't really change all that much. But we have been improving our execution in terms of productivity, certainly, in our sales and marketing organization, and we think increasingly over time, in our engineering organization.

所以這就是 - 我們將看到大約半年的更多投資回報。因此，我認為您將看到的是逐步放寬這些額外費用。同時，我們預計——正如你在此期間所看到的——即使是在 COVID 時期，我們的利潤率並沒有真正發生太大變化。但我們一直在提高我們的執行效率，當然，在我們的銷售和營銷組織中，隨著時間的推移，我們在工程組織中的思考越來越多。

And so we are expecting to see more leverage really on a continuous basis as we go forward based on greater productivity in the organization, and that's largely based on scale.

因此，隨著我們基於組織中更高的生產力而前進，我們預計會在持續的基礎上看到更多的槓桿作用，這主要基於規模。

Yes. And I'll just chime in a little bit more on that, and then we can move to the hyperscaler topic. But the -- when we think about the full fiscal year with our guide for Q4, which puts us around 10% non-GAAP operating margin, we're thinking about 2 to 3 points of that is tailwind from some COVID-related aspects, whether that's less travel, whether that's less physical events from a marketing standpoint or from a hiring standpoint.

是的。我會在這方面多說一點，然後我們可以轉到超大規模的話題。但是，當我們根據第四季度的指南考慮整個財年時，我們的非公認會計準則營業利潤率約為 10%，我們認為其中 2 到 3 個點是一些與 COVID 相關方面的順風，無論是減少旅行，還是從營銷的角度或從招聘的角度來看，減少身體活動。

And then obviously, we're seeing a nice pace and uptick on hiring. We expect that to continue. And so when I think about next year, and it's still too early to get too specific, but I would expect us to continue to gain more leverage when you kind of exclude the tailwinds we're seeing from COVID. So hopefully, we're giving you some nice road map in terms of how we're thinking about that.

然後很明顯，我們看到了一個不錯的速度和招聘的增加。我們預計這種情況會繼續下去。因此，當我考慮明年時，現在說得太具體還為時過早，但我希望當你排除我們從 COVID 中看到的順風時，我們將繼續獲得更多的影響力。因此，希望我們就我們如何考慮這一點為您提供一些不錯的路線圖。

On C, I'll go back to that. On C, we expect that a large portion of C sales to this hyperscaler but also potentially others will be replacing -- if not replacing, usually, it goes into new builds, but the new builds would be for them to look at flash rather than disk. And so they'll be comparing the price to their existing disk design. And as such, the early wins will probably be lower margin but will improve over time, both as flash costs improve but frankly, as they gain more experience with Pure as a provider.

在C上，我會回到那個。在 C 上，我們預計向這個超大規模的 C 銷售的很大一部分，但也有可能被其他人取代——如果不取代，通常，它會進入新版本，但新版本將讓他們查看閃存而不是磁盤。因此他們會將價格與現有磁盤設計進行比較。因此，早期的勝利可能會降低利潤率，但會隨著時間的推移而改善，既隨著閃存成本的提高，但坦率地說，因為他們在 Pure 作為供應商方面獲得了更多經驗。

Your last question comes from the line of Karl Ackerman with Cowen.

您的最後一個問題來自 Karl Ackerman 和 Cowen 的觀點。

Yes. Kevan, I have 2 questions, please. First one for Kevan. Most of the upside this quarter came from product revenue. That's quite impressive given the ongoing supply chain constraints you mentioned. I'm curious whether the upward revised outlook for January is also driven primarily by product revenue particularly given your planned expansion of your FlashArray platform that you highlighted in your prepared remarks. So if you could comment on that, that would be helpful.

是的。凱文，我有兩個問題。第一個給凱文。本季度的大部分上漲來自產品收入。鑑於您提到的持續供應鏈限制，這令人印象深刻。我很好奇 1 月份的上調前景是否也主要由產品收入推動，特別是考慮到您在準備好的評論中強調的 FlashArray 平台的擴展計劃。因此，如果您可以對此發表評論，那將很有幫助。

Yes. And I guess my view on this, and I'll let Charlie and Rob add some commentary as well, is yes, absolutely, we've gotten great momentum fueled by high demand across our portfolio, which is that translates to the growth rates you're seeing in product revenue. But obviously, we're also seeing good traction with our subscription business, 30% growth in our subscription ARR. And obviously, that's going to have a lag before that works its way to the P&L.

是的。我想我對此的看法，我也會讓查理和羅布添加一些評論，是的，絕對是，我們的投資組合的高需求推動了我們的強勁勢頭，這轉化為您的增長率'在產品收入中看到。但顯然，我們的訂閱業務也受到了良好的牽引，我們的訂閱 ARR 增長了 30%。顯然，在它進入損益表之前會有一個滯後。

But this comes back to how balanced the demand and strength is that we're seeing across the board, whether that's specific to our subscription business or whether that's specific to sales of our solution. So that's really the story line here is the balanced strength that we're seeing across the board. But Charlie or Rob, any other points you'd add on that front?

但這又回到了我們全面看到的需求和實力的平衡程度，無論是針對我們的訂閱業務還是針對我們的解決方案的銷售。所以這真的是這裡的故事情節，是我們全面看到的平衡力量。但是查理或羅布，你在這方面還有什麼要補充的嗎？

I think that answers it, Kevan. I think what you're seeing is strong demand for our products, regardless of capital and/or subscription base. Of course, we always want to allow the customer to buy in the way in which they want to provide -- or want to buy rather. But we're expecting -- I would say we're expecting this quarter, this Q4, to be balanced as well.

我想這回答了它，凱文。我認為您所看到的是對我們產品的強勁需求，無論資金和/或訂閱基礎如何。當然，我們總是希望讓客戶以他們想要提供的方式購買——或者寧願購買。但我們期待 - 我會說我們期待本季度，本季度，也是平衡的。

So we are seeing -- just to be clear, we're seeing good growth in Pure as-a-Service. And obviously, the way that works from -- given that it's ratable, you don't -- that starts off slow, so you don't see it quite as readily. But again, I expect it to be balanced going into this quarter.

所以我們看到——為了清楚起見，我們看到 Pure as-a-Service 的良好增長。顯然，它的工作方式——考慮到它是可評價的，你不——開始時很慢，所以你不會那麼容易看到它。但同樣，我預計它會在本季度保持平衡。

That's helpful. I guess as my follow-up, I do want to touch on margins a little bit. It seems that the entire upside in your revenue outlook for January is falling directly to operating income, which is quite impressive here now that -- it's quite impressive. And now operating margins are in line with your long-term outlook. On one hand, it seems you're benefiting from volume leverage. On the other, you're at least offsetting the rising input costs through pricing actions. So in that vein, could you discuss the ability to perhaps further pass on rising input costs as they happen? And secondarily, how you see margins improving or may improve as subscription revenue becomes a larger piece of your revenue next year?

這很有幫助。我想作為我的後續行動，我確實想稍微談談利潤。看來，您 1 月份收入前景的全部上行空間都直接下降到營業收入，這在這裡令人印象深刻——令人印象深刻。現在營業利潤率符合您的長期前景。一方面，您似乎從交易量槓桿中受益。另一方面，您至少可以通過定價行動來抵消不斷上升的投入成本。因此，在這種情況下，您能否討論一下在投入成本上升時可能進一步轉嫁它們的能力？其次，隨著訂閱收入在明年成為您收入的更大一部分，您如何看待利潤率的提高或可能會提高？

Yes. Well, as we've said in the past, we don't specific -- we don't price on a cost-plus basis. We price based on competition in the market. One of the unique things about this market is that nearly every new opportunity, even in an existing customer, is newly negotiated with other -- with competitors. And as such, we're responding primarily to the pricing of our competitors rather than, let's say, a standardized discount for that customer. Many of our competitors do operate on a cost-plus basis.

是的。好吧，正如我們過去所說，我們不具體 - 我們不以成本加成為基礎定價。我們根據市場競爭定價。這個市場的一個獨特之處在於，幾乎每一個新機會，即使是在現有客戶中，都是與其他人——與競爭對手進行的新談判。因此，我們主要針對競爭對手的定價做出反應，而不是針對該客戶的標準化折扣。我們的許多競爭對手確實在成本加成的基礎上運營。

And so with the rising costs that exist in the market, that finds its way into the price negotiation. So because of that, we do expect that for the most part, ASPs and costs, we expect relatively stable margins. It will vary based on mix, obviously, the hyperscaler deal. But for the most part, we think it will stay relatively stable regardless of costs.

因此，隨著市場上存在的成本上升，這也進入了價格談判。因此，我們確實預計，在大多數情況下，平均售價和成本，我們預計利潤率會相對穩定。顯然，它會因混合而異，超大規模交易。但在大多數情況下，我們認為無論成本如何，它都會保持相對穩定。

Now part of the mix as well is, in fact, as you point out, the subscription offerings. We expect long term that those subscription offerings, because they will have higher value, will be providing more services in the subscription offerings than we do in the straightforward capital sale. And as such, we expect those margins to be significantly, over time, be above our reported standard reported margin.

事實上，正如您所指出的，訂閱產品也是其中的一部分。從長遠來看，這些訂閱產品將具有更高的價值，因此它們將在訂閱產品中提供比我們在直接資本出售中提供的更多服務。因此，我們預計隨著時間的推移，這些利潤率將顯著高於我們報告的標準報告利潤率。

Yes. And just to be clear, Karl, our view on subscription margins really hasn't changed since our Analyst Day and our communication and expectations on that. But to Charlie's point, with the growth of Portworx and as we scale our Pure as-a-Service offering with Cloud Block Store, that clearly is going to give us some tailwinds as we think about it longer term for subscription gross margins.

是的。為了清楚起見，卡爾，自我們的分析師日以及我們對此的溝通和期望以來，我們對訂閱保證金的看法確實沒有改變。但就查理而言，隨著 Portworx 的增長以及我們通過 Cloud Block Store 擴展我們的純即服務產品，這顯然會給我們帶來一些順風，因為我們考慮訂閱毛利率的長期。

Shorter term, to your point, yes, we are very much pleased with what we're seeing in terms of increased profitability, even considering the tailwind from COVID.

從短期來看，就您而言，是的，即使考慮到 COVID 帶來的順風，我們對盈利能力的提高感到非常滿意。

So we like what we're seeing. We'll definitely still trade and prioritize growth. But we very much have the belief that we can drive growth and increased operating leverage as well.

所以我們喜歡我們所看到的。我們肯定仍會進行交易並優先考慮增長。但我們非常相信我們也可以推動增長並提高運營槓桿。

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

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

Thank you, operator. Pure has been preparing for this next phase of our growth for several years, building breadth in our product line, developing operational excellence in our functions, industry partnerships and vendor relationships and, most importantly, building trust and excitement with our customers.

謝謝你，接線員。 Pure 多年來一直在為我們下一階段的增長做準備，擴大我們的產品線，在我們的職能、行業合作夥伴關係和供應商關係方面發展卓越運營，最重要的是，與我們的客戶建立信任和興奮。

I want to thank our investors and our employees for their trust and their patience. I'm grateful for all the effort and creativity of our Pure team. And as I sit down to my own family's meal on Thursday, I'll certainly offer gratitude and thanks for everyone, past and present, that has made Pure what it is today.

我要感謝我們的投資者和員工的信任和耐心。我感謝我們 Pure 團隊的所有努力和創造力。週四，當我坐下來與家人共進晚餐時，我肯定會感謝過去和現在的每一個人，這讓 Pure 成為了今天的樣子。

Thank you all for your attention and your questions, and I wish you all a happy Thanksgiving.

感謝大家的關注和提問，祝大家感恩節快樂。

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

今天的電話會議到此結束。您現在可以斷開連接。