Pure Storage Inc (PSTG) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pure Storage Second Quarter Fiscal Year 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 財年第二季度收益發布電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I would now like to introduce 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 Second 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 財年第二季度收益電話會議。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 this 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. 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 these public filings.

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

在本次電話會議中，我們將討論非 GAAP 措施，以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。該電話正在 Pure Storage 投資者關係網站上進行網絡直播，並正在錄製以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

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

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

Hello, everyone, and thank you for joining us today.

大家好，感謝您今天加入我們。

Pure had an outstanding Q2. As a growing share-taking company, we expect every quarter to be record breaking, but this quarter was extraordinary. Sales, revenue and profitability were well above expectations. Revenue growth this quarter exceeded 23%, and we had the highest Q2 operating profit in our history. I was especially pleased with the growth of both our new and existing products, the balance of performance geographically and our continuing penetration of cloud in large enterprise.

Pure 的 Q2 表現出色。作為一家成長中的股份制公司，我們預計每個季度都將創紀錄，但本季度非同尋常。銷售額、收入和盈利能力遠高於預期。本季度收入增長超過 23%，我們的第二季度營業利潤創下歷史最高紀錄。我對我們新產品和現有產品的增長、地理上的性能平衡以及我們在大型企業中持續滲透雲感到特別高興。

These are all key parts of our long-term strategy that we've shared over the past several years. These results also show that our strategy of investing into the pandemic and specifically, investing in our enterprise sales capability and expanding our product line was the right one.

這些都是我們在過去幾年中分享的長期戰略的關鍵部分。這些結果還表明，我們投資於大流行的戰略，特別是投資於我們的企業銷售能力和擴大我們的產品線是正確的。

As we discussed in past calls, we predicted that Pure's growth would accelerate as business is adjusted to the COVID environment. We believe that our growth will be even stronger as businesses return to an in-office environment. We estimated that this would start this past Q2, and we are obviously very pleased with the results. Looking ahead, we expect that businesses will continue to adjust to the effects of the pandemic while driving digital transformation. We believe that the Delta variant has slowed the return to the office environment only temporarily, and that large-scale global vaccinations will do much to enable a full return to normal by spring of next year.

正如我們在過去的電話會議中討論的那樣，我們預測 Pure 的增長將隨著業務適應 COVID 環境而加速。我們相信，隨著企業回歸辦公環境，我們的增長將更加強勁。我們估計這將在過去的第二季度開始，我們顯然對結果非常滿意。展望未來，我們預計企業將在推動數字化轉型的同時繼續適應大流行的影響。我們認為，Delta 變種只是暫時減緩了辦公環境的恢復，而大規模的全球疫苗接種將有助於在明年春天之前完全恢復正常。

As we indicated last quarter, we believe that the current environment enables us to return to our historical double-digit growth rates with increasing profitability. Our leadership and innovation of the data storage and management market continues to grow. Our strategy is focused on delivering a unified cloud operating and procurement model across all data storage use cases and environments, enabling modern cloud-native applications built on containers and driving the modernization of today's infrastructure with a focus on the all-flash future that modern applications will demand.

正如我們上個季度所指出的那樣，我們相信當前的環境使我們能夠隨著盈利能力的提高恢復到歷史兩位數的增長率。我們在數據存儲和管理市場的領導地位和創新不斷增長。我們的戰略專注於在所有數據存儲用例和環境中提供統一的雲運營和採購模型，支持基於容器構建的現代云原生應用程序，並推動當今基礎設施的現代化，重點關注現代應用程序的全閃存未來會要求。

Let's take a quick look at the results. This past quarter provided many areas of outstanding performance, highlighted by the highest total sales for any second quarter in the history of the company, growing more than 30% year-over-year. Continued strength and momentum in Subscription Services revenue, up 31% year-over-year with strong growth in Pure as-a-Service, which almost doubled revenues compared to the prior year, and our success in large enterprise continues to grow, comprising over 50% of our sales with our top 10 customers spending more than $100 million in total. As I mentioned, both our new and existing products achieved new sales milestones.

讓我們快速看一下結果。上一季度在許多領域都有出色的表現，其中最突出的是公司歷史上第二季度的最高總銷售額，同比增長超過 30%。訂閱服務收入繼續保持強勁勢頭，同比增長 31%，純即服務的強勁增長，與上一年相比收入幾乎翻了一番，我們在大型企業的成功繼續增長，包括超過我們 50% 的銷售額與前 10 名客戶的總支出超過 1 億美元。正如我所提到的，我們的新產品和現有產品都實現了新的銷售里程碑。

Frankly, the superlatives from this quarter are too numerous to fully enumerate, but here are a few highlights. Growth of our subscription businesses were very strong this past quarter, with sales of both Pure as-a-Service and Portworx, approximately tripling year-over-year. All subscription sales taken together, including Portworx, Pure as-a-Service and Evergreen, increased almost 50% year-over-year in Q2 and is approaching 1/2 of Pure's total sales. These results show both the continued attractiveness of our Evergreen model and the market's excitement for our new subscription offerings.

坦率地說，本季度的最高級數不勝枚舉，但這裡有一些亮點。上個季度，我們的訂閱業務增長非常強勁，Pure as-a-Service 和 Portworx 的銷售額同比增長約三倍。所有訂閱銷售額，包括 Portworx、Pure as-a-Service 和 Evergreen，在第二季度同比增長近 50%，接近 Pure 總銷售額的 1/2。這些結果顯示了我們常青模式的持續吸引力和市場對我們新訂閱產品的興奮。

It has been nearly a year since we announced the acquisition of Portworx. Every quarter, as part of Pure, Portworx has beaten their targets. This past quarter, Portworx sales tripled year-over-year and continued to gain many new customers, both large and small. Financial services and service providers are particularly interested in the ability to easily scale container-based workflows with Portworx.

自我們宣布收購 Portworx 以來，已經快一年了。每個季度，作為 Pure 的一部分，Portworx 都超過了他們的目標。上個季度，Portworx 的銷售額同比增長了兩倍，並繼續獲得許多大大小小的新客戶。金融服務和服務提供商對使用 Portworx 輕鬆擴展基於容器的工作流的能力特別感興趣。

FlashArray//C continues to deliver tremendous growth with sales tripling over last year. It remains the fastest-growing new product in Pure's history and is enabling customers to transition to an all-flash data center. Cloud customers, in particular, are making use of FlashArray//C to improve their reliability, to reduce their environmental footprint and to lower their operational costs.

FlashArray//C 繼續實現巨大的增長，銷售額比去年增長了兩倍。它仍然是 Pure 歷史上增長最快的新產品，並使客戶能夠過渡到全閃存數據中心。尤其是雲客戶，他們正在使用 FlashArray//C 來提高其可靠性、減少其環境足跡並降低其運營成本。

For instance, a recent 8-figure win with a top 10 hyperscaler, which will begin to ship this Q3, was won against traditional magnetic disk based on our high performance, small space and power footprint and superior total cost of ownership. SafeMode is another compelling reason why ever more customers are turning to Pure. This high-performance ransomware protection solution for both FlashArray and FlashBlade takes less than a millisecond to create an immutable copy of data for fast recovery. And customers can send these snapshots to a variety of destinations, such as FlashArray//C, FlashBlade or AWS, Microsoft Azure and NFS shares.

例如，基於我們的高性能、小空間和電源佔用以及卓越的總擁有成本，我們最近以 8 位數贏得了排名前 10 的超大規模計算機（將於今年第三季度開始出貨）戰勝傳統磁盤。安全模式是越來越多的客戶轉向 Pure 的另一個令人信服的原因。這種適用於 FlashArray 和 FlashBlade 的高性能勒索軟件保護解決方案只需不到一毫秒的時間即可創建不可變的數據副本以實現快速恢復。客戶可以將這些快照發送到各種目的地，例如 FlashArray//C、FlashBlade 或 AWS、Microsoft Azure 和 NFS 共享。

Only 6 months after introduction, over 500 customers have enabled SafeMode. These examples demonstrate the success of our strategy to provide organizations with the modern data services they need to modernize their data infrastructure, to take advantage of modern applications and to manage their data and infrastructure through code in a multi-cloud environment. Our focus on these goals has been rewarded with new and expanding customer relationships.

推出僅 6 個月後，就有超過 500 名客戶啟用了安全模式。這些示例展示了我們為組織提供現代化數據基礎設施所需的現代數據服務、利用現代應用程序並通過多雲環境中的代碼管理其數據和基礎設施的戰略的成功。我們對這些目標的關注獲得了新的和不斷擴大的客戶關係的回報。

For example, one of our enterprise customers, a global Fortune 500 financial services firm, recently chose a Pure as-a-Service subscription to fuel the expansion of their core operating applications in a virtual hub. While increasing the performance, flexibility and scale of this global platform, they were able to reduce their physical footprint by nearly 80%, contributing significantly to their environmental sustainability goals. They estimate that this will reduce their total cost of ownership by nearly 70% while providing significant performance increases.

例如，我們的一個企業客戶，一家全球財富 500 強金融服務公司，最近選擇了 Pure as-a-Service 訂閱，以推動其核心運營應用程序在虛擬中心的擴展。在提高這個全球平台的性能、靈活性和規模的同時，他們能夠將物理足跡減少近 80%，為他們的環境可持續發展目標做出了重大貢獻。他們估計，這將使他們的總擁有成本降低近 70%，同時顯著提高性能。

And with growing global concerns about ransomware attacks, a U.K.-based securities firm with sub-millisecond performance requirements, found performance, simplicity and safety in Pure's recovery capabilities. Using FlashArray's SafeMode with our FlashBlade, FlashRecover solution on an Evergreen gold subscription, they now have the data protection and unified fast file and object platform they need to scale safely.

隨著全球對勒索軟件攻擊的日益關注，一家具有亞毫秒級性能要求的英國證券公司發現 Pure 的恢復能力具有性能、簡單性和安全性。將 FlashArray 的 SafeMode 與我們的 FlashBlade、FlashRecover 解決方案一起用於 Evergreen 黃金訂閱，他們現在擁有安全擴展所需的數據保護和統一的快速文件和對象平台。

Our strategy, since our founding, is to focus on doing the right things for our customers and on doing things right. Our environmental goals dovetail with our customer-first values, part of ensuring that our products and services have the lowest total cost of ownership, means designing products that use less energy, require less cooling, need less maintenance, take up less space and produce less waste. With our customers' increasing focus on their own environmental footprint, we will be providing more quantitative measures and sustainability programs going forward.

自成立以來，我們的戰略就是專注於為我們的客戶做正確的事情，並把事情做對。我們的環境目標與我們的客戶至上價值觀相吻合，確保我們的產品和服務具有最低的總擁有成本，這意味著設計使用更少能源、需要更少冷卻、需要更少維護、佔用更少空間和生產更少的產品浪費。隨著我們的客戶越來越關注他們自己的環境足跡，我們將提供更多的量化措施和可持續發展計劃。

Pure Storage is advantaged by the major trends in our industry. We enable companies around the world to shift to a cloud operating model for their private and hybrid cloud infrastructure. We lead in driving the all-flash data center, and we have the most advanced services and tools to automate data management for our modern cloud-native application.

Pure Storage 受益於我們行業的主要趨勢。我們使世界各地的公司能夠將其私有云和混合雲基礎架構轉變為雲運營模式。我們在推動全閃存數據中心方面處於領先地位，並且我們擁有最先進的服務和工具來為我們的現代云原生應用程序自動化數據管理。

As we entered the year, we stated that our customers would accelerate their investment in digital transformation with renewed confidence in economic recovery this year. This was clearly evident in our performance in the first half and especially this past Q2. In the current environment, we are confident that the momentum of our first half will continue into Q3, as evidenced by our Q3 guide and raised annual outlook.

進入這一年，我們表示客戶將加快對數字化轉型的投資，對今年的經濟復甦充滿信心。這在我們上半年的表現中很明顯，尤其是在過去的第二季度。在當前環境下，我們有信心上半年的勢頭將持續到第三季度，正如我們的第三季度指南和上調的年度展望所證明的那樣。

I want to thank our employees and our partners who have worked tirelessly to support our customers with great products and great service throughout the uncertainty of COVID-19 and who have created our sustainable momentum. Everyone at Pure deserves to feel proud of the advancements we have made through this difficult period.

我要感謝我們的員工和合作夥伴，他們在 COVID-19 的不確定性期間不知疲倦地為我們的客戶提供優質的產品和優質的服務，並為我們創造了可持續發展的勢頭。 Pure 的每個人都應該為我們在這個困難時期所取得的進步感到自豪。

One last note that I would like to add before I turn the call over to our CFO, Kevan Krysler. I am very pleased to announce that Rob Lee, who many of you know, has just been promoted and will serve as Pure's Chief Technology Officer. Congratulations, Rob. John Colgrove aka Coz, who, in addition to his title as founder, also served as CTO, will now take the title of Chief Visionary Officer. Rob will continue to report to him, and Coz will continue to serve Pure full time. Congratulations, Rob and Coz.

在將電話轉給我們的首席財務官 Kevan Krysler 之前，我想補充一點。我很高興地宣布，你們中許多人都認識的 Rob Lee 剛剛升職，將擔任 Pure 的首席技術官。恭喜，羅布。 John Colgrove aka Coz，除了作為創始人的頭銜外，還擔任過首席技術官，現在將擔任首席遠見官的頭銜。 Rob 將繼續向他匯報，Coz 將繼續全職為 Pure 服務。恭喜，Rob 和 Coz。

Kevan, over to you.

凱文，交給你了。

Thank you, Charlie, and good afternoon. We could not be more pleased with the strength of our business, our execution and Q2 financial results. We saw strong sales execution across the globe, which is reflected in our sales growth of 32%, excluding cancelable orders. Similar to what we saw last quarter, our entire portfolio, including our subscription services contributed to our performance. Our core business of FlashArray//X gained significant strength across our enterprise, commercial and public sector customers. FlashArray//C sales more than tripled year-over-year, and FlashBlade sales established a new record high for Q2.

謝謝你，查理，下午好。我們對我們的業務實力、執行力和第二季度財務業績感到非常滿意。我們在全球範圍內看到了強勁的銷售執行力，這反映在我們的銷售額增長了 32%，不包括可取消的訂單。與我們上個季度看到的類似，我們的整個產品組合，包括我們的訂閱服務，都為我們的業績做出了貢獻。我們的 FlashArray//X 核心業務在我們的企業、商業和公共部門客戶中獲得了顯著的優勢。 FlashArray//C 銷售額同比增長三倍多，FlashBlade 銷售額在第二季度創下新高。

Our revenue growth was 23% this quarter, and product revenue had its highest year-over-year growth rate compared to the previous 7 quarters. Remaining performance obligations or RPO, which includes our committed and noncancelable future revenue was $1.2 billion, growing 25%. RPO growth reflects the continued strength of our subscription services, including record sales this quarter of our unified subscription, Pure as-a-Service. We acquired 380 new customers, representing 10% year-over-year growth, and we saw particular strength with new enterprise customers this quarter.

我們本季度的收入增長率為 23%，與前 7 個季度相比，產品收入的同比增長率最高。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 為 12 億美元，增長 25%。 RPO 增長反映了我們訂閱服務的持續實力，包括本季度我們統一訂閱 Pure as-a-Service 的創紀錄銷售額。我們獲得了 380 家新客戶，同比增長 10%，我們在本季度看到了新企業客戶的特別優勢。

Now turning to specific financial results for the quarter. Total revenue grew 23% to approximately $497 million. Revenue in the United States grew 25% and international revenue grew 18% compared to last year. Subscription Services revenue grew approximately 31% year-over-year and represents approximately 35% of total revenue. Product revenue was very strong during the quarter, growing 19%. The differentiated value of our software and solutions continue to be reflected in our non-GAAP total gross margins of 70.5% this quarter. Non-GAAP product gross margins continue to be on the high end of our long-term expectations at 70.3%. We expect that product margins will fluctuate depending on product mix as our newer offerings continue to scale.

現在轉向本季度的具體財務業績。總收入增長 23% 至約 4.97 億美元。與去年相比，美國的收入增長了 25%，國際收入增長了 18%。訂閱服務收入同比增長約 31%，約佔總收入的 35%。本季度產品收入非常強勁，增長了 19%。我們軟件和解決方案的差異化價值繼續體現在我們本季度 70.5% 的非公認會計原則總毛利率中。非美國通用會計準則產品毛利率繼續處於我們長期預期的高端，為 70.3%。我們預計，隨著我們的新產品不斷擴大，產品利潤率將根據產品組合而波動。

Non-GAAP Subscription Services margins were 70.7%. Revenue and gross margin outperformance and improving sales efficiency contributed to delivering strong non-GAAP operating profits of $46.6 million, continued reduced travel due to the ongoing COVID environment and slower-than-planned hiring also contributed to lower operating expenses during the quarter. We ended the quarter with over $1.29 billion in cash and approximately 3,900 employees. Cash flow from operations achieved a record high of $123 million, resulting from improved linearity and strong collections as well as increasing operating leverage. Capital expenditures were $28 million during the quarter. We returned approximately $44 million of capital to repurchase slightly over 2.3 million shares as part of our $200 million share repurchase program.

非 GAAP 訂閱服務利潤率為 70.7%。收入和毛利率表現優異以及銷售效率提高有助於實現 4660 萬美元的強勁非 GAAP 營業利潤，由於持續的 COVID 環境而持續減少了差旅，以及低於計劃的招聘也有助於降低本季度的運營費用。我們在本季度結束時擁有超過 12.9 億美元的現金和大約 3,900 名員工。運營現金流達到創紀錄的 1.23 億美元，這得益於線性度的提高和強大的收款能力以及運營槓桿的增加。本季度的資本支出為 2800 萬美元。作為我們 2 億美元股票回購計劃的一部分，我們返還了大約 4400 萬美元的資本以回購略高於 230 萬股的股票。

Now turning to guidance. We are very pleased with our sustained momentum and improving operational efficiencies. We expect Q3 revenue to be approximately $530 million, growing almost 30%. Our revenue guide for Q3 includes revenue we expect to recognize in connection with the sale of FlashArray//C to 1 of the top 10 hyperscalers. We also expect non-GAAP operating profit will be approximately $40 million. I have mentioned in previous calls that we would not be updating our annual view. However, given the strong performance of our business over the last several quarters, including our strong financial outlook for Q3, we have also updated our annual view. We now expect that revenue for the year will surpass $2 billion, growing approximately 21% to $2.04 billion.

現在轉向指導。我們對我們的持續發展勢頭和不斷提高的運營效率感到非常滿意。我們預計第三季度收入約為 5.3 億美元，增長近 30%。我們第三季度的收入指南包括我們預計與將 FlashArray//C 出售給前 10 大超大規模廠商中的 1 家有關的收入。我們還預計非 GAAP 營業利潤將約為 4000 萬美元。我在之前的電話會議中提到我們不會更新我們的年度視圖。然而，鑑於我們業務在過去幾個季度的強勁表現，包括我們對第三季度強勁的財務前景，我們也更新了我們的年度觀點。我們現在預計今年的收入將超過 20 億美元，增長約 21% 至 20.4 億美元。

We also expect that operating income will be approximately $150 million. This is an exciting time at Pure. Our strategy, innovation and service is compelling for our customers, and we are executing with a focus on accelerating revenue growth and increasing profitability. Thank you to all of our employees and partners. I'm also really looking forward to having you join us at our virtual Analyst Day on September 28.

我們還預計營業收入將約為 1.5 億美元。這是 Pure 的激動人心的時刻。我們的戰略、創新和服務對我們的客戶具有吸引力，我們的執行重點是加快收入增長和提高盈利能力。感謝我們所有的員工和合作夥伴。我也非常期待您在 9 月 28 日參加我們的虛擬分析師日。

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) And your first question comes from the line of Pinjalim with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Pinjalim。

Congrats on the quarter. Seems like a super solid quarter here. Probably one of the highest beats, I think, if I was just looking at it going backward. Charlie, maybe at a high level, did anything surprise you in the quarter when we were doing checks, a lot of partners kind of highlighted that Pure continues to be -- continues to see relatively short lead times while competitors kind of struggle with elongated lead times. Do you think that is helping you to gain share? Anything that surprised you in the quarter, would love to know.

祝賀本季度。這裡似乎是一個超級穩固的季度。我想，如果我只是向後看的話，這可能是最高的節拍之一。查理，也許在高水平上，在我們進行檢查時在本季度做了任何讓您感到驚訝的事情，許多合作夥伴都強調 Pure 繼續 - 繼續看到相對較短的交貨時間，而競爭對手則在與拉長的領先地位作鬥爭次。你認為這有助於你獲得份額嗎？本季度任何讓您感到驚訝的事情，都想知道。

Thanks, Pinjalim. I think the reason why we continue to gain share and why the quarter was so good is that we've been preparing a portfolio of products that are really second to none. And while -- that was being done during the beginning of the COVID crisis, of course, there's a lot of disruption in our customer base. But as the customers have become accustomed to operating within the COVID environment, that portfolio and our focus on developing a set of enterprise capabilities, both in sales support as well as with our products, it's finally all coming together in hitting stride. And so no, we expect this to be at the beginning, if you will, of very evident growth for the company as we go forward.

謝謝，平賈林。我認為我們繼續獲得份額以及本季度如此出色的原因是我們一直在準備一系列真正首屈一指的產品。雖然 - 這是在 COVID 危機開始時完成的，但當然，我們的客戶群受到了很多干擾。但是，隨著客戶已經習慣於在 COVID 環境中運營，該產品組合以及我們對開發一系列企業能力的關注，無論是在銷售支持方面還是在我們的產品方面，最終都會大踏步地走到一起。所以不，如果你願意的話，我們預計這將是公司在我們前進的過程中非常明顯的增長的開始。

Strong comments. One follow-up for Kevan. It seems like you were able to maintain the gross margin sequentially, if I did my math correctly, quickly, despite the inflationary pressures that have been creeping up, is it fair to say that you saw kind of a better pricing environment, maybe as the component price inflation presumably made the competitors do less discounting in the field?

強烈的評論。凱文的一項後續行動。儘管通脹壓力一直在攀升，但如果我的計算正確、快速，您似乎能夠按順序保持毛利率，可以說您看到了更好的定價環境，也許是因為零部件價格上漲大概使競爭對手在該領域做的折扣減少了？

Well, Pinjalim, one is I think the -- your math is right. So absolutely, we held on gross margins. And I really think that's a testament to a couple of things. I think the -- our operations team continues to do an outstanding job. Our suppliers are continuing to work very closely with us. And yes, to hold -- to answer your question specifically, discounting did hold. And I really attribute a lot of that to our sales team and the discipline and execution in terms of why we saw the gross margin performance that we saw.

好吧，Pinjalim，一個是我認為 - 你的數學是正確的。因此，我們絕對保持毛利率。我真的認為這是對幾件事的證明。我認為 - 我們的運營團隊繼續做得非常出色。我們的供應商將繼續與我們密切合作。是的，堅持——具體回答你的問題，折扣確實成立。我真的將這在很大程度上歸功於我們的銷售團隊以及紀律和執行，因為我們看到了我們看到的毛利率表現。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the solid results and guide. Throughout today's call, you referenced the fact that you've now got a top 10 hyperscale customer, it sounds like for the FlashArray//C product. I guess the question on that is that, is that tied to their cloud offerings? Or is that for internal usage? And do you expect this to kind of be the beginning of more potential hyperscale customer traction for the company going forward? And I have a follow-up.

祝賀您取得了可靠的結果和指導。在今天的電話會議中，您提到了您現在擁有前 10 名超大規模客戶的事實，這聽起來像是 FlashArray//C 產品。我想問題是，這與他們的雲產品有關嗎？還是供內部使用？您是否認為這會成為公司未來更多潛在超大規模客戶牽引力的開始？我有一個後續行動。

Yes. It's part of their overall operations. So I think the answer is affirmative from the question that you asked. And we do feel that this is sustainable, both in the sense of continuing with this customer as well as we think it's the beginning of seeing other similarly situated hyperscale customers starting to look at flash as a real alternative.

是的。這是他們整體業務的一部分。所以我認為你提出的問題的答案是肯定的。我們確實認為這是可持續的，無論是在繼續與該客戶合作的意義上，還是我們認為這是看到其他類似情況的超大規模客戶開始將閃存視為真正替代品的開始。

As you may know, most of the hyperscalers, the vast majority of what they store, they store on disk. They may have a little bit of flash in their servers, but for the most part, all storage is on disk. And we think this is the beginning of breaking that structure. We finally have the kind of price performance that can really compete within the disk market.

您可能知道，大多數超大規模計算機（它們存儲的絕大多數內容）都存儲在磁盤上。他們的服務器中可能有一點閃存，但在大多數情況下，所有存儲都在磁盤上。我們認為這是打破這種結構的開始。我們終於擁有了能夠真正在磁盤市場中競爭的那種性價比。

Very helpful. I wanted to -- the follow-up question is on actually the subscription revenue. You referenced the subscription revenue up 31%. And then I think you mentioned that on a combined basis, Pure as-a-Service, Portworx, and I believe, Evergreen was up close to 50% year-over-year, if I correctly got that. So I guess -- I'm curious of what is other -- what is in that other Subscription Services line that maybe wasn't growing as fast as the 3 combined that you mentioned?

非常有幫助。我想——後續問題實際上是關於訂閱收入的。您提到訂閱收入增長了 31%。然後我想你提到了 Pure as-a-Service、Portworx 和我相信，如果我理解正確的話，Evergreen 的年增長率接近 50%。所以我猜——我很好奇其他是什麼——其他訂閱服務線的增長速度可能沒有你提到的 3 個組合那麼快？

Aaron, this is Kevan, and this is just a clarification. I think the 50% reference is really towards sales and bookings. So -- and then obviously, the revenue and there's a lag with the revenue. So 2 different metrics here that we see.

亞倫，這是凱文，這只是一個澄清。我認為 50% 的參考實際上是針對銷售和預訂的。所以 - 然後很明顯，收入和收入存在滯後。因此，我們在這裡看到了 2 個不同的指標。

Okay. So just to be clear, Evergreen, Portworx and Pure as-a-Service basically are the majority, if not all, of the services line in the P&L?

好的。所以要明確一點，Evergreen、Portworx 和 Pure as-a-Service 基本上是損益表中服務線的大部分（如果不是全部）？

That's correct. That's correct.

這是正確的。這是正確的。

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

您的下一個問題來自德意志銀行的 Sidney Ho。

This is Jeff Rand on for Sidney. Just wanted to kind of follow up on the FlashArray//C into the hyperscalers. Can you give us an idea of how close the pricing has gotten compared to HDDs? Or is this more about the need for better performance by the cloud providers?

這是西德尼的傑夫蘭德。只是想跟進 FlashArray // C 進入超大規模。你能告訴我們價格與 HDD 相比有多接近嗎？或者這更多是因為雲提供商需要更好的性能？

Yes. This is Rob, Jeff. I'll take that one first. Yes. So when we look at FlashArray//C relative to the hybrid and disk systems it's competing with, generally speaking, we're seeing FlashArray//C being very price competitive and actually price advantageous, up to 30% price advantage in some cases.

是的。這是羅伯，傑夫。我先拿那個。是的。因此，當我們比較 FlashArray//C 相對於它所競爭的混合系統和磁盤系統時，一般來說，我們看到 FlashArray//C 非常具有價格競爭力並且實際上具有價格優勢，在某些情況下價格優勢高達 30%。

But I think what we're seeing, especially with this large hyperscaler deal is that price is one element of the equation. But all of the other attributes and benefits we're able to bring from flash, such as the performance, such as power, cooling savings, footprint savings, those are all very meaningful across the board, but at the hyperscale, they become super, super meaningful, right? And so as we look at, for example, this customer, FlashArray//C was the only product that could meet their needs without them having to go build new data centers.

但我認為我們所看到的，尤其是在這項大型超大規模交易中，價格是等式的一個要素。但是我們能夠從閃存中帶來的所有其他屬性和好處，例如性能，例如功耗、冷卻節省、佔用空間節省，這些都是非常有意義的，但是在超大規模時，它們變得超級，超級有意義，對吧？例如，當我們看到這個客戶時，FlashArray//C 是唯一可以滿足他們需求的產品，而他們不必去建造新的數據中心。

Great. And this is my follow-up. You didn't mention anything on supply chain in your prepared remarks. Can you give us an update on that if you're missing out on any revenue due to supply chain constraints?

偉大的。這是我的後續行動。您在準備好的評論中沒有提到供應鏈上的任何內容。如果您因供應鏈限製而錯過任何收入，您能給我們提供最新信息嗎？

Yes. No. Again, I think we're doing a great job with our operations team in partnership with our suppliers. Obviously, the environment, from our perspective, hasn't changed much from what we saw last quarter. We just continue to be focused on it. And obviously, you see the results in our print. And so this will be an area that we'll continue to focus on through second half. We'll manage that. But again, a testament to our sales team to continue selling the value, especially the software value associated with our solutions.

是的。不，我認為我們的運營團隊與供應商合作做得很好。顯然，從我們的角度來看，環境與我們上個季度看到的情況相比並沒有太大變化。我們只是繼續關注它。顯然，您可以在我們的印刷品中看到結果。因此，這將是我們將在下半年繼續關注的一個領域。我們會管理的。但是，這再次證明了我們的銷售團隊繼續銷售價值，尤其是與我們的解決方案相關的軟件價值。

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

我們的下一個問題來自美國銀行的Wamsi Mohan。

Your guidance for next quarter calls for close to 30% growth, but all that can be explained from sort of that acceleration from 23% to 30% can be explained really through easier compares. On the one hand, you're seeing very good traction. Charlie, you spoke about share gains. You essentially are reiterating sort of this better outlook for the full year as well. Just trying to reconcile, why wouldn't you see a further organic acceleration on top? I'm not saying 30% -- 30% is really good, but why are we seeing a further acceleration, especially when you think about the comments around the backdrop of delta being maybe somewhat transitory?

您對下個季度的指導要求增長接近 30%，但是從 23% 到 30% 的加速可以解釋的所有這些都可以通過更簡單的比較來解釋。一方面，你看到了非常好的牽引力。查理，你談到了股票收益。你基本上也在重申全年的這種更好的前景。只是試圖調和，你為什麼看不到進一步的有機加速呢？我不是說 30% —— 30% 真的很好，但為什麼我們會看到進一步的加速，尤其是當你考慮到圍繞 delta 背景的評論可能有點短暫時？

Yes. Wamsi, I'm not sure, I would follow your math in terms of 30% being entirely explained by the easier compare last year. It does represent a significant growth rate, not just over last year, but frankly, over -- if we take -- and as a company, we are looking at not just at year-over-year growth rates, but year-over-2-year growth rates because of, obviously, the anomalous compares with last year.

是的。 Wamsi，我不確定，我會按照你的數學計算 30% 完全由去年更容易的比較來解釋。它確實代表了顯著的增長率，不僅超過去年，而且坦率地說，超過 - 如果我們採取 - 作為一家公司，我們不僅關注同比增長率，而且關注同比增長率2 年的增長率顯然與去年相比異常。

And it's a substantial gain even over our 2-year compare rate. So we think it's a suitably appropriate guide for this coming quarter, given the entire environment. And it is, of course, a raise, both from our annual look forward as well as to what was consensus. So we do feel that it's an appropriate raise.

即使超過我們的 2 年比較率，這也是一個可觀的收益。因此，考慮到整個環境，我們認為這是下一季度的合適指南。當然，無論是從我們的年度展望還是對共識的看法，這都是一個提高。所以我們確實認為這是一個適當的加薪。

Yes. We're very pleased with what we're seeing in terms of the Q3 outlook and the idea that we're driving almost 30% growth next year with the opportunity we highlighted on FlashArray//C. So I think the guide that we've come out with Q3 is actually quite strong. So we're very pleased with that.

是的。我們對第三季度的前景以及我們在 FlashArray//C 上強調的機會推動明年增長近 30% 的想法感到非常滿意。所以我認為我們在第三季度發布的指南實際上非常強大。所以我們對此非常滿意。

Okay. Great. And if I could, I think I heard you, Kevan, maybe say that some of the operating margin improvement, the operating profit dollar improvement was a function of not able to hire as fast as maybe you would have liked to. Can you just elaborate a little bit on that? How much behind are you versus target in terms of hiring? How should we think about the trajectory of that over the next few quarters?

好的。偉大的。如果可以的話，我想我聽到你了，Kevan，可能會說一些營業利潤率的提高，營業利潤美元的提高是由於無法像你希望的那樣快速招聘。你能詳細說明一下嗎？在招聘方面，您與目標相比落後多少？我們應該如何看待未來幾個季度的發展軌跡？

Yes, absolutely. And again, what I really was pleased with, with the quarter was not only the top line growth that we're driving, but the operating leverage that's coming with it. And really, that's coming really from the sales organization. We're seeing really strong productivity and sales efficiency and discipline. And then we're seeing that come through primarily on the operating leverage that we saw for Q2. And frankly, the increased outlook for the remainder of the year.

是的，一點沒錯。再說一次，我真正感到高興的是，本季度不僅是我們推動的收入增長，而且是隨之而來的運營槓桿。真的，這真的來自銷售組織。我們看到了非常強大的生產力、銷售效率和紀律。然後我們看到這主要是通過我們在第二季度看到的運營槓桿來實現的。坦率地說，今年剩餘時間的前景有所增加。

And so when I think about the increasing operating leverage, I would look at, first, what we're doing in terms of outperforming on sales as well as the gross margin performance, execution of the sales team. And then yes, we've got a little bit of tailwind from the COVID environment. As I look at Q2, I would kind of view that between 1 to 2 points of the 9 points that we saw this quarter. So not a significant tailwind, but there is a bit of a tailwind that we saw for Q2.

因此，當我考慮不斷增加的運營槓桿時，我首先會看看我們在銷售表現、毛利率表現、銷售團隊執行力方面的表現。然後是的，我們從 COVID 環境中得到了一點好處。當我查看第二季度時，我會認為我們在本季度看到的 9 個點中的 1 到 2 個點之間。所以不是很大的順風，但我們在第二季度看到了一點順風。

And yes, we're managing that quite well. Obviously, with -- on the sales side, even though we're -- got some more hiring to do on the sales side. They are just doing such a great job in terms of productivity. Participation rates are tremendous. We're seeing a great growth in participation rates, both on individual contributors as well as the first-line managers. So I like what we see there.

是的，我們管理得很好。顯然，在銷售方面，即使我們在銷售方面還有更多的招聘工作要做。他們只是在生產力方面做得很好。參與率是巨大的。我們看到個人貢獻者和一線經理的參與率都有很大的增長。所以我喜歡我們在那裡看到的東西。

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

您的下一個問題來自 KeyBanc 的 Steve Enders。

This is George on for Steve, and reiterate my congrats on the quarter. I just wanted to ask if you could give us an update on how your ability to close new logos. And then in the past, you've mentioned how COVID is a bit of a constraint from that, but then we've seen things sort of open up and then the Delta variant coming back. So just an update on where you stand from that perspective.

這是史蒂夫的喬治，並重申我對本季度的祝賀。我只是想問一下您是否可以向我們提供有關您關閉新徽標的能力的最新信息。然後在過去，你提到過 COVID 是如何受到限制的，但後來我們看到事情有點開放，然後 Delta 變種又回來了。所以只是從這個角度更新你的立場。

Yes. We do feel that people working at home, offices not really being opened is a bit of a constraint on net new logo growth. Despite that, of course, we were pleased with the 10% growth we saw year-over-year. But in past years, of course, we saw more. So as -- we believe that as things open up more, obviously, that's been delayed a bit because of the Delta variant. But as things open up more late this year, early next, we expect that to actually just improve our net new logo gains.

是的。我們確實覺得人們在家工作，辦公室沒有真正開放，這對淨新徽標的增長有點限制。儘管如此，我們當然對同比增長 10% 感到滿意。但在過去的幾年裡，當然，我們看到了更多。所以 - 我們相信，隨著事情的發展，顯然，由於 Delta 變體，這已經被推遲了一點。但隨著今年晚些時候，明年初，事情變得更加開放，我們預計這實際上只會提高我們的新徽標淨收益。

But in the meantime, our continuation to penetrate deeper and deeper into existing accounts to penetrate deeper and deeper into the enterprise, and I might point out as well that our net new logo gains in enterprise was actually quite a bit -- quite strong. So as you might imagine, the commercial logo gains swamp because there are so many more commercial accounts. In terms of net new logos, net new logos tend to be dominated by commercial. But actually, our gain of enterprise net new logos this past quarter was actually quite helpful.

但與此同時，我們繼續越來越深入地滲透到現有帳戶中，以越來越深入地滲透到企業中，我還可以指出，我們在企業中的淨新標識收益實際上相當多——相當強勁。因此，正如您可能想像的那樣，商業標誌變得越來越多，因為有更多的商業賬戶。在淨新標識方面，淨新標識往往以商業為主。但實際上，我們在上個季度獲得的企業網新標識實際上是非常有幫助的。

Great. That's very helpful. A quick follow-up. Obviously, you had some nice bottom line outperformance this quarter. Can you give us an update on how you're thinking about driving growth versus operating leverage over the long term?

偉大的。這很有幫助。快速跟進。顯然，本季度你的業績表現不錯。您能否向我們介紹一下您如何看待長期推動增長與經營槓桿的關係？

Yes. We feel like at this point in time, given our product portfolio and given the productivity that we're seeing from the sales force, we're going to be able to deliver both. We're going to be able to deliver both, continued double-digit growth as well as continued improvement quarter-by-quarter in our operating profit margin. So yes, no, we're quite confident in that.

是的。我們覺得在這個時間點，鑑於我們的產品組合和我們從銷售人員那裡看到的生產力，我們將能夠同時提供這兩者。我們將能夠實現持續兩位數的增長以及營業利潤率的逐季持續改善。所以是的，不，我們對此非常有信心。

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

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

I first wanted to sort of check on how you're thinking about the longer-term growth trajectory because in the past, Charlie, you've mentioned growth exceeding 20%. And now you put up 23%, you're guiding for 29%, which maybe there's some easy comp to it. But if you could just sort of update us on how you feel about the overall trajectory relative to your prior comments about exceeding 20%.

我首先想檢查一下您對長期增長軌蹟的看法，因為過去，查理，您曾提到增長超過 20%。現在你提出了 23%，你正在指導 29%，這可能有一些簡單的補償。但是，如果您可以向我們更新一下相對於您之前關於超過 20% 的評論，您對整體軌蹟的看法。

Yes. No, we've made that commentary in the past because we feel quite comfortable that we will be exceeding 20% for the foreseeable future. I think we're going to stick to that point right now, which is exceeding 20%. I do think that we have room to grow beyond that again as COVID wanes. But predicting that right now is probably not a fool's errand for all of us. But we do feel comfortable that in this type of COVID environment that we can continue to grow at over 20%.

是的。不，我們過去曾發表過這樣的評論，因為我們對在可預見的未來將超過 20% 感到非常放心。我認為我們現在將堅持這一點，超過 20%。我確實認為隨著 COVID 的消退，我們還有進一步發展的空間。但現在預測這一點對我們所有人來說可能不是一件傻事。但我們確實感到很舒服，在這種類型的 COVID 環境中，我們可以繼續以超過 20% 的速度增長。

And Simon, we'll provide some more color on that as well in our virtual Analyst Day. So we look forward in terms of our longer-term growth rate. So look forward to having those conversations as well.

西蒙，我們將在我們的虛擬分析師日中提供更多的顏色。因此，我們期待我們的長期增長率。因此，也期待進行這些對話。

Great. And then just as a follow-up, you were helpful in terms of talking about bucketing revenue recurring, but maybe another way to segment your contributions is, if you could talk a little bit about what portion of revenue and what's the trajectory for revenue that you would consider off-premise. So what you're doing with hybrid cloud and things like Cloud Block storage with Azure, what you're doing with AWS? Could you help us get a better assessment of how that fits into the model?

偉大的。然後作為後續行動，您在談論經常性收入方面很有幫助，但也許另一種劃分您的貢獻的方法是，如果您可以談談收入的哪一部分以及收入的軌跡是什麼你會考慮場外。那麼，您在使用混合雲以及使用 Azure 的 Cloud Block 存儲之類的東西正在做什麼，您正在使用 AWS 做什麼？你能幫助我們更好地評估它是如何融入模型的嗎？

Yes. Very much so. So first of all, we have stated in the past that cloud revenue has been about 30% plus. We haven't really calculated it for this quarter to be talking about, but it's trending generally the same. Of course, cloud is an area that we're very focused on, and it's an area that we hope can actually continue to increase for us, especially as more and more customers and workloads go to either SaaS environments, cloud environments and as the consumer cloud continues to scale.

是的。非常如此。因此，首先，我們過去曾表示，雲收入增長了約 30% 以上。我們還沒有真正計算出本季度要討論的情況，但趨勢大致相同。當然，雲是我們非常關注的一個領域，我們希望這個領域實際上可以繼續為我們增加，尤其是隨著越來越多的客戶和工作負載轉向 SaaS 環境、雲環境以及作為消費者雲繼續擴展。

And we feel, as you're seeing with the FlashArray//C, that over time, we -- because of our belief in the all-flash data center, the last bastion of mostly disk data center right now is actually in the cloud. And so it represents a great opportunity for us.

而且我們覺得，正如您在 FlashArray//C 中看到的那樣，隨著時間的推移，我們——由於我們對全閃存數據中心的信念，現在大部分磁盤數據中心的最後堡壘實際上是在雲中.所以這對我們來說是一個很好的機會。

Your next question comes from the line of Shannon Cross of Cross Research.

您的下一個問題來自交叉研究的香農十字線。

Just a couple of questions. The first, strength in cash flow, free cash flow. Obviously, you're buying back stock. Curious how you're thinking about acquisitions and other uses. You're about a year off when you announced Portworx? And then I have a follow-up.

只是幾個問題。第一，現金流強，自由現金流。顯然，你是在回購股票。好奇你是如何考慮收購和其他用途的。當你宣布 Portworx 的時候，你還有一年的時間嗎？然後我有一個跟進。

Yes. Thank you, Shannon. We continue to be investigating opportunities for M&A. We believe that M&A that really enhances our ability to provide a cloud operating model for our customers is the right way for us to be focused. And there isn't a quarter or even a week that goes by where we're not investigating a potential combination for the company. So M&A continues to be an active area of investigation for us.

是的。謝謝你，香農。我們將繼續調查併購機會。我們相信，真正增強我們為客戶提供雲運營模式的能力的併購是我們專注的正確方式。沒有一個季度甚至一周我們不為公司調查潛在的組合。因此，併購對我們來說仍然是一個活躍的調查領域。

And let me just -- I do want to comment on the strong operating cash flows, which I think were tremendous for the company. And again, I think there were kind of 3 areas that I would attribute that to this quarter. One, it was really that the great linearity that the sales team drove this quarter, which really improved collection efforts. And we saw that come through with the record operating cash flows that we saw this quarter. And the other thing, obviously, is the continued focus as a company we have on operating leverage, and we're seeing some good benefits from that as well.

讓我 - 我確實想評論強勁的經營現金流，我認為這對公司來說是巨大的。再說一次，我認為有 3 個方面我會將其歸因於本季度。一，確實是銷售團隊在本季度推動了良好的線性度，這確實提高了收款工作。我們看到了這一點，我們在本季度看到了創紀錄的運營現金流。顯然，另一件事是我們作為一家公司繼續關注運營槓桿，我們也從中看到了一些不錯的好處。

Okay. And then I'm just curious, given the inflationary environment, are you -- how are you thinking about component costs longer term? And also just some of the increased headcount costs that you're seeing. I know you're managing things well and the pricing environment remains fairly, I don't know, positive. But how are you thinking about this given what we're at least seeing coming from an inflationary perspective?

好的。然後我很好奇，考慮到通貨膨脹的環境，你 - 你如何看待長期的組件成本？還有一些你看到的增加的員工成本。我知道你管理得很好，定價環境仍然公平，我不知道，是積極的。但是，鑑於我們至少從通貨膨脹的角度來看，你如何看待這個問題？

Yes, it's a great question. Let me start. Kevan, you might have a word. I would really separate it into the 2 items that you mentioned. One is component costs, which we have seen an increase on average, about probably about 10% this year in increased component costs. But of course, we live in a -- on a longer-term deflationary environment on component costs. So we really view that as a temporary phenomenon, having to do with supply chain shortages, and that should come back in the next year or so to where -- to the standard long-term price reduction curve that exists in that environment.

是的，這是一個很好的問題。讓我開始吧。凱文，你可能有話要說。我真的會把它分成你提到的兩個項目。一個是組件成本，我們看到它平均增加了，今年增加的組件成本可能約為 10%。但是，當然，我們生活在組件成本的長期通縮環境中。所以我們真的認為這是一種暫時的現象，與供應鏈短缺有關，應該會在明年左右回到那個環境中存在的標準長期降價曲線。

On the flip side, absolutely, there is going to be, and the -- we're already starting to see the signs of an inflationary environment around wages. Our forecast and guides take that into account. But certainly, what you speak of is becoming evident.

另一方面，絕對會有，而且我們已經開始看到圍繞工資的通脹環境的跡象。我們的預測和指南將這一點考慮在內。但可以肯定的是，你所說的越來越明顯。

And one other thing I would just make sure to highlight, too, back to the component costs is, look, our approach to sourcing raw NAND, really continues to be an advantage for us, really, when we look at some of other folks who are leveraging sourced SSDs and leveraging our software capabilities to enable NAND management is really beneficial for us in this time as well. So I think that's an important color.

我還要強調的另一件事是，回到組件成本，看，我們採購原始 NAND 的方法對我們來說仍然是一個優勢，真的，當我們看看其他一些人正在利用採購的 SSD 並利用我們的軟件功能來實現 NAND 管理在這個時候也對我們非常有益。所以我認為這是一個重要的顏色。

Your next question comes from the line of Karl Ackerman with Cowen and Company.

您的下一個問題來自與 Cowen and Company 的 Karl Ackerman。

With Portworx tripling revenue year-over-year, is it now accretive to operating income? And then second, you are exiting the fiscal year in the low double-digit EBIT range. That's in line with record quarterly results exiting 2019. That's certainly really good. The question is while some skeptics may suggest that's the -- maybe the best you could do, could you discuss the operational improvement since the beginning of 2020 that would argue operating profit improvement is sustainable and able to grow?

隨著 Portworx 的收入同比增長三倍，它現在是否增加了營業收入？其次，您正在以兩位數的低 EBIT 範圍退出本財年。這與退出 2019 年的創紀錄季度業績一致。這當然非常好。問題是，雖然一些懷疑論者可能會認為這可能是你能做的最好的事情，但你能否討論自 2020 年初以來的運營改進，這將證明運營利潤的改進是可持續的並且能夠增長？

Yes. Well, thanks for the question, Karl, that's been on people's minds. Focusing on operational improvement, productivity enhancement across the board of the company has been something we've been very focused on over the last several years. COVID obviously set us back a bit because, obviously, we plan to grow into productivity. And with COVID, we decided to continue to invest in areas that were -- we felt very important to our long-term growth. In particular, investing in our ability to penetrate large enterprise, which, by the way, is part of productivity improvement; and two, was to invest in a broad scale portfolio of products, again, to help us to be able to penetrate and achieve much greater wallet share in our customer base.

是的。嗯，謝謝你的問題，卡爾，這一直在人們的腦海中。在過去幾年中，我們一直非常關注運營改進和公司整體生產力的提高。 COVID 顯然讓我們倒退了一點，因為很明顯，我們計劃提高生產力。對於 COVID，我們決定繼續投資於我們認為對我們的長期增長非常重要的領域。特別是投資於我們滲透大型企業的能力，順便說一句，這是提高生產力的一部分；第二，再次投資於廣泛的產品組合，以幫助我們能夠滲透並在我們的客戶群中獲得更大的錢包份額。

It was only a few years ago where we could only address maybe 10% of their storage needs. And today, it's much wider than that. So as we look forward over the next several quarters with the anticipation for the top line change that we've already discussed, we know quite strongly what our productivity gains are going to be in the different parts of our organization. And these are productivity gains that we're going to be able to continue to maintain inside the company. Again, last year was the anomaly as it was for many companies, but in different ways. For us, it meant that our continued investment that we wouldn't see the productivity or the sales return on that until the economy started to improve, and now we're starting to see that.

就在幾年前，我們只能滿足他們 10% 的存儲需求。而今天，它比這更廣泛。因此，當我們期待接下來的幾個季度對我們已經討論過的頂線變化的預期時，我們非常清楚我們組織不同部門的生產力提升將是什麼。這些是我們將能夠在公司內部繼續保持的生產力提升。同樣，去年對於許多公司來說都是異常情況，但方式不同。對我們來說，這意味著我們的持續投資在經濟開始改善之前我們不會看到生產力或銷售回報，現在我們開始看到這一點。

Yes. Let me just add on to that a little bit, if you don't mind. Look, I think we've made -- none of this is a surprise for us in terms of the increasing operating leverage that we're driving for the -- all due to the points that Charlie is making. And you actually see the great strides go-to-market is making in terms of their cost and expenses as a percentage of revenue. I think that's going to continue.

是的。如果你不介意的話，讓我再補充一點。看，我認為我們已經取得了 - 就我們正在推動的不斷增加的運營槓桿而言，這對我們來說並不令人意外 - 這一切都歸功於查理所提出的觀點。你實際上看到了進入市場的巨大進步，就成本和費用佔收入的百分比而言。我認為這將繼續下去。

I think we'll see over time, we'll get some benefits on R&D as well. And obviously, on our gross margins continue to be strong. We've seen that on the product gross margin side and also believe we can get more scale and improvement on subscription gross margins over time as our unified subscription, Pure as-a-Service, scales. So I absolutely believe there's upward trajectory to our operating leverage.

我想隨著時間的推移我們會看到，我們也會在研發方面獲得一些好處。顯然，我們的毛利率繼續保持強勁。我們已經在產品毛利率方面看到了這一點，並且相信隨著時間的推移，隨著我們的統一訂閱、Pure as-a-Service 的擴展，我們可以獲得更大的規模和訂閱毛利率的提高。所以我絕對相信我們的經營槓桿有上升的軌跡。

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

您的下一個問題來自高盛的 Rod Hall。

I guess I wanted to start, Charlie, with this FlashArray//C sale to the hyperscaler. I'm really intrigued by that as an opportunity. And I wonder if maybe you could give us any more color on what that use case looks like. And are there other hyperscalers in your pipeline with very similar use cases? Just how big is that opportunity for you? And what does that pipeline look like with those types of customers? And then I've got a follow-up.

我想我想開始，查理，將這個 FlashArray//C 出售給超大規模計算機。作為一個機會，我真的很感興趣。我想知道您是否可以為我們提供更多關於該用例的顏色。您的管道中是否還有其他超大規模器具有非常相似的用例？這個機會對你來說有多大？對於這些類型的客戶，這條管道是什麼樣的？然後我有一個跟進。

Yes. So first of all, the individual opportunity itself is a very large opportunity. It's not a one-off. It's something that will continue as we go forward as we understand it. It is a -- you can think of it as a general-purpose implementation for one of their key application environments, inside the organization, but I really can't go much further than that. But it's not something that is unusual or extraordinary in a hyperscale environment.

是的。所以首先，個人機會本身就是一個非常大的機會。這不是一次性的。隨著我們的理解，這將繼續下去。這是一個——您可以將其視為組織內部的一個關鍵應用程序環境的通用實現，但我真的不能走得更遠。但這在超大規模環境中並不是不尋常或非凡的事情。

So it is something that's easily transferable to other hyperscalers. It's not the -- by the way, it's not the first of the top 10 hyperscalers that we've sold this FlashArray//C into, it's just one that is significant for a single quarter. And we do believe that this is something that we can continue to expand to other hyperscalers as well.

因此，它很容易轉移到其他超大規模生產商。這不是 - 順便說一句，它不是我們將這個 FlashArray//C 出售給的前 10 大超大規模廠商中的第一個，它只是一個對一個季度來說意義重大的產品。我們確實相信這也是我們可以繼續擴展到其他超大規模的東西。

Yes. And just to be clear, too, in terms of the strength we're seeing in our Q3 guide, look, when we exclude this great opportunity that we're seeing with FlashArray//C in a top 10 hyperscaler, we're still in our comfortable 20% to plus 20% year-over-year growth rate, excluding that opportunity. So I think that's important to note as well in terms of the strength is across the business and is across the portfolio. We're really excited about the FlashArray//C opportunity, but it's really incremental to the strength we're seeing.

是的。同樣要明確一點，就我們在第三季度指南中看到的實力而言，看，當我們排除我們在前 10 名超大規模計算中使用 FlashArray//C 看到的這個絕佳機會時，我們仍然在我們舒適的 20% 到 20% 的同比增長率中，不包括那個機會。因此，我認為重要的是要注意整個業務和整個投資組合的實力。我們對 FlashArray//C 的機會感到非常興奮，但它確實增加了我們所看到的力量。

Okay, great. That's helpful. And then I was also interested in this comment you made on wage inflation. And I guess it's tough to know kind of how that might play out over the next 18, 24 months. So just curious if you guys have any thoughts on what sort of inflation we'd be talking about. We're talking about a few percentage points you think you might incur or any kind of thoughts on quantification.

好，太棒了。這很有幫助。然後我也對你對工資通脹的評論感興趣。而且我想很難知道在接下來的 18、24 個月內這會如何發展。所以只是好奇你們是否對我們將談論的通貨膨脹有任何想法。我們談論的是您認為您可能會遇到的幾個百分點或任何關於量化的想法。

I don't want to go over -- I don't want to overestimate what it might be. But our thinking is it's going to be a few percentage points, yes.

我不想重複——我不想高估它可能是什麼。但我們的想法是，這將是幾個百分點，是的。

Your next question comes from the line of Amit Daryanani with Evercore.

您的下一個問題來自於 Evercore 的 Amit Daryanani。

I have two. First one, I was looking at the subscription growth metrics of 31%, which is obviously fairly impressive, and I think investors tend to struggle with that number a bit. So I'm wondering, is there a way to think about how much of this growth is coming from existing customers versus new customers. And then could you also quantify the size of some of the components that are within the subscription line?

我有兩個。第一個，我查看了 31% 的訂閱增長指標，這顯然令人印象深刻，我認為投資者往往會在這個數字上有些掙扎。所以我想知道，有沒有辦法考慮這種增長中有多少來自現有客戶而不是新客戶。然後您能否量化訂閱線中某些組件的大小？

Yes, we're not going to get into a whole lot of detail on that. Now obviously, on virtual financial Analyst Day, we'll provide some color that hopefully you'll find helpful in terms of our subscription momentum. But look, nothing's changed significantly. We've got great momentum on our unified subscription with Pure as-a-Service that we've highlighted. Portworx still very important from us from a strategic perspective, but the performance is excellent. And obviously, our Evergreen is our bread and butter. It's our baseline. Largest piece continues to be so for the -- in terms of what we're looking at for this year. So we'll get some more details on that as we look out to the Analyst Day, but that would be all for now.

是的，我們不會對此進行詳細介紹。現在顯然，在虛擬金融分析師日，我們將提供一些顏色，希望您會發現對我們的訂閱勢頭有所幫助。但是看，沒有什麼明顯的變化。我們已經在我們強調的 Pure as-a-Service 的統一訂閱方面取得了巨大的進展。從戰略角度來看，Portworx 對我們來說仍然非常重要，但性能非常出色。顯然，我們的常青樹是我們的麵包和黃油。這是我們的基線。就我們今年的展望而言，最大的一塊仍然如此。因此，當我們期待分析師日時，我們將獲得更多詳細信息，但這就是現在的全部內容。

Fair enough. And then if I could just follow-up, if I look at the growth guide that you're providing for October call and the full year, I mean, implication, obviously, is October will be up 29%, 30% year-over-year. You've touched on that a bit. But then I think your implication for [Jan quarter] is it's going to decelerate to like 19%, 20%. I mean, that's still a really good number, but I would love to understand why the deceleration? Are you seeing a bit of a pull in? Or are you just being conservative at the implied and quota numbers, that would be helpful?

很公平。然後，如果我可以跟進，如果我查看您為 10 月電話會議和全年提供的增長指南，我的意思是，很明顯，這意味著 10 月份將增長 29%，同比增長 30% -年。你已經觸及了一點。但是我認為你對 [1 月季度] 的影響是它將減速到 19%、20%。我的意思是，這仍然是一個非常好的數字，但我很想了解為什麼減速？你有沒有看到一點點吸引力？還是您只是對隱含和配額數字保守，這會有所幫助？

Well, I think it's important that we've been talking about the large hyperscaler with a top 10 hyperscaler on the FlashArray//C that's putting some more strength on our Q3 guide. But look, sequentially, it's -- even sequentially Q3 to Q4, I'm pleased with what we're seeing year-over-year, close to 20% for the annual outlook, exceeding 20%. So overall, quite pleased with it. I don't really view it as a decel, especially when I think about our larger opportunity that we're digesting or expect to digest in Q3 with the FlashArray//C opportunity.

好吧，我認為重要的是，我們一直在談論大型超大規模器，在 FlashArray//C 上擁有前 10 名的超大規模器，這為我們的第三季度指南增添了更多力量。但是，按順序看，即使是第三季度到第四季度，我對我們看到的同比增長感到滿意，年度展望接近 20%，超過 20%。所以總的來說，很滿意。我並不認為這是一種減速，尤其是當我考慮到我們正在消化或預計在第三季度通過 FlashArray//C 機會消化的更大機會時。

And your next question comes from the line of Katy Huberty with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Katy Huberty。

Kevan, just to come back to the third quarter contribution from the hyperscaler account. Was that -- was it revenue contribution from that customer baked into the original full year revenue outlook? And are you expecting any contribution from that customer that would be material in the fourth quarter?

Kevan，只是回到超大規模帳戶的第三季度貢獻。那是 - 是該客戶的收入貢獻融入了最初的全年收入前景嗎？您是否期望該客戶在第四季度做出重大貢獻？

It's a great question. Look, when we're looking at the annual guide at the beginning, no, it's fair to say that we wouldn't have contemplated. So it's part of our beat, both from an annual perspective, and how we're looking at it for Q3. And we're not expecting a significant amount to come through in Q4. We would expect a larger piece in Q3.

這是一個很好的問題。看，當我們一開始看年度指南時，不，可以說我們不會考慮。所以這是我們節拍的一部分，無論是從年度角度來看，還是從我們對第三季度的看法來看。而且我們預計第四季度不會有大量資金。我們預計第三季度會有更大的份額。

Okay. And then just a follow-up, maybe for Charlie. If we step away from the slower hiring in 2Q, which I assume is more a function of the tight labor market, how are you thinking about hiring in the coming quarters to support the stronger demand you're seeing and the intention to sustain growth rates north of 20% for the foreseeable future?

好的。然後只是一個跟進，也許是為了查理。如果我們擺脫第二季度招聘放緩的局面，我認為這更多是勞動力市場緊張的原因，那麼您如何考慮在未來幾個季度招聘以支持您看到的更強勁的需求和維持增長率的意圖在可預見的未來會超過 20%？

It's a great question, Katy. Obviously, we want to sustain the strength and momentum of our sales capability, so a high degree of focus on sales teams, both U.S. and internationally. And then continuing to develop -- further develop our infrastructure to be able to support sales. So I would say, largely the areas of IT, other areas that support sales growth, but the largest focus is going to be on sustaining sales momentum.

這是一個很好的問題，凱蒂。顯然，我們希望保持我們銷售能力的實力和勢頭，因此高度關注美國和國際的銷售團隊。然後繼續發展——進一步發展我們的基礎設施以支持銷售。所以我想說，主要是 IT 領域，以及其他支持銷售增長的領域，但最大的重點將是保持銷售勢頭。

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

您的下一個問題來自北國資本的 Nehal Chokshi。

Congrats on the really strong [grade and] beat and the 7% above consensus guide for Q3 and the implied guide for Q4. That's awesome. Congratulations.

恭喜第三季度真正強勁的 [等級和] 節拍以及高於共識指南的 7% 和第四季度的隱含指南。棒極了。恭喜。

Appreciate it.

欣賞它。

Yes. So just to be clear, this top 10 hyperscale revenue contribution for Q3, very clear now what it's going to -- how much would it contribute during Q2, though?

是的。因此，為了清楚起見，第三季度的前 10 大超大規模收入貢獻，現在非常清楚它會做什麼——不過，它在第二季度會貢獻多少？

It wouldn't have any impact for Q2 now.

現在對第二季度沒有任何影響。

No impact for Q2. Okay. Great. And then you said that PaaS doubled in revenue year-over-year, but what about PaaS bookings?

對第二季度沒有影響。好的。偉大的。然後你說 PaaS 的收入同比翻了一番，但是 PaaS 的預訂量呢？

Oh, so PaaS bookings almost tripled -- almost tripled year-over-year, yes.

哦，所以 PaaS 的預訂量幾乎翻了三倍——是的，同比幾乎翻了三倍。

Wow, okay. That's very impressive then. And then finally, yes, absolutely. And then finally, you have your long-term model listed in your presentation for a couple of quarters now, presumably, that's because you look to update at the upcoming Investor Day. Is that correct?

哇，好吧。那是非常令人印象深刻的。最後，是的，絕對的。最後，您的演示文稿中列出了幾個季度的長期模型，大概是因為您希望在即將到來的投資者日進行更新。那是對的嗎？

That's correct.

這是正確的。

Your next question comes from the line of Matt Cabral with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Matt Cabral。

I want to dig a little bit more into Cloud Block Store. I think it's 5 coming up in 6 months since you guys went GA on Azure. Just curious what the ramp has been there so far and if there's any way to compare or contrast what the ramp on Azure's look like compared to what you saw in AWS the first time around?

我想深入了解 Cloud Block Store。我認為自從你們在 Azure 上獲得 GA 後 6 個月內就會出現 5 個。只是好奇到目前為止的坡道是什麼，是否有任何方法可以比較或對比 Azure 上的坡道與您第一次在 AWS 中看到的相比？

Yes, absolutely. Well, as we've said in the past, Cloud Block Store, a fundamental part of our overall Pure as-a-Service subscription. And no doubt, it was very critical in driving part of that growth of the Pure as-a-Service. As you know, many customers already determined which of the hyperscalers they want to use. And it's been instrumental in several of our Pure as-a-Service deals, some with some very large, certainly Fortune 50 companies that had set their sights on Azure. So from that standpoint, very strong. And then with respect to actual deployment on Cloud Block, we're actually, I'm going to let Rob take that because he's the one that's been most tied into it.

是的，一點沒錯。好吧，正如我們過去所說，Cloud Block Store 是我們整個 Pure as-a-Service 訂閱的基本組成部分。毫無疑問，這對於推動 Pure as-a-Service 的部分增長至關重要。如您所知，許多客戶已經確定了他們想要使用的超大規模器。它在我們的幾項 Pure as-a-Service 交易中發揮了重要作用，其中一些交易與一些非常大的、當然是財富 50 強的公司合作，這些公司已經將目光投向了 Azure。所以從這個角度來看，非常強大。然後關於 Cloud Block 上的實際部署，我們實際上，我會讓 Rob 接受它，因為他是與它聯繫最緊密的人。

Yes. So on the deployments, Azure has come on really strong, right? So we see customers now deploying across AWS and Azure. I would say demand for Azure tends to be a little bit stronger. But if we step back from it, I think we look at Cloud Block Store and Portworx as a combination, really is forming the backbone of our cloud portfolio, and we're seeing strength across the board there. Really, both from customers that are deploying in cloud day 1 with both Portworx and Cloud Blocks are now available on multiple cloud providers.

是的。因此，在部署方面，Azure 的表現非常強勁，對吧？因此，我們看到客戶現在跨 AWS 和 Azure 進行部署。我會說對 Azure 的需求往往會更強一些。但是，如果我們退後一步，我認為我們將 Cloud Block Store 和 Portworx 視為一個組合，確實正在形成我們雲產品組合的支柱，並且我們在那裡看到了全面的實力。確實，來自使用 Portworx 和 Cloud Blocks 在雲第 1 天部署的客戶現在都可以在多個雲提供商上使用。

But as well, customers that are starting with Pure as-a-Service through the unified subscription on-premise and then later on, growing and transitioning into Azure or AWS in time. And so we see both of those motions. And I think that just validates our strategy as well as our thesis that customers continue to value the flexibility and uniformity that we're able to deliver across the prem, hybrid, cloud and multi-cloud environments.

但同樣，那些從純即服務開始的客戶通過統一的本地訂閱，然後及時發展並過渡到 Azure 或 AWS。所以我們看到了這兩個動作。我認為這只是驗證了我們的戰略以及我們的論點，即客戶繼續重視我們能夠在預置、混合、雲和多雲環境中提供的靈活性和統一性。

I will say just to finalize our thoughts on Cloud Block Store, that it is a fundamental part of the unified subscription. We rarely see, although we do see some customers that will just go to Cloud Block Store without having a raise on-prem, but far more customers are using it as a way for them to be able to transition from on-prem into the cloud. And therefore, the -- it starts off as a unified subscription, and then they start to migrate, whether it's for disaster recovery or other capabilities to have test into the cloud environment using Cloud Block Store. So it tends to be, first of all, an attractive element to the unified subscription, but secondly, taking advantage of subsequent to the engagement on Pure as-a-Service.

我會說只是為了最終確定我們對 Cloud Block Store 的想法，它是統一訂閱的基本部分。我們很少看到，雖然我們確實看到一些客戶會直接去 Cloud Block Store 而沒有在本地加薪，但更多的客戶正在使用它作為他們能夠從本地過渡到雲的一種方式.因此，它從統一訂閱開始，然後開始遷移，無論是用於災難恢復還是其他功能，都可以使用 Cloud Block Store 測試到雲環境中。因此，首先，它往往是統一訂閱的一個有吸引力的元素，其次，它利用了在參與 Pure as-a-Service 之後的優勢。

Got it. All that's really helpful. And then just a quick follow-up. You called out enterprise momentum several times in the prepared remarks and a couple of times in the Q&A. But just wondering if you could expand a little bit more on just biggest contributors or drivers to that strength. And I'm curious if there's any way to think about how much of that momentum is just bigger footprint within existing customers versus getting into some net new wins versus the competitive landscape and maybe those being a little bit bigger than they were in the past.

知道了。這一切真的很有幫助。然後只是快速跟進。您在準備好的發言中多次提到了企業動力，在問答中也多次提到了企業動力。但只是想知道您是否可以在最大的貢獻者或驅動因素上進一步擴展這一優勢。而且我很好奇是否有任何方法可以考慮這種勢頭有多少只是在現有客戶中的更大足跡，而不是在競爭格局中獲得一些淨新勝利，也許那些比過去更大一些。

Yes. It's actually all of the above. First of all, having a broader portfolio gets you more respect within an enterprise customer, whether that's a new customer or an existing customer. We had enterprise customers 4 years ago when I first joined, and their first response to me is, "Pure, your great, but we can only use you for this specialized environment. Why can't you build products that cover the rest of our storage footprint?" And so having a broad portfolio is necessary to be a good partner to an enterprise customer. It also allows you to compete for larger deals inside those customers.

是的。其實就是以上所有。首先，擁有更廣泛的產品組合會讓您在企業客戶中獲得更多尊重，無論是新客戶還是現有客戶。 4 年前我剛加入時，我們有企業客戶，他們對我的第一反應是，“純，你很棒，但我們只能在這個專業環境中使用你。為什麼你不能構建涵蓋我們其餘部分的產品？存儲空間？”因此，擁有廣泛的產品組合對於成為企業客戶的良好合作夥伴是必要的。它還允許您在這些客戶內部競爭更大的交易。

And then for a number of customers, and this was certainly true with a lot of banking customers. Until we could reach a certain scale and address a certain percentage of their footprint, they actually didn't even want to talk to us because they want to have what are very significant relationships. So really -- so then going back to the beginning of your question, it's been because of the investment that we've made into enterprise capabilities, both sales as well as support. It's been an investment in the breadth -- the broadening of the product line. And it's been about maturing our own organization in terms of how to work with enterprise customers. So all of those have contributed to our ability to -- and our success that we've seen in expanding our enterprise business.

然後對於一些客戶來說，這對於很多銀行客戶來說當然是正確的。在我們達到一定規模並解決他們的足蹟的一定百分比之前，他們實際上甚至不想與我們交談，因為他們想要建立非常重要的關係。真的——那麼回到你問題的開頭，這是因為我們對企業能力進行了投資，包括銷售和支持。這是對廣度的投資——產品線的拓寬。就如何與企業客戶合作而言，這是關於使我們自己的組織成熟。因此，所有這些都有助於我們的能力——以及我們在擴展企業業務方面所看到的成功。

And just to add on to that, I think one of the areas we haven't talked too much about today in the portfolio is FlashBlade, and I think that's a great example of where we've invested in broadening the portfolio, broadening our enterprise capabilities and feature sets. And that's reflective in the strength we saw. FlashBlade did extremely well in terms of large deals. And just getting back to Charlie's point, having the breadth of enterprise capabilities in the portfolio, whether it's FlashArray//C, which we've talked quite a bit about, FlashArray//X or FlashBlade, having all of that together really just helps us go and prosecute these opportunities.

除此之外，我認為我們今天在產品組合中沒有過多談論的領域之一是 FlashBlade，我認為這是我們投資擴大產品組合、擴大企業的一個很好的例子功能和功能集。這反映了我們所看到的力量。 FlashBlade 在大宗交易方面做得非常好。回到查理的觀點，在產品組合中擁有廣泛的企業功能，無論是我們已經討論過很多的 FlashArray//C、FlashArray//X 還是 FlashBlade，將所有這些結合在一起真的很有幫助我們去起訴這些機會。

And your last question comes from the line of Matt Sheerin with Stifel.

你的最後一個問題來自 Matt Sheerin 和 Stifel 的台詞。

Charlie, in your opening remarks, you talked about seeing somewhat of a slowdown in return to office on-prem at customers. And certainly, we've heard that from other companies as well. Your guidance for the quarter is strong even without that hyperscale deal. So could you give us more color on what you're hearing from customers and partners about timing of projects and your visibility? Is it better or perhaps weaker because of that?

查理，在你的開場白中，你談到看到客戶返回辦公室的速度有所放緩。當然，我們也從其他公司那裡聽說過。即使沒有超大規模交易，您對本季度的指導也很強大。那麼，您能否就您從客戶和合作夥伴那裡聽到的關於項目時間安排和您的知名度的信息給我們提供更多信息？正因為如此，它是更好還是更弱？

So I think our visibility into their build-outs has been excellent. It really has. So they share openly with us. Obviously, planning of build-outs takes some time. So they do want to share openly. I would say that the returns -- we've been -- remember, there's only about a couple of months when there was people returning to the office, and then it got slowed down right away. So most of the improvement we're seeing is from the improvement of working in a COVID environment, not because things freed up tremendously over the summer.

所以我認為我們對他們的擴建項目的了解非常好。它真的有。所以他們公開與我們分享。顯然，擴建計劃需要一些時間。所以他們確實想公開分享。我想說的是回報——我們一直在——記住，只有大約幾個月的時間，人們回到辦公室，然後馬上就放慢了速度。因此，我們看到的大部分改進來自於在 COVID 環境中工作的改進，而不是因為夏天的事情得到了極大的釋放。

So our guide, just -- as I mentioned before, just reflects the way the world is as we see it today, not that based on any further opening up. We do think that when the world does open up, we'll see even better performance, to be clear. I would say that if anything, on a very small basis, what we did see was some projects move out, but not because of COVID, it was all because of customers' ability to get other products for their build-out, whether servers, networking, sheet metals, power supplies, whatever it might be, we definitely saw expected time lines push out a bit in some customer environments. So -- but all that, I think, bodes well for us in the future as things improve.

所以我們的指南，正如我之前提到的，只是反映了我們今天所看到的世界的方式，而不是基於任何進一步的開放。我們確實認為，當世界確實開放時，我們會看到更好的表現，這一點很清楚。我想說的是，如果有的話，在很小的基礎上，我們確實看到了一些項目搬出，但不是因為 COVID，這完全是因為客戶能夠獲得其他產品進行擴建，無論是服務器，網絡、鈑金、電源，無論它是什麼，我們肯定看到在某些客戶環境中預期的時間線有所延長。所以——但我認為，隨著事情的改善，這一切對我們未來都是好兆頭。

Okay. And you talked a lot about the strength you're seeing from the enterprise customer base. Yet, last quarter, you called out commercial as finally picking up. Is that continuing to hold up? Or are you seeing any other signs there?

好的。你談了很多關於你從企業客戶群中看到的實力。然而，上個季度，您稱商業廣告終於回暖了。是否繼續保持下去？或者你在那裡看到任何其他跡象？

It did hold up, but it didn't improve any more than it did last time. So that's what we're waiting for. As COVID improves, we think commercial will pick up even more. But it did hold up certainly through this last quarter, and we expect it to hold up through this quarter.

它確實堅持了下來，但它並沒有比上次有所改善。所以這就是我們正在等待的。隨著 COVID 的改善，我們認為商業廣告將進一步增加。但它確實在最後一個季度保持穩定，我們預計它會在本季度保持穩定。

Yes. I think the commercial business did really well. I mean, obviously, coming off such a fantastic quarter last quarter and then holding on to that strength, I think, is pretty impressive. So we're impressed with both enterprise and commercial.

是的。我認為商業業務做得很好。我的意思是，很明顯，上個季度表現出色，然後保持這種實力，我認為，這令人印象深刻。所以我們對企業和商業都印象深刻。

And this concludes the question-and-answer session. At this time, I'll 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 以進行結束髮言。

Thank you, operator. While Q2 has really been a fantastic quarter for Pure as our strategy and our execution have become evident this quarter. Pure is being chosen because we deliver a leading and highly differentiated technology with also best-in-class customer experience. It's a very exciting time at Pure, and we are in a great innovation cycle with our portfolio and our sales momentum and our execution has never been stronger.

謝謝你，接線員。雖然第二季度對 Pure 來說確實是一個非常棒的季度，因為我們的戰略和執行在本季度變得顯而易見。之所以選擇 Pure，是因為我們提供領先且高度差異化的技術以及一流的客戶體驗。在 Pure 來說，這是一個非常激動人心的時刻，我們的產品組合和銷售勢頭正處於一個偉大的創新周期，我們的執行力從未如此強大。

I do want to recognize, again, the hard work of all of our employees at Pure and the strong collaboration that we've had from our business partners, everyone singularly focused on delivering strong results for our customers. Thank you all, and have a good evening.

我確實想再次承認我們在 Pure 的所有員工的辛勤工作以及我們與業務合作夥伴的密切合作，每個人都特別專注於為我們的客戶提供強大的成果。謝謝大家，祝大家晚上愉快。

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。