Pure Storage Inc (PSTG) 2024 Q3 法說會逐字稿

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

大家好，歡迎參加 Pure Storage 2024 財年第三季財報電話會議。今天的會議正在錄製。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給投資人關係副總裁 Paul Ziots。請繼續。

Thank you. Good afternoon, everyone, and welcome to Pure's Third Quarter Fiscal 2024 Earnings Conference Call. On the call, we have Charles Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Kevin's prepared remarks, we will take questions.

謝謝。大家下午好，歡迎參加 Pure 2024 財年第三季財報電話會議。參加電話會議的有執行長 Charles Giancarlo； Kevan Krysler，財務長；以及首席技術長 Rob Lee。在查理和凱文發表完準備好的發言後，我們將回答問題。

Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com. On this call today, we will be making forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings and competitive industry and economic trends. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，本次電話會議也同時進行網路直播。本次網路廣播的投影片可在 investor.purestorage.com 下載。在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響。其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們現有和新產品以及競爭行業和經濟趨勢的聲明。我們所做的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新這些事實和假設的義務。我們的實際結果可能與預測結果有重大差異，報告的結果不應被視為未來績效的指標。

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. During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue remaining performance obligations or RPO and cash and investments. Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

我們向美國證券交易委員會提交的文件中討論了與我們業務相關的一些風險和不確定性，請參閱這些公開文件。在本次電話會議中，除收入、剩餘履約義務或 RPO 以及現金和投資外，所有財務指標和相關成長率均為非 GAAP 指標。我們的收益新聞稿和幻燈片提供了與最直接可比較的 GAAP 指標的對帳表。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage. Our fourth quarter fiscal '24 (inaudible) period begins at the close of business, Friday, January 19, 2024.

本次電話會議正在 Pure Storage 投資者關係網站上現場直播，並且會被錄音以供回放。網路廣播的存檔將在 IR 網站上提供，並由 Pure Storage 所有。我們的 24 財年第四季（聽不清楚）開始於 2024 年 1 月 19 日星期五營業結束時間。

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

說完這些，我會把話題交給查理。

Good afternoon, everyone, and welcome to our Q3 earnings call. We are pleased with Pure's Q3 financial results. We saw healthy demand for our portfolio throughout the quarter, proving that Pure's platform strategy and vision is resonating with our customers. The Pure Storage platform provides customers the ability to deploy a consistent software and management environment across the full price performance range or block, file and object workloads, for both traditional and cloud-native applications. The Pure platform guarantees customers never experience change management downtime.

大家下午好，歡迎參加我們的第三季財報電話會議。我們對 Pure 第三季的財務表現感到滿意。整個季度，我們的產品組合需求旺盛，證明 Pure 的平台策略和願景引起了客戶的共鳴。 Pure Storage 平台為客戶提供了在整個價格效能範圍或區塊、檔案和物件工作負載範圍內為傳統和雲端原生應用程式部署一致的軟體和管理環境的能力。 Pure 平台保證客戶永遠不會遇到變更管理停機。

It guarantees the lowest space power and e-waste in the industry and provides infrastructure and services that always get better with age without disruption. The Pure Storage platform also promises a cloud operating model for our customers, enabling them to manage their data storage like the cloud providers to reduce their storage costs in the cloud to provide tailored storage services to their developers like the cloud and to consume storage like the cloud as a service. This model is gaining traction with leading customers. Evergreen//One, our Storage as a Service consumption offering saw continued extraordinary growth, more than doubling year-over-year.

它保證了行業內最低的空間電力和電子垃圾，並提供不會中斷、隨著時間的推移而不斷改進的基礎設施和服務。 Pure Storage 平台還承諾為我們的客戶提供雲端營運模式，使他們能夠像雲端供應商一樣管理他們的資料存儲，從而降低他們在雲端中的存儲成本，像雲端一樣為他們的開發人員提供客製化的儲存服務，並像雲端一樣使用儲存即服務。這種模式正在獲得主要客戶的青睞。 Evergreen//One，我們的儲存即服務消費產品持續實現了非凡成長，比去年同期成長了一倍多。

Evergreen//One and Evergreen//Flex are our preferred services for providing customers data storage on a consumption basis. Although we continue to offer customers the choice of consuming storage as CapEx, we believe the continued high demand for Evergreen//One is being driven by our sales activities, new customer buying behavior, and the current macro environment. Customers are attracted to the ability to manage and consume Evergreen storage as a cloud service as they need it. But with the low cost advanced capabilities and data security of on-prem storage.

Evergreen//One 和 Evergreen//Flex 是我們根據消費情況向客戶提供資料儲存的首選服務。儘管我們繼續為客戶提供將儲存消費作為資本支出的選擇，但我們認為，Evergreen//One 的持續高需求是由我們的銷售活動、新客戶購買行為和當前宏觀環境推動的。客戶對能夠根據需要管理和使用 Evergreen 儲存作為雲端服務的能力很感興趣。但具有低成本、先進功能和內部儲存資料安全性的特性。

The outperformance of Evergreen//One this year has been significantly above our prior expectations and we now expect this strong level of demand to continue through Q4. While this success is a long anticipated and welcome expansion of our business model, its overperformance will have an effect on near-term revenue, which Kevin will cover in detail.

Evergreen//One 今年的出色表現遠遠超出了我們先前的預期，我們預計這種強勁的需求將持續到第四季度。雖然這項成功是我們商業模式期待已久且值得歡迎的擴展，但它的出色表現將對近期收入產生影響，Kevin 將詳細介紹這一點。

In Q3, Pure set a new industry standard with 8 service level agreement or SLA guarantees across our Evergreen services. With the innovative new paid power and rack program, we pay our Evergreen customers power and rack space costs. This first-of-a-kind program is enabled by our ability to deliver the cloud attributes that customers desire with the most energy efficient and reliable storage technology. Paid power and rack directly addresses the increasing cost of electricity and data center space. Additional SLAs introduced in Q3 guarantee no change related downtime, no future data migrations for hardware replacements, upgrades or expansions and 0 data loss. Portworx, our Kubernetes and container storage software for cloud native applications also had a record quarter. Portworx was recently named a leader in the inaugural IDC Marketscape for container data management.

在第三季度，Pure 透過在我們的 Evergreen 服務中提供 8 項服務等級協議或 SLA 保證，樹立了新的行業標準。透過創新的新型付費電力和機架計劃，我們向 Evergreen 客戶支付電力和機架空間費用。這項創的計畫得益於我們能夠利用最節能、最可靠的儲存技術來提供客戶所需的雲端屬性。付費電力和機架直接解決了電力和資料中心空間成本的增加。第三季推出的額外 SLA 保證不會發生與變更相關的停機時間，未來無需因硬體更換、升級或擴展而進行資料遷移，並且不會遺失任何資料。 Portworx 是我們針對雲端原生應用程式的 Kubernetes 和容器儲存軟體，本季也創下了紀錄。 Portworx 最近被評為第一屆 IDC Marketscape 容器資料管理的領導者。

We saw increased multiyear renewals from existing customers and new customers deploying the Portworx suite of products for multi-cloud databases, messaging and logging systems. Portworx was also selected by a leading global retailer to provide a single integrated platform for their machine learning researchers and analysts ensuring consistent models across multiple clouds. A large international government authority is supporting their artificial intelligence and machine learning environments with Portworx deployed in mission-critical cloud-based applications. Customer momentum in the field of artificial intelligence also continues for Pure with a double-digit number of AI wins in the quarter across our portfolio.

我們看到現有客戶和新客戶的多年續約量增加，他們為多雲資料庫、訊息傳遞和日誌系統部署了 Portworx 產品套件。 Portworx 也被一家全球領先的零售商選中，為其機器學習研究人員和分析師提供單一整合平台，確保跨多個雲端的模型一致。一家大型國際政府機構正在透過在關鍵任務雲端應用程式中部署 Portworx 來支援其人工智慧和機器學習環境。 Pure 在人工智慧領域的客戶發展動能也持續強勁，本季我們整個投資組合中人工智慧獲勝的數量均達到兩位數。

This included era technology and AI-based decision intelligence and automation platform that chose our Portworx solution for seamless cloud integration, outperforming competitive solutions by 200%. and Olympus adopted Pure's AI-ready infrastructure based on a FlashBlade and NVIDIA solution for a new AI development environment, ensuring performance and capacity for large-scale models to accelerate their success with transformative AI solutions. We remain our customer's preferred partner for AI deployments and have strengthened our innovation and leadership by earning NVIDIA-based pod certification.

其中包括時代技術和基於人工智慧的決策智慧和自動化平台，該平台選擇了我們的 Portworx 解決方案實現無縫雲端集成，其性能比競爭解決方案高出 200%。而奧林巴斯則採用了基於 FlashBlade 和 NVIDIA 解決方案的 Pure AI 就緒基礎設施，打造了全新的 AI 開發環境，確保了大規模模型的性能和容量，從而加速其透過變革性 AI 解決方案取得成功。我們仍然是客戶在 AI 部署方面的首選合作夥伴，並透過獲得基於 NVIDIA 的 pod 認證增強了我們的創新和領導地位。

Airi, our complete AI-ready infrastructure built on the NVIDIA DGX base pod reference architecture and the latest FlashBlade//S storage platform makes AI scaling and deployments faster and easier for our customers.

Airi 是我們基於 NVIDIA DGX 基礎艙參考架構和最新的 FlashBlade//S 儲存平台所建置的完整 AI 就緒基礎設施，使我們的客戶能夠更快、更輕鬆地實現 AI 擴展和部署。

We continue to see strong demand for FlashBlade//E. And this month, we announced the general availability of FlashArray//E and shipped our first orders. This past quarter, we announced our latest Gartner accolade, a leader in the Magic Quadrant for distributed file systems and object storage, and it's now 3 years running.

我們繼續看到對 FlashBlade//E 的強勁需求。本月，我們宣布 FlashArray//E 全面上市並發出了首批訂單。上個季度，我們宣布了我們獲得的最新 Gartner 榮譽，即分散式檔案系統和物件儲存魔力像限的領導者，這項榮譽已連續三年獲得。

This marks the tenth successive year overall that our leadership has been acknowledged by Gartner in transforming the storage industry. The early success of our E family reinforces our belief that flash is replacing this enlarging Pure's opportunity in enterprise and eventually cloud storage.

這標誌著我們在儲存產業轉型方面的領導地位連續第十年獲得 Gartner 的認可。 E 系列的早期成功強化了我們的信念：快閃記憶體正在取代這種不斷擴大的 Pure Storage 在企業和最終的雲端儲存領域的機會。

In Q3, Pure scored another major win for new 5G infrastructure to be deployed in our fiscal 2025. Pure's continuing success in the 5G space is based on our superior performance, reliability, density, longevity and advanced remote management capabilities. We are seeing strong early customer interest in our expanded partnership with Microsoft and the Pure Cloud Block store integration with Azure VMware Solution, also known as AVS. Pure and Microsoft announced the public preview of this service this quarter. CBS and AVS are providing customers the opportunity to reduce their cloud storage spend by half or more while providing them the advanced services that they experience with Pure's enterprise systems.

第三季度，Pure 在 2025 財政年度部署新的 5G 基礎設施方面取得了另一項重大勝利。我們看到早期客戶對我們與微軟擴大的合作夥伴關係以及 Pure Cloud Block 儲存與 Azure VMware 解決方案（也稱為 AVS）的整合表現出濃厚的興趣。 Pure 和微軟本季宣布了該服務的公開預覽版。 CBS 和 AVS 為客戶提供了將雲端儲存支出減少一半或更多的機會，同時為他們提供了 Pure 企業系統所能體驗到的先進服務。

Customers are also enthusiastic about managing their storage and data across data centers and clouds in a consistent hybrid environment. Despite the uncertainties of the current business environment, Pure's superior low total cost of ownership and Evergreen offerings are making a difference in this challenging IT economy. We are seeing a strong positive response to our position of having a consistent, unified flash platform for all storage needs from the data center to the cloud. This position is enabling us to compete for ever larger footprints in large enterprise accounts. This, coupled with the strong overall demand for our platform gives me the confidence in our continued ability to take share and outpace the market.

客戶也熱衷於在一致的混合環境中跨資料中心和雲端管理他們的儲存和資料。儘管當前商業環境充滿不確定性，但 Pure 卓越的低總擁有成本和 Evergreen 產品正在為充滿挑戰的 IT 經濟帶來正面影響。我們的立場是建立一個一致、統一的快閃記憶體平台，滿足從資料中心到雲端的所有儲存需求，我們看到了強烈的正面回應。這一地位使我們能夠在大型企業帳戶中爭奪更大的市場份額。再加上我們平台的強勁整體需求，我對我們繼續佔領市場份額並超越市場的能力充滿信心。

With that, I'll turn it over to Kevan for further commentary.

說完這些，我將把話題交給凱文 (Kevan) 來做進一步的評論。

Thank you, Charlie. We are pleased with our financial results this quarter. We delivered strong revenue and operating profit, both above our prior guidance for the quarter. Revenue was $763 million, up 13% year-over-year, and operating profit was $169 million. The macro spending environment remains relatively consistent to what we have seen throughout this year. However, demand for our solutions was robust throughout Q3. Our business strategy continues to focus on transitioning our offerings for our customers to consumption and subscription services.

謝謝你，查理。我們對本季的財務業績感到滿意。我們實現了強勁的收入和營業利潤，兩者都高於我們先前對本季的預期。營收為 7.63 億美元，年增 13%，營業利潤為 1.69 億美元。宏觀支出環境與我們今年全年看到的狀況保持相對一致。然而，整個第三季對我們解決方案的需求仍然強勁。我們的業務策略繼續專注於將我們為客戶提供的產品轉變為消費和訂閱服務。

These types of offerings provide more value to our customers, which is resonating as customer demand for our consumption and subscription-based offerings across our Evergreen portfolio, especially Evergreen//One and Portworx is very strong. We achieved another quarter of record sales of our FlashBlade portfolio, including FlashBlade//E, which has quickly grown to become a meaningful portion of our FlashBlade business since becoming generally available in late April.

這些類型的產品為我們的客戶提供了更多價值，這與客戶對我們的 Evergreen 產品組合（尤其是 Evergreen//One 和 Portworx）中的消費和基於訂閱的產品的需求非常強烈相呼應。我們的 FlashBlade 產品組合（包括 FlashBlade//E）再創季度銷售記錄，自 4 月底全面上市以來，該產品組合已迅速發展成為我們 FlashBlade 業務的重要組成部分。

We are also seeing customers consuming our FlashBlade technology, including FlashBlade//E as a service, leveraging our Evergreen//One Storage as a Service offering. Our operating profit of $169 million in Q3 exceeded expectations. Our differentiated flash management technology powered by purity software operating natively with raw flash continues to be a key driver of our strong product and subscription gross margins.

我們也看到客戶使用我們的 FlashBlade 技術，包括 FlashBlade//E 即服務，利用我們的 Evergreen//One 儲存即服務產品。我們第三季的營業利潤為 1.69 億美元，超出了預期。我們的差異化快閃記憶體管理技術由純度軟體提供支援，以原始快閃記憶體為原生運行，繼續成為我們強勁的產品和訂閱毛利率的主要驅動力。

As we mentioned last quarter, the majority of our capacity shipped is based on QLC [raw-flash]. Remaining performance obligations or RPO was very strong and exceeds $2 billion, growing 30%. During Q3 we closed a large noncancelable product order with a large telco customer totaling $41 million that is included in the RPO balance at the end of Q3. Based on the timing of the shipment schedule for this order, product revenue is not expected until next year, which impacts our revenue outlook this year, which I'll discuss further in my remarks when updating annual guidance.

正如我們在上個季度提到的那樣，我們出貨的大部分容量都是基於 QLC [原始快閃記憶體]。剩餘履約義務或RPO非常強勁，超過20億美元，成長了30%。在第三季度，我們與一家大型電信客戶達成了一筆總額為 4,100 萬美元的不可取消的大額產品訂單，該訂單已包含在第三季末的 RPO 餘額中。根據該訂單的出貨時間表，預計產品收入要到明年才能實現，這會影響我們今年的收入前景，我將在更新年度指引時進一步討論。

When excluding both the noncancelable product order from RPO in the current quarter and the outstanding commitment in Q3 of last year with one of our global system integrators, RPO growth for our subscription services was also very strong at 29%. As we mentioned last quarter, the outstanding commitment with our global system integrator was fully satisfied during Q1 of this year. In Q3, subscription services annual recurring revenue grew 26% year-over-year to nearly $1.3 billion, highlighting the strong traction for our consumption and subscription-based service offerings. As we have mentioned previously, closed Evergreen//One contracts where the effective service date has not started are excluded from the subscription services ARR calculation including closed Evergreen//One contracts where the service date has not yet started, subscription services ARR was also strong, growing 27%.

當排除本季 RPO 中的不可取消產品訂單和去年第三季與我們一家全球系統整合商的未完成承諾時，我們訂閱服務的 RPO 成長也非常強勁，達到 29%。正如我們在上個季度所提到的，我們對全球系統整合商的未完成承諾在今年第一季已經完全履行。第三季度，訂閱服務年度經常性收入年增 26% 至近 13 億美元，突顯了我們的消費和基於訂閱的服務產品的強勁吸引力。正如我們之前提到的，已結束的 Evergreen//One 合約（有效服務日期尚未開始）被排除在訂閱服務 ARR 計算之外，包括已結束的 Evergreen//One 合約（服務日期尚未開始），訂閱服務 ARR 也表現強勁，增長了 27%。

Subscription services revenue of $310 million comprised 41% of total revenue. U.S. revenue for Q3 was $536 million and international revenue was $227 million. Our new customer acquisition grew sequentially as we acquired 353 new customers during the quarter. As previously mentioned, we were pleased with our strong gross margin performance of 74%. Product gross margin was 73.1%, and subscription services gross margin was 75.4%. Our head count increased slightly to approximately 5,500 employees at the end of the quarter.

訂閱服務收入為 3.1 億美元，佔總收入的 41%。第三季美國營收為 5.36 億美元，國際營收為 2.27 億美元。我們的新客戶獲取量持續成長，本季我們獲取了 353 位新客戶。如前所述，我們對 74% 的強勁毛利率表現感到滿意。產品毛利率為73.1%，訂閱服務毛利率為75.4%。截至本季末，我們的員工人數略有增加，至約 5,500 人。

Pure's balance sheet and liquidity remains very strong, including $1.35 billion in cash and investments at the end of Q3. Cash flow from operations during the quarter was $158 million and capital expenditures totaled $45 million. In Q2, we repurchased over 630,000 shares of stock, returning over $22 million to our shareholders. Consistent with our remarks last quarter, our share repurchases represent a lower level of repurchase activity as a result of the fixed trading parameters that were in place throughout the quarter. We have approximately $167 million remaining on our existing $250 million repurchase authorization.

Pure 的資產負債表和流動性仍然非常強勁，截至第三季末的現金和投資為 13.5 億美元。本季經營活動現金流為 1.58 億美元，資本支出總計 4,500 萬美元。第二季度，我們回購了超過 63 萬股股票，向股東返還了超過 2,200 萬美元。與我們上個季度的言論一致，由於整個季度都實施了固定的交易參數，我們的股票回購活動水準較低。我們現有的 2.5 億美元回購授權中還剩餘約 1.67 億美元。

Now turning to our updated annual guidance for FY '24. A key assumption used to derive our FY '24 annual revenue guide at the beginning of the year was that the macro environment would not meaningfully improve or deteriorate throughout the year. This assumption is holding as the spending environment continues to be challenging. Though despite these challenges, we are seeing increasing demand in the second half of the year across our data storage platform especially for consumption and subscription service offerings. Although we expect the demand to increase for the second half of the year, there are 2 important factors that are impacting our annual revenue expectation this year, which we now expect to be $2.82 billion, growing 2.5% and Q4 revenue is expected to be $782 million, declining 3.5%.

現在來談談我們更新的24財年年度指引。我們在年初制定 24 財年年度收入指南時使用的一個關鍵假設是，宏觀環境在全年不會顯著改善或惡化。由於支出環境持續充滿挑戰，這項假設仍然成立。儘管面臨這些挑戰，我們發現今年下半年整個資料儲存平台的需求不斷增加，特別是對消費和訂閱服務產品的需求。雖然我們預計下半年需求會增加，但有兩個重要因素影響了我們今年的年度營收預期，我們目前預計今年的營收為 28.2 億美元，成長 2.5%，第四季的營收預期為 7.82 億美元，下降 3.5%。

First is the impact of our Evergreen//One Storage as a Service momentum, which will be discussed in more detail. And second is the impact of a $41 million non-canceled product order with a telco customer that is not expected to be fulfilled until next year. Both factors on a combined basis represent approximately 4.5 points of incremental headwind when compared to the annual revenue guide we provided at the beginning of the year.

首先是我們的Evergreen//One儲存即服務動能的影響，我們將對此進行更詳細的討論。第二是電信客戶 4,100 萬美元未取消的產品訂單的影響，預計要到明年才能完成。與我們在年初提供的年度收入指南相比，這兩個因素結合起來代表著大約 4.5 個百分點的增量阻力。

We are very pleased with the momentum and growth of our Evergreen//One service offering, while appreciating that this momentum creates a short-term impact on revenue growth. Last quarter, we stated that sales of our Evergreen//One service offering was expected to create 1 to 2 points of headwind to the annual revenue guide we provided at the beginning of the year.

我們對 Evergreen//One 服務產品的動能和成長感到非常滿意，同時也意識到這種勢頭對收入成長的短期影響。上個季度，我們表示，Evergreen//One 服務的銷售預計將對我們年初提供的年度收入指南造成 1 到 2 個百分點的阻力。

Based on our Evergreen//One sales in Q3 and the opportunities in our seasonally largest quarter Q4, we now expect that annual sales of our Evergreen//One and Evergreen//Flex offerings will more than double this year, reaching nearly $400 million and expect the impact will now create 3 points of headwind to the annual guide we provided at the beginning of the year.

根據我們第三季的 Evergreen//One 銷售情況以及我們季度性最大季度第四季度的銷售機會，我們現在預計今年 Evergreen//One 和 Evergreen//Flex 產品的年銷售額將增長一倍以上，達到近 4 億美元，並且預計其影響將對我們在年初提供的年度指導造成 3 個百分點的阻力。

When excluding the impacts of the increased shift to our Evergreen//One offering and a $41 million order with a telco customer, our annual revenue growth would have been 7% when compared against the annual revenue guide we provided at the beginning of the year. We expect that our consumption and subscription business models will drive improved long-term growth for Pure as our subscription and consumption business continues to grow, we will provide additional business metrics that will help measure the health of our business.

如果排除我們 Evergreen//One 產品轉移量增加以及與電信客戶達成的 4,100 萬美元訂單的影響，與年初提供的年度收入指南相比，我們的年收入成長率將達到 7%。我們預計，我們的消費和訂閱業務模式將推動 Pure 的長期成長，隨著我們的訂閱和消費業務持續成長，我們將提供額外的業務指標來幫助衡量我們業務的健康狀況。

This includes translating growth rates of our subscription and consumption service offerings to a growth rate under our traditional model of a CapEx sale.

這包括將我們的訂閱和消費服務產品的成長率轉化為我們傳統資本支出銷售模式下的成長率。

Finally, we are increasing our annual operating margin guidance from 15.5% to 16% driven by our continued operational discipline and gross margin strength. Q4 operating margin is expected to be approximately 19%.

最後，由於我們持續的營運紀律和強勁的毛利率，我們將年度營業利潤率預期從 15.5％ 提高到 16％。預計第四季營業利潤率約19%。

In closing, we are pleased with the strength and demand across our entire Pure Storage platform, including our expectation of more than doubling sales this year of our combined Evergreen//One Storage as a Service and Evergreen//Flex offerings. We cannot be more excited with how our solutions resonate with our customers, delivering a consistent, nondisruptive operating and management environment, leveraging the most advanced flash technology. Our innovation across our storage platform also extends to our Evergreen business models, providing customers with increasing flexibility and business value.

最後，我們對整個 Pure Storage 平台的實力和需求感到滿意，包括我們預計今年 Evergreen//One 儲存即服務和 Evergreen//Flex 產品的銷售量將成長一倍以上。 我們的解決方案能夠與客戶產生共鳴，利用最先進的快閃記憶體技術提供一致、無中斷的營運和管理環境，我們對此感到非常興奮。我們在儲存平台上的創新也延伸到了我們的Evergreen商業模式，為客戶提供了越來越高的靈活性和商業價值。

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

說完這些，我會把話題交還給保羅問答。

Thanks, Kevin. Before we begin the Q&A session, I'll ask you to limit yourselves to 1 question consisting of 1 part so we can get to as many people as possible. If you have additional questions, we kindly ask that you please rejoin the queue, and we'll be happy to take those additional questions as time allows. Operator, let's get started.

謝謝，凱文。在我們開始問答環節之前，我會請你們將自己的問題限制為 1 個部分，以便我們能夠盡可能回答人們的問題。如果您還有其他問題，請您重新加入隊列，我們會很樂意在時間允許的情況下回答這些其他問題。接線員，我們開始吧。

(Operator Instructions)

（操作員指令）

The first question comes from the line of Amit Daryanani of Evercore.

第一個問題來自 Evercore 的 Amit Daryanani。

Yes. I guess maybe to start the discussion, there's obviously a lot of focus on the Jan quarter guide and the delta that's there versus seasonality versus what you expected 90 days ago. I realize there are a fair number of cross currents out there. But to the extent you can maybe talk about how much of the shortfall versus your expectations 90 days ago, let's say, is micro versus macro. I'd love to get a sense if you think anything has shifted from Pure's competitive advantage of your positioning that's impacting it. And I realize Evergreen//One is a big part of it. I'd love to kind of understand why do you think customers are massively increasing their shift towards Evergreen//One versus buying storage in a traditional manner.

是的。我想也許可以開始討論，顯然人們非常關注 1 月季度指南以及與季節性和 ​​90 天前預期之間的差異。我意識到外面有相當多的逆流。但是，您可以談談，與 90 天前的預期相比，缺口有多少，是微觀的還是宏觀的。我很想了解，您是否認為 Pure 的競爭優勢或定位發生了變化並對其產生了影響。我意識到 Evergreen//One 是其中很重要的一部分。我很想了解一下，您認為為什麼客戶會大量轉向 Evergreen//One，而不是以傳統方式購買儲存。

Yes. Well, you nailed it, Amit, the shift to the consumption model has just continued to be very, very strong. And as you know, this is a model that we've been investing in for well over 5 years. It's one that we had stated a lot of our anticipation in and moving forward with, but this year has just been very strong. And one could say that it's the macro that has driven greater interest in a consumption model, I think, for obvious reasons, for the customer. But even more than that, we've invested in it heavily to make it not just a subscription and therefore, an easier bite, if you will, for economically difficult times. But to make it a true cloud service where they manage it like the cloud, it is hands-off. And now we're even paying for their power and rack space so that it's -- other than the fact that it sits on their premise, it's a true cloud service.

是的。嗯，你說對了，阿米特，向消費模式的轉變一直非常非常強勁。如你所知，我們已經對該模式投資了五年多。我們對此寄予厚望，並將繼續努力，但今年的表現卻非常強勁。可以說，宏觀因素推動了消費者對消費模式的更大興趣，我認為，原因很明顯。但更重要的是，我們對其進行了重大投資，使其不僅僅是一種訂閱服務，因此，如果您願意的話，在經濟困難時期，它可以變得更輕鬆。但為了使其成為真正的雲端服務，讓他們像雲端一樣進行管理，這是無需幹預的。現在我們甚至還要支付他們的電力和機架空間費用，這樣一來——除了它位於他們的場所之外，它還是一種真正的雲端服務。

So the uptake in this, especially in these more difficult challenging times has been tremendous. So the 2 are tightly aligned. The macro overall certainly hasn't helped. Better macro would have lifted all boats. But really, the change as you put it, it was driven primarily by the shift to subscription and consumption model.

因此，特別是在這些更困難和充滿挑戰的時期，這方面的吸收是巨大的。因此兩者是緊密一致的。整體而言，宏觀因素肯定沒有起到幫助作用。更好的宏觀調控將會讓一切順利。但實際上，正如您所說的那樣，這種變化主要是由訂閱和消費模式的轉變所推動的。

Yes. Thanks, Charlie. This is Kevan. Amit, If you take a step back and really look at the change in our annual guide as well as the impact to Q4, it really does come down to 2 key factors that we've described. One is what Charlie has highlighted, which is the strength and momentum of Evergreen//One. And then the second, obviously, is the telco order. That was all product that's having an impact on Q4 as well.

是的。謝謝，查理。這是凱文。阿米特，如果你退一步認真看看我們的年度指南的變化以及對第四季度的影響，它實際上歸結為我們所描述的兩個關鍵因素。一是Charlie強調的，即Evergreen//One的實力和勢頭。第二個顯然是電信訂單。這些產品都會對第四季產生影響。

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。

Yes. Just to kind of build on Amit's question there. I guess if I'm the doing the math right, it looks like you're talking about an impact of about $80 million, $85 million from this higher Evergreen//One contribution. So I guess the question is like what would that number look like just actually 3 months ago embedded in your expectation? And how do I think about -- you threw out a number, $400 million. Is that $400 million of ARR contribution. Just help me understand what $400 million is and how fast this necessarily could grow into the next year? Just thinking about incremental headwinds from this transition to this consumption model here as we move forward.

是的。只是為了進一步回答 Amit 的問題。我想，如果我的計算沒有算錯的話，看起來你說的是 Evergreen//One 更高的貢獻帶來約 8000 萬美元到 8500 萬美元的影響。所以我想問題是，根據你的預期，3 個月前這個數字實際上是什麼樣子的？我怎麼想的——你給了一個數字，4 億美元。這是 4 億美元的 ARR 貢獻嗎？請幫我理解一下 4 億美元是多少以及到明年這個數字必然會成長多少？我們只是在思考，隨著我們前進，轉向這種消費模式所面臨的增量阻力。

Yes. Aaron, this is Kevan. The $400 million is really our sales of Evergreen//One and Evergreen//Flex for the year. So Think about that as a TCV of sales during the year. And then if you -- if we take a step back into exiting Q2 and going into Q3, we had talked about the fact that our annual guide range had contemplated strong growth. We were adding about another 1 to 2 points of headwind to that growth exiting Q2. And -- and then with the strength that we've seen in Q3 on Evergreen//One as well as what we're seeing in terms of volume and opportunities in Q4, that headwind now has been increased to 3 points. So again, and your math is about right in terms of the effects in absolute dollars when in context to our annual revenue guide. And then tacking on to that, the telco order, which is having an impact as well.

是的。亞倫，這是凱文。這 4 億美元實際上是我們今年 Evergreen//One 和 Evergreen//Flex 的銷售額。因此，可以將其視為年度銷售額的 TCV。然後，如果我們回顧一下第二季度結束並進入第三季度的情況，我們已經討論過這樣一個事實，即我們的年度指導範圍已經考慮到了強勁增長。在第二季結束後，這一成長又面臨 1 到 2 個點的阻力。而且 — — 然後，憑藉我們在第三季度看到的 Evergreen//One 的實力以及我們在第四季度看到的銷量和機遇，這種阻力現在已增加到 3 個百分點。所以再說一次，就我們的年度收入指南而言，從絕對美元影響的角度來看，您的計算是正確的。然後再加上電信訂單，這也產生了影響。

Next question comes from the line of Meta Marshall of Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

Maybe a couple of questions. One, just on any update on how you're seeing kind of your -- or probability of kind of Meta's order coming back at least sometime in the next fiscal year? And then just a second question on -- I mean, I would assume you would have said that the conditions are largely staying the same for most of this year. And so has this Evergreen transition been a headwind for kind of more than this quarter and it just culminated into something you couldn't kind of make up for given not seeing a better environment? Or just how have you seen this evergreen transition kind of progress throughout the year?

也許有幾個問題。第一，您能談談您對 Meta 訂單至少在下一個財年的某個時候恢復的可能性的看法嗎？然後是第二個問題——我的意思是，我認為你會說今年大部分時間的情況基本上保持不變。那麼，Evergreen 的轉型是否已經成為本季的阻力，由於沒有看到更好的環境，它最終成為了你無法彌補的事情？或者您如何看待這場常青過渡在全年的進展？

Let me start with the Meta question. So we continued -- Meta continues to be a good customer. We have not -- generally, when -- on these calls, we talk about contribution by RSE. No meaningful contribution to RSE this past quarter, but we've had sales to Meta in other segments. And that relationship continues to blossom as far as we're concerned. It continues to get better, and we expect to continue to see good opportunities in Meta as we go forward. And then the second one was the...

讓我先從元問題開始。因此我們繼續——Meta 繼續成為我們的好客戶。一般來說，在這些電話會議上，我們不會談論 RSE 的貢獻。上個季度對 RSE 沒有做出有意義的貢獻，但我們在其他部門對 Meta 進行了銷售。就我們而言，這種關係正在繼續發展。情況正在不斷好轉，我們期望在未來的進展中繼續看到 Meta 的良好機會。然後第二個是......

You want to clarify your second question as well.

您也想澄清您的第二個問題。

The second question is just it's clearly a headwind as we go into fiscal Q4, this kind of Evergreen transition. But given probably much of the macro environment has stayed stable during the year, how much of a headwind has it been in previous quarters that you were just kind of able to accommodate for -- Like I guess I'm just trying to say or get a sense of how much of that is new this quarter versus this has been a headwind for the entire year?

第二個問題是，當我們進入財政第四季時，這種常青轉型顯然是一個阻力。但考慮到今年宏觀環境可能基本上保持穩定，前幾季的不利因素有多大？

Well, almost -- if I might start. One, because we've had such strong growth in Evergreen//One. It has been a bit of a headwind the whole year, but it had never been sustained the way it is this year. We had good quarters, like every other new program you have strong quarters and then it's balanced off by other quarters where these specific opportunity in this case, Evergreen//One was a bit weaker. And when we saw the growth in Evergreen//One early in the year, as we -- as you may remember, the economy turned weak around Q4 last year, and so we were expecting Evergreen//One to pick up. What's really different this time around is just the continued strength quarter-over-quarter and visibility into Q4 now as well, the strength there. So yes, but it's becoming a more meaningful number now.

好吧，差不多了--如果我可以開始的話。一是因為我們 Evergreen//One 實現瞭如此強勁的成長。全年都有些逆風，但從未像今年這樣持續下去。我們有良好的季度業績，就像其他新項目一樣，你有強勁的季度業績，然後被其他季度所平衡，在這種情況下，這些特定的機會，Evergreen//One 稍微弱一些。當我們在今年年初看到 Evergreen//One 的成長時——您可能還記得，去年第四季經濟開始變得疲軟，因此我們預計 Evergreen//One 會回升。這次真正不同的是，其季度環比增長勢頭持續強勁，第四季度的勢頭也有望保持下去。是的，但現在它正成為一個更有意義的數字。

Yes. And if I would just to add on to that, to what Charlie was saying, it really is an accumulation of effect. So starting with our annual revenue guide that we provided, obviously, there were 2 components that were key in that guide of mid- to high single digits. One was contemplation of the macro environment. And second was, we were considering momentum of Evergreen//One when we came into the year.

是的。如果我要補充一點，對於查理所說的，這確實是一種效應的累積。因此，從我們提供的年度收入指南開始，顯然，有兩個組成部分是該中高個位數指南的關鍵。一是對宏觀環境的思考。第二，我們在進入今年的時候就考慮了Evergreen//One的發展動能。

Now exiting Q2, we added on 1 to 2 points of additional headwind as a result of what we were seeing, both for Q1 and Q2 and our visibility to Q3. Now Q3 outperformed even our raised expectations and Q4 looks very strong as well. And so you do have the accumulation effect going on, but lastly, when we think about Q3, there was definitely more pressure on product revenue as a result of the momentum we were seeing with Evergreen//One.

現在退出 Q2，根據我們所看到的情況，我們增加了 1 到 2 個點的額外逆風，包括 Q1 和 Q2 以及我們對 Q3 的預見性。現在第三季的表現甚至超出了我們上調的預期，第四季的表現看起來也非常強勁。所以你確實有累積效應，但最後，當我們考慮第三季時，由於我們看到的 Evergreen//One 的發展勢頭，產品收入肯定面臨更大的壓力。

And the sales team did a really nice job executing throughout the quarter. And part of this strong execution included accelerating fulfillment and probably of a subset of product orders that would have been expected to close in Q4. So there is an impact there as well. And hopefully, that adds some additional color for you there.

銷售團隊在整個季度的表現非常出色。強而有力的執行包括加速履行部分產品訂單，這些訂單可能預計在第四季度完成。因此那裡也有影響。希望這能為您增添一些色彩。

The next question is from the line of Tim Long of Barclays.

下一個問題來自巴克萊銀行的提姆朗。

Could we just talk a little bit more about the double-digit AI wins in the quarter. Maybe just give us a little more color there on kind of how big these deals are coming out. Any product portfolio that you have that's differentiated, that's winning there kind of timing to see some revenue recognition from these deals? That would be helpful.

我們能否再多談談本季兩位數的 AI 勝利？也許您可以向我們多透露一些有關這些交易規模的詳細資訊。您擁有的任何差異化產品組合都能在適當的時機下從這些交易中獲得收入確認？那將會很有幫助。

Yes, absolutely, Tim. This is Rob. I'll take that one. Certainly, AI, inclusive of traditional AI and generative AI is and continues to be a strong segment for us. But more importantly, what we've seen this quarter is a variety of AI wins really across all of the areas of the AI-driven opportunity for us here at Pure. And that's number one, certainly, the training infrastructure environments. Number two, the inference and AI application environments, as well as number three, some of the broader data environments that are being connected to these AI workflows. And so if we look at the AI training infrastructure, look, this -- we've been in the space for years, continues to be a strong area for us.

是的，當然，提姆。這是羅布。我要那個。當然，包括傳統人工智慧和生成人工智慧在內的人工智慧現在是、並將繼續是我們的一個強大領域。但更重要的是，本季我們看到 Pure 在人工智慧驅動的所有領域都取得了多種勝利。當然，這是第一位的，即培訓基礎設施環境。第二，推理和人工智慧應用環境；第三，與這些人工智慧工作流程相連的一些更廣泛的數據環境。因此，如果我們看看人工智慧訓練基礎設施，你會發現，我們已經在這個領域深耕多年，這仍然是我們的強項。

As an example, this quarter, we had a large automaker, expand their FlashBlade footprint, really driving their autonomous driving efforts as well as number two, we saw our customers really deploying both our Portworx as well as our flash array solutions as part of their inference AI application environments. And then thirdly, as we look at the opportunity around the broader data management and data preparation environments, these are equally important parts of AI deployments. And we saw some good wins in both of these -- in these areas as well, serving both customers' database and data preparation applications as well as some other bulk data repositories connected to these environments.

例如，本季度，我們有一家大型汽車製造商擴大了他們的 FlashBlade 足跡，真正推動了他們的自動駕駛事業；其次，我們看到我們的客戶真正部署了我們的 Portworx 以及我們的閃存陣列解決方案作為他們推理 AI 應用環境的一部分。第三，當我們研究更廣泛的資料管理和資料準備環境中的機會時，我們發現，這些都是人工智慧部署中同樣重要的部分。我們在這兩個領域都取得了一些良好的成果，為客戶的資料庫和資料準備應用程式以及與這些環境相關的一些其他大量資料儲存庫提供服務。

And so if I net it out continues to be a strong segment for us and look, if we look at the opportunity in terms of both the GPU connected environments as well, the larger data environments being driven by AI technology, we're well positioned across the entire portfolio to benefit from these deployments.

因此，如果我將其淨值化，這對我們來說仍然是一個強大的細分市場，如果我們從 GPU 連接環境和由 AI 技術驅動的更大規模數據環境的角度來看待機會，我們在整個產品組合中都處於有利地位，可以從這些部署中受益。

The next question comes from the line of Pinjalim Bora of JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

This is Noah on for Pinjalim. I guess how should we really think about fiscal year 2025? And what are really some of the puts and takes you can highlight there especially when we think about the seasonality of the business given all the moving parts going forward?

這是 Noah 為 Pinjalim 表演的。我想我們到底該如何看待 2025 財年？當我們考慮到業務的季節性以及未來所有變動因素時，您能強調哪些優缺點？

Yes. Thanks for the question. And really, we won't go into a lot of detail specific to next year. We want to navigate through our seasonally largest quarter, which is Q4. But I think 2 important things to take away that we're seeing. One is that demand has strengthened and is expected to strengthen through the first half, and that's a good sign for us. And second is the momentum on Evergreen//One and strength we're seeing for a variety of reasons that Charlie walked through. And so both those factors will be in play in terms of how we think about next year, but we want to get through Q4 before providing anything more specific for next year.

是的。謝謝你的提問。事實上，我們不會詳細談論明年的具體情況。我們希望度過當季最大的季度，即第四季。但我認為我們看到了兩件重要的事情。一是需求已經增強，預計上半年還會增強，這對我們來說是個好兆頭。第二是 Evergreen//One 的勢頭和實力，由於 Charlie 走過的各種原因，我們看到了這一點。因此，這兩個因素都會影響我們對明年的看法，但我們希望在提供明年更具體資訊之前先度過第四季。

The next question is from the line of Krish Sankar of TD Cowen.

下一個問題來自 TD Cowen 的 Krish Sankar。

I had a question on the $30 million or $40 million telco order. It seems like a pretty big number on a quarterly basis. I was under the impression you have such a high customer concentration. So can you talk a little bit about that? And also, is this being used for 5G applications what kind of application is it being used for.

我對 3,000 萬美元或 4,000 萬美元的電信訂單有疑問。從季度角度來看，這似乎是一個相當大的數字。我印像你們的客戶集中度如此之高。那麼您能稍微談論一下這個嗎？而且，這是否用於 5G 應用，它用於什麼樣的應用？

Yes. No, we highlighted that it is, in fact, a 5G application environment that this is going into. And I would say in order of this type in 1 quarter is not terribly unusual for us. It does happen from time to time. And 5G has been a very strong market for us. The advantages that we have in space, power and cooling, reliability and longevity of the product in its remote management capability really aligns well with telco and especially 5G, which is a very distributed environment. And I will say, although it's unusual for us in general, it's not unusual in the telco space to have scheduled shipments aligning with their upgrades to their distributed 5G environment.

是的。不，我們強調的是，這實際上是一個 5G 應用程式環境。我想說，在一個季度內出現這種類型的情況對我們來說並不罕見。這種事確實時有發生。 5G對我們來說是一個非常強大的市場。我們在太空、電力和冷卻、可靠性和產品壽命方面的優勢以及其遠端管理能力與電信公司，尤其是 5G 這種高度分散的環境非常契合。我想說的是，雖然這對我們來說總體來說並不常見，但在電信領域，按照其分散式 5G 環境的升級來安排出貨並不罕見。

So our typical business in IT and other areas is book and ship within weeks. This is a scheduled shipment based on build outs -- their build-out schedule of their 5G environment.

因此，我們在 IT 和其他領域的典型業務是在幾週內預訂並發貨。這是根據其 5G 環境的建設計劃而安排的預定發貨。

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

下一個問題來自德意志銀行的Sidney Ho。

I want to look at the product growth -- actually, gross margin is very, very good at 74%, curious about the sustainability of that, particularly if you look at the product gross margin being 73.1%, looking forward, how would you characterize the pricing environment, especially given many of your competitors have access to lower price and components now? And why specifically do you have to be more aggressive in pricing in order to keep or win businesses, especially in areas that are starting to see more competition?

我想看看產品成長——實際上，毛利率非常非常好，達到 74%，很好奇這種成長能否持續，特別是如果你看到產品毛利率為 73.1%，展望未來，你如何描述定價環境，特別是考慮到你的許多競爭對手現在都可以獲得更低的價格和零部件？為什麼為了保住或贏得業務，你必須在定價上更加積極，特別是在那些競爭開始加劇的領域？

Thank you, Sidney. We intend to be very aggressive in pricing and especially as we penetrate the lower price performance tiers of the disk market. That's -- it's a new market for flash and the opportunity there is huge, more than half of the overall enterprise storage market, and we believe we have a special opportunity that ahead of every other player in the market. So our intention is the E family grows is to be very aggressive in that segment. Frankly, as you point out, the 73 is above our intended range for product gross margins. And we're going to use that a natural cost advantage we have to continue to gain market share.

謝謝你，西德尼。我們打算在定價方面採取非常積極的措施，特別是當我們滲透到磁碟市場的較低價格性能層時。這是快閃記憶體的新市場，其中蘊藏著巨大的機遇，佔據了整個企業儲存市場的一半以上，我們相信，我們擁有領先於市場上所有其他參與者的特殊機會。因此，我們的目標是讓 E 家族在該領域蓬勃發展。坦白說，正如您所指出的，73 高於我們預期的產品毛利率範圍。我們將利用天然的成本優勢繼續贏得市場份額。

And just to add on to that, I think it's important to just highlight and remember that because of our flash management technology and direct flash, we've got a sustained and significant structural advantage over the competitive set who are trapped in SSD-based technology. Because of the direct flash, we can deliver products that are less complex, more reliable, more efficient, more performance. And at the end of the day, that translates to better products delivered in a more cost-effective way. And behind that, our Purity software really is that differentiation. And so just to -- again, just to add on to Charlie's points, the advantages that we have really are structural and sustainable, driven by our significant software and hardware IP.

補充一點，我認為重要的是要強調並記住，由於我們的快閃記憶體管理技術和直接閃存，我們比陷入基於 SSD 的技術的競爭對手具有持續而顯著的結構優勢。由於直接閃存，我們可以提供更簡單、更可靠、更有效率、性能更高的產品。最終，這意味著以更具成本效益的方式提供更好的產品。在這背後，我們的 Purity 軟體確實體現了這種差異化。所以，再次補充 Charlie 的觀點，我們的優勢確實是結構性的和可持續的，這由我們重要的軟體和硬體 IP 推動。

So I'm just going to add to this a little bit more, taking a step back, agreeing that the gross margins across the board were very strong, and so we're quite pleased with that and validating and agreeing with obviously Charlie and Rob and really wanting to reiterate as well that the majority of our bits shipped now continue to be QLC, which ties into the continued innovation that we're driving. And look, we really do benefit from flash pricing, both improving and weakening and we are currently seeing some improvement in the NAND pricing. And then reiterating Charlie's point, from a financial lens with our strong product gross margins, we will be aggressive in our disk takeout strategy with our E family price performance solutions.

因此，我只想再補充一點，退一步來說，我同意整體的毛利率非常高，所以我們對此非常滿意，並且確認並同意 Charlie 和 Rob 的觀點，並且真的想重申，我們現在出貨的大部分部件仍然是 QLC，這與我們正在推動的持續創新息息相關。而且，我們確實受益於快閃記憶體定價，無論是上漲還是下跌，目前我們看到 NAND 定價有所改善。然後重申查理的觀點，從財務角度來看，憑藉我們強大的產品毛利率，我們將利用 E 系列性價比解決方案積極推行磁碟外送策略。

As we think about our subscription growth margins, that's going to be a combination of our scale on our Evergreen offerings, including the consumption and subscription portfolio as a key contributor, also similar to the strength we're seeing in product margins, our Evergreen subscription gross margins are also benefiting from the structural advantages that Rob alluded to. So yes, definitely pleased with what we're seeing in terms of our margin performance overall.

當我們考慮我們的訂閱成長利潤率時，這將是我們常青產品規模的結合，包括消費和訂閱組合作為關鍵貢獻者，也類似於我們在產品利潤率中看到的實力，我們的常青訂閱毛利率也受益於 Rob 提到的結構性優勢。所以是的，我們對整體利潤率的表現感到非常滿意。

The next question is from the line of Mehdi Hosseini of SIG (sic) [SFC].

下一個問題來自 SIG (sic) [SFC] 的 Mehdi Hosseini。

Yes. It's actually Mehdi Hosseini. Just want to better understand Evergreen//One. To follow-up here, would this impact your working capital requirement? And is there anywhere in the balance sheet that we could look and better track the traction with Evergreen//One model?

是的。實際上是梅赫迪·胡賽尼 (Mehdi Hosseini)。只是想更了解Evergreen//One。接下來的問題是，這會影響您的營運資金需求嗎？我們可以在資產負債表中的任何地方查看並更好地追蹤 Evergreen//One 模型的牽引力嗎？

Yes. I think the key metric, obviously, we added a new metric this quarter, which was the total sales this year expected for the combined Evergreen//One and Evergreen//Flex model and that being $400 million over doubling year-over-year. So that would be a new metric that we've added that hopefully is helpful.

是的。我認為關鍵指標顯然是我們本季增加了一個新指標，今年 Evergreen//One 和 Evergreen//Flex 合併模式預計的總銷售額將達到 4 億美元，比去年同期成長一倍以上。所以這是我們添加的一個新指標，希望它會有所幫助。

The other metric that I think is helpful is the RPO metric and obviously, our strength and growth in RPO is really being driven by our Evergreen//One momentum that we've seen throughout the year, including Q3. And then layering on to that would be our subscription services ARR growth, which is also quite strong. So those are the metrics I'd probably point you to in assessing the health around our consumption and subscription services business.

我認為另一個有幫助的指標是 RPO 指標，顯然，我們在 RPO 的優勢和成長實際上是受到我們全年（包括第三季）看到的 Evergreen//One 勢頭的推動。除此之外，我們的訂閱服務 ARR 成長也相當強勁。因此，這些是我在評估我們的消費和訂閱服務業務的健康狀況時可能會向您指出的指標。

The next question is from the line of Simon Leopold of Raymond James.

下一個問題來自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (Simon Leopold)。

I just -- first, a quick clarification. I appreciate you're not ready to guide for fiscal '25, but I think it would be helpful to get a little bit of handholding given that your April quarter, your first quarter is typically down teens double digits, but you've got kind of this tough situation in the January quarter. So just some clarification on that.

我只是──首先，快速澄清一下。我知道您還沒有準備好為 25 財年提供指引，但我認為獲得一些指導會很有幫助，因為您的四月季度，第一季的銷售額通常會下降十幾到兩位數，但您在一月季度遇到了這種艱難的局面。我只是想對此做些澄清。

And then the question I wanted to ask, and I love Charlie's description of the competitive environment as a [indiscernible] in the phone booth. I'd love to get some updates there. in that what you're seeing and hearing in terms of competitive actions and your ability to displace both hybrid flash competitors as well as hard disk drive competitors.

然後我想問的問題是，我喜歡查理對電話亭裡的競爭環境的描述。我很想獲得一些更新資訊。這就是您所看到和聽到的競爭行動以及您取代混合閃存競爭對手以及硬碟競爭對手的能力。

Yes. I'll hit the discussion for next year, again without providing a lot of details. But as you think about the setup for next year, it is critical for us to navigate through Q4 and our expectations through Q4. But this is really not, in my mind, a seasonal question. It's really about Evergreen//One and the performance of Evergreen//One. And if we take a step back, and look at the Evergreen//One momentum and the telco order, we should be for this year at 7% growth. And so what we've seen on top of that and what we're seeing in the second half is strengthening demand.

是的。我將繼續討論明年的問題，但不會提供太多細節。但是當您考慮明年的安排時，對於我們來說，度過第四季度以及對第四季度的期望至關重要。但在我看來，這其實不是季節性問題。這確實與 Evergreen//One 以及 Evergreen//One 的表現有關。如果我們退一步考慮，看看Evergreen//One的發展動能和電信訂單，今年的成長率應該是7%。因此，我們看到目前的情況以及下半年的情況是需求增強。

And I would hope to see that as we continue through Q4 and as we move into next year. So that would be a data point for consideration. We talked about 3 points on the annual guide against the annual guide of headwind for Evergreen//One.

我希望在我們進入第四季度並進入明年時能夠看到這一點。所以這將是一個需要考慮的數據點。我們針對長榮//One逆風年度指南，談了3點年度指南的要點。

Look, we're expecting momentum to continue on Evergreen//One. We're actually thrilled that we're seeing an inflection point with our customers with that model. And so we'll have to provide more color for you as we move through Q4, specific to the Evergreen//One momentum next year. Charlie?

瞧，我們期待 Evergreen//One 能夠繼續保持這種勢頭。事實上，我們很高興看到我們的客戶透過這個模式迎來了轉捩點。因此，隨著我們進入第四季度，我們必須為您提供更多細節，具體針對明年的 Evergreen//One 勢頭。查理？

Yes. In terms of selling and what the competitive situation looks like out in the field. I'd say it's as competitive as ever, perhaps, a little less gross margins generally have been improving. So perhaps the pricing environment has been a little bit better, but I would say, overall, the competition is as tough as ever, both in the channel and directly with customers overall. What I will say is, having perusing as we always do, our overall win rates and at (inaudible). Our overall win rates hold very steady against our competitors. So -- but it is a tough environment without doubt.

是的。就銷售以及現場競爭而言。我想說它的競爭力還是像以前一樣強，或許毛利率整體上有所提高。因此，定價環境可能有所好轉，但我想說，總體而言，競爭仍然像以往一樣激烈，無論是在通路還是直接與客戶之間。我想說的是，像往常一樣仔細閱讀後，我們的整體勝率和（聽不清楚）。與競爭對手相比，我們的整體勝率保持非常穩定。所以——但毫無疑問這是一個艱難的環境。

The next question comes from the line of Nehal Chokshi of Northland Capital Market.

下一個問題來自 Northland Capital Market 的 Nehal Chokshi。

Yes. I want to double click here on Slide 17. Your unbilled RPO, I've always sort of reviewed that as a good proxy for your Evergreen//One and Evergreen//Flex sales. A, is that true? And then I'll go from there, (inaudible).

是的。我想雙擊幻燈片 17。答、是真的嗎？然後我會從那裡出發，（聽不清楚）。

Nehal, that is true. And then I would add on to that specific for this quarter would be the telco order that we've been highlighting and discussing as well.

Nehal，確實如此。然後我想補充一點，本季的具體內容是我們一直在強調和討論的電信訂單。

Right. Okay. So the Q-o-Q change in unbilled RPO $100 million, take out that $40 million for the Telco order, then you're talking about $60 million. That's still a significant increase. And if I just simply do it on a cumulative 2-year basis, for this year relative to a year ago, that's more than a doubling on a year-over-year basis. So can you talk about the linearity that you're seeing in this acceleration in Evergreen//Flex, was there relatively sold in the first 2 quarters and now an explosion in the third quarter and then you expect sort of some sort of normalization in the fourth quarter here?

正確的。好的。因此，未開票 RPO 的環比變化為 1 億美元，減去電信訂單的 4,000 萬美元，則為 6,000 萬美元。這仍然是一個顯著的增長。如果我簡單地以兩年累計計算，今年相對於一年前而言，比去年同期成長了一倍多。那麼您能談談您在 Evergreen//Flex 的加速中看到的線性嗎？

Yes. And it's primarily Evergreen//One. And we've talked about what we've seen this year is a cumulative build and momentum of Evergreen//One. So again, coming out of the year and developing our guide for the year, we had contemplated a really significant growth in Evergreen//One. And again, as we navigated through Q1 and Q2, we saw that growth rate was impacted a little bit more 1 to 2 points against our annual guide.

是的。它主要是 Evergreen//One。我們已經討論過今年看到的 Evergreen//One 的累積建設和發展勢頭。因此，在走出這一年並製定年度指南時，我們曾預計 Evergreen//One 會實現真正顯著的成長。而且，當我們回顧第一季和第二季時，我們發現成長率與我們的年度指引相比受到了 1 到 2 個百分點的影響。

Now that we've been through Q3 and our visibility to Q4, now that's about 3 points incremental to what we had provided in our annual guide. So this has been a cumulative effect. And as Charlie has pointed out, really seeing an inflection point in part, I think, due to the macro, but I also think customers are really embracing the value of this business model as well.

現在我們已經度過了第三季度，並且展望了第四季度，這比我們在年度指南中提供的內容增加了約 3 點。因此，這是一種累積效應。正如查理所指出的，我認為，真正看到一個轉折點，部分原因是宏觀因素，但我也認為客戶也確實接受了這種商業模式的價值。

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

下一個問題來自美國銀行的 Wamsi Mohan。

I was wondering if you could maybe give us some update on how we should think about CapEx given the increased momentum of Storage as a Service. And where are you in terms of the build-out when you think about maybe this continued momentum of Evergreen//One, what sort of revenue level can the infrastructure that you currently have support?

我想知道您是否可以提供一些關於在儲存即服務日益增長的勢頭下我們應該如何考慮資本支出的最新資訊。當您想到 Evergreen//One 的持續發展勢頭時，您在建設方面處於什麼位置？

Yes. I don't think we'll see a lot of change in terms of how we're thinking about our CapEx. Obviously, we had higher CapEx as well this year due to the build-out of our headquarters. Obviously, we've got a significant amount of innovation from an R&D perspective. So we've got some CapEx requirements there. And really, the only other big CapEx requirement is supporting the momentum of Evergreen//One. And so that's how we would be thinking about it from a CapEx perspective. And then obviously, you've got a layering on in terms of the subscription services revenue effect coming on as a result of the ramping Evergreen//One sales that we're seeing.

是的。我認為，我們在資本支出方面的看法不會有太大變化。顯然，由於我們總部的建設，今年我們的資本支出也有所增加。顯然，從研發角度來看，我們已經獲得了大量創新。因此我們在那裡有一些資本支出要求。實際上，唯一的其他大型資本支出需求就是支持 Evergreen//One 的發展勢頭。這就是我們從資本支出角度來考慮這個問題的方式。顯然，隨著 Evergreen//One 銷售的不斷增長，訂閱服務收入效應將不斷疊加。

Your next question comes from the line of Matt Sheerin of Stifel.

您的下一個問題來自 Stifel 的 Matt Sheerin。

There was commentary from one of your competitors last night pointed to a broader QLC-based adoption across the industry. So first, are you seeing any changes in the competitive landscape or market share pressure given some new product introduction. It sounds like from your previous comments that you're not seeing that. And second, can you add more color on the success you've seen so far with FlashBlade//E and expectations for the new array E? And any surprises in terms of use cases or types of customers?

昨晚，您的一位競爭對手發表評論指出，整個行業將更廣泛地採用基於 QLC 的技術。那麼首先，隨著一些新產品的推出，您是否看到競爭格局或市場佔有率壓力發生了任何變化。從您之前的評論來看，您似乎沒有看到這一點。其次，您能否詳細介紹 FlashBlade//E 目前的成功以及對新陣列 E 的期望？在用例或客戶類型方面有什麼意外嗎？

You bet. Well, I'll now refer to the E family given that we've now introduced FlashArray//E, which lowers the incoming price point, if you will, for customers from what was 4 petabytes on FlashBlade//E now down to 1 petabyte on FlashArray//E and even less if they take it as a service. So we really feel that it's a very, very strong product line. We have seen that entry by one of our competitors. E comes in substantially below that. We really feel the E -- the competitors see offering is much closer to our C offering. So we're several years ahead of that. The competitive environment for our E offering is still largely with disk. And disk. We say disk, but of course, disk comes in many flavors. And as we develop E further and further, we have to address all the different use cases that it's involved in, which is what drives its growth. That growth is still the fastest growth of any new product that we've had here at the company.

當然。好吧，現在我將介紹 E 系列，因為我們現在已經推出了 FlashArray//E，它可以降低客戶的價格點，從 FlashBlade//E 上的 4PB 降低到 FlashArray//E 上的 1PB，如果他們將其作為一項服務，價格會更低。因此我們確實認為這是一條非常非常強大的產品線。我們看到了我們的一個競爭對手的條目。 E 則遠低於這個數字。我們確實感覺到競爭對手提供的 E 類產品與我們的 C 類產品更加接近。因此我們已經領先了好幾年。我們的電子產品的競爭環境仍然主要在磁碟上。和磁碟。我們說磁碟，但當然，磁碟有多種類型。隨著我們進一步開發 E，我們必須解決它所涉及的所有不同用例，這才是推動其發展的動力。這一成長仍然是我們公司所有新產品中成長最快的。

So we're very pleased with the growth, but it's still at the -- we're only 2 full quarters in. So it's -- we anticipate that will be a much more meaningful part of our revenue next year.

因此，我們對成長感到非常滿意，但這仍然處於——我們只經歷了兩個完整的季度。

The next question is from the line of Eric Martinuzzi of Lake Street.

下一個問題來自 Lake Street 的 Eric Martinuzzi。

Yes. Curious to know how you feel about your sales capacity is typically when you're evaluating your coverage for the coming year? Are you planning on adding sales?

是的。您是否很想知道，在評估來年的銷售覆蓋範圍時，您對自己的銷售能力通常有何感受？您打算增加銷售量嗎？

The answer is yes. We believe our capacity is at the level that we had planned for. And we're planning, obviously, to grow. So we are adding to our sales force have been throughout the year, but Q4 is a key time to bring in new players. And so we will be adding to our sales force.

答案是肯定的。我們相信我們的產能已達到我們所計劃的水平。顯然，我們正計劃進一步發展。因此，我們全年都在擴充銷售隊伍，但第四季是引進新員工的關鍵時期。因此我們將擴大銷售團隊。

The next question is a follow-up question from the line of Krish Sankar of TD Cowen.

下一個問題是來自 TD Cowen 的 Krish Sankar 的後續問題。

I just wanted to follow up on the Evergreen//One. What sort of time frame are the -- are these contracts, for example, just to like make it simple. You said it's a 3 percentage point headwind for your FY '24 outlook. It is very simply that the next 2 years are flat and because of this one, is it like a 1% uptake every over the next 3 years, if it's a 3-year subscription model. I'm just kind of curious how to think about these Evergreen//One subscription.

我只是想跟進 Evergreen//One。例如，這些合約的時間框架是什麼樣的，只是為了簡單起見。您說這對您的 24 財年前景來說是 3 個百分點的阻力。很簡單，未來 2 年將持平，並且由於這一因素，如果採用 3 年訂閱模式，未來 3 年是否會每年增長 1%？我只是有點好奇如何看待這些 Evergreen//One 訂閱。

Yes, it's a great question. Look, if we look at the Evergreen//One orders that we've closed to date this year, we're probably averaging a little bit over 3.5 years in duration associated with that of those orders, which really is similar to our traditional CapEx commitments as well. So that's the answer in terms of duration that we're seeing.

是的，這是一個很好的問題。如果我們看一下今年迄今為止我們已經完成的 Evergreen//One 訂單，我們會發現這些訂單的平均持續時間可能略長於 3.5 年，這實際上與我們傳統的資本支出承諾相似。這就是我們所看到的關於持續時間的答案。

I do want to point out that these are consumption contracts. And so these are, in effect, minimums. The consumption goes higher, then, of course, we'd expect more. And of course, we expect the contracts to continue even after the contract is done.

我確實想指出這些是消費合約。因此，這些實際上都是最低限度。消費量越高，我們當然期望更多。當然，我們希望合約結束後還能繼續有效。

That's right, Charlie. And then when we calculate what the headwind is, and against -- the headwind again is against our annual guide that we provided at the beginning of the year, we just basically translate the incremental growth we're seeing beyond the growth we had assumed in the annual -- in the annual revenue guide that we provided, using about 70% going to product if it was a traditional CapEx sale. So that's how we're calculating the points of headwind against our annual revenue guide.

沒錯，查理。然後，當我們計算逆風是什麼以及與之相反——逆風再次與我們在年初提供的年度指南相反時，我們基本上將我們看到的超出我們在年度中假設的增長的增量增長轉化為——在我們提供的年度收入指南中，如果是傳統的資本支出銷售，則約 70% 用於產品。這就是我們根據年度收入指南計算逆風點的方法。

There are no additional questions waiting at this time. So I'll pass the conference over to the management team for closing remarks.

目前沒有其他問題需要回答。因此，我將把會議交給管理團隊，由他們作結語。

Thank you, operator. Our strategy to provide customers a consistent, unified and modern storage platform for all their storage needs based on a cloud operating model continues to distinguish us in our industry and propel our success. And we believe the strength of our consumption offerings continues to outperform, benefiting both our customers and Pure. As we enter the holiday season, I want to extend our heartfelt thanks to all of our customers, our investors, partners, our suppliers and our employees. Your effort enables Pure to lead the industry in defining the next generation of data storage. Thank you.

謝謝您，接線生。我們的策略是基於雲端操作模式，為客戶提供一致、統一、現代化的儲存平台，滿足他們的所有儲存需求，這使我們在行業中繼續脫穎而出，並推動我們的成功。我們相信，我們的消費產品將繼續保持強勁成長勢頭，為我們的客戶和 Pure 帶來利益。值此節日來臨之際，我要向我們所有的客戶、投資者、合作夥伴、供應商和員工致以衷心的感謝。您的努力使 Pure 能夠引領業界定義下一代資料儲存。謝謝。

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

這就是 Pure Storage 2024 財年第三季財報電話會議的全部內容。感謝您的參與。現在您可以斷開線路了。