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.

美好的一天，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中。

(Operator Instructions)

（操作員說明）

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

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。執行長 Charles Giancarlo 出席了電話會議。凱文‧克萊斯勒，財務長；首席技術長 Rob Lee。在查理和凱文準備好的發言之後，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，該電話會議同時進行網路直播。此網路廣播隨附的幻燈片可在 Investor.purestorage.com 下載。在今天的電話會議上，我們將做出前瞻性聲明，這些聲明受到各種風險和不確定性的影響。其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們當前和新產品以及競爭行業和經濟趨勢的聲明。我們所做的任何前瞻性陳述均基於截至目前的事實和假設，我們不承擔更新這些陳述的義務。我們的實際結果可能與預測結果有重大差異，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 SEC 提交的文件中包含了與我們業務相關的一些風險和不確定性的討論，我們建議您參閱這些公開文件。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 衡量標準。我們的收益新聞稿和幻燈片中提供了與最直接可比較的公認會計準則衡量標準的對帳。

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.

此次電話會議正在 Pure Storage 投資者關係網站上進行現場直播，並進行錄音以供回放。網路廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。我們的第四季 24 財年（聽不清楚）期間從 2024 年 1 月 19 日星期五營業結束時開始。

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

有了這個，我會把它交給查理。

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，歡迎參加我們第三季的財報電話會議。我們對 Pure 第三季的財務表現感到滿意。我們看到整個季度對我們的產品組合的健康需求，證明 Pure 的平台策略和願景與我們的客戶產生了共鳴。 Pure Storage 平台使客戶能夠在整個性價比範圍或區塊、檔案和物件工作負載上為傳統和雲端原生應用程式部署一致的軟體和管理環境。 Pure 平台保證客戶永遠不會經歷變更管理停機。

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.

它保證了業內最低的空間電力和電子廢物，並提供隨著時間的推移而不斷改進而不會中斷的基礎設施和服務。 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，降低他們在雲端中的儲存成本，為他們的開發人員提供像雲​​端一樣客製化的儲存服務，並像雲端一樣消費儲存。雲端即服務。這種模式正在贏得領先客戶的青睞。 Evergreen//One，我們的儲存即服務消費產品持續強勁成長，年增了一倍多。

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 是我們為客戶提供按消耗資料儲存的首選服務。儘管我們繼續為客戶提供消費儲存作為資本支出的選擇，但我們相信對 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的宏觀環境所推動的。客戶被能夠根據需要管理和使用 Evergreen 儲存作為雲端服務的能力所吸引。但具有本地儲存的低成本高級功能和資料安全性。

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 今年的優異表現已大大超出我們先前的預期，我們現在預計這種強勁的需求水準將持續到第四季度。雖然這一成功是我們業務模式的長期預期和受歡迎的擴展，但其超額表現將對近期收入產生影響，凱文將詳細介紹這一點。

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 在我們的 Evergreen 服務中透過 8 項服務等級協議或 SLA 保證制定了新的行業標準。透過創新的付費電源和機架計劃，我們向 Evergreen 客戶支付電源和機架空間成本。這項史無前例的計畫得益於我們能夠透過最節能、最可靠的儲存技術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不斷增加的成本。第三季引入的額外 SLA 保證不會發生與變更相關的停機，未來不會因硬體更換、升級或擴展而進行資料遷移，並保證零資料遺失。 Portworx、我們用於雲端原生應用程式的 Kubernetes 和容器儲存軟體也取得了創紀錄的季度業績。 Portworx 最近被首屆 IDC Marketscape 評為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不斷增加，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保持一致。一家大型國際政府機構正在透過部署在關鍵任務雲端應用程式中的 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動能也持續強勁，本季我們產品組合中的人工智慧獲勝數量達到了兩位數。

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，該平台選擇我們的 Portworx 解決方案進行無縫雲端集成，其性能比競爭解決方案高出 200%。奧林巴斯採用 Pure 的基於 FlashBlade 和 NVIDIA 解決方案的 AI 就緒基礎設施打造新的 AI 開發環境，確保大型模型的效能和容量，從而透過變革性 AI 解決方案加速其成功。我們仍然是客戶的 AI 部署首選合作夥伴，並透過獲得基於 NVIDIA 的 Pod 認證加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 Pod 參考架構和最新 FlashBlade//S 儲存平台建置的完整 AI 就緒基礎設施，使我們的客戶能夠更快、更輕鬆地進行 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 全面上市並出貨了我們的第一批訂單。上個季度，我們宣布了最新的 Gartner 榮譽，成為分散式檔案系統和物件儲存魔力像限中的領導者，該獎項現已連續三年獲得。

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 認可。我們 E 系列的早期成功增強了我們的信念，即快閃記憶體正在取代 Pure 在企業儲存和最終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 財政年度部署的新 5G 基礎設施方面取得了另一項重大勝利。Pure 在 5G 領域的持續成功基於我們卓越的性能、可靠性、密度、壽命和先進的遠端管理能力。我們發現早期客戶對我們與 Microsoft 的擴大合作夥伴關係以及 Pure Cloud Block store 與 Azure VMware 解決方案（也稱為 AVS）的整合表現出了濃厚的興趣。 Pure 和微軟本季宣布推出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，同時為他們提供使用 Pure 企業系統體驗的高級服務。

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其儲存和資料。儘管當前的商業環境存在不確定性，Pure 卓越的低總擁有成本和常青產品正在這個充滿挑戰的 IT 經濟中發揮作用。我們的立場是擁有一個一致、統一的快閃記憶體平台來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客戶中爭奪更大的足跡。再加上對我們平台的強勁整體需求，讓我對我們繼續搶佔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.

這樣，我會將其交給 Kevan 進行進一步評論。

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指導。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所看到的情況保持相對一致。然而，整個第三季對我們解決方案的需求都很強勁。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，這引起了客戶對 Evergreen 產品組合（尤其是 Evergreen//One 和 Portworx）中消費和基於訂閱的產品的需求非常強勁。我們的 FlashBlade 產品組合（包括 FlashBlade//E）又創下了季度銷售記錄，自 4 月下旬全面上市以來，該產品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。第三季我們的營業利潤為 1.69 億美元，超出預期。我們差異化的快閃記憶體管理技術由原生快閃記憶體運行的純度軟體提供支援，這仍然是我們強勁的產品和訂閱毛利率的關鍵驅動力。

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.

正如我們上季度提到的，我們出貨的大部分容量都是基於 QLC [raw-flash]。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完成了一筆總額為 4,100 萬美元的不可取消的大型產品訂單，該訂單已包含在第三季末的 RPO 餘額中。根據該訂單的發貨時間表，預計要到明年才能獲得產品收入，這會影響我們今年的收入前景，我將在更新年度指導時的發言中進一步討論這一點。

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%.

如果排除本季 RPO 中不可取消的產品訂單以及去年第三季與我們的全球系統整合商的未完成承諾，我們訂閱服務的 RPO 成長也非常強勁，達到 29%。正如我們上季度所提到的，我們對全球系統整合商的傑出承諾在今年第一季得到了完全滿足。第三季度，訂閱服務的年度經常性收入年增 26%，達到近 13 億美元，凸顯了我們的消費和基於訂閱的服務產品的強大吸引力。正如我們之前提到的，已關閉的長榮//有效服務日期尚未開始的一份合約不包括在訂閱服務ARR計算中，包括已關閉的長榮//服務日期尚未開始的一份合約，訂閱服務ARR也很強，成長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，本季我們獲得了 353 名新客戶。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，達到約 5,500 名。

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，包括第三季末的 13.5 億美元現金和投資。該季度營運現金流為 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，為股東返還超過 2,200 萬美元。與我們上季度的言論一致，由於整個季度實施固定交易參數，我們的股票回購代表了較低水準的回購活動。我們現有的 2.5 億美元回購授權還剩約 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%.

現在轉向我們更新的 24 財年年度指引。我們在年初制定 24 財年年度收入指南時所使用的一個關鍵假設是宏觀環境全年不會顯著改善或惡化。由於支出環境仍充滿挑戰，這項假設仍然成立。儘管面臨這些挑戰，我們看到下半年資料儲存平台的需求不斷增加，特別是消費和訂閱服務產品。儘管我們預計下半年需求將增加，但有兩個重要因素正在影響我們今年的年收入預期，我們目前預計年收入為 28.2 億美元，增長 2.5%，第四季度收入預計為 782 美元萬元，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 Storage as a Service 勢頭的影響，我們將對此進行更詳細的討論。其次是與電信客戶簽訂的價值 4,100 萬美元的未取消產品訂單的影響，該訂單預計要到明年才能履行。與我們年初提供的年度收入指南相比，這兩個因素綜合起來代表了約 4.5 個百分點的增量逆風。

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，同時也讚賞這種動能對營收成長的短期影響。上個季度，我們表示，我們的 Evergreen//One 服務產品的銷售預計將為我們年初提供的年度收入指南帶來 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 銷售額以及第四季季節性最大的季度的機會，我們現在預計Evergreen//One 和Evergreen//Flex 產品的年銷售額今年將增加一倍以上，達到近4 億美元，預計現在的影響將為我們年初提供的年度指南帶來 3 個點的阻力。

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.

如果排除我們轉向 Evergreen//One 產品以及與電信客戶簽訂的 4,100 萬美元訂單的影響，與我們年初提供的年度收入指南相比，我們的年收入成長將為 7%。我們預計，隨著訂閱和消費業務的持續成長，我們的消費和訂閱業務模式將推動 Pure 的長期成長改善，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的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，在我們持續的營運紀律和毛利率優勢的推動下，我們將年度營業利潤指引從 15.5% 提高到 16%。第四季營業利潤率預計約 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，包括我們預計今年我們的 Evergreen//One Storage as a Service 和 Evergreen//Flex 組合產品的銷售額將增加一倍以上。我們對我們的解決方案如何與客戶產生共鳴、利用最先進的快閃記憶體技術提供一致、無中斷的操作和管理環境感到非常興奮。我們在儲存平台上的創新也延伸到了我們的常青商業模式，為客戶提供了更高的靈活性和商業價值。

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

這樣，我會將其轉回給保羅進行問答。

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，我會請你們將自己限制在 1 個由 1 個部分組成的問題，以便我們能夠接觸到盡可能多的人。如果您還有其他問題，請重新加入隊列，我們很樂意在時間允許的情況下回答這些其他問題。操作員，讓我們開始吧。

(Operator Instructions)

（操作員說明）

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。我想也許要開始討論，顯然人們非常關注 1 月份季度指南以及與季節性和 ​​90 天前的預期相比的增量。我意識到那裡存在相當多的交叉流。但在某種程度上，你也許可以談論與 90 天前的預期相比，微觀與宏觀的差距有多少。我很想知道您是否認為 Pure 的競爭優勢發生了任何變化，從而影響了您的定位。我意識到 Evergreen//One 是其中的重要組成部分。我很想了解為什麼您認為客戶會大量轉向 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，你說得對，阿米特，向消費模式的轉變仍然非常非常強勁。如您所知，我們已經投資這個模型五年多了。我們對此表達了許多期望並繼續前進，但今年的表現非常強勁。人們可以說，正是宏觀因素激發了消費者對消費模式的更大興趣，我認為，出於顯而易見的原因，消費者對此更加感興趣。但更重要的是，我們對其進行了大量投資，使其不僅僅是訂閱，因此，如果您願意的話，在經濟困難時期可以更輕鬆地使用它。但要使其成為真正的雲端服務並像雲端一樣對其進行管理，就需要放手。現在，我們甚至為他們的電力和機架空間付費，因此，除了它位於他們的前提之外，它是真正的雲端服務。

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，尤其是在這些更加困難和充滿挑戰的時期，人們對此的接受度是巨大的。所以兩者緊密結合。整體而言，宏觀經濟肯定沒有幫助。更好的宏觀經濟將使所有船隻都升起。但實際上，正如你所說，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，如果您退後一步，真正看看我們年度指南的變化以及對第四季度的影響，它確實可以歸結為我們描述的兩個關鍵因素。一是查理強調的，就是長榮//一的實力和勢頭。第二個顯然是電信公司的訂單。這也是對第四季產生影響的所有產品。

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

你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。只是為了以阿米特的問題為基礎。我想，如果我算得對的話，你所說的似乎是來自 Evergreen//One 更高貢獻的約 8000 萬美元、8500 萬美元的影響。所以我想問題是，在您的預期中，3 個月前的數字會是什麼樣子？我怎麼想——你拋出了一個數字，4 億美元。這就是 4 億美元的 ARR 貢獻嗎？請幫我了解 4 億美元是多少，以及明年這個數字會以多快的速度成長？只是想想隨著我們前進，這種轉向這種消費模式的轉變所帶來的增量阻力。

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 Evergreen//One 和 Evergreen//Flex 今年的銷售額。因此，請將其視為一年內銷售的 TCV。然後，如果我們退一步退出第二季度並進入第三季度，我們已經討論過這樣一個事實，即我們的年度指導範圍考慮了強勁增長。我們在第二季的成長基礎上又增加了 1 到 2 個百分點的阻力。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數量和機會，現在的阻力已經增加到 3 個百分點。再說一遍，就我們的年度收入指南而言，就絕對美元的影響而言，您的數學是正確的。然後是電信公司的訂單，它也產生了影響。

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梅塔·馬歇爾。

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，關於您如何看待 Meta 訂單至少在下一個財政年度某個時候恢復的可能性？然後是第二個問題——我的意思是，我假設你會說今年大部分時間基本上保持不變。那麼，這種長青轉型是否在本季度以來一直是一種逆風，並且最終導致了由於沒有看到更好的環境而無法彌補的事情？或者您如何看待這場常青轉型在這一年中所取得的進展？

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...

讓我從元問題開始。所以我們繼續——Meta 仍然是一個好客戶。一般來說，我們在這些電話會議上並沒有談論 RSE 的貢獻。上個季度對 RSE 沒有任何有意義的貢獻，但我們在其他領域向 Meta 進行了銷售。就我們而言，這種關係繼續蓬勃發展。它不斷變得更好，我們期望隨著我們的前進，繼續在 Meta 中看到良好的機會。然後第二個是...

You want to clarify your second question as well.

您還想澄清第二個問題。

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，當我們進入第四財季時，這顯然是一種逆風，這種常青轉型。但考慮到今年大部分宏觀環境可能保持穩定，前幾季有多少逆風是你能夠適應的——就像我想我只是想說或得到感覺本季有多少是新的，而不是全年的逆風？

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，因為我們的 Evergreen//One 成長如此強勁。一整年都有點逆風，但從來沒有像今年這樣持續過。我們有很好的季度，就像所有其他新計劃一樣，你有強勁的季度，然後它被其他季度所平衡，在這種情況下，這些特定的機會，長榮//一個有點弱。當我們在今年年初看到長榮//One 的成長時，正如您可能還記得的那樣，去年第四季左右經濟開始疲軟，因此我們預計長榮//One 將會回升。這次真正不同的是季度環比的持續強勁以及第四季度的可見性，那裡的實力。所以是的，但現在它變得更有意義。

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。如果我想補充一點，查理所說的，這確實是效果的累積。因此，從我們提供的年度收入指南開始，顯然，有兩個組成部分在中高個位數的指南中至關重要。一是對宏觀環境的思考。其次，當我們進入這一年時，我們正在考慮 Evergreen//One 的勢頭。

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.

現在退出第二季度，由於我們所看到的情況，我們為第一季度和第二季度以及我們對第三季度的可見性增加了 1 到 2 個點的額外阻力。現在，第三季的表現甚至超出了我們提高的預期，第四季看起來也非常強勁。因此，累積效應確實存在，但最後，當我們考慮第三季時，由於我們看到 Evergreen//One 的勢頭，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執行工作非常出色。這種強大執行力的一部分包括加速履行，以及可能預計在第四季度完成的部分產品訂單的履行。所以那裡也有影響。希望這能為您增添一些額外的色彩。

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.

我們能否多談談本季人工智慧兩位數的勝利。也許只是讓我們多了解這些交易的規模有多大。您擁有的任何差異化產品組合，能夠贏得某種時機，從這些交易中看到一些收入確認嗎？那會有幫助的。

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，絕對是，提姆。這是羅布。我會接受那個。當然，人工智慧，包括傳統人工智慧和生成式人工智慧，現在和將來都將是我們的一個強大領域。但更重要的是，本季我們看到的是，Pure 在人工智慧驅動的機會的所有領域都取得了各種人工智慧的勝利。當然，這是第一位的，培訓基礎設施環境。第二，推理和人工智慧應用環境，第三，連接到這些人工智慧工作流程的一些更廣泛的數據環境。因此，如果我們看看人工智慧培訓基礎設施，就會發現，我們已經在這個領域工作了很多年，仍然是我們的優勢領域。

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.

舉個例子，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工作，第二，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，作為他們的一部分推理人工智慧應用環境。第三，當我們著眼於更廣泛的資料管理和資料準備環境的機會時，這些都是人工智慧部署中同樣重要的部分。我們在這兩個方面都看到了一些良好的成果——在這些領域，為客戶的資料庫和資料準備應用程式以及連接到這些環境的其他一些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，如果我認為它仍然是我們的一個強大細分市場，並且如果我們同時關注 GPU 連接環境和由人工智能技術驅動的更大數據環境方面的機會，我們就處於有利地位整個產品組合都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?

這是諾亞 (Noah) 為 Pinjalim 做的節目。我想我們該如何看待 2025 財年？您可以在其中重點強調哪些看跌期權和看跌期權，特別是當我們考慮到未來所有移動部件的業務季節性時？

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，我們不會詳細討論明年的具體細節。我們希望度過季節性最大的季度，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，並且預計將在上半年增強，這對我們來說是一個好兆頭。其次是長青//一號的勢頭和實力，我們看到查理經歷的各種原因。因此，這兩個因素都將影響我們對明年的看法，但我們希望先度過第四季度，然後再為明年提供更具體的資訊。

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 3000 萬美元或 4000 萬美元的電信訂單有疑問。按季度計算，這似乎是一個相當大的數字。我的印像是你們的客戶集中度如此之高。那你能談談這個嗎？另外，它是用於 5G 應用嗎？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，這實際上是一個 5G 應用環境。我想說，第一季出現這種情況對我們來說並不是很不尋常。它確實時有發生。 5G 對我們來說是一個非常強勁的市場。我們的產品在遠端管理功能方面的空間、電力和冷卻、可靠性和壽命等方面的優勢確實非常適合電信公司，尤其是 5G，這是一個高度分散的環境。我想說的是，雖然這對我們來說很不尋常，但在電信領域，按照分散式 5G 環境的升級安排出貨量並不罕見。

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。這是基於建置的預定發貨——他們的 5G 環境建置時間表。

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?

我想看看產品的成長——實際上，毛利率非常非常好，達到 74%，很好奇它的可持續性，特別是如果你看看產品毛利率為 73.1%，展望未來，你會如何描述定價環境，特別是考慮到您的許多競爭對手現在可以獲得更低的價格和組件？為什麼你必須在定價上更加激進才能保留或贏得業務，特別是在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非常積極，特別是當我們滲透到磁碟市場的較低性價比層時。這是一個新的快閃記憶體市場，機會巨大，佔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，我們的目的是讓 E 系列不斷發展，並在該細分市場中保持積極進取的態度。坦白說，正如您所指出的，73 超出了我們預期的產品毛利率範圍。我們將利用這種天然的成本優勢來繼續獲得市場份額。

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.

除此之外，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快閃記憶體，我們比陷入基於 SSD 技術的競爭對手擁有持續且顯著的結構優勢。由於採用直接閃存，我們可以提供更簡單、更可靠、更有效率、性能更強的產品。最終，這意味著以更具成本效益的方式交付更好的產品。在這背後，我們的 Purity 軟體確實就是這種差異化。因此，再次補充查理的觀點，我們真正擁有的優勢是結構性的和可持續的，由我們重要的軟體和硬體智慧財產權驅動。

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，我只想補充一點，退後一步，同意整體毛利率非常高，因此我們對此感到非常滿意，並驗證並同意顯然查理和羅布的觀點我真的想重申一下，我們現在發貨的大部分位仍然是QLC，這與我們正在推動的持續創新息息相關。看，我們確實受益於閃存定價，無論是改善還是減弱，而且我們目前看到 NAND 定價有所改善。然後重申查理的觀點，從財務角度來看，憑藉我們強勁的產品毛利率，我們將透過我們的E系列性價比解決方案積極實施磁碟外送策略。

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時，這將是我們常青產品規模的組合，包括作為關鍵貢獻者的消費和訂閱組合，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羅布提到的結構性優勢。所以，是的，我們對整體利潤率表現絕對感到滿意。

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

下一個問題來自 SIG（原文如此）[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。實際上是邁赫迪·侯賽尼。只是想更了解長青//一。在此跟進，這會影響您的營運資金需求嗎？我們可以在資產負債表中查看並更好地追蹤 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，即 Evergreen//One 和 Evergreen//Flex 合併模型今年的預期總銷售額，達到 4 億美元，比去年同期翻倍。因此，這將是我們添加的新指標，希望能有所幫助。

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.

我認為有用的另一個指標是 RPO 指標，顯然，我們在 RPO 方面的實力和成長實際上是由我們全年（包括第三季）看到的常青//一個勢頭推動的。除此之外，我們的訂閱服務 ARR 成長也相當強勁。因此，這些是我可能會向您指出的評估我們的消費和訂閱服務業務健康狀況的指標。

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

下一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

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。我很感激你還沒有準備好為25 財年提供指導，但我認為，考慮到你的4 月份季度、第一季的業績通常會下降兩位數，但我認為獲得一點幫助會很有幫助，但你很友善一月份季度的這種嚴峻形勢。所以只是對此進行一些澄清。

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.

然後是我想問的問題，我喜歡查理將競爭環境描述為電話亭中的[音訊不清晰]。我很想在那裡得到一些更新。您所看到和聽到的競爭行為以及您取代混合快閃競爭對手和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。我將在明年進行討論，但不會提供太多細節。但當你考慮明年的安排時，對我們來說，度過第四季度以及我們對第四季的期望至關重要。但在我看來，這確實不是季節性問題。這實際上是關於 Evergreen//One 以及 Evergreen//One 的性能。如果我們退後一步，看看 Evergreen//One 的勢頭和電信訂單，我們今年的成長率應該是 7%。因此，除此之外，我們在下半年看到的是需求的加強。

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.

我希望在第四季度和進入明年時看到這一點。因此，這將是一個值得考慮的數據點。我們針對常青//One年度指南的逆風，談了3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?

看，我們預計 Evergreen//One 的勢頭將繼續下去。事實上，我們很高興看到我們的客戶在該模型上看到了一個拐點。因此，當我們進入第四季度時，我們必須為您提供更多的色彩，特別是明年的 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。就銷售以及該領域的競爭狀況而言。我想說它和以前一樣有競爭力，也許毛利率總體上有所改善，但稍微少了一點。因此，也許定價環境稍微好一點，但我想說，總體而言，無論是在通路還是直接與客戶的競爭中，競爭都一如既往地激烈。我要說的是，像往常一樣仔細研究我們的整體勝率和（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 上的此處。您的未開票 RPO，我一直將其視為您的 Evergreen//One 和 Evergreen//Flex 銷售的良好代理。答，這是真的嗎？然後我將從那裡開始（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.

內哈爾，確實如此。然後我想補充一下，本季的具體情況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，去掉電信公司訂單的 4000 萬美元，那麼您談論的就是 6000 萬美元。這仍然是一個顯著的增長。如果我只是簡單地以兩年為基礎進行計算，那麼今年相對於一年前來說，就比去年同期翻了一番還多。那麼，您能否談談您在Evergreen//Flex 的加速中看到的線性性，前兩個季度的銷售量是否相對較高，現在第三季度出現爆炸性增長，然後您預計會出現某種正常化第四季來了？

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。它主要是長青//一號。我們已經討論了今年我們所看到的是 Evergreen//One 的累積建設和勢頭。因此，在結束這一年並製定今年的指南時，我們再次考慮了 Evergreen//One 的真正顯著增長。再次，當我們瀏覽第一季和第二季時，我們發現成長率受到的影響比我們的年度指南多了 1 到 2 個百分點。

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.

現在我們已經完成了第三季度並了解了第四季度，這比我們在年度指南中提供的內容增加了大約 3 個百分點。所以這是一個累積效應。正如查理所指出的，我認為確實看到了拐點，部分原因是宏觀因素，但我也認為客戶也真正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瓦姆西·莫漢 (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給我們一些最新信息，說明鑑於存儲即服務的增長勢頭，我們應該如何考慮資本支出。當您考慮 Evergreen//One 的持續勢頭時，您目前的基礎設施可以支援什麼樣的收入水平？

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。我認為我們對資本支出的看法不會有太大變化。顯然，由於總部的擴建，我們今年的資本支出也更高。顯然，從研發角度來看，我們擁有大量創新。所以我們有一些資本支出要求。實際上，唯一的其他大資本支出要求是支持 Evergreen//One 的勢頭。這就是我們從資本支出角度來考慮的方式。顯然，由於我們看到的 Evergreen//One 銷售量不斷增加，訂閱服務收入效應也出現了分層。

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。首先，考慮到一些新產品的推出，您是否看到競爭格局或市佔率壓力有任何變化。從您之前的評論來看，您似乎沒有看到這一點。其次，您能否為迄今為止 FlashBlade//E 所取得的成功以及對新陣列 E 的期望增添更多色彩？在用例或客戶類型方面有什麼驚喜嗎？

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.

你打賭。好吧，我現在將提及 E 系列，因為我們現在已經推出了 FlashArray//E，如果您願意的話，它可以降低客戶的傳入價格點，從 FlashBlade//E 上的 4 PB 現在降至 1 FlashArray//E 上有PB，如果他們將其作為服務，則更少。所以我們真的覺得這是一個非常非常強大的產品線。我們已經看到我們的一位競爭對手的條目。 E 的排名遠低於此。我們確實感受到了 E——競爭對手認為我們的產品更接近我們的 C 產品。所以我們領先了幾年。我們的 E 產品的競爭環境主要仍然是磁碟。還有磁碟。我們說磁碟，但當然，磁碟有多種類型。隨著我們對 E 的開發越來越深入，我們必須解決它所涉及的所有不同用例，這就是推動它成長的動力。這種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，但它仍然處於——我們只有兩個完整季度。所以——我們預計這將成為我們明年收入中更有意義的部分。

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。當您評估來年的覆蓋範圍時，通常想知道您對自己的銷售能力有何看法？您打算增加銷售嗎？

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。我們相信我們的能力達到了我們計劃的水平。顯然，我們正在計劃成長。因此，我們全年都在增加銷售隊伍，但第四季是引進新玩家的關鍵時刻。因此，我們將增加我們的銷售隊伍。

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，這些合約的時間範圍是怎樣的，只是為了讓事情變得簡單。您說過這對您 24 財年的前景來說是 3 個百分點的阻力。很簡單，未來 2 年將持平，因此，如果是 3 年訂閱模式，未來 3 年的使用率是否會每年增加 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。看，如果我們看看今年迄今為止已關閉的 Evergreen//One 訂單，我們可能會發現這些訂單的平均持續時間可能超過 3.5 年，這確實與我們傳統的資本支出類似承諾也是如此。這就是我們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.

我想指出的是，這些都是消費合約。因此，這些實際上是最低限度。消費量上升，當然，我們的期望也會更高。當然，我們希望即使在合約完成後，合約仍將繼續。

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時，逆風又與我們年初提供的年度指南相悖，我們基本上只是將我們看到的增量增長轉化為超出我們假設的增長。年度——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，則將大約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.

目前沒有其他問題等待。因此，我將把會議轉交給管理團隊進行閉幕致詞。

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.

謝謝你，接線生。我們的策略是基於雲端營運模式為客戶提供一致、統一和現代化的儲存平台，滿足他們的所有儲存需求，這繼續使我們在行業中脫穎而出，並推動我們取得成功。我們相信我們的消費產品的實力將繼續表現出色，讓我們的客戶和 Pure 都受益。在我們進入假期之際，我想向我們所有的客戶、投資者、合作夥伴、供應商和員工表示衷心的感謝。您的努力使 Pure 在定義下一代資料儲存方面引領業界。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.

Pure Storage 2024 財年第三季財報電話會議至此結束。感謝您的參與。現在您可以斷開線路。