Pure Storage Inc (PSTG) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by, and welcome to the Pure Storage Third Quarter Fiscal Year 2021 Earnings Release Conference Call.

女士們，先生們，美好的一天，感謝您的支持，歡迎參加 Pure Storage 2021 財年第三季度收益發布電話會議。

(Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Ms. Nicole Noutsios. Noutsios, please go ahead.

（操作員說明）作為提醒，此通話正在錄音中。我現在想介紹一下今天電話會議的主持人 Nicole Noutsios 女士。 Noutsios，請繼續。

Thank you, and good afternoon. Welcome to the Pure Storage Third Quarter Fiscal 2021 Earnings Call. My name is Nicole Noutsios, Investor Relations at Pure Storage.

謝謝，下午好。歡迎參加 Pure Storage 2021 財年第三季度財報電話會議。我叫 Nicole Noutsios，Pure Storage 的投資者關係部。

Joining me today are our CEO Charlie Giancarlo, our CFO Kevan Krysler, and our VP of Strategy Matt Kixmoeller.

今天加入我的還有我們的首席執行官 Charlie Giancarlo、我們的首席財務官 Kevan Krysler 和我們的戰略副總裁 Matt Kixmoeller。

Before we begin, I would like to remind you that during this call, management will make forward-looking statements, which are all subject to various risks and uncertainties. These include statements regarding the COVID-19 pandemic and related disruptions, our growth and sales prospects, including our Q4 outlook, competitive, industry and technology trends, our strategy and its advantages, our current and future product offerings, including Portworx, and business and operations.

在開始之前，我想提醒您，在本次電話會議期間，管理層將做出前瞻性陳述，這些陳述都受到各種風險和不確定性的影響。其中包括關於 COVID-19 大流行和相關中斷、我們的增長和銷售前景（包括我們的第四季度展望、競爭、行業和技術趨勢）、我們的戰略及其優勢、我們當前和未來的產品供應（包括 Portworx）以及業務和操作。

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

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

During this call, we will discuss non-GAAP measures in talking about the company's performance, and reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. 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.

在本次電話會議中，我們將在談論公司業績時討論非 GAAP 措施，我們的收益新聞稿和幻燈片中提供了與最直接可比的 GAAP 措施的對賬。此次電話會議正在 Pure Storage 投資者關係網站上直播，並正在錄製以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

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

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

Good afternoon, and good evening, everyone. Thank you for joining us on today's earnings call. As we look to the end of 2020 with relief, and look forward with high hopes for a brighter 2021, my thoughts are with all of you on this call. I hope that you, your families, colleagues and friends are all staying healthy and faring well. The challenges and the changes we've experienced this year have been extraordinary and seem never ending, and they have certainly reset all of our expectations and assumptions. COVID has been the change agent of this decade, and we have all learned many lessons in stamina and resilience. Like you, I am excited about the many reports on the fantastic progress with vaccines and therapies created by the world's scientists, doctors and engineers. However we all know that there will continue to be challenges due to the virus and its economic impact for months to come for all of our communities and stakeholders.

大家下午好，晚上好。感謝您參加今天的財報電話會議。當我們鬆一口氣地展望 2020 年底，並寄希望於更光明的 2021 年時，我的想法與大家同在。我希望您、您的家人、同事和朋友都身體健康，一切順利。今年我們所經歷的挑戰和變化非同尋常，似乎永無止境，它們無疑重新設定了我們的所有期望和假設。 COVID 一直是這十年的變革推動者，我們都在耐力和復原力方面學到了很多教訓。和你一樣，我對世界科學家、醫生和工程師創造的疫苗和療法取得驚人進展的許多報告感到興奮。然而，我們都知道，由於病毒及其對我們所有社區和利益相關者的經濟影響，未來幾個月將繼續面臨挑戰。

Through all of the challenges that COVID created this past year, Pure has been there for our customers, delivering capacity, performance and services that enabled our customers to cope and thrive during the crisis. I feel confident that regardless of the rate of progress in the battle against COVID, Pure and most of our customers have turned the corner on their plans and ability to operate in this new normal.

儘管過去一年 COVID 帶來的所有挑戰，Pure 一直在為我們的客戶提供服務，提供容量、性能和服務，使我們的客戶能夠在危機期間應對並茁壯成長。我有信心，無論在與 COVID 的鬥爭中取得怎樣的進展，Pure 和我們的大多數客戶都已經在他們的計劃和在這種新常態下運營的能力方面扭轉了局面。

I am pleased with this quarter's performance and the progress Pure has made. Growth in our global enterprise business continues to provide me with confidence that we will exit this downturn with an accelerated opportunity. Our strategy and our vision to deliver the Modern Data Experience strongly resonates with our customers.

我對本季度的表現和 Pure 取得的進展感到滿意。我們全球企業業務的增長繼續讓我相信，我們將以加速的機會擺脫這次低迷。我們提供現代數據體驗的戰略和願景與我們的客戶產生了強烈的共鳴。

In our first 10 years, Pure completely changed customers' expectations of what they should see from storage arrays and storage vendors. In our second decade, we are changing the expectations for hybrid cloud data and storage management. We are growing from a 2-product company to offering a full, multi-cloud data services platform, increasing our relevance to both those who build infrastructure that is IT, and those that build applications, namely developers and DevOps.

在我們的前 10 年，Pure 徹底改變了客戶對存儲陣列和存儲供應商的期望。在我們的第二個十年，我們正在改變對混合雲數據和存儲管理的期望。我們正在從一家只提供兩種產品的公司發展為提供完整的多雲數據服務平台，這增加了我們與構建 IT 基礎設施的人以及構建應用程序的人（即開發人員和 DevOps）的相關性。

I am very pleased to welcome the Portworx team, now part of the Pure family. Portworx brings to Pure a Kubernetes data services platform for cloud-native applications running across container-based hybrid cloud environments. With Portworx and our existing Pure Service Orchestrator, or PSO, we have expanded our industry-leading data services capabilities to both traditional and cloud-native applications and containers. We've made good progress with the integration, and the Portworx team continues to perform well, easily beating their pre-acquisition sales plan. Our strategy with Portworx is to continue their software-defined storage, container and Kubernetes-control roadmap, and layer in Pure's capabilities with VMs and bare metal workloads; all managed through our unique, SaaS-based, Pure1 management system.

我非常高興地歡迎 Portworx 團隊，他們現在是 Pure 大家庭的一員。 Portworx 為 Pure 帶來了一個 Kubernetes 數據服務平台，用於在基於容器的混合雲環境中運行的雲原生應用程序。借助 Portworx 和我們現有的 Pure Service Orchestrator (PSO)，我們將行業領先的數據服務能力擴展到傳統和雲原生應用程序和容器。我們在整合方面取得了良好進展，Portworx 團隊繼續表現良好，輕鬆超越了他們的收購前銷售計劃。我們與 Portworx 的戰略是繼續他們的軟件定義存儲、容器和 Kubernetes 控制路線圖，並通過虛擬機和裸機工作負載將 Pure 的功能分層；所有這些都通過我們獨特的、基於 SaaS 的 Pure1 管理系統進行管理。

Customers are looking for more complete solutions to their digital transformation. They are not specifically looking to migrate to subscriptions. They are not specifically moving to SaaS and hyperscalers because it's the cloud. Customers are moving to services and suppliers that provide the outcomes they desire, rather than just the means for customers to create those outcomes themselves. Pure's solutions continue to evolve to enable customers to automate their data storage and management, and to deliver data management as code to their developers.

客戶正在為其數字化轉型尋找更完整的解決方案。他們並不特別希望遷移到訂閱。他們並沒有專門轉向 SaaS 和超大規模，因為它是雲。客戶正在轉向提供他們想要的結果的服務和供應商，而不僅僅是客戶自己創造這些結果的手段。 Pure 的解決方案不斷發展，使客戶能夠自動化他們的數據存儲和管理，並將數據管理作為代碼交付給他們的開發人員。

And importantly, like our Purity software, Portworx is just as comfortably deployed in cloud as on-premises, supporting a new set of customers who are born in the cloud and may never consider on-prem infrastructure. This quarter, we saw strong momentum in both existing and new Portworx customers including Eurobank, Expedient and DataScan and I'm pleased to share that we were just named a leader by GigaOm for Kubernetes Data Protection.

重要的是，與我們的 Purity 軟件一樣，Portworx 可以像在本地一樣舒適地部署在雲中，支持一組新客戶，這些客戶出生在雲中，可能永遠不會考慮本地基礎設施。本季度，我們看到了現有和新的 Portworx 客戶的強勁勢頭，包括 Eurobank、Expedient 和 DataScan，我很高興地分享我們剛剛被 GigaOm 評為 Kubernetes 數據保護的領導者。

Leading customers are choosing containers, Portworx and PSO to build and run their most strategic new initiatives. They are also choosing to use object storage for these same advanced systems, and we are benefiting from this demand in the continued strong momentum for FlashBlade. FlashBlade continues to be chosen by customers to consolidate and modernize their unstructured data across a number of uses including technical computing, analytics and rapid recovery.

領先的客戶正在選擇容器、Portworx 和 PSO 來構建和運行他們最具戰略意義的新計劃。他們還選擇將對象存儲用於這些相同的高級系統，我們正從這種需求中受益，因為 FlashBlade 的持續強勁勢頭。客戶繼續選擇 FlashBlade 來整合和現代化其非結構化數據，包括技術計算、分析和快速恢復等多種用途。

Momentum with customers like First National Bankers Bank, the Louisiana Office of Technology Services and Sinai Health System demonstrates that FlashBlade continues to be the leading choice to enable rapid recovery to defeat ransomware. We are also seeing strong interest and initial customer adoption for our recently released FlashRecover solution to modernize the entire data protection stack.

與 First National Bankers Bank、路易斯安那州技術服務辦公室和西奈衛生系統等客戶合作的勢頭表明，FlashBlade 仍然是實現快速恢復以擊敗勒索軟件的首選。我們還看到了我們最近發布的 FlashRecover 解決方案的強烈興趣和最初的客戶採用，以使整個數據保護堆棧現代化。

This quarter, Cadence, a global leader in electronic design and computational software, selected Pure's fast file and object service through our Pure as-a-Service offering to accelerate their transition to a modern IT environment, and to automate their data services. FlashBlade's performance and ability to consolidate many workloads, combined with our consumption-based model and service level guarantees, enables Cadence to increase developer productivity and accelerate their time to market. Customers like Cadence are looking to deliver outcomes to their developers.

本季度，電子設計和計算軟件的全球領導者 Cadence 通過我們的 Pure as-a-Service 產品選擇了 Pure 的快速文件和對象服務，以加速他們向現代 IT 環境的過渡，並自動化他們的數據服務。 FlashBlade 的性能和整合許多工作負載的能力，加上我們基於消費的模型和服務水平保證，使 Cadence 能夠提高開發人員的生產力並加快他們的上市時間。像 Cadence 這樣的客戶希望為他們的開發人員提供成果。

Pure's Subscription Services, which include our Evergreen and Pure as-a-Service offerings, had strong growth again this quarter. Selecting Pure as-a-Service in Q3, organizations such as ME Bank in Australia and The University of Texas Health Science Center recognize the flexibility and choice that these offerings provide. Our unified subscription in Pure as-a-Service, which includes Cloud Block Store, enables customers to subscribe to storage both in their data center and in the cloud, paying for only what they consume, making migration to the public cloud possible at any time without worrying about stranded assets. The operational benefits of subscribing to a service managed by Pure makes their lives substantially easier.

Pure 的訂閱服務，包括我們的 Evergreen 和 Pure as-a-Service 產品，本季度再次強勁增長。在第三季度選擇 Pure as-a-Service，澳大利亞 ME 銀行和德克薩斯大學健康科學中心等組織認識到這些產品提供的靈活性和選擇。我們在 Pure as-a-Service 中的統一訂閱，其中包括 Cloud Block Store，使客戶能夠訂閱其數據中心和雲中的存儲，只為他們使用的內容付費，從而可以隨時遷移到公共雲無需擔心擱淺資產。訂閱由 Pure 管理的服務的運營優勢使他們的生活變得更加輕鬆。

Today marks another milestone and industry first for our Pure as-a-Service offering with the announcement of the Pure Service Catalog. The new Service Catalog provides cloud-like transparency by publishing pricing for on-premises and hybrid cloud storage delivered as-a-Service. So customers can easily choose the right storage service level for each workload. Combined with Pure1's AI-driven workload planner, customers can place workloads on the right storage service tier based on intelligence derived from thousands of customer scenarios. FlashArray//C, well into its second generation, continues to grow at an accelerated pace. This month, FlashArray//C received the Best of Show Award at the Flash Memory Summit for Most Innovative Flash Memory Technology. The performance and financial efficiencies delivered by FlashArray//C enable customers to both consolidate workloads and reduce costs below that of hybrid disk arrays.

今天，隨著 Pure Service Catalog 的發布，標誌著我們的 Pure as-a-Service 產品的又一個里程碑和行業首創。新的服務目錄通過發布作為服務交付的本地和混合雲存儲的定價來提供類似雲的透明度。因此，客戶可以輕鬆地為每個工作負載選擇正確的存儲服務級別。結合 Pure1 的 AI 驅動的工作負載規劃器，客戶可以根據來自數千個客戶場景的智能將工作負載放置在正確的存儲服務層上。 FlashArray//C 已進入第二代，繼續加速增長。本月，FlashArray//C 在閃存峰會上獲得了最具創新閃存技術的最佳展示獎。 FlashArray//C 提供的性能和財務效率使客戶能夠整合工作負載並將成本降低到低於混合磁盤陣列的成本。

The full FlashArray portfolio enables customers to address a wide range of price performance levels for both block and file workloads, all delivered by our single Purity code base. The services available under our unified subscription on-prem and in the cloud are powered by the same Purity software, providing customers flexibility and consistency in how and where they want to place their applications and consume their data services.

完整的 FlashArray 產品組合使客戶能夠解決塊和文件工作負載的各種性價比水平，所有這些都由我們的單一 Purity 代碼庫提供。在我們的本地和雲端統一訂閱下可用的服務由相同的 Purity 軟件提供支持，為客戶在他們希望如何以及在何處放置應用程序和使用數據服務方面提供靈活性和一致性。

As we scale our company from a single product just 4 years ago, to a broad-based provider of data storage capabilities, we continue to scale our management team as well. Earlier this month, we announced Dominick Delfino as our new Chief Revenue Officer, reporting directly to me. Dominick brings fresh perspective and incredible expertise selling subscription- and consumption-based business models with software innovation at their core. He has a deep understanding for our customers' digital transformation strategies and is well-versed in introducing new solutions into the market, working closely with customers to deliver solutions that improve their business outcomes. I am excited to welcome him as we position Pure for its next stage of growth.

隨著我們將公司從僅僅 4 年前的單一產品擴展到基礎廣泛的數據存儲功能提供商，我們也在繼續擴展我們的管理團隊。本月早些時候，我們宣布 Dominick Delfino 為我們的新首席營收官，直接向我匯報。 Dominick 帶來了全新的視角和令人難以置信的專業知識，銷售以軟件創新為核心的基於訂閱和消費的商業模式。他對我們客戶的數字化轉型戰略有著深刻的理解，並且精通將新的解決方案引入市場，與客戶密切合作以提供改善其業務成果的解決方案。我很高興歡迎他，因為我們將 Pure 定位為下一階段的增長。

Navigating the ebb and flow of this COVID crisis has certainly been an exercise in flexibility and resilience for all organizations and actually all individuals worldwide. As we have stated in prior earnings calls, after a rush to solve for new, urgent and immediate needs in Q1, companies reset in Q2 to replan their digital strategies given the new environment. This past Q3, we saw customers begin to re-engage with clearer plans to drive digital transformation. As part of these new initiatives, customers have largely done away with business as usual and are looking to simplify their operations, yet provide their developers with efficient and self-service infrastructure.

駕馭這場 COVID 危機的潮起潮落無疑是對全球所有組織乃至所有個人的靈活性和復原力的鍛煉。正如我們在之前的財報電話會議中所說，在第一季度急於解決新的、緊迫的和直接的需求之後，公司在第二季度重新調整以根據新環境重新規劃他們的數字戰略。在過去的第三季度，我們看到客戶開始重新制定更清晰的計劃來推動數字化轉型。作為這些新舉措的一部分，客戶在很大程度上不再照常營業，並希望簡化他們的運營，同時為他們的開發人員提供高效的自助服務基礎設施。

Pure's offerings provide the efficiency, reliability, and automation these customers are craving. And with environmental impact concerns rising in importance, Pure makes it easy for organizations to improve their sustainability initiatives with the savings in power, cooling, and electronic waste we deliver across our portfolio.

Pure 的產品提供這些客戶渴望的效率、可靠性和自動化。隨著對環境影響的關注日益重要，Pure 使組織可以輕鬆地通過我們在整個產品組合中提供的電力、冷卻和電子廢物的節省來改進他們的可持續發展計劃。

Pure has made fantastic progress over the last several years to position us well for the future. We have dramatically expanded our product portfolio. We have enabled our capabilities to be run and consumed as a service. We have created a true hybrid cloud environment for enterprise workloads. And now we deliver storage solutions for cloud-native application development and deployment. Even with the uncertainties which remain in the economy from the pandemic, we are confident in our vision, our strategy, and the ability of our team to grow and scale.

Pure 在過去幾年中取得了巨大的進步，為我們的未來做好了準備。我們極大地擴展了我們的產品組合。我們已使我們的功能能夠作為服務運行和使用。我們為企業工作負載創建了一個真正的混合雲環境。現在，我們為雲原生應用程序開發和部署提供存儲解決方案。即使大流行給經濟帶來了不確定性，我們對我們的願景、我們的戰略以及我們團隊成長和擴大規模的能力充滿信心。

With that, I'll turn it over to you, Kevan.

有了這個，我會把它交給你，凱文。

Thank you, Charlie, and good afternoon. We are pleased with our Q3 financial performance and execution as we continue to navigate headwinds caused by COVID-19. Our Q3 results demonstrate the value, our product and subscription solutions provide to our customers. Strong sales and recurring revenue growth continues for both our Evergreen and unified Pure as-a-Service subscription offerings.

謝謝你，查理，下午好。我們對第三季度的財務業績和執行情況感到滿意，因為我們繼續克服由 COVID-19 造成的逆風。我們的第三季度業績證明了我們的產品和訂閱解決方案為客戶提供的價值。我們的 Evergreen 和統一的 Pure as-a-Service 訂閱產品繼續保持強勁的銷售和經常性收入增長。

Q3 total revenue was $410.6 million, down 4.2% year-over-year, slightly exceeding our expectations at the beginning of the quarter. Product revenue was $274.5 million, down 15.1% year-over-year, and Subscription Services revenue totaled $136.1 million, growing 29.5% year-over-year. Subscription Services revenue during Q3 represents approximately 33% of total revenue, up from approximately 25% of total revenue during Q3 of the prior year. Subscription Services revenue includes Evergreen subscriptions, and our unified Pure as-a-Service subscription, which includes Cloud Block Store.

第三季度總收入為 4.106 億美元，同比下降 4.2%，略超出我們在季度初的預期。產品收入為 2.745 億美元，同比下降 15.1%，訂閱服務收入總計 1.361 億美元，同比增長 29.5%。第三季度的訂閱服務收入約佔總收入的 33%，高於去年第三季度總收入的約 25%。訂閱服務收入包括 Evergreen 訂閱，以及我們統一的 Pure as-a-Service 訂閱，其中包括 Cloud Block Store。

We were pleased with the strong sales growth and demand for our Subscription Services, FlashBlade and FlashArray//C offerings during the quarter. Our investments in innovation continue to drive results as both our FlashBlade platform and our second generation FlashArray//C offerings achieved their highest level of sales during the quarter. Customers, including large enterprise customers, continue to invest in our FlashBlade platform for their high-performance file and object needs, including data protection.

我們對本季度訂閱服務、FlashBlade 和 FlashArray//C 產品的強勁銷售增長和需求感到滿意。隨著我們的 FlashBlade 平台和第二代 FlashArray//C 產品在本季度實現最高銷售水平，我們對創新的投資繼續推動業績。包括大型企業客戶在內的客戶繼續投資於我們的 FlashBlade 平台，以滿足他們對高性能文件和對象的需求，包括數據保護。

Our Remaining Performance Obligations, or RPO, which includes our committed and non-cancelable future revenue grew approximately 25% year-over-year, slightly exceeding $1 billion at the end of the quarter. Total deferred revenue which is included in RPO was $763 million, growing 19% year-over-year.

我們的剩餘履約義務或 RPO，包括我們承諾的和不可取消的未來收入同比增長約 25%，在本季度末略超過 10 億美元。包含在 RPO 中的總遞延收入為 7.63 億美元，同比增長 19%。

Bookings or sales during Q3, excluding cancelable orders, was generally flat declining less than 1% year-over-year. Total revenue in the United States during Q3 was $302.1 million, declining 4% year-over-year, and total international revenue was $108.5 million, declining approximately 3% year-over-year.

第三季度的預訂量或銷售額（不包括可取消的訂單）總體持平，同比下降不到 1%。第三季度美國的總收入為 3.021 億美元，同比下降 4%，國際總收入為 1.085 億美元，同比下降約 3%。

Across our full solution portfolio, we continue to acquire new customers despite the challenging environment created by COVID-19. We acquired over 316 new customers this quarter compared to 379 customers during Q3 of the prior year.

儘管 COVID-19 創造了充滿挑戰的環境，但在我們的完整解決方案組合中，我們繼續獲得新客戶。本季度我們獲得了超過 316 名新客戶，而去年第三季度為 379 名客戶。

Non-GAAP gross margins for Product and Subscription Services during the quarter was 69.1% compared to 71.7% during the same quarter in the prior year. Non-GAAP product gross margin declined approximately 3 points year-over-year and 0.5 point sequentially. Non-GAAP product gross margins in the prior year benefited from both cost reductions caused by the unprecedented price reductions of NAND, as well as mix shift where we sold larger FlashArray systems.

本季度產品和訂閱服務的非 GAAP 毛利率為 69.1%，而去年同期為 71.7%。非美國通用會計準則產品毛利率同比下降約 3 個百分點，環比下降 0.5 個百分點。前一年的非 GAAP 產品毛利率受益於 NAND 前所未有的降價導致的成本降低，以及我們銷售更大 FlashArray 系統的混合轉變。

Non-GAAP Subscription Services gross margin increased approximately 0.5 point year-over-year and declined 1 point sequentially. Non-GAAP operating profit during the quarter was approximately $3.4 million compared to $29.1 million during Q3 of the prior year.

非 GAAP 訂閱服務毛利率同比增長約 0.5 個百分點，環比下降 1 個百分點。本季度非美國通用會計準則營業利潤約為 340 萬美元，而去年第三季度為 2910 萬美元。

Operating expenses during the quarter have remained relatively flat year-over-year as we continue to invest in innovation and scale.

由於我們繼續投資於創新和規模，本季度的運營費用與去年同期相比保持相對平穩。

Non-GAAP net income during Q3 was $1.8 million and non-GAAP net income per share was $0.01. Non-GAAP net income in Q3 of the prior year was $34.2 million and non-GAAP net income per share was $0.13.

第三季度非 GAAP 淨收入為 180 萬美元，非 GAAP 每股淨收入為 0.01 美元。上一年第三季度非美國通用會計準則淨收入為 3420 萬美元，非美國通用會計準則每股淨收入為 0.13 美元。

Weighted average shares used for the non-GAAP net earnings per share calculation was 284.8 million shares in Q3 and 272.2 million shares in the prior year.

用於計算非公認會計原則每股淨收益的加權平均股份在第三季度為 2.848 億股，在上一年為 2.722 億股。

We are pleased to have completed the close of our acquisition of Portworx during the quarter. Our purchase of Portworx was funded through a combination of our revolving line of credit and cash.

我們很高興在本季度完成了對 Portworx 的收購。我們購買 Portworx 的資金來自我們的循環信貸額度和現金。

Total cash and investments at the end of Q3 is approximately $1.2 billion. During Q3, we returned $21.4 million to shareholders through share repurchases of 1.36 million shares. Approximately $23.6 million of our share repurchase authorization remains. Total headcount at the end of the quarter was approximately 3,860 employees.

第三季度末的現金和投資總額約為 12 億美元。在第三季度，我們通過回購 136 萬股股票向股東返還了 2140 萬美元。我們的股票回購授權中約有 2360 萬美元仍然存在。本季度末員工總數約為 3,860 人。

Now moving to our Q4 outlook. We remain confident in our strategy and execution as we navigate the impacts caused by COVID-19. Visibility of business conditions has improved, but uncertainty of the near term impacts the global resurgence of COVID may have on our business continues to exist. While we navigate the impacts of COVID, we will continue to share internal expectations of our business performance, but not provide formal guidance.

現在轉到我們的第四季度展望。在應對 COVID-19 造成的影響時，我們對我們的戰略和執行充滿信心。商業狀況的可見性有所改善，但 COVID 全球復甦可能對我們的業務產生的近期影響的不確定性仍然存在。在我們應對 COVID 的影響時，我們將繼續分享對我們業務績效的內部預期，但不提供正式的指導。

We are pleased to see strong sequential broad-based growth of our total product pipeline opportunity; however, we have not achieved the same levels as Q4 of the prior year. Our current internal view is that total revenues for the full fiscal year will be $1.66 billion, representing approximately 1% of growth and total revenues for Q4 will be approximately $480 million, a decline of 2% year-over-year. We expect operating expenses during Q4 to increase slightly year-over-year, including a full quarter of investment for Portworx. With our current view of revenue, we believe operating profit for the full year will be approximately $35 million and approximately $26 million in Q4.

我們很高興看到我們的總產品線機會的強勁連續廣泛增長；但是，我們沒有達到與去年第四季度相同的水平。我們目前的內部觀點是，整個財年的總收入為 16.6 億美元，約佔增長的 1%，第四季度的總收入約為 4.8 億美元，同比下降 2%。我們預計第四季度的運營費用將同比略有增加，包括對 Portworx 的整個季度的投資。根據我們目前對收入的看法，我們認為全年營業利潤約為 3500 萬美元，第四季度約為 2600 萬美元。

Overall, we are pleased with our Q3 financial performance and execution and resilience of our employees, partners and customers. The performance, simplicity and flexibility of our solutions are creating valuable outcomes for our customers, which is further accentuated during the COVID-19 environment. Our rich portfolio of solutions including the addition of Portworx positions us for strong revenue growth, including growth of our recurring revenues.

總體而言，我們對第三季度的財務業績、員工、合作夥伴和客戶的執行力和復原力感到滿意。我們解決方案的性能、簡單性和靈活性正在為我們的客戶創造有價值的成果，這在 COVID-19 環境中得到進一步強調。我們豐富的解決方案組合，包括增加 Portworx，使我們能夠實現強勁的收入增長，包括經常性收入的增長。

With that, we will now open the call for questions.

有了這個，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Jason Ader of William Blair.

（操作員說明）您的第一個問題來自 William Blair 的 Jason Ader。

Yes. I wanted to know from you guys do you have any sense of pent-up demand going into 2021? And then any update on NAND pricing and how that might be impacting the Street pricing?

是的。我想從你們那裡知道，你們對進入 2021 年的需求有什麼感覺嗎？然後關於 NAND 定價的任何更新以及這可能如何影響 Street 定價？

Yes. Thank you, Jason. Good to hear your voice. We're very pleased with what we saw in terms of pickup in momentum in Q3. The improvement in visibility and the fact that our customers' plans seem to solidify during the quarter all the way through the end of the quarter is a very good reason for optimism as we go forward.

是的。謝謝你，傑森。很高興聽到你的聲音。我們對第三季度勢頭的回升感到非常滿意。可見度的提高以及我們客戶的計劃似乎在本季度一直到本季度末都在鞏固的事實是我們前進的一個非常樂觀的理由。

I don't know that I call it pent-up demand as much as I would call it, the new -- they're planning for -- their plans for digital transformation, if anything, are accelerated. And that's good news for the collection and storage of data as well as managing that data and being able to take more out of it to improve their business. And I think that is going to be -- that is going to continue even after the COVID is long forgotten. And so -- and with all of the optimism around vaccines, I think we believe that comes spring or early summer, we'll start to see new buying patterns and new acceleration emerge. Whether that's pent-up demand or whether that's based on accelerated digital transformation trends, I'll leave that up to you.

我不知道我將其稱為被壓抑的需求，因為他們正在計劃新的 - 他們正在計劃的 - 他們的數字化轉型計劃（如果有的話）正在加速。這對於收集和存儲數據以及管理這些數據並能夠從中獲取更多信息來改善他們的業務來說是個好消息。而且我認為這將是——即使在 COVID 被長期遺忘之後，這種情況仍將繼續。因此，鑑於圍繞疫苗的所有樂觀情緒，我認為我們相信在春季或初夏，我們將開始看到新的購買模式和新的加速出現。無論是被壓抑的需求還是基於加速的數字化轉型趨勢，我都將由您決定。

Your next question comes from Alex Kurtz of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Alex Kurtz。

Yes. Can you guys hear me okay?

是的。你們能聽到我的聲音嗎？

Absolutely, Alex.

當然，亞歷克斯。

Great. I hope everyone is safe and healthy, and we'll have a good Thanksgiving week here. So Charlie, you brought in a new Head of Sales, obviously, from a very strong background in software and subscription. And it's clear that with Pure as-a-Service doing well, there's a move towards a bigger focus on this type of selling motion and licensing to your customers.

偉大的。我希望每個人都安全健康，我們將在這裡度過一個愉快的感恩節。所以查理，你帶來了一位新的銷售主管，顯然，他在軟件和訂閱方面有著非常強大的背景。很明顯，隨著 Pure as-a-Service 表現良好，人們開始更加關注這種類型的銷售動議和向您的客戶授權。

So I guess if you could just frame up how you would talk to your sales organization into big customers next fiscal year, like what's the message from Pure about how you want to be selling the product? How you want to be licensed and ultimately, for Kevan, like what does this mean for revenue growth? Because obviously, deferred would start to pick up. So some big top level questions, do the best you can on those.

所以我想如果你能在下一個財政年度與你的銷售組織溝通大客戶，就像 Pure 關於你想如何銷售產品的信息是什麼？您希望如何獲得許可以及最終對 Kevan 而言，這對收入增長意味著什麼？因為很明顯，deferred 將開始回升。所以一些大的頂級問題，盡你所能。

You bet. And well, actually, I'm fully practiced because I addressed my entire sales force on this just a couple of weeks ago at our global leadership summit. So the world is changing and the world is changing from -- if you ask why are they going to SaaS? Why are they going to the cloud? It's not because it's in the cloud. It's because they're choosing to -- they're choosing services and vendors that provide them with outcomes -- better outcomes rather than just the means for a customer to develop the outcome for themselves. SaaS, if you will, if you go to a SaaS service, it actually provides a direct interface to their internal customers with a solution rather than just providing, for example, software for the customer to implement themselves.

你打賭。好吧，實際上，我已經完全練習過了，因為就在幾週前，我在我們的全球領導力峰會上向我的整個銷售團隊發表了講話。所以世界正在發生變化，世界正在發生變化——如果你問他們為什麼要轉向 SaaS？他們為什麼要去雲端？這不是因為它在雲端。這是因為他們選擇——他們選擇為他們提供結果的服務和供應商——更好的結果，而不僅僅是客戶為自己開發結果的手段。 SaaS，如果你願意的話，如果你使用 SaaS 服務，它實際上為他們的內部客戶提供了一個解決方案的直接接口，而不僅僅是為客戶提供例如軟件來實現自己。

And so as we go forward, we are increasingly tailoring our solutions to provide those outcomes for customers. What our customers want is data management, not a device that -- for them to be able to create data management out of. And you see that in our Pure as-a-Service offering that we announced today, which is our Pure services catalog, where a customer now can go online, find all sorts of tools to measure and figure out what type of service categories and tiers they need for their workloads. And then completely subscribe to it online. And whether it's on-prem or in the cloud, Pure takes the responsibility for delivering that to the customer as a set of service level guarantees. So increasingly, our approach is to provide customers what they need, both on-prem and in the cloud.

因此，隨著我們的發展，我們越來越多地定制我們的解決方案，以便為客戶提供這些成果。我們的客戶想要的是數據管理，而不是能夠讓他們創建數據管理的設備。您會在我們今天宣布的 Pure as-a-Service 產品中看到，這是我們的 Pure 服務目錄，客戶現在可以上網，找到各種工具來衡量和確定服務類別和等級的類型他們需要他們的工作量。然後完全在線訂閱它。無論是在本地還是在雲中，Pure 都負責將其作為一組服務水平保證交付給客戶。因此，我們的方法越來越多地為客戶提供他們需要的東西，無論是在本地還是在雲端。

But to do so through a service offering, now that does generally mean migrating to more of subscription style of sales, although the customers can get this even if they go with a CapEx purchase. But we've been signaling for a quite a while that we're -- that our expectations that subscriptions would be picking up as a percentage of our sales, that has largely come out to be true. As you can tell from our announcements this quarter about the improvement in overall subscription sales. And we expect that to continue to be true. But we will manage that where the forecasting that we're providing to the Street takes that into account. And so we feel comfortable with that. And of course, we think this is a better solution for our customers. And so increasingly, our sales team wants to go where the customers are going, and they feel good about the changes we're making.

但是通過提供服務來做到這一點，現在這通常意味著轉向更多的訂閱式銷售，儘管客戶即使購買資本支出也可以獲得這一點。但是很長一段時間以來，我們一直在發出信號——我們期望訂閱量將占我們銷售額的百分比上升，這在很大程度上是正確的。從我們本季度的公告中可以看出，整體訂閱銷售有所改善。我們希望這將繼續如此。但我們將在我們向華爾街提供的預測考慮到這一點的情況下進行管理。所以我們對此感到滿意。當然，我們認為這對我們的客戶來說是一個更好的解決方案。因此，我們的銷售團隊越來越想去客戶要去的地方，他們對我們所做的改變感覺很好。

And I'll just add a little bit to that, Charlie. Look, 1/3 of our revenue is really coming from Subscription Services to begin with. So we've got a great start to this transition. And given that our Evergreen subscription model is running at scale, the idea that we're going to have ramp of our Pure as-a-Service unified subscription will have less of an impact, in my mind, on total revenue, though there will be some impact. The other benefit that we'll see is, obviously, Portworx being part of our subscription revenue, and that will be incremental to our growth curve as it relates to our Subscription Services.

查理，我只是補充一點。看，我們 1/3 的收入一開始確實來自訂閱服務。因此，我們對這一過渡有了一個良好的開端。鑑於我們的 Evergreen 訂閱模式正在大規模運行，在我看來，我們將增加純即服務統一訂閱的想法對總收入的影響較小，儘管受到一些影響。顯然，我們將看到的另一個好處是，Portworx 是我們訂閱收入的一部分，這將增加我們的增長曲線，因為它與我們的訂閱服務相關。

Your next question comes from Aaron Rakers of Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

Yes. I want to kind of build on that last comment around subscription. I think one of the metrics that's always a little bit interesting is just the RPO balance expansion and that delta relative to deferred revenue. I think it was up about 47.5% year-over-year. Can you just remind us how much of that is of the true subscription business? And was there any Portworx contribution in that number this quarter?

是的。我想以關於訂閱的最後一條評論為基礎。我認為總是有點有趣的指標之一就是 RPO 餘額擴展和相對於遞延收入的增量。我認為它同比增長了約 47.5%。您能否提醒我們其中有多少是真正的訂閱業務？ Portworx 在本季度的這個數字中是否有任何貢獻？

Great question. And this is Kevan, how are you doing, Aaron? In terms of the differential, when you look at it sequentially and the growth we're seeing sequentially between deferred revenue and RPO, that is really our Pure as-a-Service offering that's contributing to that build. And then Portworx would not have a significant contribution though there would be some contribution to RPO for Portworx.

好問題。這是凱文，你好嗎，亞倫？就差異而言，當您按順序查看它以及我們在遞延收入和 RPO 之間看到的按順序增長時，這確實是我們的純即服務產品為該構建做出了貢獻。然後 Portworx 將不會有重大貢獻，儘管對 Portworx 的 RPO 會有一些貢獻。

And then just as a quick follow-up. Maybe you've got one of your competitors also reporting tonight. Just curious, PowerStore has been in the market for a quarter or better now. Just kind of update us on what you're seeing in the competitive landscape. Is this -- as you say, the digital transformation is poised to kind of accelerate.

然後作為快速跟進。也許您的一位競爭對手也在今晚進行報導。只是好奇，PowerStore 已經上市四分之一或更長時間了。只需向我們介紹您在競爭格局中所看到的情況。這是 - 正如你所說，數字化轉型即將加速。

Yes, I'm going to underwhelm you here, Aaron. We're just not seeing PowerStore. I mean we're -- the little we're seeing of it is not being terribly successful. So if anything, when it's introduced to a customer, it gives us an opportunity to go in because it's always a disruptive upgrade to the customer, regardless of which of the products that they're attempting to sell or upgrade against. So it's just not been a big factor. Our win rates generally with Dell have been very consistent. They're consistent quarter-by-quarter. I'd say no -- not terribly different this quarter, if anything, a little bit better. So -- but PowerStore has been largely absent. I will say that most of the time, even if they're going with PowerStore, they quickly changed their bid to PowerMax. And that's the more typical competition for us.

是的，亞倫，我會讓你不知所措。我們只是沒有看到 PowerStore。我的意思是我們 - 我們所看到的一點點並不是非常成功。因此，如果有的話，當它被介紹給客戶時，它給了我們一個進入的機會，因為它總是對客戶的破壞性升級，無論他們試圖銷售或升級哪種產品。所以這並不是一個大因素。我們與戴爾的總體勝率非常一致。它們按季度保持一致。我會說不——本季度並沒有太大的不同，如果有的話，會好一點。所以——但 PowerStore 基本上不存在。我會說，大多數時候，即使他們選擇 PowerStore，他們也會很快將出價更改為 PowerMax。這對我們來說是更典型的競爭。

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

您的下一個問題來自摩根大通的 Pinjalim Bora。

My first question, just on the pipeline, I think you said the pipeline is up, but is not as up as much as last year. But help us understand the composition of the pipeline that you're seeing last quarter, I think you kind of indicated that the maturity curve is towards the early stage. Has that changed at all as we head into Q4?

我的第一個問題，就在管道上，我想你說管道正在上升，但沒有去年那麼多。但請幫助我們了解您在上個季度看到的管道的組成，我認為您表示成熟度曲線正處於早期階段。當我們進入第四季度時，情況是否發生了變化？

Great, great question. And absolutely, when we're looking at the pipeline composition, you are right in terms of the year-over-year compare. What we are pleased with is the strength we're seeing sequentially in our build from Q3 to Q4, which gives us some confidence in terms of our internal view of our Q4 outlook. And then when we actually peel that back a little bit, we are confident to see some evolution in terms of the aging of those pipeline opportunities. As you mentioned, when we were going into Q3, we saw that we were getting some nice build, but those were earlier stage opportunities. And as we're looking at Q4, we see a much better balance between early stage opportunities as well as advanced stage. So nice evolution in terms of what we're seeing sequentially between our Q3 and Q4 pipeline.

很好，很好的問題。絕對地，當我們查看管道組成時，就同比比較而言，您是正確的。我們感到高興的是，我們在第三季度到第四季度的構建中連續看到了實力，這讓我們對我們對第四季度前景的內部看法有了一些信心。然後，當我們真正將其剝離一點時，我們有信心看到這些管道機會老化方面的一些演變。正如你所提到的，當我們進入第三季度時，我們看到我們得到了一些不錯的構建，但這些都是早期階段的機會。當我們看到第四季度時，我們看到早期機會和高級階段之間的平衡要好得多。就我們在第三季度和第四季度管道之間依次看到的情況而言，這是非常好的演變。

Understood. And Charlie, one for you. Talking to some of your partners, we have kind of gathered. But you -- that there has been a few mid 8-figure and even larger PaaS contracts. Help us understand what's driving that. Is that transitory as companies try to preserve cash outlay right now in this environment? Or do you think it's kind of a fundamental change in hardware buying behavior?

明白了。查理，一個給你的。與您的一些合作夥伴交談，我們已經聚集在一起。但是你——已經有一些 8 位數甚至更大的 PaaS 合同。幫助我們了解是什麼推動了這一點。隨著公司現在試圖在這種環境下保留現金支出，這種情況是否只是暫時的？還是您認為這是硬件購買行為的根本變化？

Well, I think it's the beginning of a fundamental change in -- well -- and again, I won't say it's hardware buying behavior there. We're delivering this as a service. So I really want to call attention to the fact that and especially with PaaS 2.0, but actually also when we first introduced PaaS, it was a lot more than just a financial construct for customers to acquire hardware. We're delivering it as a service. They have no commitment to long-term holding of the hardware, and it's a unified subscription with the same set of services, in fact, the same software in the cloud. And increasingly, every aspect of their usage, if you will, of the service will be service oriented. That is to say that it will be fully managed, it will scale up and scale down without disruption and without the customer getting involved in that at all, we take full responsibility for it. So I just want to identify that it's not about acquiring hardware. It really is about subscribing to a service that just happens to be on their premise as well as in the cloud. And I do think that over time, we'll see more and more of this absolutely.

好吧，我認為這是一個根本性變化的開始——好吧——再說一次，我不會說這是那裡的硬件購買行為。我們將其作為服務提供。所以我真的想提請注意一個事實，尤其是 PaaS 2.0，但實際上，當我們第一次引入 PaaS 時，它不僅僅是客戶購買硬件的財務結構。我們將其作為服務提供。他們沒有承諾長期持有硬件，而是統一訂閱，擁有相同的服務集，實際上是雲中的相同軟件。並且越來越多地，如果您願意的話，服務使用的各個方面都將是面向服務的。也就是說，它將被完全管理，它會在沒有中斷的情況下擴大和縮小規模，而且客戶完全不會參與其中，我們對此負有全部責任。所以我只想確定這與獲取硬件無關。這實際上是關於訂閱恰好在他們的前提下以及在雲中的服務。而且我確實認為，隨著時間的推移，我們絕對會看到越來越多的這種情況。

Yes. Just to jump in for a second. I think Charlie is really hitting on one of the key differentiators of PaaS from our competition, where we're really pursuing this like a product opportunity. If you look at our competitors, their offerings tend to come from their financial services groups, and they're just kind of dressed up leases in a different name.

是的。只是跳進去一秒鐘。我認為 Charlie 確實是在將 PaaS 與我們的競爭對手區分開來的關鍵區別之一，在我們的競爭對手中，我們真的在追求這一點，就像一個產品機會一樣。如果你看看我們的競爭對手，他們的產品往往來自他們的金融服務集團，而且他們只是用不同的名字來裝飾租賃。

We have a business unit that has engineers, has a GM who's running this program. And we're thinking about how we really change the entire customer experience around and as a service experience. And so hopefully, what you've seen with the launch of the service catalog today is a good example where we're really rethinking what's the entire way a customer thinks about purchasing a service, looks at their existing workloads and uses AI-driven modeling tools to understand the right service. And then just enjoys the same level of transparency that people have today in the public cloud around open service pricing, performance SLAs and then driving the process for getting procurement going. So really, it's the beginning of a whole new interaction with customers at Pure.

我們有一個有工程師的業務部門，有一個運行這個程序的總經理。我們正在考慮如何真正改變整個客戶體驗，並將其作為一種服務體驗。因此，希望您今天發布的服務目錄是一個很好的例子，我們正在重新思考客戶購買服務的整體方式，查看他們現有的工作負載並使用人工智能驅動的建模了解正確服務的工具。然後在開放服務定價、性能 SLA 以及推動採購流程方面享受與人們今天在公共雲中相同的透明度。真的，這是 Pure 與客戶進行全新互動的開始。

And your next question comes from the line from Nehal Chokshi of Northland Capital.

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

Yes. Thanks and congrats on the strong results and strong guidance as well, in my opinion. I want to go back to the discussion on RPO, especially the unbilled RPO portion, which it was up $16 million Q-o-Q, which is more than the $5 million in the year ago period. So clearly on a year-over-year basis, as Aaron had alluded to, a nice acceleration. But still a step down from the $20-plus million in the past 2 quarters. So is that a deceleration of the performance over the past few quarters? Or is there some seasonality that you're seeing with the Pure as-a-Service -- the unified Pure as-a-Service offerings?

是的。在我看來，感謝並祝賀我們取得了強有力的成果和強有力的指導。我想回到關於 RPO 的討論，尤其是未開票的 RPO 部分，它比去年同期增加了 1600 萬美元，超過了去年同期的 500 萬美元。很明顯，正如亞倫所暗示的那樣，年復一年的加速非常好。但與過去兩個季度的 20 多萬美元相比仍有所下降。那麼這是過去幾個季度業績的減速嗎？或者，您在 Pure as-a-Service（統一的 Pure as-a-Service 產品）中看到了一些季節性？

Nehal, really, I think this may be more of the fact that we did a large Pure as-a-Service deal this quarter. And we're able to bill for the entire amount upfront. So that entire portion is actually in deferred revenue. So when we look at our Pure as-a-Service trends quarter-over-quarter, actually, they're very strong, and we're quite pleased with those trends. What you're looking at between the unbilled portion versus deferred revenue, we do have some mix in there where we've got some past deals that are being reflected in deferred revenue because we were fortunate to bill for those upfront.

內哈爾，真的，我認為這可能更多是因為我們在本季度完成了一項大型純即服務交易。我們可以預先支付全部金額。因此，整個部分實際上是遞延收入。因此，當我們按季度查看純即服務趨勢時，實際上，它們非常強勁，我們對這些趨勢感到非常滿意。您在未開票部分與遞延收入之間看到的內容，我們確實有一些混合，我們有一些過去的交易反映在遞延收入中，因為我們很幸運地為這些預付費用。

Your next question comes from Karl Ackerman of Cowen.

您的下一個問題來自 Cowen 的 Karl Ackerman。

Yes. Charlie, starting with you first, if I may. Your internal outlook is healthy, considering the headwinds across commercial. Are you seeing any rebound internationally, particularly in Europe, that is giving you greater confidence for the January quarter? Or are you actually seeing a sustained improvement in on-prem in the U.S.? And I have a follow-up.

是的。查理，如果可以的話，首先從你開始。考慮到整個商業領域的逆風，你的內部前景是健康的。您是否看到國際上的任何反彈，特別是在歐洲，這讓您對 1 月季度更有信心？或者您是否真的看到美國本地部署的持續改善？我有一個後續行動。

Yes. So interesting, Karl. So I think international really shows the effect of COVID on business in general. So as you know, in Q2, we saw a real improvement in international overall as they came out of the crisis, earlier than did the U.S., so we saw an uptick.

是的。太有趣了，卡爾。因此，我認為國際確實顯示了 COVID 對總體業務的影響。如你所知，在第二季度，我們看到國際整體在走出危機後出現了真正的改善，比美國更早，所以我們看到了上升。

In Q3, in contrast, we saw Europe, in particular, but Asia -- but international in general, start to go back into lockdown early -- late September, early October, and already, we started right around the same time with a little bit of latency we saw the effect on our business. So COVID really does have an effect on the local economies, whichever country it happens to hit. And it's why we're a little bit cautious for Q4, but we do believe, at the same time, that businesses now have become, let's say, more accustomed to operating in the COVID environment. And therefore, they are more robust in terms of pursuing their IT and digital transformation plans. So we don't expect the kind of turndown that we saw in Q2.

相比之下，在第三季度，我們看到尤其是歐洲，但亞洲——但總體而言是國際上，開始在 9 月下旬、10 月初重新進入封鎖狀態，而且我們已經在大約同一時間開始了一點延遲，我們看到了對我們業務的影響。因此，無論它碰巧襲擊哪個國家，COVID 確實對當地經濟產生了影響。這就是為什麼我們對第四季度有點謹慎，但同時我們確實相信，企業現在已經變得，比如說，更習慣於在 COVID 環境中運營。因此，他們在實施 IT 和數字化轉型計劃方面更加穩健。因此，我們預計第二季度不會出現這種情況。

We -- even with our cautious optimism, we feel that -- we feel confident in what -- how we're looking at Q4 right now. But clearly, I think once -- the same effect that we saw in Europe when they came out of the crisis in the spring gives us confidence for this spring, especially, let's say, around the spring to summer of this year. And then with vaccines, we think that will be a longer term phenomenon. So we're very much looking forward to the future, but we do believe the next few months are reasons to be a bit more cautious.

我們——即使我們保持謹慎的樂觀態度，我們也覺得——我們對我們現在對第四季度的看法充滿信心。但很明顯，我認為曾經——我們在歐洲看到春季擺脫危機時所產生的同樣影響，讓我們對今年春季充滿信心，尤其是在今年春季到夏季前後。然後對於疫苗，我們認為這將是一個長期現象。所以我們非常期待未來，但我們確實相信接下來的幾個月是需要更加謹慎的理由。

Yes. Understood. I appreciate that. For Kevan, it's quite apparent that your recent acquisition and expansion of as-a-Service offerings today underscore your desire to increasingly shift your portfolio toward a recurring revenue model. How does that impact OpEx growth in 2021 over the next couple of quarters? When we think about that, will 2021 be characterized by an investment year in sales and marketing? I guess we've modified our sales approach. But how do we think about the ability to get leverage on the OpEx side because it's certainly, I think, a great initiative. But if we could think about that from an OpEx side, that would be helpful.

是的。明白了。我很感激。對於 Kevan 來說，很明顯，您最近收購和擴展了今天的即服務產品，這突顯了您希望越來越多地將您的投資組合轉向經常性收入模式。這對未來幾個季度 2021 年的運營支出增長有何影響？考慮到這一點，2021 年是否會成為銷售和營銷投資年？我想我們已經修改了我們的銷售方式。但是我們如何考慮在運營支出方面獲得影響力的能力，因為我認為這肯定是一項偉大的舉措。但是，如果我們可以從運營支出方面考慮這一點，那將會很有幫助。

Yes. Thanks, Karl. When I think about our operating margin leverage potential, even with the transition to increasing Pure as-a-Service and our subscription offerings, both are very achievable. And we're planning on that as we look out to next year. I think we're making some great efforts across the board to leverage our investments, especially this year. As we kind of invested ahead of the growth curve, if you will, going into next year. So I'm looking to actually improve operating margin and profitability, even when considering growth in our subscription offerings.

是的。謝謝，卡爾。當我考慮到我們的營業利潤率槓桿潛力時，即使過渡到增加 Pure as-a-Service 和我們的訂閱產品，兩者都是可以實現的。展望明年，我們正在計劃這樣做。我認為我們正在全面努力利用我們的投資，尤其是今年。由於我們在增長曲線之前進行了投資，如果你願意的話，進入明年。因此，即使考慮到我們訂閱產品的增長，我也希望真正提高營業利潤率和盈利能力。

Your next question comes from the line of Srini of SIG.

您的下一個問題來自 SIG 的 Srini。

Yes. I wanted to -- I have 2 follow-ups. I want to go to your presentation slides specifically Slide #5 and 6. Obviously, the number of new customer addition has declined on a year-over-year basis. But what is interesting, the revenue mix is shifting. And I just want to get some clarification. Is that just driven by the change in the customer type, more driven by app developers? And is that what's driving more better projects, especially impacting the Subscription Services. Is that the right way of thinking about on a year-over-year basis?

是的。我想 - 我有 2 次跟進。我想看看你的演示幻燈片，特別是幻燈片 #5 和 6。顯然，新增客戶的數量逐年下降。但有趣的是，收入組合正在發生變化。我只是想澄清一下。這只是由客戶類型的變化驅動，更多的是由應用程序開發人員驅動嗎？是什麼推動了更多更好的項目，尤其是影響訂閱服務。這是逐年思考的正確方式嗎？

Well, I'll take that first, Charlie, and then feel free to add on. I mean when we think about our new customers, our new customers will either purchase our Pure as-a-Service offering, which would contribute to our Subscription Services or they'll purchase our integrated appliance that comes with our Evergreen subscription. And so that will play into it as well. But we're also getting a significant amount of momentum with customers who are continuing to invest in the Evergreen subscriptions from a renewal standpoint. And that momentum is really coming from our existing customers. And so that hopefully would answer that question specific to the mix occurring.

好吧，查理，我先說一下，然後再補充。我的意思是，當我們考慮我們的新客戶時，我們的新客戶要么購買我們的 Pure as-a-Service 產品，這將有助於我們的訂閱服務，要么他們將購買我們的 Evergreen 訂閱附帶的集成設備。所以這也將發揮作用。但是，從續訂的角度來看，我們也從繼續投資於 Evergreen 訂閱的客戶那裡獲得了巨大的動力。這種勢頭確實來自我們現有的客戶。因此，希望能回答特定於混合發生的問題。

Yes. Well, let me also answer in terms of mix of new customers overall and as you point out, a decline in year-over-year. First of all, I have to say, that given the COVID environment, we're pretty pleased with the number of new customers we've been able to gain because in the COVID environment, clearly, incumbents tend to have a bit of an advantage as new customers are just more -- as customers are more cautious about considering changes to their existing environment.

是的。好吧，讓我也回答一下整體新客戶的組合，正如你所指出的，同比下降。首先，我不得不說，鑑於 COVID 環境，我們對我們能夠獲得的新客戶數量感到非常滿意，因為在 COVID 環境中，現有企業顯然具有一些優勢因為新客戶越來越多——因為客戶在考慮改變現有環境時更加謹慎。

That being said, if you were to break down the new customers or the net new logos, what you'd find out is a good growth as a percentage in enterprise. And of course, lower net new logos in commercial. And simply, again, because commercial is under pressure worldwide much more so than enterprises in terms of numbers from the corona environment. So again, our expectation is that when the corona pandemic abates hopefully, by spring, we should see a good pickup in this.

話雖如此，如果您要分解新客戶或新徽標，您會發現企業的百分比增長良好。當然，降低商業中的淨新標識。再一次簡單地說，因為就冠狀病毒環境的數量而言，全球商業面臨的壓力比企業大得多。因此，我們的期望是，當冠狀病毒大流行有望在春天消退時，我們應該會看到這方面的良好回升。

Yes. Thanks, Charlie. But the momentum when we think about our recurring revenues will be driven probably more from our existing customer base as well.

是的。謝謝，查理。但是，當我們考慮經常性收入時，動力可能更多地來自我們現有的客戶群。

Much more from the existing customer base, yes.

是的，來自現有客戶群的更多信息。

Yes. Got you. And 1 quick follow-up, more of a housekeeping item. When I -- looking at the Product revenue, as we look into next fiscal year and increased availability of a QLC NAND. Is that going to have a positive impact on Product margin? Or would you prefer passing that along to customer to increase market share?

是的。得到你。和 1 次快速跟進，更多的是家政項目。當我查看產品收入時，當我們展望下一個財政年度並增加 QLC NAND 的可用性時。這會對產品利潤率產生積極影響嗎？還是您更願意將其傳遞給客戶以增加市場份額？

Yes. Let me take a try at that. I think it's a little bit early for us to be able to opine with great confidence on that. But I suppose my belief is that we're utilizing QLC first and primarily to penetrate into new markets in the disk space. And therefore, disk economics are the ones that we're competing with in that environment. And as such, I would expect margins to be consistent with our overall company margins rather than to be used as strictly as an enhancement. I think over the long term, it may improve overall product margin. But in the short term, I expect that it's -- we'll be utilizing it to penetrate into that market.

是的。讓我試一試。我認為我們現在能夠滿懷信心地對此發表意見還為時過早。但我想我的信念是，我們首先使用QLC，主要是為了打入磁盤空間的新市場。因此，磁槃經濟性是我們在該環境中與之競爭的經濟性。因此，我希望利潤率與我們公司的整體利潤率保持一致，而不是嚴格地用作增強。我認為從長遠來看，它可能會提高整體產品利潤率。但在短期內，我預計它是 - 我們將利用它來滲透到那個市場。

And I'd also say that your question somewhat implied that our QLC product was being limited by availability of NAND, and that's not the case where second-generation of that product being GI-ed now. We've now shipped the largest QLC flash module in the industry or 48-terabyte module. And so we're in a really great place from a supply point of view to supply that product, and we believe it's really differentiated in the market.

而且我還要說，您的問題在某種程度上暗示我們的 QLC 產品受到 NAND 可用性的限制，而現在該產品的第二代產品並非如此。我們現在已經交付了業界最大的 QLC 閃存模塊或 48 TB 模塊。因此，從供應的角度來看，我們在供應該產品方面處於一個非常好的位置，我們相信它在市場上確實與眾不同。

Your next question comes from Simon Leopold of Raymond James.

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

First thing, I wanted to ask a little bit more about this announcement you've made today about publishing the service catalog. I guess I'm trying to think about the potential consequences. One scenario might suggest this could trigger price wars, responses from your competitors. On the other hand, I could imagine maybe this leads to less discounting by you, given that you're putting prices out in print for your customers. Just wondering how you think about the various scenarios or outcomes from this action you've taken?

首先，我想進一步了解您今天發布的有關發布服務目錄的公告。我想我正在嘗試考慮潛在的後果。一種情況可能表明這可能會引發價格戰、競爭對手的反應。另一方面，我可以想像這可能會導致您減少折扣，因為您正在為您的客戶印刷價格。只是想知道您如何看待您採取的這一行動的各種情景或結果？

I'll take a first stab at that. Look, I guess the first thing here is we're doing this because it's something customers demand. And increasingly, customers want to self-qualify research solutions on their own, do so and understand relative pricing and then contact a sales rep or a channel partner when they're much further along in the buying process. And so this is from a Pure point of view, it's all about really upping our digital go-to-market chops and being able to sell how customers want to buy much more in this cloud model. In the case of the service catalog, what we published in there our MSRP prices and so a customer can get a discount obviously by coming to Pure and working through our channel programs, and that's not published. So there's still some room for negotiation in there.

我會先嘗試一下。看，我想這裡的第一件事是我們這樣做是因為這是客戶的需求。越來越多的客戶希望自己對研究解決方案進行自我鑑定，這樣做並了解相關定價，然後在他們在購買過程中走得更遠時聯繫銷售代表或渠道合作夥伴。因此，從純粹的角度來看，這一切都是為了真正提高我們的數字化進入市場的能力，並能夠在這種雲模型中銷售客戶想要購買的更多產品。就服務目錄而言，我們在其中發布了我們的建議零售價價格，因此客戶可以通過來到 Pure 並通過我們的渠道計劃工作顯然可以獲得折扣，而這並沒有公佈。所以這裡面還是有商量的餘地。

But what the service catalog does do is it allows them to very openly see what the different services are, see what the performance levels are, so they can make a good choice around, okay, is it worth a 2x increase in spend to get a certain amount of increase in performance.

但是服務目錄的作用是讓他們非常公開地看到不同的服務是什麼，看看性能水平如何，這樣他們就可以做出很好的選擇，好吧，是否值得增加 2 倍的支出來獲得一定程度的性能提升。

And indeed, if you look at the new service tiers that we've introduced, we now offer a 10x range in pricing for a 20x range in performance. And so there's quite a range of services and customers have the right service level for every workload in their environment.

事實上，如果您查看我們推出的新服務層級，我們現在提供 10 倍的價格範圍和 20 倍的性能範圍。因此，服務種類繁多，客戶可以針對其環境中的每個工作負載擁有合適的服務級別。

That's very helpful. And just maybe as a follow-up, I think earlier in the Q&A, you talked about customers adjusting to this new normal. So even as we aren't fully back and don't have a vaccine widely available yet, your customers are adjusting to how they do business. With that in mind, do you think that your next quarter, basically, as we turn into next year, you might defy normal seasonality that we might have a more muted sequential decline as your customers are sort of catching up to business that they didn't do during the pandemic's worst period?

這很有幫助。我認為在問答環節的早些時候，你談到了客戶正在適應這種新常態。因此，即使我們還沒有完全恢復，也沒有廣泛可用的疫苗，您的客戶正在調整他們的業務方式。考慮到這一點，您是否認為您的下個季度，基本上，隨著我們進入明年，您可能會挑戰正常的季節性，因為您的客戶正在追趕他們沒有趕上的業務，我們可能會出現更溫和的連續下降。在大流行最嚴重的時期不做嗎？

Well, it's an interesting question. Look, we're not epidemiologists here, but I think it's fair to say that our expectation would be that COVID will be with us through the early spring and then hopefully start to abate at that point in time. And I would expect to see then a return to growth economically across the world. That's what we're planning on right around that time and then get back to -- so that might suggest greater seasonality next year simply because the beginning of the year might be a little bit more muted than the end of the year. But from that point going forward, I would expect to start to get back to our normal seasonality.

嗯，這是一個有趣的問題。聽著，我們不是這裡的流行病學家，但我認為可以公平地說，我們的期望是 COVID 將在初春與我們同在，然後有望在那個時候開始減弱。我預計屆時全球經濟將恢復增長。這就是我們計劃在那個時候做的事情，然後再回到 - 所以這可能意味著明年會有更大的季節性，僅僅是因為今年年初可能比年底更加平靜。但從那時起，我預計會開始恢復正常的季節性。

What I was pleased to see is a couple of things. I was pleased to see overperformance in Q3. Followed by what we're seeing currently is sequential strength going from Q3 to Q4. And I think those are positive attributes because I think the COVID resurgence back to your point, Simon, in terms of folks knowing how to sell in this new environment, customers being more comfortable purchasing, I think, will help mitigate this resurgence we're seeing globally.

我很高興看到幾件事。我很高興看到第三季度表現出色。其次是我們目前看到的是從第三季度到第四季度的連續強度。我認為這些都是積極的屬性，因為我認為 COVID 的複蘇回到了你的觀點，西蒙，就人們知道如何在這個新環境中銷售而言，客戶更願意購買，我認為，這將有助於緩解這種複蘇，我們正在放眼全球。

And then we just need to see how Q4 performance evolves throughout the quarter. But look, we're really confident in our growth drivers, especially with what we saw in Q3 in terms of our Subscription Services, FlashBlade performance and FlashArray//C. So it's coming together for us. COVID certainly creates uncertainty. And to Charlie's point, we do expect that to continue in Q1, but we're going in the right direction.

然後我們只需要看看第四季度的業績在整個季度中是如何演變的。但是看，我們對我們的增長動力非常有信心，特別是在我們在第三季度看到的訂閱服務、FlashBlade 性能和 FlashArray//C 方面。所以它對我們來說很重要。 COVID肯定會產生不確定性。就查理而言，我們確實希望這種情況在第一季度繼續，但我們正朝著正確的方向前進。

And your next question comes from Tim Long of Barclays.

您的下一個問題來自巴克萊的 Tim Long。

Yes. Just two, if I could, as well. Just wanted to follow up on FlashArray//C. Just curious what you can -- what you kind of learned from Gen 1 to Gen 2 of that product. Maybe just win rates, deal sizes, new applications. What are you seeing as that product evolves? And then second, Charlie, if you could just give us -- it sounded like enterprise was pretty strong. Could you just give us a little color around small, medium businesses and what you think it's going to take to see a better rebound from that customer group?

是的。如果可以的話，就兩個。只是想跟進 FlashArray//C。只是好奇你能做什麼——你從該產品的第一代到第二代學到了什麼。也許只是贏率、交易規模、新應用程序。隨著產品的發展，您看到了什麼？然後第二個，查理，如果你能告訴我們——聽起來企業非常強大。您能否給我們一些關於中小型企業的信息，以及您認為如何從該客戶群中看到更好的反彈？

Yes. Well, let me give it a shot. In terms of the -- let me start with the second one first, which is that commercial, as we, I think, as other companies have identified as well, the mid-market and small, medium have as a group been harder hit by the COVID crisis than large enterprise. And perhaps because they were not quite as ready to operate entirely online as were many of the large enterprises that had already invested in it. But -- so I think it's just a generally stronger economy overall will help that. As you can see, it's not completely disappeared. The net new logos indicates by us, indicates that there is still a healthy commercial market, but it's far muted from pre-COVID days overall.

是的。好吧，讓我試一試。就 - 讓我先從第二個開始，這是商業，我認為，正如其他公司所確定的那樣，中型市場和中小型市場作為一個整體受到的打擊更大COVID危機比大企業。也許是因為他們還沒有像許多已經投資的大型企業那樣準備好完全在線運營。但是 - 所以我認為總體而言，總體上更強勁的經濟將對此有所幫助。如您所見，它並沒有完全消失。我們指出的淨新徽標表明仍然存在健康的商業市場，但與 COVID 之前的總體情況相比，它遠沒有那麼平靜。

And I'm sorry, remind me the first part of the question?

對不起，提醒我問題的第一部分？

FlashArray//C.

FlashArray // C.

So FlashArray//C. I'll pass it to Kix in a second. But I think the main thing is that with FlashArray//C, with its primary target being the secondary tier market and disk economics, the additional pricing flexibility that it gave us to go after the disk market when we were able to introduce true QLC, has made a big difference and allowed the very fast early momentum allowed that to continue.

所以FlashArray//C。我馬上把它傳給 Kix。但我認為最主要的是，對於 FlashArray//C，它的主要目標是二級市場和磁槃經濟性，當我們能夠引入真正的 QLC 時，它為我們提供了額外的定價靈活性，以追求磁盤市場，已經產生了很大的不同，並允許非常快速的早期勢頭允許這種情況繼續下去。

Yes. And I guess the only thing I would add is that it just hasn't been the type of product that's been very hard to sell in terms of going and finding very focused use cases. It turns out customers run disk-based arrays for a wide range of use cases. And so really, the easiest way to go to market, whether it's just to go to a customer who's already bought in and understood the benefits of flash at the high end of their application space. And ask them more, they still run a disk array and work with them to say, look, if we can actually sell you an all-flash array that brings the simplicity and performance of flash and is actually 30% less expensive than a disk array. Why do we need disk still?

是的。而且我想我唯一要補充的是，它並不是那種在尋找和尋找非常集中的用例方面很難銷售的產品。事實證明，客戶為各種用例運行基於磁盤的陣列。所以說真的，這是進入市場的最簡單方法，無論是去找一個已經購買並了解閃存在其高端應用領域的好處的客戶。再問他們，他們仍然運行磁盤陣列並與他們合作說，看，如果我們真的可以賣給你一個全閃存陣列，它帶來閃存的簡單性和性能，實際上比磁盤陣列便宜 30% .為什麼我們還需要磁盤？

Your next question comes from Eric Martinuzzi of Lake Street.

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

Yes. I wanted to pick apart the pipeline a little bit by vertical. I would assume the strength that you've seen at least sequentially has been from what had been more resilient verticals, financial services, health care, government, any green shoots in some of the other more COVID-exposed verticals, your transportation, hospitality, entertainment, that sort of thing?

是的。我想把管道垂直分開一點。我假設你至少依次看到的力量來自更具彈性的垂直行業、金融服務、醫療保健、政府、其他一些更容易受到 COVID 影響的垂直行業的萌芽、交通、酒店、娛樂之類的？

Eric, I would not call out any of the more affected verticals right now as, from our point of view, showing green shoots. I would say that we were less exposed to those industries to begin with. But no, we've not -- I can't say that we've seen the significant changes in the -- in how they're faring, at least from buying signals to us over the last couple of quarters.

埃里克，我現在不會提到任何受影響更大的垂直領域，因為從我們的角度來看，它們正在顯示綠芽。我想說的是，我們一開始就較少接觸這些行業。但是不，我們還沒有——我不能說我們已經看到了它們的表現的顯著變化，至少在過去幾個季度向我們發出了購買信號。

Yes. I think what I would add on that is just the enterprise strength was across many of our verticals, and that was broad-based, and it was global, right? So that was kind of a new green shoot for us in terms of what we're looking at. We've had resilience across the board on enterprise, but the broad-based growth we saw in enterprise was actually pleasing for us.

是的。我想我要補充的是，企業實力跨越了我們的許多垂直領域，而且基礎廣泛，而且是全球性的，對嗎？因此，就我們正在研究的內容而言，這對我們來說是一種新的綠芽。我們在企業方面擁有全面的彈性，但我們在企業中看到的廣泛增長實際上讓我們感到高興。

Okay. And that was echoed in the pipeline as well?

好的。這也在管道中得到了回應？

Correct.

正確的。

Your next question comes from Katy Huberty of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Katy Huberty。

Kevan, what's the revenue contribution from Portworx that's embedded in your fourth quarter internal model? And then, Charlie, can you provide a bit more color on Paul's decision to step down as COO? And are there any other changes or hires that you're planning to make on the back of his departure?

Kevan，您第四季度內部模型中嵌入的 Portworx 的收入貢獻是多少？然後，查理，你能否就保羅辭去首席運營官的決定提供更多的色彩？在他離職後，您是否計劃進行任何其他更改或招聘？

I'll hit the Portworx first, Katy. You're super excited with this strategic acquisition. Revenue is actually pretty small in terms of contribution as we look out into Q4. We'll probably see that start to build in RPO and deferred revenue before that starts making its way in any significant or meaningful way to revenue accounted. Charlie, do you want to hit Paul?

我會先到 Portworx，凱蒂。您對這次戰略性收購感到非常興奮。當我們展望第四季度時，收入實際上很小。我們可能會看到在 RPO 和遞延收入開始以任何重要或有意義的方式進入收入核算之前。查理，你想打保羅嗎？

Thank you, Katy. Yes, I want to thank Paul for his contributions to the company over the past year or so that he's been here, and he's really brought a lot of structure to our operations at the company and contributed a lot. And also was part of recruiting Dominick to the company. In conversations with Paul, as we were recruiting Dominick, Paul started to feel, and I had to agree that Dominick was going to bring a lot of capabilities into the Chief Revenue Officer role that Paul had been handling. And Paul felt that, look, that given Dominick coming on board, and given the accession of Jason Rose as Chief Marketing Officer and so forth, that we really had now a strong operating cadence and that Paul's role as Chief Operating Officer, was not really as required at the company. And that he had a number of opportunities that he could go pursue. And so maybe it was better to make that change. And so we agreed with that, Paul is going to continue with us through the end of the quarter to ensure a smooth acquisition with Dominick, and then move on. And I do want to thank Paul for what he's contributed.

謝謝你，凱蒂。是的，我要感謝保羅在過去一年左右對公司的貢獻，他一直在這裡，他確實為我們在公司的運營帶來了很多結構並做出了很多貢獻。並且也是公司招募多米尼克的一部分。在與 Paul 的交談中，當我們招募 Dominick 時，Paul 開始感覺到，我不得不同意 Dominick 將為 Paul 一直擔任的首席營收官角色帶來很多能力。保羅覺得，看，鑑於多米尼克加入，考慮到傑森羅斯加入首席營銷官等等，我們現在確實有很強的運營節奏，而保羅作為首席運營官的角色並不是真的根據公司要求。而且他有很多機會可以去追求。所以也許做出這樣的改變會更好。所以我們同意這一點，保羅將在本季度末繼續與我們合作，以確保與多米尼克的順利收購，然後繼續前進。我確實要感謝保羅所做的貢獻。

And while I have this moment, I want to thank KD as well for his leadership of the sales force over the last 3 years on a global basis. KD has gotten us over his period of time leading the sales force. We've doubled almost every aspect of our company. The revenue, the size of the company, the size of the sales force, et cetera, and he's done a great job. Bringing Dom on board really signals the fact that we're changing as a company, having now move from a single product to a 2 product to now a full portfolio, both in the cloud and on-prem and increasingly moving to subscription. And Dominick brings the right type of background for this next step in our journey. And so we're very pleased with that overall.

雖然我有這個時刻，但我還要感謝 KD 在過去 3 年中對全球銷售團隊的領導。 KD 在他領導銷售團隊的這段時間裡得到了我們。我們公司的幾乎所有方面都翻了一番。收入、公司規模、銷售人員規模等等，他做得很好。加入 Dom 確實表明我們作為一家公司正在發生變化，現在已經從單一產品轉變為 2 種產品，再到現在的完整產品組合，包括雲端和本地，並且越來越多地轉向訂閱。 Dominick 為我們旅程的下一步帶來了正確的背景。因此，我們對此總體感到非常滿意。

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

問答環節到此結束。在這個時候，我想把電話轉給 Charlie Giancarlo 做閉幕詞。

Thank you. In closing, I'd like to thank all of our employees, our customers, our partners and for all of you on the call, for your hard work and dedication to our mission. It's been a wild year and it's not over yet. I'm looking forward to working with all of you to build a much better 2021. Thank you for joining us today and stay safe, and please have a very happy Thanksgiving to all of you. I know we all need the rest, please take time with family, and we look forward to engaging with you in the future. Take care.

謝謝你。最後，我要感謝我們所有的員工、我們的客戶、我們的合作夥伴以及所有在電話中的人，感謝你們的辛勤工作和對我們使命的奉獻。這是瘋狂的一年，但還沒有結束。我期待與大家合作，共創更美好的 2021 年。感謝您今天加入我們並保持安全，並祝大家感恩節快樂。我知道我們都需要休息，請與家人共度時光，我們期待在未來與您互動。小心。