Pure Storage Inc (PSTG) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Pure Storage Q2 Fiscal 2021 Earnings Call. (Operator Instructions)

女士們，先生們，感謝您的支持並歡迎參加 Pure Storage 2021 財年第二季度財報電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Nicole Noutsios, Investor Relations. Thank you. Please go ahead.

我現在想把會議交給你今天的發言人 Nicole Noutsios，投資者關係部。謝謝你。請繼續。

Thank you, and good afternoon. Welcome to Pure Storage Second Quarter Fiscal 2021 Earnings Call. My name is Nicole Noutsios, Investor Relations at Pure. Joining me today are our CEO, Charlie Giancarlo; and our CFO, Kevan Krysler; and our VP of Strategy, Matt Kixmoeller.

謝謝，下午好。歡迎來到 Pure Storage 2021 財年第二季度財報電話會議。我叫 Nicole Noutsios，Pure 的投資者關係部。今天加入我的是我們的首席執行官 Charlie Giancarlo；和我們的首席財務官 Kevan Krysler；以及我們的戰略副總裁 Matt Kixmoeller。

Before we begin, I'd like to remind you that during this call, management will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding the COVID-19 pandemic and related disruptions, our growth in sales prospects, competitive, industry and technology trends, our strategy and its advantages, our current and future product offerings and business and operations. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted and reported results should not be considered as an indication of future performance. A discussion of some of these 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, we will discuss non-GAAP measures in talking about the company's performance and reconciliations to the most directly comparable GAAP measures, which are provided in our earnings press release and slides.

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，這些陳述受到各種風險和不確定性的影響。其中包括有關 COVID-19 大流行和相關中斷、我們的銷售前景增長、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以及業務和運營的聲明。我們做出的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新它們的義務。我們的實際結果可能與預測的結果存在重大差異，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了對與我們業務相關的一些風險和不確定性的討論，我們建議您參考這些公開文件。在這次電話會議中，我們將討論非 GAAP 措施，討論公司的業績以及與最直接可比的 GAAP 措施的對賬，這些措施在我們的收益新聞稿和幻燈片中提供。

This call is being broadcast live on a Pure Storage Investor Relations website is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is property of Pure Storage. With that, I'll turn the call over to our CEO, Charlie.

該電話正在 Pure Storage 投資者關係網站上進行現場直播，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。有了這個，我會把電話轉給我們的首席執行官查理。

Good afternoon, everyone. Thank you for joining us on today's earnings call. Let me start by extending my sincere wishes that you, your family, friends and colleagues are all healthy and staying well. The current environment continues to challenge us all, but I am proud of how Pure has risen to the occasion. We are helping our customers navigate the crisis and accelerate their digital transformation during this difficult time. The ease, flexibility and economic security of our Evergreen model has never been more necessary or appreciated by our customers. Pure's core differentiators of unmatched technology leadership, simplicity of operation, high performance and ultimate reliability make Pure the right decision, especially at this time. These core tenets are also the foundation of our vision of the modern data experience.

大家下午好。感謝您參加今天的財報電話會議。首先，我衷心祝愿您、您的家人、朋友和同事身體健康，身體健康。當前的環境繼續挑戰我們所有人，但我為 Pure 如何應對這一挑戰感到自豪。在這個困難時期，我們正在幫助我們的客戶度過危機並加速他們的數字化轉型。我們的 Evergreen 模型的易用性、靈活性和經濟安全性從未像現在這樣被我們的客戶所需要或讚賞。 Pure 無與倫比的技術領先地位、操作簡單性、高性能和終極可靠性的核心差異化使 Pure 成為正確的決定，尤其是在這個時候。這些核心原則也是我們對現代數據體驗願景的基礎。

Data storage that is entirely automated, fully dynamic and provides a cloud-like experience in and as-a-service model with flexible on demand consumption responsive to the needs of the application. This modern vision is taking hold in the market. The most important characteristic of any cloud infrastructure is reliability, and customers become even more acutely aware of this in times of crisis. I am pleased to announce that in Q2, Pure's FlashArray product surpassed the full [7 9s] of total availability across our installed base of tens of thousands of arrays, including during all upgrade cycles, which is unprecedented in our industry. To put this in perspective, 7 9s is the equivalent of only 3 seconds of downtime per year.

完全自動化、完全動態的數據存儲，並在即服務模型中提供類似雲的體驗，並根據應用程序的需求靈活地按需消費。這種現代願景正在市場上佔據一席之地。任何云基礎設施最重要的特徵是可靠性，在危機時刻，客戶會更加敏銳地意識到這一點。我很高興地宣布，在第二季度，Pure 的 FlashArray 產品在我們數万個陣列的安裝基礎中超過了全部 [7 9s] 的總可用性，包括在所有升級週期中，這在我們行業中是前所未有的。從這個角度來看，7 個 9 相當於每年只有 3 秒的停機時間。

Across our product portfolio, we are delivering savings in power, cooling and floor space, driving ecological advantages and contributing to the lowest total cost of ownership at a time when economic and environmental efficiency are on the minds of our customers. And with our renowned simplicity, and cloud-based Pure1 management and support, we dramatically reduced employee time managing storage, freeing them to innovate in a landscape with new demands. I am pleased with our execution during this crisis, and I continue to be very confident that we will exit this downturn in a position of strength, supported by our innovative technology, subscription services and a long-term vision that is aligned with customer needs.

在我們的產品組合中，我們正在節省電力、冷卻和占地面積，推動生態優勢，並在客戶關注經濟和環境效率的時候為最低的總擁有成本做出貢獻。憑藉我們著名的簡單性和基於雲的 Pure1 管理和支持，我們大大減少了員工管理存儲的時間，讓他們能夠在具有新需求的環境中進行創新。我對我們在這場危機中的執行感到滿意，並且我仍然非常有信心，在我們的創新技術、訂閱服務和與客戶需求相一致的長期願景的支持下，我們將以強勢的姿態走出這場低迷。

In Q1, we saw a wave of customers, many of them critical and essential businesses coming to us to expand their applications and replace their legacy infrastructure that just couldn't keep up with the new demands brought on by the pandemic. It was a quarter that was dominated by urgent and immediate needs and our customers' previously important plans were put on hold. In contrast, Q2 was a quarter of replanning for many organizations. Companies paused to consider the future and reassess their technology direction, aligning it to the new reality that their organizations face.

在第一季度，我們看到了一波客戶，其中許多是關鍵和重要的企業來找我們擴展他們的應用程序並替換他們無法滿足大流行帶來的新需求的舊基礎設施。這是一個以緊急和直接需求為主的季度，我們客戶之前的重要計劃被擱置。相比之下，第二季度是許多組織重新規劃的四分之一。公司停下來考慮未來並重新評估他們的技術方向，使其與組織面臨的新現實保持一致。

Although the situation remains fluid, we believe the second half of the year will see businesses return to and even accelerate digital transformation. The growth and strength we saw from our international business in the quarter provides an early but positive indication of increased demands for our solutions when crisis levels created by COVID-19 decline.

儘管形勢仍然不穩定，但我們相信下半年企業將回歸甚至加速數字化轉型。我們在本季度從國際業務中看到的增長和實力提供了一個早期但積極的跡象，表明當 COVID-19 造成的危機水平下降時，對我們的解決方案的需求增加。

We continue to dramatically outpace our industry in innovation, and I am excited to share several technology announcements, expanded partnerships and portfolio and subscription services momentum with you. Today, we announced the second-generation of FlashArray//C, the industry's first and still only all QLC storage solution.

我們在創新方面繼續顯著超越我們的行業，我很高興與您分享幾項技術公告、擴大的合作夥伴關係以及產品組合和訂閱服務的勢頭。今天，我們發布了第二代 FlashArray//C，這是業界第一個也是目前唯一的全 QLC 存儲解決方案。

This offering effectively renders hybrid storage obsolete by providing flash density, performance and reliability at lower cost than legacy hybrid disc arrays with FlashArray//C for capacity oriented workloads, FlashArray//X for performance centric workloads and Cloud Block Store in the cloud, all available under our unified subscription.

與傳統混合磁盤陣列相比，該產品以更低的成本提供閃存密度、性能和可靠性，有效地淘汰了混合存儲，其中 FlashArray//C 用於面向容量的工作負載，FlashArray//X 用於以性能為中心的工作負載，以及雲中的 Cloud Block Store，所有這些在我們的統一訂閱下可用。

Customers are able to consolidate a broad set of workloads onto a single platform. Late last quarter, we expanded our file portfolio with the introduction of file services on FlashArray//C, which allows customers to further simplify and consolidate their general purpose file needs on the same platform. The combination of file support and FlashArray//C enables customers to cost effectively consolidate and run their block based applications like VMs, databases and VDI, alongside their general purpose file systems and user shares on a unified flash array platform.

客戶能夠將廣泛的工作負載整合到一個平台上。上個季度末，我們通過在 FlashArray//C 上引入文件服務擴展了我們的文件組合，這使客戶能夠在同一平台上進一步簡化和整合他們的通用文件需求。文件支持和 FlashArray//C 的結合使客戶能夠經濟高效地整合和運行基於塊的應用程序，例如 VM、數據庫和 VDI，以及通用文件系統和統一閃存陣列平台上的用戶共享。

We continue to see strength in our FlashBlade product for addressing high-performance file and object needs with a single platform. FlashBlade continues to redefine what is possible for cutting-edge analytics, real-time data, AI and scientific workloads. The wide array of software features we delivered earlier this year and, in particular, file and object replication, are rapidly expanding FlashBlade into additional mainstream enterprise use cases.

我們繼續看到我們的 FlashBlade 產品在通過單一平台滿足高性能文件和對象需求方面的實力。 FlashBlade 繼續重新定義尖端分析、實時數據、人工智能和科學工作負載的可能性。我們今年早些時候交付的大量軟件功能，特別是文件和對象複製，正在迅速將 FlashBlade 擴展到其他主流企業用例。

FlashBlade is helping customers drive unparalleled consolidation across multiple workloads so that they can both modernize file and introduce high-performance object in a single platform. For example, this quarter, a large media and entertainment customer selected FlashBlade to consolidate their Splunk, Elastic search and rapid restore environments onto a single unified fast file and object platform.

FlashBlade 正在幫助客戶推動跨多個工作負載的空前整合，以便他們可以在單個平台中實現文件現代化並引入高性能對象。例如，本季度，一家大型媒體和娛樂客戶選擇 FlashBlade 將他們的 Splunk、Elastic 搜索和快速恢復環境整合到一個統一的快速文件和對象平台上。

This quarter, the National Center for Missing and Exploited Children selected FlashBlade for its high-performance replicated file storage, to expand and enhance their analysis and machine learning applications used in the fight against online child exploitation. In these very trying times, it is gratifying to see the ways in which our technology is being used to help those most in need.

本季度，國家失踪和受剝削兒童中心選擇 FlashBlade 為其高性能複製文件存儲，以擴展和增強其用於打擊在線兒童剝削的分析和機器學習應用程序。在這個非常艱難的時期，很高興看到我們的技術被用來幫助那些最需要幫助的人。

FlashBlade's adoption to power rapid recovery and protect against ransomware continues to grow. Two weeks ago, we announced a partnership with Cohesity to introduce Pure FlashRecover. This is the first fully integrated all-flash rapid recovery solution on the market, and we are excited to deliver it in Q3 with streamline support delivered through Pure.

FlashBlade 在支持快速恢復和防範勒索軟件方面的應用持續增長。兩週前，我們宣布與 Cohesity 合作推出 Pure FlashRecover。這是市場上第一個完全集成的全閃存快速恢復解決方案，我們很高興在第三季度交付它，並通過 Pure 提供流線型支持。

Customer demand has been strong for an integrated solution that not only restores data rapidly in the event of an attack, but also reduces complexity while scaling both performance and capacity to meet even petabyte level recovery requirements. Pure's subscription services continue to yield great results.

客戶對集成解決方案的需求一直很強烈，該解決方案不僅可以在發生攻擊時快速恢復數據，還可以降低複雜性，同時擴展性能和容量以滿足 PB 級恢復要求。 Pure 的訂閱服務繼續產生良好的效果。

These services include our evergreen program, and our unified subscription, which delivers our on-prem solutions and Pure's Cloud Block store under a single consumption experience. Our unified subscription saw a continued strong growth from both existing and new customers in both cloud and enterprise segments, including Telstra, Dizzion Managed Desktop as-a Service, BidFX and Arrow Energy.

這些服務包括我們的常青計劃和統一訂閱，在單一消費體驗下提供我們的本地解決方案和 Pure 的 Cloud Block 商店。我們的統一訂閱在雲和企業領域的現有和新客戶中持續強勁增長，包括 Telstra、Dizzion 託管桌面即服務、BidFX 和 Arrow Energy。

These customers are choosing our unified subscription because it is a true enterprise-class utility that delivers ultimate flexibility for storage consumption. It provides a cloud-like experience on-premise, with the ability to move data to the cloud at any time, an aligned spend with actual consumption.

這些客戶之所以選擇我們的統一訂閱，是因為它是真正的企業級實用程序，可為存儲使用提供終極靈活性。它在本地提供類似雲的體驗，能夠隨時將數據移動到雲中，使支出與實際消費保持一致。

Cloud Block store, which is part of our unified subscription, solves one of the biggest challenges for enterprises today, how to cost effectively bridge private and public clouds for Tier 1 applications. The unified software and unified subscription of Pure as-a-service offers both compelling cost efficiencies and high performance, both on-prem and in the cloud.

Cloud Block 存儲是我們統一訂閱的一部分，它解決了當今企業面臨的最大挑戰之一，即如何經濟有效地為第 1 層應用程序連接私有云和公共雲。 Pure as-a-service 的統一軟件和統一訂閱提供了引人注目的成本效益和高性能，無論是在本地還是在雲中。

We've also seen strong customer adoption of our Pure Service Orchestrator software, which enables automated stateful container storage creating a modern container environment for developers to build cloud-native apps on-prem. Pure Service Orchestrator combines combined with Cloud Block Store, create a hybrid container strategy that truly unlocks the potential of Kubernetes. We believe our modern data experience vision, unique unified subscription services and hybrid cloud and container strategy, all driven by our FlashArray and FlashBlade platforms will enable us to continue to grow and take even more market share in the coming quarters and years.

我們還看到客戶對我們的 Pure Service Orchestrator 軟件的大量採用，該軟件支持自動化的有狀態容器存儲，為開發人員在本地構建雲原生應用程序創建了一個現代容器環境。 Pure Service Orchestrator 結合 Cloud Block Store，打造真正釋放 Kubernetes 潛力的混合容器策略。我們相信，由我們的 FlashArray 和 FlashBlade 平台驅動的現代數據體驗願景、獨特的統一訂閱服務以及混合雲和容器戰略將使我們能夠在未來幾個季度和幾年內繼續增長並佔據更多市場份額。

Looking forward, I am confident in our opportunity, our long-term strategy and our ability to reaccelerate growth upon exiting the global crisis, all while continuing to focus on operating discipline. We are the one company driving change in this $50 billion industry, providing an unrivaled experience that customers simply love.

展望未來，我對我們的機遇、我們的長期戰略以及我們在擺脫全球危機後重新加速增長的能力充滿信心，同時繼續專注於運營紀律。我們是唯一一家在這個價值 500 億美元的行業中推動變革的公司，提供客戶喜愛的無與倫比的體驗。

In closing, I am truly thankful to our employees, customers, partners and the entire Pure community for their tenacity, their diligence and flexibility to adapt to and overcome the challenges of the current environment. With that, I'll turn it over to you, Kevan.

最後，我衷心感謝我們的員工、客戶、合作夥伴和整個 Pure 社區，感謝他們的堅韌、勤奮和靈活適應和克服當前環境的挑戰。有了這個，我會把它交給你，凱文。

Thank you, Charlie, and good afternoon, everyone. Our Q2 financial results reflect solid execution during the headwinds of the macro environment caused by COVID-19. We are also pleased with the continued strength of our subscription services and the growth of our international business following a challenging Q1. Total revenue during Q2 grew 2% year-over-year to $403.7 million. Product revenue declined 9% year-over-year, while subscription services momentum continues as revenue grew 37% year-over-year and represented approximately 33% of total revenue, up from 24% of total revenue year-over-year. Subscription services revenue includes revenues from our evergreen subscriptions and our unified subscription, which includes Pure as-a-Service and Cloud Block store. We saw a significant growth in our international business during Q2, while facing headwinds in the United States created by COVID-19.

謝謝你，查理，大家下午好。我們的第二季度財務業績反映了在 COVID-19 造成的宏觀環境逆風中的穩健執行。在充滿挑戰的第一季度之後，我們也對訂閱服務的持續實力和國際業務的增長感到高興。第二季度的總收入同比增長 2% 至 4.037 億美元。產品收入同比下降 9%，而訂閱服務的勢頭仍在繼續，收入同比增長 37%，約佔總收入的 33%，高於去年佔總收入的 24%。訂閱服務收入包括來自我們常青訂閱和統一訂閱的收入，其中包括 Pure as-a-Service 和 Cloud Block 商店。我們在第二季度看到我們的國際業務顯著增長，同時在美國面臨由 COVID-19 造成的逆風。

Total revenue in the United States during Q2 was $282 million, declining 4% year-over-year, and total international revenue grew 20% year-over-year to $122 million during Q2. Given the ongoing macroeconomic uncertainty that persists, I will continue to provide additional color around our sales performance. Total bookings or sales during the first 6 months of the year grew 8.3% year-over-year. And during Q2, declined 3.3% year-over-year due to the headwinds we faced in the United States. Global channel sourced sales continue to represent a growing and meaningful percentage of our total sales. We are very pleased with the close partnership of our global channel. New customers are continuing to choose Pure. Both average deal size for new customers and FlashBlade new customers grew year-over-year. Sales to new customers choosing Pure during Q2 represent over 20% of our total sales. Across our full solution portfolio, we acquired over 350 new customers compared to over 450 customers during Q2 of the prior year.

第二季度美國總收入為 2.82 億美元，同比下降 4%，第二季度國際總收入同比增長 20% 至 1.22 億美元。鑑於持續存在的宏觀經濟不確定性，我將繼續為我們的銷售業績提供更多色彩。今年前 6 個月的總預訂量或銷售額同比增長 8.3%。由於我們在美國面臨的不利因素，在第二季度，同比下降了 3.3%。全球渠道採購銷售額繼續占我們總銷售額的增長和有意義的百分比。我們對我們全球渠道的密切合作感到非常高興。新客戶繼續選擇 Pure。新客戶和 FlashBlade 新客戶的平均交易規模均同比增長。第二季度對選擇 Pure 的新客戶的銷售額占我們總銷售額的 20% 以上。在我們的完整解決方案組合中，我們獲得了 350 多個新客戶，而去年第二季度則為 450 多個客戶。

Non-GAAP gross margins for product and subscription services during Q2 was 69.8%, representing a slight year-over-year increase of 0.4 points. Non-GAAP product gross margin in Q2 was 70.1%, generally consistent year-over-year and non-GAAP subscription services margin increased 1.8 points year-over-year to 69.2%. Total non-GAAP operating profit during Q2 was approximately $11 million, compared to a non-GAAP operating loss of approximately $3 million during Q2 of the prior year. We continued to focus on strong operating discipline, while investing thoughtfully.

第二季度產品和訂閱服務的非美國通用會計準則毛利率為 69.8%，同比小幅增長 0.4 個百分點。第二季度非美國通用會計準則產品毛利率為 70.1%，同比基本一致，非美國通用會計準則訂閱服務利潤率同比增長 1.8 個百分點至 69.2%。第二季度非美國通用會計準則營業利潤總額約為 1100 萬美元，而去年第二季度非美國通用會計準則營業虧損約為 300 萬美元。我們繼續專注於嚴格的運營紀律，同時進行了深思熟慮的投資。

Non-GAAP net income during Q2 was $18 million, and non-GAAP net income per share was $0.06. Non-GAAP net income in Q2 of the prior year was $3 million, and non-GAAP net income per share was $0.01. Weighted average shares used for the non-GAAP net earnings per share calculation was 283 million shares in Q2 and 271 million shares in the prior year. We generated positive operating cash flows of $51 million for Q2 compared to $49 million in the prior year, and free cash flows of $26 million compared to $20 million in the prior year.

第二季度非 GAAP 淨收入為 1800 萬美元，非 GAAP 每股淨收入為 0.06 美元。上一年第二季度的非公認會計原則淨收入為 300 萬美元，非公認會計原則每股淨收入為 0.01 美元。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二季度為 2.83 億股，在上一年為 2.71 億股。我們在第二季度產生了 5100 萬美元的正運營現金流，而去年同期為 4900 萬美元，自由現金流為 2600 萬美元，而去年同期為 2000 萬美元。

Total cash and investments at the end of Q2 remained very healthy at $1.29 billion. Total deferred revenue for Q2 was $725 million compared to $706 million at the end of Q1 and $607 million at the end of Q2 of the prior year. Our remaining performance obligations, or RPO, which includes our committed and noncancelable future revenue for Q2 is nearing $1 billion at $956 million. This compares to $912 million at the end of Q1 and $770 million at the end of Q2 of the prior year.

第二季度末的現金和投資總額保持在 12.9 億美元的健康水平。第二季度的總遞延收入為 7.25 億美元，而第一季度末為 7.06 億美元，上年第二季度末為 6.07 億美元。我們剩餘的履約義務或 RPO，包括我們第二季度承諾和不可取消的未來收入，接近 10 億美元，達到 9.56 億美元。相比之下，第一季度末為 9.12 億美元，上一年第二季度末為 7.7 億美元。

During Q2, we returned $20 million to shareholders through share repurchases of 1.18 million shares, approximately $45 million remains for our share repurchase authorization. Total headcount at the end of the quarter was approximately 3,700 employees compared to approximately 3,500 at the end of Q1 and 3,300 employees at the end of Q2 of the prior year.

在第二季度，我們通過 118 萬股股票回購向股東返還了 2000 萬美元，其中約 4500 萬美元用於我們的股票回購授權。本季度末員工總數約為 3,700 名，而去年第一季度末約為 3,500 名，上年第二季度末約為 3,300 名。

Now moving to guidance. The growth we have achieved and our focus on operating discipline during the first half of the year is based on the core fundamentals of our business being strong, despite the significant economic contraction caused by COVID-19. As we look to Q3, we expect recurring revenue and sales of our evergreen and unified subscription services will continue to show strong growth, though significant uncertainty due to COVID-19 remains. Similar to last quarter, we believe it is still not prudent to provide formal guidance. We are pleased that our total pipeline opportunity for Q3 has increased meaningfully compared to the total pipeline opportunity we saw for Q2.

現在轉向指導。儘管 COVID-19 導致經濟顯著收縮，但我們在上半年取得的增長和對運營紀律的關注是基於我們業務強勁的核心基本面。當我們展望第三季度時，我們預計我們常青和統一訂閱服務的經常性收入和銷售額將繼續呈現強勁增長，儘管由於 COVID-19 導致的重大不確定性仍然存在。與上一季度類似，我們認為提供正式指導仍不謹慎。我們很高興與我們看到的第二季度的總管道機會相比，我們第三季度的總管道機會顯著增加。

However, a greater proportion of the opportunities in our Q3 pipeline are at earlier stages compared to Q2. And then although not considered formal guidance, our current internal view is that total revenues will be approximately flat sequentially. Moving to investments. We continue to exercise solid operating discipline throughout the organization, which has enabled us to invest in innovation and increase sales capacity during the first half of the year. We expect net incremental resource additions will slow during the second half of the year and we'll be concentrated on continued innovation. With our current views of Q3 revenue, we estimate that operating margin will be slightly below breakeven near negative 2%.

然而，與第二季度相比，我們第三季度管道中更大比例的機會處於早期階段。然後，雖然不考慮正式指導，但我們目前的內部觀點是，總收入將大致持平。轉向投資。我們將繼續在整個組織內實施紮實的運營紀律，這使我們能夠在今年上半年投資於創新並提高銷售能力。我們預計下半年淨增量資源將放緩，我們將專注於持續創新。根據我們目前對第三季度收入的看法，我們估計營業利潤率將略低於收支平衡，接近負 2%。

To summarize, we are continuing to innovate and successfully navigate the business during an unprecedented economic contraction, including strong growth in our evergreen and unified subscription services. Our broad customer base, strong partnership and commitment to our channel and our strong growth in recurring revenues positions us for long-term growth.

總而言之，在前所未有的經濟收縮期間，我們將繼續創新並成功駕馭業務，包括我們常青和統一訂閱服務的強勁增長。我們廣泛的客戶群、強大的合作夥伴關係和對我們渠道的承諾以及經常性收入的強勁增長使我們能夠實現長期增長。

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 Pinjalim Bora from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Pinjalim Bora。

Could you -- can I double-click on just the performance across the different segments? Could you maybe talk about in terms of the bookings growth, how did enterprise do? How did the market do? How did the cloud and public sector?

您能否——我可以雙擊不同細分市場的表現嗎？您能否談談預訂量的增長，企業是怎麼做的？市場表現如何？雲和公共部門是怎麼做到的？

You bet. Pinjalim, this is Charlie. Good to hear your voice. We had, as you heard in the prepared remarks, really an excellent international quarter. And I think it reflects what happens when economies recover after the corona -- after a corona lockdown, so that -- we felt very strong about that. And we also had very strong unified subscription and overall subscription on revenues, very positive there. On a relative basis, cloud and enterprise were much stronger. But of course, with the U.S. being down generally especially in the area of commercial, right? Commercial and net new logos, given that, that was down, that, of course, depressed overall revenues. But I wouldn't say that it was outside of commercial that it was centered on any particular area. It was really just the reduction in the U.S. overall. We did see overall across the portfolio, the kind of balance that we generally like to see in our products, we had a strong FlashBlade sales growth. Both across the world, but again, especially in Europe. And the new products are doing well. So the balance is pretty much what we'd expect, but we did see the lackluster U.S.

你打賭。 Pinjalim，這是查理。很高興聽到你的聲音。正如您在準備好的評論中所聽到的那樣，我們確實擁有出色的國際季度。我認為這反映了當經濟在電暈之後復蘇時會發生什麼 - 在電暈鎖定之後 - 我們對此感到非常強烈。我們也有非常強大的統一訂閱和收入的整體訂閱，非常積極。相對而言，雲和企業要強大得多。但是，當然，隨著美國普遍下滑，尤其是在商業領域，對吧？考慮到商業和網絡新標識的下降，這當然會降低整體收入。但我不會說它以任何特定領域為中心是在商業之外。這實際上只是美國整體的減少。我們確實在整個產品組合中看到了我們通常希望在我們的產品中看到的那種平衡，我們有強勁的 FlashBlade 銷售增長。無論是在世界各地，還是在歐洲，尤其是在歐洲。而且新產品做得很好。所以平衡幾乎是我們所期望的，但我們確實看到了乏善可陳的美國。

Understood. And Kevan, on the guidance, it seems like a decline of about 6%, if my math is right. Is that mainly on just the composition of the pipeline that you mentioned? Is there a factor of headwind from the subscription transition? Anything to call out?

明白了。凱文，如果我的數學是正確的，在指導上，它似乎下降了大約 6%。這主要是您提到的管道的組成嗎？訂閱過渡是否存在不利因素？有什麼要叫的嗎？

No, I wouldn't call out a factor on the headwind from a subscription. I really would focus it on the pipeline and the fact that we're actually quite pleased to see what pipeline has done. It's an early signal for us, but we did see some sequential improvement in pipeline build, which we actually hadn't seen for some time. And then just the fact that, that's earlier stage for us really had us come in with some informal views of where we'd land for Q3 revenue.

不，我不會從訂閱中指出不利因素。我真的會把它集中在管道上，事實上我們很高興看到管道做了什麼。這對我們來說是一個早期信號，但我們確實看到了管道構建的一些連續改進，這是我們實際上已經有一段時間沒有看到的了。然後事實是，這對我們來說是早期階段，我們確實對我們在第三季度收入的著陸點提出了一些非正式的看法。

Your next question comes from Simon Leopold from Raymond James.

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

First, I wanted to see if maybe you could unpack the subscription business a little bit. In terms of helping us understand the split and the trends of how much of your subscription business is on-prem and how much is in cloud? Is that something you can offer?

首先，我想看看你是否可以稍微解開訂閱業務。在幫助我們了解您的訂閱業務中有多少在本地以及有多少在雲中的拆分和趨勢方面？那是你可以提供的嗎？

Yes absolutely. The vast majority is -- remains on-prem because the cloud is a relatively new business, whereas Evergreen, of course, versus been since our inception. And the way a subscription operates as you build revenue, it takes time to actually build revenue in it. But we're very pleased with the adoption of the cloud portion of the revenue and of course, I will say that Pure as-a-service, which includes both the ratable service-oriented sale of storage on-prem, which is combined with a subscription to Cloud Block Store has really unleashed a lot of opportunity for us and has really driven a lot of sales and in fact, a lot of new customer sales. So we're very pleased with that. But there are a lot of customers that certainly are planning for cloud that haven't yet made the jump, but want to make sure that the purchases that they make are both ratable that is subscription, but also transparent, it allows them to move to the cloud at any time.

是的，一點沒錯。絕大多數是 - 仍然在本地，因為雲是一個相對較新的業務，而 Evergreen 當然，而不是自我們成立以來。訂閱在您增加收入時的運作方式，實際增加收入需要時間。但我們對收入中云部分的採用感到非常滿意，當然，我會說純即服務，其中包括可評估的面向服務的本地存儲銷售，與訂閱 Cloud Block Store 確實為我們帶來了很多機會，並確實推動了很多銷售，事實上，還有很多新客戶的銷售。所以我們對此非常滿意。但是有很多客戶肯定在計劃雲計算，但還沒有實現跳躍，但希望確保他們所做的購買既是可評級的，即訂閱，又是透明的，這允許他們遷移到隨時上雲。

And then just as a follow-up, I wanted to see if you could talk a little bit about the linearity or the patterns you saw in the month of May, June and July versus what you've seen historically?

然後作為後續行動，我想看看你能否談談你在 5 月、6 月和 7 月看到的線性或模式與你在歷史上看到的情況？

Yes. In terms of linearity, it probably was a little bit worse as we saw later in Q2, but nothing that I would view as out of the norms in terms of what we saw. Obviously, with Q1 we saw some great tailwinds throughout the quarter, really driven by companies purchasing for mission-critical events and needs. And as a result of that tailwind dissipating in Q2, we saw more normalized linearity.

是的。就線性而言，它可能像我們在第二季度晚些時候看到的那樣更糟，但就我們所看到的而言，我認為沒有什麼不符合規範的。顯然，在第一季度，我們在整個季度都看到了一些巨大的順風，這實際上是由公司為關鍵任務事件和需求而採購的。由於第二季度的順風消散，我們看到了更多的歸一化線性。

Your next question comes from Ittai Kidron from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Ittai Kidron。

I guess I want to drill into this last point of the guidance and I guess, the early cycle of the pipeline as it looks like right now versus previous periods. Charlie, is there a way to correlate this with execution, quality on the sell side? Is there -- the thesis to be made that perhaps in the last quarter or 2, you over harvested the installed base didn't pay perhaps enough attention into getting new customers and now you just kind of left with not much to harvest and on the flip side, customers that have been squeezed already for what they need to buy?

我想我想深入研究指導的最後一點，我想，管道的早期週期現在看起來與以前的時期相比。查理，有沒有辦法將這與賣方的執行、質量聯繫起來？有沒有-要提出的論點是，也許在最後一個季度或第二個季度，您過度收穫了已安裝的基礎，可能沒有足夠關注吸引新客戶，現在您只是沒有太多可收穫的東西了另一方面，已經被擠壓的客戶需要購買什麼？

Yes. Ittai, I don't believe so. That's the first time that I've heard that thesis, to be direct. Our view is that we had seen, as Kevan mentioned, tailwinds in Q1. We did kind of expect them to continue through potentially May, but that did not occur to be clear. Also, you have to understand that from a sales force perspective, they go from the way of selling that we and that everyone has been selling for years to where everybody is now inside sales. So it's a completely new way of selling. And for customers, a new way of buying. But I think the majority, and I said this in my prepared remarks, the majority of the change was customers now living in a very new environment, both economically but also completely reconsidering their digital transformation and what's important to them. And whenever you have a reconsideration or replanning, you have some stasis, you have an interruption in buying patterns. And I think that's exactly what's taking place in Q2.

是的。 Ittai，我不相信。這是我第一次聽到這樣的論文，直截了當。我們的觀點是，正如凱文所說，我們在第一季度看到了順風。我們確實有點期望它們可能會持續到 5 月，但這並不清楚。此外，您必須了解，從銷售人員的角度來看，他們從我們和每個人多年來一直在銷售的銷售方式轉變為現在每個人都在內部銷售的方式。所以這是一種全新的銷售方式。對於客戶來說，這是一種新的購買方式。但我認為大多數人，我在準備好的講話中說過，大部分變化是客戶現在生活在一個非常新的環境中，既經濟又完全重新考慮他們的數字化轉型以及對他們來說重要的事情。每當你重新考慮或重新計劃時，你就會有一些停滯，你的購買模式就會中斷。我認為這正是第二季度正在發生的事情。

The good news is we've seen it in Europe that when the countries come out of the recessionary environment, when they come out of the pandemic environment and the lockdown, then they start to reopen their purse strengths. And we saw a tremendous quarter in Europe. And I would expect that we see the same country-by-country as they come out of the pandemic. Unfortunately, in the U.S., we go in and out repeatedly, and it's almost state by state. And I think that it's certainly delayed the kind of recovery that we hope to see soon.

好消息是，我們在歐洲已經看到，當這些國家走出經濟衰退的環境，走出大流行的環境和封鎖時，他們開始重新打開錢包的力量。我們在歐洲看到了一個巨大的季度。我希望我們看到它們從大流行中走出來時，每個國家都會看到同樣的情況。不幸的是，在美國，我們反復進出，而且幾乎是一個州一個州。而且我認為這肯定推遲了我們希望很快看到的那種複蘇。

Well, that's why it's hard for me to reconcile the comments. I mean, if you saw what you signed in the second quarter international properties, why would we not see that in the U.S. come third quarter, where a lot of the opening has happened already in the May, June time frame. How much of -- in any given quarter, how much of your business activity really comes from new customers versus existing ones expanding? I feel like new ones don't contribute that much for an in-quarter. It's a lot of existing, in which case, again, why guide flat? Why should that number not be higher?

嗯，這就是為什麼我很難調和這些評論。我的意思是，如果你看到了你在第二季度國際物業中籤署的內容，為什麼我們不會在第三季度看到美國，因為在 5 月、6 月的時間框架內已經發生了很多開業。在任何給定的季度，您的業務活動中有多少真正來自新客戶而不是現有客戶的擴展？我覺得新的一個季度貢獻不大。它有很多現有的，在這種情況下，再次，為什麼要引導平面？為什麼這個數字不應該更高？

Yes. Well, actually, let me just challenge you a little bit. I mean, we've not seen -- we've seen reopening and then reclosing in the U.S. over the last couple of months. And if you just consider the infection rates and the amount of lockdown that's taken place, there's -- it's a very different picture today in the U.S. than it is in Europe. And so we are still seeing the effects of a muted U.S. economic response currently. But I'll let Kevan handle the second part of that question.

是的。好吧，實際上，讓我挑戰你一點。我的意思是，我們還沒有看到——在過去的幾個月裡，我們已經看到在美國重新開放然後重新關閉。如果你只考慮感染率和發生的封鎖數量，今天美國的情況與歐洲的情況截然不同。因此，我們目前仍在看到美國經濟反應平淡的影響。但我會讓凱文處理這個問題的第二部分。

Well, sure. On net new logos for customers, as I said in my prepared remarks, it actually is quite substantial for us. And even in this quarter, the amount of bookings really generated from net new logos was over 20%, which we were quite pleased with. And just as a quick follow-on to Charlie's point, any upside that we get on the U.S. has not been considered in our Q3 informal views. To Charlie's points that you laid out in terms of the uncertainty and timing and extent of the U.S. recovery. But if there is a significant recovery that we see in Q3, we would see that come through on our results as well.

嗯，當然。正如我在準備好的評論中所說，在為客戶準備的新徽標上，這對我們來說實際上是相當可觀的。即使在本季度，淨新標識真正產生的預訂量也超過 20%，我們對此感到非常滿意。作為對查理觀點的快速跟進，我們在第三季度的非正式觀點中沒有考慮到我們對美國的任何好處。根據查理的觀點，你就美國復甦的不確定性、時機和程度提出了觀點。但是，如果我們在第三季度看到顯著復甦，我們也會在我們的業績中看到這一點。

Your next question comes from Aaron Rakers from Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

I have 2 as well. The first question, I just -- I think this is the first time you've actually -- in the reported results disclosed the RPO balance. And when I look at that balance at $956 million, up about 24% year-over-year, what to me stands out actually is the expansion that you're seeing above the deferred line. And so that being up over 40%, can you just help us unpack what exactly sits in the RPO balance that's not in deferred and how we should think about that kind of translating to revenue going forward?

我也有2個。第一個問題，我只是——我認為這是你第一次實際——在報告的結果中披露了 RPO 餘額。當我看到這一餘額為 9.56 億美元，同比增長約 24% 時，對我而言，真正引人注目的是你在延期線之上看到的擴張。因此，增長超過 40%，您能否幫助我們解開 RPO 餘額中未延期的確切內容，以及我們應該如何考慮將這種轉化為未來的收入？

Yes, absolutely. When we think about the expansion over deferred, especially sequentially throughout the last several quarters, that's really due to the momentum that we're seeing from a unified subscription business. That's really the primary driver of that. And then before that, we may have some integrated sales of solutions that are unbilled that would be part of the RPO balance that would not be in deferred revenue. But as we see the sequential increases over the last several quarters, that's really being driven by unified subscription momentum.

是的，一點沒錯。當我們考慮到延期的擴張時，特別是在過去幾個季度中的連續擴張，這實際上是由於我們從統一訂閱業務中看到的勢頭。這確實是主要驅動力。然後在此之前，我們可能會有一些未開票的解決方案的集成銷售，這些解決方案將是 RPO 餘額的一部分，不會計入遞延收入。但正如我們看到過去幾個季度的連續增長，這實際上是由統一訂閱勢頭推動的。

Okay. That's helpful. And then just as a second question, you talked a little bit about now that having the second-generation of the C Series product with QLC in the market. I believe when that was launched, there was a lot of discussion about that being just a natural expansion of opportunity for you guys. So can you talk a little bit about what you're seeing in terms of the C Series product and how you're seeing that positioned or leverage relative to your traditional FlashArray systems and the TAM expansion that you're actually starting to see?

好的。這很有幫助。然後作為第二個問題，您現在談到了市場上有第二代帶 QLC 的 C 系列產品。我相信當它推出時，有很多討論認為這對你們來說只是一個自然的機會擴展。那麼，您能否談談您對 C 系列產品的看法，以及您如何看待與傳統 FlashArray 系統和您實際開始看到的 TAM 擴展相關的定位或影響？

You bet. So FlashArray//C continues to be one of the fastest product launches we've ever had. And now the second-generation is not only 100% QLC, but even less expensive because of that. And so we believe it's actually less expensive than hybrid arrays. So now you can get an all-flash array with all-flash performance at a lower price than hybrid arrays. So -- and it's a unique product in the market, not only has no other vendor come up with a competitive product. No other vendors come up with a competitive announcement, which after 9 months of the first generation being in the market is really quite remarkable.

你打賭。因此，FlashArray//C 仍然是我們有史以來最快的產品發布之一。而現在的二代不僅是 100% QLC，而且因此更便宜。所以我們相信它實際上比混合陣列便宜。因此，現在您可以以比混合陣列更低的價格獲得具有全閃存性能的全閃存陣列。所以——它是市場上獨一無二的產品，不僅沒有其他供應商拿出有競爭力的產品。沒有其他供應商提出具有競爭力的公告，在第一代產品上市 9 個月後，這確實非常了不起。

Your next question comes from Tim Long from Barclays.

您的下一個問題來自巴克萊銀行的 Tim Long。

Just the first one, if I could just talk a little bit about competition gross margins, any impacts there. Obviously, still pretty strong product gross margin but down a little bit from last quarter. So just talk a little bit about that. It seems like in the guidance, it's kind of staying around these levels? And then I have a follow-up.

只是第一個，如果我能談談競爭毛利率，那裡的任何影響。顯然，產品毛利率仍然相當強勁，但比上一季度略有下降。所以就稍微談一下吧。似乎在指導中，它有點停留在這些水平附近？然後我有一個跟進。

Yes. Thanks, Tim. I'm going to start with the -- on the first part of the question around competition, I'll let Kevan handle the gross margin side. Our win rates have stayed about the same. That's pretty much where we would like -- of course, we'd always like to see more, but about where we'd like to see. So the competition, I would think -- or sorry, the competition I would say is generally consistent with prior quarters. I will say that customers have been perhaps a bit more demanding in the COVID period. So we're seeing a little bit of that. But on the -- I'm going to let Kevan handle the gross margin question.

是的。謝謝，蒂姆。我將從關於競爭問題的第一部分開始，我會讓凱文處理毛利率方面的問題。我們的勝率基本保持不變。這幾乎是我們希望看到的——當然，我們總是希望看到更多，但關於我們想看到的地方。所以競爭，我想——或者對不起，我想說的競爭與前幾個季度基本一致。我會說，在 COVID 時期，客戶的要求可能更高一些。所以我們看到了一點。但是在 - 我要讓凱文處理毛利率問題。

Yes. Thanks, Charlie. And just to reiterate what Charlie indicated, our win rates have been solid and consistent even compared to pre-COVID. So that was a great signal for us as we look at it from the competitive landscape. Back to gross margins and product gross margins, we really do continue to be pleased with our gross margin performance, which is in line with our long-term view and really best in the industry. Gross were year-over-year, relatively consistent. We did see some movement, as you suggested, sequentially, Tim. I would attribute that to really kind of 2 factors. One is growth of our international business was representing a higher proportion of our sales, and that was a factor in this quarter as our international business traditionally has a little bit lower product gross margins. And there was also some larger opportunities we saw during this quarter, where we made an investment in terms of pricing. These are opportunities where we're very excited about the long-term opportunities, including follow on purchases and commits from these customers.

是的。謝謝，查理。重申一下查理所說的，即使與新冠疫情之前相比，我們的獲勝率也一直穩定且穩定。因此，從競爭格局來看，這對我們來說是一個很好的信號。回到毛利率和產品毛利率，我們確實對我們的毛利率表現感到滿意，這符合我們的長期觀點，並且在行業中確實是最好的。毛利率與去年同期相比，相對一致。蒂姆，正如你所建議的，我們確實看到了一些動作，依次進行。我將其歸因於真正的兩個因素。一是我們國際業務的增長在我們的銷售額中所佔的比例更高，這是本季度的一個因素，因為我們的國際業務傳統上產品毛利率略低。我們在本季度還看到了一些更大的機會，我們在定價方面進行了投資。這些是我們對長期機會感到非常興奮的機會，包括跟進這些客戶的購買和承諾。

Okay. Great. And then just a follow-up, you talked about kind of the vertical mix with small commercial accounts being a little bit more challenging. Just talk a little bit, I think there's been a director of the company to push more into the large enterprise. Can you discuss a little bit how maybe this economic situation might accelerate that move?

好的。偉大的。然後只是跟進，您談到了與小型商業賬戶的垂直組合更具挑戰性。稍微說一下吧，我想公司有一個董事來推動更多的進入大企業。您能否討論一下這種經濟形勢如何可能加速這一舉措？

And where is Pure with further penetrating the larger enterprise accounts?

Pure 在哪裡進一步滲透到更大的企業賬戶？

Yes. No, your question is right on. We did see, obviously, both at the beginning of the COVID period and continuing stronger results in the enterprise accounts. It's been very -- on the one hand, it's been very reassuring to us that not only has it been in existing enterprises where they've brought us in further into their infrastructure, but even winning new large enterprises with large first time sales into the large enterprise. So I believe we've now become the safe choice in many ways, even for large enterprise. But commercial is struggling and as a -- I think that's well-known throughout all of the IT industry that commercial accounts are having a harder time in the COVID environment, and that is, of course, causing us to shift how we focus our sales team's attention with putting more -- shifting more resources into larger enterprise and for the time being, managing commercial with the appropriate amount of sellers and support.

是的。不，你的問題是正確的。顯然，我們確實在 COVID 時期開始時看到了企業賬戶的持續強勁表現。非常 - 一方面，這讓我們非常放心，不僅是在現有企業中，他們將我們進一步帶入了他們的基礎設施，而且甚至贏得了新的大型企業，這些企業的首次銷售量很大。大型企業。所以我相信我們現在在很多方面都成為了安全的選擇，即使對於大型企業也是如此。但是商業正在苦苦掙扎，而且作為一個 - 我認為整個 IT 行業都知道商業賬戶在 COVID 環境中的處境更加艱難，這當然導致我們改變了我們的銷售重點團隊的注意力集中在投入更多——將更多資源轉移到更大的企業中，暫時用適當數量的賣家和支持來管理商業。

Your next question comes from Karl Ackerman from Cowen.

您的下一個問題來自 Cowen 的 Karl Ackerman。

Two questions, if I may. You did very well internationally this quarter. I was hoping you could address the competitive environment and whether bids have become more competitive. I ask because while your, I guess, primary competitor, EMC has introduced a midrange array. That's well expected. But Huawei recently also introduced OceanStore arrays. But the U.S. Department of Commerce, I think, has severely restricted that company's access to silicon. So if you could address the puts and takes and your ability to perhaps gain share in Asia going forward, that would be helpful.

兩個問題，如果可以的話。本季度您在國際上的表現非常出色。我希望你能解決競爭環境以及投標是否變得更具競爭力。我之所以這麼問，是因為我猜是您的主要競爭對手，EMC 推出了中端陣列。這是很好的預期。但華為最近也推出了OceanStore陣列。但我認為，美國商務部已嚴格限制該公司獲得矽片。因此，如果您能夠解決看跌期權以及您在未來可能在亞洲獲得份額的能力，那將是有幫助的。

Sure. As you may know, outside -- we -- our sales in India and China and even South America are a relatively small portion of our overall sales. And that tends to be where Huawei has its greatest strength. We don't see -- we do see Huawei, but we don't see them a lot in Western Europe. They have crept up a little bit more over the years, but still a relatively small amount of our engagement is with them.

當然。如您所知，在我們之外——我們——我們在印度和中國甚至南美的銷售額僅占我們總銷售額的一小部分。而這往往是華為最強大的地方。我們沒有看到——我們確實看到了華為，但我們在西歐看不到它們。這些年來，他們的人數有所增加，但我們與他們的接觸仍然相對較少。

The majority of our engagement continues to be with Dell. And frankly, our win rates against Dell continue to be very strong overall. You asked about the new PowerStore. Honestly, I would have expect -- I did expect to see them much more often -- or PowerStore much more often than we have.

我們的大部分業務仍與戴爾合作。坦率地說，我們對戴爾的勝率總體上仍然非常強勁。您詢問了新的 PowerStore。老實說，我本來希望——我確實希望能更頻繁地看到它們——或者比我們更頻繁地看到 PowerStore。

Honestly, we see PowerMax much more often then we see PowerStore and PowerMax is usually brought in as a last gasp by Dell when they're losing the account to us on extra discount. So it's -- PowerStore, we think, is -- actually continues to be a great opportunity for us because Dell has effectively said we have to replace 4 products in the field to get another forklift upgrade by them.

老實說，我們看到 PowerMax 的頻率比我們看到 PowerStore 的頻率高得多，而 PowerMax 通常是戴爾在以額外折扣將帳戶丟失給我們時作為最後一口氣引入的。所以它——我們認為，PowerStore——實際上對我們來說仍然是一個很好的機會，因為戴爾已經有效地表示我們必須在現場更換 4 種產品才能讓他們再次升級叉車。

It's not a good time to be introducing a 1.0 product, which is what it is. And whenever a customer now is running up against the end of sale of those other 4 products, we can claim to be, and we are the safe bet for them. So with our Evergreen, which we introduced with our first product, 6 or 7 years ago, customers know they'll never have to do a forklift upgrade again, and that's been proven over 6 generations. So Dell was just -- they are our biggest competitor, but we feel very confident in terms of our positioning against them.

現在不是引入 1.0 產品的好時機，事實就是這樣。每當客戶現在遇到其他 4 種產品的銷售終止時，我們可以聲稱是，我們是他們的安全賭注。因此，對於我們在 6 或 7 年前推出的第一個產品的 Evergreen，客戶知道他們將永遠不必再進行叉車升級，這已在 6 代以上得到證明。所以戴爾只是——他們是我們最大的競爭對手，但我們對我們對他們的定位非常有信心。

That's very helpful. For my follow-up, if I may. There's been much discussion on the growth of how distributed storage architectures from edge computing should drive significant opportunity in object based storage software and hardware development. How do you see your role evolving with optic-based storage, particularly in software and with your FlashBlade offering, as edge computing evolves over the next few years, and I guess, how does that influence your strategic planning for augmenting your Pure as-a-Service offerings around software?

這很有幫助。如果可以的話，我的後續行動。關於邊緣計算的分佈式存儲架構如何推動基於對象的存儲軟件和硬件開發的重大機遇，已經有很多討論。隨著邊緣計算在未來幾年的發展，您如何看待基於光學的存儲，特別是在軟件和 FlashBlade 產品中的角色演變，我猜，這將如何影響您增強 Pure as-a 的戰略規劃- 圍繞軟件提供的服務？

Yes. It's -- that's a really interesting area. And of course, an up and coming one that's very important. First of all, we do believe in the container world, and we believe that's going to be a very strong new set of implementations and changes that are going to be going into the entire virtualization environment.

是的。這是 - 這是一個非常有趣的領域。當然，還有一個非常重要的即將到來的。首先，我們確實相信容器世界，我們相信這將是一組非常強大的新實施和變化，將進入整個虛擬化環境。

Of course, there are going to be applications that are developed directly on top of a container environment, and we feel like we're well placed with the FlashBlade to be able to support those very high performance, very needy container environments with respect to being able to get high-speed object in particular.

當然，將會有直接在容器環境之上開發的應用程序，我們覺得我們很適合使用 FlashBlade 來支持那些非常高性能、非常需要的容器環境。尤其能夠獲得高速物體。

But in addition to that, there'll be many customers that want to transition their existing application environments over to containers to make them more portable, more resilient and for them, we have our Pure Service Orchestrator, which is now in place with hundreds of customers. It enables those customers to use their existing storage environment with -- in any one of our products, and even with our Cloud Block Store with containerized applications that they create from their existing environments.

但除此之外，還有許多客戶希望將他們現有的應用程序環境轉換為容器，以使它們更便攜、更具彈性，對於他們來說，我們有我們的 Pure Service Orchestrator，它現在已經部署了數百個顧客。它使這些客戶能夠在我們的任何一種產品中使用他們現有的存儲環境，甚至可以使用我們的 Cloud Block Store 以及他們從現有環境中創建的容器化應用程序。

And again, it allows them to operate it on our unified subscription and so forth. So we feel like we're it's obviously a very new space, but we feel like we're innovating in the right path for those customers that are going to be increasingly developing on containers.

同樣，它允許他們在我們的統一訂閱等上進行操作。所以我們覺得我們顯然是一個非常新的空間，但我們覺得我們正在為那些將越來越多地在容器上開發的客戶在正確的道路上進行創新。

And this is Kix. Maybe I'll just add on -- specific to your question on the object part of it. When we developed FlashBlade 4-plus years ago now, we made a bet to make it a unified file and object platform. And frankly, at the time, people looked at that and said, "Object, that's the protocol people usually use for low end, low performance, low-cost storage. What's their -- what's the reason for an all-flash object store." But the reason has really been cloud-native and modern applications that are increasingly using object as their primary storage. And so just a great part of our FlashBlade business has been the growth of object and as you brought in the edge architectures, we very commonly see data created at the edge, but then centralized for analytics. And that ability to have an on-prem centralized really fast object store for analytics of data and IoT-type deployments is a key use case and one we expect will keep growing.

這就是基克斯。也許我會補充一下——具體到你關於它的對象部分的問題。當我們在 4 多年前開發 FlashBlade 時，我們打賭讓它成為一個統一的文件和對象平台。坦率地說，當時人們看到它並說，“對象，這是人們通常用於低端、低性能、低成本存儲的協議。他們是什麼——全閃存對象存儲的原因是什麼。 "但原因確實是雲原生和現代應用程序越來越多地使用對像作為其主要存儲。因此，我們 FlashBlade 業務的很大一部分是對象的增長，當您引入邊緣架構時，我們經常看到在邊緣創建數據，然後集中進行分析。擁有用於分析數據和物聯網類型部署的本地集中式真正快速對象存儲的能力是一個關鍵用例，我們預計這一用例將繼續增長。

And just to give you a sense of how far advanced we are Pure Service Orchestrator just had a more recent release, where we're actually the first to support the latest version of the CSI container storage interface put out by -- in Kubernetes. So we're tracking this very closely. Both object and containers are a core area of focus for us.

只是為了讓您了解我們有多先進 Pure Service Orchestrator 剛剛發布了一個更新版本，我們實際上是第一個支持最新版本的 CSI 容器存儲接口的——在 Kubernetes 中。所以我們正在非常密切地跟踪這一點。對象和容器都是我們關注的核心領域。

Your next question comes from Wamsi Mohan from Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi today. I was just wondering if you can help us bridge the expected sequential decline in operating margins between fiscal 2Q and 3Q? What are the puts and takes there? It looks like it's about a 480 basis points decline? So any color there would be helpful.

今天是 Ruplu 填補了 Wamsi。我只是想知道您是否可以幫助我們彌合第二季度和第三季度之間預期的營業利潤率連續下降？那裡的看跌期權是什麼？看起來下跌了大約 480 個基點？所以那裡的任何顏色都會有幫助。

Thank you. We continue to invest -- well, first of all, I'll say that it is our intention and our expectation that the company will show an operating profit for the year. And so that's the focus that we are operating on. At the same time, as we've stated at the very beginning of the crisis, we intend to continue to invest in our customers, our support and most particularly in our innovation capability and in our products because I believe what Alan Greenspan once said, which is that the one thing you know about all recessions is that they all end. And we believe that we're going to exit this recession in a position to be able to reaccelerate once we come out of it, and we think it's going to be technology led. And customers will respond and respect those vendors that continue to invest during the downturn.

謝謝你。我們繼續投資——嗯，首先，我要說的是，我們的意圖和期望是，公司將在今年顯示出營業利潤。這就是我們的重點。與此同時，正如我們在危機開始時所說的那樣，我們打算繼續投資於我們的客戶、我們的支持，尤其是我們的創新能力和我們的產品，因為我相信艾倫·格林斯潘曾經說過的話，也就是說，關於所有衰退，你知道的一件事就是它們都會結束。我們相信，一旦我們走出衰退，我們將能夠重新加速經濟衰退，我們認為這將由技術主導。客戶將回應並尊重那些在經濟低迷時期繼續投資的供應商。

Okay. Charlie. And just for my follow-up, last quarter, you launched Purity 3.0 for FlashBlade. I mean, how has the reception been? Has that helped you get incremental customers? And if you can just comment on how bookings are trending currently in the third quarter?

好的。查理。就我的後續行動而言，上個季度，你們為 FlashBlade 推出了 Purity 3.0。我的意思是，接待情況如何？這有助於您獲得更多客戶嗎？如果您可以評論一下目前第三季度的預訂趨勢如何？

Yes. So I'll start with the FlashBlade 3.0. This is really -- it's already deployed on literally hundreds of arrays. So it's been a very fast uptake of the 3.0. And it's been really notable how many customers have deployed the fast file and object replication. And they've done it for a number of different use cases, data protection, data -- excuse me, disaster recovery, and they've done it between both on-prem and public cloud sites. So the -- and I think illustrative is what we just did with Cohesity. We really have designed a system with them, but we've also added additional capabilities to our product, to add additional security and features with respect to ransomware, so that customers can not only detect ransomware and protect themselves against it, but recover very rapidly, such as within an hour after a ransomware attack.

是的。所以我將從 FlashBlade 3.0 開始。這真的是——它已經部署在數百個陣列上。所以它是 3.0 的一個非常快速的吸收。值得注意的是，有多少客戶部署了快速文件和對象複製。他們已經為許多不同的用例、數據保護、數據——對不起，災難恢復，他們已經在本地和公共雲站點之間完成了它。所以 - 我認為說明性是我們剛剛對 Cohesity 所做的。我們確實與他們一起設計了一個系統，但我們還為我們的產品添加了額外的功能，以添加與勒索軟件有關的額外安全性和功能，以便客戶不僅可以檢測勒索軟件並保護自己免受勒索軟件的侵害，而且可以非常快速地恢復，例如在勒索軟件攻擊後一小時內。

So what -- the strength, of course, of FlashBlade and especially so with the 3.0 release is that it is unified for both fast file and object. The big use cases are big data and analytics, log analytics, machine learning, as we've said in the past. But increasingly, especially with the new features, chip design, genomics, geophysical modeling. So all of the, as you might imagine, the high-performance use cases. And then lastly, what I'll mention is it's being increasingly used for mixed-use cases, which is something very different than in the past.

那麼——當然，FlashBlade 的優勢，尤其是 3.0 版本的優勢在於它統一了快速文件和對象。正如我們過去所說，大用例是大數據和分析、日誌分析、機器學習。但越來越多，尤其是新功能、芯片設計、基因組學、地球物理建模。因此，正如您可能想像的那樣，所有的高性能用例。最後，我要提到的是它越來越多地用於混合用例，這與過去有很大不同。

In other words, it will be used by some customers for analytics and at the same time, rapid recovery and ransomware protection as well as just large-scale fire repositories all at the same time. And it can do that just because of the performance and the scale of the product.

換句話說，一些客戶將使用它進行分析，同時快速恢復和勒索軟件保護以及大型火災存儲庫。僅僅因為產品的性能和規模，它就可以做到這一點。

And then specific to Q3 in terms of current views, any of the views that we've seen early days really were part of what we've shared in our prepared remarks and how we're looking at Q3 in terms of our internal views and informal guide. But that also plays into what we're seeing on pipeline in terms of increasing pipeline build sequentially from what we saw in Q2.

然後具體到第三季度的當前觀點，我們早期看到的任何觀點實際上都是我們在準備好的評論中分享的內容的一部分，以及我們如何看待第三季度的內部觀點和非正式指南。但這也影響了我們在管道上看到的情況，從我們在第二季度看到的按順序增加管道建設。

Your next question comes from Nehal Chokshi from Northland.

您的下一個問題來自 Northland 的 Nehal Chokshi。

So good to see continued traction with overall bookings growth. It looks like you had about $28 million in unbilled contract bookings. So I think all those associated with the cloud box store and peers of service. Can you give us a sense as to how it's booked out between those 2, though?

很高興看到整體預訂增長的持續牽引力。看起來您有大約 2800 萬美元的未開票合同預訂。所以我認為所有這些都與雲存儲和服務同行相關。不過，您能否告訴我們這兩者之間的預訂情況？

We really look at that, Nehal, as a unified subscription because that's how we sell it, that's how we go to market. And so when we look at our subscription services as a category, you really have really 2 major categories, 1 being Evergreen, which has been out there for some time, and it's still growing at an accelerated rate and the other one is a unified subscription. But we don't track nor do we talk about it from a public standpoint the breakout of our unified subscription, given that our selling motion and how customers are utilizing it both on-prem and in the cloud that doesn't make a lot of sense for us.

Nehal，我們真的將其視為統一訂閱，因為這就是我們銷售它的方式，這就是我們進入市場的方式。因此，當我們將訂閱服務視為一個類別時，您確實有 2 個主要類別，1 個是 Evergreen，它已經存在了一段時間，並且仍在加速增長，另一個是統一訂閱.但是我們不會從公開的角度跟踪也不會談論我們統一訂閱的突破，因為我們的銷售動作以及客戶如何在本地和雲中使用它並不會產生很多對我們有意義。

Right. Okay. And then your current view basically implies that there's going to be a pretty significant step down in the year-over-year growth of product revenue. And if you look out at the various companies that have a hardware element that doesn't at least come as a surprise to me. I guess -- and thank you for providing that view. I think that's going to prove to be unique. But I'm going to push you a little bit further here. Do you have a view on when on-premise hardware bottoms in terms of their year-over-year trajectory?

正確的。好的。然後你目前的觀點基本上意味著產品收入的同比增長將出現相當顯著的下降。如果您查看擁有硬件元素的各種公司，至少不會讓我感到驚訝。我猜——感謝您提供這種觀點。我認為這將被證明是獨一無二的。但我要在這裡再推你一點。您對本地硬件的同比軌跡何時觸底有看法嗎？

I -- it's hard to say, but we do think that as the economy improves, you'll see -- let me phrase this another way. I think it's very clear now that the dominant view of enterprise is that their future is hybrid. That is some combination of on-prem and in the cloud. And really, what they want to do is to unify that to be able to create an environment where that choice for them is more economic than it is a decision about technologies and where that they can negotiate both with on-prem vendors as well as with cloud vendors, to get the best possible economic and performance as well as full application and services position that they can possibly be in. So we're seeing a very strong uptake of the hybrid cloud idea. So what that really says is it's about your question really goes to when does IT spending start to really recover. And I think it depends a lot upon the trajectory of the pandemic in the U.S. And I would expect that when we see the when we start to see the economy recover that is GDP start to pick up and IT spending start to free up, that we'll see a recovery as you phrase it a bottoming out of on-prem equipment spend.

我 - 很難說，但我們確實認為隨著經濟的改善，你會看到 - 讓我換一種說法。我認為現在很清楚，企業的主流觀點是他們的未來是混合的。這是本地和雲端的某種組合。實際上，他們想要做的是統一這一點，以便能夠創造一個環境，讓他們的選擇比技術決策更經濟，並且他們可以與本地供應商以及與雲供應商，以獲得最佳的經濟和性能以及他們可能處於的完整應用程序和服務位置。因此，我們看到混合雲理念得到了非常強烈的採用。因此，真正要說明的是，您的問題真正涉及到 IT 支出何時開始真正恢復。我認為這在很大程度上取決於美國大流行的軌跡。我預計，當我們看到經濟開始復蘇時，即 GDP 開始回升，IT 支出開始騰出，我們當您將其描述為本地設備支出觸底反彈時，將會看到復蘇。

Your next question comes from Erik Suppiger from JMP Securities.

您的下一個問題來自 JMP 證券公司的 Erik Suppiger。

First off, you noted the commercial market soft. Can you just remind us how much contribution you have from commercial accounts and how you size commercial accounts? And then secondly, you have a number of new product cycles be curious to know how you kind of size the opportunity for the unified services versus the size and the opportunity for your FlashArray//C? I know they're very different products, but how do you see those if you look out, say, 3 to 5 years?

首先，您注意到商業市場疲軟。您能否提醒我們您從商業賬戶中獲得了多少貢獻以及您如何調整商業賬戶的規模？其次，您有許多新產品週期，想知道您如何衡量統一服務的機會與 FlashArray//C 的規模和機會？我知道它們是非常不同的產品，但如果你仔細觀察，比如 3 到 5 年，你會如何看待它們？

Yes. Well, of course, one always expects the new products to grow faster than the company overall. As we have mentioned, FlashArray//C, has had a huge start to it. We expect that to continue for some time because it extends into a large market or because it's part of a very large market that we didn't part -- that no one has participated in before. If we look at FlashRecover, that's a -- data production is an $8 billion market, and we're just getting started in that. And then if you look at our new release, which we just released in the last week of our last quarter, which is file services on FlashArray//C, standard general purpose file stores is a market that we haven't participated in at all. And again, it's a multibillion-dollar market. So I think as we look forward 3 to 4 years, if we have the kind of success in those products that we individually had in FlashBlade over the same 3 to 4-year period, we're talking well over $1 billion and close to $2 billion or more.

是的。嗯，當然，人們總是期望新產品的增長速度超過公司整體的增長速度。正如我們所提到的，FlashArray//C 已經有了一個巨大的開端。我們預計這種情況會持續一段時間，因為它擴展到一個大市場，或者因為它是我們沒有參與的一個非常大的市場的一部分——以前沒有人參與過。如果我們看看 FlashRecover，那是一個——數據生產是一個價值 80 億美元的市場，我們才剛剛開始。然後，如果您查看我們剛剛在上個季度最後一周發布的新版本，即 FlashArray//C 上的文件服務，標准通用文件存儲是我們根本沒有參與的市場.再說一次，這是一個價值數十億美元的市場。所以我認為，展望未來 3 到 4 年，如果我們在相同的 3 到 4 年期間在 FlashBlade 中單獨擁有的那些產品上取得成功，我們談論的將超過 10 億美元，接近 2 美元億或更多。

So it's a great -- we just see great upside in the portfolio overall.

所以這很棒——我們只是看到整體投資組合有很大的上升空間。

Yes. One other data point I might just add, if you look at the overall enterprise storage market, we're still in a zone where more disc is sold than flash and flash has obviously come in and eroded all of the high end of the use cases. But there's still a lot of hybrid arrays that are sold out there that are a little bit of flash and a lot of disk on the back end. One of the unique things now with FlashArray//C. When we first launched it, we talked about how it got kind of in the neighborhood of hybrid arrays. We now believe it's substantially less expensive to deploy FlashArray//C than a hybrid array, about 30% cheaper. And so as we talk to our larger scale enterprise customers, it's just becoming a no-brainer to look beyond the Tier 1 and now look at their Tier 2 franchises that used to really have hybrid arrays to have the final transition to flash happen.

是的。我可能會補充的另一個數據點，如果你看看整個企業存儲市場，我們仍然處於一個磁盤銷售量超過閃存的區域，而閃存顯然已經進入並侵蝕了所有高端用例.但是仍然有很多混合陣列已經售出，它們在後端有一點閃存和大量磁盤。 FlashArray//C 現在的獨特之處之一。當我們第一次推出它時，我們談到了它是如何在混合陣列附近獲得的。我們現在認為部署 FlashArray//C 比混合陣列便宜得多，大約便宜 30%。因此，當我們與更大規模的企業客戶交談時，不費吹灰之力地超越第 1 層，現在看看他們的第 2 層特許經營權，這些特許經營權曾經真正擁有混合陣列，最終過渡到閃存。

And then just to answer your question on enterprise, and we talk about from a new customer or total customers. Our total customer base, about, what, 45% of those are Fortune 500. And I think that's a good way to look at it. Bookings as a total share for enterprise would be north of that generally is a good way to think about that? And then obviously, you would still have commercial and in public sector with Fed and SLED.

然後只是回答你關於企業的問題，我們從一個新客戶或總客戶談起。我們的總客戶群，大約，什麼，其中 45% 是財富 500 強。我認為這是看待它的好方法。預訂作為企業的總份額將高於這通常是一個好的思考方式嗎？然後很明顯，美聯儲和 SLED 仍然會有商業和公共部門。

And actually, just to make sure there's no confusion. We're in about 45% of the Fortune 500.

實際上，只是為了確保沒有混淆。我們在財富 500 強中約佔 45%。

That's right. Yes.

這是正確的。是的。

Rather than -- it's -- yes.

而不是——它是——是的。

But then as a percentage of share of bookings, it's a good way to think about it, north of 45%.

但作為預訂份額的百分比，這是一個很好的考慮方式，超過 45%。

Yes maybe one final thing I'll mention. I think often we're asked how big the flash market is and pure from the early days has said, look, don't define us in the all-flash market, define us in the enterprise storage market as a whole. And we've now talked really about 3 key areas that I think when you ask most people in the market, they'd say, no, that's still disk, where we've built substantial businesses in flash. One is an object storage. One is in backup and recovery. And now Tier 2 applications. And so I think we're proving that we can really push flash into the broad part of the market that people assumed was really the disk market previously.

是的，也許我會提到最後一件事。我想我們經常被問到閃存市場有多大，pure 從早期就說過，看，不要在全閃存市場中定義我們，而是在整個企業存儲市場中定義我們。我們現在已經真正討論了 3 個關鍵領域，我認為當你問市場上的大多數人時，他們會說，不，那仍然是磁盤，我們在閃存中建立了大量業務。一種是對象存儲。一是備份和恢復。現在是第 2 層應用程序。因此，我認為我們正在證明我們真的可以將閃存推向人們以前認為的磁盤市場的廣闊市場。

Your next question comes from Mehdi Hosseini from Susquehanna.

您的下一個問題來自 Susquehanna 的 Mehdi Hosseini。

Yes. I actually have a follow-up to your very last statement. When I look at the backlog of recovery is about $1 billion of business, 8% of external storage. And then the hybrid is about half of the external storage market. And in that context, my question to you is, when you announced agreement with Cohesity , is that in displacing the back of recovery with pacer? Or are you expecting incremental market opportunity? And then back to hybrid if half of the external storage is hybrid, how quickly do you think we're going to get to 1/3 or less? Is that a matter of a year or 2 and an improvement in global economy or is this going to be a slow debt? And I have a follow-up.

是的。實際上，我對你最後的聲明有後續行動。當我查看恢復的積壓時，大約有 10 億美元的業務，8% 的外部存儲。然後混合型約佔外部存儲市場的一半。在這種情況下，我向你提出的問題是，當你宣布與 Cohesity 達成協議時，是不是用起搏器取代了恢復的背部？還是您期待增量市場機會？然後回到混合，如果一半的外部存儲是混合的，你認為我們能多快達到 1/3 或更少？這是一年或兩年的問題，全球經濟會有所改善，還是會成為一筆緩慢的債務？我有一個後續行動。

Yes. Let me start with the discussion on the Cohesity partnership, and then I'll turn it over to Kix on the specific market sizes. So on the Cohesity product that we're putting out, we see it as enabling -- think of it as an appliance that is preconfigured, easy to set up, customers can install in less than a couple of hours and it immediately provides them with a rapid recovery solution to protect them from any data outage in particular against ransomware attacks, et cetera. We really view that as perhaps the first of what we would call Pure validated designs where we simplify the task of a variety of different storage application environments for our customers. This one being ransomware attack and offered as a -- in this case, as an appliance, but perhaps in the future with other partners and other solutions provided by the channel as an integrated solution.

是的。讓我從關於 Cohesity 合作夥伴關係的討論開始，然後我將把它交給 Kix 關於特定市場規模的討論。因此，在我們推出的 Cohesity 產品中，我們認為它是一種支持——將其視為一種預配置、易於設置、客戶可以在不到幾個小時內安裝並立即為他們提供一種快速恢復解決方案，可保護他們免受任何數據中斷，特別是免受勒索軟件攻擊等。我們真的認為這可能是我們稱之為純驗證設計的第一個，我們為客戶簡化了各種不同存儲應用程序環境的任務。這是勒索軟件攻擊，並作為一種 - 在這種情況下作為一種設備提供，但可能在未來與其他合作夥伴和渠道提供的其他解決方案作為集成解決方案提供。

Yes. And then just to put some numbers around that because I'm not sure I agree with the one you threw out there. The overall backup and recovery market is about $8 billion, and that goes down to about half software and half hardware solutions. On the hardware side that was traditionally just based back of appliances historically like data domain.

是的。然後只是在這方面加上一些數字，因為我不確定我是否同意你扔在那裡的那個。整個備份和恢復市場約為 80 億美元，其中一半是軟件解決方案，一半是硬件解決方案。在硬件方面，傳統上只是基於歷史上的設備，如數據域。

We're really going after that whole market with this partnership because we can present an opportunity to really modernize the entire recovery spend to modernize the software and the hardware side of things. And so we believe it's a substantial opportunity there to go after backup and recovery and particularly drive fast recovery there.

通過這種合作關係，我們真的在追求整個市場，因為我們可以提供一個真正實現整個恢復支出現代化的機會，以實現軟件和硬件方面的現代化。因此，我們認為這是進行備份和恢復的重要機會，尤其是推動那裡的快速恢復。

And regards to your question around the hybrid storage environment overall, look, the hybrid market for hybrid arrays is pretty broad from very large-scale enterprises who deploy them in mass for their kind of Tier 2 franchises, all the way down to people who spend 5,000, 10,000, 15,000 for the only array they own.

關於您關於整體混合存儲環境的問題，看，混合陣列的混合市場非常廣泛，從大規模部署它們以實現其第 2 層特許經營權的大型企業，一直到花費大量資金的人5,000, 10,000, 15,000 對於他們擁有的唯一陣列。

That latter part is not a market we're interested in going after. But we believe for large enterprises who historically used hybrid arrays as their Tier 2 platform. That's really the sweet spot for FlashArray//C, and we think it's increasingly clear that when you're a large scale enterprise, it's just too expensive to run disk anymore. When you just look at the operational pain and the overhead and the complexity and the reliability issues disc introduces, it's just time to go all flash.

後一部分不是我們有興趣追求的市場。但我們相信對於歷史上使用混合陣列作為其第 2 層平台的大型企業而言。這確實是 FlashArray//C 的最佳選擇，我們認為越來越清楚的是，當您是一家大型企業時，運行磁盤的成本太高了。當您只看操作上的痛苦和開銷以及光盤引入的複雜性和可靠性問題時，現在是時候全部使用閃存了。

Got it. And just a quick follow-up. Last quarter, you highlighted FlashBlade. And actually, to my surprise, you attach a $55 million of revenue you recognized in the April quarter. Anything you can share with us regarding July quarter?

知道了。只是一個快速的跟進。上個季度，您強調了 FlashBlade。實際上，令我驚訝的是，您附上了您在 4 月季度確認的 5500 萬美元收入。關於 7 月季度，您有什麼可以與我們分享的嗎？

No. And actually that was a sizing we've provided last quarter in connection with total sales, which is a little bit different than revenue, but we haven't updated that sizing. But we were very pleased with what we saw in terms of FlashBlade performance.

不。實際上這是我們上個季度提供的與總銷售額相關的規模，這與收入有點不同，但我們還沒有更新這個規模。但我們對 FlashBlade 的性能感到非常滿意。

Your next question comes from Eric Martinuzzi from Lake Street.

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

Yes. I wanted to explicitly address the Q3 gross margin assumption, given roughly flat sequentially on the rest, you guys have talked about a long-term range between $65 million and $70 million. But I'm wondering why Q3 gross margin would be substantially different from where we finished up Q2, given strength in international and continued growth in subscription.

是的。我想明確說明第三季度的毛利率假設，鑑於其餘部分大致持平，你們已經談到了 6500 萬美元到 7000 萬美元之間的長期範圍。但我想知道為什麼第三季度的毛利率會與第二季度的毛利率大不相同，因為國際市場的實力和訂閱量的持續增長。

And so we did not give any formal views or informal views around gross margin. We're pleased, as you mentioned, with our performance on gross margin. I wouldn't see anything unusual as I think about our gross margin performance in Q3. I did talk about our views of operating margin for Q3, and that might be what you're referring to.

因此，我們沒有就毛利率發表任何正式或非正式的看法。正如您所提到的，我們對我們的毛利率表現感到高興。當我想到我們在第三季度的毛利率表現時，我不會看到任何異常。我確實談到了我們對第三季度營業利潤率的看法，這可能就是您所指的。

Yes. I was just kind of back -- you said the bulk of the delta between the EBIT was on the OpEx side. And I was trying to get you to explicitly talk about the GM, but I got my question answered. The headcount that you saw increase there, roughly 200 between the end of Q1 and Q2. Is the impact in the OpEx going to be a full quarter of the 3,700 employees? Or do you plan to add additional heads in Q3?

是的。我只是有點退縮——你說息稅前利潤之間的大部分增量都在運營支出方面。我試圖讓你明確談論通用汽車，但我的問題得到了回答。您在那裡看到的員工人數增加了，在第一季度末和第二季度之間大約增加了 200 人。對運營支出的影響是否會影響到 3,700 名員工中的四分之一？還是您計劃在第三季度增加額外的負責人？

Yes, I think there'll be a mix in terms of how those costs come through for Q3. And then in terms of our hiring in the second half, still looking to have some incremental hires, really focused on the innovation front and will be less so than what we saw in the first half in terms of total hiring of net hiring in terms of increase of total headcount.

是的，我認為第三季度這些成本的產生方式會有所不同。然後就我們下半年的招聘而言，仍然希望有一些增量招聘，真正專注於創新方面，並且將少於我們在上半年看到的淨招聘總數總人數增加。

Your next question comes from Katy Huberty from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Katy Huberty。

Sorry, I jumped on a little bit late. I know this has been asked a couple of times, but I would love for you to double-click a bit more on the below the normal seasonality revenue trend in October? And specifically, you have significant exposure to cloud customers, which is a great secular growth market. Do you feel like there was some pull forward of demand from those customers? And so that pipeline is a little bit less mature, dryer than they typically would be? Is there a lagged effect from the economic declines that we saw in the calendar second quarter?

對不起，我跳得有點晚了。我知道這個問題已經被問過幾次了，但我希望您能在 10 月份的正常季節性收入趨勢下方多雙擊一下？具體來說，您對雲客戶有很大的了解，這是一個巨大的長期增長市場。您是否覺得這些客戶的需求有所增長？因此，這條管道比通常情況下更不成熟、更乾燥？我們在日曆第二季度看到的經濟下滑是否有滯後效應？

Just sort of some of the factors that you think are playing into the much weaker than seasonal outlook for the calendar 3Q or the October quarter?

只是你認為的一些因素對日曆第三季度或 10 月季度遠低於季節性前景的影響？

Yes, Katy, thank you much more the second item that you mentioned, we think, which is a delayed effect from the from the lowered Q2 performance by U.S. across the board. Just kind of being reflected then in Q3 actual numbers. Actually, whatever acceleration we might have had from cloud and large enterprise in Q1, I don't feel that it was of such a substantial nature that it's really affecting latter quarters.

是的，凱蒂，非常感謝您提到的第二項，我們認為，這是美國第二季度業績全面下降的延遲效應。只是有點反映在第三季度的實際數字中。實際上，無論第一季度我們可能從雲計算和大型企業中獲得什麼加速，我都不認為它具有如此實質性的性質，以至於它真正影響了後幾個季度。

Okay. And then just secondly, can you talk about the -- is there any makeup of customers that are driving the really strong 37% subscription growth? Is it skewed to certain regions? Are there particular verticals that are early adopters? Like is there a trend in terms of customer size, where you're seeing the demand or is it truly just broad-based across the customer set?

好的。其次，您能談談 - 是否有任何客戶構成推動了真正強勁的 37% 訂閱增長？它是否偏向某些地區？是否有特定的垂直行業是早期採用者？比如在客戶規模方面是否存在趨勢，您在哪裡看到需求，或者它真的只是廣泛的客戶群體？

Well, the trend is that it actually is going to broad-based. It started out with being dominated by 1 or 2 customers a quarter, very large customers a quarter, dominating the revenue that we would get in a PAS deal. And now it is much more balanced across one all million-dollar-plus customers, but just much larger numbers of them. And so that was -- that's very good to see, obviously, going to a more broad-based and larger average customer size.

嗯，趨勢是它實際上是廣泛的。一開始，每個季度只有 1 或 2 個客戶，一個季度非常大的客戶，主導著我們在 PAS 交易中獲得的收入。現在，在所有價值超過 100 萬美元的客戶中，它變得更加平衡，但數量要多得多。所以那是 - 很明顯，很高興看到基礎更廣泛，平均客戶規模更大。

Yes. And I'd actually split it out between broad-based, both for the evergreen, Charlie, which we're getting huge interest and continued interest in Evergreen. And so our strong renewal rates are definitely contributing to that. That's broad-based. And then what we're seeing on the unified subscription is also broad-based with a lot of increase on net new logos.

是的。而且我實際上將它分為基礎廣泛的，包括常青樹查理，我們對常青樹產生了巨大的興趣和持續的興趣。因此，我們強勁的續訂率肯定有助於實現這一目標。這是廣泛的。然後我們在統一訂閱中看到的內容也是廣泛的，淨新徽標有很多增加。

Yes, yes.

是的是的。

Your next question comes from Steven Fox from Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox。

Just one quick question on Slide 5. I'm just trying to understand the discrepancy between how incremental purchases grow with your top 25 customers versus the overall number, which is only like $2 after the first 24 months. Is that macro related or is there some other trends in there that we should be aware of?

關於幻燈片 5 的一個簡短問題。我只是想了解您的前 25 名客戶的增量購買增長與總體數量之間的差異，在前 24 個月後僅為 2 美元。這個宏觀相關還是我們應該注意的其他一些趨勢？

No, and this has been pretty consistent with what we've shown in the past. So nothing new to highlight on that front.

不，這與我們過去展示的內容非常一致。因此，在這方面沒有什麼新的亮點。

Okay. And then if I can just squeeze in another since that one was, I guess, pretty obvious. Just on vendor discounting and vendor financing that's picked up. How is that impacting either closing deals or how you have to price deals overall?

好的。然後，如果我可以擠進另一個，因為那個，我猜，很明顯。僅在供應商折扣和供應商融資方面有所回升。這對完成交易或您如何對交易進行整體定價有何影響？

Yes. As you may well know, we don't provide ourselves vendor financing. Instead, we provide Pure as-a-service that provides pay as you go consumption model, which, in most cases, is a less expensive and more resilient purchase capability or purchasing option for our customers because they only need to pay for what they use when they use it. And so we have found that to be a very competitive and in many ways, a superior offering to vendor financing of our own gear and it's why you see many of our competitors attempting to come up with consumption type of services on their own. But given the limitations of their products, they're rarely able to be able to do anything similar.

是的。如您所知，我們不為自己提供供應商融資。相反，我們提供純即服務，提供即用即付消費模式，在大多數情況下，這對我們的客戶來說是一種更便宜、更有彈性的購買能力或購買選擇，因為他們只需要為他們使用的東西付費當他們使用它時。因此，我們發現這是一個非常有競爭力的產品，並且在很多方面，是對我們自己的設備的供應商融資的優質產品，這就是為什麼你看到我們的許多競爭對手試圖自己提出消費類型的服務。但考慮到他們產品的局限性，他們很少能夠做類似的事情。

And that was our last question at this time. I will turn the call back over to Charlie Giancarlo for closing remarks.

這是我們此時的最後一個問題。我會將電話轉回給查理·吉安卡洛（Charlie Giancarlo）進行結束致辭。

I want to thank you all for taking the time to join us today. Pure like many companies, but we're very focused on how we can improve the experience of our customers and our employees. I do want to send my sympathies out to all of our West Coast employees, many of whom are not just sheltered-in-place, but in some cases, packing up and ready to flee their homes from fires and smoke. And I want to send my thoughts and prayers out to all of them and everybody in the in the West -- on the West Coast that are suffering from fires. And frankly, also many of our suppliers that are in the eye or at least in the bull's eye of the upcoming hurricanes. So we continue to be there for you. We do believe -- we continue, and we believe that the investments that we make in our customers, our channels and our products in this extremely difficult period is going to truly allow us to accelerate our growth when the global economies, country by country, start to recover. So with that, let me ask you all to stay safe, stay socially connected, but physically distant, and we look forward to speaking with you next quarter. Thank you.

我要感謝大家今天抽出時間加入我們。像許多公司一樣純粹，但我們非常關注如何改善客戶和員工的體驗。我確實想向我們所有的西海岸員工表示同情，他們中的許多人不僅就地避難，而且在某些情況下，他們收拾行裝，準備逃離火災和煙霧的家園。我想把我的想法和祈禱傳達給西部的所有人和每個人——在西海岸遭受火災的人。坦率地說，我們的許多供應商也處於或至少處於即將到來的颶風的靶心之中。因此，我們將繼續為您服務。我們確實相信——我們會繼續，並且我們相信，在這個極其困難的時期，我們對客戶、我們的渠道和我們的產品所做的投資，將真正讓我們在全球經濟逐個國家加速增長時，開始恢復。因此，讓我要求你們所有人保持安全，保持社交聯繫，但保持距離，我們期待下個季度與你們交談。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。