Pure Storage Inc (PSTG) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Pure Storage Q1 Fiscal 2021 Earnings Call.

女士們，先生們，感謝您的支持，歡迎參加 Pure Storage 2021 財年第一季度財報電話會議。

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

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I'd now hand the conference over to your speaker today, Nicole Noutsios, Investor Relations for Pure Storage.

我現在將會議交給你今天的演講者，Nicole Noutsios，Pure Storage 的投資者關係。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, and good afternoon.

謝謝，下午好。

Welcome to Pure Storage First Quarter Fiscal 2021 Earnings Call.

歡迎來到 Pure Storage 2021 財年第一季度財報電話會議。

My name is Nicole Noutsios, Investor Relations at Pure Storage.

我叫 Nicole Noutsios，Pure Storage 的投資者關係部。

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

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.

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。

These include statements regarding the COVID-19 pandemic and related disruptions; our growth and sales prospects; competitive, industry and technology trends; our strategy and its advantage; our current and future product offerings; and business and operations, including our operating model.

其中包括有關 COVID-19 大流行和相關中斷的聲明；我們的增長和銷售前景；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；業務和運營，包括我們的運營模式。

Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them.

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。

Our actual results may differ materially from the results forecasted.

我們的實際結果可能與預測結果大不相同。

Reported results should not be considered as an indication of future performance.

報告的結果不應被視為未來業績的指標。

A discussion of some of the risks and uncertainties relating to our business is contained in our filings with the SEC, and we refer you to these public filings.

我們向美國證券交易委員會提交的文件中包含對與我們業務相關的一些風險和不確定性的討論，我們建議您參考這些公開文件。

During the call, we will discuss non-GAAP measures in talking about the company's performance.

在電話會議期間，我們將在談論公司業績時討論非 GAAP 措施。

And reconciliations of the most directly comparable GAAP measures are provided in our earnings press release and slides.

我們的收益新聞稿和幻燈片中提供了最直接可比的 GAAP 指標的對賬。

This call is being broadcast live on the Pure Storage IR website and is being recorded for playback purposes.

此通話正在 Pure Storage IR 網站上進行現場直播，並正在錄製以供回放。

An archive of the webcast will be available on the IR website and is the property of Pure Storage.

網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

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

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

Good afternoon, everyone.

大家下午好。

Thank you for joining us on today's earnings call.

感謝您參加今天的財報電話會議。

I hope you, your family, friends and colleagues are all healthy and staying well.

我希望您、您的家人、朋友和同事都身體健康，身體健康。

As you will have noted at the beginning of this call, Matt Danziger, our Head of Investor Relations, is no longer with us.

正如您在本次電話會議開始時所指出的那樣，我們的投資者關係主管 Matt Danziger 已不在我們身邊。

Matt died unexpectedly last month from a non-COVID-related heart attack due to an undiagnosed genetic cardiovascular disease.

由於未確診的遺傳性心血管疾病，馬特上個月意外死於非 COVID 相關的心髒病發作。

Matt was healthy, vital and intelligent and always a joy to work with and spend time with.

Matt 身體健康、精力充沛、聰明伶俐，並且總是樂於與之共事和共度時光。

He touched the lives of everyone he met and his passing has saddened us all.

他觸動了他遇到的每個人的生活，他的去世讓我們所有人都感到難過。

Our hearts go out to his family and friends.

我們的心與他的家人和朋友同在。

I'd also like to take a moment to share my thoughts on the current health crisis that has affected everyone around the world.

我還想花點時間分享我對當前影響世界各地每個人的健康危機的看法。

Some of you may know that I contracted COVID-19 in mid-March, and that experience has provided me with a deep personal appreciation for this virus and its impact.

你們中的一些人可能知道我在 3 月中旬感染了 COVID-19，而那次經歷使我對這種病毒及其影響有了深刻的個人認識。

The changes in people's lives and livelihoods are truly extraordinary, and our expectations of what is or will be normal is forever changed.

人們生活和生計的變化確實非同尋常，我們對正常或將要正常的期望永遠改變了。

Every day, each new report on the crisis brings an uneasy mixture of anxiety, uncertainty and hope about the future.

每一天，每一份關於危機的新報告都帶來了焦慮、不確定性和對未來的希望的不安混合。

The global Pure team has had the great fortune of being able to work virtually.

全球 Pure 團隊非常幸運能夠進行虛擬工作。

So we are inspired by and appreciative of the world's first responders and essential workers.

因此，我們受到世界第一響應者和重要工作者的啟發和感激。

We thank all those who have provided the services that have been critical to meeting our basic needs and tending to the wellbeing of others during this time.

我們感謝所有提供服務的人，這些服務對於滿足我們的基本需求和在此期間照顧他人的福祉至關重要。

Within Pure, every group has handled this crisis with courage and responsibility, steadfast in their mission to help our customers and our company.

在 Pure 內部，每個團隊都以勇氣和責任感應對了這場危機，堅定地履行幫助客戶和公司的使命。

We continue to demonstrate that Pure has best-in-class teams and that our products and services are simple, reliable and trusted.

我們繼續證明 Pure 擁有一流的團隊，並且我們的產品和服務簡單、可靠且值得信賴。

It is this potent combination that enables Pure to solve the critical and immediate needs of our current and new customers.

正是這種強大的組合使 Pure 能夠解決我們當前和新客戶的關鍵和直接需求。

This past quarter especially, we were proud to be relied on to deliver products and services to critical infrastructure on the front lines, including hospitals, labs, governments, schools, banks, communication systems, research institutions and first responders.

尤其是在過去的這個季度，我們很自豪能夠為一線的關鍵基礎設施提供產品和服務，包括醫院、實驗室、政府、學校、銀行、通信系統、研究機構和急救人員。

Our highly automated systems, enabled customers and our partners to remotely install and manage our products and solutions within an hour or 2 rather than days.

我們高度自動化的系統使客戶和我們的合作夥伴能夠在一小時或兩小時內遠程安裝和管理我們的產品和解決方案，而不是幾天。

A major state government was hit with a ransomware attack in the early days of the crisis.

在危機初期，一個主要的州政府遭到勒索軟件攻擊。

Pure was able to rapidly deliver our ransomware solution, providing protection against future attacks.

Pure 能夠快速交付我們的勒索軟件解決方案，為未來的攻擊提供保護。

A major collaboration network increased their Pure footprint after a huge increase in traffic and demand from new customers due to COVID-19.

由於 COVID-19 導致流量和新客戶的需求大幅增加，一個主要的協作網絡增加了 Pure 足跡。

The customer chose Pure, because they experienced failures in their installed base of legacy solutions under the high load and were unable to obtain new product from those vendors to scale their systems.

客戶之所以選擇 Pure，是因為他們在高負載下安裝的傳統解決方案出現故障，並且無法從這些供應商那裡獲得新產品來擴展他們的系統。

Pure was able to deliver and install Pure solutions into the customer's production network within 24 hours of our first call.

Pure 能夠在我們第一次致電後的 24 小時內交付並安裝 Pure 解決方案到客戶的生產網絡中。

A retail customer suddenly needed all of their employees to work from home when previously few did, rapidly increasing the load on their infrastructure.

一位零售客戶突然需要所有員工在家工作，而以前很少有人這樣做，這迅速增加了他們基礎設施的負載。

We made this a smooth transition with robust remote capabilities and Pure as-a-Service, our true multi-cloud consumption-based contract.

我們通過強大的遠程功能和 Pure as-a-Service（我們真正的基於多雲消費的合同）實現了平穩過渡。

In each case, Pure was able to deliver and install products expeditiously, enabling customers to be in full production within 72 hours, and in some cases, sooner from the first call.

在每種情況下，Pure 都能迅速交付和安裝產品，使客戶能夠在 72 小時內全面投入生產，在某些情況下，從第一個電話開始就可以更快地投入生產。

Our technology is also enabling those in search of a cure for this scourge or tracing the spread of the virus or in analyzing the structure and behavior of the disease.

我們的技術還使那些尋求治愈這種禍害或追踪病毒傳播或分析疾病結構和行為的人成為可能。

We have donated our products to companies involved in the fight against COVID-19, including shipping FlashBlades to Folding@Home, an organization focused on simulating the dynamics of COVID-19 proteins to find new therapeutic solutions through crowd computing.

我們已將我們的產品捐贈給參與抗擊 COVID-19 的公司，包括將 FlashBlades 運送到 Folding@Home，該組織專注於模擬 COVID-19 蛋白質的動態，以通過人群計算尋找新的治療解決方案。

I am proud of our supply chain and customer support performance and resiliency, which not only maintained the high level of service and support our customers demand, but went above those expectations to serve customers with critical needs.

我為我們的供應鍊和客戶支持性能和彈性感到自豪，這不僅保持了高水平的服務和支持我們客戶的需求，而且超出了這些期望，為有關鍵需求的客戶提供服務。

Pure's global supply chain strategy and our now fully tested business continuity plan prepared us well for this crisis.

Pure 的全球供應鏈戰略和我們現在經過全面測試的業務連續性計劃為我們應對這場危機做好了充分準備。

We continue to lead with innovation across all aspects of the business, and our performance this past quarter was another validation of our Modern Data Experience strategy, helping customers transform their storage operations to be simple, reliable, fast and flexible.

我們繼續在業務的各個方面引領創新，我們在上個季度的表現再次驗證了我們的現代數據體驗戰略，幫助客戶將他們的存儲操作轉變為簡單、可靠、快速和靈活。

I was very pleased with our financial performance for this past very unique quarter, as year-over-year revenues grew 12% to $367 million.

我對過去這個非常獨特的季度的財務表現感到非常滿意，收入同比增長 12% 至 3.67 億美元。

Our revenue performance was broad-based across all products and services, including the continuing strength in our FlashBlade offering and our Subscription Services.

我們的收入表現廣泛涵蓋所有產品和服務，包括我們的 FlashBlade 產品和訂閱服務的持續優勢。

Sales of our portfolio solutions, including both FlashArray and FlashBlade together, continue to grow and existing customers increased their footprint in the quarter.

我們的產品組合解決方案（包括 FlashArray 和 FlashBlade）的銷售額繼續增長，現有客戶在本季度增加了他們的足跡。

FlashBlade solution sales to both new and existing customers also grew year-over-year and now represent approximately 15% of our total sales.

FlashBlade 解決方案對新老客戶的銷售額也同比增長，現在約占我們總銷售額的 15%。

Earlier this month, we announced the release of Purity 3.0 on FlashBlade, which adds significant new features to the world's most performant file and object platform.

本月早些時候，我們宣佈在 FlashBlade 上發布 Purity 3.0，它為世界上性能最高的文件和對象平台增加了重要的新功能。

In this latest release, we've added simple and efficient file and object replication for disaster recovery and hybrid cloud as well as Kerberos and NFS 4.1 support.

在這個最新版本中，我們為災難恢復和混合雲以及 Kerberos 和 NFS 4.1 支持添加了簡單高效的文件和對象複製。

These features expand FlashBlade's broad range of use cases, including modern analytics, rapid restore and ransomware.

這些功能擴展了 FlashBlade 的廣泛用例，包括現代分析、快速恢復和勒索軟件。

Customers have rewarded our leadership in innovation, with nearly 100 organizations to date each spending more than $1 million in FlashBlade to consolidate their unstructured data for their growing list of modern, high-performance applications.

客戶對我們在創新方面的領導地位表示讚賞，迄今為止，近 100 家組織在 FlashBlade 上花費了超過 100 萬美元，以整合其非結構化數據，以用於不斷增長的現代高性能應用程序列表。

Pure's Subscription Services had an outstanding quarter.

Pure 的訂閱服務有一個出色的季度。

Subscription Services include our nondisruptive Evergreen services, Pure as-a-Service and Cloud Block Store for multi-cloud environments.

訂閱服務包括我們的無中斷 Evergreen 服務、Pure as-a-Service 和適用於多雲環境的 Cloud Block Store。

Evergreen reduces the risk and economics for customers by ensuring that Pure's on-premise systems never grow old.

Evergreen 通過確保 Pure 的本地系統永不過時，降低了客戶的風險和經濟性。

After 7 years, competitors are still playing catch-up to Pure's Evergreen program of continuous nondisruptive upgrades, providing customers a subscription to innovation rather than a contract for obsolescence.

7 年後，競爭對手仍在追趕 Pure 的 Evergreen 持續無中斷升級計劃，為客戶提供創新訂閱而不是過時合同。

But Pure has leapfrogged yet again with our Pure as-a-Service offering, also reducing the risk and economics of storage in the multi-cloud age.

但是 Pure 憑藉我們的 Pure as-a-Service 產品再次實現跨越式發展，同時降低了多雲時代存儲的風險和經濟性。

Customers leveraging Pure as-a-Service have the flexibility to determine their cash and capital commitments in the short as well as the long term, the flexibility to own or to subscribe and the flexibility to change where they place their data at any time.

利用 Pure as-a-Service 的客戶可以靈活地確定其短期和長期的現金和資本承諾，擁有或訂閱的靈活性以及隨時更改數據放置位置的靈活性。

They have the freedom of a multi-cloud contract for storage and to only pay for what they use when they use it, regardless of where they place their data.

他們擁有多雲存儲合同的自由，並且無論他們將數據放置在何處，都只需為他們使用時使用的內容付費。

Customer flexibility through Pure as-a-Service is the right option in this uncertain COVID environment, particularly in a period where it may be difficult to predict long-term requirements.

在這種不確定的 COVID 環境中，通過 Pure as-a-Service 提供的客戶靈活性是正確的選擇，尤其是在可能難以預測長期需求的時期。

In Q1, a large U.S. national bank as a net new logo made a multimillion dollar commitment to Pure's entire portfolio and specifically our Pure as-a-Service offering to transform their storage needs and move off of a legacy vendor's disruptive refresh storage model.

在第一季度，一家大型美國國家銀行作為淨新標識對 Pure 的整個產品組合，特別是我們的 Pure 即服務產品做出了數百萬美元的承諾，以改變他們的存儲需求並擺脫傳統供應商的顛覆性更新存儲模式。

This pandemic has changed the way we work with the speed far beyond any pundit's predictions for technology alone.

這種流行病改變了我們的工作方式，其速度遠遠超出任何專家對技術的預測。

There is an increased and likely permanent customer demand for greater hands-free management, automation, consolidation and flexible consumption models.

客戶對更好的免提管理、自動化、整合和靈活的消費模式的需求越來越大，而且可能是永久性的。

Pure has a great lead in these capabilities, as I shared in the customer examples, and demand and interest for Pure as-a-Service has increased dramatically.

正如我在客戶示例中所分享的，Pure 在這些功能方面處於領先地位，並且對 Pure as-a-Service 的需求和興趣急劇增加。

Moving on to Q2.

繼續第二季度。

It is now trite to state that there are uncertainties in the global economy and unpredictability in the IT market as customers focus on the urgent, push out the merely important and reassess ongoing IT initiatives.

現在說全球經濟存在不確定性，IT 市場存在不可預測性，這是陳詞濫調，因為客戶專注於緊迫的事情，推出僅重要的事情並重新評估正在進行的 IT 計劃。

Customers are reevaluating their spending in all areas as they navigate their own challenging environments.

客戶在應對自己充滿挑戰的環境時，正在重新評估他們在所有領域的支出。

We have taken these dynamics and uncertainties into account with our measured Q2 expectations.

我們在衡量的第二季度預期中考慮了這些動態和不確定性。

Looking beyond the quarter, I am confident that we can navigate the choppy waters of our market.

展望本季度之後，我相信我們可以在市場波濤洶湧的水域中航行。

We remain committed to our long-term priorities while managing expenses prudently.

我們將繼續致力於我們的長期優先事項，同時謹慎管理開支。

We will continue to take market share with our superior and differentiated technology, services and customer-first culture, and I am confident that we will lead the market exiting the recession.

我們將繼續以卓越的差異化技術、服務和客戶至上的文化佔領市場份額，我相信我們將引領市場走出衰退。

As we go forward and shelter-in-place orders are lifted around the world, Pure will continue to do its part, protect our people and guard against community spread of this virus.

隨著我們向前邁進，世界各地的就地避難令解除，Pure 將繼續儘自己的一份力量，保護我們的人民，防止這種病毒在社區傳播。

Our dedicated crisis planning team meets daily to manage our global response to the pandemic.

我們專門的危機規劃團隊每天開會，管理我們對大流行的全球反應。

We have regional phased plans based on local conditions to carefully reintegrate employees into the workplace while planning for a large fraction to continue working from home for some time.

我們根據當地情況制定了區域分階段計劃，以謹慎地將員工重新融入工作場所，同時計劃大部分員工繼續在家工作一段時間。

We will do what's right for Pure, our customers, our teams around the world and each and every employee.

我們將為 Pure、我們的客戶、我們在世界各地的團隊以及每一位員工做正確的事。

Lastly, I'd like to take a moment to thank our global employees, executing as one virtual team, for their tenacity, focus and genuine enthusiasm to help our customers, our partners, their teammates and local communities throughout this crisis.

最後，我想花一點時間感謝我們作為一個虛擬團隊執行的全球員工，感謝他們堅韌、專注和真誠的熱情，在這場危機中幫助我們的客戶、我們的合作夥伴、他們的隊友和當地社區。

If anything, our teams are more connected than ever.

如果有的話，我們的團隊比以往任何時候都更加緊密。

Personally, I have enjoyed our new routine of interacting with the entire company weekly through virtual all-hands broadcast.

就個人而言，我很享受我們每週通過虛擬全員直播與整個公司互動的新習慣。

I look forward to connecting with all of you and the broader Pure community, our customers and partners at our Accelerate Digital and Pure Partner Digital events on June 9 and 10.

我期待在 6 月 9 日至 10 日的 Accelerate Digital 和 Pure Partner Digital 活動中與大家以及更廣泛的 Pure 社區、我們的客戶和合作夥伴建立聯繫。

And with that, I'll turn it over to Kevan.

有了這個，我會把它交給凱文。

Thank you, Charlie.

謝謝你，查理。

Financial performance during Q1 was solid despite significant economic disruption during a difficult and constantly changing environment.

儘管在困難且不斷變化的環境中出現了嚴重的經濟中斷，但第一季度的財務表現依然穩健。

Total revenue during Q1 was $367 million, growing 12% year-over-year.

第一季度的總收入為 3.67 億美元，同比增長 12%。

Product revenue was $247 million, growing 3% year-over-year.

產品收入為 2.47 億美元，同比增長 3%。

And Subscription Services revenue was $120 million, growing 37% year over, which includes revenues from our Evergreen subscriptions, Pure as-a-Service and Cloud Block Store.

訂閱服務收入為 1.2 億美元，同比增長 37%，其中包括來自我們的 Evergreen 訂閱、Pure as-a-Service 和 Cloud Block Store 的收入。

Subscription Services revenue represented approximately 33% of total revenue during Q1.

訂閱服務收入約佔第一季度總收入的 33%。

Total revenue in the United States during Q1 was $264 million, growing at 15% year-over-year.

第一季度美國的總收入為 2.64 億美元，同比增長 15%。

And total international revenue in Q1 was $103 million, growing 5% year-over-year.

第一季度的國際總收入為 1.03 億美元，同比增長 5%。

Given the current environment that we are navigating, I will provide some additional color around our sales performance during the quarter.

鑑於我們當前所處的環境，我將在本季度為我們的銷售業績提供一些額外的色彩。

Total bookings or sales during Q1 grew 24% year-over-year and is broadly diversified across industry verticals and customers.

第一季度的總預訂量或銷售額同比增長 24%，並且在垂直行業和客戶中廣泛多元化。

Sales during Q1 to our enterprise and government customers in the United States were solid and growing, while we saw overall weakness in our commercial business.

第一季度我們在美國的企業和政府客戶的銷售穩健且不斷增長，而我們的商業業務整體疲軟。

We are pleased with our partnership and continued momentum from our channel partners worldwide.

我們對我們的合作夥伴關係以及全球渠道合作夥伴的持續發展勢頭感到滿意。

Global channel sourced sales continues to represent a growing and meaningful percentage of our total sales.

全球渠道採購的銷售額在我們的總銷售額中繼續佔越來越大的比例。

New customers acquired during Q1 were approximately 300 customers compared to approximately 350 customers during Q1 of the prior year.

第一季度獲得的新客戶約為 300 名，而去年第一季度約為 350 名。

Our business during Q1 benefited from increased demand of mission-critical IT needs arising in response to the unprecedented pandemic.

我們在第一季度的業務受益於為應對前所未有的流行病而對關鍵任務 IT 需求的需求增加。

We fulfilled these orders without significant delays and supply shortages based on the remarkable efforts and resilience of our global supply chain and manufacturing operations.

基於我們全球供應鍊和製造業務的非凡努力和彈性，我們在沒有出現重大延誤和供應短缺的情況下完成了這些訂單。

Partially offsetting this tailwind, we saw an increase in opportunities in our pipeline that were expected to close during the quarter but did not close.

部分抵消了這種順風，我們看到我們的管道中的機會增加了，這些機會預計將在本季度結束，但並未結束。

Non-GAAP gross margins in the quarter for product and Subscription Services continue to be solid and are a result of our product solution differentiation in the market.

本季度產品和訂閱服務的非公認會計原則毛利率繼續保持穩定，這是我們在市場上產品解決方案差異化的結果。

Total non-GAAP gross margin in Q1 was 71.9%, increasing 3.8 points year-over-year.

第一季度非美國通用會計準則總毛利率為 71.9%，同比增長 3.8 個百分點。

Non-GAAP product gross margin in Q1 was 73.3%, increasing 4.6 points year-over-year.

第一季度非美國通用會計準則產品毛利率為 73.3%，同比增長 4.6 個百分點。

And non-GAAP Subscription Services margin in Q1 was 68.9%, increasing 2.6 points year-over-year.

第一季度非 GAAP 訂閱服務利潤率為 68.9%，同比增長 2.6 個百分點。

Total non-GAAP operating loss during Q1 was approximately $5 million compared to a non-GAAP operating loss of approximately $31 million during Q1 of the prior year.

第一季度非美國通用會計準則運營虧損總額約為 500 萬美元，而去年第一季度非美國通用會計準則運營虧損約為 3100 萬美元。

Reduced travel, marketing and depreciation expenses as well as slower-than-planned hiring contributed to lower non-GAAP operating losses.

差旅、營銷和折舊費用的減少以及比計劃慢的招聘有助於降低非公認會計原則的運營虧損。

Non-GAAP net loss during Q1 was $4 million, and non-GAAP net loss per share was $0.02.

第一季度非 GAAP 淨虧損為 400 萬美元，非 GAAP 每股淨虧損為 0.02 美元。

Non-GAAP net loss in Q1 of the prior year was $28 million, and non-GAAP net loss per share was $0.11.

上一年第一季度非美國通用會計準則淨虧損為 2800 萬美元，非美國通用會計準則每股淨虧損為 0.11 美元。

Weighted average shares used for the non-GAAP net loss per share calculation shares in Q1 was 263 million shares in Q1 and 245 million shares in Q1 of the prior year.

用於計算第一季度非公認會計原則每股淨虧損的加權平均股份在第一季度為 2.63 億股，在去年第一季度為 2.45 億股。

Operating cash flow for Q1 was $35 million and was $7 million in Q1 of the prior year.

第一季度的經營現金流為 3500 萬美元，去年第一季度為 700 萬美元。

Operating cash flows during Q1 benefited in part from strong collections of our receivables.

第一季度的經營現金流部分受益於我們應收賬款的強勁回收。

Free cash flow for Q1 was $11 million and was a negative $18 million in the prior year.

第一季度的自由現金流為 1100 萬美元，去年為負 1800 萬美元。

Total cash and investments at the end of Q1 was $1.27 billion compared to $1.3 billion at the end of fiscal 2020.

第一季度末的現金和投資總額為 12.7 億美元，而 2020 財年末為 13 億美元。

We have a very strong balance sheet that provides us with flexibility to handle a wide range of scenarios.

我們擁有非常強大的資產負債表，為我們提供了處理各種情況的靈活性。

Total deferred revenue for Q1 was $706 million compared to $697 million at the end of fiscal 2020 and $564 million at the end of Q1 of the prior year.

第一季度的總遞延收入為 7.06 億美元，而 2020 財年末為 6.97 億美元，上年第一季度末為 5.64 億美元。

We are pleased to see the continued growth in our multiple subscription service offerings.

我們很高興看到我們的多種訂閱服務產品持續增長。

During Q1, we returned $70 million to shareholders through share repurchases of 5.96 million shares.

在第一季度，我們通過回購 596 萬股股票向股東返還了 7000 萬美元。

Approximately $65 million remains for our share repurchase authorization.

我們的股票回購授權剩餘約 6500 萬美元。

Total headcount at the end of the quarter was approximately 3,500 employees compared to approximately 3,400 employees at the end of fiscal 2020 and 3,150 employees at the end of Q1 of the prior year.

本季度末員工總數約為 3,500 名，而 2020 財年末約為 3,400 名員工，上年第一季度末約為 3,150 名員工。

Now moving to annual guidance.

現在轉向年度指導。

The core fundamentals of our business remain strong.

我們業務的核心基本面依然強勁。

However, we are withdrawing our annual guidance, given significant uncertainty around demand for the remainder of the year due to the global economic contraction caused by COVID-19.

但是，鑑於 COVID-19 導致全球經濟收縮，今年剩餘時間的需求存在很大不確定性，我們將撤回我們的年度指導。

As we progress through the year, we expect to continue to see strength in sales and adoption of our Subscription Services.

隨著我們這一年的進展，我們預計將繼續看到我們訂閱服務的銷售和採用方面的實力。

Our Pure as-a-Service and Cloud Block Store unified subscription offerings also continue to gain momentum, offering increasing flexibility in how our technology is consumed, providing customers with a cloud-like business model.

我們的 Pure as-a-Service 和 Cloud Block Store 統一訂閱產品也繼續獲得動力，為我們的技術的使用方式提供了更大的靈活性，為客戶提供了類似雲的商業模式。

Our pipeline generation for the second half of the year continues to grow, but it is unclear how and when these opportunities will convert, given the current economic environment.

我們下半年的管道發電量繼續增長，但鑑於當前的經濟環境，尚不清楚這些機會將如何以及何時轉變。

Moving to investments.

轉向投資。

We continue to be disciplined on our spending levels and are focused on operating expense savings initiatives and tight capital spend oversight.

我們繼續嚴格控制支出水平，並專注於運營費用節省計劃和嚴格的資本支出監督。

Our investments in areas of innovation and quota-carrying capacity will continue in a prudent manner with ongoing monitoring of our business plan and conditions.

我們將繼續以審慎的方式在創新和配額承載能力領域進行投資，並持續監控我們的業務計劃和條件。

Now let's move to the second quarter.

現在讓我們進入第二季度。

For similar reasons while we are pulling our annual guidance, we are also not providing guidance for Q2.

出於類似的原因，在我們取消年度指導的同時，我們也沒有為第二季度提供指導。

We expect customers purchasing our solutions for their mission-critical IT infrastructure and digital transformation needs will continue to provide a tailwind.

我們預計，為其關鍵任務 IT 基礎設施和數字化轉型需求購買我們解決方案的客戶將繼續提供順風。

However, we expect this benefit to be more than offset during Q2 by customers who decide to pause IT infrastructure projects.

然而，我們預計這一優勢將在第二季度被決定暫停 IT 基礎設施項目的客戶抵消。

Our diverse customer base and growing recurring revenue derived from our Subscription Services will provide a level of mitigation.

我們多樣化的客戶群和來自訂閱服務的不斷增長的經常性收入將提供一定程度的緩解。

However, the range of potential outcomes are many and widely distributed.

然而，潛在結果的範圍很廣，而且分佈廣泛。

Our current view of Q2 outcomes, which should not be viewed as guidance, is that sales will be near flat year-over-year and our operating profit will be near breakeven.

我們目前對第二季度結果的看法（不應被視為指導）是，銷售額將與去年同期持平，我們的營業利潤將接近盈虧平衡。

To summarize, our business priorities and long-term growth objectives have not changed, as we have delivered solid financial results while navigating in a very challenging environment.

總而言之，我們的業務重點和長期增長目標沒有改變，因為我們在充滿挑戰的環境中取得了穩健的財務業績。

With that, we'll 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。

Congrats on the quarter.

祝賀本季度。

The bookings number seems pretty good and seems like you're tracking above your -- at least the annual goal that you had given us last quarter.

預訂數量似乎相當不錯，並且您似乎正在跟踪您的 - 至少是您上個季度給我們的年度目標。

Could you talk about maybe the mix of use cases driving that?

你能談談推動這一點的用例組合嗎？

Is that primarily VDI related?

這主要與 VDI 有關嗎？

And how do you feel that tailwind of VDI and end-user computing kind of falls off for the next part of the rest of the year?

您如何看待 VDI 和最終用戶計算的順風在今年餘下的時間裡減弱？

And secondly, when I look into your DR, deferred revenue sequential add, the sequential add seems pretty low versus historicals.

其次，當我查看您的 DR（遞延收入順序添加）時，順序添加與歷史數據相比似乎相當低。

So where can we see this have a this -- this bookings number?

那麼我們在哪裡可以看到這個有這個 - 這個預訂號？

Is that mainly going to be in the RPO?

這主要是在 RPO 中嗎？

Where can we see that overall?

我們在哪裡可以看到整體？

Pinjalim, thank you for the question.

Pinjalim，謝謝你的提問。

And again, for everybody in the audience, I just want to say that I wish you all well and I hope you're faring well during this crisis.

再次，對於觀眾中的每個人，我只想說，我希望你們一切都好，希望你們在這場危機中一切順利。

We really saw, Pinjalim, a very balanced demand for product.

Pinjalim，我們真的看到了對產品的非常平衡的需求。

Certainly, VDI was one of the major use cases out there, but there were many others as well.

當然，VDI 是主要的用例之一，但還有許多其他用例。

We saw positive buying for all sorts of infrastructure needs because of not just work from home, but the higher levels of Internet commerce that took place for many, many customers, not to mention our greater service provider needs, et cetera.

我們看到對各種基礎設施需求的積極購買不僅因為在家工作，而且因為許多客戶的更高水平的互聯網商務，更不用說我們更大的服務提供商需求等等。

So we -- I'll tell you, it was a very balanced quarter overall.

所以我們 - 我會告訴你，這是一個非常平衡的季度。

All products are doing very well.

所有產品都做得很好。

As we mentioned in our comments, we did see good strong strength in U.S. enterprise, whereas we did see weakness in the commercial segment, which I don't think should surprise anybody on the call.

正如我們在評論中提到的那樣，我們確實看到了美國企業的強勁實力，而我們確實看到了商業領域的疲軟，我認為這不應該讓電話會議上的任何人感到驚訝。

And for the second question, I think I'll pass it over to Kevan.

對於第二個問題，我想我會把它交給 Kevan。

Yes.

是的。

Thanks, Charlie.

謝謝，查理。

Yes, and specific to deferred revenue, we're pleased with really both our sequential and year-over-year deferred revenue growth.

是的，具體到遞延收入，我們對遞延收入的連續和同比增長都很滿意。

As a reminder, sequentially, we're coming off the seasonally highest quarter, which would be Q4.

提醒一下，按順序，我們正在擺脫季節性最高的季度，即第四季度。

So that's going to have some impact when you're looking at deferred revenue sequentially.

因此，當您按順序查看遞延收入時，這會產生一些影響。

But you are correct as well that as we're growing our subscription offerings, there's an off-balance sheet component that's also growing that's included in RPO, and that's going to have an impact as well.

但是您也說得對，隨著我們訂閱產品的增長，RPO 中包含的表外組件也在增長，這也會產生影響。

Your next question comes from George Iwanyc from Oppenheimer.

您的下一個問題來自奧本海默的 George Iwanyc。

Charlie, can you give us a sense of how the monthly trends have proceeded from April into May?

查理，您能否告訴我們從 4 月到 5 月的月度趨勢如何？

Yes.

是的。

Well, May is very early.

嗯，五月很早。

We do have quarters that -- or sorry, the quarters themselves build as we go along -- month-by-month as we go along the quarter.

我們確實有一些季度——或者對不起，這些季度本身隨著我們的發展而建立——隨著我們每個季度的發展，每個月都在建立。

So it's still relatively early in May.

所以五月還是比較早的。

And it's very hard, I would say, for us to be able to project the quarter on May alone.

我想說，我們很難僅在 5 月預測該季度。

But we did see, I will say -- and we don't generally comment on this, but we did see very good linearity overall in Q1.

但是我們確實看到了，我會說 - 我們一般不會對此發表評論，但我們確實在第一季度看到了非常好的線性度。

And I -- it's -- again, it's hard to predict what Q2 looks like from what we have so far in May.

而且我 - 它是 - 再次，很難從 5 月份到目前為止的情況預測第二季度的情況。

All right.

好的。

And just following up on that.

並且只是跟進。

Can you give us a sense of how your sales motion is going from the disruption and moving to work from home has -- have you been able to keep that pretty smooth through the transition?

您能否告訴我們您的銷售活動從中斷到在家工作的情況如何——您是否能夠在過渡期間保持相當平穩？

George, that's a -- that is actually a great question.

喬治，這是一個 - 這實際上是一個很好的問題。

If anything, we've seen higher productivity in sales from the work-in-home environment.

如果有的話，我們已經看到在家工作環境的銷售效率更高。

I have to tell you that I'm probably communicating with twice the number of customer executives now that I'm working from home, and the same is pretty much true with our sales team.

我必須告訴你，由於我在家工作，我可能與兩倍數量的客戶主管進行溝通，我們的銷售團隊也是如此。

It takes less than a week to get an appointment.

不到一周的時間就可以預約。

People are available.

人可用。

The meetings themselves are very efficient.

會議本身非常有效。

Meetings that in person would take a month or 2 to set up and then take hours to have the meeting and to convey everything you want to convey probably get done in about 2/3 of the time.

面對面的會議需要一兩個月的時間來安排，然後需要幾個小時來召開會議並傳達您想要傳達的所有內容，這可能會在大約 2/3 的時間內完成。

And the meetings themselves, as I mentioned, are -- it doesn't take much time to set up.

正如我所提到的，會議本身是——不需要太多時間來設置。

And we're seeing that across our sales base.

我們在整個銷售基地都看到了這一點。

That is to say, it's been easier to get access to higher levels in the customer base.

也就是說，更容易接觸到更高層次的客戶群。

And these have been very potent and very hard-hitting meetings.

這些都是非常有效和非常強硬的會議。

So if anything, I expect that we're going to see sales in a B2B environment permanently take on more of a virtual digital technique to them.

因此，如果有的話，我希望我們將看到 B2B 環境中的銷售對他們來說永久採用更多的虛擬數字技術。

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。

Charlie, happy to hear of your recovery from COVID-19 and we all miss Matt as well, thoughts with his family.

查理，很高興聽到您從 COVID-19 中康復的消息，我們也很想念馬特，想念他的家人。

Can you give us some more color on your comment about -- I know it's not explicit guidance, but your expectation around the flattish performance year-on-year, what sort of assumptions are backing that expectation?

你能否就你的評論給我們更多的色彩——我知道這不是明確的指導，但你對同比表現平平的預期，什麼樣的假設支持這種預期？

I mean we're not holding that as guidance, you understand that.

我的意思是我們沒有把它作為指導，你明白這一點。

But what are the puts and takes that sort of get you there?

但是什麼是讓你到達那裡的看跌期權？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

The puts and takes are that on the positive side, we do still expect some amount of the positive COVID influence that took place in Q1.

看跌期權是積極的一面，我們仍然預計第一季度會出現一定程度的積極 COVID 影響。

That is some continued pull in and finishing of the urgent issues that customers have either for work from home, school from home, higher web traffic and transactions and so forth.

這是對客戶在家工作、在家上學、更高的網絡流量和交易等方面的緊迫問題的一些持續拉動和解決。

So we're expecting some increase in that.

因此，我們預計會有所增加。

But we're -- let's not forget, in Q1, we had about half a quarter of a normal -- of pre-COVID, which we're not going to have here.

但是我們——別忘了，在第一季度，我們有大約四分之一的正常水平——在 COVID 之前，我們不會在這裡擁有。

And then we're expecting, on the takes, the full impact of a lower global economy start to kick in as well.

然後，我們預計，全球經濟下滑的全面影響也將開始發揮作用。

And it's -- the difficulty in projecting is the balance between those 2 things.

這是 - 投影的困難在於這兩件事之間的平衡。

Yes.

是的。

I had a couple of other points on that.

我對此還有其他幾點看法。

Obviously, we're staying really close to the field as we always do, and their inputs are really weighted pretty heavily for us as we're thinking about Q2.

顯然，我們像往常一樣與該領域保持密切聯繫，當我們考慮第二季度時，他們的投入對我們來說確實非常重要。

And when we think about the headwinds for Q2, really it's around the increased risk of how the opportunities in Q2 will convert, and the timing of those conversions is really the big question mark for us.

當我們考慮第二季度的不利因素時，實際上是圍繞第二季度機會如何轉換的風險增加，而這些轉換的時機對我們來說確實是個大問號。

And then looking at the commercial spacing in the middle market, obviously, there was some softness there that we expect to be a continued headwind for us.

然後看看中間市場的商業間距，顯然，那裡有一些疲軟，我們預計這對我們來說將是一個持續的逆風。

But those were factors that we were thinking about on the tailwind side.

但這些是我們在順風方面考慮的因素。

And really on the headwind, we're also looking at increased recurring revenue that we would expect over time to be a larger portion of our total revenue, which will be a mitigating factor for us as well.

實際上，在逆風中，我們還在考慮增加經常性收入，我們預計隨著時間的推移，這將成為我們總收入的更大一部分，這對我們來說也是一個緩解因素。

Your next question comes from Simon Leopold from Raymond James.

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

Also extend my condolences on Matt.

也對馬特表示哀悼。

And Charlie, glad you're feeling better as well.

查理，很高興你也感覺好多了。

So certainly, crazy environment for sure.

所以當然，肯定是瘋狂的環境。

One of the things I wanted to see if you could help us understand is the trending between new and existing customers, in that, I would imagine it's harder to land new customers.

我想看看您是否可以幫助我們理解的一件事是新客戶和現有客戶之間的趨勢，在這方面，我想吸引新客戶更難。

And I think in the past, you've talked about your revenue split typically around 25% new and 75% existing.

而且我認為過去，您曾談到您的收入分配通常約為 25% 新的和 75% 的現有收入。

If we could get a sense of what your thoughts are on that trend, given the current circumstances?

鑑於當前情況，我們能否了解您對這一趨勢的看法？

Yes -- no, it's a great question, Simon, for a couple of reasons, and it's a somewhat complex makeup.

是的 - 不，這是一個很好的問題，西蒙，有幾個原因，而且這是一個有點複雜的構成。

So you saw our -- in our accompanying materials, you saw our new customer add this past quarter, slightly lower than last year.

因此，您看到了我們的 - 在我們隨附的材料中，您看到我們的新客戶在上個季度增加，略低於去年。

It's made up of 2 things.

它由兩件事組成。

One is, yes, indeed, the commercial market slowing down and new customers are a little bit harder to come by, given the risk aversion that's taking place in the market, given COVID again.

一個是，是的，確實，商業市場放緩，新客戶更難獲得，考慮到市場上正在發生的風險厭惡情緒，再次考慮到 COVID。

But at the same time, we started transitioning, as you may know, more towards an enterprise orientation.

但與此同時，如您所知，我們開始向企業導向轉變。

And so the quality of -- we've been focusing our sales teams more and more on the quality of the net new logo rather than just the number of net new logos.

因此，我們的銷售團隊越來越關注新徽標的質量，而不僅僅是新徽標的數量。

And we feel that's starting to kick in quite a bit.

我們覺得這開始發揮作用了。

So the lower number is a mix of those 2 things.

所以較低的數字是這兩件事的混合。

Thirdly, what I would say is that there is a general risk aversion out there in the market, whether it's new products, new features, new vendors.

第三，我想說的是市場上普遍存在風險厭惡情緒，無論是新產品、新功能還是新供應商。

And that's going to be with us for a quarter or 2 until, I think, the customers have started being able to feel comfortable in putting time into testing.

這將伴隨我們一到兩個季度，直到我認為客戶已經開始能夠放心地投入時間進行測試。

It's really the fact that the urgency has been so high to do something that they've not wanted to take risk.

事實上，做某事的緊迫性如此之高，以至於他們不想冒險。

Once they have time -- once they've settled the urgency and they can then focus on the slightly longer term, we think that the ability to convert new customers, again, will come back.

一旦他們有時間——一旦他們解決了緊迫性，然後他們可以專注於稍微較長的長期，我們認為轉換新客戶的能力會再次回來。

Appreciate that.

感謝。

Yes.

是的。

I'll just add a couple of other notes to that in terms of the existing customers, clearly, were seeing an expanding footprint, as Charlie mentioned.

正如查理提到的那樣，就現有客戶而言，我將添加一些其他註釋，顯然，他們正在看到不斷擴大的足跡。

And what is interesting on the new customer front is if we pull out the new customers from commercial or mid-market, we actually had an increase year-over-year in sales, which was a significant positive, really going back to the strength we're seeing elsewhere, including enterprise, even for new customers.

新客戶方面的有趣之處在於，如果我們從商業或中端市場中撤出新客戶，我們的銷售額實際上同比增長，這是一個顯著的積極因素，真的回到了我們的實力'正在其他地方看到，包括企業，甚至是新客戶。

And I don't think you mentioned anything about supply chain constraints.

而且我認為您沒有提到任何有關供應鏈限制的內容。

And that had been a recurring theme from reports earlier in the quarter.

這是本季度早些時候報告中反復出現的主題。

Did you confront any issues in terms of just getting components or factory capacity?

在獲取組件或工廠產能方面，您是否遇到過任何問題？

Well, you need to look at it from 2 sides.

好吧，你需要從兩個方面來看待它。

As I've told my supply chain team, they looked as smooth as a duck on water.

正如我告訴我的供應鏈團隊的那樣，它們看起來就像水面上的鴨子一樣順暢。

But of course, underneath the surface, their feet were paddling like crazy.

但當然，在表面之下，他們的腳像瘋了一樣劃著。

From a customer standpoint, there was absolutely 0 interruption of supply chain.

從客戶的角度來看，供應鏈的中斷絕對是 0。

As I mentioned in my prepared remarks, we were able to apply product within 24 hours of first call, and there were very few instances of delay.

正如我在準備好的評論中提到的，我們能夠在第一次通話後 24 小時內申請產品，並且很少有延遲的情況。

And if there was, it was a delay of a day or 2. So really no supply chain interruptions and that was true on the subscription service chain as well.

如果有的話，那就是一兩天的延遲。所以真的沒有供應鏈中斷，訂閱服務鏈也是如此。

So very, very proud of our supply chain in service -- our operations and service people.

我們為我們的服務供應鏈感到非常非常自豪——我們的運營和服務人員。

It does reflect -- by the way, it wasn't just pure dumb luck.

它確實反映了——順便說一句，這不僅僅是純粹的愚蠢運氣。

It reflects partially the design of our product, which had very little dependence on China, just subassemblies.

它部分反映了我們產品的設計，它對中國的依賴很少，只是組件。

But it also reflected the global nature, distributed nature of our supply chain that didn't have a high concentration of supply in any one area.

但這也反映了我們供應鏈的全球性、分佈式性，在任何一個領域都沒有高度集中的供應。

Our next question comes from Katy Huberty from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Katy Huberty。

We were devastated by the news of Matt's passing, but I know he'd be really proud of the operational execution this quarter.

馬特去世的消息讓我們感到震驚，但我知道他會對本季度的運營執行感到非常自豪。

I had a couple of questions.

我有幾個問題。

First, Charlie, do you have a view at this point as to whether July will be the trough in demand?

首先，查理，您現在對 7 月是否會是需求低谷有看法嗎？

Or is it just too early to tell?

還是說現在還為時過早？

And then a follow-up for Kevan.

然後是凱文的後續行動。

What percentage of the Subscription Services today is Pure as-a-Service and Cloud Block Store versus traditional Evergreen maintenance?

與傳統的 Evergreen 維護相比，今天的訂閱服務中有多少百分比是純即服務和雲塊存儲？

Katy, thank you for all the support that you've provided to Matt and -- or Matt's family.

凱蒂，感謝您為馬特和 - 或馬特的家人提供的所有支持。

We really do very much appreciate that.

我們真的非常感謝這一點。

The -- it's very difficult to predict July, because you -- one might predict July if one feels that the effects of COVID are moving beyond us or moving past us at this point.

- 很難預測 7 月，因為如果你覺得 COVID 的影響正在超越我們或在這一點上超越我們，你可能會預測 7 月。

But if we've learned anything from these pandemics in the past is that they can come back, and they can come back as early as late summer.

但是，如果我們過去從這些流行病中學到了什麼，那就是它們可以捲土重來，而且最早可以在夏末捲土重來。

So I would tend to agree that if we continue to see the slowdown of COVID that July might be the watermark.

因此，我傾向於同意，如果我們繼續看到 COVID 的放緩，那 7 月可能是水印。

But I don't think we can say that.

但我認為我們不能這麼說。

There's a lot of unknown -- there are some true unknowns that we want to make sure that we're prepared for.

有很多未知數——有一些真正的未知數，我們要確保我們已做好準備。

And one of those is we don't really know what this virus will do later in the year.

其中之一是我們真的不知道這種病毒在今年晚些時候會做什麼。

And then, Katy, on your second question around breaking out Pure as-a-Service and Cloud Block Store, we aren't breaking out that specifically.

然後，凱蒂，關於你關於打破純即服務和雲塊存儲的第二個問題，我們並沒有專門討論這個問題。

A little bit of color, though, especially on Pure as-a-Service, very happy with the results and the momentum and the interest we're seeing really around the unified subscription, both of Pure as-a-Service and Cloud Block Store, such the fact that we had a customer -- enterprise customer commit to an 8-figure deal with us this quarter, which we're really excited to see.

不過，有點色彩，特別是在 Pure as-a-Service 上，我們對 Pure as-a-Service 和 Cloud Block Store 的統一訂閱的結果、勢頭和興趣非常滿意，事實上，我們有一個客戶——企業客戶承諾在本季度與我們達成 8 位數的交易，我們真的很高興看到這一點。

But look, our priority is really around providing customers with flexibility in how and where they're choosing to consume our technology, whether that's on-prem, whether that's a multi-cloud environment or a colo, which really all our subscription offerings are enabling.

但是看，我們的首要任務實際上是為客戶提供他們選擇使用我們技術的方式和地點的靈活性，無論是在本地，無論是多雲環境還是託管，我們所有的訂閱產品都可以實現這一點.

And so we're pretty excited about the momentum overall of all our subscription offerings, including PaaS and Cloud Block Store.

因此，我們對所有訂閱產品的整體勢頭感到非常興奮，包括 PaaS 和 Cloud Block Store。

Your next question comes from Jason Ader from William Blair.

您的下一個問題來自 William Blair 的 Jason Ader。

Charlie, my question is on the whole potential acceleration of the shift to the cloud from COVID-19.

查理，我的問題是關於從 COVID-19 轉移到雲的整個潛在加速。

Obviously, many people believe that's going to be happening here or has already happened.

顯然，許多人認為這將在這裡發生或已經發生。

How do you think that affects your business?

您認為這對您的業務有何影響？

Does that create more headwinds for the on-prem storage part of your business in the near to medium term?

這是否會在中短期內為您業務的本地存儲部分帶來更多不利因素？

Just maybe walk us through that, how you're thinking about that.

或許可以讓我們了解一下，您是如何考慮的。

Yes.

是的。

I think it's very much summed up in the reasoning behind and the construction of our Pure as-a-Service offering.

我認為這在很大程度上可以概括為我們的 Pure as-a-Service 產品背後的推理和構建。

And what I mean by that is our view is that, yes, there's going to be and there is increased demand or cloud-based solutions, but customers have to migrate from being on-prem to the cloud.

我的意思是我們的觀點是，是的，需求或基於雲的解決方案將會增加，但客戶必須從本地遷移到雲。

What we saw in Q1 was that the urgency was to beef up what they currently had in -- and that was largely on-prem, but they wanted the option.

我們在第一季度看到的是，當務之急是加強他們目前擁有的東西——這主要是在本地，但他們想要選擇。

They didn't want to sign on to 5 years of more on-prem or anything along those lines.

他們不想簽署 5 年以上的本地部署或類似的任何協議。

They wanted the option of being able to move to the cloud at any point in time.

他們希望能夠隨時遷移到雲端。

And that's exactly what our Pure as-a-Service is designed to do in several respects.

這正是我們的 Pure as-a-Service 在幾個方面旨在做的事情。

Not only economically, that is to say it's a single unified contract, a single unified subscription that allows them to place their data wherever they want.

不僅在經濟上，也就是說，它是一個統一的合同，一個統一的訂閱，允許他們將數據放置在任何他們想要的地方。

But also in the sense that it's the same exact software and same interface of the application environment in the cloud as it is on-prem, and that makes their ability to migrate their applications even easier.

但從某種意義上說，它與雲中的應用程序環境完全相同的軟件和相同的界面，因為它是本地的，這使得他們遷移應用程序的能力更加容易。

And so I think the answer is yes.

所以我認為答案是肯定的。

But with our unified subscription, it's equal to us.

但是通過我們的統一訂閱，它等於我們。

And we're very glad to have not just our unified subscription offering, but an account plan for our account reps that's equal to them, regardless of which way -- what they sell.

而且我們很高興不僅擁有統一的訂閱產品，而且還為我們的客戶代表提供了與他們相同的客戶計劃，無論他們以哪種方式銷售——他們賣什麼。

And so we're optimistic with respect to the offerings that we have out there.

因此，我們對現有的產品持樂觀態度。

We're hopeful that, in fact, more of it will move to PaaS and to cloud data services.

事實上，我們希望更多的數據會轉移到 PaaS 和雲數據服務。

And we think that we're roughly in line with our customers in terms of the timing by which they'll do that.

我們認為，就他們這樣做的時間而言，我們與我們的客戶大致一致。

Okay.

好的。

And a real quick one for you, Kevan.

凱文，給你一個真正的快速。

Did you quantify the subscription impact on Q1 in terms of revenue growth?

您是否根據收入增長量化了訂閱對第一季度的影響？

Yes.

是的。

We kind of laid out in our prepared remarks the subscription growth as well as what it represents in terms of total revenue, which is increasing.

我們在準備好的評論中闡述了訂閱增長以及它在總收入方面的表現，總收入正在增加。

And so we have that in the prepared remarks.

所以我們在準備好的評論中有這一點。

But we did not -- just to be clear, we did not convert that to what it would have been had it been a perpetuals, had it been an equipment's capital sales?

但是我們沒有 - 只是為了清楚一點，我們沒有將其轉換為如果它是永久的，如果它是設備的資本銷售？

That's correct.

這是正確的。

That's correct.

這是正確的。

Yes.

是的。

But you had 12% revenue growth.

但是你的收入增長了 12%。

Would that have been 14% or 15%, did you say that in the prepared remarks, I didn't see that?

那是 14% 還是 15%，你是說在準備好的評論中，我沒有看到嗎？

Did not, did not.

沒有，沒有。

And that's what Charlie was inferring.

這就是查理的推斷。

Yes, we didn't make that conversion, and we're not -- it turns out there's a lot of puts and takes and any conversion would be inaccurate.

是的，我們沒有進行這種轉換，我們也沒有——事實證明有很多看跌期權，任何轉換都是不准確的。

And so we've decided not to do it.

所以我們決定不這樣做。

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。

Also condolences to Matt's family, and thankfully, you're feeling better, Charlie.

還要向馬特的家人表示哀悼，謝天謝地，查理，你感覺好多了。

2 questions from me.

我的2個問題。

First, could you just give us an update on FlashArray//C?

首先，您能給我們介紹一下 FlashArray//C 的最新情況嗎？

Sounds like FlashBlade is moving along well.

聽起來 FlashBlade 進展順利。

Maybe just let us know how that rollout or that -- the take for that has been.

也許只是讓我們知道那是如何推出或那的——對此的看法。

And then second, I know gross margin has been a really strong performance.

其次，我知道毛利率一直是非常強勁的表現。

Wanted to kind of ask about competition and pricing, but it doesn't seem like that's a problem.

想問一下競爭和定價，但這似乎不是問題。

So maybe any comments on kind of sustainability of that strength that we're seeing in the gross margin line, both product and overall?

那麼，對於我們在產品和整體毛利率線上看到的那種實力的可持續性，也許有任何評論？

Absolutely.

絕對地。

As far as color on C, we're very pleased with its continued performance in our revenue base and with the customer acceptance.

至於 C 上的顏色，我們對它在我們的收入基礎和客戶接受度方面的持續表現感到非常滿意。

We've had several very large deployments of C, and we've also had a good uptake of C just individually by new customers.

我們已經對 C 進行了幾次非常大規模的部署，而且我們也有很多新客戶單獨使用 C。

And it's been 9 months roughly since we introduced it.

自從我們推出它以來已經過去了大約 9 個月。

And of course, there's no competitive product out there that even that has been introduced or even comes close to C. So it's an open field for us right now.

當然，目前還沒有任何具有競爭力的產品被引入甚至接近 C。所以它現在對我們來說是一個開放的領域。

And we're seeing the power portfolio as well, because it's really allowing us now to go into customers.

我們也看到了電源組合，因為它真的讓我們現在能夠接觸到客戶。

And I would say, as of 2 years ago, we were pretty much still a unique product offering with a great but niche product.

我想說，截至 2 年前，我們幾乎仍然是一個獨特的產品，提供一個偉大但利基的產品。

And our customers are saying, gee, we can use pure across a wide variety or even all of our storage needs.

我們的客戶說，天啊，我們可以在各種甚至我們所有的存儲需求中使用 pure。

And that's really been a great benefit to us as we've penetrated further and further into the enterprise.

隨著我們越來越深入地滲透到企業中，這對我們來說確實是一個很大的好處。

And then I'll hit gross margin in terms of how we're thinking about gross margin.

然後我會根據我們對毛利率的看法來討論毛利率。

And really our long-term view of gross margin remains unchanged.

實際上，我們對毛利率的長期看法保持不變。

We're very pleased with the performance, both on product gross margin and on our Subscription Services gross margin.

我們對產品毛利率和訂閱服務毛利率的表現感到非常滿意。

And it really is the product of the design of our product solutions, in particular our software IP and development.

它確實是我們產品解決方案設計的產物，尤其是我們的軟件 IP 和開發。

And we say that each and every quarter and that continues to be true.

我們說每個季度都是如此，這仍然是正確的。

And that's where the value is.

這就是價值所在。

That's where the customers are seeing the value.

這就是客戶看到價值的地方。

And that's really where the competitive differentiation is.

這就是差異化競爭的真正所在。

And while we're competing head-to-head on cost, the value of the software is really driving the results of what you're seeing on gross margin.

雖然我們在成本上進行了正面競爭，但軟件的價值確實推動了您在毛利率上看到的結果。

But again, our long-range view on gross margin hasn't changed.

但同樣，我們對毛利率的長期看法沒有改變。

Your next question comes from Karl Ackerman from Cowen.

您的下一個問題來自 Cowen 的 Karl Ackerman。

Charlie or Kevan, 2 questions, if I may.

查理或凱文，兩個問題，如果可以的話。

First, while you're not enacting any restructuring actions like one of your peers, I'm just kind of curious on how much room do you have to rein in on the OpEx side if demand were to remain subdued for the next few quarters?

首先，雖然您沒有像您的同行那樣採取任何重組行動，但我只是有點好奇，如果未來幾個季度的需求保持低迷，您在運營支出方面還有多少空間？

And I guess on COGS, I understand that your software stack is the largest driver.

我猜在 COGS 上，我知道您的軟件堆棧是最大的驅動程序。

But some component costs have risen in the first half of the year, really just kind of both off-the-shelf SSDs, but also flash controllers with some of these extended lead times.

但今年上半年一些組件成本有所上升，實際上既包括現成的固態硬盤，也包括交貨時間延長的閃存控制器。

But do you expect that to reverse where these commodity costs could actually be a tailwind in the second half?

但是，您是否認為這會在下半年扭轉這些商品成本實際上可能成為順風的地方？

And I have a quick follow-up.

我有一個快速跟進。

Yes.

是的。

Terrific.

了不起。

Thank you so much, Karl.

非常感謝你，卡爾。

Look, it would be my personal goal that we not have any layoffs or furloughs this year.

看，我個人的目標是今年我們沒有任何裁員或休假。

And every Puretin in the company is dedicated to putting in the kind of performance that we need to make sure that's the case, to pick up market share, to drive the company, to support our customers.

公司中的每一位 Puretin 都致力於提供我們需要的性能，以確保實現這一目標、搶占市場份額、推動公司發展、支持我們的客戶。

But as we look at the -- at both the quarter and the year and as we look going forward, we believe we're going to be able to perform in such a way that we will not have layoffs or furloughs.

但是，當我們審視季度和年度以及展望未來時，我們相信我們將能夠以不會裁員或休假的方式表現。

And as I said, it's my personal mission to make sure that's the case.

正如我所說，我個人的使命是確保情況如此。

We believe that we're going -- there are lots of activities that we can undertake to make the company more -- both more productive, but also more efficient.

我們相信我們正在前進——我們可以開展許多活動來讓公司變得更加高效——既更有生產力，也更有效率。

And we have -- as you might imagine, we've been very busy identifying those and taking that.

我們有 - 正如你可能想像的那樣，我們一直非常忙於識別這些並接受它。

Of course, we're saving a lot already on T&E and large events, which is very positive.

當然，我們已經在 T&E 和大型活動上節省了很多，這是非常積極的。

But I feel that as long as we can operate the company at or near breakeven that -- and that we can do so this year, we will not need to have any restructuring actions associated with it.

但我認為，只要我們能夠在盈虧平衡或接近盈虧平衡的情況下運營公司——而且我們今年可以做到這一點，我們就不需要進行任何與之相關的重組行動。

Now I do think -- to preempt a -- perhaps a follow-up question, we did have a restructuring early in the year that was planned last year even before any thoughts around COVID, but that was really a rebalancing action inside the company.

現在我確實認為——為了搶占一個——也許是一個後續問題，我們確實在去年年初就計劃進行了重組，甚至早於圍繞 COVID 的任何想法，但這確實是公司內部的重新平衡行動。

Because as -- like any company, as you go forward, there are times when you deploy people and resources in areas, and over time, you want them to really to be in other areas that are more productive, and that's what we went through early in the year.

因為就像任何公司一樣，隨著您的發展，有時您會在各個領域部署人員和資源，並且隨著時間的推移，您希望他們真正進入其他更有生產力的領域，這就是我們所經歷的年初。

That resulted in a small number of people being displaced, but that was not an economic consideration, it was a rebalancing.

這導致少數人流離失所，但這不是經濟考慮，而是重新平衡。

And then just real quick on your question on really, in particular, probably NAND pricing is what you're getting at.

然後快速回答你的問題，特別是，NAND 定價可能就是你所得到的。

We did see stabilization of pricing, including during Q1.

我們確實看到了定價的穩定，包括在第一季度。

In fact, we saw NAND pricing really rising modestly in Q1.

事實上，我們看到 NAND 價格在第一季度確實小幅上漲。

As one might expect, the data is mixed for us when we're looking at the second half across the board.

正如人們所預料的那樣，當我們全面審視下半年時，我們的數據好壞參半。

There are some indicators that the pricing may decline later in the year.

有一些指標表明價格可能會在今年晚些時候下降。

But when we take a step back, we're looking at a much more normalized pricing environment throughout the year compared to what we saw in the second half of last year.

但是，當我們退後一步時，與去年下半年相比，我們全年看到的定價環境更加規範化。

Just -- I know you're not providing a full year quantitative outlook, which makes sense, given just some limited demand visibility.

只是 - 我知道你沒有提供全年的定量展望，這是有道理的，因為需求可見性有限。

But could you speak qualitatively of how you see the growth trajectory of your hardware business?

但是您能否定性地談談您如何看待硬件業務的增長軌跡？

I ask because since you last reported, VMware added support of RoCE in Fibre Channel network fabrics.

我問是因為自從您上次報告以來，VMware 在光纖通道網絡結構中添加了對 RoCE 的支持。

And doesn't that eliminate one of the largest impediments to NVMe over Fabric implementation?

這不是消除了 NVMe over Fabric 實施的最大障礙之一嗎？

Given that you're more integrated than peers, how does that influence your view on the forward trajectory of your all FlashArray hardware?

鑑於您比同行更加集成，這對您對所有 FlashArray 硬件的前進軌蹟的看法有何影響？

Around VMware support for NVMe over Fabric, absolutely.

絕對圍繞 VMware 對 NVMe over Fabric 的支持。

So we're very excited to see support for NVMe over Fabric from VMware, also from Cisco as part of the UCS platform.

因此，我們很高興看到 VMware 支持 NVMe over Fabric，思科也將其作為 UCS 平台的一部分。

And so we see -- we were obviously out very, very early in that game, and we've seen some of the largest cloud providers we sell to already embrace that wholeheartedly.

所以我們看到——我們顯然在這場比賽中很早就出局了，我們已經看到我們出售的一些最大的雲提供商已經全心全意地接受了這一點。

But we think this really opens it up to more broad enterprise usage, so something we're quite bullish on.

但我們認為這確實為更廣泛的企業使用打開了大門，所以我們非常看好。

Yes.

是的。

And I'll just double down on that.

我會加倍努力。

We've seen a lot of enthusiasm, especially among our cloud customers and our -- just a reminder, our cloud customers are now over 1/3 of our sales.

我們看到了很多熱情，尤其是在我們的雲客戶和我們的 - 只是提醒一下，我們的雲客戶現在占我們銷售額的 1/3 以上。

But a lot of enthusiasm for the NVMe over Fabric as a way to really consolidate, to improve their rack structure because it brings the ability to have stateless servers into play and to consolidate all of their state into a single device that has been designed to maintain state.

但是對於 NVMe over Fabric 作為一種真正整合、改進其機架結構的方式有著極大的熱情，因為它可以讓無狀態服務器發揮作用，並將其所有狀態整合到一個旨在維護的單一設備中狀態。

So it actually lowers the cost, it increases the density and increases the reliability of large-scale infrastructure.

因此，它實際上降低了成本，增加了密度並增加了大規模基礎設施的可靠性。

So the more NVMe support -- over Fabric support that we see out there, the better, frankly, that it is for us.

因此，NVMe 支持越多——我們看到的 Fabric 支持越多，坦率地說，它對我們來說就越好。

I believe that being the first, we still support probably more use cases than almost any other vendor out there.

我相信，作為第一個，我們仍然支持可能比幾乎任何其他供應商更多的用例。

And overall, I think it's good for us.

總的來說，我認為這對我們有好處。

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

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

Charlie, I just want to go back in time to a couple of previous quarters when Tim was still the CFO and we had all this discussion about further disconnect in pricing -- market pricing and kind of what was in your models and we had that kind of revenue reset last year around that.

查理，我只想回到前幾個季度，當時蒂姆還是首席財務官，我們就定價的進一步脫節進行了所有討論——市場定價和你的模型中的那種東西，我們有那種去年的收入在此附近重置。

Is NAND pricing kind of stabilized here and maybe goes up?

NAND 價格在這裡是否穩定並且可能會上漲？

What actions have been taken to kind of get a better street view to the model for Kevan that you guys feel more confident in kind of how that's being relayed back and forth between the teams?

採取了哪些措施來讓 Kevan 的模型獲得更好的街景，讓你們對團隊之間來回傳遞的方式更有信心？

Yes -- no, thanks, Alex.

是的——不，謝謝，亞歷克斯。

What was -- what really knocked us off our ability to project last year in an accurate way was not so much that NAND prices were falling because we're used to NAND -- like any commodity, our NAND, memory, et cetera, we expect a decline over time.

去年真正讓我們失去準確預測能力的原因並不是因為我們習慣了 NAND 而導致 NAND 價格下降——就像任何商品一樣，我們的 NAND、內存等等，我們預計隨著時間的推移會下降。

It was the precipitous rate that they declined over a 2- to 3-year -- 2- to 3-quarter period, which was 2 to 3x normal.

這是他們在 2 到 3 年（2 到 3 個季度）期間急劇下降的速度，是正常值的 2 到 3 倍。

And how that drops to the market, largely because of some disruptions on the demand side, how it dropped to the market so rapidly.

以及它是如何進入市場的，主要是因為需求方面的一些干擾，它是如何如此迅速地進入市場的。

And it was something that we didn't predict.

這是我們沒有預料到的。

One could argue as to how one can predict that.

人們可能會爭論如何預測這一點。

Certainly, we are -- I now get weekly updates on NAND pricing.

當然，我們是——我現在每週都會收到有關 NAND 定價的更新。

And what I'm looking for is not so much the 3% to 5% quarter-over-quarter drops that one expects.

我正在尋找的並不是人們預期的 3% 到 5% 的季度環比下降。

And of course, it's not steady.

當然，它並不穩定。

It will go up and down in any one quarter.

它會在任何一個季度上下波動。

But what I'm looking for are the sudden changes, which are usually partially supplying partial demand that are well beyond what we normally see.

但我正在尋找的是突然的變化，這些變化通常會部分供應部分需求，遠遠超出我們通常看到的。

So we're keeping our eyes out for that.

因此，我們正在密切關注這一點。

We will flag it and we will address it earlier the next time around.

我們將標記它，我們將在下一次更早地解決它。

So that's the way we're dealing with it now.

所以這就是我們現在處理它的方式。

It just had not been in our model before because it had always stayed within the normal range.

它以前沒有出現在我們的模型中，因為它始終保持在正常範圍內。

Okay.

好的。

And just a follow-up on bookings for Kevan.

並且只是對 Kevan 預訂的跟進。

A little bit late to the call here.

在這裡打電話有點晚了。

So I just want to make sure I didn't miss this in the prepared remarks.

所以我只是想確保我沒有在準備好的評論中錯過這一點。

But just the delta between bookings and revenue growth, like what drove that?

但僅僅是預訂量和收入增長之間的差異，就像是什麼推動了這一點？

Well, that's really going to be -- the primary driver really will be around our subscription offerings, Alex, is really what that's coming down to in terms of either our Evergreen model or what we're doing on Pure as-a-Service or Cloud Block Store.

嗯，這真的會是——主要驅動力真的將圍繞我們的訂閱產品，亞歷克斯，這實際上是我們的 Evergreen 模型或我們在 Pure as-a-Service 上所做的事情或雲塊存儲。

Those would be the main drivers of that difference.

這些將是這種差異的主要驅動力。

Your next question comes from Rod Hall from Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

This is RK on behalf of Rod.

這是代表羅德的 RK。

Congrats on the nice quarter guys, and my deepest condolences to Matt's family.

恭喜這些可愛的小伙子們，並向馬特的家人表示最深切的哀悼。

Could you contrast your Pure as-a-Service offering with other competitive asset service offerings?

您能否將您的 Pure as-a-Service 產品與其他具有競爭力的資產服務產品進行對比？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

Let me start that.

讓我開始吧。

The first is that we really are an as-a-Service offering, because an as-a-Service offering is not just an economic model, it's not just a warmed-over lease.

首先是我們確實是一種即服務產品，因為即服務產品不僅是一種經濟模式，也不僅僅是一種熱身租賃。

First of all, in terms of the way you buy our product, you buy it as a -- it's a cloud-based procurement model based on an SLA.

首先，就您購買我們產品的方式而言，您購買它是一種基於 SLA 的基於雲的採購模式。

So it's not based on the hardware that gets put into place.

所以它不是基於安裝到位的硬件。

We have our cloud operating and utility model that is true across clouds.

我們擁有跨雲的雲操作和實用模型。

That is it's a unified subscription that works regardless of where you place your data, whether you place it in the cloud or on the on-premise equipment.

也就是說，它是一種統一訂閱，無論您將數據放置在何處，無論您將數據放置在雲中還是本地設備上，它都可以正常工作。

It's a common platform.

這是一個通用平台。

It's the same software operating in both environments, managed by the same management system so that your applications can easily be placed either on-prem or in the cloud with minimal refactoring for that to be done.

它是在兩種環境中運行的相同軟件，由相同的管理系統管理，因此您的應用程序可以輕鬆地放置在本地或云中，只需最少的重構即可完成。

And we charge the customer basically on the drip based on what they actually use, so not what they have to reserve, but rather what they actually use.

我們基本上根據客戶實際使用的點滴收費，所以不是他們必須保留的，而是他們實際使用的。

So some of our competitors put -- try to put together an economic model, which is effectively a lease, but it doesn't contain any of those other components.

所以我們的一些競爭對手提出 - 嘗試組合一個經濟模型，這實際上是一種租賃，但它不包含任何其他組件。

Your next question comes from Amit Daryanani from Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

This is Michael Fisher on for Amit.

這是邁克爾費舍爾為阿米特。

So I appreciate the qualitative expectations for the July quarter.

因此，我很欣賞對 7 月季度的定性預期。

Just wondering if you could maybe touch on what's embedded as far as product revenue expectations?

只是想知道您是否可以觸及產品收入預期的嵌入內容？

Should we be thinking down low single digits year-over-year in July?

我們是否應該考慮在 7 月份同比下降個位數？

Yes.

是的。

So we're not giving specific guidance on that.

因此，我們沒有就此提供具體指導。

But look, you saw how product revenue came out.

但是看，你看到了產品收入是如何產生的。

And again, product revenue is just a derivation of the product portion of our capital sales, so anything we're selling on our subscription offerings that include our product solutions booking and Subscription Services.

同樣，產品收入只是我們資本銷售的產品部分的衍生產品，因此我們在訂閱產品上銷售的任何東西，包括我們的產品解決方案預訂和訂閱服務。

And so when I think about Q2, obviously, we see the growth and the momentum in Subscription Services.

因此，當我想到第二季度時，顯然，我們看到了訂閱服務的增長和勢頭。

And we see overall, potentially at this point, sales in total to be flattish year-over-year.

我們認為總體而言，可能在這一點上，總銷售額同比持平。

So that will be a headwind on product revenue.

因此，這將對產品收入造成不利影響。

Your next question comes from Mehdi Hosseini from SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

I have a couple of follow-ups.

我有幾個跟進。

I want to thank you for providing the mix for the FlashBlade.

我要感謝您為 FlashBlade 提供混音。

But I think you would put it in a better context if you could provide some comparative on a Q-over-Q or year-over-year?

但我認為，如果你能提供一些 Q-over-Q 或同比的比較，你會在更好的背景下把它放在一個更好的背景下嗎？

Or how should we compare this $55 million to prior quarters?

或者我們應該如何將這 5500 萬美元與前幾個季度進行比較？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

Thank you, Mehdi.

謝謝你，邁赫迪。

Well, as you know, we don't want to be in a habit of providing product breakouts on a quarter-by-quarter basis.

好吧，如您所知，我們不想養成按季度提供產品突破的習慣。

But we do -- we want to provide you color every now and then.

但我們確實這樣做了——我們希望不時為您提供顏色。

I believe it was in our September Accelerate when we said we believed that we would be passing the $500 million cumulative sales mark for FlashBlade by the end of the year.

我相信是在我們 9 月份的 Accelerate 中，我們說我們相信我們將在今年年底之前超過 5 億美元的 FlashBlade 累計銷售額。

And we usually don't make those projections without certainty that we'll achieve them.

我們通常不會在不確定我們會實現它們的情況下做出這些預測。

And then we provided you this color, which is 15% of total sales.

然後我們為您提供了這種顏色，佔總銷售額的 15%。

So that should give you another indication, but we don't want to be in the habit of doing it quarter-by-quarter.

所以這應該給你另一個指示，但我們不想養成一個季度一個季度的習慣。

But as you can see, we're so pleased with the growth of FlashBlade and Purity 3.0, in particular, it's just going to open up significant new market opportunity for that product, both in existing accounts where they've been waiting for replication, but also in new accounts where they desperately need the Kerberos capability to get into government, for example.

但正如你所看到的，我們對 FlashBlade 和 Purity 3.0 的增長感到非常滿意，特別是，它將為該產品開闢重要的新市場機會，無論是在他們一直在等待複製的現有賬戶中，而且在他們迫切需要 Kerberos 能力進入政府的新賬戶中也是如此。

So it's going to open up new market opportunities.

因此，它將開闢新的市場機會。

So we're very excited about the product going forward and expect continued growth.

因此，我們對未來的產品感到非常興奮，並期待繼續增長。

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。

And I do pass along my condolences to Matt's family as well as to the team there.

我向馬特的家人以及那裡的團隊表示哀悼。

Most of my questions were asked.

我的大部分問題都被問到了。

But on FlashArray//C, any comment as to whether that's still the fastest growing product in Pure's history?

但是在 FlashArray//C 上，對於這是否仍然是 Pure 歷史上增長最快的產品有何評論？

Yes.

是的。

Quite simply, yes.

很簡單，是的。

Your next question comes from Nehal Chokshi from Northland Capital.

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

My condolences to Matt's family as well.

我也向馬特的家人表示哀悼。

So no one's -- can you talk about what you see as the potential (inaudible) and PowerStore, EMC Dell, midrange array?

所以沒有人——你能談談你認為的潛力（聽不清）和 PowerStore、EMC 戴爾、中端陣列嗎？

And then also maybe also talk about win rates, was that affected at all?

然後也許還談論獲勝率，這是否受到影響？

Or did you actually see that improve now that it's out?

或者你真的看到它現在已經改進了嗎？

A color there would be great.

那裡的顏色會很棒。

Let me just answer the second part of the question first, which is we really didn't see it very much so far.

讓我先回答問題的第二部分，即到目前為止我們真的沒有看到太多。

It's very new out there.

那裡很新。

Obviously, there's a lot of buzz about it and so forth.

顯然，有很多關於它的嗡嗡聲等等。

But frankly, our view very simply is it opens up opportunity to replace 4 products.

但坦率地說，我們的看法很簡單，就是為更換 4 款產品打開了機會。

Whenever there's a disruptive upgrade, and God love him, PowerStore is another disruptive upgrade.

每當出現顛覆性升級時，上帝愛他，PowerStore 就是另一個顛覆性升級。

Whenever there's a disruptive upgrade, it opens up the opportunity to all vendors -- all new vendors, because if the customer is going to go through that trouble, they might -- it's basically a brand new products.

每當發生顛覆性升級時，它都會為所有供應商——所有新供應商——打開機會，因為如果客戶要經歷那個麻煩，他們可能——它基本上是一種全新的產品。

And in this case, it's a brand new 1.0 product.

在這種情況下，它是一個全新的 1.0 產品。

So we've just introduced XR3, which is our seventh generation of nondisruptive upgrades on a very mature product with very high reliability.

所以我們剛剛推出了 XR3，這是我們對非常成熟的產品進行的第七代無中斷升級，具有非常高的可靠性。

And we've proven that we could do this over and over.

我們已經證明我們可以一遍又一遍地做到這一點。

And here we are 7 years later from our first introduction, and our competitors are still trying to catch up on an Evergreen type of program with nondisruptive upgrades.

距離我們的第一次介紹已經過去了 7 年，我們的競爭對手仍在努力通過無中斷升級來趕上常青樹類型的計劃。

So it actually -- what they've done is they've effectively validated our program of 7 years ago.

所以實際上——他們所做的是他們有效地驗證了我們 7 年前的計劃。

And now we're on to Pure as-a-Service, which if Evergreen was about protecting the economics and lowering the risk of on-prem storage, Pure as-a-Service is about improving the economics and lowering the risk of a migration to the cloud.

現在我們開始關注 Pure as-a-Service，如果 Evergreen 是為了保護經濟性並降低本地存儲的風險，那麼 Pure as-a-Service 是關於提高經濟性並降低遷移風險到雲端。

And there's no one else -- and PowerStore does nothing for that.

沒有其他人 - PowerStore 沒有為此做任何事情。

So -- and lastly, I'll just say that this is a terrible time to come out with a new 1.0 product.

所以——最後，我只想說現在是推出新的 1.0 產品的糟糕時機。

Customers are risk averse.

客戶厭惡風險。

So we really see this as a great opportunity for us.

所以我們真的認為這對我們來說是一個很好的機會。

Your last question comes from Aaron Rakers from Wells Fargo.

您的最後一個問題來自富國銀行的 Aaron Rakers。

And also my condolences to you guys and Matt's family.

我也向你們和馬特的家人表示哀悼。

He was great to work with.

和他一起工作很棒。

I guess most of my questions have been asked and answered.

我想我的大部分問題都已經被問及並得到了回答。

But I wanted to go back to kind of the channel engagement a little bit.

但我想回到那種渠道參與度。

Several quarters ago, you guys announced a partnership with a global systems integrator.

幾個季度前，你們宣布與一家全球系統集成商建立合作夥伴關係。

Just curious of how you would characterize the current channel motion expansion and whether or not you've seen additional GSIs kind of comes to Pure as clear opportunities?

只是好奇您將如何描述當前的通道運動擴展，以及您是否已經看到額外的 GSI 有點像 Pure 那樣明顯的機會？

Yes.

是的。

We have.

我們有。

What's been very interesting over the last -- I would say, over the last 9 months to a year, but accelerated, frankly, in this last quarter, is the degree to which both national and global VARs as well as system integrators have really embraced Pure more and more.

過去非常有趣的事情——我想說，在過去的 9 個月到一年中，但坦率地說，在最後一個季度，國家和全球 VAR 以及系統集成商真正接受的程度有所加快越來越純了。

Now we've -- I think part of that were the aggressive growth programs that we put in place for these integrators.

現在我們 - 我認為其中一部分是我們為這些集成商制定的積極增長計劃。

But frankly, the expansion of our product line, the -- our ability now to address cloud needs and the fact that the product line now really addresses a much wider variety of enterprise storage needs has really convinced these integrators to throw in more and more of their lot with Pure.

但坦率地說，我們產品線的擴展、我們現在解決雲需求的能力以及產品線現在真正解決了更廣泛的企業存儲需求這一事實確實說服了這些集成商投入越來越多的他們與純的命運。

We've seen a significant increase in a partner -- what we call partner-sourced, which is opportunities that are truly sourced by the partner.

我們已經看到合作夥伴的顯著增加——我們稱之為合作夥伴來源，這是真正由合作夥伴提供的機會。

They may still require us to help them close, but these were opportunities that they brought to us rather than us bringing collectively to them.

他們可能仍然需要我們幫助他們關閉，但這些是他們帶給我們的機會，而不是我們集體帶給他們的機會。

And we expect this to continue to grow.

我們預計這將繼續增長。

We're very pleased with the -- with what we're seeing from partner scale, both in terms of partner-sourced generally, but in particular the growth in what we're seeing in large enterprise partner activity.

我們對我們從合作夥伴規模上看到的情況感到非常滿意，無論是從合作夥伴來源的總體情況來看，尤其是我們在大型企業合作夥伴活動中看到的增長。

Well, I think we're closing it -- we're at the end of the hour.

好吧，我想我們正在關閉它——我們已經到了時間結束了。

I really appreciate very much all of the time and attention that you've provided us.

我非常感謝您為我們提供的所有時間和關注。

While our projections for the near future are highly uncertain, we are extraordinarily optimistic about the opportunities ahead of us.

雖然我們對近期的預測非常不確定，但我們對我們面前的機會非常樂觀。

And I have to say, we are confident in our ability to continue to increase our market share quarter-after-quarter.

我不得不說，我們有信心繼續逐季增加我們的市場份額。

The combination of our differentiation with our unmatched simplicity, the reliability make this the time of -- make Pure actually at this time the safe and easy choice for our customers.

我們的差異化與我們無與倫比的簡單性、可靠性相結合，使這個時代成為 - 讓 Pure 在這個時候成為我們客戶的安全和簡單的選擇。

And I thank you again for joining us.

我再次感謝您加入我們。

And look -- by the way, please join us virtually for our upcoming Accelerate Digital event that we're going to have on June 9 and 10.

看一下 - 順便說一句，請虛擬加入我們即將在 6 月 9 日至 10 日舉行的 Accelerate Digital 活動。

We really look forward to seeing you there.

我們真的很期待在那裡見到你。

There's going to be a lot of information, new things that will be -- new information that we'll be providing.

將會有很多信息，新的東西——我們將提供的新信息。

Please stay well.

請保持良好狀態。

Shelter-in-place is serious.

就地避難是嚴重的。

It's a serious virus.

這是一種嚴重的病毒。

We want you all safe and healthy next quarter and look forward to speaking to you then.

我們希望你們下個季度都安全健康，並期待屆時與你們交談。

Take care.

小心。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。