Pure Storage Inc (PSTG) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Pure Storage Fourth Quarter Fiscal Year 2022 Earnings Release Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們，先生們，美好的一天。感謝您的支持，歡迎參加 Pure Storage 2022 財年第四季度收益發布電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I would now like to introduce your host for today's conference call, Mr. Sanjot Khurana. Mr. Khurana, please go ahead.

我現在想介紹一下今天電話會議的主持人，Sanjot Khurana 先生。庫拉納先生，請繼續。

Thank you, and good afternoon. Welcome to the Pure Storage Fourth Quarter Fiscal 2022 Earnings Conference Call. My name is Sanjot Khurana, Vice President of Investor Relations and Treasurer at Pure Storage. Joining me today are our CEO, Charlie Giancarlo; our CFO, Kevan Krysler; and our CTO, Rob Lee.

謝謝，下午好。歡迎來到 Pure Storage 2022 財年第四季度收益電話會議。我叫 Sanjot Khurana，Pure Storage 投資者關係副總裁兼財務主管。今天加入我的是我們的首席執行官 Charlie Giancarlo；我們的首席財務官 Kevan Krysler；和我們的首席技術官 Rob Lee。

Before we begin, I would 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 and sales prospects, competitive industry and technology trends, our strategy and its advantages, our current and future product offerings and our business and operations.

在我們開始之前，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、我們的增長和銷售前景、競爭性行業和技術趨勢、我們的戰略及其優勢、我們當前和未來的產品供應以及我們的業務和運營的聲明。

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

我們做出的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新它們的義務。我們的實際結果可能與預測結果大相徑庭，報告的結果不應被視為未來業績的指標。我們向美國證券交易委員會提交的文件中包含對與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 this call, we will discuss non-GAAP measures in talking about the company's performance, and reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. Additionally, when we refer to sales in our prepared remarks, we mean total bookings, excluding cancelable orders.

在本次電話會議中，我們將在談論公司業績時討論非 GAAP 措施，我們的收益新聞稿和幻燈片中提供了與最直接可比的 GAAP 措施的對賬。此外，當我們在準備好的備註中提到銷售時，我們指的是總預訂量，不包括可取消的訂單。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage.

此次電話會議正在 Pure Storage 投資者關係網站上直播，並正在錄製以供回放。網絡廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。

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

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

Hello, everyone, and welcome to our call. I hope you are healthy and faring well given the many challenges of the current environment. I'm very pleased to report that Pure delivered a fantastic Q4, capping off a great fiscal year. Our quarterly revenue grew 41% over last year's strong Q4. This past quarter, we again enjoyed strong growth, especially in the Americas, our largest theater and we grew across enterprise, commercial and public sectors. I'm especially pleased with our growth in both net new logos and subscription annual recurring revenue, indicating great progress against our long-term strategy.

大家好，歡迎來電。鑑於當前環境的諸多挑戰，我希望您身體健康，一切順利。我很高興地報告 Pure 交付了出色的第四季度，為一個偉大的財政年度畫上了句號。我們的季度收入比去年強勁的第四季度增長了 41%。在過去的一個季度，我們再次實現了強勁的增長，尤其是在我們最大的劇院美洲，我們在企業、商業和公共部門都取得了增長。我對我們在淨新徽標和訂閱年度經常性收入方面的增長感到特別高興，這表明我們的長期戰略取得了巨大進展。

Full year revenue growth was 29% and the annual growth of our subscription revenue was 37%. Revenue growth and operational leverage drove strong profit and cash flow growth in fiscal '22. As we stated in our Financial Analyst Day presentation in September, our total addressable market of more than $60 billion across both storage and storage as a service continues to provide expansion opportunities for Pure.

全年收入增長率為 29%，我們的訂閱收入年增長率為 37%。收入增長和運營槓桿推動了 22 財年的強勁利潤和現金流增長。正如我們在 9 月的金融分析師日演講中所說，我們在存儲和存儲即服務方面的總目標市場超過 600 億美元，繼續為 Pure 提供擴展機會。

We believe that our strong performance is clear evidence of Pure's increasing strength. Three things are necessary for sustainable growth, which we have steadily developed within Pure: First, sustainable growth requires highly differentiated technology with sustainable competitive advantage. Pure's focus on developing Purity software and our direct flash technology to maximize the many advantages of solid-state storage is unique in our industry and has taken many years to develop. Second, Sustainable growth requires a broad portfolio that addresses a full range of customer needs, a portfolio that we have steadily developed over the last several years. Third, sustainable growth requires the ability to support customers in all major market segments, commercial, enterprise, public sector and cloud. Pure now has all 3 of these elements to drive our growth for many years to come.

我們相信，我們的強勁表現清楚地證明了 Pure 的實力不斷增強。可持續增長需要三件事，我們在 Pure 內部穩步發展：首先，可持續增長需要具有可持續競爭優勢的高度差異化技術。 Pure 專注於開發 Purity 軟件和我們的直接閃存技術，以最大限度地發揮固態存儲的眾多優勢，這在我們的行業中是獨一無二的，並且經過多年的發展。其次，可持續增長需要廣泛的產品組合來滿足全方位的客戶需求，這是我們在過去幾年中穩步發展的產品組合。第三，可持續增長需要能夠支持所有主要細分市場、商業、企業、公共部門和雲的客戶。 Pure 現在擁有所有這 3 個要素來推動我們未來多年的增長。

Pure's highly differentiated technology enjoys a strong sustainable competitive advantage. Many of Pure's advantages stem from core software architecture decisions that are practically impossible to retrofit into pre-existing software. Among our advantages are the simplicity in the design and use of our products, the ability to realize the best price performance from raw flash and the ability to perform nondisruptive upgrades for both hardware and software, which deliver a cloud-like experience. While some competitors make claims of nondisruptive upgrades in their marketing, they consistently failed to deliver.

Pure高度差異化的技術享有強大的可持續競爭優勢。 Pure 的許多優勢都源於核心軟件架構決策，而這些決策實際上不可能改裝到現有軟件中。我們的優勢包括產品設計和使用的簡單性、從原始閃存實現最佳性價比的能力以及對硬件和軟件執行無中斷升級的能力，從而提供類似雲的體驗。雖然一些競爭對手聲稱在他們的營銷中進行了無中斷升級，但他們始終未能兌現。

Furthermore, Pure's proprietary hardware provides higher performance, reliability and longer lifetime while requiring less space, power and cooling than competitors' commodity-based systems. Competitors would need entirely new designs and years of new software development to replicate Pure's advantages. Pure's growing portfolio of industry-leading storage and data management products has propelled the growth of our enterprise business to greater heights.

此外，與競爭對手的基於商品的系統相比，Pure 的專有硬件提供更高的性能、可靠性和更長的使用壽命，同時需要更少的空間、電力和冷卻。競爭對手需要全新的設計和多年的新軟件開發才能複制 Pure 的優勢。 Pure 不斷增長的行業領先的存儲和數據管理產品組合將我們的企業業務發展推向了更高的高度。

Customers appreciate the simplicity of our portfolio which supports the majority of their traditional workloads with just 2 hardware architectures sharing a common software architecture. And their cloud native workloads with Portworx all integrated through Pure1 and all available as a service. They appreciate our ability to provide common interfaces and APIs between on-prem and the cloud. They have embraced our ability to support their development of cloud native applications with Portworx. They're excited by our vision to provide automated data management with Pure Fusion and Portworx data services. And they are overjoyed as we consistently deliver nondisruptive upgrades year after year and soon decade after decade with our Evergreen design, a model that has been claimed competitively but never replicated.

客戶欣賞我們產品組合的簡單性，它支持大多數傳統工作負載，只有 2 個硬件架構共享一個通用軟件架構。他們使用 Portworx 的雲原生工作負載全部通過 Pure1 集成，並且全部作為服務提供。他們讚賞我們在本地和雲之間提供通用接口和 API 的能力。他們已經接受了我們使用 Portworx 支持他們開發雲原生應用程序的能力。他們對我們通過 Pure Fusion 和 Portworx 數據服務提供自動化數據管理的願景感到興奮。他們欣喜若狂，因為我們通過我們的 Evergreen 設計年復一年地持續提供無中斷升級，十年又十年，該模型已被宣稱具有競爭力，但從未被複製。

The effect of our portfolio is evident not only in our continuing penetration into large enterprise, but also in our recently announced collaboration with Meta. Meta chose Pure when it needed a storage partner to deliver powerful and scalable storage capabilities for their AI research supercluster. With FlashArray and FlashBlade, their AI supercomputer has unparalleled performance and benefits from a broad range of our technology's advantages, underpinned by Pure's foundation of simplicity, reliability and sustainability.

我們產品組合的影響不僅體現在我們對大型企業的持續滲透，而且體現在我們最近宣布與 Meta 的合作中。當 Meta 需要存儲合作夥伴為其 AI 研究超級集群提供強大且可擴展的存儲功能時，它選擇了 Pure。借助 FlashArray 和 FlashBlade，他們的 AI 超級計算機具有無與倫比的性能，並受益於我們廣泛的技術優勢，這得益於 Pure 的簡單性、可靠性和可持續性基礎。

We announced a record number of new products and services this past fiscal year, including Purity upgrades for ransomware and disaster recovery, additions to our FlashArray//C series, FlashStack as-a Service, Pure Fusion, Portworx data services and major enhancements to our Pure1 digital experience. This past December, we announced FlashArray//XL, which delivers 5.5 petabytes of capacity in up to 80% less space and power than competitive all-flash solutions and it's off to a great start.

我們在上一財年宣布了創紀錄數量的新產品和服務，包括針對勒索軟件和災難恢復的 Purity 升級、FlashArray//C 系列的新增功能、FlashStack 即服務、Pure Fusion、Portworx 數據服務以及對我們的重大改進Pure1 數字體驗。去年 12 月，我們發布了 FlashArray//XL，它提供了 5.5 PB 的容量，與競爭性全閃存解決方案相比，空間和功耗減少了 80%，這是一個良好的開端。

Our product pipeline for FY '23 is no less ambitious, and I am incredibly excited about the year ahead. Our vision and technology to deliver a cloud operating model to our customers' multi-cloud data environment, spanning their private cloud and public cloud providers continues to resonate and grow. This vision is based on the concepts of first, providing common frameworks and APIs to both on-prem and hyperscaler environments; second, enabling fully automated data management to IT organizations through policy; and third, the abstraction of these IT created data classes for developers access through API. We are seeing strong interest in this transformational model built on Pure Fusion, Portworx and delivered by Pure1.

我們 23 財年的產品線同樣雄心勃勃，我對來年感到無比興奮。我們為客戶的多雲數據環境提供雲運營模式的願景和技術，跨越他們的私有云和公共雲提供商，繼續引起共鳴和發展。這一願景基於以下概念：為本地和超大規模環境提供通用框架和 API；其次，通過策略為 IT 組織實現全自動數據管理；第三，這些 IT 的抽象創建了數據類，供開發人員通過 API 訪問。我們看到人們對這種基於 Pure Fusion、Portworx 並由 Pure1 提供的轉型模型產生了濃厚的興趣。

We have enjoyed great success with our strategy of delivering a simple set of Evergreen data platforms that enables customers to focus more on leveraging their data than on managing their storage environment. Customers have rewarded us with market share gains and recognized us with the highest third-party certified Net Promoter Score in almost all industries of 85.2 for the calendar year 2021.

我們通過提供一組簡單的 Evergreen 數據平台的戰略取得了巨大的成功，使客戶能夠更多地專注於利用他們的數據，而不是管理他們的存儲環境。客戶以市場份額收益回報我們，並以 2021 日曆年幾乎所有行業中最高的第三方認證淨推薦值 85.2 來認可我們。

From our primary focus on the commercial market just 5 years ago, we have expanded our skills and infrastructure to support all major markets. Today, our enterprise business model is fully capable of supporting the largest global organizations, both public and private, with a portfolio of products, subscription services, support and professional services. We do this with the help of a growing set of capable partners. We're now adding an ability to serve large hyperscalers and MSPs. We are proud to partner with the world's largest global system integrators and managed service providers to make Pure a preferred part of their solutions.

從 5 年前我們主要關注商業市場開始，我們已經擴展了我們的技能和基礎設施，以支持所有主要市場。今天，我們的企業業務模式完全有能力通過產品組合、訂閱服務、支持和專業服務來支持最大的全球組織，包括公共和私人組織。我們在越來越多有能力的合作夥伴的幫助下做到這一點。我們現在增加了服務大型超大規模和 MSP 的能力。我們很自豪能與世界上最大的全球系統集成商和託管服務提供商合作，使 Pure 成為他們解決方案的首選部分。

We recently announced a global partnership with Kyndryl, combining the power of Pure's offerings and Kyndryl's expertise to deliver industry-leading solutions to customers' most complex challenges. Our joint customers are already benefiting from this partnership.

我們最近宣布與 Kyndryl 建立全球合作夥伴關係，將 Pure 的產品和 Kyndryl 的專業知識相結合，為客戶最複雜的挑戰提供行業領先的解決方案。我們的共同客戶已經從這種夥伴關係中受益。

One of the world's leading shipping and logistics companies chose Pure as-a-Service to build a secure data infrastructure for its new logistics offering for its clients. Being part of a major digital transformation to improve shipping and logistics worldwide, has special poignancy as we face supply chain challenges that continue to affect all companies. I feel confident that we have one of the most robust supply chains in the business. Pure has invested in strong relationships with our supply partners and flexible multisource global operations over many years and we benefit from the architectural advantages of our integrated hardware designs. While there have been numerous supply chain challenges over the last year, and we are certainly not invulnerable to disruption in the future, we have navigated and managed them well and continue to meet our customers' demands.

世界領先的航運和物流公司之一選擇 Pure as-a-Service 為其客戶的新物流產品構建安全的數據基礎設施。作為改善全球航運和物流的重大數字化轉型的一部分，當我們面臨繼續影響所有公司的供應鏈挑戰時，具有特別的意義。我相信我們擁有業內最強大的供應鏈之一。多年來，Pure 與我們的供應合作夥伴建立了牢固的關係並建立了靈活的多源全球運營，我們從集成硬件設計的架構優勢中受益。儘管在過去一年中出現了許多供應鏈挑戰，而且我們肯定不會在未來受到破壞，但我們已經很好地駕馭和管理了這些挑戰，並繼續滿足客戶的需求。

Earlier, I had mentioned that Pure solutions are able to provide customers higher performance and reliability with significantly less space power and cooling than competitive all-flash products, in many cases, utilizing up to 80% less power in space.

早些時候，我曾提到，Pure 解決方案能夠為客戶提供更高的性能和可靠性，而空間功率和冷卻能力明顯低於競爭性全閃存產品，在許多情況下，空間功率消耗減少多達 80%。

Lower energy use by our products will significantly reduce the environmental footprint of our customers' data centers. Third-party reviewed competitive comparisons will be one part of our full Environmental, Social and Governance, or ESG report, which we will publish later this month. In our first ever ESG report, we will identify our environmental achievements and future goals for improvement in our operations and downstream use of our products as well as our current state and future plans on talent recruitment and retention and diversity, equity and inclusion.

我們的產品降低能耗將顯著減少客戶數據中心的環境足跡。第三方審查的競爭比較將成為我們完整的環境、社會和治理或 ESG 報告的一部分，我們將在本月晚些時候發布該報告。在我們有史以來的第一份 ESG 報告中，我們將確定我們的環境成就和未來目標，以改善我們的運營和下游產品的使用，以及我們在人才招聘和保留以及多樣性、公平和包容性方面的當前狀態和未來計劃。

And finally, our governance and business practices. I would like to comment on 3 additional topics of broad current interest. First, the so-called great resignation, then inflation and then our response to the Russian invasion of Ukraine. As is widely reported, employee attrition is elevated across all industries and especially in technology. However, the flip side of this coin is that there has never been a time in my memory when so much great talent was available all at one time. And we saw a strong traction in hiring during Q4. Our continuing success, large market opportunity and high employee satisfaction scores have made Pure a talent magnet.

最後，我們的治理和業務實踐。我想就當前廣泛關注的另外 3 個主題發表評論。首先是所謂的大辭職，然後是通貨膨脹，然後是我們對俄羅斯入侵烏克蘭的反應。正如廣泛報導的那樣，所有行業的員工流失率都在上升，尤其是在技術領域。然而，這枚硬幣的另一面是，在我的記憶中，從來沒有一次可以同時擁有如此多的優秀人才。我們在第四季度看到了招聘方面的強大吸引力。我們持續的成功、巨大的市場機會和高員工滿意度使 Pure 成為了人才的磁石。

Inflation is also real, and there is no countervailing benefit. I believe this will be with us for some time, and we have assessed impacts to employee compensation and other operating expenses, which we have considered in our guidance.

通貨膨脹也是真實存在的，沒有抵消的好處。我相信這將伴隨我們一段時間，我們已經評估了對員工薪酬和其他運營費用的影響，我們已經在我們的指導中考慮了這些影響。

We are carefully monitoring the situation in Ukraine. And I am dismayed by the wanton disregard for both national sovereignty and human life currently on display. Our hearts go out to the people of Ukraine and all those affected by the conflict. We have ceased all shipments in support services in Russia and Belarus, which represents a small amount of business for the foreseeable future. We are providing support as appropriate to our employees and their families.

我們正在密切關注烏克蘭的局勢。我對目前所展示的對國家主權和人類生命的肆意漠視感到沮喪。我們的心與烏克蘭人民和所有受衝突影響的人同在。我們已經停止了在俄羅斯和白俄羅斯的所有支持服務發貨，這在可預見的未來只是一小部分業務。我們正在為我們的員工及其家人提供適當的支持。

In closing, I would like to thank our customers, partners and especially our employees for their trust and support of Pure this past year. Through all of the challenges over the last several years, Pure has thrived. We have innovated, we've grown. We've battled competitors, large and small, and we've taken market share. Most importantly, we have delighted ever more customers by delivering solutions beyond their expectations. This simple formula will continue to fuel our growth for years to come.

最後，我要感謝我們的客戶、合作夥伴，尤其是我們的員工在過去一年中對 Pure 的信任和支持。通過過去幾年的所有挑戰，Pure 蓬勃發展。我們已經創新，我們已經成長。我們已經與大大小小的競爭對手作戰，我們已經佔領了市場份額。最重要的是，我們通過提供超出預期的解決方案讓更多的客戶感到高興。這個簡單的公式將在未來幾年繼續推動我們的增長。

Over to you, Kevan.

交給你了，凱文。

Thank you, Charlie, and good afternoon.

謝謝你，查理，下午好。

We saw outstanding execution and performance across our entire company, achieving record revenue, operating income and cash flows. Demand continued to be very strong across our portfolio of solutions, services and geographies, especially in the U.S. and Canada. Although supply chain challenges continue to persist, we executed for our customers, delivering our solutions and minimizing delays. Growth of our subscription business is robust as we continue to create value-based outcomes for our customers. Subscription annual recurring revenue, or ARR, grew 31% to nearly $850 million. Also, our subscription net dollar retention or NDR at the end of the year exceeded 120% compared to our long-term target of 115% as a result of expansion growth from existing customers.

我們在整個公司看到了出色的執行力和業績，實現了創紀錄的收入、營業收入和現金流。我們的解決方案、服務和地域組合的需求繼續非常強勁，尤其是在美國和加拿大。儘管供應鏈挑戰繼續存在，但我們為客戶執行，提供我們的解決方案並最大限度地減少延誤。隨著我們繼續為客戶創造基於價值的成果，我們的訂閱業務增長強勁。訂閱年度經常性收入或 ARR 增長了 31%，達到近 8.5 億美元。此外，由於現有客戶的擴張增長，我們在年底的訂閱淨美元保留或 NDR 超過了 120%，而我們的長期目標為 115%。

Remaining performance obligations, or RPO, which includes our committed and noncancelable future revenue, was over $1.4 billion, growing at 29%. We acquired 470 new customers, reflecting increasing strength. New customer acquisitions were balanced across geographies, market segments and our solutions portfolio. Our total customer count now exceeds 10,000 customers, which also includes over 50% of the U.S. Fortune 500 companies.

包括我們承諾和不可取消的未來收入在內的剩餘履約義務或 RPO 超過 14 億美元，增長 29%。新增客戶470家，實力不斷增強。新客戶的獲取在地域、細分市場和我們的解決方案組合中保持平衡。我們的客戶總數現在超過 10,000 家，其中還包括超過 50% 的美國財富 500 強公司。

Now turning to financial results for the quarter. Total revenue for the quarter grew 41% to approximately $709 million. Revenue in the United States grew 51% and international revenue grew 20% year-over-year. Subscription services revenue grew approximately 42%. For the full fiscal year, total revenue grew 29% to nearly $2.2 billion. Our fiscal year includes 53 weeks contributing both additional revenue and costs. Excluding the revenue contribution arising from the additional week, total revenue for the quarter grew approximately 37% and 28% for the year. Total non-GAAP gross margins were nearly 69% this quarter. Non-GAAP product gross margins of 67% were slightly impacted by higher supply chain-related costs. We were very pleased with how we actively managed our supply chain challenges in partnership with our suppliers.

現在轉向本季度的財務業績。本季度總收入增長 41% 至約 7.09 億美元。美國收入同比增長 51%，國際收入同比增長 20%。訂閱服務收入增長約 42%。整個財年，總收入增長 29%，達到近 22 億美元。我們的財政年度包括 53 週的額外收入和成本。剔除額外一周帶來的收入貢獻，本季度的總收入分別增長了約 37% 和全年的 28%。本季度非 GAAP 總毛利率接近 69%。 67% 的非美國通用會計準則產品毛利率受到供應鏈相關成本上升的輕微影響。我們對與供應商合作積極應對供應鏈挑戰的方式感到非常滿意。

Our integrated software and hardware designs continue to be very valuable as we manage these challenges. As we continue to sell the value of our solutions, we expect product gross margins to be in the high 60s, consistent with our long-range expectations. Non-GAAP subscription services gross margins were solid at 73% this quarter. We achieved record non-GAAP operating profit of nearly $119 million and non-GAAP operating margins of 16.8% this quarter while also continuing to make investments to drive growth. Increased operating costs included higher compensation due to our strong performance, increased hiring and an additional week of operating expenses of approximately $17 million.

在我們應對這些挑戰時，我們的集成軟件和硬件設計仍然非常有價值。隨著我們繼續推銷解決方案的價值，我們預計產品毛利率將達到 60 多歲，與我們的長期預期一致。本季度非 GAAP 訂閱服務毛利率穩定在 73%。我們在本季度實現了創紀錄的近 1.19 億美元的非公認會計準則營業利潤和 16.8% 的非公認會計準則營業利潤率，同時還繼續進行投資以推動增長。增加的運營成本包括由於我們的強勁表現而增加的薪酬、增加的招聘以及額外一周的運營費用約為 1700 萬美元。

Non-GAAP operating profits for the year also achieved a record high of $235 million and 10.8% non-GAAP operating margins. As we have highlighted in previous quarters, the COVID environment was a tailwind to our operating profits contributing approximately 2 to 3 points of benefit to our fiscal 2022 operating margin, slower than planned hiring, significantly reduced travel and the reduction of physical marketing events were the largest drivers.

本年度非美國通用會計準則營業利潤也達到創紀錄的 2.35 億美元和 10.8% 的非美國通用會計準則營業利潤率。正如我們在前幾個季度所強調的那樣，COVID 環境對我們的營業利潤有利，為我們 2022 財年的營業利潤率貢獻了大約 2 到 3 個百分點，招聘速度低於計劃，旅行顯著減少以及實體營銷活動的減少是最大的驅動程序。

Now let's turn over to the balance sheet and cash flows. We ended the quarter with over $1.4 billion in cash and approximately 4,200 employees. Our strong overall financial performance was also reflected in our cash flow from operations of $138 million this quarter. Capital expenditures were approximately $21 million. For the year, we more than doubled our cash flow from operations to more than $400 million and generated more than $300 million of free cash flows. With our strong balance sheet and cash flow generation, we paid off our outstanding credit revolver balance of $250 million after the close of our fourth quarter.

現在讓我們看看資產負債表和現金流。我們在本季度結束時擁有超過 14 億美元的現金和大約 4,200 名員工。我們強勁的整體財務業績也反映在本季度 1.38 億美元的運營現金流中。資本支出約為 2100 萬美元。這一年，我們的運營現金流增加了一倍多，達到 4 億多美元，並產生了超過 3 億美元的自由現金流。憑藉我們強勁的資產負債表和現金流產生，我們在第四季度結束後還清了 2.5 億美元的未償信貸循環餘額。

We continue to return capital to shareholders through share repurchases. We repurchased approximately 2.4 million shares during the quarter and approximately 8.5 million shares during the fiscal year. Our $200 million share repurchase program has been completed and we have also announced a new share repurchase program of $250 million.

我們繼續通過股票回購向股東返還資本。我們在本季度回購了大約 240 萬股，在本財年回購了大約 850 萬股。我們 2 億美元的股票回購計劃已經完成，我們還宣布了一項新的 2.5 億美元的股票回購計劃。

Now turning to guidance, which is based on a 52-week fiscal year. Our performance in fiscal 2022 set new records for revenue, operating profit and cash flows. Our strong revenue growth this year benefited from a substantial sale of FlashArray//C to Meta, includes an extra week in the fiscal year and reflects an easier compare to fiscal 2021, which was impacted by COVID-related headwinds. We see broad-based demand strength continuing this year for our solutions and subscription offerings and expect our Pure as-a-Service offering to grow at a much faster rate than our overall company growth rate. As we consider these factors, we expect revenue in fiscal 2023 will be approximately $2.6 billion, growing 19% to 20%.

現在轉向基於 52 週財政年度的指導。我們在 2022 財年的業績創造了收入、營業利潤和現金流量的新紀錄。我們今年強勁的收入增長得益於將 FlashArray//C 大量出售給 Meta，包括本財年的額外一周，並且與受 COVID 相關逆風影響的 2021 財年相比更容易。我們看到今年對我們的解決方案和訂閱產品的廣泛需求繼續增長，並預計我們的純即服務產品的增長速度將遠高於我們公司的整體增長率。考慮到這些因素，我們預計 2023 財年的收入將約為 26 億美元，增長 19% 至 20%。

Revenue in Q1 will be approximately $520 million, growing 26%. Operating profit substantially expanded this year as a result of strong operating discipline and operating leverage. As we have previously highlighted, operating profits also benefited from slower-than-anticipated hiring, less travel and fewer physical marketing events due to the COVID environment. While we do not expect the majority of these COVID-related benefits to recur next year as business operations become more normalized, we anticipate operating margins to expand modestly through continued operating discipline and leverage.

第一季度的收入將約為 5.2 億美元，增長 26%。由於嚴格的經營紀律和經營槓桿，今年經營利潤大幅增長。正如我們之前所強調的，營業利潤還受益於 COVID 環境導致的招聘速度低於預期、旅行減少和實體營銷活動減少。儘管隨著業務運營變得更加正常化，我們預計這些與 COVID 相關的大部分收益在明年不會再次出現，但我們預計運營利潤率將通過持續的運營紀律和槓桿作用適度擴大。

We remain committed to investing in innovation for growth, while also contemplating higher inflation next year. With these considerations, we expect to achieve non-GAAP operating margins of approximately 11.5% and non-GAAP operating profits of $300 million for the year. Non-GAAP operating profit in Q1 is expected to be $16 million.

我們仍然致力於投資於創新以促進增長，同時還考慮明年的通脹上升。考慮到這些因素，我們預計全年非 GAAP 營業利潤率約為 11.5%，非 GAAP 營業利潤為 3 億美元。第一季度非 GAAP 營業利潤預計為 1600 萬美元。

In closing, I am very pleased with our execution and performance. Our consistent commitment to innovation and creating best-in-class experiences for our customers are really the driving forces of our success as we have seen. And I want to thank our entire Pure team and our channel partners for their outstanding execution this year.

最後，我對我們的執行和表現感到非常滿意。正如我們所見，我們對創新和為客戶創造一流體驗的一貫承諾確實是我們成功的驅動力。我要感謝我們整個 Pure 團隊和我們的渠道合作夥伴今年的出色執行。

With that, I will turn it over to the operator so we can get to your questions.

有了這個，我會把它交給接線員，這樣我們就可以回答你的問題了。

(Operator Instructions) And our first question comes from the line of Amit Daryanani from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Amit Daryanani。

Congratulations on a great set of numbers here. My question really is you officially announced Meta as a customer and they had this white paper that sort of outlined their storage need there on the super AI cluster that they have. Can you talk about sort of the breadth of this engagement? And I think you all know the revenue contribution from back in October, but maybe to talk broadly, what led them to choose Pure Storage versus building their own? And then what does it mean from a revenue perspective, if this cluster gets to 1 exabyte that they've talked about in their white paper?

恭喜這裡有一組很棒的數字。我的問題真的是你正式宣布 Meta 作為客戶，他們有這份白皮書概述了他們在他們擁有的超級 AI 集群上的存儲需求。你能談談這種參與的廣度嗎？我想你們都知道 10 月份的收入貢獻，但也許寬泛地說，是什麼導致他們選擇 Pure Storage 而不是自己構建？那麼從收入的角度來看，如果這個集群達到他們在白皮書中談到的 1 艾字節，這意味著什麼？

Amit, Charlie Giancarlo here. Thank you for opening up the questioning. So Meta, I think, is a great example of the power of our portfolio because we had started working with Meta, formerly Facebook, actually some years ago using the FlashBlade platform on some of their AI initiatives. But as they look to scale out that AI initiative, what they really needed behind it was a data lake, something that could hold data at the right performance, although not necessarily to directly feed the GPUs. But that would provide high performance, but frankly, at a price that would compete with disk. And in addition, they had other constraints in their environment, space, power and cooling being an important element.

阿米特，查理·吉安卡洛在這裡。感謝您提出問題。因此，我認為 Meta 是我們產品組合強大功能的一個很好的例子，因為我們已經開始與 Meta（以前的 Facebook）合作，實際上幾年前在他們的一些 AI 計劃中使用 FlashBlade 平台。但是，當他們希望擴展 AI 計劃時，他們真正需要的是數據湖，它可以以正確的性能保存數據，儘管不一定直接為 GPU 提供數據。但這將提供高性能，但坦率地說，價格可以與磁盤競爭。此外，他們在環境、空間、電力和冷卻方面還有其他限制，這是一個重要因素。

Frankly, not only did they look at their own technology internally, but they looked at outside vendors as well. And at the end of the day, we were -- our FlashArray//C product which forms that data lake behind the AI cluster was the only product that could satisfy all of the requirements on it. But it really shows the power of portfolio that is, I think, driving our growth across enterprise and around the world. And we do believe that it's what's going to allow us to continue to expand our overall footprint.

坦率地說，他們不僅在內部查看了自己的技術，而且還查看了外部供應商。歸根結底，我們的 FlashArray//C 產品構成了 AI 集群後面的數據湖，是唯一可以滿足所有要求的產品。但它確實顯示了投資組合的力量，我認為，它推動了我們在企業和世界各地的增長。我們確實相信，這將使我們能夠繼續擴大我們的整體足跡。

Let me turn it over a little bit to Rob Lee here to perhaps give you a little bit more behind the super cluster and then Kevan, on the revenue.

讓我在這裡把它交給 Rob Lee，也許可以讓你在超級集群和 Kevan 的收入方面再多一點。

Yes, Amit, just to add on to what Charlie said. Again, I just highlight this is a great example of use case benefiting from the entire portfolio. As Charlie mentioned, we started working with Meta, formerly Facebook, over 5 years ago, first supporting, I would say, their AI research environment, directly supporting data scientists, doing ad hoc kind of AI model training against the FlashBlade. And as that environment grew and continues to grow, they built around at a larger production AI supercluster environment, which Meta has come out and described. And now in that environment, what they look to Pure to provide with FlashArray//C is really what we have described as more of a general data storage, bulk data storage capability, right, something that provides a huge capacity, certainly high performance.

是的，阿米特，只是補充查理所說的話。同樣，我只是強調這是一個從整個產品組合中受益的用例的一個很好的例子。正如查理提到的，我們在 5 年前開始與 Meta（前 Facebook）合作，首先支持，我想說的是，他們的 AI 研究環境，直接支持數據科學家，針對 FlashBlade 進行臨時類型的 AI 模型訓練。隨著該環境的發展和持續發展，他們圍繞著一個更大的生產 AI 超集群環境進行構建，Meta 已經出現並描述了該環境。而現在在那種環境下，他們希望 Pure 提供的 FlashArray//C 確實是我們所描述的更多的通用數據存儲、大容量數據存儲能力，對，提供巨大容量，當然是高性能的東西。

And then meeting the balance of needs that Charlie called out in terms of a very efficient power, cooling and footprint associated with it. And so I think a couple of things of note here. One is, well: a, great validation of our technology and advantages, but b, I think it's a great sign that look, the transition from disk to flash is absolutely happening. We see it in the enterprise. We're now starting to see it in the hyperscale environment. And we believe to a degree, this is not only happening, but it's inevitable.

然後滿足查理提出的非常高效的電力、冷卻和與之相關的佔地面積的需求平衡。所以我認為這裡有幾點值得注意。一個是，嗯：a，很好地驗證了我們的技術和優勢，但是 b，我認為這是一個很好的跡象，看起來，從磁盤到閃存的過渡絕對正在發生。我們在企業中看到了這一點。我們現在開始在超大規模環境中看到它。我們在一定程度上相信，這不僅正在發生，而且是不可避免的。

And I'll just close, Amit, with some -- share some thoughts in terms of the revenue contribution. But without getting into specifics, obviously. Certainly, from a revenue outlook, we've built some revenue in for Meta. And I would say it's in line with our overall company growth rates for next year.

我將結束，阿米特，與一些人分享一些關於收入貢獻的想法。但顯然，沒有詳細說明。當然，從收入前景來看，我們已經為 Meta 建立了一些收入。我想說這與我們明年的整體公司增長率一致。

Perfect. That's really helpful. And if I could just follow up quickly on your commodity, I think, has been a big discussion, especially what's happening to NAND pricing. I'd love to understand what are you seeing from a NAND pricing perspective? And then what are you embedding really in the fiscal year guide relative to commodity prices?

完美的。這真的很有幫助。如果我能快速跟進你的商品，我認為，這是一個很大的討論，特別是 NAND 定價發生了什麼。我很想了解您從 NAND 定價的角度看到了什麼？然後，您在與商品價格相關的財年指南中真正嵌入了什麼？

Yes. We're expecting that the constraints, let's say, in the NAND production over the next couple of quarters is going to put upward pressure on NAND pricing. We do expect that to flow through and eventually come back down in pricing later in the year. We're not expecting huge swings to be direct, but slight upward pressure in the early part of the year and then downward pressure later in the year. That's our expectation. Of course, events have a way of changing expectations pretty quickly these days. So -- but that's what we're currently going with.

是的。我們預計未來幾個季度 NAND 生產的限制將給 NAND 定價帶來上行壓力。我們確實預計這種情況會在今年晚些時候通過並最終回落。我們預計不會直接出現巨大的波動，而是在今年年初有輕微的上行壓力，然後在今年晚些時候有下行壓力。這是我們的期望。當然，如今，事件有一種方法可以很快改變人們的期望。所以——但這就是我們目前要做的。

Your next question comes from the line of Meta Marshall from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Wanted to see -- clearly, you guys stated you were seeing traction across a lot of different customer types. But just any details on kind of the magnitude of the beat, particularly as we look at the guide and we get to more of a seasonal kind of downtick there. Just any context for just where all of the upside came from? And then you noted that you were saying maybe that all of the COVID savings or COVID tailwinds don't come back or on the OpEx side, but just what you're expecting in terms of how much of that 200, 300 basis points would come back in fiscal '23?

偉大的。想看看——很明顯，你們說你們看到了許多不同客戶類型的牽引力。但只是關於節拍幅度的任何細節，特別是當我們查看指南時，我們會在那裡獲得更多的季節性下降。只是所有上行空間來自哪裡的任何背景？然後你注意到你是說也許所有的 COVID 節省或 COVID 順風都不會回來或在 OpEx 方面，但就 200、300 個基點中的多少而言，這正是你所期望的回到 23 財年？

Meta, first of all, welcome to Pure. Thank you for joining us. Look forward to be working with you over the next -- for the foreseeable future. On your question, as mentioned, we really saw, from a product line perspective, broad-based strength and particular strength in the U.S. I'd have to call out -- I'd have to say both commercial and enterprise were strong. Commercial over -- we've been commenting on these 2 markets consistently quarter by quarter. Commercial has been slower to come back during this latter COVID period, but we really are starting to see some real strength in commercial building, especially over this last quarter. But our ability to be penetrating deeper and deeper into enterprise, both new customers, but in particular, penetrating more deeply in existing customers has been very strong, and it was really broad-based in the Americas. Good strength internationally as well. But I'd say, this past quarter, the Americas really -- has really shown it's -- the power of the IT environment in the U.S. has been very strong.

Meta，首先，歡迎來到 Pure。感謝您加入我們。期待在可預見的未來與您合作。關於你的問題，如前所述，從產品線的角度來看，我們確實看到了美國的廣泛實力和特殊實力。我不得不指出——我不得不說商業和企業都很強大。商業結束——我們一直在逐季評論這兩個市場。在後一個 COVID 時期，商業的恢復速度較慢，但我們確實開始看到商業建築的一些真正實力，尤其是在最後一個季度。但是我們深入企業的能力，包括新客戶，尤其是更深入地滲透到現有客戶中的能力非常強，而且在美洲的基礎非常廣泛。國際實力也不錯。但我想說，在過去的這個季度，美洲確實 - 已經證明了 - 美國 IT 環境的力量非常強大。

Yes, I'd agree with that, Charlie. I think the U.S., Meta just had an outstanding quarter for us. In addition to what Charlie was saying, I think what we're seeing in the U.S. is really leveraging our expanded product portfolio and technology and solutions. With FlashBlade, we're really seeing some good traction on that front. So it's a shout-out to our sellers and channel in terms of the performance there.

是的，我同意這一點，查理。我認為美國 Meta 剛剛為我們帶來了一個出色的季度。除了查理所說的之外，我認為我們在美國看到的實際上是在利用我們擴大的產品組合、技術和解決方案。借助 FlashBlade，我們確實在這方面看到了一些不錯的牽引力。因此，就那裡的表現而言，這是對我們的賣家和渠道的大喊大叫。

I think your next question was in terms of contribution with the COVID tailwinds. I think it's probably fair to say around 2 points, Meta, in terms of how we're thinking about that.

我認為您的下一個問題是對 COVID 順風的貢獻。我認為就我們如何考慮這一點而言，Meta 說大約 2 點可能是公平的。

Your next question comes from the line of Jason Ader from William Blair.

您的下一個問題來自 William Blair 的 Jason Ader。

I guess -- I thought it was a typo when I saw the number for the quarter, the revenue. I mean that's just a monster beat. I guess relative to the guidance, can you guys help us just understand how much of the upside came from Meta and how much came from other sources?

我猜——當我看到這個季度的數字，收入時，我認為這是一個錯字。我的意思是這只是一個怪物節拍。我想相對於指導，你們能幫助我們了解有多少好處來自 Meta，有多少來自其他來源？

Jason, no confidence, a typo, really. Look, Jason, I don't think we could have or would have guided a quarter that was this strong. It was certainly a very strong quarter. But I think it really has to do with starting -- the company starting to hit on all cylinders as we identified a strong portfolio now. The brand are very strong now across the board in terms of major markets. Our ability to sell and support them now widely respected and simple fact that we can cover more of the use cases that they have with, without a doubt, the industry-leading products. And I think we're just hitting on more and more cylinders. In terms on -- Kevan, do you want to cover the guide?

傑森，沒有信心，一個錯字，真的。看，傑森，我不認為我們可以或不會指導如此強大的四分之一。這無疑是一個非常強勁的季度。但我認為這確實與起步有關——公司開始全力以赴，因為我們現在確定了一個強大的投資組合。就主要市場而言，該品牌現在非常強大。我們銷售和支持他們的能力現在得到了廣泛的尊重和簡單的事實，毫無疑問，我們可以使用行業領先的產品涵蓋他們擁有的更多用例。而且我認為我們只是在使用越來越多的氣缸。關於-- Kevan，你想介紹一下指南嗎？

Well, yes, and I'll just tack a little bit more on to that, right? So it's really interesting for us, right, because the linearity we saw was actually really strong all the way throughout the quarter, end to end, which was really impressive for us. Again, the U.S. and Canada, frankly, outdelivered for us. And it was across the board, as Charlie said. Enterprise, strong; commercial, strong; public sector, strong. The other thing that was interesting is we did stress test a lot in terms of, hey, were we seeing a lot of pull-forward activity due to supply chain. And frankly, we didn't see anything abnormal to that front. So yes, really strong for us.

嗯，是的，我會多加一點，對吧？所以這對我們來說真的很有趣，對，因為我們看到的線性實際上在整個季度中一直非常強，端到端，這對我們來說真的很令人印象深刻。同樣，坦率地說，美國和加拿大的交付量超過了我們。正如查理所說，這是全面的。企業，強大；商業的，強大的；公共部門，強大。另一件有趣的事情是，我們做了很多壓力測試，嘿，我們是否看到了很多由於供應鏈而產生的拉動活動。坦率地說，我們沒有看到這方面有任何異常。所以，是的，對我們來說真的很強大。

Was Meta a 10% customer for the year?

Meta 是當年 10% 的客戶嗎？

No, I believe they were not.

不，我相信他們不是。

They were not. Okay. And then one quick follow-up. On the -- I may have missed this if you talked about this, so I apologize, but the -- one of your competitors talked about constraints on low-level components, not on NAND, but on low-level components in their arrays, which created some challenges in terms of shipments and overall in their guidance. Is that something that you guys saw? I think they talked about it happening kind of mid-December. And just curious as to whether you guys were impacted by that?

它們不是。好的。然後快速跟進。關於 - 如果你談到這個，我可能會錯過這個，所以我很抱歉，但是 - 你的一個競爭對手談到了對低級組件的限制，不是在 NAND 上，而是在他們的陣列中的低級組件上，這在出貨量和總體指導方面帶來了一些挑戰。那是你們看到的嗎？我想他們談到這件事發生在 12 月中旬。只是好奇你們是否受到了影響？

Absolutely. That's a big challenge across the industry. We've -- obviously, we sync up with other companies, other manufacturers and those low-level parts have been a consistent problem throughout the industry. So every -- almost every day, there's a new challenge that challenges the supply chain team. So yes, no, it's a -- just to give you a sort of a broader view of the supply chain, I anticipate a question that might be coming up. We had indicated last quarter that we thought it would bottom out in Q4. And it probably has, but it hasn't really improved. It's still bouncing along the bottom, I'd say. And you never know another day when there's a new challenge that comes up, I think we've managed it well, but it's -- we're still waiting to see signs that we're on the upswing.

絕對地。這是整個行業的一大挑戰。我們已經 - 顯然，我們與其他公司、其他製造商同步，而這些低級部件一直是整個行業的問題。因此，幾乎每一天，供應鏈團隊都會面臨新的挑戰。所以是的，不，這是一個 - 只是為了讓您更廣泛地了解供應鏈，我預計可能會出現一個問題。我們上個季度曾表示，我們認為它會在第四季度觸底。它可能有，但並沒有真正改善。我會說，它仍在底部反彈。而且你永遠不會知道有一天會出現新的挑戰，我認為我們已經很好地應對了它，但它 - 我們仍在等待看到我們正在上升的跡象。

It's almost becoming a new normal for us because obviously, this is the same, very similar challenges we were working through last quarter that we're very successful in partnership with our suppliers and delivering for our customers. But I'll tell you, I think the real benefits we're seeing is the value of our integrated hardware and software solutions that we over and over again keep talking about, and it just keeps getting validated as we're working through these challenges that Charlie outlined.

這對我們來說幾乎已成為一種新常態，因為顯然，這與我們在上個季度所面臨的相同、非常相似的挑戰是我們在與供應商合作並為我們的客戶提供服務方面非常成功。但我會告訴你，我認為我們看到的真正好處是我們一遍又一遍地談論的集成硬件和軟件解決方案的價值，並且在我們應對這些挑戰時不斷得到驗證查理概述的。

Your next question comes from the line of Rod Hall from Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

Yes. I want to ask the first question with regards to OpEx and OpEx leverage. I was just kind of looking at Arista's OpEx, their sales and marketing to sales costs about 8% and you guys are about 30%, and that's fair because you distribute to a bunch of enterprises and hyperscale is pretty new to you, but that's the sort of sales and marketing ratio that a company that distributes more to hyperscale is capable of. And I just wonder, do you think over time if hyperscale mix increases, the marginal OpEx related to that in either such a small number of customers, Charlie, could start to approach that lower number. I'm just wondering how you think about that hyperscale mixing into that sales and marketing costs. And then I've got a follow-up.

是的。我想問關於 OpEx 和 OpEx 槓桿的第一個問題。我只是在看 Arista 的運營支出，他們的銷售和營銷成本約為 8%，而你們約為 30%，這是公平的，因為您分配給一堆企業，超大規模對您來說是相當新的，但這就是向超大規模分銷更多產品的公司能夠達到的銷售和營銷比率。我只是想知道，隨著時間的推移，如果超大規模混合增加，與查理這樣的少數客戶相關的邊際運營支出可能會開始接近這個較低的數字。我只是想知道您如何看待超大規模混合到銷售和營銷成本中。然後我有一個跟進。

Right. Absolutely. No, that is the right example, right? I mean if you look at Arista's numbers, they operate on somewhat lower gross margin and higher operating margin due to lower sales and marketing. And that's the business model for selling into hyperscalers. As we go down that path, the model for us will be mixed. That is to say that there'll be an enterprise business model that will have a higher gross margin, but higher sales and marketing expense and a cloud business model likely to have lower gross margin, but lower sales and marketing expense. Those are the trade-offs that are made. My view is both of which should improve over time to give us higher operating margin.

正確的。絕對地。不，這是正確的例子，對吧？我的意思是，如果您查看 Arista 的數據，由於銷售和營銷的減少，它們的毛利率和營業利潤率都較低。這就是向超大規模企業銷售的商業模式。當我們沿著這條路走下去時，我們的模型將是混合的。也就是說，會有一種企業業務模式，其毛利率較高，但銷售和營銷費用較高，而云業務模式可能有較低的毛利率，但銷售和營銷費用較低。這些是做出的權衡。我的觀點是兩者都應該隨著時間的推移而改善，從而為我們帶來更高的營業利潤率。

Well, in our subscription businesses as well.

好吧，在我們的訂閱業務中也是如此。

And the subscription -- well, I mean, at higher gross margin as well.

還有訂閱——嗯，我的意思是，毛利率也更高。

Right. Yes. That's why I thought -- that's helpful. And then my follow-up was the Meta revenue up, down or flat in Q4 on Q3?

正確的。是的。這就是為什麼我想——這很有幫助。然後我跟進的是第三季度第四季度的元收入上升、下降還是持平？

Far down. I mean we just had a little bit of revenue coming in from our hyperscalers. So the majority of that revenue we saw in Q3.

遠下。我的意思是我們剛剛從我們的超大規模企業那裡獲得了一點收入。所以我們在第三季度看到的大部分收入。

And we should remember that generally, that is the way with large -- whether hyperscalers or service providers, it can be quite lumpy on a -- for an individual player.

我們應該記住，一般來說，這就是大型企業的方式——無論是超大規模企業還是服務提供商，對於個人玩家來說，這可能是相當不穩定的。

That makes sense. And when you guys think about that revenue then, you talked about the growth of it being kind of in line with the company growth. I didn't know what you meant by that. Are you saying sort of prorate the revenue you got in the second half like multiply it by 2 and grow that at the company rate? Or are you saying look at the absolute total of revenue in the year?

那講得通。當你們想到那個收入時，你們談到它的增長與公司的增長是一致的。我不知道你那是什麼意思。您是說按比例分配下半年獲得的收入，例如將其乘以 2 並以公司的速度增長嗎？或者你是說看看當年的絕對總收入？

Yes, keep it pretty simple, right? So when you take the outlook for next year and our growth rate, applying that on top of it, it's a general good framework to start out with.

是的，保持它很簡單，對吧？因此，當您考慮明年的前景和我們的增長率時，將其應用在它之上，這是一個很好的總體框架。

But the question is on top of what?

但問題是最重要的是什麼？

What we did this year, what we did this year.

我們今年做了什麼，我們今年做了什麼。

Okay. Just the absolute number, not prorated or anything.

好的。只是絕對數字，沒有按比例分配或任何東西。

That's exactly right.

這是完全正確的。

And our next question comes from the line of Pinjalim Bora from JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Great. Congrats on an absolutely great quarter. It seems like -- Charlie, listening to your vision in the prepared remarks, it sounded like Portworx will play a bigger role in the future. First, is that right? And then what are you seeing or hearing from customers with respect to the need for persistent storage and containers and kind of the maturity of container-based environments. And do you expect Portworx to be an important component of the growth equation in 2022?

偉大的。祝賀一個絕對偉大的季度。看起來——查理，聽你在準備好的評論中的願景，聽起來 Portworx 將在未來發揮更大的作用。首先，是這樣嗎？然後你從客戶那裡看到或聽到關於持久存儲和容器的需求以及基於容器的環境的成熟度。您是否預計 Portworx 會成為 2022 年增長方程式的重要組成部分？

Well, first of all, we absolutely expect Portworx and our continuing development of Portworx and Portworx data services to be foundational for us, for the future in next generation, what they call cloud native development based on Kubernetes and containers. It's a very different environment than traditional storage, traditional data environment and therefore required a new way and a new set of -- new software to be able to support that. And we have the industry-leading product in Portworx. We're getting very extraordinarily good traction with Portworx across a wide range and growing range of customers.

嗯，首先，我們絕對希望 Portworx 以及我們對 Portworx 和 Portworx 數據服務的持續開發成為我們的基礎，對於下一代的未來，他們稱之為基於 Kubernetes 和容器的雲原生開發。這是一個與傳統存儲、傳統數據環境截然不同的環境，因此需要一種新的方式和一套新的——能夠支持它的新軟件。我們在 Portworx 擁有行業領先的產品。我們通過 Portworx 在廣泛且不斷增長的客戶範圍內獲得了非常好的牽引力。

Now that being said, I would not call containers or Kubernetes mature by any means. We're still -- that is the industry and customers are still very early in their development of container-based applications, but it is a -- when I say that, it's because most of their new developments are in -- are on containers using Kubernetes, but they have -- a very few of them have gone into production. And it will take, obviously, over time, years for those production workloads to reach full scale. But you always want to be on the leading edge of these very fundamental and foundational changes. Rob, do you want to add?

話雖如此，我不會以任何方式稱容器或 Kubernetes 成熟。我們仍然 - 那是行業和客戶在他們開發基於容器的應用程序方面還很早，但它是 - 當我這麼說時，這是因為他們的大部分新開發都在 - 是在容器上使用 Kubernetes，但他們已經——其中很少一部分已經投入生產。顯然，隨著時間的推移，這些生產工作負載需要數年時間才能達到全規模。但是你總是希望在這些非常根本和根本性的變化中處於領先地位。 Rob，你要添加嗎？

Yes, no, absolutely. Just to add to that, Pinjalim, you asked the question about the growth and realization around stateful versus stateless containers. I think it's a great example of the maturity curve that Charlie is talking about. And I think as the technology around containers matures and the adoption increases in the enterprise, we're seeing a couple of things.

是的，不，絕對的。補充一點，Pinjalim，你問了關於有狀態容器和無狀態容器的增長和實現的問題。我認為這是查理所說的成熟度曲線的一個很好的例子。我認為隨著容器技術的成熟和企業採用的增加，我們看到了一些事情。

One is a realization that state matters and being able to store data, get it back and have all the enterprise resilience around it, it really does matter as well as the enterprise data management workflows that go around it, whether that's a backup, disaster recovery, security or migration needs. And that's where we really see customers across the board, recognizing that Portworx is really the only solution out there that's able to solve the entire set of data challenges and needs around the container environment, whether that's the container storage infrastructure, the data management workflows or now with Portworx data services, providing the data service and application tool capabilities with the integrated and curated database deployments.

一個是意識到狀態很重要，並且能夠存儲數據、取回數據並具有圍繞它的所有企業彈性，它以及圍繞它的企業數據管理工作流確實很重要，無論是備份、災難恢復，安全或遷移需求。這就是我們真正看到全面客戶的地方，認識到 Portworx 確實是唯一能夠解決圍繞容器環境的所有數據挑戰和需求的解決方案，無論是容器存儲基礎設施、數據管理工作流還是現在使用 Portworx 數據服務，通過集成和策劃的數據庫部署提供數據服務和應用程序工具功能。

So net-net, definitely earlier in the maturity curve, but we're seeing great adoption and great growth within Portworx, and we think that's going to be an increasingly important part of our strategy going forward.

所以 net-net，肯定在成熟曲線的早期，但我們看到 Portworx 的廣泛採用和巨大的增長，我們認為這將成為我們未來戰略中越來越重要的部分。

Got it. And Kevan, just a follow-up on the RPO growth. It's a fantastic number, 29% at $1.4 billion scale is pretty impressive. Are you seeing any kind of an elongation of contract duration that might be positively impacting that growth rate? Or would you say it's more apples-to-apples in terms of contract duration year-over-year?

知道了。 Kevan，只是對 RPO 增長的跟進。這是一個了不起的數字，14 億美元規模的 29% 令人印象深刻。您是否看到任何可能對增長率產生積極影響的合同期限延長？或者你會說在合同期限方面每年都有更多的蘋果對蘋果？

Thanks for the question. And I think it's pretty consistent from a duration standpoint. And then again, I do point the analyst base to our subscription ARR because I really do think that's a really good measure of the health of our subscription businesses and obviously, NDR, which we published is greater than 120% exiting the year.

謝謝你的問題。而且我認為從持續時間的角度來看這是非常一致的。再說一次，我確實將分析師群指向我們的訂閱 ARR，因為我確實認為這是衡量我們訂閱業務健康狀況的一個非常好的指標，顯然，我們發布的 NDR 在今年退出時超過 120%。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

Yes. And I'll ask 2 as well since nobody stuck to the one. So I guess the first question I have is that in terms of the hyperscale cloud opportunity, we've talked a lot about Meta. But as we look out over the next 12 months, do you think we come out of that timeframe, saying, hey, it's more than just Meta? Have you had engagements with other cloud hyperscale customers on their own AI projects? Do you expect that customer base to expand as you look forward?

是的。我也會問 2，因為沒有人堅持這個。所以我想我的第一個問題是，就超大規模雲機會而言，我們已經談了很多關於 Meta 的問題。但是當我們展望未來 12 個月時，你認為我們是否會走出那個時間框架，說，嘿，這不僅僅是 Meta 嗎？您是否與其他超大規模雲客戶就他們自己的 AI 項目進行過接觸？您是否期望客戶群會隨著您的期待而擴大？

Well, we're putting work and effort into it. So I certainly expect it to expand as we move forward. The exact timing of these things. This is -- as I'm sure you're familiar, I mean, these are like engineering designs. It's like engineering, it's like selling into a new rack design for each hyperscalers, which itself takes several years for the hyperscaler. So a, it's a little bit difficult to predict the exact timing, but we do have conversations ongoing. It's certainly my expectation. But I can't say that it's near term. It's -- but 12 months is a long time. I hope to have an update there. It's definitely a strategic importance to the company overall.

好吧，我們正在投入工作和努力。所以我當然希望它隨著我們的前進而擴大。這些事情的確切時間。這是——我相信你很熟悉，我的意思是，這些就像工程設計。這就像工程，就像向每個超大規模生產者推銷一個新的機架設計，而這對超大規模生產者來說本身就需要數年時間。所以，預測確切的時間有點困難，但我們確實正在進行對話。這當然是我的期望。但我不能說它是近期的。是——但 12 個月是一段很長的時間。我希望那裡有更新。這對整個公司來說絕對具有戰略意義。

Rob, do you want to add? I'm sorry, go ahead.

Rob，你要添加嗎？對不起，繼續。

No, I think you hit it, Charlie.

不，我想你成功了，查理。

And then as a follow-up, I know it's probably too early to kind of update Analyst Day kind of comments that you provided back in September. But just thinking about the growth that you had outlined that mid-teens CAGR of revenue for fiscal '22 through '25. Maybe you can help us -- like did that assume that you were going to see some of these hyperscale cloud opportunities come to fruition? Or was that not necessarily baked into that expectation at that point?

然後作為後續行動，我知道現在更新您在 9 月份提供的分析師日類型的評論可能還為時過早。但只要想想你所概述的 '22 至 '25 財年收入的十幾歲 CAGR 的增長。也許您可以幫助我們——就像假設您將看到其中一些超大規模雲機會實現一樣？或者在那個時候，這不一定會融入這種期望？

I think it basically it didn't assume like a huge -- some type of hockey stick growth from the hyperscale environment. It assumed a moderate -- at the time, we obviously had already talked about a hyperscaler, which was Meta, obviously, -- so we assumed we'd get some from that, but I can't say we assumed a lot of it.

我認為它基本上沒有假設像一個巨大的——某種類型的曲棍球棒從超大規模環境中增長。它假設是適度的——當時，我們顯然已經討論過超大規模，顯然是 Meta——所以我們假設我們會從中得到一些，但我不能說我們假設了很多.

Yes, I think that's fair, Charlie. In addition to that, we are assuming obviously acceleration with our subscription businesses overall as well, which is part of our long-range expectations in model.

是的，我認為這很公平，查理。除此之外，我們還假設我們的訂閱業務整體上也會明顯加速，這是我們對模型的長期預期的一部分。

Your next question comes from the line of Simon Leopold from Raymond James.

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

I hate to sort of focus on the negative with all the things you -- metrics you've beaten on, but I want to make sure I understand what occurred in your gross margin, specifically, product gross margin in your January quarter in that, I was under the impression that October was depressed because of the customer mix. And I don't think you have the same customer mix with the Meta shift down. So I want to maybe unpack this a little bit and then see if we can get an understanding of what affects, what elements are continuing in the April quarter as well as the fiscal '23 outlook on product gross margin?

我討厭把注意力集中在你所有的負面因素上——你已經擊敗的指標，但我想確保我了解你的毛利率發生了什麼，特別是你一月份季度的產品毛利率，我的印像是，由於客戶組合，10 月份很沮喪。而且我不認為您擁有與 Meta 向下移動相同的客戶組合。因此，我可能想稍微解開一下，然後看看我們是否可以了解影響因素，4 月季度繼續存在哪些因素以及 23 財年產品毛利率前景？

Yes, it's a great question, Simon, and I'll take it. This is Kevan. First of all, we're quite pleased with the product gross margins, but I do understand the question. And we certainly did see some impact with higher costs at the component level that Charlie talked about as well as indirect costs, including logistics that were impacting us, and we saw a little bit of that coming through this quarter.

是的，這是一個很好的問題，西蒙，我會接受的。這是凱文。首先，我們對產品毛利率非常滿意，但我確實理解這個問題。我們確實確實看到了查理談到的組件級別成本增加以及間接成本（包括影響我們的物流）的一些影響，我們在本季度看到了一些影響。

But look, we're continuing to benefit from selling the value of the integrated hardware and software architecture that I've alluded to and Charlie's alluded to and expect our ASPs to really be healthy, especially as our competitors who really sell in a cost plus start increasing the pricing, and we've seen that in the marketplace. And so in my prepared remarks, I talked about the fact that we continue to expect product margins to be in the high 60s, and that's again, consistent with our long-term expectations and understanding the challenges we're working through on the supply chain. So thanks for the question.

但是看，我們繼續從銷售集成硬件和軟件架構的價值中受益，我已經提到過，查理也提到過，並期望我們的 ASP 真的很健康，尤其是作為我們真正以成本加成銷售的競爭對手開始提高定價，我們已經在市場上看到了這一點。因此，在我準備好的講話中，我談到了我們繼續預計產品利潤率將保持在 60 年代的事實，這再次符合我們的長期預期和理解我們在供應鏈上所面臨的挑戰.所以謝謝你的問題。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

If I could just follow up on the prior question on product gross margins. If we go back to 2 quarters ago, we're talking about 330 basis points of margin compression. And clearly, the supply chain environment is quite challenged. So as you think about this high 60s gross margin going into next year, is the underlying assumption that we're not going to see supply chain improvement? Or is there embedded in there some -- a full year of hyperscale revenue that could play some depressing role in the gross margin mix at least?

如果我能跟進之前關於產品毛利率的問題。如果我們回到 2 個季度前，我們談論的是 330 個基點的保證金壓縮。顯然，供應鏈環境面臨很大挑戰。因此，當您考慮到明年進入 60 年代的高毛利率時，是否存在我們不會看到供應鏈改善的基本假設？或者其中是否包含一些——一整年的超大規模收入，至少可以在毛利率組合中發揮一些令人沮喪的作用？

Yes. Wamsi, I think it's -- you're asking a complex question. Let me give it a start. First of all, we do think that we had some timing-related issues associated with the gross margin in Q4. It was not the hyperscaler related. When you have rapidly changing prices as we saw in our costs rather, as we saw in Q4, you can't always adjust for them right away through ASPs. But we see very strong ASPs because of the value of our product. We expect that the -- unless we have new challenges, which we are -- which we're unaware in Q1 and Q2, we're expecting these temporary gross margin -- product gross margin costs to effectively pass through. And we've been guiding for high 60s in our gross margin for many years. That's -- and so that's not a change from the past.

是的。 Wamsi，我認為這是 - 你在問一個複雜的問題。讓我開始吧。首先，我們確實認為第四季度的毛利率存在一些與時間相關的問題。這與超大規模無關。正如我們在成本中看到的那樣，當您的價格快速變化時，就像我們在第四季度看到的那樣，您不能總是通過 ASP 立即調整它們。但由於我們產品的價值，我們看到了非常強勁的 ASP。我們預計——除非我們有新的挑戰——我們在第一季度和第二季度沒有意識到這一點——我們預計這些臨時毛利率——產品毛利率成本將有效地通過。多年來，我們一直在指導毛利率達到 60 年代的高位。那是 - 所以這不是過去的變化。

Maybe I can add just a little bit more to that in terms of your specific questions. So to be clear, we did not build in degrading product gross margins due to hyperscaler transactions. So I want to be clear on that. We do expect supply chain challenges to continue. But to Charlie's point, we sell on value, always have. The value of our software both Purity and Pure1, the integrated architecture of the hardware and software. And that's what we've been doing even before, obviously, the supply chain challenges. And that's really the validation point that Charlie is alluding to on the ASPs and why we believe our ASPs will respond accordingly and why we continue to believe that our product gross margins will be at our long-term expectations in the high 60s.

就您的具體問題而言，也許我可以再補充一點。所以需要明確的是，我們並沒有因為超大規模交易而降低產品毛利率。所以我想明確一點。我們確實預計供應鏈挑戰將繼續存在。但就查理的觀點而言，我們以價值出售，總是如此。我們的軟件價值Purity和Pure1，軟硬件的集成架構。這就是我們在供應鏈挑戰之前就一直在做的事情。這確實是查理在 ASP 上所暗示的驗證點，以及為什麼我們相信我們的 ASP 會做出相應的反應，以及為什麼我們繼續相信我們的產品毛利率將在 60 年代高位達到我們的長期預期。

Okay. That's helpful. And if I have a follow-up. When we think about this hyperscaler revenue, I think, Charlie, you mentioned that you first engaged with Meta maybe 5 years ago. Obviously, it took a while to sort of get to a healthy revenue level there with that customer in this past fiscal year. So why should -- now that the proof of concept is sort of behind you, a lot of the technological like heavy lifting is sort of behind you, why should we expect growth rate to be in line with your aggregate growth rate when it's coming off a much smaller base and sort of it seems like a lot of the heavy lifting and proof of concept is sort of behind you, why shouldn't we expect a much faster growth on that piece of the business?

好的。這很有幫助。如果我有後續行動。當我們考慮到超大規模的收入時，我想，查理，你提到你第一次接觸 Meta 可能是在 5 年前。顯然，在過去的財年中，與該客戶一起達到健康的收入水平需要一段時間。那麼為什麼應該 - 既然概念證明已經落後於你，很多像繁重的技術一樣落後於你，為什麼我們應該期望增長率與你的總增長率保持一致一個小得多的基礎，似乎很多繁重的工作和概念驗證都在你身後，我們為什麼不期望這部分業務增長更快？

Well, Wamsi, from your lips to God's ears. Of course, it's certainly something that we hope to see. But of course, every new sale depends upon a new engineering engagement in a new data center or rack design with each customer, right? I will point out that while it took -- your chronology is correct. We sold them FlashBlade, and we have been selling them FlashBlade for AI uses over the last 5 years. But the reason why we got the -- really I would say, generational and/or hockey stick type of order with FlashArray//C had more to do with the fact that we -- that Pure finally cracked the price performance level of disk, of midrange disk in such a way that it became compelling for a more traditional use case, which was a data lake type of use case. That's only just beginning. That level of price performance is just beginning. So it's a new, if you will, concept for the hyperscalers, and they're just getting used to it now. And of course, now they have to design to it and so forth. So it's really a question of timing and the hyperscalers now starting to realize the opportunity for a new technology.

好吧，Wamsi，從你的嘴唇到上帝的耳朵。當然，這當然是我們希望看到的。但是，當然，每一次新的銷售都取決於每個客戶對新數據中心或機架設計的新工程參與，對嗎？我會指出，雖然花了 - 你的年表是正確的。我們賣給他們 FlashBlade，在過去的 5 年裡我們一直在賣 FlashBlade 用於 AI 用途。但是，我們之所以獲得 FlashArray//C 的代際和/或曲棍球棒類型訂單的原因更多是因為我們 - Pure 最終突破了磁盤的性價比水平，中端磁盤的這種方式，使其對更傳統的用例（即數據湖類型的用例）具有吸引力。這才剛剛開始。這種價格表現水平才剛剛開始。因此，如果您願意的話，對於超大規模用戶來說，這是一個新概念，他們現在才剛剛習慣。當然，現在他們必須對其進行設計等等。所以這真的是一個時間問題，超大規模企業現在開始意識到新技術的機會。

I will identify one additional thing, which is that the benefit of our FlashArray//C or QLC in delivering against the traditional use case is not limited to the price performance. We're able to deliver now just incredible performance relative to the environmental footprint of the storage involved, environmental in the case of power and cooling, environmental in terms of space and environmental in terms of landfill footprint. If you waste footprint at the end of the day, much far less waste. So we think these are going to make a larger -- are going to be of larger importance to both enterprise and hyperscalers going forward.

我將確定另外一件事，即我們的 FlashArray//C 或 QLC 在交付傳統用例方面的優勢不僅限於性價比。我們現在能夠提供令人難以置信的性能，這與所涉及的存儲的環境足跡、電力和冷卻方面的環境、空間方面的環境和垃圾填埋場方面的環境相關。如果您在一天結束時浪費足跡，那麼浪費就會少得多。因此，我們認為這些將會產生更大的影響——對於未來的企業和超大規模企業都將變得更加重要。

And Wamsi, this is Rob, if I could just add in. I think specific to your question, which was, hey, we've built this relationship with Meta. How do we see the growth there? And why isn't that perhaps inflecting faster. I'll just go back to remind you that just like each hyperscaler firm and environment is different. Each environment within a particular firm is different as well. And so each one of those -- going back to Charlie's comments, each one of those necessitating an engineering-driven almost design win process. Now certainly being a partner for Meta in one part of their environment and making them successful there helps us versus being in a new account. But just like we're having discussions with other hyperscaler firms, it's early days there. This is a longer process, much more of an engineering-driven design process in sale. And so it's just going to take some time.

Wamsi，我是 Rob，如果我能補充一下的話。我想具體到你的問題，嘿，我們已經與 Meta 建立了這種關係。我們如何看待那裡的增長？為什麼這可能不是更快地變化。我會回過頭來提醒您，就像每個超大規模公司和環境都不同一樣。特定公司內的每個環境也是不同的。所以每一個——回到查理的評論，每一個都需要一個工程驅動的幾乎設計獲勝的過程。現在可以肯定的是，在 Meta 的某個環境中成為 Meta 的合作夥伴並讓他們在那裡取得成功有助於我們而不是進入一個新帳戶。但就像我們正在與其他超大規模公司進行討論一樣，現在還處於早期階段。這是一個較長的過程，更像是一個工程驅動的銷售設計過程。所以這只是需要一些時間。

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

您的下一個問題來自德意志銀行的 Sidney Ho。

Congrats on a great quarter. My question is on the demand side. Clearly, your peers talk about constraints impacting the growth that -- you guys did a great job managing the supply chain and upsided your own expectations. Do you think some customers are adopting your solutions because they couldn't get the hard drive-based product? What -- so the question is, what do you think the sustainability of these wins once supply constraint frees? And then kind of related to that, do you think your as-a-service offering is benefiting from these constraints? And even if you have -- if you are, do you have enough capacity to serve this upside?

祝賀一個偉大的季度。我的問題是在需求方面。顯然，您的同行談論影響增長的限制因素——你們在管理供應鏈方面做得很好，並提高了自己的期望。您認為某些客戶採用您的解決方案是因為他們無法獲得基於硬盤的產品嗎？什麼 - 所以問題是，一旦供應限制解除，您認為這些勝利的可持續性如何？然後與此相關，您認為您的即服務產品是否受益於這些限制？即使你有——如果你有，你有足夠的能力來服務這個上行空間嗎？

Thanks, Sidney. So on average, I would say, we don't see a significant amount of business that -- there are a few anecdotal cases where we did get business because of supply constraints, but they are few and far in between. I think this is very fundamental demand based on the expansion of our portfolio and our -- and the number, and the segments that we're able to go after right now. And so we do believe it's sustainable for the 3 reasons that I identified in my opening remarks, which is that we now have a much broader product line than we had just a few years ago. We sell into more segments. And our technology is different -- it has sustainable differentiation, difficult for the competitors to be able to -- easy to claim but difficult to actually deliver. So I think for those reasons, we're on the early stages of sustainable demand growth.

謝謝，西德尼。因此，平均而言，我會說，我們沒有看到大量的業務 - 有一些軼事案例表明我們確實因為供應限製而獲得了業務，但它們很少而且介於兩者之間。我認為這是非常基本的需求，基於我們的投資組合和我們的 - 以及我們現在能夠追求的數量和細分市場。所以我們確實相信它是可持續的，因為我在開場白中指出了三個原因，那就是我們現在擁有比幾年前更廣泛的產品線。我們銷售到更多的細分市場。而且我們的技術是不同的——它具有可持續的差異化，競爭對手難以做到——容易宣稱但難以實際交付。因此，我認為出於這些原因，我們正處於可持續需求增長的早期階段。

Okay. And then my follow-up question is, I want to ask about this Rule of 40. Clearly, fiscal '22 was a good year. I think it was up 44%. I guess, you benefited from some of the reduced expenses from COVID. How do you think about the Rule of 40 this year? Revenue growth is above 20%. So I guess, indirectly asking about your free cash flow or margins.

好的。然後我的後續問題是，我想問一下這條 40 條規則。顯然，22 財年是個好年頭。我認為上漲了 44%。我想，您從 COVID 減少的一些開支中受益。您如何看待今年的 40 規則？收入增長超過20%。所以我想，間接詢問你的自由現金流或利潤率。

It's a great question. And yes, we kind of outdid ourselves this year, didn't we, in terms of the Rule of 40. It was outstanding. And any metric we look at including the Rule of 40 framework. But look, our FY '22 performance in of itself really doesn't change our long-term view that we've shared about sustainable improvement within the Rule of 40 framework. And look, when we look at our FY '23 outlook, it's tracking well with the long-term expectations that we set and discussed on Financial Analyst Day with you guys a couple of months back.

這是一個很好的問題。是的，就 40 條規則而言，我們今年有點超越了自己，不是嗎。非常出色。以及我們查看的任何指標，包括 40 規則框架。但是看，我們 22 財年的表現本身並沒有改變我們在 40 規則框架內分享的關於可持續改進的長期觀點。看，當我們查看我們的 23 財年展望時，它與幾個月前我們在金融分析師日與你們設定和討論的長期預期相吻合。

Your next question comes from the line of Nehal Chokshi from Northland Capital Markets.

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

Yes. And stunning results, especially in the context that you accelerated a 41% year-over-year product revenue growth with virtually no help from Meta, so spectacular. So the question actually is, is that you're guiding to 20% year-over-year growth in the April quarter, and you talked about that the driver here is a renaissance of IT spending within the Americas. Why should this continue into the April quarter and beyond?

是的。和驚人的結果，特別是在幾乎沒有 Meta 幫助的情況下，您加速了 41% 的同比產品收入增長，如此驚人。所以實際上的問題是，您正在指導 4 月季度實現 20% 的同比增長，並且您談到這裡的驅動力是美洲 IT 支出的複興。為什麼這種情況會持續到 4 月季度及以後？

Yes, I'll start, and I'll let Charlie kind of hit it from a macro standpoint. But when we chatted about this in a fair amount, right? We're seeing strong demand across our portfolio, which obviously has been expanded. But we're seeing good success across our entire portfolio, including our subscription businesses. Key markets, key geographies or peak business, no matter what we're looking at, we're seeing strength. So that's a plus for us in terms of the demand signal that we're seeing.

是的，我會開始，我會讓查理從宏觀的角度來看它。但是當我們談論這個相當多的時候，對吧？我們看到我們投資組合的強勁需求，顯然已經擴大。但我們在整個投資組合中看到了良好的成功，包括我們的訂閱業務。關鍵市場、關鍵地區或業務高峰，無論我們在看什麼，我們都看到了實力。因此，就我們看到的需求信號而言，這對我們來說是一個加分項。

But I also think when you think about our FY '23 outlook for revenue growth, just a few reminders for you, right, in terms of FY '23 compare. Obviously, we had the large opportunity with Meta that was helping us out in FY '22. We have an extra week of revenue in '22. And again, without taking anything away from our outstanding performance in FY '22, our growth rate was simply an easier compare because obviously, fiscal '21 had some COVID-related headwinds that we're working through.

但我也認為，當您考慮我們 23 財年的收入增長前景時，就 23 財年的比較而言，只是對您的一些提醒。顯然，在 22 財年幫助我們擺脫困境的 Meta 有很大的機會。我們在 22 年有額外的一周收入。再一次，在不影響我們在 22 財年的出色表現的情況下，我們的增長率只是一個更容易的比較，因為顯然，21 財年有一些與 COVID 相關的逆風，我們正在努力克服。

So and then when I complement later on, the Pure as-a-Service growth with Cloud Block Store that we expect that growth to significantly outpace our company revenue growth rate for next year. And as a reminder, with Pure as-a-Service, revenue is recognized over time. So obviously, there's an impact there. But hopefully, that's helpful for you.

因此，當我稍後補充 Cloud Block Store 的純即服務增長時，我們預計明年的增長將大大超過我們公司的收入增長率。提醒一下，使用 Pure as-a-Service，收入會隨著時間的推移而得到確認。所以很明顯，那裡有影響。但希望這對你有幫助。

Your next question comes from the line of Tim Long from Barclays.

您的下一個問題來自巴克萊銀行的 Tim Long。

Just one follow-up and a question and a follow-up. Just I'll kill the hyperscale one more time here. I think from one of the answers, just curious if when you think about some of the other large customers since you were in Facebook for a while, you had at least somewhat of an advantage. Was one of the answers implying that for the other large hyperscalers, you don't have that same level of relationship coming in? Therefore, it's a little more challenging.

只有一個跟進，一個問題和一個跟進。只是我會在這裡再殺一次超大規模。我認為從其中一個答案來看，只是好奇當您考慮在 Facebook 工作一段時間以來的其他一些大客戶時，您是否至少具有某種優勢。答案之一是否暗示對於其他大型超大規模企業，您沒有相同級別的關係進入？因此，它更具挑戰性。

And then the second question is if you could just talk a little bit about kind of deal size and particularly cross-selling across -- more broadly across the products, I think you talked about FlashArray//X doing really well and obviously C has done well. So can you just give us some color around cross-sell and how that's impacting repeat sales and deal sizes?

然後第二個問題是，您是否可以談談交易規模，特別是跨產品的交叉銷售——更廣泛地涉及產品，我認為您談到 FlashArray//X 做得非常好，顯然 C 已經做到了出色地。那麼，您能否給我們一些關於交叉銷售的信息，以及這對重複銷售和交易規模有何影響？

You bet. Thanks, Tim. So regarding the hyperscaler, we're not necessarily strangers to our hyperscalers, but if we are in them, we tend to be in their IT organization, lessen their production organization. And it's a different -- as you may know, those are different relationships. We do get -- we have high marks in their IT organizations, but it's still different. And as I said, remember, it is an engineering design win that has to go in more like a chip sale, if you will, than like a traditional enterprise system sale, so they take a while. Highly integrated with their teams, and we are at earlier stages, no doubt, we were already engaged in a production environment in Facebook. So that's certainly part of it.

你打賭。謝謝，蒂姆。所以關於超大規模，我們對我們的超大規模並不一定陌生，但如果我們在其中，我們往往會在他們的 IT 組織中，減少他們的生產組織。這是不同的——你可能知道，這些是不同的關係。我們確實得到了——我們在他們的 IT 組織中獲得了很高的分數，但它仍然不同。正如我所說，請記住，這是一場工程設計的勝利，如果你願意的話，它必須更像是芯片銷售，而不是傳統的企業系統銷售，所以它們需要一段時間。與他們的團隊高度整合，我們處於早期階段，毫無疑問，我們已經在 Facebook 從事生產環境。所以這肯定是其中的一部分。

In terms of the broader portfolio, what's really interesting here is just having the broader portfolio convinces customers to take us into more of their environment and greater amounts of their wallet spend. And so regardless -- and I don't mean to diminish, if you will, the portfolio sale that does take place. But even without a portfolio sale, it's opening up new opportunities for us. A significant portion now of our deals are portfolio sales. That is more than one product going in at the same time in the transaction that takes place. So that's growing nicely as well. But it's really convince customers that we're a vendor that, frankly, any time that they're looking to put in a new storage capability or replacing the existing storage capability that they have to consider us.

就更廣泛的產品組合而言，這裡真正有趣的是讓更廣泛的產品組合說服客戶將我們帶入更多的環境和更多的錢包支出。所以無論如何 - 如果你願意的話，我並不是要減少確實發生的投資組合銷售。但即使沒有投資組合銷售，它也為我們開闢了新的機會。現在我們的交易中有很大一部分是組合銷售。在發生的交易中，不止一種產品同時進入。因此，它的增長也很好。但坦率地說，這確實讓客戶相信，我們是一家供應商，任何時候他們想要添加新的存儲功能或替換他們必須考慮的現有存儲功能。

Your last question comes from the line of Krish Sankar from Cowen and Company.

您的最後一個問題來自 Cowen and Company 的 Krish Sankar。

Congrats on the great results. I have 2 quick questions. One is on the profitability. What gives you the confidence in the profitability for the whole year? I understand you spoke about OpEx going up because of inflation and COVID costs reverting, but like your inventory is also at the all-time low. So I'm just trying to figure out, is there -- what is the level of confidence on profitability? And then I had like a big picture question for Charlie.

祝賀偉大的結果。我有 2 個簡單的問題。一是關於盈利能力。是什麼讓您對全年盈利充滿信心？我知道您談到由於通貨膨脹和 COVID 成本恢復而導致運營支出上升，但就像您的庫存也處於歷史最低點一樣。所以我只是想弄清楚，有沒有 - 對盈利能力的信心水平是多少？然後我有一個大問題要問查理。

Welcome, Krish. I know you're new to the community as well in Pure. So welcome to you. And yes, let's spend a little bit of time on profitability. And I think we spent a fair amount of time walking through our thoughts on the gross margin side for product. We haven't spent much time on the subscription gross margin, which as you saw, was quite solid for us both for the quarter and for the year. And we think that trajectory will continue.

歡迎，克里希。我知道您在 Pure 中也是社區的新手。所以歡迎你。是的，讓我們花一點時間在盈利能力上。而且我認為我們花了相當多的時間來思考產品毛利率方面的想法。我們沒有花太多時間在訂閱毛利率上，正如你所見，這對我們來說在本季度和本年度都非常可靠。我們認為這一軌跡將繼續下去。

And look, I just -- when you look at the operating leverage and discipline that we achieved this year. In addition to the COVID tailwinds and primarily within go-to-market sales and marketing, although all areas really benefited this year. But we're just going to continue that momentum simply, right? So we're going to continue to invest in growth, which is an absolute priority for us. But with that discipline and growing our global workforce, we think we can continue on our journey of increased profitability and feel quite comfortable with our modest operating margin expansion.

看，我只是 - 當您查看我們今年實現的運營槓桿和紀律時。除了 COVID 的順風，主要是在上市銷售和營銷方面，儘管今年所有領域都真正受益。但我們只是簡單地繼續這種勢頭，對吧？因此，我們將繼續投資於增長，這對我們來說是絕對優先事項。但隨著這種紀律和我們全球員工隊伍的不斷壯大，我們認為我們可以繼續提高盈利能力，並對我們適度的營業利潤率擴張感到非常滿意。

Great. Thank you for that, and thanks very much for the kind words. And then just as a quick follow-up for Charlie. You spoke about IT spending. I'm just kind of curious like -- there are some views that IT spending growth was strong last year and might grow this year, but maybe the second derivative turns negative. So I'm kind of curious from your viewpoint, was there any budget flush in Q4 and things normalized this year? Or is it -- how to think about IT spending as a whole relative to Q4 and into FY '23 for you?

偉大的。謝謝你，非常感謝你的客氣話。然後作為查理的快速跟進。您談到了 IT 支出。我只是有點好奇——有人認為去年 IT 支出增長強勁，今年可能會增長，但二階導數可能會變成負數。所以從你的角度來看，我有點好奇，第四季度是否有預算沖減，今年的情況是否正常化？或者是 - 如何考慮整體相對於第四季度和 23 財年的 IT 支出？

Yes. We had a very strong linearity throughout the quarter. So there was no specific budget flush, either through December, which would typically be when most companies have their fiscal year or to the end of our fiscal year, which was end of January, beginning of February. So no, I can't say budget flush was much of a consideration at all. It was really -- I'll go back and say, that was really based on the overall strength of our business and competitiveness of our portfolio.

是的。我們在整個季度都有非常強的線性度。因此，無論是到 12 月（通常是大多數公司都有自己的財政年度）還是到我們的財政年度結束（即 1 月底、2 月初），都沒有具體的預算沖減。所以不，我不能說預算沖洗是一個很大的考慮因素。真的 - 我會回過頭來說，這真的是基於我們業務的整體實力和我們投資組合的競爭力。

Looking forward, obviously, we have better insight into the first half of the year than the second. And as we look at both industry and economic watchers as well as other companies in the IT space. We seem to see a theme of believing that this first half or at least more confidence in the first half than the second half. So I think that's probably more of what goes into the thinking.

展望未來，顯然，我們對上半年的洞察力比下半年更好。當我們審視行業和經濟觀察家以及 IT 領域的其他公司時。我們似乎看到了一個主題，相信今年上半年或至少比下半年更有信心。所以我認為這可能是更多的想法。

Thank you. This concludes the question-and-answer session. At this time, I will turn the call over back to Charlie Giancarlo for closing remarks.

謝謝你。問答環節到此結束。此時，我會將電話轉回給 Charlie Giancarlo 進行結束髮言。

I want to thank you all for joining us today and especially Meta and Krish, who are with us for the first time.

我要感謝大家今天加入我們，特別是第一次與我們在一起的 Meta 和 Krish。

Certainly, here at Pure, we're looking forward to not only this quarter but to our sales kickoff, which starts next week, and I'm going to welcome all of our sellers. It's going to be virtual, hopefully for the last time, this time around. But we are broadcasting to you for the first time legally maskless from our Mountain View headquarters, and we're hoping that's a sign of things to come.

當然，在 Pure，我們不僅期待本季度，而且期待下週開始的銷售啟動，我將歡迎我們所有的賣家。這將是虛擬的，希望是最後一次，這一次。但我們是第一次從山景城總部合法地不戴面具地向你們廣播，我們希望這是即將發生的事情的跡象。

Thank you all very much again for joining us and look forward to talking to you next quarter.

再次非常感謝大家加入我們，並期待在下個季度與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。