Pure Storage Inc (PSTG) 2024 Q4 法說會逐字稿

Good day, and welcome to the Pure Storage Fiscal Fourth Quarter and Full Year 2024 Earnings Call. Today's conference is being recorded. (Operator Instructions). At this time, I'd now like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Pure Storage 2024 財年第四季和全年財報電話會議。今天的會議正在錄製。 （操作員指令）。現在，我想將電話轉給投資人關係副總裁 Paul Ziots。請繼續。

Thank you. Good afternoon, everyone, and welcome to Pure's Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Kevan's prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com.

謝謝。大家下午好，歡迎參加 Pure 2024 財年第四季和財報電話會議。參加電話會議的有執行長 Charlie Giancarlo； Kevan Krysler，財務長；以及首席技術長 Rob Lee。在查理和凱文發表完準備好的發言後，我們將回答問題。我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，本次電話會議也同時進行網路直播。本次網路廣播的投影片可在 investor.purestorage.com 下載。

On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings and competitive industry and economic trends. Any forward-looking statements that we make today are based on facts and assumptions as of today, and we undertake no obligation to update them.

在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響。其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們現有和新產品以及競爭行業和經濟趨勢的聲明。我們今天所做的任何前瞻性陳述均基於今天的事實和假設，我們不承擔更新這些事實和假設的義務。

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.

我們的實際結果可能與預測結果有重大差異，報告的結果不應被視為未來績效的指標。我們向美國證券交易委員會提交的文件中討論了與我們業務有關的一些風險和不確定性，請參閱這些公開文件。

During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue, remaining performance obligations or RPO and cash and investments. Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

在本次電話會議中，除收入、剩餘履約義務或 RPO 以及現金和投資外，所有財務指標和相關成長率均為非 GAAP 指標。我們的收益新聞稿和幻燈片提供了與最直接可比較的 GAAP 指標的對帳表。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage. Our first quarter fiscal 2025 quiet period begins at the close of business, Friday, April 19, 2024.

本次電話會議正在 Pure Storage 投資者關係網站上現場直播，並且會被錄音以供回放。網路廣播的存檔將在 IR 網站上提供，並由 Pure Storage 所有。我們的 2025 財年第一季的靜默期從 2024 年 4 月 19 日星期五營業結束時開始。

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

說完這些，我會把話題交給查理。

Thank you, Paul. Good afternoon, everyone, and welcome to our Q4 and fiscal 2024 earnings call. We had a solid Q4 performance and ended the year with increasing sales momentum and balanced performance across our theaters and product portfolio. This momentum and growing customer interest in our platform strategy provides us with increased confidence for the coming year.

謝謝你，保羅。大家下午好，歡迎參加我們的 2024 財年第四季和財報電話會議。我們第四季業績表現穩健，以不斷增長的銷售動能和戲院與產品組合的均衡表現結束了這一財年。這種勢頭以及客戶對我們平台策略日益增長的興趣使我們對來年更有信心。

This year, we expanded our Evergreen portfolio and increased subscription services revenue now to over 40% of total revenue. FY '24 total contract value sales for Evergreen//One and Evergreen//Flex grew to over $400 million, more than doubling over the prior year. Product and platform innovation was strong as evidenced by FlashBlade now exceeding $2 billion in total sales since launch.

今年，我們擴大了 Evergreen 產品組合，並將訂閱服務收入提高到總收入的 40% 以上。 24 財年 Evergreen//One 和 Evergreen//Flex 的合約總價值銷售額成長至 4 億多美元，比前一年增長了一倍多。產品和平台創新強勁，FlashBlade 自推出以來的總銷售額已超過 20 億美元。

FlashBlade continues to serve as the leading platform for customers' modern file and object data requirements for both high performance and low-cost applications. Launched just 9 months ago, our new E family of products achieved the fastest sales growth of any pure product, presaging that Flash will soon replace all disk.

FlashBlade 繼續作為滿足客戶高效能和低成本應用的現代文件和物件資料需求的領先平台。我們的全新 E 系列產品推出僅 9 個月，就取得了純產品中最快的銷售成長，預示著 Flash 將很快取代所有磁碟。

Our data storage platform strategy and vision is working and continues to succeed with large enterprises and managed service providers. Pure's strategy to consolidate data storage using a single operating and management environment for the majority of storage requirements just makes more sense than managing multiple different and disparate system environments. Pure's DirectFlash reliability and economics continue to be unmatched and customers appreciate our Evergreen guarantee of no application downtime with system upgrades.

我們的資料儲存平台策略和願景正在發揮作用，並繼續與大型企業和託管服務提供者取得成功。 Pure 的策略是使用單一操作和管理環境來整合資料存儲，以滿足大多數儲存需求，這比管理多個不同且分散的系統環境更有意義。 Pure 的 DirectFlash 的可靠性和經濟性仍然無與倫比，客戶對我們對系統升級時應用程式不停機的永久保證表示讚賞。

Pure's platform strategy incorporating Pure Fusion, which enables Pure systems to operate as a distributed storage cloud, combines the best features of enterprise storage with cloud agility and programmability. It enables customers to manage their data environment as unified storage pools, seamlessly spanning across data centers and public cloud platforms, all within a single operating and management framework. Pure allows customers to organize their data infrastructure efficiently and optimize their data environment.

Pure 的平台策略融合了 Pure Fusion，使得 Pure 系統能夠作為分散式儲存雲運行，並將企業儲存的最佳功能與雲端的靈活性和可程式性結合在一起。它使客戶能夠將其資料環境作為統一的儲存池進行管理，無縫跨越資料中心和公有雲平台，所有這些都在單一的營運和管理框架內進行。 Pure 允許客戶有效地組織其資料基礎設施並優化其資料環境。

Our platform vision was a major factor in several strategic enterprise deals in Q4. In one example, a major Fortune 500 financial services firm selected Pure, based on our platform strategy, our proven reliability, and our ability to satisfy the majority of their diverse storage needs with a consistent environment and cloud-like operation and efficiency. This high 8-figure deal comprised almost all of Pure's products and services and represents our growing success in large enterprise.

我們的平台願景是第四季幾項策略企業交易的主要因素。舉個例子，一家大型財富 500 強金融服務公司選擇了 Pure，因為我們的平台策略、我們經過驗證的可靠性，以及我們透過一致的環境和類似雲端的操作和效率滿足其大部分不同儲存需求的能力。這項高達 8 位數的交易涵蓋了 Pure 的幾乎所有產品和服務，代表著我們在大型企業中不斷取得的成功。

A second notable 8-figure deal this past quarter was an Evergreen//One deal with one of the largest specialized GPU cloud providers for artificial intelligence, offering highly differentiated AI infrastructure solutions to their customers. Pure is excited to partner with this company to deliver one of the most powerful and fastest AI training environments in the world.

上個季度的第二筆值得注意的八位數交易是 Evergreen//One 與最大的人工智慧專業 GPU 雲端供應商之一達成的交易，為其客戶提供高度差異化的人工智慧基礎設施解決方案。 Pure 很高興與該公司合作，提供世界上最強大、最快的 AI 訓練環境之一。

However, what truly excites me about AI, confirmed through conversations with customers and partners, is the focus that it is bringing to customers fragmented data environments. Customers are beginning to realize that their current fragmented data storage environment will significantly hinder their ability to leverage AI to unlock the full potential of their data.

然而，透過與客戶和合作夥伴的對話證實，人工智慧真正讓我興奮的是它為客戶帶來的片段化資料環境的關注。客戶開始意識到，他們目前分散的資料儲存環境將嚴重阻礙他們利用人工智慧充分發揮資料潛力的能力。

Current data storage environments inhibit AI deployments in 2 ways. First, existing data storage arrays were selected to provide just enough performance for their primary function, leaving little performance left for AI access. Second, existing storage arrays are not networked, limiting access to AI apps not provisioned directly on their primary compute stack.

目前的資料儲存環境在兩個方面阻礙了人工智慧的部署。首先，現有的資料儲存陣列只能為其主要功能提供足夠的效能，而留給 AI 存取的效能卻很少。其次，現有的儲存陣列沒有聯網，限制了對未直接在其主運算堆疊上配置的 AI 應用程式的存取。

The Pure Storage platform solves both of these issues. Pure's E-family delivers Flash reliability and efficiency at prices now comparable to traditional hard disk systems and with plenty of performance there for AI access.

Pure Storage 平台解決了這兩個問題。 Pure 的 E 系列提供 Flash 的可靠性和效率，其價格與傳統硬碟系統相當，並且具有足夠的效能用於 AI 存取。

And the single operating and management environment of the Pure platform across protocols and price performance ranges makes accessing data easier. We are also seeing increased numbers of Portworx deployments in AI environments for data management preparation. Portworx had a record year and accelerated growth based on customers increasingly graduating their container-based development projects to production scale.

並且 Pure 平台跨協議和價格性能範圍的單一操作和管理環境使得存取資料變得更加容易。我們也看到 AI 環境中用於資料管理準備的 Portworx 部署數量正在增加。 Portworx 創造了創紀錄的一年，並隨著客戶越來越多地將基於容器的開發項目擴大到生產規模而實現了加速增長。

Portworx saw strong sales in the financial sector this past quarter. A leading global financial institution significantly improved the efficiency and lower the cost of critical Tier 0 applications by automating its internal cloud infrastructure with Portworx. Portworx industry leadership was recognized by IDC, which positioned Portworx as an industry leader in their new and latest Kubernetes Container Data Management category.

Portworx 上季在金融領域的銷售表現強勁。一家領先的全球金融機構透過使用 Portworx 自動化其內部雲端基礎設施，顯著提高了效率並降低了關鍵 Tier 0 應用程式的成本。 Portworx 行業領導地位得到了 IDC 的認可，IDC 將 Portworx 定位為其最新 Kubernetes 容器資料管理類別的行業領導者。

As we reported all year, Evergreen//One consistently experienced breakout growth. Customers appreciate the simplicity of Evergreen//One SaaS model. The Evergreen//One service offers always improving data services, always-modern infrastructure and a world-class customer experience with contractually guaranteed service level agreements. Now with Evergreen//One, Pure pays customers for power and rack space when hosting the service in their data centers. Adding to our SLA industry leadership, Pure introduced 3 new SLA guarantees this past year: One, no data migration; two, zero data loss; and three, power and space efficiency across our Evergreen family, Evergreen//Forever, Evergreen//One and Evergreen//Flex offerings.

正如我們全年所報導的那樣，Evergreen//One 持續經歷突破性成長。客戶欣賞Evergreen//One SaaS模型的簡單性。 Evergreen//One 服務提供不斷改進的數據服務、始終現代化的基礎設施和世界一流的客戶體驗，並透過合約保證服務等級協定。現在，透過 Evergreen//One，Pure 會在客戶資料中心託管服務時向客戶支付電力和機架空間費用。除進一步鞏固我們在 SLA 行業的領導地位外，Pure 去年還推出了 3 項新的 SLA 保證：一、無需資料遷移；二、零資料遺失；第三是我們的 Evergreen 系列、Evergreen//Forever、Evergreen//One 和 Evergreen//Flex 產品的功率和空間效率。

Our commitment to offering the most sustainable storage solutions in the industry continues to drive competitive advantage for customers focused on their environmental reporting. Furthermore, the energy demands of AI is outstripping the availability of power in many data center environments. Pure Flash solutions can reduce data center power usage, space and e-waste by approximately 20%, and this is proving critical in an environment driven by artificial intelligence and the world's growing demand for data.

我們致力於提供業界最具永續性的儲存解決方案，並持續為注重環境報告的客戶帶來競爭優勢。此外，人工智慧的能源需求超越了許多資料中心環境中的電力供應。 Pure Flash 解決方案可以將資料中心的電力使用、空間和電子垃圾減少約 20%，這在由人工智慧和全球日益增長的資料需求驅動的環境中至關重要。

We are increasingly confident in our platform strategy and our opportunity to lead this market. Our Evergreen technology and programs are changing the industry, allowing customers to eliminate the need to continually rebuy and disruptively replace outdated hardware. Most importantly, to enterprises, Pure reduces risk, eliminating application downtime due to infrastructure updates and upgrades while dramatically improving system reliability.

我們對我們的平台策略和引領這個市場的機會越來越有信心。我們的 Evergreen 技術和程序正在改變這個行業，使客戶無需不斷地重新購買和頻繁更換過時的硬體。最重要的是，對於企業而言，Pure 降低了風險，消除了由於基礎設施更新和升級而導致的應用程式停機，同時顯著提高了系統可靠性。

Our confidence is bolstered by our 4 sustainable competitive advantages. This includes our ability to deliver a single operating and management environment for the majority of enterprise data storage needs; our Evergreen technology, which guarantees an always modern environment without application disruption; our direct-to-Flash management, which enables both performance and cost leadership; and finally, our Cloud Operating Model, which allows customers to manage all of their data across data centers and clouds as unified pools of data.

四大永續競爭優勢增強了我們的信心。這包括我們為大多數企業資料儲存需求提供單一操作和管理環境的能力；我們的 Evergreen 技術可保證始終保持現代化的環境，且不會中斷應用程式；我們的直接快閃記憶體管理，可實現效能和成本領先；最後，我們的雲端運營模式，允許客戶將跨資料中心和雲端的所有資料作為統一的池進行管理。

While we remain cautious about the economy, we are beginning to see some encouraging signs of improvement in the macro environment. As the industry's most performant, consistent and sustainable storage solution, we are well positioned to serve both the energy and data-intensive demands of artificial intelligence. Additionally, after 18 months of steep declines, NAND market pricing has stabilized, which should improve storage market growth.

雖然我們對經濟仍保持謹慎，但我們開始看到宏觀環境出現一些令人鼓舞的改善跡象。作為業界效能最高、最一致、最具永續性的儲存解決方案，我們完全有能力滿足人工智慧的能源和資料密集需求。此外，在經歷 18 個月的大幅下滑之後，NAND 市場定價已經趨於穩定，這將有利於儲存市場的成長。

Looking forward to FY '25, I have high confidence of returning to double-digit revenue growth, given our platform strategy, our growing product portfolio, our Cloud Operating Model, and strong customer demand for our Evergreen and Portworx subscription offerings.

展望25財年，考慮到我們的平台策略、不斷成長的產品組合、我們的雲端營運模式以及客戶對我們的Evergreen和Portworx訂閱產品的強勁需求，我對恢復兩位數的營收成長充滿信心。

With that, I'd like to turn it over to Kevan now.

說完這些，我現在想把發言權交給凱文 (Kevan)。

Thank you, Charlie. We are pleased with our Q4 financial performance, exceeding guidance for both revenue and operating profit.

謝謝你，查理。我們對第四季度的財務業績感到滿意，收入和營業利潤都超乎預期。

As we were expecting, customer demand for our consumption and subscription-based offerings was very strong, especially for Evergreen//One, our Storage-as-a-Service offering and Portworx. Annual sales for both offerings grew over 100% in FY '24 and total contract value or TCV sales for Evergreen//One and Evergreen//Flex exceeded $400 million.

正如我們預期的那樣，客戶對我們的消費和基於訂閱的產品的需求非常強勁，尤其是對於 Evergreen//One、我們的儲存即服務產品和 Portworx。兩款產品的年銷售額在 24 財年均成長超過 100%，Evergreen//One 和 Evergreen//Flex 的總合約價值或 TCV 銷售額超過 4 億美元。

Remaining performance obligations, or RPO, associated solely with our subscription service offerings at the end of Q4 was very strong, growing 29%. Our subscription services net dollar retention, or NDR, at the end of the year was 120%.

第四季末與我們的訂閱服務產品相關的剩餘履約義務（RPO）非常強勁，成長了 29%。我們訂閱服務的淨美元保留率（NDR）在年底為 120%。

For the year, revenue grew 2.8%. As a reminder, our annual revenue growth expectations at the beginning of FY '24, assumed that Evergreen//One and Evergreen//Flex TCV sales would grow approximately 50%. When adjusting for the substantial growth above our expectations at the beginning of the year for Evergreen//One and Evergreen//Flex TCV sales and a noncancelable product sale with a telco customer we mentioned last quarter that is expected to be shipped in FY '25, revenue growth for the year would have been over 7%.

全年營收成長2.8%。提醒一下，我們在 24 財年初的年度營收成長預期假設 Evergreen//One 和 Evergreen//Flex TCV 的銷售額將成長約 50%。當我們調整年初 Evergreen//One 和 Evergreen//Flex TCV 銷售額超出我們預期的大幅增長，以及我們上個季度提到的預計將在 25 財年發貨的與電信客戶的不可取消產品銷售時，今年的收入增長將超過 7%。

As a reminder, revenue from our Evergreen//One and Evergreen//Flex consumption and subscription service offerings are recognized over time. Whereas product revenue related to sales of our products across our data storage platform is recognized upon shipment.

提醒一下，我們 Evergreen//One 和 Evergreen//Flex 消費和訂閱服務產品的收入是隨著時間的推移而確認的。而與我們透過資料儲存平台銷售產品相關的產品收入則在出貨時確認。

Operating margin for FY '24 was approximately 16%, above our original guide of 15% at the beginning of the year. Key contributors of our operating margin strength were strong gross margins across our data storage platform, reflecting the value of our solutions and disciplined investing.

24 財年的營業利益率約為 16%，高於我們年初預期的 15%。我們營業利潤率強勁的關鍵因素是我們資料儲存平台的強勁毛利率，這反映了我們的解決方案的價值和嚴謹的投資。

Total RPO, which also includes product orders, grew 31% year-over-year in Q4, exceeding $2.3 billion. Product orders included in total RPO at the end of Q4, including a noncancelable telco order that we mentioned last quarter, and orders relating to a significant win in Q4 with a major Fortune 500 financial services company.

第四季度，包括產品訂單在內的總 RPO 年增 31%，超過 23 億美元。產品訂單包含在第四季度末的總 RPO 中，其中包括我們上個季度提到的不可取消的電信訂單，以及與第四季度與一家大型財富 500 強金融服務公司達成的重大勝利相關的訂單。

In Q4, Subscription Services annual recurring revenue, or ARR, grew 25% to approximately $1.4 billion, highlighting the strong traction for our consumption and subscription-based service offerings. As we mentioned previously, Subscription Services ARR excludes noncancelable Evergreen subscription contracts where the effective service date has not started. Including noncancelable subscription contracts where the effective service date has not started, Subscription Services ARR at the end of Q4, grew 27%. Subscription services revenue during Q4 was $329 million, growing 24% and comprising 42% of total revenue.

第四季度，訂閱服務年度經常性收入（ARR）成長 25%，至約 14 億美元，突顯了我們的消費和基於訂閱的服務產品的強勁吸引力。正如我們之前提到的，訂閱服務 ARR 不包括有效服務日期尚未開始的不可取消的常青訂閱合約。包括有效服務日期尚未開始的不可取消訂閱合同，第四季度末的訂閱服務 ARR 增長了 27%。第四季訂閱服務營收為 3.29 億美元，成長 24%，佔總營收的 42%。

U.S. revenue for Q4 was $522 million, and international revenue was $268 million. Our new customer acquisition grew by 349 customers during Q4, including 6 new Fortune 500 customers. We now serve slightly over 60% of the Fortune 500. Product and subscription services gross margin both contributed to total gross margin strength of 73.7% in Q4 and 73.2% for the year. In Q4, Product gross margin was 73.4% and Subscription Services gross margin was 74.1%.

第四季美國營收為 5.22 億美元，國際營收為 2.68 億美元。第四季度，我們的新客戶增加了 349 個，其中包括 6 個新的財富 500 強客戶。我們目前為略高於 60％ 的財富 500 強企業提供服務。第四季度，產品毛利率為73.4%，訂閱服務毛利率為74.1%。

Our headcount increased slightly to nearly 5,600 employees at the end of the quarter. Pure's balance sheet and liquidity remains very strong, including approximately $1.5 billion in cash and investments at the end of Q4. Cash flow from operations during the quarter was approximately $244 million and approximately $678 million for FY '24.

截至本季末，我們的員工人數略有增加，達到近 5,600 人。 Pure 的資產負債表和流動性仍然非常強勁，包括第四季末約 15 億美元的現金和投資。本季經營活動現金流約 2.44 億美元，24 財年約 6.78 億美元。

Capital expenditures during the year were nearly $200 million, representing approximately 6.9% of revenue for FY '24. Factors driving our higher capital expenditures during the year included sales growth of our Evergreen//One Storage-as-a-Service offering, our new headquarters and test equipment supporting our engineering team for new product innovations.

本年度資本支出近 2 億美元，約佔 24 財年收入的 6.9%。推動我們本年度資本支出增加的因素包括我們的 Evergreen//One 儲存即服務產品的銷售成長、我們的新總部和支持我們的工程團隊進行新產品創新的測試設備。

In Q4, we repurchased 585,000 shares of stock, returning approximately $21.4 million to our shareholders. For the year, we repurchased nearly 4.7 million shares, returning nearly $136 million in capital to our shareholders. Consistent with our remarks last quarter, our share repurchases represent a lower level of repurchase activity as a result of the fixed trading parameters that were in place throughout the quarter.

第四季度，我們回購了 585,000 股股票，向股東返還了約 2,140 萬美元。今年，我們回購了近 470 萬股，向股東返還了近 1.36 億美元的資本。與我們上個季度的言論一致，由於整個季度都實施了固定的交易參數，我們的股票回購活動水準較低。

We have approximately $145 million remaining on our existing $250 million repurchase authorization. And we are announcing today a new share repurchase authorization of an additional $250 million.

我們現有的 2.5 億美元回購授權中還剩餘約 1.45 億美元。今天，我們宣布新的股票回購授權，金額額外為 2.5 億美元。

Now turning to our guidance for FY '25. We expect to return to double-digit revenue growth in FY '25, growing 10.5% to $3.1 billion. We expect demand across our entire data storage platform will strengthen while also remaining cautious of the macro spending environment. Our annual revenue guide of 10.5% growth also contemplates approximately 50% growth in TCV sales for our collective Evergreen//One and Evergreen//Flex service offerings, which are expected to be $600 million.

現在來談談我們對25財年的指導。我們預計25財年營收將重回兩位數成長，成長10.5%，達到31億美元。我們預期整個資料儲存平台的需求將會增強，同時也對宏觀支出環境保持謹慎。我們的年度收入預期為成長 10.5%，同時也預期我們集體的 Evergreen//One 和 Evergreen//Flex 服務產品的 TCV 銷售額將成長約 50%，預計達到 6 億美元。

To help better understand the short-term impact that growth of our consumption and subscription offerings have on our annual revenue growth rate, we estimate that our forecasted FY '25 revenue growth would be in the mid-teens when adjusting for the expected growth of both our Evergreen//One and Evergreen//Flex service offerings, slightly offset by expected additional revenue arising from past TCV sales in FY '24.

為了幫助更好地理解我們的消費和訂閱服務成長對我們的年度營收成長率的短期影響，我們估計，在調整我們的 Evergreen//One 和 Evergreen//Flex 服務產品的預期成長後，我們預測的 25 財年收入成長將在 15% 左右，略微被 24 財年過去 TCV 銷售產生的預期額外收入所抵消。

Consistent with our philosophy in driving profitable growth, we expect FY '25 operating profit to be $532 million, and operating margin to be 17%. Our expected operating margin for FY '25 is in line with our longer-term goal of expanding operating margin by a percentage point or 2 each year and represents a 2-point increase from our FY '24 guide that we communicated at the beginning of the year. For Q1 of FY '25, we expect revenue of $680 million, up 15.4% when compared to Q1 of last year and expect that our operating profit will be $68 million, or operating margin of 10%.

與我們推動獲利成長的理念一致，我們預期 25 財年營業利潤為 5.32 億美元，營業利益率為 17%。我們對 25 財年的預期營業利潤率符合我們每年將營業利潤率提高 1 到 2 個百分點的長期目標，並且比我們年初發布的 24 財年指引提高了 2 個百分點。對於 25 財年第一季，我們預計營收為 6.8 億美元，比去年第一季成長 15.4%，預計營業利潤為 6,800 萬美元，或營業利潤率為 10%。

In closing, we are pleased with our expectations of getting back to double-digit revenue growth and continuing strong growth from Evergreen//One Storage-as-a-Service, and Evergreen//Flex offerings. Pure's data storage platform and Evergreen architecture delivers substantial business value to our customers by reducing complexity, while increasing reliability, flexibility and unparalleled power and cost efficiencies.

最後，我們對恢復兩位數營收成長以及 Evergreen//One 儲存即服務和 Evergreen//Flex 產品持續保持強勁成長的預期感到滿意。 Pure 的資料儲存平台和 Evergreen 架構透過降低複雜性，同時提高可靠性、靈活性和無與倫比的功率和成本效率，為我們的客戶提供了巨大的商業價值。

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

說完這些，我將把話題轉回給保羅進行問答。

Thanks, Kevan. (Operator Instructions) Operator, let's get started.

謝謝，凱文。 (操作員指令) 操作員，我們開始吧。

(Operator Instructions) The first question is from Amit Daryanani from Evercore.

（操作員指示）第一個問題來自 Evercore 的 Amit Daryanani。

Congrats on a nice print here. I guess, Charlie, the question for you really is it looks like Evergreen//One sales should continue to grow at a really robust rate again into fiscal '25 after what you did in '24. Can you just touch on what do you think is resonating so well from a value proposition basis with customers when it comes to Evergreen//One offering? And then is there a framework to think about how much of your revenue base kind of your shipment base, if you may, could actually move to a subscription model over time?

恭喜您獲得了出色的印刷效果。查理，我想問你的問題是，繼 24 年取得的成績之後，Evergreen//One 的銷售額在 25 財年應該會繼續以強勁的速度增長。 您能否簡單談談，您認為 Evergreen//One 產品從價值主張的角度來看，哪些方面最能引起顧客的共鳴？那麼，是否有一個框架來思考，隨著時間的推移，您的收入基礎（例如，您的貨運基礎）中有多少可以真正轉向訂閱模式？

Yes. Thanks, Amit. Hope you're doing well. So actually, I think I could answer the question in really two ways. The economic and then the noneconomic, and I'll start with the noneconomic first. What's very exciting about Evergreen//One is that it really is a SaaS-like model. And I think just like you and probably everybody else on this call, no longer use external hard drives on their -- on their PCs or laptops, but use some type of cloud-based service. Because of the ease, it's managed for you. You don't have to worry about it failing, you're able to easily just subscribe to more capacity if that's what you need without worrying about having to go out and buy and configure a new system. The same is true with our Evergreen//One service. That is it really is Storage-as-a-Service, whether that is deployed in the cloud, in a colo or actually on the customer's premise. And now it's deployed on the customer's premise, we pay them for hosting it for us.

是的。謝謝，阿米特。祝你一切順利。所以實際上，我認為我可以用兩種方式來回答這個問題。先講經濟方面，然後是非經濟方面，我先從非經濟方面開始講。 Evergreen//One 令人興奮的地方在於它確實是一個類似 SaaS 的模型。我想，就像您以及這次電話會議中的其他所有人一樣，他們不再在個人電腦或筆記型電腦上使用外部硬碟，而是使用某種基於雲端的服務。由於很方便，所以可以為您管理。您不必擔心它會出現故障，如果需要，您可以輕鬆訂購更多容量，而不必擔心必須出去購買和配置新系統。我們的Evergreen//One服務也是如此。這就是真正的儲存即服務，無論是部署在雲端、託管中或實際部署在客戶端。現在它已部署在客戶的場所，我們向他們付費讓他們為我們託管。

So from the customer standpoint, it has all of the attributes of a SaaS service. They manage entirely through the cloud. We manage it otherwise. We're constantly looking at it from a capacity and performance standpoint. Upgraded as necessary, mostly remotely. And so it's a very easy service and completely managed. And of course, that's the way that the modern world is operating now and the reason why many customers, I think, are attracted to the service. Of course, the economic elements of it are that they only pay for what they use when they use it, they don't need to buy a system that is sized at the rate that they think they'll need 4 or 5 years, hence, that they're able to just pay for what they -- as I said, what they use when they use it.

因此從客戶的角度來看，它具有 SaaS 服務的所有屬性。他們完全透過雲端進行管理。我們以其他方式來處理。我們始終從容量和性能的角度來審視這個問題。根據需要進行升級，大部分是遠端升級。所以這是一項非常簡單且完全可管理的服務。當然，這就是現代世界運作的方式，我認為這也是為什麼許多顧客被這種服務所吸引的原因。當然，它的經濟要素是，他們只需在使用時支付他們所使用的費用，他們不需要購買按照他們認為 4 或 5 年後需要的速度來衡量的系統，因此，他們只需支付他們所使用的費用 — — 正如我所說的，當他們使用時。

So it's compelling from both economic and noneconomic purposes. Lastly, we're now at 42% in terms of total subscription. And so I think easily, with any continued growth in this environment, we certainly see our way clear to a majority of revenue over time being in the subscription category.

因此，無論從經濟目的或非經濟目的來看，它都具有吸引力。最後，我們現在的總訂閱量達到了 42%。因此，我認為，隨著這種環境下的任何持續增長，我們肯定會清楚地看到，隨著時間的推移，訂閱類別將成為我們收入的主要來源。

The next question is from the line of Aaron Rakers from Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Yes. And also congrats on the quarter. I wanted to actually ask about the numbers a little bit. The RPO balance at $2.3 billion stands out, but I think even more notably is the unbilled component of that at about $709 million. That's up about 93% year-over-year. I know, Kevan, you talked about the $41 million from the telco sitting in that number this last quarter, but you also alluded to -- it sounds like a very large significant win with a major financial services company. I think if we unpack that, that might give us a little bit more insight into the subscription growth that you're seeing. So I'm wondering if you could help us bridge that growth in the unbilled RPO number ex those big product contributions in the quarter? And just any help would be useful.

是的。同時也對本季取得的成績表示祝賀。我實際上想問一下有關數字的問題。 23 億美元的 RPO 餘額十分引人注目，但我認為更值得注意的是其中約 7.09 億美元的未開票部分。與去年同期相比，成長了約 93%。我知道，凱文，你談到了上個季度來自電信公司的 4100 萬美元收入，但你也提到——這聽起來像是與一家大型金融服務公司合作獲得的非常重大的勝利。我認為，如果我們解開這個問題，我們可能會對您所看到的訂閱成長有更多的了解。所以我想知道您是否可以幫助我們彌補本季度未開票 RPO 數字（除那些大型產品貢獻外）的成長？任何幫助都是有用的。

That's great, Aaron. I will give you some of the bridging discussion. But before we get into it, yes, we're really excited about this Fortune 500 win. Let me have Charlie explain that a little bit, and then I'll provide some bridging information for you.

太棒了，亞倫。我會給你一些過渡性的討論。但在我們深入討論之前，是的，我們對這次躋身財富 500 強感到興奮不已。讓我讓查理稍微解釋一下，然後我會為您提供一些橋接資訊。

Yes, the win came in a bit late in the quarter. So it's obvious that you will be deploying that through this new fiscal year. Very exciting. They really -- it was a deal that covered really the majority, if not most of Pure's services, our products. And frankly, it was all based on them buying into and fully understanding the ramifications of having a single operating environment to unify their data storage environment. So really pleased with that win.

是的，本季的勝利來得有點晚。因此很明顯，您將在新的財政年度部署這一點。非常令人興奮。他們確實——這項交易涵蓋了 Pure 的大部分（如果不是全部的話）服務和產品。坦白說，這一切都基於他們購買並充分理解擁有單一操作環境來統一其資料儲存環境的後果。所以對這場勝利真的很高興。

And then, Aaron, from a bridging standpoint, our total RPO, which would include product orders. And again, that's the telco order and that's the significant win with the Fortune 500. And you're exactly right. Both of those would be unbilled because we haven't shipped the product yet. So as we ship that product, you'll see more billings come through as it relates to that RPO. But the other large piece of it is going to be the significant growth of our Evergreen//One and Evergreen//Flex subscription offerings. And again, we bill for that either annually, quarterly, depending on what the customers' preferences are. So that will be a large piece of the unbilled that you're seeing as well.

然後，Aaron，從橋接的角度來看，我們的總 RPO 包括產品訂單。再說一次，這是電信公司的訂單，也是財富 500 強的重大勝利。由於我們尚未發貨，因此這兩項均未開立發票。因此，當我們運送該產品時，您會看到更多與該 RPO 相關的帳單。但其中另一個重要部分是我們 Evergreen//One 和 Evergreen//Flex 訂閱產品的顯著成長。並且，我們根據客戶的偏好，按年或按季度計費。所以這也是您所看到的未開票金額的很大一部分。

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

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Maybe on the AI discussion, I think a lot of the conversations we've been having with investors is just trying to figure out the timing of when you would expect some of these storage investments versus -- is that in the data preparedness time as you're getting ready for inference? Just any kind of patterns that you're seeing just in terms of timing when enterprises or other customers are considering these investments?

偉大的。也許在人工智慧討論中，我認為我們與投資者進行的許多對話只是試圖弄清楚您預期這些儲存投資的時間——這是在您準備進行推理的數據準備時間內嗎？就企業或其他客戶考慮這些投資的時間而言，您看過什麼樣的模式？

And then maybe just as a second question, there's been a lot of talk about volatility in NAND pricing, HAMR on -- from some of the disk vendors, is there even a conversation about are we at a different crossover point this year? Or has the conversation really moved on to, okay, I'm moving my infrastructure eventually to all-Flash, let's not be concerned about a quarter-on-quarter price differential?

然後也許只是第二個問題，一些磁碟供應商對 NAND 價格波動、HAMR 等進行了大量的討論，是否有人在討論今年我們是否處於不同的交叉點？或者討論已經真的轉移到，好吧，我最終將我的基礎設施轉移到全閃存，我們不要擔心季度間的價格差異？

Meta, this is Paul. I'm sorry, I'm going to be the bad guy so that the others don't get upset with us. We'll take your first question. And at the end, we'll pick back up on your last question.

梅塔，這是保羅。對不起，我願意扮演壞人，這樣其他人就不會對我們生氣。我們將回答您的第一個問題。最後，我們再來回答一下您的最後一個問題。

Meta, sorry, I had to follow that. So let's talk about AI. And you're right. I'm sort of looking at the AI market in three categories. One is the modeling area, that's a super high-performance GPUs, super high-performance storage, everything to go along with it. The inference market, which involves perhaps some GPUs but -- and good performance, but not necessarily the supercharged performance. And then just the data -- the general data or the uplift to data storage that needs to take place so that customers can get access to data that's right now in silos.

Meta，抱歉，我不得不這麼做。那我們來談談人工智慧吧。你說得對。我從三個方面來看人工智慧市場。一個是建模區域，那是一個超高性能的 GPU、超高性能的存儲，以及與之配套的一切。推理市場，可能涉及一些 GPU，但是－效能良好，但不一定是增強的效能。然後只是資料——需要進行的一般資料或資料儲存的提升，以便客戶可以存取目前位於孤島中的資料。

Obviously, the market has been transfixed with the modeling side of things. And I think appropriately so, but I do think out of all of them, it's probably the smallest in terms of total market size. And of course, the world is going dog on that, and we're tracking a lot of different entities and activities on that in the modeling part of the market. I think inference is only just beginning. Customers trying to figure out what they're going to do there. I think what's really impressed me over the last 6 months as I've spoken to both customers and large integrators and channels that work with customers is everybody starting to recognize that their current data environment is not really up to the task of being able to even offer the data, let alone do it at high performance to the AI environments that they'll want to create.

顯然，市場已經著迷於事物的建模方面。我認為這是合理的，但我認為，在所有這些市場中，就整體市場規模而言，它可能是最小的。當然，全世界都對此十分熱衷，我們正在市場建模部分追蹤許多不同的實體和活動。我認為推理才剛開始。顧客們試圖弄清楚他們要去那裡做什麼。我認為，在過去 6 個月裡，當我與客戶以及與客戶合作的大型整合商和管道進行交流時，真正讓我印象深刻的是，每個人都開始認識到他們當前的數據環境實際上無法勝任提供數據的任務，更不用說以高性能向他們想要創建的 AI 環境提供數據了。

So that's -- I view that as a very large opportunity. So I would say we're still very early in this. I think that's the other part of your question. I think we're very early in this, and I think it's going to take some time for it to work its way through the enterprise -- through enterprises planning horizons.

所以，我認為這是一個非常大的機會。所以我想說我們仍處於這個階段的早期階段。我認為這是你問題的另一部分。我認為我們處於這個階段的早期階段，我認為它需要一些時間才能在企業規劃範圍內發揮作用。

Yes. And Meta, this is Rob. Just to jump in on that. I would definitely agree, echoing Charlie's comments. For my own discussions with customers, I think we're early in cycle in terms of customers, really understanding how do they transition from breaking down the silos that are fragmenting their data today, moving away from physical limitations to being able to connect data access through automation and policy certainly bringing performance to all areas of their data. I think the other discussion that we're having is customers that are navigating this space are realizing the importance of future proofing their technology decisions, especially as it pertains to infrastructure investments.

是的。 Meta，這是 Rob。只是想參與其中。我絕對同意，贊同查理的評論。就我與客戶的討論而言，我認為就客戶而言我們處於週期的早期階段，真正了解他們如何從打破當今分散的數據孤島、擺脫物理限制轉變為能夠通過自動化和策略連接數據訪問，從而為他們數據的所有領域帶來性能。我認為我們正在進行的另一個討論是，正在探索這一領域的客戶正在意識到未來驗證其技術決策的重要性，特別是在基礎設施投資方面。

If you're investing in building out infrastructure to modernize and prepare your environment for AI, it's absolutely critical that you're making choices that are going to be of utmost flexibility just because of the speed that the space is moving in. And so when you kind of map that, you got to step back from that and map that down to the Pure portfolio, very pleased with our position, right? You can see where our single consistent software and hardware operating environment with Fusion, really helping customers emerge from that fragmented data storage position.

如果您正在投資建立基礎設施以實現現代化並為 AI 環境做好準備，那麼考慮到該領域發展的速度，做出最靈活的選擇絕對至關重要。 因此，當您對其進行映射時，您必須退後一步，將其映射到 Pure 投資組合，對我們的立場非常滿意，對嗎？您可以看到，我們採用 Fusion 的單一一致的軟體和硬體操作環境確實幫助客戶擺脫了分散的資料儲存狀況。

Certainly, what we're doing with E in terms of bringing performance, much needed performance to an area storage that frankly has been lacking that for quite some time. And then certainly with Evergreen, bringing that future proofing and optionality.

當然，我們在 E 方面所做的就是為區域儲存帶來效能，坦白說，區域儲存已經缺乏這種效能很長一段時間了。當然還有 Evergreen，它帶來了面向未來的保障和可選性。

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

下一個問題來自巴克萊銀行的提姆朗。

I wanted to follow back up on margins and leverage a little bit here. Kind of as it pertains to the company becoming a little bit more of a subscription service based. So maybe kind of a 2-parter here. Just talk about the gross margin line. It does look like that's probably guided a little bit lower. It's been a pretty high level. What are the levers on the gross margin line?

我想在這裡稍微回顧一下利潤和槓桿。這有點像是說公司變得更傾向於訂閱服務。因此這裡可能有點類似兩個部分。只談論毛利率線。看起來，這可能被引導得稍微低一些。這已經是相當高的水平了。毛利率線上的槓桿有哪些？

And then maybe, Kevan, can you just talk a little bit about the kind of OpEx investment in an environment where more of the revenues is going to be pulling off of the subscription line?

然後也許，凱文，你能否稍微談一下在更多收入來自訂閱線路的環境下，營運支出投資的類型？

Tim, I'll jump in and be the bad guy again. Kevan, please go ahead and take the gross margin question, and we'll come back to the OpEx later.

提姆，我會跳進去再次扮演壞人。 Kevan，請繼續回答毛利率問題，我們稍後再討論營運支出問題。

Yes. And I'll do that in the context of FY '25, and we can go into some more detail if needed. But look, pleased with both gross margin and operating margin performance as we think about it in '24, and it really is consistent with our philosophy of driving profitable growth. And as we look to FY '25, we're again expecting to expand our operating margin to 17% while also returning to double-digit revenue growth. And this assumes that our operating expenses will grow at a slightly lower rate than what we saw in FY '24 as we continue to invest in our sales capacity and in innovation.

是的。我會在 25 財年的背景下這樣做，如果需要，我們可以更詳細地討論。但是，當我們考慮24年時，我們對毛利率和營業利潤率的表現都很滿意，這確實符合我們推動獲利成長的理念。展望25財年，我們再次預期營業利潤率將擴大至17%，同時營收也將恢復兩位數的成長。假設我們持續對銷售能力和創新進行投資，我們的營運費用成長率將略低於24財年的水準。

And you're right, Tim, this would then imply a slight decline in gross margins, which we expect to be derived principally within product gross margins as we continue to penetrate the disk market and scale our E family. So hopefully, that's helpful for you.

你說得對，提姆，這意味著毛利率會略有下降，我們預計，隨著我們繼續滲透磁碟市場並擴大我們的 E 系列，毛利率下降主要源於產品毛利率。希望這對你有幫助。

Our next question comes from Howard Ma from Guggenheim Partners.

下一個問題來自古根漢合夥人公司的 Howard Ma。

My question is for Kevan. Kevan, based on the customer data you have so far, on average, how much smaller does the TCV for an OpEx deal start compared to a CapEx deal? And when is the crossover point? And just on a related note, I think it would be helpful for us if you could comment on the range of scenarios where an OpEx deal might start smaller or maybe much smaller than then a CapEx deal and -- at scenarios where an OpEx deal might start at the same size of the CapEx deal.

我的問題是針對凱文 (Kevan) 的。 Kevan，根據您目前掌握的客戶數據，平均而言，OpEx 交易的 TCV 比 CapEx 交易的 TCV 小多少？交叉點是什麼時候？就相關說明而言，我認為如果您可以評論哪些場景對我們會很有幫助，在這些場景中，OpEx 交易的起始規模可能小於或可能比 CapEx 交易小很多，以及哪些場景對 OpEx 交易的起始規模可能與 CapEx 交易相同。

Yes, it's a great question, Howard, and I'll let Charlie and Rob jump into as they see fit. But when we think about, obviously, we have a lot of variation in terms of sizing between our CapEx offerings as well as Evergreen//One. And frankly, when we pull out the on-demand billings and then do a straight comparison, on average deal size, we're actually pretty close. When you take a step back between value at the order level between CapEx and Evergreen//One. But again, our data points are principally around FY '24. Still a lot more time to see how that evolves. And Charlie, do you have any other points you'd want to raise?

是的，這是一個很好的問題，霍華德，我將讓查理和羅布根據他們的需要來提問。但當我們考慮時，顯然我們的 CapEx 產品和 Evergreen//One 在規模方面存在很大差異。坦白說，當我們提取按需帳單並進行直接比較時，就平均交易規模而言，我們實際上非常接近。當您在 CapEx 和 Evergreen//One 之間的訂單等級價值之間回顧一下。但同樣，我們的數據點主要集中在 24 財年左右。還需要很多時間來觀察其如何發展。查理，您還有其他想提出的觀點嗎？

Yes. Howard, it's a great question, and we're trying to actually dig down into ourselves in a number of different ways because rarely do we have a situation where the customer is deciding for the same -- exactly the same environment, one versus the other. And because of that, as Kevan mentioned, we have average numbers. Average numbers, if you look across the entire customer base and all the deals in the quarter are coming out about the same, but that may not be true on an individual deal-by-deal basis. My gut tells me that the average TCV of Evergreen//One deal is somewhat lower than the CapEx, but that's gut-level reaction not yet bolstered by data. We're hoping to get a better handle of that over the next couple of quarters. What I will say, we do know, though, the breakeven. The breakeven is approximately 2.5 years...

是的。霍華德，這是一個很好的問題，我們實際上正在嘗試以多種不同方式深入研究我們自己，因為我們很少遇到客戶在完全相同的環境中做出決定的情況，一個選擇另一個。正因為如此，正如凱文所提到的，我們得到了平均數字。平均數字，如果你縱觀整個客戶群，你會發現本季的所有交易結果都差不多，但對於每一筆交易來說，情況可能並不相同。我的直覺告訴我，Evergreen//One 交易的平均 TCV 略低於 CapEx，但這是直覺反應，尚未獲得數據支持。我們希望在接下來的幾個季度中更好地處理這個問題。但我想說的是，我們確實知道損益平衡。損益平衡期約 2.5 年...

Yes, that would be the revenue breakeven.

是的，這就是營收損益平衡。

Sorry, the revenue breakeven or the same amount of capacity. And that -- what you're asking about is not necessarily the same level of capacity, and we're still trying to figure that out.

抱歉，營收損益平衡或容量不變。而且—您所問的不一定是相同等級的容量，我們仍在嘗試弄清楚這一點。

Our next question comes from Pinjalim Bora from JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Congrats on the quarter. Just one question for Kevan. Kevan, I'm trying to understand the guidance and kind of the assumption around your TCV bookings for Evergreen//One last year -- or fiscal '24 it's helpful when you guided, we obviously -- you had to raise the assumption on Evergreen//One bookings contribution through the year, and that led to a headwind to top line growth, what gives you confidence that 50% is kind of the right number and that at the end of the year or through half the year, it's not going to be 100%? I understand the numbers are a little bigger and you're assuming kind of the similar dollar additions. But I'm trying to understand just the risk to the top line guide.

恭喜本季取得佳績。只想問凱文一個問題。 Kevan，我想了解您對去年或 24 財年長榮航空的 TCV 預訂的指導和假設，當您提供指導時很有幫助，我們顯然必須提高對長榮航空全年預訂貢獻的假設，這導致營收成長遭遇阻力，是什麼讓您相信 50% 是正確的數字，並且在年底或半年內不會達到 100%？我知道數字要大一些，而且你假設的美元增加量也差不多。但我只是想了解營收指南面臨的風險。

Yes, I appreciate the question, Pinjalim. And look, when we're coming up with our guide for both the TCV sales of Evergreen//One and Evergreen//Flex as well as our revenue guide, you have to imagine a lot of work in terms of modeling, looking at pipeline, looking at opportunities are involved as part of that process. And look, that then informs our best view, if you will, of guide, which is 10.5% for revenue and the 50% growth rate that we gave for TCV sales for Evergreen//One and Evergreen//Flex.

是的，我很感謝你提出這個問題，Pinjalim。而且，當我們為 Evergreen//One 和 Evergreen//Flex 的 TCV 銷售以及收入指南制定指南時，您必須想像在建模、查看管道、查看機會方面涉及大量的工作。那麼，如果您願意的話，這可以告訴我們我們的最佳觀點，即收入為 10.5%，我們為 Evergreen//One 和 Evergreen//Flex 的 TCV 銷售給出的增長率為 50%。

And -- but you really -- your question is, hey, what if we see significant changes in mix and what's the impact? And how do we think about that similar to the impact we saw in FY '24. And look, if our sales mix results in less TCV sales growth of our subscription and consumption offerings, we would expect that our FY '25 revenue growth would increase. That would be our expectation as we sit here today.

而且——但你真的——你的問題是，嘿，如果我們看到混合物發生重大變化，會有什麼影響？我們如何看待這與我們在 24 財年看到的影響類似？而且，如果我們的銷售組合導致訂閱和消費產品的 TCV 銷售成長減少，我們預計 25 財年的營收成長將會增加。這正是我們今天坐在這裡的期望。

Now on the reverse side, if TCV sales of Evergreen//One and Flex grow significantly and well outperforms our assumption of 50% growth that would have an impact on our revenue growth rate. And as we progress through the year, we'll continue to update sales performance across sales of Evergreen//One and Flex to give you that visibility.

現在反過來說，如果 Evergreen//One 和 Flex 的 TCV 銷售額大幅成長，並且遠遠超過我們 50% 的成長假設，那麼這將對我們的營收成長率產生影響。隨著一年的進展，我們將繼續更新 Evergreen//One 和 Flex 的銷售業績，以便您了解情況。

Our next question comes from Krish Sankar from TD Cowen.

下一個問題來自 TD Cowen 的 Krish Sankar。

This is Eddy for Krish. I'd like to ask about the 8-figure deal with major GPU cloud provider you guys talked about. Can you talk about where Pure systems are being used for and there? Are your systems directly feeding the GPUs for training or inference or are they being used in backup and archive for example? Also, wondering if you can discuss the FlashBlade versus FlashArray, mix in there and whether there is some E series. I think investors would like to understand where your systems sit within these AR workloads so they can better understand the opportunity there.

這是 Eddy，代表 Krish。我想問一下你們談到的與主要 GPU 雲端供應商的 8 位數交易。能談談 Pure 系統的應用領域和用途嗎？您的系統是否直接向 GPU 提供資料以進行訓練或推理，或者是否將其用於備份和存檔？另外，想知道您是否可以討論一下 FlashBlade 與 FlashArray，並將其混合在一起，以及是否有一些 E 系列。我認為投資者希望了解您的系統在這些 AR 工作負載中處於什麼位置，以便他們可以更好地了解其中的機會。

Yes, Eddy, this is Rob. Thanks for the question. I'll take that one. So Charlie mentioned, very excited about this win. The customer here is one of the largest GPU cloud providers. What's interesting and kind of exciting about the usage and use cases in this environment is it's really a mix of a number of use cases, all involved in AI training workflow. So a portion of it is being used for data preparation, pre and post processing. A large portion is being used for direct AI training. That is, as you said, directly feeding training data into and out of GPU servers, a lot of model experimentation is being done in these environments.

是的，艾迪，這是羅布。謝謝你的提問。我要那個。查理提到，他對這場勝利感到非常興奮。這裡的客戶是最大的 GPU 雲端供應商之一。這個環境中的使用和用例有趣且令人興奮的是，它實際上是許多用例的混合，所有用例都涉及 AI 訓練工作流程。因此，其中一部分被用於資料準備、預處理和後處理。很大一部分用於直接人工智慧訓練。也就是像你說的，直接將訓練資料輸入和輸出 GPU 伺服器，大量的模型實驗都是在這些環境中進行的。

As well, this environment is supporting a large number of users doing -- kind of going through these workflows and doing this development and performing these tasks. I think the second part of your question was to better understand the product mix as part of the sale. I will remind you, this was a large Evergreen//One deal, which is, I think, speaks to the dynamic nature of a lot of the work in this space. as a lot of the AI workflows expand beyond just high-speed training into the broader set of data preparation, all the elements that I just walked you through Evergreen//One creates a lot of flexibility in that model for the service provider, the cloud provider, in this case, to deploy the right service levels for the right usages.

同樣，這個環境支援大量使用者執行這些工作流程、進行開發和執行這些任務。我認為你問題的第二部分是為了更好地了解作為銷售一部分的產品組合。我要提醒你，這是一筆大型的 Evergreen//One 交易，我認為這說明了該領域許多工作的動態性質。由於許多人工智慧工作流程已從高速訓練擴展到更廣泛的資料準備，我剛剛向您介紹的 Evergreen//One 的所有元素都為服務提供者（在本例中是雲端提供者）在該模型中創造了很大的靈活性，可以根據正確的用途部署正確的服務等級。

That said, currently, the entirety of the environment is being served with the FlashBlade product set. So hopefully, that gives you a little bit more color to think about our opportunity and really the points of validation in the space.

也就是說，目前整個環境都由 FlashBlade 產品套件提供服務。所以希望，這能給你更多的色彩來思考我們的機會和真正的驗證點。

Our next question comes from Jason Ader from William Blair.

我們的下一個問題來自 William Blair 的 Jason Ader。

Just wanted to ask if and when you might be willing to give us revenues from Evergreen//One and Flex?

只是想問一下您是否願意、以及何時願意將 Evergreen//One 和 Flex 的收入給我們？

Jason, great question. Let us work through the transparency we're giving you on TCV sales for the time being and the conversion of those TCV sales in terms of normalized revenue, and you'll see that in the slides we presented, I think that is a level of bridging we'll want to do at this point in time in terms of where we're sitting.

傑森，這個問題問得好。讓我們透過目前向您提供的有關 TCV 銷售的透明度以及這些 TCV 銷售在正常收入方面的轉換來進行研究，您會在我們展示的幻燈片中看到，我認為就我們目前所處的位置而言，這是我們目前想要做的一個銜接。

Our next question comes from David Vogt from UBS.

我們的下一個問題來自瑞銀的戴維‧沃格特 (David Vogt)。

And Kevan, I'm going to come back to that prior question. If I -- I'm just trying to think through all of the different disclosures that you gave for '24 and '25, and trying to normalize for the traditional model historically, product and/or services. I mean just based on my math, it looks like your revenue over the last couple of years would have compounded at roughly 9%. Is that a reasonable framework when I make all the adjustments for the model transition and the telco customers push out from '24 and '25? And if that's the case, what's the core underlying sort of storage demand that you think underpins that over the last couple of years? And how did your share look during those periods?

凱文，我將回到之前的問題。如果我 - 我只是想仔細思考你對'24和'25給出的所有不同披露，並嘗試從歷史上規範傳統模型、產品和/或服務。我的意思是，根據我的計算，看起來你過去幾年的收入複合成長率大約是 9%。當我針對模型轉換和電信客戶從'24 和'25 推出時，這是一個合理的框架嗎？如果事實確實如此，您認為過去幾年支撐這一趨勢的核心潛在儲存需求是什麼？在這些期間您的份額情況如何？

Charlie, do you want to hit storage demand and market share first and then I'll hit the modeling question?

查理，你想先討論儲存需求和市場份額，然後我再討論建模問題嗎？

Yes. I think the core, David, of your question really relates to are we picking up market share and at what rate? We feel pretty confident that we're in the still -- we remain in the 10% to 15% market share pickup rate for a variety, which is not necessarily reported by the reporting agencies mainly because they do not incorporate our Evergreen//Forever subscription, which, as you know, means that we don't resell the same storage when an array becomes obsolete because in our case, arrays don't become obsolete.

是的。大衛，我認為你問題的核心其實在於我們是否正在提升市場份額，以及提升的速度是多少？我們非常有信心我們仍然處於 10% 到 15% 的市場份額提升率，報告機構不一定會報告這一情況，主要是因為它們沒有納入我們的 Evergreen//Forever 訂閱，如你所知，這意味著當陣列過時時，我們不會轉售相同的存儲，因為在我們的案例中，陣列不會過時。

So with that, I can't -- I think the team is taking a good look at the -- we know what it would have been -- and Kevan stated it in his preamble that it would have been around 7 -- a little over 7% this year. I don't have the numbers for the prior year. Do you have that, Kevan? No. We love to get back to you on that. But your basic premise that the market is under accounting, what we believe is -- would be our growth if our Evergreen//One sales were actually in standard product sales is absolutely correct.

因此，我不能——我認為團隊正在仔細研究——我們知道它會是什麼——凱文在他的序言中說過，今年它會在 7% 左右——略高於 7%。我沒有前一年的數據。你有這個嗎，凱文？不，我們很樂意就此事回覆您。但是，您的基本前提是市場處於會計之下，我們相信——如果我們的 Evergreen//One 銷售實際上是標準產品銷售，那麼我們的成長將是絕對正確的。

The other thing too, David, as you can kind of do back-of-the-envelope calculation to estimate the amount of revenue that's coming off Evergreen//One and Evergreen//Flex, given that average duration of these contracts is around 3 years, and obviously, we've given you the TCV sales for FY '24, growing in excess of 100% as well as our expectations for TCV sales for Evergreen//One and Evergreen//Flex for FY '25.

另一件事，大衛，您可以進行粗略計算，估算出 Evergreen//One 和 Evergreen//Flex 帶來的收入，因為這些合約的平均期限約為 3 年，顯然，我們為您提供了 24 財年的 TCV 銷售額，增長率超過 100%，以及我們對 25 財年 Evergreen////L 和 Evergreen/F 銷售額的預期的預期。

The question comes from Tom Blakey from KeyBanc Capital Markets.

問題來自 KeyBanc Capital Markets 的 Tom Blakey。

I think it's a little bit on the same line of questioning here from David and Pinjalim. The -- maybe you could discuss a different way. You talked about an improving storage demand environment across your products, Charlie, could you just maybe talk about the Forever and straight-up product sales kind of like exit rates in fiscal 4Q and what you're kind of seeing in fiscal 1Q to maybe even and get some insight into the level of possible conservatism in your guide there on the product side?

我認為這與 David 和 Pinjalim 提出的問題有些類似。 ——也許你可以換個方式來討論。 Charlie，您談到了整個產品的儲存需求環境不斷改善，您能否談談 Forever 和直接產品的銷售情況，例如第四財季的退出率，以及您在第一財季看到的情況，甚至可以深入了解一下您在產品方面的指南中可能的保守程度？

As we indicated, I think, at the end of our -- in our Q3 call and now in Q4, we are seeing strong indications of improving demand both, I think, in the actual results as well as in pipeline as we go forward and in our conversations with customers overall. So that's what's giving us confidence. I think, Kevan, in terms of -- we generally don't provide direct exit rates, but...

正如我們在第三季電話會議結束時以及現在的第四季所指出的那樣，我們看到了需求改善的強烈跡象，我認為，無論是在實際結果中，還是在我們前進的管道中，以及在我們與客戶的整體對話中。這就是給予我們信心的原因。我認為，凱文，就——我們通常不提供直接的退出率，但是...

Yes, we don't. But I think we've taught it directionally. And obviously, the strength we're seeing, both in FY '24 and FY '25 is really being driven from a growth perspective, buyer subscription services and subscription services revenue. And when we think about it directionally next year, but to Charlie's point, he's right, we don't guide specifically on product revenue and subscription revenue. I think it's a good way to think about product revenue being flattish to maybe slightly down and really that growth being driven by our subscription services overall for FY '25.

是的，我們不知道。但我認為我們已經有方向性地教授了它。顯然，我們看到的 24 財年和 25 財年的強勁成長實際上是由成長角度推動的，即買方訂閱服務和訂閱服務收入。當我們明年考慮方向時，但正如查理所說，他是對的，我們不會專門指導產品收入和訂閱收入。我認為，這是一個很好的想法，即產品收入將持平甚至略有下降，而成長實際上是由我們的25財年整體訂閱服務所推動的。

Our next question comes from Simon Leopold from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (Simon Leopold)。

Earlier in the Q&A, Charlie broke down the AI opportunities into sort of the 3 buckets, and I found that helpful. And what I really wanted to see if we could unpack a bit is the item described as data uplift. In other words, I'm trying to get a better sense of what you're assuming for really the timing of when that becomes material and how you expect it to manifest itself in terms of is it sales to enterprises as opposed to needing to break into hyperscalers or the operators of the AI platform. Just a little bit more impacting if that would help.

在早期的問答環節中，Charlie 將人工智慧機會分為 3 個部分，我發現這很有幫助。我真正想看的是，我們是否能稍微解開一下被描述為資料提升的項目。換句話說，我試著更了解你對這一目標真正實現的時間的假設，以及你預期它將如何體現，是面向企業銷售，還是需要打入超大規模企業或人工智慧平台的運營商。如果這有幫助的話，影響會更大一些。

Absolutely, Simon. So I think your instinct on this is absolutely correct. What the concept is that, of course, regardless of the manner in which enterprises want to build, whether they want to build their own data environment for AI or do their own modeling or do their own inference or not. They do have to make their data available for analysis by the AI engine. In order to do that, their data today is largely trapped, I say, trapped in silos. It's on storage environments that were largely purchased very much -- storage is bought with economics in mind. And they are purchased at the performance level and at the capacity level necessary for their primary job, which generally means there's not a lot of performance left over to be able to serve up data for analytics of any type, let alone AI.

當然，西蒙。所以我認為你的直覺是絕對正確的。這個概念是什麼呢，當然不管企業想要以什麼樣的方式去構建，不管他們是否想為AI構建自己的數據環境，或者進行自己的建模或進行自己的推理。他們確實必須讓他們的數據可供人工智慧引擎分析。為了做到這一點，他們今天的資料基本上被困在了資料孤島中。它主要針對購買的儲存環境 — — 購買儲存時會考慮經濟因素。而且，它們是按照其主要工作所需的性能和容量級別購買的，這通常意味著沒有太多剩餘性能來為任何類型的分析提供數據，更不用說人工智慧了。

And even if they had that performance, they're not networked. Traditional storage arrays are not networked at the array level. You have to go through the application environment, which is not terribly useful and very indirect. That would mean that customers would generally have to copy that data and buy new arrays anyway. And in our case, what our platform allows them to do is replace those arrays for their primary purpose going from disk to flash and have plenty of performance left over for the AI environment.

即使他們有這樣的表現，他們也沒有連網。傳統儲存陣列在陣列層級沒有聯網。你必須經歷應用程式環境，這並非非常有用且非常間接。這意味著客戶無論如何都必須複製資料並購買新陣列。在我們的案例中，我們的平台允許他們將這些陣列的主要用途從磁碟替換為閃存，並為 AI 環境保留足夠的效能。

So they get to modernize their environment reduce their power spacing cooling by a factor of 10, have much higher reliability, lower labor associated with it. And at the same time now update their data environment so that it is available for AI analysis.

因此，他們可以對環境進行現代化改造，將電源間隔冷卻減少 10 倍，從而提高可靠性並降低相關勞動力。同時現在更新他們的數據環境，以便進行 AI 分析。

And just to build on that a little bit. Charlie mentioned a lot of these silos and fragmented pools of data storage really aren't network today. Let me take it from a customer and a procurement lens. If you look at a lot of these environments, data storage has historically been purchased and configured application by application, department by department completely independently. And in a world where that data store was really only being used for a single purpose, that worked okay. But the whole power of AI technology is being able to connect all these data sets and glean from them in unison greater insights. In order to do that, you've got to actually connect all of these things. And so when we step back from it, and we think about our position with our platform strategy, being able to pull all these pools of data together, that's what we really see as the larger opportunity set here.

只是為了在此基礎再進一步。查理提到，如今許多這些孤島和分散的資料儲存池其實並不是網路。讓我從客戶和採購的角度來看這個問題。如果你觀察很多這樣的環境，你會發現資料儲存歷來都是依照應用程式、部門完全獨立地購買和配置的。在資料儲存實際上僅用於單一目的的世界中，它運作良好。但人工智慧技術的全部力量在於能夠連接所有這些數據集並從中獲得更深入的見解。為了做到這一點，你必須將所有這些東西真正連接起來。因此，當我們退一步思考，並思考我們的平台策略定位時，能夠將所有這些資料庫整合在一起，這就是我們真正看到的更大的機會。

And then when you think about timing, what I'm seeing is it's the most -- it's the companies that are the most advanced in their thinking and analysis of what they might do with that are just beginning to realize, oh my gosh, regardless of how many GPUs we buy or lease or rent, our data governance is very poor. Our ability to get access to that data is very poor. So I think it's going to take time for the general market to come to full grips with this. So I see it more late this year, early next year. In the meantime, we have -- there's plenty of economic reasons why customers would want to use our E family to replace disk when that's coming up anyway. So as I see it, the E family kills two birds with one stone. It's a better replacement and it prepares them for AI.

然後當你考慮時機時，我看到的是，那些在思考和分析他們可能做什麼方面最先進的公司才剛開始意識到，天哪，無論我們購買或租賃多少個 GPU，我們的資料治理都非常差。我們取得這些數據的能力非常差。因此我認為整個市場需要時間來全面接受這一點。因此我認為今年晚些時候、明年年初的情況會更糟。同時，我們有充分的經濟原因讓客戶願意使用我們的 E 系列來替換即將推出的磁碟。所以在我看來，E 家可謂一舉兩得。這是一個更好的替代品，它為人工智慧做好了準備。

Our next question comes from Nehal Chokshi from Northland Capital Markets.

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

Nice results, and thank you for that detail on what the Evergreen//One bookings does to your overall revenue. That's great. I want to double click on the major one with the -- on the major GPU cloud provider. Specifically, I'd like to understand how penetrated are you within that opportunity as well as if you're not -- if that deal does not put you up at 100% penetration, then what is being utilized alternatively at that particular GPU provider?

結果很不錯，感謝您詳細說明 Evergreen//One 預訂對您的整體收入的影響。那太棒了。我想雙擊主要的那個——主要的 GPU 雲端供應商。具體來說，我想了解您在該機會中的滲透率，如果沒有——如果該交易沒有使您的滲透率達到 100%，那麼該特定的 GPU 提供者正在使用什麼替代方案？

Yes, Nehal, I'll take that one. This is Rob. We're -- it's not 100%, so I'll tell you that. Look, we're very pleased with the win. I think, as I mentioned before, what's particularly exciting is the mix of use cases being deployed on our footprint there. And look, I think as we mentioned, it's one of the largest GPU cloud providers out there. Our focus at this point really is in ramping that Evergreen//One consumption driving those initial project deployments to success, and we'll see where that takes us.

是的，Nehal，我接受這個。這是羅布。我們—這不是 100%，所以我會告訴你。瞧，我們對這場勝利非常高興。我認為，正如我之前提到的，特別令人興奮的是，我們在那裡部署了多種用例。正如我們所提到的，它是最大的 GPU 雲端提供者之一。我們目前的重點實際上是提升 Evergreen//One 的消費，推動初始專案部署取得成功，我們將拭​​目以待這將帶來什麼。

I was just wondering can Rob describe what is alternately being utilized then before Pure Storage came in?

我只是想知道 Rob 能否描述一下在 Pure Storage 出現之前交替使用什麼？

I really can't speak to that. I don't know that we have the visibility into that.

我實在無法談論這個。我不知道我們是否能夠看到這一點。

Our next question comes from Eric Martinuzzi from Lake Street.

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

Yes. So you had a small workforce realignment charge in Q4. I was curious to know what the goal of the realignment was. And are we done with that?

是的。因此，您在第四季度進行了少量的勞動力調整。我很好奇想知道重新調整的目標是什麼。那我們就完成了嗎？

Yes. We have restructured to some extent, inside the organization to focus much more on customer segments, enterprise, commercial and hyperscaler and putting specialized teams focused on driving business process to fit those 3 models in a very coordinated way across the company. And based on that, we've moved people and moved roles to different areas. And that also meant that there were some roles that were being eliminated, and that's what really caused the restructuring. And no, we don't -- I mean, that was limited really to the reorganization that we put in place.

是的。我們已經在組織內部進行了一定程度的重組，更加關注客戶群、企業、商業和超大規模，並安排專門的團隊專注於推動業務流程，以高度協調的方式在整個公司範圍內適應這三種模式。基於此，我們將人員和角色調動到不同的領域。這也意味著一些職位被取消，這才是真正導致重組的原因。不，我們不會——我的意思是，這實際上僅限於我們實施的重組。

Next question is Aaron Rakers from Wells Fargo.

下一個問題是來自富國銀行的 Aaron Rakers。

All right. Just because it has not been asked, I'm curious, given the AI discussion and the narrative around the Pure story, just where we're at with regard to Meta and that deployment, AI, RSC, I know there's been a lot of discussion about the expansion of Meta's GPU footprint. I'm just curious of where you currently see yourself at and whether or not there's any assumptions of opportunity at Meta baked into your guide this year.

好的。只是因為沒有人問過，所以我很好奇，考慮到人工智慧的討論和圍繞 Pure 故事的敘述，我們在 Meta 和部署、人工智慧、RSC 方面處於什麼位置，我知道關於擴展 Meta 的 GPU 佔用空間的討論很多。我只是好奇您目前對自己的看法，以及今年您的指南中是否包含對 Meta 機會的假設。

Thanks, Aaron. This is Rob. Welcome back for round 2. Our relationship with Meta is stronger than ever. We're working with them on almost a continuous basis. And as we said before, they continue to realize incredible value from our solutions in place. I think specific to your question, just asking about did we see additional sales to the RSC environment. We -- as we've said before, we have sales to Meta in almost every quarter, including in other AI environments. We didn't have sales into RSC. But as we've mentioned, we typically wouldn't be updating or commenting on sales into other environments, including other AI deployments there.

謝謝，亞倫。這是羅布。歡迎回來參加第二輪。我們幾乎一直與他們合作。正如我們之前所說，他們繼續從我們現有的解決方案中實現難以置信的價值。我認為針對您的問題，只是詢問我們是否看到 RSC 環境的額外銷售。正如我們之前所說，我們幾乎每季都有向 Meta 的銷售，包括在其他 AI 環境中。我們沒有向 RSC 進行銷售。但正如我們所提到的，我們通常不會更新或評論其他環境中的銷售情況，包括那裡的其他 AI 部署。

Thank you very much, Aaron. Charlie, before you give concluding remarks, maybe you could comment on Meta's second really excellent question about whether we're at a different crossover point now to the all-flash data center.

非常感謝，Aaron。查理，在您做最後發言之前，也許您可以對 Meta 的第二個非常好的問題進行評論一下，關於我們現在是否處於與全閃存資料中心不同的交叉點。

Yes, Meta, I think that it's a great question. I still believe we're early in that process. I started saying last year that I expected the last disk storage array to be sold in about 5 years' time. We're now 4 years in front of that. I'm going to stick with that timetable. I think customers -- the growth of our E family has been really tremendous this year, but it's early -- still early days. We're expecting even greater growth, obviously, this year ahead. But considering how much disk is out there, it will take a bit of time. I am very bullish on this, and I'll stick with it, that I think the next 3 to 4 years, we're going to see the decline of disk systems.

是的，Meta，我認為這是一個很好的問題。我仍然相信我們才剛剛處於這一進程的早期階段。我從去年就開始說，預計最後一個磁碟儲存陣列將在大約 5 年後售出。如今我們已經提前了4年。我將堅持這個時間表。我認為客戶—我們 E 家族今年的成長非常驚人，但現在還為時過早。顯然，我們預計今年的成長會更大。但考慮到有多少磁碟，這將需要一些時間。我對此非常樂觀，我會堅持下去，我認為未來 3 到 4 年，我們將看到磁碟系統的衰退。

And then you had some concluding statement.

然後你有一些結論性陳述。

Well, I do want to thank everyone for joining us today, as always, on today's earnings call. The platform strategy that we've built is now leading the data storage industry's transformation. We are seeing just incredible response to really unifying the way that data operates within the enterprise environment. With this unified and modern storage platform, enterprises now can really uniquely tackle their fragmented data environments. And that's what's going to allow them in part to unleash the full potential of their artificial intelligence.

好吧，我確實想像往常一樣感謝大家今天參加我們的財報電話會議。我們建構的平台策略正在引領資料儲存產業的變革。我們看到了對於真正統一企業環境中資料運作方式的令人難以置信的反應。有了這個統一的現代化儲存平台，企業現在可以真正獨特地解決其碎片化的資料環境。這將使他們能夠充分發揮人工智慧的潛力。

I do want to thank our customers, our employees, our partners, investors and suppliers. Your dedication, your collaboration, your trust are really the driving forces behind our progress. Thank you all for your support and your commitment.

我確實要感謝我們的客戶、員工、合作夥伴、投資者和供應商。您的奉獻、您的合作、您的信任才是我們進步的真正驅動力。感謝大家的支持與承諾。

That concludes the Pure Storage Fiscal Fourth Quarter and Full Year 2024 Earnings Call. Thank you for your participation. You may now disconnect your lines.

這就是 Pure Storage 2024 財年第四季和全年財報電話會議的成果。感謝您的參與。現在您可以斷開線路了。