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.

美好的一天，歡迎參加 Pure Storage 2024 年第四季和全年財報電話會議。今天的會議正在錄製中。 （操作員說明）。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 的第四季和 2024 財年財報電話會議。執行長 Charlie Giancarlo 出席了電話會議。凱文‧克萊斯勒，財務長；首席技術長 Rob Lee。在查理和凱文準備好的發言之後，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，該電話會議同時進行網路直播。此網路廣播隨附的幻燈片可在 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，我們將做出前瞻性聲明，這些聲明受到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、我們當前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截至目前的事實和假設，我們不承擔更新這些陳述的義務。

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 SEC 提交的文件中包含了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、剩餘績效義務或 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中提供了與最直接可比較的公認會計準則衡量標準的對帳。

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.

此次電話會議正在 Pure Storage 投資者關係網站上進行現場直播，並進行錄音以供回放。網路廣播的存檔將在 IR 網站上提供，並且是 Pure Storage 的財產。我們的 2025 財年第一季靜默期從 2024 年 4 月 19 日星期五收盤時開始。

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

有了這個，我會把它交給查理。

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，歡迎參加我們的第四季和 2024 財年財報電話會議。我們第四季度的業績表現強勁，並以不斷增長的銷售勢頭和影院和產品組合的均衡表現結束了這一年。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信心增強。

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，並將訂閱服務收入增加至總收入的 40% 以上。 Evergreen//One 和 Evergreen//Flex 的 24 財年合約總銷售額成長至超過 4 億美元，比前一年增加了一倍多。 FlashBlade 自推出以來總銷售額已超過 20 億美元，證明了產品和平台創新的強勁勢頭。

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 繼續作為領先平台，滿足客戶對高效能和低成本應用程式的現代文件和物件資料需求。我們的新E系列產品推出僅9個月，就取得了所有純產品中最快的銷售成長，預示著快閃記憶體很快就會取代所有磁碟。

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與大型企業和託管服務提供者合作並繼續取得成功。 Pure 的策略是使用單一操作和管理環境來整合資料儲存來滿足大多數儲存需求，這比管理多個不同且不同的系統環境更有意義。 Pure 的 DirectFlash 可靠性和經濟性仍然無與倫比，客戶讚賞我們對系統升級時不會出現應用程式停機的長青保證。

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 的平台策略採用了 Pure Fusion，使 Pure 系統能夠作為分散式儲存雲運行，將企業儲存的最佳功能與雲端敏捷性和可編程性結合在一起。它使客戶能夠將其資料環境作為統一儲存池進行管理，無縫跨越資料中心和公有雲平台，所有這些都在單一營運和管理框架內進行。 Pure 使客戶能夠有效地組織他們的資料基礎設施並優化他們的資料環境。

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。在一個例子中，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多數多樣化儲存需求的能力。這筆高達 8 位數的交易涵蓋了 Pure 幾乎所有的產品和服務，代表了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.

上個季度第二筆值得注意的 8 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、最快的人工智慧培訓環境之一。

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碎片化資料環境的焦點。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釋放資料全部潛力的能力。

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透過兩種方式抑制人工智慧的部署。首先，選擇現有的資料儲存陣列是為了為其主要功能提供足夠的效能，而為人工智慧存取留下的效能所剩無幾。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人工智慧應用程式的存取。

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 系列以與傳統硬碟系統相當的價格提供快閃記憶體可靠性和效率，並為 AI 存取提供充足的效能。

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.

Pure 平台跨協議和性價比範圍的單一操作和管理環境使資料存取變得更加容易。我們也看到在 AI 環境中用於資料管理準備的 Portworx 部署數量增加。 Portworx 取得了創紀錄的一年，並且由於客戶越來越多地將基於容器的開發項目升級為生產規模而加速增長。

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 上個季度在金融領域的銷售強勁。一家全球領先的金融機構透過使用 Portworx 實現內部雲端基礎設施自動化，顯著提高了關鍵 Tier 0 應用程式的效率並降低了成本。 Portworx 的行業領導地位得到了 IDC 的認可，IDC 將 Portworx 定位為最新的 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.

正如我們全年報道的那樣，長青 // One 持續經歷突破性增長。顧客欣賞 Evergreen//One SaaS 模型的簡單性。 Evergreen//One 服務提供始終改進的數據服務、始終現代化的基礎設施以及世界一流的客戶體驗以及合約保證的服務等級協定。現在，透過 Evergreen//One，Pure 在客戶的資料中心託管服務時向客戶支付電力和機架空間費用。 Pure 在過去的一年中推出了 3 項新的 SLA 保證，進一步增強了我們在 SLA 行業中的領先地位：一是無資料遷移；二、零資料遺失；第三，我們的 Evergreen 系列、Evergreen//Forever、Evergreen//One 和 Evergreen//Flex 產品的功耗和空間效率。

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永續的儲存解決方案，並持續為關注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出了許多資料中心環境中的可用電力。純快閃記憶體解決方案可以將資料中心的能耗、空間和電子廢棄物減少約 20%，事實證明，這在人工智慧和全球不斷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。我們的常青技術和計劃正在改變行業，使客戶無需不斷地重新購買和破壞性地更換過時的硬體。最重要的是，對於企業而言，Pure 降低了風險，消除了因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.

我們的 4 項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；我們的常青技術，可確保始終現代化的環境，而不會中斷應用程式；我們的直接快閃記憶體管理，可實現效能和成本領先；最後，我們的雲端營運模型，允許客戶將跨資料中心和雲端的所有資料作為統一的資料池進行管理。

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.

儘管我們對經濟仍持謹慎態度，但我們開始看到宏觀環境出現一些令人鼓舞的改善跡象。作為業界性能最佳、一致且可持續的儲存解決方案，我們有能力滿足人工智慧的能源和資料密集需求。此外，經過 18 個月的急劇下滑後，NAND 市場定價已趨於穩定，這應該會改善儲存市場的成長。

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，鑑於我們的平台策略、不斷成長的產品組合、雲端營運模式以及客戶對 Evergreen 和 Portworx 訂閱產品的強勁需求，我對恢復兩位數收入成長充滿信心。

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

有了這個，我現在想把它交給凱文。

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表現感到滿意，收入和營業利潤都超出了預期。

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 Evergreen//One、我們的儲存即服務產品和 Portworx。 2024 財年，這兩種產品的年銷售額成長超過 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%.

截至第四季末，僅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%。截至年底，我們的訂閱服務淨美元保留率 (NDR) 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 財年年初的年度營收成長預期假設 Evergreen//One 和 Evergreen//Flex TCV 銷售額將成長約 50%。在對 Evergreen//One 和 Evergreen//Flex TCV 銷售以及與電信客戶的不可取消產品銷售進行調整，超出我們年初預期的大幅增長時，我們提到上個季度預計將在 25 財年發貨，全年收入成長將超過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，我們的 Evergreen//One 和 Evergreen//Flex 消費和訂閱服務產品的收入會隨著時間的推移而得到確認。而與我們的資料儲存平台上的產品銷售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 財年的營業利潤率約為 16%，高於我們年初 15% 的原始指引值。我們營業利潤率強勁的主要貢獻者是我們資料儲存平台的強勁毛利率，反映了我們解決方案和嚴格投資的價值。

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.

第四季的 RPO 總額（也包括產品訂單）年增 31%，超過 23 億美元。第四季末 RPO 總額中包含的產品訂單，包括我們上季度提到的不可取消的電信公司訂單，以及與第四季度與一家主要財富 500 強金融服務公司取得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) 成長了 25%，達到約 14 億美元，凸顯了我們的消費和基於訂閱的服務產品的強大吸引力。正如我們之前提到的，訂閱服務 ARR 不包括生效服務日期尚未開始的不可取消的 Evergreen 訂閱合約。包括生效服務日期尚未開始的不可取消的訂閱合同，第四季度末訂閱服務 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，我們的新客戶成長了 349 名，其中包括 6 名新客戶，財富 500 強客戶。目前，我們為略高於 60% 的財富 500 強企業提供服務。產品和訂閱服務的毛利率共同推動了第四季度和全年 73.7% 的總毛利率成長。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 名。 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。本季營運現金流約 2.44 億美元，24 財年約為 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.

這一年的資本支出接近 2 億美元，約佔 24 財年收入的 6.9%。今年推動我們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，向股東返還約 2,140 萬美元。今年，我們回購了近 470 萬股股票，向股東返還了近 1.36 億美元的資本。與我們上季度的言論一致，由於整個季度實施固定交易參數，我們的股票回購代表了較低水準的回購活動。

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 億美元回購授權還剩約 1.45 億美元。今天我們宣布追加 2.5 億美元的新股票回購授權。

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.

現在轉向我們 25 財年的指導。我們預計 25 財年營收將恢復兩位數成長，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，同時對宏觀支出環境保持謹慎。我們的年度收入指引為 10.5% 成長，也考慮了我們的 Evergreen//One 和 Evergreen//Flex 服務產品的 TCV 銷售額成長約 50%，預計將達到 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.

為了幫助更好地了解我們的消費和訂閱服務的成長對我們的年收入成長率的短期影響，我們估計，在調整兩者的預期成長後，我們預測的25 財年收入成長將在十幾歲左右我們的 Evergreen//One 和 Evergreen//Flex 服務產品，被 24 財年過去 TCV 銷售產生的預期額外收入略微抵銷。

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擴大 1 個百分點或 2 個百分點的長期目標，比我們在 24 財年年初傳達的指南增加了 2 個百分點。年。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，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 Evergreen//One 儲存即服務和 Evergreen//Flex 產品恢復兩位數收入成長和持續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、靈活性以及無與倫比的功耗和成本效率，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.

這樣，我會將其轉回給保羅進行問答。

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

謝謝，凱文。 （操作員指示）操作員，我們開始吧。

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

（操作員說明）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?

恭喜您在這裡列印出漂亮的印刷品。我想，查理，你面臨的問題實際上是，在 24 年的業績之後，Evergreen//One 的銷售額應該會在 25 財年繼續以非常強勁的速度成長。您能否簡單談談您認為在談到 Evergreen//One 產品時，您認為什麼從價值主張的基礎上與客戶產生瞭如此好的共鳴？然後是否有一個框架來考慮您的收入基礎（如果可以的話）有多少發貨基礎實際上可以隨著時間的推移轉向訂閱模式？

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。希望你做得很好。所以實際上，我認為我可以用兩種方式回答這個問題。先講經濟，然後講非經濟，我先從非經濟開始。 Evergreen//One 非常令人興奮的是，它確實是一種類似 SaaS 的模式。我認為就像您和本次電話會議上的其他人一樣，不再在他們的個人電腦或筆記型電腦上使用外部硬碟，而是使用某種類型的基於雲端的服務。由於方便，它已為您管理。您不必擔心它會失敗，如果您需要的話，您可以輕鬆地訂閱更多容量，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、託管中心或實際部署在客戶的前提下。現在它已部署在客戶的場所，我們向他們支付為我們託管它的費用。

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.

所以從客戶的角度來看，它具有SaaS服務的所有屬性。他們完全透過雲端進行管理。我們以其他方式進行管理。我們不斷從容量和性能的角度來看待它。根據需要進行升級，大部分是遠端升級。因此，這是一項非常簡單的服務並且完全受管理。當然，這就是現代世界現在的運作方式，也是我認為許多客戶被這項服務所吸引的原因。當然，它的經濟要素是，他們只需在使用時付費，他們不需要購買一個他們認為需要 4 或 5 年的規模的系統，因此，他們能夠只為他們使用的東西付費——正如我所說，他們在使用時使用的東西。

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，從經濟和非經濟目的來看，它都具有吸引力。最後，我們目前的訂閱總數為 42%。因此，我很容易認為，隨著這種環境的持續增長，我們肯定會看到隨著時間的推移，我們的大部分收入都來自訂閱類別。

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。也恭喜這個季度。我實際上想問一下這些數字。 RPO 餘額為 23 億美元，引人注目，但我認為更值得注意的是其中約 7.09 億美元的未計費部分。年增約 93%。我知道，Kevan，您談到了上個季度來自電信公司的 4100 萬美元，但您也提到——這聽起來像是一家大型金融服務公司的一項非常重大的勝利。我認為，如果我們解開這一點，可能會讓我們對您所看到的訂閱成長有更多的了解。因此，我想知道您是否可以幫助我們彌補未開立發票 RPO 數量（本季的重大產品貢獻除外）的成長？任何幫助都會有用。

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。我將為您提供一些過渡性討論。但在我們開始討論之前，是的，我們對這次財富 500 強的勝利感到非常興奮。讓我讓查理解釋一下，然後我將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，這場勝利是在本季晚些時候到來的。因此，很明顯，您將在這個新的財政年度進行部署。非常令人興奮。他們確實——這項交易涵蓋了 Pure 的大部分（如果不是大部分的話）服務和我們的產品。坦白說，這一切都基於他們接受並充分理解使用單一操作環境來統一資料儲存環境的後果。對這場勝利非常滿意。

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，亞倫，從過渡的角度來看，我們的總 RPO，其中包括產品訂單。再說一遍，這是電信公司的訂單，也是《財富》500 強企業的重大勝利。您說得完全正確。這兩項都不會開票，因為我們還沒出貨。因此，當我們交付該產品時，您會看到更多與 RPO 相關的帳單。但另一個大塊將是我們的 Evergreen//One 和 Evergreen//Flex 訂閱產品的顯著成長。同樣，我們根據客戶的偏好按年、按季度計費。因此，這也將是您所看到的未開票的很大一部分。

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。也許在人工智慧的討論中，我認為我們與投資者進行的許多對話只是想弄清楚您期望這些儲存投資的時間，以及您在資料準備時間中的時間準備好推理了嗎？當企業或其他客戶考慮這些投資時，您在時間安排上看到了什麼模式？

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，有很多關於 NAND 定價波動性的討論，一些磁碟供應商甚至討論過我們今年是否處於不同的交叉點？或者話題真的轉移到了，好吧，我最終會將我的基礎設施遷移到全閃存，讓我們不要擔心季度環比的價格差異？

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，我要做壞人，這樣別人就不會生我們的氣。我們將回答你的第一個問題。最後，我們將回答您的最後一個問題。

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，我必須遵循這一點。那我們來談談人工智慧。你是對的。我將人工智慧市場分為三個類別。一是建模領域，那是超高性能的GPU，超高性能的存儲，一切與之相伴的東西。推理市場，可能涉及一些 GPU，但是——以及良好的性能，但不一定是超強的性能。然後就是資料——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，市場已經對建模方面感到震驚。我認為這是正確的，但我確實認為在所有這些中，就總市場規模而言，它可能是最小的。當然，世界正在關注這一點，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。顧客試圖弄清楚他們要在那裡做什麼。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交談時，真正給我留下深刻印象的是每個人都開始認識到他們當前的數據環境並不能真正勝任甚至能夠完成的任務。提供數據，更不用說以高性能為他們想要創建的人工智慧環境提供數據了。

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。所以我想說我們還處於早期階段。我認為這是你問題的另一部分。我認為我們還處於起步階段，而且我認為它需要一些時間才能在企業中發揮作用——透過企業規劃視野。

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。梅塔，這是羅布。只是為了參與其中。我絕對同意，呼應查理的評論。對於我自己與客戶的討論，我認為我們在客戶方面處於早期階段，真正了解他們如何從打破當今數據碎片化的孤島、擺脫物理限制過渡到能夠連接數據訪問通過自動化和策略，肯定會為其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他們的技術決策面向未來的重要性，特別是當它涉及基礎設施投資時。

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來現代化並為人工智慧環境做好準備，那麼您所做的選擇將具有最大的靈活性，這絕對是至關重要的，因為空間移動的速度很快。你有點映射，你必須從那裡退一步，並將其映射到純粹的投資組合，對我們的立場非常滿意，對嗎？您可以看到我們與 Fusion 的單一一致的軟體和硬體操作環境真正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，我們對 E 所做的事情是為區域儲存帶來效能，這是急需的效能，坦白說，區域儲存長期以來一直缺乏這種效能。當然還有 Evergreen，帶來了未來的證明和可選性。

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?

我想跟進利潤率並在這裡增加一點槓桿。有點像這與公司變得更加基於訂閱服務有關。所以這裡可能是兩人合作的。只說毛利率線。看起來確實可能會被引導得稍微低一點。這已經是一個相當高的水平了。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，Kevan，您能否簡單談談在更多收入將從訂閱線路中獲取的環境中的營運支出投資類型？

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，我會跳進去再次成為壞人。 Kevan，請繼續回答毛利率問題，我們稍後再回到營運支出。

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。我將在 25 財年的背景下做到這一點，如果需要的話我們可以討論更多細節。但你看，我們對 24 年的毛利率和營業利潤率表現都很滿意，這確實符合我們推動利潤成長的理念。展望 25 財年，我們再次預期將營業利潤率擴大至 17%，同時恢復兩位數的營收成長。這假設我們的營運費用成長速度將略低於 24 財年，因為我們繼續投資於我們的銷售能力和創新。

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.

提姆，你是對的，這意味著毛利率略有下降，隨著我們繼續滲透磁碟市場並擴大 E 系列規模，我們預計毛利率將主要來自產品毛利率。希望這對您有幫助。

Our next question comes from Howard Ma from Guggenheim Partners.

我們的下一個問題來自古根漢合夥人公司的霍華德·馬。

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.

我的問題是問凱文的。 Kevan，根據您迄今為止掌握的客戶數據，與資本支出交易相比，營運支出交易的 TCV 平均要小多少？交叉點是什麼時候？就相關而言，我認為如果您能評論一下營運支出交易可能開始時比資本支出交易小或可能小得多的場景範圍，以及在營運支出交易可能會發生的情況下，這對我們會有幫助以與資本支出交易相同的規模開始。

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，我會讓查理和羅佈在他們認為合適的時候介入。但當我們思考時，顯然，我們的資本支出產品和 Evergreen//One 之間的規模存在很大差異。坦白說，當我們拿出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 之間的訂單等級的價值之間退一步時。但同樣，我們的數據點主要集中在 24 財年左右。還有很多時間來看看情況如何發展。查理，您還有其他要提出的觀點嗎？

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，我們正在嘗試以多種不同的方式真正深入了解自己，因為我們很少遇到客戶在相同的環境中做出決定的情況，一模一樣的環境，一個與另一個。正因為如此，正如凱文所提到的，我們的數字是平均的。平均數字，如果你縱觀整個客戶群，本季所有交易的結果大致相同，但對於個別交易而言，情況可能並非如此。我的直覺告訴我，Evergreen//One 交易的平均 TCV 略低於資本支出，但這是直覺層面的反應，尚未得到數據的支持。我們希望在接下來的幾個季度中能夠更好地處理這個問題。不過，我要說的是，我們確實知道損益平衡。損益平衡點約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，收入收支平衡或容量相同。而且，您所問的不一定是相同程度的容量，我們仍在努力弄清楚這一點。

Our next question comes from Pinjalim Bora from JPMorgan.

我們的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。只是問凱文一個問題。 Kevan，我正在嘗試了解關於長榮//去年的 TCV 預訂的指導和假設類型 - 或 24 財年，當你指導時，這很有幫助，我們顯然 - 你必須提出對長榮的假設//全年的預訂量貢獻，導致收入成長逆風，這讓你相信50% 是一個正確的數字，而在年底或半年裡，它不會繼續下去是100%？我知道這個數字有點大，而且你假設類似的美元增加。但我試圖了解頂線指南面臨的風險。

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，我很欣賞這個問題，Pinjalim。看，當我們提出 Evergreen//One 和 Evergreen//Flex 的 TCV 銷售指南以及收入指南時，您必須想像在建模、查看管道方面有大量工作，尋找機會是過程的一部分。看，如果你願意的話，這就是我們對指南的最佳看法，即收入 10.5%，以及我們為 Evergreen//One 和 Evergreen//Flex 的 TCV 銷售給出的 50% 增長率。

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 - 但你確實 - 你的問題是，嘿，如果我們看到組合發生重大變化怎麼辦？影響是什麼？我們如何看待類似於我們在 24 財年看到的影響。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。這將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.

現在相反，如果 Evergreen//One 和 Flex 的 TCV 銷售額顯著成長，並且遠遠超出我們 50% 成長的假設，這將對我們的營收成長率產生影響。隨著這一年的進展，我們將繼續更新 Evergreen//One 和 Flex 的銷售業績，以便為您提供可見度。

Our next question comes from Krish Sankar from TD Cowen.

我們的下一個問題來自 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.

這是克里什的艾迪。我想問你們提到的與主要 GPU 雲端供應商的 8 位數交易。能談談 Pure 系統的用途嗎？您的系統是直接向 GPU 提供資料以進行訓練或推理，還是用於備份和存檔等用途？另外，想知道您是否可以討論 FlashBlade 與 FlashArray、混合使用以及是否有一些 E 系列。我認為投資者希望了解您的系統在這些 AR 工作負載中的位置，以便他們可以更好地了解那裡的機會。

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。我會接受那個。所以查理提到，對於這場勝利非常興奮。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的有趣和令人興奮之處在於它實際上是許多用例的混合，所有用例都涉及人工智慧訓練工作流程。因此，其中一部分用於資料準備、預處理和後處理。很大一部分用於直接人工智慧訓練。也就是說，正如您所說，直接將訓練資料輸入和輸出 GPU 伺服器，大量的模型實驗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.

此外，該環境支援大量使用者執行這些工作流程、進行開發並執行這些任務。我認為你問題的第二部分是為了更好地理解作為銷售一部分的產品組合。我要提醒您的是，這是一項大型常青//一筆交易，我認為這說明了該領域許多工作的動態本質。隨著許多人工智慧工作流程從高速訓練擴展到更廣泛的資料準備集，我剛剛向您介紹的所有要素 Evergreen//One 在該模型中為服務提供者雲端創建了很大的靈活性在這種情況下，提供者可以為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 產品集提供服務。因此，希望這能讓您有更多的色彩來思考我們的機會以及該領域的驗證點。

Our next question comes from Jason Ader from William Blair.

我們的下一個問題來自威廉布萊爾的傑森阿德爾。

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以及何時願意向我們提供 Evergreen//One 和 Flex 的收入？

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，好問題。讓我們來了解一下我們暫時為您提供的 TCV 銷售透明度以及這些 TCV 銷售在標準化收入方面的轉換，您會在我們演示的幻燈片中看到，我認為這是我們現在需要根據我們所處的位置進行橋接。

Our next question comes from David Vogt from UBS.

我們的下一個問題來自瑞銀集團的大衛‧沃格特。

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，我要回到之前的問題。如果我——我只是想仔細考慮一下您在 24 和 25 年提供的所有不同披露，並嘗試對歷史上的傳統模型、產品和/或服務進行標準化。我的意思是，根據我的計算，過去幾年您的收入複合成長率約為 9%。當我對模型過渡進行所有調整併且電信客戶從“24”和“25”推出時，這是一個合理的框架嗎？如果是這樣的話，您認為過去幾年支撐這種情況的核心儲存需求是什麼？在這些時期你的股票表現如何？

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

查理，你想先解決儲存需求和市場份額，然後我再解決建模問題嗎？

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實際上與我們是否正在擴大市場份額以及以何種速度擴大有關？我們對自己的現狀非常有信心——我們的品種市場份額保持在 10% 到 15% 的水平，報告機構不一定會報告這一點，主要是因為他們沒有納入我們的 Evergreen//Forever訂閱，如您所知，這意味著當數組過時時我們不會轉售相同的存儲，因為在我們的情況下，數組不會過時。

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考慮——我們知道它會是什麼——凱文在序言中表示，它會在 7 左右——一點點今年超過7%。我沒有去年的數字。凱文，你有嗎？不。我們很樂意就此問題與您聯繫。但你的基本前提是，市場正在被計算，我們相信，如果我們的 Evergreen//One 銷售實際上是標準產品銷售，這將是我們的成長，這是絕對正確的。

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.

David，還有另一件事，你可以進行粗略計算來估計 Evergreen//One 和 Evergreen//Flex 的收入金額，因為這些合約的平均期限約為 3顯然，我們已經向您提供了24 財年的TCV 銷售額，成長超過100%，以及我們對Evergreen//One 和Evergreen//Flex 25 財年TCV 銷售額的預期。

The question comes from Tom Blakey from KeyBanc Capital Markets.

這個問題來自 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 David 和 Pinjalim 的提問有點類似。也許你可以用不同的方式討論。您談到了您的產品不斷改善的存儲需求環境，查理，您能否談談 Forever 和直接產品銷售，例如第四財季的退出率，以及您在第一財季甚至可能看到的情況並在產品方面的指南中深入了解可能的保守程度？

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...

正如我們所指出的，我認為，在第三季度電話會議結束時和現在的第四季度，我們看到了需求改善的強烈跡象，我認為，在我們前進的過程中，實際結果以及管道中都出現了需求改善的跡象。在我們與客戶的整體對話中。這就是給我們信心的原因。我認為，凱文，我們通常不提供直接退出率，但...

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，我們不這樣做。但我認為我們已經有針對性地教導了它。顯然，我們在 24 財年和 25 財年看到的實力實際上是從成長角度、買家訂閱服務和訂閱服務收入推動的。當我們明年進行方向性思考時，但就查理的觀點而言，他是對的，我們不會專門針對產品收入和訂閱收入進行指導。我認為這是一個很好的方式來考慮產品收入持平甚至略有下降，而且實際上這種增長是由我們 25 財年的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·詹姆斯的西蒙·利奧波德。

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.

在問答環節的早些時候，查理將人工智慧機會分為 3 個部分，我發現這很有幫助。我真正想看看我們是否可以解壓縮一下被描述為資料提升的項目。換句話說，我試圖更好地了解您對何時真正變得重要的假設，以及您期望它如何體現在向企業銷售而不是需要打破方面。進入超大規模企業或人工智慧平台的運營商。如果有幫助的話，影響力會更大一些。

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。當然，這個概念是什麼，無論企業想要以何種方式構建，是否想要為人工智慧建立自己的資料環境，或自己建模或推理。他們確實必須將數據提供給人工智慧引擎進行分析。為了做到這一點，他們今天的數據很大程度上被困在孤島中。它是在儲存環境上購買的，儲存環境是考慮到經濟性的。它們是按照其主要工作所需的性能級別和容量級別購買的，這通常意味著沒有太多性能可以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。傳統儲存陣列沒有在陣列層級聯網。你必須經歷應用程式環境，這不是很有用，而且非常間接。這意味著客戶通常必須複製這些數據併購買新的陣列。在我們的案例中，我們的平台允許他們將這些陣列替換為主要用途，從磁碟更換為閃存，並為人工智慧環境留下足夠的效能。

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，將功率間距冷卻減少 10 倍，可靠性更高，相關勞動力更少。同時現在更新他們的數據環境，以便可用於人工智慧分析。

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.

只是在此基礎上再進一步。查理提到，許多這些孤島和分散的資料儲存池今天實際上已經不是網路了。讓我從客戶和採購的角度來看。如果您查看許多此類環境，您會發現資料儲存歷來是完全獨立地按應用程式、按部門購買和配置的。在這個資料儲存實際上僅用於單一目的的世界中，這運作得很好。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，並從中收集更深刻的見解。為了做到這一點，你必須真正連接所有這些東西。因此，當我們退後一步，思考我們在平台策略中的立場，能夠將所有這些資料池整合在一起時，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會做什麼方面最先進的公司才剛開始意識到，哦，天哪，無論如何從我們購買、租賃或租用多少GPU 來看，我們的資料治理非常糟糕。我們取得這些數據的能力非常差。因此，我認為一般市場需要時間才能完全理解這一點。所以我今年底、明年初看到的更多。同時，我們有許多經濟原因讓客戶在發生這種情況時希望使用我們的 E 系列來更換磁碟。所以在我看來，E家一舉兩得。這是一個更好的替代品，可以讓他們為人工智慧做好準備。

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

我們的下一個問題來自 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?

結果不錯，感謝您詳細介紹 Evergreen//One 預訂對您的整體收入的影響。那太棒了。我想雙擊主要 GPU 雲端供應商上的主要雲端供應商。具體來說，我想了解您在該機會中的滲透率如何，以及是否沒有 - 如果該交易不能使您達到 100% 的滲透率，那麼該特定 GPU 提供者正在使用什麼？

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，尼哈爾，我想要那個。這是羅布。我們——這不是 100%，所以我會告訴你。看，我們對勝利感到非常高興。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的用例組合。看，我認為正如我們所提到的，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高 Evergreen//One 消耗，推動這些初始專案部署取得成功，我們將看看這將帶我們走向何方。

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 出現之前交替使用的是什麼？

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

我實在無話可說。我不知道我們是否有能力了解這一點。

Our next question comes from Eric Martinuzzi from Lake Street.

我們的下一個問題來自 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，您在第四季度有少量的勞動力調整費用。我很好奇這次調整的目標是什麼。我們就這樣結束了嗎？

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。我們在組織內部進行了一定程度的重組，以更專注於客戶細分、企業、商業和超大規模企業，並讓專業團隊專注於推動業務流程，以在整個公司範圍內以非常協調的方式適應這三種模式。在此基礎上，我們將人員和角色轉移到不同的領域。這也意味著一些角色被取消，這才是重組的真正原因。不，我們不——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。僅僅因為沒有被問到，我很好奇，考慮到人工智慧的討論和圍繞 Pure 故事的敘述，就我們在 Meta 和部署、人工智慧、RSC 方面所處的位置，我知道有很多關於Meta 的GPU 佔用空間擴展的討論。我只是好奇你目前對自己的看法，以及今年是否將 Meta 的任何機會假設納入你的指南中。

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。歡迎回到第二輪。我們與 Meta 的關係比以往任何時候都更加牢固。我們幾乎一直在與他們合作。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令人難以置信的價值。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，包括在其他人工智慧環境中。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，包括那裡的其他人工智慧部署。

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.

非常感謝你，亞倫。 Charlie，在您發表結論之前，也許您可以評論 Meta 的第二個非常好的問題，即我們現在是否處於全快閃資料中心的不同交叉點。

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。我仍然相信我們還處於這個過程的早期。我去年就開始說過，我預計最後一個磁碟儲存陣列將在大約 5 年後售出。現在我們已經提前 4 年了。我會遵守那個時間表。我認為客戶們，今年我們 E 系列的成長確實非常巨大，但現在還為時過早。顯然，我們預計今年會有更大的成長。但考慮到有多少磁碟，這將需要一些時間。我對此非常看好，並且會堅持下去，我認為在接下來的 3 到 4 年內，我們將看到磁碟系統的衰落。

And then you had some concluding statement.

然後你做了一些總結性陳述。

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.

嗯，我確實要感謝大家今天一如既往地參加今天的財報電話會議。我們建構的平台策略正在引領資料儲存產業的變革。我們看到了對真正統一資料在企業環境中運作方式的令人難以置信的反應。借助這個統一的現代化儲存平台，企業現在可以真正以獨特的方式解決其分散的資料環境。這將使他們在一定程度上釋放人工智慧的全部潛力。

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、您的協作、您的信任才是我們進步的真正動力。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.

Pure Storage 第四季和 2024 年全年財報電話會議到此結束。感謝您的參與。現在您可以斷開線路。