Pure Storage Inc (PSTG) 2025 Q1 法說會逐字稿

Good day, and welcome to the Pure Storage First Quarter Fiscal 2025 Financial Results Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I'd 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 2025 財年第一季財務業績電話會議。今天的會議正在錄製中。 （操作員指示）此時，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 First Quarter Fiscal Year 2025 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.

謝謝。大家下午好，歡迎參加 Pure 2025 財年第一季財報電話會議。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。

Our press release was issued after post-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.

我們的新聞稿是在上市後發布的，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. 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 those public filings.

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。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 second quarter fiscal 2025 quiet period begins at the close of business, Friday, July 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 財年第二季靜默期從 2024 年 7 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 Q1 fiscal 2025 Earnings Call. Thank you for joining us today. We are pleased with our Q1 performance, returning to double-digit revenue growth for the quarter. Our highly differentiated platform strategy continues to demonstrate success and rings true with customers. The recent advances in AI have opened up multiple opportunities for Pure in several market segments. Of greatest interest to the media and financial analysts has been the high-performance data storage market or large public or private GPU farms.

謝謝你，保羅。大家下午好，歡迎參加我們的 2025 財年第一季財報電話會議。感謝您今天加入我們。我們對第一季的業績感到滿意，該季度的營收成長恢復到兩位數。我們高度差異化的平台策略持續取得成功，並得到客戶的認可。人工智慧的最新進展為 Pure 在多個細分市場帶來了多種機會。媒體和金融分析師最感興趣的是高效能資料儲存市場或大型公共或私人 GPU 場。

A second opportunity is providing specialized storage for enterprise inference engine or RAG environments. The third opportunity, which we believe to be the largest in the long term, is upgrading all enterprise storage to perform as a storage cloud, simplifying data access and management and eliminating data silos, enabling easier data access for AI. Pure is seeing early success in all three of these AI-based opportunities, and we can address them all with our unified Purity platform. Unlike other vendors, we do not require different operating system software to address different storage needs.

第二個機會是為企業推理引擎或 RAG 環境提供專用儲存。第三個機會，我們認為從長遠來看是最大的機會，是將所有企業儲存升級為儲存雲，簡化資料存取和管理，消除資料孤島，使人工智慧更容易存取資料。 Pure 在所有這三個基於人工智慧的機會中都看到了早期成功，我們可以透過我們的統一 Purity 平台來解決所有這些問題。與其他供應商不同，我們不需要不同的作業系統軟體來滿足不同的儲存需求。

AI inevitably calls customers' attention to the fragmented state of their data caused by their disparate data storage infrastructure, data stored on widely diversed platforms with different operating and management systems, which are siloed and individually managed, are unable to feed real-time data to AI inference engines. The Pure Storage platform strategy provides a unified and integrated data storage and delivery system across customers' various data environments. It facilitates seamless management and data access across data centers and the cloud with simplified universal policies and management. We will be announcing significant new advances to this platform strategy next month at our //Accelerate Customer and Partner Conference.

人工智慧不可避免地引起客戶對資料碎片化的關注，這是由於不同的資料儲存基礎設施造成的，資料儲存在廣泛多樣化的平台上，具有不同的操作和管理系統，這些平台是孤立的和單獨管理的，無法將即時數據提供給客戶。 Pure Storage平台策略提供跨客戶各種資料環境的統一整合的資料儲存和交付系統。它透過簡化的通用策略和管理，促進跨資料中心和雲端的無縫管理和資料存取。我們將在下個月的 //Accelerate 客戶和合作夥伴會議上宣布該平台策略的重大新進展。

Our platform vision played a crucial role in securing several strategic enterprise deals this quarter. The ease of use of our platform and a notable interest in saving power and reduced environmental impact led to a notable win with a managed service provider specializing in high-performance computing. Their accelerated environment for both large language models and inferencing delivers top-tier AI infrastructure and training solutions for their financial services, energy and life sciences customers.

我們的平台願景在本季度達成幾項策略性企業交易中發揮了至關重要的作用。我們平台的易用性以及對節省電力和減少環境影響的顯著興趣導致我們與專門從事高效能運算的託管服務供應商取得了顯著的勝利。他們的大型語言模型和推理加速環境為其金融服務、能源和生命科學客戶提供頂級人工智慧基礎設施和培訓解決方案。

Enterprise and international market segments were strong this last quarter. Our E Family continues its strong growth and was also a key enabler in our discussions with hyperscalers. FlashBlade had a record Q1, including in AI workloads. We are seeing broader adoption across geographies, including both prospects and existing customers. FlashBlade's ability to span the price performance spectrum from the highest sustained performance required for AI to low-cost applications such as backup is incredibly compelling.

上個季度的企業和國際市場表現強勁。我們的 E 系列持續強勁成長，也是我們與超大規模企業討論的關鍵推動因素。 FlashBlade 第一季創紀錄，包括人工智慧工作負載。我們看到跨地區更廣泛的採用，包括潛在客戶和現有客戶。 FlashBlade 能夠涵蓋從 AI 所需的最高持續效能到備份等低成本應用程式的性價比，這一點令人難以置信。

We continue to make significant progress in penetrating every area of online data storage with our purity and DirectFlash technology, both in the enterprise and in the cloud. The quantity and quality of our discussions with hyperscalers have advanced considerably this past quarter. Hyperscalers have a broad range of storage environments. These include high-performance storage based on SSDs, multiple levels of lower-cost HDD-based nearline storage and tape-based off-line storage. We are in a unique position to provide our purity and DirectFlash technology for both their high performance and their near line environments, which make up the majority of their storage purchases. Our most advanced engagements now include both testing and commercial discussions. As such, we continue to believe we will see a design win this year.

無論是在企業還是在雲端中，我們憑藉我們的純度和 DirectFlash 技術，在滲透線上資料儲存的各個領域方面繼續取得重大進展。上個季度，我們與超大規模企業討論的數量和品質都取得了顯著進步。超大規模企業擁有廣泛的儲存環境。其中包括基於 SSD 的高效能儲存、基於 HDD 的多級低成本近線儲存和基於磁帶的離線儲存。我們處於獨特的地位，可以為他們的高效能和近線環境提供我們的純度和 DirectFlash 技術，這些環境構成了他們購買的儲存的大部分。我們最先進的合作現在包括測試和商業討論。因此，我們仍然相信今年我們將看到設計勝利。

Pure Storage technology brings multiple advantages to hyperscaler infrastructure. Data storage is either first or second in power and space consumption in data centers. First, Purity and DirectFlash reduces the power space and cooling requirements for hyperscale data storage by a factor of ten or more. Second, Pure reduces the need for sophisticated cashing and other technologies that hyperscalers use to make up for the relatively low performance of hard drives. Third, Pure's technology improves server performance by accelerating data delivery. And finally, Pure's technology significantly improves both the reliability and the longevity of their storage, thereby significantly reducing costs.

Pure Storage 技術為超大規模基礎設施帶來了多種優勢。在資料中心的功耗和空間消耗方面，資料儲存要么排在第一位，要么排在第二位。首先，Purity 和 DirectFlash 將超大規模資料儲存的電源空間和冷卻需求降低了十倍或更多。其次，Pure 減少了對複雜現金和其他技術的需求，超大規模企業使用這些技術來彌補硬碟相對較低的效能。第三，Pure 的技術透過加速資料傳輸來提高伺服器效能。最後，Pure 的技術顯著提高了儲存的可靠性和壽命，從而顯著降低了成本。

Increased energy use is a major issue in cost for both hyperscalers and enterprise data centers. This is even more important as introducing AI and data centers promises to consume ever greater amounts of power and cooling. Pure Storage can dramatically reduce the power usage in existing data centers by upwards of 20%, bringing significant power and cooling for AI workloads. Another reason why hyperscalers are interested in Pure technology.

能源消耗的增加是超大規模企業和企業資料中心成本的主要問題。這一點更為重要，因為引進人工智慧和資料中心有望消耗更多的電力和冷卻。 Pure Storage 可將現有資料中心的電力使用量大幅降低 20% 以上，為 AI 工作負載提供大量電力和冷卻。超大規模企業對純技術感興趣的另一個原因。

In the enterprise, we are seeing continued momentum and opening new opportunities with our cloud operating model. Enterprises want their data centers to operate the same way as cloud companies operate theirs. Customers should be able to automate and manage storage as virtualized clouds of storage, whether located on-prem or in the cloud. Delivering a complete cloud operating model, Evergreen//One allows our customers to consume storage as a service based entirely on guaranteed service level agreements, enabling them to store their data whenever and wherever they want with guaranteed reliability and performance. It provides customers with hands-free storage services where and when they need it, managed entirely through our Pure1 management portal.

在企業中，我們看到了持續的勢頭，並透過我們的雲端運營模式開闢了新的機會。企業希望他們的資料中心以與雲端公司相同的方式運作。客戶應該能夠將儲存空間作為虛擬化儲存雲進行自動化和管理，無論是位於本地端還是雲端。 Evergreen//One 提供完整的雲端營運模型，使我們的客戶能夠完全基於有保證的服務等級協定來使用儲存即服務，使他們能夠隨時隨地儲存數據，並保證可靠性和效能。它可以隨時隨地為客戶提供免持儲存服務，並完全透過我們的 Pure1 管理入口網站進行管理。

Additionally, hybrid cloud has now become the standard design practice by enterprises. They now expect the same cloud experience of self-service, flexibility and agility from their private data center infrastructure. It's no longer only about price performance and features. Pure Fusion solves the complexity of traditional IT and storage by joining storage arrays into virtual storage pools. Managers can manage their entire fleet of arrays by policy and are able to set up custom storage services for both IT and developers. Pure Fusion combines enterprise storage with a cloud operating model, cloud agility and scalability and enables easier access to real-time data stores for applications such as AI. Hear more about Pure Fusion at next month's Pure //Accelerate event.

此外，混合雲現已成為企業的標準設計實踐。他們現在期望從其私有資料中心基礎設施中獲得相同的自助服務、靈活性和敏捷性雲端體驗。它不再僅僅關乎性價比和功能。 Pure Fusion 透過將儲存陣列加入虛擬儲存池，解決了傳統 IT 和儲存的複雜性。管理人員可以按策略管理整個陣列群組，並能夠為 IT 和開發人員設定自訂儲存服務。 Pure Fusion 將企業儲存與雲端營運模型、雲端敏捷性和可擴展性相結合，使人工智慧等應用程式能夠更輕鬆地存取即時資料儲存。在下個月的 Pure //Accelerate 活動中了解更多關於 Pure Fusion 的資訊。

Moving on to the market as a whole, we have not seen a significant change in the overall macro environment or customers' intentions to buy. While we have great enthusiasm for our opportunities in AI, spending on AI may put pressure on other parts of IT budgets. We believe that the storage market will fare relatively well in this IT economy but have yet to see a major inflection.

從整個市場來看，我們並沒有看到整體宏觀環境或顧客購買意願發生重大變化。雖然我們對人工智慧領域的機會充滿熱情，但人工智慧方面的支出可能會對 IT 預算的其他部分造成壓力。我們相信，儲存市場在 IT 經濟中將表現相對良好，但尚未出現重大轉折點。

Overall, we believe that we are well positioned in all of the segments we compete in, and we will continue to gain share across our markets. Our leadership position is now clearly demonstrated by our competitors increased further to mimic our strategy and our messages. We also believe that long-term secular trends for data storage are no longer based on the expectation of commoditized storage, but rather on high-technology data storage systems and run very much in our favor. We will discuss these long-term trends in more detail at our upcoming financial analyst session at //Accelerate.

總的來說，我們相信我們在所有競爭領域都處於有利地位，並且我們將繼續在市場上獲得份額。現在，我們的競爭對手進一步模仿我們的策略和訊息，清楚地證明了我們的領導地位。我們也認為，資料儲存的長期趨勢不再基於商品化儲存的預期，而是基於高科技資料儲存系統，並且非常有利於我們。我們將在即將舉行的 //Accelerate 金融分析師會議上更詳細地討論這些長期趨勢。

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

有了這個，我會把它交給凱文。

Thank you, Charlie. We saw a strong start to our year in Q1 as our financial performance outperformed across both revenue and profitability. Revenue grew a healthy 18% and an operating profit of $100 million resulted in a new high record for Q1. Specifically, we were very pleased that we returned to strong double-digit revenue growth in Q1. Two key drivers of our revenue growth this quarter were: one, sales to new and existing enterprise customers across our entire data storage platform; and two, strong customer demand for our FlashBlade solutions, including FlashBlade//E.

謝謝你，查理。我們在第一季看到了今年的強勁開局，因為我們的財務表現在收入和盈利能力方面均表現出色。第一季營收健康成長 18%，營業利潤達到 1 億美元，創下新高。具體來說，我們非常高興我們在第一季恢復了強勁的兩位數營收成長。本季我們營收成長的兩個關鍵驅動因素是：一是整個資料儲存平台對新舊企業客戶的銷售；第二，客戶對我們的 FlashBlade 解決方案（包括 FlashBlade//E）的強烈需求。

In Q1, subscription services annual recurring revenue, or ARR, was healthy, growing 25% to over $1.4 billion. 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 Q1 grew 26%. Total RPO, which includes both subscription services and product orders grew 27% year-over-year in Q1 to $2.3 billion.

第一季度，訂閱服務的年度經常性收入 (ARR) 表現健康，成長了 25%，達到超過 14 億美元。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。包括服務生效日期尚未開始的不可取消訂閱合同，訂閱服務 ARR 在第一季末增長了 26%。第一季的 RPO 總額（包括訂閱服務和產品訂單）年增 27%，達到 23 億美元。

As a reminder, product orders within RPO include a noncancelable telco order in Q3 FY '24, and orders relating to a Fortune 500 financial services company in Q4 FY '24. RPO associated solely with our subscription service offerings at the end of Q1 grew 24%. Q1 year-over-year subscription RPO growth was affected by several large Evergreen//One opportunities that closed during Q1 of last year. Although we expect larger Evergreen//One opportunities to close as we progress through the year, no large opportunities closed during Q1.

提醒一下，RPO 中的產品訂單包括 24 年第 3 季不可取消的電信公司訂單，以及 24 年第 4 季與財富 500 強金融服務公司相關的訂單。第一季末，僅與我們的訂閱服務產品相關的 RPO 成長了 24%。第一季訂閱 RPO 年成長受到去年第一季關閉的幾個大型 Evergreen//One 機會的影響。儘管我們預計隨著今年的進展，更大的 Evergreen//One 機會將會關閉，但第一季沒有大型機會關閉。

Total contract value, or TCV, sales for our Storage as a Service offerings during Q1 were $56 million. We saw building demand and pipeline, including large opportunities for our Storage as a Service offerings during Q1. Consistent with our original FY '25 forecast, we expect 50% growth of our Storage as a Service offerings, including Evergreen//One and Evergreen//Flex, achieving $600 million in TCV sales. U.S. revenue for Q1 was $489 million, and international revenue was $204 million.

第一季我們的儲存即服務產品的總合約價值（TCV）銷售額為 5,600 萬美元。我們看到了需求和管道的建立，包括第一季我們的儲存即服務產品的巨大機會。與我們最初對 25 財年的預測一致，我們預計儲存即服務產品（包括 Evergreen//One 和 Evergreen//Flex）將成長 50%，TCV 銷售額將達到 6 億美元。第一季美國營收為 4.89 億美元，國際營收為 2.04 億美元。

Our new customer acquisition grew by 262 customers during Q1 and we now serve 61% of the Fortune 500. Product and subscription services gross margins both contributed to strong total gross margin strength of 73.9%, in Q1. Product gross margin was 72.8%, and subscription services gross margin was 74.9% while reflecting strong gross margins, we are aggressively competing and winning customers secondary and lower storage tiers with our //E family solutions and FlashArray//C. Operating profit and margin strength of 14.5% were positively impacted by revenue overachievement, strong gross margin performance and disciplined investing.

第一季我們的新客戶數量增加了 262 名，目前我們為財富 500 強企業中的 61% 提供服務。產品毛利率為 72.8%，訂閱服務毛利率為 74.9%，同時反映了強勁的毛利率，我們透過 //E 系列解決方案和 FlashArray//C 積極競爭並贏得二級和較低儲存層的客戶。營業利潤和利潤率達到 14.5%，這得益於超額收入、強勁的毛利率表現和嚴格的投資。

Our head count decreased slightly to approximately 5,500 employees at the end of the quarter. Pure's balance sheet and liquidity remains very strong, including $1.7 billion in cash and investments at the end of Q1. Cash flow from operations during the quarter was $222 million and capital expenditures were $49 million, representing approximately 7% of revenue. Factors contributing to capital expenditures included test equipment supporting our engineering teams for new innovations, continued build-out of our new headquarters and infrastructure supporting our Evergreen//One Storage as a service sales.

截至本季末，我們的員工人數略有減少，降至約 5,500 名。 Pure 的資產負債表和流動性仍然非常強勁，包括第一季末的 17 億美元現金和投資。該季度營運現金流為 2.22 億美元，資本支出為 4,900 萬美元，約佔收入的 7%。促成資本支出的因素包括支援我們的工程團隊進行新創新的測試設備、持續擴建的新總部以及支援我們的 Evergreen//One Storage 即服務銷售的基礎設施。

Our objective of partially offsetting dilution using share repurchases remains. Though during Q1, we did not repurchase shares of stock because of trading restrictions. Beginning in June, we will also fund withholding taxes due on employee equity awards by net share withholding, which will also reduce share dilution. We have approximately $395 million on our existing repurchase authorization.

我們透過股票回購部分抵銷稀釋的目標仍然存在。但在第一季度，由於交易限制，我們沒有回購股票。從六月開始，我們也將透過淨股份預扣稅來繳納員工股權獎勵的預扣稅，這也將減少股份稀釋。我們現有的回購授權約為 3.95 億美元。

Now turning to our guidance. For Q2, we expect revenue of $755 million and expect that operating profit will be $125 million or operating margin of 16.6%.

現在轉向我們的指導。對於第二季度，我們預計營收為 7.55 億美元，營業利潤為 1.25 億美元，營業利潤率為 16.6%。

Turning to our annual guidance for FY '25. We are reiterating our FY '25 revenue and operating margin guidance. We are pleased with the strong start to the year with both top line and operating profit outperforming. Also, while storage spending for AI is still in its early stages, we believe that we are well positioned as demand for data storage accelerates. At the same time, we are also remaining mindful of the macro spending environment.

轉向我們 25 財年的年度指導。我們重申 25 財年收入和營業利潤率指引。我們對今年的強勁開局感到滿意，營收和營業利潤均表現出色。此外，雖然人工智慧的儲存支出仍處於早期階段，但我們相信，隨著資料儲存需求的加速，我們處於有利地位。同時，我們也仍然關注宏觀支出環境。

In closing, we are pleased with the strong start to the year. This is an unprecedented time for Pure as we are well positioned to participate in substantial and sustained growth opportunities, whether driven by AI or our pursuit of replacing the vast majority of data storage with Pure flash for all customer workloads, including hyperscalers bulk storage. We look forward to seeing many of you at our product and technology-focused Financial Analyst Meeting at Accelerate in Las Vegas on June 20.

最後，我們對今年的強勁開局感到高興。對Pure 來說，這是一個前所未有的時刻，因為我們處於有利地位，可以參與實質和持續的成長機會，無論是人工智慧的推動，還是我們追求用純閃存取代所有客戶工作負載（包括超大規模儲存）的絕大多數資料儲存。我們期待在 6 月 20 日於拉斯維加斯 Accelerate 舉行的以產品和技術為重點的金融分析師會議上見到你們。

With that, I will 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. Before we begin the Q&A session, I'll ask you to please limit yourself to one question consisting of one part so we can get to as many people as possible. If you have additional questions, we kindly ask that you please rejoin the queue, and we'll be happy to take those additional questions as time allows. Operator, let's get started.

謝謝，凱文。在我們開始問答環節之前，我會要求您將自己的問題限制在一個由一個部分組成的問題上，以便我們可以接觸到盡可能多的人。如果您還有其他問題，請重新加入隊列，我們很樂意在時間允許的情況下回答這些其他問題。操作員，讓我們開始吧。

(Operator Instructions) Our first question comes from Amit Daryanani from Evercore.

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

I guess, Charlie, hope you could just talk a bit more about the cloud opportunity going forward. I think Meta has a wide ground recently, but you talked about using some other provider for this opportunity. And then it's not to be a new cloud win at some point here. But you don't -- how marked even the color option it can (inaudible) the specific win. Do you think the opportunity is bigger in AI versus non-AI? Just any more on the cloud side would be helpful.

我想，查理，希望您能多談談未來的雲端機會。我認為 Meta 最近有廣闊的前景，但您談到使用其他一些提供者來獲得這個機會。然後，它不會在某個時候成為新的雲端勝利。但你不知道——即使是顏色選項也能（聽不清楚）特定的勝利。您認為人工智慧與非人工智慧相比，機會更大嗎？雲端方面的任何更多內容都會有所幫助。

Thank you, Amit. So we have a discipline in terms of how we refer to these, what I'll call three different segments. AI, cloud and hyperscaler. And when we speak about each one of them, I want to be clear to everyone, we try to be quite disciplined. So when we have an AI win, whether that's in an enterprise or a GPU cloud or even in a hyperscaler, we'll call that AI. When we've been speaking about getting a design win in a hyperscaler, that speaks specifically to their standard storage that they use both for their own compute and for their customers' storage that go on to the hyperscaler storage cloud environments.

謝謝你，阿米特。因此，我們在如何引用這些方面有一套紀律，我將其稱為三個不同的部分。人工智慧、雲端和超大規模。當我們談論他們每一個人時，我想讓每個人都清楚，我們努力保持嚴格的紀律。因此，當我們取得人工智慧勝利時，無論是在企業還是 GPU 雲，甚至在超大規模領域，我們都稱之為人工智慧。當我們談論在超大規模伺服器中獲得設計勝利時，這具體指的是他們的標準存儲，他們將其用於自己的計算以及用於超大規模伺服器存儲雲環境的客戶存儲。

And when we speak about cloud, we speak about our capabilities to operate like a cloud in the enterprise, but also our software that operates on top of the hyperscalers such as Cloud Block Store or Portworx that allow our customers to achieve, if you will, like multi-cloud of data. So when we -- you mentioned Meta. And yes, we've sold into their GPU environment, by the way, they have multiple AI environments, and we are in the majority of the environments that we're aware of in Meta AI. But when we speak about that, we'll speak about that as AI wins -- that will contribute to our AI wins.

當我們談論雲端時，我們不僅談論我們在企業中像雲端一樣運作的能力，還談論我們在Cloud Block Store 或Portworx 等超大規模應用程式之上運行的軟體，這些軟體使我們的客戶能夠實現（如果您願意的話）就像多雲資料一樣。所以當我們——你提到 Meta 時。是的，我們已經進入了他們的 GPU 環境，順便說一句，他們有多個 AI 環境，而我們在 Meta AI 中所知道的大多數環境中都是如此。但當我們談論這一點時，我們會在人工智慧獲勝時談論這一點——這將有助於我們人工智慧的勝利。

When we speak about getting a design win in a hyperscaler, we're talking about their standard storage. And when we speak about cloud, that really does speak to Cloud Block Store as well as Portworx as well as when we operate our arrays as a platform across multiple data centers of the customer and even into the Cloud Block Store on the hyperscaler, we refer to that as our cloud wins. So going back to your question and sorry to elongate it, but I want to make sure that everyone is aware of the way we use those words.

當我們談論在超大規模電腦中獲得設計勝利時，我們談論的是他們的標準儲存。當我們談論雲端時，這確實涉及 Cloud Block Store 和 Portworx，以及當我們將陣列作為跨客戶的多個資料中心的平台進行操作，甚至進入超大規模的 Cloud Block Store 時，我們指的是當我們的雲獲勝時。回到你的問題，很抱歉延長了它，但我想確保每個人都知道我們使用這些詞的方式。

I believe that we think that AI presents an immediate opportunity in machine learning, but that it will also drive customers to focus on upgrading their entire data storage, and we believe that represents an opportunity for us with our platform play to not only upgrade their capabilities, but allow their storage to operate as a cloud of storage rather than as individual arrays. And we believe that's a very big opportunity in the somewhat longer term. We also believe that our opportunity to sell into the hyperscalers for their traditional storage environment, their customer environment and their own storage environment represents a very big opportunity, one that we're very excited about.

我相信，我們認為人工智慧在機器學習方面提供了一個直接的機會，但它也會促使客戶專注於升級他們的整個數據存儲，我們相信這對我們來說是一個機會，我們的平台不僅可以升級他們的能力，但允許它們的儲存作為儲存雲而不是單獨的陣列運行。我們相信，從長遠來看，這是一個非常大的機會。我們也相信，我們向超大規模企業銷售其傳統儲存環境、客戶環境和自己的儲存環境的機會代表著一個非常大的機會，我們對此感到非常興奮。

Yes, Amit, and this is Rob. Just to jump on to that. To help you think about size, scale and just some context behind it. As we think about the hyperscaler environments, in particular, yes, there's been a lot of focus and attention paid to the AI deployments and build-outs. But the larger general purpose of bulk storage environments that Charlie speaking of, we believe consist of, even today, 80% to 90% of their total storage build-outs are sitting on disc are being deployed on disc are going to serve these general purpose environments. And that's really the opportunity that we see as we refer to the hyperscalers.

是的，阿米特，這是羅布。只是為了跳到那個。幫助您思考大小、規模及其背後的一些背景。當我們考慮超大規模環境時，是的，人工智慧的部署和擴建受到了許多關注。但查理談到的大容量儲存環境的更大通用性，我們相信即使在今天，其總儲存建置的 80% 到 90% 都位於磁碟上，部署在磁碟上將服務於這些通用目的環境。當我們提到超大規模企業時，這確實是我們看到的機會。

And to some extent, as Charlie said, the AI opportunity is one that we do well in as well. I think the other thing that's going on in these hyperscaler environments is because there's so much focus being placed on AI build-out, that's presenting a real challenge when it comes to power and space. And so that's really in our advancing discussions with these hyperscaler firms. It's becoming clear that power availability, securing just the operational limitations to be able to go and maintain the storage footprint they have today on disc is becoming a real challenge for them and one that we're very hopeful to go and help them with.

在某種程度上，正如查理所說，人工智慧機會也是我們做得很好的機會。我認為這些超大規模環境中發生的另一件事是因為人們非常關注人工智慧的構建，這在電力和空間方面提出了真正的挑戰。因此，這確實是我們與這些超大規模公司正在進行的討論的一部分。越來越明顯的是，電力可用性、僅確保操作限制能夠繼續並維持他們今天在光碟上的儲存空間正在成為他們面臨的真正挑戰，我們非常希望能夠幫助他們解決這一挑戰。

Our next question comes from Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

I just wanted to get any commentary you could provide on just -- as NAND prices increase just on how you guys are thinking about gross margin, clearly, no impact this quarter, but just any expected impact over the calendar year.

我只是想得到你們能提供的任何評論——因為 NAND 價格上漲只是你們對毛利率的看法，顯然，本季度沒有影響，但只是對日曆年的任何預期影響。

Thanks, Meta. As you recall, we operate in a dynamic pricing -- storage in general is in a dynamic pricing environment. That is to say that customers buy storage episodically when they do, they want to negotiate, we negotiate in a competitive environment against competitive players who tend to price on a cost-plus environment. And as such, ASPs, if you will, on a per gigabyte basis tend to fluctuate with the underlying commodity. So net-net of all that is NAND prices generally don't affect our gross margin as much as they do with the market -- the top line of the market as a whole.

謝謝，梅塔。正如您所記得的，我們在動態定價中運作——儲存通常處於動態定價環境中。也就是說，客戶偶爾會購買存儲，他們想要進行談判，我們在競爭環境中與傾向於在成本加成環境下定價的競爭者進行談判。因此，如果您願意的話，每 GB 計算的 ASP 往往會隨著基礎商品的變化而波動。因此，總的來說，NAND 價格對我們毛利率的影響通常不會像對市場（整個市場的頂線）的影響那麼大。

And so with prices rising, I think that's somewhat of a tail -- that should be something of a tailwind in general, although customers generally have a set budget. So put that all in a blender, it shouldn't affect our -- or the industry's gross margins all that significantly.

因此，隨著價格上漲，我認為這在某種程度上是一種尾巴——總體上應該是一種順風，儘管客戶通常有固定的預算。因此，將所有這些都放入攪拌機中，它不會對我們或行業的毛利率產生太大影響。

Yes, in a meaningful way. And just following on to Charlie's point, look, we're really pleased with our gross margin performance in Q1. We did see product gross margins declined slightly sequentially, though remaining strong. While at the same time, we are aggressively competing and winning customers secondary and lower storage tiers with our //E Family solutions and FlashArray//C. But the Flash pricing volatility, again, just highlights the differentiated advantages of our Purity software and DirectFlash technology. And as a reminder, QLC flash represents the majority of the flash we consume today, really providing a meaningful sustained cost advantage, both against TLC Flash and commercial SSDs using QLC Flash.

是的，以一種有意義的方式。繼續查理的觀點，看，我們對第一季的毛利率表現非常滿意。我們確實看到產品毛利率較上季略有下降，但仍然強勁。同時，我們透過 //E 系列解決方案和 FlashArray//C 積極競爭並贏得客戶的二級和較低儲存層。但 Flash 價格的波動再次凸顯了我們的 Purity 軟體和 DirectFlash 技術的差異化優勢。提醒一下，QLC 快閃記憶體代表了我們今天消耗的快閃記憶體的大部分，與 TLC 快閃記憶體和使用 QLC 快閃記憶體的商業 SSD 相比，確實提供了有意義的持續成本優勢。

Our next question comes from Howard Ma from Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的霍華德馬。

I guess for Charlie or for Kevan, how would you guys characterize the demand environment relative to say, I guess, all of last fiscal year than relative to a few months ago, would you say that IT spending optimizations are largely behind us now. And you're starting to see a material uptick in demand or not necessarily? And then just one quick follow-up on AI inferencing, specifically or AI inferencing driven demand, are you starting to see enough of an uptick at least in pipeline? I know it's not in the numbers you have to in pipeline to call out? Or is that still too early?

我想對於 Charlie 或 Kevan 來說，你們會如何描述相對於上一財年整個財年的需求環境以及相對於幾個月前的需求環境，你們是否會說 IT 支出優化現在基本上已經過去了。您是否開始看到需求的實質上升，或不一定？然後，只要對人工智慧推理（特別是人工智慧推理驅動的需求）進行快速跟進，您是否開始看到至少在管道中出現了足夠的成長？我知道這不是你必須在管道中呼叫的數字？還是現在還太早？

Howard, we're going to take your first question because we're going one question of one part, but we'll get back to it if we can, if there's time, the second one.

霍華德，我們將回答你的第一個問題，因為我們將討論一個部分的一個問題，但如果可以的話，如果有時間，我們會再討論第二個問題。

So I think that -- I did say it in my prepared remarks is that certainly, it's an improvement over last year, but I can't say we've seen a major inflection yet. So starting to pick up around Q4, I can't say it's changed much since Q4. I do think AI has caused customers to take a second look as to how they're going to be spending their money this year. But overall, I'd say it's a modest recovery from last year, but I haven't seen a big inflection point.

所以我認為——我在準備好的演講中確實說過，這肯定比去年有所進步，但我不能說我們已經看到了重大變化。因此，從第四季度開始回升，我不能說自第四季以來發生了多大變化。我確實認為人工智慧已經讓客戶重新審視他們今年將如何花錢。但總體而言，我認為與去年相比，這是溫和的復甦，但我還沒有看到大的轉折點。

Comes from Pinjalim Bora from JPMorgan.

來自摩根大通的 Pinjalim Bora。

This is Noah on for Pinjalim. You talked about a potential design win at a hyperscaler by year-end. Can you just help us understand how the discussions have evolved so far. You mentioned in your prepared remarks that the quantity and quality of discussions with hyperscaler have advanced considerably this past quarter. So any other color you can provide there would be helpful.

這是諾亞 (Noah) 為 Pinjalim 做的節目。您談到了年底前超大規模企業的潛在設計勝利。您能否幫助我們了解到目前為止討論的進展？您在準備好的發言中提到，上個季度與超大規模商討論的數量和品質都取得了顯著進步。因此，您可以提供的任何其他顏色都會有所幫助。

What I -- you meant to convey with that remark is that we are having conversations with multiple hyperscalers. When we talk about hyperscalers -- and this maybe go back some quarters, we're really speaking about the top ten hyperscalers. So it goes beyond just the three public clouds, if you will, to the other -- (inaudible), et cetera, in this. So we -- though the quantity, meaning the number of those players that we speak to and the quality of those conversations have improved. Mentioned as well that we're now not just experiencing testing in some of those environments, but some commercial discussions as well. So all those are positive signs, if you will, that lead us to believe that a design win this year.

我——你想透過這句話表達的是，我們正在與多個超大規模企業進行對話。當我們談論超大規模企業時——這可能要追溯到幾個季度之前，我們實際上談論的是排名前十的超大規模企業。因此，如果您願意的話，它不僅限於三個公有雲，還包括其他雲（聽不清楚）等等。因此，我們——儘管數量，即與我們交談的玩家數量以及這些對話的品質有所提高。也提到我們現在不僅在其中一些環境中進行測試，而且還在進行一些商業討論。所以，如果你願意的話，所有這些都是積極的跡象，讓我們相信今年的設計會獲勝。

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

我們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

This is Nadi on for Wamsi. I saw that in the quarter your head count declined slightly. Could you explain on why that is the case? And is there any implications on how the sales capacity will be like moving forward?

這是瓦姆西 (Wamsi) 的納迪 (Nadi)。我發現本季你們的員工人數略有下降。您能解釋為什麼會出現這種情況嗎？這對未來的銷售能力有何影響？

Yes. Well, we continue to invest in sales capacity, given the opportunities that we see in front of us, what I would -- the only thing I would say on the number, which does tend to fluctuate quarter-to-quarter is we have been increasingly been focused on two things that work against a consistently higher number. And that is that we're working on overall quality of new customer adds. And secondly, on putting more focus, if you will, than in the past on expansions in existing accounts. So I wouldn't read too much into it. I do expect that with over 12,500 I'm not sure what the current count is, but somewhere between 12,000 and 13,000 customers now, we're in the back half, if you will, of customer acquisition. And so we should start to see moderating, if you will, of those numbers.

是的。好吧，考慮到我們面前的機會，我們將繼續投資於銷售能力，我想說的是，關於這個數字，我唯一想說的是，這個數字確實會按季度波動，我們一直在越來越多地關注與持續較高數字相悖的兩件事。也就是說，我們正在努力提高新客戶的整體品質。其次，如果你願意的話，可以比過去更加關注現有帳戶的擴張。所以我不會對其進行過多的解讀。我確實預計，隨著客戶數量超過 12,500 個，我不確定當前的數量是多少，但現在客戶數量在 12,000 到 13,000 之間，如果你願意的話，我們正處於客戶獲取的後半部分。因此，如果你願意的話，我們應該開始看到這些數字有所放緩。

Just a quick follow-on to that, too. Look, the customer acquisition count was consistent with what we saw a year ago in Q1. And we're also pleased -- to Charlie's point on the quality of new customers acquired as we continue to increase our penetration of the Fortune 500 customers.

也只是快速跟進。看，客戶獲取數量與我們一年前第一季看到的情況一致。我們也對查理的觀點感到高興，即隨著我們繼續提高對財富 500 強客戶的滲透率，所獲得的新客戶的品質。

Our next question comes from Mike Cikos from Needham.

我們的下一個問題來自 Needham 的 Mike Cikos。

I just wanted to circle up on one in Flex growth. Just to get a temperature, but how did adoption or growth of one in Flex in the quarter track versus your internal expectations? And then is there any way to think about customers which are adopting, whether it's primarily coming from existing customers or new logo lands. Anything there would be beneficial.

我只是想談談 Flex 成長中的一個。只是為了了解一下，但本季 Flex 的採用或成長情況與您的內部預期相比如何？然後有什麼方法可以考慮正在採用的客戶，無論它主要來自現有客戶還是新標誌領域。任何事情都會有好處。

Charlie, why don't you take adoption first -- your view on adoption, I'll hit the comparability.

查理，你為什麼不先考慮收養──你對收養的看法，我會比較。

Yes, the Q1 adoption was perhaps a bit lower than we might have expected from a Pure seasonality standpoint. But I would say that typically, well, first of all, the Evergreen//One, interestingly, is adopted pretty much equally by both commercial, what we call commercial enterprises mid-market as well as by large enterprises. And in the average quarter, certainly all through last year, we had a mixture of commercial and large deals in each of the quarters, and that drove a lot of the number. This quarter was characterized by not having a particularly large deal in Evergreen//One, and that compared with last year as having quite a few in that quarter. So yes, we think of it as being just an aberration. As we mentioned, we're still expecting $600 million, roughly speaking, for Evergreen//One this year.

是的，從純季節性的角度來看，第一季的採用率可能比我們預期的要低。但我想說的是，有趣的是，通常，首先，長青//一號幾乎被商業企業（我們稱之為中端市場的商業企業）和大型企業所採用。在平均季度，當然是去年全年，我們每個季度都有商業和大型交易的混合體，這推動了很大的數量。本季的特點是長榮//One沒有特別大的交易，與去年相比，該季度的交易數量相當多。所以，是的，我們認為這只是一種異常現象。正如我們所提到的，粗略地說，我們仍然預計 Evergreen//One 今年的投資將達到 6 億美元。

And I'll double-click on that a little bit. And just in terms of utilization on Evergreen//One, that continues to be very strong in terms of deployment of our infrastructure, really following a very strong year last year. But as a reminder, we began providing an annual view of TCV sales for our Storage as a Service offerings really to help provide insights to our annual revenue growth expectations and providing quarterly updates to monitor progress against our annual expectations against the $600 million in TCV sales that Charlie alluded to.

我將雙擊它。就 Evergreen//One 的利用率而言，在我們的基礎設施部署方面，繼去年非常強勁之後，這仍然非常強勁。但提醒一下，我們開始提供儲存即服務產品的TCV 銷售年度視圖，這確實有助於深入了解我們的年度收入成長預期，並提供季度更新來監控我們對6 億美元TCV 銷售額的年度預期的進展情況查理提到的。

In Q1, our TCV sales for Storage as a Service offerings were $56 million, which is a bit of a slower start to the year than we would have liked. However, as we progress throughout Q1, we saw strong demand and pipeline build, including large opportunities for Storage as a Service offerings and consistent with our original FY '25 forecast, we continue to expect 50% growth of our Storage as a Service offerings, and we'll continue to provide quarterly updates as we progress through the year.

第一季度，我們儲存即服務產品的 TCV 銷售額為 5,600 萬美元，這比我們希望的今年開局要慢一些。然而，隨著我們在第一季的進展，我們看到了強勁的需求和管道建設，包括儲存即服務產品的巨大機會，並且與我們最初的25 財年預測一致，我們繼續預計我們的儲存即服務產品將成長50%，隨著這一年的進展，我們將繼續提供季度更新。

Our next question comes from Asiya Merchant from Citigroup.

我們的下一個問題來自花旗集團的 Asiya Merchant。

Great results. If I may, at the last quarter, I think you provided when you guys talked about the fiscal '25 guide, I think you provided some -- how to think about the product versus subscription services. If you can kind of double down on that, how we should think about product revenues. They were a little bit stronger than what I was modeling versus subscription that came in maybe slightly lower. So maybe if you can just help us understand how we should think about the trajectory of those too, that would be great.

很好的結果。可以的話，在上個季度，當你們談論 25 財年指南時，我想你們提供了一些——如何考慮產品與訂閱服務。如果你能加倍考慮的話，我們應該如何考慮產品收入。它們比我建模的要強一點，而訂閱的效果可能會稍微低一些。所以，如果你能幫助我們理解我們應該如何思考這些的軌跡，那就太好了。

Sure. Well, if you think about a transaction, any individual transaction, it will be generally one or the other. In the case of a CapEx transaction, there's a subscription component to it, but it's much smaller. And in the case of an Evergreen//One transaction, there'll be no immediate revenue associated with it, but of course, a higher amount of subscription on an annual basis.

當然。好吧，如果你考慮一筆交易，任何一項單獨的交易，通常都會是其中之一。就資本支出交易而言，它有一個訂閱組件，但它要小得多。對於 Evergreen//One 交易，不會立即產生與之相關的收入，但當然，每年的訂閱量會更高。

And so from our standpoint, we want to provide the customer whichever one of those services that they prefer, while we have some incentives in for the sales force to sell the subscription, we certainly don't want to lose a deal for -- with a customer that wants to buy on a CapEx basis. And so all else being equal, if we see, assuming we're winning at the same rate, if we see slower uptake on the subscription, we'll still win the deal on CapEx, we'll see a somewhat overachievement on the revenue line in the immediate term, whereas we see greater uptake on Evergreen//One. We'll see a lower effect on revenue in the immediate term. So that's the right way to think about it.

因此，從我們的角度來看，我們希望為客戶提供他們喜歡的任何一項服務，雖然我們對銷售人員銷售訂閱有一些激勵措施，但我們當然不想失去一筆交易——想要根據資本支出進行購買的客戶。因此，在其他條件相同的情況下，如果我們看到，假設我們以相同的速度獲勝，如果我們看到訂閱的成長速度較慢，我們仍然會在資本支出方面贏得交易，我們會看到收入有所超額完成短期內，我們看到 Evergreen//One 的採用率更高。短期內我們將看到對收入的影響較小。所以這是正確的思考方式。

We've given a number out before. It's a rough number, but about 70% of the value of a CapEx deal of a -- sorry, of a subscription deal would go to CapEx if it were a CapEx deal.

我們之前已經給了一個數字。這是一個粗略的數字，但如果是資本支出交易，那麼抱歉，訂閱交易的資本支出交易價值的大約 70% 將用於資本支出。

Yes. I think just taking a step back from what we discussed last quarter to kick off the fiscal year, I think it is better to look at this from a total revenue standpoint in terms of the bridging, and that bridging, assuming we achieve the expectations of $600 million in TCV sales for our subscription as a service, would be -- we put the total revenue around mid-teens growth, and that thesis has not changed. I think when you start looking specifically at product revenue, I would tell you that we are quite pleased with what we saw in Q1 from a product revenue growth rate perspective.

是的。我認為，從我們上個季度討論的開始本財年的內容退一步，我認為最好從總收入的角度來看待這個問題，假設我們實現了預期我們的訂閱即服務的TCV 銷售額將達到6億美元——我們預計總收入將成長到十幾歲左右，這一論點並沒有改變。我認為，當您開始專門關注產品收入時，我會告訴您，從產品收入成長率的角度來看，我們對第一季的情況非常滿意。

Next question comes from Nehal Chokshi from Northland Capital Markets.

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

And strong results or congratulations. Not sure if you covered this, but given the strong results above guidance results, why are you not changing your fiscal year guidance for average both on the top and bottom line?

以及強勁的成果或祝賀。不確定您是否涵蓋了這一點，但考慮到高於指導結果的強勁結果，為什麼不改變頂線和底線的平均財年指導？

Thanks for the question. And yes, we are definitely pleased with the strong start to the year, as you point out, both with top line and operating profit outperforming. But overall, at this stage, we believe reiterating our annual guide is appropriate. When you think about it from a revenue lens, Q1 performance provides us with increasing confidence for the remainder of the year. But considerations also include that Q1 is generally our seasonally slowest quarter in the year. And also, as we previously discussed, TCV sales expectations for our storage as a service offerings also have an impact on our annual revenue guide expectations, and we'll want to see how that plays out as well.

謝謝你的提問。是的，正如您所指出的，我們對今年的強勁開局感到非常滿意，無論是營收還是營業利潤都表現出色。但總的來說，在現階段，我們認為重申我們的年度指南是適當的。從收入角度考慮時，第一季的表現讓我們對今年剩餘時間充滿信心。但考慮因素還包括，第一季通常是我們一年中季節性最慢的季度。此外，正如我們之前討論的，TCV 對我們的儲存即服務產品的銷售預期也會對我們的年度收入指導預期產生影響，我們也想看看這將如何發揮作用。

When we think about it from an operating profit lens, the strength was driven by a few key factors, including revenue performance, gross margin strength. And while our hiring is strong, we're also seeing some financial benefit as a result of some workforce alignment adjustments during Q4 of last year. While reiterating our annual operating margin guide, we're also planning to increase investments in some key areas in engineering and go-to-market specific to AI and the opportunity we see specific with hyperscalers, providing our Purity and DirectFlash technology for both their high-performance and bulk storage environments.

當我們從營業利潤的角度考慮時，這種強勁是由幾個關鍵因素推動的，包括收入表現、毛利率強勁。雖然我們的招募勢頭強勁，但去年第四季的一些勞動力調整調整也帶來了一些財務收益。在重申我們的年度營業利潤率指南的同時，我們還計劃增加對特定於人工智慧的工程和進入市場的一些關鍵領域的投資，以及我們看到的超大規模的特定機會，為他們的高需求提供我們的Purity 和DirectFlash 技術。

Next question comes from Simon Leopold from Raymond James.

下一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

I don't want to ask such a backward-looking question. But essentially the 10% customer disclosure for the prior fiscal year makes me wonder what's your customer concentration like now? And how do you think about how that concentration might evolve over the next year or so?

我不想問這麼落後的問題。但基本上上一財年 10% 的客戶揭露讓我想知道你們現在的客戶集中度如何？您如何看待這種集中度在未來一年左右可能會如何發展？

Yes. Thanks for the question. Yes, we did disclose in our 10-K that we filed last year that we had a 10% customer. Mix in terms of concentration remains relatively consistent and we did not have a 10% customer in terms of revenue concentration this quarter.

是的。謝謝你的提問。是的，我們確實在去年提交的 10-K 中披露了我們擁有 10% 的客戶。就集中度而言，組合保持相對穩定，就本季營收集中度而言，我們沒有 10% 的客戶。

And your outlook?

你的看法呢？

We don't provide outlook on concentration.

我們不提供集中度展望。

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 this is for both Kevan and Giancarlo. Maybe can you just talk about the TCV sort of trajectory that you expect this year. Obviously, you disclosed a number of $56 million in your prepared remarks. I'm just trying to think about how the timing of this sort of ratable or the subscription business starts to flow into the business as we move through the rest of this fiscal year. And is there the expectation that there is sort of an acceleration of demand as maybe the storage market gets a bit healthier as we move into the latter half of calendar '24 into early '25?

這是給凱文和吉安卡洛的。也許您可以談談您今年期望的 TCV 軌跡。顯然，您在準備好的發言中披露了 5600 萬美元的金額。我只是想考慮一下，隨著本財年剩餘時間的推移，這種可評級或訂閱業務的時機如何開始流入業務。隨著我們進入 24 年下半年到 25 年初，儲存市場可能會變得更加健康，是否會出現需求加速的預期？

Well, I want to separate out the -- because your question was a bit ambiguous. In terms of the $56 million related to TCV, new TCV, and as we go through the year, we are expecting $600 million -- or at least we're forecasting $600 million for the full year, and we're sticking to that. We think it will pick up. We think there's really more timing issue associated with Q1. But on an overall actual revenue component for the year, now we have total subscriptions, which include Evergreen//One, Evergreen Forever, Evergreen Flex as well as our Portworx products and Cloud Block Store, that is approaching 50%. It's in the 40s, we expect in the 40s this year. That's approaching 50%. And as we go into next year and beyond, we do expect to see it increase above 50% as a whole. So of course, we're a seasonal business as we go through the year. We're expecting sales of both product and services to increase through the year. But as I said, we expect the proportion of the subscription revenue to continue to increase.

好吧，我想把這個分開——因為你的問題有點模稜兩可。就與 TCV、新 TCV 相關的 5,600 萬美元而言，我們預計全年將達到 6 億美元，或至少我們預測全年將達到 6 億美元，並且我們將堅持這一目標。我們認為它會回升。我們認為第一季確實存在更多的時間問題。但就今年整體實際收入而言，現在我們的總訂閱量（包括 Evergreen//One、Evergreen Forever、Evergreen Flex 以及我們的 Portworx 產品和 Cloud Block Store）已接近 50%。現在是 40 年代，我們預計今年是 40 年代。這接近 50%。進入明年及以後，我們確實預計整體成長率將超過 50%。當然，我們全年都是季節性業務。我們預計今年產品和服務的銷售額都會增加。但正如我所說，我們預計訂閱收入的比例將繼續增加。

And then when we're thinking -- yes, just a quick clarification. When we're thinking about TCV sales for storage as a service offering, we've talked about contract duration associated with those TCV sales. And we haven't had any meaningful change around 3 years is what we've disclosed.

然後當我們思考時——是的，只是快速澄清一下。當我們考慮儲存即服務產品的 TCV 銷售時，我們討論了與這些 TCV 銷售相關的合約期限。據我們透露，三年來我們沒有發生任何有意義的變化。

Our next question comes from Aaron Rakers from Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I apologize if I missed this earlier, I jumped on a few things here. I'm curious about the AI discussion. There seems to be just like this inflection around AI infrastructure, maybe vectoring for AI training, driving a lot of demand for increased capacity point for FSPs and just flash storage. I'm curious if can you give us any kind of updated thoughts on the road map of your DFM and whether or not you're starting to see some kind of an acceleration or inflection just demand pull for these higher and higher capacity points?

如果我之前錯過了這一點，我深表歉意，我在這裡跳過了一些事情。我對人工智慧的討論很好奇。人工智慧基礎設施似乎也存在這種變化，可能是人工智慧訓練的向量化，推動了對 FSP 和快閃記憶體儲存容量增加的大量需求。我很好奇您是否能為我們提供有關 DFM 路線圖的任何最新想法，以及您是否開始看到某種加速或拐點只是需求拉動這些越來越高的容量點？

You bet. Let me start talk about the demand for AI for training environments. As we look at training environments, and I think we now have a pretty good and broad understanding of what the average, if you will, training environment looks like. And what we see is that the dollar attached to an AI training environment after you've paid for the GPUs and the networking and the racks and so forth, is in the 5% to 10% range. So perhaps a bit less than the market might be anticipating, but we're fairly confident that the total storage attach, at least in the near term, or AI training is in that 5% to 10% range.

你打賭。首先說一下AI對於訓練環境的需求。當我們審視培訓環境時，我認為我們現在對平均（如果您願意的話）培訓環境是什麼樣子有了很好和廣泛的了解。我們看到的是，在支付 GPU、網路和機架等費用後，人工智慧訓練環境所花費的費用在 5% 到 10% 之間。因此，也許比市場預期的要少一些，但我們相當有信心，至少在短期內，總儲存附加量或人工智慧訓練在 5% 到 10% 的範圍內。

Part of the reason for that, by the way, is just the expense right now of the GPUs themselves. So that sort of puts it in perspective overall. That being said, we think that probably in the past 12 months, about $1 billion was spent on storage specifically tied to AI training environments. Again, that might be a bit less than people expect. But I think our data on that is very, very good. So that gives you a sense of current order of magnitude. I'm going to pass -- yes, I'm sorry. I'm going to pass to Rob on the current status of our technology.

順便說一句，造成這種情況的部分原因是 GPU 本身的費用。因此，這可以從整體上看待它。話雖如此，我們認為在過去 12 個月中，大約有 10 億美元花費在專門與 AI 訓練環境相關的儲存上。同樣，這可能比人們預期的要少一些。但我認為我們的數據非常非常好。這樣您就可以了解目前的數量級。我要過去了——是的，我很抱歉。我將向 Rob 介紹我們技術的現況。

Yes, Aaron, this is Rob. And I think the specific to the first part of your question asking about hey, so what are the training environments, these large-scale build-outs, what are we seeing in terms of the demand environment for SSDs and in particular, the larger capacity SSDs. Certainly, most of these high-performance training environments, whether they're provided by us or built by other -- either the customer or other vendors are generally residing on SSDs. We are seeing some of the larger SSDs -- larger capacity SSDs being deployed in some of these very specific environments. Specifically because of the efficiencies and power limitations that exist in these environments, right, the amount of GPUs that are being built out frankly are sucking up all the power out there. Most of these customers are struggling to power these build-outs and the efficiencies that the larger capacity drives enable is something that -- well, I think it's a great validation point for our long-term strategy.

是的，亞倫，這是羅布。我認為具體到你問題的第一部分，嘿，訓練環境是什麼，這些大規模的擴建，我們在 SSD 的需求環境方面看到了什麼，特別是更大的容量固態硬碟。當然，大多數高效能培訓環境，無論是我們提供的還是其他廠商建構的——無論是客戶還是其他供應商，通常都駐留在 SSD 上。我們看到一些更大的 SSD——更大容量的 SSD 部署在一些非常特定的環境中。具體來說，由於這些環境中存在效率和功率限制，坦白說，正在建造的 GPU 數量正在耗盡那裡的所有功率。這些客戶中的大多數都在努力為這些擴建提供動力，而更大容量的驅動器所帶來的效率是——嗯，我認為這是我們長期策略的一個很好的驗證點。

Now on the flip side of this, the flip side of this is that what allows us to provide these large SSDs with all of the commensurate benefits in terms of performance, power savings and efficiency is our DirectFlash software. Without that direct software, the large capacity commodity SSDs simply can't provide these benefits. And so as a result, they're inherently less efficient. They come with significant trade-offs and they're very, very difficult to use, which is why we see them only being deployed in very specific environments.

另一方面，我們的 DirectFlash 軟體使我們能夠為這些大型 SSD 提供效能、節能和效率方面的所有相應優勢。如果沒有該直接軟體，大容量商用 SSD 根本無法提供這些優勢。因此，它們本質上效率較低。它們需要進行重大權衡，並且非常非常難以使用，這就是為什麼我們看到它們只部署在非常特定的環境中。

Aaron, if you'd like to do a follow-up, we'd love to have you get back in queue. I think we might be able to get to it today. So thank you.

亞倫，如果您想進行後續跟進，我們很樂意讓您重新排隊。我想我們今天也許能做到這一點。所以謝謝。

Our next question comes from Mehdi Hosseini from Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的 Mehdi Hosseini。

Given your Q1 performance, especially with revenue mix and your fiscal year, it seems to me that product revenue should be flat for fiscal year '25 and the growth primarily driven by services revenue. And given the higher gross margin associated with services, that should help with some gross margin expansion. Is that the right frame of mind for the fiscal year?

考慮到你們第一季的表現，尤其是收入組合和財政年度，在我看來，25 財年的產品收入應該持平，而成長主要由服務收入推動。鑑於與服務相關的毛利率較高，這應該有助於毛利率的擴張。這是本財年的正確心態嗎？

Yes, I think directionally, you're thinking about that right.

是的，我認為有方向性，你的想法是對的。

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. Take note of the incremental increase there in your Fortune 500 customers, four new Fortune 500 customers. So curious to know across your larger new customer growth, are you seeing any commonality in the use cases for why these new customers are showing up at your door?

是的。請注意財富 500 強客戶的增量成長，其中有四個新的財富 500 強客戶。您很想知道您更大的新客戶成長情況，您是否發現這些新客戶出現在您家門口的用例中有任何共同點？

Yes. Honestly, it's the fact that we are able to provide them a solution that is, first of all, more consistent across the wide variety of use cases that they have, block file and object that's managed by a common operating environment and the same -- and a single management system, and we're able to do so with a product that's simpler, more reliable and takes less space power and cooling. So you add those things together, it's a pretty good value proposition. That's hard to beat.

是的。老實說，事實上我們能夠為他們提供一個解決方案，首先，該解決方案在他們擁有的各種用例、由通用操作環境管理的區塊文件和對像中更加一致，並且相同 -和單一管理系統，我們能夠透過更簡單、更可靠、佔用更少空間、電力和冷卻的產品來實現這一點。所以你把這些東西加在一起，這是一個非常好的價值主張。這很難被擊敗。

But there wasn't anything like AI training environment was the thing that opened the door or something like that?

但沒有像人工智慧訓練環境之類的東西打開大門之類的東西嗎？

I'd say there are multiple entrances. And yes, sometimes it might be the AI environment that gets the customer to be interested. But honestly, it really is the new positioning of the company of being able to satisfy a broad range, which helps in the AI environment because one way of building your storage environment for AI is to make a copy of all the data you think you might want to use and put it on to a brand-new array that array is connected to your AI environment. What we're proposing is don't bother doing that upgrade the arrays that you have in place and make them available and accessible to your AI application inference environment. It's a strategy that costs less. It's a strategy that enables more access to real-time data and its strategy that at the same time, simplifies their environment. So again, I think it's the total value proposition. And you're right, the entrance in might be opened up by a different door or window in the customer's environment. But I would say there's no big theme out of this.

我想說有多個入口。是的，有時可能是人工智慧環境引起了客戶的興趣。但老實說，這確實是公司的新定位，能夠滿足廣泛的需求，這對人工智慧環境很有幫助，因為為人工智慧建立儲存環境的一種方法是複製你認為可能的所有資料。並將其放置到一個全新的陣列上，該陣列已連接到您的AI 環境。我們建議的是，不必費心升級現有的陣列，並讓它們可供您的 AI 應用程式推理環境使用和存取。這是一種成本較低的策略。該策略可以讓人們更多地存取即時數據，同時還可以簡化其環境。再說一次，我認為這是總價值主張。你是對的，入口可能是由客戶環境中不同的門或窗打開的。但我想說這沒有什麼大主題。

Our next question comes from Krish Sankar from TB Cowen. Our next question comes from Tim Long from Barclays.

我們的下一個問題來自 TB Cowen 的 Krish Sankar。我們的下一個問題來自巴克萊銀行的蒂姆·朗。

Just a question on the effect that can talk about kind of the AI and hyperscale opportunities, Charlie, I understand you look at them a little bit differently. But thinking back to the rev recognition you guys had with Meta, it seems like each one had a little bit different margin profile in it. So just curious, when you start looking at these new opportunities, particularly in the hyperscaler side, replacing [data], do you have any sense what the model, financial model for Pure will look like there? I imagine it's going to be a much different dynamic than just selling arrays into enterprises. So I know it is early days, but anything high level you can talk about how dealing with these much larger customers with kind of different business model than what you're currently seeing? How would that play into the current framework of Pure?

只是一個關於人工智慧和超大規模機會的影響的問題，查理，我知道你對它們的看法有點不同。但回想一下你們對 Meta 的轉速認可，似乎每個人都有一點不同的利潤概況。所以只是好奇，當你開始尋找這些新機會時，特別是在超大規模方面，替換[數據]，你是否知道 Pure 的模型、財務模型會是什麼樣子？我想這將是一種與僅僅向企業銷售陣列截然不同的動態。所以我知道現在還為時過早，但是您可以談談如何以與您目前所看到的不同的商業模式來處理這些大得多的客戶嗎？這將如何融入目前的 Pure 框架？

Thanks. So I'm going to take two separately. AI and then hyperscaler. So in the case of AI, we've now largely made changes internally to the company where that will flow pretty much at the normal gross margins of the company. They may be a bit lower, but overall, not going to affect the margins of the company as a whole. I would say that on the hyperscaler front, we're still evaluating different ways of working with these hyperscalers, and they won't be the same, they'll be different. And until we actually get to the point where we understand exactly how they want to buy and how we can provide, we can't really say right now, but once we do, we'll certainly have a model that we provide you all with at the earliest possible date.

謝謝。所以我要分開拿兩個。人工智慧，然後是超大規模。因此，就人工智慧而言，我們現在已經在公司內部做出了很大程度的改變，這些改變將幾乎以公司的正常毛利率進行。它們可能會低一些，但總的來說，不會影響整個公司的利潤率。我想說，在超大規模方面，我們仍在評估與這些超大規模合作的不同方式，它們不會相同，它們會有所不同。在我們真正了解他們想要如何購買以及我們如何提供服務之前，我們現在還不能說，但一旦我們做到了，我們肯定會擁有一個為大家提供的模型儘早。

Thank you, Tim. It looks like there's one more question. Asiya, thank you very much for getting back in queue. This is your follow-up question.

謝謝你，提姆。看來還有一個問題。 Asiya，非常感謝您回到隊列。這是你的後續問題。

Our next question comes from Asiya Merchant from Citigroup.

我們的下一個問題來自花旗集團的 Asiya Merchant。

Great. I apologize if you just been asked, but the upside in the gross margin on both, if you can just unpack that and how we should think about it in the outer quarters. Clearly, 1Q is soft, and you're expecting revenues to increase from here on just seasonally as well. How we should think about product gross margins as well as subscription gross margin in the outer quarters.

偉大的。如果你剛被問到，我很抱歉，但如果你能解開這個問題，以及我們應該如何在外部季度考慮它，那麼兩者的毛利率都有上升空間。顯然，第一季表現疲軟，您預計營收也會從現在開始季節性成長。我們應該如何看待外部季度的產品毛利率以及訂閱毛利率。

This is Kevan. When we think about the strength that we're seeing on gross margins, both product and subscription, I would say that we wouldn't be expecting any meaningful changes as we progress through the year. I do think that we've commented on being aggressive in pricing with our price performance solutions, whether that's our //E family or FlashArray//C, and we'll continue to do that. But overall, we would not expect significant or meaningful changes one way or the other.

這是凱文。當我們考慮我們在產品和訂閱方面的毛利率方面看到的實力時，我想說，隨著我們今年的進展，我們不會期望任何有意義的變化。我確實認為我們已經評論過我們的性價比解決方案在定價方面採取了激進的態度，無論是我們的//E 系列還是FlashArray//C，而且我們將繼續這樣做。但總體而言，我們不會期望以某種方式發生重大或有意義的變化。

Before we conclude, I think Charlie has some concluding remarks.

在我們結束之前，我想查理有一些總結性的評論。

Yes. Thank you all for joining us again on today's earnings call. I think as we've discussed, our platform strategy continues to lead the industry's transformation by enabling businesses to embrace this change with AI with a unified of versatile, energy-efficient platform that really allows them to look at their data centers and cloud environments as a single cloud of storage. I do look forward to meeting with you all with our customers and partners and investors at our annual //Accelerate conference in Las Vegas next month. And we're going to be also on some roadshows throughout the globe where you'll be able to learn more about the investments that we're making to continue to lead innovation in the industry and hear more about the Pure Storage platform. So I hope to see you all next month. Thank you so much for joining and talk to you later.

是的。感謝大家再次參加我們今天的財報電話會議。我認為，正如我們所討論的，我們的平台策略繼續引領產業轉型，讓企業能夠透過人工智慧擁抱這一變化，並透過一個統一的多功能、節能平台真正讓他們將資料中心和雲端環境視為單一雲端儲存。我非常期待下個月在拉斯維加斯舉行的年度 //Accelerate 會議上與大家以及我們的客戶、合作夥伴和投資者見面。我們還將參加全球範圍內的一些路演，您將能夠更多地了解我們為繼續引領行業創新而進行的投資，並了解更多有關 Pure Storage 平台的信息。所以我希望下個月見到大家。非常感謝您的加入，稍後再與您交談。

That concludes the Pure Storage First Quarter Fiscal 2025 Financial Results Conference Call. Thank you for your participation. You may now disconnect your lines.

Pure Storage 2025 財年第一季財務業績電話會議到此結束。感謝您的參與。現在您可以斷開線路。