Pure Storage Inc (PSTG) 2025 Q2 法說會逐字稿

(audio in progress) to the Pure Storage second-quarter fiscal 2025 financial results conference call. Today's conference is being recorded. (Operator Instructions)

（音訊正在進行中）Pure Storage 2025 財年第二季財務業績電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I'd like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.

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 second-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. 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 2025 財年第二季財報電話會議。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。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 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.

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。

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

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，我們在本次電話會議期間建議您參考這些公開文件。除剩餘履約義務收入 (RPO) 以及現金和投資之外，所有財務指標和相關成長率均為非公認會計準則衡量標準。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 third-quarter fiscal 2025 quiet period begins at the close of business, Friday, October 18, 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，並且屬於 Pure Storage 的財產。我們的 2025 財年第三季靜默期從 2024 年 10 月 18 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 Q2 FY25 earnings call. We were pleased with our Q2 revenue growth of 11% year over year. Pure continues to pick up market share and outpace the industry, both in innovation and in growth.

謝謝你，保羅。大家下午好，歡迎參加我們的 2025 財年第二季財報電話會議。我們對第二季度營收年增 11% 感到滿意。 Pure 不斷擴大市場份額，並在創新和成長方面領先於行業。

During the quarter, we hosted customers and partners at our Annual //Accelerate Conference. Our Las Vegas //Accelerate held in June, picked off a series of local events across the Americas, Europe, and Asia Pacific, where thousands of customers and partners learn about our platform strategy and Fusion vision. As well as Pure's offerings in AI, virtualization, and application modernization.

本季度，我們在年度 //Accelerate 會議上接待了客戶和合作夥伴。我們的拉斯維加斯//Accelerate 於6 月舉行，在美洲、歐洲和亞太地區舉辦了一系列當地活動，成千上萬的客戶和合作夥伴在會上了解了我們的平台策略和Fusion 願景。以及 Pure 在人工智慧、虛擬化和應用程式現代化方面的產品。

Specifically, we introduced the next generation of Fusion, a first-of-its-kind storage cloud architecture soon to be available as a non-disruptive upgrade to all of our global customers. Fusion allows businesses to transform their Pure Storage systems into an automated data storage cloud that eliminates the data silos of existing enterprise data storage systems.

具體來說，我們推出了下一代 Fusion，這是一個首創的儲存雲架構，很快就會作為無中斷升級提供給我們所有的全球客戶。 Fusion 讓企業將其 Pure Storage 系統轉變為自動化資料儲存雲，消除現有企業資料儲存系統的資料孤島。

We also unveiled the industry's first AI Storage as a Service for GPU clouds. Growing GPU and AI clouds need flexibility in their infrastructure, as they are uncertain of their future growth and the type of workloads that they will need to address. Pure's Evergreen//One for AI and provides them flexibility in both their consumption and price performance needs and matches cost to their revenue growth.

我們也推出了業界首款適用於 GPU 雲端的人工智慧儲存即服務。不斷成長的 GPU 和 AI 雲端需要基礎架構具有靈活性，因為它們不確定未來的成長以及需要解決的工作負載類型。 Pure 的 Evergreen//One for AI 為他們提供了消費和性價比需求方面的靈活性，並將成本與收入成長相匹配。

Our Evergreen//One service offering remains strong. Evergreen//One removes the hard work, expense, and risk of operating a storage environment from enterprise IT organizations. It provides flexibility, it avoids overprovisioning and rigid planning, and it simplifies customers' operations with solid and guaranteed SLAs. It also significantly boosts efficiency in terms of capital costs, energy, and labor.

我們的 Evergreen//One 服務依然強勁。 Evergreen//One 消除了企業 IT 組織營運儲存環境的辛苦工作、費用和風險。它提供了靈活性，避免了過度配置和嚴格的規劃，並透過可靠且有保證的 SLA 簡化了客戶的營運。它還顯著提高了資本成本、能源和勞動力的效率。

Options Technology, a financial technology company, started with one small Evergreen//One subscription back in 2019 and has grown over the last five years to 18 petabytes of storage across multiple sites globally. Through Evergreen//One, Pure regularly enhances the delivery of their SaaS services, improving resiliency, efficiency, and overall performance. While the lengthening of large enterprise deal times impacted Evergreen//One growth in the first half, we continue to see strong deal activity.

Options Technology 是一家金融科技公司，早在 2019 年就以一項小型 Evergreen//One 訂閱起步，在過去五年中已發展到全球多個站點的 18 PB 儲存量。透過 Evergreen//One，Pure 定期增強 SaaS 服務的交付，提高彈性、效率和整體效能。雖然大型企業交易時間的延長影響了 Evergreen//One 上半年的成長，但我們仍然看到強勁的交易活動。

Artificial intelligence continues to be of great interest to our customers. Specifically, customers continue to study both the potential areas for AI use, as well as how to accommodate AI in their infrastructure. We were pleased to have had NVIDIA join us at //Accelerate to announce our expected NVIDIA DGX SuperPOD certification by the end of this year. The AI market for data storage has progressed, as we have consistently predicted.

人工智慧仍然引起我們的客戶的極大興趣。具體來說，客戶繼續研究人工智慧使用的潛在領域，以及如何在其基礎設施中容納人工智慧。我們很高興 NVIDIA 與我們一起參加 //Accelerate，宣布我們預計將在今年年底獲得 NVIDIA DGX SuperPOD 認證。正如我們一直預測的那樣，資料儲存的人工智慧市場已經取得了進展。

Pure sees three separate AI opportunities for our solutions.

Pure 為我們的解決方案看到了三個獨立的人工智慧機會。

First, storage for machine learning and training environments, where Pure provides high-performance storage for public and private GPU farms. This quarter, we signed a deal with SoftBank Corporation, one of the big four telecommunication services in Japan. Pure is providing the storage layer behind many of SoftBank's cutting-edge services, including their new generative AI platform, created specifically to develop the market-leading large language model for the Japanese language.

首先是機器學習和訓練環境的存儲，Pure 為公共和私有 GPU 場提供高效能儲存。本季度，我們與日本四大電信服務商之一的軟銀公司簽署了一項協議。 Pure 為軟銀的許多尖端服務提供儲存層，包括專門為開發市場領先的日語大型語言模型而創建的新的生成式人工智慧平台。

The second AI opportunity we foresee focuses on tailored storage for enterprise inference or RAG environments. Many, if not most, enterprises will use commercial LLMs, or other models, to operate on their own proprietary data in-house. These systems will use relatively small GPU environments to provide AI insight from their data. Pure is working closely with NVIDIA on a number of vertical market offerings to satisfy this market.

我們預見的第二個人工智慧機會專注於為企業推理或 RAG 環境客製化儲存。許多（如果不是大多數）企業將使用商業法學碩士或其他模型來操作自己的內部專有數據。這些系統將使用相對較小的 GPU 環境來從數據中提供人工智慧洞察。 Pure 正在與 NVIDIA 在許多垂直市場產品上密切合作，以滿足該市場的需求。

We continue to believe that our largest opportunity opened by AI is to address the siloed nature of Enterprise's existing data storage architectures. Current data stores sit behind application stacks, and generally have neither the performance nor the connectivity has served data directly for AI engines and analytics. Customers that are the most advanced in their AI investigations all acknowledge that data access and preparation are major barriers to AI deployment. Pure Fusion will allow customers to upgrade their enterprise storage to function as a storage cloud, simplifying data access and management and eliminating data silos to enable easier access for AI.

我們仍然相信，人工智慧為我們帶來的最大機會是解決企業現有資料儲存架構的孤立性質。目前的資料儲存位於應用程式堆疊後面，通常既沒有效能也沒有連接性，無法直接為人工智慧引擎和分析提供資料。在人工智慧調查中最先進的客戶都承認資料存取和準備是人工智慧部署的主要障礙。 Pure Fusion 將允許客戶將其企業儲存升級為儲存雲，從而簡化資料存取和管理並消除資料孤島，從而更輕鬆地存取人工智慧。

The focus and uncertainty around AI has caused customers to begin to reevaluate their planning on how they will invest their IT dollars. We're also seeing large organizations increase their focus on managing escalating costs from software, cloud, and SaaS services.

圍繞人工智慧的關注和不確定性導致客戶開始重新評估他們的 IT 資金投資計劃。我們也看到大型組織更加關注管理軟體、雲端和 SaaS 服務不斷上升的成本。

Our Pure Cloud Block Store, or Microsoft Azure VMware Solution, is helping enterprises contain cloud storage costs generally by more than 50%. But simply, Cloud Block Store provides a more resilient and performing public cloud storage infrastructure for large enterprise cloud application deployments that is dramatically less expensive than cloud native services.

我們的 Pure Cloud Block Store（即 Microsoft Azure VMware 解決方案）正在協助企業將雲端儲存成本控制在 50% 以上。但簡單地說，Cloud Block Store 為大型企業雲端應用程式部署提供了更具彈性和效能的公有雲儲存基礎設施，並且比雲端原生服務便宜得多。

Furthermore, Cloud Block Store is fully compatible with enterprise storage interfaces and services, including disaster recovery and data protection. One case in point is a Fortune Global 500 food and beverage customer that face a growing hyperscaler data footprint and accelerating costs with limited visibility into its overall workload performance. By leveraging Cloud Block Store, reducing thousands of cloud-managed discs to just dozens of Cloud Block store volumes, equipped with data protection, ransomware remediation features and advanced workload performance reporting. The company is looking to save 50% of its total storage bill.

此外，Cloud Block Store完全相容於企業儲存介面和服務，包括災難復原和資料保護。一個典型的例子是財富全球 500 強食品和飲料客戶，該客戶面臨著不斷增長的超大規模數據足跡和不斷增加的成本，但對其整體工作負載性能的可見性有限。透過利用 Cloud Block Store，將數千個雲端託管磁碟減少為數十個 Cloud Block 儲存卷，並配備資料保護、勒索軟體修復功能和進階工作負載效能報告。該公司希望節省 50% 的總儲存費用。

Our discussions with hyperscalers to replace their core storage with Pure technology continues to progress positively. Our lead prospect has advanced from extensive evaluation of our core technology to testing and integrated solution and we have been engaged in detailed contractual negotiations for many months. We remain confident that we will secure our first hyperscaler design win by year-end.

我們與超大規模企業用 Pure 技術取代其核心儲存的討論繼續取得積極進展。我們的主要前景已從對核心技術的廣泛評估發展到測試和整合解決方案，並且我們已經進行了數月的詳細合約談判。我們仍然有信心在年底前獲得第一個超大規模設計勝利。

The longer-term opportunity for Pure with hyperscalers is significant. To provide a sense of scale, the top 10 hyperscalers are projected to buy almost 70% of all disc drives over 600 exabytes this year alone. Because of Pure's unique direct to flash technology, we can offer hyperscalers better performance, reliability, and power and space savings in hard discs at a similar or better total cost of ownership.

Pure 與超大規模企業的長期合作機會是巨大的。為了提供規模感，預計光是今年，前 10 名的超大規模廠商就會購買近 70% 超過 600 艾字節的磁碟機。由於 Pure 獨特的直接快閃記憶體技術，我們可以為超大規模用戶提供更好的效能、可靠性，並以相似或更好的總擁有成本節省硬碟的功耗和空間。

With nearly 15 years of experience with software and hardware flash management, we continue to far outdistance the industry in energy efficiency, density and performance. Pure holds key intellectual property and unmatched multivendor, multi-process flash expertise that no other vendor can match and cannot be replicated with standard SSDs.

憑藉近 15 年的軟體和硬體快閃記憶體管理經驗，我們在能源效率、密度和效能方面繼續遠遠領先業界。 Pure 擁有關鍵智慧財產權和無與倫比的多供應商、多進程快閃記憶體專業知識，這是其他供應商無法比擬的，也無法透過標準 SSD 複製。

Our latest 150-terabyte DirectFlash module shipping later this year is, but the next stop on our robust industry-leading flash road map. Energy and space savings generated by our direct-to-flash advantage are significant. We reduced space, power, and cooling requirements by a factor of 5 to 10 compared to hard discs. In a world of greater power demands and limited electrical supply, the savings on electricity alone provides a compelling incentive to switch from hard discs in both hyperscaler, as well as enterprise data centers.

我們最新的 150 TB DirectFlash 模組將於今年稍後發貨，但它是我們強大的行業領先快閃路線圖的下一站。我們的直接快閃記憶體優勢可顯著節省能源和空間。與硬碟相比，我們將空間、電力和冷卻需求降低了 5 到 10 倍。在電力需求更大、電力供應有限的世界中，僅節省電力就足以激勵超大規模企業和企業資料中心放棄硬碟。

Our //E family of products focused on replacing enterprise hard disc systems with more efficient and higher performance Pure technology continues to grow strongly. Enterprises increasingly recognize that Pure DirectFlash technology has reached the price level where they can eliminate the last mechanical component from their data centers.

我們的//E系列產品專注於以更有效率、更高效能的純技術取代企業硬碟系統，持續強勁成長。企業越來越意識到純 DirectFlash 技術已經達到了可以消除資料中心最後一個機械元件的價格水準。

As highlighted in our latest ESG report, power reduction on storage from Pure's DirectFlash technology can reduce total power usage in existing data centers by approximately 20%. Businesses are facing higher energy costs and greater power constraints, while committing to higher sustainability goals.

正如我們最新的 ESG 報告所強調的那樣，Pure 的 DirectFlash 技術降低儲存功耗可以將現有資料中心的總功耗降低約 20%。企業在致力於實現更高的永續發展目標的同時，面臨更高的能源成本和更大的電力限制。

BT, the British multinational service provider, has set a target to achieve net zero carbon emissions in its operations by the end of March 2031. As a foundational storage provider to BT, we directly support their data center energy reduction program. We have enabled BT to grow its data storage, while reducing its energy usage. BT has measured your storage to be about 18 times more efficient than their legacy storage benchmarks.

英國跨國服務供應商 BT 設定了到 2031 年 3 月底在其營運中實現淨零碳排放的目標。我們幫助英國電信增加了數據存儲，同時減少了能源使用。 BT 測量您的儲存效率比其傳統儲存基準高約 18 倍。

Looking back over this past quarter, we have not seen a significant change in the overall macro environment or our customers' intentions to buy. We have, however, seen customers look to manage increasing costs in cloud, software, and SaaS. We believe that the storage market will be resilient in this IT economy but we have yet to see a positive inflection. Overall, we are well positioned in all of the segments in which we compete and believe we will continue to gain share in our market.

回顧過去一個季度，我們並沒有看到整體宏觀環境或客戶購買意願發生重大變化。然而，我們看到客戶希望管理雲端、軟體和 SaaS 方面不斷增加的成本。我們相信儲存市場在 IT 經濟中將具有彈性，但我們尚未看到積極的變化。總體而言，我們在所有競爭領域都處於有利地位，並相信我們將繼續獲得市場份額。

We know we are gaining ground, as our growing strength has forced competitors to intensify their efforts and mimic our messaging. It is clear now that legacy competitors in our markets see Pure as the alpha competitor, and have focused their messaging and strategies on us. We appreciate the attention and look forward to the competition. We remain confident in our ability to expand our market share and maintain our strong leadership in storage.

我們知道我們正在取得進展，因為我們不斷增長的實力迫使競爭對手加強並模仿我們的訊息。現在很明顯，我們市場上的傳統競爭對手將 Pure 視為阿爾法競爭對手，並將他們的資訊和策略集中在我們身上。我們感謝您的關注並期待比賽。我們對擴大市場份額並保持儲存領域強大領導地位的能力充滿信心。

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 are pleased to have delivered double-digit revenue growth during the first half of our fiscal year, and we continue to see strong sales performance for both our FlashArray//E and FlashBlade//E offerings.

謝謝你，查理。我們很高興在上半財年實現了兩位數的營收成長，並且我們繼續看到 FlashArray//E 和 FlashBlade//E 產品的強勁銷售業績。

Revenue of $764 million in Q2 grew 11% year over year and both revenue and operating profit of $139 million exceeded our guidance. Subscription services, annual recurring revenue, or ARR, grew 24% to over $1.5 billion, which continues to be driven by our Evergreen//One service offering, in particular for a higher velocity business.

第二季營收為 7.64 億美元，年增 11%，營收和營業利潤均為 1.39 億美元，均超出了我們的指導。訂閱服務的年度經常性收入 (ARR) 成長了 24%，達到超過 15 億美元，這繼續受到我們的 Evergreen//One 服務產品的推動，特別是對於高速業務而言。

As a reminder, subscription services ARR excludes non-cancelable Evergreen subscription contracts where the effective service date has not started. Including non-cancelable subscription contracts where the effective service date has not started, subscription services ARR grew 25%.

請注意，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的訂閱合同，訂閱服務 ARR 增長了 25%。

Total RPO and exiting Q2, which includes both subscription services and product orders grew 24% year over year to $2.3 billion. As we have shared in previous quarters, product orders within RPO include a noncancelable telco order from Q3 FY24 and orders relating to a Fortune 500 financial services company from Q4 FY24. At the end of Q2, RPO associated exclusively with our subscription service offerings grew by 21%. Additionally, total contract value sales for Storage as a Service offerings during Q2 reached $101 million, bringing TCV sales in the first half of FY25 to $157 million.

RPO 總額和第二季現有訂單（包括訂閱服務和產品訂單）年增 24%，達到 23 億美元。正如我們在前幾個季度分享的那樣，RPO 中的產品訂單包括 2024 財年第三季度的不可取消的電信公司訂單以及 2024 財年第四季度與財富 500 強金融服務公司相關的訂單。在第二季末，與我們的訂閱服務產品相關的 RPO 成長了 21%。此外，第二季儲存即服務產品的總合約價值銷售額達到 1.01 億美元，使 2025 財年上半年的 TCV 銷售額達到 1.57 億美元。

Our Evergreen//One as a Service business is strong, demonstrating robust pipeline growth and consistent success in converting opportunities valued at $5 million or less. This continues to underpin our confidence in the growth potential of our Storage as a Service offerings.

我們的 Evergreen//One as a Service 業務十分強勁，展示了強勁的管道成長以及在轉化價值 500 萬美元或以下的機會方面的持續成功。這繼續增強了我們對儲存即服務產品成長潛力的信心。

Consistent with last quarter, we continued to experience extended closing time lines for larger Evergreen//One opportunities. Last year, we closed several large Evergreen//One deals in the first half compared to [three] in the first half of this year. This impacts both year-over-year RPO growth and forecasted FY25 TCV sales for our Storage as a Service offerings, which we now expect to be $500 million, reflecting a growth rate of approximately 25%.

與上季一樣，我們繼續經歷更長的關閉時間以獲取更大的 Evergreen//One 機會。去年上半年，我們完成了數筆大型 Evergreen//One 交易，而今年上半年則完成了 [3] 筆交易。這會影響我們儲存即服務產品的 RPO 年成長和預測 25 財年 TCV 銷售額，我們現在預計該銷售額將達到 5 億美元，成長率約為 25%。

US revenue for Q2 was $538 million and international revenue was $226 million. Our new customer acquisition grew by 261 customers during Q2, and now we serve 62% of the Fortune 500.

第二季美國營收為 5.38 億美元，國際營收為 2.26 億美元。第二季度，我們的新客戶成長了 261 個，現在我們為財富 500 強企業中 62% 的客戶提供服務。

Total gross margins of 72.8% in Q2 continues to be very healthy and comparable year over year. Subscription services gross margin strengthened to 76.4%, as we leverage increased automation of our service logistics workflows, supporting delivery of our Evergreen subscription services.

第二季的總毛利率為 72.8%，與去年同期相比仍然非常健康且可比較。訂閱服務毛利率增加至 76.4%，因為我們利用服務物流工作流程自動化程度的提高，支持我們常青訂閱服務的交付。

Our product gross margin of 69.5% in Q2 and underscores the strong sales growth of our FlashBlade//E, FlashArray//E and FlashArray//C solutions, driven by customers increasingly shifting their cost-sensitive workloads to all-flash.

第二季我們的產品毛利率為69.5%，突顯了我們的FlashBlade//E、FlashArray//E 和FlashArray//C 解決方案的強勁銷售成長，這是由客戶越來越多地將其成本敏感型工作負載轉向全快閃記憶體所推動的。

As we aggressively pursue our efforts to help customers transition their workloads to our all-flash solutions, we anticipate a modest strategic decline in product gross margins during the second half of the fiscal year. Operating profit and margin strength of approximately 18% were positively impacted by revenue overachievement, strong gross margin performance, and operating expense discipline. Our head count increased sequentially by nearly 250 to approximately 5,700 employees at the end of the quarter.

隨著我們積極努力幫助客戶將工作負載轉移到我們的全快閃解決方案，我們預計本財年下半年產品毛利率將出現適度的策略性下降。收入超額完成、強勁的毛利率表現和營運費用紀律對營運利潤和利潤率產生了約 18% 的正面影響。截至本季末，我們的員工人數連續增加了近 250 人，達到約 5,700 人。

Here's balance sheet and liquidity remains very strong, including $1.8 billion in cash and investments at the end of Q2.

Here 的資產負債表和流動性仍然非常強勁，包括第二季末的 18 億美元現金和投資。

Cash flow from operations during the quarter was $227 million, and capital expenditures were $60 million. Our most significant capital expenditures during the quarter were concentrated in engineering for new test equipment supporting key strategic growth initiatives, including our pursuit of hyperscaler infrastructure opportunities.

該季度營運現金流為 2.27 億美元，資本支出為 6,000 萬美元。本季我們最重要的資本支出集中在新測試設備的工程上，以支援關鍵的策略性成長計劃，包括我們對超大規模基礎設施機會的追求。

As part of our objective of partially offsetting dilution, we began paying withholding taxes due on employee equity awards. In Q2, withholding taxes on equity awards was $76 million, which offsets dilution by approximately 1.1 million shares. We have approximately $395 million remaining on our existing repurchase authorization.

作為部分抵銷稀釋的目標的一部分，我們開始繳納員工股權獎勵的預扣稅。第二季度，股權獎勵的預扣稅為 7,600 萬美元，抵消了約 110 萬股的稀釋。我們現有的回購授權剩餘約 3.95 億美元。

Now turning to guidance. For Q3, we anticipate revenue of $815 million, with an expected operating profit of $140 million, resulting in an operating margin of 17.2%. Projected operating profit takes into account in modest sequential decline in product gross margins that we expect during the second half of the fiscal year, driven by our expectations of continued sales growth of our //E family solutions, which are successfully targeting cost-sensitive workloads.

現在轉向指導。對於第三季度，我們預計營收為 8.15 億美元，預計營業利潤為 1.4 億美元，營業利潤率為 17.2%。預計營業利潤考慮到我們預計本財年下半年產品毛利率將出現小幅環比下降，這是由於我們對//E 系列解決方案的銷售持續增長的預期所推動的，該解決方案成功地瞄準了成本敏感型工作負載。

Turning to our annual guidance for FY25, we are reaffirming our FY25 revenue target of $3.1 billion, representing growth of 10.5%, and our operating profit guidance of $532 million, with an operating margin of 17%. The anticipated modest decline in product gross margins during the second half of the fiscal year validates our successful strategy of expanding into cost-sensitive workloads with our all-flash solutions and has been contemplated in our annual guidance.

談到我們 25 財年的年度指引，我們重申 25 財年的營收目標為 31 億美元，成長 10.5%，營業利潤指引為 5.32 億美元，營業利益率為 17%。預計本財年下半年產品毛利率將小幅下降，這證實了我們透過全快閃解決方案擴展到成本敏感型工作負載的成功策略，並且已在我們的年度指導中考慮到。

In closing, we are pleased to deliver strong financial performance, which reaffirms the effectiveness of our strategic initiatives. Our focus on innovation and customer-centric solutions underscores our commitment to be a leader in the data storage industry. While we remain mindful of the broader macroeconomic environment, we are confident in our ability to capitalize on the growing demand for high-performance, sustainable data storage solutions.

最後，我們很高興能夠實現強勁的財務業績，這再次證明了我們策略舉措的有效性。我們對創新和以客戶為中心的解決方案的關注凸顯了我們成為資料儲存產業領導者的承諾。雖然我們仍然關注更廣泛的宏觀經濟環境，但我們對利用對高效能、永續資料儲存解決方案不斷增長的需求的能力充滿信心。

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. (Event Instructions) Operator, let's get started.

謝謝，凱文。 （活動說明）接線員，我們開始吧。

(Operator Instructions) Amit Daryanani, Evercore ISI.

（操作員說明）Amit Daryanani，Evercore ISI。

Good afternoon, everyone. I guess my question really is, and I think one of the things I think folks are trying to square away is the Evergreen//One TCV target is getting lower from $600 million to $500 million. I would have thought that a downtick here would have meant perhaps better CapEx trends for your customers, such that it would actually help your fiscal year revenue growth profile. Clearly, you're not seeing that happen based on the fiscal year guide.

大家下午好。我想我的問題確實是，我認為人們正在努力解決的一件事是 Evergreen//One TCV 目標從 6 億美元降低到 5 億美元。我以為，這裡的下降可能意味著對您的客戶來說可能會有更好的資本支出趨勢，這樣它實際上有助於您的財政年度收入成長狀況。顯然，根據財政年度指南，您不會看到這種情況發生。

So hoping you just unpack what's driving the downtick on the TCV expectations? And how do you see that flowing to your revenue guide really? Thank you.

那麼希望您能找出導致 TCV 預期下降的原因嗎？您如何看待這一點真正流入您的收入指南？謝謝。

Absolutely a bit. Well, I think your supposition would be correct if customers, the same customer, was switching from an Evergreen//One deal to a CapEx deal. What we've seen instead is large opportunities, large Evergreen//One opportunity staying opportunities longer than we expected, and therefore, stretching out.

絕對有一點。好吧，我認為如果客戶（同一個客戶）從 Evergreen//One 交易轉向資本支出交易，那麼您的假設是正確的。相反，我們看到的是巨大的機會，巨大的長青//一個機會的停留時間比我們預期的要長，因此，會延伸。

A little bit whether that's based on caution or whether that's based on by the customer or whether that's based on other -- we had indicated that customers are looking very closely at their subscription expenses now given increases in software and SaaS expenses that were raised over the year. We've yet to really fully diagnose that. But what we're seeing is a lengthening of large deal size Evergreen//One opportunities.

無論是出於謹慎考慮，還是基於客戶的考慮，還是基於其他因素——我們已經表示，鑑於軟體和 SaaS 費用的增加，客戶現在正在非常密切地關注他們的訂閱費用。我們還沒有真正完全診斷這一點。但我們看到的是大型交易規模的長青//一個機會的延長。

And I'll just add on to that. We did see three opportunities closed this quarter that were larger. And we're defining larger as greater than $5 million. And just to reiterate, the question was really focused on why aren't we seeing an increase to our annual revenue guide. And I will point out, to Charlie's point, these larger deals that are Evergreen//One are still being actively worked and they're just taking longer to close.

我將對此進行補充。我們確實看到本季關閉了三個規模更大的機會。我們將「更大」定義為超過 500 萬美元。重申一下，問題真正集中在為什麼我們沒有看到我們的年度收入指南增加。我要指出的是，就查理的觀點而言，這些規模較大的交易，即 Evergreen//One 仍在積極進行中，只是需要更長的時間才能完成。

If we saw those opportunities flip to a traditional product sale or CapEx, that's when we would be looking at an upward view of our annual guidance for revenue.

如果我們看到這些機會轉向傳統的產品銷售或資本支出，那麼我們就會向上看待我們的年度收入指引。

Thank you, Amit. Next question, please.

謝謝你，阿米特。請下一個問題。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Hi, guys. Thank you. This is Michael Senoff on behalf of Aaron. I just wanted to see if I can get any more color just on the hyperscale opportunity you guys kind of mentioned. It sounds like you're continuing discussions with the customer you expect by the end of the year. I'm curious if anything has changed or maybe ask it another way, like what's the biggest hurdle you kind of need to overcome to get the deal done?

嗨，大家好。謝謝。我是邁克爾·塞諾夫，代表亞倫。我只是想看看我是否能在你們提到的超大規模機會上獲得更多的色彩。聽起來您正在繼續與您期望在年底之前的客戶進行討論。我很好奇是否有什麼變化，或者也許可以換個方式問，例如你需要克服的最大障礙是什麼才能完成交易？

And then separately, just on other opportunities you're pursuing, if there's any kind of anything to note there for progress?

然後分別談談您正在尋求的其他機會，是否有任何需要注意的進展？

You bet. So the lead horse, I wouldn't say there's the largest hurdle. There's just lots of little hurdles. A lot of that is just aligning business models, economic improvements to them to pricing and economics for us. And there's a lot of logistical elements that go into this as well, especially when you're speaking with large hyperscalers, with large orders and large data centers and complex -- their own complex supply chains. So I would say just lots of little hurdles right now, testing is going well, conversations are going well, but a lot of detail that has to be worked out.

你打賭。所以，我不會說這匹馬是最大的障礙。只是有很多小障礙。其中許多只是將商業模式、經濟改善與我們的定價和經濟結合。這也涉及到許多物流因素，特別是當你與大型超大規模企業交談時，這些企業擁有大量訂單、大型資料中心和複雜的供應鏈。所以我想說，現在有很多小障礙，測試進展順利，對話進展順利，但有很多細節需要解決。

Yes, this is Rob. Just to add to that. I would say, overall, our engagements with our lead prospects are progressing very well, as Charlie mentioned in his prepared remarks. What we've done over the last many months is really moved forward on our testing in phases from initial proof of concept to testing of that core IP to now extensive testing of really an integrated -- think of it as a co-engineered solution.

是的，這是羅布。只是補充一下。我想說，總的來說，正如查理在他準備好的演講中提到的那樣，我們與主要潛在客戶的接觸進展順利。我們在過去幾個月所做的工作實際上是分階段推進我們的測試，從最初的概念驗證到核心IP 的測試，再到現在對真正集成的廣泛測試- 將其視為共同設計的解決方案。

And as you'd imagine, this involves detailed performance, operational testing, so on and so forth. And with that, as Charlie mentioned as well, accompanied with a detailed contractual discussions around the commercial package. And so overall, engagement goes well.

正如您所想像的，這涉及詳細的效能、操作測試等等。正如查理也提到的那樣，隨之而來的是圍繞商業包的詳細合約討論。總的來說，參與度進展順利。

And to the original question, I would say it's lots of little things as opposed to one big hurdle.

對於最初的問題，我想說這是很多小事情，而不是一個大障礙。

Thank you, Michael. Next question, please.

謝謝你，麥可。請下一個問題。

Howard Ma, Guggenheim Securities.

霍華德·馬，古根漢證券。

Great. Thank you, and good afternoon, everyone. My question is can you tell us who is your lead horses? I'm joking. That's not my question. (laughter)

偉大的。謝謝大家，大家下午好。我的問題是你能告訴我們誰是你的領頭馬嗎？我是在開玩笑。那不是我的問題。 （笑聲）

The question is it's a variation of the question that Amit asked by lowering your as-a-service TCV sales estimate, but keeping the total revenue outlook and change, that obviously means you're getting less contribution from product sales.

問題是，這是 Amit 提出的問題的變體，他降低了您的即服務 TCV 銷售預估，但保持了總收入前景和變化，這顯然意味著您從產品銷售中獲得的貢獻減少了。

But Charlie, you just said that lower as-a-service sales is not because more customers were opting it by CapEx instead. So does that mean, if we look at the product line, does that mean there's increased risk in the product line? Or can you point to certain demand drivers that give you more confidence that, that guidance is appropriately set? Thanks, guys.

但是查理，您剛才說服務銷售下降並不是因為更多的客戶透過資本支出選擇了它。那麼，如果我們看一下產品線，這是否意味著產品線的風險增加了？或者您能否指出某些需求驅動因素，讓您更有信心該指導是適當設定的？謝謝，夥計們。

Yeah. As we look at our sales and the pipeline, et cetera, we're seeing CapEx sales continue as we had expected. We're seeing the base, if you will, what we call the velocity sales of Evergreen//One progress as expected. But we've specifically seen deals that we've been tracking all along, large deals for Evergreen//One, just length -- just not coming in when we expected and lengthening out.

是的。當我們審視我們的銷售和管道等時，我們看到資本支出銷售繼續如我們預期。如果你願意的話，我們正在看到基數，即我們所說的長青//One 的速度銷售進展符合預期。但我們特別看到了我們一直在跟踪的交易，長榮//一的大筆交易，只是長度——只是沒有按我們預期的時間進入並延長。

They haven't changed in character. In other words, they have not switched those same accounts, those same opportunities, haven't switched from an Evergreen//One intention to a CapEx intention, but they've also not closed. So that's specifically what we're seeing.

他們的性格沒有改變。換句話說，他們沒有切換那些相同的帳戶，那些相同的機會，沒有從 Evergreen//One 意圖轉變為資本支出意圖，但他們也沒有關閉。這就是我們所看到的。

So we're seeing good growth in the velocity business. And so the view there is that Evergreen//One continues to be of great interest. And the activity is good, it's just that the larger deals taking longer to close.

因此，我們看到速度業務的良好成長。因此，人們認為 Evergreen//One 仍然引起人們極大的興趣。交易活動很好，只是較大的交易需要更長的時間才能完成。

Yeah. I think it's really important, this is Kevan, to decouple what we're seeing with our larger Evergreen//One deals. And the longer period of time from the demand overall that we're seeing, which, look, we're not seeing any significant change in demand that informs our annual guide, which is, I think, what you're asking as well, Howard.

是的。我認為這非常重要，這是凱文，將我們所看到的與我們更大的常青//One交易脫鉤。從我們所看到的整體需求來看，在較長一段時間內，我們沒有看到需求發生任何重大變化，這為我們的年度指南提供了信息，我認為這也是您所要求的，霍華德.

Thank you, Howard. Next question, please.

謝謝你，霍華德。請下一個問題。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. This is Jason on for Pinjalim. How has the customer interest been on the new Fusion offering? And do you see customers looking at it to unify their storage space as they prepare for AI imprinting?

偉大的。我是 Pinjalim 的 Jason。客戶對新 Fusion 產品的興趣如何？您是否看到客戶在準備人工智慧印記時尋求它來統一他們的儲存空間？

Yeah. This is Rob. I'll take that one. Look, I mean, early interest has been great. As you know, we have been out talking to customers, partners alike about the Fusion vision for the last year, I think what we're really looking forward to and really what we've seen coming off of our //Accelerate user conference is the demand. And I think the ability for customers in the existing installed base with existing arrays to go and take advantage of that fusion technology later this year.

是的。這是羅布。我會接受那個。聽著，我的意思是，早期的興趣很大。如你所知，去年我們一直在與客戶、合作夥伴討論 Fusion 願景，我認為我們真正期待的以及我們在 //Accelerate 用戶大會上看到的真正結果是需求。我認為現有陣列中的客戶有能力在今年稍後利用該融合技術。

With our latest release of Fusion coming later this year, we'll be able to deliver all of these capabilities that Fusion is designed for being able to fully automate the management multiple environments allow customers to manage their Pure Storage estate through policy declaration as opposed to individual operational steps and really step back and unify that as one pool of resources, one storage cloud, if you will.

隨著今年稍後推出的Fusion 最新版本，我們將能夠提供Fusion 旨在完全自動化管理的所有功能，多個環境允許客戶透過策略聲明來管理其Pure Storage 資產，而不是透過策略聲明來管理其Pure Storage 資產。

Later this year, customers will be able to take advantage of all these capabilities on all of their existing arrays and data storage states. So early interest has been great. I think as we roll into the later -- the release coming out later this year, it will make it that much easier for customers to take advantage of those capabilities.

今年晚些時候，客戶將能夠在其所有現有陣列和資料儲存狀態上利用所有這些功能。所以早期的興趣很大。我認為，當我們進入後期（今年稍後發布的版本）時，客戶將更容易利用這些功能。

Yeah. I'll also say that the beta users that have been involved in this have been very pleased. And we've been very pleased by the fact that we see a strong interest and utility infusion by both large customers and small. So even small customers are seeing a great benefit in being able to manage even their relatively smaller fleets through policy and further reduce the amount of labor that it takes to operate at almost every level.

是的。我還要說參與其中的測試版用戶非常高興。我們非常高興看到大客戶和小客戶都表現出強烈的興趣和效用。因此，即使是小型客戶也看到了巨大的好處，即能夠透過政策管理相對較小的車隊，並進一步減少幾乎每個層級的營運所需的勞動力量。

Thank you, Jason. Next question, please.

謝謝你，傑森。請下一個問題。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Hey. Thanks for taking the question, guys. I just want to circle up because it seems like customers are continuing to choose maybe more of a CapEx type purchase, which is a little bit counterintuitive in this environment given the macro. And I'm just trying to get a better understanding on the customer preference.

嘿。謝謝你們提出問題，夥伴們。我只是想圈起來，因為客戶似乎繼續選擇更多的資本支出類型的購買，考慮到宏觀環境，這在這種環境下有點違反直覺。我只是想更了解客戶的偏好。

Does it tie in any way to potentially customers thinking about data repatriation to their on-prem environments to help handle some of the ballooning costs behind these gen AI workloads as they move into production environments?

它是否與潛在客戶考慮將數據匯回其本地環境以幫助處理這些一代人工智慧工作負載進入生產環境時背後不斷膨脹的成本有關？

Yeah. I'll start this, and then have Charlie come off, it's Kevan. Look, what we're seeing with our Evergreen//One demand is actually quite strong. And we're really seeing that in our velocity opportunity. So these are opportunities that are less than $5 million. And they are tracking strongly and tracking with our expectations that we set at the beginning of the year.

是的。我先開始，然後讓查理下場，是凱文。看，我們所看到的 Evergreen//One 需求實際上相當強勁。我們確實在速度機會中看到了這一點。因此，這些都是低於 500 萬美元的機會。他們的表現強勁，符合我們年初設定的預期。

So I really think the dynamic comes back to these larger Evergreen//One arrangements. And then there's probably a few dynamics that are probably a play there but it's less about demand signals of preference to an as-a-service offering versus a traditional offering or CapEx.

所以我真的認為這種活力又回到了這些更大的長青//One安排。然後可能會有一些動態可能在那裡發揮作用，但與傳統產品或資本支出相比，對即服務產品的偏好的需求訊號較少。

And look, customers are continuing to evaluate managing their cost in the cloud, software and SaaS. And I think when customers are evaluating larger as-a-service offerings, that certainly could be part of the consideration as well and why we're seeing more time being taken as that evaluation is taking place.

看起來，客戶正在繼續評估管理雲端、軟體和 SaaS 的成本。我認為，當客戶評估更大的即服務產品時，這當然也可能是考慮因素的一部分，也是為什麼我們在評估過程中會花更多時間。

Charlie, any other thoughts on that?

查理，對此還有其他想法嗎？

Yeah. No, Kevan, I think you answered it well. Thanks.

是的。不，凱文，我認為你回答得很好。謝謝。

Thank you, Mike. Next question, please.

謝謝你，麥克。請下一個問題。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah, thank you. Hey, guys. I just wanted to ask about the competitive environment. I know we've seen an increase in QLC-based arrays from some of your competitors. Can you just comment on how that has impacted or not some of the deals and some of the opportunities?

是的，謝謝。嘿，夥計們。我只是想問一下競爭環境。我知道我們已經看到一些競爭對手基於 QLC 的陣列增加。您能否評論一下這對某些交易和一些機會有何影響？

And then also, can you comment on the NAND pricing environment right now, which I know has been rising?

另外，您能評論一下目前的 NAND 定價環境嗎？

Yeah. Let me start on that. I would say that our lead in QLC remains as strong as it ever has been. So I wouldn't say -- and that's, I think, identified by the fact that our //E family of products that is really targeting the low end has been very, very successful.

是的。讓我開始吧。我想說的是，我們在 QLC 方面的領先優勢仍然一如既往。所以我不會說——我認為，我們的 //E 系列產品真正針對低端市場，並且取得了非常非常成功的事實。

So I wouldn't say that QLC has changed the competitive environment very much at all. I would say that competition is as tough as it's ever been. I think we are -- clearly, everybody's top competitor right now that's in this market. We really do feel that the sites are squarely on us and we are competing appropriately.

所以我不會說 QLC 根本改變了競爭環境。我想說，競爭一如既往地激烈。我認為我們顯然是目前這個市場上每個人的最大競爭對手。我們確實覺得這些網站完全適合我們，而且我們正在進行適當的競爭。

But I don't think it's a QLC activity at all. I think it's a size and scale and effectiveness situation with respect to us. I mean, if you look at our and our progress now, we're now the number two vendor of all flash systems into the enterprise, firmly in that spot and only a few points behind the number one in that area. And I think that -- I think everybody is feeling it at the moment. So competition is tough, but our lead in QLC remains.

但我認為這根本不是QLC活動。我認為這與我們的規模、規模和效率有關。我的意思是，如果你看看我們現在以及我們的進展，我們現在是企業級全快閃系統的第二大供應商，穩居這一位置，僅落後該領域的第一名幾分。我認為──我想現在每個人都有這種感覺。因此競爭很激烈，但我們在 QLC 方面的領先地位仍然存在。

And then I'll just touch on the NAND pricing, which is consistent with our previous commentary. And flash pricing from our lens really is affecting top line. And the volatility again, is highlighting the differentiated advantages we're seeing with our Purity software and our DirectFlash technology, and that becomes more evident when we see the volatility in NAND pricing, such as the current environment.

然後我會談談 NAND 定價，這與我們之前的評論一致。我們鏡頭的閃光燈定價確實影響了營收。波動再次凸顯了我們透過 Purity 軟體和 DirectFlash 技術看到的差異化優勢，當我們看到 NAND 定價的波動（例如當前環境）時，這一點變得更加明顯。

And look, we're having a lot of success in winning workloads across price-sensitive workflows for our customers, and that would be our //E family as well as C. And that will have an impact on gross margins as well.

看，我們在為客戶贏得價格敏感工作流程中的工作負載方面取得了很大成功，這將是我們的 //E 系列和 C 系列。

Thank you, Jason. Next question, please.

謝謝你，傑森。請下一個問題。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great. Thank you for the question. The Evergreen ramp expected in the second half, maybe you can just begin dive back into some confidence that you have recognizing that these deals are taking longer to close, given macro and other dynamics that you talked about. So what gives you the confidence that we ramp from $157 million here in the first half to $500 million for the full year? Thank you.

偉大的。謝謝你的提問。預計下半年的常青樹成長，也許你可以開始重新建立一些信心，因為你已經認識到，考慮到你談到的宏觀和其他動態，這些交易需要更長的時間才能完成。那麼，是什麼讓您對我們從上半年的 1.57 億美元增加到全年的 5 億美元充滿信心呢？謝謝。

Yeah, I appreciate the question. This is Kevan. Look, we certainly believe that the adjusted forecast for TCV sales of our as-a-service offerings at $500 million growing 25% is achievable and considers the dynamic that we're seeing with larger deals. Our current forecast of TCV sales does assume less contribution throughout the year from larger deals, but also assumes at the continued higher velocity business continuing to track strongly similar to what we've seen in the first half.

是的，我很欣賞這個問題。這是凱文。看，我們當然相信我們的即服務產品的 TCV 銷售額調整後預測為 5 億美元，增長 25% 是可以實現的，並且考慮到我們在較大交易中看到的動態。我們目前對 TCV 銷售的預測確實假設全年較大交易的貢獻較小，但也假設業務持續高速成長，繼續與我們上半年看到的情況非常相似。

And so the implied second half ramp of TCV sales is only slightly higher than what we've typically seen from our traditional seasonality with our CapEx sales or traditional sales. So look, there's obviously work to do and we need to execute in the back half, but we absolutely expect to achieve this forecast.

因此，下半年 TCV 銷售的隱含增幅僅略高於我們通常從資本支出銷售或傳統銷售的傳統季節性中看到的情況。所以看，顯然還有工作要做，我們需要在後半段執行，但我們絕對希望實現這個預測。

Thank you, Asiya. Next question, please.

謝謝你，阿西婭。請下一個問題。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Hey, guys. This is Quinton on for Jim Fish. Thanks for taking our question. I understand it's still pretty early, but as you think about the backlog or your order book for the 150-terabyte flash module how is that compared to kind of what you were seeing from the last upgrade cycle at this point in time?

嘿，夥計們。這是昆頓為吉姆·菲什配音的節目。感謝您提出我們的問題。我知道現在還為時過早，但是當您考慮 150 TB 快閃記憶體模組的積壓訂單或訂單簿時，與您此時在上一個升級週期中看到的情況相比如何？

And I know it's a little bit apples and oranges here, but it seems like we're facing scrutiny in transformational budgets you're seeing in Q1. Is there any concern that, that would impact customers' willingness or ability to kind of transform and move to this new module? Or are people sell focused on performance that's not really in your kind of concern list here?

我知道這有點像蘋果和橘子，但看起來我們正面臨著對第一季轉型預算的審查。是否擔心這會影響客戶轉型並遷移到這個新模組的意願或能力？或者，人們銷售時所關注的是否是績效，而這並不在您關心的問題清單中？

Yes. Thanks, Quinton. I think it's an interesting question. I don't think it would be very much in our concern list for the following reason. What the 150 really does is open up new opportunity for us at lower price points and to reduce our cost, to reduce Pure's cost at similar price points for existing E series transaction. So to put it another way, we're satisfying a particular performance point with 75 today that we could also satisfy with 150s, the cost to us will be less even if the price is the same.

是的。謝謝，昆頓。我認為這是一個有趣的問題。我認為由於以下原因，它不會出現在我們的關注清單中。 150 真正所做的是為我們以更低的價格點開闢新的機會，並降低我們的成本，以現有 E 系列交易的類似價格點降低 Pure 的成本。換句話說，我們今天用 75 來滿足特定的性能點，我們也可以用 150 來滿足，即使價格相同，我們的成本也會更低。

So I think it's a margin enhancement for us as well as allowing us then to get into even less expensive hard disc environments. And so I think we see it as a positive, and it's not something that if we don't ship is going to hurt us in any way. It's not something customers would wait for. So I don't see it as, if you will, endangering any revenue opportunity.

因此，我認為這對我們來說是利潤的提高，並且使我們能夠進入更便宜的硬碟環境。所以我認為我們認為這是積極的，如果我們不發貨，這不會以任何方式傷害我們。這不是客戶會等待的事情。因此，如果你願意的話，我不認為這會危及任何收入機會。

Yeah. And this is Rob. Just to add to that, I think it's important to step back and look at the 150-terabyte drive is just, the next step, and as Charlie mentioned in his prepared remarks, a robust road map that we have on the flash -- the flash end of the portfolio. each step on the way, each density improvement that we make allows us to do two things.

是的。這是羅布。除此之外，我認為重要的是退後一步，看看 150 TB 驅動器只是下一步，正如查理在他準備好的發言中提到的，我們已經有了一個強大的路線圖——閃現投資組合的結尾。在路上的每一步，我們所做的每一次密度改進都讓我們可以做兩件事。

One is more aggressively compete for lower-cost disc-based systems on an acquisition cost basis. But also remember, it reduces the power and space requirements and obviously, the associated operating costs with those for our customers. The drivers for this are quite simple, the denser modules that we ship require less common equipment to support. Removing that common equipment obviously reduces the cost structure associated with that, but also reduces the space and power associated with it.

一種是在購置成本的基礎上更積極地競爭低成本的基於光碟的系統。但也要記住，它降低了電力和空間要求，顯然也降低了與我們客戶相關的營運成本。其驅動程式非常簡單，我們提供的模組越密集，需要支援的通用設備就越少。去除通用設備顯然會降低與之相關的成本結構，但也減少了與之相關的空間和功耗。

And so executing on this density and efficiency road map, is what has allowed us to go aggressively -- so aggressively to date after the most cost-sensitive disc-based systems in the enterprise. And of course, as we've been discussing with you all, it really opens up the opportunity set as we look to the hyperscaler infrastructure environments.

因此，按照這個密度和效率路線圖執行，使我們能夠積極地追求企業中對成本最敏感的基於磁碟的系統。當然，正如我們一直在與大家討論的那樣，當我們尋找超大規模基礎設施環境時，它確實打開了機會集。

Thank you, Quinton. Next question, please.

謝謝你，昆頓。請下一個問題。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks. Maybe just diving into these Evergreen//One deals. I just wanted to get a sense, are some of those kind of with Tier 2 customers or these really kind of enterprise customers that we're talking about? And is the quantum a handful? Or is this really kind of just a couple of deals that are hung up? Thanks.

太好了，謝謝。也許只是深入研究這些 Evergreen//One 交易。我只是想了解一下，其中一些是二級客戶還是我們正在談論的真正的企業客戶？量子是少數嗎？或者這真的只是幾筆被擱置的交易嗎？謝謝。

Yeah, Meta. It is enterprise customers, because we're talking about large deals. And it does tend to be just a handful per quarter. So because it's a handful per quarter and they're not always easily predictable in terms of exactly when to transact, it does make it more challenging to forecast.

是的，梅塔。是企業客戶，因為我們談論的是大額交易。而且每季確實只有少數。因此，由於每個季度的交易量很少，並且在確切的交易時間方面並不總是容易預測，因此確實使預測變得更具挑戰性。

Thank you, Meta. Next question, please.

謝謝你，梅塔。請下一個問題。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Yes, thanks for spending -- excuse me. Thanks for taking my question.

是的，謝謝您的花費—對不起。感謝您提出我的問題。

Charlie, in past earnings conference calls, you have talked about engaging up to 10 data centers, including hyperscalers. Could it be your traction with these data centers, large and small, be more focused on selling products which you're capturing in your product revenue?

Charlie，在過去的財報電話會議中，您談到了參與多達 10 個資料中心，包括超大規模資料中心。您對這些大大小小的資料中心的吸引力是否會更專注於銷售您在產品收入中獲得的產品？

And until enterprise and Evergreen//One and Evergreen//Two were to pick up to hit that $500 million run rate, you're not really going to be able to scale that subscription model but you are penetrating data centers, large and small, and that's captured in product revenue. Is that the right way of thinking about the current dynamics? Thank you.

在企業級和 Evergreen//One 和 Evergreen//Two 達到 5 億美元的運行率之前，您實際上無法擴展該訂閱模型，但您正在滲透大大小小的資料中心，這體現在產品收入中。這是思考當前動態的正確方式嗎？謝謝。

Yeah. Thanks, Mehdi. I would say we're speaking about Evergreen//One, Evergreen//One is being sold into both large and small environments; as Kevan put it, large deals and small deals. Actually, the run rate of -- in what I'd call, the commercial market, small deals of Evergreen//One is very strong and very good. It's very good as well in large environments and even into cloud environments.

是的。謝謝，邁赫迪。我想說我們正在談論 Evergreen//One，Evergreen//One 正在出售到大型和小型環境中；正如凱文所說，大交易和小交易。事實上，在我所說的商業市場中，Evergreen//One 的小額交易的運作率非常強勁且非常好。它在大型環境甚至雲端環境中也非常好。

We're selling quite a few into MSPs and other clouds as well. So that's going well. All that goes into our Evergreen//One. When we classify the $500 million, for example, those are all regardless of who they sell into identified as Evergreen//One. I hope that answers your question.

我們也向 MSP 和其他雲端銷售了相當多的產品。所以一切進展順利。所有這些都進入我們的 Evergreen//One。例如，當我們對 5 億美元進行分類時，無論將其出售給誰，這些都被認定為 Evergreen//One。我希望這能回答你的問題。

Thanks, Medhi. Next question, please.

謝謝，梅迪。請下一個問題。

Jessica Hansen, Raymond James.

潔西卡漢森，雷蒙德詹姆斯。

Yeah. Thanks. This is Jeff Koche in for Simon Leopold. Maybe you can give us an update on like how -- what percentage of revenue at this point is AI? And maybe, more importantly, like given all the AI tailwinds, how does the order book? Like what percentage of the order book is starting to become AI related?

是的。謝謝。這是傑夫·科奇（Jeff Koche）飾演西蒙·利奧波德（Simon Leopold）。也許您可以向我們介紹一下最新情況——目前人工智慧佔收入的比例是多少？也許，更重要的是，就像考慮到所有人工智慧的順風一樣，訂單記錄如何？例如訂單簿中有多少比例開始與人工智慧相關？

Well, we've not split out AI, but let's give you a little bit of a flavor on AI. As I identified in my prepared remarks, we really do foresee three major segments. And it's really just the first one that has become a real -- I would say, real revenue at this point in time, not just for us, but for some other players out there as well. And that is the training environment.

好吧，我們還沒有將人工智慧分開，但讓我們稍微介紹一下人工智慧。正如我在準備好的演講中指出的那樣，我們確實預見了三個主要部分。這實際上只是第一個成為真正的收入——我想說，在這個時間點上，不僅對我們來說，而且對其他一些玩家來說也是真正的收入。這就是訓練環境。

Now we've been selling into training environments for over five years, probably closer to six years right now. Of course, the training environment really hit the news once it became large LLMs, right? But there's been training environments for self-driving cars for drug discovery for various different medical technologies as well as high-speed trading. That's all been training models, typically what are known as parameter-based models.

現在，我們銷售培訓環境已經五年多了，現在可能已經接近六年了。當然，一旦成為大型法學碩士，訓練環境就真的成為新聞焦點，對吧？但是，已經有用於自動駕駛汽車的培訓環境，用於各種不同醫療技術的藥物發現以及高速交易。這都是訓練模型，通常稱為基於參數的模型。

More recently, obviously, there are generative AI models that have been getting a lot of the news. Our view is that in total, the total market or storage for large language-type models, training models, less than $1 billion a year currently. I would say that we're getting our fair share of that considering where we are. So that gives you sort of an order of magnitude, but we haven't broken it out specifically.

最近，顯然，生成式人工智慧模式已經得到了許多新聞報導。我們的觀點是，目前大型語言型模型、訓練模型的總市場或儲存每年不到 10 億美元。我想說，考慮到我們所處的位置，我們正在獲得公平的份額。所以這給了你一個數量級，但我們還沒有具體細分。

The other two areas are the inference or rag model inside of enterprises. That's just starting to be discussed and investigated. I think not really started yet in terms of revenue, but we expect soon.

另外兩個領域是企業內部的推理或抹布模型。這才剛開始討論和調查。我認為就收入而言還沒有真正開始，但我們預計很快就會實現。

And then the third area is a general, we believe, up-leveling of existing storage environments to make data that's sitting currently in data silos inside of organizations much more available for use for inference. And as you might imagine, that's a third on the list in terms of order of when revenue will hear, but we think it's the largest overall in the enterprise space. And a lot of what we've been working on has been in preparation to enable organizations to take advantage of that.

我們認為，第三個領域是對現有儲存環境的整體升級，以使目前位於組織內部資料孤島中的資料更可用於推理。正如您可能想像的那樣，就收入何時聽到的順序而言，這是清單中的第三位，但我們認為這是企業領域中最大的整體。我們所做的工作很多都是為了讓組織能夠利用這一點。

Thank you, Jeff. Next question, please.

謝謝你，傑夫。請下一個問題。

Krish Sankar, TD Securities.

克里斯桑卡 (Krish Sankar)，道明證券。

Hi. This is Robert Mertens on for Chris. Just with the reiterated full-year guide, assuming the midpoint of the October quarter outlook, that would imply the January quarter growth decelerates a bit to mid-single digits year on year. Could you just speak towards some of the puts and takes in the guide if fans and industry inflection is mid- to high single-digit growth, the new norm? And is there any sort of seasonality headwinds to expect in the January quarter?

你好。這是克里斯的羅伯特·默滕斯。僅根據重申的全年指南，假設 10 月份季度前景的中點，這將意味著 1 月份季度的增長同比略有放緩至中個位數。如果粉絲和行業的轉折點是中高個位數成長（新常態），您能否談談指南中的一些觀點？一月份季度是否會出現任何季節性阻力？

Yeah, I appreciate the question. This is Kevan. And look, glad to see that our total revenue is tracking with our expectations for the year, which again, is double digits. And it's tracking as well in terms of what we saw for the first half of the year, but you got it.

是的，我很欣賞這個問題。這是凱文。很高興看到我們的總收入符合我們對今年的預期，再次達到兩位數。就我們今年上半年所看到的情況而言，它也在追踪，但你明白了。

The primary factor in terms of what you see in terms of growth in first half and second half is largely due to seasonality. That would be the primary driver and that's been consistent historically for many years with the exception maybe a one year, following COVID.

上半年和下半年成長的主要因素很大程度上是季節性因素。這將是主要驅動因素，而且多年來一直如此，除了新冠疫情之後的一年。

But another consideration as well is that we are expecting a sales ramp of our as-a-service offerings, especially with our higher velocity business in the second half of the year. And this would create some headwind as well to our expected total revenue growth. And that's been considered as well in our annual guide for total revenue.

但另一個考慮因素是，我們預計我們的即服務產品的銷售量將會增加，特別是在今年下半年我們的業務速度更快的情況下。這也會為我們預期的總收入成長帶來一些阻力。我們的年度總收入指南也考慮了這一點。

Thank you, Robert. Next question, please.

謝謝你，羅伯特。請下一個問題。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

Yeah. I wanted to see if we could put a finer point on the gross margin commentary for the product. Kevan, I think you said that the 69.5% was down year on year. And then for the -- if I can recall, it was the full year or just the back half, but a modest strategic decline in product gross margin. Would you care to comment on that?

是的。我想看看我們是否可以對該產品的毛利率進行更詳細的評論。 Kevan，我想你說過 69.5% 年比下降了。然後，如果我記得的話，那是全年或只是下半年，但產品毛利率略有策略性下降。您願意對此發表評論嗎？

Sure. And thanks, Eric. Look, we've been talking for some time about our sweet spot for product gross margins really being in the high-60s. And it's taken us a long time to achieve that. And so I actually think this is quite a positive for us in terms of what we're seeing in the high-60s.

當然。謝謝，埃里克。看，我們已經討論了一段時間我們的產品毛利率的最佳點實際上是在 60 左右。我們花了很長時間才實現這一目標。所以我實際上認為，就我們在 60 年代看到的情況而言，這對我們來說是非常積極的。

Now we are seeing and looking at a modest sequential decline that I talked about in my prepared remarks. And that's really coming from the strong momentum and demand from customers shifting their cost sensitive workloads to our all-flash solutions, whether that's our family of E solutions or FlashArray//C.

現在我們正在看到並正在觀察我在準備好的發言中談到的適度的連續下降。這實際上來自於客戶將其成本敏感的工作負載轉移到我們的全快閃解決方案的強勁動力和需求，無論是我們的 E 解決方案系列還是 FlashArray//C。

And look, we'll continue to aggressively pursue this transition. And that's really what's driving our expectation of seeing a modest reduction in our product gross margins in the back half of the year. And as well this has been considered in our annual guide for operating profit as well.

看，我們將繼續積極推進這一轉變。這確實是我們預計下半年產品毛利率將小幅下降的原因。我們的年度營業利潤指南也考慮了這一點。

Thank you, Eric. We have one more question. So this will be the last question.

謝謝你，埃里克。我們還有一個問題。所以這將是最後一個問題。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks, guys. Thanks, Charlie. Thanks, Kevin, for all the detail. I just had a thematic question about the hyperscaler opportunity. We appreciate all the color, but can you maybe talk to how the hyperscalers are viewing your solution? What I mean by that is what kind of workload, what kind of application, kind of what are the use cases that they're thinking about as you have these extensive discussions, so we could think about sort of how your product would dovetail with their existing architecture. Thank you.

偉大的。謝謝，夥計們。謝謝，查理。謝謝凱文提供的所有細節。我剛剛有一個關於超大規模機會的主題問題。我們欣賞所有的顏色，但您能否談談超大規模企業如何看待您的解決方案？我的意思是，當你進行這些廣泛的討論時，他們正在考慮什麼樣的工作負載，什麼樣的應用程序，什麼樣的用例，所以我們可以考慮你的產品如何與他們的需求相契合。有的架構。謝謝。

Yeah. Let me start, and I think Rob will add some color to this. Honestly, it's a very broad -- it's a fundamental architectural shift for them. And the more -- and obviously, we're at different stages in the conversation with different hyperscalers. But the further we go down the path with any one of them, they're looking to make it an architectural shift in their infrastructure, whereby it would replace not only higher performance workloads, but lower performance workloads, including disc.

是的。讓我開始吧，我想羅布會為此增添一些色彩。老實說，這是一個非常廣泛的——對他們來說這是一個根本性的架構轉變。而且顯然，我們與不同的超大規模企業的對話處於不同階段。但隨著我們與其中任何一個的合作進一步深入，他們都希望在其基礎設施中實現架構轉變，從而不僅取代更高性能的工作負載，而且取代更低性能的工作負載，包括磁碟。

And once implemented, no reason for it not to replace, for example, even their use of SSDs, so fairly broad. Now knock on wood, we haven't -- nothing has been signed yet, but the longer the further in we are in conversations with hyperscaler, the more they test us, the more we discuss terms and conditions and structures, the broader the use cases are in those discussions.

一旦實施，它沒有理由不取代，例如，甚至他們使用的SSD，如此廣泛。現在敲敲木頭，我們還沒有簽署任何東西，但是我們與超大規模商對話的時間越長，他們對我們的測試就越多，我們討論條款、條件和結構的次數就越多，使用範圍就越廣這些案例都在這些討論中。

Yeah, David, and this is Rob. Just to add on that, I really want to emphasize a point that Charlie made, which is really going after this and looking at this as a broad set of workloads targeted at various performance and architectural replacement points.

是的，大衛，這是羅布。補充一點，我真的想強調 Charlie 提出的一點，即真正追求這一點，並將其視為針對各種效能和架構替換點的廣泛工作負載。

And what I mean by that is these hyperscalers operate so many workloads, so many different environments, they get economies and simplicity of scale and operations by standardizing the infrastructure largely to serve all of those workloads. They generally don't build out special purpose infrastructure for each workload one by one.

我的意思是，這些超大規模企業運作如此多的工作負載、如此多的不同環境，他們透過標準化基礎設施來服務所有這些工作負載，從而實現規模和操作的經濟性和簡單性。他們通常不會為每個工作負載一一建立專用基礎設施。

And so certainly, within and under that umbrella, have got higher performance workloads, typically being served by flash today all the way to lower performance workloads, largely being served by disc. We think in the long term, we've got opportunity to go provide value across the board with our DirectFlash technology.

因此，當然，在這個保護傘內和下，具有更高性能的工作負載，通常由閃存提供服務，一直到較低性能的工作負載，主要由光盤提供服務。我們認為，從長遠來看，我們有機會利用 DirectFlash 技術全面提供價值。

But certainly, as an initial step, would be focusing on the replacement of the disc base environments in that infrastructure. So hopefully, that's helpful for you, David.

但當然，作為第一步，重點是更換該基礎設施中的光碟基礎環境。希望這對你有幫助，大衛。

Yeah. Thanks, David, and thanks, Rob. That's a great question to end on. Charlie has some final comments.

是的。謝謝大衛，謝謝羅布。這是一個很好的結束問題。查理有一些最後的評論。

Yes. I want to thank you all again, as always, for joining us today on today's earnings call. Our platform strategy and our innovation is once again transforming the storage industry. We empower enterprises to address their fragmented data silos, which is going to be a critical step in unlocking their full potential of analytics and artificial intelligence.

是的。我想一如既往地再次感謝大家參加今天的財報電話會議。我們的平台策略和創新正在再次改變儲存產業。我們幫助企業解決分散的資料孤島問題，這將是釋放其分析和人工智慧全部潛力的關鍵一步。

And we believe that providing a unified, versatile, and energy-efficient platform, we're going to enable businesses to embrace the technological change that they face and seamlessly integrate their data centers with their cloud environment as well.

我們相信，透過提供一個統一、多功能且節能的平台，我們將使企業能夠擁抱他們面臨的技術變革，並將他們的資料中心與雲端環境無縫整合。

I want to thank everyone, particularly our customers, employees partners, our suppliers, and our investors. Your dedication, collaboration and trust are the driving forces behind our success. Thank you, all, for your continued support and commitment. Goodbye.

我要感謝所有人，特別是我們的客戶、員工夥伴、供應商和投資者。您的奉獻、協作和信任是我們成功的動力。感謝大家一直以來的支持與承諾。再見。

That concludes the Pure Storage second-quarter fiscal '25 financial results conference call. Thank you for your participation. You may now disconnect your lines.

Pure Storage '25 財年第二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。