Pure Storage Inc (PSTG) 2025 Q3 法說會逐字稿

Good day, and welcome to Pure Storage third 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 財年第三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 third 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 Kevin's prepared remarks, we will take questions.

謝謝。大家下午好，歡迎參加 Pure 2025 財年第三季財報電話會議。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 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.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網路直播。此網路廣播隨附的幻燈片可在 Investor.purestorage.com 下載。

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

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

Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance. A discussion of some of the risks and uncertainties relating to our business is contained in our filings with the SEC, and we refer you to these public filings.

我們的實際結果可能與預測結果有重大差異，報告的結果不應被視為未來績效的指標。我們向 SEC 提交的文件中包含了與我們業務相關的一些風險和不確定性的討論，我們建議您參閱這些公開文件。

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

在本次電話會議中，除收入、剩餘績效義務或 RPO 以及現金和投資外，所有財務指標和相關成長率均為非 GAAP 指標。我們的收益新聞稿和幻燈片中提供了與最直接可比較的公認會計準則衡量標準的對帳。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage. Our fourth quarter fiscal 2025 quiet period begins at the close of business, Friday, January 17, 2025. With that, I'll turn it over to Charlie.

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 財年第四季靜默期從 2025 年 1 月 17 日星期五收盤時開始。

Good afternoon, and welcome to our Q3 FY25 earnings call. Pure Storage delivered solid third-quarter results with both revenues and operating income exceeding our guidance. As I have discussed in previous calls, we have been engaged on achieving a significant hyperscaler design win by year end. And I am pleased to announce that we signed a design win with a top four hyperscaler in the last few weeks.

下午好，歡迎參加我們的 2025 財年第三季財報電話會議。 Pure Storage 第三季業績強勁，營收和營業收入都超越我們的指引。正如我在之前的電話會議中所討論的那樣，我們一直致力於在年底前取得重大的超大規模設計勝利。我很高興地宣布，我們在過去幾週內與一家排名前四的超大規模企業簽署了設計合約。

This is the first-ever design win to provide flash for standard hyperscaler storage, and it is the vanguard for flash storage providing all online storage in major hyperscale environments in the future. For reference, the hyperscale market is responsible today for 60% to 70% of all hard disk drives purchased globally.

這是有史以​​來第一個為標準超大規模儲存提供快閃記憶體的設計勝利，也是未來在主要超大規模環境中提供所有線上儲存的快閃記憶體儲存的先鋒。作為參考，超大規模市場目前佔全球硬碟採購總量的 60% 至 70%。

In addition to providing cost-effective data storage, this top 4 hyperscalers use of Pure technology is expected to free up significant amounts of power and space in their data centers. It is also expected to significantly reduce the failure rates and maintenance costs associated with legacy disk storage while doubling the expected lifetime of their storage infrastructure.

除了提供經濟高效的資料儲存之外，使用 Pure 技術的四大超大規模企業預計將釋放其資料中心的大量電力和空間。它還預計將顯著降低與傳統磁碟儲存相關的故障率和維護成本，同時將其儲存基礎設施的預期壽命延長一倍。

Pure Storage, Purity software and DirectFlash technology will provide this hyperscale customer the necessary price, performance, density, and power to deliver the cloud-based services with unparalleled performance and energy efficiency. The close engineering engagement between the companies and extended testing by this major hyperscaler has proven Pure's DirectFlash technology is now capable of providing cost-effective data storage at hyperscale capacity even at low-cost bulk data price ranges.

Pure Storage、Purity 軟體和 DirectFlash 技術將為該超大規模客戶提供必要的價格、效能、密度和功率，以提供具有無與倫比的效能和能源效率的基於雲端的服務。兩家公司之間的密切工程合作以及這家主要超大規模提供商的擴展測試證明，Pure 的DirectFlash 技術現在能夠以超大規模容量提供經濟高效的數據存儲，即使在低成本的批量數據價格範圍內也是如此。

To fully outline the opportunity here, we are working with hyperscalers to utilize our technology with a single, consistent architecture for all of their online storage, inclusive of low-price bulk storage, nearline higher performance storage as well as high-speed storage for their most demanding use cases, including AI.

為了全面概述這裡的機會，我們正在與超大規模提供者合作，利用我們的技術為他們的所有線上儲存提供單一、一致的架構，包括低價批量儲存、近線更高效能儲存以及高速儲存。苛刻的用例，包括人工智慧。

To support the expected increase in flash demand for the hyperscale industry, we also announced today a deepening collaboration with Kioxia, a global leader in NAND flash technology. Kioxia has been a steadfast partner in our engagement with the hyperscale community. Our design win signals that Pure's DirectFlash technology is now ready to replace hard disks everywhere. And NAND vendors are taking notice and planning their opportunity to address this 700 exabyte per year market.

為了支持超大規模產業快閃記憶體需求的預期成長，我們今天也宣布與 NAND 快閃記憶體技術的全球領導者 Kioxia 深化合作。鎧俠一直是我們與超大規模社群合作的堅定合作夥伴。我們的設計勝利標誌著 Pure 的 DirectFlash 技術現在已準備好取代任何地方的硬碟。 NAND 供應商正在註意到這一點，並計劃利用他們的機會來應對這個每年 700 艾字節的市場。

As data volumes continue to increase, our combined technologies enable hyperscalers to meet the challenge of increasing data volumes while reducing power consumption, labor, and the physical footprint of hyperscale data centers. The work for the design win we announced today started over one year ago. While we have had sales of standard product into hyperscale customers, hyperscalers have developed their own software for their storage services, which operates on commodity hard disk drives and SSDs.

隨著資料量不斷增加，我們的組合技術使超大規模企業能夠應對資料量增加的挑戰，同時減少超大規模資料中心的功耗、勞動力和實體佔地面積。我們今天宣布的設計獲勝工作一年多前就開始了。雖然我們向超大規模客戶銷售標準產品，但超大規模客戶已經為其儲存服務開發了自己的軟體，該軟體在商用硬碟和 SSD 上運行。

Our early outreach to hyperscalers was first met with skepticism that we could achieve the price and performance necessary to replace cheap hard drive storage. However, this hyperscaler was open to investigating us further and working together Pure optimized the design of Purity and our DirectFlash technology to fit smoothly into their compute and storage architectures and optimized the economics to fit their financial targets.

我們早期接觸超大規模企業時，首先遭到了懷疑，認為我們能否達到替代廉價硬碟儲存所需的價格和效能。然而，這家超大規模企業願意進一步調查我們，並與 Pure 合作優化 Purity 的設計和我們的 DirectFlash 技術，以順利地融入他們的運算和儲存架構，並優化經濟性以適應他們的財務目標。

With this win, Pure is entering an exciting new hyperscale market. The design win itself signals that this top four hyperscalers future data centers are approved to use Pure's technology as their data storage standard. We expect early field trial build-outs next year with large full production deployments on the order of double-digit exabytes expected in calendar 2026, which corresponds to our fiscal '27.

憑藉這場勝利，Pure 正在進入一個令人興奮的新超大規模市場。此次設計勝利本身就顯示這四大超大規模企業的未來資料中心已獲準使用 Pure 的技術作為其資料儲存標準。我們預計明年將進行早期現場試驗，並預計在 2026 年（即我們的 27 財年）實現兩位數艾位元組的大規模全面生產部署。

We continue in our dialogues with other major hyperscalers as well. Given the significant opportunity that exists for this and other hyperscalers, we anticipate increased investment in our hyperscale line of business over the next year, for which Kevin will provide additional details.

我們也將繼續與其他主要的超大規模提供者進行對話。鑑於該公司和其他超大規模企業存在重大機遇，我們預計明年將增加對超大規模業務線的投資，Kevin 將為此提供更多詳細資訊。

I would like to turn now to another significant area of opportunity for Pure, namely artificial intelligence. AI creates several key opportunities for Pure. First, we continue to provide leading-edge, high-performance storage for public and private GPU farms in machine learning and training environments.

我現在想談談 Pure 的另一個重要機會領域，即人工智慧。人工智慧為 Pure 創造了幾個關鍵機會。首先，我們繼續為機器學習和訓練環境中的公共和私有 GPU 場提供領先的高效能儲存。

This past quarter, we were officially certified for the NVIDIA DGX SuperPOD architecture designed to provide turnkey infrastructure for the world's largest training environments. We recently announced a strategic investment with CoreWeave, a specialized GPU cloud provider to better serve our AI customers. Building on our successful, existing supercomputing scale deployment, serving thousands of GPUs, we partnered with CoreWeave to make Pure Storage available as a standard option within the CoreWeave dedicated cloud environment.

上個季度，我們獲得了 NVIDIA DGX SuperPOD 架構的正式認證，該架構旨在為全球最大的培訓環境提供交鑰匙基礎設施。我們最近宣布與專業 GPU 雲端供應商 CoreWeave 進行策略性投資，以更好地服務我們的 AI 客戶。基於我們成功的現有超級運算規模部署（為數千個 GPU 提供服務），我們與 CoreWeave 合作，將 Pure Storage 作為 CoreWeave 專用雲端環境中的標準選項提供。

Second, many enterprises are considering inference engines and retrieval-augmented generation or RAG environments as they look to apply commercial large language models to analyze their proprietary data. This quarter, we introduced the Pure Storage GenAI pod, a set of full stack solutions, which reduce the time, cost, and expertise required to deploy generative AI projects.

其次，許多企業正在考慮推理引擎和檢索增強生成或 RAG 環境，因為他們希望應用商業大型語言模型來分析其專有資料。本季度，我們推出了 Pure Storage GenAI pod，這是一套全端解決方案，可減少部署生成式 AI 專案所需的時間、成本和專業知識。

In the quarter, we signed a deal with a medical device manufacturer who faced multimillion dollar interruptions because their legacy storage technology couldn't support a real-time AI imaging system to catch defective products. With Pure, they can now run AI analytics, capture metadata and train their machines to identify and prevent defects, significantly improving their operations and their quality assurance.

本季度，我們與一家醫療設備製造商簽署了一項協議，該製造商面臨數百萬美元的中斷，因為他們的傳統儲存技術無法支援即時人工智慧成像系統來捕獲有缺陷的產品。借助 Pure，他們現在可以運行人工智慧分析、捕獲元資料並訓練機器來識別和預防缺陷，從而顯著改善其營運和品質保證。

Third, AI continues to drive customers to modernize and break down infrastructure and data silos to enable easier access to data. Unlike with other vendors, Pure customers will not need to manage different storage operating environments to meet their varied AI needs.

第三，人工智慧持續推動客戶現代化並打破基礎設施和資料孤島，以便更輕鬆地存取資料。與其他供應商不同，Pure 客戶無需管理不同的儲存操作環境即可滿足其不同的人工智慧需求。

This quarter, one of the world's leading suppliers to the defense and aerospace industry chose Pure for their AI data storage infrastructure. This Fortune 200 customer chose Pure's platform to support a wide range of training, inference, and fine-tuning, sharing many data sets and storage environments seamlessly across multiple groups and AI activities.

本季度，全球領先的國防和航空航天行業供應商之一選擇 Pure 作為其人工智慧資料儲存基礎設施。該財富 200 強客戶選擇 Pure 的平台來支援廣泛的訓練、推理和微調，在多個團隊和 AI 活動之間無縫共享許多資料集和儲存環境。

The Pure Storage platform will be used to develop multiple AI technologies to enhance human capabilities, improved aviation safety, reduce pilot workload, and develop human-centric autonomous solutions. Expanding on the Pure platform and turning to the enterprise, Pure is driving the biggest shift in enterprise storage since flash.

Pure Storage平台將用​​於開發多種人工智慧技術，以增強人類能力，提高航空安全，減少飛行員工作量，並開發以人為中心的自主解決方案。 Pure 在 Pure 平台上進行擴展並轉向企業，正在推動企業儲存自快閃記憶體以來最大的轉變。

With Pure Fusion, we are transforming enterprise data by virtualizing data management and storage and enabling enterprises to create their own data cloud environment across their global enterprise. Pure Fusion will be available this quarter as a nondisruptive free upgrade to all existing Pure block storage arrays and will be standard in all new Pure Block products and storage service offerings.

借助 Pure Fusion，我們正在透過虛擬化數據管理和儲存來轉變企業數據，並使企業能夠在其全球企業中創建自己的數據雲環境。 Pure Fusion 將於本季推出，作為所有現有 Pure Block 儲存陣列的無中斷免費升級，並將成為所有新 Pure Block 產品和儲存服務產品的標準配備。

Fusion will be extended to our file and object platforms early next year. Our advances in data storage innovation for enterprises and now hyperscalers are transforming the industry. Our experience and technology in optimizing flash storage for enterprises has now enabled us to begin to penetrate the largest hyperscalers with our Purity-based DirectFlash technology at the largest scale. Because of their scale, hyperscalers manage their storage far differently than traditional enterprises.

Fusion 將於明年初擴展到我們的文件和物件平台。我們在企業和現在的超大規模資料儲存創新方面取得的進步正在改變整個產業。我們在為企業優化快閃記憶體儲存方面的經驗和技術現在使我們能夠開始利用基於 Purity 的 DirectFlash 技術大規模滲透到最大的超大規模企業。由於其規模，超大規模企業的儲存管理方式與傳統企業截然不同。

Traditional enterprises manage individual storage arrays, which are dedicated to specific workloads. Storage dedicated to a specific workload cannot be shared with other workloads. Therefore, data stored for a particular workload is generally inaccessible for other workloads.

傳統企業管理單獨的儲存陣列，這些陣列專用於特定的工作負載。專用於特定工作負載的儲存不能與其他工作負載共用。因此，為特定工作負載儲存的資料通常無法被其他工作負載存取。

Traditional enterprise storage architectures and products create data silos. By contrast, hyperscalers only have a small handful of storage environments segmented only by price-performance levels; low, medium and high, for instance. All data from all workloads and customers utilize the same storage environments. This makes data access far easier.

傳統的企業儲存架構和產品會產生資料孤島。相較之下，超大規模企業只有一小部分儲存環境，僅以性價比水準進行劃分。例如，低、中、高。來自所有工作負載和客戶的所有資料都使用相同的儲存環境。這使得資料存取變得更加容易。

Different storage capabilities are enabled by software, not dedicated hardware. Our experience in working with hyperscalers has allowed us to bring the best attributes of data cloud architectures to enterprise data centers with Pure Fusion v2.0, which will be released this quarter.

不同的儲存功能是由軟體而不是專用硬體啟用的。我們與超大規模企業合作的經驗使我們能夠透過將於本季度發布的 Pure Fusion v2.0 將資料雲架構的最佳屬性引入企業資料中心。

Pure now makes it possible for businesses to build their own enterprise data cloud, seamlessly combining on-prem and cloud environments to stay agile and competitive in the age of AI.

Pure now 使企業能夠建立自己的企業資料雲，無縫結合本地和雲端環境，以在人工智慧時代保持敏捷和競爭力。

Pure Fusion automates data management, simplifies operations, and enhances the DevOps developer experience. Fusion empowers enterprises to build their own enterprise data clouds that federate storage across both cloud and on-prem environments, enabling effortless scalability, global accessibility, automated job placement, load balancing, and importantly, AI-ready data access.

Pure Fusion 可自動化資料管理、簡化操作並增強 DevOps 開發人員體驗。 Fusion 使企業能夠建立自己的企業資料雲，跨雲和本地環境聯合存儲，從而實現輕鬆的可擴展性、全球可訪問性、自動工作安排、負載平衡，以及重要的是人工智慧就緒的資料存取。

Fusion allows organizations to define and standardize their own customized global data management classes, inclusive of performance, cost, resiliency, recovery, and location and to automate delivery of data services to users via API and according to enterprise policy. Fusion fully unifies, automates, and delivers the Cloud Operating Model across the Pure Platform, on-premise and in the cloud.

Fusion 允許組織定義和標準化自己的客製化全域資料管理類，包括效能、成本、彈性、復原和位置，並根據企業策略透過 API 自動向使用者交付資料服務。 Fusion 跨純平台、本地和雲端完全統一、自動化和交付雲端營運模式。

We have also deepened our partnership with major public cloud vendors for enterprise services. With the official preview of the Pure Fusion powered Pure Storage Cloud for Microsoft Azure VMware service or AVS, for short, we simplify enterprise migrations from on-premise VMware environments to AVS enabling independent scaling of storage from Azure compute nodes. This first-of-its-kind solution ensures a smooth, efficient cloud transition with minimal IT disruption, boosting cost efficiency, data resilience, and storage simplicity.

我們也加深了與主要企業服務公有雲供應商的合作關係。簡而言之，透過 Pure Fusion 支援的 Pure Storage Cloud for Microsoft Azure VMware 服務或 AVS 的官方預覽版，我們簡化了企業從本機 VMware 環境到 AVS 的遷移，從而實現了從 Azure 運算節點獨立擴充儲存空間。這款同類首創的解決方案可確保平穩、高效的雲端過渡，同時最大限度地減少 IT 中斷，從而提高成本效率、資料彈性和儲存簡單性。

Turning now to the market and broader macro environment, we have not seen any meaningful change in the overall landscape, which remains relatively consistent with the muted IT spending and heightened competitive environments we have seen all year. Customers continue to contend with higher software SaaS and cloud costs as well as AI spending uncertainty, placing unanticipated pressure on operating budgets. While I would have liked to have seen more strength from Evergreen//One in the quarter, we are confident that we are strongly positioned across all of our segments.

現在轉向市場和更廣泛的宏觀環境，我們沒有看到整體格局發生任何有意義的變化，這與我們全年看到的 IT 支出疲軟和競爭環境加劇保持相對一致。客戶繼續應對更高的軟體 SaaS 和雲端成本以及人工智慧支出的不確定性，這給營運預算帶來了意想不到的壓力。雖然我希望看到 Evergreen//One 在本季度表現出更大的實力，但我們相信我們在所有細分市場中都處於強勢地位。

The cloud is not at a location. It is an operating model, enabling self-service, speed, consistent operations, and faster scaling with greater efficiency at lower costs. With Fusion and our data storage platform, we're turning the vision of an enterprise data cloud into a reality for enterprises.

雲不在某個位置。它是一種營運模式，可實現自助服務、速度、一致的營運以及以更低的成本、更高的效率和更快的擴展。借助 Fusion 和我們的資料儲存平台，我們正在將企業資料雲端的願景變成企業的現實。

Our consistent innovation in our industry has been recognized annually by industry analysts, such as our recent 11th time leader position in the 2024 Gartner Magic Quadrant for Primary Storage Platforms. and our fourth time leader position in the 2024 Magic Quadrant for File and Object Storage Platforms.

我們在業界的持續創新每年都受到產業分析師的認可，例如我們最近在 2024 年 Gartner 主儲存平台魔力像限中連續第 11 次處於領先地位。我們在 2024 年文件和物件儲存平台魔力像限中第四次獲得領先地位。

Energy availability is a global concern and has become a critical risk to hyperscalers operations. Some are even contracting with nuclear power plants to secure a reliable supply of electrical power. Hyperscalers no longer seek low-cost power, they're looking for power at any cost.

能源可用性是全球關注的問題，並已成為超大規模企業營運的關鍵風險。有些甚至與核電廠簽訂合同，以確保可靠的電力供應。超大規模企業不再尋求低成本電力，而是不惜一切代價尋求電力。

Expanding electricity production cannot add significant capacity for many years. Alternatively, replacing inefficient hard disk drive storage with Pure DirectFlash technology represents one of the largest power sources presently available to hyperscalers.

擴大電力生產在許多年內都無法大幅增加發電量。或者，以 Pure DirectFlash 技術取代低效的硬碟儲存是超大規模企業目前可用的最大能源之一。

As power limitations increasingly hinder data center growth, Pure Storage is the only company that can simultaneously enable hyperscalers to cost-effectively upgrade their data storage while simultaneously freeing vast amounts of electrical power and data center space for other applications such as AI.

隨著電力限制日益阻礙資料中心的發展，Pure Storage 是唯一一家能夠同時使超大規模企業經濟高效地升級其資料存儲，同時為人工智慧等其他應用釋放大量電力和資料中心空間的公司。

Overall, we are very pleased with our progress on our hyperscale opportunity and with the expansion of our enterprise capabilities, I am personally more excited than ever about Pure's opportunity ahead as we drive a new era in data storage management. With that, I'll pass the mic to Kevan.

總的來說，我們對超大規模機會的進展以及我們企業能力的擴展感到非常滿意，我個人對 Pure 未來的機會比以往任何時候都更加興奮，因為我們推動了資料儲存管理的新時代。說完，我會把麥克風交給凱文。

Thank you, Charlie. We are pleased with our Q3 financial results, exceeding both our revenue and operating profit guidance. Revenue of $831 million grew 9% year over year while also delivering strong operating profits of $167 million. Strong demand continues for our //E family and FlashArray//C solutions, enabling customers to move their cost-sensitive workloads to all-flash. Additionally, renewals of our Evergreen subscriptions across our installed base remained robust, demonstrating strong year-over-year growth.

謝謝你，查理。我們對第三季的財務業績感到滿意，超越了我們的收入和營業利潤指引。營收達 8.31 億美元，年增 9%，同時也實現了 1.67 億美元的強勁營運利潤。對我們的 //E 系列和 FlashArray//C 解決方案的強勁需求持續存在，使客戶能夠將其對成本敏感的工作負載轉移到全快閃記憶體。此外，我們的常青訂閱續訂量在我們的安裝基礎上仍然強勁，顯示出強勁的同比增長。

Total contract value or TCV sales for our Storage-as-a-Service offerings during Q3 was $96 million, reaching $253 million for the nine months of FY25. Conversion of larger Evergreen//One opportunities valued greater than $5 million is consistent based on our expectations that we reduced last quarter.

第三季我們的儲存即服務產品的總合約價值或 TCV 銷售額為 9,600 萬美元，在 2025 財年的前九個月達到了 2.53 億美元。更大的 Evergreen 的轉換//一個價值超過 500 萬美元的機會與我們上季度減少的預期一致。

Higher velocity Evergreen//One pipeline that we define as less than $5 million is strong. Though in Q3, we experienced a meaningful increase in these opportunities converting to a traditional sale. This contributed to higher-than-expected product revenues in Q3 while also resulting in lower-than-expected TCV sales of Evergreen//One.

速度更快的長青//我們定義的低於 500 萬美元的管道是強大的。儘管在第三季度，我們發現這些轉換為傳統銷售的機會顯著增加。這導致第三季產品收入高於預期，同時也導緻長榮//One的TCV銷售額低於預期。

Subscription services, annual recurring revenue or ARR grew 22% to $1.57 billion. Total RPO exiting Q3, which includes both subscription services and product orders, grew 16% year over year to $2.4 billion.

訂閱服務的年度經常性收入 (ARR) 成長 22%，達到 15.7 億美元。第三季的 RPO 總額（包括訂閱服務和產品訂單）年增 16%，達到 24 億美元。

RPO, excluding product orders and associated exclusively with our subscription service offerings grew by 17%. RPO growth is impacted by lower-than-expected TCV sales of our Evergreen//One offering.

RPO（不包括產品訂單以及僅與我們的訂閱服務相關的產品）增加了 17%。 RPO 成長受到我們 Evergreen//One 產品的 TCV 銷售低於預期的影響。

US revenue for Q3 was $562 million, and international revenue was $269 million. Our new customer acquisition grew by 340 customers during Q3, and we continue to serve 62% of the Fortune 500.

第三季美國營收為 5.62 億美元，國際營收為 2.69 億美元。第三季度，我們的新客戶成長了 340 個，我們繼續為 62% 的財富 500 強企業提供服務。

In Q3, total gross margin remained strong at 71.9%, reflecting strong subscription services gross margin at 77.4% and solid product gross margin at 67.4%. As anticipated, product gross margin was influenced by our strategic efforts to help customers transition cost-sensitive workloads to our //E family and FlashArray//C solutions. This approach, while resulting in a modest decline in product gross margin, underscores our commitment to delivering cost-effective, high-value solutions for our customers across our data storage platform.

第三季度，總毛利率維持在 71.9% 的強勁水平，反映出訂閱服務毛利率強勁（77.4%）和穩定產品毛利率（67.4%）。正如預期的那樣，產品毛利率受到我們幫助客戶將成本敏感的工作負載轉移到 //E 系列和 FlashArray//C 解決方案的策略努力的影響。這種方法雖然導致產品毛利率略有下降，但強調了我們致力於透過資料儲存平台為客戶提供經濟高效、高價值的解決方案的承諾。

Looking ahead to Q4, we expect continued strong growth of our //E family and FlashArray //C solutions, resulting in a sequential modest decline in product gross margin, similar to the trend observed from Q2 to Q3.

展望第四季度，我們預計 //E 系列和 FlashArray //C 解決方案將持續強勁成長，導致產品毛利率連續小幅下降，與第二季到第三季觀察到的趨勢類似。

Operating profit of $167 million and operating margin of 20.1% during Q3 were positively impacted by revenue overachievement, strong gross margin performance, and continued operating expense discipline. Our head count increased sequentially by nearly 140 to approximately 5,900 employees.

第三季營業利潤為 1.67 億美元，營業利潤率為 20.1%，這受到收入超額完成、強勁的毛利率表現以及持續的營業費用紀律的積極影響。我們的員工人數連續增加了近 140 人，達到約 5,900 人。

Pure's balance sheet and liquidity is strong, including $1.6 billion in cash and investments at the end of Q3. Cash flow from operations during the quarter was $97 million and reflects a large upfront payment for new software technology that we licensed. Capital expenditures were $62 million and includes significant investments to scale operations for our hyperscale opportunities.

Pure 的資產負債表和流動性強勁，包括第三季末的 16 億美元現金和投資。本季營運現金流為 9,700 萬美元，反映出我們為我們許可的新軟體技術支付了大量預付款。資本支出為 6,200 萬美元，其中包括為擴大營運規模以獲得超大規模機會而進行的大量投資。

During Q3, we repurchased 3.6 million shares, returning approximately $182 million to our shareholders. We also paid $55 million of withholding taxes due on employee equity awards, which also offset dilution by approximately 1.1 million shares. We have approximately $213 million remaining on our existing repurchase authorizations.

第三季度，我們回購了 360 萬股股票，向股東返還約 1.82 億美元。我們還支付了 5500 萬美元的員工股權獎勵預扣稅，這也抵消了約 110 萬股的稀釋。我們現有的回購授權剩餘約 2.13 億美元。

Turning to guidance. We are raising our FY25 revenue expectations to $3.15 billion, representing approximately 11.5% year-over-year growth. The raise to our FY25 revenue expectation is the result of seeing an increase in Evergreen//One opportunities under $5 million, converting to a traditional sale. While this dynamic increases product revenue expectations, it also reduces FY25 TCV sales growth expectations for our as-a-service offerings.

轉向指導。我們將 2025 財年營收預期上調至 31.5 億美元，年增約 11.5%。我們上調 25 財年收入預期的原因是 Evergreen//One 機會增加到 500 萬美元以下，並轉換為傳統銷售。雖然這種動態增加了產品收入預期，但也降低了我們的即服務產品的 25 財年 TCV 銷售成長預期。

With lower TCV sales growth for our as-a-service offerings, we do not expect the growth of our consumption and subscription offerings will have a significant impact on our FY25 revenue growth. As such, we are not updating our FY25 TCV sales guidance for our as-a-service offerings. For Q4, we anticipate revenue of $867 million, reflecting 9.7% year-over-year growth.

由於我們的即服務產品的 TCV 銷售成長較低，我們預期消費和訂閱產品的成長不會對我們 25 財年的營收成長產生重大影響。因此，我們不會更新我們的即服務產品的 25 財年 TCV 銷售指南。對於第四季度，我們預計營收為 8.67 億美元，年增 9.7%。

Now moving to operating profit expectations. Aligned with our increased FY25 revenue guidance, we are also raising our FY25 operating profit expectations to approximately $540 million, reflecting an operating margin of 17%. For Q4, we are guiding operating profit of $135 million and operating margin of 15.6%.

現在轉向營業利潤預期。根據我們增加的 2025 財年收入指引，我們也將 2025 財年營業利潤預期提高至約 5.4 億美元，營業利益率為 17%。對於第四季度，我們預計營業利潤為 1.35 億美元，營業利益率為 15.6%。

Before closing, I'd like to share some preliminary thoughts on our first transformative design win with a top four hyperscaler to help inform your models. The commercial framework for this design win involves licensing our technology and delivering support services. Hardware will not be included as part of our sale to the hyperscaler.

在結束之前，我想分享一些關於我們與前四名超大規模提供者的首次變革性設計勝利的一些初步想法，以幫助為您的模型提供資訊。此次設計勝利的商業框架涉及授權我們的技術和提供支援服務。硬體不會包含在我們向超大規模企業銷售的過程中。

We anticipate meaningful revenue contribution and operating margin expansion from this win beginning in FY27, which aligns with our expectations for full-scale production deployments, reaching double-digit exabyte capacities by that time. To capitalize on this milestone, we will increase operating investments in FY26, aimed at scaling operations and accelerating our opportunity to deliver Pure's differentiated technology for hyperscale storage. When considering these investments, we expect FY26 operating margin will be approximately 17%, consistent with our FY25 operating margin guidance.

我們預計從 2027 財年開始，這場勝利將帶來有意義的收入貢獻和營業利潤率擴張，這符合我們對全面生產部署的預期，屆時產能將達到兩位數的艾字節容量。為了利用這一里程碑，我們將在 2026 財年增加營運投資，旨在擴大營運規模並加速我們提供 Pure 超大規模儲存差異化技術的機會。在考慮這些投資時，我們預期 2026 財年營業利潤率約為 17%，與我們 25 財年營業利潤率指引一致。

In closing, as we look ahead, our strategic investments and innovation, position Pure as a leader in transforming the data storage landscape. We remain focused on execution, while navigating a persistently muted IT spending environment. The growth opportunities ahead are fueled by our advancements across our data storage platform, empowering organizations to unlock greater efficiency, scalability, and resilience in their operations. We are excited about what lies ahead and confident in our ability to drive sustained growth and innovation. With that, I'll turn it back to Paul for Q&A.

最後，展望未來，我們的策略投資和創新使 Pure 成為資料儲存格局轉型的領導者。我們仍專注於執行，同時應對持續低迷的 IT 支出環境。我們在資料儲存平台上的進步推動了未來的成長機會，使組織能夠在其營運中釋放更高的效率、可擴展性和彈性。我們對未來感到興奮，並對我們推動持續成長和創新的能力充滿信心。這樣，我會將其轉回給保羅進行問答。

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

謝謝，凱文。 （會議說明）操作員，讓我們開始吧。 。

(Operator Instructions) Amit Daryanani, Evercore ISI.

（操作員說明）Amit Daryanani，Evercore ISI。

Thanks a lot. Good afternoon, everyone, and congrats on the hyperscale win. I know you folks have been working on this for a while. Look, could you perhaps just touch on what drove the decision by this hyperscaler to choose Pure Storage versus building this on their own, given most of these hyperscalers do have a fair amount of resources.

多謝。大家下午好，恭喜超大規模獲勝。我知道你們已經為此努力了一段時間。聽著，您能否簡單談談是什麼促使該超大規模企業決定選擇 Pure Storage，而不是自己構建它，因為大多數超大規模企業確實擁有相當數量的資源。

And then just in terms of the financial impact, I heard you folks talk about in terms of sizing it up a bit. But how big do you think at scale this revenue opportunity or TAM could be for Pure? Thank you.

然後就財務影響而言，我聽到你們談論要對其進行一些評估。但您認為這種收入機會或 TAM 對於 Pure 來說有多大規模？謝謝。

Thank you, Amit, and good to hear your voice. As you know, we have been working on this a long time. So there are a number of different factors. At the end of the day, it was our ability to provide a number of different superlatives that got this hyperscaler to believe that our technology was the best fit out of anything they could do. And frankly, given our experience in this area, the fact that we had it ready for them right away and that they wouldn't have to develop it themselves.

謝謝你，阿米特，很高興聽到你的聲音。如您所知，我們已經為此努力了很長時間。所以有很多不同的因素。歸根結底，正是我們提供了許多不同的最高級功能的能力，讓這個超大規模企業相信我們的技術是他們能做的任何事情中最合適的。坦白說，鑑於我們在這一領域的經驗，我們立即為他們準備好了，他們不必自己開發。

First, and in no particular order, really unmatched reliability at scale. First of all, we can scale to these exabyte levels. But secondly, our reliability now, we are pressing to 0.15% failure rate per year. That's unbelievably low. That compares to failure rates 5 to 10 times higher for SSDs and for hard disks. And that reduces overall labor costs and outage costs.

首先，（排名不分先後），確實具有無與倫比的大規模可靠性。首先，我們可以擴展到這些艾字節等級。但其次，我們現在的可靠性，我們正在努力將每年的故障率降至 0.15%。這低得令人難以置信。相比之下，SSD 和硬碟的故障率高出 5 到 10 倍。這降低了整體勞動成本和停電成本。

Secondly, the massive impact on power savings. If you -- we have between a 5:1 and 10:1 improvement or that is less power than hard disk environments. At that level, you see a data center saving perhaps 20% of their total power. That's a huge power source if you think about it.

其次，對節能的巨大影響。如果您——我們有 5:1 到 10:1 的改進，或者比硬碟環境的功耗更低。在這個水平上，您會發現資料中心節省了總電量的 20%。如果你仔細想想，這是一個巨大的動力來源。

Think of it as a power source rather than power savings. It's power that's then available for them to scale out in other applications such as AI accelerated time to value. We can deliver this to them right away. There's no more R&D that really needs to go into that they need to put into place for this to happen.

將其視為電源而不是節能。然後他們可以利用這種力量在其他應用程式中進行擴展，例如人工智慧加速實現價值。我們可以立即將其交付給他們。為了實現這一目標，他們不需要進行更多的研發工作。

It also fits their architectures very well. Our software, remember, is a processor-based architecture rather than an SSD-based architecture which means it fits into their virtualized model of having all of their software operate on a processor. So really, it's a much more software-defined model.

它也非常適合他們的架構。請記住，我們的軟體是基於處理器的架構，而不是基於 SSD 的架構，這意味著它適合他們所有軟體在處理器上運行的虛擬化模型。事實上，這是一個更軟體定義的模型。

And then finally, unparalleled price and performance. Getting to the same TCO capabilities as hard disks when everything is considered and to do so with five or so times the performance of those hard disks, I mean it's just an equation that's really tough to beat. For the economic side of this, let me pass it over to Kevan.

最後，無與倫比的價格和性能。當考慮到所有因素並以這些硬碟的五倍左右的性能實現這一點時，獲得與硬碟相同的 TCO 能力，我的意思是，這只是一個很難擊敗的方程式。對於經濟方面的問題，讓我把它交給凱文。

Yes. Thanks, Charlie, and thanks, Amit, for your question. A couple of things, I'd point to, just a high level for you on the financial front, including what this opportunity potentially could look like at scale.

是的。謝謝查理，也謝謝阿米特的問題。我想指出的是，有幾件事對您來說在財務方面只是一個高水平，包括這個機會在規模上可能會是什麼樣子。

Charlie mentioned that about 60% to 70% of all this sold today is really driven by the hyperscaler market. And so I think that gives you a good data point in terms of what the opportunity looks like for us long term. Obviously, that will result for us in terms of significant revenue contributions over time as well as operating margin expansion over the long term as well.

Charlie 提到，今天銷售的所有產品中約有 60% 到 70% 確實是由超大規模市場推動的。因此，我認為這為您提供了一個很好的數據點，讓您了解我們的長期機會。顯然，這將為我們帶來長期的巨大收入貢獻以及長期營業利潤率的擴張。

In the shorter term, I think there's a couple of considerations I would highlight that I also included in my prepared remarks. In terms of operating margin, for FY26, we're expecting that to be flat with this year's guidance that we gave at the beginning of the year of 17%. And that's really to enable funding for scaling operations and accelerating the hyperscale opportunity that's in front of us.

從短期來看，我認為我要強調一些考慮因素，這些考慮因素也包含在我準備好的發言中。就營業利潤率而言，我們預計 2026 財年的營業利潤率將與我們年初給出的 17% 的今年指導值持平。這實際上是為了為擴展營運提供資金並加速我們面前的超大規模機會。

We don't expect meaningful revenue contribution from this opportunity until FY27, and that would also include operating margin expansion. And it's also important to note that we are not going to include hardware in our sale to the hyperscaler, and that's an important consideration for us as well.

我們預計在 2027 財年之前，這個機會不會產生有意義的收入貢獻，其中還包括營業利潤率的擴張。同樣重要的是要注意，我們不會在向超大規模提供商的銷售中包括硬件，這對我們來說也是一個重要的考慮因素。

And then lastly, when we're thinking about revenue contribution from this opportunity and we think about it in relation to data storage capacity purchase, it'd be significantly lower than when compared to, say, a sale of our FlashBlade//E solution. So I think those are some important points for us to be considering.

最後，當我們考慮這個機會的收入貢獻時，並考慮與資料儲存容量購買相關的收入貢獻時，它會明顯低於銷售我們的 FlashBlade//E 解決方案時的收入。所以我認為這些是我們需要考慮的一些重要問題。

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。

Thanks for taking the question and congrats on the announcement as well. I guess just unpacking a little bit of what was just said there. I guess, Kevin, my question is to the financial attributes of this, it sounds like it's a licensing engagement where -- are you licensing purity on a capacity deployed basis and also licensing the DSM modules, and therefore, you're not manufacturing those? Just maybe unpack those mechanics of that.

感謝您提出問題，也恭喜您的宣布。我想只是稍微解開剛才所說的內容。我想，凱文，我的問題是這個的財務屬性，這聽起來像是一個許可協議，其中——您是否在容量部署的基礎上許可純度，並且還許可DSM 模組，因此，您不製造這些模組？也許只是解開那些機制。

And then as we think about this, do you think that this hyperscale customer as they move into next-generational data center footprint that they decide to go 100% flash? Or is it a mix of hard drives and flash. Just any thoughts around that would be helpful. Thank you.

然後，當我們思考這個問題時，您是否認為這個超大規模客戶在進入下一代資料中心足跡時會決定採用 100% 快閃記憶體？或是硬碟機和快閃記憶體的混合體。只要有任何想法都會有所幫助。謝謝。

Yes. Thank you. So let me start with that. So you're thinking about it the right way. We're effectively licensing both -- the 2 parts of the technology that is the software as well as the hardware design.

是的。謝謝。那麼就讓我從這個開始吧。所以你正在以正確的方式思考它。我們實際上對這兩個部分進行了許可——技術的兩個部分，即軟體和硬體設計。

The customer will be buying directly from their integrator. They'll be buying the hardware, if you will, from their integrator. And so you have that correct. So for us, it comes in largely as licensing fees, software fees, and support fees.

客戶將直接從整合商購買。如果你願意的話，他們將從他們的整合商那裡購買硬體。所以你說得對。所以對我們來說，它主要是許可費、軟體費和支援費。

In terms of the -- the way the revenue will roll out is, as we've indicated more in our FY27, next year is the ongoing development by this customer of their next-generation data center design, which we're intimately involved in.

就營收推出的方式而言，正如我們在 2027 財年中所指出的那樣，明年該客戶將持續開發其下一代資料中心設計，我們將密切參與其中。

Now right now, what we had to prove ourselves in being able to do -- being able to prove in at the price performance level of the majority of their storage, which has been true for all the hyperscalers, which is hard disk. But our expectations is that this will be a consistent architecture that they'll use across the vast majority of their storage, including their higher performance storage, which is generally provided by SSDs today.

現在，我們必須證明自己能夠做到的事情——能夠證明其大部分儲存的性價比水平，這對於所有超大規模企業（即硬碟）來說都是如此。但我們的期望是，這將是一個一致的架構，他們將在絕大多數儲存中使用該架構，包括當今通常由 SSD 提供的更高效能儲存。

Thank you, Aaron. Next question, please.

謝謝你，亞倫。請下一個問題。

Howard Ma, Guggenheim Securities.

霍華德·馬，古根漢證券。

Great. Thanks for taking the question and, congratulations guys on the hyperscaler design win. I believe it's the game changer for Pure and a potential speech change in the industry. So Charlie and Kevan, I want to ask a little bit more about the size and structure of this deal. So I guess first is could you share what the deal length is?

偉大的。感謝您提出問題，並祝賀大家獲得超大規模設計勝利。我相信這是 Pure 的遊戲規則改變者，也是產業中潛在的語音變革。查理和凱文，我想多問一些有關這筆交易的規模和結構的問題。所以我想先你能分享一下交易期限是多少嗎？

And then on the revenue opportunity. If I just do some back of the envelope math, so double-digit exabytes in calendar 2026. Even if you just assume -- if you assume $0.10 per gigabyte and maybe half of that is recognized since it's software only, then you get to like $500 million in calendar '26, which means that 2025 is something like -- it could either be 0 or close to $500 million. So any color you can share, assuming those ranges are right on '25 would be helpful.

然後是收入機會。如果我只是做一些粗略的數學計算，那麼2026 年的數字是兩位數艾字節。就會喜歡26 年曆為 5 億美元，這意味著 2025 年可能是 0 或接近 5 億美元。因此，您可以分享的任何顏色（假設這些範圍在 25 上正確）都會有所幫助。

And if I could sneak in a follow-up on margins, too. Could you just comment if the deal will be gross margin accretive? And what exactly are the investments that you're making on the OpEx lines? Thank you.

如果我也能在邊緣偷偷地跟進。您能否評論一下這筆交易是否會增加毛利率？您在營運支出線上進行的具體投資是什麼？謝謝。

Yeah. Thanks, Howard. Lots of questions embedded in there. Let me first start with the margin. Gross margin impact. Look, I think the way we're -- and again, we're still a pretty high level in terms of what this looks like, and we'll provide more details as we go along.

是的。謝謝，霍華德。裡面隱藏著很多問題。讓我先從邊距開始。毛利率影響。看，我認為我們的方式 - 再說一次，我們在這方面仍然處於相當高的水平，我們將在進展過程中提供更多細節。

You're thinking about it right in terms of the fact that the majority of the value of the deal will still be hardware. And I think that's important to consider for your models. I think in terms of gross margin, what we've been tracking as company gross margin is a good way to be thinking about it at this point in time. And again, we'll give updates as we go along. And then duration, it's a multiyear duration, although the volumes are TBD.

你的想法是正確的，因為交易的大部分價值仍然是硬體。我認為對於你的模型來說，考慮這一點很重要。我認為就毛利率而言，我們一直在追蹤的公司毛利率是目前考慮這個問題的好方法。再次強調，我們將在進展過程中提供最新資訊。然後是持續時間，雖然數量待定，但持續多年。

Great. Okay. Thank you, Howard. Next question please.

偉大的。好的。謝謝你，霍華德。請下一個問題。

Pinjalim Bora JPMorgan.

Pinjalim Bora 摩根大通。

Thanks for taking the questions and congrats on the quarter. Charlie, I wanted to ask you, how does this opportunity change or evolve as you kind of go through your motion of density expansion of the DFM modules. Is this currently based on the 75 terabytes or 150. As you move towards the 300 terabyte, how do you expect the volumes kind of evolve in this particular case?

感謝您提出問題並祝賀本季。 Charlie，我想問你，當你經歷 DFM 模組密度擴展的過程時，這個機會會如何改變或演變。目前這是基於 75 TB 還是 150 TB。

Yeah. It doesn't specifically depend on any one of these things, although they do know our road map. And that played a big role in their selection of us. They understand that we tend to lead in the density game. A lot of the -- I would say, the bulk of storage for most of the hyperscalers and certainly, this one tends to be on the low-cost side in terms of gigabytes. And therefore, having a solution that stays at the forefront of cost is very important to them.

是的。儘管他們確實知道我們的路線圖，但它並不具體取決於其中任何一件事。這在他們選擇我們的過程中發揮了重要作用。他們明白我們往往在密度遊戲中處於領先地位。我想說的是，大多數超大規模存儲的大量存儲，當然，這個存儲往往處於千兆字節的低成本方面。因此，擁有一個處於成本前沿的解決方案對他們來說非常重要。

At the same time, they are impressed that they can also utilize exactly the same technology for higher performance workload environments and that will be based on the lower density DFMs. So the real magic here is that it's one technology at almost every level of price performance. And if you're a hyperscaler, having one technology that satisfies all the different levels of what you need to run the operation is a big positive.

同時，令他們印象深刻的是，他們還可以利用完全相同的技術來實現更高效能的工作負載環境，並且該技術將基於較低密度的 DFM。因此，這裡真正的魔力在於，它幾乎是一種具有所有性價比水準的技術。如果您是超大規模企業，擁有一項能夠滿足您運行操作所需的所有不同級別的技術是一個很大的積極因素。

Yes. And I'll just add one thing, Pinjalim. As Charlie mentioned earlier in the prepared remarks, we've been working with hyperscalers to drive this technology into disk replacement for some time. I would say that it was really the introduction of the 75 terabyte modules that really got this particular customer to really pay attention.

是的。我只想補充一件事，Pinjalim。正如 Charlie 之前在準備好的演講中提到的那樣，一段時間以來，我們一直在與超大規模提供者合作，推動這項技術用於磁碟替代。我想說，正是 75 TB 模組的推出真正引起了這個特定客戶的真正關注。

And as we look forward, right, as we look at the 150-terabyte generation we're shipping now and our road map ahead, each step along that path just makes a solution that much more compelling from really on the basis of all the superlatives that Charlie outlined earlier, including costs.

當我們展望未來時，對吧，當我們審視我們現在正在交付的150 TB 世代以及我們未來的路線圖時，沿著這條道路的每一步都只會使解決方案更加引人注目，真正基於所有最高級的基礎查理之前概述的，包括成本。

Thank you, Pinjalim. Next question, please.

謝謝你，平賈利姆。請下一個問題。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），尼達姆公司。

This is [Matt Liji] on for Mike Cikos over at Needham. I wanted to clarify, is the commentary around Evergreen subscription, TCV, and revenue, a reiteration of previous expectations? And is there any directional color you can provide on how you're expecting subscription revenue to trend as a percentage of the overall mix?

我是 [Matt Liji]，在尼達姆為 Mike Cikos 效力。我想澄清一下，圍繞長榮認購、TCV和收入的評論是否是對先前預期的重申？您可以提供任何方向性的顏色來說明您預期訂閱收入佔整體組合的百分比的趨勢嗎？

Yeah, it's a great question, Matt. And yes, that's correct. It's really a shift that we saw this quarter, in particular, with our Evergreen//One higher velocity opportunities where we saw those opportunities converting to a traditional sale, meaning CapEx sale. And so what that meant is, obviously, we saw a higher product revenue, and that's really what drove our guide increase for the year.

是的，這是一個很好的問題，馬特。是的，這是正確的。這確實是我們本季看到的轉變，特別是我們的 Evergreen//One 更高速度的機會，我們看到這些機會轉換為傳統銷售，即資本支出銷售。顯然，這意味著我們看到了更高的產品收入，這確實是推動我們今年指南成長的原因。

Yeah. Matt, let me expand on this a little bit. I think what we're seeing in the market is that there's been increased pressure on customer OpEx budgets due to the increase in software costs -- unexpected increase that came in software and SaaS cost this year as well as AI uncertainty.

是的。馬特，讓我對此進行一些擴展。我認為我們在市場上看到的是，由於軟體成本的增加，客戶營運支出預算的壓力越來越大——今年軟體和 SaaS 成本的意外增加以及人工智慧的不確定性。

And so we're seeing more customers than we had seen in the past who had been considering a Storage-as-a-Service offering, which obviously comes out of an OpEx budget, moving them to a standard product purchase, which comes out of the CapEx budget, which has not been under such pressure this year.

因此，我們看到比過去更多的客戶一直在考慮儲存即服務產品，這顯然來自營運支出預算，將他們轉向標準產品購買，這來自於資本支出預算今年並未面臨如此壓力。

This market is still evolving. It's still in its early phases. We think this is a temporary phenomenon. We would expect just because of the superior economics and the superior capabilities that we bring in a Storage-as-a-Service offering that we'll start to see growth again, but I think this has been a temporary phenomenon due to the unexpected high OpEx expenditures by organizations this past year

這個市場仍在不斷發展。它仍處於早期階段。我們認為這是暫時的現象。我們預計，由於我們引入儲存即服務產品的卓越經濟效益和卓越功能，我們將再次開始看到成長，但我認為這只是暫時現象，因為意外的高成長去年各組織的營運支出支出

Yeah. And I think that's actually really important as well, right, that when we think about selling data storage technology as a service, it's still early in its maturity. And with it, there's a tendency to default to what's easier. And that's, frankly, purchasing technology through a CapEx sale or traditional sale.

是的。我認為這實際上也非常重要，對吧，當我們考慮將資料儲存技術作為服務出售時，它仍處於成熟的早期階段。隨之而來的是，人們傾向於默認更容易的事情。坦白說，這是透過資本支出銷售或傳統銷售購買技術。

Thank you, Matt. Next question, please.

謝謝你，馬特。請下一個問題。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you. Wanted to check on this. The CoreWeave announcement that you released last month. So obviously, it sounds like that's not the big hyperscale opportunity. So maybe you could help us out in terms of describing the nature of that particular win and some of the color behind the use case and that opportunity. Thank you.

謝謝。想檢查一下。您上個月發布的 CoreWeave 公告。顯然，這聽起來並不是一個巨大的超大規模機會。因此，也許您可以幫助我們描述該特定勝利的性質以及用例和機會背後的一些顏色。謝謝。

Yeah, Simon. This is Rob. I'll take that. Absolutely, we're very excited to expand our partnership with CoreWeave, both with the strategic investment we made as well as the commercial partnership, which we announced which will bring and make available Pure Storage technology to all of their customers in the CoreWeave-dedicated cloud.

是的，西蒙。這是羅布。我會接受的。當然，我們非常高興能夠擴大與 CoreWeave 的合作夥伴關係，無論是我們所做的策略性投資還是商業合作夥伴關係，我們宣布這將為 CoreWeave 專用的所有客戶帶來並提供 Pure Storage 技術雲端。

As we mentioned in the release, we've been working with CoreWeave, who is the leading GPU cloud provider for over the last year in standing up one of the largest scale GPU storage deployments for a large joint customer.

正如我們在新聞稿中提到的，我們一直在與 CoreWeave 合作，該公司是領先的 GPU 雲端供應商，去年為大型聯合客戶建立了最大規模的 GPU 儲存部署之一。

And building on the success of that environment, this latest partnership really expands that takes those learnings and makes that proven design more broadly available for our joint customers. So really excited to get that announced and already seeing early signs of interest and demand from the customer base.

在該環境的成功基礎上，這一最新的合作夥伴關係真正擴展了這些經驗，並使經過驗證的設計更廣泛地可供我們的共同客戶使用。宣布這一消息真的很興奮，並且已經看到了客戶群的興趣和需求的早期跡象。

And Simon, just so there's no confusion, we had announced a double-digit GPU cloud win about two quarters ago, I believe -- it was 3 quarters ago. That was CoreWeave. We were not at that point in time, able to use their name, but that was the deal. That's the infrastructure that's in place there now.

Simon，為了避免混淆，我們在大約兩個季度前宣布了兩位數的 GPU 雲端勝利，我相信那是三個季度前。那就是 CoreWeave。我們當時還不能使用他們的名字，但事情就是這樣。這就是那裡現在的基礎設施。

And Simon, one last thing. Yes, CoreWeave is not the top four hyperscaler that we have been discussing today

西蒙，最後一件事。是的，CoreWeave 並不是我們今天討論的前四名超大規模提供者

Thank you, Simon. Next question, please.

謝謝你，西蒙。請下一個問題。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah, hi. Thanks for taking the question. And Charlie and Kevin, congrats on the results on this exciting hyperscaler win. Charlie, you talked about double-digit exabytes in calendar 2026. Is this based on the agreement in place? Or is that your estimate for how big this opportunity can scale?

是的，嗨。感謝您提出問題。查理和凱文，祝賀這場激動人心的超大規模勝利的結果。 Charlie，您談到了 2026 年的兩位數艾位元組。或者這是您對這個機會可以擴大到多大程度的估計？

And also on the license, is it a onetime license? Or is it annually recurring and whether it's tied to exabytes or not? Thank you.

還有許可證上，是一次性許可證嗎？或者它是否每年重複一次以及是否與艾字節相關？謝謝。

So that's our expectations for calendar 2026 based on coordination with the customer, but also pretty much -- all sales, our TBD. The design win is that we are the plan of record, however, just to be clear, they're designing around us where the plan of record for the storage in their next-generation design. The licensing -- go ahead, Kevan

這就是我們對 2026 年曆的期望，基於與客戶的協調，但也幾乎所有銷售，我們的待定。設計的勝利在於我們是記錄計劃，但是，需要明確的是，他們正在圍繞我們進行設計，其中記錄計劃是他們下一代設計中的儲存計劃。授權—繼續吧，Kevan

Yes, the licensing for the DirectFlash technology and Purity software will really be tied to the capacity that we'll be shipping.

是的，DirectFlash 技術和 Purity 軟體的許可確實與我們將要運輸的容量相關。

Thank you, Krish. Next question, please.

謝謝你，克里什。請下一個問題。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Yes. Charlie, in order to understand your reference to FY27 and the hyperscaler win that would help you with double-digit exabyte shipments, can you help us understand what is the estimated exabyte shipment in the current fiscal year, fiscal year '25?

是的。 Charlie，為了了解您對2027 財年的提及以及將幫助您實現兩位數艾字節出貨量的超大規模廠商的勝利，您能否幫助我們了解當前財年（即“25 財年”）的預計艾字節出貨量是多少？

No substantial shipments other than test systems this year.

今年除了測試系統外沒有大量出貨。

Thank you, Mehdi. Next question please.

謝謝你，邁赫迪。請下一個問題。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

Yeah. Thank you for taking my question. So I really want to dive into your Evergreen//One opportunity. I know you mentioned that some of the more higher velocity sales go back to on-prem direct sales. But now that you have more hyperscale opportunities coming in addition to the one you announced today, do you think customers might be more likely to move directly to a hyperscaler with your Purity platform with DCF versus going for an Evergreen//One type of sale? Thank you.

是的。感謝您回答我的問題。所以我真的很想深入了解你們的常青//一次機會。我知道您提到一些速度更快的銷售又回到了本地直接銷售。但現在除了您今天宣布的機會之外，您還有更多的超大規模機會，您認為客戶是否更有可能直接轉向使用DCF 的Purity 平台的超大規模商，而不是選擇常青//一種類型的銷售？謝謝。

Yes, I'll take that. It's an interesting question, but I think the answer is mostly no. And the reason is the following. The infrastructure that we'll be selling to this hyperscaler and if we were able to win others similar hyperscalers is the underlying storage technology, not the storage services that the customer offers to their customers.

是的，我會接受的。這是一個有趣的問題，但我認為答案大多是否定的。原因如下。如果我們能夠贏得其他類似的超大規模供應商，我們將向該超大規模提供者出售的基礎設施是底層儲存技術，而不是客戶向其客戶提供的儲存服務。

Those storage services are based on their own software and therefore, are some of the same software services that they offer today. What does that mean? Largely enterprises move to the cloud because of considerations around their application deployment much less around decisions around storage. And so what -- we think those decisions are largely divorced from where they choose to put their data.

這些儲存服務是基於他們自己的軟體，因此與他們今天提供的一些軟體服務相同。這意味著什麼？企業遷移到雲端很大程度上是出於對應用程式部署的考慮，而不是圍繞儲存的決策。那又怎樣——我們認為這些決定在很大程度上與他們選擇放置資料的位置無關。

So to the extent that they decide to keep their applications on-prem. That's where we generally sell our standard product today. And when they decide to keep it on-prem, we give them the alternative of using Storage as-a-Service that operates both on prem and in the cloud.

因此，他們決定將應用程式保留在本地。這就是我們今天通常銷售標準產品的地方。當他們決定將其保留在本地時，我們為他們提供了使用在本地和雲端中運行的儲存即服務的替代方案。

So I really see those as two very separate things, and I don't think that our offering of storage for hyperscalers using our DirectFlash technology will dramatically affect enterprise decisions as to where to put their storage.

因此，我確實認為這是兩個完全不同的事情，而且我認為我們使用 DirectFlash 技術為超大規模企業提供的儲存不會極大地影響企業關於儲存位置的決策。

On the flip side, I do think that we can bring some of the best attributes of cloud storage to the enterprise with the other announcement we made today, which is that we've released Pure Fusion for download this quarter. And what that allows companies to do is build their own enterprise data cloud that consists both of their on-prem storage as well as storage that they put on our software in the cloud.

另一方面，我確實認為我們可以透過今天發布的其他公告為企業帶來雲端儲存的一些最佳屬性，即我們在本季度發布了 Pure Fusion 供下載。這使得公司可以建立自己的企業資料雲，其中包括他們的本地儲存以及他們放在雲端的軟體上的儲存。

And this allows them to operate very much in the same way that hyperscalers operate, which is Storage as-a-Service, storage as a cloud of data rather than as individual arrays. So I see them as building upon one another. But I don't necessarily see our sales to the hyperscaler for their foundational storage as making a big difference in enterprise decisions as to where they place their applications.

這使得它們的運作方式與超大規模企業的運作方式非常相似，即儲存即服務，即儲存為資料雲端而不是單獨的陣列。所以我認為它們是相互基礎的。但我不一定認為我們向超大規模供應商銷售其基礎儲存會對企業關於應用程式放置位置的決策產生重大影響。

Thank you, Param. Next question, please.

謝謝你，帕拉姆。請下一個問題。

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Great. Thank you for taking my question and congrats as well on the hyperscaler announcement. The evergreen TCV, it appears that most of the customers are transitioning more to a product sale. And you mentioned this was probably a temporary phenomenon given pressures on OpEx budgets.

偉大的。感謝您提出我的問題，並祝賀超大規模的發布。常青的TCV，似乎大多數客戶正在更多地轉向產品銷售。您提到，考慮到營運支出預算的壓力，這可能是暫時的現象。

As you look at the pipeline of opportunity ahead of you and as you look into calendar '25, if you can help us understand what your expectations are for this Evergreen offering and Evergreen services subscription services to ramp up again to double-digit growth. Thank you.

當您審視眼前的機會並展望 25 日曆時，您是否可以幫助我們了解您對 Evergreen 產品和 Evergreen 服務訂閱服務再次實現兩位數成長的期望。謝謝。

Yeah, I appreciate the question. And a couple of thoughts here is, look, when we look at the dynamic of our Evergreen//One conversions, over $5 million, there's really no change to what we've talked about from last quarter. That was actually quite consistent with our expectations, again, that we spent some time walking through with our investors last quarter.

是的，我很欣賞這個問題。這裡的一些想法是，看，當我們查看 Evergreen//One 轉換的動態時，超過 500 萬美元，我們上季度討論的內容實際上沒有變化。這實際上與我們的預期非常一致，我們在上個季度花了一些時間與投資者進行了探討。

Where the dynamic has shifted a bit for us is on the higher velocity Evergreen//One opportunities, and this would be $5 million or less. And that's where we saw a meaningful tick up, if you will, on conversions to a traditional sale.

對我們來說，動態發生了一些變化，那就是更快的 Evergreen//One 機會，這將是 500 萬美元或更少。這就是我們看到傳統銷售轉換率顯著上升的地方（如果你願意的話）。

And again, we've talked about that that looks to be not sustaining, especially given our industry-leading Evergreen//One service offering. But specific to thinking and guiding or talking about next year, I want to wait to see how Q4 plays out and then have an update for you all next quarter.

我們再次討論過這種情況似乎無法持續，特別是考慮到我們提供業界領先的 Evergreen//One 服務。但具體到明年的思考和指導或談論，我想看看第四季度的情況如何，然後在下個季度為大家提供最新消息。

Thank you, Asiya. Next question, please.

謝謝你，阿西婭。請下一個問題。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys. Just my congrats on the cloud one as well. I just want to ask around pipeline. First on the hyperscale or cloud opportunity. You guys keep alluding the potential to get other hyperscalers based on your comments, so what are you seeing with this similar licensing potential to other clouds in terms of conversations you have going on with let's say, the top 10 cloud and AI providers.

嘿夥計們。我也對雲一表示祝賀。我只是想問一下管道。首先是超大規模或雲端機會。你們不斷根據自己的評論暗示獲得其他超大規模提供者的潛力，那麼，就您與排名前 10 的雲端和人工智慧提供者的對話而言，您對其他雲端的類似許可潛力有何看法。

And second, maybe on the enterprise side, is the calendar '25 setting up to be a larger refresh year for storage? Or does that evergreen model kind of mute some of the impact. Thanks, guys.

其次，也許在企業方面，日曆「25」是否會成為儲存領域更大的更新年？或者這種常青模型會減弱一些影響？謝謝，夥計們。

Yes. Actually, I'm going to turn to Rob, our CTO, on the hyperscaler discussion. Rob?

是的。實際上，我將邀請我們的技術長 Rob 來討論超大規模的問題。搶？

Yeah, absolutely. So as we said, our discussions with multiple hyperscalers continue to progress. And I would say they progressed because of the attributes which Charlie highlighted earlier, are the reliability that's unmatched that we can deliver, the significant power savings. Certainly, the performance envelope we can deliver all driving TCO savings.

是的，絕對是。正如我們所說，我們與多個超大規模提供者的討論仍在繼續取得進展。我想說，他們的進步是因為查理之前強調的屬性，即我們可以提供的無與倫比的可靠性，以及顯著的節能。當然，我們可以在效能範圍內實現所有顯著的 TCO 節省。

I think those are the main drivers, more so than the specifics of the financial and commercial arrangement. But those discussions continue with multiple additional prospects. I do think that today's announcement with both our lead customer in the space as well as our strategic collaboration with Kioxia to go and enable a broader penetration of our flash technology into the hyperscalers will serve to accelerate that.

我認為這些是主要驅動因素，比金融和商業安排的細節更重要。但這些討論仍在繼續，並有多種其他前景。我確實認為，今天與我們在該領域的主要客戶的公告以及我們與 Kioxia 的戰略合作，以實現我們的閃存技術更廣泛地滲透到超大規模企業中，將有助於加速這一進程。

So we're very excited about the potential ahead of us. At the same time, as we mentioned, the design win is a very, very important milestone that puts us in the plan of record with this hyperscaler, but there's clearly more work to be done. Right? And so we'll be working very, very closely with this hyperscaler over the next year as they continue to progress through typical move to production stages, as they ramp into ultimately what we're expecting to be double-digit exabyte capacities in the fiscal '27.

因此，我們對未來的潛力感到非常興奮。同時，正如我們所提到的，設計勝利是一個非常非常重要的里程碑，它使我們進入了這個超大規模的記錄計劃，但顯然還有更多的工作要做。正確的？因此，我們將在明年與這家超大規模企業進行非常非常密切的合作，他們將繼續通過典型的生產階段取得進展，最終達到我們預期的兩位數艾字節容量。

As far as the expectations around enterprise, I believe your question really is -- are we -- do we believe that there's demand being pent up because of a muted IT market? And I do tend to believe that there is some pent-up demand being building. But we'll have to see what that looks like as we get into next year.

就企業的期望而言，我相信您的問題實際上是——我們是否認為需求因 IT 市場低迷而被壓抑？我確實傾向於相信，有些被壓抑的需求正在形成。但到了明年，我們必須看看情況會是什麼樣子。

Thank you. Fish. Next question, please.

謝謝。魚。請下一個問題。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes, thank you. Going back to the hyperscaler opportunity, Kevan, your comments around the revenue contribution in relation to data storage capacity purchases would be significantly lower. Is that just a lack of hardware as part of the mix? Or should we think that the pricing of the software itself is also somewhat lower on a per exabyte basis?

是的，謝謝。回到超大規模商機機會，Kevan，您對與資料儲存容量購買相關的收入貢獻的評論會顯著降低。這只是缺乏硬體作為組合的一部分嗎？或者我們應該認為軟體本身的每艾位元組定價也較低？

And just to clarify, is the double-digit exabytes in calendar '26, is that from this one hyperscaler? Or does that bake in additional wins in the future? Thank you.

只是為了澄清一下，日曆 '26 中的兩位數艾位元組是來自這個超大規模嗎？或者這會在未來帶來額外的勝利嗎？謝謝。

Yeah. Thanks, Wamsi. The double-digit exabytes in FY27 relates to this hyperscaler design win itself and our expectations associated with that win. And what was your second -- your first part of that question?

是的。謝謝，瓦姆西。 2027 財年的兩位數艾字節與這場超大規模設計勝利本身以及我們與該勝利相關的期望有關。這個問題的第二部分──第一部分是什麼？

It's just that your comment on the relatively lower revenue contribution compared to a capacity -- storage capacity sale. Is that just because of the lack of hardware being sold in the solution? Or is it that the pricing of the software itself is somewhat different from the way that you would traditionally be selling?

只是您對與儲存容量銷售相比收入貢獻相對較低的評論。這僅僅是因為解決方案中缺少出售的硬體嗎？或者軟體本身的定價與您傳統的銷售方式有些不同？

Yeah, thanks for the clarification. And really is going to be the primary driver of this will be the fact that hardware is excluded from our sale, and that would be really the primary driver. Now when you also think about scale in order of magnitude, pricing will play into it, but it's secondary to the fact that hardware is excluded.

是的，謝謝你的澄清。真正的主要驅動因素將是硬體被排除在我們的銷售之外，這將是真正的主要驅動因素。現在，當您還按數量級考慮規模時，定價也會發揮作用，但與排除硬體這一事實相比，它是次要的。

Thank you, Wamsi. Next question, please.

謝謝你，瓦姆西。請下一個問題。

Meta Marshall of Morgan Stanley.

摩根士丹利的梅塔·馬歇爾。

Great, thanks. I just wanted to -- on the volume being TBD but kind of having a sense of what the architecture will look like, is the TBD in that -- you don't know how fast they will roll out this new architecture, but you do know kind of what your percentage of that data center will be? Or just kind of what are still the moving pieces as you kind of centralize in on kind of what the true volumes will be in fiscal '27? Thanks.

太好了，謝謝。我只是想——關於數量待定，但對架構會是什麼樣子有一定的了解，是TBD嗎——你不知道他們會以多快的速度推出這個新架構，但你知道知道您在該資料中心的比例是多少嗎？或者，當您專注於 27 財年的真實銷售時，仍然存在哪些變化？謝謝。

Yeah. Thank you, Meta. It's largely the exact schedule of the data center build-outs that's a little bit of an unknown. I would say exactly what percentage we have of the data center is also a little bit unknown, although we know that we will -- that we have qualified for a very, very large portion of it, but we're shooting for even more.

是的。謝謝你，梅塔。這很大程度上是資料中心擴建的確切時間表，這有點未知。我想說的是，我們在資料中心中所佔的百分比到底是多少，也有點未知，儘管我們知道我們會——我們已經有資格獲得其中非常非常大的一部分，但我們正在爭取更多。

So I would say, though, that for the most part, it's about schedule, which we're not in control of more than anything else. They still have a lot of design, if you will, on their part for other components, including ours, but for many other components of their next-generation design.

所以我想說，在很大程度上，這與時間表有關，而我們無法控制其他任何事情。如果你願意的話，他們仍然有很多其他組件的設計，包括我們的組件，但對於他們下一代設計的許多其他組件。

Thank you. Meta. Next question, please.

謝謝。元。請下一個問題。

Eric Martinuzzi, Lake Street Capital.

馬丁努齊 (Eric Martinuzzi)，湖街資本。

Yeah. I wanted to follow up on the change in the Kioxia relationship, given your comment about the hardware being excluded. I would think the hyperscaler would then be working directly with Kioxia. What's changed about that relationship? Because you talk about, more manufacturing capacity and more cutting-edge technology, it would seem like you guys are being disintermediated. .

是的。鑑於您對硬體被排除的評論，我想跟進 Kioxia 關係的變化。我認為超大規模提供者將直接與 Kioxia 合作。這種關係發生了什麼變化？因為你談到更多的製造能力和更尖端的技術，看起來你們正在脫中介化。 。

Yeah. Thanks for the question. No, we're not being disintermediated. It is still our relationship with all of the NAND vendors. We're responsible for all the qualification.

是的。謝謝你的提問。不，我們並沒有被脫中介化。這仍然是我們與所有 NAND 供應商的關係。我們對所有資格負責。

We're responsible for the design. We will also be responsible for the design of the Direct Flash Modules themselves. So we're very much in control.

我們負責設計。我們也將負責 Direct Flash 模組本身的設計。所以我們的控制能力很強。

The hyperscaler uses an integrator. It will be the integrator that purchases the hardware modules and provides it to the hyperscaler. Think of it as a meat-in-the-channel model is probably the best way to think about it.

超大規模器使用積分器。整合商將購買硬體模組並將其提供給超大規模商。將其視為渠道中的肉模型可能是最好的思考方式。

I would also say that this is -- it's an expansion of a long-standing relationship that goes well beyond just commercial and capacity. We've had a great collaboration with Kioxia in terms of technology road maps and technology design. And that's a key part of this collaboration as well, which is to bring co-designed, if you will, as Charlie mentioned, codesigned direct flash technology with their bleeding edge NAND parts to this hyperscaler customer together.

我還想說，這是對長期關係的擴展，遠遠超出了商業和產能的範圍。我們與鎧俠在技術路線圖和技術設計方面進行了良好的合作。這也是此次合作的關鍵部分，如果您願意的話，正如 Charlie 所提到的那樣，將共同設計的直接閃存技術與其尖端 NAND 部件一起帶給這個超大規模客戶。

Thank you, Eric. Next question please.

謝謝你，埃里克。請下一個問題。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Just wanted to ask on the gross margin front. I think the comment was the sequential decline in Q4 should be similar to Q3. Just if you could just clarify that. And then looking out on this line, it seems like the mix might steadily be shifting to //E and FlashArray//C Series. Is that something that we would expect on the product and the hardware side to continue?

謝謝。只是想問一下毛利率。我認為評論是第四季的連續下降應該與第三季類似。如果你能澄清這一點就好了。然後看看這條線，似乎混合可能會穩步轉向 //E 和 FlashArray//C 系列。我們期望產品和硬體方面能夠繼續這種情況嗎？

And if you can make some comments on competition now that more of the competitive set has QLC-based products in their portfolio. Is that piece of the market getting more competitive? Thank you.

既然更多的競爭者在其產品組合中擁有基於 QLC 的產品，那麼您是否可以對競爭發表一些評論。該市場的競爭是否變得更加激烈？謝謝。

Tim, out of respect for some who have gotten back in line with their second question, we're going to maybe try to take one or two of your questions, not all three. So --

提姆，出於對一些回覆第二個問題的人的尊重，我們可能會嘗試回答您的一兩個問題，而不是全部三個問題。所以 -

Yes. And maybe I'll -- Tim, I'll hit the product gross margin. and the sequential decline similar to what we saw in Q2 to Q3 and what we're expecting now to Q4 and that really is driven through our strategy of enabling our customers to transition their cost-sensitive workloads to our //E family and FlashArray//C solutions. And it's really all about the strong growth we're seeing across these solutions.

是的。也許我會——提姆，我會達到產品毛利率。連續下降類似於我們在第二季度到第三季度看到的情況以及我們現在對第四季度的預期，這實際上是透過我們的策略推動的，該策略使我們的客戶能夠將其對成本敏感的工作負載轉移到我們的//E 系列和FlashArray/ /C 解決方案。這實際上與我們在這些解決方案中看到的強勁成長有關。

Now there is less price elasticity for these solutions given the price sensitivity of the workloads. So the combination of the increased growth of these solutions and the reduced price elasticity is putting pressure on the product gross margins that you're seeing.

現在，考慮到工作負載的價格敏感性，這些解決方案的價格彈性較小。因此，這些解決方案的成長加快和價格彈性的降低相結合，給您所看到的產品毛利率帶來了壓力。

Thank you, Tim. Next question please.

謝謝你，提姆。請下一個問題。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks, guys, for squeezing me in. So maybe a question, Kevin, for you on margins next year. You talked about investing in the business to support the rollout in calendar year '26. You also mentioned gross margins would be relatively comparable in your fiscal '26 versus fiscal '25.

偉大的。謝謝各位，你們讓我參與其中。您談到了對業務進行投資以支持 26 日曆年的推出。您也提到，26 財年和 25 財年的毛利率具有相對可比性。

Can you kind of help us understand sort of where the investment dollars are going because you've been aggressively investing for the last couple of years. Should we expect the same level of growth in OpEx? Is that kind of the framework? If I think about '24 and into '25, should it look similarly in '26? Thank you.

您能否幫助我們了解投資資金的去向，因為過去幾年您一直在積極投資。我們是否應該預期營運支出有同樣水準的成長？是這樣的框架嗎？如果我考慮 '24 和 '25，它在 '26 中看起來是否應該相似？謝謝。

Yeah, great question. And I'll spend some more time next quarter going into more details of our expectations. But what I did communicate is the fact that we believe our operating margin of 17%, and that's consistent with what we communicated for this year will apply for next year as well.

是的，很好的問題。下個季度我將花更多時間詳細介紹我們的預期。但我確實傳達了這樣一個事實，即我們相信我們的營業利潤率為 17%，這與我們今年傳達的內容一致，也將適用於明年。

And when we think about the main drivers of these investments, I mean, it includes focusing acceleration of our density road map with our flat DirectFlash technology and expanding our supply chain capabilities, qualifying additional NAND suppliers and manufacturing sites, and really integration of our technology with the hyperscaler hardware specifications.

當我們思考這些投資的主要驅動力時，我的意思是，它包括透過我們的扁平DirectFlash 技術重點加速我們的密度路線圖，擴大我們的供應鏈能力，鑑定更多NAND 供應商和製造基地，以及真正整合我們的技術與超大規模硬體規格。

And that's where we think the significant incremental investments will come from. And then when we think about it for this year, obviously, we're investing heavily as well from a CapEx perspective. And that's why for the full year of FY25, we're thinking our free cash flow margin will be slightly below, 1 to 2 points below our operating margin.

我們認為這就是大量增量投資的來源。然後，當我們考慮今年的情況時，顯然，從資本支出的角度來看，我們也進行了大量投資。這就是為什麼對於 25 財年全年，我們認為我們的自由現金流利潤率將略低於我們的營業利潤率 1 到 2 個百分點。

Thank you, David. We're going to take our last question from Medi who got back in line for his second question. Thank you very much, Mehdi, for getting back into the queue. So this will be our last question.

謝謝你，大衛。我們將回答 Medi 的最後一個問題，他又回到了隊列中回答第二個問題。非常感謝邁赫迪回到隊列中。所以這將是我們的最後一個問題。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Yeah. Charlie, what is the estimated exabyte shipment in FY25?

是的。 Charlie，2025 財政年度預計的艾字節出貨量是多少？

It's a little bit hard to predict. It's going to be very low. It's a little bit hard to say because, as I said, it's mostly test environments that we're going into preproduction environments. So maybe one, maybe a couple or something along those lines?

這有點難以預測。它會非常低。這有點很難說，因為正如我所說，我們將進入預生產環境的主要是測試環境。那麼也許是一個，也許是一對或類似的東西？

Thank you, Mehdi. Before we conclude Charlie, I think you had some final comments.

謝謝你，邁赫迪。在我們結束之前，查理，我想你有一些最後的評論。

Yeah. I want to thank you all for joining us on today's earnings call. The design win underscores, I think, the critical role that Pure is going to be playing in addressing the high data growth and energy demands of hyperscalers. They're facing very fierce competition for power and even turning to very unique new power sources. But these power sources are going to take a long time to come online.

是的。我要感謝大家參加今天的財報電話會議。我認為，此次設計勝利凸顯了 Pure 在解決超大規模資料成長和能源需求方面將發揮的關鍵作用。他們面臨著非常激烈的電力競爭，甚至轉向非常獨特的新能源。但這些電源需要很長時間才能上線。

With power's constraints continuing to be a huge issue for them, this is one of the best ways for them to free up dramatic amounts of power on the order of 20% of all the power that they use today and make it available for all of the growth that they have in front of them, while improving the overall performance and capabilities of their existing storage.

由於電力限制對他們來說仍然是一個大問題，這是他們釋放大量電力的最佳方法之一，相當於他們今天使用的所有電力的 20%，並將其提供給所有的人。成長，同時提高現有儲存的整體效能和功能。

I want to thank once again our customers, our employees, our partners, our investors, and our suppliers. We deeply appreciate all of their continued support and commitment. We look forward to speaking to you again next year. Happy holidays, everyone.

我要再次感謝我們的客戶、員工、合作夥伴、投資者和供應商。我們深深感謝他們的持續支持和承諾。我們期待明年再次與您交談。大家節日快樂。

That concludes the Pure Storage third-quarter fiscal 2025 financial results conference call. Thank you for your participation. You may now disconnect your line.

Pure Storage 2025 財年第三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。