Pure Storage Inc (PSTG) 2025 Q4 法說會逐字稿

Good day and welcome to the Pure Storage fourth-quarter and full year fiscal 2025 financial results conference call.

大家好，歡迎參加 Pure Storage 2025 財年第四季和全年財務業績電話會議。

Today's conference is being recorded.

今天的會議正在錄製。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給投資人關係副總裁 Paul Ziots。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon everyone and welcome to Pure’s fourth quarter fiscal year 2025 earnings conference call.

大家下午好，歡迎參加 Pure 2025 財年第四季財報電話會議。

On the call, we have Charlie Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer.

參加電話會議的有執行長 Charlie Giancarlo； Kevan Krysler，財務長；以及首席技術長 Rob Lee。

Following Charlie’s and Kevan’s prepared remarks, we will take questions.

在查理和凱文發表完準備好的發言後，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.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，本次電話會議也同時進行網路直播。

The slides that accompany this webcast can be downloaded at investor.purestorage.com.

本次網路廣播的投影片可在 investor.purestorage.com 下載。

On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties.

在今天的電話會議上，我們將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響。

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.

其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們現有和新產品以及競爭、產業和經濟趨勢的聲明。

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.

我們今天所做的任何前瞻性陳述均基於今天的事實和假設，我們不承擔更新這些事實和假設的義務。

Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance.

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 relating to our business is contained in our filings with the SEC, and we refer you to these public filings.

我們向美國證券交易委員會提交的文件中討論了與我們業務有關的一些風險和不確定性，請參閱這些公開文件。

During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue, remaining performance obligations or RPO, and cash and investments.

在本次電話會議中，除收入、剩餘履約義務或 RPO 以及現金和投資外，所有財務指標和相關成長率均為非 GAAP 指標。

Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

我們的收益新聞稿和幻燈片提供了與最直接可比較的 GAAP 指標的對帳表。

This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes.

本次電話會議將在 Pure Storage 投資者關係網站上進行現場直播，並且會被錄音以供回放。

An archive of the webcast will be available on the IR website and is the property of Pure Storage.

網路廣播的存檔將在 IR 網站上提供，並由 Pure Storage 所有。

Our first quarter fiscal 2026 quiet period begins at the close of business Friday, April 18, 2025.

我們的 2026 財年第一季的靜默期從 2025 年 4 月 18 日星期五營業結束時開始。

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

說完這些，我會把話題交給查理。

Thank you, Paul.

謝謝你，保羅。

Good afternoon, everyone and welcome to our Q4 and fiscal 2025 earnings call.

大家下午好，歡迎參加我們的第四季和 2025 財年財報電話會議。

We delivered a solid Q4, exceeding both revenue and earnings guidance, and capping off a year marked by progress as our long-term data platform strategy is changing how enterprises think about data storage and management.

我們第四季業績表現穩健，營收和獲利均超出預期，並為這一年帶來了進步，因為我們的長期資料平台策略正在改變企業對資料儲存和管理的看法。

In FY25, we delivered on several key strategic initiatives.

在25財年，我們實施了幾項關鍵策略措施。

First, we achieved a design win with a top four hyperscaler.

首先，我們與四大超大規模製造商贏得了設計勝利。

This relationship is proceeding well, in the next stages of both testing and deployment plans.

在測試和部署計劃的下一階段，這種關係進展順利。

We see continued progress on certifying our use across multiple price performance layers.

我們看到，我們在多個價格性能層面的認證使用方面不斷取得進展。

Pure’s DirectFlash technology will enable this hyperscaler to deploy a consistent architecture across multiple performance tiers of their storage hierarchy.

Pure 的 DirectFlash 技術將使這個超大規模器能夠在其儲存層次結構的多個效能層上部署一致的架構。

It also allows them to re-deploy significant amounts of power and space to new workloads, and to increase their data storage performance, reliability and lifetime.

它還允許他們將大量電力和空間重新部署到新的工作負載，並提高其資料儲存效能、可靠性和壽命。

We also launched our 150 terabyte DirectFlash Module, marking a 5 fold increase in capacity over standard hard disks and 2.5 over the largest SSDs.

我們還推出了 150 TB 的 DirectFlash 模組，其容量比標準硬碟提高了 5 倍，比最大的 SSD 提高了 2.5 倍。

We are on track to deliver a 300 terabyte DFM late this year.

我們計劃在今年稍後推出 300 TB 的 DFM。

Next, our expansion and growth of the //E family during the year signified a major advancement to address the expected 10 fold increase in unstructured data driven by AI over the next five years.

其次，我們在今年 //E 系列的擴展和成長標誌著一項重大進步，以應對未來五年人工智慧驅動的非結構化資料預計增加 10 倍的情況。

This offers businesses far better economics compared to disk, along with superior power and density efficiencies that will drive the displacement of disk in data centers.

與磁碟相比，這為企業提供了更好的經濟效益，同時提供了卓越的功率和密度效率，這將推動資料中心中磁碟的取代。

The //E family has become a strong competitor to existing hybrid and hard disk environments.

//E系列已成為現有混合和硬碟環境的強勁競爭對手。

The rise of NAND prices in 2024 relative to disk competition did affect gross margins negatively in the year, which we expect to abate in 2025.

2024 年 NAND 價格相對於磁碟競爭的上漲確實對當年的毛利率產生了負面影響，我們預計這種影響將在 2025 年減弱。

We also continue to invest and see success in our Evergreen//One program, which has attracted strong customer satisfaction and high existing customer growth.

我們還將繼續投資 Evergreen//One 計劃並取得成功，該計劃已獲得了極高的客戶滿意度並實現了現有客戶的高成長。

Perhaps our most significant and revolutionary technology advancement last year was the GA release of our Fusion version 2.

也許我們去年最重大、最具革命性的技術進步就是 Fusion 2 的 GA 版本發布。

Available as a non-disruptive upgrade to all Pure customers, Fusion v.2 transforms traditional enterprise data storage architectures from application data silos to enterprise data clouds.

Fusion v.2 作為對所有 Pure 客戶的無中斷升級，將傳統企業資料儲存架構從應用程式資料孤島轉變為企業資料雲端。

With Fusion, Pure can now provide customers with data set management services, supporting their global data estate.

透過 Fusion，Pure 現在可以為客戶提供資料集管理服務，支援他們的全球資料資產。

This is an area in the enterprise which is largely managed manually, if at all.

這是企業中基本上採用手動管理（如果有的話）的領域。

Manual management and inadequate traceability of data sets is a leading cause of data sprawl and cyber risk for enterprises worldwide.

手動管理和資料集的可追溯性不足是導致全球企業資料蔓延和網路風險的主要原因。

Fusion opens up significant new opportunity and value for Pure in this space.

Fusion 為 Pure 在這一領域開闢了重要的新機會和價值。

The best way for me to describe the transformational impact of Fusion is with a familiar analogy.

對我來說，描述 Fusion 的變革影響的最好方式是用一個熟悉的類比。

A decade ago, many of us used an external hard drive to add storage to our computers.

十年前，我們許多人使用外部硬碟來增加電腦的儲存空間。

It provided additional storage and could back up our files.

它提供了額外的儲存空間並可以備份我們的檔案。

However, when it filled up, we needed to replace it with a larger unit and migrate the data from the old unit to the new.

然而，當它滿了的時候，我們需要用更大的單元取代它，並將資料從舊單元遷移到新單元。

If a colleague also had a hard drive which had spare capacity, it couldn't easily be shared, and file sharing between computers was difficult.

如果同事也有一個有剩餘容量的硬碟，則無法輕鬆共享，並且電腦之間的檔案共享也很困難。

Finally, if the external hard drive failed, there is little that one could do to recover.

最後，如果外部硬碟出現故障，幾乎無法恢復。

Today few people use external drives.

如今很少有人使用外部驅動器。

We've all moved to personal cloud storage provided by many different cloud providers.

我們都已轉向由許多不同雲端供應商提供的個人雲端儲存。

The benefits go well beyond just storage.

其好處遠不止儲存而已。

For example, personal cloud storage provides unlimited storage scalability.

例如，個人雲端儲存提供無限的儲存可擴充性。

When one needs more, one only needs to pay for more without having to migrate data.

當需要更多時，只需支付更多費用，而無需遷移資料。

Consistent updates to their infrastructure with non-disruptive software and hardware improvement.

透過不間斷的軟體和硬體改進持續更新其基礎設施。

In other words, the service doesn't grow old.

換句話說，這項服務不會變舊。

And guaranteed resiliency.

並保證彈性。

One expects never to lose your data.

人們希望永遠不會遺失資料。

Global access.

全球訪問。

One can access their data from anywhere, from any machine with search features to find content and easy file sharing with just a few mouse clicks.

人們可以從任何地方、任何具有搜尋功能的機器存取他們的數據，只需單擊幾下滑鼠即可查找內容並輕鬆共享文件。

This model has extended to how colleagues now work in a company.

這種模式已經延伸到現在公司裡同事的工作方式。

Corporate provisioning of personal data storage on services such as Google Drive or Microsoft OneDrive further allows companies to place their corporate data policy on employee data management, such as controlling file sharing to meet corporate compliance requirements, managing file retention and deletion policies, enabling or disabling individual access when employees join, change roles, or leave the company, and providing administrative global search for all stored files.

企業在 Google Drive 或 Microsoft OneDrive 等服務上配置個人資料存儲，進一步允許企業將其企業資料政策置於員工資料管理上，例如控製文件共享以滿足企業合規性要求、管理文件保留和刪除策略、在員工加入、更改角色或離開公司時啟用或禁用個人訪問，並為所有存儲的文件提供管理全局搜尋。

In stark contrast, the surprising secret about enterprise IT data storage is that it works almost exactly like those old personal external disk drives.

與此形成鮮明對比的是，企業 IT 資料儲存的驚人秘密在於，它的工作原理幾乎與那些舊的個人外部磁碟機完全相同。

Standard storage arrays operate as external storage devices attached to a specific application stack.

標準儲存陣列作為連接到特定應用程式堆疊的外部儲存設備運作。

Two storage arrays in the same data center attached to two application stacks are managed separately and do not share performance or capacity.

在同一資料中心內連接到兩個應用程式堆疊的兩個儲存陣列分別進行管理，並且不共用效能或容量。

Many enterprise customers have hundreds of storage arrays globally, each operating as an independent data silo.

許多企業客戶在全球擁有數百個儲存陣列，每個儲存陣列都作為獨立的資料孤島運作。

The amazing advancement of Pure Fusion v.2 transforms Pure Storage arrays from individual storage arrays into an enterprise data cloud.

Pure Fusion v.2 的驚人進步將 Pure Storage 陣列從單獨的儲存陣列轉變為企業資料雲。

Pure Fusion allows all of an enterprise's pure arrays to be managed as an integrated system.

Pure Fusion 允許將企業的所有純陣列作為一個整合系統進行管理。

Better yet, it allows the stored data to be managed as a data cloud rather than individual data silos.

更好的是，它允許將儲存的資料作為資料雲而不是單獨的資料孤島進行管理。

Fusion allows applications to utilize the total shared capacity and performance of all the arrays, not just the ones that they are directly connected to.

Fusion 允許應用程式利用所有陣列的總共享容量和效能，而不僅僅是它們直接連接到的陣列。

Fusion automates compliance policies for secure consistent data handling.

Fusion 自動化合規策略，實現安全一致的資料處理。

It enhances cybersecurity and eliminates manual errors.

它增強了網路安全性並消除了人為錯誤。

It enables automated data set management, enforcing and tracking corporate rules and policies.

它支援自動化資料集管理，執行和追蹤公司規則和政策。

It also allows stored data to be accessed across the global enterprise, breaking down data silos and enabling a true enterprise data cloud.

它還允許全球企業存取儲存的數據，打破數據孤島並實現真正的企業數據雲端。

Early feedback from dozens of customers has been enthusiastically positive.

來自數十位客戶的早期回饋都非常正面。

As enterprises face challenges like AI integration, cybersecurity threats, and hybrid cloud optimization, the need to move beyond traditional manual storage management is clear.

隨著企業面臨人工智慧整合、網路安全威脅和混合雲優化等挑戰，超越傳統手動儲存管理的必要性顯而易見。

Operating as a data cloud, Fusion automates data management, enhances security, and simplifies hybrid on-prem and cloud environments.

Fusion 作為資料雲運行，可自動化資料管理、增強安全性並簡化混合本地和雲端環境。

It supports real-time AI access, eliminates the need for excessive copies of data, and fosters API-driven innovation.

它支援即時 AI 訪問，無需過多複製數據，並促進 API 驅動的創新。

Pure Fusion enables a fundamental shift from data silos to an enterprise data cloud model for data management.

Pure Fusion 實現了資料管理從資料孤島到企業資料雲模型的根本轉變。

With Fusion, enterprises have a universally accessible storage solution that can automate and simplify their data management across thousands of arrays as simply as managing one array.

借助 Fusion，企業就擁有了一個可普遍存取的儲存解決方案，可以自動化和簡化數千個陣列的資料管理，就像管理一個陣列一樣簡單。

This enables enterprise to operate all of their data storage on a workflow basis just like the cloud.

這使得企業能夠像雲端一樣在工作流程基礎上操作其所有資料儲存。

This marks not just an evolution but a revolution in IT infrastructure, redefining enterprise storage standards and data management.

這不僅標誌著 IT 基礎架構的一次發展，而且標誌著一場革命，重新定義了企業儲存標準和資料管理。

The success of several large enterprise deals this quarter was largely due to this expanded platform strategy.

本季幾筆大型企業交易的成功很大程度上歸功於這項擴展的平台策略。

For example, a financial services technology company rearchitected its entire storage environment with Pure due to slow response times with legacy architecture.

例如，一家金融服務技術公司由於傳統架構的回應時間較慢，使用 Pure 重新設計了其整個儲存環境。

By consolidating fragmented storage onto our unified platform, the company now turns data into a powerful asset while processing hundreds of billions of financial transactions a year.

透過將分散的儲存整合到我們的統一平台上，公司現在將數據轉化為強大的資產，同時每年處理數千億筆金融交易。

One of the world's largest telcos selected Pure to tackle its significant data center power consumption challenges and reduce energy usage and data storage by an impressive 89%.

全球最大的電信公司之一選擇 Pure 來解決其資料中心面臨的巨大電力消耗挑戰，並將能源使用和資料儲存量降低了驚人的 89%。

Our 150 terabyte DFMs were foundational to this success, driving substantial business impact.

我們的 150 TB DFM 是這項成功的基礎，產生了巨大的業務影響。

Our solution enabled this provider to manage petabytes of data, run advanced analytics, and archive data for extended periods with the same core architecture.

我們的解決方案使該提供者能夠使用相同的核心架構管理 PB 級資料、運行高級分析並長期存檔資料。

Portworx, our storage solution designed for containerized applications in Kubernetes environments saw a strong increase during FY25 driven by significant growth in AI analytics and cloud native platform use cases.

Portworx 是我們為 Kubernetes 環境中的容器化應用程式設計的儲存解決方案，在 2025 財年實現了強勁成長，這得益於 AI 分析和雲端原生平台用例的顯著增長。

Last quarter, two Fortune 50 companies decided to transition their VMware environments to a modern virtualization environment using Portworx and Red Hat OpenShift.

上個季度，兩家財富 50 強公司決定使用 Portworx 和 Red Hat OpenShift 將其 VMware 環境轉變為現代虛擬化環境。

One of these companies will significantly accelerate its application deployment speed and time to achieve results while also reducing its cost by 30%.

其中一家公司將大幅加快其應用程式部署速度和實現成果的時間，同時也將降低 30% 的成本。

The other, a major manufacturer, is consolidating their containerized and virtualized application platforms in their manufacturing plants onto Kubernetes.

另一家大型製造商正在將其製造工廠中的容器化和虛擬化應用程式平台整合到 Kubernetes 上。

Portworx enables them to reduce the cost of managing different infrastructures for VMs and containers and to simplify their operations.

Portworx 使他們能夠降低管理虛擬機器和容器的不同基礎設施的成本並簡化他們的操作。

As I've indicated in recent quarters, our activity in AI continues to grow.

正如我最近幾季所指出的，我們在人工智慧領域的活動持續成長。

Machine learning and training environments are increasingly utilizing our high performance storage and AI data preparation chains increasingly utilizing Portworx.

機器學習和訓練環境越來越多地利用我們的高效能儲存和 AI 資料準備鏈，越來越多地利用 Portworx。

We are looking forward to showcasing our latest AI advancements at the upcoming NVIDIA GPU Technology conference next month.

我們期待在下個月即將舉行的 NVIDIA GPU 技術大會上展示我們最新的 AI 進展。

We will unveil how Flashblade will set a new bar for unmatched performance, scalability, and ease of deployment for large scale AI infrastructure deployments.

我們將揭示 Flashblade 如何為大規模 AI 基礎架構部署樹立無與倫比的效能、可擴充性和易部署性的新標準。

Turning to the macro environment.

轉向宏觀環境。

We expect geopolitical uncertainty to contribute to a dynamic environment at least through this year.

我們預期地緣政治的不確定性至少會在今年加劇環境的動態變化。

In addition to our standard practice of operating with globally distributed and diversified supply and distribution chains, we have also developed contingency plans for a variety of tariff scenarios.

除了我們採用全球分佈和多樣化供應和分銷鏈的標準做法外，我們還針對各種關稅情境制定了應急計畫。

Overall, we are pleased with our performance in FY25 and remain highly confident in our differentiated leading data platform strategy and vision.

總體而言，我們對 25 財年的表現感到滿意，並對我們差異化的領先數據平台策略和願景仍然充滿信心。

We are excited to help our customers build their own enterprise data clouds across their distributed and hybrid IT environments.

我們很高興能夠幫助我們的客戶在其分散式和混合 IT 環境中建立自己的企業資料雲。

This confidence is reinforced by the four key competitive advantages of the Pure platform.

Pure 平台的四大關鍵競爭優勢增強了這種信心。

Our unified Purity operating system, our Evergreen technology and business model, our Purity DirectFlash technology and our cloud operating model now enhanced with Pure Fusion v.2, which allows our customers to build their own enterprise data cloud.

我們統一的 Purity 作業系統、Evergreen 技術和商業模式、Purity DirectFlash 技術和雲端操作模式現在已透過 Pure Fusion v.2 得到增強，這使我們的客戶能夠建立自己的企業資料雲。

With that, I'll pass the mic to Kevan.

說完這些，我將把麥克風交給凱文 (Kevan)。

Thank you, Charlie.

謝謝你，查理。

We closed the year on a high note exceeding guidance with double digit revenue growth, generating $153 million in operating profit and achieving an operating margin of 17.4%.

我們以超出預期的高調結束了這一財年，實現了兩位數的收入成長，創造了 1.53 億美元的營業利潤，並實現了 17.4% 的營業利潤率。

In Q4, total revenue increased by 11%, and we set a record for TCV sales of Evergreen//One.

第四季度，總營收成長了11％，並且創下了Evergreen//One的TCV銷量紀錄。

In FY25, we reached a major financial milestone by surpassing $3 billion in total revenue for the first time.

在25財年，我們的總收入首次超過30億美元，達到了一個重要的財務里程碑。

With total revenue of $3.2 billion growing 12%, we also delivered our highest annual operating profit of $559 million.

我們的總收入達到 32 億美元，成長 12%，同時我們也實現了最高的年度營業利潤，達到 5.59 億美元。

Sales of our solutions across our data storage platform contributed to our strong Q4 performance.

我們整個資料儲存平台的解決方案的銷售促進了我們在第四季度的強勁業績。

Record sales in Q4 were achieved by FlashBlade, FlashArray//XL, Portworx, our //E family, and renewals of our Evergreen subscriptions across our installed base.

FlashBlade、FlashArray//XL、Portworx、我們的//E 系列以及我們安裝的所有 Evergreen 訂閱的續訂均實現了第四季度創紀錄的銷售。

Accelerating customers' transition of cost sensitive workloads to our //E family and FlashArray//C solutions remains a key strategic priority as customers are increasingly recognizing the superior economics over traditional dissolutions.

隨著客戶越來越認識到相對於傳統解決方案更優越的經濟性，加速客戶將成本敏感型工作負載轉向我們的//E 系列和 FlashArray//C 解決方案仍然是一項關鍵的策略重點。

Record sales of our //E family solutions combined with higher QLC Flash costs and comparatively stable hard disk solution pricing have contributed to temporarily lower product gross margins of 62.9% in Q4.

//E系列解決方案的創紀錄銷量，加上QLC Flash成本上漲以及硬碟解決方案定價相對穩定，導致第四季產品毛利率暫時下降至62.9%。

We also closed out the year with record quarterly TCV sales of Evergreen//one of $140 million, a 20% increase.

我們也以創紀錄的長榮 TCV 季度銷售額結束了這一財年，銷售額達到 1.4 億美元，成長了 20%。

FY25 TCV sales for Evergreen//one and our other service-based offerings reached $393 million, representing a 3% decline.

Evergreen//one 和我們其他基於服務的產品的 TCV 銷售額達到 3.93 億美元，下降 3%。

This was the result of both extended timelines needed to close Evergreen//one deals greater than $5 million.

這是因為 Evergreen//one 超過 500 萬美元的交易需要延長完成時間。

And a higher conversion of Evergreen//one opportunities to a traditional sale that we experienced last quarter.

上個季度，我們經歷的 Evergreen//one 銷售機會轉換成傳統銷售的率更高。

We remain confident in the long term growth potential of our expanding as a service offerings.

我們對於不斷擴展的服務產品的長期成長潛力仍然充滿信心。

We expect TCV sales of Evergreen//one to grow next year, and we will continue to provide quarterly updates though specific guidance will not be provided.

我們預計明年 Evergreen//one 的 TCV 銷售將會成長，儘管我們不會提供具體指導，但我們將繼續提供季度更新。

Q4 subscription services revenue of $385 million increased 17% and subscription services annual recurring revenue, or ARR grew 21% to 1.7 billion.

第四季訂閱服務營收為 3.85 億美元，成長 17%，訂閱服務年度經常性收入或 ARR 成長 21%，達到 17 億美元。

Total remaining obligations or RPO exiting Q4 encompassing both subscription services and non-canceable product orders grew 14% to $2.6 billion.

第四季的剩餘義務或 RPO 總金額（包括訂閱服務和不可取消的產品訂單）增加了 14%，達到 26 億美元。

Excluding non-canceable product orders, RPO related solely to our subscription services increased by 15%.

不包括不可取消的產品訂單，僅與我們的訂閱服務相關的 RPO 增加了 15%。

Overall, RPO growth was impacted by the decline in TCV sales for our storage of the service offerings during FY25.

整體而言，RPO 成長受到 25 財年我們儲存服務產品的 TCV 銷售額下降的影響。

Our subscription services net dollar retention or NDR at the end of the year was 117% and continues to be aligned with our long-term target of 115%.

我們訂閱服務的淨美元保留率或年底的 NDR 為 117%，並繼續與我們的 115% 的長期目標保持一致。

In Q4, US revenue of $619 million was the primary driver of growth while international revenue reached $261 million, down 3% year over year.

第四季度，美國營收 6.19 億美元是成長的主要動力，而國際營收達到 2.61 億美元，年減 3%。

For FY25, US revenue grew by 12% and international revenue increased by 13%.

25 財年，美國營收成長 12%，國際營收成長 13%。

Additionally, we acquired 334 new customers generally consistent with both Q4 FY24 and the previous quarter.

此外，我們獲得了 334 名新客戶，與 2024 財年第四季和上一季基本一致。

We continue to serve 62% of the Fortune 500.

我們繼續為 62％ 的財富 500 強企業提供服務。

In Q4, total gross margin was 69.2%, supported by a robust subscription services margin of 77.2%, while product gross margin influenced by the record sales of our //E family stood at 62.9%.

第四季度，總毛利率為 69.2%，受 77.2% 的強勁訂閱服務利潤率支撐，而受 //E 家族創紀錄的銷售影響，產品毛利率達到 62.9%。

For the year, total gross margin was 71.8% compared to 73.2% in FY24.

該年度的總毛利率為 71.8%，而 24 財年為 73.2%。

Looking ahead, for the full year of FY26, we expect product growth margins to settle in the mid-60s, which is in the range of our long-term expectation for product growth margins of 65% to 70%.

展望未來，我們預計 26 財年全年產品成長利潤率將穩定在 60% 左右，這在我們對 65% 至 70% 的長期產品成長利潤率預期範圍內。

This outlook is driven by expected strong demand for our //E family and FlashArray//C solutions.

這一前景是由對我們的//E 系列和 FlashArray//C 解決方案的預期強勁需求所推動的。

Alongside our expectation that QLC flash pricing will moderate and an important factor as we compete against disk-based solutions.

我們預計 QLC 快閃記憶體定價將會緩和，這也是我們與基於磁碟的解決方案競爭的一個重要因素。

Our headcount increased slightly to nearly 6,000 employees at the end of the year.

截至年底，我們的員工人數略有增加，達到近 6,000 人。

Our balance sheet remains robust with $1.5 billion in cash and investments at the end of the year.

我們的資產負債表依然強勁，年底現金和投資達 15 億美元。

Cash flow from operations in Q4 was $208 million and $753 million for the year.

第四季經營活動現金流為 2.08 億美元，全年營運活動現金流為 7.53 億美元。

Capital expenditures during the year were $227 million, representing approximately 7.2% of revenue for FY25.

本年度資本支出為 2.27 億美元，約佔 25 財年收入的 7.2%。

Our capital investments during the year supported data center expansion to support expanded testing of new products and solutions, including our recent hyperscale solution design win.

我們今年的資本投資支持了資料中心的擴張，以支援新產品和解決方案的擴展測試，包括我們最近贏得的超大規模解決方案設計。

Accelerating density of our Direct Flash modules and software development of our Fusion version 2 solution.

加速我們的 Direct Flash 模組的密度和 Fusion 版本 2 解決方案的軟體開發。

Free cash flow for Q4 was $152 million and $526 million for the year.

第四季的自由現金流為 1.52 億美元，全年自由現金流為 5.26 億美元。

Free cash flow margin for the year was 16.6%.

本年度自由現金流利潤率為16.6%。

In Q4, we repurchased 3.1 million shares, returning approximately $192 million to shareholders.

第四季度，我們回購了 310 萬股，向股東返還了約 1.92 億美元。

For FY25, share repurchases amounted to $374 million or 6.7 million shares.

25 財年，股票回購總額為 3.74 億美元，即 670 萬股。

Additionally, we paid $65 million in withholding taxes on employee awards in Q4, offsetting dilution by about 1 million shares and $209 million for FY25, offsetting about 3.5 million shares.

此外，我們在第四季度支付了 6,500 萬美元的員工獎勵預扣稅，抵消了約 100 萬股的稀釋，並在 2025 財年支付了 2.09 億美元的預扣稅，抵消了約 350 萬股的稀釋。

We currently have $21 million remaining under our existing repurchase authorization and are announcing a new share repurchase program for an additional $250 million.

我們目前現有的回購授權剩餘 2,100 萬美元，並宣布一項額外的 2.5 億美元的新股票回購計畫。

Turning to our FY26 guidance.

談到我們的 FY26 指導。

We again expect double digit revenue growth increasing by 11% to just over $3.5 billion.

我們再次預期營收將達到兩位數成長，即增加 11%，達到 35 億美元以上。

Our annual revenue outlook considers an IT spending environment similar to FY25 and a return to growth for Evergreen//one and other service offerings.

我們的年度收入展望考慮了與 FY25 類似的 IT 支出環境以及 Evergreen//one 和其他服務產品的恢復成長。

For Q1, we expect revenue of $770 million, representing an 11% year over year increase.

我們預計第一季營收為 7.7 億美元，年增 11%。

Moving to operating profit.

轉向營業利潤。

We remain committed to our bold strategic initiatives positioning ourselves for strong sustainable long-term growth.

我們將繼續致力於大膽的策略性舉措，為強勁、可持續的長期成長做好準備。

This includes leveraging our recent hyperscale design win through incremental investments to scale operations for large production and deployments starting in FY27, as well as accelerating density in our Direct Flash modules.

這包括利用我們最近的超大規模設計勝利，透過增量投資來擴大從 27 財年開始的大規模生產和部署的運營，以及加速我們的 Direct Flash 模組的密度。

We expect an operating margin in FY26 of approximately 17% consistent with my remarks last quarter, translating to an operating profit of around $595 million.

我們預期 26 財年的營業利潤率約為 17%，與我上個季度的言論一致，相當於營業利潤約 5.95 億美元。

For Q1, we are guiding operating profit of $80 million and operating margin of 10.4%.

對於第一季度，我們預計營業利潤為 8,000 萬美元，營業利潤率為 10.4%。

In closing, we are pleased to have returned to double digit revenue growth and surpassing $3 billion in revenue for the first time.

最後，我們很高興收入恢復兩位數成長並首次超過 30 億美元。

This pivotal year has been marked by remarkable innovation and execution, setting the stage for sustainable long-term growth.

這是關鍵的一年，以卓越的創新和執行為標誌，為長期可持續成長奠定了基礎。

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

說完這些，我會把話題交還給保羅問答。

Thanks, Kevan.

謝謝，凱文。

Before we begin the Q&A session, I'll ask you to please limit yourselves to one question consisting of one part so we can get to as many people as possible.

在我們開始問答環節之前，請大家將自己的問題限制在一個由一個部分組成的問題上，以便我們能夠盡可能地回答人們的問題。

If you have additional questions, we kindly ask that you please rejoin the queue, and we'll be happy to take those additional questions as time allows.

如果您還有其他問題，請您重新加入隊列，我們會很樂意在時間允許的情況下回答這些其他問題。

Operator, let's get started.

接線員，我們開始吧。

(Operator Instructions)

（操作員指令）

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

I wanted to come back to some of the prepared commentary on Fusion.

我想回顧一下關於 Fusion 的一些準備好的評論。

And really I know it's early with the launch of Fusion 2.0, but do we have signs yet of customers that have adopted Fusion showing either spins or expansions or stickiness or if it's still too early.

我確實知道 Fusion 2.0 的推出還為時過早，但是我們是否有跡象表明，已經採用 Fusion 的客戶表現出旋轉、擴展或粘性，或者是否還為時過早。

And you at least provide commentary on the go to market potentially and where we are in driving the adoption and awareness of what Fusion enables.

而且您至少會對進入市場的潛力以及我們在推動 Fusion 的採用和認知方面所取得的進展提供評論。

Thanks, Mike.

謝謝，麥克。

Charlie here.

查理在這裡。

Thanks for the question.

謝謝你的提問。

So what we've had now in order for a customer to experience Fusion, they have to download.

所以我們現在為了讓客戶體驗 Fusion，他們必須下載。

The latest update to the software operating system in FlashArray.

FlashArray 中軟體作業系統的最新更新。

We've had dozens of companies do that and specifically turn on Fusion and start operating with it.

我們已經有數十家公司這樣做了，並且專門啟用了 Fusion 並開始使用它進行營運。

And with less than a quarter of that being in the in the market.

其中只有不到四分之一流入市場。

As I said, we've had dozens of customers do that.

正如我所說，我們已經有數十位客戶這樣做了。

That's a very fast uptake.

這是一個非常快速的吸收。

And as I mentioned in my prepared remarks, of course, we're getting feedback, and the feedback has been not just positive but enthusiastic.

正如我在準備好的發言中提到的那樣，我們當然收到了回饋，而且這些回饋不僅是正面的，而且是熱情的。

They find that the ability to manage all the systems that they put under fusion as a as a fleet rather than as individual arrays to make life just a lot easier.

他們發現，如果能夠將所有融合系統作為一個整體而不是單獨的陣列進行管理，生活就會變得輕鬆很多。

They are now experimenting with something we call presets.

他們現在正在嘗試我們稱之為預設的東西。

What presets allow them to do is set policies for how the data is handled across the arrays such that for any specific storage class all of the data.

預設允許他們做的是設定如何在陣列中處理資料的策略，以便對於任何特定的儲存類，所有資料。

That storage cost will be handled the same way.

儲存成本將以相同的方式處理。

So as opposed to having to manage different application use cases manually in terms of policy, now the policy is carried out under software control.

因此，與必須在策略方面手動管理不同的應用程式使用案例相反，現在策略是在軟體控制下執行的。

So the feedback's been very positive.

因此反饋非常正面。

Obviously, this creates a network effect.

顯然，這產生了網路效應。

It creates a network effect for our products, meaning that if you have, all or even some significant portion of your pure storage arrays under Fusion, the likelihood of you adding another array.

它為我們的產品創建了網路效應，這意味著如果您擁有 Fusion 下的全部或部分純儲存陣列，那麼您添加另一個陣列的可能性就很高。

That's not part of that I think is going to be pretty low.

我認為這不是其中的一部分，而且比例會很低。

But to your point, it is a bit early at this point.

但就您所說的而言，現在還為時過早。

We're still in the early rollout phases.

我們仍處於早期推出階段。

I would expect that type of network effect to occur after several quarters of use.

我預計這種網路效應會在使用幾個季度後出現。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I wanted to ask about the hyperscale opportunity, and while I can appreciate it's early to really unpack the announcement from last quarter, I'm curious, any progression of how maybe the model, around this opportunity might be evolving.

我想問一下超大規模的機會，雖然我知道現在解讀上個季度的公告還為時過早，但我很好奇，圍繞這一機會的模型可能會如何演變。

And then on that same kind of narrative, how would you characterize the discussions or the degree of discussions you might be having with other hyper-scaled opportunities?

然後，基於相同的敘述，您如何描述與其他超大規模機會可能進行的討論或討論程度？

Yeah.

是的。

As you might imagine, we are early, but the conversation continues to evolve.

正如你可能想像到的，我們還為時過早，但對話仍在繼續。

And to expand, frankly, in terms of the use cases for different types of data storage tears inside that hyperscalar.

坦白說，就超標量內部不同類型的資料儲存用例而言。

So we've been evolving and continuing in terms of the depth of the of the testing and the co-development in particular.

因此，我們在測試深度和共同開發方面一直在不斷發展和持續進步。

But also discussions around future states and where that storage will go relative to other vendors.

但也有關於未來狀態以及相對於其他供應商的儲存發展方向的討論。

We continue to expand our conversations.

我們繼續擴大我們的對話。

I would say they've, we indicated last time we expected them to accelerate.

我想說的是，我們上次就表示我們預期他們會加速。

They have in fact accelerated through this quarter.

事實上，本季他們的成長速度已經加快。

Nothing to announce just yet, but certainly we're seeing increased interest.

目前還沒有任何消息可以宣布，但我們確實看到了日益增長的興趣。

Rob, do you want to add anything?

羅布，你還有什麼要補充嗎？

No.

不。

I think that summarizes as well.

我認為這也概括了這一點。

The engagement is progressing as we expect.

參與正在如我們預期的那樣進展。

And as Charlie mentioned, moving forward through the more advanced phases of completing their kind of implementation plans and detailed testing and the typical engineering process we would expect to see leading to more detailed field testing on the way to ramping the significant scale.

正如查理所提到的，透過完成他們的實施計劃和詳細測試以及典型的工程流程的更高級階段，我們期望看到在擴大規模的過程中進行更詳細的現場測試。

And yeah, I mean the discussions and engagements we're having with other hyper scalers are definitely moving forward with a faster pace.

是的，我的意思是我們與其他超大規模企業的討論和交流肯定正在以更快的速度推進。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess maybe just to follow up on the hyperscale question from Aaron.

我想也許只是為了跟進 Aaron 提出的超大規模問題。

Can you just talk about, what investments are needed by Pure at this point to get this from a design when and how it progress to a production environment.

您能否談談 Pure 目前需要哪些投資才能將其從設計階段推向生產環境？

I would love to understand kind of what investments do you need to make to get there.

我很想了解你需要做哪些投資才能達到這個目標。

And then just any clarity on what steps are needed to actually move this from design today I think starting production and fiscal '27 that would be helpful to understand.

然後，只要明確從今天的設計開始實際推進需要採取哪些步驟，我認為開始生產和財政'27，這將有助於理解。

So this is a code an ongoing co-development with that with that hyper scalar, meaning that they are developing, new software, new architectures, new infrastructure architectures for, as we've discussed, it's their next generation data center design.

因此，這是一個與超標量正在進行的共同開發的程式碼，這意味著他們正在開發新的軟體、新的架構、新的基礎設施架構，正如我們所討論的，這是他們的下一代資料中心設計。

And as they design that that software and those hardware architectures, we have to work alongside them to make sure that our software works closely with theirs.

當他們設計軟體和硬體架構時，我們必須與他們一起工作，以確保我們的軟體與他們的軟體緊密配合。

Of course we're constantly working together to try to improve both performance and price performance in that environment, as we mentioned, we're working now on multiple different performance tiers.

當然，我們一直在共同努力嘗試提高該環境下的性能和價格性能，正如我們所提到的，我們現在正在研究多個不同的性能層。

Each one of them requires its own set of tuning.

它們每一個都需要自己的一套調整。

And of course we have to also qualify several different scales of our direct flash modules along with several different Flash partners, if you will, different flash manufacturers for those direct flash modules.

當然，我們也必須與幾家不同的快閃記憶體合作夥伴（如果你願意的話，也可以是不同的快閃記憶體製造商）一起對幾種不同規模的直接快閃記憶體模組進行認證。

All of that requires quite a bit of work and testing on our side as well.

所有這些都需要我們做大量的工作和測試。

So I, and this is Kevan that I'd probably summarize it into four key areas just to summarize what Charlie's points are integrating.

因此，我是凱文，我可能會將其總結為四個關鍵領域，以總結查理的觀點。

The Purity software and our direct flash technology with the hyper scalar hardware specifications, accelerating our density roadmap with our direct flash modules, qualifying additional demand suppliers that Charlie alluded to, expanding our supply chain capabilities and scale, and really as well there's investment in pursuing other opportunities, hyper scalar opportunities as.

Purity 軟體和我們的直接快閃記憶體技術與超標量硬體規格相結合，透過我們的直接快閃記憶體模組加速我們的密度路線圖，使 Charlie 提到的額外需求供應商合格，擴大我們的供應鏈能力和規模，並且實際上也在尋求其他機會、超標量機會方面進行投資。

Howard Ma, Guggenheim.

古根漢的霍華德·馬。

For Charlie and/or Kevan, can you help us understand how much of the product gross margin decline is it, how much is it due to incremental sales of of the E and the the C families versus, say higher QLC cost or perhaps more aggressive pricing in other areas of your portfolio?

對於 Charlie 和/或 Kevan，您能否幫助我們了解產品毛利率下降的原因有多少，有多少是由於 E 和 C 系列的增量銷售造成的，相對於 QLC 成本更高或者您產品組合其他領域更激進的定價？

So yeah.Our gross margin performance on other areas of our portfolio has stayed relatively constant.

是的，我們投資組合中其他領域的毛利率表現保持相對穩定。

So no real change there.

因此，並沒有真正的改變。

So it's entirely attributable to the E family.

所以這完全歸功於 E 家族。

Now there are two effects of that.

這有兩個影響。

One is that the E family now is a higher percentage of our overall mix, but the other effect is that the E family, A, because it competes with disk that where.

一是 E 系列現在在我們的整體產品組合中所佔的比例更高，但另一個影響是 E 系列、A，因為它與磁碟競爭。

The rise in land prices in the media prices did not affect the disk market.

地價上漲對傳媒價格並未造成盤面市場影響。

So in that case, whereas when we compete with other flash pricing, our margins have been very stable.

因此在這種情況下，當我們與其他快閃記憶體定價競爭時，我們的利潤率一直非常穩定。

But when we compete against disk solutions where NAM prices have increased, it affects that family more as you might imagine.

但當我們與 NAM 價格已經上漲的磁碟解決方案競爭時，它會對那個家庭造成更大的影響，這可能與你想像的一樣。

So we view that as somewhat temporary as NA prices moderate this coming year where the margins for the E family will come back to what our longer term, or actually I shouldn't put it that way.

因此，我們認為，隨著北美市場價格在來年回落，E 系列的利潤率將恢復到長期水平，或者實際上我不應該這樣說。

What our early stage E margins were, because we do expect that as we gain market share in the family, even the E family will start to approach our normalized margins.

我們早期 E 產品的利潤率是多少，因為我們確實預計，隨著我們在該系列產品中的市場份額不斷擴大，甚至 E 系列產品也將開始接近我們的標準化利潤率。

But as we indicated, many years ago we were going to be aggressive with the family given that we're really the only player in the market right now that can compete with disk, and we want to take advantage of that.

但正如我們所指出的，許多年前我們就對磁碟家族採取了積極的態度，因為我們是目前市場上唯一能夠與磁碟競爭的參與者，我們想利用這一點。

So we are being aggressive there the more recent last year's uptick in N pricing affected us a bit more than, one would have hoped.

因此，我們在這方面採取了積極的措施，去年 N 價格的上漲對我們的影響比人們希望的要大一些。

Yeah, and so with that, this is Kevan Howard, just to follow on to Charlie's point, as we think about next year, we expect fully that the e-family momentum will continue, but with the moderation of QLC pricing, we do think we'll get back into a product gross margin range of around 65%, which again is aligned with our long term product gross margin profile.

是的，這是凱文霍華德 (Kevan Howard)，只是為了繼續查理的觀點，當我們考慮明年時，我們完全預計電子家庭的勢頭將繼續下去，但隨著 QLC 定價的緩和，我們確實認為我們的產品毛利率將回到 65% 左右的範圍，這再次與我們的長期產品毛利率狀況相一致。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Can you just maybe provide a little color about some of the, geographical, theaters, given the outperformance in the US relative to international this quarter?

鑑於本季度美國市場的表現優於國際市場，您能否介紹一下一些地區影院的情況？

Yeah, this is Kevan.

是的，這是凱文。

Look, I think, well, one is we're actually quite pleased to see the performance in the US and the growth driven by the US not unusual to see variability and growth by geographies on a quarterly basis, I think on balance.

我認為，首先，我們實際上很高興看到美國的表現以及由美國推動的成長，我認為總體而言，按季度看到不同地區之間的差異和增長並不罕見。

The growth was actually relatively comparable for the year both for international markets as a whole, as well as the US, and look, our international revenue growth was quite strong through the first three quarters of the year came down obviously in Q4, but nothing that I would call out specifically.

今年的成長實際上是相對可比的，無論是整個國際市場還是美國市場，而且，我們的國際收入在今年前三個季度增長相當強勁，但在第四季度明顯下降，但我沒有什麼特別要說的。

And we do expect our international markets and revenue to grow at a faster pace, longer term than the US, given the sizing of the markets and opportunity.

考慮到市場的規模和機會，我們確實預期我們的國際市場和收入將比美國以更快的速度、更長期地成長。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Question for Charlie or Kevan, on RPO, it looks like the RPO growth rate has declined from about 30% a year ago to 14% in the last quarter.

問 Charlie 或 Kevan，關於 RPO，看起來 RPO 成長率已經從一年前的 30% 左右下降到了上個季度的 14%。

I'm kind of curious, is this just a law of large numbers or is there something else going on in the RPO and what does it mean for your core enterprise business?

我有點好奇，這只是一個大數定律還是 RPO 中還有其他事情發生，它對您的核心企業業務意味著什麼？

Yeah, this is Kevan.

是的，這是凱文。

I'll start out and then have Charlie add.

我先開始，然後讓查理補充。

I mean this is just really a derivative of what we saw in our Evergreen//one TCV sales this year.

我的意思是，這實際上只是我們今年在 Evergreen//one TCV 銷售中看到的情況的衍生性商品。

So obviously with a small drop in revenue for the year that's impacting our RPO for the year as well at at 15% when you exclude non-canceable product orders.

因此，顯然，如果今年的收入略有下降，也會對我們全年的 RPO 產生影響，如果排除不可取消的產品訂單，則影響幅度將達到 15%。

But look, we were quite pleased to see in Q4 a record Evergreen//one performance of 20%.

但是，我們很高興地看到 Evergreen//one 在第四季度的業績創下了 20% 的紀錄。

We've certainly considered growth in our revenue guide for this year, E Evergreen//one offering, and we're very pleased and excited with that offering and the value realization that our customers are seeing with Evergreen//one as a whole.

我們當然已經將今年的營收指南中的成長考慮在內，E Evergreen//one 產品，我們對該產品以及客戶透過 Evergreen//one 整體看到的價值實現感到非常高興和興奮。

I think that covers it.

我想這就涵蓋了。

Kevan.

凱文。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

I wanted to just follow up on on Rakker's question earlier.

我只是想跟進一下 Rakker 之前提出的問題。

I don't think Charlie, you answered the question on just the model and how, gross margin and operating margin might look for the hyper scalar business, and do you think you'll be able to provide more specific guidance on revenue, as we move through the year.

我不認為查理，你回答的問題只是關於模型，以及超標量業務的毛利率和營業利潤率可能如何，你認為隨著我們全年的發展，你是否能夠就收入提供更具體的指導。

The answer on that is yes, as we understand better the exact rollout of the hyperscalers deployment plans, and we and we assume that we should be able to understand that in the 3 to 6 months prior to the actual rollout, we should be able to give an update on exactly where that's.

答案是肯定的，因為我們更了解了超大規模部署計畫的具體推出情況，我們假設我們應該能夠了解在實際推出之前的 3 到 6 個月內，我們應該能夠準確地更新它的位置。

I'll say that right now it's it's fairly dynamic, so, it's until we get a little bit on firmer footing.

我想說的是，現在情況相當活躍，所以，直到我們的基礎更加穩固為止。

Dynamics just in the sense that we're still in the planning phase and a lot of considerations in terms of the exact timing.

就動態而言，我們仍處於規劃階段，對於特定的時間安排還有很多考慮。

So as soon as we get, into a place where we feel more confident about the exact timing and the rollout, we'll be able to give more updates.

因此，一旦我們對確切的時間表和推出時間更有信心，我們將能夠提供更多更新。

And.

和。

Jason, the other thing too that I would add from a financial perspective is really nothing new from what we just discussed last quarter in detail with that design when.

傑森，從財務角度來看，我還想補充一點，與我們上個季度詳細討論的設計相比，這真的沒有什麼新意。

From a gross margin profile again, hardware would not be reflected as how we're planning that.

再次從毛利率狀況來看，硬體不會反映出我們計劃的情況。

Obviously a longer term from an operating margin we expect expansion over time with this opportunity, but again, these factors are very consistent with what we described the last quarter in detail.

顯然，從長期來看，借助這一機會，我們預計營業利潤率將隨著時間的推移而擴大，但這些因素與我們上個季度詳細描述的情況非常一致。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I was hoping you could update us on your thinking of how enterprise adoption of AI initiatives could affect your business.

我希望您能向我們介紹企業採用人工智慧計畫將如何影響您的業務。

I know Charlie, You've highlighted this uplift phase.

我知道查理，你強調了這個提升階段。

You could talk about how you think that could affect your business and when.

您可以談談您認為這會對您的業務產生什麼影響以及何時產生影響。

Yeah, well.

嗯，嗯。

AI, as we've talked in the past, is a is a multifaceted subject.

正如我們過去談到的，人工智慧是一個多方面的主題。

One is there's the large scale machine learning environment, which is really just the top of the peak of the pyramid, if you will, of enterprises that will be doing their own machine learning environment.

一是大規模機器學習環境，如果你願意的話，這其實只是金字塔的頂端，企業將建構自己的機器學習環境。

We did hint, I did hint that we've got nice new announcement coming that will be demonstrating at GTC.

我們確實暗示過，我確實暗示過我們將在 GTC 上發布新的精彩公告。

That really does relate to the largest scale of the AI opportunities.

這確實與最大規模的人工智慧機會有關。

Second is the inference opportunity.

第二是推理機會。

We've had a number of conversations.

我們已經進行過多次對話。

We continue to have conversations.

我們繼續對話。

With both customers as well as with Nvidia on the inference opportunity.

與客戶以及 Nvidia 共同探索推理機會。

I still see that as a little ways out, but we're starting to build some momentum.

我仍認為這還有一段距離，但我們已開始累積一些動力。

Early on in terms of early conversations with customers who plan on deploying in that area.

早期與計劃在該地區部署的客戶進行對話。

I'll state once again that I think our biggest opportunity is in reorganizing the way that customers manage their production data from data silos into an enterprise data cloud.

我再次聲明，我認為我們最大的機會是重新組織客戶管理生產資料從資料孤島到企業資料雲端的方式。

We see that as a major we see AI.

我們認為人工智慧是最重要的。

As a major prod, if you will towards customers rethinking the architecture of their data storage into something that is much friendlier.

作為一個主要的刺激，如果您願意的話，可以讓客戶重新思考他們的資料儲存架構，使其成為更友善的架構。

If you will, to AI getting access to data for real-time analysis, especially in inference and rag type environments.

如果你願意的話，AI 可以存取資料進行即時分析，特別是在推理和抹布類型的環境中。

So that's we believe that Fusion couldn't be coming too soon.

因此我們相信 Fusion 很快就會到來。

That it's a major opportunity for us not only in the in the management space in the compliance space to allow customers to have a better non-manual automated method for managing their data.

對我們來說，這不僅是在管理領域，而且在合規領域，都是一個很好的機會，可以讓客戶採用更好的非手動自動化方法來管理他們的資料。

But frankly, in the AI space making all of that data available for AI analysis.

但坦白說，在人工智慧領域，所有這些數據都可以用於人工智慧分析。

Yeah, and Simon, this is Rob, just to add on to that, I think if we step back, the AI segment and the opportunity, I think it continues to be playing out much as we had expected, as Charlie alluded to, you've got the high performance training infrastructure environments that have, in the last year or so gotten a lot of the attention.

是的，西蒙，這是羅布，補充一下，如果我們退一步來看，人工智慧領域和機遇，我認為它將繼續按照我們預期的方式發揮作用，正如查理提到的那樣，你擁有高性能培訓基礎設施環境，在過去一年左右的時間裡，它得到了很多關注。

What we're starting to see a bit more driving our engagements are as enterprises move more towards the entrance or rag deployment.

隨著企業逐漸轉向入口或抹布部署，我們開始看到更多推動我們參與的因素。

Type phases or start considering how they're going to connect their broader data environments and, data sets and silos into those AI workflows, coming to Pure and pure fusion to go help them do that.

輸入階段或開始考慮如何將更廣泛的資料環境、資料集和孤島連接到這些 AI 工作流程中，並使用 Pure 和 Pure Fusion 來幫助他們做到這一點。

And so if we step back and we look at where we sit in the AI segment today, a lot of that has been historically led by Flash Blade.

所以，如果我們退一步看看我們今天在人工智慧領域的位置，就會發現很多領域在歷史上都是由 Flash Blade 引領的。

But as the inference opportunity starts to play out and certainly as fusion comes into play, we're also now seeing more and more customers.

但隨著推理機會開始發揮作用，隨著融合發揮作用，我們現在也看到越來越多的客戶。

Deploying our port works and FlashArray solutions, really our entire portfolio and platform of solutions to help them drive their AI initiatives as they broaden broaden out from purely just looking at training to the entire gamut of those environments.

部署我們的端口工作和 FlashArray 解決方案，實際上就是我們的整個解決方案組合和平台，以幫助他們推動他們的人工智慧計劃，從單純的關注培訓擴展到整個環境。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Maybe two kind of interrelated ones on the margin side for you, Kevan.

凱文，對你來說，也許在邊際方面有兩個相互關聯的因素。

How if at all, have you embedded tariffs into this guide?

您是否已將關稅嵌入本指南中？

And then I think I heard you say that, investments for this year.

然後我想我聽到你說過今年的投資。

Are to support other hyperscalar opportunities.

是為了支持其他超標量機會。

So should we assume that any potential incremental announcement this year wouldn't require the incremental spend so our kind of 17% margins that we're establishing are roughly safe.

因此，我們是否應該假設今年任何潛在的增量公告都不需要增量支出，因此我們建立的 17% 利潤率大致是安全的。

Yeah, that sounds great which question would you like to pick?

是的，聽起來很棒您想選哪個問題？

I'll get the hyper steer.

我會得到超級轉向。

Yeah, look, I mean, we're building out the ecosystem on the hyper scalar environment that that includes enhancing for scale our supply chain overall, to absorb not only increase volume.

是的，看，我的意思是，我們正在超標量環境中建立生態系統，其中包括增強我們整體供應鏈的規模，不僅要增加數量，還要吸收數量。

From the one design win but also new wins as well, but that wouldn't preclude us from requiring investment to grow other opportunities.

從一次設計勝利，到新的勝利，但這並不妨礙我們進行投資以發展其他機會。

I mean, each opportunity we're looking at has some customization attached to it in terms of the integration of our purity software with hardware, but obviously a huge long term opportunity as we see it going forward.

我的意思是，我們所看到的每一個機會在純度軟體與硬體的整合方面都有一些客製化，但顯然，從我們未來的發展來看，這是一個巨大的長期機會。

You want to just yeah I mean.

你只是想，是的，我的意思。

It's a little bit on the tariff side of things, as we.

正如我們所知，這有點涉及關稅方面的問題。

First of all, I think we've proved ourselves during the COVID period with the remarkable supply chain disruptions of being very flexible and capable and having a solid and reliable and diverse supply chain as you may recall for those that haven't been followed us for as long.

首先，我認為，在疫情期間，我們已經透過顯著的供應鏈中斷證明了自己，我們非常靈活、有能力，並且擁有穩固、可靠和多樣化的供應鏈，對於那些關注我們時間並不長的人來說，你們可能還記得這一點。

We, at most we went to a 6 week lead time which was, leadership in not just in our industry but across the tech landscape.

我們花了最多 6 週的時間來建立領先地位，這不僅是在我們行業的領先地位，而且也是整個技術領域的領先地位。

We've further diversified since then our supply chain and our distribution chain.

從那時起，我們的供應鏈和分銷鏈進一步多樣化。

Now I can't predict, nor do I think anybody can predict right now exactly what tariffs are going to occur.

現在我無法預測，也不認為任何人現在能夠準確預測將會出現什麼樣的關稅。

And when and how long they'll last.

以及它們何時以及持續多久。

We are developing contingency plans for many different scenarios.

我們正在針對許多不同情況制定應急計劃。

We will be monitoring.

我們將進行監視。

Tariffs and at the appropriate time, we'll take the right.

關稅，並在適當的時候，我們會採取權利。

Action and we'll.

行動起來，我們就會。

Report back when we do.

當我們完成時請報告。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you so much.

是的，非常感謝。

Charlie and Kevan, you just noted that E-series is becoming a larger piece of the mix and you intend to be more aggressive with the E family.

查理和凱文，你們剛才提到 E 系列正在成為產品組合中越來越重要的組成部分，而你們打算更積極地推廣 E 系列。

So you penetrate this opportunity, why are you not projecting a more meaningful re-acceleration in revenues?

那麼，您抓住了這個機會，為什麼不預測收入的更有意義的再次加速呢？

I mean, your exit rate this year is 11% growth.

我的意思是，你今年的退出率是11%的成長。

You're forecasting 11% growth, all things equal from a macro standpoint.

從宏觀角度來看，如果其他條件相同，您預測成長率為 11%。

But you're really aggressively attacking this this opportunity.

但你確實在積極地抓住這個機會。

So, is there some other offset, like, how should we be thinking about sort of the lack of re-acceleration, in revenue terms?

那麼，是否有其他的抵銷措施，例如，從收入角度來看，我們該如何考慮缺乏重新加速的問題？

Thank you.

謝謝。

Yeah, if you consider the fact that we also are expecting a return to growth in the Evergreen//one area.

是的，如果你考慮到我們也期待 Evergreen//one 地區恢復成長。

I think it's a, we think it's a reasonable forecast or guide for the year.

我認為這是對於今年的合理預測或指導。

Obviously it'll depend a lot on the overall buying and macro environment, but of course we are still.

顯然，這在很大程度上取決於整體購買和宏觀環境，但當然我們仍然會如此。

We're growing faster than Industry and growing faster than all of our competitors.

我們的成長速度快於產業，也比所有競爭對手的成長速度快。

So you know that's an important characteristic.

所以你知道這是一個重要的特徵。

Obviously we'd like to grow even faster, but I think.

顯然，我們希望發展得更快，但我認為。

Given the beginning of the year and the and the political uncertainties that exists right now, I think it's a good guide.

考慮到今年年初以及目前存在的政治不確定性，我認為這是一個很好的指南。

Yeah.

是的。

And Guam, I'd add a couple other points to that from our view is obviously our guide for this year is contemplating an IT spend environment.

關於關島，我想補充幾點，從我們的角度來看，我們今年的指導顯然是考慮 IT 支出環境。

That's relatively consistent year over year, so we're not considering any significant or substantial change to that environment.

與去年同期相比，這一數字相對一致，因此我們不考慮對該環境進行任何重大或實質的改變。

And I do want to remind you, when we think about the FY25 revenue growth, we did see some benefit as a result of higher Evergreen//one opportunities converting to traditional sales in the back half of the year, and I talked about that last quarter.

我確實想提醒你，當我們考慮 25 財年的營收成長時，我們確實看到了一些好處，這是由於下半年 Evergreen//one 機會轉化為傳統銷售帶來的，我在上個季度談到了這一點。

When you normalize for that tailwind, that's about 1.5 in FY25.

當你將該順風正常化時，數字在 FY25 中約為 1.5。

So we are, and then combined with Charlie's point of expected growth of Evergreen//one in FY 26, we are seeing a bit of an uptick in revenue growth year over year when normalizing for those two points.

因此，然後結合 Charlie 對 Evergreen//one 在 26 財年的預期成長點，當將這兩個點標準化時，我們看到收入成長同比略有上升。

Thank you, Ramsey.

謝謝你，拉姆齊。

Next question, please.

請回答下一個問題。

Meta Marshall from Morgan Stanley.

摩根士丹利的 Meta Marshall。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Great thanks.

非常感謝。

Just kind of on, kind of CapEx versus OpEx dynamic, last year when we were in a more constrained CapEx environment you were talking about kind of seeing an acceleration in Evergreen, just wanted to get a sense of, do you feel.

只是關於資本支出與營運支出的動態，去年當我們處於更受約束的資本支出環境中時，您談到看到長榮的加速發展，只是想了解一下，您有何感受。

Like customers are kind of opting more for OpEx or sorry for CapEx in this period as they kind of refresh a lot of data center equipment or just kind of some of the dynamics that you're seeing just in terms of customers' appetite for CapEx versus OpEx purchases.

就像客戶在此期間更多地選擇 OpEx 或對 CapEx 感到遺憾，因為他們會更新大量資料中心設備，或者只是從客戶對 CapEx 與 OpEx 購買的興趣方面看到的一些動態。

Thanks.

謝謝。

Yeah.

是的。

We saw a lot of change during the.

我們看到了很多改變。

Year.

年。

.

。

Each quarter turned out to be a little different than the quarter before and different than the quarters last year, which.

每個季度都與前一季以及去年各季度略有不同。

You, which.

你，哪一個。

You pointed.

你指出了。

Out.

出去。

To which.

至其中。

We We believe that the market is still quite immature in the area of what is a traditional where the where the corporate data center, the on-prem data center has typical typically purchased their products to where, we are one of the first to really.

我們認為，在傳統企業資料中心、本地資料中心通常購買其產品的地方，市場仍然相當不成熟，我們是第一批真正做到這一點的公司之一。

Provide and as a service offering, a fast offering.

提供並作為一種服務產品，一種快速產品。

.

。

On, on.

繼續，繼續。

Prem.

普雷姆。

And what we find is that it's.

我們發現確實如此。

A more complex sale and the.

更為複雜的銷售和。

Complexity involves the finance organization within within a customer where they have to get their heads around what it means to them, not just from a total cost standpoint, but frankly from.

複雜性涉及客戶內部的金融機構，他們必須弄清楚這對他們意味著什麼，不僅從總成本的角度，而且坦白說。

A.

一個。

.

。

Their own reporting and accounting.

他們自己的報告和會計。

A standpoint.

一個立場。

Which makes it a longer and more challenging sale, whether that's for us or for our for our channel as well.

這使得銷售過程更加漫長且更具挑戰性，無論對我們還是對我們的通路都是如此。

So we see still quite a lot of misunderstanding and immaturity if you will, of the market overall and we think that's still causing, a greater difficulty.

因此，我們發現整個市場仍然存在著許多誤解和不成熟，我認為這仍然會造成更大的困難。

In terms of getting consistency.

就獲得一致性而言。

If you will, on a quarter by quarter basis.

如果願意的話，可以按季度進行。

So it's something that we.

所以這是我們要做的事情。

Do expect.

確實期待。

That as the market matures, we'll start to stabilize more as we go forward, but it does make it a little bit difficult to project.

隨著市場逐漸成熟，我們將在前進的過程中開始變得更加穩定，但這確實使預測變得有點困難。

If I break that down a little bit more to Q3, when we saw really a significant peak, if you will, in terms of Evergreen//one op opportunities converting to a traditional sale, we saw that moderate in Q4, and I think that.

如果我將其進一步細分到第三季度，我們看到了一個真正顯著的高峰，如果你願意的話，就 Evergreen//one op 機會轉化為傳統銷售而言，我們看到第四季度的情況有所緩和，我認為如此。

In part contributing to the record sales that we saw in the quarter as well.

這也在一定程度上促成了我們本季創下的銷售記錄。

And then, if I take a step back on our Evergreen//one performance as a whole in the year and look at what was the driver of the year over year decline, it really comes down to the timing of the larger deals which we defined as over 5 million.

然後，如果我回顧我們全年的 Evergreen//one 表現，並看看導致同比下滑的原因，它實際上歸結為我們定義的超過 500 萬美元的較大交易的時機。

In the first half closing because we picked that up in the second half, closed the same amount of amount of large deals in the second half as we did last year, and our velocity business, which is below 5 million, really picked up nicely.

上半年我們完成了交易，因為我們在下半年加快了速度，下半年完成的大額交易數量與去年相同，我們的速度業務（低於 500 萬）確實增長得很好。

We saw a nice annual growth over that.

我們看到了良好的年度成長。

So I really do think that as we look through the year, it was really coming down to the larger deals in the timing of closing of those larger deals in the first half.

因此，我確實認為，回顧這一年，這實際上取決於上半年完成的大型交易的時間表。

Thank you, Mita.

謝謝你，Mita。

Next question, please.

請回答下一個問題。

Our next question comes from Asiya Merchant from Please go ahead.

我們的下一個問題來自 Asiya Merchant，請繼續。

Your line is open.

您的線路已開通。

Oh, great.

噢，太好了。

Thanks for squeezing me in here.

謝謝你擠我來這裡。

On gross margins, Do you need to do some Ned pre-buys here in order to kind of get your guidance for improving product growth margins for thee family just if you could walk us through, the confidence and what's underpinning the confidence that product growth margins improve here from what you delivered in 4Q.

關於毛利率，您是否需要在這裡進行一些 Ned 預購，以便獲得有關提高產品增長利潤率的指導，如果您可以向我們介紹一下信心，以及是什麼支撐了您對產品增長利潤率將從您在第四季度交付的產品中提高的信心。

Thank you.

謝謝。

Yeah, thank you, I see.

是的，謝謝，我明白了。

We actually believe that, well, first of all, pre-buys and managing, if you will.

我們確實相信，如果你願意的話，首先是預先購買和管理。

Pricing in the market is something.

市場定價是一回事。

We really believe that we have a very high skill at.

我們確實相信我們擁有非常高超的技能。

We now we don't, I understand that some other companies have announced when they've done pre-buys we've never really done that, we're in the market every day.

我們現在不知道，據我所知，一些其他公司在進行預購時宣布，我們從來沒有真正這樣做過，我們每天都在市場上。

Every month we're quite skilled at.

我們每個月都相當熟練。

Buying ahead when we believe.

當我們相信時就提前購買。

It's.

它是。

Advantageous to.

有利。

Us.

我們。

Or using the spot market when we believe.

或當我們相信時使用現貨市場。

That's.

就是這樣。

Advantageous.

有利。

So and we probably won't start here.

所以我們可能不會從這裡開始。

What I will say it's something that.

我要說的是那件事。

We're in the market all the time for such things and yes, we'll take advantage of.

我們一直在市場上尋找這樣的東西，是的，我們會利用它。

Let's say market opportunities when when we believe we have them.

當我們相信我們擁有市場機會時，我們可以說有市場機會。

Thank you, Asia.

謝謝你，亞洲。

Next question, please.

請回答下一個問題。

Our next question comes from Tim Long from Barclays.

下一個問題來自巴克萊銀行的提姆朗。

Please go ahead, your line is open.

請繼續，您的線路已開通。

Thank you.

謝謝。

Sorry, I just want to circle back on the, kind of pricing.

抱歉，我只是想重新討論定價問題。

It's interesting, it used to be N pricing, as you said, everyone else had the same thing now that you're competing more with HDBs.

有趣的是，正如你所說，它曾經是 N 定價，現在其他人也都有同樣的事情，因為你正在與 HDB 進行更激烈的競爭。

It's a different kind of calculus.

這是一種不同類型的微積分。

Just curious how you're thinking about like advancements in ED and it sounds like maybe you think this in 2024 was kind of a one-off year when Nan increased and HDD didn't, but how are you thinking about the potential for this happening again in the future and what that would mean for the timeline?

只是好奇您如何看待 ED 的進步，聽起來您可能認為 2024 年是 Nan 增加而 HDD 沒有增加的一次性年份，但您如何看待未來再次發生這種情況的可能性以及這對時間線意味著什麼？

For HDD replacement with N, how does that change the ROI calculation or anything, any call you can pro provide on that would be helpful.

對於用 N 替換 HDD，這會如何改變 ROI 計算或其他內容，如果您能就此提供任何幫助，那將會很有幫助。

Thank you.

謝謝。

Sure, thank you, Tim.

當然，謝謝你，提姆。

Tim, so you're very savvy, in this market, indeed we are competing with.

提姆，你非常精明，在這個市場上，我們確實在競爭。

HDD systems, right?

HDD 系統，對嗎？

So.

所以。

Think.

思考。

Of it as.

就它而言。

A land-based system versus an HDD-based system.

陸基系統與基於 HDD 的系統。

I'd also say that there are, although we don't want to get into.

我想說，確實存在這樣的問題，儘管我們不想深入探討。

All that detail on this call, there are multiple different layers of HDD systems, depending on depending on size and level of performance, with the with the lowest level of performance obviously being the cheapest that are out there.

這次通話中的所有細節，有多個不同層次的 HDD 系統，取決於大小和性能水平，其中性能水平最低的顯然是最便宜的。

That being said, we believe that we are basically that the HDD systems are basically at a system level about as low a price as they can possibly get.

話雖如此，我們相信，從系統層面來看，HDD 系統的價格基本上已經是盡可能低的了。

That is to say that the HDDs themselves are not as much of a.

也就是說，HDD 本身並沒有那麼多。

Factor in the price of the total system compared to the amount of common equipment now that it takes.

將整個系統的價格與現在所需的常用設備數量進行比較。

To be able to run.

能夠跑。

Those.

那些。

Environments.

環境。

So that's a long way of saying that it really are our pricing.

簡而言之，這確實是我們的定價。

And gross.

非常噁心。

Margins are.

邊距是。

Going to depend a lot more on the NN prices versus the HDD systems then it's going to depend on the HDD price.

將更多地取決於 NN 價格與 HDD 系統，然後它將取決於 HDD 價格。

In other words, hammer, a greater density of HDDs is not going to make that much of a difference at this point.

換句話說，Hammer，就目前情況而言，更高的 HDD 密度不會帶來太大的差異。

It's really going to be determined by the.

這確實將由...決定。

And market.

和市場。

And once we get to a competitive both price as well as competitive gross margin, then I think it's game over.

一旦我們達到具有競爭力的價格和毛利率，那麼我認為遊戲就結束了。

Yeah, and Tim, this is Rob just to add on to that, I think the first part of your question was, hey, you talked to the HDD vendors, they're laying out road maps.

是的，提姆，我是羅布，我補充一下，我認為你問題的第一部分是，嘿，你與 HDD 供應商談過了，他們正在製定路線圖。

How does that factor in?

這是怎麼回事？

As we've said, we really haven't seen nor do we foresee the pricing environment for hard disk drives, to move very much.

正如我們所說的，我們確實沒有看到、也沒有預見到硬碟的定價環境會發生很大變化。

We don't feel like the technology environment is going to move that much either.

我們也不覺得科技環境會發生那麼大的變化。

Discs are.

是光碟。

Struggling to get larger, but they're not getting any faster.

他們努力變得更大，但卻沒有變得更快。

In fact, they are actually getting slower per unit capacity, and that's really limiting their applicability, I think the other part of your question was, hey, so how does this factor into the ROI or really the TCO equation, and this is where, as Charlie alluded to, if you look at our solutions on a full system basis as compared to HTD-based systems.

事實上，它們的單位容量速度實際上越來越慢，而這確實限制了它們的適用性，我認為你問題的另一部分是，嘿，那麼這對 ROI 或真正的 TCO 方程式有何影響，正如 Charlie 提到的，如果你從完整系統的角度來看待我們的解決方案，而不是基於 HTD 的系統，這就是我們想要討論的。

We're already advantage, you could give the discs away for free and on a TCO basis our systems are already advantaged.

我們已經具有優勢，您可以免費贈送光碟，而且從 TCO 角度來看，我們的系統已經具有優勢。

And so, while QLC prices will fluctuate in the short term, the long term trajectory is clear.

因此，雖然 QLC 價格在短期內會出現波動，但長期走勢卻很清晰。

They're going to continue to decline over time and as that does, that's just going to continue to allow us to accelerate the replacement of disk.

隨著時間的推移，它們將繼續下降，這將使我們能夠加速磁碟的更換。

Thank you, Tim.

謝謝你，提姆。

Next question, please.

請回答下一個問題。

Our next question comes from Max McCalli from Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Max McCalli。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你們回答我的問題。

You mentioned the dynamic geopolitical environment as well as tariffs, but I was wondering if there's anything pure specific, that may be, that you're seeing on the market right now that may risk that 11% guide for next year.

您提到了動態的地緣政治環境以及關稅，但我想知道您目前在市場上看到的某些具體因素是否可能會影響明年 11% 的指導價格。

Thanks.

謝謝。

Well, part of the, difficulty of answering the question is.

嗯，回答這個問題的困難部分在於。

It's very difficult to predict anything specific.

很難預測任何具體的事情。

.

。

The political environment.

政治環境。

Is in fact very dynamic and unpredictable.

事實上是非常動態和難以預測的。

At the.

在。

Moment.

片刻。

So I would say we don't see anything specific that would.

所以我想說，我們沒有看到任何具體的事情。

Artificially block.

人為阻斷。

Us.

我們。

From getting to the 11%.

從達到 11%。

If.

如果。

If anything, I would say that in a normalized market, that is a market where we didn't.

如果有的話，我想說，在一個正常化的市場中，那就是我們沒有的市場。

Expect, let's say, a lot of political uncertainty.

可以預見，會出現很多政治不確定性。

Over time I'd expect the market to.

隨著時間的推移，我預計市場將會如此。

Be improving rather than rather than declining at this point.

此時，是進步而不是下降。

Yeah, and again, our guide, this is Kevan, our guide for next year on revenue growth again considered a consistent IT spending environment year over year.

是的，再說一次，這是我們的指南，這是凱文 (Kevan) 對明年收入成長的指南，我們再次考慮了逐年一致的 IT 支出環境。

So if that changes to the positive or negative in a substantial way, that would be a consideration.

因此，如果這種變化實質地變為積極或消極，那就需要加以考慮。

And the other thing we highlighted as well is that we are expecting Evergreen//one, our service offering to grow next year, and that's built into our expectations of 11% as well.

我們也強調的另一件事是，我們預計 Evergreen//one 服務明年將會成長，這也符合我們 11% 的預期。

Next question, please.

請回答下一個問題。

Our next question comes from Ari Turanian from Cleveland Research.

下一個問題來自克里夫蘭研究公司的阿里‧圖拉尼安。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

Nice to speak here.

很高興在這裡發言。

Just on the, coming GTC conference, like, just any more color on the decision to, enter here, I mean, it seems a little bit different versus prior commentary in terms of pursuing.

就在即將舉行的 GTC 會議上，關於是否進入這裡的決定，我的意思是，與之前的評論相比，它似乎在追求方面有些不同。

The training opportunity and yeah just curious you know how you hope to stand out in this market.

培訓機會，是的，只是好奇你知道希望如何在這個市場中脫穎而出。

Thank you.

謝謝。

Well, the AI training market has traditionally been HPC or high performance computing oriented in the past.

嗯，過去，人工智慧訓練市場傳統上都是以 HPC 或高效能運算為導向的。

We have traditionally sold into the standard enterprise market, and the values, if you will.

如果你願意的話，我們傳統上是向標準企業市場和價值觀進行銷售。

By which purchasers make decisions in those two markets are actually quite different.

這兩個市場的購買者所做的決策其實是截然不同的。

We have always indicated that we have a a very superior technology by virtue of.

我們一直表明，我們擁有非常優越的技術。

Our purity operating environment.

我們純淨的操作環境。

And the unique advantages that we have with direct flash.

我們在直接閃光方面具有獨特的優勢。

We've been able to make some modifications.

我們已經能夠做出一些修改。

To our product that really allows it to address a lot of the performance characteristics that HPC environments are specifically looking for and And it's kudos to our team to have been able to do that, inside of our R&D spending budget and to be able to deliver that at GTC.

對於我們的產品來說，它確實可以滿足 HPC 環境特別需要的許多性能特徵，我們的團隊能夠在研發支出預算內做到這一點，並能夠在 GTC 上實現這一點，我們深感榮幸。

So we're quite proud of it.

因此我們對此感到非常自豪。

We think it's going to make a big splash and you can all go visit pure.AI right now and start to be part of the roll the roll up to the.

我們認為它會引起巨大的轟動，現在大家可以參觀 pure.AI 並開始參與其中。

GTC.

良好操作規範。

Thank you, Ari.

謝謝你，阿里。

Next question please.

請回答下一個問題。

Our next question comes from David Vogt from UBS.

我們的下一個問題來自瑞銀的戴維‧沃格特 (David Vogt)。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Great, thanks guys.

太好了，謝謝大家。

Thanks, Charlie.

謝謝，查理。

Thanks, Kevan.

謝謝，凱文。

I want to ask a question on Port Works.

我想問一個關於 Port Works 的問題。

You referenced in your prepared remarks that you had 2 450 companies migrate from VMware using Port Works to, it looks like OpenShift.

您在準備好的評論中提到，有 2,450 家公司使用 Port Works 從 VMware 遷移到 OpenShift。

Can you maybe, drive a little detail on kind of what was kind of the reasoning behind it?

您能否詳細解釋一下這背後的原因？

What were the customers looking for?

客戶在尋找什麼？

You mentioned a little bit in the release, but we'd love to get some more color on how Portwork is successful and.

您在發布中提到了一些，但我們希望更多地了解 Portwork 如何取得成功。

In sort of migrating those environments over from, a VMware, backdrop.

將這些環境從 VMware 背景中移轉過來。

Effectively.

有效地。

Thanks.

謝謝。

Yeah.

是的。

Well, consistent with our conversations in the past.

嗯，與我們過去的對話一致。

Many.

許多。

Many customers are looking towards Kubernetes and containers as their solutions in the future.

許多客戶都將 Kubernetes 和容器視為其未來的解決方案。

And if you're looking to Kubernetes to manage your application environment in the future.

如果您希望將來使用 Kubernetes 來管理您的應用程式環境。

And you, are a customer today of virtualized.

而您，今天就是虛擬化的客戶。

Solutions, which most customers are.

解決方案，大多數客戶都是如此。

They have a lot of virtualization.

他們有很多虛擬化。

Why would you want to manage it any differently than the way you're managing your future container environments?

為什麼您要採用與管理未來容器環境不同的方式來管理它？

So the attraction and the allure, if you will, of moving to Kubernetes as your base.

因此，如果你願意的話，將 Kubernetes 作為你的基礎是具有吸引力和誘惑力的。

Application management environment is very compelling.

應用程式管理環境非常引人注目。

And now that what's so called ubert or.

現在這就是所謂的 ubert 或。

Kuberneti's virtualization.

Kuberneti 的虛擬化。

Now that that exists, it's a, it's a.

既然它存在了，它就是一個。

Compelling future.

引人注目的未來。

Movement, if you will, for companies looking to get to a consolidated.

如果你願意的話，對於尋求合併的公司來說，這是一種運動。

Integrated application management.

整合應用程式管理。

Environment, and I think that's what's drawn both of these companies.

環境，我認為這就是吸引這兩家公司的原因。

Towards that direction.

朝那個方向。

Now, to be, very fair, it's rela Cert is still immature, just like every other solution compared to VMware, but on a long-term basis, it's compelling because it is integrated with Cer Etis.

現在，公平地說，它的 rela Cert 仍然不成熟，就像與 VMware 相比的所有其他解決方案一樣，但從長遠來看，它具有吸引力，因為它與 Cer Etis 整合。

Thank you, David.

謝謝你，大衛。

We'll take our last question from a person who reentered the queue.

我們將回答重新進入隊列的一位人士提出的最後一個問題。

Thank you for that.

謝謝你。

Our last question will come from Howard Ma from Guggenheim.

我們的最後一個問題來自古根漢的 Howard Ma。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Yeah, thanks for taking the follow up.

是的，感謝您的跟進。

Does your FY26 guidance, the full your guidance, bake in the 1 to 2 exabytes of hyperscalar shipments that you mentioned last time?

您的 FY26 指導意見、完整的指導意見是否包含了您上次提到的 1 到 2 EB 的超標量出貨量？

It does, Howard, we, we've contemplated that, in terms of our guide for this year, so nothing additional to that what we talked about, last quarter.

確實如此，霍華德，就我們今年的指南而言，我們已經考慮過了，所以除了上個季度我們討論的內容之外，沒有其他內容。

Thank you Howard.

謝謝你，霍華德。

Before we conclude, I think Charlie has some final comments to.

在我們結束之前，我想查理還有一些最後的評論。

Make.

製作。

Yeah, thank.

是的，謝謝。

You, Paul.

你，保羅。

As we close out.

當我們結束的時候。

Our last fiscal year, I do want to reflect on the great progress that our team has made.

在上個財政年度，我確實想回顧一下我們團隊所取得的巨大進步。

The platform strategy is continuing to drive transformation in this storage industry, and we're helping enterprises address now their fragmented data environments and unlock the full potential of artificial intelligence and to build their own enterprise data clouds.

平台策略正在繼續推動儲存產業的轉型，我們正在幫助企業解決其碎片化的資料環境，充分發揮人工智慧的潛力，並建立自己的企業資料雲。

The hyperscale.

超大規模。

Design.

設計。

Win.

贏。

Has been a key milestone.

已成為一個重要的里程碑。

It's highlighted, I think.

我認為它被突出顯示了。

Our.

我們的。

Role.

角色。

In solving large scale data management and growth of data when it drives energy.

在解決大規模資料管理和資料成長時驅動能源。

Usage in.

用法在。

The hyper.

亢奮。

Scales.

秤。

I want to.

我想要。

Thank our customers, our investors, our employees and partners, and our suppliers for supporting us throughout the year, and we look forward to continuing the journey together in FY26.

感謝我們的客戶、我們的投資者、我們的員工和合作夥伴以及我們的供應商全年對我們的支持，我們期待在26財年繼續共同前進。

Thank you.

謝謝。

That concludes the pure storage 4th quarter and full year fiscal 2025 financial results.

這就是純儲存 2025 財年第四季和全年的財務表現。

Thank you for your participation.

感謝您的參與。

You may now disconnect your line.

現在您可以斷開線路了。