Pure Storage Inc (PSTG) 2026 Q1 法說會逐字稿

Good day and welcome to the Pure Storage first quarter fiscal 2026 financial results conference call. Today's conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Pure Storage 2026 財年第一季財務業績電話會議。今天的會議正在錄製中。（操作員指示）

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

現在，我想將電話轉給投資人關係副總裁 Paul Ziots。請繼續。

Thank you. Good afternoon, everyone, and welcome to Pure's first quarter fiscal year 2026 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 2026 財年第一季財報電話會議。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。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. The slides of the company's 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，該電話會議也同時在網路上直播。該公司網路廣播的幻燈片可在 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 new product offerings; and competitive industry and economic trends. Any forward-looking statements 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，我們將做出前瞻性陳述，這些陳述受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的聲明；我們的策略、技術及其優勢；我們目前推出的新產品；以及競爭產業和經濟趨勢。我們今天所做的任何前瞻性陳述均基於截至今天的事實和假設，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. The discussion of some of the risks and uncertainties related to our business is contained in our filings with the SEC and we refer you to these public filings.

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。我們向美國證券交易委員會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，請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，除收入外，所有財務指標和相關成長率均為非 GAAP 指標；剩餘履約義務，或 RPO；以及現金和投資。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。

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 a property of Pure Storage. Our second quarter fiscal 2026 quiet period begins at the close of business, Friday, July 18, 2025.

本次電話會議正在 Pure Storage 投資者關係網站上進行現場直播，並將錄音以供回放。網路廣播的存檔將在 IR 網站上提供，並且屬於 Pure Storage 的財產。我們的 2026 財年第二季靜默期從 2025 年 7 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，我就把麥克風交給查理。

Thank you, Paul, and good afternoon, everyone, and welcome to our Q1 FY26 earnings call. Thank you for joining us today.

謝謝保羅，大家下午好，歡迎參加我們的 2026 財年第一季財報電話會議。感謝您今天加入我們。

Pure delivered solid performance in Q1, delivering double-digit growth within a dynamic macroenvironment. Our introduction of Fusion 2.0 last quarter has received an outstanding reception. Already, almost 100 customers are using or testing Fusion to manage their data infrastructure. Customers are implementing their data management policies in software and applying their governance across their global data state, ensuring consistent policy enforcement at scale and reducing human error.

Pure 在第一季表現穩健，在動態的宏觀環境下實現了兩位數的成長。我們上個季度推出的 Fusion 2.0 獲得了熱烈的反響。目前，已有近 100 名客戶正在使用或測試 Fusion 來管理他們的資料基礎架構。客戶正在軟體中實施其資料管理策略，並將其治理應用於其全球資料狀態，確保大規模一致地執行策略並減少人為錯誤。

As I shared last quarter, our Fusion v2 software eliminates data silos, transforming fragmented storage into a unified enterprise data cloud. At our Annual Accelerate Conference, we will unveil how our latest innovations enable our customers to create their own enterprise data cloud, allowing them to focus more on their business outcomes rather than their infrastructure.

正如我在上個季度所分享的，我們的 Fusion v2 軟體消除了資料孤島，將分散的儲存轉變為統一的企業資料雲端。在我們的年度加速會議上，我們將揭示我們的最新創新如何幫助我們的客戶創建自己的企業資料雲，使他們能夠更專注於業務成果而不是基礎設施。

This past quarter, we launched our newest Flash Blade, FlashBlade//EXA. FlashBlade//EXA will be the industry's highest-performing storage platform for AI and high-performance computing when it is delivered later this quarter. Traditional HPC storage was built for predictable workloads and demands ongoing tuning to deliver proper performance for different workloads, but modern AI environments require a wide variety of performance levels consistently delivered across tens of thousands of GPUs.

上個季度，我們推出了最新的 Flash Blade，FlashBlade//EXA。FlashBlade//EXA 將於本季稍後交付，成為業界效能最高的 AI 和高效能運算儲存平台。傳統的 HPC 儲存是為可預測的工作負載而建構的，需要不斷進行調整才能為不同的工作負載提供適當的效能，但現代 AI 環境需要在數萬個 GPU 上一致地提供各種效能等級。

FlashBlade//EXA delivers ultrafast data access with unmatched read and write bandwidth using a new disaggregated architecture which scales effortlessly to support massive GPU clusters. And it provides the ease of installation, operation, management, and upgradeability that Pure is known for.

FlashBlade//EXA 採用新的分解架構，提供超快的資料存取和無與倫比的讀寫頻寬，並可輕鬆擴展以支援大規模 GPU 叢集。它還提供了 Pure 所聞名的易於安裝、操作、管理和升級的特性。

Q1 was a strong quarter in our breadth of AI wins across customers and segments and across scale and use cases. First, we deliver industry-leading high-performance storage for public and private GPU farms, supporting small, medium, and large machine learning and training workloads.

第一季是我們在跨客戶、跨領域、跨規模、跨用例的人工智慧勝利方面表現強勁的一個季度。首先，我們為公共和私人 GPU 農場提供業界領先的高效能存儲，支援小型、中型和大型機器學習和訓練工作負載。

Second, as enterprises adopt inference engines and retrieval augmented generation, or RAG, to apply commercial large language models to proprietary data, they need storage infrastructure that scales non-disruptively and adapts to evolving AI demands.

其次，隨著企業採用推理引擎和檢索增強生成（RAG）將商業大型語言模型應用於專有數據，他們需要能夠無中斷擴展並適應不斷變化的人工智慧需求的儲存基礎設施。

Third, AI is accelerating the push to modernize IT by breaking down infrastructure and data silos, enabling faster, broader access to real-time information. Unlike other vendors requiring different products for different use cases, Pure's unified platform handles the full range of AI workloads with simplicity and efficiency.

第三，人工智慧正在打破基礎設施和資料孤島，加速推動 IT 現代化，實現更快、更廣泛地獲取即時資訊。與其他需要針對不同用例提供不同產品的供應商不同，Pure 的統一平台可以簡單且有效率地處理各種 AI 工作負載。

Another topic on customers' minds is server virtualization. Two weeks ago, we announced a major agreement with Nutanix. This solution will integrate the Nutanix cloud platform with the Pure Storage platform, solving a major challenge in the current virtualization market. This joint solution provides a modern, scalable, virtualized environment, which is purpose built for high-demand data center scale workloads.

客戶關心的另一個話題是伺服器虛擬化。兩週前，我們宣布與 Nutanix 達成一項重要協議。此解決方案將Nutanix雲端平台與Pure Storage平台整合在一起，解決了當前虛擬化市場面臨的一大挑戰。此聯合解決方案提供了一個現代化、可擴展的虛擬化環境，專為高需求資料中心規模工作負載而建置。

Our partnership will deliver a high-performance virtualized environment, providing Nutanix cloud infrastructure with Pure's enterprise data cloud using Pure FlashArray storage. We expect the solution to be generally available later this year.

我們的合作將提供高效能虛擬化環境，使用 Pure FlashArray 儲存為 Nutanix 雲端基礎架構提供 Pure 的企業資料雲端。我們預計該解決方案將於今年稍後全面上市。

Pure is helping customers solve their transition to modern virtualization in multiple ways. First, we are able to help customers reduce their cost of existing virtualization solutions through efficient CPU utilization and reduction of compute cores made possible with efficient Pure Storage access.

Pure 正在透過多種方式幫助客戶解決向現代虛擬化的過渡。首先，我們能夠透過高效的 CPU 使用率和減少運算核心（透過高效的 Pure Storage 存取實現）來幫助客戶降低現有虛擬化解決方案的成本。

Second, Pure Portworx supports a number of modern virtualization solutions such as Red Hat OpenShift and other Kubernetes virtualization solutions popularly known as Kubert. Portworx allows Kubernetes to automate both VM and container data management in one integrated orchestration model.

其次，Pure Portworx 支援許多現代虛擬化解決方案，例如 Red Hat OpenShift 和其他 Kubernetes 虛擬化解決方案（俗稱 Kubert）。Portworx 讓 Kubernetes 在一個整合編排模型中自動化 VM 和容器資料管理。

Finally, Pure has also worked with Microsoft to integrate Cloud Block Store with Azure VMware Service, AVS, to enable customers to be able to easily lift and shift their VMware workloads and data to Azure under Microsoft's VMware license. We are expanding this Cloud Block Store integration into a fully managed service available natively through AVS, which is in public data now and expected to become generally available later this year.

最後，Pure 還與微軟合作，將 Cloud Block Store 與 Azure VMware Service、AVS 集成，使客戶能夠在微軟的 VMware 許可下輕鬆地將其 VMware 工作負載和資料轉移到 Azure。我們正在將這個 Cloud Block Store 整合擴展為一個可透過 AVS 本地提供的完全託管服務，該服務現在處於公開資料中，預計將於今年稍後全面上市。

Our broad strategy is working. During the quarter, we signed multiple modern virtualization deals, two of which I'd like to highlight. First, a large modern virtualization win came from a global automotive manufacturer in a use case where downtime is not an option. This manufacturer needed to reduce costs and increase reliability at a large number of manufacturing sites.

我們的整體策略正在發揮作用。在本季度，我們簽署了多項現代虛擬化協議，其中我想強調兩項。首先，一家全球汽車製造商在不允許停機的用例中獲得了巨大的現代虛擬化勝利。該製造商需要降低成本並提高大量生產基地的可靠性。

Moving to a new modern virtualization solution was a strategic decision for them. They also needed to migrate from their legacy system without disrupting production or risking data loss, and they wanted a platform that would scale in the future as they advanced their software-defined manufacturing initiative.

對他們來說，轉向新的現代虛擬化解決方案是一個策略決策。他們還需要在不中斷生產或冒資料遺失風險的情況下從舊系統遷移，並且他們希望有一個可以在未來隨著軟體定義製造計劃的推進而擴展的平台。

By using Pure Storage platform alongside Portworx to unify both container-based and virtual machine-based workloads, the customer reduced the complexity of managing diverse environments and attained the high availability needed to keep operations running without interruption.

透過使用 Pure Storage 平台和 Portworx 來統一基於容器和基於虛擬機器的工作負載，客戶降低了管理不同環境的複雜性，並獲得了保持營運不間斷運作所需的高可用性。

A second notable win was with a global healthcare company facing a significant increase in infrastructure costs. They needed an agile platform capable of supporting multiple applications. Using the Pure Storage platform and Portworx with Kubert, we unified their operations with a single workflow across the company's application landscape and reduced their total costs.

第二個顯著的勝利是一家全球醫療保健公司面臨基礎設施成本大幅增加的情況。他們需要一個能夠支援多種應用程式的敏捷平台。透過使用 Pure Storage 平台和帶有 Kubert 的 Portworx，我們透過公司應用程式環境中的單一工作流程統一了他們的操作，並降低了他們的總成本。

Both winds reflect a broader enterprise trend. Customers are moving away from legacy systems in favor of modern flexible infrastructure. Pure is at the forefront of this shift, helping enterprises redefine their data storage and management architectures. This strategic engagement drives deeper customer relationships and sets the stage for continued expansion across the business.

這兩種風向都反映了更廣泛的企業趨勢。客戶正在拋棄傳統系統，轉而採用現代且靈活的基礎設施。Pure 處於這一轉變的前沿，幫助企業重新定義其資料儲存和管理架構。此次策略合作將加深客戶關係，為業務的持續擴張奠定基礎。

Our hyperscale collaboration with Meta continues to advance. Production validation testing is on schedule, with strong progress in certifying our solutions across multiple performance tiers. We remain on track to deliver our anticipated 1 to 2 exabytes of this solution in the second half of the year as planned.

我們與 Meta 的超大規模合作繼續推進。生產驗證測試正在按計劃進行，我們在多個性能層級的解決方案認證方面取得了重大進展。我們仍將按照計劃在今年下半年提供預計的 1 到 2 EB 的解決方案。

Earlier this month, Pure and Meta co-presented at the @Scale Conference, highlighting how we are driving innovation in Flash storage for hyperscale environments. The presentation showcased why Flash is becoming a compelling storage option for a wider range of hyperscale data centerer workloads. I encourage you all to watch this session online to see the evidence firsthand.

本月初，Pure 和 Meta 在@Scale 會議上共同發表演講，重點介紹了我們如何推動超大規模環境快閃儲存的創新。演示展示了為什麼 Flash 正在成為更廣泛的超大規模資料中心工作負載的引人注目的儲存選項。我鼓勵大家在線上觀看這次會議，親眼看到證據。

Yesterday, we announced a new collaboration with SK Hynix to deliver Flash storage optimized for the energy efficient demands of data intensive hyperscale environments. With strategic partnerships now in place across Kioxia, Micron, and SK Hynix, Pure is actively shaping this emerging market.

昨天，我們宣布與 SK Hynix 建立新的合作關係，提供針對資料密集型超大規模環境的節能需求而最佳化的快閃記憶體。目前，Pure 已與 Kioxia、Micron 和 SK Hynix 建立了策略合作夥伴關係，正在積極塑造這個新興市場。

We are driving non-technology collaboration to develop the industry and stay ahead of growing hyperscale demand. As we assess the macroenvironment, our near-term view for the year remains largely unchanged, although we are navigating increased uncertainty. That said, our consistent performance and disciplined execution will continue to set Pure apart as a leader in our industry. We remain confident in our ability to outpace the competition.

我們正在推動非技術合作，以發展產業並滿足不斷增長的超大規模需求。當我們評估宏觀環境時，儘管我們正在應對日益增加的不確定性，但我們對今年的短期觀點基本上保持不變。也就是說，我們始終如一的表現和嚴謹的執行將繼續使 Pure 成為行業領導者。我們對自己超越競爭對手的能力仍然充滿信心。

We saw very strong Evergreen//One and Evergreen//Forever sales this past quarter. With tariffs top of mind for many companies, pricing of our Evergreen portfolio will remain unaffected by current tariff-related changes. Pure's Storage-as-a-Service offering, Evergreen//One, delivers the full value of our platform with Pure managing and maintaining the infrastructure with the industry's strongest service level agreements. In this uncertain tariff environment, our Evergreen model provides customers with pricing predictability, guaranteed SLAs, and a trusted partner committed to transparency.

上個季度，我們看到 Evergreen//One 和 Evergreen//Forever 的銷售非常強勁。由於關稅是許多公司最關心的問題，我們的 Evergreen 產品組合的定價將不會受到當前關稅相關變化的影響。Pure 的儲存即服務產品 Evergreen//One 可充分發揮我們平台的價值，並由 Pure 透過業界最強大的服務等級協定來管理和維護基礎設施。在這種不確定的關稅環境下，我們的 Evergreen 模式為客戶提供了價格可預測性、有保證的 SLA 以及致力於透明度的值得信賴的合作夥伴。

We are confident in our continued momentum to grow market share and strengthen our leadership in data storage and management.

我們有信心繼續擴大市場份額並加強我們在資料儲存和管理領域的領導地位。

Before I turn it over to Kevan, I want to take a moment to share some organizational news that we included in our press release.

在將發言權交給凱文 (Kevan) 之前，我想花點時間分享我們在新聞稿中包含的一些組織新聞。

After more than five years at Pure, Kevan Krysler will be leaving Pure to pursue a new opportunity. Kevan will remain at Pure until a new CFO is in place, ensuring a smooth and orderly transition. I would like to take this opportunity to thank him for his partnership and his dedicated and loyal service to Pure.

在 Pure 公司工作五年多後，Kevan Krysler 將離開 Pure 公司尋求新的發展機會。在新任財務長上任之前，Kevan 將繼續留在 Pure 公司，以確保平穩有序的過渡。我想藉此機會感謝他的合作以及他對 Pure 的忠誠和奉獻。

Since joining Pure in 2019, Kevan has played a central role in Pure's evolution. He developed and matured our finance organization and reporting, led many strategic initiatives, and partnered with our functional leaders to improve their businesses.

自 2019 年加入 Pure 以來，Kevan 在 Pure 的發展中發揮了核心作用。他發展並完善了我們的財務組織和報告，領導了許多策略舉措，並與我們的職能領導合作以改善他們的業務。

Kevan was a great partner to me, navigating the COVID and supply chain crises, helping us to continually adapt to an extremely dynamic set of circumstances while growing the business to over $3 billion in revenue. He also led her transition to subscriptions, now roughly 50% of revenue.

凱文 (Kevan) 是我的一個很棒的合作夥伴，他幫助我們應對新冠疫情和供應鏈危機，不斷適應極其動態的情況，同時將業務收入增長到 30 億美元以上。他還帶領她轉向訂閱業務，目前訂閱業務約佔總收入的 50%。

On a personal note, Kevan has been a trusted and valued partner to me. I am grateful for his thoughtful counsel, steady hand, and deep commitment to Pure's mission and success. Kevan, I wish you the very best in your new endeavors.

就我個人而言，Kevan 一直是我值得信賴和重視的合作夥伴。我感謝他深思熟慮的建議、穩健的作風以及對 Pure 使命和成功的堅定承諾。凱文，我祝福你在新的事業中一切順利。

With that, over to you, Kevan.

現在，就交給你了，凱文。

Thank you, Charlie, for your kind words. I am grateful for your partnership and working with such a talented team over the years. It is a highlight of my career to have been part of Pure's growth journey, which I believe is only getting started. Okay, let's get into our results.

查理，謝謝你的善意言辭。我非常感謝你們多年來與如此才華橫溢的團隊的合作。能夠參與 Pure 的成長之旅是我職業生涯的一大亮點，我相信這才剛開始。好的，讓我們來看看結果。

It was a solid start to the year with Q1 revenue growing 12%, driving $83 million of operating profit and achieving an operating margin of 10.6%. This performance reflects sustained demand for a differentiated data storage portfolio, in particular, our E family solutions.

今年開局良好，第一季營收成長 12%，帶來 8,300 萬美元的營業利潤，達到 10.6% 的營業利潤率。這一表現反映了對差異化資料儲存產品組合的持續需求，尤其是我們的 E 系列解決方案。

Our Storage-as-a-Service solutions are also continuing to win in the market. Q1 TCV sales for our Storage-as-a-Service Solutions jumped 70% to $95 million, fueled by both large Evergreen//One deals defined as greater than $5 million as well as our higher velocity transactions. This momentum underscores customers' drive to modernize their infrastructures and lock in predictable SLA-based consumption models.

我們的儲存即服務解決方案也繼續在市場上贏得勝利。我們的儲存即服務解決方案第一季的 TCV 銷售額成長了 70%，達到 9,500 萬美元，這得益於超過 500 萬美元的大型 Evergreen//One 交易以及我們更高速度的交易。這一勢頭凸顯了客戶對現代化基礎設施和鎖定可預測的基於 SLA 的消費模式的動力。

Additionally, with our Evergreen//One Storage-as-a-Service solution, any incremental tariff costs we incur will be absorbed in our continuously improving back-end life cycle economics. As a result, customer subscription rates will not be subjected to higher tariff costs.

此外，透過我們的 Evergreen//One 儲存即服務解決方案，我們產生的任何增量關稅成本都將被我們不斷改進的後端生命週期經濟所吸收。因此，客戶訂閱費率將不會受到更高資費成本的影響。

Subscription services revenue in Q1 reached $406 million, up 17% and representing over half of total revenue. ARR grew 18% to $1.7 billion, while total remaining performance obligations, or RPO, grew 17% to $2.7 billion. RPO exiting Q1 encompassing our Storage-as-a-Service offerings and renewals of our Evergreen subscriptions across our installed base grew 18%. This backlog reflects robust renewals and new Storage-as-a-Service commitments.

第一季訂閱服務營收達到 4.06 億美元，成長 17%，佔總營收的一半以上。ARR 成長 18% 至 17 億美元，而剩餘履約義務總額（RPO）增加 17% 至 27 億美元。第一季的 RPO 涵蓋了我們的儲存即服務產品和已安裝客戶群的 Evergreen 訂閱續訂，成長了 18%。這項積壓訂單反映了強勁的續約和新的儲存即服務承諾。

In Q1, US revenue was $531 million, growing 9%; and international revenue was $248 million, growing 21% year over year. We added 235 new customers, bringing our penetration to 62% of the Fortune 500. Total gross margin improved sequentially to 70.9% in Q1, anchored by subscription services margin at a 77.2%. Aligned with our expectations, product margin rose 1.1 points sequentially to 64%. We continue to expect that product gross margin this year will settle in the mid-60s, consistent with our remarks last quarter.

第一季度，美國營收5.31億美元，成長9%；國際營收為 2.48 億美元，年增 21%。我們增加了 235 個新客戶，使我們在財富 500 強中的滲透率達到 62%。第一季總毛利率較上季提高至 70.9%，其中訂閱服務利潤率達到 77.2%。與我們的預期一致，產品利潤率較上季上升 1.1 個百分點至 64%。我們繼續預計今年的產品毛利率將穩定在 60% 左右，與我們上個季度的言論一致。

Demand for our E family solutions, including sales strength across our core offerings, and moderation of QLC flash pricing are expected to be the key drivers of stronger product gross margin this year. This is also aligned with our long-term expectation for product gross margin of 65% to 70%.

預計 E 系列解決方案的需求、核心產品的銷售強勁以及 QLC 快閃記憶體定價的適度將成為今年產品毛利率提高的關鍵驅動力。這也與我們對產品毛利率65%至70%的長期預期一致。

Operating profit of $82.7 million and operating margin of 10.6% were both aligned with our expectations, which is notable as foreign currency-based operating expenses increased sequentially by approximately $8 million in Q1 due to the weaker US dollar.

營業利潤為 8,270 萬美元，營業利潤率為 10.6%，均符合我們的預期，值得注意的是，由於美元走弱，第一季基於外幣的營業費用環比增加了約 800 萬美元。

Our head count modestly grew to over 6,000 employees at the end of the quarter. Our balance sheet remains strong with $1.6 billion in cash and investments. Q1 operating cash flow was $284 million; and our capital investments of $72 million included Evergreen//One deployments, scaling for the hyperscale opportunities and development for our Fusion 2.0 solution.

截至本季末，我們的員工人數小幅成長至 6,000 多人。我們的資產負債表依然強勁，擁有 16 億美元的現金和投資。Q1經營現金流為2.84億美元；我們的 7,200 萬美元資本投資包括 Evergreen//One 部署、超大規模機會的擴展以及 Fusion 2.0 解決方案的開發。

We returned $120 million to shareholders through 2.5 million share repurchases and paid $61 million in employee award withholding taxes, offsetting 1.1 million shares. And we currently have $152 million of buyback authorization remaining.

我們透過 250 萬股股票回購向股東返還了 1.2 億美元，並支付了 6,100 萬美元的員工獎勵預扣稅，抵銷了 110 萬股股票。我們目前還剩餘 1.52 億美元的回購授權。

Now turning to our guidance. We are reiterating our FY26 revenue and operating margin guidance. We are pleased with the solid start to the year and remain confident in the fundamental growth drivers of our business, while also recognizing elevated macroeconomic uncertainties that we expect to persist in the second half.

現在轉向我們的指導。我們重申 26 財年收入和營業利潤率指引。我們對今年的良好開局感到高興，並對我們業務的基本成長動力充滿信心，同時也認識到宏觀經濟不確定性較高，我們預計下半年這種不確定性將持續存在。

For Q2, we anticipate revenue of $845 million, representing a 10.6% year-over-year increase. We also expect operating profit of $125 million and operating margin of 14.8%, highlighting as well that Q2 FY25 operating expenses benefited from savings tied to our workforce realignment in Q4 FY24. As a result, year-over-year operating expense comparisons will be against this benefit.

對於第二季度，我們預計營收為 8.45 億美元，年增 10.6%。我們也預期營業利潤為 1.25 億美元，營業利益率為 14.8%，同時強調 2025 財年第二季的營運費用受惠於 2024 財年第四季員工調整相關的節省。因此，與去年同期的營運費用比較將與此收益相悖。

In closing, we're proud to have delivered double-digit revenue growth, strengthened our margin profile, and reinforced our leadership in data storage innovation. Our robust balance sheet and growing recurring revenue base sets the stage for continued execution of our strategic priorities.

最後，我們很自豪能夠實現兩位數的收入成長、提高利潤率並鞏固我們在資料儲存創新方面的領導地位。我們強勁的資產負債表和不斷增長的經常性收入基礎為繼續執行我們的策略重點奠定了基礎。

With that, I'll now turn the call back to Paul for Q&A.

說完這些，我現在將電話轉回給保羅進行問答。

Thanks, Kevan. (Event Instructions)

謝謝，凱文。（活動須知）

(Operator Instructions) Amit Daryanani, Evercore.

（操作員指示）Amit Daryanani，Evercore。

Kevan, it's been a pleasure working with you and best of luck in the future. Charlie, I wanted to ask you about the hyperscale opportunity. And Meta obviously published a white paper on how they see this evolving from their end, and they call that Pure, I think, explicitly as a DFM software module partner.

Kevan，很高興與您合作，並祝您未來一切順利。查理，我想問你有關超大規模機會的問題。Meta 顯然發布了一份白皮書，闡述了他們如何從自身角度看待這一發展，並且他們明確地將 Pure 稱為 DFM 軟體模組合作夥伴。

I guess from your perspective, from Pure's perspective, just any update on how this opportunity is evolving as you go from pilot to test to production. And how would you characterize your discussions with other hyperscalers as you go through the journey? Thank you.

我想從您的角度來看，從 Pure 的角度來看，在從試點到測試再到生產的過程中，這個機會是如何發展的，任何更新都是如此。在整個旅程中，您如何描述與其他超大規模企業的討論？謝謝。

Yeah. Thank you, Amit, for the question. So as you might imagine, Meta, unlike most of the hyperscalers, takes about 1.5 years, if not 2 years to design our next-generation data center. It goes well beyond just the storage portion of it. It goes to compute, software, networking, all of the services that they plan to provide on that infrastructure as well.

是的。謝謝阿米特提出的問題。因此，正如您可能想像的那樣，與大多數超大規模企業不同，Meta 需要大約 1.5 年甚至 2 年的時間來設計我們的下一代資料中心。它的作用遠遠超出了儲存部分。它涉及計算、軟體、網路以及他們計劃在該基礎設施上提供的所有服務。

And so, if you will, the evaluation and the testing of the storage part runs along that entire process. It's not a separate process, but it runs in that process. That process is just about on time for Meta and it's proceeding along the path that we imagined really almost a year ago. It's pretty much on target.

因此，如果您願意的話，儲存部分的評估和測試貫穿整個過程。它不是一個單獨的進程，但它在該進程中運行。對於 Meta 來說，這個過程幾乎是準時的，並且正在沿著我們一年前想像的道路前進。這基本上符合目標。

And as we go through that, we get further and further, first of all, they get further and further evidence of how well we work inside that environment. And we expect most of that to be done towards the -- in the second half of this year. That being said, as I mentioned in our prepared remarks, we believe we're on track to deliver the 1 to 2 exabytes that we identified during that timeframe overall.

當我們經歷這些時，我們會取得越來越大的進展，首先，他們會得到越來越多的證據證明我們在那種環境下運作得如何。我們預計大部分工作將在今年下半年完成。話雖如此，正如我在準備好的發言中提到的那樣，我們相信我們有望在總體上實現我們在該時間範圍內確定的 1 到 2 EB 的目標。

And I would say, we're also -- similar to last quarter's discussion about progress with other hyperscalers, I think we're making steady progress there about the pace that we expected. Hard to predict when one of those would turn into what we would call a fully validated design win.

我想說的是，我們也 - 與上個季度關於與其他超大規模企業進展的討論類似，我認為我們正在按照預期的速度穩步前進。很難預測其中哪一個會變成我們所說的經過充分驗證的設計勝利。

We are in some POCs; that should be an indicator. But we like to have certain, if you will, guarantees or knowledge in place that we are fundamentally part of a next-generation design before we would say so in a earnings call such as this. So we think we're on track, but there's still more work to be done before we can declare victory.

我們處於一些 POC 中；這應該是一個指標。但是，如果您願意的話，我們希望能夠獲得某些保證或知識，證明我們從根本上來說是下一代設計的一部分，然後我們才會在這樣的收益電話會議上這麼說。因此我們認為我們已經走在正軌上，但在宣布勝利之前還有很多工作要做。

Thank you, Amit. Next question, please.

謝謝你，阿米特。請回答下一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Hi, guys. This is Michael on behalf of Aaron. I wanted to ask about your newly announced EXA offering. How should we just think about the opportunity in terms of size relative to the traditional enterprise market there? I assume that's more of a niche product for scale AI workloads.

嗨，大家好。我是代表 Aaron 的 Michael。我想詢問一下您新發布的 EXA 產品。我們該如何看待相對於傳統企業市場的規模化？我認為這更像是針對大規模人工智慧工作負載的利基產品。

And then tied to that, what are the financial model implications or just the economics given that this is a disaggregated offering relative to kind of your traditional system sales? Thanks.

然後與此相關，鑑於這是相對於傳統系統銷售而言的分解產品，其財務模型含義或經濟含義是什麼？謝謝。

Yeah. It's a great question and I think a little bit of a complex one. So we do believe that the opportunity here is in more niche markets. That being said, the niche markets are things like government sovereign clouds, large-scale GPU clusters for both training and cloud inference sites.

是的。這是一個非常好的問題，而且我認為它有點複雜。因此，我們確實相信，這裡的機會存在於更多的利基市場中。話雖如此，利基市場包括政府主權雲端、用於訓練和雲端推理網站的大規模 GPU 叢集等。

And so it can be a substantial market, albeit probably not as large as the entire enterprise market for sure. It is a disaggregated infrastructure where we charge for the metadata node fully, which is fully both our hardware and software. And then the customer can bring their own data nodes or buy them separately, but we do charge for the software on those data notes.

因此，它可以是一個巨大的市場，儘管可能肯定不如整個企業市場那麼大。這是一個分解的基礎設施，我們對元資料節點收取全部費用，這完全是我們的硬體和軟體。然後客戶可以攜帶自己的資料節點或單獨購買，但我們會對這些資料記錄上的軟體收費。

So my expectation would be that the margins would be at or above our standard company margins on a long-term basis over time.

因此，我的預期是，從長遠來看，利潤率將達到或超過我們公司的標準利潤率。

And Mike, this is Rob. I'll just jump in on that. I think if we step back and we look at FlashBlade//EXA and where it sits in the overall portfolio and really our AI strategy. Number one, important to realize, this is really building off of the success that we have today with FlashBlade//S in supporting hundreds of customers across various sizes up into including the large-scale enterprise AI.

麥克，這是羅布。我就直接跳到這個話題吧。我認為如果我們退一步看看 FlashBlade//EXA 以及它在整個產品組合中的位置以及我們真正的 AI 策略。首先，重要的是要認識到，這實際上是建立在我們今天使用 FlashBlade//S 所取得的成功的基礎上的，它支援了數百個不同規模的客戶，包括大型企業 AI。

Now what we've done with EXA is built off of that core technology, expanded it with this disaggregated architecture, as Charlie mentioned, now going after and targeting that next level of scale typically found in those GPU clouds, neoclouds, sovereign cloud, and tech tightened type territories.

現在，我們對 EXA 所做的一切都建立在該核心技術之上，並透過這種分解架構對其進行了擴展，正如 Charlie 所提到的，現在我們追求並瞄準通常在 GPU 雲、新雲、主權雲和技術嚴格型領域中發現的下一個規模級別。

Thank you, Michael. Next question, please.

謝謝你，麥可。請回答下一個問題。

Howard Ma, Guggenheim Securities.

古根漢證券公司的 Howard Ma。

Thank you. And it's encouraging to see a solid start to the year despite the uncertain macro. That's actually what I want to ask about.

謝謝。儘管宏觀情況不明朗，但看到今年有一個良好的開端還是令人鼓舞的。這其實就是我想問的。

And the question is, we've been trying to figure out during periods of macro uncertainty, especially this year, are you seeing any changes in buyer behavior? For instance, is there a halt on Flash storage purchases in lieu of less expensive options? Or are you opting -- or are customers opting more for Evergreen//One, which you kind of alluded to, Charlie, in your script, but I'm not sure if there's a high correlation with macro or just anything else that's interesting to note.

問題是，我們一直試圖弄清楚，在宏觀不確定時期，尤其是今年，您是否看到買家行為有任何變化？例如，是否會暫停購買閃存，轉而選擇更便宜的儲存產品？或者您選擇 - 或者客戶更多地選擇 Evergreen//One，查理，您在腳本中提到過，但我不確定是否與宏觀有很高的相關性，或者只是其他任何值得注意的有趣事物。

Howard, it's been a question we've been asking ourselves and looking into our data quite extensively. It's the obvious question. Are we seeing pull-ins in the market? We have to say from the Q1 results, we didn't see that. Of course, that was through April.

霍華德，這是我們一直在問自己的問題，並且對我們的數據進行了相當廣泛的研究。這是一個顯而易見的問題。我們是否看到了市場的吸引力？我們不得不說，從第一季的結果來看，我們並沒有看到這一點。當然，那是到四月為止的事了。

I would say that right now, it's really a de minimis amount. If there's a pull in, it's really a de minimis amount. Q2 might be a slightly different story, but I wouldn't -- again, I wouldn't say that it's going to be a substantial amount. We're much -- it's the second half where we have much less visibility just because of the dynamics in the market with both with tariffs, retaliatory tariffs, and just the economy in general.

我想說的是，目前這確實是一個最低限度的金額。如果有的話，那確實是一個最低限度的數額。Q2 的情況可能略有不同，但我不會——再說一次，我不會說這將是一個相當大的數目。我們是 - 這是下半年，我們的可見度要低得多，因為市場動態包括關稅、報復性關稅以及整體經濟。

There's less ability, we believe, to predict the second half. But I would say for the first half -- sorry, for the first quarter and probably for the first half, we're not seeing a significant change, either in customer sentiment or in actual substantial pull-ins.

我們認為，預測下半場的能力較弱。但我想說，對於上半年——抱歉，對於第一季度，甚至可能是上半年，我們都沒有看到顯著的變化，無論是客戶情緒還是實際的大量吸引。

Yeah. And Howard, this is Kevan. I would affirm that with Charlie as well. And I think when you look at the Q1 results, it's broad-based strength across the Board in terms of our traditional sales as well as Evergreen//One. So I don't think that we can specifically say Evergreen//One benefited because of the tariff or potential tariff environment.

是的。霍華德，這是凱文。我也會向查理確認這一點。我認為，當您查看第一季的業績時，您會發現我們的傳統銷售以及 Evergreen//One 的銷售均全面強勁。因此，我認為我們不能具體地說長榮//One因關稅或潛在的關稅環境而受益。

But we do think that could be an opportunity for Evergreen//One over time, possibly. And that's because we're just not planning to increase our subscription rates in the event we incur higher tariff costs. And we can actually absorb those costs in the operation of our service.

但我們確實認為，隨著時間的推移，這對 Evergreen//One 來說可能是一個機會。這是因為，如果我們產生更高的資費成本，我們就不會計劃提高訂閱費率。我們實際上可以在服務運作中吸收這些成本。

Thank you, Howard. Next question, please.

謝謝你，霍華德。請回答下一個問題。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Kevan, sad to see you go, but I hope our paths across again. All the best. One question and might sound like two parts, but it's actually one part. It seems like TCV Evergreen bookings is doing quite well. RPO growth, CRPO growth seems are fine. It seems like it's bouncing back.

凱文，很遺憾看到你離開，但我希望我們能再次相遇。一切順利。一個問題可能聽起來像是兩個部分，但實際上它是一個部分。看起來 TCV Evergreen 的預訂情況相當不錯。RPO 成長、CRPO 成長似乎都很好。看起來它正在反彈。

So I want to ask you is the Q1 result, Evergreen, is that above your expectations? And are you assuming a bit more headwind to full-year revenue? Or are you changing your expectation of TCV bookings for the year that might impact revenue for the year?

所以我想問一下，Evergreen，第一季的結果是否超出了您的預期？您是否認為全年收入會面臨更多阻力？或者您正在改變對今年 TCV 預訂量的預期，這可能會影響今年的收入？

Thank you, Pinjalim. Yeah, this is Kevan. Look, we're certainly pleased with what we saw in the TCV sales performance of Evergreen One in Q1. And frankly, we were expecting growth of Evergreen//One coming into the year following, frankly, a record Q4 in Evergreen//One TCV sales last quarter.

謝謝你，Pinjalim。是的，這是凱文。看，我們對 Evergreen One 第一季的 TCV 銷售業績感到非常滿意。坦白說，我們預計 Evergreen//One 明年將實現成長，因為上個季度 Evergreen//One TCV 銷量創下了歷史新高。

We did close a larger Evergreen//One deal this quarter that was a little bit earlier than expected, which creates some variability quarter to quarter. But I would say that, that doesn't change really our expectations for the year.

本季我們確實完成了一筆規模更大的 Evergreen//One 交易，這比預期要早一些，這造成了季度之間的一些差異。但我想說的是，這並沒有真正改變我們對今年的期望。

So with your second-part question of expecting a headwind on revenue for the year, and again, while certainly pleased with the sales performance, we would not expect at this point to see a significant headwind to our annual plan and guidance.

因此，對於您第二部分的問題，即預計今年的收入將面臨阻力，儘管我們對銷售業績感到滿意，但目前我們預計我們的年度計劃和指導不會面臨重大阻力。

Thank you, Pinjalim. Next question, please.

謝謝你，Pinjalim。請回答下一個問題。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），Needham & Company 公司。

Great to hear some of the statistics regarding the uptake, whether it's for Portworx or Fusion 2.0 here. Can you help us think about what the Venn diagram would look like if I'm thinking about the customers that are taking Evergreen//One versus the customers that are adopting Fusion in Portworx. Are those relatively lined up? Or is it a little bit more disparate or still too early to call? I'm just interested in what that adoption looks like for those Evergreen//One customers, specifically.

很高興聽到一些有關採用的統計數據，無論是針對 Portworx 還是 Fusion 2.0。您能否幫助我們思考一下，如果我考慮採用 Evergreen//One 的客戶與採用 Portworx 中的 Fusion 的客戶，維恩圖會是什麼樣子。這些相對排列整齊嗎？或者說，情況還有點不同，或現在下結論還太早？我只是對 Evergreen//One 客戶的採用感興趣。

Well, in the case of Fusion, let me start with Fusion. In the case Fusion is available and just is a part of our -- the software that operates on our products. So it's available both to Evergreen//One subscribers as well as to customers who have purchased our arrays.

好吧，就 Fusion 而言，讓我先從 Fusion 開始。在這種情況下，Fusion 是可用的，並且只是我們產品上運行的軟體的一部分。因此，它既可供 Evergreen//One 訂閱者使用，也可供購買我們陣列的客戶使用。

In the case of Evergreen//One, we do a lot of the operations of those -- because in Evergreen//One, there are arrays on our customers' premise, but we take responsibility for managing them. We will be managing them via Fusion. So it's almost automatic in the case of Evergreen//One.

就 Evergreen//One 而言，我們做了很多這樣的操作——因為在 Evergreen//One 中，我們客戶的場所有陣列，但我們負責管理它們。我們將透過 Fusion 來管理它們。因此，對於 Evergreen//One 來說，這幾乎是自動的。

In the case where the customer operates their own arrays, owns and operates their own arrays, that's where, as we mentioned, we have a very large number of that in just those five months since we released the second version of it, there are a large number of customers, both either testing or using Fusion.

如果客戶操作自己的陣列，擁有並操作自己的陣列，那麼正如我們所提到的，自從我們發布第二個版本以來的短短五個月內，我們就有大量的客戶，無論是測試還是使用 Fusion。

And so we think that what it does is create an environment that makes it easier for them to manage and allows them to manage their data by software rather than through manual processes. So there's a high overlap, I would say, there.

因此，我們認為它的作用是創建一個使他們更容易管理的環境，並允許他們透過軟體而不是手動流程來管理資料。所以我想說，兩者重疊度很高。

In the case of Portworx, Portworx is a separate license from Evergreen//One. So the customers may be the same or they may be different.

就 Portworx 而言，Portworx 是與 Evergreen//One 分開的授權。因此，客戶可能相同，也可能不同。

Yeah. And Mike, this is Rob. Just to add on to that. I think if we step back from it, when I think about Evergreen//One, when I think about Fusion, when I think about Portworx, at the end of the day, all of these offerings are really geared towards delivering elements of the cloud operating model to customers.

是的。麥克，這是羅布。只是想補充一下。我認為，如果我們退一步來看，當我想到 Evergreen//One、當我想到 Fusion、當我想到 Portworx 時，到最後，所有這些產品實際上都是為了向客戶提供雲端操作模型的元素。

In the case of Evergreen//One, really, this is about delivering a far more agile high optionality mode of consumption and risk reduction in risk offload to customers. When we think about Fusion and Portworx, those are really offering customers a more cloud-based management and automation model. We do expect over time, greater degrees of integration between Fusion and Portworx as we bring those together across both the traditional workload sets with back-end and back-office business applications as well as the more modern cloud-native container-based application sets.

就 Evergreen//One 而言，這實際上是為了向客戶提供更靈活、高可選性的消費模式，並降低風險以轉移客戶的風險。當我們考慮 Fusion 和 Portworx 時，它們實際上為客戶提供了更基於雲端的管理和自動化模型。我們確實期望隨著時間的推移，Fusion 和 Portworx 之間的整合程度會更高，因為我們會將它們整合到具有後端和後台業務應用程式的傳統工作負載集以及更現代的基於雲端原生容器的應用程式集之中。

Thank you, Mike. Next question, please.

謝謝你，麥克。請回答下一個問題。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Thanks, and good luck to you, Kevan. We're going to miss you. The question is the revenue contribution from the 1 to 2 exabytes from Meta in the second half. How does the rev rec work for that? Is it just kind of a pilot and therefore, you're not recognizing revenue? Or have you baked in any revenue contribution?

謝謝，祝你好運，凱文。我們會想念你的。問題是下半年來自 Meta 的 1 到 2 EB 的收入貢獻是多少。轉速記錄 (rev rec) 如何運作？這是否只是一種試點，因此您沒有確認收入？或者您已經納入了任何收入貢獻？

Yeah. Thank you, Jason. There is going to be some de minimis revenue contribution that we've already contemplated in our annual guide. And so we'll see that come through in the second half. And again, our view would be that that would be a licensing fee model.

是的。謝謝你，傑森。我們在年度指南中已經考慮到了一些最低限度的收入貢獻。因此我們將在下半場看到這一點。再次強調，我們的觀點是，這將是一個許可費模式。

So you wouldn't see the full gross value coming through. But we certainly have considered that in our guide that we currently have communicated to you.

因此，您不會看到全部的總價值。但我們確實已經在目前傳達給您的指南中考慮到了這一點。

Thank you, Jason. Next question, please.

謝謝你，傑森。請回答下一個問題。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. Great success with the Evergreen//One portfolio this quarter. And you noted a large deal closing earlier than expected. But just wanted to see if there was an update on kind of some of the larger deals from last year that had flipped, whether those are kind of contributing to the pipeline this year or just kind of what you're seeing maybe with some of these larger deals and just kind of overall time to close.

太好了，謝謝。本季 Evergreen//One 投資組合取得了巨大成功。您還注意到有一筆大交易比預期提前完成。但我只是想看看去年一些較大的交易是否有更新，這些交易是否對今年的交易管道有所貢獻，或者只是您所看到的一些較大的交易以及總體成交時間。

Yeah. Appreciate that. And look, two quarters doesn't represent a trend for us, but certainly pleased with the strength we've seen both in Q4 and now in Q1. And then I would say it's business as usual in terms of what we've been seeing over the last two quarters with Q4 and Q1, both with the larger deals, which we define as over greater than $5 million tracking as we would be expecting as well as our higher velocity traction continues to be quite solid for us.

是的。非常感謝。而且，兩個季度對我們來說並不代表一種趨勢，但我們對第四季度和現在第一季所看到的強勁表現感到滿意。然後我想說，就我們過去兩個季度（第四季度和第一季）看到的情況而言，業務一切如常，兩季度都有較大的交易，我們將其定義為超過 500 萬美元的跟踪額，正如我們預期的那樣，而且我們的更高速度牽引力對我們來說仍然相當穩固。

So hopefully, we can continue that momentum as we progress through the year.

因此，希望我們能夠在新的一年裡繼續保持這種勢頭。

Thank you, Meta. Next question, please.

謝謝你，Meta。請回答下一個問題。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I wanted to see if maybe you could walk us through sort of a compare and contrast of a project like what you're doing with Meta relative to other projects. In other words, I'm trying to understand why it takes so long. Is it a matter of customization on your part or is it around long test cycles? Or is it things like modifying their own network management systems. I just like a little bit more detail so we can understand the timeline better. Thank you.

我想看看您是否可以向我們介紹您正在進行的 Meta 專案與其他專案的比較和對比。換句話說，我試著去理解為什麼需要這麼長時間。這是您的客製化問題還是與較長的測試週期有關？或者是修改他們自己的網路管理系統之類的事情。我只是想了解更多細節，以便我們能夠更好地理解時間軸。謝謝。

You bet, Simon. Why is it taking so long? It's the question I keep asking Kevan and Rob. No, all kidding aside. The reason is because it's not the testing of our product specifically that's taking a long time. It is their design cycle of their next-generation data center, which goes well beyond just the storage components of it. So this is why we had indicated the sort of the overall time -- and by the way, this will be the same for any of the hyperscalers that we serve. We will have to fit into their design cycle for when they are designing their next-generation design, which might be including us.

當然，西蒙。為什麼要花這麼久？這是我一直問凱文和羅布的問題。不，我只是在開玩笑。原因在於，我們產品的測試並不需要花費很長時間。這是他們的下一代資料中心的設計週期，其範圍遠遠超出了儲存組件。這就是為什麼我們要指出整體時間的原因——順便說一句，這對於我們服務的任何超大規模企業來說都是一樣的。當他們設計下一代設計時，我們必須適應他們的設計週期，其中可能包括我們。

So it generally takes us somewhere between 18 months and two years to design a new product here at Pure. It's the same for these hyperscalers who are designing their next-generation data center. And so we may be using a chip that already exists, but it doesn't matter. We're not going to be buying those until the full product is designed, the same for these large-scale data centers as well.

因此，在 Pure 我們通常需要 18 個月到兩年的時間來設計一款新產品。對於正在設計下一代資料中心的超大規模企業也是如此。因此我們可能正在使用已經存在的晶片，但這並不重要。在產品設計完成之前我們不會購買這些產品，對於這些大型資料中心也是如此。

Yeah, Simon, this is Rob. Just to add on to that. I think Charlie said it well. This goes back to how we originally framed our engagement with Meta in the early days as really a co-engineering exercise and engineering to engineering as opposed to a more traditional sales process. And I think the upshot of that is with our typical sales process, our customer is expecting a pretty much ready-to-go product that they're going to go figure out how to use, integrate into their management processes, but pretty much figuring that they're going to hit the ground running, right?

是的，西蒙，這是羅布。只是想補充一下。我認為查理說得很好。這可以追溯到我們早期與 Meta 的合作，實際上是一種聯合工程練習和工程對工程，而不是更傳統的銷售流程。我認為，這樣做的結果是，透過我們典型的銷售流程，我們的客戶期望獲得一種幾乎可以立即使用的產品，他們將弄清楚如何使用該產品，將其整合到他們的管理流程中，但幾乎可以確定他們將立即開始使用，對嗎？

With a co-engineering process, as Charlie mentioned, we are one element of their broader data center architecture and data center design, inclusive of other hardware components, inclusive of their software, et cetera. These are very typical engineering processes and timelines, as Charlie mentioned, and it's playing out as we expected.

正如 Charlie 所提到的，透過聯合工程流程，我們是其更廣泛的資料中心架構和資料中心設計的一個要素，其中包括其他硬體元件、軟體等等。正如查理所提到的，這些都是非常典型的工程流程和時間表，一切正如我們預期的那樣。

And if you look at the language of these phases, we've progressed from proofs of concept to really production validation testing. When we think about production validation testing, this is considered production-ready equipment that they are bringing together in the full design and the full solution set, really validating that this is going to work. And ultimately, we see this as really the principal gate to the anticipated 1 to 2 exabytes of shipments of the solution we're expecting in the second half.

如果你看一下這些階段的語言，我們已經從概念驗證進展到真正的生產驗證測試。當我們考慮生產驗證測試時，這被認為是可投入生產的設備，他們將其整合到完整的設計和完整的解決方案中，真正驗證了它是否會起作用。最終，我們認為這是實現下半年預計 1 至 2 EB 解決方案出貨量的主要關鍵環節。

Thank you, Simon. Next question, please.

謝謝你，西蒙。請回答下一個問題。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

This is Mike Cadiz for Asiya Merchant at Citi. So my one question is, would you be able to give us further clarification on how to think about subscription margins given the expected absorption now of any possible higher tariff costs? Thanks.

我是花旗銀行亞洲商戶部的 Mike Cadiz。因此，我的一個問題是，考慮到現在預期吸收任何可能更高的關稅成本，您能否進一步說明如何考慮訂閱利潤率？謝謝。

What was the last part of the question?

問題的最後一部分是什麼？

Subscription margins in the event of higher tariff costs.

關稅成本上漲時的認購利潤率。

Oh, yeah. No. Absolutely. And we've talked about this, right? So in terms of effectively absorbing these costs and the operations of our business and operating Evergreen//One.

哦，是的。不。絕對地。我們已經討論過這個了，對吧？因此，就有效吸收這些成本以及我們的業務運作和營運 Evergreen//One 而言。

Look, we're just very efficient with leveraging the technology and purity as well as Pure1 of Evergreen//One, while at the same time, I think we're going to do, based on what we're seeing right now, be able to manage tariffs effectively given the agility of our manufacturing footprint and supply chain. So as we sit here today, I would not see a significant burden or impact on our subscription gross margins.

你看，我們非常有效地利用了 Evergreen//One 的技術和純度以及 Pure1，同時，我認為，根據我們目前看到的情況，我們將能夠憑藉我們製造足跡和供應鏈的靈活性有效地管理關稅。因此，當我們今天坐在這裡時，我不會看到我們的訂閱毛利率受到重大負擔或影響。

Thank you, Mike. Next question, please.

謝謝你，麥克。請回答下一個問題。

Max Michaelis, Lake Street Capital Markets.

馬克斯‧邁克爾斯 (Max Michaelis)，Lake Street Capital Markets。

Just kind of want to go back to the ramping of the investment on the hyperscaler win. Just when we think about future hyperscaler wins, I mean, should we expect a substantial investment going forward for each win? Or is there some air points or some areas that you've seen where you can find savings?

只是想回到超大規模企業勝利的投資增加。當我們考慮未來超大規模企業的勝利時，我的意思是，我們是否應該期待每次勝利都會帶來大量的投資？或者您是否看到一些航空點或地區可以節省開支？

Yeah. Thank you for the question, Max. We expect to see leverage, if you will, in our design and investment requirements as we add -- if assuming we add more hyperscalers. I always knock on wood until they actually come in, right?

是的。謝謝你的提問，馬克斯。如果您願意的話，我們期望在我們的設計和投資要求中看到槓桿作用——假設我們增加更多的超大規模器。我總是敲木頭直到他們真正進來，對嗎？

And the reason for that is that there are certain capabilities that are quite fundamental that where Meta is the first. And once we've designed those capabilities, the elements that will need to change for most of the other hyperscalers will be a fraction of -- to add on to that, mostly in the areas of management, some form fit and function but not some of the more fundamental capabilities.

原因在於，某些功能非常基礎，而 Meta 是其中的第一項。一旦我們設計了這些功能，對於大多數其他超大規模企業來說，需要改變的元素將只是其中的一小部分——除此之外，主要是在管理領域，一些形式適合和功能，但不是一些更基本的功能。

One example. As you saw, we're expanding the number of suppliers that we have on the flash side. We have to do testing for each one of those suppliers as well as for each different form of chips that we use from those suppliers. We won't have to do that again. That's a very expensive area for us when we're building 150, 300, eventually 600 terabyte drives. Each one of them cost a lot of money, and we have to buy and burn a lot of them in our testing process. That will be leveraged -- that's just one example, but that will be leveraged across all of the hyperscalers.

一個例子。正如您所看到的，我們正在擴大快閃記憶體方面的供應商數量。我們必須對每個供應商以及我們從這些供應商使用的每種不同形式的晶片進行測試。我們不必再這樣做了。當我們建造 150、300、最終 600 TB 的硬碟時，這對我們來說是一個非常昂貴的領域。它們每一個都要花費很多錢，而且我們在測試過程中必須購買和燒掉很多。這將被利用——這只是一個例子，但它將被所有超大規模企業所利用。

Thank you, Max. The last question is up next.

謝謝你，馬克斯。接下來是最後一個問題。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

This is [Cane] on for Jim. Just a quick one. What did you see linearity-wise throughout the quarter and through May?

這是吉姆的[Cane]。只是快速的一次。在整個季度和整個五月份，您看到了哪些線性變化？

Thanks. It's a very typical linearity quarter actually. So we were pleased with it, started off strong, stayed strong through the quarter, nothing out of the ordinary, I'd say.

謝謝。這實際上是一個非常典型的線性季度。所以我們對此感到滿意，開局強勁，整個季度都保持強勁，我想說，沒有什麼不尋常的。

Probably more to the positive, Charlie, on revenue linearity. And that's why we're actually seeing some stronger free cash flows and operating cash flow and that's why also we didn't get impacted as much from an FX standpoint. So I would say that it's out of the ordinary just into the positive in terms of what we saw in revenue linearity for this quarter.

查理，就收入線性而言，可能更積極。這就是為什麼我們實際上看到了更強大的自由現金流和經營現金流，這也是為什麼我們從外匯角度來看沒有太大影響。因此，我想說，從本季的收入線性來看，這是非同尋常的正面表現。

Okay. Before we wrap up, I think Charlie has the final few comments.

好的。在我們結束之前，我想查理還有最後幾點評論。

Yes. Thank you, Paul, and thank you all for joining us on today's earnings call. The platform strategy, as you see, is really redefining what's possible in the data storage and management environment. We're breaking down data silos, we're unifying fragmented storage environments. We're enabling software-defined storage management, and we're leading the shift to modern virtualization.

是的。謝謝你，保羅，也謝謝大家參加今天的財報電話會議。如您所見，平台策略實際上正在重新定義資料儲存和管理環境中的可能性。我們正在打破資料孤島，統一分散的儲存環境。我們正在實現軟體定義的儲存管理，並引領現代虛擬化的轉變。

We'd like to share all of this with you in greater detail at our Accelerate Conference coming just next month and look forward to seeing you there. We want to thank all of our customers, our partners, our employees and our investors. We very much appreciate your continued support. And thank you, Kevan.

我們希望在下個月即將召開的加速會議上與您更詳細地分享這一切，並期待在那裡見到您。我們要感謝我們所有的客戶、合作夥伴、員工和投資者。我們非常感謝您的持續支持。謝謝你，凱文。

That concludes the Pure Storage first quarter fiscal 2026 financial results conference call. Thank you for your participation. You may now disconnect your lines.

Pure Storage 2026 財年第一季財務業績電話會議到此結束。感謝您的參與。現在您可以斷開線路了。