Pure Storage Inc (PSTG) 2026 Q2 法說會逐字稿

Good day, and welcome to the Pure Storage second quarter fiscal 2026 financial results conference call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Pure Storage 2026 財年第二季財務業績電話會議。今天的會議正在錄製中。（操作員指示）現在，我想將電話轉給投資者關係副總裁 Paul Ziots。請繼續。

Thank you. Good afternoon, everyone, and welcome to Pure's second quarter fiscal year 2026 earnings conference call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Tarek Robbiati, Chief Financial Officer; and Rob Lee, Chief Technology Officer.

謝謝。大家下午好，歡迎參加 Pure 2026 財年第二季財報電話會議。參加電話會議的有執行長 Charlie Giancarlo、財務長 Tarek Robbiati 和技術長 Rob Lee。

Following Charles and Tarek's prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com. On this call today, we will be making forward-looking statements which are subject to various risks and uncertainties.

在查爾斯和塔里克發表完準備好的發言後，我們將回答問題。我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議也同時在網路上直播。本次網路直播的幻燈片可在 investor.purestorage.com 下載。在今天的電話會議上，我們將做出前瞻性陳述，這些陳述可能受到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. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them.

其中包括有關我們的財務前景和營運、我們的策略、技術及其優勢、我們當前和新產品以及競爭行業和經濟趨勢的聲明。我們所做的任何前瞻性陳述均基於截至今天的事實和假設，我們不承擔更新它們的義務。

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

我們的實際結果可能與預測結果有重大差異，報告的結果不應被視為未來表現的指標。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. Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides.

在本次電話會議中，除收入、剩餘履約義務或 RPO 以及現金和投資外，所有財務指標和相關成長率均為非 GAAP 指標。我們的收益新聞稿和幻燈片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 the property of Pure Storage. Our third quarter fiscal 2026 quiet period begins at the close of business, Friday, October 17, 2025. With that, I'll turn it over to Charlie.

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，並歸 Pure Storage 所有。我們的 2026 財年第三季靜默期從 2025 年 10 月 17 日星期五營業結束時開始。說完這些，我就把麥克風交給查理。

Thank you, Paul. Good afternoon, everyone, and thank you for joining our Q2 FY26 earnings call. Pure Storage delivered a strong Q2, expanding our double-digit revenue growth. Our results were underpinned by strong enterprise performance and accelerating momentum in our core software and service offerings of Evergreen//One, Cloud Block Store, and Portworx.

謝謝你，保羅。大家下午好，感謝大家參加我們的 2026 財年第二季財報電話會議。Pure Storage 在第二季度表現強勁，營收實現了兩位數成長。我們的業績得益於強勁的企業表現以及核心軟體和服務產品 Evergreen//One、Cloud Block Store 和 Portworx 的加速發展動能。

Our growing success stems from the compelling value proposition of the Pure Storage platform. We deliver simplicity, reliability, and long-term value with our integrated Purity operating system. Purity is the infrastructure software that has enabled the only true non-disruptive Evergreen service and an unrivaled storage as a service model with Evergreen//One. Now enhanced with Fusion v2, Purity allows our customers to create their own enterprise data cloud, automating their storage and enabling software-defined data management.

我們不斷取得的成功源自於 Pure Storage 平台引人注目的價值主張。我們透過整合的 Purity 作業系統提供簡單性、可靠性和長期價值。Purity 是一款基礎設施軟體，它透過 Evergreen//One 實現了唯一真正的無中斷 Evergreen 服務和無與倫比的儲存即服務模式。現在，透過 Fusion v2 的增強，Purity 允許我們的客戶創建自己的企業資料雲，自動化他們的儲存空間並實現軟體定義的資料管理。

As I've shared previously, the Enterprise Data Cloud is an industry-changing architecture that transforms how organizations store and manage data. It replaces traditional siloed, compute stack-dedicated storage with a software-defined and orchestrated enterprise-wide data service.

正如我之前所分享的，企業資料雲是一種改變產業的架構，它改變了組織儲存和管理資料的方式。它以軟體定義和協調的企業範圍資料服務取代了傳統的孤立的運算堆疊專用儲存。

Customers' demand for Fusion continues to grow in both commercial and enterprise accounts. Purity enhanced with Fusion will enable businesses to manage their global data as an integrated cloud, providing a policy engine, presets and cataloging for how different classes of data are managed on a global basis.

商業和企業帳戶的客戶對 Fusion 的需求持續成長。透過 Fusion 增強的 Purity 將使企業能夠將其全球資料作為整合雲進行管理，為如何在全球範圍內管理不同類別的資料提供策略引擎、預設和分類。

Presets control attributes such as price performance, resiliency, security, geo-fencing, access controls, and other critical values. Cataloging will provide the location, provenance and lineage of data sets as they are copied, modified and combined. Together, these capabilities allow customers to more consistently manage their global data sets through software.

預設控制屬性，例如價格性能、彈性、安全性、地理圍欄、存取控制和其他關鍵值。編目將提供資料集在複製、修改和組合時的位置、來源和譜系。這些功能共同使客戶能夠透過軟體更一致地管理其全球數據集。

The Enterprise Data Cloud also enables businesses to lower labor costs, while reducing risk and increasing operational agility through software-defined enterprise policies. Data sets become centrally governed with policies and automated workflows handling the heavy lifting, freeing IT teams from manual configurations for each and every data set. The enterprise data cloud, or EDC architecture allows fast, seamless, and consistent policy changes as business needs evolve.

企業資料雲端也使企業能夠降低勞動力成本，同時透過軟體定義的企業策略降低風險並提高營運靈活性。資料集透過策略和自動化工作流程進行集中管理，處理繁重的工作，使 IT 團隊無需為每個資料集進行手動配置。企業資料雲或 EDC 架構允許隨著業務需求的發展而快速、無縫且一致的策略變化。

The key takeaway is that by virtualizing enterprise storage, Pure enables organizations to stop managing infrastructure and start managing data as a strategic asset, maximizing its value, ensuring availability and standardizing control. As enterprise data sets multiply, grow and become more valuable in the new AI economy, an Enterprise Data Cloud architecture becomes more critical and necessary.

關鍵在於，透過虛擬化企業存儲，Pure 使組織能夠停止管理基礎設施，並開始將數據作為戰略資產進行管理，從而最大化其價值、確保可用性並標準化控制。隨著企業資料集在新人工智慧經濟中不斷增加、成長並變得更有價值，企業資料雲架構變得更加重要和必要。

Recently, a global leader in IT consulting and digital services is adopting Pure's technology framework to create an Enterprise Data Cloud. This shift helps them move away from legacy technology components and eliminates existing data silos. We are also supporting their strategy to consolidate business applications and to manage their global data estate.

最近，一家全球領先的IT諮詢和數位服務公司正在採用Pure的技術框架來創建企業資料雲端。這種轉變幫助他們擺脫傳統的技術組件並消除現有的資料孤島。我們也支持他們整合業務應用程式和管理其全球數據資產的策略。

The Enterprise Data Cloud provides a highly efficient, scalable and secure foundation as their data volumes grow exponentially. It reduces infrastructure complexity and delivers predictable outcomes for their users. Pure is also at the forefront of helping customers with their strategic moves to modern virtualization to containers to Kubernetes and to the cloud. A leading financial institution is setting a clear strategic direction to modernize its application environment with purity and the Pure storage platform.

隨著資料量呈指數級增長，企業資料雲提供了高效、可擴展且安全的基礎。它降低了基礎設施的複雜性並為使用者提供了可預測的結果。Pure 也積極幫助客戶實現向現代虛擬化、容器、Kubernetes 和雲端的策略轉變。一家領先的金融機構正在製定明確的策略方向，利用純度和 Pure 儲存平台來實現其應用環境的現代化。

Building on success running mission-critical container services with Portworx at scale, the institution is working towards migrating all of their workloads from traditional virtual machines to either containers or Kubernetes virtualization. With Portworx and the Pure Storage platform, the shift will deliver platform independence, stronger security, higher efficiency and rapid recovery.

在使用 Portworx 大規模運行關鍵任務容器服務的成功基礎上，該機構正致力於將其所有工作負載從傳統虛擬機器遷移到容器或 Kubernetes 虛擬化。透過 Portworx 和 Pure Storage 平台，這項轉變將帶來平台獨立性、更強的安全性、更高的效率和快速復原。

Our solution will also sharply reduce their infrastructure space, power and cooling needs by over 70% over their legacy solutions. Partnering with Pure's professional services, the institution is positioning itself to run a fully automated, software-defined data environment, lighter, faster, and built for long-term competitive advantage.

與傳統解決方案相比，我們的解決方案還將大幅減少其基礎設施空間、電力和冷卻需求 70% 以上。透過與 Pure 的專業服務合作，該機構將自己定位為運行一個完全自動化、軟體定義的數據環境，該環境更輕、更快速，並且能夠獲得長期競爭優勢。

This institution is also deploying our new high-performance FlashArray//XL R5 to consolidate diverse large-scale applications onto a single platform, delivering significant performance gains with improved space power and cooling. Their new enterprise-wide Kubernetes platform now provides a non-proprietary solution across any underlying infrastructure across any public or private cloud and on any Kubernetes distribution.

該機構還部署了我們新的高效能 FlashArray//XL R5，將各種大型應用程式整合到單一平台上，透過改善太空電力和冷卻系統顯著提高效能。他們新的企業範圍的 Kubernetes 平台現在可以跨任何公有或私有雲以及任何 Kubernetes 發行版的任何底層基礎設施提供非專有解決方案。

They are replacing legacy infrastructure with modern virtualization and beginning to leverage Fusion v2 to manage their global storage fleet, fully automating data management to operate as a true enterprise data cloud.

他們正在用現代虛擬化技術取代傳統基礎設施，並開始利用 Fusion v2 來管理其全球儲存資源，完全自動化資料管理，以作為真正的企業資料雲端運作。

A global automotive company significantly expanded their use of Portworx this quarter for modern virtualization. This deployment expands Pure's footprint from manufacturing into their core enterprise operations, significantly reducing risk, complexity, and operational overhead across the company's infrastructure.

一家全球汽車公司本季大幅擴展了對 Portworx 的使用，以實現現代虛擬化。此次部署將 Pure 的業務範圍從製造業擴展到其核心企業運營，顯著降低了整個公司基礎設施的風險、複雜性和營運開銷。

From a business perspective, Portworx is allowing them to simultaneously modernize their IT virtualization stack and enable them to meet their developer needs to support new modern cloud native application development.

從業務角度來看，Portworx 允許他們同時實現其 IT 虛擬化堆疊的現代化，並使他們能夠滿足開發人員的需求，以支援新的現代雲端原生應用程式開發。

These examples demonstrate the unique value Pure and Portworx bring to our customers and strengthens our position as enterprises increasingly adopt cloud native architectures. One of the most interesting large wins this quarter comes from a multinational food products company, moving thousands of its business applications to the cloud.

這些範例證明了 Pure 和 Portworx 為我們的客戶帶來的獨特價值，並在企業越來越多地採用雲端原生架構時鞏固了我們的地位。本季最有趣的重大勝利之一來自跨國食品公司，該公司將其數千個業務應用程式遷移到雲端。

Working alongside one of the world's largest global IT consultancy and system integrators, our solution is delivering to the customer at least a 40% cost savings with our Cloud Block Store subscription, while providing higher availability for business-critical applications, greater redundancy, and stronger data protection. This is a powerful example of how Pure can help customers lower their costs, while improving performance and resilience in the cloud.

透過與全球最大的 IT 諮詢和系統整合商之一合作，我們的解決方案透過我們的 Cloud Block Store 訂閱為客戶節省至少 40% 的成本，同時為關鍵業務應用程式提供更高的可用性、更大的冗餘度和更強大的資料保護。這是一個有力的例子，說明 Pure 如何幫助客戶降低成本，同時提高雲端的效能和彈性。

Turning to our other subscription services. we saw continued strength and growth in Evergreen//One and Evergreen//Forever sales in Q2. Evergreen//One continues to deliver consistent customer value that protects customers from future uncertainty, including capacity and performance planning, pricing and tariff unpredictability.

談到我們的其他訂閱服務，我們看到 Evergreen//One 和 Evergreen//Forever 的銷售在第二季度繼續保持強勁成長。Evergreen//One 繼續提供一致的客戶價值，保護客戶免受未來不確定性的影響，包括容量和性能規劃、定價和關稅不可預測性。

Evergreen//One promises customers service level agreements that ensure the performance, capacity and security they need now and in the future with consistently the most modern technology without disruption.

Evergreen//One 向客戶承諾服務等級協議，以確保他們現在和將來所需的性能、容量和安全性，並始終採用最先進的技術而不會中斷。

Moving to our hyperscale engagements. Our strategic co-engineering with Meta continues on track. They have initiated their first volume deployment, and we have recognized our first revenue from this activity in Q2. Tarek will share further details.

轉向我們的超大規模合作。我們與 Meta 的策略合作工程仍在持續進行中。他們已經開始了首次批量部署，並且我們在第二季度從這項活動中獲得了第一筆收入。Tarek 將分享更多細節。

Overall, our early-stage engagements with other top hyperscalers continue to progress well as hyperscalers in general are increasingly seeking to accelerate their transition to flash data storage, where we continue to lead the industry in all things Flash.

總體而言，我們與其他頂級超大規模企業的早期合作繼續取得良好進展，因為超大規模企業普遍越來越尋求加速向快閃記憶體資料儲存的過渡，而我們在快閃記憶體領域繼續引領產業發展。

As a reminder, we are working with our hyperscale partners to enable them to replace their raw storage with our DirectFlash technology. To put this in perspective, imagine hyperscaler storage infrastructure as a three-layer cake.

提醒一下，我們正在與超大規模合作夥伴合作，使他們能夠用我們的 DirectFlash 技術取代他們的原始儲存。為了更清楚地理解這一點，我們可以將超大規模儲存基礎架構想像成三層蛋糕。

Layer 1 is the storage media layer, Layer 2 is the storage protocol and format layer. And Layer 3 is the storage services layer. The capabilities that Pure is developing for hyperscalers focuses on the Layer 1 storage media and media management layer below Layer 2.

第1層是儲存媒體層，第2層是儲存協定和格式層。第三層是儲存服務層。Pure 為超大規模使用者開發的功能主要集中於第 1 層儲存媒體和第 2 層以下的媒體管理階層。

Hyperscalers have developed their own Layer 2 data storage protocols and formats and also Layer 3 services. By providing Pure DirectFlash technology at Layer 1, we are able to dramatically reduce the power space and cooling requirements of hyperscale storage, while significantly increasing its performance and reliability. Additionally, Pure Cloud Block store also provides advanced Layer 3 services on top of hyperscale services, which provide enterprise-class storage services at lower cost than existing cloud storage services.

超大規模企業已經開發了自己的第 2 層資料儲存協定和格式以及第 3 層服務。透過在第 1 層提供 Pure DirectFlash 技術，我們能夠大幅減少超大規模儲存的電源空間和冷卻要求，同時顯著提高其效能和可靠性。此外，Pure Cloud Block store還在超大規模服務之上提供進階第3層服務，以比現有雲端儲存服務更低的成本提供企業級儲存服務。

Cloud Block store provided by Purity software at Layer 3 is able to provide enterprise customers the advanced storage services that their traditional applications depend on in the cloud while saving them significant expense.

Purity 軟體在第 3 層提供的雲端儲存能夠為企業客戶提供其傳統應用程式在雲端所依賴的高階儲存服務，同時為他們節省大量開支。

Our primary annual user conference Accelerate took place this past June. There, we formally introduced the enterprise data cloud architecture as well as next-generation innovations in our FlashArray and FlashBlade systems designed for the most demanding high-performance workloads.

我們主要的年度用戶會議 Accelerate 於今年六月舉行。在那裡，我們正式推出了企業資料雲架構以及專為最苛刻的高效能工作負載而設計的 FlashArray 和 FlashBlade 系統中的下一代創新。

We announced the general availability of FlashBlade//EXA targeting the most demanding AI training environments, FlashArray//XL R5, which doubles the performance of previous generations and the new FlashArray//ST, which targets even higher performance ultra-low latency workloads. Looking ahead, the extended Accelerate road show, along with our financial analyst meeting will kick off in New York on September 25, and we invite all of our analysts to attend.

我們宣布推出針對最嚴苛的 AI 訓練環境的 FlashBlade//EXA、效能比前幾代產品高出一倍的 FlashArray//XL R5 以及針對更高效能超低延遲工作負載的全新 FlashArray//ST。展望未來，延長的 Accelerate 路演以及我們的財務分析師會議將於 9 月 25 日在紐約拉開序幕，我們邀請所有分析師參加。

The roadshow will continue through Asia and Europe in September and October. Our success continues to be driven by our four sustainable competitive advantages, our unified Purity operating system for scale and simplicity; our evergreen model for always on and always modern operation; Purity DirectFlash for unmatched performance; and our cloud operating model with Evergreen//One and Pure Fusion, empowering customers to build and operate their own enterprise data cloud.

此次路演將於九月和十月在亞洲和歐洲繼續進行。我們的成功繼續得益於四個可持續的競爭優勢：統一的 Purity 作業系統，具有規模化和簡易性；常青模式，始終在線且始終保持現代化運營；Purity DirectFlash，具有無與倫比的性能；以及我們的雲端運營模式，包括 Evergreen//One 和 Pure Fusion，使客戶能夠構建和運營自己的企業數據雲。

While the global macro environment remains as variable and as uncertain as ever, our strong execution and thoughtful planning have kept us ahead of the curve, and we remain confident in our ability to extend our industry leadership as indicated by our improved guidance, which Tarek will discuss.

儘管全球宏觀環境仍然像以往一樣充滿變數和不確定性，但我們強大的執行力和周到的規劃使我們始終保持領先地位，並且我們仍然有信心能夠擴大我們的行業領導地位，正如我們改進的指導所表明的那樣，塔里克將對此進行討論。

Before I turn the floor over to our new CFO, Tarek Robbiati, I want to take a moment to welcome him to his first earnings call with Pure. Tarek, we're thrilled to have you on the team sharing your deep financial expertise, sharp strategic insight, and business acumen. I know our listeners will appreciate hearing from Tarek today and in the quarters ahead. And with that, Tarek, the floor is yours.

在將發言權交給我們的新任財務長 Tarek Robbiati 之前，我想花點時間歡迎他參加 Pure 的第一次收益電話會議。塔里克，我們很高興您能加入團隊，分享您深厚的金融專業知識、敏銳的策略洞察力和商業頭腦。我知道我們的聽眾會很高興今天以及未來幾季聽到塔里克的演講。那麼，塔里克，現在輪到你發言了。

Thank you, Charlie, for the warm welcome. We are very pleased with our Q2 financial results, exceeding both our revenue and operating profit guidance. Revenue of $861 million grew 13% year-over-year and operating profit of $130 million resulted in an operating margin of 15.1%.

謝謝查理的熱情歡迎。我們對第二季的財務表現非常滿意，收入和營業利潤都超乎預期。營收 8.61 億美元，年增 13%，營業利益 1.3 億美元，營業利益率達 15.1%。

Most importantly, we saw broad-based strength across our entire portfolio, led by large enterprises and the continued momentum of FlashBlade, including FlashBlade//E and accelerating momentum in our core software and services offerings of Evergreen//One, Cloud Block Store and Portworx.

最重要的是，我們看到整個產品組合的廣泛優勢，其中以大型企業和 FlashBlade 的持續成長勢頭為首，包括 FlashBlade//E 以及我們核心軟體和服務產品 Evergreen//One、Cloud Block Store 和 Portworx 的加速成長動能。

I would like to take this opportunity to formally thank my predecessor Kevan Krysler. Kevan deserves a lot of credit for the results attained this quarter, certainly more than me. I would like to personally thank him for his professionalism and for facilitating a smooth textbook transition between us two.

我想藉此機會正式感謝我的前任凱文·克萊斯勒。本季取得的成績很大程度上歸功於凱文 (Kevan)，當然比我更應受到讚揚。我要親自感謝他的專業精神以及他幫助我們兩人順利完成教科書式的過渡。

Turning back to understanding our performance in Q2 2026, our results highlight strong customer adoption of our platform strategy. Customers can now deploy Pure Storage across our entire data center footprint from the most demanding mission-critical workloads to cost-effective disc replacement. On performance-intensive databases, analytics, and AI, Pure delivers their high-speed all-flash solutions needed to drive results.

回顧我們在 2026 年第二季的表現，我們的結果凸顯了客戶對我們平台策略的大力採用。客戶現在可以在我們整個資料中心部署 Pure Storage，從最嚴苛的關鍵任務工作負載到經濟高效的磁碟更換。在效能密集資料庫、分析和人工智慧方面，Pure 提供了推動成果所需的高速全快閃解決方案。

At the same time, the //E family makes it possible to replace legacy disk systems at a comparable upfront cost while delivering lower long-term total cost of ownership, or TCO, greater reliability and scalable performance, turning the vision of the all-flash data center into reality.

同時，//E 系列可以以相當的前期成本替換傳統磁碟系統，同時提供更低的長期總擁有成本 (TCO)、更高的可靠性和可擴展的效能，將全快閃資料中心的願景變成現實。

By unifying and simplifying operations while cutting energy consumption and overall costs, the Pure platform optimizes the TCO for its customers. This message resonates across value-focused C-suite executive from IT leaders to CFOs and sustainability officers focused on efficiency priorities.

透過統一和簡化操作，同時降低能耗和整體成本，Pure 平台為客戶優化了 TCO。這項訊息引起了以價值為中心的高階主管的共鳴，從 IT 領導者到財務官，再到關注效率優先事項的永續發展官員。

Q2 TCV sales for our Storage-as-a-service offerings grew 24% year over year to $125 million. driven by high-volume, high-velocity transactions of less than $5 million. This momentum reflects our confidence in the expanding demand and growth opportunity for Evergreen//One and subscription-based offerings. Our collaboration with Meta continues well and as expected. As a reminder, our original fiscal year '26 guidance assumed deployment of 1 to 2 exabytes of our DirectFlash technology.

我們的儲存即服務產品第二季的 TCV 銷售額年增 24%，達到 1.25 億美元，這主要得益於 500 萬美元以下的大批量、高速度交易。這一勢頭反映了我們對 Evergreen//One 和基於訂閱的產品不斷擴大的需求和成長機會的信心。我們與 Meta 的合作繼續順利進行，正如預期的那樣。提醒一下，我們最初的 26 財年指導假設部署 1 到 2 EB 的 DirectFlash 技術。

Deployments have started such that we have begun to recognize revenue this past quarter. Given the pace of these deployments, we are now increasingly confident about the assumption of 1 to 2 exabytes and possibly more by our fiscal year-end. Our relationship with Meta continues to advance, and we continue to see increased interest from other hyperscalers looking to replace both hard disk and SSD-based environment with our direct flash technology.

部署已經開始，我們已經開始在上個季度確認收入。考慮到這些部署的速度，我們現在對財政年度末達到 1 到 2 EB 甚至更多的目標越來越有信心。我們與 Meta 的關係不斷發展，我們繼續看到其他超大規模企業越來越感興趣，他們希望用我們的直接快閃記憶體技術取代基於硬碟和 SSD 的環境。

Turning to our subscription offerings. Subscription services revenue in Q2 reached $415 million, up 15% year over year, accounting for 48% of total revenue. ARR grew 18% to $1.8 billion, while total remaining performance obligations, or RPO, grew 22% to $2.8 billion.

轉向我們的訂閱服務。第二季訂閱服務營收達4.15億美元，年增15%，佔總營收的48%。ARR 成長 18% 至 18 億美元，而剩餘履約義務總額（RPO）增加 22% 至 28 億美元。

RPO encompassing our Storage-as-a-Service offerings and Evergreen subscriptions across our installed base grew 21% exiting Q2. This backlog continues to reflect robust renewals and new Evergreen//One commitment. With respect to our geographic mix of revenues, US revenue was $577 million, growing 7% and international revenue was $284 million, growing 26% year over year.

涵蓋我們的儲存即服務產品和已安裝客戶群的 Evergreen 訂閱的 RPO 在第二季度成長了 21%。這項積壓訂單繼續反映了強勁的續約和新的 Evergreen//One 承諾。就我們的地理收入組成而言，美國收入為 5.77 億美元，成長 7%，國際收入為 2.84 億美元，年增 26%。

In terms of new logos, we added more than 300 new customers and our penetration of the Fortune 500 remains at 62%. Turning to margins and profitability. Total gross margin remained strong at 72.1%, reflecting healthy subscription services gross margin of 76.5%. Product gross margin again rose sequentially to 68%, aligning with our long-term expectation for product gross margins between 65% and 70%.

在新標誌方面，我們增加了 300 多個新客戶，對財富 500 強企業的滲透率仍保持在 62%。轉向利潤率和獲利能力。總毛利率維持強勁，為 72.1%，反映出訂閱服務毛利率健康，為 76.5%。產品毛利率再次較上季上升至68%，與我們對65%至70%之間的產品毛利率的長期預期一致。

Operating profit of $130 million and operating margin of 15.1% in Q2 were positively impacted by revenue strength and healthy gross margins. Our head count increased sequentially by 120 employees to approximately 6,100 employees.

第二季的營業利潤為 1.3 億美元，營業利潤率為 15.1%，受到強勁的收入和健康的毛利率的正面影響。我們的員工人數連續增加了 120 人，達到約 6,100 名員工。

Our balance sheet remains strong with $1.5 billion in cash and investments. Q2 operating cash flow was $212 million, and our capital investments of $62 million included test and infrastructure equipment to support data center expansion and funding of Evergreen//One subscription growth.

我們的資產負債表依然強勁，擁有 15 億美元的現金和投資。第二季營運現金流為 2.12 億美元，我們的資本投資為 6,200 萬美元，包括支援資料中心擴展的測試和基礎設施設備以及 Evergreen//One 訂閱成長的資金。

In Q2, our free cash flow performance was strong as we generated $150 million of free cash flow or a free cash flow margin on revenue of 17.4%. Finally, we returned $42 million to shareholders through 0.8 million share repurchases and offset 1.1 million shares in employee award withholding taxes and we currently have a $109 million of buyback authorization remaining.

在第二季度，我們的自由現金流表現強勁，因為我們產生了 1.5 億美元的自由現金流，或者說收入的自由現金流利潤率為 17.4%。最後，我們透過 80 萬股股票回購向股東返還了 4,200 萬美元，並抵銷了 110 萬股員工獎勵預扣稅，目前我們剩餘的回購授權金額為 1.09 億美元。

Now turning to our guidance. We have made the decision to introduce a range for our financial guidance. This approach differs from our practice in previous quarters, where we provided a single target number for each metric we guided to.

現在轉向我們的指導。我們已決定推出一系列財務指導。這種方法與我們前幾季的做法不同，在前幾季度，我們為指導的每一個指標都提供了一個目標數字。

This change aligns with many other growth companies in our industry, while also offering us the flexibility to make the necessary incremental investments we need to capture additional growth opportunities and other transformational projects we identify as we execute our strategy.

這項變更與我們行業中的許多其他成長型公司保持一致，同時也為我們提供了靈活性，使我們能夠進行必要的增量投資，以抓住額外的成長機會以及我們在執行策略時發現的其他轉型專案。

For fiscal year '26, we anticipate revenue to be in the range of $3.6 billion to $3.63 billion, representing 14% year-over-year growth at the midpoint. This is a 300 basis point increase from our previously provided revenue guidance of 11% year-over-year growth.

對於 26 財年，我們預計營收將在 36 億美元至 36.3 億美元之間，中位數年增 14%。這比我們之前提供的同比增長 11% 的收入預期高出 300 個基點。

We expect operating profit to be in the range of $605 million to $625 million representing approximately a 10% year-over-year increase at the midpoint. This is over a 300 basis points increase from our previously provided operating profit guidance.

我們預計營業利潤將在 6.05 億美元至 6.25 億美元之間，中間值較去年同期成長約 10%。這比我們之前提供的營業利潤預期高出 300 個基點。

Specifically, for Q3, we anticipate revenue to be in the range of $950 million to $960 million, representing approximately a 15% year-over-year increase at the midpoint. We also expect operating profit to be in the range of $185 million to $195 million, representing approximately a 14% year-over-year increase at the midpoint. With that, I'll now turn the call back to Paul for Q&A.

具體來說，對於第三季度，我們預計營收將在 9.5 億美元至 9.6 億美元之間，中間值將年增約 15%。我們也預期營業利潤將在 1.85 億美元至 1.95 億美元之間，中間值年增約 14%。說完這些，我現在將電話轉回給保羅進行問答。

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

謝謝，塔里克。（活動指示）接線員，我們開始吧。

(Operator Instructions)

（操作員指示）

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Congrats on some impressive numbers here. Charlie, your guide implies that growth in the back half of your fiscal year, October and Jan quarter would be mid-teens like 15%, 16% growth versus the 12% to 13% growth we saw in the first half of the year. Can you just help us appreciate what is really enabling this what looks like a very sizable acceleration of growth. Are you seeing better macro tailwinds or just better adoption of the Pure platform? Or is something specific like EXA, for example, just driving up -- ramping up for you? Just help us understand what's driving this acceleration of growth in the back half of the year on your top line?

恭喜您取得如此令人印象深刻的數字。查理，你的指南暗示，本財年下半年（10 月和 1 月當季）的成長率將達到 15% 到 16% 左右，而上半年的成長率為 12% 到 13%。您能否幫助我們了解真正促成這看似非常可觀的成長加速的原因？您是否看到了更好的宏觀順風，還是只是 Pure 平台的更好採用？或者像 EXA 這樣的特定事物只是在推動你前進——為你提升？請幫我們了解是什麼推動了你們下半年營業額的加速成長？

Thanks, Amit. I hope all is well. So we're seeing broad-based strength in our -- overall in our product line and offerings. And of course, we're halfway through the year now, seven months, and we just -- we have a better sense of the pipeline and therefore, more confidence in the forecast. As you may recall, at the beginning of the year and even after Q1, there were lots of dark clouds over the second half of the year, not just from financial analysts, but also from the banks.

謝謝，阿米特。我希望一切都好。因此，我們看到我們的產品線和產品整體上具有廣泛優勢。當然，現在已經過了半年，也就是七個月的時間，我們對通路有了更好的了解，因此對預測更有信心。您可能還記得，今年年初甚至第一季之後，下半年籠罩在許多陰雲之中，不僅來自金融分析師，也來自銀行。

Clearly, now we're in the second half of the year, those dark clouds seem to have disappeared at the macro level. But I think also just we have a very strong company momentum based on the introductions that we've made, not just at the product level, but this architectural shift that we're driving with our enterprise data cloud with Fusion. And that's driving more demand and more interest, especially around large deals. So I think it's just a lot of positive momentum overall, coupled with an economy that's holding up. .

顯然，現在已經進入下半年，宏觀層面上的那些烏雲似乎已經消散了。但我認為，基於我們所做的介紹，我們公司擁有非常強勁的發展勢頭，不僅是在產品層面，還包括我們透過 Fusion 推動的企業資料雲架構轉變。這推動了更多的需求和興趣，尤其是在大型交易方面。所以我認為總體而言這是一個積極的勢頭，再加上經濟的持續成長。。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Kind of building on Amit's question there. Thinking about the revenue trajectory and it sounds like incrementally positive comments with regards to the relationship. I'm curious how maybe that's evolved? Have you gotten some visibility into the procurement cycle of Meta and are we still kind of confident in the progression of that relationship to I think it was double-digit exabyte shift into fiscal -- the next fiscal year? And any thoughts on kind of the margin profile of that opportunity at this point?

有點像是針對阿米特 (Amit) 的問題。思考一下收入軌跡，這聽起來像是對這段關係逐漸正面的評價。我很好奇它是怎麼演變的？您是否對 Meta 的採購週期有所了解？我們是否仍對這段關係的發展充滿信心？我認為，在下一個財政年度，它將實現兩位數的 EB 級轉變？目前您對該機會的利潤狀況有何看法？

So the relationship continues at pace. I have to say that whether it's luck or skill, it's very much along the lines that we both forecast and have expected -- and have expressed on these calls. So we seem to be right on time and on target. I think we've been appropriately judicious in terms of evaluating what a reasonable time to expand is.

因此，雙方關係仍在穩步推進。我必須說，無論是運氣還是技巧，這都與我們預測和預期的非常一致——並且在這些電話中表達了這一點。因此，我們似乎正好按時並達到了目標。我認為我們在評估擴張的合理時機方面已經做出了適當的判斷。

And I think we're going to stay with our -- with how we forecast that, which is that we don't -- I would say that in general, we don't have very -- we can -- we have to interpret a lot of the information we get in order to be able to forecast properly.

我認為我們將繼續堅持我們的預測方式，也就是說，我們不會——我想說，一般來說，我們沒有——我們可以——我們必須解釋我們獲得的大量信息，以便能夠做出正確的預測。

And so far, that interpretation has been operating well. I would say, you may recall, we described this in the past that the income that we receive is based on effectively royalty or software revenue. So at a percentage basis, it's almost practically speaking, 100% margin, 90%-plus except for the service element and because they will be acquiring the actual physical product directly from the supply chain.

到目前為止，這種解釋運作良好。我想說，您可能還記得，我們​​過去曾描述過，我們收到的收入實際上是基於版稅或軟體收入。因此，從百分比來看，利潤率幾乎實際上是 100%，除了服務要素外，利潤率超過 90%，因為他們將直接從供應鏈中獲得實際的實體產品。

Howard Ma, Guggenheim Securities.

古根漢證券公司的 Howard Ma。

And it's great to see the strong business momentum. Charlie, based on what you just said about the Meta deal being a high margin, essentially royalty revenue. I guess for you or for Tarek, how much of the sequential gross margin improvement versus Q1 was the result of the Meta shipments that, as you just said, carry significantly higher gross margin.

我很高興看到強勁的業務發展勢頭。查理，根據你剛才所說的，Meta 交易的利潤很高，基本上是特許權使用費收入。我想對於您或 Tarek 來說，與第一季相比，毛利率的環比增長有多少是由於 Meta 的出貨量所致，正如您剛才所說，Meta 的出貨量帶來了顯著更高的毛利率。

For instance, if I assume $30 million of revenue from Meta shipments in the quarter, at 90%-plus gross margin, that would imply that half the gross margin improvement was due to Meta and that the other half was due to core improvement. I'd love to get your thoughts on that.

例如，如果我假設本季 Meta 出貨量的收入為 3000 萬美元，毛利率超過 90%，那就意味著毛利率提高的一半歸功於 Meta，另一半歸功於核心改進。我很想知道你對此的看法。

All right. Mike, thanks for the question. It's Tarek here. I'll say to you, if you look at our product gross margin improvement of 4 points in the quarter, I'd say it comes from three factors. First is revenue mix between product and software.

好的。麥克，謝謝你的提問。我是塔里克。我想告訴你，如果你看看我們本季產品毛利率提高 4 個百分點，我會說這來自於三個因素。首先是產品和軟體之間的收入組合。

The second factor is product mix as customers go for higher and solutions; and third is pricing discipline. Specifically, Howard, for the numbers that you have quoted on Meta. I would say that in the Q2 the number was not material to the overall results and not in the proportions that you highlighted.

第二個因素是產品組合，因為客戶追求更高品質和更完善的解決方案；第三個因素是定價原則。具體來說，霍華德，對於你在 Meta 上引用的數字。我想說的是，第二季的數字對於整體結果來說並不重要，而且也不像您強調的那樣佔比。

Most of the improvements in the product gross margins comes from those three factors. We also had as Charlie highlighted, a strong deal from Portworx that contributed to the improvement in product gross margin. But by and large, the strength was across the portfolio with customers acquiring higher-end solutions, have pretty good pricing discipline throughout.

產品毛利率的提升，大部分來自於這三個因素。正如 Charlie 所強調的那樣，我們還與 Portworx 達成了一項強有力的交易，這有助於提高產品毛利率。但總體而言，整個產品組合都表現出色，客戶購買更高端的解決方案，並且始終保持相當良好的定價紀律。

Mike Cikos, Needham & Company.

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

This is Matt Calitri for Mike Cikos over at Needham. Congrats on the new role, Tarek. Aside from introducing a guidance range, have you in any way changed the guidance philosophy or taking a different approach to how guidance is constructed?

我是 Needham 的 Mike Cikos 的 Matt Calitri。恭喜塔里克獲得新職位。除了引入指導範圍之外，您是否以任何方式改變了指導理念或採取了不同的指導建構方法？

Mike, no. I mean, my first of all, philosophy doesn't have any bearing on the way we guide based on the numbers and our guidance is really based on what the numbers are telling us and down the fairway of what we believe the realities are.

麥克，不。我的意思是，首先，我的哲學與我們根據數字進行指導的方式沒有任何關係，我們的指導實際上是基於數字告訴我們的內容以及我們認為的現實情況。

And so the idea of introducing is a range, as mentioned earlier in my script is first to align with the rest of the industry. And second, it also to give us more flexibility to be able to capture opportunities that we see during the course of the year to continue to grow at an accelerated pace.

因此，引入的想法是一個範圍，正如我之前在腳本中提到的那樣，首先要與行業的其他部分保持一致。其次，它也為我們提供了更大的靈活性，使我們能夠抓住一年中看到的機會，並繼續加速成長。

But we are pretty confident about our momentum. And if you really look at our results and particularly the lead indication elements such as the RPO, you can really derive comfort around our guidance and the way we set it up.

但我們對我們的發展勢頭非常有信心。如果您認真查看我們的結果，特別是 RPO 等主要指示要素，您將對我們的指導和設置方式感到放心。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Wanted to ask about the partnership that you guys have established with Nutanix. Charlie, can you just talk about whether this is a significant partnership, what some of the -- I know it's not available yet, but what is some of the kind of the buzz out there in the field from customers that are aware of this and may be interested in pursuing a hypervisor switch while continuing to use pure arrays.

想詢問一下你們與 Nutanix 建立的合作關係。查理，您能否談談這是否是一個重要的合作夥伴關係，我知道它現在還沒有實現，但是，那些意識到這一點並且可能有興趣在繼續使用純陣列的同時追求虛擬機管理程序切換的客戶在該領域的一些熱議話題是什麼？

Yeah. So as you are hinting at, there's a strong interest by customers and looking at alternatives for their virtualization environment as they go forward. And Nutanix is a strong player in that environment. Nutanix traditionally, as you well know, has been a hyperconverged environment that is that it's storage, compute, networking all in one ours will be the first true connection to external storage that they'll be supporting, which will also turn them into much more of a traditional hypervisor type environment.

是的。正如您所暗示的，客戶對此有著濃厚的興趣，並且正在尋找虛擬化環境的替代方案。Nutanix 是該環境中的強大參與者。眾所周知，Nutanix 傳統上是一個超融合環境，即將儲存、運算、網路集於一身，這將是他們支援的第一個真正的外部儲存連接，這也將使他們變成更傳統的虛擬機管理程式類型的環境。

So we're very excited about it for several reasons. One is it gets customers excited to is because they're going to be integrating into Fusion. That is to say, into our enterprise data cloud. And so it's going to give them much greater scalability than a traditional hyperconverged architecture will bring. So they're excited about it, we're excited by it, customers are excited by it.

因此，我們對此感到非常興奮，原因有幾個。一是它讓客戶感到興奮，因為他們將要融入 Fusion。是說進入到我們的企業資料雲端。因此，它將為他們提供比傳統超融合架構更大的可擴展性。所以他們對此感到興奮，我們對此感到興奮，客戶對此也感到興奮。

And so yes, we have a -- actually, we're oversubscribed in terms of early field trials that are being demanded by customers. So it looks like -- what can I say? One last thing I'll mention is our plan right now is to be general availability by the end of the year. So hopefully available very soon.

是的，事實上，就客戶要求的早期現場測試而言，我們的認購量已經超額了。看起來——我能說什麼呢？我要提到的最後一件事是，我們目前的計劃是在今年年底前全面上市。希望很快就能推出。

(technical difficulty), TD Cowen.

（技術難度），TD Cowen。

This is Eddy on for Krish here. Congrats on great results. I have a question on the early engagements with other hyperscalers you highlighted. My understanding is this has been going on for a while now. And I wonder if you can share how these engagements evolved over the last three months. Are we still in the first innings there? Or are we progressing more towards like second and third

這是 Eddy，代替 Krish。恭喜你取得優異的成績。我對您強調的與其他超大規模企業的早期合作有疑問。我的理解是這種情況已經持續了一段時間了。我想知道您是否可以分享一下過去三個月來這些合作的進展。我們還處於第一局嗎？或者說我們正朝著第二和第三的方向發展

Yeah. Thanks, Eddy. This is Rob. I'll take that one. As we've said and as we've anticipated, the progress with our first hyperscaler customer, really has accelerated our engagements with both other hyperscaler prospects as well as suppliers alike, and I think really has caused the industry to take notice of the value we can deliver into these environments with DirectFlash in our software technology.

是的。謝謝，艾迪。這是羅布。我要那個。正如我們所說的和所預料的，我們與第一位超大規模客戶取得的進展確實加速了我們與其他超大規模潛在客戶以及供應商的合作，我認為這確實引起了業界的注意，我們可以利用軟體技術中的 DirectFlash 為這些環境帶來價值。

These early-stage engagements are progressing well. As Charlie mentioned in his prepared remarks, with early testing and technology assessment well underway and with multiple proofs of concept that are again underway. As we've discussed before, the process towards placing our technology into these environments is very unlike a traditional sales cycle.

這些早期階段的合作進展順利。正如查理在準備好的演講中提到的那樣，早期測試和技術評估正在順利進行，多個概念驗證也正在再次進行中。正如我們之前討論過的，將我們的技術應用到這些環境中的過程與傳統的銷售週期非常不同。

It's really much more of a co-engineering motion with several phases to it. Technology assessment selection, some testing of that ultimately leading to a design win where that technology is chosen as kind of the plan of record and then progressive validation testing on the way to pilot and then eventually scaling to production.

它實際上更像是一個包含多個階段的共同工程動議。技術評估選擇，一些測試最終導致設計勝利，其中該技術被選為記錄計劃，然後在試點過程中進行逐步驗證測試，最終擴展到生產。

We do expect, based on our learnings with our first customer in the space as well as incorporating those learnings into the core technology. We do expect that some phases of that will accelerate in future engagements. But I would still describe our status with the next customers as early -- in early stage in those.

我們確實期望，基於我們與該領域第一位客戶的經驗教訓，並將這些經驗教訓融入核心技術。我們確實希望，在未來的合作中，某些階段的進展能夠加速。但我仍然會將我們與下一批客戶的狀況描述為早期階段。

Simon Leopold, Raymond Dams.

西蒙李奧波德、雷蒙達姆斯。

I wanted to get a better understanding of your longer-term expectations for Meta. Clearly, it sounds like it's nicely accretive to margin. And I did hear that you highlighted that it wasn't a big factor this quarter. So how are you thinking about the Meta contribution to the financial model in October? And then how should we think about it over a longer term?

我想更了解您對 Meta 的長期期望。顯然，這聽起來像是對利潤有很好的增值作用。我確實聽說您強調這不是本季的一個重要因素。那麼您如何看待 Meta 對 10 月財務模型的貢獻？那麼長遠來看我們應該如何考慮這個問題呢？

Let me start, and then Tarek will fill in with some level of detail. So we are expecting to go down this path of 1 to 2 -- as Tarek mentioned, 1 to 2 exabytes this year. We continue to believe that we can be in the double digits next year. albeit, obviously, all of that is, as I said, based on our read of the situation and plans. From an economic standpoint, currently, the way it works is as royalty based.

讓我先開始，然後塔里克會補充一些細節。因此，我們預計今年將達到 1 到 2 EB——正如 Tarek 所提到的那樣，1 到 2 EB。我們仍然相信明年我們可以達到兩位數。儘管如此，顯然，正如我所說，所有這些都是基於我們對情況和計劃的解釋。從經濟角度來看，目前它的運作方式是基於特許權使用費的。

There is a significant investment that's made against that royalty. But yes, it does come in, as I said, well above 90% gross margin.

針對該特許權使用費進行了重大投資。但正如我所說，它的毛利率確實遠高於 90%。

Yeah. Simon, it's Tarek here. Just to add to what Charlie and also Rob said earlier on. We're pleased with how the relationship is evolving. We are standing by the 1 to 2 exabytes by the end of this year, possibly more.

是的。西蒙，我是塔里克。只是想補充一下 Charlie 和 Rob 之前說的話。我們對兩國關係的發展感到滿意。我們預計今年年底數據量將達到 1 到 2 EB，甚至可能更多。

It really hinges on visibility on forecast we are getting better at that. And we don't forecast for fiscal year '26 that the revenue from hyperscalers will be material to Pure but we do believe that we have reasonable visibility at this stage for the end of this fiscal year. And for next fiscal year, we'll continue to work on it.

這確實取決於預測的可見性，我們在這方面正在做得更好。我們並未預測 26 財年來自超大規模企業的營收會對 Pure 產生重大影響，但我們相信，現階段我們對本財年末的前景有合理的預期。在下一個財政年度，我們將繼續努力。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess if I can just go back to the engagement you have with the hyperscalers outside of meta, you gave a fair amount of details there. But in terms of any sort of indications you're getting from them of what a ramp would look like once you convert that into a win?

我想如果我可以回顧一下您與元之外的超大規模者的接觸，您在那裡提供了相當多的細節。但是就您從他們那裡得到的任何跡象而言，一旦您將其轉化為勝利，斜坡會是什麼樣子？

Is it going to look very similar to what the Meta deployment is like one to two going to double-digit exabytes? Or do you have a sense if that's going to be more solid ramp in terms of deployments just given that you'll have a more of a test bed already with the existing hyperscale or any thoughts around sort of the deployment piece there?

它看起來是否與 Meta 部署非常相似，就像一到兩個達到兩位數的艾字節？或者您覺得，鑑於您已經擁有了具有現有超大規模的更多測試平台，這是否會在部署方面更加穩固，或者您對那裡的部署部分有什麼想法？

Yeah. Samik, this is Rob. I'll take that. Look, at this point, we're just squarely focused on making our existing customer successful in ramping and working through the technology validation process and early proof of concepts with future customers. It's a bit early at this stage to comment on expectations of ramp with those customers.

是的。薩米克，這是羅布。我會接受的。瞧，在這一點上，我們只是專注於讓我們現有的客戶成功地完成技術驗證過程以及與未來客戶進行概念的早期驗證。目前就這些客戶的產量提升預期發表評論還為時過早。

I think as we get closer to -- further down the track and get closer to design win, we'll have a bit more visibility on future customers.

我認為，隨著我們越來越接近目標，越來越接近設計勝利，我們將對未來的客戶有更多的了解。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

I'm looking forward to working together with all of you guys and Tarek, nice to work together again. I was just wondering if you could, Tarek, kind of mentioned it earlier, but it's great to see the deployments for Meta this quarter. I'd lob if you could maybe just click on when you say the potential for possibly more than 1 to 2 exabytes for Meta this year. Like what exactly does that mean? And what exactly influences that comment?

我期待與你們所有人和塔里克一起工作，很高興再次合作。我只是想知道您是否可以，塔里克，之前提到過，但很高興看到本季度 Meta 的部署。當您說今年 Meta 的潛力可能超過 1 到 2 EB 時，如果您可以點擊一下，我會很感激。這到底是什麼意思？那麼究竟是什麼影響了這項評論呢？

Look, I think right now, what you have to take away from the use of the words, possibly more is that we're confident about the 1 to 2 range for fiscal year '26. We're still working with Meta. Like I said earlier, for a prior question, we don't expect that the revenue contribution this year will be material to the results of Pure. But so far, so good. We just have to take it one step at the time.

看，我認為現在，你必須從這些詞語的使用中得出的結論是，可能更多的是，我們對 26 財年的 1 到 2 的範圍充滿信心。我們仍在與 Meta 合作。就像我之前提到的，對於先前的問題，我們預計今年的營收貢獻不會對 Pure 的業績產生重大影響。但到目前為止，一切都很好。我們只需一步一步來。

We still have to deliver the third quarter and the full year guidance. and then we will update you all about the ramp and how this materializes as we execute on Q3, Q4.

我們仍然需要提供第三季和全年的指導。然後，我們將向您通報有關成長的情況以及我們在第三季和第四季執行時如何實現這一目標。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi today. Tarek, good to have you on board. My follow-up is on product gross margins. Can you talk about the strength of FlashBlade in the quarter? And did that impact product gross margins?

今天是 Ruplu 代替 Wamsi。Tarek，很高興你能加入我們。我的後續問題是產品毛利率。能談談 FlashBlade 本季的優勢嗎？這對產品毛利率有影響嗎？

And Charlie, you've talked about a higher level of investment that you need to make this year because of growth with hypercars. Does that in any way impact your density road map for DFM modules? And is that impacting gross product gross margins?

查理，您談到由於超級跑車的蓬勃發展，今年您需要進行更高水準的投資。這是否會對 DFM 模組的密度路線圖產生影響？這會影響產品毛利率嗎？

Yeah. This is Rob. I'll take that one. Look, I think if we look at the product strength that we saw in the quarter is consistent with Charlie and Tarek's prepared remarks. The key takeaway is broad-based strength across the board.

是的。這是羅布。我要那個。你看，我認為如果我們看一下本季看到的產品實力，這與查理和塔里克準備好的發言是一致的。關鍵在於各方面都展現出廣泛的實力。

Certainly, we did see strength family, but as well our higher performance offerings as well as our software offerings. And then specific to gross margin, again, echoing what Tarek's earlier comments on the call really attribute the strength there to a number of factors, the broad-based strength, good mix across the product and software portfolio as well as the sales teams are doing a really nice job in terms of holding value and discounting discipline.

當然，我們確實看到了實力家族，同時也看到了我們更高性能的產品以及軟體產品。然後具體到毛利率，再次呼應塔里克在電話會議上的先前評論，他確實將毛利率的優勢歸因於許多因素，廣泛的優勢，產品和軟體產品組合的良好組合以及銷售團隊在保持價值和折扣紀律方面做得非常出色。

Right. And then as far as the road map for density on the DirectFlash modules that about, especially at the low end, that especially does affect gross margins. But in addition, sort of our software. So just as an example, what we announced in terms of our -- the latest version of purity it has enhanced day reduction and data reduction enhances profitability by effectively providing customers more effective storage for the same amount of COGS on our side. And we expect that to continue as well. So it's both a software and a hardware phenomenon.

正確的。至於 DirectFlash 模組密度的路線圖，特別是在低端，這尤其會影響毛利率。但除此之外，還有我們的軟體。舉個例子，我們宣布的最新版本的純度提高了工作日減少量和數據減少量，透過以相同數量的 COGS 有效地為客戶提供更有效的存儲，提高了盈利能力。我們希望這種情況能夠持續下去。所以這既是一種軟體現象，也是一種硬體現象。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yeah. I wanted to follow up on one of your comments regarding Q2 highlights with the early-stage engagements with the hyperscalers. I can see the -- looking to replace the hard disk side of their legacy investments, but the SSD-based investments, your comment that you're looking to replace those SSD-based investments. Does that mean they are kind of rip and replace with DirectFlash? Or is that they're kind of hold with what they've got and they'll operate in kind of a multi-vendor environment for flash?

是的。我想跟進您關於第二季度與超大規模企業早期合作的亮點的評論之一。我可以看到 - 希望取代他們遺留投資中的硬碟部分，但對於基於 SSD 的投資，您評論說您正在尋找取代那些基於 SSD 的投資。這是否意味著它們會被 DirectFlash 取代？或者他們只是堅持現有的資源，並在快閃記憶體的多供應商環境中運作？

Yeah. So it's a great question. But to remind really the audience is that the hyperscalers generally don't do rip and replace unless it's the entire data center. After about five, six, seven years of use, tell completely -- they'll clear out the entire data center, including all the power supplies, the air conditioning, everything else and start brand new with the new design and that would be true on storage as well. So yes, there's no rip and replace.

是的。這是一個很好的問題。但真正要提醒觀眾的是，超大規模企業通常不會進行拆除和替換，除非是整個資料中心。經過大約五、六、七年的使用後，他們會徹底清理整個資料中心，包括所有的電源、空調和其他一切，然後採用新的設計重新開始，儲存也是如此。所以是的，沒有拆除和更換。

It's always about the new builds, if you will. And in our case, we are able to provide better performance and higher reliability and longer durability of our flash that's more consistent across the different tiers of their storage using our direct flash technology. So think of it as one technology to rule them all, whether it's hard disk or SSD, regardless of the tier, if you will, of storage.

如果你願意的話，它總是與新構建有關。在我們的案例中，我們能夠使用直接快閃記憶體技術提供更好的性能、更高的可靠性和更長的快閃記憶體耐用性，並且在儲存的不同層級上更加一致。因此，可以將其視為統治所有事物的技術，無論是硬碟還是 SSD，也無論儲存層級為何。

Asiya Merchant, Citibank Group.

花旗銀行集團 Asiya Merchant。

Nice to engage with you again, Tarek. Just if I can, based on your guide, how should we think about the split between product versus subscriptions? And related to that, not just on the revenue side, but thinking about gross margins as well. should we expect continued momentum here in gross margin above and beyond where it was last year on subscription gross margins. Well.

很高興再次與您合作，塔里克。如果可以的話，根據您的指南，我們應該如何考慮產品與訂閱之間的區分？與此相關的是，不僅要考慮收入方面，還要考慮毛利率。我們是否應該預期毛利率繼續保持成長勢頭，並超過去年的訂閱毛利率。出色地。

Thank you very much, Asiya, for asking the question. This is a really good one. I think you what you have to evaluate is the pace at which product revenue growth materializes, and in that, in itself, there is a substantial mix effect that comes from recognizing royalty revenue from hyperscalers, recognizing software revenue from our offerings on Portworx Works, us managing the product mix and also making sure that we continue to be price effective yet disciplined in the way we price.

非常感謝 Asiya 提出這個問題。這確實是一個好主意。我認為你必須評估的是產品收入成長實現的速度，而這本身就存在著顯著的組合效應，這種效應來自於確認來自超大規模用戶的版稅收入、確認來自我們在 Portworx Works 上提供的產品的軟體收入、我們管理產品組合以及確保我們繼續保持價格有效但在定價方式上保持紀律。

So park revenue at 11% year on year is a good result for Q2, and it's right below our subscription revenue growth up 15%. There is going to be a continuous growth in product revenue moving forward. And also, if you look at our RPO, you can draw comfort that subscription revenue will also be growing moving forward.

因此，公園收入年增 11% 對於第二季來說是一個不錯的成績，並且略低於我們的訂閱收入增幅 15%。未來產品收入將會持續成長。此外，如果您查看我們的 RPO，您就會感到欣慰，訂閱收入未來也將持續成長。

So it's those two growth on a relative basis that dictate our gross margin will evolve, knowing that subscription gross margin is obviously higher than our product revenue gross margin so far. But we do intend to grow both product and subscription revenue moving forward and maximize the margins of each.

因此，這兩個相對的成長決定了我們的毛利率將會改變，因為到目前為止，訂閱毛利率明顯高於我們的產品收入毛利率。但我們確實打算在未來增加產品和訂閱收入，並最大化各自的利潤率。

Asiya, I might add that it has been very challenging to accurately forecast the mix between the as-a-service that is Evergreen//One and product sales of the product. And unfortunately, one substitutes for the other, but not in recognized revenue, at least not in the quarter. And so you're asking a question that's even difficult for us to be able to properly forecast. .

Asiya，我想補充一點，準確預測 Evergreen//One 的即服務與產品銷售之間的組合非常具有挑戰性。不幸的是，其中一個可以替代另一個，但不會體現在確認的收入上，至少在本季不會。所以你問的問題我們甚至很難正確預測。。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hi, this is Kaden on for Fish. So VAS is going and hiring reps for Meta and hyperscalers. What are you seeing competitively from them and other players in the space around the hyperscalers and Neoclouds?

大家好，我是 Kaden，為 Fish 節目錄製。因此，VAS 正在為 Meta 和超大規模企業招募代表。您認為他們與超大規模和 Neoclouds 領域中的其他參與者在競爭方面有何不同？

Yeah. This is Rob. I'll take that one. As you know, we compete well in the AI space and whether that's in the enterprise or as we've discussed quite a bit with this group, the hyperscalers and then with FlashBlade//EXA, we'll be opening up quite a bit more in the neo clouds. Specific to other competitors, you mentioned, look, we do see them in a small number of deals, mostly focused around AI and HPC specific environments.

是的。這是羅布。我要那個。如您所知，我們在人工智慧領域競爭激烈，無論是在企業領域，還是像我們與該集團討論過的超大規模企業領域，然後透過 FlashBlade//EXA，我們將在新雲端中開放更多領域。具體到您提到的其他競爭對手，我們確實在少數交易中看到了他們，主要集中在 AI 和 HPC 特定環境。

I think the takeaway, though, is unlike some niche players out there, AI and HPC is an important market for us. It's one we compete well in, but it's one of many that we're playing for. And if I step back, right, and I look at the broader set of offerings we bring to the table, both certainly across the board in terms of high-performance offerings. -- but then all the way down to block file and object and cost-effective capacity offerings.

我認為，與一些利基市場參與者不同，AI 和 HPC 對我們來說是一個重要的市場。這是我們競爭力很強的一個項目，但這只是我們為之奮鬥的眾多項目之一。如果我退一步來看，對吧，我會看看我們提供的更廣泛的產品，無論是在高性能產品方面還是在各個方面，都是如此——但隨後一直到阻止文件和對像以及具有成本效益的容量產品。

We're the only players out there that are going to be able to meet the entirety of not just in enterprise storage needs, but increasingly as well, what we're seeing in a lot of these GPU as a service or Neocloud environment.

我們是唯一一家不僅能夠滿足企業儲存需求，還能滿足 GPU 即服務或 Neocloud 環境中日益增長的需求的公司。

Point in fact, in the quarter, we did have several wins with GPU as a service providers not just servicing their GPU directly attached footprint, but as well some of their backup and data protection needs and VM and block needs. And so having a breadth of portfolio to be able to offer is a significant advantage for us in this space.

事實上，在本季度，我們確實與 GPU 作為服務提供者取得了幾項勝利，不僅滿足了他們的 GPU 直接連接佔用空間，還滿足了他們的一些備份和資料保護需求以及 VM 和區塊需求。因此，擁有廣泛的產品組合對於我們在這個領域來說是一個顯著的優勢。

Our next question will be our last question.

我們的下一個問題也是最後一個問題。

David Vogt, UBS.

瑞銀的戴維·沃格特。

So Charlie and Tarek, I think you both separately kind of referenced strength in the quarter both from a cloud clearing perspective, and I think Tarek mentioned gross margin was helped by product mix. Can you kind of help us understand kind of the demand drivers in the quarter?

因此，查理和塔里克，我認為你們分別從雲層清除的角度提到了本季的實力，我認為塔里克提到毛利率得益於產品組合。您能否幫助我們了解本季的需求驅動因素？

And what I mean by that is how did the macro progress as you walk through the quarter did demand strengthen? And maybe can you touch on some of the different verticals where you saw strengthening demand throughout the quarter to get a sense for how we should think about the second half of the year?

我的意思是，在整個季度中，宏觀經濟如何發展，需求是否增強？也許您能否談談整個季度需求增強的一些不同垂直領域，以了解我們應該如何看待下半年？

Yeah, I would say that the quarter was fairly steady. -- traditional typical linearity but above typical linearity throughout the quarter. So strength throughout the quarter, which is always a good sign. It indicates both a strong macro, but also a strong competitive environment that is our competitive environment in the quarter.

是的，我想說這個季度相當穩定。 ——傳統的典型線性，但整個季度都高於典型線性。因此整個季度的強勁表現始終是一個好兆頭。這不僅顯示宏觀經濟強勁，也顯示競爭環境強勁，這就是我們本季的競爭環境。

We are seeing increased pipeline of large deals. It's always a good thing in our environment. So good demand signals, if you will, from the customer base as well as an increasing willingness of the customer base to bring us into a broader array of their needs. So expansion -- a lot of expansion opportunities. So that indicates both secular strength as well as macro strength.

我們看到大型交易的數量正在增加。在我們的環境中這始終是件好事。因此，如果您願意的話，這是來自客戶群的良好需求訊號，而且客戶群越來越願意讓我們滿足他們更廣泛的需求。因此擴張—有很多擴張機會。這不僅顯示了長期實力，也顯示了宏觀實力。

Thank you, David. Before we finish, I think Charlie has some closing comments.

謝謝你，大衛。在我們結束之前，我想查理有一些結束語。

Thank you, everyone, for taking the time to join us today on the earnings call. I just want to reemphasize our Enterprise Data Cloud architecture and how it's transforming the ways that enterprises are thinking about managing their data. And I believe it's one of the primary things that's driving demand for our platform, both and interestingly, both in the commercial and enterprise markets.

感謝大家今天抽空參加我們的收益電話會議。我只是想再次強調我們的企業資料雲架構以及它如何改變企業思考資料管理的方式。我相信這是推動我們平台需求的主要因素之一，有趣的是，無論是在商業市場還是企業市場。

By virtualizing enterprise storage, we're enabling customers to better manage their growing global data estate. I want to express my sincere appreciation to our customers, our employees, our partners, our investors and our suppliers. We greatly value your continued support and commitment. We'll see you all next quarter, thank you, and hopefully, some of you as well, September 25 in New York.

透過虛擬化企業存儲，我們使客戶能夠更好地管理其不斷增長的全球數據資產。我要向我們的客戶、員工、合作夥伴、投資者和供應商表達最誠摯的感謝。我們非常重視您持續的支持和承諾。我們將在下個季度與大家見面，謝謝大家，也希望大家中的一些人也能見到我們，9 月 25 日在紐約。

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

Pure Storage 2026 財年第二季財務業績電話會議到此結束。感謝您的參與。現在您可以斷開線路了。