Pure Storage Inc (PSTG) 2026 Q3 法說會逐字稿

Good day. Welcome to the Pure Storage third-quarter fiscal 2026 financial results conference call.

再會。歡迎參加 Pure Storage 2026 財年第三季財務業績電話會議。

Today's conference is being recorded. (Operator Instructions)

今天的會議正在錄影。（操作說明）

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

此時，我想把電話交給投資人關係副總裁保羅‧齊奧茨。請繼續。

Thank you. Good afternoon, everyone. Welcome to Pure's third-quarter fiscal year 2026 earnings conference call.

謝謝。大家下午好。歡迎參加 Pure 公司 2026 財年第三季財報電話會議。

On the call, we have Charlie Giancarlo, Chief Executive Officer; Tarek Robbiati, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Tarek's prepared remarks, we will take questions.

參與電話會議的有：執行長 Charlie Giancarlo；財務長 Tarek Robbiati；以及技術長 Rob Lee。在查理和塔雷克發言結束後，我們將接受提問。

Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com.

我們的新聞稿是在市場收盤後發布的，並已發佈在我們的網站上，本次電話會議也在該網站進行同步網路直播。本次網路直播的幻燈片可在 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 and new product offerings; and competitive industry and economic trends.

在今天的電話會議上，我們將發表一些前瞻性聲明，這些聲明受到各種風險和不確定性的影響。其中包括有關我們財務前景和營運的聲明；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。

Any forward-looking statements that we make are based on facts and assumptions as of today. We undertake no obligation to update them. Our actual results may differ materially from the results forecasted. Reported results should not be considered as an indication of future performance.

我們所作的任何前瞻性陳述均基於截至今日的事實和假設。我們不承擔更新這些資訊的義務。我們的實際結果可能與預測結果有重大差異。已公佈的結果不應被視為未來業績的指標。

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

關於我們業務相關的一些風險和不確定性的討論，請參閱我們向美國證券交易委員會提交的文件。請查閱這些公開文件。

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。我們在獲利新聞稿和幻燈片中提供了與最直接可比較的 GAAP 指標的調整表。

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.

本次電話會議正在 Pure Storage 投資者關係網站上進行現場直播，並會進行錄音以供回放。網路直播的存檔將在 IR 網站上提供，其所有權歸 Pure Storage 所有。

Our fourth-quarter fiscal 2026 quiet period begins at the close of business, Friday, January 16, 2026.

我們的 2026 財年第四季靜默期從 2026 年 1 月 16 日星期五營業結束時開始。

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

這樣，我就把麥克風交給查理了。

Thank you, Paul. Good afternoon, everyone. Welcome to our Q3 FY26 earnings call. Thank you for joining us.

謝謝你，保羅。大家下午好。歡迎參加我們2026財年第三季財報電話會議。感謝您的參與。

Pure Storage delivered a strong Q3, continuing to expand revenue growth, as customers increasingly look to Pure to solve their most pressing data management requirements. Our results were underpinned by continued strength in Enterprise and sustained momentum in our Evergreen//One and modern virtualization solutions, which includes CBS and Portworx.

Pure Storage 第三季業績強勁，營收持續成長，因為客戶越來越希望 Pure 能解決他們最迫切的資料管理需求。我們的業績得益於企業業務的持續強勁成長，以及 Evergreen//One 和現代虛擬化解決方案（包括 CBS 和 Portworx）的持續發展勢頭。

During the quarter, we also exceeded our full annual forecast of 2 exabytes of hyperscale shipments and expect to ship more in Q4. Our strong Q3 performance translates to an increased outlook for Q4 and improved guidance for FY26, which Tarek will discuss in his prepared remarks.

本季度，我們的超大規模資料中心出貨量也超過了全年 2 艾字節的預期，預計第四季度出貨量將更多。第三季強勁的業績轉化為第四季前景的提升和 2026 財年業績指引的改善，塔雷克將在他準備好的發言稿中對此進行討論。

Our Enterprise momentum continues to be driven by the power of the Pure Storage platform, built on our Purity operating system, now enhanced with Fusion. Purity delivers the reliability, simplicity, and long-term value that customers depend on to manage their data with confidence. It also powers our Evergreen subscription model, the industry's only continuously modern non-disruptive storage experience.

我們企業業務的成長勢頭持續得益於 Pure Storage 平台的強大功能，該平台基於我們的 Purity 作業系統構建，現在又透過 Fusion 進行了增強。Purity 提供客戶賴以信賴的可靠性、簡易性和長期價值，幫助客戶自信地管理數據。它還為我們的 Evergreen 訂閱模式提供支持，這是業內唯一持續現代化且不間斷的儲存體驗。

With Evergreen//One infusion, customers can build their own modern enterprise data cloud, automating storage, simplifying management, and achieving faster, more efficient, lower-cost operations, with zero downtime.

透過 Evergreen//One 的注入，客戶可以建立自己的現代化企業資料雲，實現儲存自動化、管理簡化，並實現更快、更有效率、更低成本的運營，且零停機時間。

Since the beginning of the year, the number of customers deploying Fusion has more than tripled to the mid-hundreds, proof of the platform's momentum and market demand.

今年年初以來，部署 Fusion 的客戶數量增加了兩倍多，達到數百家，證明了該平台的發展勢頭和市場需求。

Data is now increasingly vital because of the promise of AI and requires that customers elevate its role in their technology architectures. While software may have been eating the world in the last decade, it appears that data will be eating the world and, potentially, even eat software in the next.

由於人工智慧的巨大潛力，資料的重要性日益凸顯，這就要求客戶提升資料在其技術架構中的作用。雖然軟體在過去十年可能一直在吞噬世界，但數據似乎將在未來十年吞噬世界，甚至有可能吞噬軟體。

Since the beginning of modern computing, data has been structured below the applications that create it. It's been locked beneath databases, file systems, and backup systems, each designed for a specific purpose but, ultimately, isolating their data in silos confined to those services. This application-centric model limits data visibility and mobility. It slows efficiency and innovation; and prevents companies from realizing the full potential of their information.

自現代電腦誕生以來，資料的結構就一直位於創建它的應用程式之下。它被鎖在資料庫、檔案系統和備份系統之下，每個系統都為特定目的而設計，但最終將它們的資料隔離在各自獨立的孤島中。這種以應用為中心的模式限制了資料的可見性和移動性。它會降低效率和創新能力；並阻止公司充分發揮其資訊的潛力。

Consequently, data is repeatedly copied and transformed to be useful for other applications, such as analytics and AI. Each copy is created and maintained by different individuals by manual processes. With the massive proliferation of data and copies of data in enterprises managed by manual processes, data is poorly governed, often overproduced and highly fragmented.

因此，資料會被重複複製和轉換，以便用於其他應用，例如分析和人工智慧。每份副本都是由不同的人透過人工方式創建和維護的。由於企業中資料和資料副本的大量激增，且資料管理仍依賴人工流程，導致資料管理不善、過度生產和高度分散。

We believe the era of data being subservient to applications in data center architecture is ending. Data, the lifeblood of modern organizations, must now take center stage in data center architecture.

我們認為，資料中心架構中資料服從於應用程式的時代即將結束。資料是現代組織的命脈，如今必須在資料中心架構中佔據核心地位。

In a world where artificial intelligence, automation, and analytics are redefining competitive advantage, enterprises can no longer afford to treat data as captive to specific applications. Data must be architected to stand on its own: self-describing, estateless, and managed globally by policy set in software.

在人工智慧、自動化和分析正在重新定義競爭優勢的世界裡，企業再也不能將數據視為特定應用程式的專屬工具。資料必須建構成能夠獨立存在的結構：自我描述、無歸屬感，並由軟體中設定的策略進行全球管理。

The Enterprise Data Cloud makes this possible. It gives organizations the ability to access and leverage all their data securely, seamlessly, and in real time, regardless of where it originates. With the right authorizations, any application will be able to access integrated pools of data, enabling faster insight, more intelligent decision-making, and greater operational velocity in business. By freeing data from legacy silos, the Enterprise Data Cloud lets companies operate with the same flexibility, scalability, and efficiency of the cloud itself.

企業資料雲使這一切成為可能。它使組織能夠安全、無縫、即時地存取和利用其所有數據，無論數據源自何處。只要獲得適當的授權，任何應用程式都可以存取整合的資料池，從而在業務中實現更快的洞察、更智慧的決策和更高的營運速度。透過打破傳統資料孤島，企業資料雲使企業能夠像雲端本身一樣靈活、可擴展且有效率地運作。

Customers who use our Pure Fusion capability embedded in Purity can now manage their data sets globally, with policies embedded in software, rather than buy fingers on keyboards, enabling storage and data management that is truly defined by software.

使用我們嵌入在 Purity 中的 Pure Fusion 功能的客戶現在可以在全球範圍內管理他們的資料集，策略嵌入在軟體中，而不是透過鍵盤輸入，從而實現真正由軟體定義的儲存和資料管理。

At our Accelerate Roadshow in New York and around the world, we extended the Enterprise Data Cloud into Azure with our Pure Storage Cloud, which enables customers to unify their data landscape across public and private environments. This Azure-native service for AVS enables seamless migration from on-prem VMware environments with enterprise-grade resiliency and efficiency.

在我們在紐約和世界各地的 Accelerate 巡迴展上，我們透過 Pure Storage Cloud 將企業資料雲擴展到了 Azure，使客戶能夠統一其跨公有和私有環境的資料格局。這項 Azure 原生 AVS 服務能夠實現從本機 VMware 環境的無縫遷移，並具備企業級彈性和效率。

In New York, we continued rolling out powerful innovations across all three pillars of the Enterprise Data Cloud:

在紐約，我們持續在企業資料雲的三大支柱領域推出強而有力的創新：

First, we expanded our unified data platform with new systems like the XL190. We improved data reduction efficiency on all our platforms, giving customers more capacity and performance on their existing systems.

首先，我們透過引入 XL190 等新系統擴展了我們的統一資料平台。我們提高了所有平台的資料縮減效率，為客戶現有系統提供了更大的容量和效能。

Second, we enhanced our intelligent control plane with an AI Copilot, which simplifies management and automates complex tasks, making storage operations faster, smarter, and more reliable.

其次，我們透過人工智慧副駕駛增強了智慧控制平台，簡化了管理並自動執行複雜任務，使儲存操作更快、更智慧、更可靠。

Third, we expanded our partner ecosystem to deliver greater value through integrated cybersecurity and data protection.

第三，我們擴大了合作夥伴生態系統，透過整合網路安全和資料保護來提供更大的價值。

As the pace of our technology advancement accelerates with scale, we expect to continue to gain market share in more and more segments of the data storage and management space.

隨著技術進步速度加快和規模擴大，我們預計在資料儲存和管理領域的越來越多的細分市場中將繼續獲得市場份額。

In the quarter, we were recognized in the two most important Gartner Magic Quadrant for our industry. In the Enterprise Storage Platforms's Magic Quadrant, Pure was positioned highest for execution and furthest for vision . We were also recognized as a leader in the first-ever Infrastructure Platform Consumption Services's Magic Quadrant.

本季，我們榮登 Gartner 產業最重要的兩個魔力像限榜單。在企業儲存平台魔力像限中，Pure 在執行力方面排名最高，在願景方面排名最遠。。我們也被評為首屆基礎設施平台消費服務魔力像限的領導者。

Additionally, Pure was recognized as a leader in the IDC MarketScape on support services, globally, reflecting our strengths in reliability, proactive connective support, and our customer-first mindset.

此外，Pure 也被 IDC MarketScape 評為全球支援服務領域的領導者，這反映了我們在可靠性、主動連接支援和客戶至上理念方面的優勢。

Portworx continues to lead the industry in defining storage in the cloud native Kubernetes and container world. Customers want more flexibility, lower cost, and modern architectures that support cloud flexibility. It's why companies like NVIDIA, SiriusXM, and a major global bank have chosen Portworx.

Portworx 持續引領業界，定義雲端原生 Kubernetes 和容器領域的儲存。客戶希望擁有更高的靈活性、更低的成本以及支援雲端靈活性的現代化架構。這就是為什麼像 NVIDIA、SiriusXM 和一家大型全球銀行這樣的公司都選擇了 Portworx 的原因。

In Q3, one of the world's largest enterprise software companies selected Portworx to overcome multi-cloud fragmentation. They accelerated the deployment of their cloud services across AWS, Azure, Google Cloud, and Alibaba Cloud, ensuring a consistent operational experience, enterprise-grade data protection, and high availability.

第三季度，全球最大的企業軟體公司之一選擇 Portworx 來克服多雲碎片化問題。他們加快了在 AWS、Azure、Google Cloud 和阿里雲端上的雲端服務部署，確保了一致的營運體驗、企業級資料保護和高可用性。

Modern virtualization is a subject in great demand with our customers. Across the industry, three trends are driving this shift: the search for alternatives to expensive legacy virtualization models, the rise of containers (inaudible); and a significant increase of AI and machine learning built on Kubernetes.

現代虛擬化技術是客戶非常關注的課題。整個行業有三個趨勢正在推動這種轉變：尋找昂貴的傳統虛擬化模型的替代方案；容器的興起（聽不清楚）；以及基於 Kubernetes 構建的人工智慧和機器學習的顯著增長。

Portworx and our solutions in partnership with Nutanix, Microsoft, Red Hat, and others are leading this transition away from traditional virtualization solutions. Portworx is now becoming practically mandatory for any scaled Kubernetes virtualization deployment.

Portworx 及其與 Nutanix、微軟、紅帽等公司的合作解決方案正在引領這項從傳統虛擬化解決方案轉向虛擬化解決方案的轉變。Portworx 現在幾乎已成為任何大規模 Kubernetes 虛擬化部署的必備工具。

As Kubernetes extends beyond virtualization to power modern applications and AI workloads, Portworx's role continues to grow. Portworx lets customers run any application anywhere securely, efficiently, and up to 2 times or 3 times lower cost so they can modernize faster and operate with greater speed and flexibility.

隨著 Kubernetes 的應用範圍從虛擬化擴展到為現代應用程式和 AI 工作負載提供支持，Portworx 的作用也在不斷擴大。Portworx 讓客戶能夠安全、有效率地在任何地方運行任何應用程序，成本降低 2 到 3 倍，從而更快地現代化，並以更高的速度和靈活性進行營運。

Neoclouds represent another fast-growing market for specialized storage technology. This new generation of specialized high-performance cloud platforms built for AI, machine learning, and other compute-intensive workloads represent a new segment of cloud infrastructure, driving new benchmarks for performance and scale.

新雲端代表了專業儲存技術的另一個快速成長的市場。新一代專為人工智慧、機器學習和其他運算密集型工作負載而建構的專用高效能雲端平台代表了雲端基礎設施的一個新領域，為效能和規模樹立了新的標竿。

Recently, we published our latest benchmarks for FlashBlade at [Supercompute], a leading conference on high-performance computing and AI. FlashBlade//EXA delivered data to thousands of GPUs twice as fast as competing systems in less than half a rack. FlashBlad//ExXA extends the power of our Purity architecture to these next-generation clouds, pushing the limits of performance for AI and high-performance computing, with superior sustainable throughput and scalability.

最近，我們在高效能運算和人工智慧領域的領先會議 [Supercompute] 上發布了 FlashBlade 的最新基準測試結果。FlashBlade//EXA 在不到半個機架的空間內，向數千個 GPU 傳輸資料的速度是競爭系統的兩倍。FlashBlad//ExXA 將我們的 Purity 架構的功能擴展到這些下一代雲，以卓越的可持續吞吐量和可擴展性，突破了 AI 和高效能運算的效能極限。

As we have discussed over the past year, Pure provides a compelling alternative to hyperscalers who face mounting hard disk and SSD cost and power constraints. As I stated earlier, we have already exceeded our annual plan for shipments by the end of Q3.

正如我們在過去一年中所討論的那樣，Pure 為面臨硬碟和 SSD 成本及電力限制的超大規模資料中心提供了一個引人注目的替代方案。正如我之前所說，到第三季末，我們的出貨量已經超過了年度計畫。

But consistent with our statements at our September Financial Analyst Conference, we will not be providing specific information on shipments to hyperscale customers, going forward. We will share more information next quarter about the outlook for FY27 and the economics of our hyperscale business, as it impacts our financials.

但與我們在 9 月金融分析師大會上的聲明一致，今後我們將不再提供有關向超大規模客戶發貨的具體資訊。我們將在下個季度分享更多關於 2027 財年展望以及我們超大規模業務的經濟效益（因為它會影響我們的財務狀況）的資訊。

Turning to the macro environment, we foresee increased commodity pricing and excess demand putting pressure on global supply chains. As in the supply chain crisis of 2021 and 2022, we anticipate both extended component lead times and higher component pricing across the technology industry in the quarters ahead.

從宏觀環境來看，我們預期大宗商品價格上漲和需求過剩將對全球供應鏈帶來壓力。與 2021 年和 2022 年的供應鏈危機一樣，我們預計未來幾季整個科技產業的零件交貨週期將延長，零件價格也將上漲。

Pure is well prepared for this challenge, with a resilient supply chain, a broad global supplier base, manufacturing sites on three continents, and strong business continuity plans.

Pure 已做好充分準備應對這一挑戰，擁有強大的供應鏈、廣泛的全球供應商基礎、遍布三大洲的生產基地以及強有力的業務連續性計劃。

As we've noted a number of times before, given our industry's dynamic pricing environment, the effect of commodity pricing tends to affect our top line more than gross margin. Thus, we would expect higher commodity pricing to positively affect revenue growth.

正如我們之前多次指出的那樣，鑑於我們行業的動態定價環境，商品價格的影響往往對我們的營收影響大於對毛利率的影響。因此，我們預期大宗商品價格上漲將對收入成長產生正面影響。

Finally, I am pleased to welcome Pat Finn to Pure as our next Chief Revenue Officer. Pat brings extensive experience in scaling sales and go-to-market organizations within high-tech infrastructure companies, along with a proven record of building lasting customer relationships with leading global enterprises.

最後，我很高興地歡迎 Pat Finn 加入 Pure，擔任我們的下一任首席營收長。Pat 在高科技基礎設施公司中擁有豐富的銷售和市場推廣組織擴展經驗，並且在與全球領導者建立持久客戶關係方面擁有良好的記錄。

I also want to extend my gratitude to Dan FitzSimons for his dedication and contributions to Pure over the last decade and for his continuing engagement with Pure to maximize our opportunity. His leadership was and is instrumental in expanding our operations, advancing our enterprise and commercial strategies, and helping advance Pure from its early days to the global enterprise it is today.

我還要感謝 Dan FitzSimons 在過去十年中對 Pure 的奉獻和貢獻，以及他為最大限度地發揮我們的機會而持續參與 Pure 的工作。他的領導能力過去和現在都對我們擴大業務、推進企業和商業策略以及幫助 Pure 從新創公司發展成為如今的全球性企業起到了至關重要的作用。

With that, I will hand it over to Tarek.

然後，我就把它交給塔里克。

Thank you, Charlie.

謝謝你，查理。

In Q3, we delivered strong revenue and operating profit results, both exceeding the high end of our guidance range.

第三季度，我們的營收和營業利潤均表現強勁，均超過了我們預期範圍的上限。

Revenue of $964 million grew 16% year over year. Operating profit grew 17% year over year to $196 million, which is a record for the company and resulted in an operating margin of 20.3%. Our Q3 results demonstrate sustained demand for our differentiated data storage and management offerings.

營收達9.64億美元，年增16%。營業利益年增 17% 至 1.96 億美元，創公司紀錄，營業利益率為 20.3%。我們第三季的業績表明，市場對我們差異化的資料儲存和管理產品的需求持續旺盛。

Sales across our portfolio remained robust, led by ongoing strength in the Enterprise and our Hyperscaler business. We also continue to see strong traction of our Evergreen//One and modern virtualization solutions, which includes Cloud Block Store.

在企業級業務和超大規模資料中心業務持續強勁的帶動下，我們所有產品的銷售業績都保持強勁。我們也看到 Evergreen//One 和現代虛擬化解決方案（包括 Cloud Block Store）持續獲得強勁的市場認可。

Our success this quarter continued to be driven by the strength of the Pure platform's value proposition across multiple customer segments.

本季我們的成功持續得益於 Pure 平台在多個客戶群中強大的價值主張。

Our single operating system, Purity, delivers simplicity and reliability across just two hardware offerings, blades and arrays. We provide the industry's only truly non-disruptive upgrades and the only genuine Storage-as-a-Service offering through Evergreen//One.

我們推出的單一作業系統 Purity，僅透過兩種硬體產品（刀鋒伺服器和陣列伺服器）即可實現簡潔性和可靠性。我們透過 Evergreen//One 提供業內唯一真正無中斷的升級和唯一的真正儲存即服務產品。

In terms of data management, no competitor can match the capabilities we are delivering with Fusion and the Enterprise Data Cloud. With our differentiated direct Flash technology, we are able to expand into a large, newly addressable hyperscale market, where traditional storage system vendors cannot compete.

在資料管理方面，沒有任何競爭對手能夠匹敵我們透過 Fusion 和企業資料雲所提供的功能。憑藉我們差異化的直接快閃記憶體技術，我們能夠拓展到一個巨大的、新近可觸及的超大規模市場，而傳統儲存系統供應商無法與之競爭。

Underscoring this competitive advantage, hyperscaler shipments as of Q3 year to date exceeded our original forecast for fiscal year '26 of 1 to 2 exabytes. We expect momentum in our Hyperscaler business to continue in Q4 and, obviously, for fiscal year 2017.

為了凸顯這一競爭優勢，截至今年第三季度，超大規模資料中心的出貨量已經超過了我們最初對 2026 財年 1 至 2 艾字節的預測。我們預計超大規模資料中心業務的成長勢頭將在第四季度繼續保持，並且顯然在 2017 財年也將如此。

We will not be providing any additional quantitative guidance on our Hyperscaler business this fiscal year but we do expect to provide additional color for our next fiscal year at the end of Q4.

本財年我們將不會提供關於超大規模資料中心業務的任何額外量化指引，但我們預計將在第四季末提供下一財年的更多細節。

Product revenue of $534 million grew 18% year over year.

產品收入達 5.34 億美元，年增 18%。

As a reminder, our Product revenue category now includes royalties that we receive from hyperscale shipments, as well as a portion of Portworx software revenue when sold as term licenses.

提醒一下，我們的產品收入類別現在包括我們從超大規模出貨中獲得的版稅，以及 Portworx 軟體以期限授權形式出售時的部分收入。

Q3 TCB sales for our Storage-as-a-Service offerings grew 25% year over year to $120 million. This consistent growth reflects Evergreen//One and subscription-based offerings' strong resonance with our customers by delivering a consistent, non-disruptive operating and management environment.

第三季度，我們的儲存即服務產品的 TCB 銷售額年增 25%，達到 1.2 億美元。這種持續成長反映了 Evergreen//One 和訂閱式服務透過提供一致、無幹擾的營運和管理環境，與我們的客戶產生了強烈的共鳴。

Subscription Services revenue in Q3 reached $430 million, up 14% year over year, accounting for 45% of total revenue. ARR grew 17% to $1.8 billion; while total remaining performance obligations, or RPO, grew 24% to $2.9 billion. RPO encompassing our Storage-as-a-Service offerings and Evergreen subscriptions across our installed base grew 22%, exiting Q3.

第三季訂閱服務營收達 4.3 億美元，年增 14%，佔總營收的 45%。ARR 成長 17% 至 18 億美元；而剩餘履約義務總額 (RPO) 增加 24% 至 29 億美元。截至第三季末，涵蓋我們儲存即服務產品和常青訂閱的 RPO 在我們已安裝用戶群中成長了 22%。

With respect to our geographic mix of revenues, US revenue was $683 million, growing 22%; and international revenue was $281 million, growing 4% year over year. Overall, we added 258 new customers. Our penetration of the Fortune 500 is now 63%.

從地理收入組成來看，美國營收為 6.83 億美元，成長 22%；國際營收為 2.81 億美元，年成長 4%。總共新增了 258 位客戶。我們目前在財富 500 強企業中的滲透率已達 63%。

Turning to margins and profitability, total gross margin increased to 74.1%. Subscription Services gross margin was 75.5%. Product gross margin increased to 72.9%.

從利潤率和獲利能力來看，總毛利率成長至 74.1%。訂閱服務毛利率為 75.5%。產品毛利率提高至72.9%。

Growth in Product's gross margins reflects a stronger mix of higher performance Flash arrays, a slightly larger proportion of Portworx software sold as term licenses, as well as Hyperscaler shipments. On a full-year basis, we expect that Product's gross margins will sit closer to 70%, with some variability in magnitude quarter to quarter.

產品毛利率的成長反映了高效能快閃記憶體陣列的更強勁組合、以期限授權形式銷售的 Portworx 軟體比例略有增加，以及超大規模資料中心出貨量的增加。從全年來看，我們預計該產品的毛利率將接近 70%，但每季的毛利率幅度可能會有所波動。

Operating profit of $196 million and operating margins of 20.3% in Q3 were both positively impacted by revenue strength and robust gross margins. Our headcount increased sequentially by 104 employees to approximately 6,200 employees.

第三季營業利潤為 1.96 億美元，營業利潤率為 20.3%，這都得益於強勁的收入和穩健的毛利率。我們的員工人數較上季增加了 104 人，達到約 6200 人。

Our balance sheet remains strong, with $1.5 billion in cash and investments. Q3 operating cash flow was $116 million. Our capital investments of $63 million included tests 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穩健，擁有15億美元的現金和投資。第三季經營現金流為1.16億美元。我們6,300萬美元的資本投資包括測試和基礎設施設備，以支援資料中心的擴展和Evergreen//One訂閱成長的資金。

In Q3, our free cash flow performance was strong, as we generated $53 million of free cash flow for free cash flow margin on revenue of 5.5%. We returned $53 million to shareholders through the repurchase of 600,000 shares and offset roughly 1 million shares in employees' awards' withholding taxes. We currently $56 million of our buyback authorization remaining. We intend to update you on a new share repurchase authorization at the end of our fiscal year '26.

第三季度，我們的自由現金流表現強勁，自由現金流達到 5,300 萬美元，營收自由現金流利潤率為 5.5%。我們透過回購 60 萬股股票向股東返還了 5,300 萬美元，並抵消了員工獎勵中約 100 萬股股票的預扣稅。我們目前還剩5600萬美元的回購授權。我們計劃在 2026 財年結束時向您通報新的股票回購授權情況。

Now, turning to our guidance for fiscal year '26, strong Q3 results and higher expectations for Q4 contributed to an increase in full-year revenue and operating profit guidance for fiscal year '26.

現在，展望 2026 財年，強勁的第三季業績和對第四季度更高的預期促使我們提高了 2026 財年全年營收和營業利潤預期。

For Q4, we anticipate revenue to be in the range of $1.02 billion to $1.04 billion, representing approximately 17.1% year-over-year increase at the midpoint. We also expect operating profit to be in the range of $220 million to $230 million, representing approximately a 47% year-over-year increase at the midpoint.

我們預計第四季度營收將在 10.2 億美元至 10.4 億美元之間，以中間值計算，年增約 17.1%。我們也預期營業利潤將在 2.2 億美元至 2.3 億美元之間，以中間值計算，年成長約 47%。

As a result of our Q4 guidance, for fiscal year 2016, we anticipate revenue to be in the range of $3.63 billion to $3.64 billion, representing 14.7% year-over-year growth at the midpoint. This is a 70 basis points increase from our previously provided revenue guidance of 14% year-over-year growth.

根據我們第四季的業績指引，我們預計 2016 財年的營收將在 36.3 億美元至 36.4 億美元之間，其中數值表示年增 14.7%。這比我們之前給出的同比增長 14% 的收入預期提高了 70 個基點。

We expect operating profit to be in the range of $629 million to $639 million, representing approximately a 13.3% year-over-year increase at the midpoint. This is over a 330 basis points increase from our previously provided operating profit guidance.

我們預計營業利潤將在 6.29 億美元至 6.39 億美元之間，以中間值計算，年增約 13.3%。這比我們先前提供的營業利潤預期提高了 330 多個基點。

The projected increase in operating income for fiscal year '26 reflects the strength of our business and the impact of Hyperscaler revenues on gross and operating margins.

預計 2026 財年營業收入的成長反映了我們業務的強勁勢頭以及超大規模資料中心收入對毛利率和營業利潤率的影響。

Most importantly, I would like to emphasize and reiterate that beyond fiscal year '26, we are planning to capitalize on the financial benefits from Hyperscaler revenues to continue making significant incremental investments in R&D and sales and marketing in order to sustain our momentum and capture additional profitable growth opportunities in the enterprise aligned with our long-term strategy.

最重要的是，我想強調並重申，在 2026 財年之後，我們計劃利用超大規模數據中心收入帶來的財務收益，繼續在研發、銷售和市場營銷方面進行大量增量投資，以保持我們的發展勢頭，並在符合我們長期戰略的企業中抓住更多盈利增長機會。

As we close fiscal year '26, we will provide guidance for fiscal year '27 that will factor in these increased investments.

在 2026 財年即將結束之際，我們將提供 2027 財年的業績指引，其中將考慮這些增加的投資。

In addition -- and as foreshadowed by Charlie -- we plan to grow our Hyperscaler business. In doing so, we will be evaluating additional business model options that may result in changes in gross margin economics for the hyperscaler business in fiscal year '27, relative to fiscal year '26.

此外——正如查理所預言的那樣——我們計劃發展我們的超大規模資料中心業務。為此，我們將評估其他商業模式選項，這些選項可能會導致 2027 財年超大規模資料中心業務的毛利率與 2026 財年相比發生變化。

We will also provide an update to the market, as we finish fiscal year '26; and provide guidance for fiscal year '27.

在 2026 財年結束時，我們將向市場提供最新資訊；並提供 2027 財年的指導意見。

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

接下來，我將把電話轉回給保羅，讓他回答問題。

Thanks, Tarek.

謝謝你，塔雷克。

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

在問答環節開始之前，請各位盡量將問題限制在一個問題內，且問題只能包含一個部分，以便我們能夠盡可能地照顧到更多的人。

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

如果您還有其他問題，請您重新排隊。如果時間允許，我們很樂意回答其他問題。

Operator, let's get started.

操作員，我們開始吧。

(Operator Instructions)

（操作說明）

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

There's been a lot of focus on memory price inflation across both NAND and DRAM. Some of your Product gross margins at near 73% don't suggest this is an issue in October. But can you just talk about how should we think broadly, both on the direct impact on your P&L, from a margin and revenue perspective, from this commodity inflation?

一直以來，NAND 和 DRAM 兩種記憶體的價格上漲問題都備受關注。你們部分產品的毛利率接近 73%，這表明 10 月這應該不是問題。但您能否談談我們應該如何從宏觀角度考慮大宗商品通膨對貴公司損益表、利潤率和收入的直接影響？

And then, also maybe just touch on the indirect impact you could see from competitors pricing changes, as you go forward.

此外，還可以談談隨著業務發展，競爭對手的價格變動可能會帶來的間接影響。

You bet. Thanks, Amit.

當然。謝謝你，阿米特。

Well, I think many of the analysts who have followed us for many years have come to understand that in our market, which has a very dynamic pricing environment, prices are set at the time of purchase. We compete with other vendors, many of whom are cost-plus vendors. As such, the pricing of our systems tends to float more with commodity pricing.

我認為，多年來一直關注我們的許多分析師已經明白，在我們這個價格環境非常動態的市場中，價格是在購買時確定的。我們與其他供應商競爭，其中許多供應商都是成本加成供應商。因此，我們系統的定價往往與大宗商品價格波動較大。

What that means is that the commodity pricing tends to be a lesser effect on our gross margins and, frankly, a greater effect on the overall market -- that is, when prices are higher. To the extent that customers require the same amount of capacity, they'll be paying higher prices, on average.

這意味著大宗商品價格對我們的毛利率的影響較小，坦白說，對整個市場的影響較大——也就是說，當價格較高時。在客戶需要相同容量的情況下，他們平均需要支付更高的價格。

This is something that customers understand. Sometimes, the customers will buy ahead. But what we expect is that higher prices would generally translate to a rising tide, if you will, in the storage market, overall; of which, we'd be a beneficiary.

這是顧客們能夠理解的。有時，顧客會提前購買。但我們預計，價格上漲總體上將轉化為整個倉儲市場的上漲趨勢；而我們將從中受益。

So yes, [73] is a bit high, as you're pointing out (inaudible). Generally, our long-term trend, we believe, is in the 65% to 70% range. That's the way we'll continue to guide for the foreseeable future.

是的，[73] 的確有點高，正如你所指出的。（聽不清楚）我們認為，總體而言，我們的長期趨勢在 65% 到 70% 的範圍內。在可預見的未來，我們將繼續以這種方式進行指導。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Maybe building on Amit's question a little bit, I think that the one number that stands out to me in this print is, like, you had a 76% sequential increase in inventory. I'm curious if that is reflective of any strategic purchases; appreciating any color you can give us on how much maybe purchase obligation stands, coming out of this quarter, or does that not necessarily relate to the component pricing environment? Is it more of a reflection of your procurement for your hyperscale customer? Any color there would be helpful.

或許可以稍微補充一下 Amit 的問題，我認為這份報告中最讓我印象深刻的數字是，庫存較上月增加了 76%。我很好奇這是否反映了任何策略性採購；如果您能透露本季可能的採購義務規模，或者這是否不一定與零件定價環境有關，我們將不勝感激。這是否更反映了您為超大規模客戶進行的採購？任何顏色都會有所幫助。

Well, let me start and then, I'll pass it over to Tarek.

好，我先開始，然後交給塔雷克。

As you may know, Aaron, we don't grow about making -- about our purchase decisions being ahead or on the spot market on a quarter-by-quarter basis. We do believe we've got one of the best supply chain and purchasing organizations, frankly, in our industry. But we're always taking advantage of what our own internal forecast and what the market will be like.

亞倫，你可能知道，我們不會因為按季度提前或根據現貨市場做出購買決策而發展壯大。坦白說，我們相信我們擁有業內最好的供應鏈和採購組織之一。但我們始終會利用我們自己的內部預測以及對市場走向的判斷。

I'll have Tarek comment on the specific numbers.

我會請塔雷克對具體數字發表評論。

Yes, Aaron. Thank you for the question.

是的，亞倫。謝謝你的提問。

Look, we track and manage inventory levels closely. There are a couple of drivers in the increase you referred to.

你看，我們對庫存水準進行了密切追蹤和管理。您提到的成長有兩個主要驅動因素。

First, we had tariff mitigation purchases at the beginning of the year. Also, the hardware components market is tightening all over the world. We've taken a couple of positions in some key parts to avoid disruption in our supply chain, which is why you could see that increase.

首先，我們在年初進行了關稅減免採購。此外，全球硬體組件市場競爭日益激烈。為了避免供應鏈中斷，我們在一些關鍵領域採取了若干措施，這就是您看到產量增加的原因。

But, overall, I would say that our inventory levels at about $46 million in Q3 are low compared to the overall size of our business. We think that it could stay about the same level, moving forward.

但總的來說，我認為我們第三季的庫存水準約為 4,600 萬美元，與我們公司的整體規模相比偏低。我們認為，未來一段時間內，它可能會保持在這個水平附近。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

If we make an estimate for Hyperscaler shipments in the quarter, the implied Product gross margin, I believe, was still quite strong and, perhaps, a notable sequential uptick. My question is: Was there a continued mix shift to higher-end products in the quarter? What is your ability to maintain this level of Product gross margin in coming quarters, especially when considering potential sales to neocloud, sovereign cloud, that I believe probably will carry lower gross margin?

如果我們對本季的超大規模資料中心出貨量進行估算，我認為隱含的產品毛利率仍然相當強勁，而且可能出現了明顯的環比成長。我的問題是：本季產品組合是否持續向高階產品轉變？您能否在接下來的幾季中維持目前的毛利率水準？特別是考慮到可能向 neocloud 和 sovereign cloud 等市場銷售產品，我認為這些產品的毛利率可能會較低？

Yes, Howard. Thank you for the question. It's Tarek here.

是的，霍華德。謝謝你的提問。我是塔雷克。

There are three vectors that drive the overall Product revenue gross margin.

影響產品整體收入毛利率的因素有三。

Number one, the Product mix in itself. We did see higher and greater configs being bought by customers in Q3. This is usually good news for Product revenue gross margins.

第一點，產品組合本身。第三季度，我們確實看到客戶購買了更高配置的產品。這通常對產品收入毛利率來說是個好消息。

The second element that drives the Product gross margin is, to a large degree, purchases of Portworx licenses that are purchased on a term basis. Sometimes, customers choose term licenses instead of subscriptions. We did recognize some Portworx revenue in Product revenue this quarter in Q3.

影響產品毛利率的第二個因素在很大程度上是按期限購買的 Portworx 授權。有時，客戶會選擇期限許可而不是訂閱。本季（第三季）我們在產品收入中確認了部分 Portworx 收入。

Thirdly, obviously, there is a contribution from Hyperscaler's revenue, which we recognized in Q3. As we mentioned earlier on, we exceeded the prior goal of 1 to 2 exabyte shipments for fiscal year '26. Q3 year to date, we already attained that goal. We can see some additional growth in Q4 and beyond that point.

第三，顯然，超大規模資料中心的收入也有所貢獻，我們在第三季確認了這部分收入。正如我們之前提到的，我們超額完成了 2026 財年 1 至 2 EB 的出貨量目標。今年第三季至今，我們已經實現了這個目標。我們預計第四季及以後會有一些額外的成長。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

This is Matt Calitri, on for Mike Cikos, over at Needham.

這裡是 Matt Calitri，替 Mike Cikos 為您帶來 Needham 的報道。

I'm wondering how early feedback has been on the Enterprise Data Cloud with Pure Storage Cloud and how this expanded offering is impacting the way that customers are approaching their storage architectures?

我想知道 Pure Storage Cloud 的企業資料雲目前獲得了哪些初步回饋，以及這項擴展服務將如何影響客戶建立儲存架構的方式？

Yeah. It's still early days. We're in the first year. But the response has been extraordinarily positive.

是的。現在下結論還為時過早。我們現在是第一年。但反響異常積極。

We are seeing a lot of demand for the feature to be placed on the systems that already exist. That, they have to go through a software upgrade to do that.

我們看到很多用戶希望在現有系統中添加此功能。要做到這一點，他們需要進行軟體升級。

Since the release of what we call our long-lived or Enterprise release, which, of course, some of the larger companies will wait for -- since that time, it's been expanding very rapidly.

自從我們發布了所謂的長期版本或企業版（當然，一些大公司會等待這個版本）以來，它的發展速度非常快。

Now that we've released the Pure Storage cloud, which is, effectively, if you remember our Cloud Block Store, it's effectively Cloud Block Store but completely cloud-native in Azure and managed by us. It is, in fact, a cloud service. It's part of the Enterprise Data Cloud.

現在我們已經發布了 Pure Storage 雲，如果您還記得我們的 Cloud Block Store，它實際上就是 Cloud Block Store，但完全是 Azure 雲端原生的，並且由我們管理。實際上，它是一種雲端服務。它是企業資料雲的一部分。

Now, customers can very easily manage their global estate, including what's in Azure now on Pure Storage Cloud, under the EDC umbrella. We believe this is part of what's driving customers in our direction.

現在，客戶可以非常輕鬆地管理他們的全球資產，包括 Azure 中以及 Pure Storage Cloud 上的所有資產，這些資產都屬於 EDC 的範疇。我們認為這是吸引顧客選擇我們的原因之一。

You saw our growth this quarter, well above the industry, as a whole. We think that the vision and the capabilities that we're bringing with Enterprise Data Cloud is a significant portion of that.

本季你們都看到了我們的成長，遠超整個產業的平均水準。我們認為，企業資料雲所帶來的願景和能力是其中重要的一環。

Yeah. Matt, this is Rob.

是的。馬特，我是羅布。

Just to add on to what Charlie said, I think one of the things that's been quite notable in early customer feedback with Pure Fusion and Enterprise Data Cloud is both -- not only how positively it is being received but how it's being received by multiple persona sets within our customer base.

補充一下 Charlie 的說法，我認為 Pure Fusion 和 Enterprise Data Cloud 的早期客戶回饋中，有一點非常值得注意——不僅它受到了積極的評價，而且它受到了我們客戶群中不同角色群體的好評。

As we've discussed in prior calls, we have historically interacted with subject matter experts, storage administrators, and the like within our customer estates. That group of customers really is gravitating towards storage automation, the ease of performing operational tasks that used to be quite manual in nature.

正如我們在之前的電話會議中討論的那樣，我們一直以來都與客戶環境中的主題專家、儲存管理員等互動。這部分客戶群確實越來越傾向於儲存自動化，因為自動化可以輕鬆執行以前需要手動完成的操作任務。

But as we further articulate the Enterprise Data Cloud vision, we're now having very meaningful conversations with Chief Information Security Officer, CIOs; folks that are really recognizing the benefits of governance data security, data provenance that we can go and deliver.

但隨著我們進一步闡述企業資料雲願景，我們現在正與首席資訊安全長 (CIO) 進行非常有意義的對話；他們真正認識到我們可以提供的治理資料安全和資料溯源的好處。

As Charlie has mentioned before, one of the things that Enterprise Data Cloud is allowing us to do is we now have much more strategic interactions with our largest and most valuable customers.

正如查理之前提到的，企業資料雲讓我們能夠與最大、最有價值的客戶進行更具策略性的互動。

Samik Chatterjee, J.P. Morgan Chase.

薩米克‧查特吉，摩根大通。

I know you're not guiding contrary to the Hyperscaler outlook here for next year. But wanted to see if you can give us an update on what the engagements with the hyperscalers beyond the first customer that you have are progressing?

我知道你對明年超大規模資料中心的展望與大家的看法並無二致。但我想了解一下，除了您最初的客戶之外，您與超大規模資料中心營運商的合作進展如何？

When you talk about further investments to capitalize on those revenue opportunities, if you could flesh that out a bit, in terms of are these investments in more Product SKUs? What are the nature of these investments that you're looking to ramp into next year?

當您談到為了抓住這些收入機會而進行的進一步投資時，您能否詳細說明一下，這些投資是否涉及更多的產品 SKU？您計劃明年加大投資力道的是哪些類型的投資？

Yeah. Samik, this is Rob. I'll take that one.

是的。薩米克，我是羅布。我選那個。

Look, as we continue to progress with our existing hyperscaler customer and work with additional ones, those activities are progressing well. We continue to be engaged with the majority of, let's say, the top 10 hyperscalers in one way or another, with multiple proofs of concept that are being undertaken and are underway.

你看，隨著我們繼續與現有超大規模客戶合作並與其他客戶合作，這些活動進展順利。我們繼續以各種方式與大多數（例如排名前 10 名的）超大規模資料中心營運商保持聯繫，目前正在進行多項概念驗證。

As we look at -- I think the second part of your question, correct me if I'm wrong, was areas of investment that we'll be looking at across the board. Certainly, we have continued investments that we've discussed around our direct Flash roadmap, driving greater densities that continue to allow us to penetrate wider [swath] of price performance tiers.

正如我們所看到的——我認為你問題的第二部分，如果我理解有誤請指正，是指我們將全面關注的投資領域。當然，我們一直在圍繞我們的直接快閃路線圖進行持續投資，以提高密度，從而使我們能夠繼續滲透到更廣泛的價格性能層級。

But then, as we look at the Enterprise portfolio, as well; when we look at delivering on the Enterprise Data Cloud vision, if we look at AI, what we're doing with Flash (inaudible) XL, there's a number of areas where we'll be directing that continued investment to drive growth in not just the Hyperscaler segment of the market, our Enterprise market, but also, AI and neoclouds.

但是，當我們審視企業產品組合時，當我們展望實現企業資料雲願景時，如果我們審視人工智慧，以及我們正在使用 Flash XL 所做的工作，我們會將持續投資投入到多個領域，以推動不僅超大規模市場、企業市場，而且人工智慧和新雲端領域的成長。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Could the increase in memory costs actually lead to a change on the demand dynamics between, essentially, your OpEx and your CapEx model, in your view? Can you just remind us or walk us through for every 1% or 10% increase in commodity costs, especially on the Flash side, what that leads to, in terms of that revenue versus gross margin delta that you guys are saying, like, hey, it doesn't impact us much.

您認為記憶體成本的增加是否真的會導致營運支出和資本支出模型之間的需求動態改變？能否提醒我們或詳細解釋一下，商品成本每增加 1% 或 10%，尤其是在快閃記憶體方面，會對收入與毛利率的變化產生什麼影響？你們說，嘿，這對我們影響不大。

I get why, just trying to understand the magnitude here.

我明白原因，只是想了解這件事的嚴重性。

Yeah. Let me take a stab at part of the question.

是的。讓我試著回答這個問題的一部分。

Generally, we do -- when economics in the market change, whether that's interest rates or changes in expectations on the pricing side. you're going to see shifts between Evergreen//One and the traditional product purchase. I would expect it. Now, we've been fooled before, to be honest, but I would expect it to -- that increasing prices to drive more -- relatively, more customers towards the Evergreen//One model.

一般來說，當市場經濟發生變化時，無論是利率變化還是價格預期變化，我們都會這麼做。你會看到 Evergreen//One 與傳統產品購買方式之間的轉變。我預料到了。說實話，我們以前也被騙過，但我認為提高價格會促使更多（相對而言）顧客轉向 Evergreen//One 模式。

The other part, though, I would say is that because we have longer depreciation cycles on the Evergreen//One model, it really insulates us quite a bit from spot pricing in the in the commodity market.

但另一方面，我想說的是，由於 Evergreen//One 型號的折舊週期較長，因此它確實能讓我們在很大程度上免受大宗商品市場現貨價格的影響。

I think, again, that's another place where -- we're also able, as you may recall, to use existing and returned equipment that has been renovated in the Evergreen//One model. There's always a mix of new and existing and renovated product that goes into the Evergreen//One environment.

我認為，這又是另一個地方——您可能還記得，我們​​能夠使用現有的和退回的、在 Evergreen//One 模式下翻新的設備。Evergreen//One 環境中總是會混合使用新產品、現有產品和翻新產品。

Again, that isolates us, if you will, from spot pricing.

再次強調，這使我們與現貨價格脫節。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

This is Victor Chiu, on for Simon Leopold.

這裡是 Victor Chiu，由 Simon Leopold 代言。

You noted in your prepared remarks that scaling the Hyperscale business could change the gross margin dynamics. Can you expand on this a bit? I'm presuming that you're expecting a structural expansion shift in gross margin, as you scale that business out. Can you help us understand the leverage around that and what your expectations would be, based on what you're expecting for the next year?

您在事先準備好的演講稿中提到，擴大超大規模業務規模可能會改變毛利率的動態變化。能再詳細解釋一下嗎？我猜您預計隨著業務規模的擴大，毛利率將出現結構性擴張轉變。您能否幫助我們了解這方面的槓桿作用，以及根據您對明年的預期，您的期望是什麼？

All right. First of all, I would say you have to look at Product gross margins, excluding hyperscalers. We guided in the past that our typical Product gross margin range is between 65% and 70%.

好的。首先，我認為你應該關注產品毛利率，但要排除超大規模資料中心。我們過去曾表示，我們典型的產品毛利率範圍在 65% 到 70% 之間。

If you think about the nature of what we sell to hyperscalers, right now, we recognize only software licensing revenue, which is very high gross margins. As we said on prior occasions, this is a 90%-plus gross margin revenue stream. Therefore, obviously, as you combine the two traditional Product revenue and software licensing revenue, this has a very positive impact on gross margins, moving forward.

如果你想想我們目前向超大規模資料中心銷售的產品的性質，我們目前只確認軟體授權收入，而軟體授權收入的毛利率非常高。正如我們之前所說，這是一個毛利率超過 90% 的收入來源。因此，很顯然，將兩種傳統產品收入和軟體授權收入結合起來，對未來的毛利率將產生非常積極的影響。

Having said that, I also said in my prepared remarks that we are exploring new and different revenue models with hyperscalers. In addition to recognizing the net revenue, we're thinking, right now, that in the future, we will be recognizing a different type of revenue streams than licenses. This would have an impact on the gross margin economics of the revenue stream, moving forward, in fiscal year '27.

話雖如此，我在事先準備好的演講稿中也提到，我們正在與超大規模資料中心營運商探索新的、不同的收入模式。除了確認淨收入外，我們目前認為，未來我們將確認與許可費不同的收入來源。這將對2027財年的收入流毛利率經濟性產生影響。

I will update you about this in our Q4 call. For the moment, no change.

我會在第四季財報電話會議上向您報告此事。目前沒有變化。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering, when you look at the overall results, you obviously exceeded your forecast of 1 to 2 exabytes at hyperscalers, which should be coming in at very high margins. But you have the lowest magnitude of earnings beat in a while.

我想問的是，從整體結果來看，你們顯然超過了先前對超大規模資料中心 1 到 2 EB 的預測，這應該會帶來非常高的利潤率。但你們的獲利超預期幅度是近一段時間以來最小的。

And so, as we think about that -- probably, it's coming from the higher investments that Tarek alluded to. And so, as we think about this sustaining into fiscal '27, does it really mean that we're going to see a year where, potentially, operating margins could be down year on year?

所以，當我們思考這個問題時——這可能源自於塔雷克提到的更高投資。那麼，當我們考慮這種情況能否持續到 2027 財年時，這是否真的意味著我們會看到營業利潤率較去年同期下降？

Just wanted to understand. Tarek, you really seem to emphasize that point. Just want to make sure that we walk away with the right conclusion around trajectory of margin.

我只是想了解一下。塔里克，你似乎真的很強調這一點。我只是想確保我們最終對利潤率走勢得出正確的結論。

Well, Wamsi, let me start and then, I'll hand it over to Tarek.

好了，瓦姆西，讓我先開始，然後我再把麥克風交給塔里克。

You may recall that as we entered this year, we actually guided to a flat operating margin business for the year, in anticipation of higher investments in the Hyperscale business that was without a full understanding of what the revenue would look like in that from the Hyperscale business.

您可能還記得，今年年初，我們預計全年營業利潤率將持平，因為預計超大規模業務將進行更多投資，但我們當時並不完全了解超大規模業務的收入情況。

As we are here sitting today, it is a substantial increase over our original guide. We're coming -- we'll be coming in -- our expectation is higher than our original guide, which is a positive; which is very positive.

就我們今天所看到的，這比我們最初的指導方針有了大幅增長。我們來了——我們即將到來——我們的預期比原先的指導方針更高，這是一個積極的信號；這是一個非常好的信號。

We stay committed to continuing to increase operating margin on a year-over-year basis. That shouldn't be under -- there should be any question of that at all.

我們將繼續致力於逐年提高營業利潤率。這不應該被排除在外——這一點根本不應該有任何疑問。

Tarek, do you want to --?

塔里克，你想…——？

Yeah. Thank you, Charlie.

是的。謝謝你，查理。

Wamsi, I'd say the following to you:

瓦姆西，我想對你說：

First of all, with respect to fiscal year '26, the new guide implies a pretty substantial growth in operating profit. If you really look at it on a year-over-year basis in Q4, at the midpoint, the operating profit growth implied is 47%.

首先，就 2026 財年而言，新的指導方針意味著營業利潤將出現相當大的成長。若以年同期來看，第四季中點的營業利潤成長率為 47%。

When I joined Pure almost six months ago, we observed that there were several opportunities in the Enterprise space that we wanted to capture. We can see substantial growth there. We intend to continue to deliver the level of growth that you're seeing in Q3, in Q4, with the guidance that we implied; but also, extending that into fiscal year.

大約六個月前我加入 Pure 時，我們發現企業領域存在一些我們想要抓住的機會。我們可以看到那裡有顯著的增長。我們計劃在第三季和第四季繼續保持你們所看到的成長水平，並按照我們先前暗示的指引，將這種成長勢頭延續到本財年。

But to go after that growth, we have to make some investments in sales and marketing; in R&D; and also, in back-office systems to accelerate the velocities of our deal constructs and delivery. It is for this reason that during the Q2 earnings call, we changed our guidance philosophy to guide on operating profit growth with a range, as opposed to a single operating profit margin figure.

但要實現這種成長，我們必須在銷售和行銷、研發以及後台系統方面進行一些投資，以加快交易建置和交付的速度。正因如此，在第二季財報電話會議上，我們改變了業績指引策略，以一個區間來指引營業利潤成長，而不是給出單一的營業利潤率數字。

However, as Charlie mentioned, we continue to expect operating profit to grow beyond fiscal year '26. Yes, you can expect a degree of operating profit margin expansion in fiscal years beyond fiscal year '26.

不過，正如查理所提到的，我們仍然預期 2026 財年以後的營業利潤將持續成長。是的，您可以預期在 2026 財年之後的財年中，營業利潤率會有一定程度的成長。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

I'm going to go back to the memory questions that a lot of us are asking. Charlie, I would just love to get opinion on why or if demand elasticity in your markets could be different this time versus 2017 or 2021? I'm just trying to think of, looking back at memory cycles, it's clear that you were able to pass this pricing through. Could that be an inhibitor to market demand this time around? If so, why or why not?

我打算回到我們很多人都在問的記憶問題上。查理，我很想知道你認為你們市場的需求彈性這次與 2017 年或 2021 年相比是否有所不同，或者原因是什麼？我只是想回想一下，回顧之前的記憶，很明顯，你們當時能夠把這個價格轉嫁出去。這是否會成為此次市場需求的抑制因素？如果是，為什麼？或者為什麼不是？

Yeah. It's actually a great question, Eric, because obviously, the two factors go together, right, which is to say that just because prices go up doesn't mean that customers have an unlimited ability to pay. And so demand may go down.

是的。艾瑞克，這確實是個好問題，因為很明顯，這兩個因素是相互關聯的，對吧？也就是說，價格上漲並不代表顧客的支付能力是無限的。因此，需求可能會下降。

What we've seen overall, though, in the years -- and you're right, 2017, roughly 2021 -- was that commodity pricing tended to have a much greater effect on the top line or you might think of it as the overall market size or growth in the Flash storage industry than it did, at least on our gross margins, overall.

不過，從這些年來看——你說得對，大概從 2017 年到 2021 年——大宗商品價格對營收（或者你可以把它理解為閃存存儲行業的整體市場規模或增長）的影響，比對我們的毛利率的影響要大得多。

We're able to manage the gross margins actually quite well. Part of that is because we do compete with competitors that largely sell on a cost-plus basis. That tends to then float pricing along with commodity prices.

我們其實能夠很好地控制毛利率。部分原因是，我們的競爭對手大多採用成本加成定價模式進行銷售。這樣一來，定價往往會隨商品價格波動。

There's not much more than that. You're right. It could constrain demand a little bit from an overall terabyte standpoint. But the dollar -- generally, the dollars continue to scale, along with commodity pricing.

除此之外，沒有太多其他內容了。你說得對。從整體TB級資料量的角度來看，這可能會稍微抑制需求。但整體而言，美元匯率將持續走強，大宗商品價格也隨之上漲。

I think the main thing, of course, is with AI. We are seeing more demand for data, just in general. Data has become and data architectures have become more top of mind for our customers.

我認為最關鍵的當然是人工智慧。整體而言，我們看到對數據的需求越來越大。數據和數據架構已成為客戶最關注的問題之一。

I don't see -- I think that will continue, even though, as you point out, budgets are not necessarily unlimited.

我不認為——我認為這種情況會繼續下去，儘管正如你所指出的，預算不一定是無限的。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Tarek, I understand you're going to give us more color on the next earnings call regarding the hyperscaler business model shift. I'm just curious from the economics of this opportunity standpoint: Is the rising NAND prices one of the catalysts for the shift where the hyperscalers don't want to deal with the volatility? Or in other words, if two years from now, if NAND prices do crash, will the business model again shift?

Tarek，我了解到你將在下次財報電話會議上為我們詳細介紹超大規模資料中心商業模式的轉變。我只是從經濟學的角度好奇：NAND 價格上漲是否是超大規模資料中心不願意應對價格波動的原因之一？換句話說，如果兩年後 NAND 快閃記憶體價格暴跌，商業模式會再次轉變嗎？

Let me jump in. I would say that, at the moment, that doesn't seem to be a big factor in this. I would say that we're just seeing different hyperscalers have different points of view as to how they'd like to purchase, given that there's going to be a different mix of options that carry different COGS associated with it.

我也來插一句。我認為，就目前而言，這似乎不是一個重要因素。我認為，我們看到不同的超大規模資料中心營運商對於如何採購有不同的看法，因為不同的選擇組合會帶來不同的成本。

That's going to be a large part of us having a somewhat more mixed and nuanced model in the Hyperscale business.

這將是我們在超大規模業務中採用更混合和細緻的模式的重要組成部分。

It is certainly true that the hyperscalers, in some ways, would rather be more insulated from commodity prices but there's only so much that we could do some of that but we can only do so much of that.

超大規模資料中心營運商在某些方面確實更希望免受商品價格波動的影響，但我們能做的也僅限於此。

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

Charlie, at the Accelerate event in New York, I think I asked about the neocloud opportunity. I think the response there was that it's a little bit more nuanced and relative to the size of the hyperscaler opportunity, of course.

查理，在紐約舉行的 Accelerate 活動上，我想我問過你關於新雲端的機會。我認為那裡的回應是，這要更加細緻入微，當然，還要與超大規模資料中心的發展機會的規模相關。

Can you just double click a little bit about how you're thinking? Has that thinking changed about how you're looking at the neocloud opportunity ahead? Does it relate to any of your Product offerings (inaudible)?

可以稍微雙擊一下，說說你的想法嗎？你對未來新雲端機會的看法是否有改變？它與你們的任何產品有關嗎？（聽不清楚）？

Thank you, Asiya.

謝謝你，阿西婭。

We try to be very structured, in terms of how we qualify Hyperscale opportunity and how we qualify, for example, neocloud and AI opportunity.

我們力求在超大規模機會的評估方式以及新雲端和人工智慧機會的評估方式等方面做到結構化。

Let me just repeat that. And then, I'll go directly to your answer.

我再重複一遍。然後，我將直接回答你的問題。

When we sell into the Hyperscale; into their traditional, structured storage environment, much of which is used for AI but it's not specialized for AI. We discussed that as being the Hyperscale Opportunity.

當我們向超大規模資料中心銷售產品時，我們進入的是他們傳統的、結構化的儲存環境，其中許多產品用於人工智慧，但並非專門用於人工智慧。我們討論了這就是超大規模機會。

When we sell specialized product that's designed specifically for AI, which comes under our FlashBlade product, traditionally -- and, typically, the FlashBlade//S but now, the FlashBlade//EXA. That is what's typically sold into the neoclouds, sovereign clouds, and other AI environments. We discussed that as being our AI market.

當我們銷售專為人工智慧設計的專業產品時，這些產品屬於我們的 FlashBlade 產品系列，傳統上是 FlashBlade//S，但現在是 FlashBlade//EXA。這就是通常出售給新雲端、主權雲端和其他人工智慧環境的產品。我們討論了這就是我們的人工智慧市場。

Just to put those two -- make that clear because a lot of the products we will be selling into a hyperscale, despite the fact that it's going into their standard storage environment, will be used for their AI systems. In fact, they tend not to buy a specialized product in the storage space for AI.

需要說明的是，我們將向超大規模資料中心銷售的許多產品，儘管是進入他們的標準儲存環境，但最終都會用於他們的人工智慧系統。事實上，他們往往不會購買專門用於人工智慧儲存領域的產品。

In that sense, it's not nuanced.

從這個意義上講，它並不細緻入微。

Obviously, we're a little bit further along, if you will, on having really scaled sales into the AI environment. We've been selling FlashBlade//S now for five years. We have hundreds of customers using it, directly tied to GPUs for AI.

顯然，在真正將銷售規模擴展到人工智慧領域方面，我們已經取得了一些進展。我們銷售 FlashBlade//S 已經五年了。我們有數百名客戶正在使用它，它直接與用於人工智慧的 GPU 相連。

With FlashBlade//EXA now, they can scale to even larger sizes. We're seeing a good interest, right now, in FlashBlad//Exa in the neocloud environment.

有了 FlashBlade//EXA，它們可以擴展到更大的尺寸。目前，我們看到大家對 neocloud 環境中的 FlashBlad//Exa 表現出了濃厚的興趣。

Does that answer your question, Asiya?

阿西婭，這樣回答你的問題了嗎？

We'll take that as a yes.

我們就當這是同意了。

Eric Martinuzzi, Lake Street Capital.

埃里克·馬丁努齊，湖街資本。

Yeah. Based on the investment comments that you had, Tarek, around the R&D and sales and marketing, just for those of us modeling at home, that mix -- the skewing of the investment, just curious to know if there's an expectation that next year would be significantly different than this year?

是的。塔雷克，根據你之前關於研發、銷售和行銷方面的投資評論，對於我們這些在家做模型分析的人來說，這種組合——投資的傾斜——只是好奇是否預期明年會與今年有顯著不同？

In other words, based on my math, I've got about 34% of your non-GAAP operating profits in the first half of FY26 and 66% in the back half of FY26.

換句話說，根據我的計算，我得到了您 2026 財年上半年非 GAAP 營業利潤的約 34%，以及 2026 財年下半年非 GAAP 營業利潤的約 66%。

Is the expectation that that would skew abnormally in FY27, such that it would be more back-half loaded?

預計 2027 財年這種情況會異常偏向下半年嗎？

Look, it's -- we're still in the middle of our planning cycle and we have yet to give guidance for fiscal year '27. We'll do so in Q4.

你看，我們目前仍處於規劃週期中期，尚未對 2027 財年給予指導意見。我們將在第四季度完成這項工作。

But I think the point to take away here is that we would like to continue to grow to the levels that we're witnessing, right now, in fiscal year '26 into fiscal year 2017 and beyond. Therefore, this growth comes at a cost. This is in R&D, in sales and marketing, and in back-office system operations.

但我認為這裡需要強調的是，我們希望在 2026 財年到 2017 財年及以後，繼續維持我們目前所看到的成長水準。因此，這種成長是有代價的。這包括研發、銷售和行銷以及後台系統營運。

But if you are looking at the various OpEx lines as a percentage of revenues, there would not be a material disruption to the levels that you're seeing today in R&D, sales, and marketing as a percentage of revenues. But the dollars, overall, will increase.

但如果你把各項營運支出佔收入的百分比看作是具體的支出項目，那麼研發、銷售和行銷支出佔收入的百分比就不會像今天這樣出現實質的變化。但整體而言，美元數量將會增加。

Thank you, Eric. We have one. This will be the last question, coming up next.

謝謝你，埃里克。我們有一個。這將是最後一個問題，接下來是。

Mehdi Hosseini, Susquehanna.

Mehdi Hosseini，Susquehanna。

Yeah. Charlie, I want to go back to that exabyte shipments. When I look at the overall size of the enterprise SSD market, we're tracking close to about 400 exabyte.

是的。查理，我想回到以前EB級出貨量的話題。當我觀察企業級 SSD 市場的整體規模時，我們預期其規模將接近 400 EB。

My question to you is: What would need to happen for you to scale and actually account for 1% or 2% of the exabyte shipment, especially given the fact that hyperscalers are driving the growth for enterprise SSD demand?

我的問題是：要實現規模化並真正佔據 1% 或 2% 的 EB 級出貨量，需要發生什麼？尤其是在超大規模資料中心推動企業級 SSD 需求成長的情況下？

Let me know if my question is not clear.

如果我的問題不夠清楚，請告訴我。

Well, I think I understand what you're asking, which is what would it take for us to continue to grow in the Hyperscale business to become a much more substantial portion of their overall storage purchases, which, today, is hard disk and SSD.

嗯，我想我明白你的問題了，那就是我們需要做些什麼才能在超大規模業務中繼續發展，從而在他們整體存儲採購中佔據更重要的份額，而他們目前的存儲採購主要包括硬碟和固態硬碟。

Our view is that we provide a superior solution in both environments. That is hard disk and SSD.

我們的觀點是，無論在哪種環境下，我們都能提供更優的解決方案。那是硬碟和固態硬碟。

Now, of course, the design cycle within the hyperscalers is quite long. You have to, first of all, meet the beginning of their design cycle; and then, their design cycle is about two years. And so -- and we are a different -- to be clear, we don't operate in the same way as an SSD or a hard disk. Therefore, it requires a change in their technology and operating process.

當然，超大規模資料中心的設計週期相當長。首先，你必須了解他們的設計週期；其次，他們的設計週期大約是兩年。所以——而且我們有所不同——需要明確的是，我們的運作方式與固態硬碟或機械硬碟不同。因此，這需要他們在技術和操作流程方面做出改變。

That being said, as Rob mentioned earlier, we're in a lot of POCs. We're in a lot of engineering meetings, with the majority of the top 10 hyperscalers.

也就是說，正如羅布之前提到的，我們有許多POC專案。我們參加了很多工程會議，與會者包括排名前十的超大規模資料中心營運商中的大多數。

The value that we provide in the area of power and space reduction; in the area of performance increase -- and in consistency consistency because whether it is the lower-performance, low-price range or the high performance and, therefore, higher-price range, we provide them a single solution, from a software perspective, that doesn't require them to modify their operating systems.

我們在降低功耗和空間佔用、提高效能以及保持一致性方面所提供的價值，因為無論是低效能、低價位的產品，或是高效能、高價格的產品，我們都從軟體的角度為他們提供單一的解決方案，而無需他們修改作業系統。

These are all very powerful incentives for them to make that investment and make that change. Our belief is that, over time -- obviously, we're going through, right now, a supply chain crunch that is -- that the hyperscalers are seeing that supply chain crunch.

這些都是促使他們進行投資和做出改變的非常強大的激勵措施。我們認為，隨著時間的推移——顯然，我們現在正經歷供應鏈危機——超大規模資料中心營運商也看到了這種供應鏈危機。

Every form of memory and every form of storage now is basically on back order. When we see that, it does give us an opportunity to get in. But we think that when that when supply chains come back to normal, which always occurs -- there's always a reversion to the mean -- it will have us be in place with superior economics and performance.

現在各種形式的記憶體和儲存設備基本上都處於缺貨狀態。當我們看到這種情況時，它確實給了我們一個進入的機會。但我們認為，當供應鏈恢復正常時（這種情況總是會發生的——總是會回歸均值），我們將憑藉更優越的經濟效益和業績佔據有利地位。

We do believe that we can continue to take share and become a significant portion of hyperscaler storage environments.

我們相信，我們可以繼續擴大市場份額，並在超大規模儲存環境中佔據重要地位。

Yeah. Mehdi, I would just (inaudible - microphone inaccessible) three things:

是的。Mehdi，我只想（聽不清楚 - 麥克風無法使用）三件事：

One is making our existing customers successful in the environment and tier that we've been designed into.

一是確保我們現有的客戶在我們既定的環境和層級中取得成功。

Two is expanding our offering and value to multiple tiers of price performance.

第二，我們將產品和服務擴展到多個價格性能層級。

Three is expanding the reach of our technology into other firms, right?

Three公司正在將我們的技術推廣到其他公司，對嗎？

And so Charlie talked about a lot of the process, steps, along that path. We're pursuing it (inaudible) foot. But that's how I think about what are the unlocks and what are the drivers to get there.

於是查理談到了這條路上的許多過程和步驟。我們正在追趕它（聽不清楚）腳。但這就是我對解鎖條件和實現目標的驅動因素的思考方式。

Thank you, Mehdi. Charlie has some concluding remarks.

謝謝你，邁赫迪。查理還有一些總結性發言。

Yeah. I want to thank you and thank everyone for joining us today.

是的。我要感謝你，也感謝今天所有到場的各位。

Data is now becoming, we believe, the primary engine that's going to drive economic growth in the decades ahead. It needs to be elevated to be useful and available for a wide range of uses.

我們認為，數據正在成為未來幾十年推動經濟成長的主要引擎。它需要提升高度才能發揮作用，並適用於各種用途。

The Enterprise Data Cloud makes that possible. It gives customers a unified and virtualized way to control their global data estate, with the reliability and the simplicity that we, Pure, are known for.

企業資料雲使這一切成為可能。它為客戶提供了一種統一的虛擬化方式來控制其全球資料資產，並具備我們 Pure 一貫的可靠性和簡易性。

Once again, as always, I wish to thank our customers, partners, our suppliers, our employees, and our investors. Your consistent support drives our success.

再次，一如既往，我要感謝我們的客戶、合作夥伴、供應商、員工和投資者。你們一如既往的支持是我們成功的動力。

Thank you.

謝謝。

That concludes the Pure Storage third-quarter fiscal 2026 financial results conference call.

Pure Storage 2026 財年第三季財務業績電話會議到此結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。