Everpure, Inc (PSTG) 2026 Q4 法說會逐字稿

Good day, and welcome to Everpure's fourth-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 Everpure 2026 財年第四季財務業績電話會議。今天的會議正在錄影。（操作員指示）現在，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, and welcome to Everpure's fourth-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 and Growth Officer. Following Charlie's and Terek'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.

謝謝。各位下午好，歡迎參加 Everpure 2026 財年第四季財報電話會議。參與電話會議的有：執行長 Charlie Giancarlo；財務長 Tarek Robbiati；以及首席技術與成長長 Rob Lee。在查理和特雷克發言結束後，我們將接受提問。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。

The slides that accompany this webcast can be downloaded at investor.purestorage.com. On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial and operations, our strategy, technology and its advantages, our current and new product offerings, supply chain, hyperscaler opportunity 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.

本次網路直播的配套投影片可在 investor.purestorage.com 下載。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因素的影響。這些聲明包括有關我們的財務和營運、我們的策略、技術及其優勢、我們當前和新產品、供應鏈、超大規模資料中心機會以及競爭行業和經濟趨勢的資訊。我們所做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陳述的義務。

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

我們的實際業績可能與預測的業績有重大差異，所公佈的業績不應被視為未來業績的指標。有關我們業務的一些風險和不確定性的討論已包含在我們向美國證券交易委員會提交的文件中，我們建議您查閱這些公開文件。

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. This call is being broadcast live on the Everpure 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 Everpure. Our first quarter fiscal year 2027 quiet period begins at the close of business, Friday, April 17, 2026.

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。與最直接可比較的 GAAP 指標的調整表已在我們的獲利新聞稿和幻燈片中提供。本次電話會議正在 Everpure 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 Everpure 所有。我們 2027 財年第一季靜默期從 2026 年 4 月 17 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, and welcome to Everpure's Q4 and fiscal 2026 earnings call. Q4 was an outstanding quarter. Our first $1 billion revenue quarter capped off a strong performance for FY26 with full year revenue of $3.7 billion. And we enter FY27 with strong momentum.

謝謝你，保羅。各位下午好，歡迎參加 Everpure 2026 財年第四季及業績電話會議。第四季表現出色。我們首個營收突破 10 億美元的季度為 2026 財年的強勁業績畫上了圓滿的句號，全年營收達到 37 億美元。我們帶著強勁的發展勢頭進入了2027財年。

Revenue in Q4 was driven by broad-based strength across our business, particularly in enterprise. We are executing a clear strategy to modernize and simplify data infrastructure for our enterprise and hyperscale customers amid rising AI demand, power constraints and increasing operational complexity. Our enterprise data cloud architecture continues to strongly resonate with customers with over 600 customers adopting Fusion since its introduction a year ago.

第四季營收成長主要得益於公司各業務部門的全面強勁表現，尤其是企業業務。面對人工智慧需求不斷增長、電力限制和營運複雜性日益增加的問題，我們正在執行一項明確的策略，以實現企業和超大規模客戶的資料基礎設施現代化和簡化。我們的企業資料雲架構持續受到客戶的強烈歡迎，自一年前推出以來，已有超過 600 家客戶採用了 Fusion。

Consistent with our core strategy of investing in data storage as high technology rather than a commodity, Everpure can now support practically all enterprise storage needs and use cases with our unified Purity operating environment and our Evergreen hardware platform. Purity enhanced with Fusion now has a unified control plane through its unified data plan and enables customers to manage their global data as their own enterprise data cloud with consistent enterprise policies implemented in software,. The focused investment in our enterprise business is translating into accelerating demand and growth.

秉承我們投資資料儲存作為高科技而非商品的核心策略，Everpure 現在可以透過我們統一的 Purity 作業系統環境和 Evergreen 硬體平台，支援幾乎所有企業儲存需求和用例。Purity 與 Fusion 結合，現在透過其統一的數據計畫擁有統一的控制平面，使客戶能夠像管理自己的企業數據雲一樣管理其全球數據，並在軟體中實施一致的企業策略。對企業業務的重點投資正在轉化為加速成長的需求。

Our Purity software, direct flash architecture and Evergreen promise have proven their flexibility and universality by extending smoothly into our FlashBlade//EXA offering. As a reminder, FlashBlade//EXA supports AI scale workloads at industry-leading performance and efficiency. FlashBlade//EXA has achieved industry-leading MLPerf benchmark performance and recently published the highest results in the spec storage AI image benchmark.

我們的 Purity 軟體、直接快閃架構和 Evergreen 承諾已經證明了它們的靈活性和通用性，並順利擴展到我們的 FlashBlade//EXA 產品中。再次提醒，FlashBlade//EXA 支援 AI 規模的工作負載，並具有業界領先的效能和效率。FlashBlade//EXA 已在 MLPerf 基準測試中取得了業界領先的效能，並且最近在 spec 儲存 AI 影像基準測試中取得了最高成績。

This past quarter, in a strong competitive context, we secured our first exit customer and are in advanced stage discussions with dozens more. Our hyperscale business grew beyond our expectations in FY26. We have broadened and expanded our solution and we've standardized on our financial structure, which Tarek will detail later.

上個季度，在激烈的競爭環境下，我們獲得了第一個退出客戶，並且正在與數十家客戶進行深入洽談。2026財年，我們的超大規模業務成長超出了預期。我們已經拓寬並擴展了我們的解決方案，並且我們的財務結構也已標準化，Tarek 稍後會詳細介紹。

Entering FY27, we expect continued growth in our hyperscale solutions concentrated in the second half of our year, which is also incorporated in our guidance. This broad and increasing momentum is reflected in our strong FY27 revenue guidance of almost 19% year-over-year growth at the midpoint which Tarek will also discuss in more detail.

進入 2027 財年，我們預計超大規模解決方案將持續成長，主要集中在下半年，這也已納入我們的業績指引。這種廣泛且不斷增強的勢頭體現在我們強勁的 2027 財年收入預期中，即同比增長近 19%（中位數），Tarek 也將對此進行更詳細的討論。

As I stated earlier, Everpure has now reached a point where we can support the full spectrum of our customers' data storage needs, from high performance to low cost, from tens of terabytes to tens of exabytes, from AI to backup and all protocols, including block, file and object. We support all customer use cases including all databases, all virtualization, containers, file systems, object systems and Kubernetes.

正如我之前所說，Everpure 現在已經能夠滿足客戶各種資料儲存需求，從高效能到低成本，從數十TB到數十EB，從人工智慧到備份，以及所有協議，包括區塊儲存、檔案儲存和物件儲存。我們支援所有客戶用例，包括所有資料庫、所有虛擬化、容器、檔案系統、物件系統和 Kubernetes。

We deliver all of this through a single software operating environment combined with our DirectFlash technology and our unique Evergreen architecture and business model. Today, they ensure our customers always have access to the latest technology. This set of capabilities has been developed because Everpure alone has invested in data storage and management and high technology rather than as a commodity.

我們透過單一的軟體作業系統環境，結合我們的 DirectFlash 技術以及我們獨特的 Evergreen 架構和商業模式，來實現所有這些功能。如今，他們確保我們的客戶始終能夠獲得最新技術。Everpure之所以能夠發展出這套能力，是因為該公司專注於資料儲存和管理以及高科技領域，而不是將其視為一種商品。

We now invest more R&D in data storage and management than any other competitors. Our continuing investment in innovation is increasingly focused on enabling our customers to better control and make use of their data for AI and analytics.

目前，我們在資料儲存和管理方面的研發投入比其他任何競爭對手都多。我們持續增加對創新的投入，越來越注重幫助客戶更好地控制和利用他們的數據進行人工智慧和分析。

We released our latest audited Net Promoter Score, which is the gold standard for customer loyalty and satisfaction. We achieved an industry high NPS of 84 for calendar 2025. While much of the industry remains with scores in the 30s, we have maintained a score above 80 for more than a decade, while increasing our customer base to over 14,500. This is yet one more reason why we continue to outperform all other competitors in the market.

我們發布了最新的經審計淨推薦值 (NPS)，這是衡量客戶忠誠度和滿意度的黃金標準。我們2025年的淨推薦值 (NPS) 達到了業界最高水準的84。雖然業內大部分公司的得分仍然在 30 分左右，但我們十多年來一直保持著 80 分以上的得分，同時我們的客戶群也增加到了 14,500 多人。這也是我們持續超越市場上所有其他競爭對手的另一個原因。

We have developed a strong brand that is well known for quality, consistent innovation, and strong customer care. Our position has strengthened to where we are now gaining franchise customers who put their trust in us to standardize their IT architecture on our platform for a majority of their storage infrastructure. We are now in a position to not only help our customers automate their data storage, but increasingly to enable them to better manage their global enterprise data.

我們打造了一個強大的品牌，以品質、持續創新和強大的客戶服務而聞名。我們的地位不斷鞏固，現在我們獲得了眾多加盟客戶，他們信任我們，將他們的大部分儲存基礎架構的 IT 架構標準化到我們的平台上。我們現在不僅能夠幫助客戶實現資料儲存自動化，而且越來越能夠幫助他們更好地管理其全球企業資料。

With Fusion and our enterprise data cloud architecture, customers can apply policy-driven governance across workloads, moving beyond traditional storage to standardize, protect and intelligently manage their data sets. This represents a meaningful evolution from infrastructure management to comprehensive data governance. Earlier this week, we announced a definitive agreement to acquire OneTouch, which will accelerate our ability to help customers unlock the strategic value of their data and make it ready for AI.

透過 Fusion 和我們的企業資料雲架構，客戶可以跨工作負載應用策略驅動的治理，超越傳統存儲，實現資料集的標準化、保護和智慧管理。這標誌著從基礎設施管理向全面資料治理的重大轉變。本週早些時候，我們宣布了收購 OneTouch 的最終協議，這將加快我們幫助客戶釋放其資料的策略價值並使其為人工智慧做好準備的能力。

OneTouch technology delivers discovery, classification, governance, cyber resilience, data sovereignty, and contact to prepare data for AI and serve as a critical foundation for the enterprise data cloud and enterprise scale AI deployment. Our rebranding and name change reflect our growth from operational storage through intelligent data management, empowering customers to extract greater value from their data in an increasingly AI-driven world.

OneTouch 技術提供發現、分類、治理、網路彈性、資料主權和連結功能，為 AI 準備數據，並作為企業資料雲端和企業級 AI 部署的關鍵基礎。我們的品牌重塑和名稱變更反映了我們從營運儲存到智慧數據管理的轉變，使客戶能夠在日益人工智慧驅動的世界中從其數據中挖掘更大的價值。

Our new name Everpure, reflects both what we have created and where we are going. We are expanding our brand to align with our expanded Horizon and to attract a much broader set of strategic pursuance. We are entering FY27 with strong momentum, and we expect continued growth across all four products and sectors. These include commercial, enterprise, government, and hyperscaler our US and international theaters and our systems, software products and services such as evergreen subscriptions.

我們的新名稱 Everpure，既體現了我們所創造的，也體現了我們未來的發展方向。我們正在拓展品牌，以適應我們不斷擴大的視野，並吸引更廣泛的策略夥伴。我們帶著強勁的發展勢頭進入 2027 財年，預計所有四個產品和行業都將持續成長。這些包括商業、企業、政府和超大規模企業，我們的美國和國際市場以及我們的系統、軟體產品和服務，例如永久訂閱。

Turning to the broader environment we expect macroeconomic uncertainty to persist through the coming year. Strong component demand driven by tech titan AI build-outs as outstripped supply across the industry, dramatically increasing NAND, memory and CPU pricing. We expect that the industry, including Everpure, will see unpredictable component shortages, which could lead to extended lead times and potential shipment delays.

從更廣泛的環境來看，我們預計宏觀經濟的不確定性將在未來一年持續存在。受科技巨頭人工智慧建設的推動，強勁的零件需求超過了整個產業的供應，導致 NAND 快閃記憶體、記憶體和 CPU 的價格大幅上漲。我們預計包括 Everpure 在內的整個行業將面臨無法預測的零件短缺，這可能會導致交貨週期延長和潛在的發貨延遲。

As we have identified in previous calls, we have highly distributed and resilient supply chain and have weathered past supply chain disruption as well. Supply chain constraints are operating as both a tailwind and a headwind in our hyperscale discussions. A bit of a tailwind as hyperscalers are more eager to accelerate their testing and certification of new sources of supply and as a headwind to every vendor's ability to source the necessary components. Everpure raised prices on our product line on February 9, reflecting the dramatic and rapid rise in component prices. I believe we were the last in our industry to raise prices and I also believe that our increase was the lowest in the industry to protect our customers.

正如我們在先前的電話會議中所提到的，我們擁有高度分散且具彈性的供應鏈，也經受住了過去的供應鏈中斷。供應鏈限制在我們討論超大規模應用時既是助力也是阻力。對於超大規模資料中心營運商而言，這算是一個順風，因為他們更渴望加快對新供應來源的測試和認證；而對於每個供應商來說，採購必要組件的能力則算是一個逆風。由於零件價格急劇上漲，Everpure 於 2 月 9 日提高了產品線的價格。我相信我們是業界最後一家漲價的公司，為了保護我們的客戶，我們的漲幅也是業界最低的。

Based on the extraordinary rapid rise in component costs, we expect product gross margins in Q1 to be at the lower end of our typical range of 65% to 70%, but we also expect them to recover through the fiscal year. We have built a diversified supply chain with contingency plans to reduce disruption risk even as the industry faces shortage. Our long-standing and direct component supplier relationships and in-house hardware design provides us additional flexibility in addressing supply chain disruption.

由於零件成本異常快速上漲，我們預計第一季產品毛利率將處於我們通常 65% 至 70% 範圍的下限，但我們也預計毛利率將在本財年內回升。即使行業面臨短缺，我們仍建立了多元化的供應鏈並制定了應急計劃，以降低中斷風險。我們與零件供應商建立了長期直接的合作關係，並擁有內部硬體設計能力，這使我們能夠更靈活地應對供應鏈中斷。

Our Evergreen model provides transparent pricing that protects customer economics. In addition, with our continuous improvements in performance and capabilities entitled in Evergreen, existing customers will benefit from our new data reduction software. This recent release of purity enhanced data reduction offsets our higher pricing by providing a cost per effective terabyte that is lower than our previous prices on some workloads. We are at a very exciting time in the story of our company Everpure.

我們的常青模式提供透明的定價，進而保護客戶的經濟利益。此外，隨著我們在 Evergreen 中不斷改進效能和功能，現有客戶將受益於我們新的資料縮減軟體。最近推出的 Purity 增強型資料縮減技術，透過提供比以往價格更低的每有效 TB 成本，抵消了我們較高的定價。我們正處於公司 Everpure 發展歷程中一個非常令人興奮的時刻。

We can now compete for all of our customer storage infrastructure. We provide the world's most consistent, comprehensive and reliable data storage environment. Our enterprise data cloud architecture will allow customers to more efficiently manage their global data, and we are now creating the technologies that will allow our customers to more easily prepare their data or their AI future.

現在我們可以參與所有客戶儲存基礎架構的競爭了。我們提供世界上最穩定、最全面、最可靠的資料儲存環境。我們的企業數據雲架構將使客戶能夠更有效地管理其全球數據，我們現在正在創造相關技術，使客戶能夠更輕鬆地準備其數據或人工智慧未來。

Our focus on investing in data storage and management is high technology is driving the accelerated growth that we see today. With that, I'll invite Tarek to provide further details.

我們專注於投資資料儲存和管理等高科技領域，這正是我們今天所看到的加速成長的驅動力。接下來，我將請塔里克提供更多細節。

Thank you, Charlie. We closed the year on a high note, with Q4 revenue surpassing $1 billion for the first time representing 20% year-over-year growth and record operating profit of $226 million, implying a strong operating margin of 21.3%. Our performance in Q4 was broad-based, with particular strength in the enterprise. We increased the number of customers transacting during the quarter and delivered solid performance in large-scale transactions with deals over $5 million, growing 80% year over year. This performance was supplemented by accelerated growth in the government sector, along with several notable enterprise data cloud platform wins.

謝謝你，查理。我們以優異的成績結束了這一年，第四季營收首次超過 10 億美元，年增 20%，營業利潤創下 2.26 億美元的紀錄，這意味著強勁的營業利潤率達到 21.3%。我們在第四季的業績表現全面，尤其在企業領域表現強勁。本季我們增加了交易客戶數量，並在超過 500 萬美元的大額交易中取得了穩健的業績，年增 80%。此外，政府部門的加速成長以及幾項引人注目的企業資料雲平台訂單也為這項業績錦上添花。

We also secured the first sales of FlashBlade//EXA signaling positive initial market interest and demand for this new offering designed for large-scale artificial intelligence and high-performance computing workloads. Moreover, we expanded our footprint with our existing hyperscale customer, delivering strong growth in our hyperscale business for the year, ahead of our initial expectations. We are confident in the sustained momentum of our hyperscale business, more on hyperscalers and our year-end performance later.

我們也實現了 FlashBlade//EXA 的首筆銷售，這表明市場對這款專為大規模人工智慧和高效能運算工作負載而設計的新產品表現出了積極的初步興趣和需求。此外，我們擴大了與現有超大規模客戶的合作範圍，超大規模業務在今年實現了強勁成長，超出了我們最初的預期。我們對超大規模業務的持續發展勢頭充滿信心，稍後將詳細介紹超大規模資料中心和我們的年終業績。

But before we get into that, earlier this week, we made two key announcements for the company, including our intent to acquire OneTouch, a leader in AI-driven contextual data intelligence. OneTouch delivers top down, automatically discovered and enriched contextual view of data across the data center, cloud and edge. This critical software capability enables our customers to better understand the meaning of their data and unlock its strategic value through AI and other applications. In turn, the acquisition of OneTouch will further differentiate Everpure by allowing us to embed unique data management capabilities into our core purity software offerings.

但在此之前，本週早些時候，我們發布了兩項公司重要公告，其中包括我們打算收購 OneTouch，該公司是 AI 驅動的上下文資料智慧領域的領導者。OneTouch 提供自上而下、自動發現和豐富的跨資料中心、雲端和邊緣資料的上下文視圖。這項關鍵的軟體功能使我們的客戶能夠更好地理解其數據的含義，並透過人工智慧和其他應用程式釋放其戰略價值。反過來，收購 OneTouch 將進一步提升 Everpure 的差異化優勢，使我們能夠將獨特的資料管理功能嵌入到我們的核心純度軟體產品中。

Founded in late 2017, OneTouch has a financial profile of a fast-growing company that is investing heavily to gain traction in the market. Unsurprisingly, it is not yet profitable. We expect OneTouch to be 1.5% dilutive to operating profit in fiscal year '27 and to become accretive to operating profit within 24 months from the acquisition on a post-synergy basis.

OneTouch成立於2017年末，是一家快速成長型公司的財務狀況，該公司正在大力投資以獲得市場認可。不出所料，它目前尚未獲利。我們預計 OneTouch 將在 2027 財年將營業利潤稀釋 1.5%，並在綜效實現後的 24 個月內增加營業利潤。

As a company, we are expanding beyond being a storage provider to becoming a comprehensive data infrastructure and data intelligence platform. We are transitioning from simply delivering storage solutions to redefining data management at a global scale. Our new name, Everpure, reflects this transformation and captures our new identity as a full-scale data intelligence company.

作為一家公司，我們正在從儲存供應商轉型為綜合資料基礎設施和資料智慧平台。我們正在從單純提供儲存解決方案轉型為在全球範圍內重新定義資料管理。我們的新名稱 Everpure 體現了這一轉變，並展現了我們作為全方位數據智慧公司的新身份。

To conclude, we are uniquely positioned to address the full spectrum of our customers' needs and to compete for large strategic enterprise franchise opportunities supported by our newly expanded AI-enabling platform. Now let's deep dive into the details of our fiscal year '26 performance and subsequently discuss our outlook for fiscal year '27.

總之，憑藉我們新近擴展的人工智慧賦權平台，我們擁有獨特的優勢，能夠滿足客戶的各種需求，並有機會競爭大型策略企業特許經營權。現在讓我們深入了解我們 2026 財年的業績，並隨後討論我們對 2027 財年的展望。

Q4 product revenue of $618 million grew 25% year over year, while fiscal year '26 product revenue of $1.97 billion grew 16% year over year. As a reminder, our product revenue category now includes revenues that we received from hyperscale shipments, as well as a portion of Port Work software revenue when sold as term licenses.

第四季產品營收為 6.18 億美元，年增 25%；2026 財年產品營收為 19.7 億美元，較去年同期成長 16%。提醒一下，我們的產品收入類別現在包括我們從超大規模發貨中獲得的收入，以及作為期限許可證出售的 Port Work 軟體收入的一部分。

Q4 subscription revenue of $440 million grew 14% year over year, while fiscal year '26 subscription revenue of $1.69 billion grew 15% year over year. Q4 total contract value sales for our Storage as a Service offerings grew 28% year over year to $179 million, driven by high velocity transactions of less than $5 million. For fiscal year '26, ECV sales grew 32%, totaling $520 million for the year.

第四季訂閱營收為 4.4 億美元，年增 14%；2026 財年訂閱營收為 16.9 億美元，較去年同期成長 15%。第四季度，我們的儲存即服務產品合約總銷售額年增 28%，達到 1.79 億美元，這主要得益於低於 500 萬美元的高速交易。2026 財年，電動車銷售額成長了 32%，全年總計 5.2 億美元。

This significant year-over-year growth momentum reflects the increasing adoption by our customers of Evergreen//One and other subscription-based offerings, which deliver a consistent, nondisruptive operating and management environment. In fiscal year '26, total revenue grew 16% to $3.7 billion. We also delivered our highest annual operating profit of $635 million and implied operating margin of 17.3%.

這一顯著的同比成長勢頭反映了我們的客戶越來越多地採用 Evergreen//One 和其他基於訂閱的產品，這些產品提供了一個一致、無中斷的營運和管理環境。2026 財年，總營收成長 16%，達到 37 億美元。我們也實現了最高的年度營業利潤 6.35 億美元，隱含營業利潤率為 17.3%。

Turning to gross margins. In Q4, total gross margin was 71.4%, supported by a robust subscription services margin of 77%, while product gross margin stood at 67.3% an increase of over 400 basis points year over yea, driven by a favorable product mix. It is important to note that sequentially, our product gross margin in Q4 was lower than in Q3 '26 as we had lower hyperscale shipments and Port Works license shipments in Q4 relative to Q3. I would like to remind everyone that these sales are lumpy in nature.

接下來談談毛利率。第四季總毛利率為 71.4%，主要得益於訂閱服務毛利率高達 77%；而產品毛利率為 67.3%，年成長超過 400 個基點，這主要得益於有利的產品組合。值得注意的是，由於第四季超大規模出貨量和港口工程許可證出貨量相對於第三季有所下降，因此我們第四季的產品毛利率低於 2026 年第三季。我想提醒大家，這些銷售活動並不穩定。

In addition, the sequential change in product gross margin reflects changes in customer and product mix during the quarter. The variance also includes a modest impact in the quarter from increasing component costs, which prompted pricing actions taken early February '26. For fiscal year '26, total gross margin was 72.1%, an increase from 71.8% in fiscal year '25.

此外，產品毛利率的環比變化反映了本季客戶和產品組合的變化。該差異還包括本季零件成本上漲帶來的輕微影響，這促使我們在 2026 年 2 月初採取了價格措施。2026 財年總毛利率為 72.1%，較 2025 財年的 71.8% 成長。

As industry-wide AI-driven infrastructure demand continues to outpace supply, driving higher input costs, we expect continued component price volatility across the storage industry as well as extended lead times and potential shipment delays. As a result, and as Charlie mentioned, we implemented price increases across our product portfolio on February 9, 2026. It is important to remember that while we maintain long-standing supply agreements with our NAND suppliers, these agreements help mitigate but do not eliminate significant input cost swings and potential shortages.

由於整個產業人工智慧驅動的基礎設施需求持續超過供應，導致投入成本上升，我們預期儲存產業的零件價格將持續波動，交貨週期也將延長，並可能出現出貨延遲。因此，正如查理所提到的那樣，我們於 2026 年 2 月 9 日對所有產品進行了漲價。需要注意的是，雖然我們與 NAND 供應商保持長期的供應協議，但這些協議有助於緩解而非消除重大的投入成本波動和潛在的短缺。

As we mentioned in the past, historically, component cost volatility has had a greater impact on our top line and on margins. When component costs such as NAND rise, the industry typically sees higher pricing as competitors face similar input cost pressures. This dynamic supports improved pricing discipline and can act as a tailwind to revenue over the medium term with some short-term pressure on gross margin as prices catch up to extraordinarily rapid cost increases. We remain committed to treating our customers fairly and will not engage in price gouging or take undue advantage of the current market dynamics.

正如我們之前提到的，從歷史上看，零件成本波動對我們的營收和利潤率影響更大。當 NAND 等組件成本上漲時，由於競爭對手面臨類似的投入成本壓力，行業通常會出現價格上漲。這種動態有助於改善定價紀律，並可在中期內對收入起到推動作用，但短期內，隨著價格趕上異常快速的成本增長，毛利率將面臨一些壓力。我們始終致力於公平對待客戶，不會哄抬物價，也不會利用當前的市場動態牟取暴利。

Moving on to our subscription business. Q4 subscription services revenue of $440 million increased 14% year over year, accounting for 42% of total revenue. ARR grew 16% to $1.9 billion.

接下來談談我們的訂閱業務。第四季訂閱服務營收為 4.4 億美元，年增 14%，佔總營收的 42%。年度經常性收入成長16%，達到19億美元。

I am particularly pleased with the results of our remaining performance obligations, or RPO, which accelerated to 40% growth in Q4 driven by the execution of large deals and strength of our Evergreen//Forever and Evergreen//One offerings. Notably, our RPO pertaining to our subscription services offerings grew 34% exiting Q4.

我對我們剩餘履約義務（RPO）的成果感到特別滿意，在第四季度，由於大型交易的執行以及我們 Evergreen//Forever 和 Evergreen//One 產品的優勢，RPO 加速成長了 40%。值得注意的是，截至第四季末，我們訂閱服務產品的 RPO 成長了 34%。

Turning on to revenue by geography. In Q4, US revenue grew 9% to $674 million, while international revenue increased 48% year over year to $385 million. International revenue represented 36% of total revenue. The continued expansion of our international footprint remains a significant opportunity and a key strategic focus for the company.

按地理位置劃分收入。第四季度，美國營收成長9%至6.74億美元，而國際營收年增48%至3.85億美元。國際收入佔總收入的36%。持續擴大國際業務版圖仍是公司面臨的重要機會和關鍵策略重點。

For fiscal year '26, US revenue grew 12% and international revenue increased 25%. In fiscal year '26, we expanded our customer base by more than 1,100 new customers including 335 in Q4 alone, reflecting continued momentum throughout the year. Our penetration of the Fortune 500 now stands at 64%. With respect to our organization, in Q4, our head count increased sequentially by 166 employees, bringing our total head count to 6,400 employees at year-end.

2026 財年，美國營收成長 12%，國際營收成長 25%。在 2026 財年，我們的客戶群增加了 1,100 多個新客戶，其中僅第四季度就增加了 335 個，這反映了全年持續的成長勢頭。我們目前在財富 500 強企業中的滲透率已達 64%。就我們公司而言，第四季員工人數較上季增加了 166 人，到年底員工總數達到 6,400 人。

Our balance sheet remains robust with over $1.5 billion in cash and investments at the end of the year. Cash flow from operations in Q4 was $268 million and $880 million for the year.

截至年底，我們的資產負債表依然穩健，現金和投資超過15億美元。第四季經營活動產生的現金流量為 2.68 億美元，全年為 8.8 億美元。

Capital expenditures during the year were $264 million, representing approximately 7.2% of revenue for fiscal year '26. Our capital investments during the year supported data center expansion, the increased testing of new products and solutions, the scaling of our hyperscale business as well as the funding of initiatives aimed at accelerating Evergreen//One subscription growth.

本年度資本支出為 2.64 億美元，約佔 2026 財年收入的 7.2%。今年，我們的資本投資支持了資料中心的擴張、新產品和解決方案的更多測試、超大規模業務的擴展，以及旨在加速 Evergreen//One 訂閱成長的各項舉措的資金投入。

Free cash flow for Q4 was $201 million and $616 million for the year. Free cash flow margin for the year was 16.8%, tracking our operating profit margins of 17.3%. In Q4, we repurchased 1.7 million shares, returning approximately $127 million to shareholders. For fiscal year '26, share repurchases totaled $343 million or 5.6 million shares.

第四季自由現金流為 2.01 億美元，全年自由現金流為 6.16 億美元。本年度自由現金流利潤率為 16.8%，與 17.3% 的營業利益率相當。第四季度，我們回購了 170 萬股股票，向股東返還了約 1.27 億美元。2026 財年，股票回購總額為 3.43 億美元，即 560 萬股。

For fiscal year '26, 56% of free cash flow was utilized for stock repurchases. In addition, we paid $68 million in withholding taxes on employee awards in Q4, offsetting dilution by approximately one million shares and $271 million for fiscal year '26, offsetting about four million shares. We currently have about $329 million remaining under our existing $400 million repurchase authorization announced in Q4 '26.

2026 財年，56% 的自由現金流用於股票回購。此外，我們在第四季度支付了 6,800 萬美元的員工獎勵預扣稅，抵消了約 100 萬股的稀釋；在 2026 財年支付了 2.71 億美元，抵消了約 400 萬股的稀釋。我們目前在 2026 年第四季宣布的 4 億美元回購授權下還剩餘約 3.29 億美元。

Now turning to our guidance for fiscal year '27. As Charlie remarked earlier, unprecedented component demand driven by AI build-out has outstripped supply across the industry. At this stage, the duration of the demand-supply imbalance and related risks to the industry are hard to predict. Needless to say, we are actively working with our suppliers to mitigate these risks and navigate this period of uncertainty.

現在來看看我們對 2027 財年的預期。正如查理之前所說，人工智慧建造帶來的前所未有的零件需求已經超過了整個產業的供應。現階段，供需失衡的持續時間和相關產業風險難以預測。毋庸置疑，我們正在積極與供應商合作，以降低這些風險，並度過這段不確定時期。

For Q1, we anticipate revenue to be in the range of $990 million to $1.01 billion, representing approximately a 28% increase year over year at the midpoint. We expect operating profit to be in the range of $125 million to $135 million, representing approximately a 57% increase year over year at the midpoint.

我們預計第一季營收將在 9.9 億美元至 10.1 億美元之間，以中間值計算，年增約 28%。我們預計營業利潤將在 1.25 億美元至 1.35 億美元之間，以中間值計算，年增約 57%。

For fiscal year '27, we anticipate revenue to be in the range of $4.3 billion to $4.4 billion, representing an 18.8% year-over-year increase at the midpoint. We expect operating profit to be in the range of $780 million to $820 million, representing approximately a 26% year-over-year increase at the midpoint.

預計 2027 財年營收將在 43 億美元至 44 億美元之間，以中間值計算，年增 18.8%。我們預計營業利潤將在 7.8 億美元至 8.2 億美元之間，以中間值計算，年增約 26%。

In terms of seasonality, we are entering fiscal year '27 with very strong momentum and expect 47% of our revenues to be generated in H1 of fiscal year '27, which represents a 2% improvement year on year.

從季節角度來看，我們以非常強勁的勢頭進入了 2027 財年，預計 2027 財年上半年將產生 47% 的收入，比上年同期增長 2%。

Let me finish by adding more color about the factors that underpin our guidance for fiscal year '27. First and foremost, and specifically for our hyperscaler business, I would like to remind everyone that we started ramping our hyperscale aligner business in fiscal year '26 and feel very confident about the future of our business for years to come. We expect to significantly accelerate shipments and revenues in fiscal year '27 relative to fiscal year '26. This momentum is reflected in our strong fiscal year '27 guidance.

最後，我想再詳細闡述我們對 2027 財政年度業績指引的各項因素。首先，特別是對於我們的超大規模資料中心業務，我想提醒大家，我們從 2026 財年開始逐步擴大超大規模資料中心業務，並且對我們業務未來幾年的發展前景充滿信心。我們預計 2027 財年的出貨量和營收將比 2026 財年大幅成長。這一發展勢頭體現在我們強勁的 2027 財年業績預期中。

As a reminder, hyperscaler revenues are governed by the schedule of hyperscaler data center build-outs and are not linear during the course of the year. For fiscal year '27, we expect the majority of revenue from hyperscalers to be recognized in Q3 and Q4. Also, we have now standardized our business model to cater for the hyperscaler market. Moving forward, we will procure some of the components that are needed by hyperscalers to build their solution in their environment, but not the net.

需要提醒的是，超大規模資料中心營運商的收入取決於其資料中心建設進度，並且並非全年呈線性成長。對於 2027 財年，我們預計來自超大規模資料中心的大部分收入將在第三季和第四季確認。此外，我們現在已經規範了我們的商業模式，以迎合超大規模資料中心市場。展望未來，我們將採購超大規模資料中心營運商在其環境中建立解決方案所需的一些元件，但不會採購網路。

Hyperscalers will continue to procure the NAND through their supply chain. As a result, we expect gross margins of hyperscaler revenues to range between 75% to 85%, a level accretive to product revenue gross margins and overall company gross margins.

超大規模資料中心將繼續透過其供應鏈採購 NAND 快閃記憶體。因此，我們預計超大規模資料中心收入的毛利率將在 75% 到 85% 之間，這一水平將提高產品收入毛利率和公司整體毛利率。

For Q1, we expect product revenue gross margins, excluding hyperscaler gross margins to be at the lower end of our typical range of 65% to 70%, reflecting the impact of unprecedented and sudden increases in NAND and other component pricing. As we move through the fiscal year, we anticipate gross product margins will recover. Second, and in line with prior commentary, we will continue to invest in R&D and sales and marketing to fuel growth in our core and establish our brand and these investments are factored into our operating profit guidance.

第一季度，我們預計產品收入毛利率（不包括超大規模資料中心毛利率）將處於我們通常 65% 至 70% 範圍的下限，這反映了 NAND 和其他組件價格前所未有的突然上漲的影響。隨著本財年的推進，我們預期毛利率將會回升。其次，正如先前的評論所述，我們將繼續投資於研發、銷售和行銷，以推動核心業務成長並建立品牌，這些投資已計入我們的營業利潤預期。

In terms of our fiscal year '27 operating profit guidance, and as mentioned earlier, we are absorbing a 1.5% dilution to our operating profit for the year from the acquisition of OneTouch. Yet we continue to be laser-focused on accelerating growth and building operating leverage as our guidance attests.

就我們 2027 財年的營業利潤預期而言，如同先前所提到的，由於收購 OneTouch，我們該年度的營業利潤將稀釋 1.5%。然而，正如我們的業績指引所表明的那樣，我們將繼續全力以赴地加速成長並提高營運槓桿。

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

謝謝你，塔雷克。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。如果您還有其他問題，請您重新排隊，我們會在時間允許的情況下很樂意回答您的問題。

Operator, let's get started.

操作員，我們開始吧。

(Operator Instructions) Amit Daryanani, Evercore ISI.

（操作員說明）Amit Daryanani，Evercore ISI。

Thanks a lot. Good afternoon, everyone. I guess maybe my question will are on the fact that you folks have had some really impressive results right now, given all the fixation everyone has on memory.

多謝。大家下午好。我想問的問題是，考慮到現在大家都在關注記憶力，你們所取得的成果確實令人印象深刻。

Charlie, perhaps you can just help put in context the acceleration in revenue growth we're seeing in Q1 and really fiscal '27. How much of that is really coming from your ability to pass on the memory price increases to your customers versus perhaps you're just seeing a step-up in demand, especially if you think about customers at this point, perhaps need to find a way to improve the utilization rate of flash, which seems to be going up in price a lot? It seems like Pure is uniquely positioned to help provide a solution here. So just on kind of what's driving the growth and just push out how much of it is surprising versus customer step up in demand? Thank you.

查理，或許你可以幫我們分析一下我們在第一季以及 2027 財年看到的營收成長加速的背景。其中有多少是因為你將記憶體價格上漲轉嫁給客戶的能力所造成的，又有多少是因為需求增加造成的？特別是考慮到此時的客戶可能需要找到提高快閃記憶體利用率的方法，而快閃記憶體的價格似乎正在大幅上漲？Pure公司似乎擁有獨特的優勢，能夠幫助解決這個問題。那麼，究竟是什麼因素推動了成長？其中有多少是意料之外的成長，又有多少是客戶需求的提升？謝謝。

Yeah. Absolutely. Well, I can certainly assure everyone that Q4 in particular and Q1 is really all demand-based because, first of all, we took no pricing action in Q4. Furthermore, most of our proposals and bids that go out, go out with the 90-day pricing. In other words, we put out a proposal customer has 90 days to accept or not.

是的。絕對地。我可以向大家保證，第四季和第一季的業績完全取決於需求，因為首先，我們在第四季沒有採取任何價格調整措施。此外，我們發出的大多數提案和投標書都採用 90 天定價。換句話說，我們提出方案，客戶有 90 天的時間決定是否要接受。

So those price -- of Q1 shipments will be based on Q4 wins, of course, and that will be based on our old pricing. So most of this new pricing that we put out earlier this month won't really hit until our Q2. So therefore, both our guidance, if you will, for Q1 as well as our print for Q4, really all demand based. And this is one of the things that gets us very excited as we go forward, of course.

所以，第一季的出貨價格當然會基於第四季的訂單量，而第四季的訂單量又將基於我們先前的定價。因此，我們本月初公佈的大部分新價格要到第二季才會真正生效。因此，無論是我們對第一季的預測，還是我們對第四季的預測，實際上都是基於市場需求的。當然，這也是我們前進道路上最令我們興奮的事情之一。

Thank you, Amit. Next question, please.

謝謝你，阿米特。下一個問題。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for the question. I guess, I wanted to maybe double-click on the breadth of what you're seeing in hyperscale opportunities. I know you talked about more of a weighted towards the second half as far as a ramp. But as we think about the changes you're making in procurement, the gross margin expectations, I'm curious if we could read into that at all of kind of the opportunities maybe expanding into additional hyperscalers through this year. Any progression you've had with the engagements with other opportunities? Thank you.

謝謝你的提問。我想，我或許想更深入地探討一下您在超大規模機會方面所看到的廣度。我知道你之前說過，坡度應該更專注於後半段。但考慮到你們在採購方面所做的改變以及毛利率預期，我很好奇我們是否可以從中解讀出一些機會，例如今年可能會擴展到更多的超大規模資料中心。您在與其他機會的洽談方面取得任何進展嗎？謝謝。

Yeah. Look, we are seeing increased activity. And as I sort of alluded to in my opening remarks, the level of activity is going up -- well, the amount of activity and the breadth of the activity, both are going up. Now, we have said before and we'll say again that until we have another one to announce, we're still in the fight and not yet at the finish line. And yeah, you might say, well, it's a bit later than we expected. And I would say that's true.

是的。你看，我們看到活動量增加了。正如我在開場白中提到的那樣，活動水平正在上升——活動的數量和範圍都在上升。我們之前說過，現在還要再說一遍，在我們宣布下一個消息之前，我們仍在戰鬥，還沒有到達終點。沒錯，你可能會說，嗯，這比我們預期的要晚一些。我認為這是事實。

What I would say is that advancement continues and becomes broader as we go along. A lot of this is very dependent on the hyperscalers own testing and development plans. But what we're seeing is wider interest, broader engagement and wider engagement.

我想說的是，隨著時間的推移，進步會持續持續並不斷擴大。這很大程度上取決於超大規模資料中心營運商本身的測試和開發計劃。但我們看到的是更廣泛的興趣、更廣泛的參與和更廣泛的互動。

Thank you, Aaron. Next question, please.

謝謝你，亞倫。下一個問題。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

Great. Thanks for taking the question, and congratulations on the strong financial performance and also the rebranding efforts. So either for Charlie or for Tarek, when I look into the qualitative commentary about higher pricing serving as a potential revenue tailwind, the momentum in exit sales and maybe even initial shipments to a second hyperscaler as Charlie, you just alluded to, it would suggest that you exit FY27 on a high note. But when I look at the full year revenue guidance, I believe, it implies that growth would decelerate to 13% to 14% in the back half. And I understand the back half comps are tougher, but you also are talking to higher hyperscaler shipments in the back half.

偉大的。感謝您回答這個問題，並祝賀貴公司取得了強勁的財務業績以及品牌重塑方面的成功。所以，無論是對 Charlie 還是 Tarek 來說，當我研究關於更高定價可能成為潛在收入增長動力的定性評論時，以及退出銷售的勢頭，甚至可能像 Charlie 那樣向第二個超大規模數據中心進行初始發貨，都表明你們將在 2027 財年以良好的開端結束。但從全年營收預期來看，我認為這意味著下半年增速將放緩至 13% 至 14%。我知道下半年的業績比較艱難，但下半年超大規模資料中心的出貨量也較高。

So my question is, does the guidance factor in accelerated enterprise demand in Q1 that could come at the expense of future quarters? Or are you intentionally haircutting your assumptions pipeline close rates more than normal to account for the uncertain environment?

所以我的問題是，該指引是否考慮了第一季企業需求加速成長可能會以犧牲未來幾季為代價的情況？或者，您是否故意下調了預期成交率，以應對不確定的環境？

Howard, thanks for the question. It's Tarek. I would say to you, we ended up fiscal year '26 and Q4 in particular, with a very, very strong performance. Linearity in Q4 was very much back-end ended in the quarter, which as a result, leads us to have a very strong Q1 guidance. And if you really look at the difference in growth rates between the Q4 attained growth rates of 20% and what we're guiding at about 26% at the midpoint for in Q1, that shows you that we have a very strong momentum carried from fiscal year '26 to fiscal year '27.

霍華德，謝謝你的提問。是塔雷克。我想告訴大家，我們在 2026 財年，特別是第四季度，取得了非常非常強勁的業績。第四季的線性成長很大程度上是由於季度末的疲軟，因此，我們對第一季的業績預期非常樂觀。如果你仔細比較一下第四季實際實現的 20% 的成長率和我們預計第一季中點約為 26% 的成長率之間的差異，你會發現我們從 2026 財年到 2027 財年保持了非常強勁的成長勢頭。

And so the rest of the fiscal year '27 is in line with our internal expectations. And this is why in my script I highlighted that seasonality H1 versus H2 revenue seasonality is more weighted towards H1 this year as a result of the strong finish in fiscal year '26.

因此，2027 財年剩餘時間的表現符合我們的內部預期。因此，我在腳本中強調，由於 2026 財年強勁的收尾，今年上半年的營收季節性比下半年更偏向上半年。

Thank you, Howard. Next question, please.

謝謝你，霍華德。下一個問題。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

Great. Thanks for taking the question, guys. I just wanted to cycle back. So first, congratulations on the Exo customer win that you had cited. I know that you also discussed how you're in advanced stages with dozens more at this point. Can you just walk us through what that exit customer win actually looks like? How that sales cycle unfolded? What were some of the key points around that win? And then I know it's an earlier offering, but where are we in establishing -- I don't know if you want to call it your customer testimonials, or a playbook to make this a repeatable process on your side? Thank you so much.

偉大的。謝謝各位回答這個問題。我只想騎車回去。首先，恭喜你成功拿下你之前提到的Exo客戶。我知道你也討論過，目前你已經和幾十個專案都進入了後期階段。能給我們詳細介紹一下，贏得最終客戶的那部分具體是什麼樣的嗎？銷售週期是如何展開的？那場勝利的關鍵點有哪些？我知道這是早期版本，但是我們正在建立——我不知道你是想稱之為客戶評價，還是想稱之為操作手冊，以使此流程在你這邊可重複進行——方面進展如何？太感謝了。

Yeah. Thanks for the question, Mike. This is Rob. I'll take that one. Yes. So really happy to see the initial customer win actually multiple sales of exit in the quarter. As you mentioned, it's a newer offering, which we went generally available with, I believe, at the end of Q2 or beginning Q3. And we've seen really since launching the offering at last year's GTC conference in March, really strong initial demand.

是的。謝謝你的提問，麥克。這是羅布。我選那個。是的。非常高興看到最初的客戶在本季成功達成多筆交易。正如您所提到的，這是一個較新的產品，我相信我們在第二季末或第三季初正式推出。自去年 3 月在 GTC 大會上推出產品以來，我們已經看到市場需求非常強勁。

With this particular GPU cloud customer, the nature of the win and how we got there, frankly, this customer was looking to stand up storage to provide for their end customers' training and inference workload environments. They had actually gone down the path of initially selecting an alternate vendor. They engaged with us, did a performance test were frankly blown away with the performance and turned around and placed an order that within a couple of days. That subsequently led to follow-on orders as they were able to deploy that, get it into production quickly and really light up their end customer footprint.

坦白說，對於這位特定的 GPU 雲端客戶，我們贏得客戶的原因是，這位客戶希望建立存儲，以支援其最終客戶的訓練和推理工作負載環境。他們實際上已經嘗試過選擇其他供應商。他們與我們進行了接觸，進行了性能測試，坦白說，他們對我們的產品性能非常滿意，並在幾天之內就下了訂單。隨後，由於他們能夠部署該技術，迅速投入生產，並真正擴大其終端客戶的市場份額，因此後續訂單也隨之而來。

As Charlie mentioned in his prepared remarks, we're in various stages and some advanced stage discussions with dozens of other customers. If I step back from it, I would say that EXA really is filling a market gap and a market need of covering both off on the high performance that's truly demanded of these environments. But also at the same time, providing for the reliability, the usability, all of the manageability aspects and simplicity that Everpure is known for.

正如查理在事先準備好的發言稿中提到的那樣，我們目前正處於不同的階段，並且正在與數十位其他客戶進行一些高級階段的討論。如果從更宏觀的角度來看，我會說 EXA 確實填補了市場空白，滿足了市場對這些環境真正需要的高效能的需求。但同時，也提供了 Everpure 一貫的可靠性、易用性、所有可管理性以及簡潔性。

Thank you, Mike. Next question, please.

謝謝你，麥克。下一個問題。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thanks for taking my question. My question was on the product gross margin. And you have maybe more on what's driving the confidence in guiding to the trough margins being in Q4 into Q1,and then steadily through the year. How much of the underlying commodity that you need for your full year guide? Do you have visibility into already in terms of locking in through either LTAs or contracts with your suppliers? And are you able to lock in pricing to the extent that's driving the confidence we want to understand sort of the underlying sort of drivers there as much as possible?

你好。謝謝您回答我的問題。我的問題是關於產品毛利率的。您可能對推動業績指引的因素有更多了解，這些因素使得我們預計第四季度利潤率將跌至谷底，並持續到年底。您的全年指南需要多少基礎商品？您目前是否已經透過與供應商簽訂長期協議或合約等方式鎖定了相關事宜？你們能否鎖定價格，從而增強我們的信心，讓我們盡可能地了解背後的驅動因素？

Yeah. Samik, thank you for the question. It's a -- let me try to make the answer as straightforward as possible. Our gross margins tend to be relatively steady with respect to cost changes in the supply chain. That holds true when cost changes are relatively gradual. The cost changes that have taken place literally over the last four months have been anything but gradual.

是的。薩米克，謝謝你的提問。這是一個……讓我盡量把答案說得簡單明了。相對於供應鏈成本的變化，我們的毛利率往往保持相對穩定。當成本變化相對緩慢時，這個結論成立。過去四個月發生的成本變化絕非漸進的。

They are very rapid -- and what that does is it breaks the synchronization between our pricing, which generally has, as I said, about three months or more time in the market. and our ability to fulfill that pricing with costs because the costs have very dramatically increased in a shorter period of time. So we believe that we can get back to our standard gross margins as the pricing stabilizes, stabilizes doesn't necessarily mean stay steady, but it means that it doesn't change by the significant factors that has changed over the last several months. Visibility is a very different thing.

它們變化非常迅速——這導致我們的定價與我們用成本實現該定價的能力之間失去了同步性，正如我所說，我們的定價通常有三個月或更長的市場反應時間，因為成本在更短的時間內急劇增加。因此，我們相信隨著價格趨於穩定，我們的毛利率可以恢復到正常水平。穩定並不一定意味著保持不變，而是指它不會受到過去幾個月來發生的重大變化的影響。可見性是完全不同的另一回事。

I think visibility is just nonexistent. The prices have been changing so rapidly, and the market is so dynamic. -- whether it's visibility or contracts, frankly, at this point in time, there's very little.

我覺得能見度幾乎是零。價格變化如此之快，市場如此瞬息萬變——坦白說，無論是市場透明度還是合約情況，目前都很少。

Thank you, Samik. Next question, please.

謝謝你，薩米克。下一個問題。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. I appreciate the time here. I'm sorry, jumping between calls. Just trying to understand how much of a pass-on the flash you have in sort of your bond here? Are you passing on in that price increase versus eating? And what was the price increase magnitude that you guys actually instilled on February 9 there across the business, understanding flash as a percentage of the business can range pretty drastically across each of the products?

嘿，夥計們。我很珍惜在這裡的時光。抱歉，我剛才一直在接電話。我只是想了解一下，你在這裡的這種聯繫中，閃光燈傳遞了多少訊息？你打算把這部分物價上漲的成本轉嫁到食物上嗎？那麼，你們在 2 月 9 日對整個業務實施的價格上漲幅度究竟有多大？要知道，閃存在業務中所佔的比例在不同產品之間可能會有相當大的差異。

Yeah. Well, first of all, flash -- it's not just flash, all the components, memory is very well publicized, but even GPUs. Those components are both in short supply and prices are very dynamic, I would say, right now. On average, they've more than doubled over the last six months. So think about that.

是的。首先，是閃存——不僅僅是閃存，所有組件，內存已經廣為人知，甚至包括 GPU。我認為，目前這些零件都供不應求，價格波動很大。平均而言，在過去六個月裡，它們的數量增加了一倍以上。所以好好想想。

That's -- that is a very big change. We think the pricing will address the increases that we've seen so far. That pricing increase was on average about average 20%. Now, when I say average, it's very different on different product lines, so the reasons that you mentioned, different amounts of componentry costs associated with each different size NAND.

那——那是一個非常大的改變。我們認為定價策略將解決目前為止我們所看到的漲價問題。價格上漲幅度平均約 20%。現在，當我說平均值時，它在不同的產品線上差異很大，所以原因正如你所提到的，每種不同尺寸的 NAND 相關的元件成本也不同。

But frankly, a lot of the controllers, of course, have a lot of memory in it as well. So it's a complicated formula, but on average, about 20%. And as I stated, I believe actually, first of all, we were, I think, the last to announce a price increase. And from all the price increases that I've heard from our competitors, I believe ours was the lowest.

但坦白說，很多控制器當然也內建了大量的記憶體。所以這是一個複雜的公式，但平均而言，大約是 20%。正如我之前所說，我認為，首先，我們是最後一家宣布漲價的公司。在我聽到的所有競爭對手的價格上漲幅度中，我相信我們的價格是最低的。

Thank you, Fish. Next question, please.

謝謝你，魚。下一個問題。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. I appreciate the breadcrumbs you've given us on the royalty business here some of the shifts. So it sounds like the messages are around lumpiness and a back half load to the current fiscal year. But what I didn't hear you update was the prior commentary about expecting double-digit exabytes this fiscal year? And I appreciate double-digit could be 10 to 99. So can you put a finer point -- my sense is you feel better about the outlook, but I want to check in?

感謝您回答這個問題。感謝您提供的有關版稅業務的一些線索和變化。聽起來這些資訊都與本財年的預算波動和下半年的預算增加有關。但我沒聽到你更新之前關於預計本財年數據量將達到兩位數EB的評論？我知道兩位數可以是 10 到 99。所以你能把話說得更清楚嗎？我的感覺是，你對前景感到樂觀，但我還是想確認一下？

Right. So a previous commentary quarters ago were that we expected low double digits in this year. And I can confirm that will probably be the same, but more than what we expected -- more than the amount that we had expected when we gave that commentary last year.

正確的。所以，幾個季度前我們曾預測今年的成長率將達到兩位數低點。我可以確認，結果可能與預期相同，但會比我們預期的更多——比我們去年發表評論時所預期的數額還要多。

Thank you, Simon. Next question, please.

謝謝你，西蒙。下一個問題。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Yeah, thank you. I appreciate all the color around pricing and memory. I guess, Charlie, I would love to get your perspective on what you're seeing from a customer behavior standpoint? Given you just mentioned that the environment for supply is actually quite unpredictable. Do you think that you saw any pull forward of demand? I mean you're also saying first half is going to be stronger.

是啊，謝謝。我喜歡文中對價格和內存的各種描述。查理，我想聽聽你從客戶行為的角度對你所觀察到的情況的看法？既然你剛才提到供應環境其實相當難以預測。你認為你看到了任何提前需求的跡象嗎？我的意思是，你也認為上半場會更精彩。

Your pricing doesn't really get impacted as much in the first quarter, clearly, maybe even not so much in second quarter. So to some degree, like the pricing has yet to happen, but you're seeing a significant uptick in demand. And second half, you're expecting hyperscaler revenues, including hyperscaler revenues to still be more less weighted than typical in second half.

顯然，你的定價在第一季受到的影響並不大，即使在第二季也可能不會受到太大影響。所以從某種程度上來說，價格尚未最終確定，但需求已經顯著上升。下半年，您預計超大規模資料中心的收入，包括超大規模資料中心的收入在內，在下半年的佔比仍然會比往常要低。

So just curious if the purchasing behavior that you're seeing in your customer conversations or indicating any pull forward or any level of maybe demand destruction for the industry, maybe not for you, but demand destruction for the industry given some of these unprecedented price changes? Thank you.

所以，我只是好奇，您在與客戶的溝通中觀察到的購買行為，是否顯示出任何提前購買的跡象，或者是否顯示出任何程度的行業需求萎縮，也許對您來說不是這樣，但考慮到這些前所未有的價格變化，整個行業的需求萎縮是否真的存在？謝謝。

Well, I think we're seeing several things. One is, we are seeing increased demand for our product. Win rates, size of the wins are increasing. So we believe we continue to pick up share in a meaningful way. As I mentioned in my script, what might be called franchise deals, and I'll explain that in a second, those are going up.

嗯，我認為我們看到了好幾件事。第一，我們看到對我們產品的需求不斷增長。勝率和單筆獎金都在增加。因此，我們相信我們將繼續以有意義的方式擴大市場份額。正如我在劇本中提到的，所謂的特許經營協議（我稍後會解釋）正在上漲。

And what we mean by a franchise deal, the customer is not talking to us about or the conversations that are not just about this workload or this new opportunity, but Pure, let's have an enterprise scale discussion about you becoming are one of two or even our sole storage strategic partner, those are going up, right? So the quality of the conversations are increasing. And of course, when you do that, the pricing is not a transactional pricing. It really is about building a relationship and a structure that works well for both us and for the customer overall.

我們所說的特許經營協議，是指客戶與我們討論的不僅僅是當前的工作量或新的機遇，而是像 Pure 這樣的企業級合作夥伴，讓我們討論一下，您能否成為我們僅有的兩個甚至唯一的存儲戰略合作夥伴，這些合作正在蓬勃發展，對吧？因此，對話品質正在提高。當然，這樣做的話，定價就不是交易定價了。關鍵在於建立一種對我們和客戶都行之有效的關係和架構。

So we're seeing demand increase. I'm going to leave the quantification, if you will, of pull-ins, but what I would say is that customers certainly are -- they have a lot of of projects that they need us for. Generally, when prices -- when costs went down and prices went down, they bought more, but not enough to offset the price decrease.

所以我們看到需求在成長。我不打算量化拉取量，但我想說的是，客戶確實有很多項目需要我們。一般來說，當成本下降、價格下降時，他們會購買更多，但購買量不足以抵消價格下降的影響。

We expect the inverse now. We expect there to be, in fact, some elasticity reduction, that is negative elasticity, but probably not enough to overcome the price increases that are occurring across the industry. So we do expect it to -- generally, the market dynamics to be such that it increases somewhat the total market. And then --

現在我們預計情況會相反。我們預計實際上會出現一些彈性降低，即負彈性，但可能不足以抵消整個行業正在發生的價格上漲。因此我們預計，總體而言，市場動態將導致整體市場規模略有成長。進而--

Yeah. Let me elaborate on what Charlie has said. First of all, I want to reemphasize the fact that we have had a number of very large deals that we booked in Q4, like I said in my remarks, deals of value that is in excess of $5 million increased 80% year over year, which is a very good result from my perspective.

是的。讓我詳細解釋一下查理所說的話。首先，我想再次強調，正如我在演講中所說，我們在第四季度達成了許多非常大的交易，價值超過 500 萬美元的交易同比增長了 80%，在我看來，這是一個非常好的結果。

We finished Q4 extremely strong. Linearity was towards the end of the quarter. And the timing of it has to do a lot with the frenzy of price increases that the entire industry had to make to adjust for the sudden and rapid rise in underlying input costs. And so that's, in itself, yes, you're correct. There is an element of pull-ins. But the amount of pull-ins, I would say, is not a substantial amount that underpins our Q4 performance.

第四季收官表現非常強勁。線性度出現在季度末。而其時機與整個產業為應對基本投入成本的突然快速上漲而不得不進行的瘋狂漲價有很大關係。所以，就這一點而言，是的，你是對的。其中包含一些拉入的元素。但我認為，新增客戶的數量並不足以支撐我們第四季的業績。

It more underpins per my answer in the prior question earlier the growth rate in Q1. And if you want to quantify that, it's probably a mid-single digit in the growth rate that we have guided for Q1 fiscal year '27. Finally, I would say that we're seeing very strong demand in our Evergreen//One offers. And if you really look at our performance measured in terms of RPO increase, our RPO has increased 40% and in Q4, which really a test of the validity of the model and the fact that in uncertain times, customers tend to turn to solutions like Evergreen//One for their needs.

這進一步印證了我先前在上一個問題中的回答，也就是第一季的成長率。如果要量化的話，這大概是我們預期 2027 財年第一季成長率的個位數中段。最後，我想說，我們看到市場對我們的 Evergreen//One 產品需求非常強勁。如果仔細觀察我們以 RPO 成長衡量的業績，會發現我們的 RPO 在第四季度增長了 40%，這真正檢驗了模型的有效性，也證明了在不確定的時期，客戶往往會轉向像 Evergreen//One 這樣的解決方案來滿足他們的需求。

Thank you, Wamsi. Next question, please.

謝謝你，瓦姆西。下一個問題。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thank you, guys, for taking my question. Tarek, I just -- given the comments you guys are making to Samik earlier just about kind of volatile pricing on certain supply elongated lead times, and then I guess potentially the risk of any demand destruction depending on what your customers do or how the industry is forced to raise prices in the second half, can you just help us better understand kind of the philosophy or the approach you took behind setting your full year guidance, just given all of these relative unknowns, especially as we look into the second half of the year? Thanks so much.

偉大的。謝謝各位回答我的問題。Tarek，鑑於你們先前對 Samik 的評論，提到某些供應價格波動較大、交貨週期延長，以及根據客戶行為或行業在下半年被迫提價而可能出現的需求萎縮風險，你能否幫助我們更好地理解你們制定全年業績指引背後的理念或方法，考慮到所有這些相對未知的因素，尤其是在我們展望下半年的時候？非常感謝。

Sure. So as always, our guide is determined by the level of demand and deals that we see in the pipeline. So our guide reflects the strength of the pipeline that we have and visibility of the demand that we have looking forward, we feel very good about the visibility of that demand for the next couple of quarters. Beyond that point, it's hard to ascertain. And we also have factored into our guidance, obviously, the price increases that we have made.

當然。因此，和以往一樣，我們的指南取決於市場需求水準以及我們正在洽談的交易。因此，我們的指導方針反映了我們現有產品線的實力以及對未來需求的可見性，我們對未來幾季的需求可見度感到非常樂觀。再往後就很難確定了。當然，我們也已將價格上漲因素納入了我們的指導方針中。

Those price increases were timed well, I would say, because we effected them on February 9, which gives us pretty much the benefit for the full year. And we went very surgically around adjusting our prices, knowing that we have had a pretty strong benefit coming from enhanced data reduction so that we make sure that whatever price increases we put forward still provide value to our customers.

我認為這些漲價時機把握得很好，因為我們是在 2 月 9 日實施的，這讓我們幾乎全年都能享受到漲價的好處。我們非常謹慎地調整價格，因為我們知道資料縮減的提升帶來了相當大的好處，所以我們確保無論我們提出什麼價格上漲，都能為我們的客戶帶來價值。

And thirdly, of course, our guidance factors in the benefits from our hyperscaler business, which is going to be accounting for a lot of the growth in fiscal year '27. And like I said in my opening remarks, the hyperscaler business revenue is not linear during the fiscal year. It tends to be governed by the schedule of the data center build-outs. And in this case, we expect the vast majority of the hyperscaler revenue to come in Q3 and Q4 of fiscal year '27.

第三，當然，我們的業績指引也考慮了超大規模資料中心業務帶來的收益，該業務將在 2027 財年貢獻大部分成長。正如我在開場白中所說，超大規模資料中心業務的收入在財政年度內並以非線性成長。它往往受資料中心建設進度安排的限制。在這種情況下，我們預計超大規模資料中心的大部分營收將在 2027 財年的第三季和第四季實現。

Thank you, Erik. Next question, please.

謝謝你，埃里克。下一個問題。

Param Singh, Oppenheimer.

Param Singh，奧本海默。

Yeah, hi. Thanks. Appreciate for taking my questions. It's interesting to me to see how you're moving up the software stack, particularly with the acquisition of OneTouch. Maybe you can talk more about your thought process here. And what else may be required from either an organic or inorganic investment to increase the value proposition for customers, particularly for AI workloads?

嗨，你好。謝謝。感謝您回答我的問題。我很感興趣地看到你們在軟體堆疊上不斷向上發展，特別是收購 OneTouch 之後。或許你可以在這裡更詳細地談談你的思考過程。為了提高客戶價值主張，特別是針對人工智慧工作負載，還需要透過有機或無機投資來實現哪些目標？

So -- and some of this is outlined a bit in our presentation that has come along with the earnings announcement. The way we look at it is the following. Customers today, actually, generally, they manage their applications and their applications manage the data that's associated with that application. The customers and many customers don't actually manage the data itself. And that -- if they do, it's all with people, human middleware.

所以——其中一些內容在我們隨盈利公告一起發布的簡報中有所概述。我們是這樣看待這個問題的。實際上，如今的客戶通常管理他們的應用程序，而他們的應用程式則管理與該應用程式關聯的資料。客戶（以及很多客戶）其實並不管理資料本身。而且──如果他們真的這麼做了，那也全靠人，靠的是人作為中間人。

What we've created with Fusion and the enterprise data cloud is the opportunity for data sets that is the same data that's used in different places at different times for different purposes to be managed as data that is to be managed on a global basis to be managed by policies that customers set in software and then the data is managed as such.

我們透過 Fusion 和企業資料雲所創造的，是讓在不同地點、不同時間用於不同目的的相同資料集，能夠像資料一樣在全球範圍內進行管理，並按照客戶在軟體中設定的策略進行管理，然後按照這樣的策略來管理資料。

So instead of managing storage, they're managing data. What we're doing with OneTouch now is we will be able to add the ability to provide context around the data. When there is -- the shorthand that we speak about a when we talk about AI using data, doesn't really use data. It uses data that's been highly transformed into information that is self-describing so that AI can use it.

所以他們管理的不是存儲，而是數據。我們現在透過 OneTouch 實現的功能是，我們將能夠添加提供資料上下文資訊的功能。當我們談論人工智慧使用數據時，我們所說的簡寫形式——實際上並沒有真正使用數據。它使用經過高度轉換的數據，這些數據被轉化為具有自我描述性的信息，以便人工智慧可以使用。

that process of going from data to self-describing information is done with a lot of work by companies. Companies have to use extensive ETL tools. They have to use a lot of human labor to restructure the data so that it can be used by AI. We believe that a lot of this work can be done in the operational environment that is with additional capability that we build, adding not just to our customers' data, whether it's on our product in the SaaS environment on the cloud or even on third-party product and add that context to the data where it lives, and really just make it a lot easier for AI to be able to use data on a real-time basis. And

從數據到自我描述資訊的過程是企業投入大量精力完成的。企業必須使用大量的 ETL 工具。他們需要投入大量人力來重組數據，以便人工智慧可以使用這些數據。我們相信，許多這類工作都可以在營運環境中完成，這需要我們建立額外的能力，不僅要添加到客戶的資料中（無論是在我們雲端的 SaaS 環境中的產品中，還是在第三方產品中），還要將上下文添加到資料所在的位置，真正讓 AI 能夠更輕鬆地即時使用資料。和

Rob, do you want to add to that?

羅布，你想補充什麼嗎？

Yeah. Just to add to what Charlie said. I think we -- as Charlie mentioned, we've been expanding from our roots and data infrastructure through to data management, bringing the cloud operating model into the enterprise data center with Fusion and so on and so forth. This next leg of our enterprise data cloud vision really is strongly supported by OneTouch and the strategic fit is quite exceptional. OneTouch is bringing in critical capabilities to go and advance that vision road map capabilities in the areas of data discovery, data classification, really being able to understand the semantic meaning of data that Charlie -- as Charlie was just outlining.

是的。我補充一下查理剛才說的話。我認為我們——正如查理所提到的那樣，我們一直在從我們的根基和資料基礎設施擴展到資料管理，透過 Fusion 將雲端營運模式引入企業資料中心等等。我們企業資料雲願景的下一階段得到了 OneTouch 的大力支持，策略契合度非常高。OneTouch 正在引入關鍵能力，以推進數據發現、數據分類等領域的願景路線圖能力，真正理解數據的語義含義，正如 Charlie 剛才概述的那樣。

In short, if I step back from it and I look at our portfolio evolution and where we have grown from our roots in data infrastructure to Fusion to enterprise data cloud over the last couple of years and where we're headed. I would say that with Fusion, we really started making data infrastructure AI-ready, really being able to connect all the different silos in the data center and then this next leg with OneTouch and integrating that technology is really going to go serve to help customers make their data itself secure an AI ready.

簡而言之，如果我退後一步，回顧一下我們的產品組合演變歷程，看看我們在過去幾年中如何從資料基礎設施起步，發展到融合技術，再到企業資料雲，以及我們未來的發展方向。我認為，透過 Fusion，我們真正開始使資料基礎設施具備 AI 功能，真正能夠連接資料中心中所有不同的孤島，而接下來的 OneTouch 和整合該技術將真正有助於幫助客戶確保其資料本身的安全性並使其具備 AI 功能。

Thank you, Param. Next question, please.

謝謝你，帕拉姆。下一個問題。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. I have a question for Tarek, very impressive growth in RPO sequentially. And I'm just wondering are hyperscale revenues included in that? And how much of the $700 million of sequential growth is from hyperscalers?

是的。我有個問題想問 Tarek，RPO 的環比成長非常驚人。我想知道超大規模資料中心的收入是否包含在內？這7億美元的連續成長中，有多少來自超大規模資料中心？

Well, the answer, Chris, is not as hyperscalers revenue is recognized in product revenue is not part of -- it's not ratable. And we do not include it in the remaining performance obligation.

克里斯，答案是，超大規模資料中心的收入在產品收入中沒有體現，因此它不屬於——它不屬於應稅收入。我們不將其計入剩餘履約義務。

Thank you, Krish. Next question, please.

謝謝你，克里什。下一個問題。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Thanks for taking the question. And good job on the name than as well. You talked a little bit about the hyperscaler opportunity, low double-digit exabytes that was talked about earlier. Just if you can give us any update on now that you have a more structured model in how you're approaching these hyperscaler deals, if there's any update on the progress beyond the first hyperscaler announcement?

感謝您回答這個問題。名字也起得不錯。您剛才談到了超大規模資料中心的機遇，也就是之前提到的兩位數低位元組的規模。如果您能提供一些關於您目前在處理這些超大規模資料中心交易方面更系統化的模式的最新進展，例如在第一個超大規模資料中心公告發布之後，是否有任何新的進展，那就太好了？

And related to that, the investments that you're making exploring those opportunities, what specific -- if you could drill a little bit deeper into what sort of investments are those? What are you looking to expand -- are those more related to product or with the nature of those investments, that would be great.

與此相關的是，您正在進行的投資旨在探索這些機會，您能否更深入地探討這些投資的具體類型？您希望拓展哪些方面－是與產品相關還是與投資性質相關？如果是的話，那就太好了。

Thank you, Asiya. Of course, this is a difficult area for us to chat about for lots of different reasons. But what I would say is that we are in engineering test environments in multiples of the hyperscalers now, and they're proceeding well. But it still takes more time before we know whether or not we are certified or whether there is a specific date by which they plan to use us on build-outs. So until we can get to that level of certainty, we just have to leave it there, really.

謝謝你，阿西婭。當然，由於種種原因，這是我們很難談論的話題。但我想說的是，我們目前正在多個超大規模資料中心的工程測試環境中進行測試，而且進展順利。但還需要更多時間才能知道我們是否獲得認證，或者他們是否計劃在某個具體日期之前聘用我們進行建設專案。所以，在我們能夠達到那種確定程度之前，我們只能暫時擱置這個問題了。

And then on the nature of the investments, I wouldn't call out any change in what we've described before, primarily looking at continuing to help our hyperscaler customers grow and scale, R&D to go support that as well as scaling the supply chain to support that.

至於投資的性質，我不會指出我們之前描述的內容有任何變化，主要著眼於繼續幫助我們的超大規模客戶發展壯大，進行研發以支持這一點，以及擴大供應鏈規模以支持這一點。

Thank you, Asiya. Next question, please.

謝謝你，阿西婭。下一個問題。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Yeah, maybe for Tarek, I just wanted to touch on something on the subscription services side of the business. you guys saw a really nice rebound in the TCV business in fiscal '26, a nice acceleration. At the same time, we're kind of seeing a deceleration on just the overall subscription services revenue number compared to the prior year. Just curious, is this just timing? Is this related to maybe the impact of the non-TCB business where product sales were lighter in '24 and '25.

謝謝。是的，或許對塔里克來說，我只是想簡單談談訂閱服務的業務。你們在2026財年的總合約價值（TCV）業務方面看到了非常不錯的反彈，成長速度也很快。同時，我們看到整體訂閱服務收入與前一年相比成長放緩。只是好奇問問，這只是時間安排嗎？這是否與非 TCB 業務的影響有關，因為該業務在 2024 年和 2025 年的產品銷售額較低？

Or is there something else going on where we're not seeing those two kind of metrics tracking a little bit more closely together and kind of how do we think about that going forward?

或者，是不是還有其他原因導致我們沒有看到這兩個指標更緊密地結合起來？我們接下來該如何看待這個問題？

Yeah. Thanks, Tim, for the question. I think you need to look at subscription services revenue growth in conjunction with the RPO growth. It's really important to look at them together. The RPO growth is really the best measure of latent revenue and momentum that we have in the business.

是的。謝謝提姆的提問。我認為你需要將訂閱服務收入成長與 RPO 成長結合起來考慮。把它們放在一起看非常重要。RPO 成長真正體現了我們業務中潛在收入和發展勢頭的最佳指標。

What is interesting is that this is the first time where we are lapping the introduction of Evergreen, and we are renewing a lot of those evergreen contracts, which is really good. Some of those renewals are longer term than what we originally anticipated. It's good for us to drive longer-term renewals, it's the test of the validity of the model. And that elongation of the renewals is what goes into the RPO. And this is why the ARR, for example, is growing at 16% and the RPO is growing at 40%.

有趣的是，這是我們第一次趕在 Evergreen 推出之前完成續約，而且我們正在續簽很多 Evergreen 合同，這真的很好。其中一些續約期限比我們最初預期的要長。推動長期續約對我們來說是件好事，這是對模式有效性的檢驗。而這種延長續約期的做法正是 RPO 的組成部分。這就是為什麼例如 ARR 成長 16%，RPO 成長 40% 的原因。

And that explains why you're asking your question and you're looking at it as a deceleration from FY25 to FY26 in terms of growth rates. And you're right, it's 22% in '25 and 15% in '26. But again, the reason is we are shifting to longer-term contracts. That is the main reason and the RPO a test of the performance of our subscription business.

這就解釋了為什麼你會提出這個問題，以及為什麼你會認為從 2025 財年到 2026 財年增長率有所放緩。你說得對，2025 年是 22%，2026 年是 15%。但原因在於我們正在轉向簽訂長期合約。這就是主要原因，RPO 是檢驗我們訂閱業務績效的指標。

Thank you, Tim. Looks like we have time for one more question. So the next question will be the last question.

謝謝你，提姆。看來我們還有時間再問一個問題。所以下一個問題將是最後一個問題。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

Hey, guys. Thanks for taking the question. You guys shifted away from primarily operational storage and more into the data management space. I mean how does this rework your competition landscape? I mean previous partnerships and then now be bumping up against them in terms of competition. So I guess if you can just kind of give us an idea on how that changes the competition last for you guys.

嘿，夥計們。感謝您回答這個問題。你們已經從以營運儲存為主的業務轉向了資料管理領域。我的意思是，這會如何改變你們的競爭格局？我的意思是，我們以前是合作夥伴，但現在卻在競爭中與他們碰面。所以我想請你簡單介紹一下，這對你們來說會是怎樣的比賽時長變化。

Sure. Thanks, Matt. So I want to be clear, we're not shifting away from storage. We are definitely not shifting away from storage. We are adding -- yes, we are absolutely adding data management. So we actually believe, in some ways, this is a new area. Now it's certainly true that this space was filled by ETL software and systems and a lot of human labor in our customer base. But the entire ETL segment is being disrupted by AI as it is.

當然。謝謝你，馬特。所以我想明確一點，我們並沒有放棄儲存業務。我們絕對不會放棄倉儲業務。是的，我們正在增加資料管理功能。所以我們認為，從某種意義上來說，這是一個全新的領域。現在，毫無疑問，在我們的客戶群中，這一領域已經由 ETL 軟體和系統以及大量的人力勞動所填補。但人工智慧正在顛覆整個 ETL 領域。

So that's an area, not only in disruption, but an area that's ripe, I think in terms of opportunity, of instead of completely separating out systems of operation, operational systems, which is what a lot of our data storage gets sold into and then systems of information, which is other storage and other compute that is completely dedicated to actually analytics and/or AI. And these are just two completely different environments.

所以，這不僅是一個充滿顛覆的領域，而且我認為也是一個充滿機會的領域，那就是將營運系統（我們許多資料儲存都賣給了營運系統）和資訊系統（完全專用於分析和/或人工智慧的其他儲存和運算）完全分開。這是兩種完全不同的環境。

You might ask, well, why replicate all of your data away from the operational system into a system of information that has to go through a lot of ETL and a lot of transformation before it can be used. Why not have the data that's sitting in the repository of -- in the operational repository, why not have that be more ready to be used by AI, in which case, it's much more real time, it's much more valuable and it can be managed along with the foundational data itself on a global basis nearby policy rather than I've mentioned in the past, by human middleware and fingers on keyboards.

你可能會問，為什麼要將所有資料從營運系統複製到一個資訊系統中，而這個資訊在使用之前必須經過大量的 ETL 和轉換。為什麼不讓儲存在操作儲存庫中的資料更容易被人工智慧使用呢？這樣一來，數據將更加即時，更有價值，並且可以與基礎數據一起在全球範圍內進行管理，並根據相關策略進行調整，而不是像我之前提到的那樣，通過人工中間件和鍵盤操作。

So we think this is a new opportunity. It's a new architecture, if you will, for how data is managed in the enterprise, and we think it really sets us up in a unique place.

所以我們認為這是一個新的機會。如果你願意的話，這可以算是一種全新的企業資料管理架構，我們認為它確實讓我們處於一個獨特的地位。

And Max, this is Rob. Just to add one thing to what Charlie said, which I think was the other part of your question, looking to understand how does this fit into our partnership landscape. As we mentioned before, OneTouch provides critical capabilities that we see longer-term applications for, as Charlie outlined, to really broaden and enhance the ways that customers are making their data AI ready.

麥克斯，這位是羅伯。我只想補充查理所說的一點，我認為這也是你問題的另一部分，即了解這如何融入我們的合作關係。正如我們之前提到的，OneTouch 提供了一些關鍵功能，我們看到了這些功能在長期應用中的價值，正如 Charlie 所概述的那樣，這些功能可以真正拓寬和增強客戶使其數據為 AI 做好準備的方式。

That said, these capabilities are today offered as a DSPM platform. DSPM or data security posture management is an important tool. It helps customers make their data more secure. But at the same time, we rely on a strong ecosystem of partners to provide a much more holistic set of security capabilities and fully intend to keep working with those partners on our customers' behalf.

也就是說，這些功能目前以 DSPM 平台的形式提供。資料安全態勢管理（DSPM）是重要的工具。它可以幫助客戶提高資料安全性。但同時，我們依靠強大的合作夥伴生態系統來提供更全面的安全能力，並完全打算繼續代表我們的客戶與這些合作夥伴合作。

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

在結束之前，我想查理還有一些最後要補充的話。

Yeah. Thank you, Paul. And I want to thank all of you for joining our call today. We know there were many other calls out there, some are very large. We're entering a new chapter in our company's journey, and I'm proud of the progress that we've made and the momentum that we're seeing right now.

是的。謝謝你，保羅。感謝各位今天參加我們的電話會議。我們知道還有很多其他類似的求助電話，其中一些非常大。我們正進入公司發展歷程的新篇章，我為我們所取得的進步和目前的發展動能感到自豪。

I want to thank our customers, our investors, our employees, our partners, our suppliers for their trust and partnership, and we look forward to building on this momentum this coming year. Thank you, all.

我要感謝我們的客戶、投資者、員工、合作夥伴和供應商的信任與合作，我們期待在新的一年裡繼續保持這一發展勢頭。謝謝大家。

That concludes the Everpure fourth-quarter fiscal 2026 financial results conference call. Thank you for your participation. You may now disconnect your lines.

Everpure 2026 財年第四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。