VMware Inc (VMW) 2022 Q3 法說會逐字稿

Good day and welcome to the VMware Third Quarter Fiscal Year 2022 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 VMware 2022 財年第三季財報電話會議。今天的會議正在錄製中。

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

現在，我想將會議交給投資者關係副總裁 Paul Ziots 先生。請繼續，先生。

Thank you. Good afternoon, everyone, and welcome to VMware's Third Quarter Fiscal Year 2022 Earnings Conference Call. On the call, we have Raghu Raghuram, Chief Executive Officer; and Zane Rowe, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will take questions.

謝謝。大家下午好，歡迎參加 VMware 2022 財年第三季財報電話會議。執行長拉古·拉古拉姆 (Raghu Raghuram) 出席了電話會議。以及執行副總裁兼財務長 Zane Rowe。在他們準備好的發言之後，我們將回答問題。

Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. Slides which accompany this webcast can be viewed in conjunction with live remarks and downloaded at the conclusion of the webcast from ir.vmware.com.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網路直播。可結合現場評論觀看本網路廣播附帶的幻燈片，並在網路廣播結束時從 ir.vmware.com 下載。

On this call today, we will make forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially as a result of various risk factors described in the 10-Ks, 10-Qs and 8-Ks VMware files with the SEC. We assume no obligation to and do not currently intend to update any such forward-looking statements.

在今天的電話會議上，我們將做出具有風險和不確定性的前瞻性聲明。由於 SEC 的 10-Ks、10-Qs 和 8-Ks VMware 文件中描述的各種風險因素，實際結果可能存在重大差異。我們不承擔任何義務，目前也不打算更新任何此類前瞻性聲明。

In addition, during today's call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of VMware's performance, should be considered in addition to, not as a substitution for or in isolation from GAAP measures. Our non-GAAP measures exclude the effect on our GAAP results of stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquired intangible assets, realignment charges, acquisition, disposition, certain litigation matters and other items as well as discrete items impacting our GAAP tax rate. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures, in the press release and on our Investor Relations website.

此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些用作 VMware 業績衡量標準的非 GAAP 財務衡量標準應被視為 GAAP 衡量標準的補充，而不是替代或孤立於 GAAP 衡量標準。我們的非公認會計原則措施不包括基於股票的薪酬、員工股票交易的雇主工資稅、收購的無形資產攤銷、重組費用、收購、處置、某些訴訟事項和其他項目以及離散項目對我們的公認會計原則結果的影響影響我們公認的會計準則稅率。您可以在新聞稿和我們的投資者關係網站上找到有關這些非 GAAP 衡量標準的更多披露信息，包括與可比較 GAAP 衡量標準的調整表。

The webcast replay of this call will be available for the next 60 days on our company website under the Investor Relations link. Our fourth quarter fiscal '22 quiet period begins at the close of business, Thursday, January 13, 2022.

本次電話會議的網路直播重播將在未來 60 天內在我們公司網站的投資者關係連結下提供。我們的第四季 22 財年靜默期從 2022 年 1 月 13 日星期四營業結束時開始。

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

這樣，我就把它交給 Raghu。

Thanks, Paul. I'm pleased with the continued strong performance in Q3 fiscal year 2022 with revenue of $3.2 billion and non-GAAP earnings of $1.72 per diluted share. Earlier this month, we successfully completed our spin-off from Dell Technologies. As a stand-alone company, we have more strategic and financial flexibility to deliver on our multi-cloud strategy. We are also able to partner even more deeply with all the cloud and on-premise infrastructure companies to create a better foundation that drives results for our customers.

謝謝，保羅。我對 2022 財年第三季的持續強勁表現感到滿意，營收為 32 億美元，非 GAAP 稀釋每股收益為 1.72 美元。本月早些時候，我們成功完成了從戴爾科技集團的分拆。作為一家獨立公司，我們擁有更大的策略和財務靈活性來實現我們的多雲策略。我們也能夠與所有雲端和本地基礎設施公司進行更深入的合作，為我們的客戶創造更好的基礎，推動成果。

Customers continue to choose VMware as their trusted digital foundation to accelerate their innovation, and we continue to expand and advance our portfolio to meet their needs in these 3 ways: one, deliver a cloud-native app platform for building modern applications in a public cloud-first world; two, migrate enterprise applications to a cloud-agnostic infrastructure; and three, build out the secure edge to optimize across our workspace and edge-native applications. These 3 focus areas are built on a horizontal set of offerings across networking, security and management.

客戶繼續選擇VMware 作為他們值得信賴的數位基礎來加速他們的創新，我們繼續擴展和推進我們的產品組合，透過以下3 種方式滿足他們的需求：一、提供雲端原生應用程式平台，用於在公共雲端中建構現代應用程式-第一世界;第二，將企業應用程式遷移到與雲端無關的基礎架構；第三，建立安全邊緣以優化我們的工作區和邊緣本機應用程式。這 3 個重點領域建立在一系列跨網路、安全和管理的橫向產品之上。

It's clear that multi-cloud will be the model for digital business for the next 20 years and in this vibrant dynamic marketplace, the pace of innovation is relentless. VMware is at the center of it.

很明顯，多雲將成為未來 20 年數位業務的模式，在這個充滿活力的市場中，創新的步伐是不懈的。 VMware 處於其中的中心。

In the modern app space, we recently provided the Department of Education for one of America's largest cities with application resiliency as part of their business continuity project. Leveraging VMware Tanzu, the customer now has improved ability to respond to ever-changing needs of students, their families and faculty while protecting student information and creating an environment to accelerate that innovation and automation.

在現代應用領域，我們最近為美國最大城市之一的教育部提供了應用程式彈性，作為其業務連續性項目的一部分。利用 VMware Tanzu，客戶現在能夠更好地回應學生、學生家庭和教師不斷變化的需求，同時保護學生資訊並創建加速創新和自動化的環境。

One of our new beta offerings in the space is the Tanzu Application Platform, which will make it easier and simpler for developers to drive productivity and velocity in a more secure fashion on any cloud. Our Tanzu portfolio is now one of the most comprehensive in the industry for both Kubernetes operations and developer experience. We also recently unveiled Tanzu Community Edition, a freely available, easy-to-manage Kubernetes platform for learners and users; and Tanzu Mission Control Starter, a multi-cloud, multi-cluster Kubernetes management solution available as a SaaS service.

我們在該領域的新測試產品之一是 Tanzu 應用程式平台，它將使開發人員能夠更輕鬆、更簡單地在任何雲端上以更安全的方式提高生產力和速度。我們的 Tanzu 產品組合現在是業界 Kubernetes 營運和開發人員體驗最全面的產品組合之一。我們最近也推出了 Tanzu 社群版，這是一個為學習者和使用者免費提供、易於管理的 Kubernetes 平台； Tanzu Mission Control Starter，這是一種作為 SaaS 服務提供的多雲、多叢集 Kubernetes 管理解決方案。

We are pleased to share some customer stories in support of our VMware Cloud services across the hyperscalers. PennyMac, a leading financial services firm is leveraging VMware Horizon on VMware Cloud on AWS to provide loan officers and call center agents a more secure work-from-anywhere virtual desktop in a fully automated and scalable cloud environment. We also worked with the University of Miami, who looked to the Azure VMware Solution to support their VMware workloads on their preferred public cloud provider.

我們很高興與大家分享一些客戶案例，以支援我們跨超大規模企業的 VMware Cloud 服務。領先的金融服務公司 PennyMac 正在利用 VMware Cloud on AWS 上的 VMware Horizo​​n，在完全自動化且可擴展的雲端環境中為信貸員和呼叫中心代理提供更安全的隨時隨地工作虛擬桌面。我們也與邁阿密大學合作，他們希望 Azure VMware 解決方案能夠支援其首選公有雲供應商上的 VMware 工作負載。

Recently, we announced new advancements for VMware Cloud, the industry's first and only cloud-agnostic computing infrastructure. Newly unveiled Project Arctic will bring the power of cloud to customers running VMware vSphere on premises. It will enable cloud-based management for hundreds of thousands of vSphere customers and vSphere deployments around the world. Customers will be able to benefit from life cycle management, cloud disaster recovery and cloud burst capabilities as an extension of their vSphere deployments. We will bring Project Arctic to market next year as the next step in making our portfolio available in a subscription and SaaS form factor.

最近，我們宣布了 VMware Cloud 的新進展，這是業界第一個也是唯一一個與雲端無關的運算基礎架構。新推出的北極專案將為本地運行 VMware vSphere 的客戶帶來雲端的力量。它將為全球數十萬 vSphere 客戶和 vSphere 部署提供基於雲端的管理。作為 vSphere 部署的擴展，客戶將能夠受益於生命週期管理、雲端災難復原和雲端突發功能。我們將於明年將 Project Arctic 推向市場，作為以訂閱和 SaaS 形式提供我們的產品組合的下一步。

We also announced VMware Sovereign Cloud initiative, where we are partnering across our VMware Cloud providers to deliver cloud services on a sovereign digital infrastructure to customers in regulated industries.

我們也宣布了 VMware 主權雲端計劃，我們與 VMware 雲端供應商合作，在主權數位基礎架構上向受監管產業的客戶提供雲端服務。

Lastly, we introduced a tech preview of an exciting new management technology, Project Ensemble. It is designed to marriage apps across multiple public clouds, bringing together a comprehensive set of costs, security, automation and performance capabilities for the public cloud environment.

最後，我們介紹了令人興奮的新管理技術 Project Ensemble 的技術預覽。它旨在將多個公有雲中的應用程式結合起來，為公有雲環境提供一整套成本、安全性、自動化和效能功能。

VMware was once again ranked #1 in the September 2021 IDC report titled, Worldwide Cloud System and Service Management Software Market Shares, 2020: Growth Continues for the Top Vendors.

VMware 在 2021 年 9 月 IDC 題為《2020 年全球雲端系統和服務管理軟體市場份額：頂級供應商持續成長》的報告中再次排名第一。

In the area of edge, we recently helped an international wholesaler with 800 stores across 30 countries to refresh its decade-old, in-store platform. The VMware edge compute stack is now serving as a single platform for both the customers' existing and modern applications, offering a rightsized, resilient solution that is providing ROI for their business. As a continued commitment to helping our customers at the edge, we recently introduced VMware Edge, a product portfolio that will enable organizations to run, manage and better secure edge-native applications across multiple clouds anywhere.

在邊緣領域，我們最近幫助一家在 30 個國家/地區擁有 800 家商店的國際批發商更新了其 10 年歷史的店內平台。 VMware 邊緣運算堆疊現在作為客戶現有和現代應用程式的單一平台，提供規模適當、具有彈性的解決方案，從而為其業務帶來投資回報。作為幫助邊緣客戶的持續承諾，我們最近推出了 VMware Edge，這是一個產品組合，使組織能夠在任何地方跨多個雲端運行、管理和更好地保護邊緣本機應用程式。

Together, VMware Cloud, Tanzu, VMware Edge and Anywhere Workspace offer our customers a solution for all of their applications across their multi-cloud environment.

VMware Cloud、Tanzu、VMware Edge 和 Anywhere Workspace 共同為我們的客戶提供跨多雲環境的所有應用程式的解決方案。

In the security space, VMware is delivering solutions built specifically for threats customers face today. We use the power of software, combined with a scaled-out distributed architecture, zero trust design principles and a cloud delivery model for better security that's easier to use. We are excited about our continuing innovation in SASE, Secure Access Services Edge, especially as many businesses are now working as a distributed workforce.

在安全領域，VMware 正在提供專門針對客戶當今面臨的威脅而建置的解決方案。我們運用軟體的力量，結合橫向擴展的分散式架構、零信任設計原則和雲端交付模型，以實現更好的安全性、更容易使用。我們對 SASE（安全存取服務邊緣）的持續創新感到興奮，尤其是考慮到許多企業現在都是分散式勞動力。

We also announced the industry's first elastic application security edge, which enables the networking and security infrastructure at the data center or cloud edge to flex and adjust as app traffic changes.

我們也宣布了業界首個彈性應用程式安全邊緣，它使資料中心或雲端邊緣的網路和安全基礎設施能夠隨著應用程式流量的變化而靈活調整。

In the third quarter, VMware was positioned as a leader in The Forrester New Wave: Zero Trust Network Access, Q3, 2021.

第三季度，VMware 在《Forrester 新浪潮：2021 年第三季零信任網路存取》中被定位為領導者。

On the telco front, Vodafone recently selected VMware to deliver a single platform to automate and orchestrate all workloads running on its core networks across Europe, starting with 5G stand-alone. This recent work builds on Vodafone's previous selection of VMware Telco Cloud infrastructure as its network functions virtualization platform.

在電信方面，沃達豐最近選擇 VMware 提供單一平台，以自動化和編排其歐洲核心網路上運行的所有工作負載，從 5G 獨立網路開始。最近的工作建立在沃達豐之前選擇 VMware Telco Cloud 基礎架構作為其網路功能虛擬化平台的基礎上。

In the third quarter, VMware received additional recognition from leading industry analyst firms, once again being named as a leader in the August 2021 Gartner Magic Quadrant for Unified Endpoint Management Tools. Additionally, VMware was once again named a leader in the September 2021 Gartner Magic Quadrant for WAN Edge Infrastructure. Our innovation engine is thriving as we bought many of these new offerings, features, beta programs and partnerships to the forefront during VMware 2021, which attracted approximately 116,000 registrants. We look forward to hosting VMware China and VMware Japan in the coming weeks.

第三季度，VMware 獲得了領先產業分析公司的額外認可，再次被評為 2021 年 8 月 Gartner 統一端點管理工具魔力像限的領導者。此外，VMware 在 2021 年 9 月 Gartner 廣域網路邊緣基礎設施魔力像限中再次被評為領導者。我們的創新引擎正在蓬勃發展，我們在 VMware 2021 期間購買了許多新產品、功能、測試計劃和合作夥伴關係，吸引了約 116,000 名註冊者。我們期待在未來幾週內舉辦 VMware China 和 VMware Japan。

Our environmental, social and governance agenda continues to be very important to us and core to our culture. VMware received recognition for our ESG leadership by being included in the Dow Jones Sustainability Indices, one of the world's leading ESG benchmarks for the second consecutive year.

我們的環境、社會和治理議程對我們仍然非常重要，也是我們文化的核心。 VMware 連續第二年被納入道瓊永續發展指數，這是世界領先的 ESG 基準之一，其 ESG 領導力得到了認可。

In summary, we strive to serve our customers in 3 unique ways: by being the trusted foundation for their most critical business operations, by offering a best-of-breed innovative portfolio of best-in-class solutions to fulfill their multi-cloud vision, and by having a broad set of strategic partnerships required to unlock the full potential of multi-cloud.

總而言之，我們努力以 3 種獨特的方式為客戶提供服務：成為他們最關鍵業務運營的值得信賴的基礎，提供同類最佳解決方案的最佳創新組合，以實現他們的多雲願景，並建立釋放多雲全部潛力所需的廣泛策略夥伴關係。

I'll now turn it over to Zane for more detail on our business performance as well as our forecast.

現在我將把它交給贊恩，以了解有關我們業務績效和預測的更多詳細資訊。

Thank you, Raghu. We're pleased with our Q3 financial performance, which exceeded our initial expectations and is a continuation of the good performance we've seen all year. We saw solid demand in the quarter and continued to execute on our multi-cloud strategy.

謝謝你，拉古。我們對第三季的財務表現感到滿意，這超出了我們最初的預期，是我們全年良好業績的延續。我們在本季看到了強勁的需求，並繼續執行我們的多雲策略。

Total revenue for Q3 was $3.2 billion. Combined subscription and SaaS and license revenue grew 16% year-over-year totaling $1.5 billion, ahead of our guidance. Subscription and SaaS revenue of $820 million was up 21% year-over-year, in line with our expectations, representing 26% of total revenue for the quarter. Subscription and SaaS ARR was $3.3 billion, up 25% year-over-year in Q3. Our largest contributors to subscription and SaaS were VCPP, Tanzu, EUC, Carbon Black and VMware Cloud on AWS, which saw strong double-digit year-over-year growth in revenue and ARR.

第三季總營收為 32 億美元。訂閱、SaaS 和授權合併收入年增 16%，總計 15 億美元，高於我們的預期。訂閱和 SaaS 營收為 8.2 億美元，年增 21%，符合我們的預期，佔本季總營收的 26%。第三季訂閱和 SaaS ARR 為 33 億美元，年增 25%。我們對訂閱和 SaaS 的最大貢獻者是 VCPP、Tanzu、EUC、Carbon Black 和 VMware Cloud on AWS，它們的營收和 ARR 同比實現了兩位數的強勁成長。

License revenue in Q3 grew 11% year-over-year to $710 million. The strength we saw was due to good execution in the quarter and our broad installed base of customers that see us as the trusted ally for their mission-critical workloads. Our strategy is resonating with our customers who are confident that their investments can be leveraged over the longer term in multi-cloud environments.

第三季的授權收入年增 11%，達到 7.1 億美元。我們看到的優勢是由於本季度的良好執行力以及我們廣泛的客戶群，他們將我們視為其關鍵任務工作負載的值得信賴的盟友。我們的策略引起了客戶的共鳴，他們相信他們的投資可以在多雲環境中長期發揮作用。

Our non-GAAP operating income for the quarter of $935 million was driven by our revenue performance and lower-than-expected growth in expenses. Non-GAAP operating margin for the quarter was 29.3% with non-GAAP earnings per share of $1.72 on a share count of 422 million diluted shares. We ended the quarter with $10.2 billion in unearned revenue and $12.5 billion in cash, cash equivalents and short-term investments, which includes proceeds from our $6 billion bond issuance. The bond issuance proceeds, together with $4 billion of additional borrowings from term loan commitments as well as other available cash on hand, was used to fund a special dividend of $11.5 billion. The special dividend was paid on November 1 to all stockholders of record on October 29 in conjunction with our spin-off from Dell Technologies.

我們本季的非 GAAP 營業收入為 9.35 億美元，這是由我們的營收表現和低於預期的費用成長所推動的。本季非 GAAP 營運利潤率為 29.3%，非 GAAP 每股收益為 1.72 美元，稀釋後股數為 4.22 億股。截至本季末，我們的未實現收入為 102 億美元，現金、現金等價物和短期投資為 125 億美元，其中包括發行 60 億美元債券的收益。債券發行所得款項加上定期貸款承諾的 40 億美元額外借款以及手頭上其他可用現金，用於支付 115 億美元的特別股息。特別股利於 11 月 1 日支付給所有在 10 月 29 日登記在冊的股東，同時我們從戴爾科技公司分拆出來。

Q3 cash flow from operations was $1.090 billion and free cash flow was $984 million. RPO was $11.1 billion, up 9% year-over-year, and current RPO was $6.2 billion, up 11% year-over-year. Total backlog was $124 million, substantially all of which consisted of orders received on the last 3 days of the quarter that were not shipped and orders held due to our export control process. License backlog at quarter end was $34 million.

第三季營運現金流為 10.9 億美元，自由現金流為 9.84 億美元。 RPO 為 111 億美元，年增 9%，目前 RPO 為 62 億美元，年增 11%。積壓訂單總額為 1.24 億美元，其中大部分包括本季最後 3 天收到但未發貨的訂單以及由於我們的出口管制流程而被保留的訂單。季末許可證積壓金額為 3,400 萬美元。

We're pleased with the overall bookings performance in Q3 as we continue to scale our subscription and SaaS offerings. We saw strong year-over-year product bookings growth in major product categories. Core SDDC product bookings increased over 20% year-over-year. Compute was up low double digits, and cloud management was up strong double digits year-over-year. Both of these were helped by our multi-cloud subscription and SaaS offerings. We saw momentum in VMware Cloud, which includes hyperscalers such as Amazon, Microsoft, Google and Oracle. We also continue to drive innovation in new product offerings across our Carbon Black Cloud and Tanzu platforms.

隨著我們繼續擴展我們的訂閱和 SaaS 產品，我們對第三季的整體預訂表現感到滿意。我們看到主要產品類別的產品預訂量較去年同期強勁成長。核心 SDDC 產品預訂量較去年同期成長超過 20%。計算年增兩位數，雲端管理較去年同期成長強勁兩位數。這兩者都得益於我們的多雲訂閱和 SaaS 產品。我們看到了 VMware Cloud 的發展勢頭，其中包括亞馬遜、微軟、谷歌和甲骨文等超大規模企業。我們也持續推動 Carbon Black Cloud 和 Tanzu 平台新產品的創新。

NSX increased in the low double digits versus Q3 last year, and vSAN grew in the high teens year-over-year. EUC product bookings as well as sub and SaaS ACV bookings were up in the strong double digits year-over-year.

與去年第三季相比，NSX 實現低兩位數成長，vSAN 年比實現高雙位數成長。 EUC 產品預訂量以及子 ACV 和 SaaS ACV 預訂量較去年同期均出現強勁的兩位數成長。

In Q3, we repurchased approximately 1 million shares in the open market at an average price of $150 per share. In early October, our Board of Directors authorized up to $2 billion of stock repurchases through FY '24, which replaced the relatively small balance remaining on our prior authorization. As a part of our capital allocation framework, we plan to use our cash generation and balance sheet to invest in growing our business both organically and inorganically, paying down debt and returning excess capital to shareholders through share repurchases. In addition, we are committed to maintaining an investment-grade credit profile and rating.

第三季度，我們以每股 150 美元的平均價格在公開市場回購了約 100 萬股股票。 10 月初，我們的董事會授權在 2024 財年回購高達 20 億美元的股票，這取代了我們先前授權中剩餘的相對較小的餘額。作為我們資本配置框架的一部分，我們計劃利用我們的現金產生和資產負債表來投資有機和無機業務的成長，償還債務並透過股票回購將多餘資本返還給股東。此外，我們致力於維持投資等級信用狀況和評等。

Turning to guidance for fiscal '22. We're increasing our expectation for total revenue to $12.830 billion, a growth rate of approximately 9% year-over-year. We expect the combination of subscription and SaaS and license revenue to total $6.305 billion, an increase of approximately 12% year-over-year. Approximately 50.5% of this amount is expected to be subscription and SaaS.

轉向 22 財年指導。我們將總收入預期提高至 128.3 億美元，年成長率約為 9%。我們預計訂閱、SaaS 和授權收入合計將達到 63.05 億美元，年成長約 12%。其中約 50.5% 預計將用於訂閱和 SaaS。

We're increasing guidance for non-GAAP operating margin for the full year to 30% and non-GAAP earnings per share to $7.19 on a diluted share count of 422 million shares. We're also increasing our cash flow from operations guidance to $4.1 billion and increasing free cash flow expectations to $3.7 billion. This reflects our performance in Q3 combined with our outlook for FY '22.

我們將全年非 GAAP 營業利潤率指引提高至 30%，稀釋後每股盈餘指引提高至 4.22 億股，非 GAAP 每股盈餘指引至 7.19 美元。我們還將營運指導現金流增加至 41 億美元，並將自由現金流預期增加至 37 億美元。這反映了我們第三季的業績以及我們對 22 財年的展望。

For Q4, we expect total revenue of $3.510 billion or a growth rate of approximately 7% year-over-year. We expect $1.875 billion from subscription and SaaS and license revenue in Q4 or an increase of nearly 9% year-over-year with approximately $860 million from subscription and SaaS, reflecting the current pace of adoption of our subscription and SaaS offerings. We expect non-GAAP operating margin to be 30.4% for Q4 with non-GAAP earnings per share of $1.96 on a diluted share count of 422 million shares. Additional guidance details for Q4 and FY '22 are contained in the slide deck accompanying this call.

對於第四季度，我們預計總營收為 35.10 億美元，年成長率約為 7%。我們預計第四季度訂閱、SaaS 和授權收入將達到 18.75 億美元，年增近 9%，其中訂閱和 SaaS 收入約為 8.6 億美元，反映了當前訂閱和 SaaS 產品的採用速度。我們預期第四季非 GAAP 營業利潤率為 30.4%，攤薄後每股收益為 1.96 美元，稀釋後股數為 4.22 億股。第四季和 22 財年的其他指導細節包含在本次電話會議隨附的幻燈片中。

We typically provide some color on our upcoming fiscal year at this time. We are driving innovation across the portfolio, scaling our subscription and SaaS offerings and progressively making our products available as subscription and SaaS. Consistent with the outlook framework we presented at the Financial Analyst Meeting last month, we currently expect total FY '23 revenue to grow in the high single digits while we continue to build out our subscription and SaaS portfolio. We're planning on growing our sub and SaaS revenue to nearly 30% of total revenue with our FY '23 exiting ARR growth rate exceeding FY '22's.

我們通常會在這個時候對即將到來的財政年度提供一些資訊。我們正在推動整個產品組合的創新，擴展我們的訂閱和 SaaS 產品，並逐步以訂閱和 SaaS 形式提供我們的產品。與我們上個月在金融分析師會議上提出的前景框架一致，我們目前預計 23 財年總收入將以高個位數成長，同時我們將繼續建立我們的訂閱和 SaaS 產品組合。我們計劃將我們的子業務和 SaaS 收入成長到總收入的近 30%，我們 23 財年的現有 ARR 成長率將超過 22 財年。

We expect non-GAAP operating margin of approximately 28%, which is similar to our initial outlook for FY '22, reflecting continued investments in subscription and SaaS and the resumption of more normalized level of T&E as we support our customers.

我們預計非GAAP 營運利潤率約為28%，這與我們對22 財年的初步預期類似，反映出我們對訂閱和SaaS 的持續投資，以及在我們為客戶提供支援的過程中恢復更加正常化的T&E 水平。

In closing, we're pleased with the progress we're making on our multi-cloud strategy as reflected in our performance this quarter and in our outlook for FY '22 and FY '23. As a stand-alone company, we are well positioned to enable our customers' multi-cloud journey and become the multi-cloud leader.

最後，我們對多雲策略所取得的進展感到滿意，這反映在我們本季的業績以及我們對 22 財年和 23 財年的展望中。作為一家獨立公司，我們有能力支援客戶的多雲之旅並成為多雲領導者。

I'll now turn it back to Paul for Q&A.

我現在將其轉回給保羅進行問答。

Thanks, Zane. (Operator Instructions)

謝謝，贊恩。 （操作員說明）

Operator, let's get started.

操作員，讓我們開始吧。

(Operator Instructions) And we will take our first question from Matt Hedberg with RBC Capital Markets.

（操作員說明）我們將回答 RBC Capital Markets 的 Matt Hedberg 提出的第一個問題。

Congrats on the results and completing the spin, first of all. I don't know, maybe, Zane, for you. License revenue was a bit better than we thought. You sort of talked about that in your script, but subscription and SaaS was maybe a little lighter, just a tad lighter than we thought. I'm wondering, could you help us with a little bit more color on what drove that mix. And as we think about subscription and SaaS trends accelerating into fiscal '23, are there things that you guys are doing, like sales incentives or partner incentives to drive subscription and SaaS?

首先，祝賀結果並完成旋轉。我不知道，也許，贊恩，對你來說。許可收入比我們想像的要好一些。您在腳本中談到了這一點，但訂閱和 SaaS 可能要輕一點，只是比我們想像的輕一點。我想知道，你能否幫助我們為推動這種混合的因素提供更多的色彩。當我們考慮到 23 財年訂閱和 SaaS 趨勢加速成長時，你們是否正在採取一些措施，例如銷售獎勵或合作夥伴激勵措施來推動訂閱和 SaaS？

Yes. Matt, thanks for the question. And I'll start and then obviously happy to hand over to Raghu to talk a little bit more about where we are looking into Q4 as well as next year. First off, I'd say, this was well within the framework that we discussed at the analyst meeting last month. So we're really pleased with the outperformance that we saw for the whole company in Q3. As you highlighted, license came in much stronger. We had a number of deals over $10 million that exceeded our expectation in the quarter. And our sub and SaaS performance came in, in line. So we're actually pleased with the increase that we've seen there.

是的。馬特，謝謝你的提問。我將開始，然後顯然很高興將時間交給 Raghu，並更多地談論我們對第四季度以及明年的研究。首先，我想說，這完全在我們上個月分析師會議上討論的框架內。因此，我們對整個公司在第三季的出色表現感到非常滿意。正如您所強調的，許可證的作用要強大得多。我們在本季完成了許多超過 1000 萬美元的交易，超出了我們的預期。我們的子系統和 SaaS 性能也達到了一致。因此，我們實際上對所看到的成長感到滿意。

We had, as I mentioned, a nice healthy increase on a year-over-year basis; ARR, 25% year-over-year. So everything was going according to plan for both the third quarter and the full year as it relates to the sub and SaaS. We just continue to develop those products. We've highlighted the improvements and increases we've made in some of those segments that Raghu will get into. But generally, we're pleased.

正如我所提到的，我們的同比增長良好； ARR，年增 25%。因此，第三季和全年的一切都按計劃進行，因為它與子系統和 SaaS 相關。我們只是繼續開發這些產品。我們強調了我們在 Raghu 將涉及的一些細分市場中所做的改進和增加。但總的來說，我們很高興。

We're seeing some of the same trends that we highlighted in Q3 along the term of where we see the license in some of our products like Horizon, where customers are choosing the term license versus some of the sub and SaaS offerings, but nothing different from the trend that we saw in Q3 and our expectations heading into next year.

我們看到了一些與我們在第三季度強調的相同趨勢，即我們在 Horizo​​​​n 等一些產品中看到許可證，客戶選擇術語許可證而不是一些子產品和 SaaS 產品，但沒有什麼不同從我們在第三季看到的趨勢以及我們對明年的預期來看。

Maybe, Raghu, if you want to touch on how we think about the product development over the course of Q4.

Raghu，如果您想談談我們對第四季度產品開發的看法，也許可以。

Yes, definitely. We are very excited about the product portfolio as it is laying out for us. So as we have talked before that we look at our product portfolio on the SaaS and subscription side in 3 buckets. One is the pure SaaS and subscription offerings, 100% SaaS and subscription. We expect them to start to reach scale and start to impact our growth even in a much bigger fashion.

當然是。我們對為我們展示的產品組合感到非常興奮。正如我們之前所說，我們將 SaaS 和訂閱方面的產品組合分為 3 個部分。一種是純粹的 SaaS 和訂閱產品，100% SaaS 和訂閱。我們預計它們將開始擴大規模，並開始以更大的方式影響我們的成長。

Secondly, we have a set of products that we call customer choice, basically meaning the customers can choose to get them in a perpetual or term license form factor or in a subscription form factor. And this includes products like our cloud management, which are growing really well for us.

其次，我們有一組稱為客戶選擇的產品，基本上意味著客戶可以選擇以永久或定期許可形式或訂閱形式獲得它們。這包括我們的雲端管理等產品，這些產品對我們來說發展得非常好。

And then thirdly, products today that are primarily licensed, our core SDDC offerings, that we'll be progressively making available as a subscription and SaaS next year. And we announced the first of those with the Project Arctic, and we believe they will start to contribute in the coming years as well.

第三，目前主要獲得許可的產品，即我們的核心 SDDC 產品，明年我們將逐步以訂閱和 SaaS 形式提供。我們宣布了北極項目中的第一個項目，我們相信他們也將在未來幾年開始做出貢獻。

So the combination of these 3 will drive the product portfolio even more to subscription and SaaS and drive its growth. And then last but not the least, we'll be tailoring our go-to-market programs, including our sales place and incentives and so on and so forth to drive all of these product shifts.

因此，這三者的結合將進一步推動產品組合朝向訂閱和 SaaS 方向發展，並推動其成長。最後但並非最不重要的一點是，我們將定制我們的上市計劃，包括我們的銷售地點和激勵措施等等，以推動所有這些產品轉變。

We'll hear next from Mark Murphy with JPMorgan.

接下來我們將聽取摩根大通馬克墨菲的發言。

I will add my congrats on a very nice performance. Raghu and Zane, so we've shown that your partner ecosystem is clearly positive and upbeat regarding the spin-off from Dell. I'm wondering, how is that excitement manifesting at this stage. And understanding it's very early stage, but can you sense partners perhaps mobilizing to staff up or bulk up on VMware-certified personnel? Maybe they're planning to lean in on co-marketing, co-selling next fiscal year. Just curious if there's any leading indicators that give you a sense of a tailwind that might be developing sometime during next fiscal year.

我要對精彩的表演表示祝賀。 Raghu 和 Zane，我們已經表明，你們的合作夥伴生態系統對於戴爾的分拆顯然是積極和樂觀的。我想知道，這種興奮在這個階段是如何表現出來的？雖然現在還處於早期階段，但您是否能感覺到合作夥伴可能會動員起來增加 VMware 認證人員？也許他們計劃在下一個財政年度依靠聯合行銷、聯合銷售。只是好奇是否有任何領先指標讓您感覺到下一財年某個時候可能會出現的順風車。

Yes. So as you pointed out, it's pretty early. We're still in month 1 of the spin and being a stand-alone company. Having said that, a lot of what you have said is exactly what we are seeing from the partners. We are seeing a sense of excitement and possibility from the partners. There are partners that are already planning to or starting to staff up on their VMware expertise. We are talking to other partners about what we could do to help them further in the markets where we could have joint solutions.

是的。正如您所指出的，現在還很早。我們仍處於旋轉的第一個月，並且是一家獨立的公司。話雖如此，您所說的內容很多正是我們從合作夥伴那裡看到的。我們從合作夥伴身上看到了興奮感和可能性。有些合作夥伴已經規劃或開始配備 VMware 專業知識人員。我們正在與其他合作夥伴討論如何在我們可以提供聯合解決方案的市場上進一步幫助他們。

So all these conversations have started happening, and these all have different time line depending upon whether they are purely go to market or they involve technical collaboration and joint solutions, et cetera, et cetera. So I do expect that you will start to see some results over the course of the next year. Like I tell our internal employees, day 1 for us post spin may not look very different, but day 365, you'll certainly start to see the benefits of it. And so that's where we are.

因此，所有這些對話都已經開始發生，而這些對話都有不同的時間表，這取決於它們是純粹進入市場還是涉及技術合作和聯合解決方案等等。因此，我確實預計您將在明年開始看到一些結果。就像我告訴我們的內部員工一樣，對我們來說，分拆後的第一天可能看起來並沒有太大不同，但到了第 365 天，您肯定會開始看到它的好處。這就是我們現在的處境。

We'll hear next from Raimo Lenschow with Barclays.

接下來我們將聽取巴克萊銀行 Raimo Lenschow 的演講。

Congrats from me as well. Can I go back to Matt's question a little bit in terms of pragmatics? As you talk with your clients, but as you also think about the sales and incentives, the change in incentives next year a little bit, what do you see in terms of clients' understanding appreciation of your subscription, SaaS offering versus taking the choice around more of the license part because that's the one thing that everyone is focusing on, and it feels like you don't getting as much credit for the license part. So where are clients is coming out of the pandemic kind of their focus more to do more license again? Or how do we have to think about it? How can you influence that as well?

我也表示祝賀。我可以從語用學角度回到馬特的問題嗎？當您與客戶交談時，同時也考慮銷售和激勵措施、明年激勵措施的一些變化時，您認為客戶對您的訂閱、SaaS 服務的欣賞與選擇的理解程度如何更多的是許可證部分，因為這是每個人都關注的一件事，而且感覺您沒有從許可證部分獲得那麼多的榮譽。那麼，從疫情走出來的客戶在哪裡，他們更關注再次獲得更多許可呢？或者說我們該如何思考呢？你又如何影響它呢？

Yes. Thanks, Raimo. I'll start and then Sumit can add additional color as well. So what I would say from our customers' point of view, it depends on a couple of factors. One is the product category that we are talking about. For example, if you think about cloud management, there has definite decided industry shift towards consuming management as a SaaS service. So we are seeing -- that's part of the reason why we are seeing our SaaS offerings and subscription offerings for management grow very nicely.

是的。謝謝，雷莫。我將開始，然後 Sumit 也可以添加其他顏色。因此，從客戶的角度來看，我想說的是，這取決於幾個因素。一是我們所說的產品類別。例如，如果您考慮雲端管理，您會發現產業已經明確轉向將管理作為 SaaS 服務進行消費。所以我們看到——這就是我們看到我們的 SaaS 產品和管理訂閱產品成長非常好的部分原因。

If you think about our core universal offering, which is for the infrastructure, that is designed to help customers on their journey to the cloud. So very often, they are starting on-premise with licensed software. And then over a period of time, they intend to shift to the cloud. And then in terms of the third big bucket, which is the end-user computing, it depends on the customer segment.

如果您考慮我們針對基礎架構的核心通用產品，它旨在幫助客戶踏上雲端之旅。通常，他們會使用許可軟體在本地啟動。然後一段時間後，他們打算轉向雲端。然後就第三個大桶而言，即最終用戶計算，這取決於客戶群。

And let me add -- give it over to Sumit to add more color.

讓我補充一下——交給 Sumit 來添加更多色彩。

Yes. Raimo, first of all, I would say that Q3, in addition to the results that Zane and Raghu talked about, was a great quarter for us in terms of engaging with customers through our VMworld event, introducing all of our new offerings. And the momentum on that front with customer front is great because it's clear for customers as they're looking at their own strategies for cloud and multi-cloud, VMware becomes their key partner going forward.

是的。 Raimo，首先，我想說，除了 Zane 和 Raghu 談到的結果之外，第三季度對我們來說是一個很棒的季度，透過我們的 VMworld 活動與客戶互動，介紹了我們所有的新產品。客戶方面的勢頭非常強勁，因為客戶很清楚，當他們正在考慮自己的雲端和多雲策略時，VMware 將成為他們未來的關鍵合作夥伴。

And on that, many of their -- how they build their multi-cloud control plane, whether it's through our cloud management software, Tanzu solutions as well as cloud infrastructure to be served from multi-cloud, VMware, gives them the right platform to do so.

在此基礎上，他們如何建立多雲控制平面，無論是透過我們的雲端管理軟體、Tanzu 解決方案還是透過多雲 VMware 提供服務的雲端基礎設施，都為他們提供了正確的平台。

So now to arrive at that solution, our universal programs gives them the best choice and flexibility to adopt subscription and SaaS and adopt cloud at their own pace. And we are continuing to see very, very strong interest and pull from customers in going towards multi-cloud using our universal offers, where they can start adopting our cloud solutions gradually as they're ready and they're not sort of having to spend double costs, if you may, where they have to run both on-premise and cloud and double pay. They can just transition to the cloud solutions and our subscription SaaS offerings using our universal offers at their own pace and speed.

因此，現在為了實現該解決方案，我們的通用計劃為他們提供了最佳選擇和靈活性，以採用訂閱和 SaaS 並按照自己的步調採用雲端。我們繼續看到客戶對使用我們的通用產品轉向多雲非常非常強烈的興趣和吸引力，他們可以在準備好後逐漸開始採用我們的雲端解決方案，並且不需要花錢如果可以的話，雙倍成本，他們必須在本地和雲端上運行，並且雙倍支付。他們可以按照自己的步調和速度使用我們的通用產品過渡到雲端解決方案和我們的訂閱 SaaS 產品。

We'll take our next question from Mark Moerdler with Bernstein Research.

我們將回答伯恩斯坦研究公司的馬克‧莫德勒 (Mark Moerdler) 提出的下一個問題。

Congrats on both the spin-out in the quarter. As we've discussed before, VMware is using term licenses as a bridge to the cloud, but you're not including that revenue in subscription or SaaS. So to help us better understand the impact, can you give us some breakdown of how much of the revenue we're seeing in the quarter is from license and maintenance is coming from those term licenses that could convert over to subscription and SaaS?

恭喜本季的分拆。正如我們之前討論的，VMware 使用定期授權作為通往雲端的橋樑，但您不會將該收入包含在訂閱或 SaaS 中。因此，為了幫助我們更了解影響，您能否詳細說明本季我們看到的收入中有多少來自授權和維護，這些收入來自可以轉換為訂閱和 SaaS 的定期授權？

Yes. Mark, I'm happy to start with that. As you alluded to, we see the term licenses, in particular with our Horizon offering, to be that step for many, if not all, of our customers to sub and SaaS. So we're very pleased with the performance we've seen there in offering our customers flexibility and allowing them with that transition.

是的。馬克，我很高興從這個開始。正如您所提到的，我們認為許可證一詞，特別是我們的 Horizo​​n 產品，對於我們的許多（如果不是全部）客戶來說是邁向子級和 SaaS 的一步。因此，我們對我們在為客戶提供靈活性並允許他們進行過渡方面所看到的表現感到非常滿意。

If you were to think about quantifying the term license amount, it's roughly 13.5% of our license for the quarter. So it's just under $100 million in total that is sort of qualified as term. And as you point out, unlike a number of others, we include it in our license bucket. We don't necessarily expect this to increase significantly over the years, at least as we've outlined our strategy today. So we think it will moderate around this number. And then ultimately, as we highlighted in many, if not all, of our products, will rotate to more sub and SaaS. And we see this as a natural step for our customers in their sub and SaaS journey as well. Hopefully, that adds some color for you, Mark.

如果您考慮量化術語許可證數量，它大約占我們本季許可證的 13.5%。因此，總金額略低於 1 億美元，算是符合條件的。正如您所指出的，與其他許多人不同，我們將其包含在我們的許可證桶中。我們不一定預期這一數字多年來會顯著增加，至少從我們今天概述的策略來看是如此。所以我們認為它將圍繞這個數字進行調整。最終，正如我們在許多（如果不是全部）產品中所強調的那樣，我們將轉向更多的子系統和 SaaS。我們認為這對我們的客戶來說也是他們的子系統和 SaaS 旅程中的一個自然步驟。希望這能為你增添一些色彩，馬克。

Yes, it does. I really do appreciate it.

是的，它確實。我真的很感激。

We'll hear next from Phil Winslow with Credit Suisse.

接下來我們將聽到瑞士信貸的菲爾溫斯洛 (Phil Winslow) 的發言。

Congrats on a strong quarter. Just wanted to focus in on core vSphere and in particular, vSphere 7 with Tanzu. Obviously, with that release, vSphere 7, you had a native support within vSphere of Kubernetes and containers. Kind of 2 questions here together. Could you give us sort of an update of adoption of vSphere 7 with Tanzu? And what are you hearing from customers about why they're using VMware?

恭喜季度表現強勁。只是想專注於核心 vSphere，特別是 vSphere 7 with Tanzu。顯然，在 vSphere 7 版本中，您在 vSphere 中獲得了 Kubernetes 和容器的本機支援。這裡有兩個問題。您能為我們介紹一下 vSphere 7 with Tanzu 採用的最新情況嗎？您從客戶那裡了解到他們為何使用 VMware？

Yes. So I'll start and, Sumit, perhaps you can add more. Yes. So vSphere 7 has been in the market for a while, and we have seen very successful adoption of it. And besides the customers moving to the latest and greatest, the ability to run containers through Tanzu is a key reason why they adopt it. What we are seeing, on-premise especially, is that as customers tend to build out their private cloud and make it as compelling as a public cloud in terms of developer agility and so on and so forth, containers become a necessary part of the core infrastructure platform offering or Infrastructure-as-a-Code offering. So that's what we are seeing happen with our customers.

是的。那我就開始吧，Sumit，也許你可以再增加更多內容。是的。 vSphere 7 已經上市一段時間了，我們已經看到它得到了非常成功的採用。除了客戶轉向最新、最好的技術之外，透過 Tanzu 運行容器的能力也是他們採用 Tanzu 的關鍵原因。我們看到，尤其是在本地，隨著客戶傾向於建立自己的私有雲，並使其在開發人員敏捷性等方面與公有雲一樣引人注目，容器成為核心的必要組成部分基礎設施平台產品或基礎設施即程式碼產品。這就是我們在客戶身上看到的情況。

So -- and a lot of the workloads that traditionally were running on VMs that are these mission-critical workloads are now being converted into containers and run on vSphere.

因此，許多傳統上在虛擬機器上執行的關鍵任務工作負載現在正在轉換為容器並在 vSphere 上執行。

The other thing that you might have noticed as we published on our benchmark sites as well is that customers are finding they can get 6x the density of running containers on vSphere as compared to running it on bare metal using alternative products. So they -- not only the manageability benefits are appealing to them, because we are now supporting containers natively on vSphere 7, you're getting a tremendous density benefit, which obviously results in significant cost savings as well. So these are some of the reasons why customers are excited about it.

當我們在基準網站上發佈時，您可能已經注意到的另一件事是，客戶發現，與使用替代產品在裸機上運行容器相比，他們在 vSphere 上運行容器的密度可以提高 6 倍。因此，他們不僅可管理性優勢對他們有吸引力，因為我們現在在 vSphere 7 上原生支援容器，您還將獲得巨大的密度優勢，這顯然也會顯著節省成本。這些是客戶對此感到興奮的一些原因。

And in terms of some customer adoption patterns, let me hand it over to Sumit.

至於一些客戶採用模式，讓我將其交給 Sumit。

Yes. Phil, customers as they're looking at Kubernetes, first of all, high interest and containers, high interest, but they're in the journey of kind of early innings of expanding the adoption. And they're excited about using vSphere 7 as this platform where they can manage both VMs and containers holistically.

是的。 Phil，當客戶在關注 Kubernetes 時，首先對 Kubernetes 和容器非常感興趣，但他們正處於擴大採用的早期階段。他們對使用 vSphere 7 作為這個平台感到很興奮，在這個平台上他們可以全面管理虛擬機器和容器。

So I would say, from a customer adoption perspective, huge interest, still early stage. But vSphere adoption and how customers are using those 2 technologies, both containers and VMs together, really good.

所以我想說，從客戶採用的角度來看，人們興趣濃厚，但仍處於早期階段。但 vSphere 的採用以及客戶如何同時使用這兩種技術（容器和虛擬機器）確實非常好。

In addition, we introduced Tanzu Community Edition at the VMworld, which also complements really well our entire stack and works also with customers wanting to use Tanzu full-stack solution with public cloud Kubernetes distribution. And the adoption of our Tanzu Kubernetes edition that we introduced at VMworld has been stellar over the course of last 6 to 8 weeks.

此外，我們還在 VMworld 上推出了 Tanzu 社群版，它也很好地補充了我們的整個堆棧，並且也適合希望將 Tanzu 全堆疊解決方案與公有雲 Kubernetes 發行版結合使用的客戶。在過去 6 到 8 週內，我們在 VMworld 上推出的 Tanzu Kubernetes 版本的採用情況非常出色。

So I'd say customer adoption, even though early stage, tons of interest in both vSphere 7 as well as Tanzu Community Edition, which gives us great promise for potential growth in the Tanzu portfolio over time.

因此，我想說，即使處於早期階段，客戶的採用也對 vSphere 7 和 Tanzu 社群版產生了濃厚的興趣，這為我們帶來了 Tanzu 產品組合隨著時間的推移潛在增長的巨大希望。

We'll hear next from Simon Leopold with Raymond James.

接下來我們將聽到西蒙·利奧波德和雷蒙德·詹姆斯的演講。

This is Mauricio in for Simon. Can you please talk about the -- some of these industry supply shortages and how could this impacting VMware sales? I'm a bit curious about -- on the potential headwind from customers that are perhaps unable to get the systems that VMware runs on. So with the understanding that you sell software, are you seeing -- are you having -- are you seeing any impacts from these hardware shortages that could be limiting yourselves?

這是西蒙的毛里西奧。您能否談談其中一些行業供應短缺以及這對 VMware 銷售有何影響？我有點好奇——來自可能無法獲得 VMware 運行系統的客戶的潛在阻力。因此，根據您銷售軟體的了解，您是否看到 - 您是否看到 - 您是否看到這些硬體短缺可能會限制您自己的影響？

Yes. So as you note, there are chip shortages that are impacting significant portions of the economy. We have not seen -- like you point out, we are a software -- in the software business, and we have not seen it significantly impact our business so far. And a lot of the customers run our software on their existing infrastructure. And even in the cases where they're -- as well as in the cloud, and this is, in fact, one of the benefits of our solution being available across all the clouds. And then even in those cases where they're putting our software onto new hardware, they have not reported undue shortages.

是的。正如您所指出的，晶片短缺正在影響經濟的很大一部分。我們還沒有看到——就像你指出的那樣，我們是一個軟體——在軟體業務中，到目前為止，我們還沒有看到它對我們的業務產生重大影響。許多客戶在他們現有的基礎設施上運行我們的軟體。即使在它們所在的情況下，以及在雲端中，事實上，這也是我們的解決方案在所有雲端中可用的好處之一。即使他們將我們的軟體安裝到新硬體上，他們也沒有報告過度的短缺。

We'll take our next question from Brad Reback with Stifel.

我們將回答 Brad Reback 和 Stifel 提出的下一個問題。

Zane, I think last quarter, you talked about some of the hyperscale-led business leading to longer rev rec. And I would assume that would be in the subscription and SaaS line. Did you see any of that this quarter?

贊恩，我想上個季度，您談到了一些超大規模主導的業務，導致更長的轉速記錄。我認為這將屬於訂閱和 SaaS 產品線。本季您看到這些了嗎？

Brad, yes, this is Zane. We continue to see great growth in that area, not only on the bookings side, but now you're starting to see the traction. I mentioned in my prepared remarks, across all the hyperscalers, we're really pleased with the traction we're seeing.

布拉德，是的，這是讚恩。我們繼續看到該領域的巨大增長，不僅在預訂方面，而且現在您已經開始看到吸引力。我在準備好的演講中提到，在所有超大規模企業中，我們對所看到的吸引力感到非常滿意。

To your point, that does create a little bit of a delay between the bookings growth that we see and then ultimately when we see that consumption and recognize the revenue. So I'd say, generally speaking, it's been consistent, but we're impressed with the demand we're seeing. And the interest, back to the earlier question on partnerships, that's another area where we see continued interest on partnerships and tremendous opportunity for us with our multi-cloud opportunities. So all good on that front.

就你的觀點而言，這確實在我們看到的預訂成長和最終我們看到消費並確認收入之間造成了一點延遲。所以我想說，總的來說，這是一致的，但我們對所看到的需求印象深刻。回到先前關於合作關係的問題，這是我們看到對合作夥伴關係持續感興趣的另一個領域，以及我們透過多雲機會獲得的巨大機會。所以這方面一切都很好。

So we'll take our next question from Tyler Radke with Citi.

我們將回答花旗銀行泰勒拉德克 (Tyler Radke) 提出的下一個問題。

I wanted to ask you about the Q4 guidance. It looked like on the license side, the upside didn't fully flow through. Just curious if there was any type of kind of unusual activity you saw in Q3, whether pull-forward? And then just some comments overall, what you're expecting for fiscal year-end, just with budget flush and typical Q4 activity.

我想問你有關第四季指引的問題。看起來在許可證方面，好處並沒有完全體現出來。只是好奇您在第三季是否看到任何類型的異常活動，是否是前拉？然後是一些總體評論，即您對財年末的預期，包括預算充裕和典型的第四季度活動。

Yes. Sure, Tyler. It's a good question. As you point out, we increased the total guide, but we didn't obviously pull in -- take all of what we saw in Q3 into Q4. We're really pleased with our view of the second half of the year. And obviously, as you heard in our prepared remarks as well as the commentary here, I mean the macro is clearly supporting good growth across the company, and we're quite encouraged with the momentum we're building across the portfolio.

是的。當然，泰勒。這是一個好問題。正如您所指出的，我們增加了總指南，但我們並沒有明顯地將第三季度看到的所有內容納入第四季度。我們對今年下半年的看法非常滿意。顯然，正如您在我們準備好的演講以及此處的評論中聽到的那樣，我的意思是宏觀經濟顯然支持整個公司的良好增長，我們對整個投資組合所建立的勢頭感到非常鼓舞。

So as we looked at it, we think our second half looks good. We were encouraged by our ability to execute in Q3. So there may have been a few deals that may have either landed in Q3 or Q4 that we saw in Q3, but we believe the demand is there. We're pleased with the execution across the board and correspondingly with the guide.

所以當我們看到它時，我們認為我們的下半場看起來不錯。我們對第三季的執行能力感到鼓舞。因此，我們在第三季看到的可能有一些交易可能在第三季或第四季落地，但我們相信需求是存在的。我們對全面的執行以及相應的指南感到滿意。

So I'll leave it at that, but obviously, we're encouraged by what we're seeing heading into Q4. And obviously, with some of the high-level comments I provided for FY '23, we see that momentum continuing into the new year -- new fiscal year for us.

所以我就到此為止，但顯然，我們對第四季所看到的情況感到鼓舞。顯然，根據我為 23 財年提供的一些高層評論，我們看到這種勢頭將持續到新的一年——我們的新財年。

We hear next from Keith Weiss with Morgan Stanley.

接下來我們將聽取摩根士丹利基思韋斯 (Keith Weiss) 的演講。

Nice quarter. I was wondering if you could go back to Project Arctic. And can you give us any guidelines in terms of how to think about the relative pricing for some of these SDDC solutions of what you're garnering from the customer in an on-premise environment and how that changes in a cloud environment when they start making that shift towards subscription and -- maybe not a cloud environment, but as they start making that transition to subscription? And relatedly, is that going to have any longer-term impacts on gross margins that we should be aware of when we're kind of forecasting out a couple of years?

不錯的季度。我想知道你是否可以回到北極計劃。您能否為我們提供一些指導方針，說明如何考慮您在本地環境中從客戶那裡獲得的某些SDDC 解決方案的相對定價，以及當他們開始製作雲端環境時，這些解決方案在雲端環境中會如何變化。與此相關的是，這是否會對毛利率產生任何長期影響，當我們預測幾年後我們應該意識到這一點？

Yes. So overall, with the Project Arctic, we are still in the very early days, and we don't have any pricing nor anything of that nature to disclose because we are not shipping the product yet -- shipping the cloud service yet. In general, because this is a cloud-delivered and cloud-managed service, usually, when we deliver something from the cloud, managing some piece of software on-premise, there is a management premium that we had, and I would expect that to be present.

是的。因此，總的來說，對於北極項目，我們仍處於早期階段，我們沒有任何定價或任何此類性質的資訊可以披露，因為我們還沒有發布產品——還沒有發布雲端服務。一般來說，因為這是一項雲端交付和雲端管理的服務，通常，當我們從雲端交付某些內容並在本地管理某些軟體時，我們會獲得管理溢價，我希望出席。

The important aspect of Arctic is it also allows us to weave in things like disaster recovery and better security and so on and so forth. And those are additional capabilities that today are priced offerings that we would be able to, as part of this, upsell as part of Project Arctic. So net-net, we expect this to be a win-win solution for the customer, helping them lower their management costs, also give them capabilities that they did not have before, lower their cost of insuring security, et cetera. And from a VMware perspective, it will allow us to deliver more value to these existing customers.

北極的重要方面是它還使我們能夠融入災難復原和更好的安全等內容。這些是今天已定價的附加功能，我們可以作為北極項目的一部分進行追加銷售。因此，net-net，我們希望這對客戶來說是一個雙贏的解決方案，幫助他們降低管理成本，也為他們提供以前沒有的能力，降低確保安全的成本等等。從 VMware 的角度來看，這將使我們能夠為這些現有客戶提供更多價值。

And then the second aspect of your question around gross margin, again, we don't have operating -- actual operating experience because Arctic is not out yet, but we expect this to be a healthy gross margin business.

然後，關於毛利率的第二個方面，我們沒有實際的營運經驗，因為北極尚未推出，但我們預計這將是一項健康的毛利率業務。

We'll hear next from James Fish with Piper Sandler.

接下來我們將聽到詹姆斯·菲什和派珀·桑德勒的報道。

This is Quinton on for Jim. Maybe just for us, could we get an update on the team's appetite for acquisitions at this point? Are there opportunities to look at something a little bit larger, a little more transformational? Or do valuations today still push the team to more of a tech tuck-in type deal?

這是昆頓為吉姆代言的。也許只是對我們來說，我們現在能否了解團隊對收購的興趣的最新情況？是否有機會考慮一些更大、更具變革性的事情？或者說，如今的估值是否仍會促使團隊進行更多科技交易類型的交易？

Yes. So I'll start and Zane can add more. So from a VMware perspective, we've always had a fairly consistent philosophy with respect to acquisitions. By and large, the vast majority of what we do would be classified as tuck-ins or product-level acquisitions. And then occasionally, we do what we call platform-level acquisitions, which we do when we enter into a new product segment, product category or expand significantly into a new adjacency.

是的。那我先開始，贊恩可以添加更多內容。因此，從 VMware 的角度來看，我們在收購方面一直有著相當一致的理念。總的來說，我們所做的絕大多數工作都屬於折衷或產品級收購。然後偶爾，我們會進行所謂的平台級收購，當我們進入新的產品細分市場、產品類別或大幅擴展到新的鄰接領域時，我們就會進行這種收購。

In fact, over the last, whatever, 15, 17 years of -- that we've been doing acquisitions, we have done only about 4 that were of that nature, over $1 billion. So I expect that pattern to continue. As you well know, we did 2 major acquisitions of that nature a couple of years ago, and we are still bringing them into the mainstream of our business and driving those product growth areas for us. So I expect the current pattern to continue going forward as well. So let me...

事實上，在過去的 15、17 年裡，我們一直在進行收購，但我們只完成了約 4 起此類性質的收購，金額超過 10 億美元。所以我預計這種模式會持續下去。如您所知，幾年前我們進行了兩次此類性質的重大收購，我們仍在將它們納入我們業務的主流並為我們推動這些產品成長領域。因此，我預計當前的模式也將繼續向前發展。那麼讓我...

Yes. I would just add, as part of our capital allocation, obviously, we look at growing both organically and inorganically. And even with the debt that we've taken on and the special dividend, we believe we've got tremendous flexibility on the M&A front and continue to operate as we have in the past, as Raghu alluded to. So we're very comfortable with our positioning there.

是的。我想補充一點，作為我們資本配置的一部分，顯然，我們著眼於有機成長和無機成長。即使我們承擔了債務和特別股息，我們相信我們在併購方面擁有巨大的靈活性，並繼續像過去一樣運營，正如拉古所提到的那樣。所以我們對我們在那裡的定位非常滿意。

We'll hear next from Brad Sills with Bank of America Securities.

接下來我們將聽取美國銀行證券公司布拉德希爾斯 (Brad Sils) 的發言。

I wanted to ask a question on some of the deliverables you outlined the launches at the Analyst Day for Tanzu Community Edition, application platform and Service Mesh Advanced Edition. I guess, in particular, there's a lot of innovation there. I guess the Community Edition, should we think of that as a potential for driving some bottoms-up adoption here, where you see a real community develop here, open-source users that you could see some upgrade activity from over time?

我想就您在分析師日概述的 Tanzu 社群版、應用程式平台和 Service Mesh 高級版的發布的一些可交付成果提出一個問題。我想，尤其是那裡有很多創新。我想社群版，我們是否應該將其視為推動自下而上採用的潛力，您可以看到真正的社群在這裡發展，開源用戶可以隨著時間的推移看到一些升級活動？

Yes, for sure. A big goal for Tanzu Community Edition is for people that are coming new to Kubernetes as well as developers that want to build on top of it. And in fact, over the first 4 to 5 weeks that we have had it available, we have had over 10,000 downloads. We've seen a nice community forming. And so we are very encouraged by that as well as the Tanzu Mission Control Starter Edition, which provides management capabilities at an entry level. So one aspect of VMware that is -- one aspect of our business that is critical when we get more and more developer and platform operator focus is product-led growth, and this would be the start of those initiatives.

是肯定的。 Tanzu 社群版的一個重要目標是針對 Kubernetes 新手以及想要在其基礎上進行建置的開發人員。事實上，在推出的前 4 到 5 週內，我們的下載量已超過 10,000 次。我們看到一個很好的社區正在形成。因此，我們對此以及 Tanzu Mission Control 入門版感到非常鼓舞，它提供了入門級的管理功能。因此，當我們得到越來越多的開發人員和平台營運商關注時，VMware 業務的一個至關重要的方面就是以產品為主導的成長，而這將是這些舉措的開始。

We'll hear next from Brad Zelnick with Deutsche Bank.

接下來我們將聽到德意志銀行布拉德·澤爾尼克的演講。

My question is for Sumit. Sumit, it's now 2 quarters in a row where you've had more customers within EUC opt for term licenses versus subscription and SaaS. Is there something specific happening within VMware or within that particular product line that would explain for this? Or is there any reason to perhaps believe that customers are recommitting to self-managed infrastructure?

我的問題是問蘇米特的。 Sumit，現在已經連續兩個季度，EUC 內有更多客戶選擇定期許可證，而不是訂閱和 SaaS。 VMware 或特定產品線中是否發生了一些特定的事情可以解釋這一點？或者是否有任何理由相信客戶正在重新致力於自我管理的基礎設施？

Yes. I think this is a little bit of a reflection of both timing as well as choice. As with Horizon, we have given customers choice and flexibility for adopting the subscription and SaaS -- or sorry, cloud products and cloud-based virtual desktops at their own timing and their own when they're ready. And they oftentimes start with term. And I think I've stated that in the past that each of these customers as we are signing them up with term-based license, they all have plans and intent to move their desktops to the cloud. And as the terms that they are signing up for come up for renewal is usually the time window when we get the opportunity to get them over to the cloud. And the window of the time when they sign up for term is just the duration it takes for them to plan moving their desktop to the cloud. So that's the best way for you to think about the business. There's really not sort of lack of intent or desire by customers to take their desktops to the cloud.

是的。我認為這在一定程度上反映了時機和選擇。與 Horizo​​n 一樣，我們為客戶提供了訂閱和 SaaS 的選擇和靈活性 - 或者抱歉，雲端產品和基於雲端的虛擬桌面可以在他們自己的時間和準備好時使用。他們通常從術語開始。我想我已經說過，在過去，當我們為這些客戶簽署基於期限的許可證時，他們都有計劃並打算將其桌面遷移到雲端。由於他們簽署的續訂條款通常是我們有機會將他們轉移到雲端的時間窗口。他們註冊期限的時間窗口正是他們計劃將桌面遷移到雲端所需的持續時間。所以這是您思考業務的最佳方式。客戶確實不乏將桌面遷移到雲端的意圖或願望。

We'll hear next from Brent Thill with Jefferies.

接下來我們將聽取布倫特希爾 (Brent Thill) 和傑弗里斯 (Jefferies) 的演講。

This is Bo on for Brent. Just going off the previous question, given some of the noise recently around Citrix, I just wanted to get a sense of what you're seeing on EUC and just in terms of win rates and if there's been any change at the margin there.

這是布倫特的博。繼續上一個問題，考慮到最近 Citrix 周圍的一些噪音，我只是想了解一下您在 EUC 上看到的情況，以及贏率以及利潤率是否有任何變化。

Yes. I'll start and, Raghu, you can add. First of all, we see tremendous interest in customers for our virtual desktop solution, and that's really the only category that we compete with Citrix. Our end-user computing portfolio, first of all, is much broader than what Citrix offers. But oftentimes, customers who have had Citrix implementations and VMware's implementations for broader end-user computing portfolio, not including virtual desktops, we are certainly seeing customers who, when they are looking at cloud-based desktop deployments, interest in standardizing on their broader workspace and end-user computing portfolio with VMware. So we do see larger enterprises now looking at innovation from VMware and end-user computing to be much stronger and more powerful. And we continue to see customers who have in the past used Citrix now looking at VMware Horizon solutions.

是的。我先開始，拉古，你可以補充。首先，我們看到客戶對我們的虛擬桌面解決方案非常感興趣，這實際上是我們與 Citrix 競爭的唯一類別。首先，我們的最終用戶運算產品組合比 Citrix 提供的產品廣泛得多。但通常情況下，對於更廣泛的最終用戶運算產品組合（不包括虛擬桌面）實施了Citrix 實施和VMware 實施的客戶，我們肯定會看到，當客戶考慮基於雲端的桌面部署時，他們有興趣在在更廣泛的工作空間上實現標準化以及 VMware 的最終用戶計算產品組合。因此，我們確實看到較大的企業現在正在尋求 VMware 和最終用戶運算的創新，以使其變得更加強大。我們繼續看到過去使用 Citrix 的客戶現在正在考慮 VMware Horizo​​n 解決方案。

Go ahead, Raghu.

繼續吧，拉古。

I have a couple of -- especially in this post-pandemic world that we live in, remote work has become a pretty significant part of the consideration when choosing these solutions. And we introduced an Anywhere Workspace solution that combines obviously the ability to run the desktops, either in the data center or in the cloud, but also the ability to get network access and secure them through our SASE solutions, and of course, manage and provision applications. So it's a much more fuller solution with the cloud option that Sumit talked about. So that's very differentiated from Citrix.

我有幾個 - 特別是在我們生活的這個大流行後的世界中，遠距工作已成為選擇這些解決方案時考慮的一個非常重要的部分。我們推出了Anywhere Workspace 解決方案，該解決方案顯然結合了在資料中心或雲端中運行桌面的能力，而且還具有透過我們的SASE 解決方案取得網路存取和保護桌面的能力，當然還有管理和配置的能力應用程式。因此，這是一個更全面的解決方案，具有 Sumit 談到的雲端選項。這與 Citrix 非常不同。

We'll take our next question from Kash Rangan with Goldman Sachs.

我們將回答高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan) 提出的下一個問題。

I'll add my congratulations as well. I wanted to just ask your perspective on the subscription and SaaS, in particular, there are 2 important drivers strategically for the company. One is the cloud provider partnership in particular. Wanted you to expand your comments, if you could. On AWS, what do you see in terms of the pipeline going ahead? Obviously, with re:Invent coming up the next week or so, how is that partnership with AWS progressing as far as the pipeline visibility is concerned? And also, if you could touch upon Tanzu, any big pivotal deals -- not pivotal, but pivotal Tanzu deals that are truly transformative that give you conviction that Tanzu is certainly headed strategically in the right path?

我也會加入我的祝賀。我想問一下您對訂閱和 SaaS 的看法，特別是，公司有兩個重要的策略驅動因素。其中之一尤其是雲端提供者合作夥伴關係。如果可以的話，希望您擴大您的評論。在 AWS 上，您對未來的管道有何看法？顯然，隨著 re:Invent 將在下週左右推出，就管道可見度而言，與 AWS 的合作進展如何？另外，如果您能談一下 Tanzu，是否有任何重大的關鍵交易——不是關鍵，而是真正具有變革性的關鍵 Tanzu 交易，讓您相信 Tanzu 肯定在戰略上走在正確的道路上？

Yes. So let me start and Sumit can talk about the pipeline. So with AWS, as -- Kash, they are our preferred partner, and we do some deep engineering collaboration with them. And we continue to do that, and we've got a number of items planned in our road map. Over the next months or so, that will further expand the addressable set of workloads that can be served using our joint solution. So the partnership is going very well, and the 2 teams have been working very well.

是的。那麼讓我開始吧，Sumit 可以談談管道。因此，對於 AWS，如 Kash，他們是我們的首選合作夥伴，我們與他們進行了一些深入的工程合作。我們將繼續這樣做，並且我們在路線圖中計劃了許多項目。在接下來的幾個月左右的時間裡，這將進一步擴大使用我們的聯合解決方案可以處理的可尋址工作負載集。因此，合作關係進展順利，兩個團隊一直合作得很好。

And before I turn it over to Sumit for the pipeline, let me briefly touch upon the Tanzu question. Yes, we are -- if you think about what we are trying to do with Tanzu, we're trying to do 2 sets of things. One is we are trying to provide a Modern Application operations team that's in the public cloud or in the private cloud with a comprehensive set of solutions that help them manage their Modern Application environment, their cloud-native environment, secure them and connect them. So our products like Tanzu -- Service Mesh, Tanzu Observability, of course, Tanzu Mission Control, all of them put together serve as a very comprehensive portfolio. And we have seen customers buy into it. One of the key reasons they buy into it is this breadth of portfolio.

在我將其交給 Sumit 進行管道之前，讓我簡要談談 Tanzu 問題。是的，我們是——如果你想我們正在嘗試對 Tanzu 做什麼，我們正在嘗試做兩套事情。一是我們正在嘗試為公有雲或私有雲中的現代應用程式營運團隊提供一套全面的解決方案，幫助他們管理現代應用程式環境、雲端原生環境、保護它們並連接它們。因此，我們的產品，如 Tanzu——Service Mesh、Tanzu Observability，當然還有 Tanzu Mission Control，所有這些產品組合在一起形成了一個非常全面的產品組合。我們已經看到客戶對此表示認可。他們購買該產品的主要原因之一是其投資組合的廣度。

The second reason they buy into it is the fact that this is available to them regardless of where the network cloud-native application is running. And we have got a number of wins on Azure. We've got a number of wins on AWS. Of course, we've got wins on top of vSphere as well.

他們購買它的第二個原因是，無論網路雲端原生應用程式在哪裡運行，他們都可以使用它。我們在 Azure 上取得了許多勝利。我們在 AWS 上取得了許多勝利。當然，我們在 vSphere 上也取得了勝利。

And then the second part of the portfolio is the Tanzu Application Platform, which accelerates developer productivity on the public cloud of their choice. That is still on beta, so we don't have transformative wins to announce their as yet. But we are super excited about the reception to both. Sumit?

該產品組合的第二部分是 Tanzu 應用程式平台，它可以提高開發人員在他們選擇的公有雲上的工作效率。該功能仍處於測試階段，因此我們尚未宣布具有變革性的勝利。但我們對兩者的接待感到非常興奮。蘇米特？

Kash, I'd add on -- I'll start off with cloud providers. First of all, I'm excited about the portfolio expansion that we did on the VMware Cloud front during last quarter. Certifications to expand us to target larger sort of federal customer base sort of expansion of services and sort of zones where the services available across all hyperscalers, newer services that we have introduced on VMware Cloud on AWS such as Tanzu now integrated as well as VMware Cloud on AWS Outposts. So tremendous opportunity and all of that leads to new use cases that we are able to serve.

Kash，我想補充一下——我將從雲端提供者開始。首先，我對上季度我們在 VMware Cloud 所做的產品組合擴充感到興奮。認證旨在擴大我們的目標，瞄準更大規模的聯邦客戶群、服務擴展以及跨所有超大規模供應商提供服務的區域、我們在VMware Cloud on AWS 上推出的新服務（例如Tanzu）現在與VMware Cloud整合在 AWS Outposts 上。如此巨大的機會以及所有這些都帶來了我們能夠服務的新用例。

Now in terms of wins that give you -- a win that gives you a picture of how we are winning with cloud services, the best sort of story that I would provide is our financial services firm where they're now looking at our cloud to provide all their loan officers, call center agents, a full sort of service that is fully automated and scaled out through our cloud environment. And now trying to do that modernization in their own infrastructure would have required them to have talent and time, neither of which were possible without our solution. And that's what we are seeing as a predominant reason why customers are looking at our cloud infrastructure across all of our -- all the cloud providers as a predominant use of going to VMware Cloud solution.

現在，就讓您了解我們如何透過雲端服務獲勝的勝利而言，我要提供的最好的故事是我們的金融服務公司，他們現在正在研究我們的雲端為他們所有的信貸員、呼叫中心代理提供完全自動化並透過我們的雲端環境擴展的全套服務。現在，想要對自己的基礎設施進行現代化改造，就需要他們擁有人才和時間，如果沒有我們的解決方案，這一切都是不可能的。這就是我們認為客戶將我們所有雲端供應商的雲端基礎架構視為使用 VMware Cloud 解決方案的主要用途的主要原因。

And then for Tanzu, I think Raghu already touched. For modern applications using Kubernetes across multi-cloud, we are seeing customers start with either one module or adopt our full platforms that Raghu talked about in a very, very easy-to-adopt fashion at this point of time from Tanzu.

然後對於 Tanzu，我認為 Raghu 已經有所觸動。對於跨多雲使用 Kubernetes 的現代應用程序，我們看到客戶從一個模組開始，或者採用我們的完整平台，Raghu 在此時以一種非常非常容易採用的方式從 Tanzu 談到。

We'll hear next from Karl Keirstead with UBS.

接下來我們將聽取瑞銀集團卡爾‧凱爾斯特德 (Karl Keirstead) 的發言。

Zane, I wouldn't mind pressing a little bit on your guide for high single-digit revenue growth for fiscal '23. That's impressive, a little bit higher than I was modeling. It's actually an acceleration from your exit growth rate of 7% in 4Q this year despite larger scale, despite what I'm sure are some pressures as you transition from upfront license maintenance to subscription. So I just wanted to see if you might unpack a little bit where that confidence comes from and ask 2 secondary questions, whether it might be more second half-weighted and whether if you could confirm that it's entirely organic.

Zane，我不介意在您的 23 財年高個位數營收成長指南上強調一點。這太令人印象深刻了，比我建模時高一點。實際上，儘管規模更大，但今年第四季 7% 的退出成長率有所加速，儘管我確信從前期許可證維護過渡到訂閱會面臨一些壓力。所以我只是想看看你是否可以稍微解開這種信心的來源，並問兩個次要問題，是否可能會在後半部分加權，以及你是否可以確認它是完全有機的。

Sure, Karl. I'll tell you, first off, we obviously give it at a high level, so I appreciate the commentary on it. So I'm not going to get into detail on first or second half. I will tell you, as we look at next year, to your point, it is a balance of us continuing to drive that growth, not only on the product side but the go-to-market side and the operating side of our sub and SaaS portfolio; and then in conjunction with that, continue to deliver on the license portion and the on-prem portion of the portfolio, which as you saw in the third quarter, had really strong performance. And it's a combination of that -- our message resonating in the marketplace, the confidence of our sales teams, and as you've heard here across the portfolio that we have -- with the products we have, and in particular, the multi-cloud message that's resonating with our customers and the momentum we're seeing for the year.

當然，卡爾。我會告訴你，首先，我們顯然給出了很高的水平，所以我很欣賞對此的評論。所以我不會詳細介紹上半場或下半場。我會告訴你，當我們展望明年時，就你的觀點而言，這是我們繼續推動成長的平衡，不僅在產品方面，而且在進入市場方面以及我們的分公司和營運方面。然後與此相結合，繼續交付產品組合的許可證部分和本地部署部分，正如您在第三季度看到的那樣，它們的表現非常強勁。這是一個組合 - 我們的訊息在市場上引起共鳴，我們的銷售團隊的信心，以及正如您在這裡所聽到的，我們擁有的產品組合 - 我們擁有的產品，特別是多產品與我們的客戶產生共鳴的雲端訊息以及我們今年看到的勢頭。

I mentioned sort of the second half. And then, obviously, heading into FY '23, we're confident that we can continue to see that growth on the mix between the on-prem and then continue to drive the sub and SaaS growth at an ARR that we believe will be stronger than the ARR we expect to see this year for all of the reasons that Raghu mentioned. When we break out each element of that portfolio and we look at the bookings performance and the pipeline performance that we're already seeing, a lot of the deals that Sumit's team are negotiating right now will be recognized as revenue into the new year. So a lot of that gives us the backdrop to the outlook that we believe we'll execute against for the next fiscal year, and obviously, more to come on our next call. But thanks for the question.

我提到了下半場。然後，顯然，進入 23 財年，我們有信心能夠繼續看到本地部署之間的混合增長，然後繼續推動子系統和 SaaS 的增長，我們相信 ARR 會更強出於Raghu 提到的所有原因，我們預計今年的ARR 會高於預期。當我們分解該投資組合的每個要素並查看我們已經看到的預訂業績和管道績效時，Sumit 團隊目前正在談判的許多交易將被確認為新一年的收入。因此，這在很大程度上為我們提供了前景的背景，我們相信我們將在下一個財年執行這一前景，顯然，我們的下一次電話會議中還會有更多內容。但謝謝你的提問。

We'll take our next question from Keith Bachman with BMO.

我們將回答 BMO 的 Keith Bachman 提出的下一個問題。

I wanted to see if I could direct this to you. In the past management, VMware management has talked about 80% of apps are running on the cloud -- running on-premise, 20% on cloud and over time, that would invert. And I wanted to try to get a feedback on -- some of that growth is transitioning existing applications to the cloud, but a lot of it is the growth of new applications. And I want to hear your characterization of VMware's attach rates, ARR contribution and/or growth rates of new applications versus existing applications. What does that look like in terms of your ability to win for the new applications today in particular? And how would you think about that changing over the next year or 2 as Tanzu begins to -- or not begins to, but continues to mature?

我想看看是否可以將其轉給您。在過去的管理層中，VMware 管理層曾談到 80% 的應用程式在雲端上運行——在本地運行，20% 在雲端上運行，隨著時間的推移，情況會發生逆轉。我想嘗試獲得回饋——其中一些成長是將現有應用程式過渡到雲端，但其中許多是新應用程式的成長。我想聽聽您對 VMware 附加率、ARR 貢獻和/或新應用程式相對於現有應用程式的成長率的描述。特別是從您今天贏得新應用程式的能力來看，這是什麼樣的？當 Tanzu 開始（或不開始）但繼續成熟時，您如何看待未來一兩年這種變化？

Yes. So as I've spoken about in the financial analyst meeting, we are in an age of explosive growth with respect to applications. And we see applications growing, obviously, in the public cloud, in the data centers and private clouds and increasingly at the edge as well. I think by some industry analyst estimates, 2 out of 3 applications -- new applications are in the public cloud or a little higher, depending on which analysts to believe in. So for the applications that are going into the data center, given our preponderance in the data center and private clouds, they tend to invariably land on top of our platform -- the applications on top of our infrastructure platform. And then as we build out our Tanzu portfolio, they start to use Tanzu as well.

是的。正如我在金融分析師會議上所說，我們正處於應用程式爆炸性成長的時代。顯然，我們看到應用程式在公有雲、資料中心和私有雲中不斷成長，而且在邊緣也越來越多。我認為根據一些行業分析師的估計，三分之二的應用程式- 新應用程式位於公有雲或更高一點，這取決於相信哪些分析師。我們的優勢在資料中心和私有雲中，它們往往總是落在我們的平台之上——我們的基礎設施平台之上的應用程式。然後，當我們建立 Tanzu 產品組合時，他們也開始使用 Tanzu。

Similarly, as applications go into the edge, we've got a pretty significant presence at the edge, and those applications tend to align on our platform as well. The applications on the public cloud, clearly, there's a large set of those applications landing on the cloud providers' infrastructure. But as Tanzu gains more maturity and as we introduce new capabilities like Tanzu Application Platform, et cetera, we are seeing customers start to use that as well to make the task of building new applications on public clouds easier.

同樣，當應用程式進入邊緣時，我們在邊緣的存在非常重要，而這些應用程式也傾向於在我們的平台上保持一致。顯然，公有雲上的應用程式有大量應用程式登陸到雲端提供者的基礎架構上。但隨著 Tanzu 變得更加成熟，並且隨著我們引入 Tanzu 應用程式平台等新功能，我們看到客戶也開始使用它來簡化在公有雲上建立新應用程式的任務。

And then last but not the least, with the VMware Cloud offerings on the public cloud providers, we are starting to see new applications land there as well because we just recently handed -- added Kubernetes capability to the VMware Cloud offerings. So as we build those out, we expect to see getting a good share of new applications on the public cloud as well. So on the whole, if you look at public cloud data center edge, we are well positioned to capture a good chunk of the new applications.

最後但並非最不重要的一點是，隨著公有雲供應商提供 VMware Cloud 產品，我們也開始看到新的應用程式登陸那裡，因為我們最近剛剛在 VMware Cloud 產品中添加了 Kubernetes 功能。因此，當我們建立這些應用程式時，我們希望看到在公有雲上也能獲得很大份額的新應用程式。因此，總體而言，如果您關注公有雲資料中心邊緣，您會發現我們處於有利位置，可以捕獲大量新應用程式。

Thank you, Keith. Before we conclude, Raghu, I think you had a concluding comment to make.

謝謝你，基斯。在我們結束之前，拉古，我想你有一個總結性的評論。

Absolutely. Thanks, Paul. So thanks for the Q&A, and thanks for spending the hour with us. What I wanted to say in summary, VMware is committed to providing an ubiquitous software platform for our customers as they navigate to the multi-cloud or distributed era. We have a fantastic team, and we have a great portfolio that serves our critical customer requirements. And last but not the least, especially post spin, we have a strong and growing ecosystem. So we are really well positioned to succeed.

絕對地。謝謝，保羅。感謝您的問答，也感謝您與我們共度這一小時。我想說的總而言之，VMware 致力於為我們的客戶提供一個無所不在的軟體平台，幫助他們進入多雲或分散式時代。我們擁有一支出色的團隊，並且擁有出色的產品組合，可以滿足我們關鍵的客戶需求。最後但並非最不重要的一點是，尤其是後期旋轉，我們擁有一個強大且不斷發展的生態系統。因此，我們確實處於成功的有利位置。

Thanks for joining us today, and have a great Thanksgiving.

感謝您今天加入我們，祝您感恩節快樂。

Thank you. And that does conclude today's conference. We do thank you all for your participation, and you may now disconnect.

謝謝。今天的會議到此結束。我們非常感謝大家的參與，現在您可以斷開連線了。