VMware Inc (VMW) 2022 Q4 法說會逐字稿

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

美好的一天，歡迎參加 VMware 2022 財年第四季度收益電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Paul Ziots. Please go ahead.

在這個時候，我想把會議交給 Paul Ziots。請繼續。

Good afternoon, everyone, and welcome to VMware's Fourth Quarter and 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.

大家下午好，歡迎參加 VMware 2022 年第四季度和 2022 財年收益電話會議。在電話會議上，我們有首席執行官 Raghu Raghuram；和執行副總裁兼首席財務官 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 the 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市後發布的，並發佈在我們的網站上，該電話同時進行網絡直播。此網絡廣播隨附的幻燈片可與現場評論一起查看，並在網絡廣播結束時從 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陳述。由於 10-Ks、10-Qs 和 8-Ks VMware 向 SEC 提交的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陳述。

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 substitute 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 of 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原則的財務措施。這些非 GAAP 財務指標用作衡量 VMware 績效的指標，應作為 GAAP 指標的補充而非替代或孤立考慮。我們的非公認會計原則措施不包括基於股票的薪酬、僱員股票交易的雇主工資稅、收購的無形資產的攤銷、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的 GAAP 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公認會計原則措施的更多披露，包括可比公認會計原則措施的對賬。

The webcast replay of this call will be available for the next 60 days on our company website under the Investor Relations link. Our first quarter fiscal '23 quiet period begins at the close of business, Thursday, April 14, 2022.

在接下來的 60 天內，將在我們公司網站的投資者關係鏈接下提供此次電話會議的網絡直播重播。我們的 23 財年第一季度靜默期從 2022 年 4 月 14 日星期四營業結束時開始。

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

有了這個，我會把它交給Raghu。

Thanks, Paul. Good afternoon and thank you for joining us. Q4 was a solid end to a good fiscal year. Revenue for the fourth quarter was $3.53 billion, an increase of 7% from the fourth quarter of fiscal year '21. Revenue for fiscal year '22 was $12.85 billion an increase of 9% from fiscal year '21.

謝謝，保羅。下午好，感謝您加入我們。第四季度為良好的財政年度畫上了圓滿的句號。第四季度收入為 35.3 億美元，比 21 財年第四季度增長 7%。 '22 財年的收入為 128.5 億美元，比 '21 財年增長 9%。

We are at an exciting time in our industry as organizations large and small transform and modernize to become software-based digital enterprises. This transformation is characterized by an explosive growth in new business applications and new digital experiences delivered from the cloud, from the data centers and from the edge to employees and consumers on diverse smart devices. This emerging distributed world of computing is what we call multi-cloud, and it is the next phase of enterprise technology. We aspire to be the leading platform vendor of this multi-cloud era, enabling businesses and organizations to build, run and secure their applications powering that transformation.

隨著大大小小的組織轉型和現代化，成為基於軟件的數字企業，我們正處於行業的激動人心的時刻。這種轉變的特點是新業務應用程序和從雲、數據中心和邊緣到員工和消費者在各種智能設備上提供的新數字體驗的爆炸性增長。這個新興的分佈式計算世界就是我們所說的多雲，它是企業技術的下一階段。我們渴望成為這個多雲時代的領先平台供應商，使企業和組織能夠構建、運行和保護他們的應用程序，從而推動這一轉型。

We are pleased with the progress we have made over the past 12 months to capture this opportunity. At the start of the fiscal year 2022, we highlighted the focus areas that will help drive our customers' innovations and continue to drive value for our shareholders.

我們對過去 12 個月為抓住這一機會所取得的進展感到高興。在 2022 財年伊始，我們強調了有助於推動客戶創新並繼續為股東創造價值的重點領域。

The first is a focus on accelerating multi-cloud innovation and offerings, which we have begun through the delivery of our VMware Cross-Cloud Services, a set of integrated SaaS offerings designed to deliver customers a faster and smarter path to the cloud.

首先是專注於加速多雲創新和產品，我們已經通過提供 VMware 跨雲服務開始了這一點，這是一組集成的 SaaS 產品，旨在為客戶提供更快、更智能的雲路徑。

Second is a focus on accelerating our subscription and SaaS offerings. We have made strong progress here, including the launches of VMware Cloud Universal and vRealize Cloud Universal. At the end of fiscal year '22, our revenue from subscription and SaaS offerings rose to 25% of our overall revenue.

其次是專注於加速我們的訂閱和 SaaS 產品。我們在這方面取得了長足的進步，包括推出了 VMware Cloud Universal 和 vRealize Cloud Universal。在 22 財年末，我們來自訂閱和 SaaS 產品的收入上升到我們總收入的 25%。

Third is a successful completion of our spin-off from Dell Technologies to become a stand-alone company, positioning us well to become the Switzerland of this new multi-cloud industry.

第三是我們成功完成了從戴爾科技公司的分拆，成為一家獨立的公司，為我們成為這個新的多雲行業的瑞士做好了準備。

Fiscal year '23 is an important year in our transformation. The progress we will make this year will position us to drive accelerated growth in fiscal year '24 and beyond. During fiscal year '23, we expect to achieve our goal of making all of our major products available as subscription or SaaS offerings. Specifically, all of our SDDC offerings will become available as cloud-delivered software, joining our Tanzu, cloud management, security and end-user SaaS offerings and will help further accelerate our business model transformation.

'23 財年是我們轉型的重要一年。我們今年將取得的進展將使我們能夠在 24 財年及以後推動加速增長。在 23 財年，我們希望實現我們的目標，即讓我們所有的主要產品都以訂閱或 SaaS 產品的形式提供。具體來說，我們所有的 SDDC 產品都將作為雲交付軟件提供，加入我們的 Tanzu、雲管理、安全和最終用戶 SaaS 產品，並將有助於進一步加速我們的業務模式轉型。

The second area I'm excited about is the progress we are making in our multi-cloud capabilities across our portfolio. In order to drive this innovation, we are specifically focusing our product and go-to-market efforts on 3 big customer solution areas. One is accelerating our customers' application transformation by providing a modern app platform with DevSecOps capabilities and multi-cloud management offerings to help them build, manage and secure their modern apps on any cloud. Tanzu and cloud management form the core of this solution.

我感到興奮的第二個領域是我們在整個產品組合中的多雲功能方面取得的進展。為了推動這項創新，我們將我們的產品和上市工作特別集中在 3 個大客戶解決方案領域。一是通過提供具有 DevSecOps 功能和多雲管理產品的現代應用程序平台來加速我們客戶的應用程序轉型，以幫助他們在任何云上構建、管理和保護他們的現代應用程序。 Tanzu 和雲管理構成了該解決方案的核心。

Two is accelerating customers' ability to modernize and migrate their enterprise workloads to all major hyperscalers, sovereign clouds, private clouds and the edge with VMware Cloud built on vSphere, NSX and vSAN.

二是藉助基於 vSphere、NSX 和 vSAN 構建的 VMware Cloud，加快客戶將企業工作負載現代化並遷移到所有主要超大規模、主權雲、私有云和邊緣的能力。

And three is accelerating the delivery of an Anywhere Workspace for the distributed workforce of today and the future. Our SASE Carbon Black Workspace ONE and Horizon offerings complete the solution.

第三是加速為當今和未來的分佈式勞動力交付 Anywhere Workspace。我們的 SASE Carbon Black Workspace ONE 和 Horizon 產品完善了解決方案。

The Tanzu and cloud management portfolio accelerates our customer space of digital innovation by helping them build new applications more easily and deploy and operate them more securely in any Kubernetes environment on any cloud. We see opportunities in attracting and acquiring new customers through our Tanzu Kubernetes operations solutions while providing an evolutionary journey for our existing VMware Tanzu application services customers.

Tanzu 和雲管理產品組合通過幫助客戶更輕鬆地構建新應用程序並在任何云上的任何 Kubernetes 環境中更安全地部署和操作它們來加速我們的客戶數字創新空間。我們看到了通過我們的 Tanzu Kubernetes 運營解決方案吸引和獲取新客戶的機會，同時為我們現有的 VMware Tanzu 應用程序服務客戶提供了一個進化之旅。

A key Q4 accomplishment was making VMware Tanzu application platform generally available. Customers are leaning into this new offering, including, for example, a next-generation leading health care solutions company who's partnering with VMware to build a consumer-centric technology foundation. By utilizing the VMware Tanzu application platform, they can transform their developer experience and accelerate their development and delivery of differentiated consumer experiences.

第四季度的一項關鍵成就是使 VMware Tanzu 應用平台普遍可用。客戶正傾向於這種新產品，例如，一家與 VMware 合作建立以消費者為中心的技術基礎的下一代領先醫療保健解決方案公司。通過利用 VMware Tanzu 應用平台，他們可以改變他們的開發者體驗並加速他們開發和交付差異化的消費者體驗。

As we help customers accelerate app modernization, organizations are also looking to VMware for multi-cloud management offerings to establish consistent application and infrastructure operations. Our customers are using both modern apps and cloud management to modernize their digital infrastructure and bridge the gap across any cloud. VMware's management offerings play a key role as the central hybrid cloud control plane across our customers' private and public clouds.

在我們幫助客戶加速應用現代化的過程中，組織也在尋求 VMware 的多雲管理產品，以建立一致的應用和基礎架構運營。我們的客戶正在使用現代應用程序和雲管理來實現其數字基礎設施的現代化，並彌合任何云之間的差距。 VMware 的管理產品作為跨客戶私有云和公共雲的中央混合雲控制平面發揮著關鍵作用。

VMware Cloud is our modern cloud infrastructure that delivers the resiliency, security and operational capabilities required in a trusted enterprise infrastructure foundation. Built on VMware Cloud Foundation, VMware Cloud is now available everywhere: on hyperscaler clouds; in the data center; on sovereign clouds; in telcos; and at the edge. Our customers are pleased with the speed and cost benefits they get by using VMware when adopting and deploying their applications to the cloud.

VMware Cloud 是我們的現代云基礎架構，可提供受信任的企業基礎架構基礎所需的彈性、安全性和運營能力。基於 VMware Cloud Foundation 構建的 VMware Cloud 現在隨處可用：在超大規模雲上；在數據中心；在主權雲上；在電信公司；並在邊緣。我們的客戶對在採用 VMware 並將其應用程序部署到雲時所獲得的速度和成本優勢感到滿意。

For example, Carhartt, an American apparel company, continuously innovates to deliver exceptional e-commerce and production environments. The global premium workwear brand use Azure VMware solution to establish a reliable cloud infrastructure for critical workloads and easy-to-manage, more secure digital workspaces.

例如，美國服裝公司 Carhartt 不斷創新，以提供卓越的電子商務和生產環境。全球優質工作服品牌使用 Azure VMware 解決方案為關鍵工作負載和易於管理、更安全的數字工作區建立可靠的雲基礎架構。

Another key component to our cloud infrastructure stack is VMware vSAN, which continues to receive recognition, including being again named a leader in the Gartner Magic Quadrant for hyperconverged infrastructure software in November 2021. This year, we look forward to advancing our differentiation for running modern workloads with new releases of vSphere software and support for even greater choice and flexibility with our hyperscaler offerings.

我們的雲基礎架構堆棧的另一個關鍵組件是 VMware vSAN，它繼續獲得認可，包括在 2021 年 11 月再次被評為 Gartner 超融合基礎架構軟件魔力像限的領導者。今年，我們期待推進我們的差異化以運行現代使用新版本的 vSphere 軟件處理工作負載，並通過我們的超大規模產品提供更大的選擇和更大的靈活性。

We continue to see momentum with all of our hyperscale cloud partners, providing more choice and more flexibility for our customers. We also support our customers' relationships with their preferred providers and system integrators. For example, to help global organizations accelerate IT and business reinvention, we recently announced an expansion of our strategic partnership with Kyndryl, focused on app modernization and multi-cloud services.

我們繼續看到我們所有超大規模雲合作夥伴的發展勢頭，為我們的客戶提供更多選擇和更大的靈活性。我們還支持客戶與其首選供應商和系統集成商的關係。例如，為了幫助全球組織加速 IT 和業務重塑，我們最近宣布擴大與 Kyndryl 的戰略合作夥伴關係，重點關注應用程序現代化和多雲服務。

Our Anywhere Workspace offering powers today's distributed workforce by removing the friction that can exist between IT systems and employees. This creates better employee experiences and broader, most effective security through a set of comprehensive SaaS services in user and endpoint management, edge, networking and security.

我們的 Anywhere Workspace 產品通過消除 IT 系統和員工之間可能存在的摩擦，為當今的分佈式勞動力提供動力。這通過用戶和端點管理、邊緣、網絡和安全方面的一套全面的 SaaS 服務創造了更好的員工體驗和更廣泛、最有效的安全性。

A powerful example of helping our customers with work-from-anywhere opportunities is the MD Anderson Cancer Center. Their use of Anywhere Workspace, including VMware SASE, has enabled their researchers and physicians to work remotely during the pandemic. Their researchers now have the ability to access sensitive and bandwidth-intensive data like X-rays from anywhere. This has freed up researcher time to focus on more critical patient care tasks.

MD 安德森癌症中心是幫助我們的客戶獲得隨時隨地工作機會的一個強有力的例子。他們使用包括 VMware SASE 在內的 Anywhere Workspace 使他們的研究人員和醫生能夠在大流行期間遠程工作。他們的研究人員現在能夠從任何地方訪問敏感和帶寬密集型數據，例如 X 射線。這讓研究人員騰出時間專注於更關鍵的患者護理任務。

Across all of these multi-cloud services, we have built our cloud networking and advanced security services, which include NSX networking, SD-WAN, SASE and security services as well as Carbon Black Cloud as a key component in providing consistent connectivity, visibility and zero trust security across all fronts.

在所有這些多雲服務中，我們構建了我們的云網絡和高級安全服務，其中包括 NSX 網絡、SD-WAN、SASE 和安全服務以及作為提供一致連接、可見性和各個方面的零信任安全。

We continue our commitment to embedding environmental, social and governance into everything we do. VMware was recently recognized in the Just 100, a comprehensive ranking of ESG and stakeholder performance, for the fifth consecutive year. This year, we ranked #1 overall in the environmental category, leading all companies in sustainable products and pollution reduction. Additionally, on the social impact front, VMware was named among the Best Places to Work by Glassdoor and achieved 100% on the Human Rights Campaigns Foundation's 2021 Corporate Equality Index and named one of the best places to work for LGBTQ equality.

我們繼續致力於將環境、社會和治理融入我們所做的一切。 VMware 最近連續第五年在 ESG 和利益相關者績效綜合排名 Just 100 中獲得認可。今年，我們在環境類別中總體排名第一，在可持續產品和減少污染方面領先所有公司。此外，在社會影響方面，VMware 被 Glassdoor 評為最佳工作場所之一，並在人權運動基金會的 2021 年企業平等指數中取得 100% 的成績，並被評為促進 LGBTQ 平等的最佳工作場所之一。

In summary, we are pleased with our progress in fiscal year '22 and excited about our opportunities in fiscal year '23. We expect to unleash the next phase of product innovation as we focus on our mission of providing the trusted software foundation to accelerate our customers' digital innovation, and we expect to make significant progress on our business model transformation. Our progress in fiscal year '23 will position us to accelerate in fiscal year '24 as we continue to drive value for all of our stakeholders.

總而言之，我們對我們在 '22 財年的進展感到高興，並對我們在 '23 財年的機會感到興奮。隨著我們專注於提供可信賴的軟件基礎以加速客戶數字創新的使命，我們預計將釋放下一階段的產品創新，並希望在業務模式轉型方面取得重大進展。我們在 '23 財年取得的進展將使我們在 '24 財年加速發展，因為我們將繼續為所有利益相關者創造價值。

Thank you to our customers, our partners, and the VMware team for helping close a successful fiscal year '22 and look forward to a great '23.

感謝我們的客戶、我們的合作夥伴和 VMware 團隊幫助完成了一個成功的 '22 財年，並期待一個偉大的 '23。

Thank you, Raghu. We're pleased with our Q4 and full year fiscal '22 financial results, which have us well positioned for FY '23 and beyond given our attractive long-term financial model.

謝謝你，拉古。我們對我們的第四季度和 22 財年全年財務業績感到滿意，鑑於我們有吸引力的長期財務模型，這使我們在 23 財年及以後處於有利地位。

Total revenue for the quarter was $3.5 billion, and combined subscription and SaaS and license revenue grew 11% year-over-year to $1.9 billion. Our Q4 subscription and SaaS revenue of $868 million grew 23% year-over-year. For the full year fiscal '22, subscription and SaaS revenue totaled $3.2 billion and increased to 25% of total revenue, which puts us on track to surpass $4 billion in subscription and SaaS revenue for fiscal '23.

本季度總收入為 35 億美元，訂閱、SaaS 和許可收入合計同比增長 11% 至 19 億美元。我們第四季度的訂閱和 SaaS 收入為 8.68 億美元，同比增長 23%。在 22 財年全年，訂閱和 SaaS 收入總計 32 億美元，佔總收入的 25%，這使我們在 23 財年的訂閱和 SaaS 收入有望超過 40 億美元。

Our subscription and SaaS portfolio is comprised of 3 customer solution areas: Tanzu and cloud management, cloud infrastructure and end user and secure edge. Cloud infrastructure includes our VMware Cloud offerings, such as VCPP, VMware Cloud on AWS and VMware Cloud on other hyperscaler platforms. End user and secure edge includes Workspace ONE, Horizon, Carbon Black and our SASE offerings, such as VMware SD-WAN.

我們的訂閱和 SaaS 產品組合由 3 個客戶解決方案領域組成：Tanzu 和雲管理、雲基礎設施和最終用戶以及安全邊緣。雲基礎架構包括我們的 VMware Cloud 產品，例如 VCPP、VMware Cloud on AWS 和其他超大規模平台上的 VMware Cloud。最終用戶和安全邊緣包括 Workspace ONE、Horizon、Carbon Black 和我們的 SASE 產品，例如 VMware SD-WAN。

Total subscription and SaaS ARR increased to $3.6 billion in FY '22, up 24% versus FY '21. And for the full year, subscription and SaaS revenue surpassed license revenue for the first time. License revenue in Q4 grew 2% year-over-year to $1.035 billion. Term license revenue was $191 million and comprised 18.5% of license revenue in Q4, up from $95 million in Q3. Term license revenue for the full year FY '22 was $442 million, up from $119 million in FY '21. This growth was due to new and expanding product offerings and customers moving from on-prem license to term offerings.

總訂閱和 SaaS ARR 在 22 財年增加到 36 億美元，比 21 財年增長 24%。全年訂閱和 SaaS 收入首次超過許可收入。第四季度的許可收入同比增長 2% 至 10.35 億美元。期限許可收入為 1.91 億美元，佔第四季度許可收入的 18.5%，高於第三季度的 9500 萬美元。 22 財年全年的定期許可收入為 4.42 億美元，高於 21 財年的 1.19 億美元。這種增長是由於新的和不斷擴大的產品供應以及客戶從本地許可轉向定期產品。

Services revenue for Q4 was $1.628 billion, an increase of approximately 3.5% year-over-year, with software maintenance revenue up 3% year-over-year to $1.346 billion. Our large installed base provides an opportunity to convert recurring software maintenance streams to subscription and SaaS, delivering incremental value to customers by driving continuous innovation as well as enabling additional upsell and cross-sell opportunities.

第四季度服務收入為 16.28 億美元，同比增長約 3.5%，軟件維護收入同比增長 3% 至 13.46 億美元。我們龐大的安裝基礎提供了將經常性軟件維護流轉換為訂閱和 SaaS 的機會，通過推動持續創新以及實現額外的追加銷售和交叉銷售機會為客戶提供增量價值。

Our non-GAAP operating income for the quarter was $1.137 billion. This stronger-than-expected result was due to both higher revenue performance and lower-than-expected growth in expenses. Non-GAAP operating margin for the quarter was 32.2% with non-GAAP earnings per share of $2.02 on a share count of 423 million diluted shares. Other income and expense for Q4 included $21 million of loss on the early repayment of our $1.5 billion bond obligation due in August 2022.

我們本季度的非公認會計原則營業收入為 11.37 億美元。這一強於預期的結果是由於較高的收入表現和低於預期的費用增長。本季度非 GAAP 營業利潤率為 32.2%，非 GAAP 每股收益為 2.02 美元，稀釋後股票為 4.23 億股。第四季度的其他收入和支出包括提前償還我們於 2022 年 8 月到期的 15 億美元債券義務造成的 2100 萬美元損失。

We ended the quarter with $11.2 billion in unearned revenue and $3.6 billion in cash, cash equivalents and short-term investments. We paid $11.5 billion special cash dividend at the beginning of Q4 on November 1, 2021. Cash flow from operations for FY '22 was $4.4 billion, which was stronger than expected due to the strength of the P&L in Q4 as well as timing of cash tax payments and other expenses. Q4 cash flow from operations was $1.137 billion, and free cash flow was $1.014 billion. In Q4, we paid down $2 billion in debt, consisting of $500 million of term loan commitments and the $1.5 billion bond due in August of this year that I referenced earlier.

我們在本季度末的未實現收入為 112 億美元，現金、現金等價物和短期投資為 36 億美元。我們在 2021 年 11 月 1 日第四季度初支付了 115 億美元的特別現金股息。22 財年的運營現金流為 44 億美元，由於第四季度損益表的強勁以及現金的時間安排，這比預期的要強納稅和其他費用。第四季度運營現金流為 11.37 億美元，自由現金流為 10.14 億美元。在第四季度，我們償還了 20 億美元的債務，其中包括 5 億美元的定期貸款承諾和我之前提到的今年 8 月到期的 15 億美元債券。

RPO in Q4 was $12 billion, up 6% year-over-year, and current RPO was $6.8 billion, up 9% year-over-year. Total backlog was $88 million, substantially all of which consisted of orders received in 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 $14 million.

第四季度 RPO 為 120 億美元，同比增長 6%，當前 RPO 為 68 億美元，同比增長 9%。總積壓為 8800 萬美元，其中大部分包括在本季度最後 3 天收到的未發貨訂單和由於我們的出口管制流程而保留的訂單。季度末的許可積壓為 1400 萬美元。

In FY '22, our subscription and SaaS bookings increased to over 32% of total bookings, excluding PSO. Subscription and SaaS bookings are the leading indicator of the progress we're making with our multi-cloud solutions.

在 22 財年，我們的訂閱和 SaaS 預訂量增加到總預訂量的 32% 以上，不包括 PSO。訂閱和 SaaS 預訂是我們使用多雲解決方案取得進展的主要指標。

Turning to Q4 product bookings, which include subscription, SaaS and license bookings. In our cloud application platform and cloud management area, management product bookings grew in the strong double digits year-over-year. We were also pleased with the customer interest in our new Tanzu application platform, which became generally available in the quarter.

轉向第四季度產品預訂，包括訂閱、SaaS 和許可證預訂。在我們的雲應用平台和雲管理領域，管理產品預訂量以強勁的兩位數同比增長。我們還對客戶對我們新的 Tanzu 應用程序平台的興趣感到滿意，該平台於本季度全面推出。

In cloud infrastructure, which includes compute, storage and networking, our Q4 compute product bookings grew in the high teens year-over-year driven by contributions from solutions such as VCPP, vCloud Suite and VMware Cloud. vSAN was up in the mid-single digits. NSX grew in the low double digits, and EUC had strong double-digit product bookings growth year-over-year in Q4.

在包括計算、存儲和網絡在內的雲基礎架構中，我們的第四季度計算產品預訂量同比增長了十幾倍，這得益於 VCPP、vCloud Suite 和 VMware Cloud 等解決方案的貢獻。 vSAN 的增長幅度為中個位數。 NSX 以兩位數的低位增長，EUC 在第四季度實現了強勁的兩位數產品預訂量同比增長。

In Q4, we repurchased approximately 2.5 million shares in the open market at an average price of $119 per share. Our capital allocation framework remains unchanged as we plan to use our cash generation and balance sheet to invest in growing our business, paying down debt and returning excess capital to shareholders through share repurchases. At the end of Q4, we had approximately $1.7 billion remaining on our existing repurchase authorization of up to $2 billion.

第四季度，我們在公開市場上以每股 119 美元的平均價格回購了大約 250 萬股股票。我們的資本分配框架保持不變，因為我們計劃利用我們的現金產生和資產負債表來投資於發展我們的業務、償還債務並通過股票回購將多餘的資本返還給股東。在第四季度末，我們現有的高達 20 億美元的回購授權剩餘約 17 億美元。

Turning to guidance for fiscal '23. Our outlook for the year is consistent with the long-term framework laid out at our analyst meeting last October as well as the preliminary FY '23 outlook provided on our Q3 call. FY '23 total revenue is expected to be $13.750 billion, an increase of 7% versus fiscal '22. As we've discussed previously, we're increasing our product development and go-to-market focus on subscription and SaaS product offerings, which we believe will help accelerate future top line growth and lifetime customer value.

轉向 '23 財年的指導。我們對今年的展望與去年 10 月分析師會議上製定的長期框架以及我們在第三季度電話會議上提供的 23 財年初步展望一致。 23 財年的總收入預計為 137.50 億美元，比 22 財年增長 7%。正如我們之前所討論的，我們正在增加對訂閱和 SaaS 產品的產品開發和上市重點，我們相信這將有助於加速未來的收入增長和終身客戶價值。

We forecast the combination of subscription and SaaS and license revenue to be approximately $7.020 billion, an increase of 11%, with subscription and SaaS revenue of $4.040 billion, up 26% versus fiscal '22. We plan for subscription and SaaS to reach nearly 30% of total revenue for fiscal '23, and we expect our subscription and SaaS ARR growth rate for FY '23 to exceed our subscription and SaaS ARR growth rate for FY '22.

我們預測訂閱和 SaaS 和許可收入的總和約為 70.20 億美元，增長 11%，訂閱和 SaaS 收入為 40.40 億美元，比 22 財年增長 26%。我們計劃訂閱和 SaaS 達到 23 財年總收入的近 30%，我們預計 23 財年的訂閱和 SaaS ARR 增長率將超過 22 財年的訂閱和 SaaS ARR 增長率。

We expect non-GAAP operating margin for the full year to be 28%, which reflects investments in support of expanding our subscription and SaaS offerings. And we expect non-GAAP earnings per share of $6.97 on a diluted share count of 427 million shares.

我們預計全年非 GAAP 營業利潤率為 28%，這反映了為支持擴展我們的訂閱和 SaaS 產品而進行的投資。我們預計非公認會計原則每股收益為 6.97 美元，稀釋後的股票數量為 4.27 億股。

As I mentioned earlier, we had strong cash flow from operations in Q4, which resulted in us exceeding our cash flow guidance by over $250 million. Taking into account the expected impact a portion of that outperformance has on the upcoming year due to timing, we currently forecast cash flow from operations of $4.2 billion and free cash flow of $3.75 billion in FY '23. For Q1, we expect total revenue of $3.185 billion or a growth rate of approximately 6.5% year-over-year. We forecast the combination of subscription and SaaS and license revenue to be approximately $1.555 billion, an increase of 12%, with subscription and SaaS revenue of $910 million, up 23% year-over-year.

正如我之前提到的，我們在第四季度擁有強勁的運營現金流，這導致我們超過了我們的現金流指導超過 2.5 億美元。考慮到由於時間安排而導致的部分優異表現對來年的預期影響，我們目前預測 23 財年的運營現金流為 42 億美元，自由現金流為 37.5 億美元。對於第一季度，我們預計總收入為 31.85 億美元，或同比增長約 6.5%。我們預計訂閱和 SaaS 及許可收入合計約為 15.55 億美元，增長 12%，其中訂閱和 SaaS 收入為 9.1 億美元，同比增長 23%。

For Q1, we expect non-GAAP operating margin to be 27% with non-GAAP earnings per share of $1.56 on a diluted share count of 424 million shares. Additional guidance details for Q1 as well as FY '23, including considerations related to tax rate, are contained in the slide deck accompanying this call.

對於第一季度，我們預計非 GAAP 營業利潤率為 27%，非 GAAP 每股收益為 1.56 美元，稀釋後的股票數量為 4.24 億股。第一季度和 23 財年的其他指導細節，包括與稅率相關的考慮因素，包含在本次電話會議隨附的幻燈片中。

Our Q4 FY '22 performance marked continued progress towards VMware's strategy of becoming a multi-cloud subscription and SaaS company given our mission-critical portfolio and deep customer relationships. Closing out the year, we delivered another quarter of consistent results across key financial metrics. This performance enables us to drive further innovation as we scale our multi-cloud platform, helping customers accelerate their journey to the cloud. Our subscription and SaaS portfolio expansion will continue to deliver value for our customers and shareholders as we grow the business.

鑑於我們的任務關鍵型產品組合和深厚的客戶關係，我們 22 財年第四季度的業績標誌著 VMware 成為多雲訂閱和 SaaS 公司的戰略持續取得進展。在這一年結束時，我們在關鍵財務指標上又實現了四分之一的一致結果。這種性能使我們能夠在擴展我們的多雲平台時推動進一步的創新，幫助客戶加速他們的雲之旅。隨著我們業務的發展，我們的訂閱和 SaaS 產品組合擴展將繼續為我們的客戶和股東創造價值。

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

我會把它轉回給 Paul 進行問答。

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

謝謝，贊恩。 （操作員說明）操作員，讓我們開始吧。

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

（操作員說明）我們的第一個問題將來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on the strong close to the year. First of all, it was great to see the reacceleration of subscription and SaaS. And I think you talked about all products being available as an SMS offering in fiscal '23. Can you talk a bit more about how you plan to roll that out? Are there any sales incentives that you're contemplating? And I guess in conjunction with that, how do we think about the license option, sort of the perpetual license option on a go-forward basis?

恭喜強者接近一年。首先，很高興看到訂閱和 SaaS 的重新加速。而且我認為您談到了所有產品在 23 財年都可以作為 SMS 產品提供。你能多談談你打算如何推出它嗎？您是否正在考慮任何銷售激勵措施？我想與此相結合，我們如何考慮許可選項，在前進的基礎上某種永久許可選項？

Matt, this is Raghu. Before I answer your question, let me take a minute to comment on today's news. Obviously, as all of us have been watching the news, the events that are happening in Ukraine are obviously much larger global scope and seriousness, and the impact and the conflict is horrible for all those involved. And we sincerely hope the hostilities cease really soon. And our thoughts are with everybody that's impacted, of course, including our employees and our partners and our customers in the region. And as a critical infrastructure supplier, we have made all the preparations necessary for business continuity for all of those affected as well.

馬特，這是拉古。在回答你的問題之前，讓我花一點時間評論一下今天的新聞。顯然，正如我們所有人都在看新聞一樣，烏克蘭正在發生的事件顯然具有更大的全球範圍和嚴重性，其影響和衝突對所有相關人員來說都是可怕的。我們真誠地希望敵對行動很快停止。當然，我們的想法與所有受到影響的人同在，包括我們的員工、我們的合作夥伴和我們在該地區的客戶。作為關鍵基礎設施供應商，我們也為所有受影響的人做好了業務連續性所需的一切準備。

And with that, turning my response back to your question, Matt, yes, we are very excited about FY '23. We are very pleased about how we finished up with FY '22. And as we have spoken many times before on this type of a call on other occasions, we set out 2 key objectives and 2 key goals for last year: one was to begin the process of accelerating our innovation around the multi-cloud opportunity; and second is accelerating our subscription and SaaS transformation. We made significant progress on both of them last year. And this year, we are very excited about the progress we're going to make.

有了這個，把我的回答轉回你的問題，馬特，是的，我們對 23 財年感到非常興奮。我們對我們如何完成 22 財年感到非常高興。正如我們之前在其他場合的此類電話會議上多次說過的那樣，我們為去年設定了 2 個關鍵目標和 2 個關鍵目標：一個是開始圍繞多雲機會加速我們的創新過程；其次是加速我們的訂閱和 SaaS 轉型。去年我們在這兩個方面都取得了重大進展。今年，我們對即將取得的進展感到非常興奮。

If you look at our product portfolio, we've set ourselves up very nicely for accelerating the multi-cloud innovation. Our Tanzu Kubernetes operations continues to mature very nicely. Our Tanzu application platform was GA-ed in the fourth quarter, and that has received a very strong interest from customers because it attacks the problem that a lot of customers are facing when they're building new applications in the cloud by accelerating the path to production of these new applications.

如果您查看我們的產品組合，我們已經為加速多雲創新做好了準備。我們的 Tanzu Kubernetes 運營繼續非常成熟。我們的 Tanzu 應用程序平台在第四季度獲得了 GA 版，這引起了客戶的強烈興趣，因為它解決了許多客戶在雲中構建新應用程序時所面臨的問題，通過加速路徑來解決生產這些新的應用程序。

And on the helping -- the second part of our portfolio is, of course, helping customers take their enterprise applications to the cloud, and we have made our VMware Cloud available on all platforms this year -- or last year, sorry. And we're going to make a lot more capabilities available on top of that, that makes this the premier platform for enterprise application in terms of resiliency, security and cost. And then, of course, all of our customers are having a majority of their employees work from home. So the combination of the innovations that we're bringing about in SASE with respect to cloud web security, firewalling and so on and so forth with respect to our Anywhere Workspace and digital experience for employees.

在幫助方面——我們產品組合的第二部分當然是幫助客戶將他們的企業應用程序帶到雲中，我們已經在今年——或者去年，對不起，我們的 VMware Cloud 在所有平台上可用。我們將在此基礎上提供更多功能，使其成為企業應用程序在彈性、安全性和成本方面的首要平台。然後，當然，我們所有的客戶都讓他們的大多數員工在家工作。因此，我們在 SASE 中帶來的關於云網絡安全、防火牆等方面的創新結合了我們的 Anywhere Workspace 和員工的數字體驗。

A lot of innovation in each of these areas. All these are multi-cloud-oriented, so very excited about that, specifically with respect to bringing our products to subscription and SaaS. This year, we will complete the job of having all of our SDDC portion of our portfolio available as subscription, and that is compute with Project Arctic that we talked about, initial availability in Q4, as previously planned, and general availability this year. And then, of course, vSAN and NSX. All these are significant efforts that have taken us the better part of 2 years. And I'm very excited that this year, we'll be achieving the milestone of making them all available.

每個領域都有很多創新。所有這些都是面向多雲的，對此非常興奮，特別是在將我們的產品引入訂閱和 SaaS 方面。今年，我們將完成將我們產品組合中的所有 SDDC 部分都作為訂閱提供的工作，這就是我們討論過的 Project Arctic 的計算，如先前計劃的第四季度的初始可用性，以及今年的全面可用性。然後，當然還有 vSAN 和 NSX。所有這些都是重大的努力，使我們度過了 2 年的大部分時間。我很高興今年，我們將實現使它們全部可用的里程碑。

And the second part of your question is as that happens, what are the other things that we are doing. On the sales and marketing side, we are definitely pivoting our initiatives towards our subscription and SaaS offerings in terms of the gates and the rates and so on. Equally importantly, we are adding a lot of new capacity, sales capacity with the folks that are coming in with the knowledge of how to sell and thrive in a subscription-oriented business model.

你的問題的第二部分是發生這種情況時，我們正在做的其他事情是什麼。在銷售和營銷方面，我們肯定會在門檻和費率等方面將我們的計劃轉向我們的訂閱和 SaaS 產品。同樣重要的是，我們正在增加許多新的能力和銷售能力，這些人正在了解如何在面向訂閱的商業模式中進行銷售和發展。

We are also arming our partners with the right set of certifications. Just last year alone, over 10,000 partners -- individuals in our partners got the certifications around Tanzu and cloud infrastructure and our Anywhere Workspace solutions. We are accelerating our -- reinvesting in our partnerships with our global systems integrators. You might have seen our announcement with Kyndryl and, similarly, other global system integrators.

我們還為我們的合作夥伴提供一套正確的認證。僅去年一年，就有超過 10,000 名合作夥伴——我們合作夥伴中的個人獲得了有關 Tanzu 和雲基礎架構以及我們的 Anywhere Workspace 解決方案的認證。我們正在加快我們與全球系統集成商的合作夥伴關係的再投資。您可能已經看到了我們與 Kyndryl 以及類似的其他全球系統集成商的聲明。

And that the emphasis on subscription and SaaS is not just in our global and enterprise customers but also in our mid-market. We saw a significant growth in our commercial pipeline and our volume of deals that we would classify as midsized deals even in Q4, and we expect that to carry forward this coming year as well.

而且，對訂閱和 SaaS 的重視不僅在我們的全球和企業客戶中，而且在我們的中端市場中。我們看到我們的商業管道和交易量顯著增長，即使在第四季度我們也將其歸類為中型交易，我們預計這也將在明年繼續發展。

And we are seeing the customer proof points, the proof points that we talked about in the call as well as the proof points that we put out a lot of press releases around, seeing really significant customers such as a global publisher of advanced technology publications put their entire website up on Tanzu, right? And so that is a classic B2C kind of environment that's now running on cloud-native applications, running on top of Tanzu because it needs to be in a very mission-critical environment.

我們看到了客戶證明點，我們在電話會議中談到的證明點以及我們發布了很多新聞稿的證明點，看到了真正重要的客戶，例如全球先進技術出版物的出版商他們的整個網站都在 Tanzu 上，對吧？所以這是一種經典的 B2C 類型的環境，現在運行在雲原生應用程序上，運行在 Tanzu 之上，因為它需要處於非常關鍵的任務環境中。

Not just one example. We have seen examples across every one of these. So we are seeing encouraging proof points in customers. We are preparing our channel. We are preparing our sales force. We are turning the incentives to that side. And then most importantly, our product portfolio is tilting towards multi-cloud innovation and towards subscription and SaaS.

不只是一個例子。我們已經看到了每一個例子。因此，我們在客戶中看到了令人鼓舞的證據。我們正在準備我們的頻道。我們正在準備我們的銷售隊伍。我們正在將激勵措施轉向那方面。然後最重要的是，我們的產品組合正在向多雲創新、訂閱和 SaaS 傾斜。

So if you put it all together, I am personally very excited about FY '23. It feels like we are revving the engines for future growth, like we talked about at our Financial Analyst Meeting.

所以如果你把它們放在一起，我個人對 23 財年感到非常興奮。就像我們在金融分析師會議上談到的那樣，感覺就像我們正在為未來的增長提供動力。

What does it mean for license that are -- section of our large customers, especially telcos customers and regulated industries, et cetera, that prefer to buy licensed products. So the license business is very important to us. And depending upon what type of customer you are and what your preference is, we will sell them either license or subscription. But I expect, in general, subscription to receive a greater focus from our go-to-market organization this year, and that is all reflected in our guide.

許可證意味著什麼——我們的大客戶的一部分，尤其是電信客戶和受監管的行業等，他們更願意購買許可產品。所以許可業務對我們來說非常重要。根據您的客戶類型和偏好，我們將向他們出售許可證或訂閱。但我預計，總的來說，今年訂閱會受到我們的上市組織的更大關注，這都反映在我們的指南中。

Matt, I'll just add. Obviously, with what Raghu mentioned, we're leaning even more into sub and SaaS, which is aligned with the framework we outlined to you and others at our Financial Analyst Meeting last October. So we're encouraged by the momentum we saw in the fourth quarter. And as we look to FY '23, as I mentioned, we'll have sub and SaaS revenue in excess of $4 billion, up 26% on a year-over-year basis. So that ratable revenue will be incorporated -- has been incorporated into our guide for FY '23 as well as the macro, which aligns with the framework we laid out last year as well as the commentary I had in our Q3 call. So we're very encouraged and excited by the opportunities ahead, even with FY '23 and beyond.

馬特，我只是補充一下。顯然，根據 Raghu 所提到的，我們更傾向於 sub 和 SaaS，這與我們在去年 10 月的財務分析師會議上向您和其他人概述的框架一致。因此，我們對第四季度看到的勢頭感到鼓舞。正如我所提到的，當我們展望 23 財年時，我們的子和 SaaS 收入將超過 40 億美元，同比增長 26%。因此，可評估收入將被納入 - 已納入我們的 23 財年指南以及宏觀，這與我們去年制定的框架以及我在第三季度電話會議中的評論一致。所以我們對未來的機會感到非常鼓舞和興奮，即使是在 23 財年及以後。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. I've been asking this question for a few quarters now, and it's around what do you see in terms of customer behavior now as you're coming out of the pandemic in terms of looking at more bigger strategic decisions, et cetera, to care that will kind of help you to also incorporate more and broader product set. So what are you seeing in appetite? Are they kind of coming out and are comfortable doing these bigger decisions again? What are you seeing there?

我也祝賀你。我已經問這個問題幾個季度了這將有助於您整合更多和更廣泛的產品集。那麼你在食慾中看到了什麼？他們是否會出現並願意再次做出這些更大的決定？你在那兒看到什麼？

Thanks, Raimo. I'll start and Sumit can add some from a customer perspective as well. So we are certainly seeing customers making significant strategic moves towards accelerating their digital transformation, accelerating the move of their enterprise applications to the cloud, and of course, all matter cyber and making employees work better from a remote context and be more productive in delivering -- in having a digital experience. So these are the 3 areas that we are primarily focused on as a company. And we are seeing customers make more strategic bets in every one of these areas with us as well as in general in the industry. So that's what we are seeing.

謝謝，雷莫。我將開始，Sumit 也可以從客戶的角度添加一些內容。因此，我們肯定會看到客戶在加速數字化轉型、加速將企業應用程序遷移到雲方面做出重大戰略舉措，當然，這一切都對網絡至關重要，讓員工在遠程環境中更好地工作並提高交付效率 - - 擁有數字體驗。所以這些是我們作為一家公司主要關注的三個領域。我們看到客戶與我們以及整個行業在這些領域的每一個領域都做出了更多的戰略性賭注。這就是我們所看到的。

Coming out of the pandemic, we are seeing this being accelerated. In Tanzu, we saw some pretty significant design wins that point in that direction. With respect to enterprise applications moving to the cloud, we see increasingly customers becoming cloud-smart. It's not just about cloud-first. They're looking at their application portfolio and deciding which set of applications they want to rewrite completely, which set of applications they're going to write new on which cloud, how they're going to use AI and so on, and which set of applications that deploy the edge as well in addition to the data center. So we are seeing the application portfolio spread out.

從大流行中走出來，我們看到這種情況正在加速。在 Tanzu 中，我們看到了一些非常重要的設計贏得了那個方向。關於遷移到雲的企業應用程序，我們看到越來越多的客戶變得云智能。這不僅僅是雲優先。他們正在查看他們的應用程序組合，並決定他們想要完全重寫哪一組應用程序，他們將在哪個雲上編寫新的一組應用程序，他們將如何使用 AI 等等，以及哪一組除數據中心外，還部署邊緣的應用程序。因此，我們看到應用程序組合分散開來。

And so there is a strong interest from customers in the so-called cloud-smart approach and in having a portfolio approach that says, look, given the sort of a distributed environment, which parts of these do I want to be specific to a particular cloud? Which parts of it do I want it to be common? Things like security or having a management control plan or having a developer experience are emerging as areas where they want it to be common. So this is where we see the strategic bets.

因此，客戶對所謂的雲智能方法和組合方法產生了濃厚的興趣，這種方法說，看，考慮到分佈式環境，我希望其中哪些部分特定於特定的雲？我希望它的哪些部分通用？諸如安全性或擁有管理控制計劃或擁有開發人員經驗之類的東西正在成為他們希望普遍使用的領域。所以這就是我們看到戰略賭注的地方。

One example I'll give you just before I hand you to Sumit is a large publisher that initially used our VMware Cloud on AWS for having their enterprise applications. And then in the last quarter, they did a new set of business with us to bring cloud-native applications on to Tanzu on a cloud-native portions of AWS. So that is one example. And so we are seeing more and more, and we hope to see a lot more examples like this.

在將您交給 Sumit 之前，我會給您舉一個例子，這是一家大型發布商，最初使用我們的 VMware Cloud on AWS 來開發他們的企業應用程序。然後在上個季度，他們與我們開展了一系列新業務，將雲原生應用程序引入到 AWS 的雲原生部分上的 Tanzu。這是一個例子。所以我們看到的越來越多，我們希望看到更多這樣的例子。

Yes. I think, Raghu, you touched on the cloud-smart part. Raimo, the only thing I would add is we are now involved with these large enterprises in industries that have been regulated who are interested in taking their core business and enterprise applications to cloud, whether those are large manufacturers, large global banks, telcos, big consulting firms, government agencies. And when they're looking at their sort of hardcore enterprise applications that have been running the core business functions of their enterprise, they're not seeing any other viable path besides using our solutions to adopt a cloud-smart architectures like Raghu mentioned. So that's extremely encouraging. We saw a few wins of that in Q4, and we are seeing again great interest in demand going into FY '23.

是的。我認為，Raghu，您談到了雲智能部分。 Raimo，我唯一要補充的是，我們現在與這些受監管行業的大型企業合作，他們有興趣將其核心業務和企業應用程序遷移到雲上，無論是大型製造商、大型全球銀行、電信公司還是大型諮詢公司、政府機構。當他們查看一直在運行企業核心業務功能的核心企業應用程序時，除了使用我們的解決方案來採用 Raghu 提到的雲智能架構之外，他們沒有看到任何其他可行的途徑。所以這非常令人鼓舞。我們在第四季度看到了一些勝利，我們再次看到對進入 23 財年的需求產生了濃厚的興趣。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

I'll add my congrats. So since VMware is one of the very first software companies with the January quarter end to be reporting its results, I'm just interested in whether you sense any kind of tangible effect from the Omicron variant, either -- maybe perhaps it pulled some business into December or pushed some out of January. And Raghu, since you did mention the ramifications, are you embedding any kind of disruption into the guidance for the Ukraine conflict and uncertainties related to that?

我會添加我的祝賀。因此，由於 VMware 是最早在 1 月季度末報告其業績的軟件公司之一，我只是想知道您是否感覺到 Omicron 變體有任何切實的影響——也許它會拉動一些業務到 12 月或將一些推遲到 1 月。 Raghu，既然你確實提到了後果，你是否在烏克蘭衝突的指導和與此相關的不確定性中嵌入了任何形式的干擾？

Mark, this is Zane. I'll start and then obviously, if Raghu has anything to add. I'd say that we did not see any appreciable movement regarding Omicron impacting our quarter or even the linearity within the quarter. Again, we're very pleased with the progress we're making throughout the quarter. Bookings were very strong, in particular, the areas that we've been focusing on, namely the subscription and SaaS parts of the business. So we're very pleased with that, and obviously, exceeded our expectations internally.

馬克，這是讚恩。我會開始，然後很明顯，如果 Raghu 有什麼要補充的。我想說的是，我們沒有看到任何關於 Omicron 影響我們季度甚至本季度線性的明顯變化。同樣，我們對整個季度取得的進展感到非常滿意。預訂非常強勁，特別是我們一直關注的領域，即業務的訂閱和 SaaS 部分。因此，我們對此感到非常滿意，並且顯然超出了我們內部的預期。

And I'd say regarding the macro, obviously, we take all of it into account as we look at the year. I'll let Raghu weigh on sort of more broadly than that. But again, obviously, we've taken, I'd say, the bulk of it into account. But things are very dynamic, and we'll see how -- we take it sort of day-by-day as it relates to the broader macro here.

關於宏觀，我想說的是，很明顯，我們在回顧這一年時會考慮到所有這些。我會讓 Raghu 在更廣泛的範圍內權衡。但是，很明顯，我們已經考慮到了大部分。但是事情是非常動態的，我們將看到如何 - 我們每天都在處理它，因為它與這裡更廣泛的宏觀有關。

Yes. Just to add to that, I think our planning, clearly, like it is every year done in December -- November, December, January takes into account our view of the world during that point of time. And -- but having said that, every day is a new day. And as things evolve, we will adjust.

是的。除此之外，我認為我們的計劃很明顯，就像每年 12 月所做的那樣——11 月、12 月、1 月都考慮到了我們在那個時間點對世界的看法。而且——話雖如此，每一天都是新的一天。隨著事情的發展，我們會做出調整。

But just to tie it back to Raimo's point, right, when customers are thinking about strategically what they want to do over the next couple of years, those trends tend to be fairly secular. And you all have written about it, and we see it in our business. And the trends around becoming more and more of a digital company, transforming their application portfolio, taking better advantage of the cloud capabilities, where appropriate, building out the edge, supporting a remote workforce, cyber, these themes have not changed in the last -- and of course, machine learning and data, these things have not changed in the last 2, 3 years, and quite honestly, don't expect it to change over the next 2, 3 years.

但只是為了將其與 Raimo 的觀點聯繫起來，對，當客戶從戰略上考慮他們想在未來幾年做什麼時，這些趨勢往往是相當世俗的。你們都寫過它，我們在我們的業務中看到了它。越來越多的數字公司的趨勢，轉變他們的應用程序組合，更好地利用雲功能，在適當的情況下，建立邊緣，支持遠程勞動力，網絡，這些主題在過去沒有改變 - - 當然，機器學習和數據，這些東西在過去 2、3 年沒有改變，老實說，不要指望在接下來的 2、3 年內它會改變。

If you look at CIO budgets, these are the themes that are getting more of their budget allocation. They all tend to be software. Software spend is outstripping overall IT spend, which in turn is outstripping GDP spend. And these have been the trends regardless of macro.

如果您查看 CIO 預算，這些主題將獲得更多預算分配。它們都傾向於是軟件。軟件支出超過了整體 IT 支出，這反過來又超過了 GDP 支出。無論宏觀如何，這些都是趨勢。

Our next question will come from Mark Moerdler with Bernstein Research.

我們的下一個問題將來自 Bernstein Research 的 Mark Moerdler。

Congratulations on the quarter, and our thoughts are with those impacted in Ukraine and the region. Zane, I have 2 related questions for you. How much of the subscription and cloud that you're seeing now and going forward is coming from new sales versus existing maintenance? And how do you expect this to change going forward? And can you review how much of a revenue lift you expect as workloads move to subscription and separately when they move to cloud?

祝賀本季度，我們的想法與那些在烏克蘭和該地區受到影響的人同在。贊恩，我有 2 個相關問題要問你。您現在和未來看到的訂閱和云有多少來自新銷售而不是現有維護？您希望這種情況在未來發生怎樣的變化？您能否回顧一下隨著工作負載遷移到訂閱以及遷移到雲時您期望的收入提升多少？

Sure. There's obviously a piece that's coming out of our software maintenance side, if we were to annualize that impact in the fourth quarter, I'd say it was approximately $100 million. Obviously, that's the annual impact of the -- what we call converts here, which is we take what would normally be the stream that I mentioned in my prepared remarks and then convert them to sub and SaaS. That comes at a good premium, but we believe we're offering significant value to the customer through that conversion as well as seeing a lift ourselves.

當然。顯然，我們的軟件維護方面會產生一些影響，如果我們要在第四季度對這種影響進行年化計算，我會說它大約是 1 億美元。顯然，這就是我們在這裡所說的轉換的年度影響，也就是我們採用通常是我在準備好的評論中提到的流，然後將它們轉換為 sub 和 SaaS。這是一個很好的溢價，但我們相信我們通過這種轉換為客戶提供了重要的價值，並且我們自己也看到了提升。

So that was the number for the fourth quarter. It continues to be a very successful program. As we look more broadly, we see the opportunity with that entire installed base to continue to think about growing our sub and SaaS percentages, and we highlighted our bookings being 33% of the total revenue for the quarter. So we're very pleased with, at least for the year, it was a little bit higher for the quarter.

這就是第四季度的數字。它仍然是一個非常成功的計劃。從更廣泛的角度來看，我們看到整個安裝基礎有機會繼續考慮增加我們的子和 SaaS 百分比，我們強調我們的預訂佔本季度總收入的 33%。所以我們很高興，至少在這一年裡，這個季度略高了一點。

So we're pleased with the opportunity not only with the installed base, but candidly, with the value we're driving. Raghu mentioned, even some of the cloud-native applications where we're able to sell products into cloud-native. So I'd say it's more broad than just that installed base. It's beyond that installed base. And we see, obviously, a lot of benefit extending into FY '23 and beyond with the new and existing customers.

因此，我們不僅對安裝基礎的機會感到高興，而且坦率地說，對我們正在推動的價值感到高興。 Raghu 提到，即使是一些雲原生應用程序，我們也可以將產品銷售到雲原生中。所以我會說它比安裝基礎更廣泛。它超出了安裝基礎。顯然，我們看到新客戶和現有客戶的許多好處延伸到 23 財年及以後。

And moving on to Simon Leopold with Raymond James.

並與雷蒙德詹姆斯一起轉向西蒙利奧波德。

I just want to see if maybe you could talk to the deceleration in bookings, basically revenue plus the change in RPO. It looks like you've got a really tough comparison. So you had very good sequential growth. But just wanted to see if maybe you could unpack that as well as the current bookings deceleration. Help us understand whether this is a trend or you wouldn't extrapolate from that single data point.

我只是想看看您是否可以談談預訂量的減速，基本上是收入加上 RPO 的變化。看起來你有一個非常艱難的比較。所以你有很好的連續增長。但只是想看看你是否可以解開它以及當前的預訂減速。幫助我們了解這是否是一種趨勢，或者您不會從該單個數據點進行推斷。

Sure, Simon. Yes, as you highlighted, if you look purely at external bookings, there's a quarter-to-quarter phenomenon in sort of the sequential part of that, that is less relevant beyond the third quarter to fourth quarter. So what we tend to navigate towards is more the cRPO number, which was 9%, and we're quite pleased with that. It was a little bit under where we've been.

當然，西蒙。是的，正如您所強調的那樣，如果您純粹看外部預訂，那麼在這種連續的部分中會出現一個季度到一個季度的現象，這在第三季度到第四季度之後的相關性較低。因此，我們傾向於更多的是 cRPO 數字，即 9%，我們對此感到非常滿意。這比我們去過的地方要低一點。

As I mentioned, we saw acceleration on the bookings side in a number of areas tied to sub and SaaS. And even when you consider some of those categories and the trade-offs between that sub and SaaS booking versus an on-prem booking, it does have an impact even with RPO because you don't -- when some of our conversions that I just talked about with Mark's question, when you convert to term or some of the other sub and SaaS-type bookings, you tend to have less deferred show up on the balance sheet because of that conversion.

正如我所提到的，我們看到在與 sub 和 SaaS 相關的許多領域的預訂方面的加速。即使考慮到其中一些類別以及子預訂和 SaaS 預訂與本地預訂之間的權衡，即使使用 RPO，它也會產生影響，因為你沒有——當我們的一些轉換時，我只是談到馬克的問題，當您轉換為期限或其他一些子和 SaaS 類型的預訂時，由於這種轉換，您往往會減少在資產負債表上的延期顯示。

We're still getting a nice premium on that, but it doesn't necessarily show up in deferred. If you were just to isolate the deferred sub and SaaS portion of RPO, so you just take that part of the deferred account, you'd see that up well over 30% on a year-over-year basis.

我們仍然在這方面獲得了不錯的溢價，但它不一定會出現在延期中。如果您只是將 RPO 的延期訂閱和 SaaS 部分隔離開來，那麼您只需使用延期賬戶的那一部分，您會看到同比增長超過 30%。

So as we look at those trend lines, we're very comfortable with them. I'd also point out we have products like VCPP and a lot with the hyperscalers outside of AWS that have been growing tremendously on a year-over-year basis, and those typically don't have any deferred associated with them either. So we're very comfortable with the bookings, as I mentioned, which is why I called out the total booking numbers as we looked at that over the total portfolio. So we're pleased with the trends we're seeing, and you see that extend into FY '23 and beyond.

因此，當我們查看這些趨勢線時，我們對它們非常滿意。我還要指出，我們有 VCPP 之類的產品，以及 AWS 之外的超大規模產品，這些產品每年都在大幅增長，而且這些產品通常也沒有任何與它們相關的延遲。因此，正如我所提到的，我們對預訂感到非常滿意，這就是為什麼我在查看整個投資組合時提到了總預訂數量。因此，我們對我們所看到的趨勢感到滿意，並且您會看到這種趨勢延伸到 23 財年及以後。

And that question will come from Keith Weiss with Morgan Stanley.

這個問題將來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh on for Keith. I guess my question would be given that we've seen the correction in the capital markets and software valuations, I was wondering how the -- how that sort of maybe changed the team's thinking on the types and the sizes of potential M&A that you may or may not consider given that there's a lot of good assets that potentially are on sale. I just wanted to see how that -- how the drawdown in valuations over the last couple of months has changed the team's thinking.

這是基思的桑吉特·辛格。我想我的問題是，我們已經看到資本市場和軟件估值的修正，我想知道這種可能如何改變團隊對潛在併購類型和規模的看法或者可能不考慮考慮到有很多好的資產可能正在出售。我只是想看看過去幾個月的估值下降如何改變了團隊的想法。

Yes. So our M&A strategy has been largely unchanged. If you look at the history of our M&A, we tend to do what we would mostly categorize as tuck-ins in the product categories that we already play in. And then occasionally, every so often, we might move into a new category. And it's always driven by what customers perceive as our gaps are, logical adjacencies where we need to be also present. And so that's what drives our thinking, first and foremost, as opposed to looking at valuations first and then deciding what we should buy.

是的。所以我們的併購策略基本上沒有改變。如果你看看我們併購的歷史，我們傾向於做我們通常將其歸類為我們已經參與的產品類別的小插曲。然後偶爾，每隔一段時間，我們可能會進入一個新的類別。它總是由客戶認為我們的差距所驅動的，我們也需要存在的邏輯鄰接。所以這就是驅動我們思考的首要因素，而不是先看估值，然後決定我們應該買什麼。

We look at our strategy and our product evolution and where we may need to buy some external companies. And then once we decide what is the best fit, then we think about valuation. So the short -- so that's the long answer. The short answer to your question is the reduction in the valuations observed in the capital markets does not necessarily affect our planning around our portfolio.

我們著眼於我們的戰略和產品發展，以及我們可能需要在哪裡收購一些外部公司。然後，一旦我們決定什麼是最合適的，我們就會考慮估值。所以簡短- 這就是長答案。對您的問題的簡短回答是，在資本市場觀察到的估值下降並不一定會影響我們圍繞我們的投資組合進行的規劃。

And that question comes from Garrett Hinds with Macquarie.

這個問題來自加勒特海因茲和麥格理。

I would love to hear what your -- what 5G use case you're most excited about as we enter more connectivity -- more ubiquitous connectivity and how VMware is going to help with that.

我很想听聽您的 - 隨著我們進入更多連接性，您最興奮的 5G 用例 - 更普遍的連接性以及 VMware 將如何提供幫助。

I'm sorry, I could not hear the question. Sorry.

對不起，我聽不懂這個問題。對不起。

Oh, sorry. I would love to hear your favorite 5G use case and how VMware is going to help enable that.

哦對不起。我很想听聽您最喜歡的 5G 用例以及 VMware 將如何幫助實現這一點。

Yes. So our focus has been, in 5G, in 2 parts, if I were to elaborate. The first part is really helping service providers build a modern 5G network based on software, number one; and based on open standards, number two, right? There is an industry standard called ORAN or Open Radio Access Network. And what it is, is it's a very disruptive idea that fundamentally builds, helps service providers architect and build and operate an entire 5G network using software running on practically commodity hardware, right, delivering all of the capabilities that you need in 5G.

是的。因此，如果我要詳細說明，我們的重點是 5G，分為兩部分。第一部分是真正幫助服務提供商構建基於軟件的現代 5G 網絡，第一；並且基於開放標準，第二，對吧？有一個稱為 ORAN 或開放無線電接入網絡的行業標準。它是什麼，它是一個非常具有顛覆性的想法，它從根本上構建、幫助服務提供商使用在實際商品硬件上運行的軟件來構建、構建和運營整個 5G 網絡，對，提供您在 5G 中所需的所有功能。

So that's really the first aspect of our focus, and we've been very -- we're off to a very successful start there. We have previously announced that the DISH network, which is building the first nationwide 5G network built entirely on software and using cloud-native technologies, is building it using our technology.

所以這確實是我們關注的第一個方面，我們一直非常 - 我們在那裡取得了非常成功的開端。我們之前曾宣布，DISH 網絡正在使用我們的技術構建第一個完全基於軟件並使用雲原生技術的全國性 5G 網絡。

And so that's really what we're doing. We have since then won POCs and so on at lots of other global customers as well, and those things will turn into full production rollouts. The reason these companies are very excited by 5G is because they all serve their enterprise, and the enterprise use cases of 5G are just beginning. First and foremost, the common one is private 5G, which, in many cases, has the potential even to replace wireless and WiFi in campus, right? So that is an area that we are helping a lot of enterprise -- sorry, a lot of service providers on.

這就是我們正在做的事情。從那時起，我們也贏得了許多其他全球客戶的 POC 等，這些東西將變成全面的生產推廣。這些公司之所以對 5G 感到非常興奮，是因為他們都在為自己的企業服務，而 5G 的企業用例才剛剛開始。首先，最常見的是私有 5G，在很多情況下，它甚至有可能取代校園內的無線和 WiFi，對吧？所以這是我們正在幫助很多企業的一個領域——抱歉，很多服務提供商都在這方面。

And then the use of 5G in revamping manufacturing and then concurrent -- in places where concurrent low latency access is needed in the edge. We are working a lot with the service providers there because that's another part of our portfolio. Building new applications like gaming and so on that need to operate in a low latency environment at the edge, those are the examples where we are providing customers with not just the 5G service providers, with not just the 5G network, but also the compute environment needed to build and deploy those applications. So it's a spread of enterprise applications across the categories of manufacturing, retail and, of course, telco applications as well as horizontal connectivity.

然後將 5G 用於改造製造，然後是並發——在邊緣需要並發低延遲訪問的地方。我們與那裡的服務提供商進行了很多合作，因為這是我們產品組合的另一部分。構建需要在邊緣低延遲環境中運行的新應用程序（如游戲等），這些是我們為客戶提供的不僅是 5G 服務提供商，不僅是 5G 網絡，還有計算環境的例子需要構建和部署這些應用程序。因此，它是跨製造、零售、當然還有電信應用程序以及橫向連接等類別的企業應用程序的傳播。

And our next question comes from Fatima Boolani with Citi.

我們的下一個問題來自花旗的 Fatima Boolani。

This is [Mark] on for Fatima. Congratulations on the quarter. So maybe just want to delve a little bit deeper into the go-to-market strategy. With vSphere and SDDC on deck to be SaaS delivered this year, what sort of sales comp and incentive changes should we expect, if at all? I know you guys mentioned a lot on the sales capacity side, but anything in terms of comp and incentive would be helpful. And then just a follow-up on that one. What mechanisms or guardrails are in place to really limit disruptions to customers continuing to opt for perpetual license form factors, consumptions for these offerings?

這是法蒂瑪的[Mark]。祝賀本季度。因此，也許只是想更深入地研究進入市場的策略。隨著 vSphere 和 SDDC 在今年交付 SaaS，如果有的話，我們應該期待什麼樣的銷售補償和激勵變化？我知道你們在銷售能力方面提到了很多，但任何關於薪酬和激勵的事情都會有所幫助。然後只是對那個的跟進。有哪些機製或護欄來真正限制對繼續選擇永久許可證形式因素的客戶的干擾，這些產品的消費？

[Mark], this is Sumit. So we're excited about what's coming in, sort of, stores for vSphere, vSAN, and there are 2 sort of things that we have done. Firstly, with our management and our end-user computing portfolio, we have, through our universal programs, determined a clear mechanism that includes appropriate guardrails at the time of transaction, but more importantly, building consumption journey and consumption plans so that when customers adopt their sub and SaaS offers, they can -- when they purchase them, they can adopt them and consume them. And so far, our results have been very encouraging with our end-user computing and cloud management portfolio through our universal programs. And we intend to leverage those with the rest of the portfolio as it becomes sub and SaaS as well.

[馬克]，這是Sumit。所以我們對即將到來的東西感到興奮，有點像 vSphere、vSAN 的商店，我們已經做了兩件事。首先，通過我們的管理層和我們的最終用戶計算組合，我們通過我們的通用程序確定了一個清晰的機制，包括在交易時適當的護欄，但更重要的是，建立消費旅程和消費計劃，以便當客戶採用他們的 sub 和 SaaS 提供，他們可以 - 當他們購買它們時，他們可以採用它們並消費它們。到目前為止，通過我們的通用程序，我們的最終用戶計算和雲管理產品組合的結果非常令人鼓舞。我們打算利用其餘的投資組合，因為它也變成了子和 SaaS。

Secondly, we -- our comp and sales incentives models are designed for using 2 key mechanisms within VMware. We call them weights and gates: weights as in the percentage of the compensation that's dependent -- that's on sub and SaaS and gates that determine the seller's accelerators. And both of them, we continue to adjust as our portfolio becomes more and more subscription and SaaS to favor the growth of our sub and SaaS business. And we now know that those metrics work quite well as we have done that in FY '22, and we'll continue to -- and we are continuing to sort of turn them in -- turn the dial in the right direction for FY '23.

其次，我們——我們的薪酬和銷售激勵模型是為在 VMware 中使用兩種關鍵機製而設計的。我們稱它們為權重和門限：權重表示依賴於補償的百分比——這取決於子和 SaaS 以及決定賣方加速器的門限。隨著我們的產品組合變得越來越多的訂閱和 SaaS，我們繼續進行調整，以支持我們的子和 SaaS 業務的增長。而且我們現在知道，這些指標工作得很好，就像我們在 22 財年所做的那樣，我們將繼續——並且我們將繼續將它們轉入——將撥盤朝著 FY 的正確方向轉動23.

In addition to those 2, as Raghu mentioned, we are in -- we are about to launch our partner program that provides partners incentives to drive consumption of customers transitioning to sub and SaaS. Those incentives -- now we've already rolled some of those out, and those will scale up through FY '23 to catch the volume of customers that we anticipate will adopt our sub and SaaS offerings for vSphere and vSAN. So that 3-legged strategy is how we will employ as a much broader part of our portfolio becomes sub and SaaS in FY '23.

除了這兩個，正如 Raghu 提到的，我們即將推出我們的合作夥伴計劃，該計劃為合作夥伴提供激勵措施，以推動客戶消費過渡到 sub 和 SaaS。這些激勵措施——現在我們已經推出了一些激勵措施，這些激勵措施將在 23 財年擴大，以吸引我們預計將採用我們的 vSphere 和 vSAN 子產品和 SaaS 產品的客戶數量。因此，當我們的投資組合中更廣泛的部分在 23 財年成為子和 SaaS 時，我們將如何採用這種三足策略。

Our next question will come from James Fish with Piper Sandler.

我們的下一個問題將來自 James Fish 和 Piper Sandler。

I actually just want to build off the last one a little bit. It seems like it was another big increase in term license as you're trying to also move towards more SaaS, especially with some of your Tier 1 verticals like financial services and government, as you've talked about. I guess what makes you confident these customers actually want to consume some of these products as SaaS rather than term license? And it's been a bit, Zane, since we got an actual update on the bookings sizes on some of the underlying business lines like end-user NSX and vSAN. Are you willing to give that, given it's the fiscal year-end?

我實際上只是想建立最後一個一點點。正如您所談到的，這似乎是長期許可的又一次大幅增長，因為您正試圖轉向更多的 SaaS，尤其是在您的一些 1 級垂直領域，如金融服務和政府。我想是什麼讓您確信這些客戶實際上希望將其中一些產品作為 SaaS 而不是期限許可來消費？ Zane，這有點過了，因為我們得到了一些底層業務線（如最終用戶 NSX 和 vSAN）的預訂規模的實際更新。考慮到財政年度結束，你願意付出嗎？

Sure. Well, let's first tackle the term piece of the business, which maybe, Sumit, if you want to touch on that. I'll say, Jim, as we're thinking about the portfolio and laying out the broader view of the portfolio that Raghu mentioned earlier, as we get into next quarter, we'll highlight. We believe the way that we think about the portfolio having changed over the years is more relevant. And in FY '23, we'll give you a broader view of the sizing of those elements. So we're actually migrating more towards how we think about both the sub and SaaS parts of the business as well as the on-prem pieces as they roll into it and -- which is part of the reason why we see term as a stepping stone. And these new categories will be, we believe, more helpful in where the business is going. So our intent is to update you on that at the next quarter.

當然。好吧，讓我們首先解決業務的術語，Sumit，如果你想談一談的話。我會說，吉姆，當我們正在考慮投資組合併展示 Raghu 之前提到的更廣泛的投資組合視圖時，當我們進入下個季度時，我們將強調。我們相信，我們對投資組合多年來發生變化的看法更為相關。在 23 財年，我們將讓您更廣泛地了解這些元素的大小。因此，我們實際上正在更多地轉向我們如何看待業務的子和 SaaS 部分以及它們進入其中的本地部分，這也是我們將術語視為步進的部分原因結石。我們相信，這些新類別將對業務發展方向更有幫助。因此，我們的目的是在下個季度向您更新。

And Jim, to answer your question on the term business, term business is predominantly our Horizon VDI in end-user computing and the compute part of vCloud Suite, okay, where customers are bringing up sort of their management in the cloud, but vCloud Suite being a suite of portfolio there is percentage of the products that they're running on-premise, which is -- ends up becoming, from accounting perspective, treated as term.

Jim，為了回答您關於業務一詞的問題，業務一詞主要是我們在最終用戶計算中的 Horizon VDI 和 vCloud Suite 的計算部分，好吧，客戶在雲中提出了他們的管理，但是 vCloud Suite作為一套投資組合，他們在本地運行的產品的百分比，從會計的角度來看，最終被視為期限。

So in both the cases, we see customers very much interested. They're not like they are not interested in getting value from the cloud. They're just -- they are interested in keeping their workload on-premise because they have, for multiple reasons, including just the capital investments that they have made in the infrastructure, they want to leverage them.

因此，在這兩種情況下，我們都看到客戶非常感興趣。他們並不是對從雲中獲得價值不感興趣。他們只是——他們有興趣將他們的工作負載保持在本地，因為出於多種原因，包括他們在基礎設施中進行的資本投資，他們想要利用它們。

So across both of those, as we introduce SaaS capabilities that enable customers to keep the workload in the cloud -- in the on-premise but get additional capabilities for SaaS, then as their term comes up for renewal, we have an opportunity to actually convert them to sub and SaaS. And so that's our strategy, and that's the predominant part of our term business at this point in time.

因此，在這兩個方面，當我們引入 SaaS 功能，使客戶能夠將工作負載保留在雲中——在內部部署但獲得 SaaS 的額外功能時，當他們的任期到期時，我們有機會實際將它們轉換為 sub 和 SaaS。這就是我們的戰略，也是我們目前長期業務的主要部分。

And our next question comes from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Zane, I'd love to zero in on fiscal '23 free cash flow guide of $3.75 billion. That would be down for the second year in a row and by about $220 million. So I think it's important maybe to understand a little bit what's going on, on the cash flow side, and perhaps it's investment spending. I'm sure there's a little bit of interest expense increase as well. But I wanted to ask you about 2 issues in particular. One, the extent to which you might be seeing wage inflation and could that be weighing on margins, and hence, cash flow?

贊恩，我希望將 23 財年 37.5 億美元的自由現金流指南歸零。這將連續第二年下降約2.2億美元。因此，我認為了解現金流方面的情況可能很重要，也許是投資支出。我敢肯定，利息費用也會增加一點。但我想特別問你兩個問題。第一，您可能會看到工資上漲的程度，這是否會影響利潤率，從而影響現金流？

And then second, and maybe even more importantly, whether the model transition that you and the team have talked about on this call to sub/SaaS, might that be accompanied by any compression in average invoicing duration that could be weighing on cash flow?

其次，也許更重要的是，您和團隊在此次調用 sub/SaaS 時談到的模型轉換是否會伴隨著平均開票持續時間的任何壓縮，這可能會影響現金流？

Sure, Karl. Yes. So when you look at OCF, if we start at the operating cash flow side, we were very pleased with FY '22's results. And as I mentioned in my prepared remarks, not only the strength of the business and the bookings that we saw in Q4, but just the top line growth and the billings exceeded our expectation. We came out well ahead of what we expected with well over $4.3 billion in OCF for FY '22.

當然，卡爾。是的。因此，當您查看 OCF 時，如果我們從運營現金流方面開始，我們對 22 財年的結果感到非常滿意。正如我在準備好的評論中提到的那樣，不僅業務實力和我們在第四季度看到的預訂量，而且收入增長和賬單都超出了我們的預期。我們在 22 財年的 OCF 超過 43 億美元，遠遠超出了我們的預期。

Some of that was timing in a number of areas that does impact that transition from FY '22 into our guide for FY '23. So we actually think, on an OCF basis, we see consistency there between the $4.35 billion, if you will, on FY '22, heading into our guide of $4.2 billion for FY '23. So there's a lot of consistency there.

其中一些時間確實影響了從 22 財年過渡到我們的 23 財年指南的許多領域。所以我們實際上認為，在 OCF 的基礎上，如果你願意的話，我們會看到 22 財年 43.5 億美元之間的一致性，這將進入我們 23 財年 42 億美元的指導。所以那裡有很多一致性。

The difference between that and free cash flow that you highlighted is an increase primarily driven by 2 areas. One is a lot of the back-office support and systems that we need to drive this transformation and the growth that we're seeing in our sub and SaaS business is the increase that you're seeing there as well as some capitalization tied to the R&D efforts on some of these sub and SaaS platforms that get capitalized over a number of years. So the increase you see on our CapEx, if you will, from FY '22 to FY '23 is driven by those 2 factors that we believe are very positive on the business. But obviously, as you point out, do impact free cash flow, at least in the short term.

這與您強調的自由現金流之間的差異主要是由兩個方面推動的。一個是我們需要大量的後台支持和系統來推動這種轉型，我們在子和 SaaS 業務中看到的增長是你看到的增長以及與在其中一些子平台和 SaaS 平台上的研發工作已在數年內獲得資本化。因此，如果您願意的話，從 22 財年到 23 財年，您在我們的資本支出上看到的增長是由我們認為對業務非常有利的這兩個因素驅動的。但顯然，正如您所指出的，至少在短期內確實會影響自由現金流。

Our last question will come from Nehal Chokshi with Northland Capital Markets.

我們的最後一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Are you guys providing an ARR metric on the subscription and SaaS revenue?

你們是否提供有關訂閱和 SaaS 收入的 ARR 指標？

Yes, we did. For the past year, $3.6 billion.

是的我們做了。過去一年，36億美元。

And what's that year-over-year growth?

什麼是同比增長？

That was 26 -- 24% year-over-year.

同比增長 26 - 24%。

24%. Okay. So that's partially what underpins the confidence in the further acceleration that you're guiding to here, correct?

24%。好的。因此，這部分地支撐了您對這裡所引導的進一步加速的信心，對嗎？

Yes. That's right. I mean that's a good call-out. As I mentioned earlier, we were very pleased with the sub and SaaS focus from the entire company driven by the product side, the go-to-market side. We feel like we're well positioned heading into FY '23. Obviously, the $3.6 billion in ARR allows us to have that conviction for further growth. I did point out that we would expect to see that ARR increase at the end of FY '23 as well. So we're confident in that as well as the focus and the guide on sub and SaaS revenue for the year, which was over $4 billion.

是的。這是正確的。我的意思是這是一個很好的呼籲。正如我之前提到的，我們對整個公司在產品方面和上市方面的推動下對子和 SaaS 的關注感到非常滿意。我們覺得我們已經準備好進入 23 財年了。顯然，36 億美元的 ARR 讓我們有進一步增長的信念。我確實指出，我們預計 ARR 也會在 23 財年末增加。因此，我們對此充滿信心，並且對這一年超過 40 億美元的子和 SaaS 收入的關注和指導充滿信心。

Great. I have a different question real quickly. Why did vSAN year-over-year growth decelerate from mid-teens to mid-single digits this quarter?

偉大的。我很快就有了一個不同的問題。為什麼 vSAN 的同比增長在本季度從十幾歲左右下降到中個位數？

Yes. So if you think about vSAN, it's increasingly by model, go-to-market, if you will. One part of it is vSAN is a part of -- the HCI as part of our overall VMware Cloud Foundation, VMware Cloud and AWS and VCPP-type solutions, which are full infrastructure stack solutions. And the second go-to-market for HCI is through our converged -- hyperconverged infrastructure appliance that we sell, we do in partnership with Dell and with other OEMs as well. So both of these are what drives the growth of our vSAN business. And vSAN as a stand-alone software category is something that we find customers want less off, and they really want the full HCI solution and the full appliance solution. And that's what's driving our vSAN business going forward.

是的。因此，如果您考慮 vSAN，它會越來越多地按型號、上市（如果您願意的話）。其中一部分是 vSAN 是 HCI 的一部分，它是我們整體 VMware Cloud Foundation、VMware Cloud 和 AWS 以及 VCPP 類型解決方案的一部分，它們是完整的基礎架構堆棧解決方案。 HCI 的第二次進入市場是通過我們銷售的融合——超融合基礎設施設備，我們與戴爾和其他 OEM 合作進行。因此，這兩者都是推動我們 vSAN 業務增長的因素。 vSAN 作為一個獨立的軟件類別，我們發現客戶的需求較少，他們真的想要完整的 HCI 解決方案和完整的設備解決方案。這就是推動我們的 vSAN 業務向前發展的動力。

Okay. We're -- we've hit our time. I think that before we conclude, Raghu, you had a final comment you wanted to make.

好的。我們 - 我們已經趕上了我們的時間。我認為在我們結束之前，Raghu，你有一個你想要發表的最後評論。

Yes. Thank you, Paul, and thank you, everybody, for joining the call today. As we begin the FY '23, I'm very excited by the growth opportunities ahead of us. Our strategy around multi-cloud is clearly resonating with customers. And I'm very happy with how the team is executing on the product innovation side, on the business model transformation side and on the go-to-market side. And collectively, we -- FY '23 will be another year that we make progress towards our long-term goals that we laid out in the Financial Analyst Meeting last September.

是的。謝謝你，保羅，謝謝大家今天加入電話會議。當我們開始 23 財年時，我對我們面前的增長機會感到非常興奮。我們圍繞多雲的戰略顯然引起了客戶的共鳴。我對團隊在產品創新方面、商業模式轉型方面和上市方面的執行方式感到非常滿意。總的來說，我們 - 23 財年將是我們朝著我們在去年 9 月的財務分析師會議上製定的長期目標取得進展的又一年。

So thank you very much, and I look forward to updating you the next quarter.

非常感謝您，我期待在下個季度為您提供更新。

Well, thank you. And that does conclude today's conference. We do thank you for your participation. Have an excellent day.

嗯，謝謝。這確實結束了今天的會議。我們非常感謝您的參與。有一個美好的一天。