<p>Everpure, Inc. ((P)) 已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Everpure, Inc. 最新的财报电话会议传达了乐观的基调，强劲的营收和利润增长与市场份额的明显提升和持续收入的扩展相结合。管理层在乐观的同时对内存和 NAND 成本的前所未有的激增表示谨慎，这对利润率造成压力，并使需求的可见性变得复杂，尽管执行表现强劲。</p>
<h2>强劲的营收增长和上调的收入展望</h2>
<p>Everpure 在本季度开局时实现了同比 35% 的收入增长，得益于产品、服务和地区的广泛强劲表现。管理层将全年收入指引上调至 44.1 亿至 45.1 亿美元的区间，意味着中间值约 22% 的增长，并较之前的展望上调了 300 个基点。</p>
<h2>运营利润激增和利润率扩张</h2>
<p>盈利能力大幅超越销售，运营利润同比激增超过 90% 达到 1.59 亿美元，推动运营利润率达到 15.1%。对于 2027 财年，Everpure 现在预计运营利润在 8.2 亿至 8.6 亿美元之间，意味着中间值约 32% 的增长，并较早期指引改善超过 600 个基点。</p>
<h2>产品和订阅收入均表现出色</h2>
<p>产品收入表现突出，同比攀升 55% 达到 5.77 亿美元，客户加快了对存储平台的支出。订阅服务收入增长 17% 达到 4.76 亿美元，占总销售额的 45%，突显了公司向更可预测、持续收入流转型的持续努力。</p>
<h2>持续收入和积压订单支撑可见性</h2>
<p>年度持续收入同比增长 19% 超过 20 亿美元，环比加速约 300 个基点，显示出需求的增强。剩余履约义务增长 41% 达到 38 亿美元，反映出大型交易的成功执行和对 Evergreen 解决方案的强烈兴趣。</p>
<h2>Evergreen//1 存储即服务势头强劲</h2>
<p>Evergreen//1，即公司的存储即服务产品，销售同比增长 73%，突显了客户对灵活消费模式的需求。存储即服务的合同总价值达到 1.65 亿美元，增长 73%，因为买家在组件价格波动的情况下更倾向于长期、混合成本的合同。</p>
<h2>超级规模产品收入和产品轨迹</h2>
<p>管理层重申，超级规模产品收入在 2027 财年下半段应显著增长，依托现有客户的承诺。当这一业务规模扩大时，Everpure 预计超级规模产品的毛利率将落在极具吸引力的 75% 至 85% 范围内，使其成为未来强劲的盈利驱动因素。</p>
<h2>客户赢得和市场份额增长</h2>
<p>公司在本季度新增 275 个客户和 223 个新商业标识，扩大了在企业中的覆盖面。财富 500 强公司的渗透率上升至 64%，得益于加速的竞争胜率和超过 500 万美元的大型交易的高双位数增长。</p>
<h2>资产负债表强劲和现金生成</h2>
<p>Everpure 强调其财务灵活性，资产负债表上拥有超过 15 亿美元的现金和投资。运营现金流达到 1.8 亿美元，自由现金流为 1.12 亿美元，支持回购约 130 万股，耗资约 8400 万美元，同时留有约 1.45 亿美元用于未来的回购。</p>
<h2>供应链冲击和组件成本通胀</h2>
<p>Everpure 增长故事的另一面是行业范围内的供应紧缩，导致内存和 NAND 成本急剧上升。管理层将现货价格的上涨描述为前所未有，复杂了采购和定价决策，并增加了对利润率和当前需求水平持久性的风险。</p>
<h2>产品收入的短期利润压力</h2>
<p>产品毛利率为 65.5%，在长期目标区间 65% 至 70% 内，但环比下降约 180 个基点，因为更高的组件价格超过了定价措施。公司预计下半年合同定价将逐步恢复，短期内产品毛利率将承受压力。</p>
<h2>订阅毛利波动被视为暂时</h2>
<p>订阅服务的毛利率环比下降约 1.4 个百分点至 75.6%，主要是由于本季度 Evergreen//1 的产品组合变化。管理层将这一下降视为暂时，指出持续收入的基础扩展和其订阅基础的结构性盈利能力。</p>
<h2>拉动和定价效应推高短期增长</h2>
<p>并非所有的 Everpure 顶线强劲都是纯粹的有机需求，管理层估计大约三分之一的同比收入增长与更高的价格和客户拉动有关。买家急于在预期进一步上涨之前锁定产能和价格，推动了第一季度的增长，但也为短期增长比较增加了噪音。</p>
<h2>超级规模收入有限和时机风险</h2>
<p>如预期，第一季度的超级规模产品收入微乎其微，使公司仍处于这一重要细分市场的预热阶段。由于大多数发货推迟到下半年，投资者必须面对时机和可见性风险，尽管长期机会仍然可观。</p>
<h2>更短的报价有效期反映定价波动</h2>
<p>内存和 NAND 价格的快速波动迫使 Everpure 将报价的有效期从 90 天缩短至仅 30 天。这一变化反映了市场变动的速度，并为试图规划采购的客户引入了额外的操作复杂性和不确定性。</p>
<h2>收购稀释和整合成本</h2>
<p>最近完成的 OneTouch 收购将对短期盈利能力产生影响，管理层预测 2027 财年的运营利润将稀释约 1200 万美元。公司预计在 24 个月内该交易将实现增益，因为成本协同和交叉销售机会将得以实现，将其视为一项长期战略举措。</p>
<h2>下半年可见性和需求不确定性</h2>
<p>尽管第一季度势头强劲，Everpure 对下半年持谨慎态度，因为组件价格的持续上涨可能会持续到夏季。管理层强调对下半年需求和供应动态的可见性有限，并在展望中采取了保守的态度，以应对潜在的波动性。</p>
<h2>指引和前瞻性展望</h2>
<p>对于第二季度，Everpure 预计收入在 10 亿美元到 11 亿美元之间，运营利润在 1.95 亿美元到 2.05 亿美元之间，分别意味着中点约 28% 和 54% 的增长。对于 2027 财年，公司现在预计收入在 44.1 亿美元到 45.1 亿美元之间，运营利润在 8.2 亿美元到 8.6 亿美元之间，前半年的收入占比更重，预计大部分超大规模客户的贡献将在后半段实现。</p>
<p>Everpure 的财报电话会议描绘了一幅公司执行良好、赢得市场份额并建立经常性收入的图景，即使供应驱动的成本冲击使短期利润前景变得模糊。对于投资者而言，这个故事展现了强劲的基本面势头和有前景的超大规模客户增长，但也受到暂时性利润压力和下半年需求及定价动态的不确定性影响。</p>

<p>Everpure, Inc. 在第一季度的财报电话会议中报告了强劲的业绩，年同比收入增长 35%，将全年指导目标上调至 44.1 亿至 45.1 亿美元。营业利润激增超过 90%，达到 1.59 亿美元，利润率为 15.1%。产品收入增长 55%，而订阅服务增长 17%。尽管供应链紧张影响了利润率，公司仍新增了 275 位客户，现金超过 15 亿美元。管理层预计在 2027 财年下半年，超大规模产品收入将实现显著增长</p>

<p>Everpure, Inc. ((P)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Everpure, Inc. ((P)) 已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Everpure, Inc.’s latest earnings call struck an upbeat tone, pairing powerful top-line and profit growth with clear signs of market-share gains and expanding recurring revenue. Management balanced this optimism with caution around an unprecedented spike in memory and NAND costs, which is pressuring margins and complicating demand visibility despite strong execution.</p>
<div class="lb-trans"><p>Everpure, Inc. 最新的财报电话会议传达了乐观的基调，强劲的营收和利润增长与市场份额的明显提升和持续收入的扩展相结合。管理层在乐观的同时对内存和 NAND 成本的前所未有的激增表示谨慎，这对利润率造成压力，并使需求的可见性变得复杂，尽管执行表现强劲。</p>
</div><h2>Strong Top-Line Growth and Upgraded Revenue Outlook</h2>
<div class="lb-trans"><h2>强劲的营收增长和上调的收入展望</h2>
</div><p>Everpure opened the quarter with 35% year-over-year revenue growth, fueled by broad-based strength across products, services, and regions. Management lifted full-year revenue guidance to a range of $4.41 billion to $4.51 billion, implying about 22% growth at the midpoint and a 300-basis-point upgrade versus the prior outlook.</p>
<div class="lb-trans"><p>Everpure 在本季度开局时实现了同比 35% 的收入增长，得益于产品、服务和地区的广泛强劲表现。管理层将全年收入指引上调至 44.1 亿至 45.1 亿美元的区间，意味着中间值约 22% 的增长，并较之前的展望上调了 300 个基点。</p>
</div><h2>Operating Profit Surge and Margin Expansion</h2>
<div class="lb-trans"><h2>运营利润激增和利润率扩张</h2>
</div><p>Profitability sharply outpaced sales as operating profit jumped more than 90% year over year to $159 million, driving a 15.1% operating margin. For fiscal 2027, Everpure now projects operating profit between $820 million and $860 million, implying roughly 32% growth at the midpoint and over 600 basis points of improvement vs. earlier guidance.</p>
<div class="lb-trans"><p>盈利能力大幅超越销售，运营利润同比激增超过 90% 达到 1.59 亿美元，推动运营利润率达到 15.1%。对于 2027 财年，Everpure 现在预计运营利润在 8.2 亿至 8.6 亿美元之间，意味着中间值约 32% 的增长，并较早期指引改善超过 600 个基点。</p>
</div><h2>Product and Subscription Revenue Both Deliver</h2>
<div class="lb-trans"><h2>产品和订阅收入均表现出色</h2>
</div><p>Product revenue was the standout, climbing 55% year over year to $577 million as customers accelerated spending on storage platforms. Subscription services revenue rose 17% to $476 million and represented 45% of total sales, underscoring the company’s ongoing shift toward more predictable, recurring revenue streams.</p>
<div class="lb-trans"><p>产品收入表现突出，同比攀升 55% 达到 5.77 亿美元，客户加快了对存储平台的支出。订阅服务收入增长 17% 达到 4.76 亿美元，占总销售额的 45%，突显了公司向更可预测、持续收入流转型的持续努力。</p>
</div><h2>Recurring Revenue and Backlog Underpin Visibility</h2>
<div class="lb-trans"><h2>持续收入和积压订单支撑可见性</h2>
</div><p>Annual recurring revenue increased 19% from a year ago to more than $2.0 billion, with a sequential acceleration of roughly 300 basis points signaling strengthening demand. Remaining performance obligations grew 41% to $3.8 billion, reflecting successful large-deal execution and strong interest in Evergreen-based solutions.</p>
<div class="lb-trans"><p>年度持续收入同比增长 19% 超过 20 亿美元，环比加速约 300 个基点，显示出需求的增强。剩余履约义务增长 41% 达到 38 亿美元，反映出大型交易的成功执行和对 Evergreen 解决方案的强烈兴趣。</p>
</div><h2>Evergreen//1 Storage-as-a-Service Builds Momentum</h2>
<div class="lb-trans"><h2>Evergreen//1 存储即服务势头强劲</h2>
</div><p>Evergreen//1, the company’s storage-as-a-service offering, saw sales rise 73% year over year, highlighting customer appetite for flexible consumption models. Total contract value for storage-as-a-service reached $165 million, up 73%, as buyers favored longer-term, blended-cost contracts amid volatile component pricing.</p>
<div class="lb-trans"><p>Evergreen//1，即公司的存储即服务产品，销售同比增长 73%，突显了客户对灵活消费模式的需求。存储即服务的合同总价值达到 1.65 亿美元，增长 73%，因为买家在组件价格波动的情况下更倾向于长期、混合成本的合同。</p>
</div><h2>Hyperscaler Ramp and Product Trajectory</h2>
<div class="lb-trans"><h2>超级规模产品收入和产品轨迹</h2>
</div><p>Management reiterated that hyperscaler product revenue should ramp significantly in the back half of fiscal 2027, anchored by existing customer commitments. When this business scales, Everpure expects hyperscaler product gross margins to land in the highly attractive 75% to 85% range, positioning it as a powerful future earnings driver.</p>
<div class="lb-trans"><p>管理层重申，超级规模产品收入在 2027 财年下半段应显著增长，依托现有客户的承诺。当这一业务规模扩大时，Everpure 预计超级规模产品的毛利率将落在极具吸引力的 75% 至 85% 范围内，使其成为未来强劲的盈利驱动因素。</p>
</div><h2>Customer Wins and Market Share Gains</h2>
<div class="lb-trans"><h2>客户赢得和市场份额增长</h2>
</div><p>The company added 275 new customers and 223 fresh commercial logos during the quarter, expanding its reach across enterprises. Penetration among Fortune 500 companies rose to 64%, aided by accelerating competitive win rates and high double-digit growth in large deals above the $5 million threshold.</p>
<div class="lb-trans"><p>公司在本季度新增 275 个客户和 223 个新商业标识，扩大了在企业中的覆盖面。财富 500 强公司的渗透率上升至 64%，得益于加速的竞争胜率和超过 500 万美元的大型交易的高双位数增长。</p>
</div><h2>Balance Sheet Strength and Cash Generation</h2>
<div class="lb-trans"><h2>资产负债表强劲和现金生成</h2>
</div><p>Everpure underscored its financial flexibility with more than $1.5 billion in cash and investments on the balance sheet. Operating cash flow reached $180 million and free cash flow was $112 million, supporting the repurchase of roughly 1.3 million shares for about $84 million while leaving around $145 million authorized for future buybacks.</p>
<div class="lb-trans"><p>Everpure 强调其财务灵活性，资产负债表上拥有超过 15 亿美元的现金和投资。运营现金流达到 1.8 亿美元，自由现金流为 1.12 亿美元，支持回购约 130 万股，耗资约 8400 万美元，同时留有约 1.45 亿美元用于未来的回购。</p>
</div><h2>Supply Chain Shock and Component Cost Inflation</h2>
<div class="lb-trans"><h2>供应链冲击和组件成本通胀</h2>
</div><p>The flip side of Everpure’s growth story is an industry-wide supply crunch that has sent memory and NAND costs sharply higher. Management described spot price increases as unprecedented, complicating procurement and pricing decisions and adding risk to both margins and the durability of current demand levels.</p>
<div class="lb-trans"><p>Everpure 增长故事的另一面是行业范围内的供应紧缩，导致内存和 NAND 成本急剧上升。管理层将现货价格的上涨描述为前所未有，复杂了采购和定价决策，并增加了对利润率和当前需求水平持久性的风险。</p>
</div><h2>Near-Term Margin Pressure on Product Revenue</h2>
<div class="lb-trans"><h2>产品收入的短期利润压力</h2>
</div><p>Product gross margin came in at 65.5%, within the long-term target band of 65% to 70% but down about 180 basis points sequentially as higher component prices outpaced pricing actions. The company expects only a gradual recovery in the second half as contract pricing catches up, leaving near-term product margins under pressure.</p>
<div class="lb-trans"><p>产品毛利率为 65.5%，在长期目标区间 65% 至 70% 内，但环比下降约 180 个基点，因为更高的组件价格超过了定价措施。公司预计下半年合同定价将逐步恢复，短期内产品毛利率将承受压力。</p>
</div><h2>Subscription Margin Volatility Seen as Temporary</h2>
<div class="lb-trans"><h2>订阅毛利波动被视为暂时</h2>
</div><p>Subscription services gross margin slipped by about 1.4 percentage points sequentially to 75.6%, largely due to a mix shift away from Evergreen//1 in the quarter. Management framed this downtick as transient, pointing to the underlying expansion of recurring revenue and the structural profitability of its subscription base.</p>
<div class="lb-trans"><p>订阅服务的毛利率环比下降约 1.4 个百分点至 75.6%，主要是由于本季度 Evergreen//1 的产品组合变化。管理层将这一下降视为暂时，指出持续收入的基础扩展和其订阅基础的结构性盈利能力。</p>
</div><h2>Pull-Ins and Pricing Effects Inflate Near-Term Growth</h2>
<div class="lb-trans"><h2>拉动和定价效应推高短期增长</h2>
</div><p>Not all of Everpure’s top-line strength is purely organic demand, with management estimating roughly one-third of year-over-year revenue growth was tied to higher prices and customer pull-ins. Buyers rushed to lock in capacity and pricing ahead of expected further increases, boosting Q1 but adding noise to near-term growth comparisons.</p>
<div class="lb-trans"><p>并非所有的 Everpure 顶线强劲都是纯粹的有机需求，管理层估计大约三分之一的同比收入增长与更高的价格和客户拉动有关。买家急于在预期进一步上涨之前锁定产能和价格，推动了第一季度的增长，但也为短期增长比较增加了噪音。</p>
</div><h2>Limited Hyperscaler Revenue and Timing Risk</h2>
<div class="lb-trans"><h2>超级规模收入有限和时机风险</h2>
</div><p>As anticipated, hyperscaler product revenue was minimal in the first quarter, leaving the company still in the pre-ramp phase for this important segment. With most shipments pushed into the back half of the year, investors must contend with timing and visibility risk even as the long-term opportunity remains sizable.</p>
<div class="lb-trans"><p>如预期，第一季度的超级规模产品收入微乎其微，使公司仍处于这一重要细分市场的预热阶段。由于大多数发货推迟到下半年，投资者必须面对时机和可见性风险，尽管长期机会仍然可观。</p>
</div><h2>Shorter Quote Windows Reflect Pricing Volatility</h2>
<div class="lb-trans"><h2>更短的报价有效期反映定价波动</h2>
</div><p>The rapid swing in memory and NAND prices forced Everpure to cut its pricing validity period on quotes from 90 days to just 30 days. This change speaks to the pace of market moves and introduces added operational complexity and uncertainty for customers trying to plan purchases.</p>
<div class="lb-trans"><p>内存和 NAND 价格的快速波动迫使 Everpure 将报价的有效期从 90 天缩短至仅 30 天。这一变化反映了市场变动的速度，并为试图规划采购的客户引入了额外的操作复杂性和不确定性。</p>
</div><h2>Acquisition Dilution and Integration Costs</h2>
<div class="lb-trans"><h2>收购稀释和整合成本</h2>
</div><p>The recently closed OneTouch acquisition will weigh on near-term profitability, with management forecasting about $12 million of operating profit dilution in fiscal 2027. The company expects the deal to turn accretive within 24 months as cost synergies and cross-selling opportunities are realized, framing it as a longer-term strategic play.</p>
<div class="lb-trans"><p>最近完成的 OneTouch 收购将对短期盈利能力产生影响，管理层预测 2027 财年的运营利润将稀释约 1200 万美元。公司预计在 24 个月内该交易将实现增益，因为成本协同和交叉销售机会将得以实现，将其视为一项长期战略举措。</p>
</div><h2>Second-Half Visibility and Demand Uncertainty</h2>
<div class="lb-trans"><h2>下半年可见性和需求不确定性</h2>
</div><p>Despite strong first-quarter momentum, Everpure is cautious about the second half given continuing component price increases likely through the summer. Management highlighted limited visibility into H2 demand and supply dynamics and adopted a conservative posture in its outlook to account for potential volatility.</p>
<div class="lb-trans"><p>尽管第一季度势头强劲，Everpure 对下半年持谨慎态度，因为组件价格的持续上涨可能会持续到夏季。管理层强调对下半年需求和供应动态的可见性有限，并在展望中采取了保守的态度，以应对潜在的波动性。</p>
</div><h2>Guidance and Forward-Looking Outlook</h2>
<div class="lb-trans"><h2>指引和前瞻性展望</h2>
</div><p>For the second quarter, Everpure guided revenue to $1.0 billion to $1.1 billion and operating profit to $195 million to $205 million, implying about 28% and 54% growth at the respective midpoints. For fiscal 2027, it now expects $4.41 billion to $4.51 billion in revenue and $820 million to $860 million in operating profit, with a heavier 48% revenue weighting in the first half and most hyperscaler contributions slated for the back half.</p>
<div class="lb-trans"><p>对于第二季度，Everpure 预计收入在 10 亿美元到 11 亿美元之间，运营利润在 1.95 亿美元到 2.05 亿美元之间，分别意味着中点约 28% 和 54% 的增长。对于 2027 财年，公司现在预计收入在 44.1 亿美元到 45.1 亿美元之间，运营利润在 8.2 亿美元到 8.6 亿美元之间，前半年的收入占比更重，预计大部分超大规模客户的贡献将在后半段实现。</p>
</div><p>Everpure’s earnings call painted the picture of a company executing well, winning share, and building recurring revenue, even as supply-driven cost shocks cloud the near-term margin outlook. For investors, the story is one of strong fundamental momentum and a promising hyperscaler ramp, offset by transitory margin pressure and elevated uncertainty around second-half demand and pricing dynamics.</p>
<div class="lb-trans"><p>Everpure 的财报电话会议描绘了一幅公司执行良好、赢得市场份额并建立经常性收入的图景，即使供应驱动的成本冲击使短期利润前景变得模糊。对于投资者而言，这个故事展现了强劲的基本面势头和有前景的超大规模客户增长，但也受到暂时性利润压力和下半年需求及定价动态的不确定性影响。</p>
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Everpure 公司在财报电话会议中透露出强劲的增长势头