[Music] My name is Dave Mooney. I'm the VP of worldwide data management sales at Lenovo Corporation. The challenges we help our customers overcome is to help them take an idea that they would like to drive and how they could enhance their business with AI and get it implemented first in experimentations and into fast starts all the way into full production.And we can do that from the pocket to the cloud and the data center. We but we're focusing on the enterprise customers. That's where we see the opportuni ...

Company Overview - DataBee, a Comcast Company, has been awarded the "Data Management Solution of the Year" at the 2025 Data Breakthrough Awards for its innovative cloud-native security data fabric platform [1][2][6] - The platform is designed to provide connected data and deep insights for security and governance, risk and compliance (GRC) teams [2][4] Product Features - DataBee's platform addresses the challenges of disconnected systems that create data silos, enabling organizations to make informed decisions quickly [3][7] - It automates data ingestion, transformation, and computation, creating analytics-ready datasets and reducing manual effort for analysts [4][5] - The platform supports over 275 data sources and allows customers to maintain control of their data while utilizing cloud-agnostic storage solutions [5][10] Market Position - The Data Breakthrough Awards program recognizes innovation in data technologies, attracting thousands of nominations globally [6][8] - DataBee's approach to security data aims to enhance the effectiveness of security and compliance insights while reducing costs and improving threat detection [6][7] Industry Context - The security data landscape is characterized by an abundance of data that is often not insightful, leading to challenges in business intelligence and security analytics [3] - Organizations increasingly require clean, complete, and correlated data to address security and compliance gaps effectively [7]

Core Insights - DataBee, a Comcast Company, has been awarded the "Data Management Solution of the Year" at the 2025 Data Breakthrough Awards for its innovative cloud-native security data fabric platform [1][2][6] - The DataBee platform addresses the challenges of disconnected systems in security and risk organizations, enabling quicker and more informed decision-making by creating analytics-ready datasets [3][4][7] Company Overview - DataBee provides a security, risk, and compliance data fabric platform that integrates over 275 data sources, allowing organizations to maintain control over their data while enhancing insights [5][10] - The platform supports various use cases, including continuous controls monitoring, threat detection, and compliance management, thereby reducing manual data engineering efforts [5][7] Industry Context - The Data Breakthrough Awards program recognizes innovation and disruption in data technologies, attracting thousands of nominations globally [6][8] - The need for effective data management solutions is underscored by the increasing complexity of security and compliance data, which many organizations struggle to manage effectively [3][7]

Financial Data and Key Metrics Changes - In Q3 FY 2025, revenue was $1.64 billion, reflecting a 2% year-over-year growth, although it was $44 million below the midpoint of guidance [31] - Billings increased to $1.71 billion, also up 2% year-over-year, marking the fifth consecutive quarter of growth [31] - Operating margin was reported at 30%, exceeding expectations, while EPS was $1.91, in line with guidance [36][37] - Operating cash flow decreased to $385 million from $484 million a year ago, and free cash flow was $338 million compared to $448 million [37] Business Line Data and Key Metrics Changes - Hybrid cloud revenue grew by 1% year-over-year, while the all-flash array business saw a 10% increase, reaching an annualized revenue run rate of $3.8 billion [10] - Keystone, the Storage as a Service offering, experienced nearly 60% year-over-year revenue growth [10] - Support revenue declined by 2% year-over-year to $621 million, but was flat in constant currency [32] - Professional services revenue grew by 14% year-over-year, driven mainly by Keystone [32] Market Data and Key Metrics Changes - Public cloud revenue reached $174 million, up 15% year-over-year, driven by hyperscaler first-party and marketplace storage services [32] - Excluding Spot by NetApp, public cloud revenues grew by 21% year-over-year, indicating a healthy demand environment [33] - The company reported deferred revenue of $4.1 billion, flat year-over-year, with remaining performance obligations at $4.5 billion [33] Company Strategy and Development Direction - The company is focused on enhancing execution and improving sales momentum, particularly in AI and data-driven workloads [8][24] - New product introductions, including entry-level and mid-range systems, aim to simplify customer scaling and reduce storage costs [12] - The divestiture of Spot by NetApp is part of a strategy to sharpen focus on core public cloud offerings [18][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged inconsistent execution in Q3, leading to some deals slipping into Q4, but expressed confidence in improved sales execution moving forward [8][24] - The company expects a slight decrease in FY 2025 guidance due to the divestiture of Spot, foreign exchange impacts, and near-term headwinds in the public sector [25][41] - Management remains optimistic about achieving long-term financial goals set during the Investor Day [24][148] Other Important Information - The company returned over $300 million to stockholders through dividends and share repurchases, reducing the diluted share count by 3 million shares year-over-year [30] - The balance sheet remains healthy, with approximately $2.3 billion in cash and short-term investments against $2 billion in debt [40] Q&A Session Summary Question: Sales execution issues and rectification efforts - Management noted a strong pipeline but acknowledged that several large deals slipped due to procurement delays, implementing tighter controls on deal progression [51][53] Question: Public sector performance and caution - Management observed caution in European markets and some caution in the US public sector, but overall performance was in line with expectations [57][58] Question: Competitive landscape and QLC mix - Management reported no significant changes in the competitive landscape and highlighted strong traction in refreshed product lines [62] Question: Product gross margins outlook - Management expects product gross margins to stabilize around 56% in Q4, with potential increases as new products gain traction [66][73] Question: AI enterprise cycle and revenue growth - Management indicated that AI projects are in early stages, with broader enterprise adoption expected in 2025 or 2026 [135][136] Question: Customer behavior towards as-a-service models - Management noted increased customer interest in as-a-service models, particularly for flexible infrastructure solutions [140] Question: Long-term growth targets - Management reaffirmed confidence in long-term growth targets set during the Investor Day, with no changes expected due to recent performance [148]