NetApp Inc (NTAP) 2014 Q4 法說會逐字稿

Welcome to the NetApp fourth quarter and FY14 earnings call.

歡迎參加 NetApp 第四季度和 2014 財年財報電話會議。

My name is Jamie, and I will be your operator for today's call.

我的名字是 Jamie，今天我將擔任您的接線員。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the call over to Kris Newton, Vice President, Investor Relations.

我現在將把電話轉給投資者關係副總裁 Kris Newton。

Kris Newton, you may begin.

Kris Newton，你可以開始了。

Hello, and thank you for joining us on our Q4 FY14 earnings call.

您好，感謝您參加我們的 2014 財年第四季度財報電話會議。

With me today are our CEO, Tom Georgens, and our CFO, Nick Noviello.

今天和我在一起的是我們的首席執行官 Tom Georgens 和我們的首席財務官 Nick Noviello。

This call is being webcast live, and will be available for replay on our website at NetApp.com, along with the earnings release, our financial tables, a historical supplemental data table, and the non-GAAP to GAAP reconciliation.

本次電話會議正在進行網絡直播，並將在我們的網站 NetApp.com 上進行重播，以及收益發布、我們的財務表、歷史補充數據表以及非 GAAP 與 GAAP 對賬。

As a reminder, during today's call we will make forward-looking statements and projections with respect to our financial outlook and future prospects, such as our guidance for the first quarter and full FY15, all of which involve risk and uncertainty.

提醒一下，在今天的電話會議中，我們將對我們的財務前景和未來前景做出前瞻性陳述和預測，例如我們對第一季度和整個 FY15 的指導，所有這些都涉及風險和不確定性。

Such statements reflect our best judgment based on factors currently known to us, and are being made as of today.

此類陳述反映了我們基於我們目前已知的因素的最佳判斷，並且截至今天正在做出。

We disclaim any obligation to update our forward-looking statements and projections.

我們不承擔更新我們的前瞻性陳述和預測的任何義務。

Actual results may differ materially from our statements and projections for a variety of reasons.

由於各種原因，實際結果可能與我們的陳述和預測存在重大差異。

We describe some of these reasons in our accompanying press release, which we have furnished to the SEC on a Form 8-K.

我們在隨附的新聞稿中描述了其中一些原因，我們已通過表格 8-K 向 SEC 提供了這些原因。

Please refer to the documents we filed from time to time with the SEC, specifically our Form 10-K for FY13, subsequent Form 10-Q quarterly reports and our current reports on Form 8-K, also on file with the SEC and available on our website.

請參閱我們不時向 SEC 提交的文件，特別是我們 2013 財年的 10-K 表格、隨後的 10-Q 表格季度報告和我們當前的 8-K 表格報告，這些文件也在 SEC 存檔，可在我們的網站。

During the call, we will also discuss non-GAAP financial measures.

在電話會議期間，我們還將討論非公認會計原則的財務措施。

These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles.

這些非公認會計原則措施未根據公認會計原則編制。

A reconciliation of our GAAP and non-GAAP results is provided in today's press release, prepared remarks and on our website.

今天的新聞稿、準備好的評論和我們的網站上提供了我們的公認會計原則和非公認會計原則結果的對賬。

In a moment, Nick will walk you through some additional color on our financial results, and then Tom will give you his perspective on the business this quarter.

稍後，尼克將向您介紹我們的財務業績，然後湯姆將向您介紹他對本季度業務的看法。

I'll now turn the call over to Nick.

我現在把電話轉給尼克。

Thank you, Kris.

謝謝你，克里斯。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

NetApp delivered another quarter of solid financial performance, driven by our innovative portfolio of solutions, competitive positioning, and strong operational execution.

在我們創新的解決方案組合、競爭定位和強大的運營執行力的推動下，NetApp 又實現了四分之一的穩健財務業績。

We achieved Q4 revenue inside our prior guidance range, and non-GAAP gross margin, operating margin, and EPS, all above Q4 guidance ranges.

我們在之前的指導範圍內實現了第四季度的收入，非公認會計準則毛利率、營業利潤率和每股收益都高於第四季度的指導範圍。

Before discussing our FY14 results and future expectations, I'd like to first provide more detail on our performance in the fourth quarter.

在討論我們的 FY14 業績和未來預期之前，我想先提供更多關於我們第四季度業績的細節。

Net revenues of $1.65 billion were up 2% sequentially, but down 4% year-over-year.

淨收入為 16.5 億美元，環比增長 2%，但同比下降 4%。

Branded revenue grew 6% sequentially, and as expected, was relatively flat on a year-over-year basis.

品牌收入環比增長 6%，正如預期的那樣，與去年同期相比相對持平。

OEM revenue declined further than expected, and was down 30% from Q3 and 34% from Q4 last year.

OEM 收入下降幅度超出預期，較去年第三季度下降 30%，較去年第四季度下降 34%。

Indirect revenue through the channels and OEMs accounted for 83% of Q4 revenue consistent with the last two quarters.

通過渠道和原始設備製造商的間接收入佔第四季度收入的 83%，與過去兩個季度一致。

Arrow and Avnet contributed 24% and 17% of net revenue respectively.

Arrow 和 Avnet 分別貢獻了 24% 和 17% 的淨收入。

Non-GAAP gross margin of 64.4% was almost a point better than Q3, and above our previous guidance.

非美國通用會計準則毛利率為 64.4%，幾乎比第三季度好一個百分點，高於我們之前的指導。

Non-GAAP product gross margin of 58% was up almost 1 point sequentially, and 2 points year-over-year, due to a combination of continued operational productivity, favorable product mix and lower hardware warranty costs.

由於持續的運營生產力、有利的產品組合和較低的硬件保修成本，非 GAAP 產品毛利率為 58%，環比增長近 1 個百分點，同比增長 2 個百分點。

Non-GAAP service gross margin of 62.7% was up almost 2 points sequentially, and more than 6 points year-over-year, due to higher support revenue and lower spending, partially related to delayed projects, as well as lower headcount related to realignment actions.

非 GAAP 服務毛利率 62.7%，環比增長近 2 個百分點，同比增長超過 6 個百分點，原因是支持收入增加和支出減少，部分與延遲項目有關，以及與重組相關的人數減少行動。

Non-GAAP operating margin of 20.9% was above our previous guidance range, driven by a combination of higher gross margins and lower operating expenses, resulting from the realignment action we took mid-quarter.

非美國通用會計準則營業利潤率為 20.9%，高於我們之前的指導範圍，這是由於我們在季度中期採取的調整行動導致毛利率上升和運營費用下降。

We made the realignment decision to accelerate key strategic initiatives, while at the same time, streamlining certain elements of the business, such as OEM.

我們做出了重新調整決定，以加快關鍵戰略計劃，同時精簡業務的某些要素，例如 OEM。

Overall, this action resulted in a headcount reduction of approximately 4%, and a GAAP restructuring charge of approximately $39 million in the quarter.

總體而言，這一行動導致本季度員工人數減少了約 4%，並產生了約 3900 萬美元的 GAAP 重組費用。

Non-GAAP EPS of $0.84 was up 22% year over year, and was $0.02 over the high end of our prior guidance range.

非公認會計原則每股收益 0.84 美元，同比增長 22%，比我們之前指導範圍的高端高 0.02 美元。

This reflects solid operational performance, as well as an approximate $0.01 net benefit from the combination of realignment activities and lower share count, partially offset by a higher Q4 effective tax rate, versus prior guidance.

這反映了穩健的運營業績，以及重組活動和較低的股票數量相結合帶來的大約 0.01 美元的淨收益，部分被較高的第四季度有效稅率抵消，與之前的指導相比。

Q4 weighted average diluted share count of 336 million shares decreased by almost 10 million shares from Q3, due to repurchase activity throughout the quarter.

由於整個季度的回購活動，第四季度加權平均攤薄股數為 3.36 億股，較第三季度減少近 1000 萬股。

Cash and balance sheet metrics for Q4 remain strong.

第四季度的現金和資產負債表指標依然強勁。

Free cash flow of $313 million was 19% of net revenue.

3.13 億美元的自由現金流占淨收入的 19%。

Inventory turns were at 19, and days sales outstanding increased to 47, reflecting typical seasonality.

庫存周轉率為 19 天，未結銷售天數增加到 47 天，反映了典型的季節性。

Deferred revenue was up $141 million versus Q3, and up $91 million from Q4 last year.

與第三季度相比，遞延收入增加了 1.41 億美元，比去年第四季度增加了 9100 萬美元。

Finally, we repurchased approximately $374 million of stock and paid $49 million in cash dividends during the quarter.

最後，我們在本季度回購了大約 3.74 億美元的股票並支付了 4900 萬美元的現金股息。

Now turning to FY14, I would characterize the year in much the same way as I characterized Q4: solid financial performance based on innovation leadership, robust operational execution, and strong competitive positioning.

現在轉向 2014 財年，我將用與第 4 季度大致相同的方式來描述這一年：基於創新領導力、穩健的運營執行和強大的競爭定位的穩健財務業績。

Throughout the year, we introduced new solutions that enabled customers to solve their challenges today, while providing them with an innovative architecture for tomorrow.

在這一年中，我們推出了新的解決方案，使客戶能夠解決他們今天的挑戰，同時為他們提供未來的創新架構。

For the fiscal year, net revenues of $6.33 billion were flat from FY13.

本財年的淨收入為 63.3 億美元，與 FY13 持平。

Branded revenue was up 4%, but was offset by lower OEM revenue, which was down 26%.

品牌收入增長 4%，但被 OEM 收入下降 26% 所抵消。

Including the impact of lower OEM revenue, geographic revenues in EMEA and Asia Pacific were up slightly, offset by lower revenue in the Americas, which was due to challenges in US federal spending.

包括 OEM 收入下降的影響，EMEA 和亞太地區的地理收入略有上升，但被美國聯邦支出挑戰導致的美洲收入下降所抵消。

Full year non-GAAP gross margin was 63.2%, up 2.5 points from FY13, and non-GAAP operating margin was 18.3%, up 3 points from FY13.

全年非美國通用會計準則毛利率為 63.2%，較 FY13 上升 2.5 個百分點，非美國通用會計準則營業利潤率為 18.3%，較 FY13 上升 3 個百分點。

Our non-GAAP effective tax rate for the year was 17.2%, slightly above our prior guidance and FY13, reflecting the impact of our geographical sales mix and year-end true-ups.

我們今年的非公認會計原則有效稅率為 17.2%，略高於我們之前的指引和 2013 財年，反映了我們的地域銷售組合和年終調整的影響。

Non-GAAP EPS for FY14 was $2.78, up 22% from FY13.

FY14 的非公認會計原則每股收益為 2.78 美元，比 FY13 增長 22%。

We ended the year with a strong balance sheet, and a continued high degree of financial flexibility to invest in the business, and enhance value to shareholders.

我們以強勁的資產負債表和持續的高度財務靈活性結束了這一年，以投資於業務並提高股東價值。

We closed FY14 with approximately $5 billion in cash and short-term investments, approximately 14% of which is onshore.

我們以約 50 億美元的現金和短期投資結束了 FY14，其中約 14% 是在岸投資。

Over the course of the year, we generated $1.1 billion of free cash flow, and fully executed our capital allocation strategy, which included retiring just under $1.3 billion in convertible notes, and returning $2.1 billion to shareholders through a combination of share repurchases and dividends.

在這一年中，我們產生了 11 億美元的自由現金流，並充分執行了我們的資本配置戰略，其中包括退還不到 13 億美元的可轉換票據，並通過股票回購和股息的組合向股東返還 21 億美元。

As expected, we ended this fiscal year with approximately $1.1 billion remaining in our share repurchase program.

正如預期的那樣，本財年結束時，我們的股票回購計劃中剩餘約 11 億美元。

Today, we are pleased to announce an increase in our next dividend to $0.165 per share, to be paid on July 22.

今天，我們很高興地宣布將下一次股息增加到每股 0.165 美元，將於 7 月 22 日支付。

This represents a 10% increase compared to Q4, and reflects our confidence in the business, our consistent ability to generate healthy domestic cash flow, and our ongoing commitment to generating shareholder value.

這比第四季度增長了 10%，反映了我們對業務的信心、我們產生健康國內現金流的持續能力以及我們對創造股東價值的持續承諾。

Now, to guidance.

現在，來指導。

We expect our Q1 target revenues to range between $1.42 billion and $1.52 billion which at the mid point implies a sequential decline of approximately 11%, and a 3% decrease year-over-year.

我們預計第一季度的目標收入在 14.2 億美元至 15.2 億美元之間，中間值意味著環比下降約 11%，同比下降 3%。

The sequential decline reflects our typical Q4 to Q1 seasonal revenue dynamics, as well as conservatism around OEM business, in light of our Q4 results, and our future expectations, given the business conditions impacting certain OEM customers.

鑑於影響某些 OEM 客戶的業務狀況，鑑於我們的第四季度業績和我們對未來的預期，連續下降反映了我們典型的第四季度至第一季度的季節性收入動態，以及對 OEM 業務的保守態度。

That said, we expect to continue to drive strong operational performance and prudently manage expenses.

也就是說，我們預計將繼續推動強勁的運營業績並謹慎管理費用。

In Q1, we expect to generate consolidated non-GAAP gross margins of approximately 63.5% to 64%, and non-GAAP operating margins of approximately 15%.

在第一季度，我們預計合併的非公認會計原則毛利率約為 63.5% 至 64%，非公認會計原則營業利潤率約為 15%。

Based on our stock repurchases in Q4, and in the first 10 days of Q1, we expect our diluted share count for the quarter to decline to approximately 332 million shares, and non-GAAP earnings per share for Q1 to range from approximately $0.53 to $0.58 per share.

根據我們在第四季度和第一季度的前 10 天的股票回購，我們預計本季度的稀釋後股票數量將下降至約 3.32 億股，第一季度非公認會計準則每股收益將在約 0.53 美元至 0.58 美元之間每股。

Overall, as we look to FY15, NetApp remains well-positioned to help customers navigate through their hybrid cloud strategies, with market leading scale-out and converge solutions.

總體而言，展望 2015 財年，NetApp 憑藉市場領先的橫向擴展和融合解決方案，在幫助客戶完成混合雲戰略方面仍處於有利地位。

We remain confident in our strategy, and committed to enhancing shareholder value over the long term.

我們對我們的戰略充滿信心，並致力於長期提升股東價值。

For the year, we anticipate mid-single digit branded revenue growth, ramping over the course of the year, and partially offset by declines in OEM revenue of up to 40%.

對於這一年，我們預計品牌收入將實現中個位數增長，並在年內逐步增加，並部分被 OEM 收入下降高達 40% 所抵消。

Though ultimately dependent on revenue mix and growth, we expect 2015 gross margin of approximately 63% to 64%, and operating margin of approximately 18%.

雖然最終取決於收入組合和增長，但我們預計 2015 年毛利率約為 63% 至 64%，營業利潤率約為 18%。

As I mentioned last quarter, we are implementing a change in how we report our non-GAAP effective tax rate to be more reflective of our operational results and tax structure, and to provide a better comparison with our peers.

正如我上個季度提到的那樣，我們正在改變我們報告非公認會計原則有效稅率的方式，以更好地反映我們的運營結果和稅收結構，並與同行進行更好的比較。

For the year, we currently expect our non-GAAP effective tax rate, under this new methodology, to be approximately 16.5%.

今年，我們目前預計，在這種新方法下，我們的非公認會計原則有效稅率約為 16.5%。

Finally, we intend to accelerate our current share repurchase program, and to complete it over the course of the next 12 months, a year earlier than originally announced.

最後，我們打算加快當前的股票回購計劃，並在未來 12 個月內完成，比最初宣布的時間提前一年。

Bottom line, our plans for FY15 translate to just under 10% growth in earnings per share, and continued strong cash flow generation.

歸根結底，我們的 FY15 計劃轉化為每股收益增長略低於 10%，並持續產生強勁的現金流。

With that, I will turn the call over to Tom for more detail on the business momentum.

有了這個，我將把電話轉給湯姆，以了解更多關於業務發展勢頭的細節。

Tom?

湯姆?

Thanks, Nick, and good afternoon everyone.

謝謝，尼克，大家下午好。

I am pleased with our operational execution again this quarter.

我對本季度的運營執行再次感到滿意。

We delivered revenue within our guidance range, while expanding gross and operating profit margins to levels among the highest in the history of the Company, all despite unanticipated headwinds in our OEM business.

儘管我們的 OEM 業務遇到了意料之外的逆風，但我們在指導範圍內實現了收入，同時將毛利率和營業利潤率擴大到公司歷史上最高的水平。

In calendar 2013, we outgrew the market, gained share, and increased gross margins, demonstrating our competitive advantage, and the value we deliver.

在 2013 日曆年，我們超越了市場，獲得了份額，並提高了毛利率，展示了我們的競爭優勢和我們提供的價值。

With the steep ramp of clustered ONTAP, the acceleration of our broad flash portfolio, and our differentiated approach to the cloud, we are participating in a greater range of customer engagements than at any time in our history.

隨著集群 ONTAP 的急劇增長、我們廣泛的閃存產品組合的加速以及我們對雲的差異化方法，我們正在參與比歷史上任何時候都更廣泛的客戶參與。

As we have discussed before, customers have new choice in technology and IT delivery options that enable them to modernize and create compelling business outcomes that were not previously possible.

正如我們之前所討論的，客戶在技術和 IT 交付選項方面有了新的選擇，使他們能夠實現現代化並創造以前無法實現的引人注目的業務成果。

Of particular impact is the cloud, which offers a degree of flexibility, and for certain work loads, economic benefits, that can not be achieved with traditional on premises computing.

雲計算具有特別的影響，它提供了一定程度的靈活性，並且對於某些工作負載，經濟利益，這是傳統的本地計算無法實現的。

For our bundled work loads where the economics are not advantageous, or where regulatory security or performance concerns exist, owned infrastructure is a preferred choice.

對於我們在經濟上不利或存在監管安全或性能問題的捆綁工作負載，自有基礎設施是首選。

These factors will result in most enterprises having a combination of internal and external infrastructure, commonly known as the hybrid cloud.

這些因素將導致大多數企業擁有內部和外部基礎架構的組合，通常稱為混合雲。

Ideally, customers would like the cloud to be a seamless extension of their internal environment, truly integrating public and private clouds.

理想情況下，客戶希望云成為其內部環境的無縫擴展，真正集成公有云和私有云。

One of the biggest challenges to this vision is data management.

這一願景的最大挑戰之一是數據管理。

While other parts of the infrastructure are largely fungible, and carry no history, once data is created, it needs to be protected and managed for its lifetime.

雖然基礎設施的其他部分在很大程度上是可替代的，並且沒有歷史記錄，但一旦創建了數據，就需要在其生命週期內對其進行保護和管理。

As data grows, data and application mobility become increasingly bandwidth and time-consuming.

隨著數據的增長，數據和應用程序的移動性變得越來越帶寬和耗時。

The net result is that data management, NetApp's core competency, is absolutely essential in the realization of the promise of the hybrid cloud.

最終結果是，NetApp 的核心競爭力——數據管理對於實現混合雲的承諾是絕對必要的。

Data ONTAP, the number-one storage operating system in the world, already delivers the industry's richest data management portfolio; and clustered ONTAP is unmatched in meeting IT transformation requirements of both the enterprise and Service Providers.

Data ONTAP 是世界上排名第一的存儲操作系統，已經提供了業界最豐富的數據管理產品組合；集群 ONTAP 在滿足企業和服務提供商的 IT 轉型要求方面無與倫比。

It is the only enterprise scale-out SAN platform, it is more reliable and easier to manage than other scale-out NAS solutions; and is able to consistently support multiple work loads, with multi-tenant management and performance scaling across disc, flash and hybrid storage.

它是唯一的企業橫向擴展 SAN 平台，比其他橫向擴展 NAS 解決方案更可靠、更易於管理；並且能夠始終如一地支持多種工作負載，跨磁盤、閃存和混合存儲進行多租戶管理和性能擴展。

On our Q4 call last year, we talked about the complex development transition to clustered data ONTAP being behind us.

在去年的第四季度電話會議上，我們談到了向集群數據 ONTAP 的複雜開發過渡。

Over the course of FY14, we saw increasing momentum, as customers and partners learned about the value of clustered ONTAP, and began deploying it broadly.

在 2014 財年，隨著客戶和合作夥伴了解集群 ONTAP 的價值並開始廣泛部署，我們看到了增長勢頭。

For the full year FY14, clustered nodes grew 242% from FY13.

2014 財年全年，集群節點比 2013 財年增長 242%。

The attach rate of clustered ONTAP increased across all of our product lines, with high-end platforms approaching 50% in Q4.

集群 ONTAP 的附加率在我們所有的產品線中都有所提高，第四季度高端平台接近 50%。

Most notably, the attach rate of our new FAS8000 product line was over 60%.

最值得注意的是，我們新的 FAS8000 產品線的附著率超過 60%。

To date, we have shipped over one exabyte of storage managed by clustered ONTAP systems.

迄今為止，我們已經交付了超過 1 EB 的由集群 ONTAP 系統管理的存儲。

With hybrid cloud as a dominant paradigm, on premise IT is not going away; however, due to budget constraints, the customer's ability to evaluate, integrate and ultimately deploy solutions is being impacted.

以混合雲為主導範式，本地 IT 不會消失；但是，由於預算限制，客戶評估、集成和最終部署解決方案的能力正在受到影響。

This trend is driving the demand for converged solutions that reduce the time to deployment and lower integration risk.

這一趨勢正在推動對減少部署時間和降低集成風險的融合解決方案的需求。

By working with other best of breed hardware and software providers, we can offer a compelling business value with reduced risk in ways that can not be matched by the proprietary stacks of the server vendors.

通過與其他同類最佳的硬件和軟件供應商合作，我們可以提供令人信服的商業價值，同時降低風險，這是服務器供應商的專有堆棧無法比擬的。

Our strategic partnership with Cisco around FlexPod solutions delivers on this promise, and we saw FlexPod unit shipments grow 71% from Q4 of last year.

我們與思科圍繞 FlexPod 解決方案的戰略合作實現了這一承諾，我們看到 FlexPod 的出貨量比去年第四季度增長了 71%。

With over 18 petabytes of flash sold last quarter, NetApp is the leader in the flash market, with the best positioned portfolio, both in terms of what is available today, and what is coming.

NetApp 上個季度售出了超過 18 PB 的閃存，是閃存市場的領導者，擁有最佳定位的產品組合，無論是就目前可用的產品還是即將推出的產品而言。

We are seeing multiple use cases emerging with different requirements, balancing price, performance and features.

我們看到多個具有不同要求的用例出現，平衡價格、性能和功能。

One of the clearest examples is database acceleration.

最明顯的例子之一是數據庫加速。

We are seeing rapid adoption in database environment using the EF all-flash-array, where data management is done by the application.

我們看到使用 EF 全閃存陣列的數據庫環境迅速採用，其中數據管理由應用程序完成。

Given the high end nature of these work loads, exceptional performance and availability are necessary.

鑑於這些工作負載的高端性質，卓越的性能和可用性是必要的。

The latter requirement frequently disqualifies the less mature new entrants to the market.

後一項要求經常使不太成熟的新進入者失去市場資格。

We frequently see EF systems in front of frame arrays, sometimes actually replacing them.

我們經常在框架陣列前面看到 EF 系統，有時實際上是在替換它們。

We are very confident in the competitive position in the EF, both now and in the future.

我們對現在和未來在英孚的競爭地位充滿信心。

A second, less clear, set of use cases are those that have to be served by more fully featured flash arrays, as customers balance the performance and power saving advantages with the higher cost of flash media.

第二組不太明確的用例是那些必須由功能更全的閃存陣列提供服務的用例，因為客戶需要在性能和節能優勢與閃存介質的更高成本之間取得平衡。

We are seeing some traction in highly compressible less mission-critical work loads like VDI.

我們在 VDI 等高度可壓縮的非關鍵任務工作負載中看到了一些牽引力。

As mentioned in our last call, we are seeing increased deployment of all-flash FAS arrays with clustered ONTAP, a customer can create an all-flash node within a cluster, and use transparent volume migration to less active data to lower-cost media as the data ages.

正如我們在上次電話會議中提到的，我們看到使用集群 ONTAP 的全閃存 FAS 陣列的部署有所增加，客戶可以在集群中創建全閃存節點，並使用透明卷遷移將不太活躍的數據遷移到成本更低的媒體，例如數據年齡。

Or a customer can distribute the flash throughout the cluster, to effectively produce a scale-out multi-protocol hybrid or all-flash solution.

或者，客戶可以將閃存分佈在整個集群中，以有效地生成橫向擴展的多協議混合或全閃存解決方案。

These are capabilities that no other vendor offers, and we expect adoption to accelerate, with the introduction of newly refreshed high performance controller platforms.

這些是其他供應商無法提供的功能，我們預計隨著新更新的高性能控制器平台的推出，採用速度將加快。

Units shipped of the EF family grew more than 300% and all-flash FAS units increased 80% from Q4 a year ago.

EF 系列的出貨量增長了 300% 以上，全閃存 FAS 單元比一年前的第四季度增長了 80%。

Beyond the strong growth of the EF family, the branded E series products also grew nicely.

除了 EF 系列的強勁增長，品牌 E 系列產品也增長良好。

E series units shipped, exclusive of the EF products, grew more than 170% from Q4 of last year.

E 系列出貨量（不包括 EF 產品）比去年第四季度增長了 170% 以上。

Our high-end FAS shipments grew 8% grew 8% year-on-year.

我們的高端 FAS 出貨量增長 8%，同比增長 8%。

Mid-range FAS systems shipped were roughly flat, and entry systems were down 18%.

中端 FAS 系統出貨量大致持平，入門系統下降 18%。

In Q4, we introduced the FAS 8000 product line, our first generation of cluster optimized systems.

在第四季度，我們推出了第一代集群優化系統 FAS 8000 產品線。

We are very pleased with the performance of the new products, and have the fastest initial quarter ramp of any systems in our history.

我們對新產品的性能感到非常滿意，並且擁有我們歷史上所有系統中最快的初始季度增長。

Soon, you can expect us to refresh the remainder of the FAS product line.

很快，您可以期待我們更新 FAS 產品線的其餘部分。

In past calls, I have discussed the difficult environment in which we are operating.

在過去的電話會議中，我討論了我們所處的艱難環境。

Budgets are compressed, customers are extending the life of their assets and delaying purchases, while evaluating new technologies.

預算被壓縮，客戶在評估新技術的同時延長資產的使用壽命並推遲購買。

In a constrained environment, we must hone our competitive edge, and capture more than our fair share of the opportunities.

在受限的環境中，我們必須磨練我們的競爭優勢，並抓住超出我們公平份額的機會。

With the rearchitected clustered ONTAP, the introduction of the EF, the ramp of the E series and promise of FlashRay, we are participating in opportunities that would not have previously been available to us.

隨著重新架構的集群 ONTAP、EF 的推出、E 系列的興起和 FlashRay 的承諾，我們正在參與以前無法獲得的機會。

We also need to be sure we are investing in the technologies that will be industry leading, as the market transitions and new architectures emerge.

隨著市場轉型和新架構的出現，我們還需要確保我們正在投資將成為行業領先的技術。

Our recent realignment was specifically intended to direct our resources towards our biggest opportunities.

我們最近的調整旨在將我們的資源用於我們最大的機會。

Our investments in the integration of cloud services and open source solutions into our software defined data management framework will uniquely position us to enable our customers to operationalize the cloud, and other new emerging technologies.

我們在將雲服務和開源解決方案集成到我們的軟件定義數據管理框架中的投資將使我們處於獨特的地位，使我們的客戶能夠操作雲和其他新興技術。

We expect our branded revenue growth to once again outpace that of the total industry in FY15, with solid gross margins and strong cash flow.

我們預計 2015 財年我們的品牌收入增長將再次超過整個行業，毛利率穩健，現金流強勁。

Before opening the call for Q&A, I'd like to thank the entire NetApp team for their hard work and dedication.

在開始問答之前，我要感謝整個 NetApp 團隊的辛勤工作和奉獻精神。

We are focused on innovation and execution, which enables us to meet the evolving needs of our customers, and yield strong operational returns.

我們專注於創新和執行，這使我們能夠滿足客戶不斷變化的需求，並產生可觀的運營回報。

In a challenging environment, we are generating operating leverage in our business model, supporting continued investment and innovation, and yielding strong cash flow.

在充滿挑戰的環境中，我們在業務模式中產生經營槓桿，支持持續投資和創新，並產生強勁的現金流。

At this point, we will open up the call for Q&A.

此時，我們將打開問答電話。

As always I ask that you be respectful of your peers on the call and limit yourself to one question, so we can address as many people as possible.

與往常一樣，我要求您在通話中尊重您的同行，並將自己限制在一個問題上，以便我們可以解決盡可能多的人。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

The first question comes from Alex Kurtz from Sterne, Agee.

第一個問題來自阿吉斯特恩的亞歷克斯庫爾茨。

Tom, could you just talk about how you see the next fiscal year playing off that's around [cals] in your pipeline, whether it's refreshes of new products, new verticals that you're attacking?

湯姆，你能否談談你如何看待下一個財政年度圍繞你管道中的 [cals] 進行的比賽，無論是更新新產品，還是你正在攻擊的新垂直領域？

I think people are looking at the branded product guide for the year, and trying to understand how you get to that number, and where you're seeing that play out from a seasonality perspective, and new products that you expect to have come to the market in the next 6 to 12 months?

我認為人們正在查看今年的品牌產品指南，並試圖了解您如何獲得該數字，以及您從季節性角度看到的結果，以及您期望出現的新產品未來 6 到 12 個月的市場？

Yes, I think as we look at the market overall, clearly it's a challenging environment, as we talked about.

是的，我認為當我們審視整個市場時，正如我們所談到的，顯然這是一個充滿挑戰的環境。

We see people extending the life of their assets, and if you take assets from a three or four year life to a four or five year life; that's a pretty big hole in the growth rate of the market.

我們看到人們延長資產的壽命，如果您將資產從三年或四年的壽命延長到四年或五年的壽命；這是市場增長率的一個相當大的漏洞。

I think we're clearly seeing that.

我認為我們清楚地看到了這一點。

There's a couple things, I think, that are specific to us as well.

我認為，有幾件事也是我們特有的。

We have a very, very strong federal business.

我們有一個非常非常強大的聯邦業務。

We're number one market share there, and clearly with the shutdown at the end of the fiscal year, we didn't have that at the beginning of last year.

我們在那裡的市場份額第一，很明顯，在本財年末停產後，我們在去年年初還沒有。

So I think we got tougher Q1 and Q2 compares on the federal side of the business that ultimately will age off.

所以我認為我們在聯邦方面的第一季度和第二季度比較強硬，最終會老化。

So I think, overall, we'll take a tail wind if we get it, but I don't think anybody is predicting that.

所以我認為，總的來說，如果我們得到它，我們會順風順水，但我認為沒有人預測到這一點。

At this point in time, we'll try to compete in the market where we're at.

在這個時間點，我們將嘗試在我們所在的市場上競爭。

But if I look at the business overall, certainly the OEM, we're disappointed in that this quarter, and looking forward.

但如果我看一下整個業務，當然是 OEM，我們對這個季度感到失望，並期待著。

With the uncertainty and lack of visibility we have deep into those businesses, I think it's just time to take that down; so we don't have any more surprises and focus on the branded business.

由於我們對這些業務深入了解的不確定性和缺乏可見性，我認為現在是時候取消它了；所以我們沒有更多的驚喜，專注於品牌業務。

The branded business was up 4% year-to-year last year, and if I look at our portfolio, whether it be ramp of clustered ONTAP, it would still be relatively early days a year ago.

品牌業務去年同比增長 4%，如果我看一下我們的產品組合，無論是集群 ONTAP 的增長，一年前還處於相對早期的階段。

If I look at how far we've come from EF, from effectively a standing start to a compelling position in the market, I think the field is embracing E series in a meaningful way, that they weren't doing a year ago; and FlashRay on the way.

如果我看看我們距離 EF 有多遠，從有效的起步到在市場上的引人注目的地位，我認為該領域正在以一種有意義的方式擁抱 E 系列，這是他們一年前沒有做的。和 FlashRay 在路上。

And the other thing is, you'll hear more about our software defined and cloud story at Analyst day, but in sharing that with customers, I think people view that very, very positively and see that as a reduction of risk by NetApp.

另一件事是，您將在分析師日聽到更多關於我們的軟件定義和雲故事的信息，但在與客戶分享時，我認為人們非常非常積極地看待這一點，並將其視為 NetApp 降低風險的方式。

So I think that we've got a set of things, even independent of the macro around us, that we did not have in our toolkit a year ago.

所以我認為我們有一套東西，甚至獨立於我們周圍的宏，一年前我們的工具包中沒有這些東西。

And while we have some tough compares on the federal side, and I don't think anybody is expecting a miraculous turnaround in overall spending.

雖然我們在聯邦方面進行了一些艱難的比較，但我認為沒有人期待整體支出出現奇蹟般的好轉。

I just think our competitiveness is that much better; and I think that we could leverage those into growth.

我只是認為我們的競爭力要好得多。我認為我們可以利用這些來實現增長。

And like I said, in the aggregate, we did 4% branded growth this year.

就像我說的，總的來說，我們今年的品牌增長達到了 4%。

So I'll leave OEM aside, that's really going to be a challenging one to take that down, so we can stop talking about it for the time being.

所以我會把 OEM 放在一邊，這確實是一個具有挑戰性的問題，所以我們可以暫時停止談論它。

The real focus is on those OEM businesses that are still growing, and likewise, primarily around the branded.

真正的重點是那些仍在增長的OEM業務，同樣，主要圍繞品牌。

That's why we broke out the OEM comparison all along, because we knew we would be on this downward trend, and we wanted to focus on the go-forward businesses.

這就是我們一直打破OEM比較的原因，因為我們知道我們將處於這種下降趨勢，並且我們希望專注於前進的業務。

Alex, this is Nick.

亞歷克斯，這是尼克。

Just to follow-up, you asked a little bit on seasonality.

只是為了跟進，你問了一點關於季節性的問題。

On that branded side of business, we expect that seasonality, even Q4 to Q1, to be pretty consistent with what we've talked about in the past, and then as I indicated, this ramps over the course of the year.

在業務的品牌方面，我們預計季節性，即使是第四季度到第一季度，與我們過去談論的內容非常一致，然後正如我所指出的，這種情況會在一年中增長。

We'll go through, Tom talked about federal in Q2, go through year-end in Q3, and a ramp up in Q4; but pretty normal in terms of, certainly the Q4 branded side and then ramping through the year.

我們會經歷，湯姆在第二季度談到聯邦，在第三季度經歷年底，在第四季度增加；但就第四季度品牌方面而言，這很正常，然後在一年中逐漸增加。

Thanks guys.

多謝你們。

The next question comes from Joe Wittine with Longbow Research.

下一個問題來自 Longbow Research 的 Joe Wittine。

The question is on the service provider business.

問題在於服務提供商業務。

EMC recently came out and framed up the size of the infrastructure they're selling to the cloud SPs, and it had the effect of the lifting the curtain and easing investor concerns on the overall cloud risk.

EMC 最近出來並確定了他們向雲服務提供商出售的基礎設施的規模，它起到了拉開帷幕並緩解投資者對整體雲風險的擔憂的效果。

So I know you've referenced the third party data in the past, saying you're number one.

所以我知道你過去引用過第三方數據，說你是第一。

But are you willing to frame up the relative size of that business for you, and really the relative opportunity for you going forward as well?

但是您是否願意為您確定該業務的相對規模，以及您未來的相對機會？

Well, I think there's plenty of cloud business definitions out there.

好吧，我認為那裡有很多雲業務定義。

We've had a vertical market around the service provider community, which includes the telcos and traditional service providers, and in fact, that's been the fastest growing segment for us.

我們圍繞服務提供商社區建立了一個垂直市場，其中包括電信公司和傳統服務提供商，事實上，這對我們來說是增長最快的部分。

Product calls, we talked about 200 service provider customers and a number of applications we run there.

產品電話，我們談到了 200 個服務提供商客戶和我們在那裡運行的一些應用程序。

So the service provider, you've seen the data, net number one in storage in the public cloud, but our view is to go beyond that into the hyper scale; and it doesn't necessarily mean that we're going to sell the hyper scaler systems but the hyper- scalers offer a capability that's attractive to our customer set.

所以服務提供商，你已經看到數據，在公共雲的存儲中排名第一，但我們的觀點是超越它進入超大規模；這並不一定意味著我們要銷售超大規模系統，但超大規模系統提供的功能對我們的客戶群具有吸引力。

And what you should expect to see from NetApp, as we rollout and talk about our strategy, is how do we enable customers to realize the benefits of that?

當我們推出並討論我們的戰略時，您應該期望從 NetApp 看到的是，我們如何讓客戶實現其中的好處？

How do we enable them to create a seamless extension of their on premise computing?

我們如何使他們能夠創建其本地計算的無縫擴展？

So for us, the data management component app and software component app is key, and I think in some ways it's effectively the ultimate in unified storage, is the ability to create an opportunity to seamlessly extend our data management, whether it's on our systems or other people's systems; whether it's a NetApp private storage, in conjunction with Amazon, or whether it's actually in the cloud.

所以對我們來說，數據管理組件應用程序和軟件組件應用程序是關鍵，我認為在某些方面它實際上是統一存儲的終極目標，它能夠創造機會無縫擴展我們的數據管理，無論是在我們的系統上還是其他人的系統；無論是 NetApp 私有存儲、與 Amazon 結合使用，還是實際上在雲中。

So from our point of view is that all of those are components, that it's the traditional sell-through of the service providers that providing enterprise services and therefore are big consumers of commercial equipment, and I think our position there speaks for itself, and like I said, even last year, in a tough market, that was our fastest-growing segment.

因此，從我們的角度來看，所有這些都是組件，提供企業服務的是服務提供商的傳統銷售方式，因此是商業設備的大消費者，我認為我們在那裡的地位不言自明，就像我說過，即使在去年，在一個艱難的市場中，這也是我們增長最快的部分。

And then beyond that, we're also looking to embrace the hyper scalers into our data management framework, so all of those components of the cloud, both the traditional service providers and hyper scalers are integral to our overall strategy.

除此之外，我們還希望將超縮放器納入我們的數據管理框架，因此云的所有這些組件，包括傳統服務提供商和超縮放器都是我們整體戰略的組成部分。

The next question comes from Brent Brace from Pacific Crest Securities.

下一個問題來自 Pacific Crest Securities 的 Brent Brace。

Tom, wanted to follow-up on the strategy side.

湯姆，想在戰略方面跟進。

Specifically, what's your appetite, risk appetite to diversify the portfolio, accelerate growth through M&A?

具體來說，您對多元化投資組合、通過併購加速增長的偏好和風險偏好是什麼？

And the reason why I ask, you've generated over $1 billion in cash flow over the last four years, in each of the last four years you have over $4 billion in cash net of debt.

我問的原因是，您在過去四年中產生了超過 10 億美元的現金流，在過去四年中，您每年都有超過 40 億美元的現金（扣除債務）。

But if I look at the OEM partnering strategy, that business has been cut in half now at a $440 million kind of run rate.

但是，如果我看一下 OEM 合作戰略，該業務現在已經以 4.4 億美元的運行速度減少了一半。

Your branded business has grown 3% or 4% over the last couple years, but again has benefited from a tailwind around a new product cycle.

在過去幾年中，您的品牌業務增長了 3% 或 4%，但再次受益於新產品週期的順風。

So question here.

所以在這裡提問。

What's the strategy, do you plan to stay the course with what you're doing?

策略是什麼，你打算堅持你正在做的事情嗎？

Or are you thinking about different ways to accelerate growth, diversify the portfolio through M&A, given the strong cash flows, given the cash that you have on your balance sheet?

或者，鑑於強勁的現金流和資產負債表上的現金，您是否正在考慮不同的方式來加速增長、通過併購使投資組合多樣化？

I think, first thing on the OEM side, one thing to bear in mind on the OEM side is probably two facts.

我認為，OEM 方面的第一件事，OEM 方面要記住的一件事可能是兩個事實。

One is that we talk about the OEM business, and the OEM business declined, there's multiple components of that.

一是我們談論代工業務，代工業務下降了，其中有多個組成部分。

Part of that is E series, but there's also N series, which is the old ONTAP base products, so the IBM relationship, which is on a similar trajectory.

其中一部分是 E 系列，但也有 N 系列，它是舊的 ONTAP 基礎產品，因此與 IBM 的關係也在類似的軌跡上。

So the OEM business discussion isn't specifically an E series discussion.

因此，OEM 業務討論並不是專門針對 E 系列的討論。

On the other hand, the branded side of E series brought with us the capability to be in a position we're in, with all-flash arrays, and the aggregate, you see our flash numbers.

另一方面，E 系列的品牌優勢使我們能夠處於我們所處的位置，全閃存陣列和聚合，你會看到我們的閃存數量。

So we're very, very happy with that and likewise the momentum of the E series.

所以我們對此非常非常滿意，同樣對 E 系列的勢頭也很滿意。

And the thing I'd point out on the EF and the E series is the nature of the business that we are competing for and winning there.

我要在 EF 和 E 系列上指出的是我們正在競爭和贏得的業務的性質。

In the overall majority of the cases, we would not have been competing for, had we not had those products in our portfolio.

在大多數情況下，如果我們的產品組合中沒有這些產品，我們就不會競爭。

So we remain as excited about the E series portfolio from a technology perspective as we ever have.

因此，從技術角度來看，我們對 E 系列產品組合一如既往地感到興奮。

Clearly.

清楚地。

the OEM business is on a trajectory that it's on, and clearly, we've been breaking that out separately, anticipating the trajectory that it would be moving; albeit, this latest step down was a bit of a surprise.

OEM 業務正處於其發展的軌道上，顯然，我們一直在單獨打破它，預計它會發展的軌道；不過，最近的這一降級有點令人驚訝。

To be more complete on the M&A side, I think we're open to opportunities that will drive the growth of the Company.

為了在併購方面更加完善，我認為我們對推動公司增長的機會持開放態度。

I think that we're looking for deals that are executable, that obviously are affordable, that fit within our core competency, that we can bring value to, that by virtue of having it in our portfolio, we can add value to our business; and ultimately, we're going to drive growth.

我認為我們正在尋找可執行的、顯然負擔得起的、符合我們核心競爭力的、我們可以帶來價值的交易，通過將其納入我們的投資組合，我們可以為我們的業務增加價值；最終，我們將推動增長。

So I think in a transitioning market, where there's a lot of new technologies, and a lot of new alternatives for customers, there's a lot of properties out there to look at.

所以我認為在一個轉型市場中，有很多新技術，有很多可供客戶選擇的新選擇，有很多房產可供關注。

So to answer your question, I'm not going to signal any intention, or any time frame, or any targets.

因此，為了回答你的問題，我不會表明任何意圖、任何時間框架或任何目標。

But suffice to say, we understand the dynamics, we understand what customers are thinking, and for the right transactions, we would be very much inclined to do M&A.

但我只想說，我們了解動態，我們了解客戶的想法，對於正確的交易，我們非常傾向於進行併購。

That's helpful, thank you.

這很有幫助，謝謝。

The next question comes from Katy Huberty from Morgan Stanley.

下一個問題來自摩根士丹利的 Katy Huberty。

Yes, thanks.

是啊謝謝。

The DSOs would suggest that it was a back-end loaded quarter, and others have talked about a stronger April relative to the calendar first quarter.

DSO 會暗示這是一個後端負載的季度，而其他人則談到 4 月相對於日曆第一季度而言更為強勁。

Just curious, whether you saw that April strength, and if that could possibly deliver some surprise in the July quarter relative to your seasonal guidance?

只是好奇，您是否看到了 4 月的強勁勢頭，以及相對於您的季節性指導，這是否可能在 7 月季度帶來一些驚喜？

Katy, sure.

凱蒂，當然。

DSOs at 47 days were a little higher than they were in Q4 of last year.

47 天的 DSO 比去年第四季度略高。

It does talk to certain elements of the business happening towards the end of April.

它確實談到了 4 月底發生的某些業務要素。

It's all current, so we have no concerns on those, and no concerns on collectability.

這都是最新的，所以我們不擔心這些，也不擔心可收集性。

In terms of the guidance, again that guidance is based on bottom-up so we do across the business, across the geographies, across the OEMs, the bottom up for Q1.

就指導而言，該指導再次基於自下而上，因此我們在整個業務、跨地區、跨原始設備製造商、第一季度自下而上進行。

So I'd point out that what we talked about before, that sequential view of Q4 to Q1 is pretty consistent with what we've done in the past.

所以我要指出的是，我們之前談到的第四季度到第一季度的順序視圖與我們過去所做的非常一致。

We've remained conservative on the OEM side on top of it, which we think is appropriate, given how Q4 went, and given the position of some of the OEM partners.

除此之外，我們在 OEM 方面一直保持保守，考慮到第四季度的情況以及一些 OEM 合作夥伴的立場，我們認為這是合適的。

So I think the guidance stands, and I don't think there's anything to suggest that it should be higher than what we put out there to you at this point.

因此，我認為該指導是有效的，我認為沒有任何跡象表明它應該高於我們目前向您提供的指導。

And the DSOs again are just an element of the business, and there's strong execution happening already in Q1, with respect to bringing in all of that cash.

DSO 再次只是業務的一個組成部分，並且在第一季度就已經在引入所有現金方面進行了強有力的執行。

The other thing I'd point out is, this tends to be the highest DSO quarter of the year, so while it's up substantially from the prior quarter, it's up from the prior year; but not as much, just a few days, so four or five days.

我要指出的另一件事是，這往往是一年中 DSO 最高的季度，因此雖然比上一季度大幅上升，但比上一年有所上升；但沒那麼多，就幾天，所以四五天。

So that tends to be the cyclicality of the business but I wouldn't try and read anything into the DSO and second guess our guidance.

所以這往往是業務的周期性，但我不會嘗試將任何內容讀入 DSO，然後猜測我們的指導。

Okay, thank you.

好的謝謝。

The next question comes from Brian White from Cantor Fitzgerald.

下一個問題來自 Cantor Fitzgerald 的 Brian White。

A couple things.

幾件事。

One, could you talk a little bit about the relationship with Cisco and ACI, and also Intercloud; it was a big deal at Cisco Live this week.

一，您能談談與 Cisco 和 ACI 以及 Intercloud 的關係嗎？這週在 Cisco Live 上是一件大事。

I know you're part of it, and there were announcements around it so maybe how do you think that will play out?

我知道你是其中的一員，並且圍繞它發布了公告，所以你認為這會如何發展？

And just for Nick around operating margins, it seems like there's a much steeper drop in this Q1 in operating margins than we saw last year, you had a similar revenue fall off, so maybe you could address that?

就營業利潤率而言，第一季度的營業利潤率似乎比我們去年看到的下降幅度更大，您的收入也出現了類似的下降，所以也許您可以解決這個問題？

Thank you.

謝謝你。

Yes, I think general on many fronts, we continue to collaborate with Cisco, so certainly the ACI, the Intercloud obviously continues with FlexPod, some other things around some other initiatives, OpenStack.

是的，我認為在許多方面，我們繼續與 Cisco 合作，當然 ACI、Intercloud 顯然會繼續與 FlexPod 以及圍繞其他一些舉措的其他一些事情，OpenStack。

So we continue to do that, and it continues to be a very multi-facetted relationship, so in our interaction with them, it's all systems to go.

所以我們繼續這樣做，它仍然是一個非常多方面的關係，所以在我們與他們的互動中，這都是系統的發展。

We're finding more and more ways to engage.

我們正在尋找越來越多的參與方式。

As far as Intercloud and ACI, clearly those are top initiatives for them.

就 Intercloud 和 ACI 而言，顯然這些都是他們的首要舉措。

So I think being connected to them and being part of the messaging, and part of the product offering, and part of the customer discussion, is really important to us.

因此，我認為與他們建立聯繫並成為消息傳遞的一部分，產品供應的一部分以及客戶討論的一部分，對我們來說真的很重要。

So I think all-in all, Cisco is pushing pretty hard, and that collaboration with NetApp is working really well.

所以我認為總而言之，思科正在努力推動，與 NetApp 的合作非常有效。

We continue to have momentum, and we talked about FlexPod shipments being up 71% year-over-year.

我們繼續保持勢頭，我們談到 FlexPod 的出貨量同比增長 71%。

So still very, very much alive and well and in fact not only ACI, but Intercloud; we just had an appearance with them this week at the Cisco live event.

所以仍然非常非常活躍並且很好，事實上不僅是 ACI，還有 Intercloud；我們本周剛剛在思科現場活動中與他們一起露面。

I think the other point I'd make in terms of the sequential here, I talked about the sequential revenue decline; and when I go back a couple years, and there were sequential revenue declines from Q4 to Q1 of into the teens, last year, it was 12%, which is Q4 of 2013 to Q1 2014.

我認為我在這裡就連續性提出的另一點是，我談到了連續性收入下降；當我回到幾年前，從第四季度到第一季度的收入連續下降，去年是 12%，也就是 2013 年第四季度到 2014 年第一季度。

Those will carry with them a decline in operating margin in the Company.

這些將伴隨公司營業利潤率的下降。

All of them will.

他們都會。

We'll also have gotten some benefits in the fourth quarter from our repositioning activity we did, mid-quarter we talked in terms of the earnings.

我們還將在第四季度從我們所做的重新定位活動中獲得一些好處，我們在季度中期談到了收益。

We start reinvesting those, and that's a reallocation activity.

我們開始對這些進行再投資，這是一項重新分配活動。

So that's all baked into the change and the difference in operating margins from Q4 of 2014 into Q1 of 2015, so I don't think there's anything outside of that.

所以這一切都融入了從 2014 年第四季度到 2015 年第一季度的變化和營業利潤率的差異，所以我認為除此之外沒有什麼。

We're balancing investment, we're balancing returns from the business, and we're balancing sequential revenue declines that we typically expect from Q4 to Q1.

我們正在平衡投資，我們正在平衡業務回報，我們正在平衡我們通常預期從第四季度到第一季度的連續收入下降。

In fact, if you go to the guidance, we're actually guiding above where we were a year ago, and not promising the same trajectory this year, we're at almost 21 points at this point right now.

事實上，如果你去看指導，我們實際上是在一年前的水平之上指導，而不是承諾今年會出現同樣的軌跡，我們現在接近 21 個點。

So clearly the seasonality, with the gross margin of the business, obviously the revenue fall through to the bottom line is actually quite large, so as the revenue is volatile, so is the bottom line.

如此明顯的季節性，加上業務的毛利率，顯然收入跌破底線其實是相當大的，所以收入波動，底線也是如此。

So, it's a transition from Q4 to Q1, I get that.

所以，這是從第四季度到第一季度的過渡，我明白了。

But if you do the year-over-year compare, I think it leaves us in a position to deliver on Nick's full year commitment.

但是，如果您進行同比比較，我認為這使我們能夠兌現尼克的全年承諾。

Great, thank you.

太好了謝謝。

The question comes from Kaushik Roy from Wunderlich.

這個問題來自 Wunderlich 的 Kaushik Roy。

Can you help us understand why the traditional storage system vendors, IBM, EMC and others, are seeing negative revenue growth, whereas the new hybrid vendors such as Nimble or converged guys say the mechanics are growing so rapidly.

您能否幫助我們理解為什麼傳統存儲系統供應商 IBM、EMC 等收入出現負增長，而新的混合供應商（如 Nimble 或融合廠商）卻表示其機制增長如此之快。

Is it because they have a new architecture that's superior?

是因為他們有一個更優越的新架構嗎？

Alternatively, does NetApp need to build something from the ground up?

或者，NetApp 是否需要從頭開始構建一些東西？

Well I think that, obviously, you've got much different scale, you've got installed base, there's a whole bunch of dynamics that separate the smaller players from the bigger players.

嗯，我認為，顯然，你有很多不同的規模，你有安裝基礎，有一大堆動態將小玩家與大玩家區分開來。

And when I look at this, those cover a fair amount of ground in terms of use cases.

當我看到這個時，這些在用例方面涵蓋了相當多的基礎。

I think there's some of those technologies there that are outside of our current space, if we were to participate organically, we would have to start from scratch.

我認為其中一些技術超出了我們當前的領域，如果我們要有機參與，我們將不得不從頭開始。

But in the storage systems market, if anything, I'd use flash as an example.

但在存儲系統市場，如果有的話，我會以閃存為例。

We certainly heard a lot of this start from scratch, new technology, everything we knew about the past is no longer relevant.

我們當然聽到了很多從零開始的新技術，我們所知道的關於過去的一切都不再相關。

And here we are, with EF in a very, very strong position in a very, very well defined segment of the flash.

在這裡，EF 在非常非常明確的閃存部分中處於非常非常強大的位置。

And then likewise, I think the ability to deploy flash, not necessarily as a standalone point product, but as a node in a cluster, with all of the data management, and the volume migration, and all that goes with it, is a pretty compelling offering.

同樣，我認為部署閃存的能力，不一定是作為一個獨立的單點產品，而是作為集群中的一個節點，具有所有的數據管理、卷遷移以及隨之而來的所有內容，非常棒引人注目的產品。

So we've heard this, do I need to start from scratch?

所以我們聽說了，我需要從頭開始嗎？

And certainly if it's not in the business we're currently in, the answer to that is yes.

當然，如果它不在我們目前從事的業務中，答案是肯定的。

In the businesses that we're in, if I actually look at where the momentum lies in this business, and who's actually driving a leadership position here, it's actually NetApp.

在我們所從事的業務中，如果我真的看一下這個業務的發展勢頭，以及誰在這方面真正推動領導地位，它實際上是 NetApp。

And flash is probably the classic example here, and I'll just state it flat out, is I would not trade the flash portfolio of NetApp for the flash portfolio of any other Company, whether starting from scratch or otherwise.

Flash 可能是這裡的經典示例，我將直截了當地說明，我不會將 NetApp 的 Flash 產品組合換成任何其他公司的 Flash 產品組合，無論是從頭開始還是其他方式。

Okay, thank you.

好的謝謝。

The next question comes from Srini Nandury from Summit Research.

下一個問題來自 Summit Research 的 Srini Nandury。

As you look at last quarter, you gave information about the number of new customers you're adding.

當您查看上個季度時，您提供了有關您正在添加的新客戶數量的信息。

Can you provide the statistic, if you can this quarter?

如果可以，您能否提供本季度的統計數據？

And as you look at average deal sizes over the years, how has it changed, most recently?

當您查看這些年來的平均交易規模時，最近發生了怎樣的變化？

I don't remember a new customer component.

我不記得有新的客戶組件。

We may have talked about it specifically in terms of maybe an EF or an E series, but suffice to say, those numbers are up huge.

我們可能已經在 EF 或 E 系列方面專門討論過它，但可以說，這些數字是巨大的。

In fact, the E series book has roughly doubled in two quarters, with EF included.

事實上，E 系列書在兩個季度內大約翻了一番，其中包括 EF。

That continues at a big number, so I don't know that number off the top of my head, but suffice to say, it's robust.

這個數字繼續很大，所以我不知道這個數字是否在我腦海中，但我只想說，它很強大。

In terms of aggregate deal size, in terms of overall transactions if you look at our mix, we're seeing 3000s and 6000s, or I should say the mid-range and the high end platforms doing a bit better than the lower end platforms.

就總交易規模而言，如果您查看我們的組合，就整體交易而言，我們看到 3000 和 6000，或者我應該說中端和高端平台比低端平台做得更好。

So on the aggregate, the ASP just on that basis would be going up, but that's an individual box ASP.

所以總的來說，僅在此基礎上的 ASP 就會上升，但這是一個單獨的盒子 ASP。

I think more broadly, if there's probably one trend that we saw over the course of, certainly of Q4, is we actually saw more bigger deals available to us; and if I'd say there was one thing we saw in that quarter that was different than perhaps some other quarters, it is just very, very significant deals.

我認為更廣泛地說，如果我們在整個過程中看到的一個趨勢，當然是在第四季度，我們實際上看到了更多更大的交易可供我們使用；如果我說我們在那個季度看到的一件事可能與其他一些季度不同，那隻是非常非常重要的交易。

And they come in various varieties, some of them are tech refreshes, some of them are new projects.

它們有各種各樣的種類，其中一些是技術更新，其中一些是新項目。

And the other thing is enterprise service and enterprise license agreements, very, very large transactions on that dimension.

另一件事是企業服務和企業許可協議，非常非常大的交易。

While they don't help us in the near term in terms of revenue realization, you see it on the deferred balance is up $100 million from last year.

雖然它們在短期內對我們實現收入沒有幫助，但你會看到遞延餘額比去年增加了 1 億美元。

So if I just go to deals overall, I'd say more bigger deals available to us, maybe that's a positive development, but too early to tell.

因此，如果我只是整體進行交易，我會說我們可以獲得更多更大的交易，也許這是一個積極的發展，但現在說還為時過早。

But the other thing we saw a lot of last quarter, more so than any other quarter, is enterprise license agreements and enterprise service agreements.

但我們在上個季度看到的另一件事是企業許可協議和企業服務協議，比任何其他季度都多。

And the value to that, of course, is while it doesn't have the near term revenue because of the ratability of it, it's a commitment to NetApp over the long term.

當然，這樣做的價值在於，雖然由於它的可評級性而沒有短期收入，但它是對 NetApp 的長期承諾。

Obviously a lot to see in some ways, because the software is pre-sold, and it's also a commitment to on premise computing.

在某些方面顯然有很多值得一看的地方，因為該軟件是預售的，而且它也是對本地計算的承諾。

Thank you, Tom.

謝謝你，湯姆。

The next question comes from Keith Bachman from Bank of Montreal.

下一個問題來自蒙特利爾銀行的 Keith Bachman。

Tom, I'd like to ask a strategy question as well.

湯姆，我也想問一個策略問題。

Particularly related to the OEM business.

特別是與代工業務有關。

The OEM business was down 34% this quarter.

本季度 OEM 業務下降了 34%。

You're guiding it to decline by another 40%.

你正在引導它再下降 40%。

The margins are lower than the branded business.

利潤率低於品牌業務。

Why be in the business?

為什麼要做生意？

It sounds like you're letting customers continue to take their business back.

聽起來您正在讓客戶繼續收回他們的業務。

Why not be more proactive in taking the business to its natural state, rather than watching it decline?

為什麼不更加積極主動地將業務恢復到自然狀態，而不是眼睜睜地看著它衰落呢？

Well, I think that being in the business means a few things, so I want to be clear on a couple of points.

好吧，我認為從事這項業務意味著一些事情，所以我想明確幾點。

We could cease to serve product to our OEMs, I guess that's a way to exit the business.

我們可以停止向我們的 OEM 提供產品，我想這是退出業務的一種方式。

If the idea is why don't we just get rid of that business on the technology, is that the technology underneath that business is the E series technology, and EF that goes with it, which is very strategic for us and has a lot of momentum.

如果我們的想法是我們為什麼不直接擺脫技術上的業務，那麼該業務下的技術是E系列技術，以及與之配套的EF，這對我們來說非常具有戰略意義，並且有很多勢頭。

And likewise the N series, which is also on the same downward trajectory with IBM, has ONTAP underneath it.

同樣，與 IBM 處於同一下降軌蹟的 N 系列也有 ONTAP。

So at the end of the day, the technology investments behind these technologies that are driving our branded business are alive as well, and we're excited about those as ever.

因此，歸根結底，推動我們品牌業務的這些技術背後的技術投資也很活躍，我們對這些技術一如既往地感到興奮。

However to take those through the OEM channel is clearly what we're talking about here.

然而，通過 OEM 渠道獲取這些顯然是我們在這裡談論的內容。

Yes.

是的。

So two things, one of which is the investment in terms of the restructuring that we just did.

所以有兩件事，其中之一是我們剛剛進行的重組方面的投資。

Clearly, the OEM go-to-market activity around those vendors, and again, not committed to us long-term, that's clearly an area that we've taken down.

顯然，圍繞這些供應商的 OEM 進入市場活動，同樣，沒有長期致力於我們，這顯然是我們已經取消的一個領域。

And we get that size in proportion to where we think this business needs to be.

我們得到的規模與我們認為這項業務需要的規模成正比。

The other question of why don't we just stop selling it to them, I think what that does is it just takes the number down fast, but doesn't change the ultimate outcome.

另一個問題是我們為什麼不停止向他們出售它，我認為這樣做只是快速降低了數量，但不會改變最終結果。

In the meantime, there's no doubt that some of those products that are being sold are being sold to customers we weren't going to get to on our own.

與此同時，毫無疑問，其中一些正在出售的產品正在出售給我們自己無法獲得的客戶。

Now the broader question for partners that have made choices other than NetApp, we aren't sitting idly by.

現在，對於已經做出除 NetApp 之外的選擇的合作夥伴來說，更廣泛的問題是，我們不會袖手旁觀。

We are competing to preserve that business and bring it into the NetApp domain.

我們正在競相保留該業務並將其納入 NetApp 領域。

So the idea that this is a passive, where we just sit and watch, I wouldn't say that.

所以我不會說這是一個被動的想法，我們只是坐下來觀看。

We've clearly scaled the business appropriately.

我們已經清楚地適當地擴展了業務。

We're clearly investing in the technology, although targeted primarily for our branded customers, and at the same time, where the relationship is not good or where they are making choices about other products in their portfolio; we are aggressively pursuing that and competing with that, with our branded product and our existing channels.

我們顯然在投資這項技術，儘管主要針對我們的品牌客戶，同時在關係不好或他們正在選擇其產品組合中的其他產品的地方；我們正在積極追求這一點，並通過我們的品牌產品和現有渠道與之競爭。

So is the inference, Tom, just that this business ends up being a $50 million to $60 million run rate business, or does it ultimately go to a position where it's zero?

那麼，Tom 的推論是，這項業務最終會成為 5000 萬至 6000 萬美元的運營業務，還是最終會達到零？

And I understand the technology is important, that's not what I'm suggesting, but just the OEM slice in particular?

而且我知道技術很重要，這不是我的建議，而只是 OEM 部分？

I don't think it will go to zero, because there are relationships in the OEM business that are actually quite positive that are entirely incremental to us, and with the right investment very profitable for us as well.

我認為它不會歸零，因為 OEM 業務中的關係實際上是非常積極的，對我們來說完全是增量的，並且通過正確的投資對我們來說也非常有利可圖。

So we aren't going to get rid of those, but what should be clear, Keith, is that the reason why we broke this business out in the first place two years ago, or three years ago, from the very beginning, was the understanding that it was going to be on a trajectory different than the branded.

所以我們不會擺脫這些，但應該明確的是，Keith，我們在兩年前或三年前，從一開始就打破這項業務的原因是了解它將走在與品牌不同的軌跡上。

The rationale of the transaction was not about the branded business.

交易的理由與品牌業務無關。

That was nice, but it was really about the technology and -- I'm sorry, not about the OEM business it was about the technology and the opportunity we can connect, we could go after on the branded side.

這很好，但這真的是關於技術，而且——對不起，不是關於 OEM 業務，而是關於技術和我們可以聯繫的機會，我們可以在品牌方面追求。

So if we thought that this business had the same economics and the same run rate, we would have never broke in it out into two different categories, with an understanding we would be moving in this direction, is why we wanted to be able to carve this off, and just view whatever we get out of that as incremental; and focus on the momentum on the branded side, which on the E series has actually been quite strong.

因此，如果我們認為該業務具有相同的經濟性和相同的運行速度，我們永遠不會將其分成兩個不同的類別，我們會朝著這個方向前進，這就是我們想要能夠開拓的原因這關掉了，只是把我們從中得到的東西看作是增量的；並專注於品牌方面的勢頭，這在 E 系列上實際上已經相當強勁。

So, at the end of the day, I think this latest step down was a surprise.

所以，歸根結底，我認為最近的這次下台是一個驚喜。

We'll be up front about that.

我們將在這方面保持領先。

It's not what we forecasted.

這不是我們預測的。

On the other hand the overall trajectory of down from the first day when we acquired it, that is not a surprise, and that's why we broke the businesses out and report the way we do.

另一方面，從我們收購它的第一天開始的整體軌跡就不足為奇了，這就是我們打破業務並報告我們的做法的原因。

Okay, thanks.

好的謝謝。

The next question comes from Lou Miscioscia from CLSA.

下一個問題來自里昂證券的 Lou Miscioscia。

Thank you.

謝謝你。

Tom, can you dig in a little bit deeper to the service providers?

湯姆，你能深入了解一下服務提供商嗎？

It sounded like you're breaking them into two different categories, the hyper scale companies.

聽起來您將它們分為兩個不同的類別，即超大規模公司。

It sounds like you are considering selling your software only to them.

聽起來您正在考慮僅向他們出售您的軟件。

And if you are, could you possibly size the opportunity for that market?

如果你是，你能確定那個市場的機會嗎？

And then secondarily, we talked to a lot of service providers and hyper scale web hosters, and not all of them are actually designed their own software, so making it difficult for you to sell any product to them.

其次，我們與許多服務提供商和超大規模網絡託管商進行了交談，並非所有人都實際上是設計自己的軟件，因此您很難向他們出售任何產品。

Where does that break exist?

那個中斷存在於哪裡？

Could you shed some light on that?

你能解釋一下嗎？

Is it just three or four that do it all themselves, five, 10, 15?

是只有三個或四個自己做，五個、10、15 個？

Where do you think it might exist?

你認為它可能存在於哪裡？

Thank you.

謝謝你。

Okay, so clearly a few questions in there.

好的，很明顯有幾個問題。

So let's actually start from the hyper scalers and work back.

因此，讓我們實際上從超縮放器開始，然後再回過頭來。

And so the likelihood of us selling, or companies like us, selling full systems to the hyper scalers to deploy in their environment is pretty low.

因此，我們出售或像我們這樣的公司向超大規模生產商出售完整系統以在他們的環境中部署的可能性非常低。

Because they've engineered their environment, they've written their own tools and in a lot of cases written their own apps.

因為他們設計了自己的環境，所以他們編寫了自己的工具，並且在很多情況下編寫了自己的應用程序。

So in that particular case, would we consider unbundling our software and selling elements of intellectual property to them?

那麼在這種特殊情況下，我們是否會考慮將我們的軟件拆分並向他們出售知識產權元素？

Absolutely we would, because the data management problems that they face don't go away.

我們絕對會，因為他們面臨的數據管理問題不會消失。

They are still challenging problems.

他們仍然是具有挑戰性的問題。

I don't want to signal that's what we're doing or there's an incremental revenue stream associated with that.

我不想表明這就是我們正在做的事情，或者有與之相關的增量收入流。

Just say that that's something we would be open to into the right circumstances.

只是說這是我們在適當的情況下願意接受的事情。

But the difference between the hyper scalers and some of the other service providers, even the large ones, is in order to do these roll your own, develop your own solutions and infrastructures, takes an enormous amount of R&D.

但是超大規模服務提供商與其他一些服務提供商（甚至是大型服務提供商）之間的區別在於，為了自己動手，開發自己的解決方案和基礎設施，需要大量的研發。

And the ability of all of the players in that particular space to deliver that level of R&D investment is limited, so not everybody can emulate what a Microsoft or an Amazon are doing.

並且該特定領域的所有參與者提供該級別研發投資的能力是有限的，因此不是每個人都可以效仿微軟或亞馬遜的做法。

And in so doing, they will pick other particular dimensions, they will go after integrating traditional commercial products, and that's what I was talking about the service providers earlier; and that is, people are trying to provide enter prize services at a very, very high level for very, very sophisticated customers, integrate with their on premise environment, and that's what we're trying to drive with the service providers.

在這樣做的過程中，他們會選擇其他特定的維度，他們會整合傳統的商業產品，這就是我之前所說的服務提供商；也就是說，人們正試圖為非常非常成熟的客戶提供非常非常高水平的企業服務，與他們的本地環境集成，這就是我們試圖與服務提供商一起推動的。

And that's a big market opportunity for our standard product, and we're going after that as aggressively as we can.

這對我們的標準產品來說是一個巨大的市場機會，我們將盡可能積極地追求這一目標。

And I think the numbers support the success, and certainly it's been a growth market for us.

而且我認為這些數字支持成功，當然這對我們來說是一個增長的市場。

However, they ultimately will need to compete with Amazon, and it isn't clear, or it's certainly not clear that they've got the R&D to basically engineer all of these things themselves; which is driving a level of collaboration with them, and that drives the desire for such things as OpenStack technologies or open source technologies like OpenStack.

然而，他們最終將需要與亞馬遜競爭，目前尚不清楚，或者他們是否擁有基本上自己設計所有這些東西的研發人員也不清楚；這推動了與他們的某種程度的協作，並推動了對 OpenStack 技術或 OpenStack 等開源技術的需求。

So from our point of view, in helping the service providers create services that can compete with those guys, we're also collaborating with a lot of the open source community to help them create solutions that they can customize for their environment, but leverage the open source community.

因此，從我們的角度來看，在幫助服務提供商創建可以與這些人競爭的服務時，我們還與許多開源社區合作，幫助他們創建可以針對自己的環境定制的解決方案，但利用開源社區。

So it's a whole hierarchy of things, so if we're going to sell to the hyper scalers, it will primarily be an intellectual property type transaction.

所以這是一個完整的層次結構，所以如果我們要賣給超大規模的人，它主要是知識產權類型的交易。

And if we sell to the service providers, in some cases, depending on the scope and scale and complexity of the services they're offering, that buy standard products.

如果我們向服務提供商銷售，在某些情況下，取決於他們提供的服務的範圍、規模和復雜性，他們會購買標準產品。

And in addition, they will also try and do some element of customized do-it-yourself open source, and that's what's really driving our investment in OpenStack.

此外，他們還將嘗試做一些定制的自己動手開源的元素，這才是真正推動我們對 OpenStack 進行投資的原因。

But the other thing about the hyper scalers is, we're viewing this as hyper scaler only as a customer.

但是關於超縮放器的另一件事是，我們僅將其視為超縮放器作為客戶。

I think what you'll hear more from us on Analyst day, too much to go into here, is the hyper scalers offer a set of capabilities that are very attractive to the customer, and being able to operationalize that and deliver those values to the enterprise customer is still a very difficult problem.

我想你會在分析師日聽到我們的更多信息，這裡太多了，超縮放器提供了一組對客戶非常有吸引力的功能，並且能夠將這些功能付諸實踐並將這些價值傳遞給企業客戶仍然是一個非常棘手的問題。

And the question is how do you create a seamless extension of on-premise computing into the cloud that can leverage the hyper scalers?

問題是如何將本地計算無縫擴展到可以利用超縮放器的雲中？

And the key component of doing that is data management, and we'll talk about our software defined strategy and how ONTAP enables us to solve all of that.

這樣做的關鍵組成部分是數據管理，我們將討論我們的軟件定義策略以及 ONTAP 如何使我們能夠解決所有這些問題。

So the long winded answer here is that all of the service providers are also partners.

所以這裡冗長的答案是所有服務提供商也是合作夥伴。

Sometimes we'll sell them full systems, sometimes we'll collaborate with them around their open source, sometimes we'll sell intellectual property.

有時我們會向他們出售完整的系統，有時我們會圍繞他們的開源與他們合作，有時我們會出售知識產權。

But at the end of the day, the end goal is how do we create a set of services that can be consumed by the enterprise.

但歸根結底，最終目標是我們如何創建一組可供企業使用的服務。

And therefore, the seamless extension of on premise computing and the data management that goes with it is very, very important to realizing the hybrid cloud vision.

因此，本地計算的無縫擴展和隨之而來的數據管理對於實現混合雲願景非常非常重要。

Thanks, Tom.

謝謝，湯姆。

The next question comes from Rajesh Ghai from Macquarie.

下一個問題來自麥格理的 Rajesh Ghai。

A lot of commentary on the call regarding the momentum of the E series and the EF series.

很多關於 E 系列和 EF 系列的勢頭的電話評論。

Was hoping you could quantify the size of the branded E series business?

希望您能量化品牌 E 系列業務的規模嗎？

And related to that, wanted to understand the factors behind the decline in the OEM business, how much of that is being caused by the OEMs moving to other solutions, or their own solutions?

與此相關，想了解 OEM 業務下滑背後的因素，其中有多少是由 OEM 轉向其他解決方案或他們自己的解決方案造成的？

And how much is related to the macro secular challenges you may be facing in the server businesses?

與您在服務器業務中可能面臨的宏觀長期挑戰有多大關係？

Thank you.

謝謝你。

Well, I think the nature of the OEM business is, first and foremost, their ability to compete and the other factor is what is the product mix within that account and I think they all vary.

嗯，我認為 OEM 業務的性質首先是他們的競爭能力，另一個因素是該帳戶中的產品組合，我認為它們都各不相同。

IBM is probably the most visible and the most common one.

IBM 可能是最明顯和最常見的一種。

They report their storage business separately, down significantly the last few quarters, over 20%.

他們分別報告了他們的存儲業務，在過去幾個季度顯著下降，超過 20%。

Likewise, IBM also has a portfolio of products that they can sell that are alternatives to NetApp.

同樣，IBM 也有可以作為 NetApp 替代品銷售的產品組合。

So at IBM, we have both of those dynamics at play, and that is their ability to sell-through has been challenged, and likewise, our positioning within their portfolio has been challenged.

因此，在 IBM，我們擁有這兩種動力，那就是他們的銷售能力受到了挑戰，同樣，我們在他們的投資組合中的定位也受到了挑戰。

Now the other OEMs vary OEM by OEM, and one of the things about the OEM business, so we need to be careful about what we disclose about them.

現在其他 OEM 因 OEM 不同而不同，這是關於 OEM 業務的事情之一，因此我們需要小心我們披露的有關他們的信息。

But I'd say that amongst our other OEMs, I think we are firmly positioned in terms of the products that we offer.

但我想說的是，在我們的其他 OEM 中，我認為我們在我們提供的產品方面處於穩固的地位。

So the dynamic of mix shift within the OEM I don't think is in play, and most of the OEM dynamic is related to their own sell-through.

因此，我認為 OEM 內部的混合轉變動態並沒有發揮作用，並且大多數 OEM 動態都與他們自己的銷售有關。

The size of the E series?

E系列的尺寸？

Maybe, why don't I make a point there, Rajesh.

也許，我為什麼不在那裡指出一點，拉傑什。

We actually don't go into the specific details on the sizing of each piece of business.

我們實際上並沒有深入了解每項業務規模的具體細節。

What I would say to you, and Tom made mention before around why we did this transaction three years ago, and the value of the E series to that transaction.

我想對你說的話，湯姆之前提到過我們為什麼在三年前進行這項交易，以及 E 系列對那筆交易的價值。

So when we go look at how are we doing on the transaction side of the fence and we look at the ramp up and run rate we are driving for on the E series branded side, we are actually well within, if not trending above, our original expectations of that business.

因此，當我們去看看我們在交易方面的表現如何，以及我們在 E 系列品牌方面推動的提升和運行速度時，我們實際上已經在我們的該業務的原始期望。

So we're very satisfied with the how the E series branded business is going, and how that technology is working in this portfolio.

因此，我們對 E 系列品牌業務的發展方式以及該技術在該產品組合中的運作方式非常滿意。

Probably the other thing I'd add on E series, is if you look at where EF is moving aggressively, which is effectively SAN database acceleration, that's probably not a market.

可能我要在 E 系列上添加的另一件事是，如果您查看 EF 正在積極發展的領域，即有效地 SAN 數據庫加速，那可能不是一個市場。

That's been a dominant motion for us in the past, and it's probably safe to say the overwhelming majority of the opportunities we're pursuing there, are opportunities that would not have been available to NetApp had we not had that product in our portfolio.

過去，這對我們來說是一個主導動議，可以肯定地說，如果我們的產品組合中沒有該產品，我們在那裡尋求的絕大多數機會都是 NetApp 無法獲得的機會。

And I think likewise, if we look more broadly at the E series and where that's being deployed, and the type of use cases around price, and performance, and capacity optimization; those two are workloads that probably would not have been pursued by our sales force, had we not had those elements in the portfolio.

我也認為，如果我們更廣泛地研究 E 系列及其部署位置，以及圍繞價格、性能和容量優化的用例類型；如果我們的產品組合中沒有這些元素，那麼這兩個工作量可能不會被我們的銷售人員所追求。

So if I look at E series, there's no doubt that E series is not substantially overlapping what we currently have, that E series is truly bringing incremental opportunities to NetApp, both within our existing accounts and as a tool to open new accounts.

因此，如果我看一下 E 系列，毫無疑問，E 系列並沒有與我們目前擁有的產品有實質性的重疊，E 系列確實為 NetApp 帶來了更多的機會，無論是在我們現有的帳戶中，還是作為開設新帳戶的工具。

That's helpful, thank you.

這很有幫助，謝謝。

The next question comes from Sherri Scribner from Deutsche Bank.

下一個問題來自德意志銀行的 Sherri Scribner。

I wanted to get your thoughts on overall enterprise spending, as we move into the back half of the year.

隨著我們進入下半年，我想了解您對整體企業支出的看法。

Obviously, enterprise has been confused about what they want to invest in, in terms of their infrastructure, and we've seen a pause in spending.

顯然，企業一直對他們想要投資的基礎設施感到困惑，而且我們已經看到了支出的暫停。

Your guidance suggests there's some acceleration in growth in the back half of the year, I think IDC just updated their expectations, expecting an acceleration in the back half.

您的指導表明今年下半年增長會有所加速，我認為 IDC 剛剛更新了他們的預期，預計下半年會加速。

Wanted to get your thoughts about linearity through the year?

想了解您對全年線性度的看法嗎？

Thanks.

謝謝。

Well, I think one of the things that's a factor that will be unique in NetApp in this is really federal.

嗯，我認為在這方面 NetApp 中獨一無二的因素之一是真正的聯邦。

We saw federal slowdown with the shutdown, and the budget activities, and that hit us hard in Q3 and Q4.

我們看到聯邦政府因關閉和預算活動而放緩，這在第三季度和第四季度對我們造成了沉重打擊。

So we'll have tougher compares on the federal side for sure, in Q1 and Q2, so it's clearly a factor that's specific to us.

因此，在第一季度和第二季度，我們肯定會在聯邦方面進行更嚴格的比較，所以這顯然是我們特有的一個因素。

I also think that we've got our own dynamics, we have our own product refresh.

我還認為我們有自己的動力，我們有自己的產品更新。

But the product family, the hardware platforms have never been newer than they are today, so as we get the last of those announced and into the market we could see uptick there.

但是產品系列，硬件平台從來沒有像今天這樣更新，所以當我們得到最後一個宣布並進入市場時，我們可以看到那裡的上升。

I think the broader sense of overall IT spending, certainly we see equipment aging.

我認為從更廣泛意義上的整體 IT 支出來看，我們肯定會看到設備老化。

We clearly see that.

我們清楚地看到了這一點。

We see some bigger deals, as I talked about earlier last quarter.

正如我在上個季度早些時候談到的那樣，我們看到了一些更大的交易。

But I think at this point, it would be probably a little bit too early to both, predict a return and also factor that into our guidance.

但我認為，在這一點上，預測回報並將其納入我們的指導可能還為時過早。

Our guidance is pretty much based on the NetApp-specific factors and no fundamental material change to the market overall.

我們的指導在很大程度上基於 NetApp 的特定因素，對整個市場沒有根本性的重大變化。

If we get a tail wind, we'll take it, but right now we're assuming no change in the market as we think about our go-forward plans.

如果我們順風順水，我們會順其自然，但現在我們假設市場沒有變化，因為我們考慮了我們的前進計劃。

That's helpful, thank you.

這很有幫助，謝謝。

The next question comes from Scott Craig from Bank of America.

下一個問題來自美國銀行的 Scott Craig。

Thanks, good afternoon.

謝謝，下午好。

Nick I was wondering if you could discuss the gross margin outlook for FY15?

Nick 我想知道你是否可以討論 FY15 的毛利率前景？

There's obviously going to be a number of moving parts and that could be mix or whatever.

顯然會有許多活動部件，可能是混合的或其他的。

So I was wondering if you could give us your assumptions, as you look at the product and services, and then some of the underlying assumptions even within those?

所以我想知道您是否可以在查看產品和服務時給我們您的假設，然後甚至在這些假設中給出一些基本假設？

Thanks.

謝謝。

Sure.

當然。

I think when you look at the year and you look to the overall guidance of 63% to 64%, there's always going to be puts and takes quarter to quarter.

我認為，當您查看年度並查看 63% 至 64% 的總體指導時，總會有一個季度到一個季度的看跌期權。

Over the past year, on the product gross margin side, we've had a pretty substantial ramp up here, over the course of the year.

在過去的一年裡，在產品毛利率方面，我們在這一年裡有了相當大的增長。

We've talked about the productivity we've driven in the system.

我們已經討論了我們在系統中推動的生產力。

We've also talked about continued price competitiveness, in spite of driving that additional productivity in the system.

我們還談到了持續的價格競爭力，儘管提高了系統的生產力。

And in addition, there's going to be OEM mix, and that certainly was part of Q4 and I talked about warranty and those types of things as well.

此外，還會有 OEM 組合，這肯定是第四季度的一部分，我也談到了保修和那些類型的事情。

So those are all factors that we will work through in FY15.

因此，這些都是我們將在 2015 財年解決的所有因素。

So on the product side of the fence, I'm not specifically pointing out your guidance range for product or service or SEM should be X. I'll potentially talk more about that at the end of June at our Analyst day.

因此，在產品方面，我並沒有特別指出您對產品或服務的指導範圍，或者 SEM 應該是 X。我可能會在 6 月底的分析師日對此進行更多討論。

But these types of rates, certainly, I expect the product gross margin will be down a bit in Q1.

但是這些類型的費率，當然，我預計第一季度的產品毛利率會有所下降。

So I wouldn't want anybody to take away that 58%, which is the exit from Q4 is the floor for next year, and this will be what it is.

所以我不希望任何人拿走那 58%，即第四季度的退出是明年的底線，這就是它的樣子。

It's going to be a little bit more dynamic than that.

它會比這更有活力。

But continuing to work the productivity side, looking at the mix, all of those pieces will play a part.

但繼續在生產力方面工作，看看組合，所有這些部分都將發揮作用。

On the services side of the fence, we ended the year pretty substantially up.

在圍欄的服務方面，我們在今年結束時大幅上漲。

The services side is a little fundamentally different from the product side, and why is that?

服務端與產品端有一點根本不同，這是為什麼呢？

Because on the services side of the business, we invest in front of the revenue that is to come, because in many respects, a big chunk of this business is us, servicing contracts that we've entered into for periods of time.

因為在業務的服務方面，我們投資於即將到來的收入，因為在許多方面，這項業務的很大一部分是我們，為我們已經簽訂了一段時間的合同提供服務。

So we will, from time to time, make significant investments in that infrastructure, and then take advantage of those investments, as we go.

因此，我們將不時對該基礎設施進行重大投資，然後在我們進行的過程中利用這些投資。

So certainly, when we look from a Q4 to a Q1, I'm expecting that services gross margin to come down.

所以當然，當我們從第四季度到第一季度時，我預計服務毛利率會下降。

I expect the services gross margin to move around a bit over the course of the year.

我預計服務毛利率將在一年中略有變化。

But again, be within those types of guide posts of the overall margin guidance I gave of 63% to 64%.

但同樣，在我給出的 63% 到 64% 的總體利潤率指導的那些類型的指導職位之內。

Last point on that services is 62.6%, which is a Q4 exit, is a high water mark, and I'm looking at four years of history here.

該服務的最後一點是 62.6%，這是第四季度的退出，是一個高水位線，我在這裡回顧了四年的歷史。

So I don't think you should take away that's the type of rate we would expect on services gross margin.

因此，我認為您不應該取消我們對服務毛利率的預期。

Certainly in Q1, and likely for a good part of the year in 2015.

當然是在第一季度，並且可能在 2015 年的大部分時間裡。

Yes, I'd like to add a little bit additional commentary on the gross margin side.

是的，我想在毛利率方面添加一些額外的評論。

The gross margin side, in terms of where we've been, it's actually up 3 points year over year in each of the last two quarters.

毛利率方面，就我們所處的位置而言，在過去兩個季度的每個季度中，它實際上都比去年同期增長了 3 個百分點。

And I think it's a function of several things.

我認為這是幾件事的作用。

Nick went through a number of the elements, but on the product side, clearly, we spent a lot of time this year working through the COGS side of the equation, and driving efficiencies in the business; and I'm really pleased with the work of the team on that front.

Nick 經歷了許多要素，但在產品方面，顯然，我們今年花了很多時間研究等式的 COGS 方面，並提高業務效率；我對團隊在這方面的工作感到非常滿意。

But at the end of the day, the competitiveness and gross margins goes for the competitiveness of the product, and there's a lot to be said in that number, in terms of the competitiveness of product of where we were a year ago.

但歸根結底，競爭力和毛利率取決於產品的競爭力，就我們一年前的產品競爭力而言，這個數字有很多話要說。

So one of the questions we get a lot in forums like this, or the call backs later is, are you basically letting growth go in favor of gross margins?

所以我們在這樣的論壇上得到的很多問題，或者後來的回電是，你基本上是讓增長去支持毛利率嗎？

And it's just simply not the case.

事實並非如此。

I mean, one of the things that you want to be really clear about is, that in this environment there aren't a lot of big deals running around, and we have a lot of capacity chasing too few deals, and nobody can afford to walk from deals.

我的意思是，您要真正明確的一件事是，在這種環境下，沒有很多大筆交易，我們有很多能力追逐太少的交易，沒有人能負擔得起從交易中走出來。

So we are competitive, we are aggressive, particularly in trying to break into new accounts, and NetApp is not walking away from business based on price.

所以我們很有競爭力，我們很有進取心，特別是在嘗試打入新客戶方面，NetApp 並沒有因為價格而放棄業務。

On the other hand, within a reasonable set of bounds, at the end of the day, price is not the primary driver.

另一方面，在合理的範圍內，歸根結底，價格並不是主要驅動因素。

Ultimately it's functionality, not without limit, but within bounds.

歸根結底，它是功能，不是沒有限制，而是在範圍內。

Functionality ultimately determines who wins and who loses here.

功能最終決定了誰贏誰輸。

And I think what NetApp has proven over the course of this year, is that with the training of our partners, the training of our people, and the understanding of our customers as the value proposition, that we can win on function; and we don't have to be the price leader to be successful here.

我認為 NetApp 在今年的過程中證明了，通過對我們合作夥伴的培訓、對我們員工的培訓以及對客戶的理解，我們可以在功能上取勝；我們不必成為價格領導者也能在這裡取得成功。

And that's why you're seeing 3 points of gross margin increase for NetApp, and you're also seeing decline in gross margin of our competitors.

這就是為什麼您看到 NetApp 的毛利率增長了 3 個百分點，而我們的競爭對手的毛利率也在下降。

I don't think that's a coincidence.

我不認為這是巧合。

That's directly tied to the competitive products in the face of the customer.

這與面對客戶的競爭產品直接相關。

Thank you.

謝謝你。

Our final question comes from Maynard Um from Wells Fargo.

我們的最後一個問題來自富國銀行的 Maynard Um。

Free cash flow as a percentage of net income over the past four years in the fourth quarter has been really in the mid high 20% to 30%.

在過去四年中，第四季度自由現金流占淨收入的百分比確實處於 20% 至 30% 的中高水平。

In this quarter it was at 19%.

本季度為 19%。

I think some are obvious, but can you just talk about the puts and takes, and then how we should think about free cash flow in Q1 and FY15, can this drive back up to the 19% to 21% type levels?

我認為有些是顯而易見的，但你能談談看跌期權，然後我們應該如何考慮第一季度和 2015 財年的自由現金流，這能否推動回升至 19% 至 21% 的類型水平？

Thanks.

謝謝。

Yes, I'll go into cash flow certainly at our Analyst day.

是的，我肯定會在我們的分析師日討論現金流。

When we look at cash flow, we certainly think about the high teens types of numbers, and that's what we model out.

當我們查看現金流時，我們當然會考慮青少年類型的數字，這就是我們的模型。

And we're thinking through what we need in the business, and what runs through on the net income side, but we're going to have to think about DSOs.

我們正在考慮我們在業務中需要什麼，以及在淨收入方面貫穿什麼，但我們將不得不考慮 DSO。

Obviously, we talked about that earlier on this call.

顯然，我們之前在本次電話會議中談到了這一點。

CapEx and a number of factors.

資本支出和許多因素。

So, when you think about free cash flow as a percentage of revenue, those types of high teens is where we aim for, that certainly doesn't happen quarter to quarter, and Q1 are usually lower in terms of cash flow performance as a percentage of revenue.

因此，當您考慮自由現金流佔收入的百分比時，那些類型的高齡青少年是我們的目標，這肯定不會按季度發生，而且第一季度的現金流表現通常較低的收入。

And then we look at capital allocation and I'd just reiterate, we're going to expect again, a year where we generate over $1 billion.

然後我們看看資本配置，我想重申，我們將再次期待，我們產生超過 10 億美元的一年。

We had very strong performance each year over the last several, and this is a cash flow generating Company, and at a high teens, as a percentage of revenue is very, very healthy.

在過去的幾年裡，我們每年都有非常強勁的表現，這是一家產生現金流的公司，而且在十幾歲時，收入的百分比非常非常健康。

And then we go and talk about capital allocation, and what we've done there over the past year, and what we plan to do for this coming year is also very strong.

然後我們去談談資本配置，過去一年我們在那裡做了什麼，我們明年計劃做的事情也非常強大。

Great, thank you.

太好了謝謝。

I would now like to turn the call back over to Tom Georgens for final comments.

我現在想將電話轉回給 Tom Georgens 以徵求最終意見。

Thank you, and thank all of you for your interest in NetApp.

謝謝大家，也感謝大家對 NetApp 的關注。

I think as we finish Q4, and we finish the fiscal year, if I had a high level theme, it's that NetApp was very, very strong on the execution front, on the operational perspective.

我認為，當我們完成第四季度和本財年時，如果我有一個高層次的主題，那就是 NetApp 在執行方面非常非常強大，在運營方面。

Driven very, very high gross margins, very, very high operating margins.

驅動非常非常高的毛利率，非常非常高的營業利潤率。

So in a tough environment, I think the ability of the Company to execute, drive value to our customers, and ultimately deliver compelling return to our shareholders with EPS up 22%, I think that came through.

因此，在艱難的環境中，我認為公司的執行能力、為客戶創造價值並最終為我們的股東帶來可觀的回報，每股收益增長 22%，我認為這已經實現了。

In calendar year 2013, where we had market share gains above the average of our last 10 years.

在 2013 日曆年，我們的市場份額增長高於過去 10 年的平均水平。

And we continue to look forward to the upcoming year where we have things we did not have a year ago.

我們繼續期待即將到來的一年，我們擁有一年前沒有的東西。

We have got clustered ONTAP, now with true momentum, we've got E series, we have the momentum of our flash, we've got new platforms, we've got FlashRay on the way.

我們已經有了集群 ONTAP，現在有了真正的動力，我們有了 E 系列，我們有了閃存的動力，我們有了新的平台，我們已經有了 FlashRay。

And we also look forward in Analyst day recognizing this is also an industry in transition, that now we can compete for on premise computing and the elements today; but also talk about where we're going as a Company, our vision for software defined, our vision for the cloud and how NetApp continues to be relevant and continues to be successful.

我們也期待在分析師日認識到這也是一個轉型中的行業，現在我們可以競爭本地計算和今天的元素；同時也談談我們作為一家公司的發展方向、我們對軟件定義的願景、我們對雲的願景以及 NetApp 如何繼續保持相關性並繼續取得成功。

So thanks all of you for your time today and I look forward to seeing all of you at Analyst day.

感謝大家今天的寶貴時間，我期待在分析師日與大家見面。

Thank you.

謝謝你。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。