NetApp Inc (NTAP) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Welcome to the NetApp first-quarter FY16 results conference call.

歡迎參加 NetApp 2016 財年第一季業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call may be recorded.

謹此提醒，本次電話會議可能會被錄音。

I'd now like to turn the conference over to Kris Newton, Vice President Investor Relations.

現在我想將會議交給投資者關係副總裁克里斯牛頓 (Kris Newton)。

You may begin.

你可以開始了。

Hello, and thank you for joining us on our Q1 FY16 earnings call.

您好，感謝您參加我們 2016 財年第一季的財報電話會議。

With me today are our CEO, George Kurian, and CFO, Nick Noviello.

今天與我在一起的有我們的執行長 George Kurian 和財務長 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路直播，並將在我們的網站 NetApp.com 上重播，同時提供收益發布、我們的財務表格、歷史補充資料表以及非 GAAP 與 GAAP 調節表。

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 second quarter and full FY16, our expectations regarding our ability to respond to changing demands of our customers, our ability to manage our portfolio to drive efficiency, profitability and growth, our expectations regarding market acceptance of Clustered Data ONTAP, our ability to drive operational and financial performance, our expectations regarding our business model in FY16, all of which involve risk and uncertainty.

提醒一下，在今天的電話會議中，我們將就我們的財務前景和未來前景做出前瞻性陳述和預測，例如我們對第二季度和整個2016 財年的指導、我們對我們應對不斷變化的需求的能力的期望。的期望，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.

此類聲明反映了我們根據我們目前已知的因素做出的最佳判斷。

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

我們不承擔更新前瞻性陳述和預測的義務。

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

由於多種原因，實際結果可能與我們的陳述和預測有重大差異。

We described 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，並透過 8-K 表格向 SEC 提供了該新聞稿。

Please refer to the documents we file from time to time with the SEC, specifically our form 10K for FY15 and our current reports on form 8-K, all of which can be found on our website.

請參閱我們不時向 SEC 提交的文件，特別是 2015 財年的 10K 表格和 8-K 表格中的當前報告，所有這些都可以在我們的網站上找到。

During the call, all financial measures presented will be non-GAAP unless otherwise noted.

除非另有說明，在電話會議期間提出的所有財務指標都將採用非公認會計準則。

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

這些非公認會計準則衡量指標[不]根據公認會計原則制定。

A reconciliation of our GAAP and non-GAAP results is provide in today's press release and on our website.

今天的新聞稿和我們的網站上提供了我們的 GAAP 和非 GAAP 業績的調整表。

I'll now turn the call over to George.

我現在把電話轉給喬治。

Thank you Kris, and good afternoon.

謝謝克里斯，下午好。

This is my first earnings call as NetApp's CEO, and it's an honor to be here.

這是我擔任 NetApp 執行長的第一次財報電話會議，我很榮幸來到這裡。

We delivered revenue above the midpoint of our prior guidance with gross margin, operating margin, and EPS all above our previous guidance ranges.

我們的收入高於先前指引的中點，毛利率、營業利潤率和每股盈餘均高於我們先前的指引範圍。

We did what we said we would, but we are clear that we have a lot more work to do.

我們做了我們說過的事情，但我們清楚我們還有很多工作要做。

We're committed to helping our customers navigate their IT transformations, to improving our own execution, and to enhancing value for our shareholders.

我們致力於協助客戶實現 IT 轉型、提高我們自身的執行力並提高股東的價值。

We are making progress against our plan, adding new customers and expanding the adoption of our portfolio by aggressively pivoting towards modern architectures such as scale-out, software-defined, Flash, converged and hybrid cloud, all while planning to return to our operating model in the second half of this fiscal year.

我們正在按照我們的計劃取得進展，透過積極轉向橫向擴展、軟體定義、快閃記憶體、融合和混合雲等現代架構，增加新客戶並擴大我們產品組合的採用，同時計劃回歸我們的營運模式在本財年下半年。

This is my first time addressing many of you, and what you will hear from me today is a focus on portfolio management, execution, and enhancing shareholder value.

這是我第一次向你們中的許多人發表講話，你們今天將從我這裡聽到的重點是投資組合管理、執行和提高股東價值。

I want to start by sharing my views on how I think about managing our business and how we are shaping our strategy to respond to the transformation in the IT industry to increase efficiency and to deliver strong financial returns.

我想先分享我對如何管理我們的業務以及我們如何制定策略以應對 IT 產業轉型以提高效率並提供強勁財務回報的看法。

Then I will provide an update on our business in the quarter, and hand it over to Nick to cover our financial results before we open the call for Q&A.

然後我將提供本季度業務的最新情況，並在我們開始問答之前將其交給尼克，以介紹我們的財務業績。

In my first days as CEO, I spent time to insure that we had a well articulated view of the industry transition and a clear understanding of customers' IT transformation priorities, but this alone is not enough.

在擔任執行長的第一天，我花時間確保我們對產業轉型有清晰的認識，並清楚地了解客戶的 IT 轉型優先事項，但僅此還不夠。

To maximize results from our strong portfolio of technologies, we need to operate the business with a greater level of discipline and to align resources against our most important priorities.

為了最大限度地發揮我們強大的技術組合的成果，我們需要以更高水準的紀律來經營業務，並根據我們最重要的優先事項調整資源。

In addition to improving alignment and inspection, you can expect from me highly disciplined portfolio management across all aspects of the business: technology, customers, and go-to-market.

除了改善一致性和檢查之外，您還可以期待我在業務的各個方面（技術、客戶和上市）進行嚴格的投資組合管理。

We must manage the business to drive efficiency and profitability from the mature parts of our portfolio so we can afford investment in emerging high growth areas, to deliver innovation ahead of the market, drive increased awareness and expand our footprint.

我們必須管理業務，以提高投資組合中成熟部分的效率和盈利能力，以便我們能夠承擔對新興高成長領域的投資，領先於市場提供創新，提高知名度並擴大我們的足跡。

You can expect to hear about the results of this rigorous portfolio management as we come back over successive quarters.

當我們連續幾個季度回來時，您可以期待聽到這種嚴格的投資組合管理的結果。

The requirement for digital capabilities and cloud-based solutions is driving fundamental change across the IT industry.

對數位功能和基於雲端的解決方案的需求正在推動整個 IT 行業的根本性變革。

Enterprises must transform in order to survive, and data management is at the heart of the transition they need to make.

企業必須轉型才能生存，而數據管理是轉型的核心。

Whether it's dealing with data growth efficiently, drawing real-time insight from data, or integrating data across their globally distributed value chain, managing data is of great importance to our customers.

無論是高效處理數據成長、從數據中獲取即時洞察，還是在全球分佈的價值鏈中整合數據，管理數據對我們的客戶都非常重要。

This is where NetApp has a profoundly important role to play.

這正是 NetApp 可以發揮極為重要作用的地方。

We are the only Company that can help customers manage their data seamlessly across multiple cloud architectures and provide the scale needed to accommodate the exponential data growth generated by the digital world.

我們是唯一一家能夠幫助客戶跨多個雲端架構無縫管理資料並提供適應數位世界所產生的指數級資料成長所需的規模的公司。

This is what I see as our big opportunity.

我認為這是我們的巨大機會。

To accelerate this transformation, customers are seeking to take advantage of new applications and modern data center storage and data management architectures.

為了加速這項轉型，客戶正在尋求利用新的應用程式以及現代資料中心儲存和資料管理架構。

This implies a reduced opportunity in the traditional storage market, but at the same time growth in new areas such as scale out storage, software-defined, Flash, converged and hybrid cloud.

這意味著傳統儲存市場的機會減少，但同時橫向擴展儲存、軟體定義、快閃記憶體、融合和混合雲等新領域的成長。

We are and will continue to actively drive a shift within our product and go-to-market portfolio to meet the changing demands of our customers, And you will see me drive a more disciplined approach around managing this portfolio, both to increase focus on the growth and emerging parts of our business, and to drive efficiency in the mature parts.

我們現在並將繼續積極推動我們的產品和上市產品組合的轉變，以滿足客戶不斷變化的需求，您將看到我在管理該產品組合方面採取更加嚴格的方法，以更加註重我們業務的增長和新興部分，並提高成熟部分的效率。

As customers transform their IT environments, they are reducing their spend on traditional storage, which has put pressure on our ONTAP 7-mode business.

隨著客戶轉變 IT 環境，他們正在減少傳統儲存方面的支出，這給我們的 ONTAP 7 模式業務帶來了壓力。

The 7-mode storage operating system was shipped in only 35% of FAS units in the quarter, down from roughly 75% a year ago.

本季度，7 模式儲存作業系統僅在 35% 的 FAS 設備中出貨，低於一年前的約 75%。

Customers are also slowing investment in the capacity expansion of their traditional storage environments.

客戶還放緩了對其傳統儲存環境容量擴展的投資。

Both of these dynamics, lowered new unit shipments of and lower incremental capacity in ONTAP 7-mode systems, put downward pressure on our product revenue, despite strong growth in other parts of our business.

儘管我們業務的其他部分強勁成長，但這兩種動態降低了 ONTAP 7 模式系統的新單位出貨量和增量容量，給我們的產品收入帶來了下行壓力。

We have a heightened sense of urgency in working with our customers to enable their move to the modern architectures delivered by our portfolio.

我們非常有緊迫感與客戶合作，幫助他們轉向我們產品組合所提供的現代化架構。

As customers replace their traditional storage architectures and transform their data centers, they want scale-out and software-defined storage functionality to both manage data growth efficiently and deliver service provider-like flexibility.

隨著客戶更換傳統儲存架構並改造資料中心，他們希望橫向擴展和軟體定義的儲存功能能夠有效管理資料成長並提供類似服務供應商的靈活性。

Clustered Data ONTAP provides this through a highly efficient multi-tenant non-stop shared storage infrastructure to replace legacy stovepipe architectures for enterprise applications like databases, virtualization, VDI, and e-commerce.

叢集模式 Data ONTAP 透過高效的多租戶不間斷共享儲存基礎架構來實現這一點，以取代資料庫、虛擬化、VDI 和電子商務等企業應用程式的傳統煙囪架構。

Clustered ONTAP also enables customers to seamlessly manage their applications and data across Flash, disc, and cloud footprints.

叢集模式 ONTAP 還使客戶能夠跨快閃記憶體、磁碟和雲端足跡無縫管理其應用程式和資料。

And as customers plan their hybrid cloud architectures, the software-defined architecture of Clustered ONTAP provides a consistent way to manage data across private and public clouds, regardless of underlying hardware.

當客戶規劃其混合雲架構時，叢集 ONTAP 的軟體定義架構提供了跨私有雲和公有雲管理資料的一致方法，無論底層硬體為何。

Clustered ONTAP was deployed on 65% of the FAS systems shipped in Q1, up from roughly 25% a year ago.

第一季出貨的 FAS 系統中有 65% 部署了叢集 ONTAP，而一年前這一比例約為 25%。

Unit shipments of clustered ONTAP systems grew by approximately 115%, the 13th consecutive quarter of triple-digit growth.

叢集 ONTAP 系統的單位出貨量成長約 115%，連續第 13 季實現三位數成長。

The value proposition of Clustered ONTAP for the next-generation data center is strong, as evidenced by continued rapid customer adoption.

叢集模式 ONTAP 對於下一代資料中心的價值主張非常強大，客戶的持續快速採用就證明了這一點。

We are migrating our install base customer sequestered ONTAP and gaining new customers in competitive environments.

我們正在遷移固定 ONTAP 的安裝基礎客戶，並在競爭激烈的環境中贏得新客戶。

The number of customers using clustered ONTAP grew by more than 130% in Q1 from Q1 a year ago.

第一季使用叢集 ONTAP 的客戶數量比一年前第一季增加了 130% 以上。

The fastest growth was in new-to-NetApp customers, which grew 225%.

成長最快的是 NetApp 新客戶，成長了 225%。

Let me give you some examples to illustrate why new customers are choosing NetApp.

讓我舉一些例子來說明為什麼新客戶會選擇NetApp。

We won the business of a mid-sized internet radio provider who had moved off a leading hyper-scale cloud service provider due to cost and onto a solution from one of the start-ups.

我們贏得了一家中型互聯網廣播提供商的業務，該提供商由於成本原因放棄了一家領先的超大規模雲端服務提供商，轉而採用一家新創公司的解決方案。

Ultimately, that infrastructure could not scale to meet the customer's needs, so they turned to Clustered ONTAP for its ability to spread the load across multiple controllers and for its virtual storage tiering capability, which efficiently prioritizes work loads.

最終，該基礎設施無法擴展以滿足客戶的需求，因此他們轉向叢集模式ONTAP，因為它能夠將負載分散到多個控制器上，並且具有虛擬儲存分層功能，可以有效地確定工作負載的優先級。

At a multi-billion dollar construction services company, we replaced an established vendor.

在一家價值數十億美元的建築服務公司，我們更換了一家成熟的供應商。

Clustered ONTAP was able to solve their problem with less hardware and greater flexibility.

叢集模式 ONTAP 能夠以更少的硬體和更大的靈活性解決他們的問題。

In addition to buying new systems from us, the customer is also using our FlexArray software to run Clustered ONTAP on the undepreciated hardware assets from their now legacy vendor.

除了從我們這裡購買新系統外，客戶還使用我們的 FlexArray 軟體在來自其現有供應商的未折舊硬體資產上運行叢集 ONTAP。

We told you last quarter that we would make investments to accelerate the migration of our customers' ONTAP 7-mode install base to Clustered ONTAP, and we have.

我們上個季度告訴您，我們將進行投資，以加速客戶的 ONTAP 7 模式安裝基礎向叢集模式 ONTAP 的遷移，我們已經做到了。

Our transition programs offer customers and certified partners with transition support, temporary gear, and financial incentives.

我們的過渡計畫為客戶和認證合作夥伴提供過渡支援、臨時裝備和財務激勵。

Just formalized in Q1, this program is already showing early results.

該計劃剛在第一季正式確定，目前已初見成效。

A large semiconductor manufacturer in Asia Pacific building its private cloud on Clustered ONTAP leveraged the program to deploy a cluster of all Flash FAS systems, beating out Flash offerings from established and emerging vendors.

亞太地區的一家大型半導體製造商在集群 ONTAP 上建立其私有雲，利用該計劃部署了一個全快閃 FAS 系統集群，擊敗了老牌和新興供應商的閃存產品。

And they plan to migrate additional 7-mode systems in the future to clustered ONTAP.

他們計劃將來將更多 7 模式系統遷移到叢集模式 ONTAP。

A US-based multi-campus university is replacing its existing storage silos systems from NetApp and multiple competitors.

美國一所多校區大學正在更換 NetApp 和多個競爭對手現有的儲存孤島系統。

They will standardize on Clustered ONTAP and on OnCommand Insight to provide services for all of their campuses and medical Centers.

他們將在 Clustered ONTAP 和 OnCommand Insight 上實現標準化，以便為所有園區和醫療中心提供服務。

Only NetApp could fulfill their performance, archive, and reporting needs.

只有 NetApp 能夠滿足他們的效能、存檔和報告需求。

Over the course of FY16 we will continue to refine and expand our transition programs.

在 2016 財年，我們將繼續完善和擴展我們的過渡計畫。

Customers are seeking to gain competitive advantage and economic benefits from accelerating business transactions, processes, and their supporting enterprise applications.

客戶正在尋求透過加速業務交易、流程及其支援的企業應用程式來獲得競爭優勢和經濟效益。

To do so, they're deploying high performance enterprise-grade Flash technology.

為此，他們正在部署高效能企業級快閃記憶體技術。

Our All Flash FAS products offer built-in data protection, multi-protocol support, scale-out performance, and seamless data movement from Flash to disc to cloud.

我們的全快閃 FAS 產品提供內建資料保護、多重協定支援、橫向擴展效能以及從快閃記憶體到磁碟再到雲端的無縫資料移動。

These benefits have driven rapid customer adoption of our All Flash FAS solutions, with unit shipments growing almost 140% year on year, the fifth consecutive quarter of triple-digit growth.

這些優勢推動客戶快速採用我們的全快閃 FAS 解決方案，單位出貨量年增近 140%，連續第五個季度實現三位數成長。

In Q1 we launched new lower cost All Flash FAS products with Flash essentials innovations to improve performance and efficiency.

在第一季度，我們推出了全新的低成本全快閃 FAS 產品，採用快閃元素創新來提高效能和效率。

Customer reception to this launch has been tremendous, and we saw a strong uptick in All Flash FAS sales momentum during the quarter.

客戶對此次發布的反應非常熱烈，我們看到本季全快閃 FAS 銷售勢頭強勁上升。

We had significant and growing numbers of competitive wins against established and emerging Flash-only vendors.

我們在與成熟的和新興的純閃存供應商的競爭中取得了顯著的勝利，而且數量還在不斷增加。

For example, at a major software as a service provider designing their next-generation infrastructure to migrate from a traditional database architecture to an in-memory architecture, All Flash FAS beat solutions from both established and emerging Flash-only and hybrid Flash competitors.

例如，當一家主要的軟體即服務供應商設計其下一代基礎設施以從傳統資料庫架構遷移到記憶體架構時，全快閃 FAS 擊敗了成熟的和新興的純快閃記憶體和混合快閃記憶體競爭對手的解決方案。

At a leading online retail financial services company with demanding mission-critical applications that monitor and analyze trading data throughout the day, the EFC resolve Flash array easily out-performed all of the leading competitors.

一家領先的線上零售金融服務公司擁有要求全天監控和分析交易數據的關鍵任務應用程序，EFC 解決快閃記憶體陣列的表現輕鬆超過了所有領先的競爭對手。

To improve business insight and decision-making, customers are also deploying new web scale and analytic applications, like Hadoop and Splunk, as well as increasing the amount of data that they retain online.

為了提高業務洞察力和決策能力，客戶還部署新的網路規模和分析應用程序，例如 Hadoop 和 Splunk，並增加他們在線上保留的資料量。

To support the performance, availability, and cost requirements of these applications, customers are using our E-series platforms.

為了支援這些應用程式的效能、可用性和成本要求，客戶正在使用我們的 E 系列平台。

As we aggressively target this part of the market, we see continued growth of the E-series platforms, with unit shipments up almost 50% from Q1 last year.

隨著我們積極瞄準這部分市場，我們看到 E 系列平台持續成長，單位出貨量較去年第一季成長近 50%。

To help with their digital transformation and to better manage their IT portfolio, customers over the medium to long term are looking to enable hybrid cloud architectures.

為了幫助其數位轉型並更好地管理其 IT 產品組合，中長期客戶正在尋求啟用混合雲架構。

The challenge of the hybrid cloud is that it is a series of isolated and incompatible data silos.

混合雲的挑戰在於它是一系列孤立且不相容的資料孤島。

Every cloud provider has a different way to manage data, making it difficult for customers to move and share data across clouds.

每個雲端供應商都有不同的資料管理方式，這使得客戶很難跨雲端移動和共享資料。

Our customers are looking for a consistent way to secure and manage data regardless of location.

我們的客戶正在尋找一種一致的方法來保護和管理數據，無論其位置如何。

And our focus on data management enables customers to utilize cloud resources while leveraging existing investments and maintaining control of their data.

我們對資料管理的關注使客戶能夠利用雲端資源，同時利用現有投資並保持對其數據的控制。

Our hybrid cloud solutions are important in positioning us ahead of the market, but do not contribute meaningfully to revenue today.

我們的混合雲端解決方案對於使我們領先市場非常重要，但目前並沒有對收入做出有意義的貢獻。

The products included in our hybrid cloud solution portfolio are NetApp private storage for cloud, cloud ONTAP, storage grid web scale, and AltaVault.

我們的混合雲解決方案組合中包含的產品包括適用於雲端的 NetApp 私有儲存、雲端 ONTAP、儲存網格 Web 規模和 AltaVault。

Of these, NetApp private storage represents the largest opportunity.

其中，NetApp 私有儲存代表了最大的機會。

It enables customers to take advantage of the elastic compute resources of multiple clouds for cloud bursting or data analytics while maintaining complete control of their data.

它使客戶能夠利用多個雲端的彈性運算資源進行雲端爆發或數據分析，同時保持對數據的完全控制。

Cloud ONTAP is a rent-by-the-hour version of Cluster Data ONTAP, available on Amazon Web Services for use cases such as agile software development.

Cloud ONTAP 是 Cluster Data ONTAP 的按小時租賃版本，可在 Amazon Web Services 上用於敏捷軟體開發等用例。

The number of hours of usage continues to grow nicely, with hours of usage more than doubling from last quarter.

使用小時數繼續良好增長，使用小時數比上季度增加了一倍多。

AltaVault is the most recent addition to this part of our portfolio.

AltaVault 是我們這部分產品組合中的最新成員。

It helps customers preserve the investments in their existing backup software while enabling them to take advantage of low cost cloud storage as a long-term back up and archival target.

它可以幫助客戶保留對現有備份軟體的投資，同時使他們能夠利用低成本雲端儲存作為長期備份和歸檔目標。

In Q1, we announced new AltaVault solutions and extended service offerings.

在第一季度，我們發布了新的 AltaVault 解決方案和擴展服務產品。

Our hybrid cloud portfolio is delivering strategic wins.

我們的混合雲產品組合正在帶來策略性勝利。

We've had several NetApp private storage wins at companies with strong cloud band aids because it enables them to leverage cloud resources while avoiding data governance risk and data mobility challenges.

我們在擁有強大雲端輔助功能的公司中贏得了多個 NetApp 私有存儲，因為它使他們能夠利用雲端資源，同時避免資料治理風險和資料移動性挑戰。

We gained a foothold in a new financial services customer with AltaVault, displacing our leading competitor's legacy backup solution because of our ability to unlock the economics of cloud for backup.

我們透過 AltaVault 在新的金融服務客戶中站穩了腳跟，取代了我們領先競爭對手的傳統備份解決方案，因為我們有能力釋放雲端備份的經濟性。

With storage grid web scale, we beat established and emerging vendors at a photo-sharing cloud provider because it enabled the customer to leverage their existing infrastructure while moving to object storage for data management at web scale.

借助網路規模的儲存網格，我們擊敗了照片共享雲端供應商的成熟和新興供應商，因為它使客戶能夠利用其現有基礎設施，同時轉向物件儲存以進行網路規模的資料管理。

Finally, customers are looking for pre-integrated converge solutions.

最後，客戶正在尋找預先整合的融合解決方案。

Today NetApp offers the highly successful Flex Part converge system in conjunction with Cisco.

如今，NetApp 與 Cisco 合作推出了非常成功的 Flex Part 融合系統。

You can expect to see exciting innovations on Flex Part this year.

今年您可以期待在 Flex Part 上看到令人興奮的創新。

We recently began shipping NetApp integrated EVO: RAIL Solutions, bringing the proven benefits of NetApp storage for VMWare to a hyper-converge form factor.

我們最近開始交付 NetApp 整合 EVO: RAIL 解決方案，將 NetApp 儲存為 VMWare 帶來的經過驗證的優勢引入到超融合外形中。

We will continue to monitor the evolution of hyper-converge infrastructure.

我們將繼續監控超融合基礎設施的發展。

As we move to better address the growth areas of the storage market, our confidence in our direction comes from our customers.

當我們更好地解決儲存市場的成長領域時，我們對方向的信心來自於我們的客戶。

Our strategy and technology portfolio resonate with enterprises and service providers, positioning us as a strategic advisor to assist them through their IT and digital transformations.

我們的策略和技術組合與企業和服務提供者產生共鳴，將我們定位為策略顧問，幫助他們完成 IT 和數位轉型。

As I have said, elements of our technology portfolio are growing rapidly.

正如我所說，我們的技術組合元素正在快速成長。

We are shifting investments in our go-to-market teams to accelerate that growth, and those actions are showing early signs of success.

我們正在轉移對行銷團隊的投資，以加速成長，這些行動已顯示出成功的早期跡象。

We added incremental sales headcount in Q4 of last year and the beginning of this year, and they are already driving meaningful expansions to our pipeline.

我們在去年第四季和今年年初增加了銷售人員，他們已經在推動我們的管道進行有意義的擴張。

We also took action to regain traction in our channel.

我們也採取了行動來重新獲得我們頻道的關注。

We added a Global Channel Chief, a worldwide channel leadership team, and made investments in channel marketing programs, all by reallocating resources within our operating expense envelope.

我們增加了一名全球通路主管，一個全球通路領導團隊，並對通路行銷計劃進行了投資，所有這些都是透過在我們的營運費用範圍內重新分配資源來實現的。

I personally have met with partners in the Americas and EMEA and have seen their excitement over the opportunity with NetApp.

我親自會見了美洲和歐洲、中東和非洲的合作夥伴，並看到他們對 NetApp 的機會感到興奮。

Be clear that we have a sense of urgency and a high level of focus to insure that our investments continue to translate into productive sales conversations, and ultimately pipeline and bookings growth.

需要明確的是，我們有一種緊迫感和高度關注，以確保我們的投資繼續轉化為富有成效的銷售對話，並最終轉化為管道和預訂的成長。

We expect that investments in Clustered ONTAP transition, sales capacity and channel traction combined with our shift to better address the industry trends will deliver improving results over the course of this fiscal year, and we are committed to returning to our target operating model in the second half.

我們預計，對集群ONTAP 轉型、銷售能力和通路吸引力的投資，加上我們為更好地應對行業趨勢而進行的轉變，將在本財年中帶來更好的業績，我們致力於在第二個財年恢復到我們的目標營運模式一半。

We continue to work through the declines in the mature part of our business, but are encouraged by the many areas of growth.

我們繼續努力克服業務成熟部分的下滑，但對許多成長領域感到鼓舞。

Before I hand it over to Nick to go over the quarter in more detail, I'd like to summarize by saying our strategy is to assist our customers' IT transformation with a unique and differentiated vision for data management.

在我將其交給 Nick 更詳細地介紹本季之前，我想總結一下，我們的策略是透過獨特且差異化的資料管理願景來協助客戶的 IT 轉型。

We plan to deliver against this vision by actively pivoting the Company to execute against the industry trends of scale-out, software-defined storage, Flash, converge infrastructure, and hybrid cloud data management.

我們計劃透過積極推動公司轉向橫向擴展、軟體定義儲存、快閃記憶體、融合基礎設施和混合雲端資料管理的行業趨勢來實現這一願景。

At the same time, we have an intense focus on disciplined cost management and cost structure.

同時，我們非常注重嚴格的成本管理和成本結構。

We are confident that we're on the right path, but clearly have more work to do.

我們相信我們走在正確的道路上，但顯然還有更多的工作要做。

I will focus on driving disciplined portfolio management, streamline decision-making for efficiency, alignment and accountability, and instill more rigorous inspection and corrective action for high performance execution.

我將專注於推動嚴格的專案組合管理，簡化決策以提高效率、一致性和問責制，並灌輸更嚴格的檢查和糾正措施以實現高績效執行。

As I continue my rigorous analysis of the business, these, plus understanding our customers' plans to consume technology, are all considerations that I will take into account as we position the Company for success and increase shareholder value.

當我繼續對業務進行嚴格分析時，這些，加上了解客戶的技術消費計劃，都是我在為公司定位以取得成功並增加股東價值時將考慮的因素。

On our next quarterly earnings call, I will have more details to share with you.

在我們的下一個季度財報電話會議上，我將與您分享更多細節。

I'm excited for the future.

我對未來感到興奮。

The feedback from our customers on our technology and strategic direction has been strongly positive.

客戶對我們的技術和策略方向的回饋非常積極。

Partners feel confident that our portfolio provides a unique value proposition for them and their customers, and by raising the bar on our executions and actively addressing the industry trends, we will emerge from this transition a stronger, more focused and disciplined Company.

合作夥伴相信我們的產品組合為他們及其客戶提供了獨特的價值主張，透過提高我們的執行標準並積極應對行業趨勢，我們將從這次轉型中脫穎而出，成為一家更強大、更專注和紀律嚴明的公司。

I'll now pass it over to Nick.

我現在將其交給尼克。

Thank you, George.

謝謝你，喬治。

Good afternoon everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

NetApp delivered Q1 results that were generally on track and in line with our expectations.

NetApp 交付的第一季業績大致上符合預期並符合我們的預期。

As George highlighted, the storage industry is in transition as customers drive IT transformations to take advantage of new technologies and architectures while planning their journey to the hybrid cloud.

正如 George 所強調的那樣，隨著客戶推動 IT 轉型以利用新技術和架構，同時規劃混合雲之旅，儲存產業正在轉型。

As you know, this industry transition has impacted our business as well.

如您所知，這項產業轉型也影響了我們的業務。

We have embarked on a new chapter, and we are aggressively shifting our efforts to better position ourselves for the future.

我們已經翻開了新的篇章，我們正在積極轉變努力，為未來做更好的定位。

We saw progress on many fronts in Q1, but we still have a lot of work ahead.

我們在第一季看到了許多方面的進展，但我們仍有很多工作要做。

For the first half of FY16 we are raising the bar on execution across all aspects of the business.

2016 財年上半年，我們提高了業務各方面的執行標準。

For the second half of the year, you can expect us to deliver against our plan and return to our target operating margins.

今年下半年，您可以預期我們將實現計劃並恢復到我們的目標營業利潤率。

Beyond FY16 we will do a much better job demonstrating our broad value proposition to customers and translating that to financial results, top and bottom line, and increased shareholder value.

2016 財年之後，我們將更能向客戶展示我們廣泛的價值主張，並將其轉化為財務績效、營收和利潤以及增加的股東價值。

Please note that I will be referring to non-GAAP numbers in today's presentation unless otherwise indicated.

請注意，除非另有說明，我將在今天的演示中提及非公認會計原則數字。

Fiscal Q1 net revenues were $1.34 billion, down about 13% sequentially and down 10% year over year.

第一財季淨收入為 13.4 億美元，季減約 13%，較去年同期下降 10%。

FX headwinds had an unfavorable impact of about 4 points on the year-over-year comparison.

外匯逆風對年比產生了約 4 個百分點的不利影響。

We estimate that the extra week in Q1, which occurs every six years to realign fiscal and calendar months, added approximately $40 million of revenue to the quarter.

我們估計，第一季每六年增加一周，以重新調整財政和日曆月份，為本季增加了約 4,000 萬美元的收入。

Product revenue was $664 million in the first quarter, down 27% sequentially and 25% year over year.

第一季產品營收為 6.64 億美元，季減 27%，年減 25%。

FX headwinds had an unfavorable impact on the year-over-year product revenue comparison by about 5 points.

外匯逆風對產品收入較去年同期產生了約 5 個百分點的不利影響。

The decline in product revenue, due largely to the decline in ONTAP 7-mode sales, was in line with our expectations and prior guidance.

產品收入的下降主要是由於 ONTAP 7 模式銷售的下降，這符合我們的預期和先前的指導。

The combination of software maintenance and hardware maintenance and other services revenues, primarily comprised of existing new and renewed service contracts, was $671 million in the first quarter, up 7% sequentially and up 11% year over year.

第一季軟體維護和硬體維護及其他服務收入（主要包括現有新的和續約的服務合約）合計為 6.71 億美元，環比增長 7%，同比增長 11%。

The increase reflects the continued growth of our install base and short-term renewals from existing customers, as well as the benefit from the extra week in Q1.

這一增長反映了我們的安裝基礎的持續增長和現有客戶的短期續訂，以及第一季額外一周的收益。

Indirect revenue through the channels and OEMs was 77% of Q1 net revenues compared to 78% in Q4 and 76% in Q1 of last year.

透過通路和 OEM 獲得的間接收入佔第一季淨收入的 77%，而第四季為 78%，去年第一季為 76%。

Gross margin of 63.6% was down just under 1 point from Q1 last year, and was negatively impacted by about 1 point from FX, consistent with our prior expectations.

毛利率為 63.6%，較去年第一季下降近 1 個百分點，並受到外匯影響約 1 個百分點，與我們先前的預期一致。

Product gross margin was 51.2%, reflecting a decline of about 6 points year over year.

產品毛利率為51.2%，較去年同期下降約6個百分點。

Roughly half of this decline was due to FX headwinds with the remainder from lower volume, unfavorable product mix, and some higher discounting.

大約一半的下降是由於外匯不利因素造成的，其餘則是由於銷量下降、不利的產品組合和一些較高的折扣造成的。

Software maintenance gross margin was relatively flat year over year, while hardware maintenance and other services gross margin was up just under 1.5 points, reflecting increased revenue and leverage of existing infrastructure investments and the benefit of the 14th week.

軟體維護毛利率較去年同期相對持平，而硬體維護和其他服務毛利率成長略低於1.5個百分點，反映了現有基礎設施投資的收入和槓桿的增加以及第14週的效益。

Operating expenses of $746 million were up 3% year over year.

營運費用為 7.46 億美元，年增 3%。

FX reduced operating expenses by about 4 points on a year-over-year basis, and consistent with my comments last quarter, the 14th week contributed about $41 million of sequential growth.

FX 營運支出年比減少了約 4 個百分點，與我上季度的評論一致，第 14 週貢獻了約 4,100 萬美元的環比增長。

Operating margin of 7.7% was above our previous guidance range, driven by lower spending and the benefit of our previously announced realignment action on largely in line revenues and gross margins.

7.7% 的營業利潤率高於我們先前的指導範圍，這得益於支出減少以及我們先前宣布的對收入和毛利率基本一致的調整行動的好處。

Our realignment action resulted in a headcount reduction of approximately 3% and a GAAP restructuring charge of approximately $27 million in the quarter.

我們的重組行動導致本季員工人數減少約 3%，GAAP 重組費用約 2,700 萬美元。

Our effective tax rate for the quarter and projected rate for the year was 17%, up 0.5 points from Q1 last year, due to greater investment income in our foreign subsidiaries taxed at US rates.

我們本季的有效稅率和全年的預估稅率為 17%，比去年第一季上升 0.5 個百分點，原因是我們的外國子公司按美國稅率徵稅的投資收入增加。

Q1 weighted average diluted share count of 308 million shares decreased by approximately 5 million shares sequentially due to share repurchase activity in the quarter.

由於本季的股票回購活動，第一季加權平均稀釋股份數量為 3.08 億股，比上一季減少約 500 萬股。

EPS was $0.29, $0.04 over the high end of our prior guidance range, driven by higher operating margin and lower diluted share count.

每股收益為 0.29 美元，比我們之前指導範圍的上限高出 0.04 美元，這得益於較高的營業利潤率和較低的稀釋股數。

Now turning to cash and balance sheet metrics.

現在轉向現金和資產負債表指標。

We closed Q1 with $5 billion in cash and short-term investments, approximately 8% of which was held by our domestic entities.

第一季結束時，我們擁有 50 億美元的現金和短期投資，其中約 8% 由我們的國內實體持有。

Inventory turns decreased to 10, due in part to our factory move which is now complete.

庫存週轉率下降至 10，部分原因是我們的工廠搬遷現已完成。

I anticipate inventory turns returning to a normalized mid to high teens level in Q2, and in fact much of the additional inventory we built up during Q1 has already been shipped.

我預計第二季度庫存週轉率將恢復到正常的中高水平，事實上，我們在第一季建立的大部分額外庫存已經發貨。

Q1 Day Sales Outstanding decreased to 30 days, due to invoicing occurring earlier in the quarter and an extra week of collections from the 14th week.

由於本季稍早開立發票以及從第 14 週開始額外增加一週收款，第一季應收帳款天數減少至 30 天。

Deferred revenue decreased by $131 million in Q1 versus Q4 and decreased $10 million from Q1 last year.

第一季遞延營收較第四季減少 1.31 億美元，較去年第一季減少 1,000 萬美元。

We expected the decline, about $40 million of which was due to the 14th week and the remainder commensurate with the decline in product revenue.

我們預計會出現下降，其中約 4000 萬美元是由於第 14 週造成的，其餘部分與產品收入的下降相當。

Q1 cash from operations was approximately $129 million versus $216 million in Q1 a year ago.

第一季營運現金約為 1.29 億美元，而去年同期為 2.16 億美元。

At 7% of revenue, free cash flow was down as expected, due to lower net income resulting from the year-over-year revenue decline.

由於收入同比下降導致淨利潤下降，自由現金流按預期下降，佔收入的 7%。

We repurchased approximately $430 million of our stock and paid $54 million in cash dividends during the quarter.

本季我們回購了約 4.3 億美元的股票，並支付了 5,400 萬美元的現金股利。

As you may recall, our Board of Directors authorized $2.5 billion of repurchases by the end of May 2018, with the first $1 billion of repurchases expected to be completed by the end of May 2016.

您可能還記得，我們​​的董事會在 2018 年 5 月底之前授權進行 25 億美元的回購，首批 10 億美元的回購預計將於 2016 年 5 月底完成。

Today, we announced our next cash dividend of $0.18 per share of the Company's stock that will be paid on October 21, 2015.

今天，我們宣布下一次現金股利為該公司股票每股 0.18 美元，將於 2015 年 10 月 21 日支付。

Now I'd like to spend a few minutes discussing our business outlook and guidance.

現在我想花幾分鐘討論我們的業務前景和指導。

As I discussed earlier, FY16 is one of transition.

正如我之前討論的，2016 財年是轉型期之一。

We are aggressively focused on our top priorities: rebuilding pipeline, and momentum in the first half of the year and executing against our plan to return to our targeted operating model for the second half of the year.

我們積極專注於我們的首要任務：重建上半年的管道和勢頭，並執行我們的計劃，以恢復下半年的目標營運模式。

We have a strong portfolio of technologies, but can do a better job of fully monetizing it.

我們擁有強大的技術組合，但在充分貨幣化方面可以做得更好。

With George at the helm, we are doing a deeper dive to understand our business and market opportunity beyond this fiscal year.

在喬治的領導下，我們正在更深入地了解本財年之後的業務和市場機會。

You can expect to hear from us on our next quarterly earnings call with a further update on how we expect to evolve the business to deliver greater value to customers and shareholders.

您可以期待在我們下一個季度的財報電話會議上聽到我們的消息，進一步了解我們預計如何發展業務，為客戶和股東帶來更大的價值。

For FY16 we now expect revenue to be down about 5% with impact from FX headwinds and limited top-line predictability in the first half of the year easing in the second half.

對於 2016 財年，我們目前預計收入將下降約 5%，原因是受到外匯逆風的影響以及上半年有限的營收可預測性，下半年將有所緩解。

Though ultimately dependent on revenue mix, growth, and our continued actions to drive down costs, we expect FY16 gross margin as a percentage of revenue to be down about 1 point from FY15.

儘管最終取決於收入組合、成長以及我們持續降低成本的行動，但我們預計 2016 財年毛利率佔收入的百分比將比 2015 財年下降約 1 個百分點。

We expect operating margin as a percentage of revenue to be down about 2 points for the year, with a challenging first half and a return to our 18% to 20% target operating margin range for the second half.

我們預計今年營業利潤率佔收入的百分比將下降約 2 個百分點，上半年充滿挑戰，下半年將恢復到 18% 至 20% 的目標營業利潤率範圍。

Although off to a slow start in the first quarter, we expect a year of continued cash flow generation with free cash flow as a percentage of revenue for the year in the mid-teens.

儘管第一季開局緩慢，但我們預計這一年將持續產生現金流，自由現金流佔全年收入的比例將達到十幾歲左右。

Finally, we remain committed to driving shareholder value through share repurchases and dividends.

最後，我們仍然致力於透過股票回購和股利來推動股東價值。

Based on current stock prices, we expect to reduce share count in FY16 by approximately 5%.

根據目前的股價，我們預計 2016 財年的股份數量將減少約 5%。

And between dividends and share repurchases, we will again return over 100% of free cash flow generated to shareholders in FY16.

在股利和股票回購之間，我們將在 2016 財年再次將超過 100% 的自由現金流返還給股東。

For Q2 we expect continued FX headwinds and limited top-line predictability as we rebuild pipeline and momentum.

對於第二季度，隨著我們重建管道和勢頭，我們預計外匯逆風將持續存在，且營收可預測性有限。

As such, we expect net revenues for Q2 to range between $1.4 billion and $1.5 billion, which at the midpoint implies a sequential increase of approximately 9% and a 6% decrease year over year.

因此，我們預計第二季的淨收入將在 14 億美元至 15 億美元之間，這意味著季增約 9%，年減 6%。

We expect Q2 consolidated gross margins of approximately 63% to 63.5% and operating margins of approximately 14% to 15%.

我們預計第二季綜合毛利率約為 63% 至 63.5%，營業利潤率約為 14% 至 15%。

Based on our share repurchases in Q1 and in the first 10 days of Q2, we expect our diluted share count for the quarter to be approximately 303 million shares, and earnings per share for Q2 to range from approximately $0.55 to $0.60 per share.

根據我們第一季和第二季前 10 天的股票回購情況，我們預計本季的稀釋後股票數量約為 3.03 億股，第二季的每股盈餘約為每股 0.55 美元至 0.60 美元。

In summary, we are confident in our differentiated strategy for data management in the hybrid cloud.

綜上所述，我們對混合雲資料管理的差異化策略充滿信心。

We are shifting our investments and efforts to accelerate growth in the areas of our portfolio that address our customers' most pressing IT imperatives.

我們正在改變投資和努力，以加速我們產品組合領域的成長，以滿足客戶最迫切的 IT 需求。

FY16 is a year of transition as we rebuild our pipeline, help customers through their IT transition, and return the business to our targeted operating model.

2016 財年是轉型的一年，我們重建通路、協助客戶完成 IT 轉型，並將業務恢復到我們的目標營運模式。

The positive feedback we've received from customers and partners reinforce our confidence in our direction.

我們從客戶和合作夥伴收到的正面回饋增強了我們對方向的信心。

Last but not least, I am excited about the change that George brings as the CEO of NetApp.

最後但並非最不重要的一點是，我對 George 作為 NetApp 執行長帶來的變化感到興奮。

I believe his focus on portfolio management, execution, and shareholder value combined with his perspective and frank assessment of the entirety of our business will yield positive results for partners, customers, and shareholders.

我相信，他對投資組合管理、執行和股東價值的關注，加上他對我們整個業務的觀點和坦率評估，將為合作夥伴、客戶和股東帶來積極的成果。

At this point, I'll turn the call over to Kris to open it up for questions and answers.

此時，我會將電話轉給 Kris，以便提問和解答。

Kris?

克里斯？

We'll now open the call for Q&A.

我們現在將開始問答環節。

(Caller Instructions)

（來電者指示）

Operator?

操作員？

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Amit Daryanani of RBC Capital Markets.

我們的第一個問題來自 RBC 資本市場的 Amit Daryanani。

Thanks, Good afternoon, guys.

謝謝，大家下午好。

And congrats, George, on the nice start to the job.

祝賀喬治，工作有了一個好的開始。

I guess my question really is when you think about the initiatives and execution improvement you're talking about, how do you think about is, there room for cost curtailment as you go forward?

我想我的問題實際上是，當您考慮您所談論的計劃和執行改進時，您如何看待在前進過程中是否有削減成本的空間？

Because even if I take your assumptions for FY16, you'll probably exit the year with low single digit revenue growth, in a good scenario.

因為即使我採用您對 2016 財年的假設，在良好的情況下，您可能會以低個位數的收入增長結束這一年。

In that case do you think 45%, 50% of sales going to expenses is a reasonable target for a company to have, or do you think there's room to lower?

在這種情況下，您認為 45%、50% 的銷售額用於支出對於公司來說是一個合理的目標嗎？

And if so, what are the levers, or what are the metrics you could do to lower that operating expense structure?

如果是這樣，有哪些槓桿，或者可以採取哪些指標來降低營運費用結構？

We have been and continue to be disciplined around the cost structure of the Company.

我們一直並將繼續嚴格遵守公司的成本結構。

I think if you look into our plans for this fiscal year, there are already expense containment strategies in place that improve the target operating model of the Company back to our guidance range within the second half of the year.

我認為，如果您查看我們本財年的計劃，您會發現已經制定了費用控制策略，可以在下半年將公司的目標營運模式提高到我們的指導範圍。

So we have plans already in place.

所以我們已經制定了計劃。

I continue to inspect them, and I'm also rigorous that we align the resources of the Company against the biggest opportunities and harvest the mature parts of our portfolio for profit.

我會繼續檢查它們，而且我也嚴格要求我們將公司的資源與最大的機會結合起來，並收穫我們投資組合中的成熟部分以獲取利潤。

In addition both Nick and I are study the evolution of the storage market and will have a broader perspective to you about the operating structure of the Company, as well as the way to maximize both the return on our assets as well as shareholder value at our next earnings call.

此外，尼克和我正在研究儲存市場的演變，並將為您提供有關公司營運結構的更廣泛的視角，以及最大化我們的資產回報率和股東價值的方法。

Amit, it's Nick as well.

阿米特，也是尼克。

Let me just get real granular for a second.

讓我花點時間來詳細了解一下。

If I look on a year-over-year perspective or a first-half to second-half perspective, I would expect that the expenses of the Company, the operating expenses, would be down in the second half of the year.

如果我從同比或上半年到下半年的角度來看，我預計公司的費用，即營運費用，將在下半年下降。

So we have operating plans and we are operating against all of those plans across the functions to achieve just that.

因此，我們有營運計劃，我們正在根據各個職能部門的所有這些計劃進行運營，以實現這一目標。

We also have the additional levers of gross margin that you can imagine we always look at.

我們還有額外的毛利率槓桿，您可以想像我們一直在關注這些槓桿。

We always look at our spending there, we always look at our structure on that side, work with suppliers, et cetera.

我們總是關注我們在那裡的支出，我們總是關注我們那邊的結構，與供應商的合作等等。

And then even to go further up the stack, the value we get out of our software value proposition.

然後甚至更進一步，我們從軟體價值主張中獲得的價值。

Thanks, Amit.

謝謝，阿米特。

Next question?

下一個問題？

Thank you.

謝謝。

Our next question comes from the line of Sherri Scribner of Deutsche Bank.

我們的下一個問題來自德意志銀行的雪莉‧斯克里布納 (Sherri Scribner)。

Hi, thanks.

你好謝謝。

I just wanted to get a sense from you, George.

我只是想從你那裡了解一些情況，喬治。

On the last call we heard a lot about customers waiting to transition to Clustered ONTAP.

在上次通話中，我們聽到很多有關客戶等待過渡到叢集模式 ONTAP 的消息。

I want to understand what changed this quarter and what makes you confident in the growth for next quarter?

我想了解本季發生了什麼變化以及是什麼讓您對下個季度的成長充滿信心？

I mean, you're guiding to up 9%.

我的意思是，你的指導價上漲了 9%。

What are you seeing that's making you confident about that?

您看到什麼讓您對此充滿信心？

Thank you.

謝謝。

The growth that we see is from both the investments in sales capacity translating to pipeline expansion and is a combination of customer acquisition and usage of Cluster Data ONTAP for new workloads within existing customers.

我們看到的成長既來自於銷售能力投資轉化為管道擴展，也來自於客戶獲取和使用 Cluster Data ONTAP 來處理現有客戶中的新工作負載。

The pace of transitions from 7-mode to Clustered ONTAP within our install base will be benefited from the work that we're doing to make it easier for customers to transition, but will be prioritized against their broader landscape of IT priorities.

我們的安裝基礎中從 7 模式到叢集模式 ONTAP 的過渡速度將受益於我們為使客戶更容易過渡而所做的工作，但將根據他們更廣泛的 IT 優先事項來優先考慮。

So we are by no means counting on just install base transitions to drive growth.

因此，我們絕不指望僅依靠安裝基礎的轉變來推動成長。

We are counting on the pipeline expansion and the capacity investment that we're making to drive that upside.

我們指望透過管道擴張和產能投資來推動這一成長。

Thanks, Sherri.

謝謝，雪莉。

Next question?

下一個問題？

Thank you.

謝謝。

Our next question comes from the line of Alex Kurtz of with Sterne CRT.

我們的下一個問題來自 Sterne CRT 的 Alex Kurtz。

Thanks for taking the question, guys.

謝謝你們提出問題，夥伴們。

Nick, just on the product margin in the quarter.

尼克，只是關於本季的產品利潤。

It sounded like maybe FX had some impact here, but this is one of the lowest prints you put up in awhile.

聽起來也許 FX 在這裡產生了一些影響，但這是您一段時間以來發布的最低印刷品之一。

Was there mix issues there, were there any component issues?

是否有混合問題，是否有任何組件問題？

And as you look at the second-half statements you were making on operating leverage, what is your expectation for product margin recovery as we get into Q3 and Q4?

當您查看下半年關於營運槓桿的報表時，您對進入第三季和第四季時產品利潤率恢復的預期是什麼？

Thanks, Alex.

謝謝，亞歷克斯。

Just to be clear, on that product gross margin for Q1 versus Q1 a year ago, yes it was a pretty significant decline in gross margin percentage.

需要明確的是，就第一季的產品毛利率而言，與一年前的第一季相比，毛利率百分比出現了相當顯著的下降。

Half of that was FX all by itself.

其中一半是外匯本身。

So you're seeing that FX really hitting the product side of the fence versus the deferred side of the fence.

所以你會看到外匯確實擊中了產品的一面而不是延期的一面。

In addition to that, it's a combination of volume and mix, which you would expect given the rebuild of the pipeline and some discounting.

除此之外，它是數量和組合的結合，考慮到管道的重建和一些折扣，這是您所期望的。

So we talked about discounting last quarter, we talked, again, discounting this quarter.

所以我們討論了上個季度的折扣，我們再次討論了本季的折扣。

I indicated that I would talk about that to the degree that it changes on a year-over-year basis.

我表示我會根據它逐年變化的程度來討論這一點。

So you can imagine with a lower pipeline and a need to rebuild, those are the types of things we have to work through.

所以你可以想像，如果管道減少，需要重建，這些就是我們必須解決的問題。

Over the course of the year in terms of product gross margin, we're going to expect that FX certainly fades in the back half of the year.

就今年的產品毛利率而言，我們預計外匯在今年下半年肯定會消退。

We shouldn't have, assuming there's not another dramatic change out there, we shouldn't have the type of compares we've had.

我們不應該這樣做，假設沒有其他巨大的變化，我們不應該進行我們已經進行過的比較。

So we'll be back to the typical, which is looking at the mix of business.

因此，我們將回到典型的情況，即專注於業務組合。

We'll be looking at the combination of pricing, discounting, and savings out of the supply chain to really look at the gross margins there.

我們將結合供應鏈之外的定價、折扣和節省來真正了解那裡的毛利率。

So that's probably the good perspective for you.

所以這可能對你來說是一個好的視角。

Thanks.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Katie Huberty of Morgan Stanley.

我們的下一個問題來自摩根士丹利的凱蒂·休伯蒂。

Yes, thanks.

對了謝謝。

As it relates to hitting the target model in the back half of the year, can you get there with the current booked maintenance and cost cuts and the gross margin acceleration that you've talked about already, or do you need the product revenue to grow again in the back half to hit that target?

因為這涉及到下半年達到目標模型，您能否透過當前預訂的維護和成本削減以及您已經談到的毛利率加速來實現目標，或者您是否需要產品收入增長再次在後半場擊中目標？

Thank you.

謝謝。

Well, Katie.

好吧，凱蒂。

Let me start on that and if George has a perspective, he can weigh in as well.

讓我從這個開始，如果喬治有觀點，他也可以發表意見。

Remember, the first hall of this year was about pipeline rebuild.

請記住，今年的第一個大廳是關於管道重建的。

We were talking about pipeline rebuild from a perspective of rebuilding sales capacity, of channel investments, of CDOT transition programs.

我們從重建銷售能力、通路投資、CDOT過渡計畫的角度來談論管道重建。

And we're seeing the beginning of those things.

我們正在看到這些事情的開始。

So in terms of the back half of the year, what we expected to happen and what we're seeing the green shoots on, if you will, are those metrics are coming in and they are starting to build, and we expect to monetize some of that in the second half.

因此，就今年下半年而言，我們預計會發生什麼以及我們看到的萌芽，如果你願意的話，這些指標正在出現並且正在開始建立，我們希望將一些貨幣化下半場的情況。

Is it a dramatic shift of product revenue from the second quarter, let's say, to the third or the fourth?

產品收入是否從第二季（比如說）到第三季或第四季發生了巨大的轉變？

I wouldn't call it a dramatic shift.

我不認為這是一個戲劇性的轉變。

Certainly the first quarter was impaired, and we knew that coming into the first quarter.

當然，第一季受到了損害，我們在第一季就知道這一點。

The maintenance streams of the Company we can look at those year over year, quarter over quarter and that's reflective of that install base.

我們可以逐年、逐季查看公司的維護流程，這反映了安裝基礎。

The installed base, as we indicated, continues to grow.

正如我們所指出的，安裝基數持續成長。

It's a combination of new, renewal and that -- we see that, sometimes we see that in short term, sometimes we see that in longer term pieces.

這是新的、更新的組合——我們看到這一點，有時我們在短期內看到這一點，有時我們在長期專案中看到這一點。

So is there a dramatic shift from the second quarter to the second half of the year?

那麼從第二季到下半年是否會出現戲劇性的轉變？

I wouldn't say it's a dramatic shift.

我不會說這是一個戲劇性的轉變。

Obviously we expect some uptick in terms of product revenue.

顯然，我們預期產品收入會有所上升。

We will no longer hopefully have the FX pressure on product revenue, but certainly Q1 was a low point, and Q1 was reflective of what happened to the pipeline.

我們將不再希望產品收入受到外匯壓力，但第一季肯定是一個低點，第一季反映了管道發生的情況。

And Q1 is the area where we will be the lowest.

Q1 是我們最低的區域。

Thank you.

謝謝。

Thank you our next question comes from the line of Brian Alexander, Raymond James.

謝謝，我們的下一個問題來自布萊恩·亞歷山大、雷蒙德·詹姆斯。

Just following onto that.

只是遵循這一點。

The revenue guidance up 5% to 12% sequentially, Nick, it's the most growth you've guided to for a July quarter in many years.

尼克，營收指引比上一季成長 5% 到 12%，這是多年來您對 7 月季度的最高成長指引。

So can you just talk about your confidence level and the key drivers of what appears to be an above seasonal growth outlook?

那麼，您能否談談您的信心水平以及似乎高於季節性成長前景的關鍵驅動因素？

And specifically how should we think about, on a sequential basis, the product revenue versus software and services?

具體來說，我們應該如何依序考慮產品收入與軟體和服務的收入？

Thanks.

謝謝。

You're talking about a sequential basis from Q1 to Q2, obviously there is going to be an uptick we expect on the product revenue side.

您談論的是從第一季到第二季的連續基礎，顯然我們預計產品收入方面將會上升。

That is a granular build-up.

這是一種顆粒狀的累積。

We do a pipeline and a granular build-up.

我們進行管道和細粒度的建造。

We do of our expectations for the quarter.

我們對本季的預期是這樣的。

Obviously what comes in off the balance sheet on the software and hardware components, we know very, very well.

顯然，我們非常非常了解軟體和硬體組件的資產負債表外的內容。

So there is a sequential increase on the product revenue side of the fence in Q2.

因此，第二季產品收入方面出現了環比成長。

It's reflective of some of that pipeline that started to build and the metrics there.

它反映了一些開始建造的管道和其中的指標。

It is a pretty significant increase quarter-over-quarter sequentially.

環比增長相當顯著。

So a year from now I'll be reminding you of that, but that is built on our (technical difficulties) projection of the business.

因此，一年後我會提醒您這一點，但這是建立在我們對業務（技術困難）的預測之上的。

Do you still expect software and service revenues to grow double digits on a year-over-year basis in the October quarter?

您是否仍預期十月份季度的軟體和服務收入將年增兩位數？

I would not.

我不會。

Okay?

好的？

They come in off the balance sheet.

它們不在資產負債表內。

I would not.

我不會。

All right.

好的。

Thank you, Brian.

謝謝你，布萊恩。

Thank you.

謝謝。

Our next question comes from the line of Jayson Noland of Robert Baird.

我們的下一個問題來自羅伯特貝爾德 (Robert Baird) 的傑森諾蘭 (Jayson Noland)。

Again, Jayson Noland of Robert Baird, your line is now open.

羅伯特貝爾德 (Robert Baird) 的傑森諾蘭 (Jayson Noland)，您的熱線現已開通。

Let's move on to the next caller.

讓我們繼續處理下一個來電者。

Our next question comes from the line of Steve Milunovich of UBS.

我們的下一個問題來自瑞銀集團的史蒂夫·米盧諾維奇。

Thank you.

謝謝。

Could you talk a bit more about the transition to ONTAP 8 from 7?

您能否詳細談談從 ONTAP 7 到 ONTAP 8 的過渡？

You gave us percentages that you haven't given before.

你給了我們以前沒有給的百分比。

It sounds like there's a pretty significant shift toward 8, but you didn't give us any kind of sequential percentages.

聽起來好像有一個相當顯著的轉向 8，但你沒有給我們任何類型的連續百分比。

So is that really accelerating at this point?

那現在真的在加速嗎？

And even though it seems to have accelerated, obviously the total number has gone down.

儘管看起來有所加速，但總數顯然有所下降。

And I guess that plays to your comment about just people transactionally holding back right now.

我想這符合你關於人們現在在交易上有所保留的評論。

I think at the highest level when we talked about percentages, we talked about the percentages of FAS shipments.

我認為在最高層面上，當我們談論百分比時，我們談論的是 FAS 出貨量的百分比。

And we said that the 7-mode systems were down to 35% of FAS shipments from 75% a year ago and the Clustered ONTAP 8 versions are up to 65% of FAS shipments from 35% -- from 25% a year ago.

我們表示，7 模式系統佔FAS 出貨量的比例從一年前的75% 下降至35%，集群ONTAP 8 版本佔FAS 出貨量的比例從一年前的35% 上升至65%（從一年前的25%）。

So there's a dramatic growth in Clustered ONTAP systems as a percentage of our total mix as well as just year on year.

因此，叢集模式 ONTAP 系統在我們總組合中所佔的百分比以及同比都出現了顯著增長。

And it represents the value proposition of Clustered ONTAP.

它代表了叢集模式 ONTAP 的價值主張。

Those include shipments being made to new customers, new workloads within existing customers, and as we mentioned, some early benefit from the transition programs around our install base.

其中包括向新客戶發貨、現有客戶中的新工作負載，以及正如我們所提到的，圍繞我們的安裝基礎的過渡計劃帶來了一些早期收益。

I would say on the last bucket, meaning the transitions, we're still very early in that program.

我想說的是，在最後一個階段，即過渡階段，我們仍處於該計劃的早期階段。

It's seen some good momentum and confidence building within our customers but hasn't materially translated into results yet.

我們的客戶已經看到了一些良好的動力和信心，但尚未轉化為實質成果。

Thanks.

謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Thank you.

謝謝。

Our next question comes from the line of Louis Miscioscia of CLSA.

我們的下一個問題來自里昂證券的 Louis Miscioscia。

Okay, great.

好的，太好了。

Maybe go back to Brian's question.

也許回到布萊恩的問題。

It looks like most of the extra week fell into software entitlement and also services.

看起來額外一周的大部分時間都花在了軟體授權和服務上。

So how much would we expect those to be down on a quarter-to-quarter basis, or do you expect them to be flat, which will help us think about how we should also then model in the product revenue?

那麼，我們預計這些數字按季度下降多少，或者您預計它們會持平，這將幫助我們思考我們應該如何對產品收入進行建模？

Thank you.

謝謝。

Yes, Lou.

是的，盧。

I'm not going to get into a granular level of specific there.

我不打算詳細討論那裡的細節。

But really the $40 million of the 14th week was in software and was in the service revenue line.

但實際上，第 14 週的 4,000 萬美元來自軟體和服務收入。

So it was all there.

所以一切都在那裡。

And in fact, you can see it on the deferred revenue side of the fence.

事實上，你可以在遞延收入方面看到它。

So deferred revenue was down pretty substantially in Q1 on a year-over-year basis, and we haven't seen that kind of decline, really in quite some time.

因此，第一季的遞延收入同比大幅下降，而且我們已經很長一段時間沒有看到這種下降了。

If you take $40 million out of that, which is the deferred component, you get back to a number that we're not thrilled about but that's a lot closer to those types of a sequential decline we've seen before.

如果你從中取出 4000 萬美元（即遞延部分），你會得到一個我們並不感到興奮的數字，但這與我們之前看到的連續下降類型要接近得多。

So what we expect to happen is obviously that 14th week doesn't occur again in Q2.

因此，我們期望發生的情況顯然是第 14 週不會在第二季度再次出現。

We go back to a 13th week.

我們回到第 13 週。

We won't talk about 14th week again for six more years from now.

六年後我們不會再談論第 14 週。

So we're going to look at those pieces.

所以我們要去看看這些部分。

It obviously means that the amount of revenue of $40 million was shared between software and hardware, and the share was $18 million and $25 million respectively.

這顯然意味著4000萬美元的收入由軟體和硬體分享，分成比例分別為1800萬美元和2500萬美元。

That's not going to occur again in Q2.

第二季度不會再發生這種情況。

All right.

好的。

Thanks, Lou.

謝謝，盧。

Thank you.

謝謝。

Our next question comes from the line of Aaron Rakers of Stifel Nicolaus.

我們的下一個問題來自 Stifel Nicolaus 的 Aaron Rakers。

Yes.

是的。

Thanks for taking the questions.

感謝您提出問題。

Just so I'm clear, [I want to go] back to Brian's question and I think a prior question as well.

我想清楚的是，[我想]回到布萊恩的問題，我也想到了之前的問題。

At what point does the decline in deferred catch up with the software entitlement maintenance?

延遲的下降何時趕上軟體權利維護的下降？

And if you do expect that to decline or not grow at the double digit rate, it seems to imply a fairly high teens if not 20% sequential growth in product revenue for the current quarter.

如果你確實預期這一數字會下降或不會以兩位數的速度成長，那麼這似乎意味著本季產品收入的環比成長率即使不是 20%，也至少是 10%。

So I'm just curious of how we should expect the deferred revenue trend.

所以我只是好奇我們應該如何預期遞延收入趨勢。

Should we expect that to grow going forward, and what that implies for the product revenue in the current quarter?

我們是否應該預期這一數字會繼續成長？

Okay.

好的。

So if I think about deferred being software entitlements and service revenue, on a year-over-year bases in Q2 I would expect those things to go up.

因此，如果我考慮到軟體權利和服務收入的遞延，那麼在第二季度的同比基礎上，我預計這些事情將會上升。

They're not going to go up dramatically, they're not going to be reflective of the 14th week because there will be no such thing, okay?

它們不會大幅上升，也不會反映第 14 週的情況，因為不會有這樣的事情，好嗎？

On the product revenue side, and I think the real question is what's going to happen with product revenue, on a sequential basis (multiple speakers) expected a pretty reasonable increase in product revenue.

在產品收入方面，我認為真正的問題是產品收入將會發生什麼，依序（多位發言者）預期產品收入會出現相當合理的成長。

Why is that?

這是為什麼？

That is because at the time we came to the end of Q4, we did not have a pipeline on the product revenue side of the fence and we had to rebuild that pipeline.

這是因為在第四季末時，我們在產品收入方面沒有管道，我們必須重建該管道。

What we're seeing and what we're doing as we build up the guidance for Q2 is that we're going to see some return on the product revenue side, and that's reflected in the guidance that we pulled out there.

在製定第二季度的指導時，我們所看到和正在做的事情是，我們將在產品收入方面看到一些回報，這反映在我們在那裡提出的指導中。

Thank you.

謝謝。

As you know, we don't guide below the overall revenue line for a quarter.

如您所知，我們不會將一個季度的收入指引低於整體收入線。

All right.

好的。

Thanks, Aaron.

謝謝，亞倫。

Thank you.

謝謝。

Our next question comes from the line of Brent Bracelin of Pacific Crest Securities.

我們的下一個問題來自 Pacific Crest Securities 的 Brent Bracelin。

Thank you.

謝謝。

George, wanted to go back to kind of the decision here to kind of pivot to this modern data architectures.

喬治想回到這裡的決定，以轉向這種現代數據架構。

The question is, how quickly can you pivot?

問題是，你能多快轉向？

And will that include divestitures or acquisitions?

這會包括資產剝離或收購嗎？

And the reason why I ask, obviously CDOT has been years in the making.

我之所以問這個問題，顯然 CDOT 已經醞釀多年了。

So help us understand your appetite, how quickly can you pivot here, and will that include divestitures or acquisitions?

那麼請幫助我們了解您的需求，您能以多快的速度轉向這裡，這是否包括剝離或收購？

First of all, I think we have a strong portfolio of technologies that are relevant to the modern architectures within our customers.

首先，我認為我們擁有與客戶的現代架構相關的強大技術組合。

In some cases, it is developing core technology.

在某些情況下，它正在開發核心技術。

In other cases it is qualifying our technology for emerging use cases within our customers, what we call solutions development.

在其他情況下，它使我們的技術適合客戶中的新興用例，即我們所說的解決方案開發。

I think that is all well underway.

我認為這一切都在順利進行中。

And we feel good about the portfolio we have.

我們對我們擁有的投資組合感覺良好。

We are also constantly looking at the evolution of our customers' perspective on the IT landscape, their requirements for data management.

我們也持續關注客戶對 IT 環境的看法以及他們對資料管理的要求的演進。

And we'll always be on the look out for M&A tuck-ins where they make sense, have strategic fit, have the right financial criteria associated with them.

我們將始終專注於有意義、具有策略契合度、具有與其相關的正確財務標準的併購活動。

And we have a disciplined way of scanning the landscape and discussing with our customers their choices ahead of them and for us.

我們有一種嚴謹的方式來審視形勢，並與客戶討論他們的選擇以及我們的選擇。

All right thanks, Brent.

好的，謝謝，布倫特。

Next question?

下一個問題？

Thank you.

謝謝。

Our next question comes from the line of Rod Hall of JPMorgan.

我們的下一個問題來自摩根大通的羅德霍爾（Rod Hall）。

Yes.

是的。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

I just had one, which is could you give us -- you gave us all the year-over-year trajectory on Clustered ONTAP, but would you be able to give us the proportion of the install base that has adopted it, just to give us some idea where we are, where we're tracking (multiple speakers) compare that to last quarter?

我剛剛有一個，您可以給我們 - 您給了我們集群模式 ONTAP 的所有逐年軌跡，但是您能否給我們採用它的安裝基礎的比例，只是為了給與上季度相比，我們知道我們在哪裡，我們在追蹤哪裡（多個發言者）？

We are, as a percentage of our install base, we are about 15% of the total install base.

我們佔安裝基數的百分比約為總安裝基數的 15%。

And remember, the install base is growing.

請記住，安裝基礎正在增長。

And last quarter we were at 11% of the install base.

上季我們的安裝基數為 11%。

So pretty good sequential growth.

所以連續成長相當不錯。

Great.

偉大的。

Okay.

好的。

Thank you George.

謝謝喬治。

Thanks, Rod.

謝謝，羅德。

Thank you.

謝謝。

Our next question comes from the line of Maynard Um of Wells Fargo.

我們的下一個問題來自富國銀行的 Maynard Um。

Hi, thanks, Nick, you talked about next quarter being based on a bottoms-up basis.

你好，謝謝，尼克，你談到下個季度是基於自下而上的基礎上。

Can you just talk about how much of that is based on fiscal year government spending, or what your expectation is there?

您能否談談其中有多少是基於財政年度的政府支出，或者您的預期是什麼？

And then George, if you could just talk about -- you talked about making sure to understand customer mindsets and if they are changing.

然後喬治，如果你能談談——你談到了確保了解客戶的心態以及他們是否正在改變。

Wondering if you are seeing any changes within your customer mindsets, since you did bring that up?

想知道自從您提出這個問題以來，您是否發現客戶心態發生了任何變化？

Thanks.

謝謝。

Okay.

好的。

So Maynard, why don't I just get started.

那麼梅納德，我為什麼不開始呢？

So second quarter is when we generally see the government, the US government I should say, tic in.

因此，第二季是我們通常看到政府（我應該說是美國政府）介入的時候。

So our bottom-up includes our expectations from the US fed.

因此，我們自下而上包括我們對聯準會的預期。

It includes our view of contracts that are taking shorter, longer or sideways in terms of the time to land them.

它包括我們對合約落地時間縮短、延長或橫向的看法。

And as you know, we have a very strong presence there and a very good business condition overall and value proposition for them.

如您所知，我們在那裡擁有非常強大的影響力，並且整體業務狀況非常好，並且為他們提供了價值主張。

So the second quarter will include a US public sector element to it, a federal fiscal year end element to it.

因此，第二季將包括美國公共部門因素、聯邦財政年度結束因素。

We plan on all of those.

我們計劃所有這些。

We look at risks or opportunities to those as we build that bottom-up guidance.

在製定自下而上的指導方針時，我們會審視這些人面臨的風險或機會。

I think to answer your question in terms of the discussions we have with our customers, I've actually had several meetings with customers from all different parts of the world, and I'm just headed out to Asia Pacific as well.

我想根據我們與客戶的討論來回答你的問題，我實際上已經與來自世界各地的客戶進行了幾次會議，而且我也剛剛前往亞太地區。

I think the things that encourage me are the breadth of discussions we have and the adoption of multiple products in our portfolio by the enterprise customers that we work with.

我認為鼓勵我的是我們進行的廣泛討論以及與我們合作的企業客戶在我們的產品組合中採用多種產品。

I think they are expanding the range of things they are doing with us, and we are excited and encourage strong growth in terms of the number of customers, enterprises buying multiple products from us for broad sets of use cases.

我認為他們正在擴大與我們一起做的事情的範圍，我們很高興並鼓勵客戶數量和企業從我們這裡購買多種產品用於廣泛的用例的數量的強勁增長。

Thanks, Maynard.

謝謝，梅納德。

Thank you.

謝謝。

Our next question comes from the line of Nehal Chokshi of Maxim Group.

我們的下一個問題來自 Maxim 集團的 Nehal Chokshi。

Thank you.

謝謝。

What has been the capture rate of new workloads across the market with Clustered ONTAP over the past year?

去年，叢集模式 ONTAP 在整個市場上捕獲新工作負載的比率是多少？

It seems like its been depressed, and I think you've talked about needing to refill that pipeline.

看起來它很沮喪，我想你已經談到需要重新填充該管道。

Is that a fair way of looking at that?

這是一種公平的看待方式嗎？

I would say that if you were to look at two dimensions of new workloads being captured, I think the first one is new to NetApp customers where Cluster Data ONTAP has given us a footprint that we didn't have before.

我想說的是，如果您要查看正在捕獲的新工作負載的兩個維度，我認為第一個維度對於 NetApp 客戶來說是新的，其中 Cluster Data ONTAP 為我們提供了以前沒有的足跡。

And as we said in our commentary, that has seen strong growth, up triple digits, 225%.

正如我們在評論中所說，增長強勁，增長了三位數，即 225%。

And so that's a measure of the competitiveness of Clustered ONTAP in net new to NetApp environments.

因此，這是衡量 Clustered ONTAP 在 NetApp 環境中的競爭力的指標。

Within existing customers, the preponderant majority of Clustered ONTAP sales have been to new footprints.

在現有客戶中，叢集模式 ONTAP 銷售的絕大部分來自新客戶。

As we mentioned, the percentage of our install base that has migrated from their legacy 7-mode environments to Clustered ONTAP has been small.

正如我們所提到的，從舊版 7 模式環境遷移到叢集 ONTAP 的安裝基礎的百分比很小。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Jim Suva of Citigroup.

我們的下一個問題來自花旗集團的吉姆·蘇瓦。

Thank you very much, and congratulations both George and Nick.

非常感謝，並祝賀喬治和尼克。

First a question for George and an easy clarification for Nick.

先問喬治一個問題，然後向尼克簡單澄清一下。

George, you talked about stay tuned to many things you're looking at for the next quarter.

喬治，您談到要關注下個季度的許多事情。

Can you help us understand these many things?

你能幫助我們理解這些事情嗎？

Are they more operational focused or are they more capital allocation deployment focused?

他們更注重營運還是更注重資本配置部署？

The reason why I asked is I'm sure you're aware of where your stock price is and your financial strength of your Company.

我之所以問這個問題，是因為我確信您了解自己的股價以及公司的財務實力。

And so one could beg, why not even buy back more stock.

因此人們可能會問，為什麼不回購更多股票？

But one could also say, maybe you need to spend that more for strategic acquisitions, or maybe some different go-to-market strategy or something like that.

但也有人可能會說，也許你需要花更多的錢進行策略性收購，或者可能採取一些不同的進入市場策略或類似的策略。

So kind of if you can help understand what [selection] you're looking at for stay tuned.

如果您能幫助了解您正在尋找什麼[選擇]，那就太好了，請繼續關注。

And then for Nick, can you just help us understand, you guided for, I think, 303 million in shares.

然後尼克，您能否幫助我們了解一下，我認為您引導了 3.03 億股股票。

Does that include the share count today and what you've bought back so far this month?

這是否包括今天的股票數量以及本月到目前為止您已回購的股票？

Or does it also include your estimated stock buyback that you will do after today's call?

或者它是否還包括您在今天的電話會議後預計將進行的股票回購？

Let me answer first.

我先來回答一下。

The perspective I'm taking is a broad perspective looking at all aspects of the business, both the operating model of the Company as well as the opportunity to optimize our capital structure to maximize returns to shareholders.

我所採取的觀點是從廣泛的角度審視業務的各個方面，包括公司的營運模式以及優化資本結構以最大化股東回報的機會。

Then my quick clarification on the 303 million.

然後我對3.03億進行了快速澄清。

This is what we've done based upon the first 10 days in the quarter.

這是我們根據本季前 10 天所做的工作。

So we have not in the past and don't in the future plan to project out what we'll buy over the quarter.

因此，我們過去和未來都沒有計劃預測本季我們將購買什麼。

It is really based upon first 10 days, what happens last quarter, and how that falls in.

它實際上是基於前 10 天、上個季度發生的情況以及具體情況。

But then really just the first 10 days of buying.

但實際上只是購買的前 10 天。

Thanks, Jim.

謝謝，吉姆。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Eric Martinuzzi of Lake Street Capital.

我們的下一個問題來自 Lake Street Capital 的 Eric Martinuzzi。

Thanks, I was hoping you could comment on the international aspects of your business.

謝謝，我希望您能對您的業務的國際方面發表評論。

Just as you've rebuilt the pipeline exit in Q1, pockets of strengthen the international, EMEA, APAC, rest of world, if you could comment on that, I'd appreciate it.

正如您在第一季重建了管道出口一樣，部分地區加強了國際、歐洲、中東和非洲、亞太地區、世界其他地區，如果您能對此發表評論，我將不勝感激。

We've had a strong start to the year in the European theater with all of our parts of Europe doing very well year on year, both -- especially with FX being accounted for.

今年我們在歐洲地區取得了良好的開局，歐洲所有地區的表現都非常好，尤其是考慮到外匯因素。

So that's a reflection of both the leadership team in Europe as well as the value proposition for Clustered ONTAP.

這既反映了歐洲的領導團隊，也反映了群集模式 ONTAP 的價值主張。

Some of the key features that our European customers were waiting for were made available to them in 8.3, and that is now translating into results from the capacity investments as well as the product readiness.

我們的歐洲客戶等待的一些關鍵功能已在 8.3 中提供給他們，現在正在轉化為容量投資和產品準備的結果。

Within APAC, we continue to monitor the situation in China.

在亞太地區，我們繼續關注中國的局勢。

Of course, our China business is a small business and hasn't been affected by the changes in China.

當然，我們的中國業務是一家小型企業，並沒有受到中國變化的影響。

But we are evaluating the impact of the Chinese economy for the rest of the Asia Pacific theatre.

但我們正在評估中國經濟對亞太地區其他地區的影響。

Thanks, Eric.

謝謝，埃里克。

Thank you.

謝謝。

Our next question comes from the line of Andrew Nowinski of Piper Jaffrey.

我們的下一個問題來自 Piper Jaffrey 的 Andrew Nowinski。

Hi, thanks.

你好謝謝。

You mentioned pretty strong growth out of your (inaudible) pipeline this quarter.

您提到本季您的（聽不清楚）通路成長相當強勁。

Just curious your thoughts regarding the acquisition of Dot Hill last night, and whether you'll now be competing against one of your largest suppliers in Seagate?

只是想知道您對昨晚收購 Dot Hill 的想法，以及您現在是否會與希捷最大的供應商之一競爭？

The focus for our E-series business is on the branded customer business and it is about building a pathways to market through our more traditional routes to market, resellers, system integrators and service providers.

我們的 E 系列業務的重點是品牌客戶業務，它是透過我們更傳統的市場、經銷商、系統整合商和服務提供者的途徑建立一條市場途徑。

I think we feel good about the progress we've made.

我認為我們對所取得的進展感到滿意。

We think we feel good about the relationships that we have with enterprise and service provider customers who look to buy directly from us or through our reseller model.

我們認為我們對與希望直接從我們這裡或透過我們的經銷商模式購買的企業和服務提供者客戶之間的關係感到滿意。

So we feel that the acquisition does not materially affect that business.

因此，我們認為此次收購不會對該業務產生重大影響。

Thanks, Andy.

謝謝，安迪。

Thank you.

謝謝。

Our last question comes from the line of Srini Nandury of Summit Research.

我們的最後一個問題來自 Summit Research 的 Srini Nandury。

All right.

好的。

Thank you for taking my call.

感謝您接聽我的電話。

Congratulations on a good quarter.

恭喜您度過了一個美好的季度。

I had a question on the Clustered ONTAP option within your install base.

我對您的安裝基礎中的叢集 ONTAP 選項有疑問。

Are they -- when you sell into install base, are they going to the net new workloads or are they going to your existing workloads?

當您向安裝基礎銷售時，他們會轉向淨新工作負載還是轉向您現有的工作負載？

Or in other words, are people replacing the old installation of 7-mode and putting the new boxes in?

或者換句話說，人們是否更換了舊的 7-mode 安裝並安裝了新的盒子？

When we look at that, so there's sort of two or three sets of use cases within our existing customers.

當我們看到這一點時，我們現有的客戶中有兩到三組用例。

One is competitive displacement, or new workload growth.

一是競爭性替代，或者說新的工作量成長。

We are certainly seeing a strong set of trajectory around that.

我們確實看到了圍繞這一點的一系列強有力的軌跡。

The second is replacing 7-mode for a workload that could have run on 7-mode where they choose to go to a new architecture.

第二個是替換本來可以在 7 模式上運行的工作負載的 7 模式，他們選擇採用新的架構。

That certainly happens as part of our footprint.

這肯定是我們足跡的一部分。

And then the percentage of those where you have a workload that is running on an old 7-mode system that now gets essentially upgraded and converted to a Clustered ONTAP system.

然後是在舊 7 模式系統上運行工作負載的百分比，該系統現在已基本升級並轉換為叢集模式 ONTAP 系統。

The last one is the small percentage of the total.

最後一項是佔總數的一小部分。

Thanks, Srini.

謝謝，斯里尼。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

I'd like to hand the call back over to NetApp for any further remarks.

我想將電話轉回 NetApp 以徵求進一步意見。

Thank you.

謝謝。

I'd like to conclude by saying I'm excited about honored to lead NetApp through the industry transition.

最後我想說，我很榮幸能夠領導 NetApp 完成產業轉型，對此我感到非常興奮。

I want to extend my thanks to the entire NetApp team for your hard work and for your support as we create opportunity for NetApp during this transition.

我要感謝整個 NetApp 團隊的辛勤工作和支持，因為我們在此過渡期間為 NetApp 創造了機會。

We are taking action to better address the trends in the storage market and will manage our portfolio of solutions to target the requirements created by those trends.

我們正在採取行動，更好地應對儲存市場的趨勢，並將管理我們的解決方案組合，以滿足這些趨勢所產生的要求。

Our strategy resonates with partners, enterprises and service providers.

我們的策略與合作夥伴、企業和服務提供者產生共鳴。

And we are making investments to insure we are engaging in more customer conversations and opportunities.

我們正在進行投資，以確保我們能夠參與更多的客戶對話和機會。

Those investments are yielding results that position us for a successful future, but we have more work ahead of us.

這些投資正在產生成果，使我們能夠邁向成功的未來，但我們還有更多的工作要做。

We are committed to enhancing shareholder value and plan to return to our target operating model in the second half of this fiscal year.

我們致力於提高股東價值，並計劃在本財年下半年恢復我們的目標營運模式。

Our focus on cost structure, stock buyback program and dividends are important demonstrations to this commitment and to our confidence in our future.

我們對成本結構、股票回購計畫和股利的關注是這項承諾的重要體現，也是我們對未來的信心的重要體現。

Thank you all for joining us, and I'll talk with you again on our next earnings call with a further update on how we're evolving the business to deliver greater value to customers and shareholders.

感謝大家加入我們，我將在下次財報電話會議上再次與你們交談，進一步介紹我們如何發展業務，為客戶和股東提供更大的價值。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連線。

Have a great day, everyone.

祝大家有個美好的一天。