NetApp Inc (NTAP) 2025 Q1 法說會逐字稿

Good day, and welcome to the NetApp first-quarter fiscal year 2025 earnings call. (Operator Instructions)

美好的一天，歡迎參加 NetApp 2025 財年第一季財報電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Kris Newton, Vice President, Investor Relations. Please go ahead.

請注意，此事件正在被記錄。我現在想將會議交給投資者關係副總裁克里斯牛頓 (Kris Newton)。請繼續。

Hi, everyone. Thanks for joining us. With me today are our CEO, George Kurian; and CFO, Mike Berry. This call is being webcast live and will be available for replay on our website at netapp.com.

大家好。感謝您加入我們。今天和我在一起的是我們的執行長 George Kurian；和財務長麥克·貝裡。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。

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the second quarter and fiscal year 2025, our expectations regarding future revenue, profitability and shareholder returns and other growth initiatives and strategies.

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，包括但不限於我們對第二季度和2025 財年的指導，我們對未來收入、盈利能力和股東回報的預期，以及其他成長舉措和策略。

These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially. For more information, please refer to the documents we file from time to time with the SEC and on our website. including our most recent Form 10-K and Form 10-Q. We disclaim any obligation to update our forward-looking statements and projections.

這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果有重大差異。欲了解更多信息，請參閱我們不時向 SEC 提交的文件以及我們網站上的文件。包括我們最新的 10-K 表格和 10-Q 表格。我們不承擔更新前瞻性陳述和預測的義務。

During the call, all financial measures presented will be non-GAAP unless otherwise indicated. Reconciliations of GAAP to non-GAAP estimates are available on our website.

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。我們的網站上提供了 GAAP 與非 GAAP 估算的調整表。

I'll now turn the call over to George.

我現在把電話轉給喬治。

Thank you, Kris. Welcome, everyone.

謝謝你，克里斯。歡迎大家。

We started FY25 strong, building on our momentum exiting last fiscal year. In Q1, we delivered 8% year-over-year revenue growth and set records for first quarter operating margin and EPS. These results are a testament to our strong execution in a continued uncertain macroeconomic environment, our unfavoring confidence in the customer benefits of the highly differentiated NetApp intelligent data infrastructure platform and our disciplined management of the business.

我們以上一財年的勢頭為基礎，以強勁的勢頭開啟了 25 財年。第一季度，我們實現了 8% 的年收入成長，並創下了第一季營業利潤率和每股收益的記錄。這些結果證明了我們在持續不確定的宏觀經濟環境中的強大執行力、我們對高度差異化的 NetApp 智慧數據基礎設施平台的客戶利益的信心以及我們對業務的嚴格管理。

As a result, we are raising our FY25 outlook for both revenue and profit. As we said during our recent Investor Day, we are focused on our uniquely differentiated solutions in flash, block, cloud storage and AI. They address markets which are bolstered by both secular and company-specific tailwinds and represent our biggest opportunities to fuel revenue growth and increase market share.

因此，我們上調了 25 財年的營收和利潤預期。正如我們在最近的投資者日所說，我們專注於快閃記憶體、區塊、雲端儲存和人工智慧方面獨特的差異化解決方案。它們所針對的市場受到長期和公司特定有利因素的支持，並且代表了我們推動收入成長和增加市場份額的最大機會。

In Q1, we experienced notable momentum across all these areas, evidence that our value proposition is resonating. This focus coupled with our dedication to innovation, drives my confidence in our continued success.

在第一季度，我們在所有這些領域都經歷了顯著的勢頭，這證明我們的價值主張正在引起共鳴。這種專注加上我們對創新的奉獻精神，增強了我對我們持續成功的信心。

Customers choose NetApp because we help them address their most important data challenges. Leveraging the power of public and hybrid clouds to rapidly deploy new applications, unify their data for AI, simplify cloud integration and strengthen data protection.

客戶選擇 NetApp 是因為我們幫助他們解決最重要的資料挑戰。利用公有雲和混合雲的力量快速部署新應用程式、統一人工智慧資料、簡化雲端整合並加強資料保護。

We uniquely deliver a comprehensive and integrated storage and data management platform, giving our customers the power to unify all their data for any application anywhere and the ability to seamlessly and consistently manage it while ensuring data remains secure and protected.

我們獨特地提供全面、整合的儲存和數據管理平台，使我們的客戶能夠在任何地方統一任何應用程式的所有數據，並能夠無縫、一致地管理數據，同時確保數據保持安全和受保護。

We again delivered robust year-over-year performance in our hybrid cloud segment with revenue growth of 8% and product revenue growth of 13%, driven by strength in all-flash storage. Broad-based demand across our all-flash storage portfolio propelled our all-flash array annualized revenue run rate to $3.4 billion, up 21% year-over-year.

在全快閃儲存實力的推動下，我們的混合雲領域再次實現了強勁的同比業績，營收成長了 8%，產品收入成長了 13%。我們的全快閃儲存產品組合的廣泛需求推動我們的全快閃陣列年化收入運行率達到 34 億美元，年增 21%。

At the start of Q1, we introduced the new AFF A Series family of high-performance all-flash arrays, capable of powering the most demanding environments from today's mission-critical applications, to tomorrow's Gen AI workloads, delivering the advanced data management, industry-leading ransomware protection and cloud integration that modern workloads require.

在第一季初，我們推出了新的AFF A 系列高效能全快閃陣列，能夠為從當今的關鍵任務應用程式到明天的新一代AI 工作負載的最苛刻的環境提供支持，提供先進的資料管理、產業- 現代工作負載所需的領先勒索軟體防護和雲端整合。

The new AFF A Series saw positive customer reception and performed ahead of our expectations. Both our capacity flash and block optimized all-flash array families exhibited strong growth year-over-year, addressing an expanded TAM and driving share gains. In Q1, we had numerous competitive takeouts across a broad set of workloads and vertical markets as customers leveraged our C Series and the [ASA] products to modernize the legacy infrastructures and deploy new applications like artificial intelligence.

全新 AFF A 系列獲得了客戶的正面好評，其表現超出了我們的預期。我們的容量快閃記憶體和區塊優化的全快閃陣列系列均表現出同比強勁成長，解決了 TAM 擴大的問題並推動了份額成長。在第一季度，隨著客戶利用我們的 C 系列和 [ASA] 產品對傳統基礎設施進行現代化改造並部署人工智慧等新應用程序，我們在廣泛的工作負載和垂直市場中獲得了眾多競爭優勢。

The ASA enabled us to capture a new to NetApp customer displacing a legacy block storage competitor at a European-based manufacturer, the compelling price performance of the ASA, together with its modern architecture and comprehensive software capabilities help the customers realize savings as they refresh their SAN environment.

ASA 使我們能夠吸引新的 NetApp 客戶，取代歐洲製造商的傳統區塊儲存競爭對手，ASA 令人信服的性價比及其現代化架構和全面的軟體功能可協助客戶在更新其產品時實現節省成本。 。

This is the first step in a larger relationship as the customer plans to purchase additional ASA systems to replace the remaining competitive footprint and evaluate our public cloud services. Keystone, our storage-as-a-service offering was again a highlight this quarter with revenue growing over 60% from Q1 a year ago. Keystone gives customers the operational agility and reduce financial risk they need to manage in a dynamic environment.

這是更大關係的第一步，因為客戶計劃購買額外的 ASA 系統以取代剩餘的競爭足跡並評估我們的公有雲服務。 Keystone，我們的儲存即服務產品再次成為本季的一大亮點，營收比一年前第一季成長了 60% 以上。 Keystone 為客戶提供了營運靈活性，並降低了他們在動態環境中管理所需的財務風險。

A good example of this is the leading automotive supplier that chose Keystone to help address rapidly changing storage demands created by ongoing transformation of the automotive market. Keystone gives them the flexibility to manage rapid growth, but also the ability to shrink based on changing circumstance.

一個很好的例子是，一家領先的汽車供應商選擇 Keystone 來幫助滿足汽車市場持續轉型帶來的快速變化的儲存需求。 Keystone 使他們能夠靈活地管理快速成長，同時也能夠根據情況變化進行收縮。

AI is the cornerstone of many of my customer conversations, reinforcing NetApp's position as a proven data infrastructure platform provider and thought leader in this space. Customers are selecting NetApp as their partner at every stage of the AI life cycle because of our high-performance all-flash storage, unique cloud integration and extensive data management capabilities.

AI 是我與許多客戶對話的基石，鞏固了 NetApp 作為該領域久經考驗的資料基礎設施平台提供者和思想領袖的地位。由於我們的高效能全快閃儲存、獨特的雲端整合和廣泛的資料管理功能，客戶在人工智慧生命週期的每個階段都選擇 NetApp 作為合作夥伴。

These capabilities support a wide range of needs from data preparation, model training and tuning to retrieve a augmented generation or RAG and inferencing and address the requirements for responsible AI including model and data versioning as well as data governance and privacy. While we believe the large opportunity for enterprise AI is still ahead of us, we are seeing good momentum today with our AI business performing well ahead of our expectations. In Q1, we had over 50 AI and data lake modernization wins.

這些功能支援廣泛的需求，從資料準備、模型訓練和調整到檢索增強生成或 RAG 和推理，並滿足負責任的人工智慧的要求，包括模型和資料版本控制以及資料治理和隱私。雖然我們相信企業人工智慧的巨大機會仍然擺在我們面前，但我們今天看到了良好的勢頭，我們的人工智慧業務表現遠遠超出了我們的預期。第一季度，我們在人工智慧和資料湖現代化方面取得了超過 50 項勝利。

I'll give you just a couple of examples. We were selected by another of the world's largest oil and gas companies for their AI and high-performance compute workloads. Our all flash storage will power the customers' AI environment, servicing more than 40,000 CPU cores and GPUs, which run simulations and 3D virtualization workloads.

我只舉幾個例子。我們因其人工智慧和高效能運算工作負載而被另一家全球最大的石油和天然氣公司選中。我們的全快閃儲存將為客戶的 AI 環境提供支持，為超過 40,000 個運行模擬和 3D 虛擬化工作負載的 CPU 核心和 GPU 提供服務。

Additionally, we made it practical for a leading financial services institution to consolidate petabytes of data into a single data lake for AI and analytics workloads including fraud detection, credit scoring and portfolio management and improving the productivity of their data scientists.

此外，我們還幫助一家領先的金融服務機構將PB 級的數據整合到一個數據湖中，用於人工智慧和分析工作負載，包括詐欺檢測、信用評分和投資組合管理，並提高了數據科學家的工作效率。

Both instances are examples of how our deep understanding of and experience in AI workloads, together with our intelligent data infrastructure platform, help drive customer preference for NetApp infrastructure to service their growing AI requirements.

這兩個實例都說明了我們對 AI 工作負載的深刻理解和經驗，以及我們的智慧資料基礎架構平台如何協助推動客戶對 NetApp 基礎架構的偏好，以滿足其不斷增長的 AI 需求。

We continue to advance our strong position with the development of Gen AI cloud and on-premises solutions in partnership with industry leaders. In Q1, in partnership with Lenovo, we announced a full stack OBX system optimized for Gen AI and designed to support RAG. Additionally, we introduced new capabilities designed for cloud AI workloads.

我們與產業領導者合作開發 Gen AI 雲端和本地解決方案，繼續鞏固我們的強勢地位。在第一季度，我們與聯想合作推出了針對 Gen AI 進行最佳化並旨在支援 RAG 的全端 OBX 系統。此外，我們還引入了專為雲端 AI 工作負載設計的新功能。

We integrated the NetApp Gen AI toolkit with Microsoft Azure NetApp files, giving customers the ability to generate unique high quality and also relevant results from Gen AI projects by combining their proprietary data with pretrained foundational models. In conjunction with AWS, we released a reference architecture for Amazon Bedrock to help customers implement RAG enabled workflows that bring proprietary data stored on Amazon FSX for NetApp ONTAP into the Gen AI data pipelines.

我們將 NetApp Gen AI 工具包與 Microsoft Azure NetApp 文件集成，使客戶能夠透過將其專有資料與預先訓練的基礎模型相結合，從 Gen AI 專案中產生獨特的高品質且相關的結果。我們與 AWS 合作發布了 Amazon Bedrock 的參考架構，以協助客戶實施支援 RAG 的工作流程，將儲存在 Amazon FSX for NetApp ONTAP 上的專有資料引入 Gen AI 資料管道。

Gen AI is a truly hybrid workload, and only NetApp has the breadth of products and services to reduce the complexity, resources and risk for customers in managing these strategic workloads across increasingly complex hybrid multi-cloud environments.

Gen AI 是真正的混合工作負載，只有 NetApp 擁有廣泛的產品和服務，可以幫助客戶在日益複雜的混合多雲環境中管理這些策略工作負載時降低複雜性、資源和風險。

Public cloud segment revenue was $159 million, up 3% year-over-year. Our highly differentiated first-party and hyperscaler marketplace storage services remain our focus and top priority. These services continue to grow rapidly, increasing roughly 40% year-over-year and performing ahead of our expectations at each of our hyperscaler partners.

公有雲部門營收為1.59億美元，年增3%。我們高度差異化的第一方和超大規模市場儲存服務仍然是我們的重點和首要任務。這些服務持續快速成長，年成長約 40%，並且表現超出了我們對每個超大規模合作夥伴的預期。

As we outlined on previous calls, we expect the headwinds from subscription services to lessen over the course of FY25, allowing the strength of our first-party and marketplace storage services to shine through.

正如我們在先前的電話會議中概述的那樣，我們預計訂閱服務帶來的阻力將在 2025 財年減少，從而使我們的第一方和市場儲存服務的實力得以凸顯。

Our rapid innovation in cloud storage services, broadening workload support, capabilities, price and performance points continues to solidify our leadership position. In Q1, we again enhanced the capabilities of AWS, FSX or NetApp or DAP, boosting scalability and performance to address evolving business needs. Microsoft recognized the unique value we and Cap Gemini bring with its 2024 Partner of the Year Award in the migration to Azure category for our work in moving a large Asian retail customer to Azure, which included Azure NetApp files.

我們在雲端儲存服務方面的快速創新、擴大工作負載支援、功能、價格和效能點繼續鞏固我們的領導地位。在第一季度，我們再次增強了 AWS、FSX 或 NetApp 或 DAP 的功能，提高了可擴展性和效能，以滿足不斷變化的業務需求。 Microsoft 認可了我們和 Cap Gemini 為遷移到 Azure 類別的 2024 年度合作夥伴獎帶來的獨特價值，表彰我們在將一家大型亞洲零售客戶遷移到 Azure（其中包括 Azure NetApp 檔案）方面所做的工作。

Our strong Q1 performance continues the momentum from last year, paving a confident path into FY25. The robust growth in our revenue, billings and profitability reflects the increasing alignment of customer needs with our unique solutions.

我們第一季的強勁表現延續了去年的勢頭，為進入 2025 財年鋪平了充滿信心的道路。我們的營收、帳單和獲利能力的強勁成長反映出客戶需求與我們獨特的解決方案日益一致。

We believe our highly differentiated, intelligent data infrastructure platform designed for the age of data positions us to capture the growth potential in flash, block, cloud storage and AI, promising continued success for our shareholders and customers. Looking ahead, our priorities are clear. We are well positioned to seize a growing market opportunity. As we grow, we will maintain our disciplined operational management to drive leverage throughout our business model. In closing, I want to thank the NetApp team for their dedication to delivering exceptional results in an uncertain macro environment.

我們相信，我們專為數據時代設計的高度差異化的智慧數據基礎設施平台使我們能夠抓住快閃記憶體、區塊、雲端儲存和人工智慧的成長潛力，為我們的股東和客戶帶來持續的成功。展望未來，我們的優先事項很明確。我們處於有利地位，可以抓住不斷成長的市場機會。隨著我們的發展，我們將保持嚴格的營運管理，以推動整個業務模式的槓桿作用。最後，我要感謝 NetApp 團隊在不確定的宏觀環境中奉獻出卓越的成果。

I also want to remind you that we are hosting our Insight customer conference in Las Vegas next month, where we will announce advances to our innovation agenda and showcase how we help our customers make their data infrastructure intelligence for the age of AI. I hope to see you there. Before I turn the call over to Mike, I'm sure you've already seen the news of his upcoming retirement. Mike has been a great partner to me in our focus on delivering profitable growth and shareholder value. Over the course of his tenure, from FY21 through FY24 he has helped drive revenue growth of 9% and EPS growth of almost 60%.

我還想提醒您，我們將於下個月在拉斯維加斯舉辦 Insight 客戶會議，屆時我們將宣布我們的創新議程的進展，並展示我們如何幫助客戶打造人工智慧時代的數據基礎設施智慧。我希望在那裡見到你。在我把電話轉給麥克之前，我相信您已經看到了他即將退休的消息。麥克一直是我的一個很好的合作夥伴，我們專注於實現獲利成長和股東價值。在他的任期內，從 2021 財年到 2024 財年，他幫助推動收入成長了 9%，每股收益成長了近 60%。

In Mike, I have been blessed to have a wise partner from whom I learned much every day. a world-class human being whose trusted friendship has helped us navigate disruption smoothly and who has entertained us with his encyclopedic knowledge of country music. I appreciate Mike's commitment to stay through the end of the fiscal year to ensure a seamless transition. Over to you, Mike.

麥克是我的幸運夥伴，我每天都從他身上學到很多。他是一位世界級的人物，他值得信賴的友誼幫助我們順利應對混亂，他以百科全書式的鄉村音樂知識為我們帶來歡樂。我讚賞麥克承諾在本財年結束之前堅持下去，以確保無縫過渡。交給你了，麥克。

Thanks, George. I greatly appreciate the very nice comments. I'll come back to those comments after I run through the numbers. While my family and I are excited about what is to come in our next phase of life, I want to assure everyone that it is business as usual until we name a new CFO. My focus will remain on delivering our plans here and ensuring a smooth, seamless transition.

謝謝，喬治。我非常感謝這些非常好的評論。在我瀏覽這些數字後，我會再回來看看這些評論。雖然我和我的家人對我們下一階段的生活感到興奮，但我想向大家保證，在我們任命新的財務長之前，一切都會照常進行。我的重點仍然是在這裡實現我們的計劃並確保平穩、無縫的過渡。

We executed a solid quarter in an uncertain macro environment, hitting or exceeding all of our guidance ranges. We are delivering on our commitments, as evident in our solid Q1 results. We made progress towards our long-term Investor Day targets of mid- to upper single-digit revenue and double-digit EPS growth on average through fiscal year '27. Before I get into the financial details, let me walk you through the key themes for the quarter. As a reminder, all numbers discussed are non-GAAP, unless otherwise noted.

我們在不確定的宏觀環境中實現了穩健的季度業績，達到或超過了我們的所有指導範圍。我們正在兌現我們的承諾，這一點從我們第一季的穩健業績中可以看出。我們在實現投資者日長期目標方面取得了進展，即截至 27 財年平均收入實現中上個位數增長，每股收益平均增長達到兩位數。在介紹財務細節之前，讓我先向您介紹本季的關鍵主題。提醒一下，除非另有說明，所有討論的數字均非公認會計原則。

Our top line billings and revenue exceeded our expectations, growing 12% and 8% year-over-year, respectively, in Q1, with product revenue growing 13% year-over-year. As expected, Q1 consolidated gross margin was strong at 72%, near all-time highs.

我們的營收和收入超出了我們的預期，第一季分別年增 12% 和 8%，產品營收年增 13%。如預期，第一季綜合毛利率強勁，達到 72%，接近歷史高點。

Gross margin leverage and operating discipline drove operating margin of 26% and EPS of $1.56, both Q1 records. We returned approximately 170% of free cash flow to stockholders through cash dividends and share repurchases, reducing Q1 diluted share count by 2% year-over-year. As we discussed during last quarter's call, we intend to return up to 100% of free cash flow this year.

毛利率槓桿和經營紀律推動營業利潤率達到 26%，每股收益達到 1.56 美元，均創下第一季的紀錄。我們透過現金股利和股票回購向股東返還了約 170% 的自由現金流，第一季稀釋後股票數量比去年同期減少了 2%。正如我們在上個季度電話會議中討論的那樣，我們打算今年返還高達 100% 的自由現金流。

Due to solid execution and strong operational management, we outperformed our expectations in the first quarter and expect our continued focus and discipline to deliver year-over-year revenue growth in each quarter of the year.

由於堅定的執行力和強大的營運管理，我們第一季的表現超出了我們的預期，並預計我們持續的專注和紀律將在今年每個季度實現同比收入成長。

As a result, we are raising our fiscal year '25 revenue and EPS expectations. Now to the details of the quarter. Revenue of $1.54 billion increased 8% year-over-year, above the midpoint of our guidance range. Q1 billings of $1.45 million increased 12% year-over-year.

因此，我們提高了 25 財年的營收和每股盈餘預期。現在介紹本季的詳細資訊。營收為 15.4 億美元，年成長 8%，高於我們指導範圍的中點。第一季的營收為 145 萬美元，年增 12%。

This marks our third straight quarter of year-over-year revenue and billings growth, even with an uncertain macro environment continuing to pressure IT spending. We are well aligned to customers' priority investments and remain confident that our innovations will drive growth through the rest of fiscal year '25. Product revenue of $669 million was up 13% year over year.

這標誌著我們的收入和帳單連續第三個季度實現同比增長，儘管不確定的宏觀環境繼續給 IT 支出帶來壓力。我們與客戶的優先投資保持一致，並堅信我們的創新將在 25 財年剩餘時間內推動成長。產品收入為 6.69 億美元，年增 13%。

Support revenue of $631 million grew 3% year-over-year. Public cloud revenue of $159 million increased 3% from Q1 a year ago, driven by hyperscaler first-party and marketplace storage services offset by expected declines in subscription services.

支持收入為 6.31 億美元，年增 3%。公有雲收入為 1.59 億美元，較去年第一季成長 3%，這得益於超大規模第一方和市場儲存服務的推動，但訂閱服務的預期下降抵消了這一影響。

Q1 consolidated gross margin came in at 72% and was up 160 basis points from a year ago. Product gross margin was 60%, in line with expectations. As we discussed on the Q4 call and during the subsequent Investor Day, we have an increasing share of total revenue derived from higher margin and recurring revenue sources, which we expect to continue through fiscal year '25.

第一季綜合毛利率為 72%，比去年同期成長 160 個基點。產品毛利率為60%，符合預期。正如我們在第四季度電話會議和隨後的投資者日討論的那樣，我們在總收入中所佔的份額越來越大，這來自於更高的利潤率和經常性收入來源，我們預計這種情況將持續到25 財年。

We have made strategic purchase commitments to lock in SSB supply and mitigate rising prices in the future, which continues to give us confidence in our product gross margins for fiscal year '25. Our recurring support business continues to be highly profitable with gross margins of 92%.

我們做出了策略採購承諾，以鎖定 SSB 供應並緩解未來價格上漲的影響，這繼續讓我們對 25 財年的產品毛利率充滿信心。我們的經常性支援業務持續保持高利潤，毛利率高達 92%。

The Q1 public cloud gross margins improved to 71% from 68% in the prior fiscal year fourth quarter. During fiscal year '25, we expect to continue to make progress on our public cloud gross margins towards a long-term target of 75% to 80%. Operating expenses of $714 million was up 2% year over year and declined 1% from Q4 fiscal year '24.

第一季公有雲毛利率從上一財年第四季的 68% 提高到 71%。在 25 財年，我們預計公有雲毛利率將持續取得進展，實現 75% 至 80% 的長期目標。營運支出為 7.14 億美元，年增 2%，較 2024 財年第四季下降 1%。

Q1 again highlighted the strength of our business model and disciplined operational execution with operating margin of 26%, ahead of expectations. EPS of $1.56 was also above the high end of our guidance, driven by higher revenues, operating margins and interest income and a slightly lower tax rate.

第一季再次凸顯了我們業務模式的優勢和嚴格的營運執行，營業利潤率為 26%，超出預期。受收入、營業利潤率和利息收入增加以及稅率略低的推動，每股收益 1.56 美元也高於我們指導的上限。

Operating cash flow was $341 million in Q1, a decrease of 25% year-over-year, driven by higher annual incentive compensation payouts and payments for strategic SSD purchases, partially offset by higher customer collections from higher billings. In Q1, DSO decreased to [40] and inventory turns were [8].

第一季的營運現金流為 3.41 億美元，年減 25%，這是由於年度激勵薪資支出和策略性 SSD 採購付款增加，部分被帳單增加帶來的客戶收款增加所抵銷。第一季度，DSO 下降至 [40]，庫存週轉率為 [8]。

Free cash flow decreased 28% year-over-year to $300 million due to lower operating cash flow. During the quarter, we returned $507 million to stockholders through share repurchases and cash dividends, ending the quarter with approximately $600 million in net cash. We have approximately $1 billion remaining on our existing repurchase authorization.

由於營運現金流減少，自由現金流年減 28% 至 3 億美元。本季，我們透過股票回購和現金股利向股東返還 5.07 億美元，本季末淨現金約 6 億美元。我們現有的回購授權還剩約 10 億美元。

Our balance sheet remains healthy. We ended the quarter with approximately $3 billion in cash and short-term investments. Q1 deferred revenue was $4.2 billion, down less than 0.5% year-over-year, a smaller decline than in each of the past three quarters. We expect continued improvement in our deferred revenue growth during fiscal year '25 as we drive billings growth. We are adding RPO as a new disclosure this quarter as it is a leading indicator of future growth in our business.

我們的資產負債表保持健康。本季結束時，我們擁有約 30 億美元的現金和短期投資。第一季遞延營收為 42 億美元，年減不到 0.5%，降幅小於過去三個季度的每季。隨著我們推動帳單成長，我們預計 25 財年的遞延收入成長將持續改善。我們將 RPO 新增為本季的新揭露內容，因為它是我們業務未來成長的領先指標。

Keystone, our Storage-as-a-Service offering continues to gain traction in the market, broadening our relevance to customer use cases and is becoming a more meaningful part of our business. RPO, which includes unbilled commitments, was $4.5 billion in Q1.

Keystone，我們的儲存即服務產品繼續在市場上獲得關注，擴大了我們與客戶用例的相關性，並正在成為我們業務中更有意義的一部分。第一季的 RPO（包括未開票承諾）為 45 億美元。

Now turning to guidance, starting with the full year. While we continue to believe that macro indicators are uncertain, our continued execution gives us confidence in our business going forward. To that end, we are raising our revenue guidance for the full year to between $6.48 billion and $6.68 billion in revenue representing 5% year-over-year growth at the midpoint.

現在轉向指導，從全年開始。儘管我們仍然認為宏觀指標存在不確定性，但我們的持續執行使我們對業務的未來充滿信心。為此，我們將全年營收指引上調至 64.8 億美元至 66.8 億美元之間，相當於中點年增 5%。

We expect fiscal year '25 consolidated gross margin to be 71% to 72% and our operating margin to be 27% to 28%, both unchanged from prior expectations. We are raising our net interest income expectations to $50 million driven by higher interest income. We now expect our tax rate for the full year to be 20% to 21%. As a result, we expect EPS to be in the range of $7 to $7.20, which at the midpoint, implies 10% year-over-year growth. Turning now to our second quarter guidance.

我們預計 25 財年的綜合毛利率將為 71% 至 72%，營業利潤率為 27% 至 28%，均與先前的預期持平。由於利息收入增加，我們將淨利息收入預期提高至 5,000 萬美元。我們現在預計全年的稅率為20%至21%。因此，我們預計每股收益將在 7 美元至 7.20 美元之間，中間值意味著同比增長 10%。現在轉向我們的第二季指引。

We expect Q2 revenue to range between $1.565 billion and $1.715 billion, which at the midpoint implies 5% growth year over year. We expect Q2 consolidated gross margin to be in to 71% to 72% and operating margin to be approximately 28%.

我們預計第二季營收將在 15.65 億美元至 17.15 億美元之間，這意味著年增 5%。我們預計第二季綜合毛利率將在 71% 至 72% 之間，營業利潤率將在 28% 左右。

We expect net interest income to be approximately $15 million in the quarter, our tax rate to be between 20% and 21%, and EPS in the range of $1.73 to $1.83. In closing, I want to thank our employees, customers and investors for their commitment and investment in NetApp. I am confident in our ability to help our customers successfully achieve their digital and cloud transformation goals.

我們預計本季淨利息收入約為 1500 萬美元，稅率在 20% 至 21% 之間，每股收益在 1.73 美元至 1.83 美元之間。最後，我要感謝我們的員工、客戶和投資者對 NetApp 的承諾和投資。我對我們幫助客戶成功實現數位和雲端轉型目標的能力充滿信心。

We are well aligned to priority IT investments and are committed to deliver sustainable long-term value for our stockholders. Finally, before we go on to Q&A, I would like to add some personal comments on my announcement.

我們與優先 IT 投資保持一致，並致力於為股東提供可持續的長期價值。最後，在我們進行問答之前，我想對我的公告添加一些個人評論。

It has been an honor and a privilege to lead such a dynamic and visionary organization over the last 4.5 years. I am so proud to be part of the NetApp team and being able to play a role in helping NetApp grow and deliver on its promise of profitable growth. I am committed to ensuring a smooth transition and will continue to lead the finance organization until an appropriate successor is identified.

在過去的 4.5 年裡，能夠領導這樣一個充滿活力、有遠見的組織，我感到非常榮幸。我非常自豪能夠成為 NetApp 團隊的一員，並能夠在幫助 NetApp 發展和兌現其獲利成長的承諾方面發揮作用。我致力於確保平穩過渡，並將繼續領導財務組織，直到找到合適的繼任者。

Like all companies, NetApp continues to evolve, and I am excited to welcome a new CFO who will all take NetApp to the next level and execute against the strategic road map we laid out at our recent Investor Day. I want to thank all of you for your continued support of NetApp and look forward to the continued success in the business.

與所有公司一樣，NetApp 不斷發展，我很高興歡迎新任 CFO，他將帶領 NetApp 邁上新台階，並按照我們在最近的投資者日制定的策略路線圖執行。我要感謝大家對 NetApp 的持續支持，並期待業務繼續成功。

That being said, I want to reiterate that it is business as usual for now, and I look forward to seeing many of you at our upcoming investor events. Kris, please take it away for Q&A.

話雖這麼說，我想重申，目前一切照常，我期待在我們即將舉行的投資者活動中見到你們中的許多人。克里斯，請把它拿走進行問答。

Thanks, Mike. Operator, let's begin the Q&A.

謝謝，麥克。接線員，我們開始問答。

(Operator Instructions) Krish Sankar, TD Cowen.

（操作員說明）Krish Sankar，TD Cowen。

Congrats on the strong results. And Mike, congrats on the retirement, and thanks for all your help towards the sell side and the buy side. We're going to miss you. And my first question is for Mike. On the higher NAND pricing, from a demand or a top line standpoint, is that impacting the demand for all-flash?

祝賀取得強勁的成果。麥克，祝賀您退休，並感謝您對賣方和買方的所有幫助。我們會想念你的。我的第一個問題是問麥克的。對於更高的 NAND 定價，從需求或營收的角度來看，這是否會影響全快閃記憶體的需求？

And from a cost standpoint, how do you think about its impact on gross margins? Because I understand you made the strategic NAND purchases but how many quarters do you think that lower NAND price purchase can carry you through? And then I have a follow-up for George.

從成本的角度來看，您如何看待它對毛利率的影響？因為我知道您進行了策略性 NAND 採購，但您認為較低的 NAND 價格採購可以幫助您度過幾個季度？然後我有一個關於喬治的後續行動。

Sure. Krish, thanks for the question, and thank you for the kind comments. I appreciate it. So let's do the last one first. So as we've talked about, we purchased a large majority of our NAND forecasted for fiscal '25.

當然。克里什，謝謝你的提問，也謝謝你的友好評論。我很感激。所以我們先做最後一個。正如我們所討論的，我們購買了 25 財年預測的大部分 NAND。

We feel really good about the position that we're in there. How much it may go into next year? It really depends on what happens in the rest of '25-plus. We'll keep our eye on the market. We may decide to do more prebuys, we'll see how the market goes.

我們對自己所處的位置感覺非常好。明年可能會投入多少？這實際上取決於 25 年後剩下的時間會發生什麼。我們將密切關注市場。我們可能會決定進行更多預購，我們將看看市場走勢如何。

Back to your first question, if I understand it correctly is, hey, I don't -- at this point, as we've always talked about, customers' budget in dollars. And from our standpoint, the market really hasn't changed too much. So we have not seen much of a change in demand. based on that, we'll see how it goes for the rest of fiscal '25. But up to this point, no real changes.

回到你的第一個問題，如果我理解正確的話，嘿，我不知道——正如我們一直在談論的那樣，客戶的預算以美元為單位。從我們的角度來看，市場確實沒有太大變化。因此，我們沒有看到需求有太大變化。在此基礎上，我們將看看 25 財年剩餘時間的情況如何。但到目前為止，還沒有真正的改變。

Got it. Got it. And then, George, a quick question for you. earlier this year, you released the AFA A Series. It's like a great product as it unifies file block and object storage for customers.

知道了。知道了。然後，喬治，問你一個簡單的問題。今年早些時候，你們發布了 AFA A 系列。它就像一個偉大的產品，因為它為客戶統一了文件區塊和物件儲存。

Can you just update us how is the product performing. And I understand new products take a while to translate into sales. How is the order flow pipeline looking like? And any kind of customer pushback for using a unified product versus the best-of-breed solution. Any feedback on there would be helpful.

您能否向我們介紹一下產品的性能如何？我知道新產品需要一段時間才能轉換為銷售。訂單流管道是什麼樣的？以及任何類型的客戶對使用統一產品與最佳解決方案的抵制。任何反饋都會有幫助。

We have been very pleased with the introduction of the AFF A series, which is the unified storage. product line, like you talked about, we introduced a set of models at the high end of those -- of the product family and the adoption rates have been strong.

我們對統一儲存 AFF A 系列的推出感到非常高興。產品線，就像您談到的那樣，我們推出了一系列產品系列的高端型號，並且採用率很高。

As you know, they go through a certification process. And in the largest customers that takes a little while, but we're seeing all the right activity in terms of proof-of-concepts, qualifications and certifications underway. We've had several wins in customers that are deploying new environments that would be happy to choose a new product.

如您所知，他們要經過認證程序。對於最大的客戶來說，這需要一段時間，但我們看到在概念驗證、資格和認證方面所有正確的活動正在進行中。我們已經贏得了一些正在部署新環境的客戶的勝利，他們很樂意選擇新產品。

It complements the C Series unified storage products. The C Series is for general-purpose workloads, the A-Series is for high-performance demanding workloads like transactional databases, AI workloads that demand low latency consistently and a lot of IO. And both of those in turn, complement the block optimized AFA family, which serves only block workloads where we also saw a strong uptick. So I'm very pleased.

它是 C 系列統一儲存產品的補充。 C 系列適用於通用工作負載，A 系列適用於高效能要求的工作負載，例如交易資料庫、需要持續低延遲和大量 IO 的 AI 工作負載。這兩者反過來又補充了塊優化的 AFA 系列，該系列僅服務於塊工作負載，我們也看到了該系列的強勁增長。所以我很高興。

Overall, our flash business performed really, really well in the quarter, as you saw with 21% year-on-year growth.

總體而言，我們的快閃記憶體業務在本季度表現非常非常好，正如您所看到的，同比增長了 21%。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Before I ask my question again, Mike. Thanks for working with us so closely. I know there's some time, but it was great working with you, best of luck as well. I guess if I can start for the question, George, I had a more of a question on the comments that you had relative to uncertain macro and how that's impacting storage demand? Because when I look at the progression of revenue here, which you've been doing a great job on sort of executing to plan.

在我再次問問題之前，麥克。感謝您與我們如此密切合作。我知道還有一些時間，但和你一起工作真是太好了，祝你好運。我想我可以開始回答這個問題嗎，喬治，我對您關於不確定的宏觀因素的評論有更多的疑問，以及這如何影響儲存需求？因為當我看到這裡的收入進展時，你在執行計劃方面做得很好。

The sequential trends are pretty much in line with seasonality that you've seen historically. It does look, customers are back to spending in a more sort of normal fashion. So when you think about how the uncertain macro is impacting your customers' appetite to spend, what are you really seeing in terms of what would even concern you because you're on track to do record revenue at this point, trends look pretty sequential in line with seasonality.

連續趨勢與您歷史上看到的季節性非常一致。看起來，顧客確實恢復了以更正常的方式消費。因此，當您考慮不確定的宏觀環境如何影響客戶的消費慾望時，您真正看到的是什麼甚至讓您擔心，因為您此時有望實現創紀錄的收入，趨勢看起來相當連續符合季節性。

So just curious like what is the -- what are you seeing in terms of your customers' appetite to spend in a normal fashion. Is there anything that is giving you some hesitation on that front? And I have a follow-up.

因此，我只是好奇，從客戶以正常方式消費的意願來看，您看到了什麼。這方面有什麼事情讓您猶豫嗎？我有一個後續行動。

Yes. Overall, I think there are -- while the economy has progressed from this time a year ago, there are still a good amount of geopolitical risks, and we are awaiting the interest rate changes that seem to be nearer than they were when we entered the quarter. So it feels like overall, things are progressing in the right way, though there is still a good amount of especially geopolitical uncertainty.

是的。 Overall, I think there are -- while the economy has progressed from this time a year ago, there are still a good amount of geopolitical risks, and we are awaiting the interest rate changes that seem to be nearer than they were when we entered the四分之一.因此，總體而言，事情正在以正確的方式進展，儘管仍然存在大量尤其是地緣政治的不確定性。

With regard to what we saw in the quarter, we saw a broad-based strength in our product lines and in the Asia Pac and European markets, where our teams did really well. We saw some slowness in the US.

就我們在本季看到的情況而言，我們看到了我們的產品線以及亞太和歐洲市場的廣泛優勢，我們的團隊在這些市場表現非常出色。我們看到美國有些緩慢。

public sector, especially the federal part of the public sector business because of the continued budget challenges with the continuing solution. US enterprise performed well. What we see across all these markets is that customers are prioritizing spend on strategic projects. And so that part of our business continues to do really well, and I'm encouraged by the alignment of our solutions to that.

公共部門，特別是公共部門業務的聯邦部分，因為持續的預算挑戰需要持續的解決方案。美國企業表現良好。我們在所有這些市場中看到的是，客戶優先考慮在策略項目上的支出。因此，我們的這部分業務繼續表現出色，我們的解決方案與此保持一致令我深受鼓舞。

What we haven't yet seen is large-scale data center refreshes, which would signal a broader-based economic recovery and confidence in the business.

我們還沒有看到大規模的資料中心更新，這將標誌著更廣泛的經濟復甦和對業務的信心。

Got it. Got it. And in terms of -- when you talk about AI workloads and you talk about sort of AI is truly going to be more of a hybrid sort of environment play with both public cloud and sort of your hybrid solutions. And you talked about in the prepared remarks, ASA driving some of those wins as well.

知道了。知道了。就人工智慧工作負載而言，當你談論人工智慧工作負載時，你談論的人工智慧實際上將更多地是公有雲和混合解決方案的混合環境。您在準備好的演講中談到，ASA 也推動了其中一些勝利。

How do you think about fiscal '25 in the context of what contribution you're expecting from these wins that are more specific to customers saying these are going to be dedicated towards their AI deployments or AI workloads, both covering sort of public cloud and hybrid, how you're thinking about what that looks like for your fiscal year.

您如何看待25 財年，您期望從這些勝利中獲得什麼貢獻？雲，您如何考慮您的財政年度的情況。

Yes. Let me hit on -- you had two points in there: One is, I think, broadly speaking, the rate of innovation in the software applications that drive AI is very high, particularly in the public cloud, where broader frameworks that combine databases, data warehouses, data lakes, together with AI models are progressing at a really rapid rate.

是的。讓我繼續說——你有兩點：一是，我認為，從廣義上講，驅動人工智慧的軟體應用程式的創新率非常高，特別是在公有雲中，其中結合了資料庫的更廣泛的框架，資料倉儲、資料湖和人工智慧模型正在以非常快的速度發展。

So what we see within our customers is many of them want to use the tools on the public cloud, the applications together with data that might sit in their data center environment or in the public cloud and we are able to make that entire workflow much, much more secure and easy to manage, which is a part of the reason why we saw strength both in the data foundation for AI as well as in the cloud storage portfolio, where we're seeing our ability to create a no silo unified architecture come through for us.

因此，我們在客戶中看到的是，他們中的許多人希望使用公有雲上的工具、應用程式以及可能位於其資料中心環境或公有雲中的數據，而我們能夠使整個工作流程變得更加重要，更加安全且易於管理，這也是我們在人工智慧資料基礎和雲端儲存產品組合中看到優勢的部分原因，我們看到我們有能力創建一個無孤島的統一架構為我們通過。

With regard to how we see it play out through the year, listen, on cloud, we have said that we've seen strong results for multiple quarters now with our cloud storage portfolio. Those have been masked by some of the challenges we have noted and that we are seeing lessening as a headwind from the subscription part of our business.

關於我們如何看待這一年在雲端上的表現，聽著，我們已經說過，我們的雲端儲存產品組合已經在多個季度看到了強勁的業績。這些都被我們注意到的一些挑戰所掩蓋，我們認為訂閱業務帶來的阻力正在減少。

So we expect cloud to return to a pattern of consistent growth through the rest of the year. With regard to the storage portfolio, listen, we're one quarter into the year. We had a really, really strong flash quarter I'm encouraged. We've raised guidance for the full year. We are very, very confident heading to the rest of the year, and we'll tell you more as the year plays out.

因此，我們預計雲端運算將在今年剩餘時間內恢復持續成長的模式。關於儲存產品組合，聽著，今年已經過了四分之一。我們度過了一個非常非常強勁的快閃季度，我深受鼓舞。我們提高了全年指導。我們對今年剩下的時間非常非常有信心，隨著這一年的結束，我們會告訴您更多。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

This is Victor Chiu in for Simon. Can you just provide some color around the sequential improvement in public cloud this quarter. Kind of what was the driver behind the strike there? And how should we think about the sustainability and trajectory of the improvement from this point going forward?

這是 Victor Chiu 飾演 Simon。您能否就本季公有雲的連續改進提供一些資訊？罷工背後的推動者是什麼？從現在開始，我們該如何思考改進的永續性和軌跡？

Victor, it's Mike. Sure. Happy to do that. So as George talked about in his remarks, we saw really strong growth in our first party and marketplace cloud storage business. We talked a lot about that at our Investor Day in terms of that growth.

維克多，是麥克。當然。很高興這樣做。因此，正如喬治在演講中談到的那樣，我們看到我們的第一方和市場雲端儲存業務確實強勁成長。我們在投資者日就成長問題討論了很多。

So that grew 40% year over year. If you take a look at the rest of the portfolio, as we talked about as well, hey, we are expecting subscription services to still be a little bit of a headwind, though moderating as we go through the year.

較去年同期成長 40%。如果你看一下投資組合的其餘部分，正如我們也談到的那樣，嘿，我們預計訂閱服務仍然會有點逆風，儘管隨著我們全年的發展會有所放緩。

So all in all, we do expect cloud revenue to accelerate from a growth perspective as we go through the year, led by the strength in first party and marketplace -- and also the subscription services being a little bit less of a headwind as we get through some of those business changes that we are making.

因此，總而言之，我們確實預計，在第一方和市場實力的引領下，從成長的角度來看，雲端收入將在這一年中加速成長，而且隨著我們獲得訂閱服務，訂閱服務的阻力會稍微小一點。

Okay. So the strength was kind of largely in line with what you were expecting for the most part?

好的。那麼強度在很大程度上符合您的預期？

It was a cloud and first-party marketplace were what we were expecting and even a little bit better, quite frankly. So we've seen some really nice growth in that business. And again, as we look forward, we expect that to continue and actually accelerate because of the strength of those products.

這是一個雲端和第一方市場，這是我們所期待的，坦白說，甚至更好一點。所以我們看到了該業務的一些非常好的成長。展望未來，我們預計，由於這些產品的實力，這種情況將繼續下去，並且實際上會加速。

Okay. That's helpful. And just one quick follow-up. How should we think about a follow-up on the last question. How should we think about the mix of the type of customers behind the initial AI contributions?

好的。這很有幫助。只需一個快速跟進。我們應該如何思考最後一個問題的後續行動。我們該如何考慮最初人工智慧貢獻背後的客戶類型組合？

Are you seeing demand from enterprises? Or is it biased towards kind of hyperscale cloud-type operators. How do we think about where the demand is coming from initially and how that evolves over time as the type of AI workloads evolve?

您看到企業的需求了嗎？或者它是否偏向某種超大規模雲端類型營運商。我們如何思考需求最初來自哪裡，以及隨著人工智慧工作負載類型的發展，需求如何隨著時間的推移而改變？

Most of our demand is from large enterprises, some of which operate as internal service providers, but most of the demand is from very large enterprises. There is a mix of use cases across data lakes and data foundation for AI, fine-tuning and model training as well as the first phases of inferencing [RAG]. So we've seen a good blend of all of those use cases.

我們的大部分需求來自大型企業，其中一些企業作為內部服務提供者運營，但大部分需求來自超大型企業。人工智慧、微調和模型訓練以及推理 [RAG] 第一階段的資料湖和資料基礎有多種用例。因此，我們看到了所有這些用例的良好融合。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作員說明）Steven Fox，Fox Advisors。

Mike, congrats on your retirement. I guess just in terms of thinking about competitive dynamics, George, it seems like you called out like you mentioned, a broad set of sort of positives that could be winning market share. Can you sort of give us a sense versus now versus 90 days ago where you're seeing the most gains and why? And where maybe you're more confident going forward on share gains?

麥克，恭喜你退休。我想，就競爭動態而言，喬治，您似乎像您提到的那樣大聲疾呼，一系列可能贏得市場份額的積極因素。您能否為我們介紹一下，與現在和 90 天前相比，您看到的收益最多，為什麼？您對哪些方面的份額成長更有信心？

Listen, I think what we've seen is our focus and execution continues to get better and better. And we made good progress on that in the second half of last year, and then that momentum continues. So I feel really, really good about where we are. With regard to the portfolio, our cloud storage portfolio continues to gain traction, right? We've got more workloads, more price points, more customers and integration into a broader and broader set of the hyperscalers environment.

聽著，我認為我們所看到的是我們的專注力和執行力不斷變得越來越好。去年下半年我們在這方面取得了良好進展，並且這種勢頭仍在繼續。所以我對我們現在的處境感覺非常非常好。就產品組合而言，我們的雲端儲存產品組合繼續受到關注，對嗎？我們擁有更多的工作負載、更多的價格點、更多的客戶，並整合到越來越廣泛的超大規模環境中。

So I feel really, really good about the innovation portfolio there. With regard to the flash portfolio, really strong results across the board. We had in the block storage part of that portfolio, which is pure share gain against competition, we are demonstrating the price performance leadership against the high-end product of our competitors as well as the price performance and feature set leadership against the midrange products of our competitors. So I feel really good about the wins that we're seeing across the board.

所以我對那裡的創新組合感覺非常非常好。就快閃記憶體產品組合而言，全面的業績確實強勁。我們在該產品組合的區塊儲存部分中擁有純粹的份額收益，我們正在展示相對於競爭對手的高端產品的性價比領先地位，以及相對於中端產品的性價比和功能集領先優勢。所以我對我們所看到的全面勝利感到非常高興。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

I have two as well. I guess, George, maybe to start with you folks are seeing some really good growth on the all-flash array side. I think it's up 21% this quarter. Can you just talk about is this cyclical recovery in demand? Or is it share gains?

我也有兩個。我想，喬治，也許首先你們會看到全快閃陣列方面出現了一些非常好的成長。我認為本季成長了 21%。您能簡單談談這種需求的周期性復甦嗎？還是分享收益？

Or you just converting your installed base, perhaps more towards all flash. Just trying to understand what's driving the strength here? And then crucially, what do you think the durability of this 20% plus growth is on the all-flash side as you go forward?

或者您只是轉換您的安裝基礎，也許更傾向於全快閃記憶體。只是想了解是什麼推動了這裡的力量？然後至關重要的是，您認為隨著您的發展，全快閃記憶體方面 20% 以上的成長能持續多久？

This is the third successive quarter of high rates of all-flash growth, double digits, and we feel really good about the portfolio. With just -- let me hit a couple of the points you raised, which is we are seeing a broad set of new to NetApp customers and new to NetApp Flash customers with the broadened portfolio that we have. Roughly 50-50 mix of completely new to NetApp have never had NetApp as well as a broad set of customers who are buying our flash products for the first time.

這是全快閃記憶體連續第三個季度實現兩位數的高成長率，我們對該產品組合感覺非常好。讓我談談您提出的幾點，透過我們擁有的更廣泛的產品組合，我們看到了一系列對 NetApp 客戶和 NetApp Flash 客戶來說都是新的內容。大約有 50-50 名從未使用過 NetApp 的全新客戶以及首次購買我們的快閃記憶體產品的廣大客戶。

So I feel that's a good leading indicator of continued momentum in the portfolio. With regard to the installed base getting upgraded, we have said that a part of the cycle of QLC flash is the refresh or the migration of a very, very large 10K installed base of hard drives both ours as well as our competitors to that flash product portfolio.

因此，我認為這是投資組合持續成長勢頭的一個很好的領先指標。關於安裝基礎的升級，我們說過 QLC 快閃記憶體週期的一部分是更新或遷移非常非常大的 10K 安裝基礎的硬碟，無論是我們還是我們的競爭對手對該閃存產品資料夾。

And so it's a mix of new accounts, new to NetApp flash accounts as well as some of the installed base getting refreshed. And I think if you just look at it right, the total installed base of 10K drives is the normal. It was roughly from a volume perspective somewhere around 35% to 40% of the total storage market for a very long period of time. And so there's a huge installed base to go refresh. So if you ask me, we are in the second inning of a Nine-ball game.

因此，這是新帳戶、NetApp 快閃帳號的新帳戶以及一些已更新的安裝基礎的組合。我認為，如果你仔細觀察的話，10K 驅動器的總安裝基數是正常的。從銷售的角度來看，它在很長一段時間內佔據了整個儲存市場的 35% 到 40% 左右。因此，有巨大的安裝基礎需要更新。所以如果你問我，我們正處於九球比賽的第二局。

In terms of our -- one final comment, the strength of our customer additions says that even this -- even with all of the growth of our flash, the overall installed base grow so that the penetration of flash into our installed base stayed steady quarter on quarter.

就我們的最後一條評論而言，我們新增客戶的實力表明，即使如此，即使我們的閃存不斷增長，整體安裝基礎也在增長，因此閃存對我們安裝基礎的滲透率保持穩定的季度在季度。

Got it. That's really helpful, George. And then Mike, congrats as well on your retirement. Could you just maybe just touch on how should we think about product gross margins from the 60% ZIP code that you had in Q1? Really for the rest of the fiscal year? Just maybe any parameters on how to think about product gross margins as we go through the year would be helpful.

知道了。這真的很有幫助，喬治。然後邁克，也祝賀你退休。您能否談談我們應該如何考慮第一季 60% 郵遞區號的產品毛利率？真的是本財年剩下的時間嗎？也許任何有關如何在這一年中考慮產品毛利率的參數都會有所幫助。

Sure. And everybody, thanks for the comments. I appreciate it. We've got a lot of work to do. You're going to see me for a little while, I do appreciate it. Product gross margins, as we said last quarter, we do expect it to come down a little bit as we go through the quarter as we work down the pre-buys. So we were right about at 60% this quarter. Again, we said for the full year that as we sit here today, we're still comfortable with that upper [50s to 60%] for the full year basis. So no real change on it in the trajectory of what we expect through the rest of the year that we -- anything different than we talked about last quarter.

當然。還有大家，謝謝大家的評論。我很感激。我們還有很多工作要做。你會來看我一段時間，我很感激。正如我們上季度所說，隨著我們減少預購，我們確實預計產品毛利率會在本季略有下降。所以本季我們的預測正確率為 60%。再次，我們對全年表示，當我們今天坐在這裡時，我們仍然對全年的上限 [50% 到 60%] 感到滿意。因此，我們對今年剩餘時間的預期軌跡沒有真正的變化，與我們上季度討論的有所不同。

So I want to just add, during the course of the quarter, we saw, as we see in the history of the storage industry, some of our competitors did take pricing up. And so that's the leading indicator of actions that the broader industry would take in an inflationary commodity environment.

因此，我想補充一點，在本季度期間，正如我們在儲存行業的歷史中看到的那樣，我們的一些競爭對手確實提高了定價。因此，這是整個產業在通膨大宗商品環境中將採取的行動的領先指標。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

I want to go back to George's commentary, you talked about all-flash array record 3,400, actually year-over-year growth of 21%, another record. But George, consistent with the prior question. Every time we get to this kind of a 20% plus growth, the concern is, okay, when is it going to accelerate?

我想回到喬治的評論，你談到全快閃陣列記錄3,400，實際上同比增長21%，又一個記錄。但是喬治，與之前的問題一致。每當我們達到 20% 以上的成長時，我們都會擔心，什麼時候會加速？

And I understand that you laid out your targets for FY27, but could we see a deacceleration in FY26, especially if overall spending environment were to remain constrained? And then a more broader upgrade cycle would come in, in FY27.

據我所知，您制定了 2027 財年的目標，但我們是否會看到 2026 財年增速放緩，特別是在整體支出環境仍然受到限制的情況下？然後，更廣泛的升級週期將在 2027 財政年度到來。

Could we see that kind of cycle materializing because given what we have seen over the past 20 years, every time you had this kind of a strong growth, it's followed by the acceleration. I want to understand what gives the confidence and I have a follow-up.

我們能否看到這種循環成為現實，因為考慮到我們過去 20 年所看到的情況，每次出現這種強勁增長時，都會隨之而來的是加速。我想了解是什麼給了我信心，我有一個後續行動。

I think two or three things, right? I think one is our portfolio is a lot broader than what we've had in the past. And I would point that out by the fact that we now have flash products across all the price points in the market as well as custom offerings for block storage where we previously would only sell unified storage.

我想有兩三件事，對嗎？我認為其中之一是我們的投資組合比我們過去的投資組合要廣泛得多。我想指出的是，我們現在擁有市場上所有價位的閃存產品，以及塊存儲的定制產品，而我們以前只銷售統一存儲。

And so I feel really good about having a much fuller product portfolio as well as the pace of innovation and leadership that we have in areas like data security is pretty clearly underwritten in the market. The second is where we are today is in a market where the pure-play storage players are outperforming the integrated system vendors.

因此，我對擁有更全面的產品組合以及我們在資料安全等領域的創新步伐和領導地位感到非常滿意，這些都在市場上得到了明顯的保障。第二個是我們今天所處的市場，純儲存廠商的表現優於整合系統供應商。

And so you look at a broad range of the integrated system vendors, they have struggled now for many quarters in their storage business. And it remains to be seen whether that is a strategic focus for them going forward.

因此，你看看廣泛的整合系統供應商，他們的儲存業務已經在多個季度陷入困境。這是否是他們未來的戰略重點還有待觀察。

And so when I look at our position relative to other players in the market, I feel really good. I would not call the current environment, a rosy spending environment, right? And we have done well for multiple quarters now in a fairly choppy macroeconomic environment.

因此，當我看到我們相對於市場上其他參與者的地位時，我感覺非常好。我不會稱當前的環境為樂觀的消費環境，對嗎？在相當動盪的宏觀經濟環境中，我們已經連續多個季度表現良好。

I'm hopeful that if the macro stabilizes, especially the geopolitical environment stabilizes, we should see some more spending come through, which would be a benefit to our business.

我希望，如果宏觀穩定，特別是地緣政治環境穩定，我們應該會看到更多的支出，這將對我們的業務有利。

Thanks for additional insight to a repeat question. And just one quick follow-up for me. How should I think about the mix of NAND that are using in terms of QLC versus other technology and how the QLC mix would trend over the next couple of quarters?

感謝您對重複問題的更多見解。這只是我的一個快速跟進。我應該如何考慮 QLC 與其他技術中使用的 NAND 組合，以及 QLC 組合在未來幾季的趨勢如何？

QLC should grow as a percentage of our total, mix, it's roughly half right now as a percentage of the flash business. And so you should see that grow as a percentage of the total flash business.

QLC 占我們總銷售量的比例應該會成長，目前佔快閃記憶體業務的比例大約是一半。因此，您應該會看到這一增長佔閃存業務總量的百分比。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

This is Jake on for Aaron. I was just hoping you could double-click a little bit on the enterprise demand you're seeing for AI products. It sounds like it's still pretty early days for AI inprints. I'm wondering what inning of adoption you think we're in and what's the competitive landscape like there?

這是傑克替亞倫發言。我只是希望您能雙擊一下您所看到的人工智慧產品的企業需求。聽起來人工智慧印記還處於早期階段。我想知道您認為我們正處於採用的哪個階段以及那裡的競爭格局如何？

Yes. I think we are in the early innings of the AI landscape from a storage perspective, I think you are seeing the fact that AI so far, the AI applications requires a specific computing architecture, which is why you're seeing the compute build-out happening.

是的。我認為從儲存的角度來看，我們正處於人工智慧領域的早期階段，我認為你已經看到了這樣一個事實：到目前為止，人工智慧、人工智慧應用程式需要特定的運算架構，這就是為什麼你會看到計算擴展正在發生。

But from a storage and data standpoint, people are using their proprietary data with these AI models. And so as we've said consistently, we're in the early innings. It is when that inferencing trend as well as large-scale generation of data come into play that you'll really see the inflection in data storage.

但從儲存和數據的角度來看，人們正在將他們的專有數據與這些人工智慧模型結合使用。正如我們一直所說的那樣，我們正處於早期階段。只有當這種推理趨勢以及大規模資料生成發揮作用時，您才會真正看到資料儲存的變化。

I think what we are seeing right now is everybody is getting their data ready for AI. And so they're all trying to unify their data, figure out what data they need for particular types of application, getting their hybrid cloud pipelines working so that they have AI applications in the cloud. They can connet their data to it.

我認為我們現在看到的是每個人都在為人工智慧準備數據。因此，他們都在嘗試統一數據，找出特定類型的應用程式所需的數據，讓混合雲管道正常運作，以便在雲端中擁有人工智慧應用程式。他們可以將數據連接到它。

And so we're seeing a lot of getting data ready, which is often in the form of a data lake or some kind of data infrastructure that brings together all of their data, and we're very well positioned for that. We hold a huge amount of the unstructured data in the world.

因此，我們看到許多數據已準備就緒，通常以數據湖或某種數據基礎設施的形式匯集所有數據，而我們為此做好了充分的準備。我們擁有世界上大量的非結構化資料。

And so we are naturally a part of any generative AI use case requires data that often sits on us. And the two examples we gave you on the earnings call are classic examples. One is a large financial services institution that is trying to summarize all of the unstructured data that they have in their various applications.

因此，我們自然是任何生成式人工智慧用例的一部分，這些用例需要我們經常擁有的資料。我們在財報電話會議上提供給您的兩個例子就是典型的例子。其中之一是一家大型金融服務機構，該機構正在嘗試匯總其各種應用程式中擁有的所有非結構化資料。

And so they work with us in a set of AI application vendors to feed all of that into their -- into their LLMs. We are expecting, inferencing is expected to be the preponderant majority of the storage market for AI and the enterprise AI landscape.

因此，他們與我們在一組人工智慧應用程式供應商中合作，將所有這些內容輸入到他們的法學碩士中。我們預計，推理將佔據人工智慧和企業人工智慧領域儲存市場的主導地位。

It's about 80%, maybe 90% of the total market, and RAG is expected to generate about 8x more data than the data that is fed into the RAG pipeline. So there's a lot of new generation going to happen where and if these applications become main stream.

它約佔整個市場的 80%，甚至 90%，而且 RAG 預計產生的數據比輸入 RAG 管道的數據多約 8 倍。因此，如果這些應用程式成為主流，就會出現大量新一代應用程式。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Mike, congratulations, we'll miss working with you, but job well done, obviously. I guess, George, speaking right there. I just have one. Speaking right there, piggybacking off the Analyst Day. So inferencing is 80% to 90% of the storage market opportunity over time.

麥克，恭喜你，我們會懷念與你一起工作的時光，但顯然，你做得很好。我想，喬治，就在那裡說話。我只有一個。趁著分析師日的機會，就在那裡發言。因此，隨著時間的推移，推理將佔儲存市場機會的 80% 到 90%。

Can you -- the comments you made about RAG a moment ago and the growth there, the data getting thrown out there. Like how does that -- I guess, is that like in the other 10% of the opportunity? Or does that actually, in some way, feed and amplify the interesting opportunity? And then can you just remind us -- you got -- you just mentioned access to data installed base that you guys have. But can you also remind us from a capability perspective, how you stack up to the other companies that could be sort of have a place in, say, inferencing and RAG?

你能——你剛才對 RAG 的評論以及那裡的增長，那裡的數據被扔掉了。就像那--我猜，這和其他 10% 的機會一樣嗎？或者說，這實際上是否以某種方式提供並放大了有趣的機會？然後您能否提醒我們 - 您剛剛提到了對您擁有的資料安裝基礎的存取權限。但您能否從能力的角度提醒我們，您與其他可能在推理和 RAG 領域佔有一席之地的公司相比如何？

And then also, could you include your thoughts on how you stack up relative to say vect in WECA and EDN, just to (inaudible)

另外，您能否包括您對 WECA 和 EDN 中相對於 vect 的看法，只是為了（聽不清楚）

Yes. So let me hit, there's three questions in there. On the first one, the comment about where do we see the large multiplicative effect of RAG and vectorization of data, it is actually part of the inferencing data growth, right? And so we see that when you create structure on top of unstructured data for inferencing, it actually grows the amount of data that you store quite significantly. And so that fits into that opportunity set that we say, hey, 80% of it is probably inferencing.

是的。那麼就讓我來問一下，裡面有三個問題。關於第一個，關於我們在哪裡看到 RAG 和資料向量化的巨大乘法效應的評論，它實際上是推理資料成長的一部分，對嗎？因此我們看到，當您在非結構化資料之上建立結構以進行推理時，它實際上會顯著增加您儲存的資料量。因此，這符合我們所說的機會集，嘿，其中 80% 可能是推理。

With regard to our capability set, listen, we feel really, really good about our capability set. I think what we see is, first of all, a lot of -- we have a lot of experience in AI. We've been in the market since 2018 with NVIDIA, we have hundreds of customers that do AI with us. The second is to do this kind of large-scale AI workloads, you need to have scale-out file systems, and integrated object. And so the fact that we have in ONTAP, a scale-out file system with parallel NFS and integrated S3 capabilities gives us a lot of strengthen the market.

關於我們的能力集，聽著，我們對我們的能力集感覺非常非常好。我認為我們首先看到的是，我們在人工智慧方面擁有豐富的經驗。自 2018 年以來，我們一直與 NVIDIA 一起進入市場，我們有數百家客戶與我們一起從事人工智慧業務。第二個是要做這種大規模的人工智慧工作負載，你需要有橫向擴展的檔案系統和整合的物件。因此，我們在 ONTAP 中擁有一個具有平行 NFS 和整合 S3 功能的橫向擴展檔案系統，這一事實為我們提供了巨大的市場優勢。

We've got wins in training. We've got wins in data lakes, we've got wins in fine-tuning and entrenching, right? So pretty much across the board. We are also unique in the market with the hybrid cloud pipelines, right? We -- there is no one else in the market that can do what we do.

我們在訓練中取得了勝利。我們在數據湖方面取得了勝利，在微調和鞏固方面取得了勝利，對吧？所以幾乎是全面的。我們的混合雲管道在市場上也是獨一無二的，對吧？我們——市場上沒有其他人可以做我們所做的事情。

Literally, no one else because of the native integration that we have. And I would just close by saying come to NetApp Insight. We have an awesome set of innovations that will showcase how real customers are using our technology to solve real AI problems today. And over the next 12 months, we got an awesome set of capabilities that build on all the hard work we've done so far.

從字面上看，沒有其他人因為我們擁有本機整合。最後我想說的是，請使用 NetApp Insight。我們擁有一系列出色的創新，將展示真實的客戶如何使用我們的技術來解決當今的真實人工智慧問題。在接下來的 12 個月裡，我們在迄今為止所做的所有努力的基礎上獲得了一系列出色的功能。

That's super helpful. I'm going to just do a quick follow-up. Does this mean, like just given all the capabilities you spoke about, George, does that suggest that you believe the company could have an amplified share position in Gen AI storage going when that kicks in?

這非常有幫助。我將進行快速跟進。喬治，這是否意味著，就像您剛才提到的所有功能一樣，這是否表明您相信該公司在 Gen AI 儲存領域啟動時可以擴大份額？

With Gen AI, the two market players that have the installed base Dell and us are super well positioned. We feel extraordinarily good about our capabilities that come to insight, you'll hear more.

憑藉 Gen AI，戴爾和我們這兩家擁有安裝基礎的市場參與者處於非常有利的位置。我們對自己的洞察力能力感到非常滿意，您會聽到更多。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

George, you just said that you had in all-flash new to NetApp and new to all Flash. Can you just elaborate a little bit what parts of the all-flash market are you seeing the most traction between hybrid capacity and performance? And who do you think you're taking the most share from? And I have a follow-up.

George，您剛才說您對 NetApp 和全快閃記憶體都感到陌生。您能否詳細說明全快閃記憶體市場的哪些部分您認為混合容量和效能之間最具吸引力？您認為您從誰那裡獲得了最多的份額？我有一個後續行動。

I think if you look at the overall market, the capacity flash market is the fastest-growing -- it is because the technology is new. You are seeing the displacement of 10K drives, and it's all year-on-year compares the capacity flash market has tailwinds, right? And I think that's where we see the strongest growth. The performance flash market continues to be a growing part of the business. We have done well there, and I feel good about the prospects for our Performance flash products, which are a TAM expanding opportunity for us.

我認為如果你看看整個市場，容量快閃記憶體市場成長最快——這是因為技術是新的。您看到了 10K 驅動器的排氣量，與去年同期相比，容量快閃記憶體市場有順風車，對吧？我認為這就是我們看到最強勁成長的地方。高效能快閃記憶體市場繼續成為業務中不斷成長的一部分。我們在那裡做得很好，我對我們的高效能閃存產品的前景感到樂觀，這對我們來說是 TAM 擴展的機會。

We compete in that part of the market against frame arrays, right? It could be the Dell PowerMax or a large frame array from Hitachi or HPE. And essentially, the capability that we have is exceptional price performance, consistent latency, which makes it easy to run databases and other workloads on our infrastructure plus a great set of features that allow you to unify your data landscape and take these environments and plug them into the AI workflows that you want. And so we feel good about that on the high end, -- we have also seen good progress in the midrange with QLC against a broad range, in upgrading our installed base of 10K drives upgrading other installed bases of 10K drives. And so same suspects we compete with, our results are strong.

我們在這部分市場上與框架陣列競爭，對嗎？它可以是 Dell PowerMax 或來自 Hitachi 或 HPE 的大型框架陣列。從本質上講，我們擁有的功能是卓越的性價比、一致的延遲，這使得在我們的基礎設施上運行資料庫和其他工作負載變得容易，再加上一組出色的功能，使您能夠統一數據環境並採用這些環境並插入它們進入您想要的 AI 工作流程。因此，我們對高端市場感覺良好，--在升級我們的 10K 驅動器安裝基礎以及升級其他 10K 驅動器安裝基礎方面，我們在中端 QLC 方面也看到了良好的進展。因此，與我們競爭的嫌疑犯相同，我們的結果很強勁。

And so I feel good about the fact that we've taken share in the market.

因此，我對我們在市場上佔據的份額感到很高興。

Okay. And one for Mike, my congrats as well. Can you talk about the drivers for the lower tax rate? And if you look at the higher interest income and lower tax rate, it does not show much increase in the operational level for operating dollars despite the higher -- slightly higher revenue.

好的。麥克也得到了一份，我也表示祝賀。能談談降低稅率的驅動因素嗎？如果你看看更高的利息收入和更低的稅率，你會發現，儘管收入略有增加，但營運美元的營運水準並沒有太大增加。

So just wondering what some of the puts and takes there, if there are anything that you'd like to call out? And are you still expecting gross margins to step down a little in the second half versus first half? Or does that change now because you have these pre-buys that you've made during the quarter.

所以只是想知道那裡有哪些看跌期權和看跌期權，如果有什麼你想指出的？您是否仍預期下半年毛利率將較上半年略有下降？或者現在這種情況是否會發生變化，因為您在本季度進行了這些預購。

So thank you, Wamsi. Thanks for the question. So I'm going to answer the last one first, and then I'd just give me the chance to walk through the puts and takes of guidance. The answer is no. No change to what we said last time in terms of the trajectory of gross margin.

謝謝你，瓦姆西。謝謝你的提問。因此，我將首先回答最後一個問題，然後我將給我機會詳細介紹指導的執行和執行過程。答案是否定的。我們上次所說的毛利率軌跡沒有改變。

So a, let's back up for a second. So we beat the first quarter by $11 million in revenue and $11 million in EPS. Because of the strength in the business and our confidence in it, we then raised it by $30 million in revenue and then $0.20 in EPS. Let's go left to right first, and then we're going to go down because I think this is important. So based on those results and the demand that we see and the visibility into Q2, we did raise Q2 by about another $10 million.

那麼，讓我們先回顧一下。因此，我們第一季的營收比第一季高 1,100 萬美元，每股收益比第一季高 1,100 萬美元。由於業務的實力和我們對它的信心，我們隨後將其收入提高了 3000 萬美元，每股收益提高了 0.20 美元。我們先從左到右，然後再往下走，因為我認為這很重要。因此，根據這些結果、我們所看到的需求以及第二季的可見性，我們確實在第二季又籌集了約 1,000 萬美元。

We also raised the second half in revenue as well. EPS largely follows that as you go through the year. However, we did underspend in OpEx in the first quarter. Therefore, we pushed some of that spend in the second half. That answers your question about why you don't see the operational -- the throughput as much.

我們也提高了下半年的收入。全年每股收益在很大程度上遵循這一規律。然而，我們第一季的營運支出確實不足。因此，我們在下半年推遲了部分支出。這回答了您關於為什麼看不到操作吞吐量的問題。

And then let's say your other questions. On the tax rate, it is simply a forecast the projection of income by GEO. Our tax rate in the last two years has been 20.9%, 20.3%. And we thought it would go up based on the mix of profitability. We now expect it to be consistent with last year.

然後我們來談談你的其他問題。在稅率上，這只是GEO對所得的預測。我們這兩年的稅率是20.9%、20.3%。我們認為它會根據盈利能力的組合而上升。我們現在預計它將與去年保持一致。

And then on the interest income, the team has done a lot of great work, making sure that we can invest all 0f our cash balances. And candidly, they didn't lower rates as best as we thought they might. Hence, we've bunk that number up as well. So that's -- those are the big movers in guidance. And then for the year, we've left importantly, the full year gross margin percentage and operating income percentage is consistent.

然後在利息收入方面，團隊做了很多出色的工作，確保我們可以將現金餘額全部用於投資。坦白說，他們並沒有像我們想像的那樣最好地降低利率。因此，我們也把這個數字擱置了。所以，這些都是指導的重大推動者。然後對於今年，我們留下了重要的一點，全年毛利率百分比和營業收入百分比是一致的。

We're only one quarter in. We feel really good about the year. But let us get through the next quarter, and then we'll take a look at that as we go through the year. So hopefully, that helps. That's the outline for guidance for the year.

我們只完成了四分之一。但讓我們度過下一個季度，然後我們將在全年中審視這一點。希望這會有所幫助。這是今年的指導綱要。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

This is [Brian] on for David. I'm just wondering on Gen AI, is Flash at a TCO today to drive adoption of storage? Or do we need the cost curve to come down further over the next year or so? And then what percentage of shipments and installed base are Flash today?

這是[布萊恩]為大衛主持的節目。我只是想知道 Gen AI，如今快閃記憶體的 TCO 是否能夠推動儲存的採用？或者我們需要成本曲線在未來一年左右進一步下降？那麼如今 Flash 的出貨量和安裝基數所佔的百分比是多少呢？

With regard to shipments, Flash is, if you look at it, roughly 60% of the hybrid cloud revenue. And so it's a little bit higher than that on product revenue. So I would just leave it there. I think with regard to the installed base, it's still a small part of the total installed base. The majority is -- it's about 40%.

從出貨量來看，Flash 約佔混合雲收入的 60%。所以它比產品收入略高一些。所以我就把它留在那裡。我認為就安裝基礎而言，它仍然只佔總安裝基礎的一小部分。大多數是——大約40%。

The majority is still hard drives, right? And we've been selling flash for how many years. So it shows the size and the fact that our overall installed base is growing. Let me get to your question about AI. With regard to -- it depends on what part of the life cycle you're operating in.

大多數仍然是硬碟，對吧？我們銷售快閃記憶體已經有多少年了。因此，它顯示了我們的整體安裝基礎正在增長的規模和事實。讓我回答一下你關於人工智慧的問題。關於—這取決於您所處的生命週期的哪個部分。

If you are building a large repository of data like a data lake where you're unifying all the different data types, that you want to be able to process in a large language model, the portion of that data that is actively being used with the mode is going to be on flash.

如果您正在建立一個大型資料儲存庫（例如資料湖），您要在其中統一所有不同的資料類型，並且您希望能夠在大型語言模型中處理該數據，那麼正在積極使用的資料部分模式將在閃光燈上。

The sort of a practical customer that doesn't want to gold-plate their environment, will keep the archived data sets for models that they have run for either regulatory reasons or for business trajectory reasons, they will keep that on disk-based solutions is what we've seen so far, large-scale object repositories that are typically on kind of disk-based solutions.

那種不想給他們的環境鍍金的實際客戶，會出於監管原因或業務軌跡原因保留他們運行的模型的存檔資料集，他們會將其保留在基於磁碟的解決方案上到目前為止，我們所看到的大規模物件儲存庫通常是基於基於磁碟的解決方案。

If you then move into active model training and fine-tuning that happens in an all-flash configuration where the active data set is being crunched with an LLM. And then when you move to an inferencing model, inferencing happens wherever you have your business process, right? So you could have it in your data center environment where you could run it on Flash, you could have it in a small manufacturing facility where you could probably use disk or flash.

如果您隨後進​​入活動模型訓練和微調，則在全快閃組態中進行，其中活動資料集正在使用 LLM 進行處理。然後，當您轉向推理模型時，推理就會發生在您擁有業務流程的任何地方，對嗎？因此，您可以將其放在可以在快閃記憶體上運行的資料中心環境中，也可以將其放在可能使用磁碟或快閃記憶體的小型製造工廠中。

And then you could also have it in the cloud. We are seeing many instances of cloud-based inferencing that our tools are being used. So it's a broad mix I hope that gave you -- there's no one answer. I hope that gave you a good sense of where the business is at.

然後你也可以把它放在雲端。我們看到許多基於雲端的推斷實例表明我們的工具正在被使用。所以我希望這是一個廣泛的組合，沒有一個答案可以給你。我希望這能讓您對業務狀況有一個很好的了解。

All right. Thank you, Brian. I'm going to pass it back to George for some closing remarks.

好的。謝謝你，布萊恩。我將把它傳回給喬治做一些結束語。

Thank you, Kris, and thanks, everyone.

謝謝你，克里斯，謝謝大家。

We have got FY25 off to a strong start. Because of the strong alignment of our solutions with customers' most important data challenges, coupled with our focused execution. We are delivering innovation at a fast pace and are well positioned to capture the growth potential in the key markets of flash, block, cloud storage and AI. Our relentless focus on these significant opportunities, combined with disciplined operational management continues to yield positive outcomes.

我們在 25 財年有了一個好的開始。因為我們的解決方案與客戶最重要的數據挑戰緊密結合，再加上我們專注的執行。我們正在快速提供創新，並處於有利位置，可以抓住快閃記憶體、區塊、雲端儲存和人工智慧等關鍵市場的成長潛力。我們對這些重大機會的不懈關注，加上嚴格的營運管理，不斷產生積極的成果。

I hope to see you at NetApp Insight, and look forward to updating you on our continued progress on next quarter's call. Thank you.

我希望在 NetApp Insight 上見到您，並期待在下個季度的電話會議上向您通報我們的持續進展。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。