NetApp Inc (NTAP) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 NetApp 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我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。感謝您的加入。今天與我在一起的有我們的執行長喬治·庫里安 (George Kurian)；和財務長 Mike Berry。本次電話會議將進行網路直播，您可以在我們的網站 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 fourth 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的陳述和預測，包括但不限於我們對 2025 年第四季度和財年的指導；我們對未來收入、盈利能力和股東回報的預期；以及其他增長舉措和戰略。

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.

這些聲明受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，請參閱我們不時向美國證券交易委員會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任何義務。

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.

在電話會議期間，除非另有說明，所有呈現的財務指標均為非公認會計準則 (GAAP)。我們的網站提供 GAAP 與非 GAAP 估計的對帳表。

I'll now turn the call over to George.

現在我將電話轉給喬治。

Thanks, Kris. Welcome, everyone. In Q3 FY25, we delivered revenue growth of 2% year over year and continued our disciplined management of the business yielding operating margin of 30% above expectations.

謝謝，克里斯。歡迎大家。在25財年第三季度，我們的營收年增了2%，並繼續對業務進行嚴格的管理，使營業利潤率超出預期30%。

Although within our guidance range, we are not satisfied with our top line performance, we remain well positioned with customers as their supplier of choice for AI and other data-driven workloads. First-party and marketplace cloud storage services and AI were bright spots in the quarter. We had line of sight to achieve our sales targets until the end of Q3 when inconsistent execution resulted in some deals slipping out of the quarter. Recognizing this, we have instituted a higher level of scrutiny on deal progression through the pipeline with tighter controls on closing plans. We expect these actions will enhance our execution and improve our momentum. Already, a number of the slipped deals have closed.

儘管在我們的指導範圍內，但我們對我們的頂線表現並不滿意，但我們仍然是客戶在人工智慧和其他數據驅動工作負載方面的首選供應商。第一方和市場雲端儲存服務以及人工智慧是本季的亮點。直到第三季末，我們才有望實現銷售目標，但由於執行不力導致一些交易在該季度失敗。認識到這一點，我們對交易的進展進行了更高級別的審查，並對成交計劃進行了更嚴格的控制。我們期望這些行動將增強我們的執行力並增強我們的發展勢頭。目前，許多被推遲的交易都已經完成。

Compared to Q3 a year ago, Hybrid Cloud revenue increased 1%, and our all-flash array business grew 10% to an annualized revenue run rate of $3.8 billion. Although impacted by sales execution, C-Series capacity flash arrays, StorageGRID object storage systems, and ASA scale-out all-flash block storage systems, all delivered solid growth. Keystone, our Storage-as-a-Service offering also had another strong quarter with revenue growing almost 60% year over year. We are gaining ground with our industry-leading solutions and earning recognition for our efforts. We were recently named a Customer's Choice for Primary Storage in Gartner's 2025 Voice of the Customer report, a testament to our strong market position.

與去年同期第三季相比，混合雲收入成長了 1%，我們的全快閃陣列業務成長了 10%，年化營收運作率為 38 億美元。儘管受到銷售執行的影響，C 系列容量快閃陣列、StorageGRID 物件儲存系統和 ASA 橫向擴展全快閃區塊儲存系統均實現了穩健的成長。我們的儲存即服務產品 Keystone 也經歷了另一個強勁的季度，營收年增近 60%。我們憑藉著業界領先的解決方案不斷取得進展，我們的努力也贏得了認可。我們最近在 Gartner 的 2025 年客戶之聲報告中被評為主儲存客戶選擇獎，證明了我們強大的市場地位。

We continue to deliver innovation at a blistering pace. In Q3, we introduced entry and midrange AFF, A-Series high-performance and C-Series capacity flash arrays, completing the refresh of these product lines. At the start of Q4, we introduced new entry-level and midrange ASA systems to complement the high-end ASA products introduced earlier in fiscal year '25. These new systems make it easier for customers to scale up from a smaller starting point or expand capabilities to remote and branch locations. Powered by ONTAP, they deliver simplicity at scale and enable customers to reduce storage costs through integrated data tiering with consistent, streamlined operations, and data protection.

我們持續以驚人的速度推進創新。第三季度，我們推出了入門級和中階AFF、A系列高效能和C系列容量快閃記憶體陣列，完成了這些產品線的更新。在第四季度開始時，我們推出了新的入門級和中階 ASA 系統，以補充 25 財年早些時候推出的高階 ASA 產品。這些新系統使客戶更容易從較小的起點擴大規模或將功能擴展到遠端和分支機構。在 ONTAP 的支援下，它們可提供大規模的簡易性，並幫助客戶透過整合資料分層、一致、簡化的操作和資料保護來降低儲存成本。

The new products are already gaining traction with customers, our ability to unify data across hybrid multi-cloud environments and strong ransomware protection puts us ahead of the competition. To support real-time AI-enabled broad detection a US-based financial services firm selected the AFF A90 for its scalable performance, native container support, and comprehensive security certifications. Requiring a storage solution that could provide a consistent unified namespace across their different locations with a single management interface, an electronics manufacturer chose the AFF C60 for its proven ability to span multiple locations, including edge, core and cloud at the right price point for each.

新產品已經獲得了客戶的青睞，我們在混合多雲環境中統一數據的能力和強大的勒索軟體防護使我們在競爭中處於領先地位。為了支援即時人工智慧廣泛檢測，一家美國金融服務公司選擇了 AFF A90，因為它具有可擴展的效能、原生容器支援和全面的安全認證。一家電子製造商需要一種能夠透過單一管理介面在不同位置提供一致統一的命名空間的儲存解決方案，因此他們選擇了 AFF C60，因為它具有跨越多個位置（包括邊緣、核心和雲端）的經過驗證的能力，並且價格適合每個位置。

We continue to see growth in demand for AI solutions, as the large market opportunity for enterprise GenAI begins to open, and customers seek a unified and structured view of their data assets. In Q3, our AI business again performed ahead of our expectations, with over 100 AI infrastructure and data lake modernization wins. These wins span geographies varied in size and included a number of service providers deploying NetApp as the storage foundation for their AI-as-a-Service offerings.

隨著企業 GenAI 的巨大市場機會開始打開，並且客戶尋求對其數據資產的統一和結構化視圖，我們繼續看到對 AI 解決方案的需求成長。第三季度，我們的 AI 業務再次超越我們的預期，獲得了超過 100 個 AI 基礎設施和資料湖現代化勝利。這些勝利跨越了不同規模的地區，其中包括許多服務供應商部署 NetApp 作為其 AI 即服務產品的儲存基礎。

For many organizations, the journey to widespread use of enterprise AI begins with modernizing data lake environments to object storage. In the quarter, we enhanced our StorageGRID object storage solutions with improved scalability and flexibility and doubled the density of object deployments, reducing rack space requirements and lowering power and cooling costs. A leading US retail bank selected StorageGRID as its foundational platform for its private cloud storage, including AI and data lake optimization. The initial deployment is 5 petabytes and expected to triple in size with subsequent phases later this calendar year.

對許多組織而言，廣泛使用企業 AI 的旅程始於將資料湖環境現代化為物件儲存。本季度，我們增強了 StorageGRID 物件儲存解決方案，提高了可擴展性和靈活性，並將物件部署的密度提高了一倍，減少了機架空間需求並降低了電力和冷卻成本。一家領先的美國零售銀行選擇 StorageGRID 作為其私有雲儲存的基礎平台，包括 AI 和資料湖優化。初始部署規模為 5PB，預計今年稍後的後續階段規模將增加兩倍。

Other enterprises are further along in the AI evolution, deploying Gen AI models in production for inferencing and RAG. One of the world's largest banks struggled with scalability, siloed data platforms, and disparate tools for its GenAI training and inferencing workloads. To address these challenges, they selected NetApp as the storage foundation for their GenAI factory. Our ability to deliver a solution with secure and economical data movement into and out of the AI factory, tiering for model checkpoints, and model traceability enabled us to beat the competition and win the deal.

其他企業在人工智慧發展方面走得更遠，在生產中部署了 Gen AI 模型用於推理和 RAG。全球最大的銀行之一在 GenAI 訓練和推理工作負載方面面臨著可擴展性、孤立的資料平台和不同的工具方面的困難。為了應對這些挑戰，他們選擇 NetApp 作為其 GenAI 工廠的儲存基礎。我們能夠提供解決方案，使資料安全且經濟地進出 AI 工廠，對模型檢查點進行分層，並實現模型可追溯性，這使得我們能夠擊敗競爭對手並贏得交易。

Now turning to Public Cloud. We further honed the focus of our Public Cloud business with the sale of the Spot by NetApp business. As many Spot and CloudCheckr customers are also customers of our other products and services, it was important to us to select the right partner to assume this portfolio, and we are confident that these customers will benefit from a more complete FinOps portfolio from Flexera. Mike will share with you the financial impact of this sale based on our expectation that the deal will close in early March.

現在轉向公有雲。透過出售 NetApp 的 Spot 業務，我們進一步明確了公有雲業務的重點。由於許多 Spot 和 CloudCheckr 客戶也是我們其他產品和服務的客戶，因此選擇合適的合作夥伴來承擔這個產品組合對我們來說非常重要，我們相信這些客戶將受益於 Flexera 更完整的 FinOps 產品組合。我們預計交易將於三月初完成，Mike 將與您分享此次出售的財務影響。

As we've discussed in the past, our Public Cloud strategy is led by our highly differentiated first-party and marketplace cloud storage services, complemented by intelligent data and operational services such as Data Infrastructure Insights, formerly known as Cloud Insights and workload services like InstaClustr. These services, in concert with our Hybrid Cloud products, enable customers to build a seamless intelligent data infrastructure across hybrid multicloud.

正如我們過去所討論的那樣，我們的公有雲策略由高度差異化的第一方和市場雲端儲存服務主導，並輔以智慧數據和營運服務，如數據基礎設施洞察（以前稱為雲端洞察）和工作負載服務（如 InstaClustr）。這些服務與我們的混合雲產品相結合，使客戶能夠在混合多雲中建立無縫的智慧數據基礎設施。

First-party and marketplace cloud storage services again grew well over 40% from last year, driving total Public Cloud segment revenue growth of 15%. Excluding Spot by NetApp, first-party and marketplace storage services made up over 70% of the Q3 Public Cloud segment revenue.

第一方和市場雲端儲存服務再次比去年成長超過 40%，推動公有雲部門總收入成長 15%。除 NetApp 的 Spot 外，第一方和市場儲存服務佔第三季公有雲部門營收的 70% 以上。

In the quarter, we announced innovations to Amazon FSx for NetApp ONTAP and Microsoft Azure NetApp Files and received the Google Cloud Ready Regulated & Sovereignty Solutions Designation for Google Cloud NetApp Volumes and Cloud Volumes ONTAP. These advancements highlight the strength of our partnership and collaboration with the leading hyperscalers, broadening our addressable opportunity.

本季度，我們宣布了針對 NetApp ONTAP 和 Microsoft Azure NetApp Files 的 Amazon FSx 創新，並獲得了 Google Cloud NetApp Volumes 和 Cloud Volumes ONTAP 的 Google Cloud Ready 監管與主權解決方案稱號。這些進步凸顯了我們與領先的超大規模企業的合作夥伴關係和協作實力，拓寬了我們的可挖掘機會。

As customers move workloads into the cloud, they choose NetApp-based storage services to deliver high performance and low TCO. A European bank is executing a large-scale migration to AWS for its VMware, database, and container applications. The customer will migrate tens of thousands of VMs and containers, composing almost 15 petabytes of data, largely from a competitor's footprint, on to FSxN. FSxN will deliver significant cost savings compared to other native storage services and its ability to support unified file and block access will reduce the bank’s management overhead.

當客戶將工作負載轉移到雲端時，他們選擇基於 NetApp 的儲存服務來提供高效能和低 TCO。一家歐洲銀行正在將其 VMware、資料庫和容器應用程式大規模遷移到 AWS。客戶將把數以萬計的虛擬機器和容器（包含近 15PB 的數據，大部分來自競爭對手的足跡）遷移到 FSxN。與其他本機儲存服務相比，FSxN 將顯著節省成本，並且其支援統一文件和區塊存取的能力將降低銀行的管理開銷。

Looking forward, our mission is clear, and our focus is sharp. Customers value our modern approach to hybrid, multicloud infrastructure and data management which enables them to build an intelligent data infrastructure and leverage the power of their entire data estate simply, securely, and sustainably. Our portfolio has never been stronger or more tightly aligned to IT organizations top priorities. Although we didn't perform to our standards in Q3, it remains true that broad-based customer preference for our solutions and our visionary approach for our data-driven future enables us to outgrow the market and take share. We enable customers to treat data as an enterprise-wide asset to stay agile and competitive in the age of AI.

展望未來，我們的使命明確，我們的重點突出。客戶重視我們對混合、多雲基礎設施和資料管理的現代化方法，這使他們能夠建立智慧資料基礎設施，並簡單、安全且可持續地利用其整個資料資產的力量。我們的產品組合從未如此強大，也從未如此緊密地與 IT 組織的首要任務保持一致。儘管我們在第三季度的表現未達到我們的標準，但廣泛的客戶對我們解決方案的偏好以及我們對數據驅動未來的遠見卓識使我們能夠超越市場並佔據份額。我們使客戶能夠將數據視為企業範圍的資產，以在人工智慧時代保持敏捷性和競爭力。

As we close out fiscal year '25, we believe the actions we've undertaken to improve sales execution will get us back on track in Q4. However, as you will hear from Mike, our expectations are tempered by the divestiture of Spot by NetApp, FX, and near-term headwinds to global public sector, resulting in a slight decrease to our fiscal year '25 guide. All factors considered; we remain confident in our ability to achieve the financial goals we laid out last June at our Investor Day.

隨著25財年即將結束，我們相信，我們為改善銷售執行的措施將使我們在第四季重回正軌。然而，正如您將從 Mike 那裡聽到的那樣，我們的預期受到 NetApp 剝離 Spot、FX 以及全球公共部門近期逆風的影響，導致我們的 25 財年指引略有下降。考慮所有因素；我們仍然有信心能夠實現去年六月投資者日所訂定的財務目標。

Before I close, I want to acknowledge that this is the last earnings call Mike will lead. His successor, Wissam Jabre, joins us on March 10. Mike, thank you for your partnership over the past five years. You helped drive growth and profitability, strengthening our performance to create tremendous shareholder value. More importantly, you have been a respected colleague and wonderful leader for NetApp as well as a close partner and friend to me. I am confident in our ability to build on the strong foundation you've helped to establish.

在結束之前，我想確認這是麥克主持的最後一次財報電話會議。他的繼任者維薩姆·賈布雷 (Wissam Jabre) 將於 3 月 10 日加入我們。麥克，感謝您過去五年來的合作。您幫助推動了成長和獲利，增強了我們的業績，創造了巨大的股東價值。更重要的是，您是 NetApp 受人尊敬的同事和出色的領導者，也是我親密的合作夥伴和朋友。我相信，我們有能力在您幫助建立的堅實基礎上繼續前進。

I'll now hand it over to you for details on the quarter.

現在我將把本季的詳細資訊交給您。

Good afternoon, everyone, and thank you for the kind words, George. They are greatly appreciated. I want to thank you for our partnership and the confidence and trust you placed in me. I will always value our relationship and am very proud of what we have all accomplished at NetApp. As everyone knows, I will be handing the baton to Wissam some time after this earnings call, but for now, it is business as usual, so let's jump into the results.

大家下午好，謝謝你，喬治。我們對他們非常感激。我要感謝我們的合作以及你們對我的信心和信任。我將永遠珍惜我們之間的關係，並為我們在 NetApp 所取得的成就感到非常自豪。眾所周知，我將在本次財報電話會議後不久將接力棒交給 Wissam，但目前一切照常，所以讓我們先來看看業績吧。

Before I get into the financial details of Q3, let me walk you through the key themes for the quarter. As a reminder, all numbers discussed are non-GAAP unless otherwise noted. First, our disciplined operational management yielded operating margin above our guidance and EPS in line with our guidance, despite revenues towards the lower end of our expectations in Q3.

在介紹第三季的財務細節之前，讓我先向您介紹本季的關鍵主題。提醒一下，除非另有說明，所有討論的數字都是非 GAAP。首先，儘管第三季的收入低於我們的預期，但我們嚴格的營運管理使營業利潤率高於我們的預期，每股收益符合我們的預期。

Second, we have adjusted our outlook for Q4 and fiscal year '25 due to our recently announced divestiture of Spot and Cloudcheckr, collectively called Spot by NetApp, the negative revenue and EPS impact from the stronger US dollar, and our Q3 revenue performance. Our forecast assumes that our Q4 is back on track in terms of our execution, somewhat offset by expected global public sector weakness.

其次，由於我們最近宣布剝離 Spot 和 Cloudcheckr（NetApp 統稱為 Spot）、美元走強帶來的負面收入和每股收益影響以及我們第三季度的收入表現，我們調整了對第四季度和 25 財年的預期。我們的預測假設我們第四季度的執行情況重回正軌，但在一定程度上受到預期的全球公共部門疲軟的影響。

Third, while our full year revenue guidance has reduced slightly, we remain laser-focused on driving operating margins and free cash flow generation. Towards this end, we have taken swift action to control our expenses in Q4 and as well as remain disciplined on pricing as we end the year. Finally, we returned over $300 million to stockholders through dividends and share repurchases, and reducing Q3 diluted share count by 3 million shares year over year.

第三，雖然我們的全年收入預期略有下調，但我們仍然專注於提高營業利潤率和自由現金流的產生。為此，我們迅速採取行動，控制第四季的開支，並在年底時保持對定價的紀律。最後，我們透過股利和股票回購向股東返還了超過 3 億美元，第三季攤薄股數比去年同期減少了 300 萬股。

Now, to the details of the quarter. Revenue of $1.64 billion increased 2% year over year. While our revenue was $44 million below the midpoint of our guidance, around a third of this was FX driven. Billings of $1.71 billion increased 2% year over year. This marks our fifth consecutive quarter of year-over-year revenue and billings growth.

現在，我們來談談本季的詳細資訊。營收 16.4 億美元，年增 2%。雖然我們的收入比預期中位數低 4,400 萬美元，但其中約三分之一是由外匯推動的。營業額達17.1億美元，較上年同期增加2%。這是我們連續第五個季度實現營收和帳單年增。

Product revenue of $758 million was up 1% year over year. Support revenue of $621 million declined 2% year over year but was roughly flat year over year in constant currency.

產品營收7.58億美元，年增1%。6.21 億美元的支援收入年減 2%，但以固定匯率計算年比基本持平。

Professional services revenue of $88 million grew 14% year over year, mainly driven by Keystone, our Storage-as-a-Service offering, which grew nearly 60% year over year. Public Cloud revenue of $174 million increased 15% year over year, driven by hyperscaler first-party and marketplace storage services.

專業服務收入為 8,800 萬美元，年增 14%，主要得益於我們的儲存即服務產品 Keystone，該產品年增近 60%。公有雲收入為 1.74 億美元，年增 15%，這主要得益於超大規模第一方和市場儲存服務。

Q3 Cloud revenues, excluding Spot by NetApp grew 21% year over year, and we expect this to accelerate on a year-over-year basis into Q4 driven by our Cloud storage business, signaling a continued healthy cloud demand environment.

第三季雲端營收（不包括 NetApp 的 Spot 業務）年增 21%，我們預期在雲端儲存業務的推動下，第四季雲端收入將年增，這表明雲端需求環境持續健康。

Q3 deferred revenue was $4.1 billion, flat year over year but up 1% year over year in constant currency. Remaining performance obligations were $4.5 billion. Unbilled RPO was approximately $350 million, up 6% quarter over quarter. Growth in unbilled RPO is a key indicator of future Keystone growth.

第三季遞延營收為 41 億美元，與去年同期持平，但以固定匯率計算年增 1%。剩餘履約義務為45億美元。未出帳的RPO約3.5億美元，季增6%。未開票 RPO 的成長是 Keystone 未來成長的關鍵指標。

Q3 consolidated gross margin came in at 71%. Product gross margin was 57%, and we expect product gross margin to be around 56% in Q4. We plan to utilize the majority of our remaining strategic SSD purchases in Q4.

第三季綜合毛利率為71%。產品毛利率為57%，我們預期第四季產品毛利率在56%左右。我們計劃在第四季度利用剩餘的大部分策略性 SSD 採購。

Our recurring support business continues to be highly profitable with gross margins of 92%. Q3 Public Cloud gross margins improved to 76% from 66% in the prior year. We are particularly proud of the 1,000 basis point improvement in Public Cloud gross margins. We expect to make further progress on our Public Cloud gross margins and exit fiscal year '25 towards the high end of our long-term target of 75% to 80%.

我們的經常性支援業務持續保持高額利潤，毛利率高達 92%。第三季公有雲毛利率從去年同期的 66% 提高到 76%。我們對公有雲毛利率提高 1,000 個基點感到特別自豪。我們預計公共雲毛利率將取得進一步進步，並在 25 財年結束時達到 75% 至 80% 的長期目標的高端。

Operating expenses of $669 million was down 2% year over year and down 7% from Q2 '25. Q3 again highlighted the strength of our business model and disciplined operational execution with operating margin of 30% ahead of expectations. EPS of $1.91 was in line with our guidance, with revenues and gross margins below our guidance points, but offset by operating expense control.

營業費用為 6.69 億美元，年減 2%，較上季下降 7%。第三季再次凸顯了我們商業模式的實力和嚴格的營運執行，營業利潤率超出預期 30%。每股收益 1.91 美元，符合我們的預期，收入和毛利率低於我們的預期，但被營運費用控制所抵消。

Operating cash flow was $385 million in Q3 compared to $484 million a year ago, and free cash flow was $338 million compared to $448 million a year ago. Our lower year-over-year cash flow results for Q3 were primarily driven by lower collections and higher cash outflows for previously secured strategic SSD purchases. These strategic purchases resulted in much higher-than-usual inventory levels and inventory turns of 7% in Q3. As previously noted, we expect to utilize the majority of these purchases by the end of our fiscal year and see a commensurate reduction in inventory ending fiscal year '25. As mentioned on our last call, we expect free cash flow in fiscal year '25 to be lower year over year due to working capital related factors that we don't expect to repeat in the fiscal year '26. In the quarter, DSOs increased to 50%, in line with seasonal averages.

第三季營運現金流為 3.85 億美元，去年同期為 4.84 億美元；自由現金流為 3.38 億美元，去年同期為 4.48 億美元。我們第三季的現金流量年減主要是由於先前獲得的策略性 SSD 採購的收款額減少和現金流出增加所致。這些策略性採購導致第三季的庫存水準遠高於平常，庫存週轉率達到 7%。如前所述，我們預計在本財政年度結束前完成大部分採購，並預計在 25 財政年度結束時庫存將相應減少。正如我們上次電話會議中提到的那樣，我們預計 25 財年的自由現金流將同比下降，原因是營運資本相關因素，我們預計 26 財年不會重複出現這種情況。本季度，DSO 增加至 50%，與季節平均值一致。

During the quarter, we returned $306 million to stockholders through share repurchases and cash dividends. We have approximately $600 million remaining on our existing repurchase authorization. Our balance sheet remains healthy. We ended the quarter with approximately $2.3 billion in cash and short-term investments against $2 billion in debt.

本季度，我們透過股票回購和現金紅利向股東返還了 3.06 億美元。我們現有的回購授權剩餘約 6 億美元。我們的資產負債表依然健康。截至本季末，我們的現金和短期投資約為 23 億美元，而債務為 20 億美元。

Before I go through our updated guidance, I want to quickly level set on two of the changes that happened from our last guidance in November. First, as we have all seen, the strength of the US dollar is having a negative impact on reported results. For NetApp, the expected impact to the second half of fiscal year '25 as compared to our previous guidance is approximately $30 million less in reported revenue and an $0.08 impact to EPS. Second, we plan to close the Spot divestiture in early March, and this will result in around $15 million less in cloud revenue in Q4. The transaction is expected to be largely neutral to EPS.

在介紹我們更新後的指南之前，我想快速回顧一下自 11 月上一次指南以來發生的兩項變更。首先，正如我們所看到的，美元的強勢對報告結果產生了負面影響。對於 NetApp 而言，與我們先前的預期相比，預計對 25 財年下半年的影響是報告收入減少約 3,000 萬美元，每股收益影響 0.08 美元。其次，我們計劃在 3 月初完成 Spot 業務的剝離，這將導致第四季度的雲端收入減少約 1,500 萬美元。預計該交易對每股收益的影響基本上為中性。

Now turning to guidance, starting with the full year. Our new revenue guidance for the full year is between $6.49 billion and $6.64 billion, representing approximately 5% year-over-year growth at the midpoint. The slight reduction in our full year guidance is primarily driven by FX and the planned divestiture of Spot. We now expect fiscal year '25 consolidated gross margin to be approximately 71%. We continue to expect fiscal year '25 operating margin to be 28% to 28.5%. We expect net interest income to be approximately $55 million. We expect our tax rate to be 20% to 21%. As a result, we expect EPS to be in the range of $7.17 to $7.27, which at the $7.22 midpoint implies 12% growth year over year.

現在轉向指導，從全年開始。我們對全年的新收入預期在 64.9 億美元至 66.4 億美元之間，中間值年增約 5%。我們全年業績預期略有下調，主要原因是外匯和現貨交易計劃的剝離。我們現在預計 25 財年的綜合毛利率約為 71%。我們繼續預計25財年的營業利益率將達到28%至28.5%。我們預計淨利息收入約為 5500 萬美元。我們預計我們的稅率為20%至21%。因此，我們預計每股收益在 7.17 美元至 7.27 美元之間，以 7.22 美元的中間值計算，意味著同比增長 12%。

Turning now to our fourth quarter guidance. We expect Q4 revenue to range between $1.65 billion and $1.8 billion, which at the midpoint implies 3% growth year over year. We expect Q4 consolidated gross margin to be between 69% and 70%, and operating margin to be approximately 28%. We expect net interest income to be approximately $10 million in the quarter and our tax rate to be 20% to 21%. EPS is expected to be in the range of $1.84 to $1.94.

現在談談我們的第四季指引。我們預計第四季度營收在 16.5 億美元至 18 億美元之間，中間值意味著年增 3%。我們預計第四季綜合毛利率在 69% 至 70% 之間，營業利潤率約為 28%。我們預計本季淨利息收入約為 1,000 萬美元，稅率為 20% 至 21%。預計每股收益在 1.84 美元至 1.94 美元之間。

In closing, I want to thank the NetApp ecosystem for their commitment and investment in our company. I am confident in our ability to help our customers successfully achieve their digital and cloud transformation goals. We are well aligned to priority IT investments and are committed to deliver sustainable long-term value for our stockholders.

最後，我要感謝 NetApp 生態系統對我們公司的承諾和投資。我相信我們有能力幫助客戶成功實現他們的數位化和雲端轉型目標。我們高度重視 IT 投資，並致力於為股東提供可持續的長期價值。

Before handing the call to Kris for Q&A, I want to thank our employees, customers, and shareholders for their commitment to NetApp during my five years in this role. It has been an honor and a privilege to be the CFO at NetApp, and I am confident that George Wissam and the whole NetApp team will continue to deliver shareholder value going forward.

在將電話交給 Kris 進行問答之前，我想感謝我們的員工、客戶和股東在我擔任此職務的五年期間對 NetApp 的承諾。能夠擔任 NetApp 的財務長是我的榮幸，我相信 George Wissam 和整個 NetApp 團隊將在未來繼續為股東帶來價值。

With that said, I'll now turn the call over to Kris to open the Q&A. Kris?

說完這些，我現在將電話轉給克里斯，開始問答環節。克里斯？

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

謝謝，麥克。接線員，我們開始問答。

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作員指示） Aaron Rakers，富國銀行。

Yeah. Thanks for letting me ask the question, and Mike it's been great working with you and look -- wish you the best. Real quickly, George, you had mentioned some comments in your prepared remarks around just sales execution. I'm curious if you could kind of double-click on that a little bit, what efforts you've put in place to kind of rectify those issues? And any thoughts on the duration of which those could show up maybe on the other side of those efforts? Thank you.

是的。感謝您讓我提出這個問題，麥克，很高興與您合作，祝您一切順利。喬治，很快，你在準備好的評論中提到了一些有關銷售執行的評論。我很好奇，您是否可以稍微解釋一下，您為糾正這些問題做了哪些努力？您對在這些努力的另一面實現這些目標可能會持續多久有任何想法嗎？謝謝。

Yeah. We have a strong pipeline fueled by both secular growth drivers and company-specific growth drivers and a fully refreshed product portfolio that is highly differentiated. As we progress through the quarter, we saw good momentum across our business, but at the last couple of weeks of the quarter, several of the large seven- or eight-figure deals that we had expected to close in the quarter began to take longer to get through procurement into order fulfillment.

是的。我們擁有強大的產品線，既有長期成長動力，也有公司特定的成長動力，還有高度差異化的全新產品組合。隨著本季度的進展，我們看到整個業務發展勢頭良好，但在本季度的最後幾週，我們預計在本季度完成的幾筆七位數或八位數的大筆交易開始需要更長的時間才能從採購到訂單履行。

And so what this required us to do is to inspect at a much higher level of detail in terms of our closing plans for every transaction. Already what we have seen is many of the deals that pushed from Q3 have closed in Q4, particularly many of the largest ones in the quarter. And so we expect to bring this ongoing discipline through Q4 and then it becomes part of the normal course of business as we head into the implementation of fiscal year '26 sales plans.

因此，這要求我們做的是對每筆交易的結束計劃進行更高程度的詳細檢查。我們已經看到，許多從第三季推動的交易已經在第四季完成，特別是本季許多最大的交易。因此，我們希望將這一持續的紀律貫穿第四季度，然後在我們實施 26 財年銷售計劃時，它將成為正常業務的一部分。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Maybe just kind of following up on that question. So it sounds like it was more execution based versus -- I just want to kind of clarify that customers maybe weren't kind of a little bit more uncertain kind of in that first month of the year just as we had seen kind of administration change? And then second question, just kind of any commentary around public sector? Thanks.

偉大的。也許只是這個問題的後續答案。因此，這聽起來更多的是基於執行的，而不是——我只是想澄清一下，就像我們看到的管理變化一樣，客戶在今年第一個月可能不會有一點不確定性？第二個問題，您對公共部門有什麼評論嗎？謝謝。

In Q3 and continuing in Q4, we have seen a degree of caution in the European markets. particularly the ones like France and Germany, where there are no government in place. We have seen a little bit more caution in US public sector as part of our Q4 guide. In Q3, US public sector performed according to plan.

在第三季以及第四季度，我們看到歐洲市場表現出一定程度的謹慎態度。特別是法國和德國等沒有政府的國家。在我們的第四季指南中，我們看到美國公共部門的態度更加謹慎。第三季度，美國公共部門表現符合計畫。

You are correct that January always is the first month of the calendar year for many customers. And so that sometimes budgets take a little longer to get unfrozen. We have good line of sight into our pipeline, and we are progressing the deals according to plan.

您說得對，對許多顧客來說，一月永遠是日曆年的第一個月。因此，有時預算需要更長的時間才能解凍。我們對我們的管道有很好的了解，並且我們正在按照計劃推進交易。

Great, thanks.

太好了，謝謝。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes, I just want to better understand the competitive landscape. I understand that there were some execution issues. But -- where are we in terms of increasing the QLC mix that would give you better cost? And how do you see the competitive environment into the spring and later in the year? Thank you.

是的，我只是想更了解競爭格局。我了解存在一些執行問題。但是——在增加 QLC 組合以降低成本方面我們處於什麼位置？您如何看待今年春季以及後期的競爭環境？謝謝。

We did not see any changes to the competitive landscape. It's always been competitive, and our portfolio has been strong. As I mentioned in my prepared remarks, we have refreshed the entire product portfolio, both the AFF series as AMC and the ASA or block storage series. We have seen good traction in the quarter in the C-Series product family, in the ASA product family, as well as with StorageGRIDs. So we are winning new footprints with those products, and I didn't see any fundamental change to that dynamic during the quarter.

我們沒有看到競爭格局有任何變化。競爭一直很激烈，我們的產品組合也非常強大。正如我在準備好的發言中提到的，我們已經更新了整個產品組合，包括 AMC 的 AFF 系列和 ASA 或區塊儲存系列。本季度，我們看到 C 系列產品系列、ASA 產品系列以及 StorageGRID 都表現出色。因此，我們透過這些產品贏得了新的足跡，並且我沒有看到本季這種動態發生任何根本性的變化。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Hi this is Irvin Liu on for Amit. Thanks for the question and congratulations on your retirement, Mike. I wanted to ask about how you are thinking about product gross margins, I think the 56% you guided to for fiscal Q4, it reflects some benefit from your strategic SSD purchases. But is there any way to help us think about the direction of product gross margins beyond Q4 once you use up some of these strategic purchases? And then to what degree can you pass through some of these higher commodity costs to your customers?

大家好，我是 Irvin Liu，代表 Amit 報道。感謝您的提問，祝賀您退休，麥克。我想問一下，您是如何看待產品毛利率的，我認為，您預計的第四財季毛利率為 56%，這反映了您從策略性 SSD 採購中獲得的一些收益。但是，一旦用完了這些策略採購，有什麼方法可以幫助我們思考第四季後產品毛利率的走向嗎？那麼您可以在多大程度上將這些較高的商品成本轉嫁給您的客戶？

Yeah, great question. So let me take a step back and talk about gross margins as a whole. I'll talk about Q4, even though we're not guiding for fiscal '26, I do want to give you a view of what we're thinking as we sit here today.

是的，很好的問題。所以讓我退一步來談談整體毛利率。我將談論第四季度，儘管我們沒有為 26 財年做出指引，但我確實想讓您了解我們今天在這裡的想法。

So first of all, let's back up for a second folks. We've always set our goal here at NetApp is to drive incremental gross margin dollars, and we've done that in '25. The really good news is the mix of gross margin is a lot better now, diversified between the different product lines, particularly product support and cloud.

首先，讓我們先回顧一下。在 NetApp，我們始終將提高毛利率作為目標，我們在 25 年實現了這一目標。真正好消息是現在毛利率的組合好多了，不同產品線之間的毛利率多樣化，特別是產品支援和雲端運算。

The progression of the gross margin has largely played out as we expected at the beginning of the year with cloud gross margins increasing materially and product gross margins declining throughout the year as we used up some of those strategic prebuys.

毛利率的變動基本上符合我們年初的預期，由於我們用完了部分策略性預購，雲毛利率大幅增加，而產品毛利率全年下降。

I do want to underline a couple of things. Folks, we did those prebuys in '24 and through the first half of '25. And you can see it in our product margins as some of that has worked through.Those higher cost is what's reflected in the P&L. As we sit here today in Q4, what we're expensing from those prebuys is really close to where the market is. So I will then talk about it in a second what that means for '26.

我確實想強調幾點。朋友們，我們在 2024 年和 2025 年上半年進行了這些預購。您可以從我們的產品利潤率中看到這一點，因為其中一些已經發揮作用。這些較高的成本反映在損益表中。如今，我們正處於第四季度，我們從這些預購中支出的費用非常接近市場水平。因此我稍後會談論這對 26 年意味著什麼。

Your second part of your question, no, I want to hit first, which is we all know there is two pieces of gross margin. There's revenue and there's cost. On the revenue side, we did implement some price changes going into Q3. Given the longer sales cycles in our business, we really didn't see a material impact in our fiscal '25 but we do expect to see this tailwind pick up as we enter fiscal '26. Another tailwind is the introduction of our new products that George talked about, specifically the A-Series where we continue to introduce two products that deliver better performance for our customers and a better cost structure for NetApp.

你問題的第二部分，不，我想先說一下，我們都知道毛利率有兩個部分。有收入，就有成本。在收入方面，我們確實在第三季實施了一些價格調整。鑑於我們業務的銷售週期較長，我們確實沒有看到 25 財年出現實質影響，但我們預計，在進入 26 財年時，這種順風將會增加。另一個順風是喬治談到的我們新產品的推出，特別是 A 系列，我們繼續推出兩款產品，為我們的客戶提供更好的性能，並為 NetApp 提供更好的成本結構。

Also as these new products become a bigger portion of our billings in fiscal '26 that should also be a tailwind to margins. So that's the revenue side. Now specifically on component costs. We expect to use the majority of the prebuys up in fiscal '25. As I just mentioned, folks were basically at the same as the industry is today. So as we go into fiscal '26, we expect there to be continued weakness in the NAND market.

此外，隨著這些新產品在我們 26 財年的營業額中所佔的比例越來越大，這也將對利潤率產生推動作用。這就是收入方面。現在具體討論一下零件成本。我們預計在 25 財年將使用大部分預購。正如我剛才提到的，人們基本上與今天的行業處於相同狀態。因此，當我們進入26財年時，我們預計NAND市場將繼續疲軟。

We've seen that over the last two quarters, and it's expected to continue into the first half of our year. So based on these current projections, we expect Q4 '25 to be the high point of our component cost, expect to see costs remain steady entering fiscal '26 and then start to decline. What that means is, assuming mix stays consistent because mix is super important.

我們在過去兩個季度已經看到了這種情況，預計這種情況將持續到今年上半年。因此，根據這些當前預測，我們預計 25 年第四季將成為我們零件成本的最高點，預計成本在進入 26 財年時將保持穩定，然後開始下降。這意味著，假設混合保持一致，因為混合非常重要。

We would expect Q4 '25 to be low point of product gross margins and start to increase as we enter -- so hopefully, that answers that question. And I just have to give one shot off to a shifting to cloud margins for a second. We are particularly proud of the 1,000 basis point increase that we've seen there, and we expect those margins to continue to increase.

我們預計 25 年第四季的產品毛利率會處於低點，但進入新季度後會開始上升 — — 所以希望這能回答這個問題。我只需要花一秒鐘的時間就可以將雲端邊緣轉換到雲端。我們對看到的 1,000 個基點的成長感到特別自豪，我們預計這些利潤率將繼續增加。

In addition with the divestiture of Spot, we actually get about another 100 basis points of product cloud margin goodness. So that's gross margins as a whole. Again, we're not guiding '26, but hopefully, that helps with people worrying about what was going to happen going into next year.

此外，隨著 Spot 的剝離，我們實際上獲得了大約另外 100 個基點的產品雲利潤率優勢。這就是整體的毛利率。再說一次，我們不是要預測 26 年的情況，但希望這能幫助人們緩解對明年會發生什麼事情的擔憂。

Got it. Thank you.

知道了。謝謝。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Great. Thanks, guys for taking my question and Mike congratulations on the retirement. We'll miss you. Maybe, George, can you talk about, obviously, deals closing late in the quarter or getting pushed out. Yet your all-flash array business seemed to perform reasonably well in the quarter, at least from the metrics. Can you talk into more specificity in terms of what was sort of the deciding factors that got pushed to the right?

偉大的。謝謝大家回答我的問題，並祝賀麥克退休。我們會想念你的。喬治，也許您能談談顯然在本季末完成或被推遲的交易嗎？然而，至少從指標來看，您的全快閃陣列業務在本季似乎表現得相當不錯。能否更具體地談談被推向右邊的決定性因素是什麼？

Was it the size of the deals? Was it price? Was it -- what type of technology? Just trying to get a little bit better sense for maybe where customers maybe got a little bit of a pause and why it shifted a little bit more to the road? I know you touched on it earlier just some more color around that given that all-flash ARR looks pretty good in the quarter.

是交易的規模嗎？是價格嗎？它是——什麼類型的技術？只是想更了解顧客可能在哪裡稍微停頓了一下，以及為什麼它會更多地轉向道路？我知道您之前已經提到過這一點，但鑑於本季度全閃存 ARR 看起來相當不錯，因此我們對此進行更詳細的介紹。

I think that our all-flash numbers would have been substantially higher if we had been able to close the transactions that move to the right, those were primarily flash-based product transactions. There were a few different reasons. Clearly, there were some clients that were not yet ready to make the procurement decision at the window that we wanted them to and where they had previously communicated that they might be ready to do it.

我認為，如果我們能夠完成向右移動的交易，我們的全閃存數字將會大幅提高，那些主要是基於快閃記憶體的產品交易。有幾個不同的原因。顯然，有些客戶還沒有準備好在我們希望的時間窗口做出採購決定，而他們之前曾表示他們可能已經準備好這樣做了。

Some of this has you can imagine was because it's the first few weeks of a new calendar year and the budgets hadn't yet flowed down to the departments. In other cases, clients wanted to upsize their transactions, so they wanted to consolidate more equipment under the same procurement vehicle, and so it took us longer to close.

你可以想像其中的原因，因為這是新的日曆年的頭幾個星期，預算還沒有下達到各個部門。在其他情況下，客戶希望擴大交易規模，因此他們希望在同一採購工具下整合更多設備，因此我們需要更長的時間才能完成交易。

And I think those are fundamentally a couple of the main reasons. In Europe, we saw a couple of deals pushed because of the softness in the overall market. And so it took -- it's taken them a little bit more caution in some of those cases in Europe.

我認為這些從根本上來說就是幾個主要原因。在歐洲，由於整體市場疲軟，我們看到幾筆交易得以推進。因此，在歐洲的一些案件中，他們需要更加謹慎。

Great. Thank you. That's helpful.

偉大的。謝謝。這很有幫助。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Could you -- I know you said $15 million in the quarter from Spot. Can you just give us a sense of like the if you could annualize the Spot impact so we can get a sense of what we need to take out of our models for FY26. And then just a quick second question. I know I'm supposed to ask one, but can you give us the US Fed exposure overall, sort of for the fiscal year? What's your US Fed exposure?

你能嗎？我知道你說過本季 Spot 的營收為 1500 萬美元。您能否為我們介紹一下，如果您可以將 Spot 影響年化，以便我們了解需要從 FY26 模型中移除哪些內容。然後還有第二個簡短的問題。我知道我應該問一個問題，但是您能告訴我們聯準會整個財年的風險敞口總體情況嗎？您對聯準會的敞口有多大？

Hey Jason, it's Mike. So on the first question, so the business that was that we are divesting. For the trailing 12 months, the Cloud revenue has been about $94 million, been relatively consistent. It bounces around a little bit by order.

嘿傑森，我是麥克。關於第一個問題，我們正在剝離的業務。過去 12 個月，雲端運算收入一直維持在 9,400 萬美元左右，保持相對穩定。它會根據順序稍微彈跳一下。

From a gross margin perspective, the gross margins are relatively consistent with the cloud gross margins but slightly lower. Hence, my earlier comment about getting a little bump in gross margins and then when all is said and done, we expect it to be relatively neutral to EPS.

從毛利率來看，毛利率與雲毛利率比較一致但略低。因此，我之前的評論是毛利率會略有上升，而當一切都塵埃落定之後，我們預計它對每股盈餘的影響將相對中性。

As George mentioned and we both did -- you can -- the as-reported number in Q3 was 15% growth, excluding it from both the previous year and this year, it moved up to $21 million. So hopefully, that helps size the business that we divested.

正如喬治和我們都提到的那樣——你可以——第三季度的報告數字增長了 15%，不包括去年和今年的數字，它增長到了 2100 萬美元。所以希望這有助於擴大我們剝離的業務的規模。

And Fed?

還有聯準會？

Listen, I think the US public sector business the incremental caution is factored into our Q4 outlook. Some of that is related to the near-term efficiency direction that some parts of the administration have been directed to undertake. We think that these are tied to technology-led productivity improvement initiatives over time.

聽著，我認為美國公共部門業務的漸進式謹慎已被考慮到我們第四季的前景。其中一些與政府部分部門被指示採取的近期效率方向有關。我們認為，隨著時間的推移，這些都與技術主導的生產力改善措施息息相關。

And so once they stabilize, it should be a benefit to us. US public sector, we think important visions to NetApp and it's a material part of our Americas business. And so I'll just leave it there.

一旦它們穩定下來，對我們來說就是有利的。我們認為美國公共部門對 NetApp 來說有著重要的願景，它是我們美洲業務的重要組成部分。所以我就把它留在那裡了。

And Jason, this is Kris. Really quickly, public sector, which includes Fed plus state and local governments, bounces around between 10% to 12%, 13% of total revenue.

傑森，這是克里斯。很快，包括聯邦政府、州政府和地方政府在內的公共部門的收入在總收入中所佔比例就在 10% 到 12% 或 13% 之間波動。

That's global public sector.

這就是全球公共部門。

That's US public sector.

這就是美國公共部門。

US Okay. US, the total revenue, not a total US revenue, right?

美國 好的。美國，總收入，而不是美國總收入，對嗎？

Correct. A total company revenue.

正確的。公司總收入。

Okay. All right. Thanks, Kris.

好的。好的。謝謝，克里斯。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Hi. Thanks for taking the questions. It's Ruplu filling in for Wamsi. Mike, great working with you. Congrats. I have a question for you. Are you taking any incremental cost actions? And how should we think about operating expenses as well as your investments going forward?

你好。感謝您回答這些問題。是 Ruplu 代替 Wamsi 的。麥克，很高興與您合作。恭喜。我有一個問題想問你。您是否採取了任何增量成本措施？我們應該如何考慮營運費用以及未來的投資？

And if you can also comment on free cash flow, is it lower sequentially in fiscal 4Q? And what would drive further strategic SSD purchases? And when would you do that? And what would be the criteria for that? Thank you.

您還可以對自由現金流進行評論嗎？第四財季的自由現金流是否較上季下降？那麼什麼將推動進一步的策略性 SSD 採購呢？你什麼時候會這麼做？那麼這個標準是什麼呢？謝謝。

So thank you for the kind words, and I think there were three questions in there. So first of all, from an operating expense perspective for this year, we're basically flat year over year. The team does a wonderful job continuing to invest in new projects. George talked about all the new products that we have rolled out and the changes also we've made in go to market.

謝謝您的善意，我想其中有三個問題。首先，從今年的營業費用角度來看，與去年同期相比基本持平。該團隊在繼續投資新項目方面做得非常出色。喬治談到了我們推出的所有新產品以及我們在上市過程中所做的改變。

So hey, we look at it every quarter. We look at it every day. We want to make sure that we get a return. So we are scrutinizing OpEx the same today as we have in the last couple of years.

嘿，我們每個季度都會查看它。我們每天都會看它。我們希望確保能夠獲得回報。因此，我們今天對營運支出的審查與過去幾年是一樣的。

The second question was cash flow. Let's talk about cash flow and then cost actions. So cash flow first. So right now, on an operating cash flow perspective, we're down year over year by about $241 million. The driver to this is really two big things that we've talked about all year. One is payments we've made on our strategic buys, that's going to continue to be a working capital headwind for us in fiscal '25.

第二個問題是現金流。讓我們來談談現金流，然後討論成本行動。因此現金流是第一位的。因此，目前從經營現金流的角度來看，我們的經營現金流較去年同期下降了約 2.41 億美元。推動這一問題的實際上是我們全年都在談論的兩件大事。一是我們已經為策略收購支付的款項，這將繼續成為我們25財年的營運資金阻力。

The other big piece is incentive payments that we made mostly in Q1. You aggregate those together and the working capital impact is about $300 million year over year. In Q4, we have some headwind from the timing of tax payments. it should increase sequentially, but we do expect to be below last year, and that's what we said in Q3 as well.

另一大塊是我們主要在第一季支付的獎勵性付款。如果你把這些加在一起，營運資本的影響就會比去年增加約 3 億美元。在第四季度，我們在納稅時間方面遇到了一些阻力。它應該會環比增加，但我們預計會低於去年，這也是我們在第三季所說的。

Are you planning to take cost actions?

您是否計劃採取成本措施？

So just like we talked about, we look all the time at cost as it relates -- I think the third one was prebuys. Yes. So at this point, as you look at the NAND market, as we've talked about, we did have strategic prebuys when it was really a dislocated market, and it was almost a no-brainer to do it.

因此，正如我們所談到的，我們始終關注與成本相關的問題——我認為第三個是預購。是的。因此，此時，當您觀察 NAND 市場時，正如我們所討論的那樣，當市場確實處於混亂狀態時，我們確實進行了戰略預購，而且這樣做幾乎是輕而易舉的事。

And we benefited and our customers did because we were able to offer great products for almost the last four quarters. At this point, we've used those up. Going forward, we have to see a material dislocation again to do those prebuys. The wonderful news is my successor knows this industry really well, so he'll be able to look at it as well.

我們和客戶都受益匪淺，因為我們在過去近四個季度中一直能夠提供優質的產品。到目前為止，我們已經用完了它們。展望未來，我們必須再次看到物質錯位才能進行這些預購。好消息是，我的繼任者非常了解這個行業，所以他也能夠了解它。

But at this point, we are not expecting to do any more pre-buy, but you know what, the NAND market continues to change. So we'll wait until Wissam gets here, and he can talk about that on the next call.

但目前，我們並不打算進行任何預購，但你知道嗎，NAND 市場仍在不斷變化。因此，我們將等到 Wissam 到來，然後他可以在下次通話中談論此事。

Yeah, Mike. Thank you so much. Thanks for all the details.

是的，麥克。太感謝了。感謝您提供的所有詳細資訊。

You bet. Thank you.

當然。謝謝。

Steven Fox, Fox Advisors.

史蒂文·福克斯（Steven Fox），福克斯顧問公司。

Just following up on that, just from a competitive dynamic standpoint, having had Michael, a lot of experience with doing these prebuys now. Some of your competitors don't do them, some do them in different ways. Has that at all affected the competitive environment? And given your comments about NAND pricing going down. I mean, I guess it's all relative, but some of the NAND suppliers are talking about the bottom of an inventory cycle. So I'm curious if you see any risk that maybe you're being too optimistic on NAND pricing. Thanks.

只是從競爭動態的角度來看，麥可在進行這些預購方面擁有豐富的經驗。您的一些競爭對手不這樣做，有些則以不同的方式這樣做。這對競爭環境有影響嗎？並給出了您關於 NAND 價格下降的評論。我的意思是，我猜這都是相對的，但一些 NAND 供應商正在談論庫存週期的底部。所以我很好奇，您是否認為對 NAND 定價可能過於樂觀了。謝謝。

Let me address those two questions, right? I think first of all, in terms of the competitive landscape, the real competitive differentiator that NetApp has is really our software and hybrid cloud. The percentage of our cost to a customer that comes from NAND is a small part of the total cost. And so we have a full lineup of products with different forms of NAND. And I think that the competitive dynamic with our software strength, our hybrid cloud and our AI technologies gives us a real strong position in the market and a durable competitive mode.

讓我來回答一下這兩個問題，好嗎？我認為首先，就競爭格局而言，NetApp 真正的競爭優勢在於我們的軟體和混合雲。我們為客戶帶來的成本中來自 NAND 的部分只佔總成本的一小部分。因此，我們擁有包含不同形式 NAND 的全系列產品。我認為，我們的軟體實力、混合雲和人工智慧技術的競爭態勢為我們帶來了真正的市場強勢地位和持久的競爭模式。

With regard to the NAND market itself, listen, we are very, very closely aligned with all of the large suppliers of solid-state technology and in deep discussions with them. We will make strategic decisions about procurement the way that Mike talked about. And so we feel very, very good about our ability to understand the market. It is a dynamic market, like you said. But we are in very close dialogue with these suppliers as we have been for many, many years.

關於 NAND 市場本身，聽著，我們與所有大型固態技術供應商保持著非常密切的聯繫，並與他們進行了深入的討論。我們將按照麥克所說的方式做出有關採購的策略決策。因此，我們對於自己了解市場的能力感到非常非常滿意。正如您所說，這是一個充滿活力的市場。但我們與這些供應商保持著非常密切的對話，就像我們已經這樣做了很多年一樣。

Thank you. That's helpful.

謝謝。這很有幫助。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

George, I just wanted to find out kind of like where are we in the AI in the enterprise cycle? And along the same path, the focus on enhancements to StorageGRID which is object storage. Is this also related to capitalizing on AI in the enterprise? And then Mike, thanks for all your help. Just a clarification is Spot completely out of the model in the April quarter. Thank you.

喬治，我只是想知道我們在企業週期中的人工智慧處於什麼位置？沿著同樣的路徑，重點放在物件儲存 StorageGRID 的增強。這是否也與企業利用人工智慧有關？然後，麥克，謝謝你的幫助。需要澄清的是，Spot 在四月份的季度中已經完全退出了模型。謝謝。

So let me get the first one, and then Michael will get you the answer on Spot. We are starting to see the opening up of AI in the enterprise where we are seeing clients stand up AI centers of excellence with AI infrastructures that combine GPU-based compute with high-performance storage infrastructures. We had several large wins in that category.

因此，讓我先得到第一個問題，然後 Michael 會在 Spot 上為你提供答案。我們開始看到人工智慧在企業中的開放，我們看到客戶建立了人工智慧卓越中心，其人工智慧基礎設施將基於 GPU 的運算與高效能儲存基礎設施相結合。我們在該類別中多次獲得重大勝利。

We are also seeing people build out data lakes, which are applications that allow you to combine data from multiple types so that you can then normalize it and feed it into a large language model. Our AI business has performed according to our high expectations, multiple quarters in a row, we are also seeing a growing number of wins in AI service providers who are building as a service infrastructure for enterprise AI.

我們還看到人們建立資料湖，這些應用程式可讓您組合多種類型的數據，以便您可以對其進行規範化並將其輸入到大型語言模型中。我們的人工智慧業務連續多個季度的表現都符合我們的高期望，我們也看到越來越多的人工智慧服務供應商在為企業人工智慧建立服務基礎設施方面取得成功。

And all of our differentiation around kind of multi-tenancy, security, AI model, versioning, data mobility, all of those things come into play in all of those use cases. So I'm pleased it's in the early innings, like we said, but our technology and our approach with customers is resonating. Mike?

我們在多租戶、安全性、人工智慧模型、版本控制、資料移動性等方面的差異化都在所有這些用例中發揮了作用。所以我很高興它還處於早期階段，就像我們所說的那樣，但我們的技術和對待客戶的方式正在引起共鳴。麥克風？

Thanks, George. So Krish, there is about $9 million of cloud revenue in the Q4 guide. That's with the expected close date of early March. So that's the difference, the $15 million that we talked about is we expected there to be the full quarter of about 24%, and there was about a month in.

謝謝，喬治。Krish，第四季的雲端收入約為 900 萬美元。預計截止日期為三月初。這就是差異所在，我們談論的 1500 萬美元是我們預計整個季度的 24% 左右，大約持續了一個月。

Thanks, George. Thanks, Mike.

謝謝，喬治。謝謝，麥克。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I wanted to see if you could talk about your expectations for tariffs and the risk. I know, Mike, you had mentioned some commentary on the gross margin that was really in the context of NAND pricing, I'd like to get a better understanding of what you're thinking for the risk of tariffs and if you baked anything in. And Mike, congratulations on your retirement as well.

我想看看您是否可以談談您對關稅和風險的預期。我知道，麥克，你提到了一些關於毛利率的評論，這些評論實際上是在 NAND 定價的背景下的，我想更好地了解你對關稅風險的看法，以及你是否考慮了任何因素。麥克，也祝賀你退休。

I think you were speaking about tariffs, listen, we have a global supply chain that has given us the ability to fulfill products to customers from multiple locations, and that is a very highly flexible supply chain. We have, as you know, through the course of the past several years, removed our dependency on China to a very immaterial amount.

我想您說的是關稅，聽著，我們擁有一條全球供應鏈，它使我們能夠從多個地點向客戶提供產品，這是一個高度靈活的供應鏈。正如你們所知，過去幾年來，我們已經將對中國的依賴程度降至最低。

So any tariffs applied to products coming from China don't really affect us. We have a location in Mexico, out of which we do build product, but we have the flexibility to move those capabilities to other locations that are not carried in a fairly short period of time. And so it's dynamic. We are watching the situation. We have, as you can imagine, several contingency plans.

因此，對來自中國的產品徵收的任何關稅都不會對我們造成實際影響。我們在墨西哥有一個工廠，我們確實在那裡生產產品，但我們可以靈活地將這些能力在相當短的時間內轉移到其他地點。所以它是動態的。我們正在關注事態發展。正如你所想像的，我們有幾個應急計劃。

And I'll just close by saying that -- we have not factored tariffs into our Q4 guide. And if tariffs apply to a wide swath of technologies that everybody in the industry uses, which is our typical approach to using industry standard commodity components, then of course, it will affect the entire industry.

最後，我想說的是，我們沒有將關稅納入我們的第四季指南中。如果關稅適用於業內每個人都使用的廣泛技術，這是我們使用行業標準商品組件的典型做法，那麼當然會影響整個行業。

Lou Miscioscia, Daiwa Capital Markets.

大和資本市場 (Daiwa Capital Markets) 的 Lou Miscioscia。

Mike, I greatly appreciate all your support and help throughout the years and best to you. So George, you've mentioned a couple of times that it's going to take a while for AI really to contribute to give you material revenue growth. Just if you give us an update on that. You did just mention a minute ago that some AI interest applications are starting to ramp. But obviously, seems like it really helped the product revenue too much in this quarter. So are we still 6 months out, 12 months out? Or anything that you could shed light on with our guidance would be helpful.

麥克，我非常感謝你多年來的支持和幫助，祝你一切順利。喬治，你已經多次提到，人工智慧要真正為你們帶來實質的收入成長還需要一段時間。只要您向我們提供最新情況即可。您剛才確實提到，一些人工智慧應用正在開始興起。但顯然，它似乎確實對本季的產品收入幫助太大了。那麼，我們還需要 6 個月還是 12 個月的時間嗎？或者任何您可以在我們的指導下闡明的事情都會有所幫助。

We said in our prior commentary that what we are seeing clients do is put AI projects into proof of caps and start to learn from that and that the movement of those projects into production, the enterprise would be in the second half of calendar year '25 or '26.

我們在先前的評論中說過，我們看到客戶所做的是將人工智慧專案放入上限驗證中，並開始從中學習，而這些專案投入生產的時間將是企業在 25 年或 26 年下半年。

We see the same thing to be the case. It is certainly the case that we are seeing the larger clients being more facile like building AI centers of excellence and being able to deploy those kind of technologies into their business environment. And so it will take time, as we've said, to broaden. We'll keep you updates as we go through the quarter through the quarters, but we feel good about our position.

我們看到的情況是相同的。事實上，我們看到大客戶變得更加容易，例如建立人工智慧卓越中心，並能夠將這些技術部署到他們的商業環境中。所以，正如我們所說，擴大覆蓋範圍需要時間。我們將在每個季度中向您提供最新進展，但我們對自己的狀況感到滿意。

There are sort of really good simplitized wins that we are seeing across industries and across geographies. And I feel good about our progress.

我們在各個行業和各個地區都看到了一些非常好的簡化勝利。我對我們的進展感到非常滿意。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

This is [Alyssa Shreves] on for Tim Long. I was just wanting to tick in on Keystone. You had a little -- another strong quarter of growth -- can you talk about customers' kind of willingness to move to as a service versus traditional sale? Any kind of change in customer behavior, increased interest you can mention. Thank you.

我是 [Alyssa Shreves]，為 Tim Long 播報。我只是想在 Keystone 上打勾。您又經歷了一個強勁的成長季度，您能談談客戶轉向服務而非傳統銷售的意願嗎？您可以提及客戶行為的任何變化、興趣的增加。謝謝。

We offer as-a-service models in a broad range of ways. Clearly cloud and our super strong performance in cloud is reflective of a broad-based enthusiasm in customers for as a service and the flexibility that cloud transformation gives them we are seeing clients who are either looking to transform their IT landscape to have the same model as Public Cloud, taking on Keystone. They really like our hybrid offerings so that they can build an architecture that spans public and on-prem with Keystone.

我們以多種方式提供即服務模式。顯然，雲端和我們在雲端領域的超強表現反映了客戶對雲端即服務的廣泛熱情以及雲端轉型給他們帶來的靈活性，我們看到客戶要么希望轉變他們的 IT 環境以擁有與公有雲相同的模型，要么採用 Keystone。他們非常喜歡我們的混合產品，這樣他們就可以使用 Keystone 建立一個跨越公共和內部部署的架構。

The second is clients that are deploying applications that are going through an early validation, right? So it could be like an AI application that is not yet at scale. So they don't want to buy a full-scale infrastructure for that use case. They want to just buy kind of a flexible infrastructure model. And when they are ready, they can deploy it into a more capital expenditure kind of architecture. So we feel good. We are focused on executing that part of our business.

第二個是正在部署經過早期驗證的應用程式的用戶端，對嗎？所以它可能像一個尚未規模化的人工智慧應用程式。所以他們不想為該用例購買完整的基礎設施。他們只是想購買一種靈活的基礎設施模型。當他們準備好時，他們可以將其部署到更具資本支出類型的架構中。因此我們感覺很好。我們專注於執行這部分業務。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah. Thanks guys. Good afternoon. Thanks for taking the question. And Mike, yeah, I have really enjoyed working with you. We'll miss working with you. Have a great time. The question -- I guess the question is could be for both of you, at the Analyst Day, guys, you talked about through 2027, an average of mid- to high single-digit digit growth. Does what is going on this quarter and next quarter, does that impact that target at all yet? And any early way to think about the full fiscal '26 since we're almost there as well would be helpful. Thanks a lot.

是的。謝謝大家。午安.感謝您回答這個問題。麥克，是的，我非常高興和你一起工作。我們會懷念與您共事的時光。祝你玩得愉快。問題是——我想這個問題可能是你們兩位在分析師日討論的，你們談到到 2027 年，平均成長率將達到中高個位數。本季和下個季度發生的情況會對這一目標產生影響嗎？由於我們已經快到達那個階段了，所以任何提前考慮 26 年全年財報的方法都會很有幫助。多謝。

Hey, Ananda, it's Mike. Thank you for the kind words. I will miss working with you as well. So as we talked about last quarter, we still feel very good about the long-term targets we gave at Investor Day and nothing that happened in Q3 has changed that. In terms of the mid- to upper single-digit growth the margins as well as the cash flow conversion. So we feel really good about the product line up.

嘿，阿南達，我是麥克。感謝您的善意言辭。我也會懷念和你一起工作的時光。因此，正如我們上個季度所談到的，我們仍然對投資者日給出的長期目標感到非常滿意，第三季度發生的任何事情都沒有改變這一點。就利潤率和現金流轉換而言，成長率處於中等到上個位數。因此，我們對產品系列感到非常滿意。

George talked about that. Entering into '26 all of the product momentum that we have, the go-to-market changes. So nothing that we sit here today, say that, that would change. And we will hold fiscal '26 guidance until the next call.

喬治談到了這一點。進入26年，我們所有的產品動能、市場走向都改變了。因此，我們今天坐在這裡所說的一切都不會改變。我們將保留 26 財年指導意見，直到下次電話會議。

Thank you. Thanks, guys.

謝謝。謝謝大家。

Asiya Merchant, Citi.

亞洲商人，花旗。

Great. And Mike, again, congratulations on your retirement and enjoyed working with you. If I can just ask about the flash installed base. I mean how far along are we in terms of converting the installed base and net new customers. If you can tell us about the overall installed base that still has line of sight to perhaps move to the flash feet. Thank you

偉大的。麥克，再次恭喜您退休並很高興與您共事。如果我可以詢問有關 flash 安裝基礎的問題的話。我的意思是，就轉換現有客戶群和淨新增客戶而言，我們進展如何？如果您可以告訴我們有關整體安裝基座的情況，那麼仍有視線可以移動到閃光燈腳。謝謝

Yeah. Thank you, Asiya. The penetration of our all-flash footprint into our installed base is now -- so it's up again modestly every quarter, which is a reflection of both the scale of our installed base and the fact that we are growing new footprints in that installed base. So that's -- it's 43%. With regard to the kind of nature of our wins in all flash within or flash and Public Cloud are the two vehicles that allow us to win new customers and the pace of new customers continues to be good.

是的。謝謝你，阿西婭。我們的全快閃足跡在安裝基數中的滲透率現在已經 - 所以它每個季度都會再次適度上升，這反映了我們的安裝基數的規模以及我們在該安裝基數中增加新足跡的事實。這就是——43%。關於我們在全快閃或快閃記憶體和公有雲領域的勝利性質，這兩種工具使我們能夠贏得新客戶，並且新客戶的步伐持續保持良好。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Mike will miss working with you. It was a good experience working with you. Maybe, George, just on the product side. You've talked about a disaggregated solution and sort of launching that somewhere before a insights this year. Maybe if you can help me with a sort of update on the progress on doing a disaggregate solution? And how do you think about on the storage side and how you think about the incremental addressable market that, that product would allow you to address?

麥克會懷念與你一起工作的時光。與您共事是一次愉快的經驗。也許，喬治，只是從產品方面來說。您曾經談到分解解決方案，並計劃在今年洞察之前推出解決方案。也許您能幫我更新一下分解解決方案的進度？您如何看待儲存方面以及您如何看待該產品能夠幫助您解決的增量可尋址市場？

And maybe just on the same lines, one of your peer companies has talked about a hyperscaler deal, whether it has been a hyperscale or scale with the software solution, particularly, how do you think about sort of those being in your strategic road map? Or are those sort of deals in something that you would consider given some of the puts and takes about how you think your product portfolio is sort of positioned right now? Thank you.

也許正因如此，您的一家同行公司談到了超大規模交易，無論是超大規模還是軟體解決方案的規模，特別是，您如何看待這些內容在您的策略路線圖中的地位？或者，考慮到您目前對產品組合定位的看法，您會考慮這類交易嗎？謝謝。

We made good progress on disaggregated storage. It is for high-performance unstructured data use cases. And you'll hear more as we get towards insight. Our disaggregated storage is third-generation disaggregated storage, which is the most scalable, the most high performance and of course, the richest set of features in the industry. Many clients are using us for high-performance NAS already for AI and other use cases, but this opens up our ability to attack the other players in the NAS market, particularly the large other NAV incumbent a bell. And so we feel good about our opportunity there.

我們在分解儲存方面取得了良好的進展。它適用於高效能非結構化資料用例。隨著我們逐漸深入了解，您就會聽到更多。我們的分解式存儲是第三代分解式存儲，它是業界可擴展性最強、性能最高、當然功能最豐富的存儲。許多客戶已經在使用我們的高效能 NAS 來實現 AI 和其他用例，但這使我們有能力攻擊 NAS 市場的其他參與者，特別是其他大型 NAV 現任者。因此，我們對在那裡獲得的機會感到非常高興。

With regard to cloud, listen, our Cloud business offers compelling value to all three large hyperscale providers. I'll point out that we've been in that market since 2019, which was the GA of the first cloud hyperscaler solution. It's a highly valuable technology to send because it allows them to bring clients to their platforms. and it's a very high-margin business for both us and them. And so we're going to continue to drive the full stack value we have into more and more and more use cases, and we feel really good about the momentum in the hyperscaler business that we have.

關於雲，聽著，我們的雲端業務為所有三家大型超大規模供應商提供了引人注目的價值。我要指出的是，我們自 2019 年就已經進入該市場，當時是第一個雲端超大規模解決方案的 GA。這是一項非常有價值的技術，因為它允許他們把客戶帶到他們的平台。對我們和他們來說這都是一項利潤非常高的業務。因此，我們將繼續將我們擁有的全端價值推向越來越多的用例，我們對超大規模業務的發展勢頭感到非常滿意。

Ari Terjanian, Cleveland Research.

阿里‧特賈尼安，克里夫蘭研究中心。

Hi all. Thanks for taking the question and Mike best of luck here. Just wanted to wrap on any more updates on dynamics we're seeing with VMware and Broadcom and customers contemplating new architectures converged, hyperconverged, cloud, et cetera, and potential opportunities and challenges that, that might be presenting of the business? Thank you.

大家好。感謝您回答這個問題，祝 Mike 好運。只是想總結我們看到的 VMware 和 Broadcom 的動態以及客戶正在考慮的新架構融合、超融合、雲端等，以及可能為業務帶來的潛在機會和挑戰？謝謝。

I think we are well positioned with the VMware discussions in our clients. If they want to stay on VMware and optimize their overall VMware landscape. We have good solutions with VMware to allow customers to do that. And we've seen some of our clients start to take that up. We talked about in my prepared remarks, some clients re-platforming from on-prem VMware to cloud using a combination of VMware cloud offerings as well as modern container-based architectures.

我認為我們在與客戶討論 VMware 時處於有利地位。如果他們想繼續使用 VMware 並優化他們的整體 VMware 環境。我們與 VMware 合作開發了良好的解決方案，以幫助客戶做到這一點。我們看到一些客戶開始接受這一點。我們在我的準備好的演講中討論過，一些客戶使用 VMware 雲端產品以及現代基於容器的架構組合將平台從本地 VMware 重新遷移到雲端。

We have very good progress with some of our clients on cloud. And then I think with regard to using on-prem alternatives, again, as we said, we have joint solutions with Microsoft and Red Hat and others. And so I think it's a topic that will take time to clarify where customers are headed but we have good choices for them regardless of where they're going.

我們與一些客戶在雲端運算方面的合作取得了良好的進展。然後我認為關於使用內部部署替代方案，正如我們所說，我們與微軟、Red Hat 和其他公司有聯合解決方案。因此，我認為需要時間來明確客戶的目標市場，但無論他們去哪裡，我們都會為他們提供很好的選擇。

Param Singh, Oppenheimer.

帕拉姆辛格、奧本海默。

Yes. Thank you for squeezing me in and I really appreciate it, and thanks for taking my question. Now sorry to view the dead horse, but I wanted to understand, going back to the deal pushouts. What percentage of those were displacement of competitive opportunities versus replacing your existing ACD hybrid footprint. And as you look towards your sales in the quarter and as the progress of the year, what has been the opportunity to replace competitors versus, again, your existing footprint? If you could talk about that a little bit, I'd really appreciate that.

是的。非常感謝您抽空接受我的採訪，我非常感激，也感謝您回答我的問題。現在很遺憾看到這匹死馬，但我想了解一下，回到交易推遲的問題。其中有多少比例是取代了競爭機會，有多少比例是取代了現有的 ACD 混合足跡。當您回顧本季的銷售情況以及全年的進度時，與您現有的業務相比，您有哪些機會可以取代競爭對手？如果您能稍微談論一下這個問題，我將非常感激。

There was no specific dynamic in -- related to the deals that pushed out that followed any pattern of competitive versus NetApp refresh. It was really tied to customers buying and procurement kind of life cycle and our lack of visibility into some of those, right, that we are correcting with more detailed inspection of exactly who in the customer has approved and the various steps that a transaction typically takes to get to closure.

與 NetApp 更新競爭的任何模式相適應的交易中，沒有特定的動態。它實際上與客戶購買和採購生命週期有關，我們對其中一些缺乏了解，對吧，我們正在通過更詳細的檢查來糾正，確切地檢查客戶中誰批准了，以及交易通常需要經過哪些步驟才能完成。

So I wouldn't comment that there was anything specific with regard to whether it was our footprint of competitors. Listen, in every quarter, there are a huge number of transactions that we undertake. Some of them are refreshes of our installed footprint. Some of them are competitor footprint take out.

因此，對於這是否是我們競爭對手的足跡，我無法評論任何具體內容。聽著，每季我們都會進行大量的交易。其中一些是對我們的已安裝足跡的刷新。其中一些是競爭對手的足跡。

I can just tell you, having sold flash for so many, many years and the fact that we are 43% of our installed is penetrated with flash. Should give you an indication that a preponderant part of our flash business is net new footprint or net new logos, right? Because if we use displacing our installed base, we would be at a much, much higher percentage of penetration today.

我可以告訴你，我們已經銷售快閃記憶體很多年了，事實上我們的安裝中有 43% 是快閃記憶體。應該給你一個跡象，表明我們的閃存業務的主要部分是淨新足跡或淨新標誌，對嗎？因為如果我們取代我們的安裝基礎，我們現在的滲透率就會高得多。

All right. I appreciate your question. Thank you. I'm going to pass it back to George for some final comments.

好的。我很感謝您的提問。謝謝。我將把它交還給喬治，請他發表一些最後的評論。

Thank you, Kris. While we did not perform to our standards in Q3, we remain very well positioned with customers as the supplier of choice for AI and other data-driven workloads. We are taking actions to get back on track and have already seen several deals that slipped out of Q3 flows in early Q4.

謝謝你，克里斯。雖然我們在第三季的表現未能達到我們的標準，但我們仍然是客戶在人工智慧和其他數據驅動工作負載方面的首選供應商。我們正在採取行動重回正軌，並且已經看到幾筆在第四季度初從第三季度流程中溜走的交易。

Our portfolio has never been stronger or more tightly aligned to IT organization's top priorities. We enable customers to treat data as an enterprise-wide asset to stay agile and competitive in the age of AI. I am very confident in our continued ability to outgrow the market and to take share.

我們的產品組合從未如此強大，也從未如此緊密地與 IT 組織的首要任務保持一致。我們使客戶能夠將數據視為企業範圍的資產，以在人工智慧時代保持敏捷性和競爭力。我對我們持續超越市場、奪取份額的能力非常有信心。

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。