NetApp Inc (NTAP) 2025 Q4 法說會逐字稿

Good day, and welcome to the NetApp fourth-quarter and fiscal year 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 NetApp 2025 財年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Kris Newton, Vice President, Investor Relations. Please go ahead.

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, Wissam Jabre. 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 George Kurian 和財務長 Wissam Jabre。本次電話會議將進行網路直播，並可在我們的網站 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 first quarter and fiscal year 2026, 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 2026 年第一季度和財年的指導、我們對未來收入、盈利能力和股東回報的預期，以及其他增長計劃和戰略。

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. 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.

這些聲明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。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)。我們的網站上提供 GAAP 與非 GAAP 估計值的對帳表。

I'll now turn the call over to George.

我現在將電話轉給喬治。

Thanks, Kris, and good afternoon, everyone. Thank you for joining us. Record revenue for the fourth quarter and fiscal year 2025 was driven by strong growth and significant market share gains in all-flash storage, along with accelerating growth in our first-party and marketplace storage services.

謝謝，克里斯，大家下午好。感謝您加入我們。2025 財年第四季和全年創紀錄的收入得益於全快閃儲存的強勁成長和顯著的市佔率成長，以及我們的第一方和市場儲存服務的加速成長。

We achieved all-time highs for gross profit operating profit, operating margin and EPS in FY25, a clear indication of our ability to navigate a dynamic environment. By relentlessly prioritizing our four growth opportunities and leveraging AI for increased efficiencies, we are able to invest in growth and expand our profitability metrics.

我們在 25 財年的毛利、營業利潤、營業利潤率和每股盈餘均創下歷史新高，這清楚地表明了我們有能力應對動態環境。透過堅持不懈地優先考慮我們的四個成長機會並利用人工智慧來提高效率，我們能夠投資於成長並擴大我們的獲利指標。

In fiscal year '25, we refreshed our entire systems portfolio, sharpened the focus of our cloud services and positioned ourselves to lead in the enterprise AI market. I believe that we've now reached an inflection point where the growth of all-flash systems and Public Cloud services reinforced by the ongoing development of the AI market will drive sustained top-line growth.

在 25 財年，我們更新了整個系統組合，更加重視雲端服務，並將自己定位為企業 AI 市場的領導者。我相信，我們現在已經到達一個轉折點，全快閃系統和公有雲服務的成長，加上人工智慧市場的不斷發展，將推動持續的收入成長。

Five years ago, these areas accounted for less than half our total revenue. Today, they represent over two-thirds. Looking ahead, we expect these growth drivers, along with our laser focus, prioritize investments and robust execution to deliver more company records in FY26 and beyond.

五年前，這些領域的收入還不到我們總收入的一半。如今，她們佔了三分之二以上。展望未來，我們預期這些成長動力加上我們的重點關注、優先投資和強有力的執行將在 2026 財年及以後創造更多的公司記錄。

Organizations are turning to NetApp to help them with data-driven strategies to deliver competitive advantage and operational efficiencies. As the enterprise AI market evolves and expands, there is greater urgency to transform. The demands of AI are complex and unrelenting with massive volumes of data scattered across multiple silos.

各組織正在轉向 NetApp 來幫助他們制定數據驅動策略，從而提供競爭優勢和營運效率。隨著企業AI市場不斷發展壯大，轉型的迫切性也越來越大。人工智慧的需求是複雜且無情的，大量數據分散在多個孤島中。

This fragmentation leads to difficult integrations, inefficiencies and challenges in governance, security and data protection. GenAI transformation has made it clear that legacy architectures are inadequate to serve these complex workloads.

這種碎片化導致了整合困難、效率低下以及治理、安全和資料保護方面的挑戰。GenAI 轉型明確表明，傳統架構不足以滿足這些複雜的工作負載。

NetApp's unified data architecture, spanning any data type, anywhere, enables customers to build an intelligent data infrastructure, delivering the required flexibility needed to overcome these barriers. Our modern approach to hybrid multi-cloud infrastructure and data management empowers organizations to harness the full potential of their entire data estate: simply, securely, and sustainably.

NetApp 的統一資料架構涵蓋任何位置的任何資料類型，使客戶能夠建立智慧資料基礎架構，提供克服這些障礙所需的靈活性。我們對混合多雲基礎設施和資料管理的現代方法使組織能夠充分發揮其整個資料資產的潛力：簡單、安全且可持續。

We are expanding our installed base and reaching new customers with our AI-ready intelligent data infrastructure, which reduces cost and complexity by seamlessly bridging on-premises and cloud storage with unified control. The world's biggest cloud providers as well as governments and leading companies trust and rely on our technology. All-flash array annualized revenue run rate grew 14% from Q4 a year ago to a record $4.1 billion.

我們正在利用支援人工智慧的智慧數據基礎設施擴大我們的安裝基礎並接觸新客戶，該基礎設施透過統一控制無縫連接本地存儲和雲端存儲，從而降低成本和複雜性。全球最大的雲端供應商以及政府和領先的公司都信任並依賴我們的技術。全快閃陣列年化營收運作率較去年第四季成長 14%，達到創紀錄的 41 億美元。

In the fourth quarter, all-flash made up approximately two-thirds of Hybrid Cloud segment revenue, and 44% of systems in our installed base under active support contracts are all-flash. The rich data services of our all-flash unified data storage systems, create a secure foundation for consolidating organizational data and accelerating AI-powered insights.

第四季度，全閃存約佔混合雲部門收入的三分之二，並且根據有效支持合同，我們安裝的系統中有 44% 都是全閃存。我們的全快閃統一資料儲存系統提供豐富的資料服務，為整合組織資料和加速人工智慧洞察奠定安全的基礎。

As organizations seek to build future-proof AI-ready infrastructure, they increasingly choose our solutions driving our faster-than-market growth. In calendar 2024, we gained almost 300 basis points of all-flash market share, more than any other vendor as reported by IDC. We are in the early stages of our entry into the dedicated block storage market with plenty of headroom for continued growth.

隨著各組織尋求建立面向未來的人工智慧基礎設施，他們越來越多地選擇我們的解決方案，從而推動我們實現高於市場的成長。根據 IDC 報告，到 2024 年，我們的全快閃市場份額將增加近 300 個基點，超過任何其他供應商。我們正處於進入專用區塊儲存市場的早期階段，具有足夠的持續成長空間。

The breadth of our advanced data management helps organizations lower operational risk, enhance business continuity by keeping data available, protected and secure. We are seeing accelerating growth from our block optimized ASA systems as we displace competitors' legacy installations with our simple, powerful scale-out all-flash block storage. Our momentum outpaced the market and resulted in almost 100 basis points of share gain in calendar 2024 per IDC.

我們先進的資料管理範圍可協助組織降低營運風險，透過維持資料可用、受保護和安全來增強業務連續性。隨著我們用簡單、強大的橫向擴展全快閃儲存取代競爭對手的傳統安裝，我們看到了區塊優化 ASA 系統的加速成長。我們的發展勢頭超過了市場，根據 IDC 的數據，2024 年我們的市佔率成長了近 100 個基點。

Demonstrating the power of our comprehensive all-flash portfolio, we signed a deal in the fourth quarter with a leading life sciences company to replace a competitor's nearly 10 petabyte footprint. With NetApp, they can now meet diverse multi-protocol and price performance requirements under a single operating environment, streamlining their data operations.

為了展示我們全面的全快閃產品組合的強大功能，我們在第四季度與一家領先的生命科學公司簽署了一項協議，以取代競爭對手近 10PB 的佔用空間。借助 NetApp，他們現在可以在單一操作環境下滿足多樣化的多協議和價格效能要求，從而簡化其資料操作。

To keep pace in an AI-driven world, companies must unlock the scale and agility of the Public Cloud. Only NetApp can help them achieve the required cost efficiency, cyber security, and AI readiness with services co-engineered with the major cloud providers. We continue to expand the workloads we address in the cloud and enhance our alignment with our hyperscaler partners go-to-market motions, broadening our opportunity and accelerating growth.

為了跟上人工智慧驅動的世界的步伐，公司必須釋放公有雲的規模和靈活性。只有 NetApp 可以透過與主要雲端供應商共同設計的服務來幫助他們實現所需的成本效率、網路安全和 AI 準備。我們繼續擴大我們在雲端中處理的工作負載，並加強與超大規模合作夥伴的市場進入動議的一致性，拓寬我們的機會並加速成長。

Over the course of fiscal year '25, we focused our Public Cloud services to emphasize our highly differentiated first-party and marketplace cloud storage services closely complemented by intelligent data, operational and workload services. This strategic focus continues to yield positive results.

在 25 財年，我們專注於公有雲服務，強調高度差異化的第一方和市場雲端儲存服務，並與智慧數據、營運和工作負載服務緊密補充。這一戰略重點繼續產生積極成果。

First-party and marketplace cloud storage services grew 44% year over year in the fourth quarter. These services compose roughly 75% of Public Cloud segment revenue, which grew 22% from Q4 a year ago, excluding the recently divested Spot by NetApp services. A SaaS provider needed high-performance, multiprotocol storage to meet their cost optimization and resiliency requirements.

第四季度，第一方和市場雲端儲存服務年增 44%。這些服務約佔公有雲部門營收的 75%，不包括最近剝離的 Spot by NetApp 服務，該部門營收較去年第四季成長了 22%。SaaS 供應商需要高效能、多協定儲存來滿足其成本最佳化和彈性要求。

In Q4, this new-to-NetApp customer chose to migrate to AWS FSx for NetApp ONTAP. FSxN helped the customer achieve a high-performance, unified file and block environment, with improved availability and resiliency for efficient and secure operations with a more cost-effective solution than alternatives.

在第四季度，這位 NetApp 新客戶選擇遷移到 AWS FSx for NetApp ONTAP。FSxN 幫助客戶實現了高效能、統一的文件和區塊環境，提高了可用性和彈性，從而實現了高效、安全的操作，並且比其他解決方案更具成本效益。

Just as we have helped enterprises harness the power of Hybrid Cloud environments. We are now enabling them to accelerate their AI deployments and achieve faster time to value. As the market for enterprise AI evolves, customers are moving from proof-of-concepts to real-world deployments, driving the need to unify their data for business impact.

正如我們幫助企業利用混合雲環境的力量。我們現在正在幫助他們加速人工智慧部署並更快地實現價值。隨著企業人工智慧市場的發展，客戶正在從概念驗證轉向實際部署，從而推動統一數據以產生業務影響的需求。

Our secure cloud integrated silo-free infrastructure positions us as a leader in this transformation. We power AI pipelines from data preparation to model training to production deployments on premises and in the cloud.

我們安全的雲端整合無孤島基礎設施使我們成為這項轉型的領導者。我們為 AI 管道提供支持，從資料準備到模型訓練，再到本地和雲端的生產部署。

In the fourth quarter, our AI business grew fivefold year over year again performing ahead of plan. We closed approximately 150 AI infrastructure and data lake modernization deals spanning multiple geographies, industries and use cases. Over the course of FY25, we dramatically expanded our AI ecosystem, delivering innovations with NVIDIA, Domino, Dremio, the Open Platform for Enterprise AI open-source projects, and leading hyperscaler AI toolkits.

第四季度，我們的人工智慧業務年增了五倍，再次超出了計劃。我們完成了約 150 項涉及多個地區、產業和用例的人工智慧基礎設施和資料湖現代化交易。在 25 財年期間，我們大幅擴展了我們的 AI 生態系統，利用 NVIDIA、Domino、Dremio、企業 AI 開源專案開放平台以及領先的超大規模 AI 工具包實現創新。

We also introduced AI reference architectures with NVIDIA for AIDP, Cisco for FlexPod, Lenovo for AIPod and most recently, Intel for AIPod Mini. In Q4, our high-performance ONTAP all-flash storage was certified for NVIDIA DGX SuperPOD, NVIDIA Cloud Partners and NVIDIA-Certified Systems.

我們也推出了 AI 參考架構，包括與 NVIDIA 合作的 AIDP、與 Cisco 合作的 FlexPod、與 Lenovo 合作的 AIPod，以及最近與 Intel 合作的 AIPod Mini。第四季度，我們的高效能 ONTAP 全快閃儲存獲得了 NVIDIA DGX SuperPOD、NVIDIA 雲端合作夥伴和 NVIDIA 認證系統的認證。

Building on our large installed base of unstructured data, we enable customers to gain intelligence from their data in place, making it ready and useful for production AI use cases without the need for migrations or changes to data operations. We are helping customers deploy AI inferencing in production today and expect FY26 to be a pivotal year for enterprise AI storage, with the opportunity outstripping that of model training.

基於我們龐大的非結構化資料安裝庫，我們使客戶能夠從現有資料中獲取情報，使其為生產 AI 用例做好準備並可用，而無需遷移或更改資料操作。我們正在幫助客戶在生產中部署 AI 推理，並預計 26 財年將成為企業 AI 儲存的關鍵一年，其機會將超過模型訓練。

In the quarter, a large Asian telco service provider selected NetApp as the foundation for its AI workloads. The company needed to quickly stand up a cloud-based model training environment and at the same time, build a larger model training cluster to support its plan to deliver GenAI as a Service. By leveraging NetApp solutions both on-premises and in their cloud, the customer optimize performance, cost and scalability for both environments.

本季度，一家大型亞洲電信服務供應商選擇 NetApp 作為其 AI 工作負載的基礎。該公司需要快速建立基於雲端的模型訓練環境，同時建立更大的模型訓練集群以支援其提供 GenAI 即服務的計劃。透過在本地端和雲端利用 NetApp 解決方案，客戶可以優化兩種環境的效能、成本和可擴充性。

This ensures seamless integration with their training pipeline supporting current and future AI projects. Before turning to the details of the quarter, I want to share some observations about the environment as we enter fiscal year '26. The global macroeconomic outlook faces mixed signals with a general slowdown in growth, lingering inflation concerns and a significantly higher level of uncertainty.

這確保了與支援當前和未來人工智慧專案的培訓流程的無縫整合。在介紹本季的細節之前，我想先分享一些關於我們進入 26 財年的環境的觀察。全球宏觀經濟前景面臨混合訊號，成長普遍放緩，通膨擔憂揮之不去，不確定性水準顯著上升。

Looking ahead, we expect some increased spending caution as well as ongoing friction in US public sector and EMEA. We are incorporating an appropriate level of caution in our outlook due to these factors. Our fiscal year '25 results demonstrate how the alignment of our solutions with key IT priorities, our focus and the strength of our business model enables us to deliver strong performance in an uncertain environment.

展望未來，我們預期美國公共部門和歐洲、中東和非洲地區的支出將更加謹慎，摩擦也將持續存在。由於這些因素，我們在展望中採取了適當的謹慎態度。我們的 25 財年業績表明，我們的解決方案與關鍵 IT 優先事項、我們的重點以及我們業務模式的優勢如何使我們能夠在不確定的環境中提供強勁的業績。

Additionally, the unfolding enterprise AI market is driving urgency amongst customers to modernize their data infrastructure, drive cloud transformations and increased cyber resiliency. We are currently negotiating sizable AI and data infrastructure modernization deals with multiple large enterprises, which we expect to close later in the year. This gives us confidence in our full year outlook.

此外，不斷發展的企業人工智慧市場正在促使客戶迫切地實現其數據基礎設施的現代化、推動雲端轉型並提高網路彈性。我們目前正在與多家大型企業就大規模人工智慧和資料基礎設施現代化交易進行談判，預計將在今年稍後完成。這使我們對全年前景充滿信心。

We are starting FY26 following a year of market share gains, armed with the strongest portfolio in the company's history and a value proposition that addresses customers' top priorities. We plan to make prudent investments in R&D and sales capacity to drive ongoing innovation and capture additional market share. Looking ahead, I am confident in our ability to capitalize on this significant opportunity and deliver more record results.

在經歷了一年的市佔率成長之後，我們迎來了 26 財年，擁有公司歷史上最強大的產品組合和滿足客戶首要任務的價值主張。我們計劃對研發和銷售能力進行審慎投資，以推動持續創新並佔領更多市場份額。展望未來，我相信我們有能力利用這一重大機會並取得更多創紀錄的成果。

Finally, I am happy to introduce Wissam Jabre, our new CFO. I'm excited to have Wissam with his deep knowledge of our market and strong track record of value creation on the team. He has quickly integrated into NetApp and will be a key partner to me and the leadership team as we continue to execute on our visionary approach for our data-driven future.

最後，我很高興介紹我們的新財務長 Wissam Jabre。我很高興 Wissam 能加入我們團隊，他對我們的市場有著深入的了解，並且在價值創造方面有著出色的記錄。他已迅速融入 NetApp，並將成為我和領導團隊的重要合作夥伴，幫助我們繼續執行數據驅動未來的遠見。

Wissam, welcome.

維薩姆，歡迎光臨。

Thank you, George, for welcome, and good afternoon, everyone. Let me start by expressing my appreciation to George and the entire Board for giving me this opportunity and to Mike for his help and transition during my onboarding.

謝謝喬治的歡迎，大家下午好。首先，我要感謝喬治和整個董事會給我這個機會，並感謝麥克在我入職期間提供的幫助和引導。

I am extremely excited about joining NetApp and look forward to partnering with George and the rest of the talented team as we continue to drive innovation at NetApp. As George noted, we achieved all-time highs across a variety of financial metrics in fiscal year 2025. We refreshed our entire systems portfolio, honed our focus in cloud, and expect to see even more enterprise AI growth in fiscal year 2026.

我非常高興加入 NetApp，並期待與 George 和其他優秀團隊成員合作，繼續推動 NetApp 的創新。正如喬治所指出的，我們在 2025 財年的各項財務指標都創下了歷史新高。我們更新了整個系統組合，加強了對雲端運算的關注，並預計在 2026 財年企業 AI 將實現更大的成長。

As a reminder, all numbers discussed are non-GAAP unless otherwise noted. Total revenue for Q4 came in slightly above the midpoint of our guidance range at $1.73 billion, up 4% year over year and up 6% sequentially. Q4 billings of $2.03 billion were up 12% year over year. This marks our sixth consecutive quarter of year over year revenue and billings growth. Q4 hybrid cloud revenue of $1.57 billion was up 3% year over year.

提醒一下，除非另有說明，所有討論的數字都是非 GAAP。第四季總營收略高於我們預期的中點，為 17.3 億美元，年增 4%，季增 6%。第四季營業額為 20.3 億美元，較去年同期成長 12%。這是我們連續第六個季度實現營收和帳單年增。第四季混合雲營收為 15.7 億美元，年增 3%。

Product revenue of $845 million was up 5% year over year. Support revenue of $625 million was flat year over year. Professional Services revenue of $98 million was up 13% year over year mainly driven by Keystone, our Storage as a Service offering.

產品營收 8.45 億美元，年增 5%。支持收入為 6.25 億美元，與去年同期持平。專業服務收入為 9,800 萬美元，年增 13%，主要得益於我們的儲存即服務產品 Keystone。

Public Cloud revenue of $164 million was up 8% year over year. Excluding the recently divested Spot business, Public Cloud revenue grew 22% year over year, which is a better representation of the underlying growth rate of the segment.

公有雲收入為 1.64 億美元，年增 8%。不計最近剝離的 Spot 業務，公有雲收入年增 22%，更能體現了該部門的潛在成長率。

We exited fiscal year 2025 with $4.54 billion in deferred revenue, an increase of 7% year over year and 5% year over year in constant currency. Q4 Remaining Performance Obligations were $4.97 billion, up approximately $500 million from Q1. Unbilled Remaining Performance Obligations, which is a key indicator of future Keystone revenue growth was approximately $430 million, up 23% quarter over-quarter. Q4 consolidated gross margin was 69.5%. Total Hybrid Cloud gross margin was 68.4%.

截至 2025 財年，我們的遞延營收為 45.4 億美元，年增 7%，以固定匯率計算年增 5%。第四季剩餘履約義務為 49.7 億美元，比第一季增加約 5 億美元。未開票剩餘履約義務是 Keystone 未來營收成長的關鍵指標，約 4.3 億美元，季增 23%。第四季綜合毛利率為69.5%。混合雲總毛利率為68.4%。

Product gross margin was 55.4%. Our recurring support business continues to be highly profitable with gross margin of 92.3%. The Public cloud gross margin was 79.3%, up 290 basis points sequentially and 11 percentage points year over year.

產品毛利率為55.4%。我們的經常性支援業務持續保持高利潤，毛利率達 92.3%。公有雲毛利率為79.3%，較上一季成長290個基點，較去年同期成長11個百分點。

Our Public Cloud business now operates towards the high end of the 75% to 80% long-term target range, and we remain confident in future tailwinds that can improve upon Q4's record margin. Operating expenses of $707 million were down 2% year over year and up 6% sequentially.

我們的公共雲業務目前正朝著 75% 至 80% 的長期目標範圍的高端發展，並且我們仍然對未來的順風充滿信心，這將提高第四季度的創紀錄利潤率。營運費用為 7.07 億美元，年減 2%，季增 6%。

Q4 highlighted the strength of our business model and disciplined execution with operating margin of 28.6%, up 50 basis points year over year and representing the highest for Q4 in the history of NetApp.

第四季凸顯了我們業務模式的優勢和嚴格的執行力，營業利潤率為 28.6%，年增 50 個基點，創下 NetApp 史上第四季的最高紀錄。

EPS of $1.93 was $0.04 ahead of the midpoint of the guidance range and up 7% year over year, predominantly driven by lower operating expenses and effective tax rate. In Q4, cash flow from operations was $675 million, and free cash flow was $640 million. These cash flow metrics were driven by higher collections and lower supply chain payments year over year.

每股收益為 1.93 美元，比預期範圍中點高出 0.04 美元，年增 7%，主要得益於營運費用和有效稅率的降低。第四季度，經營現金流為 6.75 億美元，自由現金流為 6.4 億美元。這些現金流指標是由逐年增加的收款額和降低的供應鏈付款金額所推動的。

During the fourth quarter, we returned $355 million to shareholders the rough $250 million in share repurchases and $105 million in cash dividends. Q4 diluted share count of 206 million was down 6 million shares or 3% year over year. We had approximately $350 million left on our current share repurchase authorization at the end of fiscal year 2025 and -- and today, we are announcing an increase in debt authorization by $1.1 billion.

第四季度，我們向股東返還了 3.55 億美元，其中約 2.5 億美元為股票回購，1.05 億美元為現金股利。第四季稀釋股數為 2.06 億股，年減 600 萬股，降幅為 3%。截至 2025 財年末，我們目前的股票回購授權還剩下約 3.5 億美元，今天，我們宣布將債務授權增加 11 億美元。

Before moving to guidance, let's review the results for the full fiscal year 2025. We Revenue of $6.57 billion was up 5% year over year and billings of $6.78 billion was up 8% year over year, both all-time company highs Disciplined operational management also yielded all-time fiscal year highs for operating margin and EPS, demonstrating the effect of high operating leverage in our business model.

在轉向指導之前，讓我們先回顧一下 2025 財年全年的表現。我們的營收為 65.7 億美元，年增 5%，帳單金額為 67.8 億美元，年增 8%，均創下公司歷史新高。嚴謹的營運管理也使公司的營業利潤率和每股盈餘創下本財年新高，證明了高營運槓桿在我們商業模式中的作用。

For fiscal year 2025, operating margin was 28.3%, up 150 basis points year over year driven predominantly by flat operating expenses against the backdrop of 5% revenue growth. EPS grew 12% year over year, over twice the rate of revenue growth.

2025 財年的營業利潤率為 28.3%，年成長 150 個基點，主要原因是在營收成長 5% 的背景下營業費用持平。每股盈餘較去年同期成長 12%，是營收成長率的兩倍多。

Operating cash flow was $1.51 billion, and free cash flow was $1.34 billion. Both metrics were down low double digits percentage points year over year due primarily to changes in working capital, including higher variable compensation payments and tax-related outflows. Our balance sheet remains very healthy.

經營現金流為15.1億美元，自由現金流為13.4億美元。這兩項指標年均下降了兩位數個百分點，主要原因是營運資本的變化，包括更高的浮動薪酬支付和稅收相關資金流出。我們的資產負債表仍然非常健康。

We closed the year with $3.85 billion in cash and short-term investments against $3.24 billion in total debt for a net cash position of approximately $610 million. We intend to use $750 million of our cash to redeem the notes maturing in June. Inventory decreased in the quarter and inventory turns increased to 12%.

截至本財年末，我們的現金和短期投資為 38.5 億美元，而總債務為 32.4 億美元，淨現金狀況約為 6.1 億美元。我們打算使用 7.5 億美元現金來贖回 6 月到期的票據。本季庫存減少，庫存週轉率增加至 12%。

Now turning to guidance, starting with fiscal year 2026. Let me underscore our confidence in our strategy and the strength of our position in addressing key customer priorities, such as data infrastructure modernization cloud transformation, AI innovation and cyber resilience.

現在轉向指導，從 2026 財年開始。我要強調的是，我們對自己的策略充滿信心，並且堅信我們在解決關鍵客戶優先事項方面的優勢，例如資料基礎設施現代化雲端轉型、人工智慧創新和網路彈性。

However, as George noted, the macro environment remains uncertain with both cost and demand-related variables that could lower IT spending and make it challenging to forecast through the remainder of the year. As a result, we expect fiscal year 2026 total revenue to be in the range of $6.625 billion to $6.875 billion, which at the $6.75 billion midpoint reflects 3% growth year over year.

然而，正如喬治所指出的，宏觀環境仍然不確定，成本和需求相關的變數可能會降低 IT 支出，並使今年剩餘時間的預測變得具有挑戰性。因此，我們預計 2026 財年總營收將在 66.25 億美元至 68.75 億美元之間，以 67.5 億美元的中點計算，年增 3%。

Excluding the divested Spot business from the compare, our total revenue guidance implies 4% growth year over year. Spot generated around $95 million in revenue annually and accounted for a low teens percentage of Public Cloud segment revenue. As a reminder, we expect the divestiture to impact reported Public Cloud and total revenue growth for fiscal year 2026.

如果將剝離的 Spot 業務排除在外，我們的總收入預期將年增 4%。Spot 每年創造約 9,500 萬美元的收入，佔公有雲部門收入的百分之十幾。提醒一下，我們預計此次剝離將影響2026財年報告的公有雲和總收入成長。

We expect fiscal year 2026 consolidated gross margin to be in the range of 71% to 72%. We expect operating margin of approximately 28.8% to 29.8%. We anticipate other income and expenses to be approximately negative $10 million. For the year, we expect the tax rate in the range of 20% to 21%. We expect EPS in the range of $7.60 to $7.90, and for a midpoint of $7.75.

我們預計 2026 財年的綜合毛利率將在 71% 至 72% 之間。我們預計營業利潤率約為 28.8% 至 29.8%。我們預計其他收入和支出約為負 1000 萬美元。我們預計今年的稅率將在 20% 至 21% 之間。我們預計每股收益在 7.60 美元至 7.90 美元之間，中間值為 7.75 美元。

We expect operating cash flow will move in line with net income as it has done historically. In fiscal year 2026, we intend to return up to 100% of free cash flow to shareholders in cash dividends and share buybacks. We also expect to reduce share count by low single-digit percentage points year over year. Now turning to Q1 guidance. We expect revenue to range from $1.455 billion to $1.605 billion, which at the $1.53 billion midpoint implies a decline of 1% year over year.

我們預計經營現金流將與淨收入保持一致，就像歷史上一樣。在2026財年，我們計劃將高達100%的自由現金流以現金股利和股票回購的形式返還給股東。我們也預期股票數量將年減個位數個百分點。現在轉向 Q1 指導。我們預計營收將在 14.55 億美元至 16.05 億美元之間，以 15.3 億美元的中點計算，這意味著同比下降 1%。

Excluding the divested spot business from the year ago comparison, our revenue guidance implies a 1% growth year over year. We expect Q1 consolidated gross margin to be in the range of 71% to 72% and operating margin to be in the range of 25% to 26%. EPS is expected to be in the range of $1.48 and $1.58 with a midpoint of $1.53.

不包括去年同期剝離的現貨業務，我們的收入預期意味著年增 1%。我們預計第一季綜合毛利率在 71% 至 72% 之間，營業利潤率在 25% 至 26% 之間。預計每股收益將在 1.48 美元至 1.58 美元之間，中間值為 1.53 美元。

In closing, as I look forward to fiscal year 2026, I am confident in our strategy and execution capabilities as we are well positioned to capture our expanding opportunities, increased profitability and free cash flow and deliver sustainable long-term value to our shareholders.

最後，展望 2026 財年，我對我們的策略和執行能力充滿信心，因為我們已做好準備，抓住不斷擴大的機會、提高盈利能力和自由現金流，並為股東創造可持續的長期價值。

I'll now turn the call over to Kris for Q&A.

現在我將把電話轉給克里斯進行問答。

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

謝謝，Wissam。接線員，我們開始問答。

(Operator Instructions) Tim Long, Barclays.

（操作員指示）巴克萊銀行的蒂姆·朗。

Yeah, two quick ones, if I could. First, I was hoping you could just touch on the guidance, maybe Wissam, for you. It looks like the Q1 is a little bit light of where folks were, but the full year is still intact. So George, you mentioned some big deals in the pipeline. Just curious how we're going to see acceleration of revenues and EPS growth through the year?

是的，如果可以的話，我快速問兩個問題。首先，我希望您能談談指導意見，也許是 Wissam。看起來第一季的業績與去年相比略有下滑，但全年業績仍然完好。喬治，你提到了一些正在籌備中的大交易。只是好奇我們將如何看到全年營收和每股盈餘成長的加速？

What's the level of visibility into that? And then second, I was hoping you could just touch on product gross margins what outlook there with NAND prices moving around and macro and competition? What's the outlook for product gross margins?

它的可見程度如何？其次，我希望您能談談產品毛利率，以及 NAND 價格波動、宏觀和競爭的前景如何？產品毛利率前景如何？

Maybe I can start and then Wissam can cover the second part of the question. Listen, we are coming into the year with a ton of momentum. We have been the fastest-growing all-flash player in the market. We have outgrown our competition, including this quarter, in the all-flash market. We have gained share in the block storage market.

也許我可以開始，然後 Wissam 可以回答問題的第二部分。聽著，我們正以巨大的動力進入新的一年。我們一直是市場上成長最快的全快閃廠商。包括本季在內，我們在全快閃市場上已經超越了競爭對手。我們在塊存儲市場已經獲得了份額。

And our cloud business, as you saw, has accelerated through the course of the year. So the setup for the year is very good. We have a degree of caution in Q1 related to certain parts of Europe, Middle East and Africa, especially some large countries where there's still public sector uncertainty as well as some impact from the uncertainty on tariffs and in manufacturing centered economies. And then US public sector.

如您所見，我們的雲端業務在今年內加速發展。所以今年的安排非常好。我們對第一季歐洲、中東和非洲部分地區持一定程度的謹慎態度，特別是一些大國，這些國家仍然存在公共部門的不確定性，以及關稅不確定性和以製造業為中心的經濟體的一些影響。然後是美國公共部門。

We feel that the growth through the year is driven by both some large deals that we're working on for modern AI-powered infrastructure, the addition of sales capacity that we added towards the end of Q4 and are adding through the course of the first half of the year as well as continued strength in cloud and our all-flash portfolio. Wissam?

我們認為，全年的成長得益於我們正在為現代人工智慧基礎設施進行的一些大型交易、我們在第四季度末增加的銷售能力以及今年上半年的銷售能力，以及雲端運算和全快閃產品組合的持續強勁成長。維薩姆？

Yeah. So when you look at the guidance for the year, the margins obviously are guided towards where we would want to be in the long term, but we are very comfortable with the transition. The few elements that will drive us get there are, obviously, mix should be benefiting from the growth in cloud, and would continue to also grow in flash, which typically has better margins.

是的。因此，當您查看今年的指導方針時，利潤率顯然是朝著我們長期希望達到的水平引導的，但我們對這一轉變感到非常滿意。顯然，推動我們實現這一目標的幾個因素是，混合應該受益於雲端運算的成長，並且還將繼續在快閃記憶體中成長，因為快閃記憶體通常具有更好的利潤率。

The other thing I would say on margins, so that we anticipate maybe the -- one of the questions that I'm sure will come up is when we think of product margin, we did say previously in last quarter that earnings call that Q4 would be the bottom we're seeing Q1 to be more or less in line with Q4, but we anticipate improvement from there gradual improvement into the rest of the fiscal year on a quarterly basis.

關於利潤率，我想說的另一件事是，我們預計——我確信會出現的一個問題是，當我們考慮產品利潤率時，我們確實在上個季度的收益電話會議上說過，第四季度將是底部，我們看到第一季度的利潤率與第四季度大致一致，但我們預計，從現在開始，本財年剩餘時間的利潤率將逐步改善。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Maybe, George, on the last earnings call, you had referred to some of the execution or timing of deals that had slipped. And just curious if that continues to what you see -- is that something you're continuing to see? And is that really informing the caution rate to the macro? Or are you just overall looking at the macro backdrop and the economic indicators are you taking a more proactive approach relative to what you're seeing. I just wanted to understand the thought process there and what you're seeing with your customers?

喬治，也許在上次財報電話會議上，你提到了一些交易的執行或時間安排出現失誤。我只是好奇這種情況是否會持續下去——這是您一直看到的情況嗎？這真的能告知宏觀謹慎率嗎？或者您只是從整體上看待宏觀背景和經濟指標，並採取相對於您所看到的情況更積極主動的方法。我只是想了解那裡的思考過程以及您對客戶的看法？

And I have a follow-up.

我還有一個後續問題。

I think it's more of the latter, Samik. We saw a strong Q4 where the majority of the deals that slipped out of Q3, we were able to close. And if you look at our Q3 to Q4 sequential number, it was above our typical trend driven by the strength of our execution. And overall, second half of the year, we had a strong growth rate relative to the first half of fiscal year '25. We are seeing some evidence, as you mentioned about just overall political instability.

我認為更多的是後者，薩米克。我們看到第四季表現強勁，大部分在第三季未能完成的交易都得以完成。如果你看我們第三季到第四季的連續數字，你會發現它高於我們的典型趨勢，這是由我們的執行力所驅動的。整體而言，與 25 財年上半年相比，我們下半年的成長率強勁。正如您所說，我們看到了一些有關整體政治不穩定的證據。

Some of the GDP growth rates have come down and just a degree of caution in customers waiting for clarity on trade policy and other macroeconomic policies, particularly in Europe. And of course, in the US public sector.

部分 GDP 成長率已經下降，客戶只是在等待貿易政策和其他宏觀經濟政策明朗化，尤其是歐洲的政策，保持一定程度的謹慎。當然，在美國公共部門也是如此。

Got it. Got it. Got it. And for my follow-up, just in terms of Public Cloud revenues, if you can just share what was the Q4 performance ex Spot? What was the underlying growth rate?

知道了。知道了。知道了。接下來我想問一下，就公有雲營收而言，您能否分享一下第四季除 Spot 之外的業績表現如何？基本成長率是多少？

And you did mention the acceleration of the improvement in growth rates through the year. Any color in terms of what to expect as you go through fiscal '26 in terms of growth rates and where you probably exit fiscal '26, on an underlying basis, understanding that Spot would not be in the numbers? Thank you.

您確實提到了今年成長率的加速提高。就成長率而言，您對 26 財年的預期如何，以及在 26 財年結束時可能出現的情況有何預測？您是否知道 Spot 不會出現在數字中？謝謝。

Yeah. Public Cloud in Q4, ex Spot was up 22% year on year. And if you look at the full year, it was up 16% year on year. So we saw acceleration through the year. As you can see, our first-party and marketplace cloud storage is growing at a very, very fast pace, north of 40%, and it's becoming a bigger and bigger part of the overall cloud business mix.

是的。第四季公有雲（不包括現貨）年增 22%。如果你看全年的話，它比去年同期成長了 16%。因此，我們看到了全年的加速發展。如您所見，我們的第一方和市場雲端儲存正在以非常快的速度成長，增幅超過 40%，並且在整個雲端業務組合中所佔的比重越來越大。

And that will drive continued acceleration of that part of the business. You can offset, as Wissam mentioned, Spot was about $95 million. And so that's the offset to the cloud revenue as you model for next year.

這將推動該部分業務的持續加速發展。你可以抵消，正如 Wissam 提到的，Spot 的價值約為 9500 萬美元。這就是您為明年建模時對雲端收入的抵消。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

George, you noted in your prior answers that there were some large deals related to AI infrastructure. Can you just share some color on where these are? Are these at Tier 2 CSPs or hyperscalers? And what's the potential contribution to growth from this? And I have a follow-up.

喬治，您在先前的回答中提到有一些與人工智慧基礎設施相關的大型交易。能分享一下這些在哪裡嗎？這些是二級 CSP 還是超大規模提供者？這對成長有何潛在貢獻？我還有一個後續問題。

We work with a lot of the very largest cloud and enterprise providers, and we have been working with some of them on data modernization transaction supporting building up enterprise AI, cloud infrastructures. These are factored into the sequential ramp through the year of our FY26 outlook. So we feel very good about our position in the unfolding enterprise AI market. as well as the strength of our full year guide.

我們與許多最大的雲端和企業供應商合作，我們一直與其中一些供應商合作進行資料現代化交易，支援建構企業 AI、雲端基礎設施。這些都被納入了我們 26 財年展望全年的連續成長。因此，我們對自己在不斷發展的企業 AI 市場中的地位以及全年指南的實力感到非常滿意。

Okay. As my follow-up, you noted a pretty cautious macro embedded in your first quarter guide, are you derating your full year beyond that also on macro? And on tariffs, it sounded like you're embedding some caution related to demand from your customers who might be impacted by it, but do you have any direct impact from tariffs? And could you just quantify if there was any.

好的。作為我的後續提問，您指出第一季指南中嵌入了相當謹慎的宏觀因素，您是否還會根據宏觀因素降低全年的預測？關於關稅，聽起來您對可能受其影響的客戶的需求持謹慎態度，但關稅對您有任何直接影響嗎？如果有的話，您能量化一下嗎？

Yeah. Within our FY26 outlook, tariffs are about 40 to 60 basis points of our gross margin. So a small amount and that's contemplated in the guide that we have given you. That is based on the current tariff situation, which is really the 10% baseline tariff and not the reciprocal tariffs. We have a diverse supply chain.

是的。在我們的 26 財年展望中，關稅約占我們毛利率的 40 至 60 個基點。所以數量很少，這在我們給您的指南中已經考慮到了。這是基於當前的關稅情況，實際上是10%的基準關稅，而不是互惠關稅。我們擁有多樣化的供應鏈。

We have no exposure to China. Final assembly of our products, which confers country of origin is in Singapore, Hungary, Mexico, and the US. So it allows us to have a very small impact of tariffs to us. And also, the semiconductor exemption allows us to have a pretty small contribution of costs from tariffs. We see the primary impact of tariffs or really the uncertainty introduced by tariffs causing enterprises to slow down, particularly in the manufacturing segment in Europe.

我們沒有涉足中國市場。我們的產品的最終組裝地點（原產地）位於新加坡、匈牙利、墨西哥和美國。因此，關稅對我們的影響非常小。此外，半導體豁免使我們的關稅成本貢獻很小。我們認為關稅的主要影響或關稅帶來的不確定性導致企業發展放緩，尤其是在歐洲的製造業領域。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Wanted to ask a couple of questions. Obviously, a lot of traction on the AI side. earlier in the year, you had noted maybe some of these proof of concepts would start to become full-blown deployments towards the end of the year or enter '26? Are you seeing a pull forward of that, that's leading to some of the strength?

偉大的。想問幾個問題。顯然，人工智慧方面有許多發展動力。今年早些時候，您是否曾注意到，其中一些概念驗證可能會在今年年底或進入 26 年時開始全面部署？您是否看到了這種拉動，這會帶來一些力量？

Or this is just the beginning, and we should see more later on? And then as a second question, given the strength you're seeing on the first party and marketplace. Is some of that also driven by some of these AI use cases or just maturing of those offerings in general.

或者這只是一個開始，我們稍後會看到更多？然後作為第二個問題，鑑於您在第一方和市場上看到的實力。其中的一些是否也是由一些人工智慧用例所驅動，或者只是這些產品總體上的成熟。

On the first question -- thank you for your question. On the first one, we see it as just ongoing unfolding of the enterprise AI market, as we said, inferencing and the use of AI tools to drive business advantage is the core of the opportunity in the enterprise and 80% of the overall storage opportunity. And we have done very well in that. We think that fiscal year '26 will continue to accelerate and expand that opportunity for us. With regard to cloud, performing so strongly.

關於第一個問題—感謝您的提問。首先，我們認為這只是企業人工智慧市場的持續展開，正如我們所說，推理和使用人工智慧工具來推動業務優勢是企業機會的核心，也是整體儲存機會的 80%。我們在這方面做得很好。我們認為 26 財年將繼續加速並擴大我們的這一機會。就雲而言，表現非常強勁。

Yeah, there is enterprise AI customers using our cloud footprints, either because they want to do AI in the cloud or where they want to start their AI proof of concepts in the cloud, and we feel really good about that.

是的，有企業 AI 客戶使用我們的雲端足跡，要么是因為他們想在雲端進行 AI，要么是因為他們想在雲端開始他們的 AI 概念驗證，我們對此感到非常高興。

Overall, the cloud business is performing very well, both due to strong technology differentiation and good execution. And as we have shared, we are expanding the range of not only enterprise application use cases but analytics and AI use cases. And so I feel really pleased with the focus and the execution we've had in that part of our business this year.

整體而言，雲端業務表現非常良好，這既歸功於強大的技術差異化，也歸功於良好的執行力。正如我們所分享的，我們不僅在擴大企業應用案例的範圍，還在擴大分析和人工智慧用例的範圍。因此，我對我們今年在該業務領域的重點和執行情況感到非常滿意。

David Vogt, UBS.

瑞銀的戴維·沃格特。

So one for George, one for Wissam. So George, I guess can you maybe help us understand, I know the macro is uncertain, but you're exiting fiscal '25 with your all-flash ARR growing double digits nicely north of $4 billion. So can you walk through how you bridge '25 to '26 with that backdrop, should we assume a fairly meaningful deceleration in the all-flash business in '26? And if not, then what's driving the more cautious tone, I get the macro. And then Wissam, just I'll give you both at the same time.

一個給喬治，一個給維薩姆。那麼喬治，我想你能否幫助我們理解，我知道宏觀經濟不確定，但你在 25 財年結束時，全閃存 ARR 增長了兩位數，超過了 40 億美元。那麼，您能否在此背景下介紹如何從 25 年過渡到 26 年，我們是否應該假設 26 年全快閃業務將出現相當顯著的減速？如果不是，那麼是什麼導致了更謹慎的語氣，我明白宏觀。然後 Wissam，我會同時給你兩者。

Obviously, you talked about where public and your cloud -- your Hybrid and your Public Cloud gross margins are. So can you help us understand the ramp in the second half of the year on margins, trying to get to that full year roughly 28%, 29% operating margins coming off of a relatively a modest base in the first fiscal quarter of the year. And it suggests that margins would have to be at least 30% in the back half if we're doing the math correctly. So I just want to get a sense for how to think about it.

顯然，您談到了公有雲、混合雲和公有雲的毛利率。那麼，您能否幫助我們了解下半年利潤率的成長情況，力爭在全年第一財季相對溫和的基礎上，將營業利潤率提高到 28% 左右。如果我們計算正確的話，這表示下半年的利潤率至少要達到 30%。所以我只是想了解如何思考這個問題。

I'll take your first question. I think if you look at the components of the FY26 guide, support continues to be a low single-digit number. It doesn't go down or go up materially, just waterfalls off of deferred revenue. And as deferred revenue has grown this year, you should see support stabilize and start to grow in FY26. Cloud should continue with the note of the headwind from the divestiture of Spot, the momentum in the rest of the cloud business should continue.

我來回答你的第一個問題。我認為，如果你看一下 FY26 指南的組成部分，你會發現支援仍然是一個較低的個位數。它不會大幅下降或上升，只是遞延收入的減少。隨著今年遞延收入的成長，您應該會看到支援在 2026 財年穩定並開始成長。雲端運算應該會繼續承受 Spot 剝離帶來的不利影響，但其餘雲端業務的勢頭應該會持續下去。

We had Professional Services, which is powered the growth of Professional Services, which is powered by our Keystone storage as a service business should continue at the same clip next year. And in product, if you look at the market data for all-flash, it has come down about 300 basis points.

我們擁有專業服務，它推動了專業服務的成長，而專業服務的成長又由我們的 Keystone 儲存作為服務業務提供動力，明年應該會繼續以同樣的速度成長。在產品方面，如果你查看全快閃的市場數據，它已經下降了約 300 個基點。

We are expecting to grow at or above the market there is a part of the business that is non-flash, which is probably less tied to customer spending priorities, which is where we have also indicated a degree of caution. So listen, we feel really good about our competitive position. Q4 was a strong print.

我們預期成長速度將達到或超過市場水平，其中一部分業務是非快閃業務，可能與客戶的支出優先關係較小，在這方面我們也表示了一定程度的謹慎。所以聽著，我們對自己的競爭地位感到非常滿意。Q4 表現強勁。

The full year was a strong result. We feel that it's important to be prudent in our outlook just given the range of volatility that's going on.

全年業績表現強勁。我們認為，考慮到正在發生的波動範圍，謹慎看待前景非常重要。

And yeah. And for the second question, so the way to think of it, look, without guiding quarter by quarter, the way to think of it is we expect, obviously, revenue to improve from here for the rest of the year. And as you work yourself down the P&L, gross margins, as I said, for products are expected to be flattish in Q1 and gradually improve for the rest of the year. Cloud, we ended Q4 at almost the top range of the long-term target that we set ourselves. We expect that to also improve from here into the fiscal year 2026.

是的。對於第二個問題，那麼思考的方式是，看一下，無需逐季度指導，思考的方式是，我們預計，今年剩餘時間的收入顯然會從現在開始改善。正如我所說，當你計算損益表時，產品的毛利率預計在第一季將保持平穩，並在今年剩餘時間內逐步提高。雲端運算，我們在第四季結束時幾乎達到了我們設定的長期目標的最高範圍。我們預計從現在到 2026 財年這種情況還會有所改善。

And for the rest of the elements, you'd expect a roughly similar type of trends. So that gives you a good idea of how the gross margin should progress for the rest of the year. The way we think of operating expenses is we obviously want to continue to invest in high ROI projects on the R&D side. We also want to continue to invest in sales capacity strategically to drive the top line. But the OpEx growth isn't expected to be faster than revenue growth.

對於其餘元素，您會期望出現大致相似的趨勢。這樣您就可以很好地了解今年剩餘時間的毛利率將如何成長。我們對營運費用的看法是，我們顯然希望繼續投資於研發方面的高投資報酬率項目。我們也希望繼續策略性地投資銷售能力，以推動營收成長。但預計營運支出的成長速度不會快於收入的成長速度。

In fact, the way we think of it is OpEx growth should be at most half of the revenue growth. And so that gives us the operating leverage. And without really giving you the numbers for the rest of the quarters, I think it gets you mathematically to the numbers (multiple speakers)

事實上，我們認為營運支出成長最多應佔收入成長的一半。這給了我們經營槓桿。雖然沒有真正給出其餘季度的數字，但我認為它能讓你從數學上得出數字（多位發言者）

That's more than helpful. Thanks, Wissam. Thanks, George.

這非常有幫助。謝謝，Wissam。謝謝，喬治。

All right. Thank you, David. Next question, please.

好的。謝謝你，大衛。請回答下一個問題。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Excellent. This is Mike Cadiz for Asiya Merchant at Citi. So I'll give you my two questions at once. So the first is on Keystone. Can you describe the tenor of the customer conversations you're having as it pertains to OpEx versus CapEx spending, especially given this uncertain macro environment?

出色的。我是花旗銀行亞洲商戶部的 Mike Cadiz。因此我會一次向您提出兩個問題。第一個是關於 Keystone 的。您能否描述一下您與客戶在有關營運支出與資本支出方面的對話基調，尤其是在目前不確定的宏觀環境下？

That's question one. And question two is, can you provide any color on product momentum following your significant validation like NVIDIA SuperPOD that you did just earlier in March? Thank you.

這是第一個問題。第二個問題是，在 3 月初進行的 NVIDIA SuperPOD 等重要驗證之後，您能否提供一些有關產品發展趨勢的資訊？謝謝。

Yeah. I think Keystone has grown strongly. TCV sales of Keystone for fiscal year '25 is at $224 million, up 54% year on year. So we feel good about the momentum of Keystone. I would say there was nothing unusual in terms of customer behavior.

是的。我認為 Keystone 已經強勁成長。Keystone 25 財年的 TCV 銷售額為 2.24 億美元，較去年同期成長 54%。因此，我們對 Keystone 的發展勢頭感到滿意。我想說，就顧客行為而言並沒有什麼不尋常的。

There are use cases for which Keystone makes sense, and there are use cases for which capital purchases make sense. We are seeing a growing number of use cases for which Keystone is the preferred choice in our customers, and we're taking advantage of that. With regard to the momentum, listen, our new product portfolio has done really well. It's ahead of our internal plan. And so we are -- we feel really good.

有些用例適合使用 Keystone，而有些用例適合使用資本購買。我們看到越來越多的用例表明 Keystone 是我們客戶的首選，我們正在利用這一點。就發展動能而言，聽著，我們的新產品組合表現得非常好。這超出了我們的內部計劃。所以我們感覺非常好。

We have seen some untapped SuperPOD wins soon after we got the certifications. And so you should see the acceleration -- continued strength of that part of our business this coming year.

在獲得認證後不久，我們就看到了一些尚未開發的 SuperPOD 優勢。因此，您應該會看到，來年我們這部分業務將加速發展，並繼續保持強勁勢頭。

Excellent. Thank you.

出色的。謝謝。

Thank you, Mike. Next question.

謝謝你，麥克。下一個問題。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

Hi. Thank you for taking my question. I do appreciate all the color you provided in terms of the growth trajectory for the year, but it really seems contingent upon success with AI workloads, right? And probably implied guidance is from like down 3%, 4% in product growth for the quarter year over year and improving from there.

你好。感謝您回答我的問題。我非常欣賞您為今年的成長軌跡所提供的所有細節，但這似乎真的取決於人工智慧工作負載的成功，對嗎？可能的隱含指引是本季產品成長率年減 3% 至 4%，然後開始改善。

So what I really want to understand is what are some of the technical advantages that you have in addressing these AI workloads versus some of your competitors in the market? And why should any customer choose NetApp? And any evidence you can provide that you are actually seeing that with customer growth right now?

所以我真正想了解的是，與市場上的一些競爭對手相比，您在處理這些人工智慧工作負載方面有哪些技術優勢？為什麼客戶要選擇 NetApp？您能提供什麼證據來證明您確實看到了客戶數量的成長嗎？

Listen, I think, first of all, technologically, we have several advantages. We have a lot of proof points about the performance and scaling of our systems. As denoted by NVIDIA SuperPOD, NVIDIA NCP certification, and the ability to configure our systems as part of multiple reference architectures. The second is the strength of our data management, where we provide privacy, security, current capabilities in addition to a range of others like multi-tenancy and others that customers want in an enterprise AI platform. And then uniquely, we have hybrid cloud integration.

聽著，我認為，首先，從技術上講，我們有幾個優勢。我們有很多關於我們系統的效能和擴展性的證明點。正如 NVIDIA SuperPOD、NVIDIA NCP 認證以及將我們的系統配置為多個參考架構的一部分的能力所表明的那樣。第二是我們資料管理的優勢，除了多租戶和客戶在企業 AI 平台中想要的其他功能之外，我們還提供隱私、安全性和當前功能。獨特的是，我們擁有混合雲整合。

So we saw many clients wanted to use their enterprise data with some of the tools like Vertex or Bedrock that we have unique integrations with in the public cloud. So lots of technological advantages. Listen, we had 150 customer wins this past quarter. and each of them had choices of multiple different vendors. And the level of penetration of AI into our installed base is really small right now.

因此，我們看到許多客戶希望將他們的企業資料與我們在公有雲中具有獨特整合的一些工具（如 Vertex 或 Bedrock）一起使用。因此有很多技術優勢。聽著，上個季度我們贏得了 150 個客戶，每個客戶都可以選擇多個不同的供應商。目前，人工智慧在我們的客戶群中的滲透率還很低。

So we have a long road map to go, right, in terms of customer momentum and wins I will just note that, listen, we have had a really strong year. We took 280 basis points of share in all flash, 100 basis points in addition in the block storage market any degree of caution going into next year is not because of our competitive position. It's just being prudent about the amount of uncertainty in the economy.

因此，我們還有很長的路要走，就客戶勢頭和勝利而言，我只想指出，聽著，我們度過了非常強勁的一年。我們在全快閃市場佔有 280 個基點的份額，在區塊儲存市場佔有 100 個基點，我們對明年的任何謹慎態度都不是因為我們的競爭地位。這只是對經濟中的不確定性持謹慎態度。

Got it. George, that's really helpful. If I could just follow up on that. Some of the wins that you talked about, as I think longer term, in 2026 fiscal and beyond. What are the applications that customers are talking about within inferencing where they feel or where you feel NetApp as best positioned to go and have a high run rate?

知道了。喬治，這真的很有幫助。如果我可以跟進的話。我認為，您談到的一些勝利是長期的，是在 2026 財年及以後。客戶談論的應用程式有哪些，您認為 NetApp 在哪些方面最適合發展且具有較高的運行率？

I think broadly speaking, there's three different use cases where we are doing really well. One is the need to modernize your data infrastructure so that you can bring it to AI models. These are in the form of new analytics environments like data lakes or high-performance analytics applications that are proprietary to certain clients. The second is AI centers of excellence. These could be like the very large Asian telecommunications provider that's building a national AI center of excellence or it could be a large enterprise that's building an AI factory for sharing across all their departments.

我認為從廣義上講，我們在三種不同的用例上做得非常好。一是需要對資料基礎設施進行現代化改造，以便應用於人工智慧模型。它們以新分析環境的形式出現，例如資料湖或某些客戶專有的高效能分析應用程式。第二是人工智慧卓越中心。這些可能像正在建造國家人工智慧卓越中心的大型亞洲電信供應商，或者可能是一家正在建造供所有部門共享的人工智慧工廠的大型企業。

And there, our reference architectures together with NVIDIA, for example, are the de facto motions, we've done really well there.

例如，我們的參考架構與 NVIDIA 一起，是事實上的動議，我們在那裡做得非常好。

And then the third is, cloud service providers that want to host inferencing environments for enterprises, where our combination of our installed base plus hybrid cloud capabilities allows us to do really well. So more to come. We will share more updates as we go through the year. We have a super exciting R&D innovation pipeline, and we will invite you to come to INSIGHT to watch us.\

第三是，雲端服務供應商希望為企業託管推理環境，我們的安裝基礎和混合雲端功能的結合使我們能夠做得很好。未來還會有更多。我們將在今年分享更多更新內容。我們擁有超級令人興奮的研發創新管道，我們將邀請您來 INSIGHT 觀看我們。

Thank you, guys. Much appreciated.

謝謝你們。非常感謝。

Thank you, Param. Next question.

謝謝你，帕拉姆。下一個問題。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Thanks for taking my question and it's so nice to hear from you again. I have two questions. Number one, George, I think you mentioned AFA about two-thirds of Hybrid Cloud revenues. I'm curious how to think about the other one-third dynamic on the hard drive side? Are you seeing weakening demand? Or do you think that sector -- or that segment is in a secular decline? And then I have a follow-up.

是的。感謝您回答我的問題，很高興再次收到您的來信。我有兩個問題。首先，喬治，我認為您提到 AFA 約佔混合雲收入的三分之二。我很好奇如何看待硬碟的另外三分之一動態？您是否發現需求正在減弱？或者您認為該行業或該領域正在長期衰退？然後我有一個後續問題。

The two-thirds was all-flash arrays. They are two-thirds of Hybrid Cloud revenue and a bit higher in terms of their contribution to product revenue given the all-flash is primarily point of sale and it's a little bit less contribution from the renewals business of maintenance.

其中三分之二是全快閃陣列。它們佔混合雲收入的三分之二，由於全快閃主要是銷售點，因此對產品收入的貢獻略高，而維護續訂業務的貢獻略低。

I think the second is the hard drive segment has declined a good amount over the course of the last few years as tranches of the hard drive segment, have been replaced by flash. So high-performance drives and now 10K drives are going through the transition. We expect that it will stabilize over the course of time.

我認為第二個原因是，在過去幾年中，硬碟領域已經大幅下滑，因為部分硬碟領域已經被快閃記憶體取代。因此高性能驅動器和現在的 10K 驅動器正在經歷轉變。我們預計它會隨著時間的推移而穩定下來。

to a smaller number as hard drives become used for use cases like backup and archival where today, flash does not provide a compelling value proposition. And so it will continue to decline from here, but it will basically go to a smaller number, soon enough.

隨著硬碟開始用於備份和存檔等用例，這一數字會變得越來越小，而目前快閃記憶體並不能提供令人信服的價值主張。因此，它會從現在開始繼續下降，但很快就會降至一個較小的數字。

Got it. Got it. And then the question for Wissam. Maybe a two-part question. One is on the gross margin guide.

知道了。知道了。然後是問 Wissam 的問題。這可能是一個由兩部分組成的問題。一個是毛利率指南。

7% for FY26. What is the implied product gross margin in it? And also, what is your public sector exposure? Last time you guys mentioned about it. I think US was probably 10% to 12% and global a little more than that. Can you just talk a little bit about your public sector exposure and the dynamics there with [DODGE] and everything, and also the product gross margin. Thank you.

26 財年為 7%。其中隱含的產品毛利率是多少？此外，您在公部門的曝光度如何？上次你們有提到這個。我認為美國的比例大概是 10% 到 12%，而全球的比例會略高一些。您能否簡單談談您在公共部門的曝光度以及與 [DODGE] 的動態以及產品毛利率。謝謝。

Yeah. Hey, Krish, let me start with the product gross margin. Look, we don't typically guide for fiscal year down to that level. So what I would tell you, though, is I would repeat the same comments I made a little bit earlier. The way we think of product margin is in Q1, it's expected to be flattish to Q4. And then we expect it to improve gradually on a quarterly basis for the rest of the year.

是的。嘿，Krish，讓我先從產品毛利率開始。你看，我們通常不會將財政年度的指導降到那個水平。所以我想告訴你的是，我會重複我之前發表過的評論。我們認為第一季的產品利潤率預計到第四季將持平。我們預計今年剩餘時間內該數字將逐季逐步改善。

So that should hopefully give you enough to model it.

希望這能為你提供足夠的依據來建模。

For public sector, US public sector is in the low teens percentage of our business, of which federal is around 75% to 80%, depending on the quarter. We don't break out global Public Sector. With regard to our view of that, we see the -- we are seeing [DODGE] hopefully wrapping up soon and a new spending bill getting authorized, which should help us in the public sector going forward.

對於公共部門，美國公共部門在我們的業務中所佔比例僅為百分之十幾，其中聯邦政府的比例約為 75% 到 80%，具體取決於季度。我們沒有細分全球公共部門。就我們對此的看法而言，我們看到——我們希望 [DODGE] 能很快結束，並且新的支出法案能獲得授權，這將有助於我們公共部門的未來發展。

Thank you, George. Thanks, Wissam.

謝謝你，喬治。謝謝，Wissam。

Thanks, Krish. Next question.

謝謝，克里什。下一個問題。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Thanks for taking my question. George, I want to just go back to the all-flash array. And get your updated view on how this cycle could be the same as prior cycle? Or is it any different? And for context, given your April quarter, the all-flash array had a 12% CAGR from FY23 through FY25. Would you expect FY26 to carry out with the same momentum? Or are we going to have the acceleration before growth accelerate into FY27.

感謝您回答我的問題。喬治，我只想回到全快閃陣列。並且了解您對這個週期如何與之前的週期相同的最新看法？或有什麼不同嗎？就背景而言，考慮到 4 月的季度數據，全快閃陣列從 23 財年到 25 財年的複合年增長率為 12%。您是否預計 26 財年會保持同樣的勢頭？或者我們是否會在 2027 財年成長加速之前實現加速。

Listen, as a percentage of the business all-flash array should continue to pick up. I think there is a transition from 10K HDDs to all-flash. That is probably in the third or fourth inning of a 9-inning ball game, right? So plenty of runway. The pace at which that transition happens is driven by two things.

聽著，全快閃陣列在企業中的佔比應該會繼續上升。我認為存在從 10K HDD 到全快閃記憶體的轉變。那可能是九局球賽的第三局或第四局，對嗎？跑道很充足。這種轉變的速度由兩件事決定。

One is new environments that gets stood up. These are priority environments like analytics or cybersecurity or particularly AI, which contribute to the mix of all-flash continuing to grow because those are predominantly all flash environments. And then the second is the tech refresh or the infrastructure modernization part, that will be paced by GDP outlook.

一是新環境的建立。這些是優先環境，例如分析或網路安全或特別是人工智慧，它們有助於全快閃組合的持續成長，因為這些主要是全快閃環境。第二是技術更新或基礎設施現代化部分，將由 GDP 前景決定。

So is there any way you can quantify how each one of these contributor of each growth vectors line up. Is the last one, the upgrade meaningful enough, and that's what the GDP sensitivity is. And I'm just trying to separate secular growth, secular opportunities from more of a GDP sensitive bucket?

那麼，有沒有什麼方法可以量化每個成長向量的貢獻者是如何排列的呢？最後一個，升級是否夠有意義，這就是 GDP 敏感度。我只是想將長期成長、長期機會與 GDP 敏感度更高的類別區分開來？

Listen, I think I'm not going to break it out specifically. I think as we said, our outlook for next year implies that we continue to gain share or at least stay at the market in all flash arrays. And if you look at public benchmarks for all flash arrays, like IDC there in the 9%, down from around 12%. So there's slowing down a little bit given some of the concerns, and I think we should be able to at least do that.

聽著，我想我不會具體地闡述這一點。我認為，正如我們所說，我們對明年的展望意味著我們將繼續獲得份額，或至少保持在所有快閃記憶體陣列的市場中。如果你查看所有快閃記憶體陣列的公共基準，例如IDC，你會發現其中有9%，低於12%左右。因此，考慮到一些擔憂，我們的速度有所放緩，我認為我們至少應該能夠做到這一點。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Two questions, if I could, real quick. One, how do we think about the pressure included in your margin guidance from passing through higher cost input material costs for the year? I know you're passing them through, but I assume it's a margin rate pressure. And then secondly, George, if I could just push back a little bit on the guidance because I'm confused given some of the momentum you've seen. And since it seems like you're concerned about some targeted areas, public and industrial Europe.

如果可以的話，我快速問兩個問題。第一，我們如何看待利潤率指引中包含的今年成本投入材料成本上漲而產生的壓力？我知道您正在傳遞這些訊息，但我認為這是保證金率的壓力。其次，喬治，我是否可以稍微推遲一下指導，因為對於你所看到的一些勢頭，我感到很困惑。而且看起來您似乎關心一些目標區域，即公共區域和工業歐洲。

How can you put in perspective how big those pieces of the macro or to your business relative to the AI growth you're seeing in the other incrementals you're seeing in market share. I'm just -- it's confusing to me that we're talking about 3% year-over-year growth again this year.

您如何看待這些宏觀部分或對您的業務而言相對於您在市場份額的其他增量中所看到的人工智慧成長而言有多大。我只是——我們今年再次談論 3% 的同比增長，這讓我感到困惑。

Maybe I can take the second part of your question and Wissam will take the first part. With regard to the outlook for next year, just remember that the revenue side has a headwind of about 1 point from the divestiture of the Spot business.

也許我可以回答你問題的第二部分，而 Wissam 將回答第一部分。對於明年的前景，只需記住，由於現貨業務的剝離，收入方面將面臨約 1 個百分點的阻力。

So if you look at ex Spot, it's about 4% compared to this year's performance of about 5%. I think if you look at our business, the two segments we talked about where we have concerns are US public sector which, again, is about low teens percentage of our business, where federal is about 75% to 80% of the business.

因此，如果你看一下現貨價格，它大約是 4%，而今年的表現大約是 5%。我認為，如果你看一下我們的業務，你會發現我們討論過的兩個令人擔憂的部分是美國公共部門，這在我們業務中所佔的比例大約只有百分之十幾，而聯邦政府則占到我們業務的 75% 到 80%。

So we have some concerns about just clarity of when budgets get approved, what will be the impact of DOJ and other things, right? And then EMEA, which is a decent chunk of our overall business, where some countries particularly the larger ones are awaiting clarity on export-related tariffs they have in some countries, the government has been installed but hasn't deployed budgets yet. And so there's just a degree of caution there. We feel that our momentum is strong. we have less visibility into the timing and resolution path of some of these geopolitical situations.

因此，我們有些擔心，預算何時能獲得批准，司法部和其他事物會產生什麼影響，對嗎？然後是歐洲、中東和非洲地區，這佔了我們整體業務的很大一部分，其中一些國家，特別是一些較大的國家，正在等待明確其出口相關關稅，一些國家的政府已經設立，但尚未部署預算。因此，我們需要保持一定程度的謹慎。我們感覺我們的勢頭強勁。我們對某些地緣政治局勢的時間和解決路徑的了解較少。

And it's important for us to be prudent about guidance given those circumstances. I'll turn it over to Wissam to answer the second part of your question.

在這種情況下，我們必須謹慎地做出指導。我會把問題的第二部分交給 Wissam 來回答。

Yeah. Thanks, George. So with respect to input costs, Steve, when our guidance basically reflects all the information we have now. And so as George mentioned a little bit earlier, we do have around 40 to 60 basis points impact to gross margin. But this is also an evolving area, right?

是的。謝謝，喬治。因此，關於投入成本，史蒂夫，我們的指導基本上反映了我們現在掌握的所有資訊。正如喬治之前提到的，我們的毛利率確實受到了約 40 到 60 個基點的影響。但這也是一個不斷發展的領域，對嗎？

We think of tariffs. We do have a very agile, resilient and diverse supply chain. And so we will continue to work throughout the year to mitigate to the extent we can and hopefully improve from here. That's one thing. The other thing, as it is an evolving situation, if the -- if there's any changes in that area, I'd say, on the trade policies and other types of things that obviously we will be updating as well.

我們考慮關稅。我們確實擁有非常靈活、有彈性且多樣化的供應鏈。因此，我們將全年繼續努力，盡我們所能減輕影響，並希望從現在開始改善。這是一回事。另一件事，由於情況不斷變化，如果該領域發生任何變化，我想說，貿易政策和其他類型的事，我們顯然也會進行更新。

But for now, that's how we're thinking of input cost. It's all reflected in our guide as the -- within that 71% to 72% margin.

但就目前而言，這就是我們對投入成本的考量。這一切都反映在我們的指南中——在 71% 到 72% 的範圍內。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Just two questions. First, Wissam, could you give us a sense of the upside opportunity for cloud gross margins from here? You're at 79% now? Where do you think that might get to? And then my second question is really just on the impact of the Broadcom acquisition of VMware.

僅兩個問題。首先，Wissam，您能否向我們介紹一下雲端運算毛利率目前面臨的上升機會？您現在完成 79% 了嗎？您認為這會帶來什麼結果？我的第二個問題其實只是關於博通收購 VMware 的影響。

Any positive or negative impacts that you guys have seen from the disruption caused by the licensing changes at VMware.

你們認為 VMware 授權變更所造成的混亂有何正面或負面影響？

Yeah. Thanks for the question. So with respect to the opportunity on the cloud gross margin. Look, we've been in the long-term range for the last couple of quarters. Q3 and Q4 of '25, then that range just to remind everybody, was 75% to 80%.

是的。謝謝你的提問。因此，就雲毛利率的機會而言。你看，過去幾季我們一直處於長期範圍內。2025 年第三季和第四季度，提醒大家一下，這個範圍是 75% 到 80%。

We expect that we should be seeing improvement from here. So for the rest of the fiscal year '26, we anticipate gradual improvement on a quarterly basis, but we're not yet ready to come out -- and on an earnings call and come up with a long -- with a new target range. But there's definitely opportunity for improvement from here, albeit on a gradual pace.

我們期望從現在開始看到進步。因此，對於 26 財年的剩餘時間，我們預計季度業績將逐步改善，但我們尚未準備好在收益電話會議上提出新的目標範圍。但從現在開始肯定還有改進的機會，儘管速度是緩慢的。

With regard to the Broadcom acquisition, two or three things, right, that we see. The first one is this a greater degree of caution about hyper-converged infrastructures which has caused some of the hyper-converged vendors to now work with external storage providers. Second, we have -- and continue to expand the range of alternative hypervisors that we support our broad range, and we'll continue to expand that range to give customers choice.

關於博通收購，我們看到了兩、三件事。第一個是人們對超融合基礎設施更加謹慎，這導致一些超融合供應商現在與外部儲存供應商合作。其次，我們已經並將繼續擴大我們支援的替代虛擬機器管理程序的範圍，並且我們將繼續擴大該範圍以便為客戶提供選擇。

And the third is in select customers, there have been replatforming exercises, which is part of our success in block storage, for example, where they might have a hyper-converged solution or a legacy disk-based solution. And as we think about optimizing their VMware estate, they will choose to replatform onto NetApp on-prem.

第三，在特定客戶中，我們已經進行了平台重構練習，這是我們在區塊儲存領域取得成功的一部分，例如，他們可能擁有超融合解決方案或基於傳統磁碟的解決方案。當我們考慮優化他們的 VMware 資源時，他們會選擇重新平台化到 NetApp 本機。

We've also seen good growth with our VMR services, for example, Azure VMware services in the Public Cloud.

我們的 VMR 服務也取得了良好的成長，例如公有雲中的 Azure VMware 服務。

Does it make sense, George, for you to partner with the hyper-converged vendors?

喬治，與超融合供應商合作有意義嗎？

We will partner with whoever our customers feel it's a good choice for us to make. We will partner with them, be our ongoing discussions with a broad range of solutions, right? And that has been our track record.

無論客戶認為哪一方是好的選擇，我們都會與他們合作。我們將與他們合作，就廣泛的解決方案進行持續討論，對嗎？這就是我們的業績記錄。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I wanted to see if you could describe a little bit the linearity in the quarter and then into May. I guess what I'm trying to get a better understanding of is, did the behaviors that are creating your concerns actually moderate when tariffs were delayed in May versus what you saw when they were first announced in the beginning of April. And then my follow-up is, how are you thinking about the Section 232 reviews on semiconductors? What are your expectations for the impact of that?

我想看看您是否可以稍微描述一下本季以及五月的線性情況。我想更好地理解的是，當 5 月份關稅推遲實施時，與 4 月初首次宣布實施關稅時相比，引起您擔憂的行為是否真的有所緩和？然後我的後續問題是，您如何看待半導體的第 232 條審查？您對此有何影響？

Listen, I think that if you look at linearity in the quarter, it was typical for a Q4. I note that in Europe, we had the usual experience of having Easter, the Easter week in the last week of our quarter. And with the passing of the hope, that was a unique situation. we had planned for that. And so we had worked hard to get the vast majority of our European business in early ahead of that.

聽著，我認為如果你看一下本季的線性，這對第四季來說是典型的。我注意到，在歐洲，我們通常會在我們季度的最後一周慶祝復活節。隨著希望的破滅，那是一種獨特的情況。我們已經為此做好了計劃。因此，我們一直努力提前開展絕大多數歐洲業務。

And so we were planful to deal with that. I think that the caution that we saw did not materially contribute to linearity, it just contributed to our view of the pipeline where deals that were larger deals got broken up into smaller transactions or we had to go through more procurement cycles of approval, something that you typically see when there's uncertainty.

因此我們制定了計劃來解決這個問題。我認為，我們看到的謹慎並沒有對線性產生實質性的影響，它只是影響了我們對交易管道的看法，即較大的交易被分解成較小的交易，或者我們必須經歷更多的採購審批週期，這是在存在不確定性時通常會看到的情況。

And the Section 232 review on semiconductors?

那麼針對半導體的第 232 條審查呢？

Listen, we are operating under a semiconductor exemption I'm not an expert to predict what the administration will give.

聽著，我們是在半導體豁免下運作的，我不是專家，無法預測政府會給予什麼。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, guys. Just one for me. George, you may have covered some of this -- in all of the Public Cloud context that you've given us. But just GenAI, right, in hyperscale as those builds grow, things like GenAI video continue -- well, continue to begin to really become prominent. Does that -- like how does that impact the value of your software?

是的，夥計們。對我來說只有一個。喬治，您可能已經涵蓋了其中的一些內容——在您提供給我們的所有公有雲環境中。但是，隨著 GenAI 在超大規模中的發展，GenAI 視頻等將繼續 — — 好吧，繼續開始真正變得突出。這對您的軟體價值有何影響？

And if that really amplifies that whole dynamic just hyperscale data centers, GenAI adoption in video just because I know it's here to compete incentives. How might that -- and it requires a lot of storage, how might that impact your software business there?

如果這真的能擴大整個動態，那麼超大規模資料中心、GenAI 在影片中的應用只是因為我知道它在這裡是為了競爭激勵。這會怎樣？它需要大量的儲存空間，這會對您在那裡的軟體業務產生什麼影響？

Yeah. Listen, I think -- thanks for the question. Listen, I think that we see a lot of clients wanting to use their data with a broad range of tools the hyperscalers are obviously one of the set of tool chains that they want to use. And so we have a unique position to bring enterprise data to the hyperscaler platform. And because of our flexibility and do so more and more people are choosing us.

是的。聽著，我想──謝謝你的提問。聽著，我認為我們看到很多客戶希望使用各種各樣的工具來使用他們的數據，超大規模顯然是他們想要使用的工具鏈之一。因此，我們擁有將企業資料帶入超大規模平台的獨特優勢。由於我們的靈活性，越來越多的人選擇我們。

So we had a few different wins this quarter. I'll talk about a gaming company that is building an AI-powered ultra real estate game development environment. And they wanted to have a mix of on-prem and public cloud because they're developers operate in different parts of the world and all of that, and we were chosen because of our hybrid use cases.

因此，本季我們取得了一些不同的勝利。我將談論一家正在建立由人工智慧驅動的超級房地產遊戲開發環境的遊戲公司。他們希望將本地部署和公有雲結合起來，因為他們的開發人員在世界各地開展業務，而我們則因為我們的混合用例而被選中。

With regard to the growth of data related to AI, the inferencing use cases start to generate a lot of data. First, from vectorization of data where when you take text or video and then convert it into these granular numerical representations of that, you can get much, much larger amounts of data that are created.

隨著與人工智慧相關的數據的成長，推理用例開始產生大量數據。首先，從資料向量化來看，當您獲取文字或影片然後將其轉換為這些細粒度的數位表示時，您可以獲得大量創建的資料。

And then the second is multimodal data sets obviously get richer and richer, and so you will see data growth. It's early, so I don't want to predict the outcome there. But if you look at the proof of concepts that we have going on with clients, there is clear indication of data growth in those proof of concepts.

第二，多模式資料集顯然變得越來越豐富，因此你會看到資料成長。現在還為時過早，所以我不想預測結果。但是，如果您看一下我們與客戶進行的概念驗證，您會發現這些概念驗證中資料明顯成長的跡象。

That's great. I appreciate it. Thanks.

那太棒了。我很感激。謝謝。

Thank you.

謝謝。

Thank you, Ananda. Next question.

謝謝你，阿南達。下一個問題。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Yes. Thank you. I wanted to -- got a couple of questions. First is the 150 AI wins in the quarter. I believe that's up from 100 last quarter, and it sounds like 30% from a year ago. Have you seen your AI win rate go up? Or is this just a reflection of an increase in deal flow -- AI deal flow?

是的。謝謝。我想問幾個問題。首先是本季的150場AI勝利。我相信這個數字比上一季的 100 有所上升，而且聽起來比一年前增加了 30%。您是否發現 AI 的勝率上升了？或者這只是交易流量增加的反映——人工智慧交易流量？

I think, first of all, the 5x number that we are talking -- that we mentioned in the call is related to revenue and dollars, not customers, that being said, your comment about acceleration from approximately 100 wins is accurate.

我認為，首先，我們在電話會議中提到的 5 倍數字與收入和美元有關，而不是客戶，話雖如此，您關於從大約 100 場勝利加速的評論是準確的。

We feel very good about our competitive position. Our win rates are very, very strong. And I think what we are pushing our sales teams to do is to engage in more and more opportunities. Clearly, the range of tools that we have made available to them to compete is much larger, right?

我們對自己的競爭地位感到非常滿意。我們的勝率非常非常高。我認為我們正在推動我們的銷售團隊去做的事情是抓住越來越多的機會。顯然，我們為他們提供的競爭工具範圍要廣泛得多，對嗎？

We have a fully refreshed high-performance all-flash storage portfolio. We've got certification across a broad range of technologies. We've got integrated reference full stack architectures, and we have a growing amount of AI integration, both with application providers as well as with hyperscaler providers and with NVIDIA's tool chain. So we want more deals to compete in because our win rate is really high, and we are giving our sales teams a lot more tools to compete.

我們擁有全面更新的高效能全快閃儲存產品組合。我們已獲得廣泛技術領域的認證。我們擁有整合的參考全端架構，我們與應用程式提供者、超大規模提供者以及 NVIDIA 工具鏈的 AI 整合日益增加。因此，我們希望獲得更多的交易機會，因為我們的勝率非常高，而且我們為銷售團隊提供了更多的競爭工具。

Okay. Great. Thank you. And then other question here is for Wissam. I'm not sure if you talked about it, but can you just discuss what was the FX impact in the quarter? And what was your expectations for fiscal year '26?

好的。偉大的。謝謝。這裡的另一個問題是針對 Wissam 的。我不確定您是否談論過這個問題，但您能否討論一下本季的外匯影響是什麼？您對 26 財年的期望是什麼？

Yeah, sure. So for Q4, the FX impact was minimal. It's sub 1%. So it's not worth mentioning. And for the fiscal year '26, it's reflecting in the guidance.

是的，當然。因此對於第四季而言，外匯影響微乎其微。低於 1%。所以不值得一提。對於 26 財年，這一點已在指導中得到體現。

So we typically use the predominant FX rates, let's say, for when we project. And so we'll be talking about it more as the year progresses, I would say, when we start seeing actuals.

因此，我們在進行預測時通常會使用主要的外匯匯率。因此，我想說，隨著時間的推移，當我們開始看到實際情況時，我們將更多地談論它。

So I believe that should be at least about a 100-basis-point positive tailwind. Is that correct?

因此我相信這應該至少是一個約 100 個基點的正向順風。對嗎？

No. Sorry, with respect -- what I said with respect to Q4 is that the impact is much less than 100 basis points. So it's like de minimis. That's why I didn't want to -- I didn't mention it. But I did not give any numbers for FY26.

不。抱歉，就第四季而言，我所說的影響遠低於 100 個基點。所以這就像是最低限度的事情。這就是為什麼我不想——我沒有提到它。但我沒有給出 26 財年的任何數字。

Yeah. I guess I was referring for respect to fiscal year '26. Given current rates, that should be at least a 100-basis-point positive impact. Is that not correct?

是的。我想我指的是 26 財年。考慮到當前利率，這應該至少產生 100 個基點的正面影響。這難道不正確嗎？

Look, this is your calculation that -- I mean -- I won't comment on that.

看，這是你的計算——我的意思是——我不會對此發表評論。

Lou Miscioscia, Daiwa.

Lou Miscioscia，大和。

Okay. Thanks for fitting me in essence of time, I'll keep it to just one question. George, you talked us going back a while ago, maybe a year that are going to take time for AI to really ramp up? And obviously, you've given full year guidance for this year. But do you think that as we get to the following year, I'm not really looking for guidance.

好的。感謝您抽出時間回答我的問題，我只會回答一個問題。喬治，你剛剛跟我們說過，也許人工智慧需要一年的時間才能真正發展？顯然，您已經給出了今年的全年指導。但是您是否認為，當我們進入下一年時，我並不是真正尋求指導。

With inference really starting to ramp with enterprise is starting to buy AI servers that will get a step function of growth for storage due to AI. Let's maybe say, calendar '26, either first half or second half or something?

隨著推理真正開始蓬勃發展，企業開始購買人工智慧伺服器，而人工智慧將使儲存量實現階躍增長。我們可以說，26 年曆，上半年或下半年或什麼的？

Listen, what we've said is that we believe the real value of AI is it is to grow at the rate that is growing, has to deliver business impact to organizations, right? And I think that business impact really comes from the use of tool chains for inferencing and reasoning models and Agentic AI.

聽著，我們說過，我們相信人工智慧的真正價值在於它以不斷增長的速度成長，必須為組織帶來業務影響，對嗎？我認為業務影響實際上來自於推理和推理模型以及 Agentic AI 的工具鏈的使用。

I think the overall AI market has been in the -- hey, we're going to get the large language models, which I think are like enabling tools ready. And we are now starting to see some of those tools get implemented in use cases for the enterprise. Of course, you know that some of those use cases are more mature than others.

我認為整個人工智慧市場已經處於——嘿，我們將獲得大型語言模型，我認為這就像準備好的工具一樣。我們現在開始看到其中一些工具在企業用例中實施。當然，您知道其中一些用例比其他用例更成熟。

I think what we have seen in our business is the first phase of the enterprises getting ready to use AI, which is, hey, I got to get my data infrastructure in a good place. I want to unify my data. I want to catalog it. I want to know lineage, I want to have privacy control. We are seeing that.

我認為我們在業務中看到的是企業準備使用人工智慧的第一階段，也就是說，我必須將我的資料基礎設施放在一個好的位置。我想統一我的數據。我想對它進行分類。我想要了解血統，我想要擁有隱私控制。我們正在見證這一點。

It's in the early phases of the large enterprise, and we see that expanding quarter by quarter, there are more enterprises engaged in those discussions with us. With regard to how it plays out, it really, really depends on the business value and impact that these use cases have on the enterprise.

它處於大型企業的早期階段，我們看到它逐季度擴大，並且有更多的企業與我們進行這些討論。至於它如何發揮作用，實際上取決於這些用例對企業的商業價值和影響。

Obviously, if they are transformative business value, there will be super rapid adoption, and you can see that over the next 12 to 18 months. But I'm not the expert on the business value, right? We got to wait and see what our clients tell us about the impact on that.

顯然，如果它們具有變革性的商業價值，那麼就會被迅速採用，你可以在未來 12 到 18 個月內看到這一點。但我不是商業價值的專家，對嗎？我們必須等待，看看我們的客戶會告訴我們什麼影響。

Okay. Good luck on the next fiscal year.

好的。祝你下個財政年度好運。

Thank you so much.

太感謝了。

Thanks, Lou. I'll turn it over to George for some closing comments.

謝謝，盧。我將把話題交給喬治，請他發表一些結束語。

Thank you to our customers, partners, employees, and investors for your continued support. Fiscal year '25 marked many all-time lines, all-flash, Public Cloud, Keystone support and total revenue gross and operating profit, operating margin, net income, and EPS.

感謝我們的客戶、合作夥伴、員工和投資者的持續支持。25 財年標誌著許多歷史性的突破，包括全快閃、公有雲、Keystone 支援以及總收入、毛利和營業利潤、營業利潤率、淨收入和每股收益。

I believe we've reached an inflection point where the growth of all-flash systems and Public Cloud services, bolstered by the ongoing development of the enterprise AI market, will drive sustained growth. We are entering FY26 following a year of market share gains equipped with the strongest portfolio in the company's history and a clear alignment of our value proposition with customer needs.

我相信我們已經到達了一個轉折點，在企業人工智慧市場持續發展的推動下，全快閃系統和公有雲服務的成長將推動持續成長。在經歷了市場份額不斷增長的一年之後，我們即將進入 26 財年，擁有公司歷史上最強大的產品組合，並且我們的價值主張與客戶需求明確保持一致。

Looking forward, we believe our focus and strong execution will lead to even more company records in FY26 and beyond.

展望未來，我們相信我們的專注和強大的執行力將使公司在 26 財年及以後創造更多記錄。

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

通話現已結束。感謝您參加今天的演講。您現在可以斷開連線。