NetApp Inc (NTAP) 2026 Q1 法說會逐字稿

Hi, everyone. Thanks for joining us. With me today are our CEO, George Kurian, and CFO, WissamJabre. 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。今天和我一起的有我們的執行長 George Kurian 和財務長 WissamJabre。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 second quarter and fiscal year 2026; our expectations regarding future revenue, profitability and shareholder returns; and other growth initiatives and strategies. These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially.

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 年第二季度和財年的指導；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。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。

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.

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.

現在我將把電話轉給喬治。

Thanks, Kris. Good afternoon, everyone. Thank you for joining us. We delivered a solid start to fiscal year 2026, achieving revenue of $1.56 billion, above the midpoint of our guidance range. As anticipated, robust performance in the Americas enterprise offset year-over-year declines in US Public Sector and EMEA. This success was fueled by strong demand for our all-flash offerings, first-party and marketplace cloud storage services, and AI solutions.

謝謝，克里斯。大家下午好。感謝您加入我們。我們為 2026 財年取得了良好的開端，實現了 15.6 億美元的收入，高於我們指導範圍的中點。正如預期的那樣，美洲企業的強勁表現抵消了美國公共部門和歐洲、中東和非洲地區同比下滑的影響。這項成功得益於對我們的全快閃產品、第一方和市場雲端儲存服務以及人工智慧解決方案的強勁需求。

By maintaining an unwavering focus on helping customers with their top priorities, we are driving success in a dynamic market. While we continue to observe some macro-related spending caution, the emerging enterprise AI market is driving urgency among customers to modernize data infrastructure, advance cloud transformations, and bolster cyber resiliency. The data infrastructure demands of AI applications are complex and relentless, involving the need to unify, search and organize massive volumes of data scattered across multiple silos, on premises and in the cloud.

透過始終如一地專注於幫助客戶解決他們的首要任務，我們正在充滿活力的市場中取得成功。雖然我們繼續觀察到一些與宏觀相關的支出謹慎態度，但新興的企業人工智慧市場正在推動客戶對資料基礎設施現代化、推進雲端轉型和增強網路彈性的迫切性。人工智慧應用對資料基礎設施的需求是複雜且持續的，涉及需要統一、搜尋和組織分散在多個孤島、本地和雲端的海量資料。

Legacy architectures are increasingly becoming bottlenecks, limiting the ability to scale and adapt to new requirements. Organizations are turning to NetApp for data solutions that deliver competitive advantage and operational efficiencies. Our unified data architecture, capable of handling any data type anywhere, empowers customers to break down silos, eliminate complexity, and accelerate their AI journeys. Customers seeking to build future-proof, AI-ready infrastructure choose NetApp.

傳統架構日益成為瓶頸，限制了擴展和適應新需求的能力。各組織正在向 NetApp 尋求能夠提供競爭優勢和營運效率的數據解決方案。我們的統一數據架構能夠在任何地方處理任何類型的數據，使客戶能夠打破孤島、消除複雜性並加速他們的人工智慧之旅。尋求建立面向未來、支援 AI 的基礎架構的客戶選擇了 NetApp。

In Q1, we secured a number of wins highlighting the unique benefits of our intelligent data infrastructure platform powered by ONTAP as customers modernize their data infrastructure. For example, a leading global bank turned to NetApp to manage massive amounts of highly sensitive structured and unstructured data. The customer needed a centralized hybrid cloud data lake to be the foundational source for its AI initiatives, with stringent requirements for cyber resiliency and data protection. Our ability to deliver a secure, high performance, scalable platform with unified management, supporting all data types and spanning both cloud and environments made NetApp the clear choice.

在第一季度，我們取得了許多勝利，突顯了由 ONTAP 提供支援的智慧資料基礎設施平台在客戶實現資料基礎設施現代化過程中的獨特優勢。例如，一家全球領先的銀行求助於 NetApp 來管理大量高度敏感的結構化和非結構化資料。客戶需要一個集中式混合雲端資料湖作為其人工智慧計畫的基礎來源，並對網路彈性和資料保護提出嚴格的要求。我們能夠提供安全、高效能、可擴展的平台，具有統一的管理，支援所有資料類型，並跨越雲端和環境，這使得 NetApp 成為明智的選擇。

In Q1, our all-flash array revenue grew 6% year over year to $893 million, an annualized run rate of $3.6 billion. Exiting Q1, 45% of systems in our installed base under active support contracts are all-flash. Healthy customer engagement and strong interest in our unified and block-optimized all-flash storage portfolio have enabled us to displace competitive all-flash and hybrid-flash footprints. This strength propelled us to the number one position in the all-flash array market for calendar Q1 2025, as reported by IDC.

第一季度，我們的全快閃陣列營收年增 6%，達到 8.93 億美元，年化營運率為 36 億美元。截至第一季度，我們已安裝的系統（根據有效支援合約）中有 45% 都是全快閃的。良好的客戶參與度以及對我們統一且區塊優化的全快閃儲存產品組合的濃厚興趣使我們能夠取代競爭性的全快閃和混合快閃記憶體足跡。根據 IDC 的報告，這一優勢使我們在 2025 年第一季的全快閃陣列市場中佔據第一的位置。

Let me share a couple of examples that highlight why customers are moving to NetApp. In Q1, an aerospace company selected us to replace a competitor’s footprint. With ONTAP-based all-flash arrays, the customer gained cutting edge security, and performance for its defense initiatives with consistent data management across multiple data types and domains, streamlining operations, boosting productivity, and enhancing security, data protection, and resilience against cyber threats.

讓我分享幾個例子來說明客戶轉向 NetApp 的原因。在第一季度，一家航空航太公司選擇我們來取代競爭對手的足跡。借助基於 ONTAP 的全快閃陣列，客戶獲得了尖端的安全性和效能，可實現跨多種資料類型和領域的一致資料管理，從而簡化營運、提高生產力並增強安全性、資料保護和抵禦網路威脅的能力。

Another example from Q1 is a UK-based financial services firm that replaced a competitor’s storage infrastructure with our block-optimized all-flash arrays. The customer selected NetApp for our enterprise data management capabilities, which helped enable them to secure, protect, and efficiently store sensitive client data. Our modern data infrastructure also helped the customer achieve its sustainability requirements with better total cost of ownership through rack space consolidation and more efficient power and cooling.

第一季的另一個例子是一家英國金融服務公司，該公司用我們針對區塊優化的全快閃陣列取代了競爭對手的儲存基礎設施。客戶選擇 NetApp 是因為我們的企業資料管理功能，這有助於他們保護、有效率地儲存敏感的客戶資料。我們現代化的資料基礎設施也透過機架空間整合和更有效率的電力和冷卻，幫助客戶以更低的整體擁有成本實現其永續性要求。

In Q1, we delivered enhancements to each of our first-party cloud storage services, increasing their value to customers and expanding our technology leadership. Our natively integrated services enable customers to discover, deploy, and manage storage seamlessly alongside other native services. This integration puts us in front of customers at the point of workload design, ties to hyperscaler committed spend, benefits from hyperscaler seller incentives, and reduces procurement and operational friction.

在第一季度，我們對每項第一方雲端儲存服務進行了增強，提高了它們對客戶的價值並擴大了我們的技術領先地位。我們原生整合的服務使客戶能夠與其他原生服務無縫地發現、部署和管理儲存。這種整合使我們在工作負載設計時處於客戶面前，與超大規模承諾的支出掛鉤，受益於超大規模賣家的激勵，並減少了採購和營運摩擦。

In addition to a seamless customer experience, our cloud storage services deliver the performance, cost efficiency, data protection, cybersecurity, multiprotocol support, and hybrid multi-cloud capabilities of ONTAP. Our native integration and advantages over other cloud storage services are driving strong win rates in enterprisecritical workloads. Our highly differentiated first party and marketplace cloud storage services continue to deliver rapid growth, increasing 33% from Q1 a year ago.

除了無縫的客戶體驗之外，我們的雲端儲存服務還提供 ONTAP 的效能、成本效益、資料保護、網路安全、多協定支援和混合多雲功能。我們的原生整合和優於其他雲端儲存服務的優勢正在推動企業關鍵工作負載的強勁成功率。我們高度差異化的第一方和市場雲端儲存服務持續快速成長，較去年第一季成長 33%。

In the first quarter, Public Cloud Services, again, served as a strong engine for new customer acquisition. A leading energy company migrated from its VMware environment to VMware Cloud on AWS and FSx for NetApp ONTAP. After experiencing ONTAP’s rich feature set, this first-time NetApp customer decided to expand its use of FSxN for AI and other workloads. A global technology provider migrated from a competitor’s environment to NetApp block storage in the cloud for its database environment.

第一季度，公有雲服務再次成為吸引新客戶的強大引擎。一家領先的能源公司從其 VMware 環境遷移到 AWS 上的 VMware Cloud 和 NetApp ONTAP 的 FSx。在體驗了 ONTAP 豐富的功能集之後，這位首次成為 NetApp 客戶的客戶決定擴展 FSxN 在 AI 和其他工作負載中的使用。一家全球技術供應商將其資料庫環境從​​競爭對手的環境遷移到雲端的 NetApp 區塊儲存。

The customer chose NetApp for our ability to seamlessly move data across multiple clouds, as well as our robust data protection capabilities. NetApp helped enhance the customer’s data security, disaster recovery posture, and operational efficiency. We are already in discussions to expand their usage of our cloud services into new areas.

客戶選擇 NetApp 是因為我們能夠在多個雲端之間無縫移動數據，並且具有強大的資料保護功能。NetApp 協助提高了客戶的資料安全性、災難復原能力和營運效率。我們已在討論將我們的雲端服務使用範圍擴展到新的領域。

Just as we have empowered enterprises to harness public and hybrid cloud environments, we are now helping them achieve faster time to value in their AI journeys. Enterprises are beginning to explore and deploy inferencing workloads, shifting demand from proofs of concept to transformational initiatives, which require comprehensive analysis of data sets across the enterprise. Achieving business outcomes from AI investments is our customers’ and our priority.

正如我們幫助企業利用公有和混合雲環境一樣，我們現在正在幫助他們在人工智慧之旅中更快實現價值。企業開始探索和部署推理工作負載，將需求從概念驗證轉向轉型計劃，這需要對整個企業的資料集進行全面分析。透過人工智慧投資實現業務成果是我們的客戶和我們的首要任務。

Unlike training environments, successful enterprise AI deployments require more than just performance and scale. They demand unified data management, enterprise-grade data protection, production-scale reliability, hybrid-multicloud integration, and the ability to consolidate data without compromising privacy or security.

與訓練環境不同，成功的企業 AI 部署需要的不僅僅是效能和規模。他們要求統一的資料管理、企業級資料保護、生產規模的可靠性、混合多雲整合以及在不損害隱私或安全的情況下整合資料的能力。

Our AI solutions are designed to truly unify enterprise data, delivering outstanding performance and scale while also seamlessly meeting all these critical requirements. This positions us exceptionally well to address the evolving needs of our customers.

我們的 AI 解決方案旨在真正統一企業數據，提供出色的效能和規模，同時無縫滿足所有這些關鍵要求。這使我們能夠很好地滿足客戶不斷變化的需求。

In Q1, we closed approximately 125 AI infrastructure and data lake modernization deals across various geographies, industries, and use cases. We further expanded our AI ecosystem in Q1. We introduced the AIPod Mini with Intel to address the cost and complexity of deploying AI at the department and team level. Additionally, we completed the NetApp reference architecture for NVIDIA Cloud Partners, providing ultra-high performance with the richness of NetApp’s hyperscaler proven data management.

在第一季度，我們完成了約 125 項涉及不同地區、產業和用例的人工智慧基礎設施和資料湖現代化交易。我們在第一季進一步擴展了我們的人工智慧生態系統。我們與英特爾合作推出了AIPod Mini，以解決部門和團隊層級部署AI的成本和複雜性。此外，我們也為 NVIDIA 雲端合作夥伴完成了 NetApp 參考架構，透過 NetApp 經過驗證的超大規模資料管理的豐富功能提供超高效能。

This collaboration allows AI service providers to deliver scalable, high-performance, enterprise-grade data services by combining ONTAP’s advanced data management with NVIDIA’s compute and networking platforms, delivering consistent governance, multi-tenancy, and security across hybrid and multi-cloud environments. Our conversations with customers about AI infrastructure have intensified, with organizations recognizing the critical role that data plays.

此次合作使 AI 服務供應商能夠透過將 ONTAP 的先進資料管理與 NVIDIA 的運算和網路平台結合，提供可擴展、高效能的企業級資料服務，在混合和多雲環境中提供一致的治理、多租戶和安全性。我們與客戶關於人工智慧基礎設施的對話愈演愈烈，各組織都認識到數據所扮演的關鍵角色。

Notable AI wins in Q1 included a leading automaker that chose NetApp to efficiently manage the massive data volumes essential for training advanced AI models and for building an autonomous vehicle software stack. NetApp’s data governance, security, and auto-tiering capabilities were key factors in this customer selecting us as the data infrastructure for their NVIDIA SuperPOD deployment.

第一季人工智慧領域的顯著成果包括一家領先的汽車製造商選擇 NetApp 來有效管理訓練高級人工智慧模型和建立自動駕駛汽車軟體堆疊所必需的大量資料。NetApp 的資料治理、安全性和自動分層功能是該客戶選擇我們作為其 NVIDIA SuperPOD 部署的資料基礎架構的關鍵因素。

Another example showcases our capabilities for service providers. A large sovereign cloud provider selected NetApp for their AI as a Service platform to support large LLM providers and AI development companies. Critical factors in this win included our certification with NVIDIA Cloud Partners, confirming compatibility and performance for AI workloads, and our secure multi-tenancy, delivering storage and data isolation with assured high-performance SLAs for each tenant in a shared environment.

另一個例子展示了我們為服務提供者提供的能力。一家大型主權雲端供應商選擇 NetApp 作為其 AI 即服務平台，以支援大型 LLM 供應商和 AI 開發公司。此次勝利的關鍵因素包括我們獲得了 NVIDIA 雲端合作夥伴的認證，確認了 AI 工作負載的兼容性和效能，以及我們的安全多租戶，為共享環境中的每個租戶提供儲存和資料隔離以及有保證的高效能 SLA。

Looking ahead, we remain committed to executing our innovation roadmap and are building on a position of strength. We have taken the number one position in the all-flash market by helping customers modernize with cutting-edge data infrastructure and industry-leading cyber resilience for storage. Our highly differentiated cloud services enable hybrid and multicloud transformations. And we are well-positioned and growing in the emerging area of enterprise AI.

展望未來，我們將繼續致力於執行我們的創新路線圖，並鞏固優勢地位。我們透過幫助客戶利用尖端資料基礎設施和業界領先的網路儲存彈性實現現代化，在全快閃市場佔據了第一的位置。我們高度差異化的雲端服務支援混合雲和多雲轉型。我們在企業人工智慧這一新興領域佔據有利地位並且不斷發展。

I am excited about the advantages we bring to customers in these critical areas. Our commitment to delivering customer value with the industry’s best products and cloud services is unwavering. Our focused strategy is delivering share gains, and our teams are energized and executing with discipline. I hope to see you all this October at our NetApp INSIGHT customer conference where we will unveil more pioneering innovation for the era of data and intelligence.

我很高興我們在這些關鍵領域為客戶帶來的優勢。我們堅定不移地致力於透過業界最好的產品和雲端服務為客戶創造價值。我們的重點策略是實現份額成長，我們的團隊充滿活力並嚴格執行紀律。我希望今年 10 月在我們的 NetApp INSIGHT 客戶大會上見到大家，我們將在會上揭曉更多數據和智慧時代的開創性創新。

I’ll now turn it over to Wissam.

現在我將把發言權交給 Wissam。

Thanks, George. And good afternoon, everyone. As a reminder, all numbers discussed are non-GAAP, unless otherwise noted. We delivered a strong quarter, exceeding the midpoint of our revenue and EPS guidance ranges. As expected, first quarter revenue was driven by strength in the Americas enterprise offsetting softness in US public sector and EMEA.

謝謝，喬治。大家下午好。提醒一下，除非另有說明，所有討論的數字都是非 GAAP。我們本季業績表現強勁，超過了營收和每股盈餘預期範圍的中點。正如預期的那樣，第一季的收入受到美洲企業的強勁推動，抵消了美國公共部門和歐洲、中東和非洲地區的疲軟。

Total revenue for Q1 came in above the midpoint of our guidance at $1.56 billion, up 1% year over year. Excluding the divested Spot business, which generated $23 million of revenue in Q1 2025, total revenue was up 3% year on year. The effect of foreign currency exchange rates was favorable to revenue growth by approximately 1 percentage point year on year, though it was immaterial relative to guidance.

第一季的總收入高於我們預期的中位數，達到 15.6 億美元，年增 1%。不包括剝離的 Spot 業務（該業務在 2025 年第一季創造了 2,300 萬美元的收入），總收入年增 3%。外匯匯率的影響有利於收入成長約 1 個百分點，儘管相對於指導而言並不重要。

Q1 Hybrid Cloud revenue of $1.40 billion was up 1% year over year, driven by Support revenue of $647 million growing 3%; and Professional Services revenue of $97 million growing 18%. Keystone, our differentiated storage-as-a-service offering, which was up approximately 80% compared to the same period last year, drove the growth in Professional Services revenue. Product revenue of $654 million was down 2% year over year.

第一季混合雲收入為 14 億美元，年增 1%，其中支援收入為 6.47 億美元，成長 3%；專業服務收入為 9,700 萬美元，成長 18%。我們的差異化儲存即服務產品 Keystone 與去年同期相比成長了約 80%，推動了專業服務收入的成長。產品營收 6.54 億美元，年減 2%。

Public Cloud revenue of $161 million increased 1% year over year. Excluding Spot, Public Cloud revenue was up 18% year over year. We ended Q1 with $4.53 billion in deferred revenue, up 9% year over year and 6% year over year in constant currency.

公有雲營收 1.61 億美元，年增 1%。不包括 Spot，公有雲收入年增 18%。我們第一季的遞延營收為 45.3 億美元，年增 9%，以固定匯率計算年增 6%。

Q1 Remaining Performance Obligations were $4.94 billion, up 11%. Unbilled RPO, a key indicator of future Keystone revenue, was $415 million, up 40% year over year. Q1 consolidated gross margin improved by 1.6 percentage points sequentially to 71.1%.

第一季剩餘履約義務為 49.4 億美元，成長 11%。未開票 RPO（Keystone 未來營收的關鍵指標）為 4.15 億美元，年增 40%。第一季綜合毛利率較上季提高1.6個百分點至71.1%。

Hybrid Cloud gross margin was 70.0%, up 1.6 percentage points sequentially due to favorable mix of highly profitable support revenue. Product gross margin was 54.0%. Our recurring support business continues to be highly profitable, with gross margin of 92.3%, and Professional Services gross margin was 29.9%, driven by Keystone. Public Cloud gross margin was 80.1%, up 80 basis points sequentially and 9 percentage points year over year.

混合雲毛利率為 70.0%，季增 1.6 個百分點，這得益於高利潤支持收入的良好組合。產品毛利率為54.0%。我們的經常性支援業務持續保持高利潤，毛利率達 92.3%，專業服務毛利率為 29.9%，這主要得益於 Keystone 的推動。公有雲毛利率為80.1%，較上一季成長80個基點，較去年同期成長9個百分點。

Our Public Cloud business was at the high-end of the 75% to 80% long-term target range in Q1. We are confident that Public Cloud gross margin will continue to improve and are increasing the long-term gross margin target range for this business to 80% to 85%.

我們公有雲業務在第一季達到了 75% 至 80% 的長期目標範圍的高端。我們相信公有雲毛利率將繼續提高，並將該業務的長期毛利率目標範圍提高至 80% 至 85%。

Operating expenses of $707 million were down 1% year over year, despite the unfavorable impact of foreign currency exchange rates, and flat from Q4 2025. Q1 operating profit was $401 million, operating margin was 25.7%, and diluted EPS was $1.55, all aligned with our expectations. We had a strong cash quarter with Q1 records for both cash flow from operations of $673 million and free cash flow of $620 million. This was mainly driven by working capital improvement.

儘管受到外匯匯率的不利影響，但營運費用為 7.07 億美元，年減 1%，與 2025 年第四季持平。第一季營業利潤為 4.01 億美元，營業利潤率為 25.7%，稀釋每股收益為 1.55 美元，均符合我們的預期。本季我們的現金流表現強勁，第一季的營運現金流和自由現金流均創歷史新高，分別達到 6.73 億美元和 6.2 億美元。這主要是由於營運資金改善所致。

During the first quarter, we redeemed the senior notes due in June 2025 for $757 million, which comprised principal and interest. We also returned $404 million of capital to our shareholders with $300 million in share repurchases and $104 million paid in dividends of $0.52 per share.

第一季度，我們贖回了 2025 年 6 月到期的優先票據，金額為 7.57 億美元，包括本金和利息。我們也向股東返還了 4.04 億美元的資本，其中 3 億美元用於股票回購，1.04 億美元用於每股 0.52 美元的股息支付。

Q1 diluted share count of 203 million was down 9 million shares, or 4% year over year. Our balance sheet remains strong. We ended the quarter with $3.3 billion in cash and short-term investments and $2.5 billion in total debt, resulting in a net cash position of approximately $840 million.

第一季稀釋股數為 2.03 億股，較去年同期減少 900 萬股，降幅為 4%。我們的資產負債表依然強勁。本季末，我們的現金和短期投資為 33 億美元，總債務為 25 億美元，淨現金狀況約為 8.4 億美元。

Now turning to guidance, starting with Q2. We expect revenue to be $1.69 billion, plus or minus $75 million. This implies 2% growth year over year at the midpoint. Excluding the divested Spot business from the year ago comparison, our revenue guidance implies 3% growth.

現在轉向指導，從第二季開始。我們預計營收為 16.9 億美元，上下浮動 7,500 萬美元。這意味著中期同比增長 2%。不包括去年同期剝離的現貨業務，我們的收入預期意味著 3% 的成長。

We expect Q2 consolidated gross margin to be 71%, plus or minus 0.5%, and operating margin to be in the range of 28% to 29%. Diluted EPS is expected to be between $1.84 and $1.94 with a midpoint of $1.89.

我們預期第二季綜合毛利率為 71%，上下浮動 0.5%，營業利益率介於 28% 至 29% 之間。預計稀釋每股收益在 1.84 美元至 1.94 美元之間，中間值為 1.89 美元。

Turning now to full year 2026. We are pleased with the solid start to the year and remain confident in our strong portfolio, as well as our ability to execute in a dynamic environment. We are reiterating our full year guidance and expect fiscal year 2026 total revenue to be between $6.625 and $6.875 billion, which at the $6.75 billion midpoint, reflects 3% growth year over year.

現在展望 2026 年全年。我們對今年的良好開局感到滿意，並對我們強大的產品組合以及在動態環境中的執行能力充滿信心。我們重申全年指引，預計 2026 財年總收入將在 66.25 億美元至 68.75 億美元之間，以 67.5 億美元的中間值計算，年增 3%。

Excluding Spot, revenue guidance implies 4% growth year over year. We expect diluted EPS in the range of $7.60 to $7.90, for a midpoint of $7.75. In closing, as we look to the remainder of fiscal year 2026, we are focused on executing our strategy, capitalizing on our growing opportunities, enhancing profitability and free cash flow, and consistently delivering value to our customers and shareholders.

不包括現貨，收入預期意味著年增 4%。我們預計稀釋每股收益將在7.60美元至7.90美元之間，中間值為7.75美元。最後，展望2026財年剩餘時間，我們將專注於執行策略，掌握成長機會，提升獲利能力和自由現金流，並持續為客戶和股東創造價值。

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。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Hi, thanks for taking my question. Wissam, the first question is for you. Also, actually revenue growth is decelerating from double digits to just 5% now. Is it pricing or demand or something else?

是的。你好，謝謝你回答我的問題。Wissam，第一個問題是問你的。此外，實際上營收成長率正從兩位數下降到現在的僅 5%。是定價、需求還是其他？

And along the same path, the product gross margins are also down even when compared to similar all-flash revenue levels around $900 million. Is this due to non-pricing or what is driving it and how you think about product growth modules going forward? And then I have a long-term follow up for George.

而沿著同樣的路徑，即使與類似的全快閃收入水準（約 9 億美元）相比，產品毛利率也有所下降。這是由於非定價原因還是其他因素導致的？您如何看待未來的產品成長模組？然後我會對喬治進行長期追蹤。

Yeah. Thanks, Krish. Look, the dynamics that drove the all-flash revenue were very much what we had said earlier in the quarter when we guided a very much similar to what we also said in our prepared remarks. The -- we did experience some softness in the US Public Sector, and a much lesser extent, EMEA. While it was offset by the Americas, that sort of drove the dynamics on seeing all-flash growing slightly lower than previous quarters, but this was already sort of anticipated by us.

是的。謝謝，克里什。你看，推動全快閃收入成長的動力與我們在本季早些時候所說的非常相似，當時我們的指導與我們在準備好的評論中所說的非常相似。我們確實經歷了美國公共部門的一些疲軟，而歐洲、中東和非洲地區的情況則輕得多。雖然受到美洲市場的抵消，但這在一定程度上推動了全快閃成長略低於前幾季度，但這已經在我們預料之中。

What I would point out is when you look at the fiscal '25, all-flash grew by mid-teens and we just saw some dynamics in Q1. We anticipate this to basically not continue for the rest of the year.

我想指出的是，當你回顧 25 財年時，全快閃的成長率達到了十幾歲，我們在第一季看到了一些動態。我們預計這種情況在今年剩餘時間內基本上不會持續。

When I look at the second part of your question, in relation to the product gross margin, we had a few dynamics also on the product gross margin. And we -- if you look at it sequentially, we did see costs improved marginally, but we saw mix being unfavorable. We had anticipated a slightly richer mix of high-performance flash versus capacity flash. So that's sort of drove that.

當我查看您問題的第二部分時，關於產品毛利率，我們在產品毛利率方面也有一些動態。如果你按順序來看，我們確實看到成本略有改善，但我們看到組合不利。我們曾預期高效能快閃記憶體與容量快閃記憶體的組合會更加豐富。這就是推動這項進程的原因。

But when you look at the product margin on a year-over-year basis, it's mostly -- the vast majority of it is post related. We did have -- we didn't see a much bigger bigger uptick and flash cost in Q1 '26 versus Q1 '25. So I would say more than 5% points of the 5.9% were driven by the cost dynamic. The rest is very much product and customer mix.

但當你逐年觀察產品利潤時，你會發現其中絕大部分都與貼文有關。我們確實沒有看到 2026 年第一季與 2025 年第一季相比快閃記憶體成本出現更大的上漲。因此我想說，5.9% 中的 5% 以上是由成本動態驅動的。其餘的則主要是產品和顧客組合。

And if I look at the rest of the year, we expect product margin to improve from here. I expect the product margin to continue to improve gradually for the rest of the year. We should be operating in our long term range, which is mid- to high-50% for the rest of the year. And so, that's where, I think, Q1 was very much a low point in terms of the product margin.

如果我展望今年剩餘時間，我們預計產品利潤率將從現在開始提高。我預計今年剩餘時間內產品利潤率將持續逐步提高。我們的營運應該處於長期範圍內，即今年剩餘時間內的營運率為 50% 至 50% 之間。所以，我認為，就產品利潤率而言，第一季處於非常低的水平。

Got. Thanks, and it's very helpful to hear that. And George, I make a long term question for you. It's kind of very encouraging to see enterprises adopting AI and deploying instant workloads. It seems like they've got some proof of concept to production, but can you give a sense of some of the architecture these customers are following? Are they buying more storage or more capacity or more software attached? Any color there on enterprise adoption would be helpful. Thanks a lot, George.

得到。謝謝，聽到這些我很有幫助。喬治，我想問你一個長期的問題。看到企業採用人工智慧並部署即時工作負載，非常令人鼓舞。看起來他們已經獲得了一些生產概念的證明，但是您能否介紹一下這些客戶正在遵循的一些架構？他們是否購買了更多的儲存空間、更大的容量或更多的附加軟體？任何有關企業採用的顏色都會有所幫助。非常感謝，喬治。

We saw three types of winds in the quarter. As we noted in a prepared remarks, we had north of 125 wins for AI in the quarter as compared to 50 a year ago, so strong momentum. The three types of use cases were data lakes, which was about 20% of the total number; there was training, which is either fine tuning a large model or taking a smaller model and customizing it for your enterprise; or building a sovereign cloud model for model training. We thought that was about 45% of the total number. And the remainder were RAG and agentic AI use cases.

本季我們看到了三種類型的風。正如我們在準備好的評論中指出的那樣，本季度我們在人工智慧方面取得了 125 項勝利，而去年同期只有 50 項，因此發展勢頭強勁。這三種類型的用例是資料湖，約佔總數的 20%；有訓練，即對大型模型進行微調或採用較小的模型並為您的企業進行客製化；或建立用於模型訓練的主權雲模型。我們認為這大約佔總數的 45%。其餘的是 RAG 和代理 AI 用例。

For data lakes, it's a typically a combination of flash-based storage for the hot cables and hot data, and a large archive with object storage for the other two, they're anticipating all flash storage.

對於資料湖，它通常是熱電纜和熱資料的基於快閃記憶體的儲存的組合，而另外兩個則是帶有物件儲存的大型檔案，他們預計全快閃儲存。

Got it. Thank you very much, George. It's very helpful.

知道了。非常感謝，喬治。這非常有幫助。

Thank you.

謝謝。

Mehdi Hosseini, Susquehanna International Group

海納國際集團 Mehdi Hosseini

Yes, thanks for taking my question. Two follow-ups for me. First, George, there's the availability of 128-terabyte QLC base NAND, impacting your ability to provide search solution, especially for the AI application.

是的，感謝您回答我的問題。對我來說有兩個後續行動。首先，喬治，128TB QLC 基礎 NAND 的可用性影響了您提供搜尋解決方案的能力，尤其是對於 AI 應用而言。

And the number two, how should we think about the seasonality into the January quarter? I'm not asking for a guide, but given that [ease] perhaps compares have been easy. So should signal is still be a factor looking to generic the quarter? Thank you.

第二，我們該如何看待一月份季度的季節性？我並不是尋求指導，但考慮到 [輕鬆] 也許比較起來很容易。那麼訊號是否仍是本季影響通用性的因素？謝謝。

On the first question, listen, we have a broad range of NAND technologies available to customers, all the way from 15 terabytes super high-performance drives to 60-terabyte QLC drives, and we are working on bigger drive form factors. So we don't feel like we are gated on any of those.

關於第一個問題，聽著，我們為客戶提供廣泛的 NAND 技術，從 15 TB 超高效能驅動器到 60 TB QLC 驅動器，而且我們正在研究更大的驅動器外形。所以我們並不覺得我們在這些方面受到了限制。

I think, as I said in my previous remark, we used the right configuration for whether it's a really high-performance use case, or more of a capacity to use case, or an archival use case.

我認為，正如我在先前的評論中所說的那樣，我們使用了正確的配置，無論它是真正的高效能用例，還是更多的容量用例，還是存檔用例。

With regard to the second question, the seasonality -- listen. We are very confident of the outlook for the year. We are one quarter in. We perform better than we expected at the start of the quarter, and we saw strength, particularly in the America's commercial business, and in several other parts of the world.

關於第二個問題，季節性－聽著。我們對今年的前景非常有信心。我們已經進行了四分之一。我們在本季初的表現優於預期，我們看到了強勁成長，特別是在美國的商業業務以及世界其他幾個地區。

I think that we looked through the rest of the year, we're focused on executing in a corner at a time. They still a decent amount of uncertainty, the external landscape, and we'll guide the year as we see visibility to the full year. So we feel good at the end of one quarter and we'll tell you more at the end of the second quarter.

我認為，我們回顧今年剩餘的時間，我們專注於一次完成一個角落的任務。外部環境仍然存在相當大的不確定性，我們將根據全年的可見性來指導今年的行動。因此，我們在一個季度末感覺良好，我們將在第二季末告訴您更多。

Thank you.

謝謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey, guys. Thank you very much for taking my questions and looking forward to working together with you guys.

嘿，大家好。非常感謝您回答我的問題，並期待與你們合作。

Maybe just to start, George. I'd love to get your viewpoints as you kind of have conversations with your customers or look at your pipeline, when you think about strength in Americas commercial versus weakness in public in EMEA, is that expected to persist? Do you see any of your kind of end market customers maybe inflecting in the second half, for example. Could SMB get better in the second half here in America? We just love to know kind of underlying that guide by end market.

也許這只是開始，喬治。我很想聽聽您的觀點，當您與客戶交談或查看您的管道時，當您考慮美洲商業的優勢與歐洲、中東和非洲地區公眾的劣勢時，這種情況預計會持續下去嗎？例如，您是否認為您的任何終端市場客戶可能會在下半年發生變化？美國中小企業下半年能否好轉？我們只是想知道終端市場背後的指導原則。

How you're thinking about these -- the strengths or weaknesses or acceleration and deceleration of these different end markets? And then a quick follow up. Thanks.

您如何看待這些不同終端市場的優勢、劣勢或加速和減速？然後快速跟進。謝謝。

We had a really strong quarter in the Americas broadly defined as not public sector. This included the largest enterprises, it included the mid-market customer segment as well; excellent execution, strong demand patterns, and a large number of competitive wins. US public sector was very weak in the quarter. I think we were still awaiting budgets to be deployed to agencies.

我們在美洲（廣義指非公共部門）的一個季度表現非常強勁。這包括最大的企業，也包括中型市場客戶群；出色的執行力、強勁的需求模式以及大量的競爭勝利。本季美國公共部門表現非常疲軟。我認為我們仍在等待預算部署到各機構。

We saw a change in the budgets allocated to different types of agencies that we have move resources to where the budgets are. Q2 is typically a strong budget spending quarter for US public sector, and it's smaller part of our overall business in the second half of the fiscal year.

我們看到分配給不同類型機構的預算發生了變化，我們已將資源轉移到預算的位置。第二季度通常是美國公共部門預算支出強勁的季度，但它在我們財政年度下半年的整體業務中所佔的比例較小。

In Europe, we executed well in most countries. We saw softness in UK and in some parts of the large enterprise in Germany. But overall, a lot of our European teams executed well. And in Asia Pacific, again, outside of Australia and New Zealand, our teams have performed well. So the sort of weakness were localized but pronounced in those areas.

在歐洲，我們在大多數國家都表現良好。我們看到英國和德國部分大型企業表現疲軟。但總體而言，我們的許多歐洲團隊表現良好。在亞太地區，除澳洲和紐西蘭之外，我們的團隊也表現出色。因此，這種弱點是局部的，但在這些地區卻很明顯。

Okay. Super helpful. Thank you. And then maybe, Wissam, great to work together again. I would just love to better understand as you think about the gross margin guide for your public cloud business, it's now 80% to 85% versus the 75% to 80% before. Kind of what has changed that influences that view?

好的。超有幫助。謝謝。那麼也許，Wissam，很高興能再次合作。我只是想更好地理解，當您考慮公有雲業務的毛利率指南時，現在是 80% 到 85%，而之前是 75% 到 80%。什麼樣的變化影響了這種觀點？

And clearly, you see that as sustainable. But if you could just unpackage that a little bit to help us understand why that continues to improve? And what influence that change, that would be helpful. Thanks so much.

顯然，您認為這是可持續的。但是，如果您可以稍微解釋一下，以幫助我們理解為什麼情況會持續改善？這種改變會產生什麼影響，會有什麼幫助。非常感謝。

Yeah, thanks, Erik, and good to hear your voice. Look forward to working together. Yeah, on the public cloud front, with it -- look, the business itself has been improving gross margin very steadily and actually at a very fast pace.

是的，謝謝，艾瑞克，很高興聽到你的聲音。期待共同合作。是的，在公有雲方面，業務本身一直在非常穩定地提高毛利率，而且速度非常快。

And this past quarter, we just hit the high end of the prior long-term target range. And looking at where the business is headed, we feel comfortable that 80% to 85% is a good target range for it going forward, and that's why we raised it.

上個季度，我們剛剛達到先前長期目標範圍的高端。看看業務的發展方向，我們認為 80% 到 85% 是未來良好的目標範圍，這就是我們提高這一比例的原因。

The few things I would say, that contribute to that are: one, we're seeing a depreciation roll off for some of the initial installed hardware, so that sort of helps with the margin. In addition, there's more software content in the revenue. And so both of these dynamics will help sort of continue to improve the gross margin going forward.

我想說的促成這一現象的幾件事是：第一，我們看到一些最初安裝的硬體的折舊正在減少，這對利潤率有幫助。此外，收入還包含更多軟體內容。因此，這兩種動態將有助於繼續提高未來的毛利率。

As we think to the rest of the year, and I think I said that also on our call last quarter, we anticipate public cloud gross margin to continue to gradually improve from here. And so I hope this helps unpack it for you.

當我們考慮今年剩餘時間時，我想我在上個季度的電話會議上也說過，我們預計公共雲毛利率將從現在開始繼續逐步提高。我希望這能幫助你解決這個問題。

Yes, thank you guys and best of luck.

是的，謝謝你們，祝你們好運。

Thank you.

謝謝。

Thanks, Erik.

謝謝，埃里克。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hey, thanks for taking my question. I guess, George, just following up on your earlier comments about the activity or engagement you're seeing on the AI side. With your sort of first couple of quarters of the year, you've settled into this sort of nice run rate of AI wins. If you can give any color in terms of the magnitude or size of those deals with your customers?

嘿，謝謝你回答我的問題。我想，喬治，我只是在跟進你之前關於你在人工智慧方面看到的活動或參與的評論。在今年的前幾季中，您已經實現了 AI 勝利的良好運行率。您能否具體說明一下與客戶達成的交易的規模或範圍？

And should we expect the consistent level of new wins as you go through the year? Or is the pipeline telling you that maybe AI wins do absolute as you go through the rest of this fiscal year? Any color on that on both of those fronts, please? And I have a follow-up.

我們是否應該期待您在全年中持續取得新的勝利？或者，這條管道是否告訴你，隨著本財年剩餘時間的推進，人工智慧可能會取得絕對勝利？請問這兩方面有什麼具體情況嗎？我還有一個後續問題。

The wins are quite wide. You could see smaller environments being stood up like an AI center of excellence proof of concept for inferencing or RAG. And then it could be much larger scale. For example, we have very large-scale RAG environments in some of the large financial services firms as well as we have won some big model training environments, which are very large, so that you can put a lot of capacity against a large number of GPUs.

勝利的幅度相當大。您可以看到較小的環境正在建立，例如用於推理或 RAG 的 AI 卓越中心概念驗證。然後它的規模可能會更大。例如，我們在一些大型金融服務公司中擁有非常大規模的 RAG 環境，我們還贏得了一些大型模型訓練環境，這些環境非常大，因此您可以將大量容量投入大量 GPU 上。

We are also beginning to have some significant wins in the AI as a service provider. So this -- it's a wide range. I think we are excited about the fact that we have more than doubled the number of AI wins year-on-year. We are continuing to engage more clients around the world. We are bringing more technologies to that part of the market as we head into our November INSIGHT conference, and we'll tell you more. We should expect that to grow through the course of the year at a steady [clip].

作為一家人工智慧服務供應商，我們也開始取得一些重大勝利。所以這個——範圍很廣。我認為，我們對人工智慧獲勝數量同比增長一倍以上這一事實感到興奮。我們將繼續與世界各地的更多客戶合作。在即將召開的 11 月 INSIGHT 會議中，我們將為該市場領域帶來更多技術，我們將向您透露更多資訊。我們應該預計，全年將穩定成長[夾子]。

Got it. And then just on the guide for the full year here. I mean, it does imply if you grow 3% export in fiscal Q2. You do have a back half that needs to be around mid-single-digit growth. And I think last quarter, you did reference you're working with some customers on large data center modernization deals as well.

知道了。然後這裡只是全年的指南。我的意思是，這確實意味著第二財季出口將成長 3%。你的後半部確實需要達到中等個位數的成長。我認為上個季度您確實提到您正在與一些客戶合作進行大型資料中心現代化交易。

So maybe, what's the visibility in terms of that actuation from the first half into the second half at this point? And does it include any large deals that are in the pipeline to sort of come through to enable you to act that to that more number? Thank you.

那麼，從上半場到下半場，這種驅動力目前看起來如何？其中是否包括任何正在籌備中的大型交易，以便您能夠對更多的數字採取行動？謝謝。

We feel good about the comments we made in the prior call. We are working on a number of different opportunities. I think, Samik, we are one quarter in, in a pretty dynamic environment. We want to take it a quarter at a time and should we have another strong quarter will tell you more about the full year at the end of Q2.

我們對上次通話中提出的評論感到滿意。我們正在努力尋找多種不同的機會。薩米克，我認為，我們已經進入一個季度，處於一個相當活躍的環境中。我們希望按季度來衡量，如果我們再有一個強勁的季度，我們將在第二季末告訴您有關全年的更多資訊。

So I feel good about the year. All of the things that we're working on. We're executing well. We had the softness in US public sector start the year. We're going to see a second quarter through and then the rest of the year, the headwind from USPS continues to be much less.

所以我對今年感覺很好。我們正在做的所有事情。我們執行得很好。今年年初，美國公共部門表現疲軟。我們將看到第二季以及今年剩餘時間裡，來自 USPS 的阻力將繼續小得多。

In terms of large deals, listen, we've had several large deals this quarter. We continue to work several more deals through the course of the year. And we feel confident about those.

就大型交易而言，聽著，我們本季已經達成了幾筆大型交易。我們在今年將繼續達成更多交易。我們對此充滿信心。

Okay, great. Thank you. Thanks for taking the questions.

好的，太好了。謝謝。感謝您回答這些問題。

Thank you.

謝謝。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you. Can you just talk a little bit about some of the variables in that gross margin guide for that might push you lower on a quarter-on-quarter basis. I mean you added 70.5% to 71.5%, which at the low end would be 60 bps lower.

是的，謝謝。您能否簡單談談毛利率指南中的一些變量，這些變量可能會導致您的毛利率環比下降？我的意思是，你將 70.5% 加到 71.5%，最低會低 60 個基點。

But if you expect product gross margins up quarter on quarter, and you've just taken up your range for public cloud gross margins and support is pretty stable, how do you get to sequentially down gross margins in that range? Or is there anything else that I'm not taking into account?

但是，如果您預計產品毛利率會逐季度上升，而且您剛剛確定了公共雲毛利率的範圍，並且支援相當穩定，那麼您如何才能使該範圍內的毛利率連續下降？或者還有什麼我沒有考慮到的？

Hey. Thanks, Wamsi. Just to clarify, we ended Q1 with a gross margin of 71.1%, and we're guiding basically flattish. I think it's back -- at the midpoint is like 10 basis points lower. And so, it's just basically a fluctuation, if you like.

嘿。謝謝，Wamsi。需要澄清的是，我們第一季的毛利率為 71.1%，而我們的預期基本上持平。我認為它又回來了——中間點大約低了 10 個基點。所以，如果你願意的話，這基本上就是一種波動。

But when you think of the various dynamics we expect the -- I would say, directionally, we expect the margins for the various components to improve either stay in line or to improve from here. But then when you look at the mix of revenue product -- typically product revenue is a bigger component when it gets to Q2 and sort of with the mix of revenue itself, you'd expect some headwinds as well.

但是當你考慮到我們預期的各種動態時 - 我想說，從方向上看，我們預計各個組成部分的利潤率將會提高，要么保持不變，要么從現在開始提高。但是當你查看收入產品組合時——通常到第二季度，產品收入佔比會更大，而且就收入組合本身而言，你也會遇到一些阻力。

And so, there isn't anything fundamentally problematic. Actually, we're optimistic and we're confident that margins as I said, for the various components of the revenue should be flat to up from here. It's really the mix of the revenue itself, if that helps.

因此，從根本上來說並沒有什麼問題。實際上，我們很樂觀，我們相信，正如我所說，收入各個組成部分的利潤率應該會從現在開始持平或上升。如果有幫助的話，這實際上是收入本身的組合。

Yes, I think Wamsi, I wouldn't read too much into the sequential. I think the big moving parts within Q1 and Q2 is really the percentage of the total revenue that's product. In Q1, it was lower. And so Q2, it will be probably higher. So that's what I can get, right?

是的，我認為 Wamsi，我不會對連續性進行過多的解讀。我認為第一季和第二季中最大的變動部分實際上是產品收入佔總收入的百分比。第一季則較低。因此第二季可能會更高。這就是我能得到的，對嗎？

Okay. That's helpful. And then just on operating leverage, right, if I just think about this roughly flattish gross margins, but quarter on quarter your operating margin is up maybe similar to how it was last year. So your operating leverage is improving because last year, you had gross margin improvement, too. So should we expect that operating leverage benefit to continue in the back half of the year as well? Thank you.

好的。這很有幫助。然後就營業槓桿而言，對吧，如果我只考慮大致持平的毛利率，但每季的營業利潤率可能會與去年同期相似。因此，您的經營槓桿正在提高，因為去年您的毛利率也有所提高。那麼，我們是否應該預期經營槓桿效益在下半年仍將持續？謝謝。

Yeah, I would anticipate operating leverage to continue in the back half of the year. The reason we're probably the only dynamic you're seeing with respect to Q2, and operating leverage is at the gross margin differential. If you recall last year brought margin was in the 60% range and much higher than what we've experienced of late.

是的，我預計今年下半年經營槓桿將持續存在。我們可能是您在第二季看到的唯一動態，而經營槓桿的原因在於毛利率差異。如果你還記得的話，去年的利潤率在 60% 左右，比我們最近經歷的要高得多。

Okay, thanks, Wissam.

好的，謝謝，Wissam。

You're welcome.

不客氣。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Thank you. Two as well, if I can. First, maybe just talk about the comment about the installed base, 45% of the systems on all flash. Could you talk a little bit about what NetApp is doing to try to convert the rest of that installed base and what that would mean for financial margins, revenue opportunity, as well as the competition you would see there?

謝謝。如果可以的話，我也有兩個。首先，也許只談論安裝基礎的評論，45％的系統都是快閃記憶體。您能否簡單談談 NetApp 正在採取哪些措施來嘗試轉換剩餘的安裝基礎，以及這對財務利潤、收入機會以及您將看到的競爭意味著什麼？

And then secondly, if you could just touch on Keystone another very impressive quarter. I get it's small. But could you just talk a little bit about what you're expecting mid to long term from Keystone given how successful the public cloud business has been around corollaries and what Keystone could be to the on-prem business. Thank you.

其次，如果您能談談 Keystone 另一個非常令人印象深刻的季度。我知道它很小。但是，考慮到公有雲業務在推論方面的成功以及 Keystone 對內部部署業務的影響，您能否稍微談談您對 Keystone 的中長期期望？謝謝。

Yes. Thank you for your questions. on -- with regard to -- I'll take the Keystone question first. Keystone has done well. It's an as-a-service model, there are more and more clients who are comfortable with an as-a-service model. And so they are probably looking to harmonize their IT operating model for infrastructure to more of an as-a-service, we also see clients who are either doing transitional work going from one data center to another or going from a data center to the cloud where they want to have a bridge between our on-prem technology and our cloud technology that will buy a Keystone service for the transitional period.

是的。謝謝您的提問。關於－我先回答 Keystone 的問題。Keystone 表現良好。這是一種即服務模式，越來越多的客戶對即服務模式感到滿意。因此，他們可能希望將其基礎設施的 IT 營運模式協調為更貼近服務的模式，我們也看到客戶正在進行從一個資料中心到另一個資料中心的過渡工作，或從資料中心到雲端的過渡工作，他們希望在我們的本地技術和雲端技術之間建立一座橋樑，並在過渡期間購買 Keystone 服務。

So I'm excited about that. We are also using Keystone to help in competitive situations, where the customer may have a capital commitment in another vendors, technology, and wants to kind of not have to pay two capital investments at the same time. Ultimately, our view is we give customers choice and we're not going to try to force them into one model. But we are going to continue to make Keystone ever better offering just like we make our products.

所以我對此感到很興奮。我們也使用 Keystone 來幫助應對競爭情況，在這種情況下，客戶可能對其他供應商、技術有資本承諾，不想同時支付兩筆資本投資。最終，我們的觀點是，我們給予客戶選擇，我們不會強迫他們採用一種模式。但我們會繼續讓 Keystone 提供更好的產品，就像我們生產自己的產品一樣。

With regard to your other question about the installed base, listen, we have a very, very large installed base of systems. And we continue to sell our flash technologies to customers who are not existing customers of NetApp, or add customers who are existing customers of NetApp. They refresh their technologies when it is time for them to refresh and we have an extremely high win rate in those refreshes, because here it is essentially entirely consistent the operational layer is entirely consistent.

關於您關於安裝基礎的另一個問題，聽著，我們擁有非常非常大的系統安裝基礎。我們持續向非 NetApp 現有客戶銷售我們的快閃記憶體技術，或增加 NetApp 現有客戶。他們會在需要更新的時候更新他們的技術，我們在這些更新中的成功率非常高，因為在這裡它基本上是完全一致的，操作層是完全一致的。

At the same time, if you look at the number of flash systems that we sell a quarter, you can impute the fact that we are growing 1% in our installed base, means we are winning a large number of customers outside our installed base.

同時，如果你看一下我們每季銷售的快閃記憶體系統的數量，你會發現我們的安裝基數增加了 1%，這意味著我們在安裝基數之外贏得了大量客戶。

So we have both selling motions. We are providing clients the right choice for the right use case. Hard drive-based solutions are still the cheaper solutions for things like backup or cold storage. And so it has a place in our portfolio.

所以我們有兩種出售動議。我們為客戶提供適合正確用例的正確選擇。對於備份或冷藏等而言，基於硬碟的解決方案仍然是較便宜的解決方案。因此它在我們的投資組合中佔有一席之地。

Okay, thank you.

好的，謝謝。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thank you for taking the question. I wanted to try to get a better sense of the longer-term AI product strategy. In other words, I know you don't want to front run your insight event for October. But what I'm trying to get a better sense of is the readiness of your portfolio to support enterprise initiatives and whether you've got more products in the pipeline to perhaps move up the value chain to support initiatives for AI at the enterprise. Thank you.

感謝您回答這個問題。我想嘗試更了解長期的人工智慧產品策略。換句話說，我知道您不想提前舉辦十月的洞察活動。但我想更了解的是，您的產品組合是否已準備好支持企業計劃，以及您是否有更多產品正在籌備中，以便提升價值鏈，支持企業的人工智慧計劃。謝謝。

There are three or four technologies that clients look for from a data infrastructure provider to them to help them in the initiatives. The first, of course, is high-performance, high-scale data storage for model training, or inferencing, for agentic environments, as well as for data lakes. We feel very good about our solutions for that.

客戶希望數據基礎設施提供者能夠提供三到四種技術來幫助他們實現目標。首先當然是用於模型訓練或推理、代理環境以及資料湖的高效能、大規模資料儲存。我們對我們的解決方案感到非常滿意。

The second is solutions that customers who want to use the cloud with equivalent storage capabilities, so that they can use cloud-based tools rather than on-prem tools. We have made good progress. We have more work going on with the hyperscalers, and we'll tell you more about that at our Insight customer conference.

第二種是客戶希望使用具有同等儲存功能的雲端的解決方案，以便他們可以使用基於雲端的工具而不是本地工具。我們已取得良好進展。我們與超大規模企業還有更多合作，我們將在 Insight 客戶會議上向您詳細介紹。

The third area from a technology standpoint that we have advantages and we are providing a lot more kind of capabilities moving forward are things that allow clients to actually manage their data more efficiently.

從技術角度來看，我們在第三個領域具有優勢，我們正在提供更多類型的功能，使客戶能夠更有效地管理他們的資料。

This could be, they want to be able to search the data. They want to organize it so that they can align certain data sets to certain volumes to certain models and keep track of it. They want to implement guardrails and access controls. They want to automate the sectorization and the RAG readiness of the data. We have a lot of those capabilities coming at our Insight conference.

這可能是因為他們希望能夠搜尋數據。他們希望對其進行組織，以便能夠將某些資料集與某些磁碟區、某些模型對齊，並對其進行追蹤。他們想要實施護欄和存取控制。他們希望實現資料分區和 RAG 準備的自動化。我們在 Insight 會議上展示了許多這樣的功能。

And then the last piece is ecosystem, right? So we already have reference architectures with NVIDIA. We are working on reference architectures, more and more of them with the hyperscaler tools, and you'll see more about announcements around that at our customer conference. So good stuff today, but a lot more to come.

最後一部分是生態系統，對嗎？因此我們已經有了 NVIDIA 的參考架構。我們正在開發參考架構，其中越來越多地使用超大規模工具，您將在我們的客戶會議上看到更多有關該架構的公告。今天的內容很棒，但接下來還會有更多內容。

Thank you.

謝謝。

Ari Turianian, Cleveland Research.

克利夫蘭研究公司的阿里·圖里安尼安（Ari Turianian）。

Well, thanks for taking the questions. Good to hear from everybody. Just a couple from my end. First, just on competitive landscape, like really great to see the leadership position in IDC all-flash. But I mean, it seems like today, there are some different results one of your peers raising their outlook. So just any update on the all-flash kind of competitive landscape and what you're seeing out there?

好的，感謝您回答這些問題。很高興收到大家的來信。這只是我這邊的幾個例子。首先，僅從競爭格局來看，很高興看到 IDC 全快閃領域的領導地位。但我的意思是，今天似乎出現了一些不同的結果，你的一位同行提高了他們的展望。那麼，您能提供全快閃競爭格局的最新消息嗎？您看到了哪些情況？

And then second, just in terms of pricing. I know there was some pricing actions taken last year that would flow through the model this year. Any updates just on the take rates of the price increases that you're seeing with your customers? Thank you so much.

其次，就定價而言。我知道去年採取的一些定價行動今年將透過該模型實施。您能透露一下客戶對價格上漲的接受率的最新情況嗎？太感謝了。

I'll take the first one on the competitive landscape. Listen, it's always been a competitive environment. We are more exposed to some of the environments that are markets that have had challenges like US public sector than some of our competitors. But listen, we get up every day and go and compete.

我將首先討論競爭格局。聽著，這一直是個競爭激烈的環境。與我們的一些競爭對手相比，我們更受到一些面臨挑戰的市場環境的影響，例如美國公共部門。但聽著，我們每天起床後都會去參加比賽。

We feel good about our competitive position. We did not see any specific adverse kind of pattern in the quarter, and we're going to go out there and post another strong quarter and that will take care of the competitive landscape.

我們對自己的競爭地位感到滿意。我們在本季沒有看到任何特定的不利模式，我們將再創一個強勁的季度，這將解決競爭格局的問題。

With regard to pricing, listen, we have not taken pricing action related to the tariffs. We're in a wait-and-see mode in terms of pricing actions that we took as we introduced our new system. Those systems have performed well and they have done well in the mix.

關於定價，請注意，我們尚未採取與關稅相關的定價行動。在推出新系統時，我們對所採取的定價行動處於觀望狀態。這些系統表現良好，並且在組合中表現出色。

I think with regard to the gross margin -- product gross margin commentary, it's primarily related to the cost increases from a year ago. And so if you talk about the mix between high performance flash and capacity class, that our high-performance flash systems have grown for two consecutive quarters nicely in the mix. And we're just going to keep working on it.

我認為就毛利率——產品毛利率評論而言，這主要與一年前的成本增加有關。因此，如果您談論高效能快閃記憶體和容量等級之間的混合，那麼我們的高效能快閃記憶體系統已經連續兩個季度在混合中實現了良好的成長。我們將繼續努力。

I think with regard to the outlook for the rest of the year, listen, the cost compare get more benign through the rest of the year, which gives us confidence that our gross margin should return to the original ranges that we had shared.

我認為，就今年剩餘時間的前景而言，成本比較在今年剩餘時間內會變得更加溫和，這使我們有信心我們的毛利率應該回到我們共享的原始範圍。

Thanks.

謝謝。

Doug Vogt, UBS.

瑞銀的道格·沃格特。

It's David Vogt. Hey, listen. Hey, George. I don't want to beat that or space you go back to, George, the competitive landscape, you talked about the formative high-end storage being a little bit weaker than you thought and shifted a little bit more to capacity storage. Was that in any particular region, vertical? I know EMEA and public sector was a little bit softer.

我是大衛‧沃格特。嘿，聽著。嘿，喬治。我不想打敗那個或回到空間，喬治，競爭格局，你談到形成的高端存儲比你想像的要弱一點，並且更多地轉向容量存儲。那是在任何特定區域，垂直的嗎？我知道歐洲、中東和非洲地區以及公共部門的情況稍微好一點。

And then, Wissam, I'll give you my second question. You mentioned, obviously, supply chain -- excuse me, components have an issue in gross margin. Can you share where we are from a pre-band perspective? I mean, is the balance sheet effectively no longer carrying excess inventory that you purchased previously. And so how should we think about your strategy with prebuys from a component perspective going forward?

然後，Wissam，我來問你第二個問題。顯然，您提到了供應鏈——對不起，零件的毛利率有問題。您能從樂團組成之前的角度分享一下我們的狀況嗎？我的意思是，資產負債表是否實際上不再承載您之前購買的多餘庫存。那麼，我們該如何從組件角度來思考您的預購策略呢？

Yeah, hi, David. let me take the -- both questions. On the first part of the question, my comment was relative to what we guided and relative to our expectations. I wouldn't say necessarily there is weakness in one versus the other. It's just that the mix that we had anticipated is slightly different, that contributed to a little bit of pressure on the product margin. So...

是的，你好，大衛。讓我來回答這兩個問題。對於問題的第一部分，我的評論與我們的指導和期望有關。我不會說一方必然比另一方弱。只是我們預期的組合略有不同，這給產品利潤帶來了一點壓力。所以...

High performance flash actually outgrow capacity flash year-on-year.

高效能快閃記憶體實際上比容量快閃記憶體的年增長率還要高。

Yes. Exactly. And with respect to the question on product margin, Look, as we said earlier, it's the -- I expect it to improve from here. And part of it, of course, has to do with the cost. And we do have certain volumes with locked up pricing that gives us confidence that we anticipate to see some improvement from here. So I don't know if this helps.

是的。確切地。關於產品利潤率的問題，正如我們之前所說，我預計它會從現在開始改善。當然，部分原因與成本有關。而且我們確實擁有一定數量的鎖定價格，這讓我們有信心預計從現在開始會看到一些改善。所以我不知道這是否有幫助。

With respect to other to the part of the question related to the components in our supply chain, we don't see any issues there. I mean there's nothing really problematic.

至於問題中與我們供應鏈中的組件相關的其他部分，我們沒有發現任何問題。我的意思是沒有什麼真正有問題的。

Great, thanks, guys.

太好了，謝謝大家。

Ananda Baruah

阿南達·巴魯阿

Hey guys, yeah. Thanks for taking the question. I really appreciate it. George, just going back to AI, you mentioned a model training wins. I think you said that are very large. And you also mentioned AI as a service, which sounds like the cloud please clarify if it's something bigger than just that.

嘿，大家好。感謝您回答這個問題。我真的很感激。喬治，回到人工智慧話題，你提到了模型訓練獲勝。我認為您說的是很大。您還提到了人工智慧即服務，這聽起來像是雲，請澄清一下它是否比雲端更大。

But I guess the question is, for the last couple of years, it sounds -- and RAG is still a focus as you spoke to, but it sounds like you might be expanding your TAM. And you talked about reference designs with the hyperscalers as well. So are you seeing TAM expansion here? And if so, what's a useful way to think about kind of magnitude of TAM expansion in the context of the metrics that you provided the last couple of years post the Analyst Day. And then a quick follow-up here.

但我想問題是，在過去的幾年裡，聽起來——正如您所說的，RAG 仍然是重點，但聽起來您可能正在擴大您的 TAM。您也討論了超大規模計算的參考設計。那麼，您看到這裡的 TAM 擴張了嗎？如果是這樣，那麼在分析師日之後的過去幾年中，根據您提供的指標，思考 TAM 擴張幅度的有用方法是什麼？然後在這裡進行快速跟進。

Yeah. I think, first of all, we have several kind of large-scale sovereign providers who are users of our technology for their enterprise cloud business. And as many of them have stepped into the AI business, we needed to get certified as a NetApp as an NVIDIA NCP provider, and we have met those certification requirements, and it allows us to bring technology that is familiar to them for a broad range of use cases for AI as a service use cases where all our advantage around multi-tenancy hybrid operating models and so on play in.

是的。我認為，首先，我們有幾種大型主權供應商，他們使用我們的技術來開展企業雲端業務。由於許多公司都已進入人工智慧業務，因此我們需要獲得 NetApp 和 NVIDIA NCP 提供者的認證，並且我們已經滿足了這些認證要求，這使我們能夠將他們熟悉的技術應用於人工智慧即服務用例的廣泛用例，我們在多租戶混合營運模式等方面的優勢都得以發揮。

But also for model training, especially for countries that have sovereign models, we are seeing good progress. At this point, we still believe that the data storage opportunity is predominantly in the enterprise inferencing part of the world, but we are going to be opportunistic and compete where we see opportunities or other use cases as well, and we feel good about our prospects there.

但對於模型訓練，特別是對於擁有主權模型的國家，我們看到了良好的進展。目前，我們仍然相信資料儲存機會主要在企業推理領域，但我們將抓住機會，在看到機會或其他用例的地方參與競爭，我們對那裡的前景感到樂觀。

That's it. Super helpful explanation. And then I guess just a quick follow-up in that context is just on the reg front, how are you seeing reasoning agents impact the RAG pipeline? Does it help -- is it seemingly would grow the TAM, are you seeing sort of I guess, like engagement push out as a result of that as well? Do you see any context there that impact on your business and your pipeline would be great. That's it. Thanks.

就是這樣。非常有用的解釋。然後我想，在這種背景下，只需快速跟進一下，就在常規方面，您如何看待推理代理對 RAG 管道的影響？它有幫助嗎？它似乎會增加 TAM 嗎？我想，你是否也看到了它帶來的參與度提升？您是否看到任何會對您的業務和管道產生巨大影響的情況？就是這樣。謝謝。

Yeah. I think broadly speaking, the biggest challenge that clients deal with in getting AI to be applicable for their enterprise use cases is really around organizing their data tagging in so that they can have the right controls around it, being able to then kind of apply vectorization, knowledge graphs and other things to that data, so that it's ready for use in an AI pipeline.

是的。我認為，從廣義上講，客戶在將人工智慧應用於其企業用例時面臨的最大挑戰實際上是組織他們的數據標記，以便他們能夠對其進行正確的控制，然後能夠將向量化、知識圖譜和其他內容應用於該數據，以便它可以在人工智慧管道中使用。

And so we have a lot of tools that we are bringing to market and many tools that we already have that will help us provide extra value to clients because we have this gigantic installed base of unstructured data that clients are anxious to mine and that we can monetize with these tools. So that's the first thing.

因此，我們有很多工具正在推向市場，而且我們已經擁有很多工具，這些工具將幫助我們為客戶提供額外的價值，因為我們擁有龐大的非結構化數據安裝庫，客戶渴望挖掘這些數據，我們可以利用這些工具將其貨幣化。這是第一件事。

The second part of inferencing is people are using more kind of reasoning models where the model goes to storage, recut data searches works that data and then comes back to the storage again. There are some flavor capabilities that we have built that allows for that functionality to be more efficient as well as to avoid having to go to the original data source multiple times. And so we'll share more about that at our user conference that allows those reasoning models to be a lot more effective and fast as getting to the answer.

推理的第二部分是人們使用更多類型的推理模型，其中模型進入存儲，重新進行數據搜索，處理數據，然後再次返回存儲。我們建立了一些風格功能，使該功能更加高效，並避免多次轉到原始資料來源。因此，我們將在用戶會議上分享更多有關這方面的信息，以使這些推理模型能夠更有效、更快速地得出答案。

Thanks a lot. Appreciate it.

多謝。非常感謝。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thanks for squeezing me in here. Just, how do you guys think about your hypervisor offerings? I understand anything you can comment on that on as it relates to Nutanix, or the disruptions that we're still continuing to see due to VMware licensing. How do you think about your product offerings on this hyper-converged infrastructure? Thank you.

太好了，謝謝你讓我擠到這裡。只是，你們如何看待你們的虛擬機器管理程式產品？我理解您對此發表的任何評論，因為它與 Nutanix 有關，或者我們仍然繼續看到的由於 VMware 許可而導致的中斷。您如何看待您在這種超融合基礎架構上提供的產品？謝謝。

We support a broad range of hypervisors and we will continue to support as many hypervisors as our customers want, right? And so those could be on-prem hypervisors like the ones that you mentioned that we will work to support if we don't already support, as well as cloud hypervisors where people are using the cloud providers, the hyperscalers own tools. And so this is a wide range we're happy to share more of that with you our general view of the world is -- we believe to operate with as many of them as clients want.

我們支援廣泛的虛擬機器管理程序，我們將繼續支援客戶所需的盡可能多的虛擬機器管理程序，對嗎？因此，這些可能是您提到的內部虛擬機管理程序，如果我們尚未支持，我們將努力支持，以及人們使用雲端提供者、超大規模者自己的工具的雲端虛擬機管理程序。因此，這是一個廣泛的範圍，我們很高興與您分享更多，我們對世界的總體看法是 - 我們相信可以根據客戶的需求與盡可能多的人合作。

Okay, look forward to hearing about that at your INSIGHT. Thank you.

好的，期待在您的 INSIGHT 中聽到您的消息。謝謝。

Thank you.

謝謝。

All right. Well, thank you, Asiya. I'm going to pass it over to George for some final remarks.

好的。好吧，謝謝你，Asiya。我將把它交給喬治，讓他做最後的評論。

Thank you, Kris. We delivered a strong start to fiscal year 2026, building on a position of strength. We've taken the number one position in the all-flash market, by helping customers modernize with cutting-edge data infrastructure and industry-leading cyber resilience for storage. Our highly differentiated cloud services enable hybrid and multi-cloud transformations. And we are well positioned and growing in the emerging area of enterprise AI.

謝謝你，克里斯。我們以強大的實力為基礎，為 2026 財年帶來了良好的開端。我們透過幫助客戶利用尖端資料基礎設施和業界領先的網路儲存彈性實現現代化，在全快閃市場佔據了第一的位置。我們高度差異化的雲端服務支援混合雲和多雲轉型。我們在企業人工智慧這一新興領域佔據有利地位並且不斷發展。

Thank you for joining us today, and I hope to see you at NetApp INSIGHT in October.

感謝您今天加入我們，我希望在十月份的 NetApp INSIGHT 上見到您。

Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

再次感謝您今天加入我們。今天的演講到此結束。您現在可以斷開連線。