NetApp Inc (NTAP) 2026 Q2 法說會逐字稿

Good day, and welcome to the NetApp second-quarter of fiscal year 2026 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 NetApp 2026 財年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁克里斯牛頓。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. 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 third quarter and fiscal year 2026, our expectations regarding future revenue, profitability and shareholder returns, and other growth initiatives and strategies.

大家好。謝謝您的參與。今天陪同我的是我們的執行長喬治·庫里安和財務長威薩姆·賈布雷。本次電話會議將進行網路直播，並可在我們的網站netapp.com上觀看回放。在今天的電話會議中，我們將就我們的財務展望和未來前景做出前瞻性陳述和預測，包括但不限於我們對第三季度和2026財年的業績指引、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.

這些聲明存在各種風險和不確定因素，可能導致我們的實際結果與這些聲明有重大差異。如需了解更多信息，請參閱我們不時向美國證券交易委員會提交的文件以及我們網站上的文件，包括我們最新的 10-K 表格和 10-Q 表格。我們不承擔更新前瞻性陳述和預測的任何義務。

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

除非另有說明，否則電話會議中提供的所有財務指標均為非GAAP指標。GAAP 與非 GAAP 估算值的調整表可在我們的網站上查閱。

I'll now turn the call over to George.

現在我將把電話交給喬治。

Thanks, Kris. Good afternoon, everyone. Thank you for joining us. We delivered a strong Q2 with revenue of $1.71 billion, up 3% year over year. Excluding the divested spot business, total revenue was up 4%.

謝謝你，克里斯。大家下午好。感謝您的參與。第二季業績強勁，營收達 17.1 億美元，較去年同期成長 3%。剔除剝離的現貨業務後，總收入成長了 4%。

All Flash and Public Cloud, which address growth markets and carry higher gross margins, made up 70% of Q2 revenue. This shift, combined with our continued operational discipline, has enabled us to drive profitability metrics higher. Our gross margin set a Q2 record and exceeded our guidance range. Both operating margin and EPS surpassed expectations and marked all-time highs.

所有快閃記憶體和公有雲業務都面向成長型市場，並具有更高的毛利率，佔第二季營收的 70%。這一轉變，加上我們持續的營運紀律，使我們能夠提高獲利指標。第二季毛利率創歷史新高，超出預期範圍。營業利益率和每股盈餘都超出預期，並創歷史新高。

Expected softness in USPS revenue was offset by growth in all other geographies. We saw strong demand for our AI solutions, first-party, and marketplace cloud storage services and all-flash offerings.

美國郵政服務收入的預期疲軟被其他所有地區的成長所抵消。我們看到市場對我們的人工智慧解決方案、第一方和市場雲端儲存服務以及全快閃產品有著強勁的需求。

In the age of data and intelligence, customers are choosing NetApp for our unified data platform that delivers exceptional value and operational efficiencies, fueling our success in the face of the ongoing uncertain macro environment.

在數據和智慧時代，客戶選擇 NetApp，是因為我們擁有統一的數據平台，能夠提供卓越的價值和營運效率，這助力我們在當前不確定的宏觀環境中取得成功。

In October, we hosted our annual customer conference, NetApp INSIGHT where we unveiled major advancements to our enterprise-grade data platform, including enhanced AI workload capabilities, stronger cyber resilience, and deeper AI integrations and data solutions with our hyperscaler partners.

10 月，我們舉辦了年度客戶大會 NetApp INSIGHT，會上我們發布了企業級資料平台的重大改進，包括增強的 AI 工作負載能力、更強大的網路彈性以及與超大規模合作夥伴更深入的 AI 整合和資料解決方案。

Customers and partners shared how NetApp is driving their success in the age of data-enabled intelligence. Their feedback and achievements underscore our commitment to innovation and delivering value in a rapidly evolving landscape.

客戶和合作夥伴分享了 NetApp 如何在數據驅動智慧時代推動他們的成功。他們的回饋和成就凸顯了我們致力於在快速變化的環境中進行創新和創造價值的承諾。

We launched AFX, an ultra-scalable extreme performance disaggregated storage platform certified for NPDS Superpod designed to power demanding AI workloads and AI service providers. AFX seamlessly integrates into an organization's hybrid multi-cloud data estate with the proven enterprise-grade data management and security features of ONTAP.

我們推出了 AFX，這是一個超可擴展的高效能解耦儲存平台，通過了 NPDS Superpod 認證，旨在為要求苛刻的 AI 工作負載和 AI 服務提供商提供支援。AFX 可與 ONTAP 成熟的企業級資料管理和安全功能無縫整合到組織的混合多雲資料環境中。

We also introduced the NetApp AI data engine, an end-to-end AI data service integrated into ONTAP. The AI data engine, referred to as AIDE, simplifies data discovery querying, searching, and analysis. It helps operationalize and scale data pipeline for AI with integrated data discovery, curation, policy-driven guardrails and real-time vectorization. This enables fast data access, efficient transformation, and trusted governance.

我們還推出了 NetApp AI 資料引擎，這是一款整合到 ONTAP 的端對端 AI 資料服務。AI 資料引擎（簡稱 AIDE）簡化了資料發現、查詢、搜尋和分析。它透過整合數據發現、整理、策略驅動的防護措施和即時向量化，幫助實現人工智慧數據管道的運作和擴展。這實現了快速資料存取、高效轉換和可信賴的治理。

Together, AFX and AIDE transform how enterprise customers achieve positive AI outcomes by accelerating data discovery and simplifying data pipelines while maintaining security, access controls, and data integrity. Native integration with leading AI platforms, including Domino, NVIDIA, and Informatica enables compatibility with enterprise workflows. Our zero-copy cashing and native cloud connectivity help organizations unify data and apply advanced AI capabilities across any site, cloud, or model, speeding time to insight.

AFX 和 AIDE 攜手合作，透過加速資料發現和簡化資料管道，同時保持安全性、存取控制和資料完整性，改變了企業客戶實現積極 AI 成果的方式。與 Domino、NVIDIA 和 Informatica 等領先 AI 平台的原生集成，可實現與企業工作流程的兼容性。我們的零拷貝快取和原生雲端連接可協助組織統一數據，並在任何站點、雲端或模型中應用先進的 AI 功能，從而加快獲得洞察的速度。

We also enhanced our rapidly growing Keystone storage-as-a-service for Enterprise AI offering AFX and AIDE under a single subscription for elastic scaling and usage-based billing, encouraging broader enterprise AI adoption. These innovations build on our growing success in AI workloads.

我們也增強了快速成長的 Keystone 儲存即服務，為企業 AI 產品 AFX 和 AIDE 提供單一訂閱，以實現彈性擴展和按使用量計費，從而鼓勵更廣泛地採用企業 AI。這些創新建立在我們不斷在人工智慧工作負載方面的成功之上。

In Q2, we closed approximately 200 AI infrastructure and data lake modernization deals across diverse geographies, industries, and use cases. Our massive installed base of unstructured data, advanced data and meta data movement services, industry-leading data security, and unique hybrid multi-cloud capabilities make us the clear choice for enterprise AI.

第二季度，我們在不同的地理、產業和用例中完成了約 200 項人工智慧基礎設施和資料湖現代化交易。我們龐大的非結構化資料安裝基礎、先進的資料和元資料移動服務、業界領先的資料安全性以及獨特的混合多雲功能，使我們成為企業人工智慧的最佳選擇。

Here's an example of why we are winning in enterprise AI deployments. A global semiconductor capital equipment manufacturer selected NetApp to unify its enterprise AI data foundation across on-premises and cloud environments. Our hybrid multi-cloud data visibility and secure governance drove confidence in the compliance and operational efficiency of their AI workloads.

以下是一個我們在企業級人工智慧部署中取得成功的例子。一家全球半導體資本設備製造商選擇 NetApp 來統一其企業 AI 資料基礎架構，使其能夠跨本地端和雲端環境運作。我們混合多雲資料可見性和安全治理增強了客戶對人工智慧工作負載合規性和營運效率的信心。

We enable them to create a single, searchable view of corporate knowledge across millions of documents, e-mail, and engineering data sets providing employees with faster, more accurate access to institutional knowledge.

我們幫助他們創建單一的、可搜尋的企業知識視圖，涵蓋數百萬份文件、電子郵件和工程資料集，從而為員工提供更快、更準確的機構知識存取途徑。

A large amount of AI innovation takes place in the public cloud. ONTAP is the only unified data platform natively integrated in the public cloud, putting us in a unique position to enable customers to leverage any of the major AI models without the complexities of moving data.

大量的 AI 創新都發生在公有雲。ONTAP 是唯一原生整合到公有雲中的統一資料平台，這使我們擁有獨特的優勢，能夠讓客戶利用任何主流 AI 模型，而無需處理複雜的資料遷移。

In Q2, we expanded our native AI capabilities in Azure and Google Cloud, adding to what is already available in Amazon Web Services, giving customers the flexibility to run AI workloads wherever they choose.

第二季度，我們擴展了 Azure 和 Google Cloud 中的原生 AI 功能，並在此基礎上增加了 Amazon Web Services 中已有的功能，使客戶能夠靈活地在他們選擇的任何位置運行 AI 工作負載。

Adding to existing multi-protocol support in AWS, we launched support for block storage capabilities in Google Cloud NetApp volumes in Q2. This brings the full power of ONTAP to Google Cloud with high performance, unified storage, integrated data management and protection, and a common cloud control plane.

除了 AWS 現有的多協定支援外，我們在第二季也推出了對 Google Cloud NetApp 磁碟區中區塊儲存功能的支援。這使得 ONTAP 的全部功能得以引入 Google Cloud，包括高效能、統一儲存、整合式資料管理和保護以及通用雲端控制平台。

We introduced new capabilities in Azure NetApp files, including single file restore and a flexible service level for independent scaling of throughput and capacity. And in Amazon FSX for NetApp ONTAP, we announced support for Amazon Elastic VMware service, enabling secure efficient migration of VMware workloads to AWS.

我們在 Azure NetApp 檔案管理中引入了新功能，包括單檔案還原和靈活的服務級別，可獨立擴展吞吐量和容量。在 Amazon FSX for NetApp ONTAP 中，我們宣布支援 Amazon Elastic VMware 服務，以便能夠安全且有效率地將 VMware 工作負載移轉到 AWS。

By continuously adding new functionalities to our public cloud storage services, we are broadening our addressable market, driving new customer acquisition, and positioning ourselves for continued growth. This strategy has yielded rapid expansion in our highly differentiated first-party and marketplace cloud storage services with revenue increasing approximately 32% from Q2 a year ago.

透過持續為我們的公有雲儲存服務添加新功能，我們正在擴大目標市場，推動新客戶的獲取，並為持續成長做好準備。這項策略使我們高度差異化的第一方和市場雲端儲存服務實現了快速擴張，營收比去年同期成長了約 32%。

In Q2, a leading cloud-based media production company selected FSXN as its standard for file and block storage. In addition to multiprotocol support, FSXN delivered cost savings through storage efficiency, high availability, superior multi-tenancy and intelligent cashing to put data closer to its users. The company believes that FSXN gives it a competitive advantage in optimizing cloud storage and enhancing performance for its customers, crediting these capabilities for a key customer win.

第二季度，一家領先的雲端媒體製作公司選擇 FSXN 作為其檔案和區塊儲存的標準。除了支援多協定外，FSXN 還透過儲存效率、高可用性、卓越的多租戶和智慧緩存，將資料更靠近用戶，從而節省成本。該公司認為 FSXN 為其優化雲端儲存和提升客戶效能帶來了競爭優勢，並認為這些能力是贏得一位重要客戶的關鍵因素。

Customers are choosing NetApp to provide a unified cyber resilient and efficient way to manage their entire data estate. Built for the age of data-enabled intelligence, the NetApp Data Platform redefines what a modern enterprise foundation should be: unified, enterprise-grade, intelligent, cloud-connected, and ecosystem ready.

客戶選擇 NetApp，是因為它提供了一種統一的、具有網路彈性和高效的方式來管理他們的整個資料資產。NetApp 資料平台專為資料驅動智慧時代而打造，重新定義了現代企業基礎架構應具備的特質：統一、企業級、智慧、雲端連接且生態系統就緒。

We help organizations modernize, secure, transform, and use AI with confidence. Continued strong customer engagement and interest in our unified and block optimized all-flash storage portfolio delivered 9% year-over-year growth in all-flash array revenue to $1 billion in Q2 or an annualized run rate of $4.1 billion. Exiting the quarter, approximately 46% of installed base systems under active support contracts are All Flash.

我們幫助企業實現現代化、安全化、轉型升級，並充滿信心地使用人工智慧。客戶對我們統一和區塊優化的全快閃儲存產品組合的持續強勁參與和興趣，使得全快閃陣列收入在第二季度同比增長 9%，達到 10 億美元，年化運行率為 41 億美元。截至本季末，在有效支援合約下的已安裝基礎系統中，約有 46% 為全快閃系統。

NetApp helps customers confidently safeguard their data with built-in security through real-time threat detection, protection, and recovery. In Q2, we enhanced the NetApp Data Platform's industry-leading cyber resilience by launching the NetApp ransomware resilience service for both structured and unstructured data.

NetApp 透過即時威脅偵測、保護和恢復，利用內建安全功能幫助客戶自信地保護其資料。第二季度，我們推出了針對結構化和非結構化資料的 NetApp 勒索軟體復原服務，從而增強了 NetApp 資料平台業界領先的網路彈性。

This service is designed to stop cyber threats before they cause extensive damage by proactively detecting data breaches in real-time and providing isolated environments for safe, clean data recovery. Our industry-leading cyber resilience capabilities are helping us win new customers and displace competitors.

該服務旨在透過主動即時檢測資料外洩並提供隔離環境以進行安全、乾淨的資料恢復，從而在網路威脅造成廣泛損害之前將其阻止。我們業界領先的網路彈性能力正在幫助我們贏得新客戶並取代競爭對手。

In Q2, a major Asian life insurance company chose NetApp for its mission-critical private cloud environment, replacing its long-standing storage vendor. Ransomware protection was a top priority, and our ability to provide strong cyber resiliency for critical workloads was a key factor in the decision to choose NetApp.

第二季度，一家亞洲大型人壽保險公司選擇 NetApp 作為其關鍵業務私有雲環境，取代了其長期使用的儲存供應商。勒索軟體防護是重中之重，而我們為關鍵工作負載提供強大的網路彈性能力，是我們選擇 NetApp 的關鍵因素。

We also announced the latest version of StorageGRID with new capabilities designed to enhance AI initiatives, improve data security, and modernize organization's data infrastructure. Many customers begin their AI journey by updating data lake environments and StorageGRID object storage delivers the optimized performance, intelligent data management, and modern cloud integrations needed to manage massive datasets.

我們也發布了最新版本的 StorageGRID，其新增功能旨在增強人工智慧計畫、提高資料安全性並實現組織資料基礎架構的現代化。許多客戶從更新資料湖環境開始他們的 AI 之旅，而 StorageGRID 物件儲存提供了管理海量資料集所需的最佳化效能、智慧資料管理和現代雲端整合。

In Q2, a leading financial services company selected StorageGRID to modernize its legacy Hadoop environment with capabilities for a hybrid architecture featuring data durability, a global name space, robust security, and automated zero intervention backup and disaster recovery, StorageGRID addressed the company's next-gen AI workload requirements.

第二季度，一家領先的金融服務公司選擇 StorageGRID 來對其傳統的 Hadoop 環境進行現代化改造，StorageGRID 具備混合架構功能，包括資料持久性、全球命名空間、強大的安全性以及自動化的零幹預備份和災難恢復，滿足了該公司下一代 AI 工作負載的需求。

In summary, strong execution and operational discipline delivered an outstanding second quarter. Our focus on growing markets, All Flash, Public Cloud, and AI continues to yield top-line growth. The substantial innovation we introduced this quarter extends our differentiation and help solidify our leadership position as the intelligent data infrastructure company.

總之，強而有力的執行和嚴謹的營運紀律帶來了出色的第二季業績。我們專注於成長型市場、全快閃、公有雲和人工智慧，持續帶來營收成長。本季我們推出的重大創新進一步擴大了我們的差異化優勢，並有助於鞏固我們作為智慧數據基礎設施公司的領先地位。

Looking ahead, we are focused on leveraging our alignment to customers' top data initiatives and pressing our significant competitive advantage. Despite the unsettled macro environment, and near-term USPS headwinds, we remain confident that our visionary approach to a data-driven future will enable us to outgrow the market and capture additional share.

展望未來，我們將專注於利用我們與客戶頂級數據計劃的契合點，並發揮我們顯著的競爭優勢。儘管宏觀環境不穩定，且美國郵政服務公司近期面臨不利因素，但我們仍然相信，我們對數據驅動未來的遠見卓識將使我們能夠超越市場，並獲得更多市場份額。

I'll now turn it over to Wissam.

現在我把麥克風交給威薩姆。

Thanks, George, and good afternoon, everyone. As George mentioned, in the fiscal second quarter, we delivered strong results, exceeding both the midpoint of the revenue guidance range and the high end of the EPS guidance range.

謝謝你，喬治，大家下午好。正如喬治所提到的，在第二財季，我們取得了強勁的業績，收入超過了預期範圍的中點，每股收益也超過了預期範圍的上限。

Total revenue for the quarter was $1.71 billion, up 3% year over year. Non-GAAP earnings per share was $2.05. Excluding the divested spot business, which generated $23 million of revenue in the year ago quarter, total revenue was up 4% year over year.

本季總營收為 17.1 億美元，年增 3%。非GAAP每股收益為2.05美元。若不計入去年同期創造2,300萬美元營收的已剝離現貨業務，總營收年增4%。

The effect of foreign currency exchange rates was favorable to revenue growth by approximately 1 percentage point year on year, while it was immaterial relative to guidance.

外匯匯率的影響對收入成長起到了一定的促進作用，使收入年增約 1 個百分點，但與預期相比影響不大。

Looking at revenue by segment. Hybrid Cloud revenue of $1.53 billion was up 3% year over year driven by product, support, and Keystone. Keystone continues to show great progress with growth of 76% year over year. Public Cloud revenue of $171 million increased by 2% year over year. Excluding Spot, public cloud revenue was up 18% year over year, driven by strong demand in first-party and marketplace storage services.

按業務板塊查看收入。混合雲收入達 15.3 億美元，年增 3%，主要得益於產品、支援和 Keystone 業務的成長。Keystone 持續保持強勁成長勢頭，較去年同期成長 76%。公有雲收入為 1.71 億美元，年增 2%。剔除 Spot 服務後，公有雲營收年增 18%，這主要得益於第一方和市場儲存服務的強勁需求。

At the end of the second quarter, our deferred revenue balance was $4.45 billion, up 8% year over year and 7% year over year in constant currency. Remaining performance obligations were $4.9 billion, growing 11% year over year. Unbilled RPO, a key indicator of future Keystone revenue, was $456 million, up 39% year over year.

第二季末，我們的遞延營收餘額為 44.5 億美元，年增 8%，以固定匯率計算年增 7%。剩餘履約義務為 49 億美元，年增 11%。未開票 RPO 是 Keystone 未來營收的關鍵指標，為 4.56 億美元，較去年同期成長 39%。

Moving to the rest of the income statement. Please note, my comments will be related to non-GAAP results unless stated otherwise. Gross margin for the fiscal second quarter was 72.6%, above our guidance range. Sequentially, gross margin was up 1.5 percentage points. Gross profit was $1.24 billion, up 4% compared to Q2 2025.

接下來來看損益表的其餘部分。請注意，除非另有說明，我的評論均與非GAAP財務報表相關。第二財季毛利率為 72.6%，高於我們預期範圍。毛利率較上月上升1.5個百分點。毛利為 12.4 億美元，比 2025 年第二季成長 4%。

Hybrid cloud gross margin was 71.4%, up 1.4 percentage points sequentially due to product gross margin improving by 5.5 percentage points to 59.5%. Our support business continues to be highly profitable at 92.1%. Professional services gross margin was 30.3% improving 40 basis points sequentially, driven by higher Keystone revenue mix.

混合雲毛利率為 71.4%，季增 1.4 個百分點，原因是產品毛利率提高了 5.5 個百分點，達到 59.5%。我們的支援業務持續保持著92.1%的高獲利能力。專業服務毛利率為 30.3%，季增 40 個基點，主要得益於 Keystone 收入佔比的提高。

Public Cloud gross margin was 83%, up nearly 3 percentage points sequentially and over 9 percentage points year over year. Operating expenses of $707 million were flat sequentially and down 2% year over year despite the unfavorable effect of foreign currency exchange rates. Operating income was $530 million, up 12% compared to Q2 2025.

公有雲毛利率為 83%，較上季成長近 3 個百分點，較去年同期成長超過 9 個百分點。儘管受到外匯匯率不利影響，但營業支出為 7.07 億美元，與去年同期持平，年減 2%。營業收入為 5.3 億美元，比 2025 年第二季成長 12%。

Operating margin was 31.1%, up 2.4 percentage points year over year, driven by higher revenue and gross margin combined with lower operating expenses. Earnings per share was $2.05, growing 10% year on year. Both operating margin and EPS exceeded the high end of our guidance ranges.

營業利益率為 31.1%，年增 2.4 個百分點，主要得益於收入和毛利率的提高以及營運費用的降低。每股收益為 2.05 美元，年增 10%。營業利潤率和每股盈餘都超過了我們預期範圍的上限。

Our results demonstrate strong execution on key growth opportunities in All Flash, Public Cloud, and AI as well as continued focus on operational discipline. Cash flow from operations was $127 million, and free cash flow was $78 million.

我們的業績表明，我們在全快閃、公有雲和人工智慧等關鍵成長機會方面取得了強勁的執行力，並持續專注於營運紀律。經營活動產生的現金流量為 1.27 億美元，自由現金流量為 7,800 萬美元。

During the second quarter, we returned $353 million of capital to our shareholders with $250 million in share repurchases and $103 million paid in dividends of $0.52 per share. Q2 diluted share count of 202 million decreased by 8 million shares or 4% year over year. At the end of the quarter, cash and short-term investments were $3 billion and gross debt outstanding was $2.5 billion, resulting in a net cash position of approximately $528 million.

第二季度，我們向股東返還了 3.53 億美元的資本，其中 2.5 億美元用於股票回購，1.03 億美元用於支付每股 0.52 美元的股息。第二季稀釋後股數為 2.02 億股，較去年同期減少 800 萬股，降幅為 4%。截至季末，現金及短期投資為 30 億美元，未償債務總額為 25 億美元，淨現金部位約 5.28 億美元。

I will now turn to non-GAAP guidance, starting with Q3. We expect revenue of $1.69 billion plus or minus $75 million. At the midpoint, this implies a growth of 3% year over year. Excluding the divested Spot business from the year-ago comparison, our revenue guidance implies a 5% growth. We expect Q3 gross margin of 72.3% to 73.3%.

接下來我將介紹非GAAP財務指引，先從第三季開始。我們預計營收為 16.9 億美元，上下浮動 7,500 萬美元。中間值意味著同比增長 3%。如果將剝離的現貨業務從去年同期的比較中剔除，我們的收入預期意味著 5% 的成長。我們預期第三季毛利率為72.3%至73.3%。

Operating margin is anticipated to be in the range of 30.5% to 31.5%. We expect EPS to be between $2.01 to $2.11, with a midpoint of $2.06.

預計營業利潤率將在 30.5% 至 31.5% 之間。我們預計每股收益在 2.01 美元至 2.11 美元之間，中間值為 2.06 美元。

Turning now to full year 2026. We continue to expect fiscal year 2026 revenue to be between $6.625 billion and $6.875 billion, which at the $6.75 billion midpoint reflects 3% growth year over year. Excluding Spot, our revenue guidance implies a growth of 5% year over year.

現在展望2026年全年。我們繼續預期 2026 財年營收將在 66.25 億美元至 68.75 億美元之間，其中值 67.5 億美元反映出年增 3%。剔除現貨交易後，我們的營收預期意味著年增 5%。

Based on our Q2 performance and the confidence in our outlook for the second half, we are raising gross margin, operating margin and EPS ranges for the fiscal year. We now expect our fiscal year 2026 gross margin to be in the range of 71.7% to 72.7% and are increasing our operating margin to 29.5% to 30.5%.

根據我們第二季的業績以及對下半年前景的信心，我們將本財年的毛利率、營業利潤率和每股盈餘預期範圍上調。我們現在預計 2026 財年的毛利率將在 71.7% 至 72.7% 之間，並將營業利潤率提高到 29.5% 至 30.5%。

We expect other income and expenses to be approximately negative $50 million. For the year, we expect the tax rate in the range of 20.2% to 21.2%. We are raising our EPS range to $7.75 to $8.05 with a midpoint of $7.90.

我們預計其他收入和支出約為負5000萬美元。今年，我們預計稅率在 20.2% 到 21.2% 之間。我們將每股收益預期範圍上調至 7.75 美元至 8.05 美元，中間值為 7.90 美元。

In closing, as we look ahead to the rest of fiscal year 2026, our commitment to executing our strategy remains strong. We are poised to seize the expanding opportunities in all flash, cloud, and AI and remain focused on consistently delivering exceptional value to our customers and shareholders.

最後，展望 2026 財年剩餘時間，我們執行策略的決心依然堅定。我們已做好準備，抓住快閃記憶體、雲端運算和人工智慧領域不斷擴大的機遇，並將繼續專注於為我們的客戶和股東持續創造卓越價值。

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

現在我將把電話交給克里斯進行問答環節。

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

謝謝你，威薩姆。操作員，我們開始問答環節。

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作說明）Aaron Rakers，富國銀行。

Yeah, thanks for taking the question. I guess the first question would be: As we think about the component environment, both from a potential pricing perspective as well as whether or not you might be seeing any constraints, I'm curious on how the company is managing that.

好的，謝謝你回答這個問題。我想第一個問題是：當我們考慮組件環境時，無論是從潛在的定價角度，還是從您是否可能遇到的任何限制角度來看，我很想知道公司是如何應對的。

Have you leaned in on any strategic purposes? And any thoughts on the duration of those strategic purchases as far as the next couple of quarters? How much visibility do you have on the pricing dynamics underpinning the gross margin outlook? Thank you.

你是否出於任何戰略目的而採取了行動？那麼，對於這些策略性收購在未來幾季的持續時間，您有什麼看法？您對影響毛利率前景的價格動態有多了解？謝謝。

Hey, Aaron. Thanks for the question. So on the components, we did mention last quarter that we did lock in some prices, and based on that, we do have visibility for a couple more quarters, I would say, at least until the end of this fiscal year. When you look at where we are, obviously, we did Q2 product margin was slightly better than our long-term model, which is in the mid- to high 50%.

嘿，亞倫。謝謝你的提問。關於零件方面，我們上個季度確實提到過，我們已經鎖定了一些價格，基於此，我認為我們至少可以預見未來幾個季度的價格，至少到本財年結束。從我們目前的情況來看，很明顯，我們第二季的產品利潤率略高於我們的長期模型，該模型的目標利潤率在 50% 到 50% 之間。

And then when we look at the rest of the year, we expect product margin -- or product gross margin to be relatively stable to where we ended in Q2. Looking ahead, if I think of the component pricing, look, this is an environment that could be volatile, and so we're not going to make a call on that. But what we do is we look at various scenarios.

然後，展望今年剩餘時間，我們預計產品利潤率（或產品毛利率）將與第二季末的水平保持相對穩定。展望未來，如果我考慮零件定價，你看，這是一個可能波動較大的環境，所以我們不會對此做出預測。但我們所做的，是研究各種不同的情況。

We have a very capable supply chain team that has been through many of these past cycles of supply, some of the commodities that we buy with rising cost environment, for instance, but we've been able to manage very efficiently over the years; in fact, while also, in some cases, growing EPS. And so we will continue to manage our input costs and maintain our supply continuity.

我們擁有一支能力很強的供應鏈團隊，他們經歷過許多過去的供應週期，例如，我們購買的一些商品在成本不斷上漲的環境下，但多年來我們一直能夠非常有效地進行管理；事實上，在某些情況下，我們甚至還實現了每股收益的增長。因此，我們將繼續控制投入成本，並維持供應的連續性。

We haven't seen any disruption so far. We haven't heard of any as such. Now ultimately, our goal is really to focus on our total gross margin. And this comes down to the various components of our revenue and the mix. And so there's the rate there and the mix.

目前為止，我們還沒有發現任何中斷。我們還沒有聽過這樣的情況。歸根結底，我們的目標是真正關注總毛利率。歸根結底，這取決於我們收入的各個組成部分及其組成。所以，這就是利率和組合的問題。

If we continue to see current levels, let's say, of some of the commodities, in particular, let's say, I know you probably have in mind that one of the things, for instance, is NAND. If we continue to see similar levels, we'll probably have a bit of a headwind into fiscal '27 from a product gross margin perspective.

如果我們繼續看到某些商品的價格水平保持目前的水平，比如說，特別是，比如說，我知道你可能想到的其中一樣東西，例如 NAND 閃存。如果這種情況持續下去，從產品毛利率的角度來看，我們在 2027 財年可能會面臨一些不利因素。

But when we look at the mix of the business, going forward, we continue to see high growth in the cloud business, which is now operating between 80% and 85%. I mean Q2, it was at 83% gross margin. We continue to see good growth in Keystone. And so the mix is very much favorable to us.

但從業務組成來看，展望未來，我們將繼續看到雲端運算業務的高速成長，目前雲端運算業務佔 80% 至 85%。我的意思是第二季度，毛利率達到了 83%。我們看到 Keystone 持續保持良好的成長動能。因此，這種組合對我們來說非常有利。

The couple of -- the last couple of points, I would say, as we think through all of this, we're focused on driving growth in gross profit dollars, which is foundational to the profitability engine of our business. And lastly, if we are faced with higher commodity prices relative to where we are today, we will always consider our pricing. Our commodity prices are typically passed through for us, and we don't have an issue passing them through.

最後兩點，我想說，當我們思考所有這些問題時，我們專注於推動毛利的成長，這對我們業務的獲利引擎至關重要。最後，如果大宗商品價格相對於目前的價格水平更高，我們始終會考慮我們的定價策略。我們的商品價格通常會轉嫁給我們，我們轉嫁這些價格也沒問題。

And Wissam, I appreciate that. That's a very thorough answer. Looking back historically, how quickly could you pass those through? Is that within a given quarter? Does it take a couple of quarters to see that flow through?

威薩姆，我很感激。這是一個非常詳盡的回答。回顧歷史，你能多快把這些東西通過？是指在某個季度內嗎？難道要等上幾季才能看到資金流動嗎？

Look, this is probably more of a hypothetical, obviously. As I said, where we are today, we have good visibility till the end of the fiscal year. But we don't necessarily a lot of time to pass them through. We can always adjust prices as needed.

顯然，這可能更像是一種假設。正如我所說，就我們目前的情況而言，我們對本財年結束前的前景有良好的預期。但我們未必有許多時間讓他們通過。我們可以根據需要隨時調整價格。

Yeah. Thank you, Wissam.

是的。謝謝你，威薩姆。

Thank you, Aaron.

謝謝你，亞倫。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thank you, guys, for taking my questions. Maybe I'm going to ask a similar question to Aaron and Wissam that is you're effectively at 60% product gross margins? I know you said we should expect them to be relatively unchanged through the rest of the year. First part of that is just, is this a function of mix to All Flash? Is there still pricing tailwinds?

偉大的。謝謝各位回答我的問題。也許我會問 Aaron 和 Wissam 類似的問題，那就是你們的產品毛利率實際上達到了 60%？我知道你說過我們應該預期它們在今年剩餘的時間裡會保持相對不變。首先，這是否與混合使用所有 Flash 功能有關？價格方面是否仍有利多因素？

Is this BOM cost down? I don't know if you could just maybe contextualize what the real drivers are of that product gross margin expansion?

物料清單成本降低了嗎？我不知道您能否解釋一下推動該產品毛利率成長的真正因素是什麼？

And then second, I'll just ask both questions at once, is I realize you don't really need to talk to fiscal year '27, it's too early and the commodity cost environment is quite volatile. But are we at peak product gross margins? Can product gross margins expand from here? Like I'd just love to understand how you think about the sustainability of where we are even regardless of the memory cycle? Thank you so much, guys.

其次，我打算一次問兩個問題，我知道您其實不需要討論 2027 財年，現在還太早，而且大宗商品成本環境波動很大。但我們目前的產品毛利率是否已達到高峰？產品毛利率還能在此基礎上進一步提高嗎？我很想了解，即使拋開記憶週期不談，您是如何看待我們目前所處狀態的可持續性的？非常感謝各位。

Yeah. Thanks, Eric. Look, the -- what I said, yes, for the rest of the year, we expect product gross margin to be more or less where we are now. We're in the 59%, I think, and change. When we think about the drivers, it's a combination of things, if I look at where we are year on year, for instance, cost is now roughly flattish.

是的。謝謝你，埃里克。你看，正如我所說，是的，在今年剩餘的時間裡，我們預計產品毛利率將與現在基本持平。我想，我們大概排在59%左右。當我們考慮驅動因素時，這是多種因素共同作用的結果。例如，如果我看一下我們每年的情況，成本現在大致保持穩定。

And so we are seeing differences mostly driven by mix and pricing that's pretty much what drives the margin.

因此，我們看到的差異主要由產品組合和定價所驅動，基本上就是利潤率的決定因素。

As I look forward, obviously, as you mentioned, it's too early to talk about '27, but I'm going to talk about theoretically how we think of the long-term product margin of our business. We are targeting mid- to high 50% margin. And so that's really -- we are operating a little bit better than that now, but our target is mid- to high 50% because ultimately, to drive better gross margins for the company, it's really the mix that's going to be also a tailwind.

展望未來，顯然，正如您所提到的，現在談論 2027 年還為時過早，但我將從理論上談談我們如何看待我們業務的長期產品利潤率。我們的目標是實現50%到50%的中高利潤率。所以，我們現在的營運情況比這略好一些，但我們的目標是達到 50% 到 50% 的中高水平，因為歸根結底，為了提高公司的毛利率，產品組合也將成為一個有利因素。

As our fast-growing cloud business continues growing at high -- and delivering higher gross margin than the corporate average, this should help us improve on our margins. I wouldn't put a cap on our product margin because ultimately, we continue to be very operationally disciplined in how we conduct the business. But I hope this answers your question.

隨著我們快速成長的雲端業務持續高速成長，並帶來高於公司平均的毛利率，這應該有助於我們提高利潤率。我不會限制我們的產品利潤率，因為歸根結底，我們在開展業務時仍然會保持非常嚴格的營運紀律。但我希望這能解答你的疑問。

All right. Thanks, Wissam.

好的。謝謝你，威薩姆。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Maybe if I can pivot a bit more to the revenue side. George, you talked about the AI-related transactions or deals that you closed, looks like 200 versus 125 last quarter. Wondering what you're seeing in terms of trends there? It sounds -- it looks like an acceleration on the headline number of deals you're seeing.

你好。或許我可以稍微調整策略，多轉向營收方面。喬治，你提到了你完成的與人工智慧相關的交易或合約，看起來是 200 筆，而上一季則是 125 筆。想知道你觀察到的趨勢是什麼？聽起來——或者說看起來，你看到的交易數量似乎正在加速成長。

And is the AFX solution that you launched at INSIGHT, what customer feedback are you getting? And is that playing into those deals that you're now seeing? And I have a quick follow-up after that. Thank you.

您在 INSIGHT 大會上推出的 AFX 解決方案，目前獲得了哪些客戶回饋？這是否與您現在看到的那些交易有關？之後我還有一個簡短的後續問題。謝謝。

We are seeing a fairly stable mix of transactions. The volume is growing. The mix has stayed roughly the same, which is data prep and data modernization, about 45% of the mix, training and fine-tuning about 25% to 30% of the mix and the rest is RAG and inferencing. I think you can see the pace of wins have grown.

我們看到交易類型構成相當穩定。交易量正在成長。構成大致保持不變，其中資料準備和資料現代化約佔 45%，訓練和微調約佔 25% 到 30%，其餘部分是 RAG 和推理。我認為你可以看出，我們獲勝的節奏加快了。

A year ago, it was about 100 -- greater than 100, now it's close to 200 or 200 approximately. So we're seeing the growth in the number of wins and the mix being roughly stable. With regard to the AFX platform, listen, we have had a huge amount of interest in it. It's going through customer qualifications. It's too early to say that it's because of the results in the quarter.

一年前，這個數字大約是 100——超過 100，現在接近 200 或大約 200。因此，我們看到勝場數有所增長，而勝場組成大致保持穩定。關於 AFX 平台，我們收到了很多關注。它正在接受客戶資格審核。現在就斷言這是由於本季業績造成的還為時過早。

It takes a few quarters for a new system and architecture to get qualified, but we're seeing strong early interest in it.

新的系統和架構需要幾個季度的時間才能獲得認可，但我們看到目前市場對它表現出濃厚的興趣。

Got it. Got it. And then maybe a quick follow-up for Wissam here. Wissam, when I look at the 3Q revenue guide, it's roughly flat; modestly, maybe down quarter-over-quarter. I realized last year, you had the same seasonality, but for most of the previous years, prior years, you typically have a seasonal growth from Q2 to Q3.

知道了。知道了。接下來或許可以給威薩姆做一個簡短的後續提問。Wissam，我看了第三季營收預期，大致持平；略有下降，可能季減。我去年意識到，你們的季節性也是一樣，但在前幾年，你們的季節性成長通常是從第二季到第三季。

So obviously, it's a dynamic macro and you have public sector headwinds, but anything specifically driving this seasonality to be a bit below average relative to your prior years into Q3?

顯然，宏觀經濟情勢瞬息萬變，公共部門也面臨一些不利因素，但究竟是什麼具體因素導致第三季的季節性波動略低於往年平均值呢？

So Samik, the -- really the couple of reasons are pretty much what you mentioned. There's a bit of a dynamic macro. We're expecting our US public sector business to be slightly below seasonality given, obviously, the most recent shutdown takes a little bit of time for government to reopen. Having said that, we view these as temporary and long term, we expect that business to get back to normal levels.

所以薩米克，其實原因就如你所說。這裡有一些動態宏。鑑於最近的停擺需要一些時間才能讓政府重新開放，我們預計美國公共部門業務將略低於季節性水平。儘管如此，我們認為這些都是暫時的，從長遠來看，我們預計業務將恢復到正常水平。

Got it. Thank you.

知道了。謝謝。

Thanks, Samik.

謝謝你，薩米克。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Thanks, guys, for taking my questions. I'm going to roll them into one. So maybe George and Wissam, when I think about the demand drivers going into the second half of this year, and I think you said you still expect federal to be sub-seasonal.

偉大的。謝謝各位回答我的問題。我要把它們合併成一個。所以，喬治和威薩姆，當我思考今年下半年的需求驅動因素時，我想你說過你仍然預期聯邦需求將低於季節性需求。

How do we marry that outlook and then going into '27 with how you're thinking about inventory and purchase commitments because your inventory on the balance sheet is still relatively modest? It doesn't seem like you took in a lot of finished goods for my quick look.

我們如何將這種展望與您對 2027 年的庫存和採購承諾的考慮結合起來，因為您資產負債表上的庫存仍然相對較小？就我匆匆一瞥來看，你似乎沒有收到很多成品。

I'm just trying to think how we should think about marrying maybe a recovery in some of the verticals like US Federal next year. Hopefully, that's behind us. And how you're thinking about adding purchase commitments and working capital to support the business next year? Thanks.

我只是想思考，我們應該如何看待明年美國聯邦儲備銀行等一些垂直領域的復甦。希望那件事已經過去了。那麼，您打算如何增加採購承諾和營運資金來支持明年的業務發展呢？謝謝。

I think maybe I can start and then Wissam can add color. I think, first of all, if you look at the second half implied growth rate, it is up if you look at ex Spot relative to the first half. So we are seeing some acceleration despite the US public sector headwinds in the second half of the year. We see the non-US public sector segments had a strong result in Q2.

我想也許我可以先開始，然後威薩姆可以添加色彩。我認為，首先，如果你看一下下半年的隱含成長率，剔除現貨市場後，下半年的隱含成長率是高於上半年的。儘管美國公共部門在今年下半年面臨許多不利因素，但我們仍然看到一些成長動能。我們看到，第二季非美國公共部門業務表現強勁。

Our Flash business accelerated from 6% to 9% in the quarter despite a tough compare a year ago. So we feel good about momentum. We are aligned to what customers are spending. Despite the choppy macro, customers are spending on AI projects on data infrastructure modernization to get ready for AI. They are implementing additional cyber resilience protection.

儘管去年同期基數較高，但我們的 Flash 業務在本季仍從 6% 成長至 9%。所以我們對目前的勢頭感到樂觀。我們與客戶的消費習慣保持一致。儘管宏觀經濟波動，但客戶仍在人工智慧專案上投入資金進行資料基礎設施現代化改造，為人工智慧做好準備。他們正在實施額外的網路安全防護措施。

So we feel good about our alignment to customer spending and then I think the third thing is that the faster growing parts of our business are now a bigger part of the overall number. Cloud and flash are now 70% of the overall number. The slower -- the parts of the business that are not growing are both smaller and also stabilizing more. And so that gives us belief that second half, hopefully, once US public sector gets clarified we should have a strong set of results going forward.

因此，我們對與客戶支出的一致性感到滿意，我認為第三點是，我們業務中成長較快的部分現在在整體數字中所佔的比例更大。雲端和快閃記憶體目前佔總數的 70%。成長速度較慢的部分──也就是業務中不成長的部分──規模較小，也更加穩定。因此，這讓我們相信，下半年，一旦美國公共部門的情況明朗化，我們應該能夠取得一系列強勁的成果。

Yeah. And David, with respect to commitments. Look, as I mentioned, we have good visibility until the end of this fiscal year, and we would be opportunistic as we go forward. We will be obviously looking at fiscal '27. And before we enter the year, we would want to be able to have good visibility and in many cases, secure whatever supply we need.

是的。至於大衛，關於承諾方面。正如我之前提到的，我們對本財年結束前的前景非常清晰，未來我們將抓住一切機會。我們顯然會關注2027財年。在進入新的一年之前，我們希望能夠有良好的市場前景，並在許多情況下確保我們所需的任何供應。

And so we won't hesitate to take the right actions to make sure we protect our business and we have the supply that's needed.

因此，我們將毫不猶豫地採取正確措施，以確保我們的業務安全，並確保我們擁有所需的供應。

Yeah. Did you talk like couple of quarters or full year purchase commitments given the environment? Like what's your philosophy going into next year?

是的。考慮到當前環境，您指的是幾季還是一整年的採購承諾？展望明年，你的理念是什麼？

I would say it all depends on what we're buying and when. And so there isn't really one answer that fits all. We will be very dynamic. We'll make decisions very fast. But as I said in my earlier remarks, the -- we have a very capable supply chain team.

我認為這完全取決於我們買什麼以及什麼時候買。因此，並沒有一個適用於所有情況的統一答案。我們將充滿活力。我們會迅速做出決定。但正如我之前所說，我們擁有一支非常優秀的供應鏈團隊。

We monitor the commodities, and we don't hesitate to take action as needed. We do have a strong balance sheet. And if we need to do -- if we need to take any specific action to protect our supply or to lock in good prices, we won't hesitate to do that.

我們會密切注意商品價格，並在必要時毫不猶豫地採取行動。我們的資產負債表非常穩健。如果需要的話——如果需要採取任何具體措施來保護我們的供應或鎖定好的價格，我們絕不會猶豫。

Great. Thank you.

偉大的。謝謝。

All right. Thanks, David.

好的。謝謝你，大衛。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Thanks for taking my question. The first question, George, is for you. You spoke about the 200 AI deals that you closed in the quarter. What is the average size of these deals? And also, where are we in the pilot production journey for enterprise adoption of AI? Is there a way to think about that into 2026? pAnd then I have a quick follow-up.

是的。謝謝您回答我的問題。喬治，第一個問題要問你。您提到本季完成了 200 筆人工智慧交易。這些交易的平均規模有多大？此外，我們在企業採用人工智慧的試點生產過程中處於什麼階段？有沒有辦法把這個問題考慮到2026年？然後我還有一個簡短的後續問題。

Listen, the deal sizes are all over the map. I think that there are some that are smaller in proof of concept and there are others that are in scale deployments that are much larger. So I would not share a particular number related to the average deal size that would disrupt the answer.

聽著，交易規模千差萬別。我認為有些專案規模較小，尚處於概念驗證階段，而有些專案則已大規模部署，規模要大得多。因此，我不會透露與平均交易規模相關的具體數字，以免影響答案。

With regard to the broad themes, I think, first of all, data lakes and data prep are usually prior to scale deployments. They are in the get ready to use AI, bring all of my data together. I think fine-tuning and inferencing are at various stages of the proof of concept to production deployment pipeline. I think if you look at the industry, life sciences, financial services, some parts of manufacturing and public sector are areas where we see AI being broadly adopted with the most advanced use cases in life sciences, and I think that the adoption use cases depend on industry.

就整體主題而言，我認為，首先，資料湖和資料準備通常是在大規模部署之前進行的。他們正準備使用人工智慧，將我的所有數據整合在一起。我認為微調和推理處於從概念驗證到生產部署流程的不同階段。我認為，如果你觀察各個行業，你會發現生命科學、金融服務、部分製造業和公共部門都是人工智慧被廣泛採用的領域，其中生命科學領域的應用案例最為先進。我認為，人工智慧的應用案例取決於產業。

Got it. And then as a quick follow-up, this is for you, Wissam. You spoke about the first-party hyperscale services demand was very strong last quarter. Can you just quantify how much did that grow last quarter, the services business?

知道了。最後，還有一件事要跟你說，Wissam。您提到上個季度第一方超大規模服務需求非常強勁。能否具體說明一下上個季度服務業務的成長情況？

The first-party and marketplace services business grew 32% year on year.

第一方和市場服務業務年增 32%。

Great job.

幹得好。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi. Good afternoon. I just had one question. given all the supply shortages that you're talking about, which seems to have accelerated, I guess, in the last several months. And I understand that you've taken some tactical moves to secure supply. Why do we think -- or is there a risk, I guess, that you run into next year sometime not saying first quarter, second quarter, but is there a risk that at some point that the lack of supply hurts overall demand, whether it's because of overall price of product or just your availability to ship? Thanks.

你好。午安.我只有一個問題。鑑於您提到的所有供應短缺問題，而且這種情況似乎在過去幾個月加劇了。我知道你們已經採取了一些策略來確保供應。為什麼我們認為——或者說，我想，明年某個時候，不是說第一季、第二季度，而是某個時候，供應不足是否會損害整體需求，無論是由於產品整體價格還是僅僅由於您的發貨能力？謝謝。

I'll just clarify the comment by saying we did not suggest that we have any supply shortages. We said that we have secured supply commitments and pricing through the end of the fiscal year and will take appropriate actions to guarantee supply across a broad ecosystem of suppliers through the next fiscal year depending on what we see.

我在此澄清一下，我們並沒有暗示有任何供應短缺的情況。我們表示，我們已確保本財年結束前的供應承諾和價格，並將根據我們所看到的，採取適當措施，保證下一財年廣泛的供應商生態系統的供應。

Okay. So that -- you're confident that it's the price -- whatever price you're talking about a year from now, George, is sustainable in the marketplace, I guess?

好的。所以——你確信一年後你所說的價格，喬治，在市場上是可持續的，對嗎？

Listen, there's a lot of puts and takes in the bill of materials in our products. And so -- and we have a broad ecosystem of suppliers. So we work with them, both to look at a variety of different price points and offerings, and we'll have the right mix.

聽著，我們產品的物料清單裡有很多增減項。因此，我們擁有廣泛的供應商生態系統。因此，我們會與他們合作，考察各種不同的價格點和產品，以便找到合適的組合。

As we said, the historic pattern of this industry is that when component prices, commodity prices go up, there are pricing actions taken to share some of those price increases with customers. And if it reaches that point, we will have -- we have the experience to do that.

正如我們所說，該行業的歷史模式是，當零件價格、大宗商品價格上漲時，就會採取定價措施，將部分價格上漲轉嫁給客戶。如果到了那一步，我們有經驗去應付。

Great. Thank you for the color.

偉大的。謝謝你提供的色彩。

Thank you.

謝謝。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Two, if I could, as well. Hate to kill the commodities here. But just curious, a lot of talk about NAND, but HDDs are tight and going up as well. So is there -- what's the impact on the business of QLC being used more than hybrid or maybe more than TLC? Any moving parts that might actually benefit the move towards All Flash, number one?

謝謝。如果可以的話，我也想選兩個。真不想扼殺這裡的商品。不過我很好奇，大家都在談論 NAND，但 HDD 的市場也很緊張，價格也在上漲。那麼，QLC 的使用量超過混合型或 TLC 的使用量，會對業務產生什麼影響呢？首先，有哪些因素可能真正有利於全面轉向 Flash？

And then number two, the cloud revenues have been pretty consistent, high teens ex Spot. George, you mentioned a lot of new offerings on the big cloud players. Could you just talk about that ex Spot growth rate? Do you think that high teens is sustainable or can some of these newer offerings help accelerate that number even though the base is fairly large? Thank you.

其次，雲端運算收入一直相當穩定，除 Spot 外，營收維持在 10% 以上。喬治，你提到了許多大型雲端服務商推出的新產品。能談談現貨市場成長率嗎？你認為十幾千美元的成長率是可持續的嗎？或者說，即使基數已經相當大，一些新的產品能否幫助加速這個成長速度？謝謝。

Yeah. On the first question, listen, HDD has actually performed well for us this quarter. It performed, in my expectations, better than we had planned. And so we are seeing a broad range of use cases for these products. We don't see that one type of technology replaces the other.

是的。關於第一個問題，聽著，本季硬碟 (HDD) 的表現實際上非常好。它的表現超出了我的預期，比我們計劃的還要好。因此，我們看到這些產品的應用場景非常廣泛。我們並不認為一種技術會取代另一種技術。

There are use cases for TLC, QLC and HDDs, and we are seeing that pattern in our business.

TLC、QLC 和 HDD 都有各自的應用場景，我們在業務中也看到了這種趨勢。

I think with regard to your question on cloud. Listen, I think broadly speaking, we are super positive about the growth of our first-party end marketplace, cloud services business, they have been ticking along nicely north of 30%, representing strong customer demand for our differentiated offerings. I think that the scale of the business, if you look at the Q2 quarter-on-quarter growth, it was the highest quarter-on-quarter incremental revenue in the history of the cloud business, so we feel really strong about that.

關於你提出的關於雲的問題，我想說的是…聽著，我認為總體而言，我們對第一方終端市場和雲端服務業務的成長非常樂觀，它們的成長率一直保持在 30% 以上，這代表著客戶對我們差異化產品的強勁需求。我認為，從第二季環比成長來看，這項業務的規模非常可觀，這是雲端業務史上最高的季度環比增量收入，所以我們對此感到非常樂觀。

And broadly speaking, we have a really good set of tools for enterprise workloads on the cloud. The next big push is to capture the AI and data-intensive workloads on the cloud. And so you'll see us bring innovations in the market. We already talked about some of them, and you'll see a lot more of that over the next 6 to 12 months.

總的來說，我們擁有一套非常優秀的工具，可以用於雲端企業工作負載。下一個重大目標是在雲端取得人工智慧和資料密集型工作負載。因此，您將會看到我們為市場帶來創新。我們已經討論過其中的一些，在接下來的 6 到 12 個月裡，你會看到更多這樣的內容。

And so super excited. This is really about scaling the go-to-market. It is almost we can bring on as many clients as we want, it's really bringing an effectively scaling go-to-market motion for our cloud offerings.

太激動了！這其實是關於擴大市場推廣規模的問題。我們幾乎可以隨心所欲地招攬客戶，這確實為我們的雲端產品帶來了有效的市場擴張動力。

Okay. Thank you.

好的。謝謝。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Great. Thanks for taking my question. I wanted to see how you thought about your opportunities to win business with some of the sovereign or Neo clouds who are not necessarily hyperscale and building their own storage solutions. How do you see that fitting into your strategy? And what opportunities have you seen so far there?

偉大的。謝謝您回答我的問題。我想了解您如何看待與一些主權雲端或新雲端（它們不一定是超大規模的，而是建立自己的儲存解決方案）合作並贏得業務的機會。您認為這如何融入您的策略？到目前為止，你在那裡看到了哪些機會？

Yeah. We are part of a large number of sovereign clouds across the globe for many, many years. With regard to their AI landscape, we have mentioned sovereign AI wins. We have expanded the range of offerings with the AFX solution that allows us to participate in a broader range of footprints within those sovereign AI cloud, and we are bringing more innovation to the market over the next few months, so stay tuned.

是的。多年來，我們一直是全球眾多主權雲的一部分。關於他們的人工智慧領域，我們已經提到了主權人工智慧的勝利。我們透過 AFX 解決方案擴展了產品範圍，使我們能夠參與這些主權 AI 雲端中更廣泛的領域，並且在接下來的幾個月裡，我們將為市場帶來更多創新，敬請期待。

And how do you think about the competitive landscape in that application and broadly the AI opportunities?

您如何看待該應用領域的競爭格局以及更廣泛的人工智慧機會？

I think that as those sovereign providers look to serve enterprise clients with AI workloads, all of the value that we have, both in terms of the differentiated capabilities around security, multi-tenancy, data protection, hybrid, landscape play to our advantage. We are seeing some of that momentum with the introduction of the AFX, people have been super interested in our ability to serve those new use cases that those AI cloud providers are trying to go after.

我認為，隨著這些主權供應商尋求為企業客戶提供 AI 工作負載服務，我們在安全、多租戶、資料保護、混合環境等方面的所有差異化能力都將對我們有利。隨著 AFX 的推出，我們看到了這種勢頭，人們對我們滿足 AI 雲端供應商正在努力追求的新用例的能力非常感興趣。

Thanks,

謝謝，

Thank you, Simon.

謝謝你，西蒙。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah. Thank you. Good afternoon. I wanted to first ask just on the performance in the quarter. You had a nice roughly $20 million beat and then you reiterated for the year. So I just wanted to understand why you didn't flow through the beat? Is it just a little bit extra conservatism based on public sector or supply chain or any other factors?

是的。謝謝。午安.我首先想問一下本季的業績狀況。你取得了大約 2000 萬美元的不錯成績，然後你又重申了這一年的目標。所以我想知道你為什麼沒有跟著節奏走？只是基於公共部門、供應鏈或其他因素而採取的略微保守的做法嗎？

Yeah. I mean, I think we saw, in the quarter, some really strong. We talked about large deals. We had a good set of those that help offset the really steep decline in the US public sector business.

是的。我的意思是，我認為我們在本季度看到了一些非常強勁的業績。我們談的是大宗交易。我們有一系列不錯的措施，可以幫助抵消美國公共部門業務的急劇下滑。

We had not anticipated when we guided the quarter that USPS would suffer such a long shutdown.

我們在發布季度業績預期時，並未預料到美國郵政會遭遇如此長時間的停運。

And I think as we look out to the second half of the year, if you look at the overall guide for the second half of the year, ex Spot, it actually is an acceleration year on year from the first half. But clearly, we want to have more line of sight into how US public sector plays out. As Wissam mentioned, it takes a while for the governmental agencies to get back to procurement and spending. And so we're being tad cautious about that.

我認為，展望下半年，如果你看一下下半年的整體指導方針（不包括現貨），實際上會比上半年加速成長。但很顯然，我們希望更清楚地了解美國公共部門的運作。正如威薩姆所提到的那樣，政府機構需要一段時間才能恢復採購和支出。所以我們對此持謹慎態度。

There are no implications from the supply chain in our guidance.

我們的指導方針中沒有涉及供應鏈方面的問題。

Okay. Great. And then just a quick follow-up on Keystone. I don't think that's come up in the Q&A yet. You've been in this space for a long time, George, I mean, do you feel like we're hitting some type of an inflection in the storage-as-a-service model?

好的。偉大的。然後簡單跟進一下 Keystone 的情況。我認為問答環節還沒有提到這個問題。喬治，你在這個領域已經很久了，我的意思是，你覺得儲存即服務模式是否正處於某種轉折點？

Maybe it's not an inflection, maybe it's just every year, it's going to get bigger and be more of a slow a slow burn. But it does seem like that part of the business is incredibly strong, and we've seen strength across other suppliers as well. So do you think that this is just going to be more of the norm in the storage market over the next decade-or-so?

也許這不是轉捩點，也許只是每年都會如此，規模越來越大，發展速度也會越來越慢。但看起來這部分業務確實非常強勁，我們也看到其他供應商也表現出了強勁的勢頭。所以你認為在未來十年左右的時間裡，這會成為儲存市場的常態嗎？

I think this is a new way for customers to find infrastructure I think it is driven both by maturity of the offerings as well as customers' maturity in using these business models coming from the cloud, right? So they've learned how to buy infrastructure consumption model from the cloud. And so we see that growing as a part of the overall business.

我認為這是客戶尋找基礎設施的一種新方式，我認為這既得益於產品的成熟度，也得益於客戶在使用來自雲端的商業模式方面的成熟度，對嗎？所以他們已經學會如何從雲端購買基礎設施消費模式。因此，我們看到它作為整體業務的一部分而不斷發展壯大。

Like all things, enterprise infrastructure is a very large market. And so it will grow as a part of that market. We are excited to lean into that trend. I don't think the whole market switches overnight. Nothing ever happens that way, but it'll grow faster than the rest of the enterprise infrastructure buying models.

就像所有事物一樣，企業基礎設施是一個非常大的市場。因此，它將作為該市場的一部分而發展壯大。我們很高興能夠順應這股趨勢。我不認為整個市場會在一夜之間轉變。事情從來不會以那種方式發展，但它的成長速度會比其他企業基礎設施採購模式更快。

Thank you.

謝謝。

Thank you, Jason.

謝謝你，傑森。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yes. Thanks, guys, for taking the question. George was, with video such a big theme at INSIGHT let me just have you and take the opportunity to ask you, anything notable or interesting on video that you saw over the last 90 days that you're seeing emerge? And I guess, video specifically, but unstructured generally in your customer base or in some of the proof of concepts. I have a quick follow-up, too, if I could. Thanks.

是的。謝謝各位回答這個問題。喬治，鑑於影片是 INSIGHT 的一個重要主題，我想藉此機會問你一個問題，在過去的 90 天裡，你看到影片方面有什麼值得注意或有趣的新現象嗎？我想，具體來說，視頻，但總體上來說，非結構化內容在你的客戶群中或一些概念驗證中也存在。如果可以的話，我還想補充一點。謝謝。

Yeah. Unstructured is clearly the place that customers are spending time organizing. We talked about one of the use cases where large semiconductor equipment manufacturer brought together new years of documents across a variety of applications to better understand what their engineers and their operations teams were working on so that they could continue to optimize yields and efficiency in their business. We see that more and more across organizations. I think with video itself, we talked about the content production house that is using AI to build better, more enriched experiences for their digital clients.

是的。很明顯，顧客們在非結構化內容中花費時間進行整理。我們討論了一個應用案例，一家大型半導體設備製造商將多年來各種應用程式中的文件匯集在一起，以便更好地了解他們的工程師和營運團隊正在做什麼，從而能夠繼續優化業務的良率和效率。我們在越來越多的組織中看到這種情況。我認為就影片本身而言，我們討論的是內容製作公司如何利用人工智慧為其數位客戶打造更好、更豐富的體驗。

And so you're seeing that in certain use cases. We are also seeing the use of multimodal applications starting to grow and then video analytics, for example, in weather forecasting, weather analysis, things like that. And so it's growing. I wouldn't say it's been at the dramatic inflection, but multimodal is growing. We are seeing demand from customers for support for more complex multimodal language models, for example.

所以你在某些使用案例中會看到這種情況。我們也看到多模態應用程式的使用開始成長，例如視訊分析，在天氣預報、天氣分析等領域。所以它還在發展壯大。我不會說它已經到了劇烈的轉折點，但多模態正在發展壯大。例如，我們看到客戶對支援更複雜的多模態語言模型的需求不斷增長。

That's helpful. Thanks. And just a quick follow-up on memory. The hard drive makers seem, as we go through next year, like they're pretty intent on mixing up pretty quickly from 20 TB drives to 30 TV drives. Is that consistent, relatively speaking, with what your customer base is looking for also? I guess I'm wondering if that's organically in tandem with what your customers also would want. That's it for me.

那很有幫助。謝謝。最後再補充一點關於記憶力的問題。展望明年，硬碟製造商似乎決心迅速將 20 TB 硬碟轉向 30 TB 電視硬碟。從相對意義上講，這是否也符合您的客戶群的需求？我想知道這是否與您的客戶的需求自然相符。就這些了。

I think broadly speaking, customers are looking for aerial density improvements from all of the silicon. We work with our supplier ecosystem to qualify different media types and density points, and we'll do the same. We follow customer demand. We look at what the supplier ecosystem is telling us, broadly speaking, performance, cost and density are the key drivers of new silicon adoption.

我認為總的來說，客戶希望所有矽晶片都能提高空氣密度。我們與供應商生態系統合作，對不同的介質類型和密度點進行鑑定，我們也會這樣做。我們遵循客戶需求。我們從供應商生態系統中了解到，總的來說，效能、成本和密度是推動新矽晶片普及的關鍵因素。

Thank you.

謝謝。

Louis Miscioscia, Daiwa Capital Markets America Inc.

Louis Miscioscia，大和資本市場美國公司

George, on the last earnings call, you seem to be a lot more encouraged about AI, and obviously, you have a lot more wins this quarter. And I guess you were asked this question before, but let me just try again. Obviously, there's been a massive growth in many areas, mostly in servers. But storage, in general, hasn't really seen a big, big pickup from AI.

喬治，在上次財報電話會議上，你似乎對人工智慧更有信心了，而且顯然，你本季也取得了更多成果。我想你之前可能被問過這個問題，但我還是想再問一次。顯然，許多領域都出現了巨大的成長，尤其是伺服器領域。但總體而言，儲存領域並沒有真正因為人工智慧而迎來大幅成長。

So when do you think inference applications really start to create more data that would then drive material new revenue for you? Do you see it as maybe first half calendar '26, second half? I mean I assume at some point it has to hit.

那麼，您認為推理應用何時才能真正開始產生更多數據，為您帶來實質的新收入？你覺得可能是2026年上半年，下半年？我的意思是，我猜想它遲早會爆發。

Yeah. I think we've always said compute and network build-out would be both bigger and earlier than the storage build out. I think it is because the trading of large language models and the algorithms that are being used for AI does not require a lot of storage, right? Nobody is creating a second copy of all the Internet data to train open AI.

是的。我認為我們一直都說過，計算和網路建設的規模和時間都會比儲存建設更大。我認為這是因為大型語言模型和用於人工智慧的演算法的交易並不需要大量的儲存空間，對嗎？沒有人會創建所有網路資料的第二份副本來訓練開源人工智慧。

And so that build out, of course, will be bigger and earlier than storage. I think as we said, storage is 80% of the storage use is actually from inferencing. And so as inferencing becomes a bigger part of the overall AI landscape, you will see more storage consumption. I think we are seeing it in our business also in the data lake, data modernization business where people are building large-scale multi-terabyte repositories to bring all their data together.

因此，建設規模當然會比儲存規模更大、啟動更早。我認為正如我們所說，80% 的儲存空間實際上來自推理。因此，隨著推理在整個人工智慧領域中扮演越來越重要的角色，你會看到儲存消耗增加。我認為我們在資料湖和資料現代化業務中也看到了這一點，人們正在建立大規模的多TB儲存庫，將所有資料集中在一起。

I think if you were to look at what we said, we said, hey, the number of proof of concepts would pick up in fiscal year '26; we are seeing that I think with regard to broader enterprise AI adoption, we've always believed it's use case by use case. It's not a horizontal technology that gets deployed. And so it really depends on the ROI from the use cases that we see. There, we are seeing, like we said, health care and life sciences ahead of the market, some of the other ones heavy in proof of concept, but not yet in production.

我認為，如果你看看我們說過的話，我們說過，概念驗證的數量將在 2026 財年增加；我們看到，就更廣泛的企業人工智慧採用而言，我們一直認為這是個具體問題。它不是一種可以橫向部署的技術。因此，這實際上取決於我們所看到的用例的投資回報。正如我們所說，我們看到醫療保健和生命科學領域領先於市場，其他一些領域則處於概念驗證階段，但尚未投入生產。

Okay. Thank you.

好的。謝謝。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Yes. Thank you so much. George, you said at the end of your prepared remarks that you would be capturing share in the market. And I was wondering how much of that is predicated on some of the flexibility you have in pricing given the supply that you have secured versus product portfolio mix capability. How are you thinking about that? And I have a follow-up.

是的。太感謝了。喬治，你在準備好的演講稿結尾說，你會搶佔市場份額。我想知道，在你們已確保的供應量和產品組合能力之間，你們在定價方面擁有多少彈性，這其中有多少是基於這些彈性。你對此有何看法？我還有一個後續問題。

I mean, broadly speaking, Wamsi, in a transaction the majority of the value is in software and the data platform that the company -- that the customer is signing on to, right? They train their teams on the use of the platform. And I think our growing differentiation not only with cloud but cyber and bringing more advanced data management capabilities is the leading indicator. I think when you are trying to displace a competitor, having flexible set of tools, both things like Keystone or subscription-type services and the ability to price aggressively is helpful.

我的意思是，總的來說，Wamsi，在交易中，大部分價值在於軟體和數據平台，也就是公司——也就是客戶簽約使用的平台，對吧？他們會培訓團隊成員如何使用該平台。我認為，我們在雲端運算、網路安全以及提供更先進的資料管理能力方面不斷增強的差異化優勢，是領先的指標。我認為，當你試圖取代競爭對手時，擁有一套靈活的工具，包括 Keystone 或訂閱型服務以及積極定價的能力，都是很有幫助的。

Okay. Thanks, George. And just a follow-up. You just raised your Public Cloud gross margin range and you're already at more than halfway through that range with a slight increase in revenue in the quarter. I'm just wondering, like what's a natural ceiling with for this business that you see?

好的。謝謝你，喬治。還有一個後續問題。您剛剛提高了公有雲毛利率預期範圍，並且由於本季度收入略有增長，您已經達到了該範圍的一半以上。我只是想知道，你認為這個產業的自然發展上限是多少？

And maybe you can just -- maybe Wissam can just comment on cash flow as well. It was a little bit weak in the quarter, just thinking through trajectory over there, that would be helpful. Thank you.

或許你也可以──或許威薩姆也可以就現金流發表一下看法。季度表現略顯疲軟，仔細分析那邊的發展軌跡，應該會有所幫助。謝謝。

Sure, Wamsi. So let me start with the first part of your question. On the cloud gross margin, look, this is the second quarter we're operating within our upgraded target range. We feel comfortable operating within this range. The -- we're seeing -- we've seen the mix in that business shifting a little bit more towards software and as we talked about before, we've had some roll off and depreciation.

當然可以，Wamsi。那麼，讓我先回答你問題的第一部分。關於雲端業務毛利率，你看，這是我們第二季在升級後的目標範圍內運作。我們認為在這個範圍內運作是合適的。我們看到，該業務的組合正在向軟體方向轉變，正如我們之前討論的那樣，我們遇到了一些資產縮減和折舊。

Having said that, they could be potentially an upward bias, but we're -- it's too early to talk about that today. I would say we're still comfortable operating in that -- within that 80% to 85% range that we published last quarter.

話雖如此，它們可能存在向上偏差，但是——現在談論這個問題還為時過早。我認為我們仍然可以接受在上個季度公佈的 80% 到 85% 的範圍內營運。

With respect to the cash flow, it is -- there's a bit of seasonality in our cash flow. And so Q2 is typically lower, in some cases, sometimes the lowest point in the in the year. But also in Q2, we had the last installment of the tax payment, which had to do with the transition tax that was related to the law that was enacted back in 2017, I believe. So those are, I would say, the couple of factors influencing Q2 cash flow.

至於現金流方面，確實存在一些季節性波動。因此，第二季度通常較低，在某些情況下，有時甚至是全年最低點。但在第二季度，我們也收到了最後一筆稅款，這與過渡稅有關，我相信，該過渡稅與 2017 年頒布的法律有關。所以，我認為以上就是影響第二季現金流的幾個因素。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Param Singh, Oppenheimer.

Param Singh，奧本海默。

Yeah. Hi. Thank you for taking my questions. So I really want to dive a little bit more into your AI wins. You talked a little bit about AI differentiation with AFX and what's helping you win versus competitors. Wanted to understand what are you hearing from customers? Technically, do you feel you're there yet? And if you could share what mix of your AI wins are with existing customers as opposed to taking share for -- from new customers?

是的。你好。謝謝您回答我的問題。所以我很想更深入了解你們的AI獲勝情況。您剛才談到了AFX在人工智慧領域的差異化優勢，以及是什麼幫助您在與競爭對手的較量中獲勝。想了解您從客戶那裡聽到了什麼？從技術層面來說，你覺得自己已經達成目標了嗎？如果您能分享您在人工智慧方面的成功案例中，有多少來自現有客戶，又有多少來自新客戶，那就太好了！

I think with our AI wins, just like with our All Flash business, we are bringing on a lot of new customers, and that I'm talking about the on-prem business. The cloud business has been a very strong contributor to new clients. As we have shared, roughly half of all our cloud customers are net new to NetApp, right? And that pattern has stayed the same for a very, very long period of time.

我認為，就像我們的全 Flash 業務一樣，我們在 AI 領域的成功也為我們帶來了許多新客戶，我指的是本地部署業務。雲端運算業務一直是新客戶成長的重要貢獻者。正如我們之前分享的，我們大約一半的雲端客戶都是 NetApp 的新客戶，對嗎？而且這種模式已經持續了非常非常長的時間。

So if you talk about the enterprise storage business, the number of new customers that are signing on to us has been strong. A lot of that is because of unified data management, hybrid cloud deployment options and an increasing number of customers coming because of our built-in compliant cyber resilience solutions, and so those are the key sources of wins.

所以，就企業儲存業務而言，新簽約客戶的數量一直很強勁。這很大程度上歸功於統一的資料管理、混合雲部署選項，以及越來越多的客戶因為我們內建的合規網路彈性解決方案而選擇我們，這些都是我們成功的關鍵因素。

I think with regard for enterprise AI, we feel really, really strong. Yeah, we don't have -- we are ahead of all the competition. Most of the competitors have point products. They don't have an integrated stack. They don't have hybrid.

我認為在企業人工智慧領域，我們感覺非常非常強大。是的，我們沒有——我們領先所有競爭對手。大多數競爭對手都有單品產品。它們沒有整合堆疊。他們沒有雜交品種。

They don't have all of those pieces that we have. So we feel good. Clearly, in our installed base, we have an enormous advantage because we hold all the data. And as we talked about at our INSIGHT conference, we can bring AI to your data rather than copy all your data over to AI.

他們沒有我們擁有的所有部件。我們感覺很好。顯然，就我們的用戶基礎而言，我們擁有巨大的優勢，因為我們掌握著所有數據。正如我們在 INSIGHT 大會上所討論的那樣，我們可以將 AI 應用於您的數據，而不是將所有數據複製到 AI 中。

Got it. And before my follow-up, anything -- sorry, just a quick follow-up. Assuming that you keep winning and your revenue trajectory is going to improve on the product side with incremental workloads coming into AI inferencing. Add to that, you have Keystone going faster, easier comps with spot, increasing public cloud mix, wouldn't it be reasonable to assume that off a 5% normalized growth rate this year, you should see an acceleration into next year? Would that be the right way to think about it?

知道了。在我進行後續跟進之前，還有什麼事嗎？ ——抱歉，只是快速地跟進一下。假設你持續獲勝，隨著人工智慧推理工作負載的增加，你的產品收入軌跡將會改善。此外，Keystone 發展速度更快，與 Spot 的比較更容易，公有雲佔比不斷提高，如果今年的正常增長率為 5%，那麼假設明年增長率會加速增長，這難道不是合理的嗎？這樣想是否正確？

I'd just say, we will guide fiscal year '27 when we guide fiscal year '27. All of the comments you made are accurate in terms of a growing part of our business is coming from faster-growing components of our business like cloud, Keystone, All Flash and AI. And I think that as that mix gets to be a bigger part of our business, you should expect acceleration. But we'll guide fiscal year '27 when we get there.

我只想說，我們會在製定 2027 財政年度指導方針的時候再製定。您所說的所有評論都是準確的，我們業務中不斷增長的一部分確實來自我們業務中增長更快的組成部分，例如雲端運算、Keystone、全快閃和人工智慧。我認為，隨著這種組合在我們業務中所佔比例越來越大，你們應該會期待它加速發展。但我們會等到 2027 財年到來時再做指導。

Got it. Thank you so much. Appreciate it.

知道了。太感謝了。謝謝。

Thank you.

謝謝。

Ari Terjanian, Cleveland Research Company.

Ari Terjanian，克利夫蘭研究公司。

Thanks for the question. First, just on the quarter, good to hear the uptick in large deal activity. I know, George, at the start of the year, you referenced some larger deals in the pipeline. What do you think drove some of the larger deal activity this quarter? Was it execution or maybe there's some pull forward ahead of potential shortages?

謝謝你的提問。首先，就本季而言，很高興聽到大宗交易活動增加。我知道，喬治，年初的時候你有提到一些正在籌備中的大宗交易。您認為本季一些大型交易的驅動因素是什麼？是執行力的問題，還是因為擔心出現短缺而提前推進？

And then my second question, it seems like OpEx was down year over year. It seems like it's been trending that way. How sustainable is that? Is that more timing related of hiring? How should we think about that in the second half and next year? Thank you.

我的第二個問題是，營運支出似乎比去年同期下降了。看來這種趨勢一直持續下去了。這種做法的可持續性如何？這是否與招募的時間表有關？我們該如何看待下半年和明年的這個問題？謝謝。

Yeah. I think, first of all, with regard to wins, listen, this is execution, right? We said we had good pipeline, and we are executing to that. I do not think that there are pull-ins due to supply chain, right? I mean, listen, we have never said there's a supply chain issue in our our pipeline.

是的。我認為，首先，就勝利而言，聽著，這是執行力的問題，對吧？我們說過我們有良好的產品線，我們正在按計劃執行。我不認為會因為供應鏈問題而出現拉動式供貨的情況，對嗎？我的意思是，聽著，我們從來沒有說過我們的供應鏈有問題。

And so I just -- we'll just say, hey, these are wins, you always get some that get closed earlier than others and some that get closed later. I think that our strength in the business helped offset a significant deterioration in US public sector due to the shutdown. And so we feel good about that. With regard to OpEx, I'll let Wissam comment on it.

所以我就說——我們就說，嘿，這些都是勝利，總會有一些勝利早於其他勝利達成，而有些勝利則會晚於其他勝利達成。我認為，我們在商業領域的實力有助於抵消美國公共部門因政府停擺而造成的重大惡化。所以，我們對此感到很滿意。關於營運支出方面，我會讓威薩姆來評論。

Yeah. With regards to OpEx, look, this is a matter of timing. We expect it to be potentially slightly higher from here for the second half. We do want to continue to invest in the business. We want to invest in the growth of our business, and so I'll leave it at that.

是的。至於營運支出，這其實是一個時機問題。我們預計下半年可能會略有上漲。我們確實希望繼續投資這項業務。我們希望投資於業務成長，所以我就說到這裡吧。

Thanks.

謝謝。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Hi. This is [Hannah] for Amit. I was just wondering for All Flash, the growth accelerated rather well this quarter. Can you just touch on what drove that? And was it pricing, portfolio refresh or was it AI?

你好。這是漢娜給阿米特的。我只是想問一下，All Flash 本季的成長速度相當快。能簡單談談是什麼原因促成了這件事嗎？是定價策略、產品組合更新還是人工智慧？

I think that from a workload perspective, AI was noticeable. With regard to the mix, listen, I think we have refreshed the full set of systems last year, Hannah. And so we're seeing the benefit of that as customers have qualified the system and started to use it. And then we saw strong results, especially in the high-performance area, where our offerings are -- did really well in the quarter.

我認為從工作量的角度來看，人工智慧的作用非常顯著。關於混音方面，聽著，我認為我們去年已經更新了整套系統，漢娜。因此，我們看到了它的好處，因為客戶已經驗證了系統並開始使用它。然後我們看到了強勁的業績，尤其是在高效能領域，也就是我們產品的領域——本季表現非常出色。

Thanks, Hannah.

謝謝你，漢娜。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Great. Thanks for taking my question. Just I was wondering, you answered partly that about the high-performance mix shift. I think there was some mix shift that worked the other way in the prior quarter. So just -- as you look ahead, the guide for the overall gross margin ticking higher here, if you can just lay out how you're thinking about the mix here?

偉大的。謝謝您回答我的問題。我只是想問一下，你之前已經部分回答了關於高效能混合轉變的問題。我認為上一季出現了一些相反的組合變化。所以，展望未來，整體毛利率可望穩定提升，您能否簡單說明一下您對產品組合的看法？

And then what's embedded in terms of Public Cloud revenues because obviously, that's the higher margin. What's embedded in terms of public cloud revenue growth expectations for the third quarter? Thank you.

然後，公有雲收入又包含了哪些內容呢？因為很顯然，公有雲的利潤率更高。第三季公有雲收入成長預期包含哪些因素？謝謝。

Hey, Asiya, thanks for the question. Look, we don't guide to that level of granularity. I think I've said enough with respect to product gross margin to give an indication as to how we expect the next couple of quarters to shape up.

嗨，Asiya，謝謝你的提問。你看，我們不會指導到那種細緻度。我認為我已經充分闡述了產品毛利率，足以表明我們對未來幾季的預期。

And with respect to Public Cloud, I would expect -- as I said, from a margin perspective, we're comfortable in where we are operating, exiting Q2. And from a revenue perspective, we talked about the growth being very much in line with what we've seen over the past, let's say, couple of quarters.

至於公有雲，正如我所說，從利潤率的角度來看，我們對目前第二季末的營運狀況感到滿意。從收入角度來看，我們談到成長與過去幾季的成長非常一致。

So hopefully, this helps.

希望這能有所幫助。

All right. Thanks, Asiya. I'm going to turn it over to George for some final remarks.

好的。謝謝，Asiya。接下來我將把發言權交給喬治，請他作最後總結。

Thank you, Kris. Strong execution and operational discipline enabled us to deliver an outstanding second quarter. Our focus on AI, all-flash and public cloud continues to yield top line growth in an uncertain macro environment. In the quarter, we introduced substantial innovation to extend our differentiation and further solidify our leadership position.

謝謝你，克里斯。強大的執行力和營運紀律使我們能夠取得出色的第二季業績。在宏觀環境不確定的情況下，我們對人工智慧、全快閃和公有雲的專注持續帶來營收成長。本季度，我們推出了一系列重大創新，以擴大我們的差異化優勢，並進一步鞏固我們的領先地位。

Looking ahead, we remain confident that our visionary approach to a data-driven future will enable us to outgrow the market and capture additional share, driving value for customers, partners, and shareholders.

展望未來，我們仍然堅信，我們對數據驅動未來的遠見卓識將使我們能夠超越市場，獲得更多市場份額，從而為客戶、合作夥伴和股東創造價值。

Thank you. Have a great Thanksgiving.

謝謝。祝你感恩節快樂。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。