NetApp Inc (NTAP) 2026 Q4 法說會逐字稿

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

大家好，歡迎參加 NetApp 2026 會計年度第四季暨全年財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係副總裁 Kris Newton。請開始。

Hi, everyone. Thanks for joining our Q4 and fiscal year 2026 earnings call. 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.

各位好。感謝各位參加我們 2026 會計年度第四季暨全年財報電話會議。今天與我一同出席的有我們的執行長 George Kurian，以及財務長 Wissam Jabre。本次電話會議將進行線上直播，並可於 netapp.com 在我們的網站上回放收聽。

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the first quarter and fiscal year 2027; 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. 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.

在今天的電話會議中，我們將就財務展望與未來前景發表前瞻性陳述與預測，包括但不限於我們對 2027 會計年度第一季與全年之指引；我們對未來營收、獲利能力與股東報酬的預期；以及其他成長計畫與策略。這些陳述受到各種風險與不確定性影響，可能導致我們的實際結果出現重大差異。更多資訊請參閱我們不時向美國證券交易委員會（SEC）提交並於我們網站揭露的文件，包括我們最新的 Form 10-K 與 Form 10-Q。我們不承擔更新任何前瞻性陳述與預測之義務。

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

在本次電話會議中，除非另有說明，所有呈現的財務衡量指標皆為非 GAAP。GAAP 與非 GAAP 指標之調節表可於我們網站取得。

I'll now turn the call over to George.

接下來我把電話會議交給 George。

Good afternoon, everyone. Thank you for joining us. FY26 was a landmark year for NetApp, with record results across revenue, gross profit, operating income, cash flow from operations, and free cash flow, supported by strong customer demand in the fourth quarter. Our performance demonstrates our ability to capitalize on the accelerating adoption of enterprise AI and cloud.

各位下午好。感謝各位加入我們。2026 會計年度是 NetApp 的里程碑之年，我們在營收、毛利、營業利益、營運活動現金流與自由現金流等方面皆創下紀錄，並受到第四季強勁客戶需求的支持。我們的表現展現了我們把握企業 AI 與雲端加速採用趨勢的能力。

With our differentiated hybrid cloud intelligent data infrastructure platform, trusted by the world's leading enterprises and cloud providers, NetApp is increasingly at the center of our customers' data-driven AI transformations. Achieving our full-year target of 30% operating margin underscores our commitment to profitable growth and ongoing innovation.

憑藉我們具差異化的混合雲智慧資料基礎架構平台，並獲全球領先企業與雲端供應商信賴，NetApp 正日益成為客戶以資料驅動的 AI 轉型核心。達成全年 30% 的營業利益率目標，凸顯我們對獲利成長與持續創新的承諾。

NetApp stands at the forefront of a transformative era, driven by rapid AI adoption and explosive cloud growth. Enterprises are reimagining how they operate and compete, and only NetApp delivers truly hybrid intelligent data infrastructure, on-premises and in the cloud, all-flash and hybrid flash, to seamlessly protect, secure, govern, and activate the entire data estate for AI.

在 AI 快速採用與雲端爆發式成長的推動下，NetApp 站在轉型時代的最前沿。企業正重新想像其營運與競爭方式，而只有 NetApp 能提供真正的混合式智慧資料基礎架構——在地端與雲端、全快閃與混合快閃——以無縫地保護、確保安全、治理並啟用整個資料資產（data estate）以支援 AI。

Our 30 years of innovation and leadership in hybrid multi-cloud environments are more relevant than ever as our vision of a hybrid world is realized. As enterprise AI adoption scales, the primary challenge is not compute but activating large volumes of unstructured data. A significant share of the world's enterprise unstructured data resides on NetApp solutions, and our ability to activate it securely and efficiently across hybrid and multi-cloud environments gives us a powerful competitive advantage.

我們在混合多雲環境中 30 年的創新與領導地位，比以往任何時候都更具關聯性，因為我們對混合世界的願景正在實現。隨著企業 AI 採用規模化，主要挑戰不在於運算，而在於啟用大量非結構化資料。全球相當比例的企業非結構化資料存放於 NetApp 解決方案上，而我們能在混合與多雲環境中以安全且高效率的方式啟用這些資料，為我們帶來強大的競爭優勢。

As the only true hybrid cloud platform, unifying data governance across on-premises and cloud environments, we enable zero copy data activation, eliminating the cost and risk of moving data and transforming fragmented infrastructure into a secure launch pad for real-time AI and automation.

作為唯一真正的混合雲平台，能在地端與雲端環境間統一資料治理，我們實現零拷貝（zero copy）資料啟用，消除搬移資料的成本與風險，並將碎片化的基礎架構轉化為即時 AI 與自動化的安全起跑台。

Our value proposition is resonating strongly with customers and the industry. Our storage services on AWS, Azure, and Google Cloud empower customers to protect, mobilize, and govern their data with unmatched flexibility and consistency regardless of location. This capability is increasingly critical as customers launch and scale their AI initiatives. By integrating our data infrastructure platform with the AI and analytics offerings of leading cloud providers, customers can activate their data for AI workloads in place where it is created without costly or time-consuming migration or duplication, making NetApp the secure zero copy foundation enterprises need to move from fragmented infrastructure to real-time AI at scale.

我們的價值主張正強烈引起客戶與產業共鳴。我們在 AWS、Azure 與 Google Cloud 上的儲存服務，讓客戶無論資料位於何處，都能以無與倫比的彈性與一致性來保護、調度並治理其資料。當客戶啟動並擴大其 AI 計畫時，這項能力愈發關鍵。透過將我們的資料基礎架構平台與領先雲端供應商的 AI 與分析產品整合，客戶可在資料產生之處就地啟用資料以支援 AI 工作負載，無需昂貴或耗時的遷移或重複拷貝，使 NetApp 成為企業從碎片化基礎架構邁向大規模即時 AI 所需的安全零拷貝基礎。

We fueled nearly 50 partner AI factories and labs as they build out their real-world test beds to accelerate AI deployment. A recent example of this is that World Wide Technology’s live AI Proving Ground, where NetApp AFX all-flash storage is featured, allowing customers to test architectures, validate performance, and quickly move from experimentation to deployment.

我們為近 50 個合作夥伴的 AI 工廠與實驗室提供動能，協助他們建置真實世界的測試平台以加速 AI 部署。近期的一個例子是 World Wide Technology 的即時 AI Proving Ground，其中採用 NetApp AFX 全快閃儲存，讓客戶能測試架構、驗證效能，並快速從實驗走向部署。

This collaboration highlights the large opportunity ahead as enterprises look for trusted partners to operationalize AI confidently. We see growing opportunity and success with neo and sovereign cloud providers who recognize the strength of our differentiated solutions and our joint go-to-market initiatives with leading hyperscalers. These partnerships reinforce our position as a trusted collaborator in the evolving cloud ecosystem.

這項合作凸顯了未來龐大的機會，因為企業正在尋找值得信賴的合作夥伴，以有信心地將 AI 落地營運。我們也看到與新型雲（neo cloud）與主權雲供應商的機會與成功持續增加；他們認同我們差異化解決方案的優勢，以及我們與領先超大規模雲服務商（hyperscalers）的聯合市場推進（go-to-market）計畫。這些合作夥伴關係強化了我們在不斷演進的雲端生態系中作為可信賴協作者的地位。

A leading neocloud turned to NetApp for intelligent all-flash storage infrastructure, eliminating complexity and powering orchestration at cloud scale. The new deployment will help accelerate AI onboarding and time to value. With this win, we can begin to expand into other workloads to become the foundational data layer.

一家領先的新型雲供應商選擇 NetApp 的智慧全快閃儲存基礎架構，以消除複雜性並在雲端規模下驅動編排（orchestration）。新的部署將有助於加速 AI 導入（onboarding）並縮短價值實現時間。藉由此一勝利，我們可開始擴展至其他工作負載，成為其基礎資料層。

Another significant achievement is our expanded partnership with Google Cloud for Google Distributed Cloud, which underscores both growing opportunity in AI and sovereign cloud environments and the strength of our technology. This collaboration enables government agencies and regulated enterprises to leverage advanced AI capabilities from Google and NetApp, secure by design data infrastructure platform to modernize operations and accelerate AI-driven insights even in the most sensitive environments.

另一項重要成就，是我們與 Google Cloud 針對 Google Distributed Cloud 擴大合作，這凸顯了 AI 與主權雲環境中日益增加的機會，以及我們技術的實力。此合作使政府機關與受監管企業能運用來自 Google 的先進 AI 能力，以及 NetApp 以安全為設計核心（secure by design）的資料基礎架構平台，即使在最敏感的環境中也能推動營運現代化並加速 AI 驅動的洞察。

We achieved record revenue in Q4 and FY26, driven by public cloud, all-flash, and Keystone, which all reached all-time highs, reflecting strong demand from customers modernizing infrastructure and scaling AI workloads. Public cloud revenue grew to $688 million in FY26, up 18% year over year, normalized for the divestiture of the Spot by NetApp business in March 2025. This growth was driven by first-party and marketplace cloud services, which increased 30% in FY26.

我們在第四季與 2026 會計年度皆達成創紀錄營收，主要由公有雲、全快閃與 Keystone 帶動，三者皆創下歷史新高，反映客戶在基礎架構現代化與擴大 AI 工作負載方面的強勁需求。2026 會計年度公有雲營收成長至 6.88 億美元，年增 18%；若以 2025 年 3 月剝離 Spot by NetApp 業務的影響進行常態化調整後亦為年增 18%。此成長主要由第一方與市集（marketplace）雲端服務驅動，該類服務在 2026 會計年度成長 30%。

We are seeing growing demand from both new and existing customers to extend NetApp's capabilities deeper into their cloud environments. Customers are increasingly choosing NetApp to simplify and scale their hybrid and multi-cloud environments, leveraging our unified data management capabilities for operational consistency and agility.

我們看到新客戶與既有客戶對於將 NetApp 能力更深入延伸至其雲端環境的需求持續增加。客戶愈來愈多選擇 NetApp 來簡化並擴展其混合與多雲環境，運用我們統一的資料管理能力以提升營運一致性與敏捷性。

Our expanding cloud portfolio is unlocking new use cases and verticals, including AI, fueling growth and expanding our addressable market. For example, a leading insurance company accelerated financial risk modeling and data science by connecting Azure Databricks directly to their data in Azure NetApp files, ensuring security, governance, and performance.

我們不斷擴大的雲端產品組合正在解鎖新的使用情境與垂直產業（verticals），包括 AI，進而帶動成長並擴大我們的可服務市場。例如，一家領先的保險公司透過將 Azure Databricks 直接連接到其位於 Azure NetApp Files 的資料，加速金融風險建模與資料科學，同時確保安全性、治理與效能。

Similarly, an Asian engineering company streamlined its GenAI chatbot deployment on AWS by leveraging FSx for NetApp ONTAP, allowing secure permission-aware access to data in place and reducing operational overhead. Across these wins, the common thread is NetApp's ability to deliver secure, governed, high performance data access for AI workloads, enabling customers to innovate faster and operate more efficiently, all while maintaining control and compliance.

同樣地，一家亞洲工程公司透過採用 FSx for NetApp ONTAP，簡化其在 AWS 上的 GenAI 聊天機器人部署，得以在資料就地的情況下提供具權限感知（permission-aware）的安全存取，並降低營運負擔。在這些成功案例中，共通點是 NetApp 能為 AI 工作負載提供安全、受治理且高效能的資料存取，讓客戶在維持控制與合規的同時，更快創新並更有效率地營運。

FY26 all-flash revenue was $4.2 billion, an increase of 11% from last year, propelled by robust Q4 performance with revenue of $1.2 billion, up 18% year over year.

2026 會計年度全快閃營收為 42 億美元，較去年成長 11%；其中第四季表現強勁，營收達 12 億美元，年增 18%。

Customers are choosing NetApp to power the most mission-critical workloads, and our momentum in this segment is a testament to the strength of our innovation and go-to-market execution. A prime example of this is a European aerospace company that chose NetApp, displacing competitors in a greenfield win. The data management capabilities of NetApp all-flash arrays stood out for their high-performance, cyber resilience, and ransomware protection, as well as seamless integration with a broad ecosystem of partners.

客戶選擇 NetApp 來支撐最關鍵任務的工作負載，而我們在此領域的動能證明了我們創新實力與市場推進執行力的強勁。一個典型例子是一家歐洲航太公司在一項綠地（greenfield）專案中選擇 NetApp，並取代競爭對手而勝出。NetApp 全快閃陣列的資料管理能力因其高效能、網路韌性（cyber resilience）與勒索軟體防護，以及與廣泛合作夥伴生態系的無縫整合而脫穎而出。

Our comprehensive solution delivered the security simplicity, and strategic value needed to support critical initiatives. Revenue from our Keystone Storage-as-a-Service offering grew approximately 65% from FY25, and more customers, embrace the flexibility and simplicity of a cloud-like experience for their on-premises data. This momentum reflects the broader shift towards consumption-based IT models and our ability to meet customers wherever they are on their transformation journeys.

我們的全面解決方案提供了支援關鍵計畫所需的安全性、簡易性與策略價值。我們的 Keystone Storage-as-a-Service 服務營收較 FY25 成長約 65%，且有更多客戶採用類雲端體驗在其內部部署資料上的彈性與簡易性。這股動能反映了朝向以用量為基礎的 IT 模式的更廣泛轉變，以及我們能在客戶轉型旅程中的任何階段滿足其需求的能力。

A leading manufacturer chose NetApp Keystone with all-flash and StorageGRID to support its AI strategy, requiring a secure, flexible platform for massive data sets. Keystone delivers secure, governed self-service at scale, enabling rapid collaboration and predictable on-demand performance. Our unified platform streamlines data management with multi-protocol support, native S3 tiering, and cloud integration for maximum efficiency.

一家領先的製造商選擇採用搭配全快閃與 StorageGRID 的 NetApp Keystone 來支援其 AI 策略，並需要一個可安全且具彈性的龐大資料集平台。Keystone 以規模化方式提供安全、受治理的自助服務，促進快速協作與可預測的隨需效能。我們的統一平台透過多協定支援、原生 S3 分層與雲端整合來簡化資料管理，以達到最高效率。

AI was a clear growth engine for us in FY26. We had approximately 500 AI and data preparation wins in Q4 alone, bringing the FY26 total to over 1,100. Our ability to help customers operationalize AI at scale, accelerate time to insight, and drive real business outcomes is putting us increasingly at the center of our customers' AI journeys.

AI 在 FY26 明顯成為我們的成長引擎。僅在第四季我們就取得約 500 個 AI 與資料準備相關的勝案，使 FY26 全年總數超過 1,100 個。我們協助客戶在規模化情境下落地 AI、加速取得洞見並推動實質商業成果的能力，正使我們日益成為客戶 AI 旅程的核心。

In FY26, we furthered our AI innovation, launching next-generation solutions, including AFX and AI data engine, which are seeing strong early momentum and positive feedback from customers and partners. Additionally, we announced enhancements to the performance and capabilities of our all-flash arrays and expanded our converged AI solutions. These offerings help organizations simplify their AI infrastructure, eliminate silos, and accelerate their data pipelines, reinforcing NetApp's role as the data infrastructure platform for AI.

在 FY26，我們進一步推動 AI 創新，推出包含 AFX 與 AI data engine 在內的下一代解決方案，並在早期即展現強勁動能，且獲得客戶與合作夥伴的正面回饋。此外，我們也宣布強化全快閃陣列的效能與能力，並擴展我們的整合式 AI 解決方案。這些產品協助組織簡化其 AI 基礎架構、消除孤島並加速資料管線，進一步鞏固 NetApp 作為 AI 資料基礎架構平台的角色。

Let me walk through a couple of additional customer wins that spotlight NetApp's competitive advantages. A European government agency required real-time situational awareness with ultra-fast, latency-free data processing. NetApp's disaggregated AFX solution for their NVIDIA SuperPOD environment, enabled independent scaling of compute and storage, delivering flexible, futureproof infrastructure. Our rapid execution and expertise empowered a robust mission-critical AI platform to meet evolving operational demands.

我再分享幾個額外的客戶勝案，以凸顯 NetApp 的競爭優勢。一家歐洲政府機構需要即時態勢感知，並要求超高速、零延遲的資料處理。NetApp 針對其 NVIDIA SuperPOD 環境所提供的解耦式 AFX 解決方案，使運算與儲存可獨立擴充，提供具彈性且面向未來的基礎架構。我們的快速執行與專業能力，打造出強健的關鍵任務 AI 平台，以因應不斷演進的營運需求。

A global financial leader signed a $20 million deal with NetApp to accelerate its AI-driven fraud detection and customer personalization. NetApp's GPU-ready, low latency data lake platform deliver high-performance access to multi-petabyte data sets, enabling global, real-time fraud scoring, continuous model retraining, and robust enterprise governance and resiliency. It's high-impact wins like these that helped us achieve record-setting results while navigating a dynamic macroenvironment.

一家全球金融領導者與 NetApp 簽署了 2,000 萬美元的合約，以加速其 AI 驅動的詐欺偵測與客戶個人化。NetApp 的 GPU 就緒、低延遲資料湖平台可對多 PB 資料集提供高效能存取，支援全球即時詐欺評分、持續模型再訓練，以及強健的企業級治理與韌性。正是這類高影響力的勝案，協助我們在面對多變的總體環境時，仍能達成創紀錄的成果。

We're managing rising memory and component costs by working closely with our supply chain partners and adjusting pricing to balance growth and margins. Data generation continues unabated, and customers need solutions that best optimize performance and cost. Our ability to offer a broad range of solutions with flexible purchasing options, including cloud, Keystone, and hybrid flash strengthens our competitive position, resilience, and flexibility.

我們透過與供應鏈夥伴密切合作並調整定價，在成長與毛利之間取得平衡，以因應記憶體與元件成本上升。資料生成持續不減，客戶需要能在效能與成本之間做最佳化的解決方案。我們能提供涵蓋雲端、Keystone 與混合快閃等廣泛解決方案，並具備彈性的採購選項，進一步強化我們的競爭地位、韌性與彈性。

FY26 also set a new bar for cash generation. Our strong free cash flow enables us to invest in innovation while returning value to shareholders through dividends and share repurchases. We remain committed to disciplined capital allocation and long-term value creation.

FY26 也為現金創造能力樹立了新標竿。我們強勁的自由現金流使我們得以投資創新，同時透過股利與庫藏股回購向股東回饋價值。我們仍致力於嚴謹的資本配置與長期價值創造。

I want to thank the entire NetApp team for their customer-centric focus and hard work in FY26. It was a year of strong execution, innovation, and accelerating growth, clear proof that our strategy is working and our portfolio is resonating in the market. The investments we made this year have expanded our opportunities and set a solid foundation for future growth.

我要感謝整個 NetApp 團隊在 FY26 以客戶為中心的專注與辛勤付出。這是一個執行力強、持續創新並加速成長的一年，清楚證明我們的策略奏效，且我們的產品組合在市場上引起共鳴。我們今年所做的投資擴大了我們的機會，並為未來成長奠定了穩固基礎。

Looking ahead, we are encouraged by the robust demand signals we're seeing and are confident in our ability to maintain this momentum as reflected in our fiscal year '27 outlook. Our hybrid multi-cloud leadership, differentiated AI offerings, and flexible storage and consumption offerings position NetApp for continued success as customers accelerate their data-driven AI transformations.

展望未來，我們對所觀察到的強勁需求訊號感到鼓舞，並對我們維持此動能的能力充滿信心，這也反映在我們 2027 會計年度的展望中。我們在混合多雲的領導地位、差異化的 AI 產品，以及彈性的儲存與用量型方案，將使 NetApp 在客戶加速其資料驅動的 AI 轉型之際持續成功。

With that, I'll turn the call over to Wissam.

接下來，我把電話交給 Wissam。

Thanks, George, and good afternoon, everyone. In the fiscal fourth quarter, we delivered strong results exceeding the high end of both the revenue and EPS guidance ranges. Revenue for the quarter was $1.95 billion, up 12% year over year and 14%, sequentially. Non-GAAP earnings per share was $2.43, up 26% year over year. Excluding the divested spot business, which generated $9 million of revenue in the fourth quarter of the prior year, revenue grew 13% year over year. Revenue was up 10% year over year, excluding the effect of foreign currency exchange rates, which had little impact relative to guidance. This marks our 10th consecutive quarter of year-over-year revenue growth.

謝謝你，George，各位下午好。在會計年度第四季，我們交出強勁成果，營收與每股盈餘（EPS）皆超越指引區間上緣。本季營收為 19.5 億美元，年增 12%，季增 14%。非 GAAP 每股盈餘為 2.43 美元，年增 26%。若排除已剝離的 Spot 業務（該業務在前一年度第四季貢獻 900 萬美元營收），營收年增 13%。若排除外匯匯率影響（相較於指引影響不大），營收年增 10%。這是我們連續第 10 個季度實現營收年增。

Looking at revenue by segment, hybrid cloud revenue of $1.77 billion was up 13% year over year. Product revenue of $966 million was up 14% year over year, driven by the execution of a multi-year agreement with Google Cloud to deliver secure, AI-ready data infrastructure to Google Distributed Cloud environments. In prior quarters, we mentioned the potential for large deals to materialize in the second half of fiscal year 2026, and this came to fruition in Q4.

按部門來看，混合雲營收為 17.7 億美元，年增 13%。產品營收為 9.66 億美元，年增 14%，主要受惠於與 Google Cloud 執行一項多年期協議，為 Google Distributed Cloud 環境提供安全、AI 就緒的資料基礎架構。在先前季度，我們曾提到大型交易可能在 2026 會計年度下半年落地，而這在第四季已成真。

Support revenue of $688 million was up 10% year over year, partly driven by a one-time item. Professional services revenue of $112 million was up 14% year over year, mainly driven by growth in Keystone, our Storage-as-a-Service offering, which continues to build momentum. Q4 public cloud revenue of $182 million was up 11% year over year. Excluding Spot, public cloud revenue grew 18% year over year, driven by a strong demand for first-party and marketplace storage services.

支援營收為 6.88 億美元，年增 10%，部分受一次性項目帶動。專業服務營收為 1.12 億美元，年增 14%，主要由我們的 Storage-as-a-Service 服務 Keystone 的成長所帶動，且其動能持續增強。第四季公有雲營收為 1.82 億美元，年增 11%。若排除 Spot，公有雲營收年增 18%，主要受第一方與市集（marketplace）儲存服務的強勁需求帶動。

We exited fiscal year 2026 with $4.85 billion in deferred revenue, an increase of 7% year over year and 6% year over year in constant currency. Remaining performance obligations were $5.65 billion, up 14% year over year. Unbilled remaining performance obligations, a key indicator of future Keystone Storage-as-a-Service revenue growth, were $807 million, up 88% year over year. This outperformance was driven by an increase in support performance obligations associated with the Google agreement, as well as Keystone unbilled RPO, which grew at a similar rate to the prior quarters on a year-over-year basis.

我們在 2026 會計年度結束時的遞延營收為 48.5 億美元，年增 7%，以固定匯率計年增 6%。剩餘履約義務（RPO）為 56.5 億美元，年增 14%。未開立帳單的剩餘履約義務（unbilled RPO）為 8.07 億美元，年增 88%；這是未來 Keystone Storage-as-a-Service 營收成長的關鍵指標。此一優於預期的表現，主要來自與 Google 協議相關的支援履約義務增加，以及 Keystone 的未開立帳單 RPO；後者的年增率與前幾季相近。

Moving to the rest of the income statement. Please note my comments will be related to non-GAAP results unless stated otherwise. Q4 gross margin was 70.5%, up 100 basis points year over year, driven by public cloud gross margin expansion. Gross profit was $1.37 billion, up 14% compared to Q4 of 2025.

接著看損益表其餘項目。請注意，除非另有說明，我的評論將以非 GAAP 結果為準。第四季毛利率為 70.5%，年增 100 個基點，主要由公有雲毛利率擴張所帶動。毛利為 13.7 億美元，較 2025 年第四季成長 14%。

Hybrid cloud gross margin was 69%, down 60 basis points sequentially due to higher product revenue in the quarter. Product gross margin was 56.1%, up 80 basis points sequentially due to the benefit from the Google Cloud enterprise agreement offsetting higher component costs.

混合雲毛利率為 69%，因本季產品營收占比提高，較前一季下滑 60 個基點。產品毛利率為 56.1%，受惠於 Google Cloud 企業協議的效益抵銷較高的元件成本，較前一季提升 80 個基點。

Our recurring support business continues to be highly profitable, with gross margin of 93%. Professional services gross margin was 32.1%, improving 80 basis points sequentially. Public cloud gross margin was 85.7%, up 60 basis points sequentially and over 6 percentage points year over year. The public cloud business has operated within the 80% to 85% long-term target range in the first half of the fiscal year and above the high end of that range in the last two quarters.

我們的經常性支援業務持續維持高度獲利，毛利率為 93%。專業服務毛利率為 32.1%，較前一季改善 80 個基點。公有雲毛利率為 85.7%，較前一季提升 60 個基點，且較去年同期提升超過 6 個百分點。公有雲業務在本會計年度上半年一直運作於 80% 至 85% 的長期目標區間內，並在最近兩個季度高於該區間的上緣。

Operating expenses of $750 million were up 6% year over year and 9% sequentially. Operating income was $624 million, up 26% compared to Q4 2025. And operating margin was 32%, up 340 basis points year over year, both all-time records driven by higher revenue. Earnings per share was $2.43, up 26% year over year and exceeding the high end of the guidance range.

營業費用為 7.50 億美元，年增 6%，季增 9%。營業利益為 6.24 億美元，較 2025 年第四季成長 26%。營業利益率為 32%，年增 340 個基點；兩者皆為在較高營收帶動下創下的歷史新高。每股盈餘為 2.43 美元，年增 26%，並超越指引區間上緣。

Our results demonstrate strong execution on key revenue growth opportunities in all-flash, public cloud, and AI, along with a continued focus on operational discipline, resulting in record highs for quarterly operating income and EPS.

我們的業績展現了在全快閃、公有雲與 AI 等關鍵營收成長機會上的強勁執行力，同時持續聚焦營運紀律，帶動單季營業利益與每股盈餘（EPS）雙雙創下歷史新高。

In Q4, cash flow from operations was $950 million, and free cash flow was $900 million, both up over 40% year over year and all-time records. These strong cash flow metrics were driven by increased collections from higher billings.

第四季營運活動現金流為 9.50 億美元，自由現金流為 9.00 億美元，兩者皆較去年同期成長超過 40%，並創下歷史新高。這些強勁的現金流指標主要由於更高開立帳單所帶來的收款增加。

During the fourth quarter, we returned $303 million of capital to our shareholders, with $200 million in share repurchases and $103 million paid in dividends of $0.52 per share. Q4 diluted share count of 199 million decreased by 7 million shares, or 3% year over year. At the end of the fiscal year 2026, there was approximately $500 million remaining from our current share repurchases authorization. And today, we are announcing an increase in that authorization by $1 billion.

第四季期間，我們向股東返還 3.03 億美元資本，其中 2.00 億美元用於股票回購，並以每股 0.52 美元發放股利合計 1.03 億美元。第四季稀釋後股數為 1.99 億股，較去年同期減少 700 萬股（約 3%）。截至 2026 會計年度末，我們現行股票回購授權尚餘約 5.00 億美元。而今天，我們宣布將該授權額度再增加 10 億美元。

Moving to a review of our results for the full fiscal year 2026. Revenue of $6.93 billion was up 5% year over year, exceeding the high end of our guidance range. Excluding the divested Spot business, revenue was up 7% year over year and in line with our long-term target model.

接著回顧 2026 會計年度全年業績。營收為 69.3 億美元，年增 5%，超越我們指引區間上緣。若排除已剝離的 Spot 業務，營收年增 7%，並符合我們的長期目標模型。

Our strict focus on operating leverage allowed us to drive bottom-line profitability at a faster pace, all contributing to record highs in operating margin, EPS, and cash flow. Gross margin was 71.3%, up 20 basis points year over year, driven by public cloud and professional services gross margin expansion and partially offset by lower product gross margin. Operating margin was 30.2%, up 190 basis points year over year, driven by 1% year-over-year growth in operating expenses relative to 5% year-over-year revenue growth. Full-year EPS was $8.13, up 12% year over year, more than double the rate of revenue growth.

我們嚴格聚焦營運槓桿，使我們能以更快速度推動獲利端成長，並共同促成營業利益率、每股盈餘（EPS）與現金流的歷史新高。毛利率為 71.3%，年增 20 個基點，主要受公有雲與專業服務毛利率擴張帶動，部分被較低的產品毛利率所抵銷。營業利益率為 30.2%，年增 190 個基點，主要因營業費用年增 1%，相較於營收年增 5%。全年每股盈餘為 8.13 美元，年增 12%，成長率超過營收成長率的兩倍。

Operating cash flow was $2.07 billion, and free cash flow generation was $1.87 billion, up close to 40% year over year, primarily due to stronger cash collections and net working capital benefits. Our balance sheet remains very healthy as we returned a total of $1.36 billion in value to our shareholders through share repurchases and cash dividends, all as we continue to invest in the next generation of AI data solutions.

營運活動現金流為 20.7 億美元，自由現金流為 18.7 億美元，年增接近 40%，主要由於更強勁的現金收款以及淨營運資金的正面效益。我們的資產負債表仍非常健康；在持續投資下一代 AI 資料解決方案的同時，我們透過股票回購與現金股利合計向股東返還 13.6 億美元價值。

We closed the year with $3.58 billion in cash and short-term investments and $2.49 billion in gross debt outstanding, resulting in a net cash position of $1.1 billion. Inventories expanded both year over year and quarter over quarter. Inventory turns decreased sequentially to 12.

年末我們持有 35.8 億美元的現金與短期投資，未償還總負債為 24.9 億美元，因此淨現金部位為 11 億美元。存貨較去年同期與較前一季皆有所增加。存貨週轉率較前一季下降至 12。

Now turning to non-GAAP guidance, starting with fiscal year 2027. Let me begin by underscoring the confidence in our strategy and in the strength of our position as we address key customer priorities. Our guidance reflects a solid underlying enterprise IT demand environment with enterprise AI activity increasing relative to fiscal year 2026. At the same time, we recognize the potential for pockets of demand driven by accelerated purchasing.

接下來談非 GAAP 指引，先從 2027 會計年度開始。我先強調我們對策略的信心，以及在因應客戶關鍵優先事項時，我們所處地位的強勁。我們的指引反映出穩健的企業 IT 需求環境，且企業 AI 活動相較 2026 會計年度有所增加。同時，我們也認知到可能存在因加速採購所帶動的局部需求。

We also remain focused on adjusting prices as needed to track any material movements in memory and component costs, while maintaining a disciplined balance between growth and margin. On that basis, we expect fiscal year 2027 revenue to be in the range of $7.325 billion to $7.575 billion. At the $7.45 billion midpoint, this implies 8% year-over-year growth, representing an acceleration from the 5% growth we successfully delivered in fiscal year 2026. We expect gross margin to be in the range of 68.5% to 69.5%. We expect operating margin to be in the range of 29.1% to 30.1%.

我們也持續聚焦在必要時調整價格，以反映記憶體與零組件成本的任何重大變動，同時在成長與毛利之間維持有紀律的平衡。基於此，我們預期 2027 會計年度營收將介於 73.25 億至 75.75 億美元。以中點 74.5 億美元計算，代表年增 8%，相較我們在 2026 會計年度成功達成的 5% 成長有所加速。我們預期毛利率將介於 68.5% 至 69.5%。我們預期營業利益率將介於 29.1% 至 30.1%。

For the full year, we expect the effective tax rate to be in the range of 20% to 21%. We expect EPS to be in the range of $8.70 to $9. At the $8.85 midpoint, this represents 9% year-over-year growth. In fiscal year 2027, we intend to return up to 100% of free cash flow to shareholders through cash dividends and share repurchases. We also expect to reduce share count by low single-digit percentage points year over year.

就全年而言，我們預期有效稅率將介於 20% 至 21%。我們預期每股盈餘（EPS）將介於 8.70 至 9.00 美元。以中點 8.85 美元計算，代表年增 9%。在 2027 會計年度，我們計畫透過現金股利與股票回購，向股東返還最高達自由現金流的 100%。我們也預期全年股數將以低個位數百分比的幅度年減。

Now turning to Q1 guidance. As a reminder, Q1 includes an extra week which is expected to contribute approximately $65 million of revenue, primarily in support and cloud, with a minimal impact on product, and to add $21 million of operating expenses. We expect revenue to be in the range of $1.75 billion to $1.9 billion. At the $1.825 billion midpoint, this implies 17% year-over-year growth.

接著談第一季指引。提醒一下，第一季包含額外的一週，預期將貢獻約 6,500 萬美元營收，主要來自支援與雲端，對產品影響極小，並將增加 2,100 萬美元的營業費用。我們預期營收將介於 17.5 億至 19.0 億美元。以中點 18.25 億美元計算，代表年增 17%。

We expect gross margin to be in the range of 69.1% to 70.1% and operating margin to be in the range of 28.4% to 29.4%. We expect EPS to be in the range of $2.05 and $2.15, with a midpoint of $2.10.

我們預期毛利率將介於 69.1% 至 70.1%，營業利益率將介於 28.4% 至 29.4%。我們預期每股盈餘（EPS）將介於 2.05 至 2.15 美元，中點為 2.10 美元。

In closing, as we look ahead to fiscal year 2027, we are confident in our strategy and execution capabilities. We remain focused on delivering revenue growth and profitability, increasing free cash flow, and creating sustainable long-term value for shareholders.

最後，展望 2027 會計年度，我們對自身策略與執行能力充滿信心。我們將持續聚焦於推動營收成長與獲利能力、提升自由現金流，並為股東創造可持續的長期價值。

With that, I’ll turn the call over to Kris for Q&A.

接下來，我把電話交給 Kris 進行問答。

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

謝謝你，Wissam。接線員，我們開始問答。

(Operator Instructions) David Vogt, UBS.

(接線員指示) David Vogt，瑞銀（UBS）。

Maybe George, for you. Can you touch on sort of the demand strength again? Appreciate all the color you provided in the call, but all-flash was exceptionally strong in the quarter. And just we're going to get a lot of questions on sort of the cadence of that demand. How was it from a linearity perspective? Did the price changes in the industry have an impact on demand?

也許 George，這題給你。你能再談談需求強度嗎？感謝你在電話會議中提供的所有細節，但本季全快閃表現異常強勁。而且我們會收到很多關於該需求節奏的問題。從線性（linarity）的角度來看表現如何？產業中的價格變動是否對需求造成影響？

Anything that you can provide from a color perspective or granularity would be helpful in how we think about the demand drivers, particularly as we move into the subsequent quarters for the full year, that would be helpful as well. Thanks. And then I have a follow-up.

從色彩面或更細緻的層面來看，您能提供的任何資訊，都會有助於我們思考需求驅動因素，特別是當我們進入接下來幾個季度、涵蓋全年時，也會很有幫助。謝謝。然後我還有一個追問。

Thank you for your question. Momentum in the business was very, very strong. IT spending is forecasted to be up strongly, driven by enterprises ready for AI, and we are seeing that across all segments of our business: cloud, flash, AI, and Keystone. And it shows the differentiation in our offering as well as solid execution by our customer-facing teams.

謝謝你的提問。業務動能非常、非常強勁。預期 IT 支出將強勁成長，主要由已為 AI 做好準備的企業所帶動，而我們在業務的所有面向都看到了這點：雲端、快閃、AI，以及 Keystone。這也展現了我們產品的差異化，以及我們面向客戶團隊扎實的執行力。

We have seen some accelerated decision-making, but we also know that most customers do not have the flexibility to do so. On the face of the Q4 P&L, the impact of pull forward or accelerated decision-making was minimal. Our Q4 results were tied to the big deals we told you to expect when we guided the fiscal year. And we see really strong outlook for this coming year powered by our confidence in our position and what we see as growing evidence that enterprise AI is happening in front of our eyes.

我們確實看到一些決策加速，但我們也知道多數客戶並沒有這樣的彈性。就第四季的損益表表現來看，提前拉貨或決策加速的影響很小。我們第四季的結果，與我們在提供財年指引時就告訴大家會出現的大型交易相一致。而我們對即將到來的一年展望非常強勁，這來自於我們對自身定位的信心，以及我們看到越來越多證據顯示企業 AI 正在我們眼前發生。

Great. And maybe one for Wissam on product gross margin. Obviously, it's a very challenging component backdrop, DRAM and NAND and other issues. If I just kind of take your public cloud business and I kind of strip out support as well, it kind of looks like product gross margin could be near a trough in the July quarter and kind of stay relatively stable from a product perspective as we move through the year. Is that kind of what you're suggesting based on sort of the outlook for the year?

很好。另外可能想請 Wissam 談一下產品毛利率。顯然，零組件環境非常具挑戰性，DRAM、NAND 以及其他問題。如果我把你們的公有雲業務拿出來看，並且把支援服務也剔除，從產品角度看，產品毛利率似乎可能在 7 月季度接近谷底，然後在接下來一年中大致維持相對穩定。這是否就是你基於全年展望所暗示的方向？

Yeah. Thanks, David. I think you got it right. For us, July quarter is more or less the trough. And from there on, we're anticipating gradual improvements.

是的。謝謝，David。我想你理解得很正確。對我們而言，7 月季度大致就是谷底。從那之後，我們預期會逐步改善。

Really, we've been taking a lot of actions in terms of price adjustments as we see component costs increase. And so, those price adjustments will start seeing more and more effect as the year progresses. And so that's really the dynamic driving the product gross margin.

實際上，隨著我們看到零組件成本上升，我們在價格調整方面採取了很多行動。因此，這些價格調整的效果會隨著年度推進而越來越明顯。這就是推動產品毛利率變化的主要動態。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess, maybe I'll just ask on the all-flash array side. Revenue obviously accelerated pretty well at 18% growth. George, I heard you on the limited pull-in dynamic. But I was wondering is there a way to think about in ASP was a bit of a tailwind versus unit growth is the way to think about that. And then how do you think of AFA growth broadly into fiscal '27?

我想我先問一下全快閃陣列（all-flash array）這邊。營收顯然加速得不錯，成長 18%。George，我聽到你提到拉貨效應有限。但我想知道，是否可以這樣理解：ASP 對成長有些順風，而不是主要由出貨量成長所帶動？另外，你如何看待 AFA 到 2027 財年的整體成長？

Maybe I'll ask my follow-up as well, which is we are starting to see a fairly strong growth, I think, from the traditional service side driven by enterprise and starting to get more and more AI ready. How should investors think about the attach rate and opportunity between AI compute deployments that are happening at a big rate right now and that attached rate to the high-performance storage that you folks sell? Thank you very much.

我也一起問追問：我們開始看到傳統服務端出現相當強勁的成長，我認為是由企業端帶動，並且越來越多在為 AI 做準備。投資人應該如何看待目前快速發生的 AI 運算部署，與你們所銷售的高效能儲存之間的搭售率（attach rate）與機會？非常感謝。

Thank you for your question. Our AI business performed really strongly in the quarter. We noted about 500 AI wins in the quarter, 1,100 for the full year, those compared to roughly 400 for the whole of the prior fiscal year. So you are seeing strong uptick in enterprise AI.

謝謝你的提問。我們的 AI 業務在本季度表現非常強勁。我們提到本季度約有 500 個 AI 贏單，全年 1,100 個，相較於上一個財年全年大約 400 個。因此你看到企業 AI 明顯加速成長。

In enterprise AI configuration, all elements of our flash portfolio performed strongly, high-performance flash, capacity flash, and block storage. And so we see customers deploying these high-performance compute and storage environments to make sure that the GPUs are fully used their expensive GPUs. They need to be fed with a lot of data.

在企業 AI 的配置中，我們快閃產品組合的各個面向都表現強勁：高效能快閃、容量型快閃，以及區塊儲存。因此我們看到客戶部署這些高效能運算與儲存環境，以確保 GPU 能被充分利用——畢竟 GPU 很昂貴。它們需要大量資料持續供給。

What we also saw was that in the non-demanding AI environment customers are starting to buy more of hybrid flash, which we are uniquely positioned to deliver under a single operating system. So both like all-flash and hybrid flash grew and all-flash grew particularly in the AI use cases, Amit.

我們也看到，在對效能要求沒那麼高的 AI 環境中，客戶開始購買更多混合式快閃（hybrid flash），而我們具備獨特優勢，能在單一作業系統下交付。因此，全快閃與混合式快閃都在成長，而全快閃在 AI 使用情境中特別強勁，Amit。

Erik Woodring, Morgan Stanley.

Erik Woodring，Morgan Stanley。

George, you called out the 500 AI wins in 4Q. Is there a way that you can help us think about how much of your fiscal '27 revenue guide is driven by some of these secured and anticipated AI wins? And just curious on those AI wins, if there's a way that you can kind of parse out what is part of kind of public cloud versus kind of what is on-prem solutions. And then a quick follow-up, please. Thank you.

George，你提到第四季有 500 個 AI 贏單。你能否幫我們理解一下，你們 2027 財年營收指引中，有多少是由這些已拿下與預期的 AI 贏單所驅動？另外，關於這些 AI 贏單，是否能拆解一下其中哪些屬於公有雲，哪些屬於地端（on-prem）解決方案？然後我還有一個簡短追問。謝謝。

All of the 500 AI wins are on-prem wins and they combine a mix of enterprise as well as neocloud. I think if you look at the mix of the use cases, they are roughly the same pattern as we saw before. Half of them are really tied to data preparation, large-scale analytic environment that are now being operated under GPU compute. And then the remainder are roughly half and half between training and fine-tuning large language model and inferencing. So it's roughly 50%, 25%, 25%, roughly speaking. That pattern has stayed pretty similar through all of the year.

這 500 個 AI 贏單全部都是地端（on-prem）贏單，並且包含企業客戶與新型雲（neocloud）的混合。我認為如果你看使用情境的組合，大致與我們之前看到的模式相同。其中一半主要與資料準備、大規模分析環境相關，而這些環境現在是在 GPU 運算下運行。其餘部分大致各占一半：一半是大型語言模型的訓練與微調（fine-tuning），另一半是推論（inferencing）。所以大約是 50%、25%、25%，概略而言。這個模式在全年都維持得相當一致。

In terms of the -- how we see that play into our business next year in fiscal year '27, listen, this is what gives us confidence to show an acceleration in our business.

至於——我們如何看待這對明年 2027 財年的業務帶動，坦白說，這正是讓我們有信心展現業務加速的原因。

We think that the strength is broad-based across segments and verticals and geographies. We think that we are very well positioned because of our installed base of data, a hybrid cloud data infrastructure pipelines that make it much easier for customers to use AI, and the fact that we can offer our customers life cycle cost management from super high-performance flash to exceptionally cost-effective disk-based environment.

我們認為這股強勁動能在各個業務區隔、產業垂直領域與地理區域都相當普遍。我們認為我們的定位非常有利，原因在於我們既有的資料安裝基礎、混合雲資料基礎設施管線讓客戶更容易使用 AI，以及我們能為客戶提供全生命週期成本管理，從超高效能快閃到極具成本效益的磁碟型環境。

So we're optimistic. We see the demand. We see the momentum in our business. And we are investing some additional sales resources just like we did last year to support our outlook.

所以我們很樂觀。我們看到了需求。我們看到了業務動能。而且我們正在投入一些額外的銷售資源，就像去年所做的一樣，以支撐我們的展望。

And just a quick follow-up for you is some of your peers are kind of messaging expanding storage gross margins this year. I'm wondering, as we think about your gross margin guide, is there a degree of kind of prudence or conservatism that you're trying to embed there just given we're kind of an unprecedented pricing territory? Or is there kind of enough component cost pressure that you see today that regardless, it would be challenging to expand margins.

另外一個簡短追問：你們的一些同業今年在傳達儲存毛利率擴張的訊息。我想問，當我們看你們的毛利率指引時，是否有刻意納入一定程度的審慎或保守，因為我們正處於某種前所未見的定價區間？或者你們目前看到的零組件成本壓力已經足夠大，以致於不論如何都會讓毛利率擴張變得具挑戰性？

So I would just love to know maybe the conservatism that you're thinking about as you think about your gross margin guide for the full year. Thanks so much.

所以我很想了解，當你們思考全年毛利率指引時，背後的保守程度大概是怎麼拿捏的。非常感謝。

Yeah. Thanks, Eric. So look, the guide is based on the information we have at this time. And so we look at how the business developed through the next few quarters and based on what we know from a component cost perspective.

是的。謝謝，Eric。你看，這份指引是基於我們目前掌握的資訊。因此，我們會觀察未來幾個季度業務的發展情況，並以我們對零組件成本面的了解為基礎來判斷。

Now, granted, if component costs vary moving forward, we will continue to take action to make sure we mitigate the impact to margins. And of course, we will do whatever we can to improve from that.

當然，若未來元件成本出現波動，我們將持續採取行動，確保把對毛利率的影響降到最低。而且我們也會盡一切所能在此基礎上持續改善。

When you look at -- so this is really the comment around the product gross margin. I do have to -- just saying a reminder here that we're not really moving from our long-term goal or target from a product gross margin, which is really is -- still is the mid-50s to high 50%. So that's still in our long-term target, and we will still strive to get there in the future.

如果你看——所以這其實是在談產品毛利率的評論。我確實得——在此提醒一下，我們並沒有偏離產品毛利率的長期目標或目標區間，也就是——仍然是 50% 中段到 50% 高段。因此這仍是我們的長期目標，我們未來也會持續努力達成。

What we also are looking at, we look overall at the total gross margin for the company. And when you look at the total gross margin for the company, the public cloud business has seen some really nice uptick in fiscal '26. And as that business grows, it does give us a bit of a nice tailwind to the margin line. And the same thing for the Keystone business that continues to grow at a nice pace and build momentum, and that has a little bit of a tailwind as well.

我們同時也在看整體，也就是公司的總毛利率。當你看公司的總毛利率時，公有雲業務在 2026 財年出現了相當不錯的上升。而隨著該業務成長，確實會為毛利率帶來一些正向助力。Keystone 業務也是一樣，持續以不錯的速度成長並累積動能，也同樣帶來一些正向助力。

Then maybe the last few comments I'll make here on margin is we also are targeting gross profit because, obviously, that's what drives our earnings power. And so we look at gross profit growth year over year as well as something that we continue to make sure we improve

那麼，關於毛利率我最後再補充幾點：我們也以毛利額為目標，因為很明顯，這才是驅動我們獲利能力的關鍵。因此我們也會看毛利額的年增成長，並持續確保我們在這方面有所改善。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

George, can you talk about your -- or how you're seeing your large deal pipeline evolve? You obviously saw strength in the quarter that you had messaged previously. But is that strength something that we expect -- that we should expect will sustain? And what's baked into guidance? And I have a follow-up.

George，你能談談你們的大型交易管線——或你們如何看待大型交易管線的演變嗎？你們本季顯示出強勁表現，而你們先前也已對外傳達。但這樣的強勁是否是我們可以——我們應該預期會延續的？以及在財測指引中已反映了哪些？我還有一個追問。

I think what we saw in the large deal pipelines were some related to infrastructure modernization that you could say could be people bringing forward spending. But a very large part of the pipeline were related to AI wins. And those were projects that we had worked on and some that we saw accelerate as the business needs came on.

我認為我們在大型交易管線中看到的一部分，與基礎架構現代化相關；你可以說這可能是客戶把支出提前。但管線中非常大的一部分與 AI 的贏單相關。這些是我們已投入一段時間在推進的專案，其中一些也隨著業務需求出現而加速。

What I feel really, really good about is the fact that especially in our AI business, the number of customers who we are able to win in accounts that are not traditionally NetApp large installed base accounts have been super strong. And so what that gives me confidence is we are winning on customers' business priorities, which are durable even in the face of commodity price variations.

讓我感覺非常、非常好的是，特別是在我們的 AI 業務中，我們能在那些傳統上並非 NetApp 大型裝機基礎的客戶帳戶中贏得的客戶數量非常強勁。因此這讓我有信心的是，我們是憑藉客戶的業務優先事項而勝出，而這些優先事項即使面對大宗商品價格波動也具有持久性。

And maybe just on the pull forward, like it sounds like you really didn't see more evidence of pull forward and large deals drove the upside in the quarter. But as we talk to like resellers, it seems like a lot of the annual budget is being spent in the first half of the calendar year. We're hearing about a scramble for securing supply from customers. So just curious why would you not have seen that customer behavior of trying to accelerate purchases in the first half ahead of price increases.

另外就「拉貨提前」而言，聽起來你們確實沒有看到更多提前拉貨的證據，而大型交易推動了本季的超預期表現。但當我們與經銷商等通路交流時，似乎很多年度預算都在曆年上半年就花掉了。我們也聽到客戶為了確保供應而手忙腳亂。所以我想了解的是，為什麼你們沒有看到客戶在上半年、在漲價前試圖加速採購的這種行為？

And maybe some sense of how you're thinking about the cadence of price increases from here. You've already instituted some, but how are you thinking about the cadence of price increases on a go-forward basis? Thank you.

另外也想請你談談你們如何看待接下來的漲價節奏。你們已經實施了一些漲價，但往後你們如何思考漲價的節奏？謝謝。

Thanks for your question, Wamsi. What I said was that on the face of the Q4 P&L, the impact of pull-forward demand was minimal. Our Q4 results from a revenue standpoint were tied to big deals that we told you about when we guided the fiscal year.

謝謝你的問題，Wamsi。我剛才說的是，從第四季損益表的表面來看，提前拉貨需求的影響很小。我們第四季在營收面的表現，主要來自我們在提供該財年指引時就已告訴大家的大型交易。

We are seeing some accelerated decision-making, and we also know that many customers cannot -- don't have the flexibility to do so. And so our goal is to make sure that we can meet customer demand, we can balance cost and availability of supply, and that we can maintain lead times within customers' normal expectations.

我們確實看到一些決策加速，同時我們也知道許多客戶無法——或沒有彈性這麼做。因此我們的目標是確保能滿足客戶需求、在成本與供應可得性之間取得平衡，並且把交期維持在客戶正常預期的範圍內。

We feel really good about the momentum in our business, and we'll tell you more about our business through the course of the year. What I feel confident about is that we have factored in to the best of our knowledge the risks of pull-ins and the dynamics it creates through the fiscal year, and we'll tell you more about it as part of our go-forward plan.

我們對業務動能感到非常樂觀，我們也會在今年的過程中持續向各位分享更多業務進展。我有信心的是，我們已在我們所知的最佳範圍內，把提前拉貨的風險以及其在整個財年所造成的動態影響納入考量；我們也會在後續計畫中再向各位說明更多。

Tim Long, Barclays.

Tim Long，巴克萊。

One and a follow-up, if I could. First, maybe just talking about the public cloud revenues. I think you've talked about 18% growth at spot and 30% on the first-party storage.

我有一個問題和一個追問，如果可以的話。首先，想談談公有雲營收。我想你們提過現貨（spot）成長 18%，以及第一方儲存成長 30%。

As we head into next year with no spot, just curious how you're thinking about sustainability of the growth rate there? And does the Google deal in the quarter impact that at all?

當我們進入明年、沒有現貨（spot）之後，我想了解你們如何看待那邊成長率的可持續性？以及本季的 Google 交易對此是否有任何影響？

And then on the follow-up, on Keystone, sounds like really good growth again. Do you think this is simply just wanting to find other ways to deal with higher NAND pricing? Or is this more durable than just a pricing or payment mechanism? So we love your views on both of those. Thank you.

接著追問 Keystone，聽起來又是非常不錯的成長。你認為這只是因為想用其他方式來因應 NAND 價格上漲嗎？還是說，這比單純的定價或付款機制更具持久性？希望聽聽你對這兩點的看法。謝謝。

Yeah. Thank you for your question. On public cloud, we continue to see super strong demand for our cloud storage services, both first-party and marketplace. They grew 30% year on year. And given their growth rate relative to the rest of the cloud portfolio, they are, as you can imagine, the predominant part of the cloud business overall.

好的。謝謝你的提問。就公有雲而言，我們持續看到對我們雲端儲存服務的需求非常強勁，包含第一方與市集（marketplace）。它們年增 30%。而且考量到它們相對於雲端產品組合其他部分的成長率，如你所想像，它們是整體雲端業務中占比最高的部分。

We see continued momentum in that part of our business, which should cause cloud to grow faster next year than it did the prior year at really strong gross margin. Super excited about the cloud. We did a lot of innovations through the course of the year. We are, as I said in my comments, starting to see some of the AI use cases also show up in the cloud and customers starting to use our tools in the cloud for AI use cases.

我們看到這部分業務動能持續，這應會使雲端在明年的成長速度快於前一年，同時維持非常強勁的毛利率。我們對雲端非常興奮。我們在一年當中做了很多創新。正如我在評論中所說，我們也開始看到一些 AI 使用案例出現在雲端，客戶開始在雲端使用我們的工具來支援 AI 使用案例。

With regard to Keystone, we see a broad-based shift in the market towards consumption-based offerings like Keystone. Some of that is driven by customers having used public cloud and now getting confident about how to operate their own environments like the public cloud. There was possibly some customers who bought Keystone because they felt that it would be a more optimal way to balance cost and use in a time of inflationary costs. But in general, a Storage-as-a-Service business should grow faster than our traditional business.

至於 Keystone，我們看到市場正廣泛轉向像 Keystone 這樣以用量計費（consumption-based）的產品方案。其中一部分是因為客戶使用過公有雲後，對於如何像操作公有雲一樣來運作自有環境更有信心。也可能有一些客戶購買 Keystone，是因為他們認為在通膨推升成本的時期，這會是更理想的方式來平衡成本與使用量。但整體而言，儲存即服務（Storage-as-a-Service）業務應該會比我們的傳統業務成長更快。

And Tim, just to clarify, I think part of your question on public cloud included the Google agreement. I just want to clarify that the agreement is more in the hybrid cloud segment. So this is, of course, independent of all the comments that George just made. It helps our hybrid cloud business, which is what helped us in Q4.

Tim，我補充澄清一下，我想你在公有雲的問題中有包含 Google 的協議。我想澄清的是，該協議更多是在混合雲（hybrid cloud）領域。因此，這當然與 George 剛才的所有評論是相互獨立的。它有助於我們的混合雲業務，而這也是第四季幫助我們的因素。

And just like any hybrid cloud agreement business, it will help us also going forward on the support revenue as well.

而且就像任何混合雲協議型業務一樣，它也會在未來對我們的支援服務營收帶來助益。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

George, maybe just to go back to your response earlier to Wamsi's question about you are seeing some accelerated decisions from customers, although some of them cannot really change those decisions right now.

George，或許回到你先前對 Wamsi 問題的回覆，你提到你看到客戶有一些加速做決策的情況，儘管其中有些客戶目前其實無法真正改變那些決策。

And you also have this impact of one extra week in 1Q, like typically, you've ended up with, I think, 48% of your revenue in the first half of the year. Do you expect like the year to look very different from maybe some of your prior years because of the dynamics going on right now?

另外，第一季還有多一週的影響；通常你們上半年大概會貢獻我記得約 48% 的營收。在目前這些動態之下，你預期今年的樣貌會不會和過去幾年有很大的不同？

We think, as we said, we think that we have broad-based durable demand in our business, driven by customers prioritizing data infrastructure for AI, and you saw that in our Q4 print, which did not benefit the results in the quarter on the P&L did not benefit from any pull forward. We see the same, roughly speaking, demand pattern at the start of the new fiscal year, which is the first half and the second half, like you said, Samik, roughly in the same kind of percentages, adjusting, of course, for the extra week in the first quarter.

我們認為，如同我們所說，我們的業務有廣泛且具韌性的需求，來自客戶將 AI 的資料基礎設施列為優先事項；你也在我們第四季的表現中看到了這點，而該季度的損益表結果並未受益於任何提前拉貨。在新會計年度開始時，我們看到大致相同的需求型態，也就是上半年與下半年，如你所說 Samik，大致維持相近的比例，當然會針對第一季多一週做調整。

So it's early in the year. We feel really good about the momentum in our business. We acknowledge that there are probably some amounts of pull forward, but the demand is broad-based, and we'll provide you updates as we go through the year.

所以現在還在年初。我們對業務動能感到非常有信心。我們也承認可能存在一些提前拉貨的量，但需求是廣泛的；我們會在今年進行的過程中持續向各位更新。

And then maybe just help me think through -- sorry, for my follow-up, the Google, the agreement that you had with Google relative to the hybrid cloud business. Trying to think around sort of what opportunity that creates for you. Is it in specific customer verticals? Trying to frame around sort of what the size of that opportunity would lead to. Thank you.

另外，抱歉，作為追問，想請你幫我釐清一下——你們與 Google 就混合雲業務所達成的協議。我想了解這大概會為你們帶來什麼樣的機會。是針對特定的客戶垂直領域嗎？想請你協助框架一下，這個機會的規模大概會是什麼樣子。謝謝。

Yeah. Google Distributed Cloud is where Google brings its advanced technology stack to a disconnected or likely connected data center. It could be for regulated industries, it could be for public sector environment, it could be for national security environment. And NetApp was chosen by Google to be a large chunk of the data infrastructure within the Google Distributed Cloud architecture.

是的。Google Distributed Cloud 是 Google 將其先進的技術堆疊帶到一個離線或可能連線的資料中心。它可能用於受監管產業、公共部門環境，或國家安全環境。而 NetApp 被 Google 選為 Google Distributed Cloud 架構中資料基礎設施的重要組成部分。

So there are two benefits to NetApp. One, of course, it allows us to broaden our reach into sovereign and secure environments that are incrementally TAM expanding for NetApp. And second, it allows us to build these really secure differentiated hybrid infrastructures across on-premises and public cloud and secure cloud for these clients.

因此對 NetApp 有兩個好處。第一，當然是讓我們能將觸角擴展到主權與安全環境，這對 NetApp 而言是額外擴大 TAM 的領域。第二，讓我們能為這些客戶在地端、公有雲與安全雲之間，打造真正安全且具差異化的混合式基礎架構。

This is the expansion of the Google Distributed Cloud deal that we have worked on for quite a while. And so there's -- since 2024, we have been working with them on various different opportunities, and then we have expanded our franchise with them quite substantially with this Google Distributed Cloud relationship.

這是我們與 Google Distributed Cloud 合作案的擴展，我們已經投入相當長一段時間在推進。因此——自 2024 年以來，我們就與他們在各種不同的機會上合作，而透過這個 Google Distributed Cloud 的合作關係，我們也相當大幅度地擴展了與他們的合作版圖。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I had a couple of questions I think are related. One is, I'm trying to understand in the full-year margin guidance at the corporate level how we think about sort of the mix effect of higher NAND prices. Obviously, there could be puts and takes, whether we're looking at product versus public cloud or Keystone?

我有幾個我認為彼此相關的問題。第一個是，我想了解在公司層級的全年毛利率指引中，我們該如何看待 NAND 價格上升所帶來的組合影響。顯然，可能會有一些相互抵銷的因素，例如產品相對於公有雲或 Keystone 的占比變化？

And then related to that, how much -- can you give us a sense on how much revenue growth in the quarter and going forward is related to just higher ASPs and passing through higher NAND prices? Thanks.

另外也相關的是，你們能否讓我們了解一下，本季以及未來的營收成長中，有多少是來自 ASP 上升、也就是把 NAND 價格上漲轉嫁出去？謝謝。

So the quick answer on the first part of the question, the NAND prices would manifest themselves in the product gross margin, that's where basically the main impact is. The rest of the margin line shouldn't be as affected. I mean, there's a bit in Keystone, but it shouldn't be as affected given that it's recognized over time.

關於第一個問題的快速回答是，NAND 價格主要會反映在產品毛利率上，基本上主要影響就在那裡。其餘的利潤率項目不應該受到那麼大的影響。我的意思是，Keystone 會有一點影響，但由於它是隨時間認列，受影響程度不會那麼大。

And when it comes to the second part of the question, look, obviously, we talked about raising prices to offset component cost inflation. Our goal is to protect the profitability of our business, and we will continue to do so if needed. And so more than those qualitative comments, I'd rather not get into the quantifying it because it's really too early in the year. And so, let's wait until we see how Q1 develops, and maybe we can talk about that in the next quarters.

至於第二個問題，你看，顯然我們談過會透過調漲價格來抵銷零組件成本通膨。我們的目標是保護公司業務的獲利能力，如有需要我們也會持續這麼做。因此，除了這些定性的說明之外，我寧可不去量化，因為現在還太早。我們先等看看第一季的發展，或許在接下來幾季再來談。

Yeah. Just maybe to add, historically, customers' budget in dollars, and there has been little elasticity of demand just because of price increases. I think, of course, as Wissam mentioned, we are in a unique territory. It's hard for us to tell you exactly, so we'll give you updates as we go through the year.

是的。補充一下，歷史上客戶的預算是以金額（美元）來看，而因為漲價導致的需求彈性其實不大。當然，如 Wissam 所提到，我們正處於一個特殊的情境。我們很難精準告訴你，所以我們會在今年進行的過程中持續提供更新。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

This is Jake on for Aaron. Congrats on the great quarter. Just wondering if you could just give some color on the early feedback you're seeing on AFX and AI data engine and when they should become bigger revenue contributors moving forward.

我是 Jake，代 Aaron 提問。恭喜本季表現非常出色。想請問你們能否分享一些你們目前看到的 AFX 與 AI data engine 的早期回饋，以及它們何時會在未來成為更大的營收貢獻來源。

We are pleased with the progress on AFX and the early feedback on AI data engine. AFX has already had good wins in neocloud, in financial services, in hedge funds, and in life sciences, which were the target customers for it. And we are seeing more and more customers beginning to qualify it. It will take time. It's a new architecture. We always believe it would take time, but it is serving the purpose for what we created it for.

我們對 AFX 的進展以及 AI data engine 的早期回饋感到滿意。AFX 已經在新雲（neocloud）、金融服務、避險基金與生命科學等領域取得不錯的勝利，這些正是它鎖定的目標客戶。我們也看到越來越多客戶開始對它進行資格認證（qualify）。這需要時間。這是一個新的架構。我們一直認為它需要時間，但它正在達成我們打造它的目的。

With regard to AIDE, we have brought it to certain clients, and we are seeing kind of good feedback on the value and the benefits it provides, especially as our large installed base of customers who have huge amounts of unstructured data on NetApp wanting to organize that data for AIDE projects. AIDE is a big help to them in doing so. And that feedback is coming back from our clients.

至於 AIDE，我們已將它帶給部分客戶，並看到他們對其所提供的價值與效益給予不錯的回饋，特別是我們龐大的既有客戶基礎中，有大量非結構化資料存放在 NetApp 上，並希望為 AIDE 專案整理這些資料。AIDE 在協助他們完成這件事上非常有幫助。而這些回饋正從客戶端回傳給我們。

And then maybe just as a follow-up. I was wondering on the all-flash momentum. It's really, really impressive.

另外再追問一下。我想請教全快閃（all-flash）的動能。真的非常、非常令人印象深刻。

Just can you give some more color on how much of the growth is driven by pricing versus capacity and unit growth? And then maybe just looking at the installed base, where does it stand now? And how much conversion runway do you still have going forward?

你們能否再多分享一些細節：成長中有多少是由定價帶動、又有多少是由容量與出貨量（unit）成長帶動？另外從既有裝機基礎來看，目前的占比到哪裡了？未來你們還有多少轉換空間（conversion runway）？

From an installed base perspective, like we have said, it picked up another 1% to 48% of the installed base. With regard to the performance in the quarter. Listen, it was really having differentiated solutions for a broad range of priority customer use cases. We raised prices during the quarter, but we have not seen that materially translates into what we saw in the customers that -- into the transactions that we recorded in the quarter.

就既有裝機基礎而言，如同我們所說，它又提升了 1%，目前全快閃已占裝機基礎的 48%。至於本季的表現。坦白說，主要是因為我們針對廣泛的客戶優先使用情境，提供了具差異化的解決方案。我們在本季調漲了價格，但我們尚未看到這在本季所記錄的交易中有實質反映。

It takes a little bit of time for that to flow through. In the past, it's taken about three quarters. We have tightened up our agreements with customers. So you should see that flow through the system over the next quarter to two quarters.

這需要一點時間才會傳導。過去大約需要三個季度。我們也已收緊與客戶的協議條款。因此你應該會在接下來一到兩個季度看到它在系統中逐步反映出來。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

This is Mike Cadiz for Asiya Merchant with Citi. So I just have question. It's looking into fiscal '27, how would we be thinking about strategic M&A at this point and leveraging growth and innovation in that respect, looking in the fiscal year? Thank you.

我是花旗的 Mike Cadiz，代表 Asiya Merchant 提問。我有一個問題。展望 2027 財年，目前我們應該如何看待策略性併購（M&A），以及在該財年如何透過併購來槓桿成長與創新？謝謝。

Thank you for your question. We constantly look at opportunities for M&A, and we make decisions on whether that is the right use of capital. We feel good about our portfolio, but we won't rule anything in or rule anything out at this point in the year.

謝謝你的提問。我們持續在尋找併購機會，並會就這是否是資本的正確運用來做決策。我們對目前的產品／業務組合感到滿意，但在今年這個時間點，我們不會把任何選項排除或預先排定。

Krish Sankar, Cowen.

Krish Sankar，Cowen。

I had two. George, you kind of mentioned a large neocloud win. I'm kind of curious, are you sole source in that win? How do you think about the opportunity? Because I did not think that neoclouds are big consumers of storage exabytes. So any color on that would be helpful. And then I have a follow-up.

我有兩個問題。George，你提到一筆大型 neocloud 的贏單。我有點好奇，這筆案子你們是唯一供應商（sole source）嗎？你們如何看待這個機會？因為我原本不認為 neocloud 會是儲存 exabytes 的大消費者。所以如果能提供一些背景說明會很有幫助。然後我還有一個追問。

I don't want to comment about their environment. This is a large meaning top five US neocloud where they were looking to expand their offerings, especially to serve high-performance use cases for enterprise AI, and we were fortunate to be chosen to be the platform to do so.

我不想評論他們的環境細節。這是一家大型的、也就是美國前五大的 neocloud，他們當時希望擴大其產品／服務內容，特別是為了支援企業 AI 的高效能使用情境，而我們很幸運被選為用來達成這件事的平台。

Our experience in architecting solutions for hyperscale is playing out to our advantage when we speak with neocloud as they begin to broaden the set of use cases and offerings that they have for the enterprise.

我們在為超大規模（hyperscale）架構解決方案方面的經驗，在與 neocloud 對話時正轉化為優勢，因為他們開始擴大面向企業的使用情境與產品／服務組合。

And then maybe a question for either George or Wissam. When I look at your product revenues, is there a way to parse it out by what percentage of product revenue is actually GenAI related?

接著可能是問 George 或 Wissam 的問題。當我看你們的產品營收時，有沒有辦法拆解出產品營收中有多少百分比其實與 GenAI 相關？

Yeah. I mean, look, we don't break it out to that novel, Krish. So we know that there's obviously the activity and the number of wins we mentioned generate revenue for us. We just don't break it out to that level of details.

是的。我的意思是，我們不會拆到那麼新的分類方式，Krish。所以我們知道，顯然我們提到的那些活動與贏單數量會為我們帶來營收。只是我們不會拆到那樣的細節層級。

The other thing I would say is, as you noticed, perhaps over the quarters, the few quarters that we've been disclosing the number of wins, so these number of wins have been increasing. And so, you could assume that it's becoming a sort of a growing portion of our revenue, but it's not broken out to that level of detail.

另外我想說的是，如你所注意到的，或許在過去幾季，我們一直在揭露贏單數量，而這些贏單數量一直在增加。因此你可以假設，這正逐步成為我們營收中一個成長中的部分，但我們沒有拆到那樣的細節層級。

Param Singh, Oppenheimer.

Param Singh，Oppenheimer。

I had a couple. One, I wanted to understand the incremental revenue opportunity from AIDE. Do you view this as something that will help you gain share in the traditional market? Or is that an add-on module that you can sell and expand into addressing more AI workloads?

我有幾個問題。第一個，我想了解 AIDE 帶來的增量營收機會。你們是否認為這會幫助你們在傳統市場提升市占？或者它是一個可加購的模組，你們可以銷售並擴展，以支援更多 AI 工作負載？

How do you think about that? And how do you think about quantifying? How would you monetize that in terms of percentage of revenue and so forth?

你們怎麼看這件事？以及你們如何思考量化？就營收占比等等而言，你們會如何將其變現（monetize）？

There's two use cases. Thank you for your question. There's two use cases. As you correctly said, one for our installed base. It creates a very sticky competitive moat where we are able to give them a huge amount of value for their existing infrastructure. We can choose to monetize that as either standalone software subscription or as part of a broader offering, fuller solution, including storage.

有兩種使用情境。謝謝你的提問。有兩種使用情境。如你所說，其中一種是針對我們的既有客戶基礎（installed base）。它能形成非常黏著的競爭護城河，讓我們能為他們既有的基礎架構提供大量價值。我們可以選擇將其變現為獨立的軟體訂閱，或作為更廣泛的方案／更完整的解決方案的一部分（包含儲存）。

And then I think with regard to the net new environment, as I said, I was particularly pleased with the fact that a very large percentage of our AI wins were from customers who we are not the incumbent data infrastructure provider. And there, what we are able to do is combine AIDE together with our storage so that they can build a really good data lake or a data prep environment, and we saw momentum on that this past quarter.

至於全新的環境（net new environment），如我所說，我特別高興的是，我們 AI 贏單中有很大比例來自於那些我們並非其既有資料基礎架構供應商的客戶。在那裡，我們能把 AIDE 與我們的儲存結合，讓他們能建立非常好的資料湖或資料準備（data prep）環境，而我們在上一季也看到這方面的動能。

And on the second part, George, how do you think about pricing your product for that? I mean is it -- does the ASP go up by 10%, 15%? Or is it something related to the type of workloads you're running? How are you thinking about monetizing it?

第二部分，George，你們如何思考這個產品的定價？我的意思是——ASP 會提高 10%、15% 嗎？或者是與你們所執行的工作負載類型相關？你們如何思考把它變現？

It really depends on the volume of data and the type of data and services that we are offering. Broadly speaking, it's tied to the infrastructure, the size of the data set, and the value that we are offering the customer related to the type of data use cases that they are using with AIDE.

這真的取決於資料量、資料類型，以及我們所提供的資料與服務。概括來說，它與基礎架構、資料集的規模，以及我們針對客戶使用 AIDE 的資料使用情境所提供的價值相關。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

You talked about investing in additional sales resources against this AI opportunity that you've highlighted. Is there anything you could share about how NetApp's go-to-market strategy is evolving as you go after more of these neocloud and sovereign opportunities in addition to your base enterprise customer side? Thank you.

你們談到會針對你們所強調的 AI 機會，投資更多銷售資源。在你們除了既有企業客戶之外，也要爭取更多 neocloud 與主權（sovereign）機會時，是否能分享 NetApp 的 go-to-market 策略如何演進？謝謝。

Yeah. We have built out a specialist team to pursue AI opportunities, both those that are focused on completely use segments like neo and sovereign cloud or to help our frontline teams to drive AI wins in the enterprise.

是的。我們已建立一支專家團隊來追求 AI 機會，這些機會既包括聚焦於像 neocloud 與主權雲等全新細分領域的，也包括協助我們的一線團隊在企業端推動 AI 贏單。

We have also expanded coverage of accounts because we feel good about our opportunity to gain share. So we have added more accounts to our directly managed coverage resources. And it's a sign of confidence. We have seen momentum building in our business through the course of this year, and our outlook for next year feels really robust.

我們也擴大了帳戶覆蓋，因為我們對提升市占的機會很有信心。因此，我們把更多帳戶納入由我們直管的覆蓋資源之中。這是一種信心的展現。我們看到今年以來業務動能持續累積，而我們對明年的展望也感覺非常強勁。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

I guess I'm sort of looking at the midpoint of the guidance for Q1 as well as the midpoint for the full fiscal year. And I think this implies relatively little sequential growth through the year. And I get the extra week add some complication. But it seems as if you're sort of suggesting that the year could have less than seasonal patterns. Could you help me understand what you're thinking here?

我想我是看 Q1 指引的中位數，以及整個財年的中位數。我認為這暗示全年逐季成長相對不多。我理解多出的一週會增加一些複雜性。但看起來你們似乎在暗示，今年可能會低於季節性模式。你能幫我理解你們這裡的想法嗎？

Yeah. Let me address that. So when you look at the first half versus second half of the year, as George said, we're expecting a seasonal pattern in the typical first half, second half when adjusting for the extra week in Q1. In other words, we take out the extra week in Q1, which is approximately $65 million. And you do the math, you would end up with roughly similar type of seasonality first half, second half. And so that's part of it.

好的。我來回應這個問題。所以當你看上半年相對下半年，如 George 所說，在針對 Q1 多出的一週做調整後，我們預期會呈現典型的上半年／下半年季節性模式。換句話說，我們把 Q1 多出的一週拿掉，約為 6,500 萬美元。然後你做一下數學計算，就會得到上半年、下半年大致相近的季節性型態。這是其中一部分。

And then when you sort of look at the midpoint of the guide for Q1 and then midpoint of the guide for the fiscal year and sort of look at the Q2 through Q4, it gets you still in the sort of mid-single-digit percent growth over the same time period in fiscal '26.

接著，當你看 Q1 指引中位數與財年指引中位數，並看 Q2 到 Q4，仍然會得到相較於 2026 財年同一期間約中個位數百分比的成長。

And just as my follow-up, we obviously understand the memory issues, NAND and hard drives, DRAM. Just wondering what you've observed or experienced in terms of other supply chain constraints and how you might see those risks relative to the memory challenges? Thank you.

另外作為追問，我們當然理解記憶體方面的問題，NAND、硬碟、DRAM。我想了解的是，你們在其他供應鏈限制方面觀察到或經歷了什麼？以及相較於記憶體挑戰，你們如何看待這些風險？謝謝。

Yeah. Listen, I think that we work with multiple suppliers for pretty much every component of our kind of silicon lineup. We are cognizant that there could be constraints in other parts of the ecosystem. And I think this is why we have a broad range of offerings as well.

是的。聽著，我認為我們幾乎針對我們這類矽產品線的每一個元件，都與多家供應商合作。我們也意識到生態系統的其他環節可能會出現供應限制。我想這也是為什麼我們同時提供廣泛的產品選項。

I think one of the things that we have seen clients talk to us about is on HDDs. We've always believed that HDDs were an important part of customers' overall lineup, and we have a strong set of solutions for that.

我認為我們看到客戶與我們討論的一個重點是在 HDD（硬碟）。我們一直相信 HDD 是客戶整體產品組合中很重要的一部分，而我們也有一套很強的解決方案來支援。

At this point, given where we are in the year, I want to just say two things. One is, listen, we feel really good about the momentum in our business. We are early in the year. We'll tell you more about how it plays out through the course of the year. Second, at this time, we believe we can source adequate supply to meet our outlook for the year.

在這個時間點，考量到我們目前處於年度中的位置，我想只說兩點。第一，聽著，我們對業務動能感到非常樂觀。我們仍在年初。我們會在接下來一年當中，隨著情況發展再告訴各位更多。第二，就目前而言，我們相信我們能取得足夠的供應，以符合我們對今年的展望。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

I guess I'll just sort of quickly ask two in one part here. You guys have mentioned that you expect next year have a cloud ex-spot see accelerating revenue growth. Any view on over time what a normalized growth rate could look like? Or should we expect growth rate acceleration for the foreseeable future?

我想我就快速把兩個問題合在一起問。你們提到預期明年雲端（不含現貨 spot）會看到營收成長加速。對於長期來看，正常化的成長率可能會是什麼樣子，有沒有什麼看法？或者我們是否應該預期在可預見的未來，成長率都會持續加速？

And then can you just remind us with some -- how to think about the sort of the mechanics underlying the gross margin expansion? Sounds like there's some mix component going on, but the margin has been expanding for a while now. So if there's anything in addition to mix, that would be helpful as well to know about. Thank you, guys.

另外，你們能否再提醒我們一下——該如何理解毛利率擴張背後的運作機制？聽起來有一些產品組合（mix）因素在發揮作用，但毛利率已經擴張一段時間了。所以如果除了組合因素之外還有其他因素，也希望能多了解一些。謝謝各位。

Listen, maybe I'll just tell you at a high level, right? We're not providing specific guidance numbers and so on. I think what we see is continued strength in our 1P and marketplace cloud storage services. Those have grown consistently above the overall cloud storage business -- cloud business and are now a much bigger part of the cloud business than they were a year ago.

聽著，也許我先從高層次說明，好嗎？我們不提供具體的指引數字等等。我們看到的是，我們的 1P 與市集（marketplace）雲端儲存服務持續強勁。這些業務的成長一直高於整體雲端儲存業務——雲端業務，而且現在在雲端業務中的占比，已經比一年前大得多。

And so, our view of how the cloud portfolio evolves over the next year is essentially, if you remove spot from the compare to last year, we just see the same trend continuing through the next year. But because cloud storage is a bigger part of the mix, you can do the math on what that does to the overall cloud storage -- cloud business.

因此，我們對未來一年雲端產品組合如何演進的看法基本上是：如果把 spot 從與去年同期的比較中剔除，我們看到同樣的趨勢會在未來一年延續。但因為雲端儲存在組合中的比重更大，你可以自行推算這對整體雲端儲存——雲端業務會帶來什麼影響。

And with respect to the margin questions, look, the target margin for the public cloud business is 80% to 85%, and we've been operating at sort of higher end of that range. And so, as the business continues to grow faster than the rest of the company, it does give us a bit of a nice margin tailwind.

至於毛利率的問題，公共雲業務的目標毛利率是 80% 到 85%，而我們的營運表現大致落在這個區間的較高端。因此，隨著該業務持續以快於公司其他部分的速度成長，確實會為我們帶來一些不錯的毛利率順風（tailwind）。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，Northland Capital Markets。

Congrats on the execution and realized acceleration that you've talked about here. And it sounds like a lot of this is coming from AI-related demand. And you're giving these metrics in terms of the number of deals. But we still don't have a good sense as far as like what percent of bookings or revenue that is. Can you help us out a little bit on that front?

恭喜你們在執行面以及你們提到的已實現加速表現。而且聽起來其中很大一部分來自 AI 相關需求。你們提供的指標是以交易筆數來衡量。但我們仍然不太清楚這占訂單（bookings）或營收的百分比是多少。你們能否在這方面多幫我們說明一下？

Yeah. Thanks for the question, Nehal. We don't break it out. As I mentioned earlier, I think the previous question, we only talk about -- we quantify the number of opportunities or activity, let's say, wins in the on-prem business, but we don't break out bookings or revenue for AI.

是的。謝謝你的問題，Nehal。我們不會把它拆分揭露。如我先前提到的，我想是上一個問題，我們只會談——我們會量化本地端（on-prem）業務中的機會數或活動量，例如贏單數，但我們不會拆分 AI 的訂單或營收。

It sounds like though that the revenue per deal has gone up significantly in this past quarter as it does sound like some of these large deals that came to fruition are in that AI category deals that's in that 500 there, is that correct?

不過聽起來，上一季每筆交易的營收顯著提高；而且聽起來有些已落地的大型交易屬於 AI 類別，也就是那 500（筆）裡面的 AI 交易，這樣理解正確嗎？

Yeah. Look, it's a wide range of sizes. I wouldn't want to venture any sort of anything that may not be -- that may or may not be correct. So I'll leave it at that.

是的。你看，規模範圍很廣。我不想去推測任何可能——可能正確也可能不正確的事情。所以我就先說到這裡。

All right. Well, thank you, Nehal. I'm going to hand it over to George for some closing comments.

好的。那麼謝謝你，Nehal。我把時間交給 George 做一些結語。

Thank you, Kris. FY26 was a record year for NetApp, reflecting strong execution and accelerating demand for AI and cloud solution. Our hybrid cloud intelligent data infrastructure platform is at the center of customers' data-driven transformation, delivering secure, real-time, zero-copy data activation for AI.

謝謝你，Kris。FY26 是 NetApp 的創紀錄年度，反映出強勁的執行力，以及 AI 與雲端解決方案需求的加速成長。我們的混合雲智慧資料基礎架構平台位於客戶資料驅動轉型的核心，為 AI 提供安全、即時、零拷貝（zero-copy）的資料啟用（data activation）。

Our broad portfolio allows us to deliver the right balance of cost and performance for our customers, strengthening our resilience in a dynamic market. Continued innovation and strategic partnerships are expanding our opportunities and driving sustainable growth, and strong financial results and disciplined capital allocation enable us to invest in the future and return value to shareholders.

我們廣泛的產品組合讓我們能為客戶提供成本與效能的最佳平衡，在動態市場中強化我們的韌性。持續創新與策略夥伴關係正在擴大我們的機會並推動可持續成長；而強勁的財務成果與嚴謹的資本配置，使我們能投資未來並回饋股東價值。

As we look to FY27, we are confident in our strategy and our ability to deliver ongoing growth and leadership in AI and cloud. Thank you.

展望 FY27，我們對自身策略以及持續實現成長、並在 AI 與雲端領域保持領導地位的能力充滿信心。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在您可以掛線。