NetApp Inc (NTAP) 2027 Q1 法說會逐字稿

Good day, and welcome to the NetApp first-quarter of fiscal year 2027 earnings call.

大家好，歡迎參加 NetApp 2027 會計年度第一季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note, this event is being recorded. I would now like to turn the conference over to Kris Newton, Vice President, Investor Relations. Please go ahead.

請注意，本活動將被錄音。現在我想將會議交給投資人關係副總裁 Kris Newton。請開始。

Hi, everyone. Thanks for joining our Q1 FY27 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 2027 會計年度第一季（Q1 FY27）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即時網路直播，並可於 netapp.com 在我們的網站上收看重播。

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the second-quarter and fiscal year 2027, our expectations regarding future revenue, profitability and shareholder returns, the expected benefits from our acquisitions and partnerships, and other growth initiatives and strategies.

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 會計年度第二季及全年度的指引、我們對未來營收、獲利能力與股東報酬的預期、我們的併購與合作夥伴關係所帶來的預期效益，以及其他成長計畫與策略。

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。如需更多資訊，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。我們不承擔更新前瞻性陳述與預測的任何義務。

During the call, all financial measures presented will be non-GAAP unless otherwise indicated. Reconciliations of GAAP to non-GAAP 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均為非 GAAP。GAAP 與非 GAAP 指標之間的調節表可於我們網站取得。

I'll now turn the call over to George.

現在我把電話會議交給 George。

Thanks, Kris. Good afternoon, everyone. Thank you for joining us today. We delivered a stellar start to the year, exceeding our Q1 guidance on every metric and delivering a record-setting first-quarter. Revenue increased 30% year-over-year to $2.03 billion. Our disciplined approach converted robust top line growth into significant profitability even in a challenging component cost environment with gross profit growing 29% to a record $1.43 billion, operating margin reaching 31.9% and EPS up 66% from Q1 a year ago. Adjusting for the additional week in Q1, our performance still stands as one of the best in the company's history.

謝謝你，Kris。各位下午好。感謝各位今天加入我們。我們在年度開局交出亮眼成績，所有指標皆超越第一季指引，並創下破紀錄的第一季表現。營收年增 30% 至 20.3 億美元。即使在零組件成本環境具挑戰的情況下，我們以嚴謹的經營方式，將強勁的營收成長有效轉化為顯著的獲利能力：毛利年增 29% 至創紀錄的 14.3 億美元，營業利益率達 31.9%，每股盈餘（EPS）較去年第一季成長 66%。即便扣除第一季多出的一週因素，我們的表現仍是公司歷史上最佳之一。

This quarter's achievements reflect more than just strong execution. They underscore NetApp's growing leadership in a rapidly evolving environment. Our broad-based success spanned industries and geographies with multiyear agreements, expansion into new workloads and deeper customer engagement, all strong leading indicators of durable growth.

本季的成果不僅僅反映強勁的執行力。更凸顯 NetApp 在快速演變的環境中日益提升的領導地位。我們在各產業與各地區皆取得廣泛成功，包含多年期合約、拓展至新工作負載，以及更深度的客戶互動，這些都是可持續成長的強勁領先指標。

While we're seeing some accelerated purchase decisions and pricing benefits, we are also seeing a clear structural improvement in the underlying demand environment all of which contributed to Q1 strong results and are fueling our momentum. This exceptional quarter is both a testament to our execution and a clear signal of the expanding opportunities ahead.

雖然我們看到部分採購決策加速以及價格帶來的效益，但同時也清楚看到基礎需求環境出現結構性改善，這些因素共同促成第一季的強勁成果並推動我們的動能。這個卓越的季度既是我們執行力的證明，也清楚顯示未來機會正在擴大。

Given our strong start and the success we're seeing across our business, we are materially raising our outlook for the year. AI is no longer a future aspiration. It's a business imperative. As organizations move to operationalize AI, the challenge is not just compute but data readiness. NetApp is a key partner for companies making this shift, eliminating complexity and accelerating time to value at scale.

鑑於我們強勁的開局以及在各項業務上看到的成功，我們將大幅上調今年的展望。AI 不再是未來的願景。它已成為企業的必然要務。當組織著手將 AI 落地營運時，挑戰不僅在於運算，更在於資料就緒度。NetApp 是協助企業完成此轉型的關鍵夥伴，能在規模化部署下消除複雜性並加速價值實現。

The NetApp Platform enables customers to make all data AI-ready in place, providing unified storage, robust security and a single control plane across hybrid multi-cloud environments, delivering capabilities that redefine expectations in the industry.

NetApp 平台讓客戶能在原地（in place）將所有資料轉為 AI-ready，提供統一化儲存、強健的安全性，以及跨混合多雲環境的單一控制平面，交付重新定義產業期待的能力。

By removing the need for data movement, we empower enterprises to accelerate AI and analytics while maintaining governance and control, enabling them to transition from AI experimentation to production with confidence. The strength of our platform is fueling both deeper relationships with existing customers and new customer acquisition. A recent win highlights this momentum.

透過免除資料搬移的需求，我們協助企業在維持治理與控管的同時，加速 AI 與分析，讓其能有信心地從 AI 實驗走向正式上線（production）。我們平台的優勢正推動與既有客戶更深的合作關係，同時也帶來新客戶的取得。近期的一項勝出案例凸顯了這股動能。

In a highly competitive evaluation, a major US utility chose NetApp over both legacy and flash-only competitors, displacing the incumbent and standardizing on our unified AI-ready data infrastructure. Wins like this where a customer entrusts their most demanding workloads to NetApp, are leading indicators of our expanding role in the market and set the stage for long-term growth.

在高度競爭的評選中，美國一家大型公用事業公司選擇 NetApp，而非傳統與僅快閃（flash-only）競爭對手，成功取代既有供應商，並以我們統一的 AI-ready 資料基礎架構作為標準。像這樣客戶將其最嚴苛的工作負載託付給 NetApp 的勝出案例，是我們市場角色擴大的領先指標，並為長期成長奠定基礎。

Our record Q1 was fueled by robust growth in public cloud, all-flash and Keystone revenues, reflecting the momentum in our business and validating our strategy as we deliver meaningful results for customers. Driven by strong adoption of our first-party and marketplace storage services, Q1 public cloud revenue grew to $206 million, up 28% year-over-year and up 19% adjusting for the extra week.

我們創紀錄的第一季，受惠於公有雲、全快閃與 Keystone 營收的強勁成長，反映出業務動能並驗證我們的策略，因為我們正為客戶帶來具意義的成果。在第一方與市集（marketplace）儲存服務強勁採用的帶動下，第一季公有雲營收成長至 2.06 億美元，年增 28%，若調整多出的一週則成長 19%。

Customers choose NetApp for our secure, scalable, cloud-native storage services as they migrate workloads to the cloud. VMware workloads, in particular, are among those increasingly being moved to the cloud, opening significant opportunities for NetApp. In Q1, a US hospitality company adopted NetApp technology for the first time through Amazon FSx for NetApp ONTAP, supporting its large-scale VMware migration to AWS.

當客戶將工作負載遷移至雲端時，他們選擇 NetApp，是因為我們提供安全、可擴展、雲原生的儲存服務。尤其是 VMware 工作負載，正日益被移轉到雲端，為 NetApp 帶來可觀機會。在第一季，一家美國旅宿業公司首次透過 Amazon FSx for NetApp ONTAP 採用 NetApp 技術，以支援其大規模將 VMware 遷移至 AWS。

FSxN delivered superior performance, lower cost and versatile workload support. Similarly, a US public sector organization selected Azure NetApp Files as a part of its data modernization efforts. ANF overcame technical barriers found in other cloud services and enabled substantial cost savings. These wins highlight how NetApp's differentiated cloud storage solutions facilitate seamless, efficient VMware migrations, reinforcing our ability to drive sustained growth as organizations accelerate their cloud adoption. All-flash array revenue reached $1.31 billion in Q1, up 47% year-over-year.

FSxN 提供更優異的效能、更低的成本以及多元的工作負載支援。同樣地，美國一家公部門組織在其資料現代化計畫中選擇 Azure NetApp Files。ANF 克服了其他雲端服務所遇到的技術障礙，並帶來可觀的成本節省。這些勝出案例凸顯 NetApp 差異化的雲端儲存解決方案如何促成順暢且高效率的 VMware 遷移，強化我們在組織加速採用雲端之際推動持續成長的能力。第一季全快閃陣列營收達 13.1 億美元，年增 47%。

Customers are standardizing on NetApp for their most mission-critical workloads, including GPU-intensive AI pipelines that demand high performance, low latency and built-in cyber resilience. Our innovation and go-to-market execution continue to drive share gains in this part of the market.

客戶正將 NetApp 作為其最關鍵任務工作負載的標準平台，其中包括需要高效能、低延遲與內建網路韌性的 GPU 密集型 AI 流水線。我們的創新與市場推進（go-to-market）執行力，持續帶動我們在此市場區塊的市占提升。

In today's challenging cost environment, the breadth and flexibility of the NetApp Platform stand as strategic advantages. We empower customers to optimize performance, capacity and budget requirements without compromising cyber resilience or operational simplicity. This value proposition is driving strong customer demand across our portfolio. And notably, we are seeing accelerating interest in our hybrid flash solutions.

在當前具挑戰的成本環境下，NetApp 平台的廣度與彈性是策略性優勢。我們協助客戶在不犧牲網路韌性或營運簡化的前提下，最佳化效能、容量與預算需求。此一價值主張正推動我們全產品組合的強勁客戶需求。值得注意的是，我們也看到市場對混合快閃解決方案的興趣正在加速升溫。

Let me share recent examples of how the breadth of our portfolio has enabled us to displace competitors and win new customers. In its first engagement with NetApp, a European IT service provider for pension insurance selected our unified storage to meet stringent security and resilience requirements for critical infrastructure. Our flexible architecture not only supports the availability and integrity of highly sensitive data today, but also provides a secure, efficient and sustainable foundation for future AI workloads.

我分享一些近期案例，說明我們產品組合的廣度如何讓我們取代競爭對手並贏得新客戶。在首次與 NetApp 合作時，一家為退休金保險提供服務的歐洲 IT 服務供應商選擇我們的統一儲存，以滿足關鍵基礎設施對嚴格安全與韌性要求。我們的彈性架構不僅能支援當前高度敏感資料的可用性與完整性，也為未來 AI 工作負載提供安全、高效率且可持續的基礎。

NetApp recently displaced a competitor at a leading transportation agency. Our solution combined all-flash arrays for high-performance processing of massive video files with hybrid flash arrays for reliable, cost-effective long-term retention. Our ability to deliver the scalability, reliability and performance required for advanced analytics and ongoing infrastructure maintenance was key to the win.

NetApp 近期在一家領先的運輸機構取代了競爭對手。我們的解決方案結合全快閃陣列以高效能處理大量影片檔案，並以混合快閃陣列提供可靠且具成本效益的長期保存。我們能提供先進分析與持續基礎設施維護所需的可擴展性、可靠性與效能，是贏得此案的關鍵。

AI is powering a new wave of growth for NetApp, momentum that has been building and continues to accelerate. In Q1, we won approximately 350 AI and data lake modernization deals, up significantly from a year ago. Importantly, deal sizes are increasing as customers move from proof of concept to production. Initial wins in prior years are expanding into production-level workloads, reflecting confidence in NetApp's ability to support large-scale AI environments. Our solutions are enabling customers to activate data in place for AI, accelerate time to insight and achieve real business outcomes, putting NetApp at the center of their AI journeys.

AI 正推動 NetApp 新一波成長，這股動能已逐步累積並持續加速。在第一季，我們贏得約 350 筆 AI 與資料湖現代化交易，較一年前大幅增加。重要的是，隨著客戶從概念驗證（proof of concept）走向正式上線（production），交易規模正在擴大。前幾年取得的初期勝出案例正擴展為生產等級的工作負載，反映客戶對 NetApp 支援大規模 AI 環境能力的信心。我們的解決方案讓客戶能在原地啟用資料以支援 AI、加速洞察時間並達成實際商業成果，使 NetApp 成為其 AI 旅程的核心。

Here are a few examples from Q1. We signed a significant agreement with Samsung Electronics to support its EDA environment and AI Center of Excellence. A public sector organization awarded NetApp a strategic deal to modernize and expand its intelligence capabilities and deliver real-time analytics, leveraging NetApp AFX integrated with NVIDIA SuperPOD. AFX's disaggregated architecture provides the flexibility and performance required for advanced AI workloads and provides a future-ready foundation, delivering the power and scalability needed to meet evolving requirements as data demands grow.

以下是第一季的一些例子。我們與三星電子簽署了一項重大協議，以支援其 EDA 環境與 AI 卓越中心。某公共部門組織授予 NetApp 一項策略性交易，以運用整合 NVIDIA SuperPOD 的 NetApp AFX 來現代化並擴展其情報能力，並提供即時分析。AFX 的解耦式架構提供先進 AI 工作負載所需的彈性與效能，並提供面向未來的基礎，隨著資料需求成長，提供滿足不斷演進需求所需的運算能力與可擴展性。

NetApp secured a significant win with an Asian neocloud provider, supplying high availability, secure and scalable storage for new customer-facing AI services. Our robust multi-tenancy and deep expertise in large-scale Kubernetes and OpenStack environments set us apart, helping the provider to modernize its infrastructure and support demanding AI inference workloads. This win displaced existing vendors and established a strong foundation for NetApp in one of the provider's most strategic AI initiatives.

NetApp 與一家亞洲新型雲（neocloud）供應商取得重大勝利，為其新的面向客戶 AI 服務提供高可用性、安全且可擴展的儲存。我們強健的多租戶能力，以及在大規模 Kubernetes 與 OpenStack 環境的深厚專業，使我們脫穎而出，協助該供應商現代化其基礎架構並支援高要求的 AI 推論工作負載。此一勝利取代了既有供應商，並為 NetApp 在該供應商最具策略性的 AI 計畫之一奠定了堅實基礎。

We are strengthening our leadership through strategic acquisitions that expand the capabilities of the NetApp Platform and broaden our addressable market. These investments position us to stay ahead as customer needs evolve, deepening our differentiation in cloud and AI.

我們正透過策略性併購強化領導地位，以擴展 NetApp 平台的能力並擴大我們可觸及的市場。這些投資使我們能在客戶需求演進時保持領先，並加深我們在雲端與 AI 領域的差異化優勢。

In Q1, we acquired DataPelago, a recognized innovator in AI data infrastructure. Their Nucleus software engine enables high-performance in-place data processing, eliminating costly data movement and streamlining AI readiness. With this technology, we believe we can unlock additional value from the vast unstructured data already managed on our platform, giving customers fresh opportunities to accelerate their AI initiatives and maximize the potential of their existing data assets. This positions NetApp as the company that makes zero-copy activation of enterprise data for AI real, helping customers drive AI initiatives, improve efficiency and unlock more value from their data.

在第一季，我們收購了 DataPelago，這是一家在 AI 資料基礎架構領域廣受認可的創新者。其 Nucleus 軟體引擎可實現高效能的就地資料處理，消除昂貴的資料搬移並簡化 AI 就緒流程。憑藉這項技術，我們相信能從平台上已管理的大量非結構化資料中釋放更多價值，為客戶提供加速 AI 計畫的新機會，並最大化其既有資料資產的潛力。這使 NetApp 成為讓企業資料零拷貝（zero-copy）啟用於 AI 成為現實的公司，協助客戶推動 AI 計畫、提升效率，並從其資料中釋放更多價值。

At the start of Q2, we acquired JetStream, a leader in cloud-native disaster recovery for VMware environments. JetStream enables continuous protection and recovery of VMware workloads across diverse storage environments with seamless replication to NetApp cloud offerings like Azure NetApp Files. This acquisition will allow us to offer a simpler, more flexible path to cloud modernization and positions NetApp as the recovery destination of choice for VMware deployments, even when production data originates from competitors' infrastructure.

在第二季初，我們收購了 JetStream，這是一家在 VMware 環境雲原生災難復原領域的領導者。JetStream 可在多樣化的儲存環境中，對 VMware 工作負載提供持續保護與復原，並可無縫複寫至 NetApp 的雲端產品（如 Azure NetApp Files）。此項收購將使我們能提供更簡單、更具彈性的雲端現代化路徑，並使 NetApp 成為 VMware 部署的首選復原目的地，即使生產資料源自競爭對手的基礎架構亦然。

NetApp's strong Q1 results underscore our leadership in a transformative era shaped by accelerating AI and cloud adoption. The strength and flexibility of the NetApp Platform allow us to support a diverse and growing customer base. By winning new business, deepening partnerships and investing in innovation, we are building a durable foundation for continued leadership and long-term growth.

NetApp 第一季的強勁成果凸顯我們在 AI 與雲端採用加速所塑造的變革時代中的領導地位。NetApp 平台的強度與彈性使我們能支援多元且持續成長的客戶群。透過贏得新業務、深化合作夥伴關係並投資創新，我們正在建立可持續的基礎，以維持領導地位並推動長期成長。

We are executing with discipline and vision and building on our leadership to deliver sustained value for our customers and shareholders. We are excited to host our annual customer conference, NetApp INSIGHT, in September. We will showcase substantial innovation throughout the NetApp platform, delivering new value for AI and addressing the unique needs of high-growth markets like neo and sovereign clouds. We also will host an investor session to provide more detail on our strategy and solutions, and we hope you will join us.

我們以紀律與願景執行，並在既有領導地位上持續建構，為客戶與股東創造持續價值。我們很期待於九月舉辦年度客戶大會 NetApp INSIGHT。我們將展示 NetApp 平台的重大創新，為 AI 帶來新價值，並滿足如新型雲與主權雲等高成長市場的獨特需求。我們也將舉辦投資人場次，提供更多關於我們策略與解決方案的細節，並希望您能一同參與。

In closing, I want to thank our employees for their dedication and focus. Our record start to the year is a testament to our team's commitment to our customers and to driving NetApp's continued success.

最後，我要感謝我們的員工展現的投入與專注。我們創紀錄的年度開局，證明了團隊對客戶的承諾，以及推動 NetApp 持續成功的決心。

I'll now turn it over to Wissam.

接下來我把時間交給 Wissam。

Thanks, George, and good afternoon, everyone. In the fiscal first-quarter, we delivered exceptional results exceeding the high end of all our guidance ranges. Revenue for the quarter was $2.03 billion, up 30% year-over-year and 4% sequentially. Non-GAAP earnings per share was $2.58, up 66% year-over-year. Revenue growth was driven by broad-based momentum across the business, highlighting the strength of our portfolio. This quarter's results reflect a healthier demand environment as customers invest in AI and modernization as well as some accelerated purchases and pricing benefits.

謝謝你，George，各位下午好。在本財年第一季，我們交出卓越成果，全面超越所有指引區間的上緣。本季營收為 20.3 億美元，年增 30%，季增 4%。非 GAAP 每股盈餘為 2.58 美元，年增 66%。營收成長來自全業務面向的廣泛動能，凸顯我們產品組合的實力。本季成果反映出更健康的需求環境，客戶正投資於 AI 與現代化，同時也包含部分提前採購與價格效益。

As a reminder, Q1 included an additional week. Revenue was up 26% year-over-year, excluding the effect of the extra week, which contributed approximately $65 million to revenue, primarily in support and public cloud.

提醒一下，第一季包含額外的一週。若排除額外一週的影響，營收年增 26%；該額外一週對營收的貢獻約為 6,500 萬美元，主要來自支援與公有雲。

Looking at revenue by segment. Hybrid Cloud revenue of $1.82 billion was up 30% year-over-year and 27% adjusting for the additional week. Product revenue of $987 million was up 51% year-over-year. Support revenue of $720 million was up 11% year-over-year and up 4%, excluding the extra week, which contributed approximately $50 million. Professional Services revenue of $112 million was up 15% year-over-year, mainly driven by continued robust growth in Keystone, our storage-as-a-service offering.

按部門來看營收。混合雲營收為 18.2 億美元，年增 30%；若調整額外一週，年增 27%。產品營收為 9.87 億美元，年增 51%。支援營收為 7.20 億美元，年增 11%；若排除額外一週（貢獻約 5,000 萬美元），則年增 4%。專業服務營收為 1.12 億美元，年增 15%，主要由我們的儲存即服務（storage-as-a-service）產品 Keystone 持續強勁成長所帶動。

Q1 Public Cloud revenue of $206 million was up 28% year-over-year and up 19% adjusting for the extra week, reflecting strong demand for first-party and marketplace storage services. The additional week contributed approximately $15 million to Public Cloud. We exited Q1 with $4.85 billion in deferred revenue, an increase of 7% year-over-year. Remaining performance obligations were $5.65 billion, up 14% year-over-year.

第一季公有雲營收為 2.06 億美元，年增 28%；若調整額外一週，年增 19%，反映第一方與市集儲存服務的強勁需求。額外一週對公有雲的貢獻約為 1,500 萬美元。第一季結束時，我們的遞延營收為 48.5 億美元，年增 7%。剩餘履約義務為 56.5 億美元，年增 14%。

Moving to the rest of the income statement. Please note, my comments will be related to non-GAAP results unless stated otherwise. Q1 gross margin was 70.6%, exceeding the high end of our guidance and down 50 basis points year-over-year driven by greater product revenue mix compared to a year ago. Product revenue in the quarter was 49% of total revenue compared to 42% in the same period last year.

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 結果為主。第一季毛利率為 70.6%，高於我們指引上緣，年減 50 個基點，主要因相較去年產品營收占比提高所致。本季產品營收占總營收 49%，去年同期為 42%。

The headwind from revenue mix was partially offset by year-over-year gross margin expansion across product, support, professional services and public cloud. Gross profit was $1.43 billion, up 29% compared to Q1 2026. Hybrid Cloud gross margin was 68.8%, down 20 basis points sequentially reflecting lower product gross margin and partially offset by improvement in support and professional services gross margin.

營收組合帶來的逆風，部分被產品、支援、專業服務與公有雲在年對年毛利率擴張所抵銷。毛利為 14.3 億美元，較 2026 財年第一季成長 29%。混合雲毛利率為 68.8%，季減 20 個基點，反映產品毛利率較低，並部分被支援與專業服務毛利率改善所抵銷。

Product gross margin was 54.6%, down 150 basis points sequentially, mainly driven by higher component costs and partially offset by better pricing. Our recurring support business continues to be highly profitable with gross margin of 93.2%. Professional Services gross margin was 36.6%, improving 4.5 percentage points sequentially. Public Cloud gross margin was 86.4%, up 70 basis points sequentially and over 6 percentage points year-over-year benefiting slightly from the additional week.

產品毛利率為 54.6%，季減 150 個基點，主要由較高的零組件成本所致，並部分被較佳的定價所抵銷。我們的經常性支援業務仍維持高度獲利，毛利率為 93.2%。專業服務毛利率為 36.6%，季增 4.5 個百分點。公有雲毛利率為 86.4%，季增 70 個基點，年增超過 6 個百分點，並因額外一週而略有受益。

The Public Cloud business has operated above the high end of the 80% to 85% long-term target range in the past three quarters. Operating expenses of $784 million were up 11% year-over-year and 5% sequentially, driven primarily by variable compensation and the impact of the additional week, which added approximately $22 million. Operating income was $645 million, up 61% compared to Q1 2026, and operating margin was 31.9%, up 6.1 percentage points year-over-year.

公有雲業務在過去三個季度的表現均高於長期目標區間 80% 至 85% 的上緣。營業費用為 7.84 億美元，年增 11%、季增 5%，主要由變動薪酬以及額外一週的影響所帶動；額外一週約增加 2,200 萬美元。營業利益為 6.45 億美元，較 2026 財年第一季成長 61%；營業利益率為 31.9%，年增 6.1 個百分點。

Earnings per share exceeded the high end of the guidance range at $2.58, up 66% year-over-year, more than double the growth rate of revenue, highlighting the operating leverage and our ability to translate that into earnings power.

每股盈餘為 2.58 美元，超越指引區間上緣，年增 66%，成長率超過營收的兩倍，凸顯營運槓桿效益，以及我們將其轉化為獲利能力的能力。

In Q1, cash flow from operations was $503 million and free cash flow was $401 million. During the first-quarter, we returned $302 million of capital to our shareholders with $200 million in share repurchases and $102 million paid in dividends of $0.52 per share. Q1 diluted share count of 200 million decreased by 3 million shares or 1.5% year-over-year.

在第一季，營運活動現金流為5.03億美元，自由現金流為4.01億美元。在第一季期間，我們透過2.00億美元的庫藏股回購以及支付每股0.52美元、合計1.02億美元的股利，向股東返還了3.02億美元資本。第一季稀釋後股數為2.00億股，年減300萬股或1.5%。

Our balance sheet remains very healthy. We closed the quarter with $3.6 billion in cash and short-term investments and $2.5 billion in gross debt outstanding, resulting in a net cash position of $1.1 billion. Inventory expanded both year-over-year and quarter-over-quarter as we manage supply and inventory levels to support growing demand. Inventory turns were six, down sequentially.

我們的資產負債表仍然非常健全。本季末我們持有36億美元的現金及短期投資，未償還總負債為25億美元，因此淨現金部位為11億美元。為了管理供應與庫存水位以支援持續成長的需求，庫存較去年同期與較前一季皆有所增加。庫存週轉率為6次，較前一季下降。

Overall, Q1 was an excellent start to the fiscal year, highlighted by strong revenue growth amid heightened AI and cloud-driven storage solutions demand. Combined with our disciplined execution, our revenue growth drove meaningful operating margin and EPS outperformance and robust cash flow generation.

整體而言，第一季為本會計年度帶來極佳的開局，在AI與雲端驅動的儲存解決方案需求升溫之際，營收強勁成長尤為突出。再加上我們嚴謹的執行力，營收成長帶動營業利益率與每股盈餘（EPS）顯著優於預期，並產生強勁的現金流。

Now turning to non-GAAP guidance, starting with Q2. We expect revenue to be $2.1 billion, plus or minus $75 million. At the midpoint, this implies 23% year-over-year growth. We expect gross margin to be in the range of 67% to 68%, sequentially lower, primarily driven by higher product revenue mix as a percentage of total revenue. We expect operating margin to be in the range of 30.9% to 31.9%. We expect earnings per share to be in the range of $2.54 and $2.64 with a midpoint of $2.59.

接著說明非GAAP指引，先從第二季開始。我們預期營收為21億美元，上下浮動7,500萬美元。以中位數計算，代表年增23%。我們預期毛利率介於67%至68%，較前一季下降，主要因產品營收占總營收比重提高所致。我們預期營業利益率介於30.9%至31.9%。我們預期每股盈餘介於2.54美元至2.64美元，中位數為2.59美元。

Turning now to full year fiscal 2027. We remain confident in the strength of our portfolio and our ability to execute in the current environment. Strong demand and continued business momentum reinforce that confidence and support our increased outlook for the year. We are raising our fiscal year revenue and EPS guidance. We now expect fiscal year 2027 revenue to be in the range of $7.975 billion to $8.225 billion.

接著談2027會計年度全年。我們對產品組合的實力以及在目前環境下的執行能力仍具信心。強勁需求與持續的業務動能進一步強化這份信心，並支撐我們上調全年展望。我們將上調本會計年度的營收與每股盈餘指引。我們目前預期2027會計年度營收介於79.75億美元至82.25億美元。

At the $8.1 billion midpoint, this represents 17% year-over-year growth and an increase of $650 million compared to our prior guidance. We expect gross margin to be in the range of 68.1% to 69.1%. The revised range primarily reflects a higher expected mix of product revenue compared with our prior guidance. At the same time, our fiscal year 2027 product gross margin expectations have improved slightly, while the underlying gross margin outlook for the rest of the business remains largely unchanged.

以81億美元的中位數計算，代表年增17%，並較先前指引增加6.5億美元。我們預期毛利率介於68.1%至69.1%。修訂後的區間主要反映相較於先前指引，產品營收占比預期更高。同時，我們對2027會計年度產品毛利率的預期略有改善，而其餘業務的基礎毛利率展望大致維持不變。

We are raising operating margin to be in the range of 30.3% to 31.3%. We are raising earnings per share to be in the range of $9.73 to $10.03. At the $9.88 midpoint, this represents 22% year-over-year growth.

我們將營業利益率上調至30.3%至31.3%。我們將每股盈餘上調至9.73美元至10.03美元。以9.88美元的中位數計算，代表年增22%。

In closing, as we look ahead to the rest of fiscal year 2027, we remain confident in our strategy and disciplined execution. Our focus stays firmly on delivering strong revenue growth and profitability, strengthening free cash flow and building long-term value for our customers and shareholders.

最後，展望2027會計年度剩餘期間，我們對策略與嚴謹執行仍具信心。我們將持續聚焦於實現強勁的營收成長與獲利能力、強化自由現金流，並為客戶與股東創造長期價值。

With that, I'll now 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)

（接線員指示）

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

Maybe for my first, if I could. George, you called out accelerating purchase decision and pricing benefits as well as structural improvement and underlying demand at the same time. Can you maybe just walk us through the key drivers that is helping to distinguish between those dynamics? And what drives your confidence around maybe the more durable demand part of that? And just particularly in the context of the outlook, which implies at the time heading into the second half of fiscal year. And then I have a follow-up.

我先問第一個問題，如果可以的話。George，你提到採購決策加速與定價帶來的效益，同時也提到結構性改善與基本需求。你能否帶我們梳理一下，有哪些關鍵驅動因素有助於區分這些不同動態？以及是什麼讓你對其中較具持續性的需求部分更有信心？尤其是在展望的脈絡下，這似乎意味著在進入會計年度下半年時的情況。之後我還有一個追問。

Thank you for the question. We had an exceptional start to the year. The demand profile was broad-based and we saw strength across every customer type, by size, medium, small, public sector. We saw it across all the geographies, and we saw it across industry verticals, workload solutions, on-prem, Keystone, cloud.

謝謝你的提問。我們今年開局非常出色。需求輪廓相當廣泛，我們在各類型客戶上都看到強勁表現，按規模來看包含大型、中型、小型，以及公部門。我們在所有地區都看到了這股力道，也在各產業垂直領域、工作負載解決方案、本地部署（on-prem）、Keystone、雲端等方面都看到了。

So super strong broad-based portfolio strength. I think when we distinguish the three buckets, clearly, what we saw in the quarter was counter to what we see typically when prices of silicon and commodity costs go up dramatically, customers generally lean into tech refresh. We saw into maintenance and non-refresh. We saw the opposite. We saw much higher than the anticipated strength across all classes of customers.

因此，整體而言是非常強勁、廣泛的產品組合實力。我認為當我們區分三個類別時，很明顯地，本季我們看到的情況與典型情況相反：通常當矽晶與大宗商品成本大幅上升時，客戶一般會傾向進行技術汰換（tech refresh）。我們看到的是偏向維護與非汰換（non-refresh）。我們看到的是相反的情況。我們看到各類客戶的強勁程度遠高於原先預期。

Within the largest customers, we saw some pockets of accelerated purchasing. But in many of those customers, we also saw them for less priority workloads and use cases be more moderated in their buying behavior as is typical. And then we saw clearly as commodity prices have gone up, we have adjusted our pricing, and you could see that in the outperformance in our product gross margin relative to our guidance, which is reflected in our ability to capture higher pricing.

在最大型客戶之中，我們確實看到一些採購加速的區塊。但在許多這類客戶中，對於優先順序較低的工作負載與使用情境，他們的採購行為也如同以往較為保守、趨於溫和。此外，隨著大宗商品價格上升，我們已調整定價；你可以從我們產品毛利率相對於指引的超預期表現看出來，這反映了我們有能力取得較高的定價。

No. Got it. George, I appreciate the color there. And maybe just a quick follow-up on the last comments you made. I just wanted to get an update or a clarification on how you're thinking about. I think you believe -- I believe you guys called out product gross margins troughing in the first-quarter itself. Is that playing out? And then maybe more specifically, are you realizing the full benefits of the flow-through of the pricing actions you've taken and whether that's already playing now in 2Q? Or should we expect that to still be a tailwind going out into the 3Q or one of the subsequent quarters?

了解。明白了。George，謝謝你提供這些細節。我想就你最後的評論做個簡短追問。我想請你更新或釐清一下你們的看法。我記得你們提到產品毛利率在第一季本身觸底。目前的發展是否符合這個判斷？更具體地說，你們是否已完全實現所採取定價措施的傳導效益（flow-through），而且這是否已在第二季反映？或者我們應該預期這仍會在第三季或後續季度持續成為順風？

Yes, great question. And so in Q1, we did outperform our expectations with respect to the product gross margin, as George mentioned. We did have a bit of a favorable product mix associated with the various customer types and the geos that we serve. And so it did help us a little bit.

是的，這是個很好的問題。如George所提到，第一季在產品毛利率方面我們確實優於預期。我們的確有一些較有利的產品組合，與我們服務的不同客戶類型及地區相關。因此對我們有一些幫助。

As we think and we look forward to Q2 and the rest of the year, the outlook very much on product margin has improved slightly relative to our prior guidance that we've provided 90 days ago. And so that's sort of an incremental positive, which basically says we have a bit more confidence in our ability to recoup the incremental costs that we're paying, albeit probably won't be at the same levels we saw in Q1, but I would stress that it would be -- we're anticipating or -- and projecting it to be better than we thought it would be 90 days ago for the rest of the year.

當我們展望第二季與今年其餘期間時，產品毛利率的展望相較於我們90天前提供的先前指引，確實略有改善。因此這算是一個增量的正面因素，基本上表示我們對於回收（recoup）所支付的增量成本更有信心；雖然可能不會達到第一季看到的同樣水準，但我要強調的是——我們預期或推估今年其餘期間的表現會比90天前所想的更好。

Mehdi Hosseini, Susquehanna Financial Group.

Mehdi Hosseini，Susquehanna Financial Group。

Yes. I also have a question with two parts. George, help me understand how would you break up your customers' investment and splitting modernization, upgrade of existing installed base of a storage from incremental capacity added due to AI inferencing?

是的。我也有一個分成兩部分的問題。George，請幫我理解：你會如何拆分客戶的投資——將儲存既有裝機基礎的現代化與升級，與因AI推論而新增的增量容量，分別占比如何？

And my second question is for Wissam. I'm a little bit confused with the product gross margin trajectory. I think expectation was for gross margin -- product gross margin to be troughing in the mid-50% and improve from there. But your Q2 guide implies that we actually may see a QoQ decline. If you could clarify, it would be appreciated.

我的第二個問題是問 Wissam。我對產品毛利率的走勢有點困惑。我原本的預期是毛利率——產品毛利率會在 50% 中段附近觸底，之後逐步改善。但你們對 Q2 的指引暗示我們實際上可能會看到季對季下滑。如果你能澄清一下，將不勝感激。

With regard to your first question, Mehdi, we have seen super strong growth in our product portfolio as well as offerings like our all-flash array, Keystone and our cloud storage. Pretty much across the board, we were well ahead of our expectations. And we continue to see that strength durable for multiple quarters, which is why one quarter into the year, we have raised the full year materially, including the second half, right? So really, really strong momentum in the business.

關於你的第一個問題，Mehdi，我們在產品組合以及像全快閃陣列（all-flash array）、Keystone 和雲端儲存等方案上，都看到非常強勁的成長。幾乎全面都大幅超出我們的預期。而且我們持續看到這股強勢可延續多個季度，這也是為什麼在年度才過了一季，我們就大幅上調了全年展望，包括下半年，對吧？所以業務動能真的非常、非常強。

With regard to what we saw, there are AI-specific buildouts, which are, for example, GPU as a service cloud, GPU environment within enterprises and data lakes and modern data lake type environment being built, particularly for GPU usage and for AI analytics. There is, however, also as other people have noted, including the hyperscalers, a broad-based modernization of a variety of adjacent workloads and infrastructures, right? So when you use AI, you also want to modernize your databases, you also want to modernize your unstructured data environment to get them ready, and we saw that happening pretty much across all the industries and all the customer segments.

就我們所看到的而言，確實有一些 AI 特定的建置，例如 GPU as a service 的雲端、企業內的 GPU 環境，以及資料湖與現代資料湖類型的環境建置，特別是為了 GPU 使用與 AI 分析。不過，同時也如其他人所指出的（包括超大規模雲端業者），還存在一種更廣泛的現代化趨勢，涵蓋各種相鄰的工作負載與基礎架構，對吧？所以當你使用 AI 時，你也會想要現代化你的資料庫，也會想要現代化你的非結構化資料環境，讓它們做好準備；而我們幾乎在所有產業與所有客戶區隔都看到這種情況正在發生。

So really strong momentum. We're excited for the year, super confident about our position in the market and the alignment to where customers are prioritizing spending.

所以動能非常強。我們對今年感到興奮，對我們在市場上的定位以及與客戶支出優先順序的契合度非常有信心。

And to the second part of the question, Mehdi. Look, we did anticipate -- so maybe I'll explain how we anticipated the product gross margin to be shaped throughout the year 90 days ago. We said that we would see a trough in Q1, and we anticipate a slight improvement for the rest of the year or gradual improvement for the rest of the year.

再談到問題的第二部分，Mehdi。你看，我們確實有預期——所以也許我先說明一下 90 天前我們如何預期全年產品毛利率的走勢。我們當時說會在 Q1 觸底，並預期今年剩餘期間會小幅改善，或是逐步改善。

Now fast forward to today, we did manage Q1 product gross margin in a really great way. I think we did a great job in execution and we outperformed our expectations for Q1. So that's sort of the first point I want to make.

現在快轉到今天，我們確實以非常好的方式管理了 Q1 的產品毛利率。我認為我們在執行上做得很好，Q1 的表現超出我們的預期。這是我想先強調的第一點。

The second point is when we compare now Q2 to Q4 for the rest of the year to where it was 90 days ago, we're now expecting it to be slightly better. So if you think of the prior guidance had product gross margin in sort of the low 50% range if you sort of -- even though we don't guide every number, but that's what was implied in the guidance, what's implied now in the updated guidance for the rest of the year in product gross margin is slightly better than that. That's really the -- hopefully, that clarifies and answers your question.

第二點是，若把現在對 Q2 到 Q4（也就是今年剩餘期間）的預期，與 90 天前相比，我們現在預期會略好一些。所以如果你回想先前的指引——雖然我們不會逐一指引每個數字，但當時的指引所隱含的產品毛利率大概在 50% 出頭的區間；而現在更新後的指引所隱含的今年剩餘期間產品毛利率，會比那個水準略好。這就是——希望能釐清並回答你的問題。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I guess just two questions from my side as well. I think one of the big things that investors are trying to figure out is just the durability of growth that you and everyone else is seeing. And if I think about your fiscal year guide, you folks are going to do 26% growth in Q1, ex extra week, it's going to be 23% in Q2. And I think it's like 9% or 10% in the back half of the year. Can you just talk like what is driving that sort of deceleration? And is that exit rate in the back half of 9%, 10%, sort of the right way to think about what the long-term growth should be for the company?

我這邊也有兩個問題。我想投資人正在試圖釐清的一個重點，是你們以及其他公司所看到的成長到底有多持久。如果我看你們的會計年度指引，你們在 Q1（扣除多出的一週）會有 26% 的成長，Q2 會是 23%。而下半年我想大概是 9% 或 10%。你能談談是什麼在驅動這種減速嗎？以及下半年 9%、10% 的退出成長率，是否可以視為公司長期成長的合理思考方式？

And then, George, you sort of talked about you're seeing clear structural improvement in the underlying demand environment. Can you maybe just help us appreciate like what metrics are you looking at or tracking that give you confidence that this is a structural shift versus perhaps prebuying given all the price increases?

另外，George，你提到你看到基礎需求環境有明顯的結構性改善。你能否幫我們理解一下，你在看或追蹤哪些指標，讓你有信心這是結構性轉變，而不是因為各種漲價而出現的提前採購？

I think, first of all, we are one quarter into our fiscal year and our approach has been to provide guidance that we feel confident about. We have raised the year materially to reflect the strength of our position and have raised the second half of the year right at the start of the year, right? And so I would not say that we are being cautious about the year. We feel really strongly about the performance.

我想首先，我們的會計年度才進行了一季，而我們的做法是提供我們有信心的指引。我們已經大幅上調全年展望，以反映我們定位的強勢，並且在年度一開始就上調了下半年的展望，對吧？所以我不會說我們對今年是保守的。我們對表現非常有信心。

I think, as I noted, with regard to what gives us confidence, it is the fact that all of our product lines, all of our customer segments by size, all of the types of commercial vehicles we use multiyear agreements, storage as a service, traditional CapEx transactions as well as the performance through all of our routes to market have outperformed materially and the outlook for the year is very strong.

我想，正如我提到的，讓我們有信心的原因在於：我們所有產品線、按規模劃分的所有客戶區隔、我們採用的各類商業模式（多年期合約、儲存即服務、傳統資本支出 CapEx 交易），以及我們所有銷售通路的表現，都顯著超出預期，而今年的展望非常強勁。

So we feel really, really good about our position both in terms of alignment to customer spend, the overall customer discussions we're having and the expanding opportunities we see across all kinds of customers.

因此，我們對自身的定位感覺非常、非常好——無論是在與客戶支出方向的契合度、我們正在進行的整體客戶對話，或是我們在各類客戶中看到的擴大機會。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the good results. George, my first question is that you kind of closed like 350 AI and data lake deals this quarter. Last quarter is more like 500. I understand the deal sizes are getting bigger. Is there a way you can quantify how much was the deal size and revenue dollars in the July versus April quarter? And from a bigger picture perspective, how much of your revenues is driven by AI? And then I had a quick follow-up for Wissam after that.

恭喜有不錯的結果。George，我的第一個問題是，你們這一季大概完成了 350 筆 AI 與資料湖的交易。上一季比較像是 500 筆。我理解交易規模正在變大。你能否量化一下，7 月季度相較於 4 月季度，交易規模與營收金額大概差多少？從更宏觀的角度來看，你們的營收有多少是由 AI 驅動的？之後我還有一個要問 Wissam 的簡短追問。

I think it's hard to quantify specifically what percentage of the revenue is driven by AI for two reasons. One is there are customer-specific AI-specific environment, right, which is what the 350 deals that we said count toward. These are typically GPU connected AI stack connected deals.

我認為很難具體量化有多少百分比的營收是由 AI 驅動，原因有兩個。第一是存在客戶特定、AI 特定的環境，對吧？這就是我們所說的那 350 筆交易所涵蓋的範圍。這些通常是與 GPU 連接、與 AI 堆疊（AI stack）連接的交易。

That being said, as we and others have noted, AI is now driving a broad-based modernization and replatforming of the data infrastructure stack so that you can support the needs of high-performance, inferencing use cases, the ability to build cross-application kind of data infrastructures and that is reflected across the strength of our business.

話雖如此，正如我們和其他人所指出的，AI 現在正在推動更廣泛的現代化與資料基礎架構堆疊的重新平台化，讓你能支援高效能、推論（inferencing）等使用情境，並具備建置跨應用的資料基礎架構的能力；這也反映在我們業務的強勁表現上。

So 350 were AI stack-specific use cases, but the overall performance of the business reflects the influence of AI to modernize the entire data infrastructure. And we had signaled many years ago that we had started to see that momentum acceleration. We saw that in Q4. We are off to a super start in Q1. Our outlook for the year is very positive, and we see really good momentum across our entire portfolio.

所以那 350 筆是 AI 堆疊特定的使用案例，但整體業務表現反映了 AI 對於現代化整個資料基礎架構的影響。而我們在多年前就已經指出，我們開始看到那股動能加速。我們在 Q4 看到了。我們在 Q1 有一個非常好的開局。我們對今年的展望非常正面，並且看到整個產品組合都有非常好的動能。

Got it. And then Wissam, a quick question. Your component costs are going up. So is your inventory levels. I'm just wondering, when you look at your products, you kind of spoke about the product gross margin, what is the equation you're solving for? Is it managing product mix or price capture to generate more gross profit dollars? And where are most of the inventory dollars spent on?

了解。接著 Wissam，一個簡短問題。你們的零組件成本正在上升。庫存水位也是。我想問的是，當你看你們的產品、你也談到產品毛利率時，你們正在解的方程式是什麼？是透過管理產品組合，或是透過價格掌握（price capture）來產生更多毛利金額（gross profit dollars）嗎？另外，庫存資金主要花在哪些項目上？

Yes. So Krish, we did exit Q1 with a slightly higher inventory, but that's because, obviously, we continue to manage our supply and secured supply to be able to secure product for the demand growth that we're seeing. What we're basically focused on is the total gross profit for the company. We managed the total gross margin, but also the total gross profit dollars. And as you can see, as the top line grows, we're seeing gross profit dollars growing almost at a similar pace.

是的。所以 Krish，我們在第一季結束時的庫存確實略高一些，但那是因為很明顯地，我們持續管理供應並確保供應，以便能為我們所看到的需求成長確保產品供給。我們基本上專注的是公司的總毛利。我們管理的是總毛利率，但也管理總毛利金額。而如你所見，隨著營收成長，我們看到毛利金額幾乎以相近的速度成長。

That's because this is what drives really the earnings power of the business. The -- I think this is best demonstrated when you also sort of take it down to the operating margin line. And you can see how basically any time where we upsided gross profit and gross margin, we tend to generate quite a bit of operating margin leverage. So I don't know if this answers your question.

因為這才是真正驅動企業獲利能力的因素。我認為，當你把它往下看到營業利益率那一行時，這點最能被清楚呈現。你可以看到，基本上每當我們在毛利金額與毛利率上有超預期表現時，我們往往能產生相當可觀的營業利益率槓桿。所以我不確定這是否回答了你的問題。

I think one of the things we have also -- one of the things we've also worked on to provide customers with the right solution for their use cases, I think we have started to see again the resurgence of hybrid flash in our portfolio and we anticipate a much stronger contribution from hybrid flash. So we're -- as Wissam said, we're trying to solve as many customer problems with the right mix of portfolio and manage the overall business for gross profit dollar growth.

我想我們也做的一件事——我們也一直在努力的一件事——是為客戶的使用情境提供合適的解決方案；我想我們又開始看到我們產品組合中混合式快閃（hybrid flash）的復甦，並且我們預期混合式快閃會有更強的貢獻。所以我們——如 Wissam 所說——正嘗試用正確的產品組合去解決盡可能多的客戶問題，並管理整體業務以推動毛利金額成長。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

It's Mike Cadiz for Asiya Merchant at Citi. So my first question is regarding pricing. So as pricing actions begin to flow through and materialize in the quarter -- in quarters, how much of the expected pricing benefit do you think has been realized? And are you seeing any change in demand elasticity, albeit early on?

我是花旗 Asiya Merchant 的 Mike Cadiz。我第一個問題是關於定價。隨著定價措施開始在本季——在接下來幾季——逐步反映並落地，你認為預期的定價效益有多少已經實現？另外，即使目前還很早，你們是否看到需求彈性有任何變化？

I think with -- I'll take the demand question and Wissam can address the pricing capture. I think with regard to demand, listen, we have always believed and continue to believe that customers budget in dollars. What we are seeing reflected in the market is that the overall budget priority for data infrastructure and storage has gone up significantly in our customers. Within customers, for example, there are use cases where even at a higher price, they will be prioritizing spending on that. But within the same customer, they may defer till a future quarter a less priority use case. And we have seen that in our customer base.

我先回答需求的問題，Wissam 可以說明定價效益的掌握。就需求而言，聽著，我們一直相信、也持續相信客戶是以「金額」來編列預算的。我們在市場上看到的反映是，客戶對資料基礎設施與儲存的整體預算優先順序已顯著提高。在客戶內部，例如有些使用情境即使價格更高，他們仍會優先把支出放在那裡。但在同一個客戶內，他們可能會把優先順序較低的使用情境延後到未來某一季。我們在客戶群中確實看到了這種情況。

In some of those customers, they have also decided to go from a flash-based solution to a hybrid flash-based solution for the lower value use case, right? And so I would say that the most important thing that we have seen is unlike in prior cycles with the significant increase in pricing, we are actually seeing broad-based infrastructure spending, and we believe that it is correlated with AI and the modernization requirements of AI.

在其中一些客戶那裡，他們也決定把較低價值的使用情境，從純快閃解決方案轉為混合式快閃解決方案，對吧？因此我會說，我們看到最重要的一點是：不同於以往週期在價格大幅上漲時的情況，我們實際上看到的是廣泛的基礎設施支出，我們相信這與 AI 以及 AI 的現代化需求相關。

Yes. And with respect to the delay between the pricing actions and when we start seeing it. Look, we've taken actions to be more agile in this environment. So the impact of price increases should materialize sooner than in the past. In the past, for instance, it would take probably two to three quarters to start seeing it. But now we're seeing it much earlier.

是的。至於定價措施與我們開始看到成效之間的時間差。你看，我們已採取行動，讓自己在這個環境中更敏捷。因此，漲價的影響應該會比過去更快顯現。過去例如可能需要兩到三季才開始看得到。但現在我們更早就看到了。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

George, I just want to maybe press it as a follow-up to Amit's question earlier, which is I realize we're just one quarter into the year, it's early, but your second half revenue is usually up like high single digits versus your first half. And you're guiding it down. And so I understand the desire to remain conservative and provide a guide that you can hit.

George，我想就先前 Amit 的問題再追問一下：我知道我們才進入年度第一季，現在還早，但你們下半年營收通常會比上半年高出約高個位數百分比。但你們的指引卻是下滑。所以我理解你們希望保持保守、提供一個可以達成的指引。

But given your qualitative commentary about demand, like why couldn't you beat those expectations by 10%, 20%? I just want to make sure we're not missing anything, just as we think about seasonality from the first half to the second half and anything that could be maybe an offset the way that -- the way that we're thinking about normal seasonality. And then a quick follow-up, please.

但考量你們對需求的定性評論，為什麼你們不可能超出那些預期 10%、20% 呢？我只是想確認我們沒有漏掉任何事情，特別是在思考從上半年到下半年的季節性，以及是否有任何因素可能抵銷——抵銷我們對正常季節性的理解。然後請允許我再快速追問一個問題。

Yes. So Erik, this is Wissam. When we think of the seasonality, if you adjust for the extra week in Q1, we are now roughly seeing -- looking at 50-50, maybe a little bit -- when we're talking rounding here, maybe a little bit more than 50% in the second half, a little bit less than 50% in the first half. I mean you can do the math. But that's just basically based on our visibility at this time.

是的。所以 Erik，我是 Wissam。談到季節性，如果把第一季多出的一週調整掉，我們現在大致看到——大致是 50/50，可能略微——我們這裡是在四捨五入——下半年可能略高於 50%，上半年略低於 50%。我的意思是你可以自己算。但這基本上是基於我們目前的能見度。

We do, however, see as George mentioned in his prepared remarks, really strong structural improvements in the demand. It's broad-based. It's driven by AI workloads. It's driven by modernization, and we basically are looking at that being the driver of revenue for the rest of the year.

不過，正如 George 在事先準備的發言中提到的，我們確實看到需求出現非常強的結構性改善。這是廣泛性的。由 AI 工作負載所驅動。由現代化所驅動，而我們基本上認為這將成為今年剩餘時間的營收驅動因素。

We are one quarter in, Erik. We feel really good about business. We've raised Q2 guidance. We've raised the full year guide. We'll tell you more as we play through the year. We are super confident about our position in the market, and we'll tell you more as we play through the year.

Erik，我們才走過第一季。我們對業務感覺非常好。我們上調了第二季指引。我們也上調了全年指引。隨著今年進展，我們會再告訴你更多。我們對自己在市場上的位置非常有信心，隨著今年進展我們會再分享更多。

Awesome. Thank you, George. I can hear it in your voice. So I appreciate that, guys. And then Wissam, just one clarification point. The comments that you make about product gross margins and your ability to maybe get a little bit better capture here in the first-quarter, is that purely a function of pricing and pricing confidence and kind of confidence in the demand inelasticity response there? I just want to make sure that when we think about your ability to maybe capture slightly better product gross margins, it's because it's a function of price and not necessarily the other side, obviously being the BOM inflation.

太好了。謝謝你，George。我從你的聲音裡聽得出來。所以我很感謝各位。然後 Wissam，我想再釐清一點。你提到產品毛利率，以及你們在第一季可能能掌握到稍微更好的毛利率，這純粹是定價、對定價的信心，以及對需求缺乏彈性反應的信心所致嗎？我只是想確認，當我們思考你們可能掌握到略好一些的產品毛利率時，原因是價格因素，而不是另一面——也就是顯然的 BOM（物料清單）成本通膨。

Yes. Look, I mean, my comment is based on everything we see. As we look at -- as we form our outlook and we look -- and we project the business, we put everything that we know in our numbers. And that's really what my comment is about. It has to do with pricing. It has to do with mix. It has to do with multiple factors that basically go -- and of course, the cost side of the equation, that basically goes into forming the final, basically product margin.

是的。你看，我的評論是基於我們所看到的一切。當我們在看——當我們形成展望、並且看——並且預測業務時，我們把所有已知資訊都納入數字之中。而這就是我那段評論的重點。這與定價有關。這與組合（mix）有關。這與多種因素有關——當然也包括成本端——這些因素共同構成最終的產品毛利率。

Param Singh, Oppenheimer & Co.

Param Singh，Oppenheimer & Co.（奧本海默）。

So you've done a couple of acquisitions -- niche acquisitions recently. And I wanted to understand where do you see gaps in your technology portfolio today? And where does this make sense to buy versus build? And then I had a follow-up.

你們最近做了幾筆收購——一些利基型收購。我想了解你們目前在技術產品組合上看到哪些缺口？以及在什麼情況下，收購比自行開發更合理？然後我還有一個追問。

I think we are disciplined in our approach to acquisitions. The two that we have talked about are tied to cloud and AI. And they provide us with differentiated offerings to accelerate our position in each of those use cases. With regard to DataPelago, it is really about AI-driven analytics and inferencing where we can accelerate the application processing adjacent to storage providing customers a better inferencing solution top to bottom.

我想我們在收購策略上是有紀律的。我們談到的兩筆收購都與雲端和 AI 有關。它們為我們提供差異化的產品，以加速我們在各自使用情境中的地位。至於 DataPelago，重點在於 AI 驅動的分析與推論（inferencing），我們可以加速與儲存相鄰的應用處理，為客戶提供從上到下更好的推論解決方案。

With regard to JetStream, which we acquired at the start of Q2, it really strengthens our already strong position in VMware migrations to the cloud. We have really good solutions for customers that want to use NetApp to migrate. But for customers that are non-NetApp on-prem, we have a really good starting point with a DR in the cloud solution. So those are the two areas, AI and cloud that we're focused on, and we feel good about the technology portfolio that we have and we are doing tuck-ins to enhance the overall solution value to customers.

關於 JetStream（我們在第二季初完成收購），它確實強化了我們在將 VMware 遷移至雲端方面原本就很強的地位。對於想要使用 NetApp 進行遷移的客戶，我們有非常好的解決方案。但對於在地端並非使用 NetApp 的客戶，我們也有一個很好的切入點，也就是雲端 DR（災難復原）解決方案。因此，我們聚焦的兩個領域是 AI 與雲端；我們對現有的技術產品組合感到很有信心，並且也透過小型併購（tuck-ins）來提升整體解決方案對客戶的價值。

Understood, George. And then as my follow-up, your guidance implies that OpEx would go up as a percentage of revenue from the 2Q level in the back half. So I want to understand why there is an increase in investment in the back half? And then where would that actually go, whether it's R&D or sales and marketing? So if you could give some color on the investments that you're thinking about for the rest of the year, that would be great.

了解，George。接著作為追問，你們的指引暗示下半年 OpEx 佔營收比重會高於第二季的水準。所以我想了解，為什麼下半年投資會增加？另外這些投入實際會用在哪裡，是研發還是銷售與行銷？如果你能就今年剩餘時間你們考量的投資方向提供一些說明，那就太好了。

Yes, Param, this is Wissam. So the increase is driven really by a couple of areas. One, as we outperform, we're getting -- we have slightly higher variable compensation accruals. And then the second is really continuing to invest in our AI solutions.

是的，Param，我是 Wissam。這個增加主要是由幾個面向所驅動。第一，因為我們表現優於預期，我們的變動薪酬提列（accruals）會略高一些。第二則是持續投資我們的 AI 解決方案。

But when you look at the overall OpEx for the year and you sort of look what is implied in the guidance year-over-year is still -- year-over-year increase for the full year, it still shows basically that the increase is less -- much less than the half of the revenue -- projected revenue growth. So we continue to be very disciplined in how we invest and how we look at our OpEx. That's, of course, because operating leverage and driving operating margin is a key element of our business model.

但如果你看全年整體 OpEx，並從指引所隱含的年對年變化來看——全年年對年增加幅度基本上仍顯示，OpEx 的增幅小於——遠小於——預期營收成長的一半。因此，我們在投資方式以及 OpEx 的檢視上仍然非常自律。這當然是因為營運槓桿與推動營業利益率是我們商業模式的關鍵要素。

Wamsi Mohan, BofA.

Wamsi Mohan，BofA（美國銀行）。

I have a couple of clarifying questions. I think as you sort of think about the full year, a, would you say that your expectation of hybrid versus all-flash is similar versus your prior expectations? Would you say that given what you're seeing with supply that the upside that you're guiding to would be more driven by one versus other? And I have a quick follow-up, too.

我有幾個釐清問題。我想就全年來看，第一，你會說你們對混合式（hybrid）相較於全快閃（all-flash）的預期，與先前的預期差不多嗎？第二，考量你們看到的供應狀況，你們所給的上修指引會更偏向由哪一個驅動——其中一個相較於另一個？我也有一個簡短的追問。

Listen, I think that if you look at the overall business, all-flash performed exceptionally strongly in Q1, right? It was up 47% year-on-year. So when we look at the overall year, all-flash still blows out our prior expectations. Hybrid flash, when we had planned the year, we were cautious about customers spending on non-mission-critical workloads. That is typically what they do, right?

聽著，我認為如果你看整體業務，全快閃在第一季表現非常強勁，對吧？年對年成長 47%。所以當我們看全年，全快閃仍然大幅超出我們先前的預期。至於混合快閃，在我們規劃今年時，我們對客戶在非關鍵任務（non-mission-critical）工作負載上的支出是比較保守的。他們通常就是這麼做的，對吧？

When you see price increases, customers pull back on capital equipment spending. We are seeing broad-based acceleration in capital spending across the board. And we are -- which is a sign of the AI super cycle. But then we are also seeing customers buying more hybrid flash. I would say if you look at the relative comparison. Listen, all-flash is super strong and will still be the predominant part of the acceleration in our business.

當你看到價格上漲時，客戶會縮手資本設備支出。我們看到整體資本支出呈現全面性的加速。而我們——這是 AI 超級循環（super cycle）的跡象。同時我們也看到客戶購買更多混合快閃。如果你看相對比較的話。聽著，全快閃非常強勁，並且仍將是我們業務加速的主要部分。

Okay. And as my follow-up, just is there any way you could give us some sense of this magnitude of these accelerated purchases? Going back to Erik's question on half over half seasonality, you guys obviously sound very confident on the outlook over here. But could you just help us through -- think through mathematically, how large was the accelerated purchases or the contribution there, which we should factor in as pull forward? Or is that just acceleration of demand that is coming not necessarily from the second half?

好的。那我的追問是，你們是否能讓我們大概了解這些加速採購的量級？回到 Erik 關於上下半年季節性的問題，你們顯然對這邊的展望非常有信心。但你能否協助我們——從數學上——理解加速採購的規模或其貢獻，我們應該把它視為提前拉貨（pull forward）來納入考量嗎？還是說那只是需求加速，而不一定是從下半年提前移轉過來的？

I think first of all, we're not going to break it out, right? Wamsi, I think what I would tell you is the number of customers and the percentage of our customer base that have the financial flexibility to do accelerated spending is very small, right? These are very large private companies usually. Not even public sector organizations have the flexibility to do accelerated purchasing. So it is a much smaller percentage of customers than you would imagine, right? Very small percentage.

我想首先，我們不會把它拆分揭露，對吧？Wamsi，我想我會告訴你的是：在我們客戶群中，具備財務彈性可以進行加速支出的客戶數量與占比其實非常小，對吧？這些通常是非常大型的私人公司。甚至公部門組織也沒有彈性去做加速採購。所以它占的客戶比例比你想像的要小得多，對吧？非常小的比例。

What we saw in the results in Q1 was certain transactions that we expected to be built out over multiple quarters happening within a quarter. That doesn't mean that those same customers didn't defer other projects to accommodate these projects, right? And so I would tell you that it's a percentage of our business, we did not see it in Q4, but we saw it in Q1, and we felt like it was appropriate for us to acknowledge it. But it is not a material part of the overall business.

我們在第一季結果中看到的是：某些我們原本預期會跨多個季度逐步建置的交易，在單一季度內就發生了。這並不代表同一批客戶沒有為了配合這些專案而延後其他專案，對吧？因此我會說，這在我們業務中占一定比例；我們在第四季沒有看到，但在第一季看到了，我們覺得適當地加以說明是合理的。但它並不是整體業務中重大的部分。

In certain clients, as we talk about, they are kitting out multiple data centers. They wanted to kit out. They said, let's do two of the four that we want to do faster this calendar year and we'll come back for the other two. We had expected kind of a more gradual build-out of those. That is not common and widespread across the customer base.

在某些客戶端，如同我們所談到的，他們正在為多個資料中心進行整備（kitting out）。他們原本想要整備。他們說，今年曆年先把想做的四個中的兩個加快完成，另外兩個之後再回來做。我們原本預期會是更漸進式的建置。這並不是在整體客戶群中普遍且廣泛的現象。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I was curious if you could talk a little bit more about new customer wins. You mentioned that that was also contributed to growth this quarter. I was curious from the standpoint of what maybe you're leading with and whether it's -- what kind of products, et cetera, and whether you're having success in certain verticals that we should be aware of?

我想了解你是否能多談一點新客戶贏單（new customer wins）。你提到這也對本季成長有所貢獻。我想從你們切入點的角度了解，可能是以什麼作為主打，以及是——哪些產品等等；另外你們是否在某些垂直產業有特別成功、值得我們留意？

Thank you for your question. We saw strength, as we said in our prepared remarks, in new customer acquisition, in new workload expansion within existing customers and stronger-than-expected tech refresh in our business. With new customers, we typically attack from two different vectors.

謝謝你的提問。如同我們在事先準備的講稿中所說，我們看到新客戶取得的強勁表現、既有客戶內新工作負載的擴張，以及我們業務中高於預期的技術汰換（tech refresh）。在新客戶方面，我們通常從兩個不同的向量切入。

One is our kind of cloud-based solutions or our purpose-built block optimized solutions for the corporate and mid-market customers and with our unified sort of simplify your infrastructure, unify it on one platform solution for the enterprise. And we feel really good about our position with both new customer counts, new customer dollars as well as expansion within existing customers were all well ahead of our internal forecast.

其一是我們偏雲端的解決方案，或是針對企業客戶與中型市場客戶的專用型、區塊（block）最佳化解決方案；其二是面向大型企業的統一化方案——簡化你的基礎架構，並在單一平台上加以整合。我們對自身的定位感到非常有信心：無論是新客戶數、新客戶帶來的金額，以及既有客戶內的擴張，全部都明顯優於我們的內部預測。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

In line with the following question regarding new customer acquisition through new workloads and new product categories, can you talk more about the success you're seeing in the AFX platform? I know you highlighted a public sector win in the quarter, but anything to share just on the momentum there and how that may be contributing to outlook for the full year?

延續前一題關於透過新工作負載與新產品類別來取得新客戶，你能否多談談你們在 AFX 平台上看到的成功？我知道你們在本季強調了一個公部門的贏單，但就那邊的動能還有什麼可以分享的嗎？以及它可能如何對全年展望做出貢獻？

AFX is built for the very high end of the performance and scale environment. So the number of transactions are not as many but the size of the transactions are material. We have really focused it on the AI GPU-as-a-service category, and we're seeing good progress. We talked about neoclouds. We talked about the government agency that's building a private AI cloud. And so good progress. It is being certified across a large number of customers, and we're excited to continue to make progress on the solution.

AFX 是為極高階的效能與規模環境所打造的。因此交易筆數不會那麼多，但交易規模是具實質性的。我們非常聚焦在 AI GPU-as-a-service（GPU 即服務）這個類別，並且看到不錯的進展。我們談到了 neoclouds（新型雲服務商）。我們也談到正在建置私有 AI 雲的政府機構。因此進展良好。它正在大量客戶中進行認證（certified），我們也很期待持續推進這個解決方案的進展。

Tim Long, Barclays.

Tim Long，巴克萊。

Yes, maybe a follow-on, and then the second one. On the public cloud business, 19% growth ex the extra week is still very good growth rate. We've seen it kind of around that number for the last 1.5 years or so. So just curious, is there anything in the pipeline or new solutions or customer bases or anything that could maybe accelerate that number?

是的，可能先追問一下，然後第二個問題。關於公有雲業務，扣除多出的一週後仍有 19% 的成長，這仍然是非常不錯的成長率。過去大約 1.5 年左右，我們看到它大致都在這個水準附近。所以想請教一下，在管線中是否有任何因素、新解決方案、客戶基礎或其他事情，可能讓這個數字加速？

And then second, on Keystone, I did want to touch on that, you talked about growth and strength there. Looking at the professional services line and backing out an extra week, it doesn't look like it grew that much and we're kind of seeing or hearing about more as-a-service purchases in that area instead of paying up for more expensive hardware-based solutions because of the NAND price increases. So just talk about what you're seeing with those as-a-service solutions. I'm surprised we're not seeing a little bit more acceleration in that.

第二個，關於 Keystone，我確實想談一下，你提到那邊的成長與強勁表現。看專業服務那一條線並扣除多出的一週後，看起來成長並不多；而且我們也看到或聽到在那個領域更多以即服務（as-a-service）的方式採購，而不是因 NAND 價格上漲而去支付更昂貴的硬體型解決方案。所以請談談你們在這些即服務解決方案上看到的情況。我有點意外沒有看到更明顯的加速。

I think with regard to the public cloud business, listen, it stayed in the high teens as we have scaled the business. So I'm encouraged by the sustained momentum of the business. Obviously, the cloud storage business performed at a much higher level than that. And so we continue to see strength in the 1P or the first-party and marketplace storage services.

我想就公有雲業務而言，聽著，隨著我們把業務規模做大，它仍維持在高十幾%的成長。所以我對業務持續的動能感到鼓舞。顯然，雲端儲存業務的表現遠高於此。因此，我們持續看到 1P（第一方）以及市集（marketplace）儲存服務的強勁表現。

With regard to the things that we're bringing out, please come to INSIGHT. We have more AI solutions with the hyperscalers. We have more use cases combining data on-prem with hyperscale cloud and we have brought block storage and lower cost price points in multiple clouds, including Google and Amazon. So really good progress across the portfolio in cloud.

至於我們正在推出的內容，請來參加 INSIGHT。我們與超大規模雲端業者（hyperscalers）合作推出更多 AI 解決方案。我們有更多把地端（on-prem）資料與超大規模雲端結合的使用案例，而且我們也在多個雲端（包括 Google 與 Amazon）推出區塊儲存（block storage）以及更低成本的價格帶。所以在雲端產品組合各方面都取得了非常好的進展。

With regard to Keystone, without giving you a specific number, I will just say our Keystone business grew roughly in the same ballpark as prior quarters and in the same ballpark as our overall flash business, which is a really strong number. So we're excited about the progress of the business. We are seeing more new customers that we are targeting with Keystone, and we are bringing more capabilities to that part of our portfolio.

關於 Keystone，在不提供你一個具體數字的情況下，我只能說我們的 Keystone 業務成長大致與前幾季在同一個區間，也與我們整體快閃記憶體（flash）業務的成長大致在同一個區間，而那是一個非常強勁的數字。所以我們對業務進展感到興奮。我們看到更多我們以 Keystone 鎖定的新客戶，同時也在這部分的產品組合中帶來更多能力。

And Tim, just to add to what George said on Keystone, keep in mind, Keystone didn't really benefit much from the extra week, it benefited a very, very minimal amount.

Tim，補充 George 對 Keystone 的說法，請記得 Keystone 其實並沒有從多出的一週中獲益太多，獲益非常、非常有限。

Victor Chiu, Raymond James.

Victor Chiu，Raymond James。

So inventory nearly doubled sequentially. Just kind of wondering, is that a function of trying to secure NAND and other components against expected demand? And maybe how much you have the inventory increases earmarked to specific customer orders and backlog? And a follow-up there is, does the inventory buildup kind of give you better visibility into the remaining year and into next year?

所以庫存季對季幾乎翻倍。想請教一下，這是否是為了因應預期需求而去確保 NAND 與其他零組件的供應？另外，你們的庫存增加中，有多少是對應到特定客戶訂單與在手訂單（backlog）所預留的？再追問一下，庫存的累積是否讓你們對今年剩餘期間以及明年的能見度更好？

Yes. I didn't get the second part of the question. But on the first part of the question, most of the inventory buildout was some strategic purchases and basically us managing inventory to be able to ship to our customers based on the strength of demand. So I wouldn't say -- in my mind, this is a positive. We're really making sure that we have the supply to continue to drive the growth in the business. I'm sorry, could you please repeat the second part of the question? I didn't get.

是的。我沒有聽清楚第二部分的問題。但就第一部分而言，庫存增加大多是一些策略性採購，基本上是我們在管理庫存，以便基於強勁需求，能夠出貨給客戶。所以我不會說——在我看來，這是正面的。我們是在確保有足夠供應，來持續推動業務成長。抱歉，你可以請再重複一次第二部分的問題嗎？我沒有聽到。

Yes. Does the inventory buildup kind of give you better supply and cost visibility, I guess, throughout this year and into next year?

是的。我的意思是，庫存的累積是否讓你們在今年以及明年，對供應與成本的能見度更好？

Yes, it typically does.

是的，通常會。

Pricing is going to be less of a function for growth now, I guess.

我想，價格現在對成長的影響會比較小了。

You're correct. It typically does.

你說得對。通常會。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

Great. So I'm going to keep it brief, George. You've answered a lot of questions. But just a question on demand as we think about the next couple of quarters, is there any sort of seasonality that you saw in the most recent quarter, particularly as we go into subsequent quarters from industry verticals? I know if we go into the October quarter, obviously, there are customers that have different fiscal year-end.

很好。我會簡短一點，George。你已經回答了很多問題。但我想問一下需求：當我們思考接下來幾季時，在最近一季你是否看到任何季節性，特別是從產業垂直領域來看？我知道如果進入 10 月那一季，顯然有些客戶的會計年度結束時間不同。

Did you see any sort of demand maybe slightly different seasonal demand patterns in the quarter? Because I know I think Wissam mentioned that there was a little bit of a pull-in. I'm just trying to get a sense for how do we think about sort of the normal seasonality? Maybe this isn't normal, but how do we think about the seasonality of demand as we move through the back half of this year?

你是否在本季看到任何需求上略有不同的季節性需求模式？因為我記得 Wissam 提到有一點提前拉貨（pull-in）。我只是想了解，我們該如何看待所謂的正常季節性？也許這並不正常，但當我們走過今年下半年時，該如何看待需求的季節性？

Listen, I think our Q2 outlook, if you adjust for the extra week in Q1 is roughly in line with typical seasonality. And as Wissam mentioned, second half and first half are within spitting distance of our typical seasonality, right? I think we have a really broad book of business, David. And so the movement of any one customer is not going to affect the broad book of business. I think the one exception to that is typical US public sector seasonality, right? And that you are quite aware of. So we feel really good about the momentum in the business.

聽著，我認為如果把 Q1 多出的一週調整掉，我們的 Q2 展望大致符合典型的季節性。而且如 Wissam 所提到，下半年與上半年也與我們典型的季節性相差不遠，對吧？David，我們的業務組合非常廣泛。因此，任何單一客戶的變動都不會影響整體業務組合。我認為唯一的例外是典型的美國公部門季節性，對吧？而你也非常清楚這點。所以我們對業務動能感覺非常好。

Listen, as we said, exceptional start to the year, we had strength across pretty much every part of our portfolio, across every customer type, on-prem and cloud, every geography, we've raised the full year guide. We've raised Q2 guide. We feel really good about the momentum in the business, and we'll tell you more as we get through the year. So super excited.

聽著，如我們所說，今年開局非常出色，我們幾乎在產品組合的每個部分、每一類型客戶、地端與雲端、每個地區都表現強勁；我們上調了全年指引。我們也上調了 Q2 指引。我們對業務動能感覺非常好，隨著今年推進，我們會再告訴你更多。所以非常興奮。

Thank you, David. I'll pass it over to George for closing comments.

謝謝你，David。我把時間交給 George 做結語。

Thanks, Kris. With broad-based momentum, we delivered an exceptional start to fiscal year '27, exceeding our guidance on every metric, strengthening our conviction in the durability of demand and underpinning our confidence in our materially higher expectations for the year. The NetApp Platform addresses a wide range of customer requirements, helping to operationalize AI workflow and accelerating cloud journey, driving new customer wins and deepening existing relationships.

謝謝，Kris。在廣泛的動能帶動下，我們在 27 會計年度交出卓越的開局，在每一項指標上都超越我們的指引，強化了我們對需求持久性的信念，並支撐我們對今年顯著更高預期的信心。NetApp 平台可滿足客戶廣泛的需求，協助將 AI 工作流程落地營運並加速雲端旅程，帶動新客戶贏單並深化既有關係。

Our ongoing innovation continues to strengthen the value of the NetApp Platform and at our upcoming INSIGHT conference, we'll showcase new solutions that unlock value for AI and in high-growth markets. We're building a durable foundation for long-term success, delivering sustained value for our customers and shareholders.

我們持續的創新不斷強化 NetApp 平台的價值；在即將到來的 INSIGHT 大會上，我們將展示可為 AI 與高成長市場釋放價值的新解決方案。我們正在打造長期成功的穩固基礎，為客戶與股東持續創造價值。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。