Penguin Solutions Inc (PENG) 2025 Q4 法說會逐字稿

Good afternoon, thank you for attending today's Penguin Solutions fourth-quarter and full year 2025 financial results. My name is Victoria, and I'll be your moderator today. (Operator Instructions)

下午好，感謝各位參加今天舉行的 Penguin Solutions 2025 年第四季及全年財務表現發表會。我叫維多利亞，今天我將擔任主持人。（操作說明）

I would now like to pass the conference over to our host, Suzanne Schmidt, thank you. You may proceed, Suzanne.

現在我將把會議交給我們的主持人蘇珊娜·施密特，謝謝。你可以繼續了，蘇珊。

Thank you, operator. Good afternoon, and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions' fourth-quarter and full year fiscal 2025 results.

謝謝接線生。下午好，感謝各位參加今天的財報電話會議和網路直播，共同探討 Penguin Solutions 2025 財年第四季和全年業績。

On the call today are Mark Adams, Chief Executive Officer; and Nate Olmstead, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company.

今天參加電話會議的有執行長馬克·亞當斯和財務長內特·奧姆斯特德。您可以在我們網站的投資者關係版塊找到本次電話會議的配套幻燈片簡報和新聞稿。我們鼓勵您在本季內定期造訪公司網站，以獲取公司最新資訊。

I would also like to remind everyone to read the note on the use of forward-looking statements that is included in the press release and the earnings call presentation. Please note that during this conference call, the company will make projections and forward-looking statements, including, but not limited to statements about the company's growth trajectory and financial outlook, business, plans and strategy, and existing and potential collaborations.

我還要提醒大家閱讀新聞稿和財報電話會議簡報中包含的關於使用前瞻性陳述的說明。請注意，在本次電話會議期間，公司將做出預測和前瞻性聲明，包括但不限於有關公司成長軌跡和財務前景、業務、計劃和策略以及現有和潛在合作的聲明。

Forward-looking statements are based on current beliefs and assumptions and are not guarantees of future performance and are subject to risks and uncertainties, including, without limitation, the risks and uncertainties reflected in the press release and the earnings call presentation filed today as well as in the company's most recent annual and quarterly reports. The forward-looking statements are representative only as of the date they are made and except as required by applicable law. We assume no responsibility to publicly update or revise any forward-looking statements.

前瞻性陳述基於當前的信念和假設，並非對未來業績的保證，並且受到風險和不確定性的影響，包括但不限於今天提交的新聞稿和盈利電話會議演示文稿以及公司最近的年度和季度報告中反映的風險和不確定性。前瞻性陳述僅代表其作出之日的情況，除非適用法律另有規定。我們不承擔公開更新或修改任何前瞻性聲明的責任。

We will also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release and accompanying slide presentation.

我們也將討論GAAP和非GAAP財務指標。非GAAP指標不應與我們的GAAP結果割裂看待，也不應被視為GAAP結果的替代品或優於GAAP結果。我們鼓勵您在分析我們的績效時考慮所有指標。今天的新聞稿和隨附的幻燈片簡報中包含了 GAAP 與非 GAAP 指標的調整表。

And with that, let me turn the call over to Mark Adams, CEO. Mark?

接下來，我將把電話交給執行長馬克·亞當斯。標記？

Thank you, Suzanne. Welcome to Penguin Solutions' fourth-quarter and fiscal year 2025 earnings call. Today, I'll walk through both our Q4 and full year results, providing updates on each of our business segments and sharing how we are positioning the company for long-term growth.

謝謝你，蘇珊娜。歡迎參加 Penguin Solutions 2025 財年第四季及全年業績電話會議。今天，我將詳細介紹我們第四季和全年的業績，提供我們各個業務部門的最新情況，並分享我們如何為公司的長期成長做好準備。

Fiscal 2025, the transformational year for Penguin Solutions as we continue to evolve from a holding company structure into a leading provider of AI infrastructure solutions. In addition to delivering 17% top line growth, 190 basis points of non-GAAP operating margin expansion, and a 53% increase in non-GAAP diluted EPS, we made meaningful progress positioning the company for long-term success.

2025 財年是 Penguin Solutions 的轉型之年，我們將繼續從控股公司結構發展成為領先的人工智慧基礎設施解決方案提供者。除了實現 17% 的營收成長、190 個基點的非 GAAP 營業利潤率成長以及 53% 的非 GAAP 稀釋每股收益成長外，我們還取得了實質進展，為公司的長期成功奠定了基礎。

Key accomplishments included expanding our advanced computing pipeline and adding several new customers to the Penguin Solutions franchise, supporting our ongoing customer diversification strategy, deploying our first international AI infrastructure implementation, developing and expanding key partnerships with NVIDIA, CDW, Insight, and Dell; rebranding the company as Penguin Solutions; moving our corporate domicile to the United States; closing a $200 million investment from SK Telecom; refinancing our debt to strengthen the balance sheet; and strengthening our leadership team with the appointments of Tony Frey, formerly of NetApp as our SVP and Chief Revenue Officer; and Ted Gillick, formerly of Dell, as our SVP of Strategy and Corporate Development.

主要成就包括：擴展了我們的先進運算產品線，為 Penguin Solutions 品牌新增了多家客戶；支援了我們正在進行的多元化客戶策略；部署了我們首個國際人工智慧基礎設施；發展並拓展了與 NVIDIA、CDW、Insight 和 Dell 的重要合作夥伴關係；將公司更名為 Penguin Solutions；將公司總部遷至美國；億美元投資；對債務進行再融資以增強資產負債表；以及透過任命前 NetApp 高管 Tony Frey 擔任高級副總裁兼首席營收官，以及前 Dell 高管 Ted Gillick 擔任戰略與企業發展高級副總裁，加強了我們的領導團隊。

I'll now turn to our financial results for the fourth quarter and full year. We delivered solid fourth-quarter financial results. Revenue for Q4 was $338 million, an increase of 9% year over year. Non-GAAP gross margin was 30.9%. Non-GAAP operating income reached $39 million, a 16% increase year over year with non-GAAP operating margin at 11.6% up 80 basis points. Non-GAAP diluted earnings per share was $0.43, up 18% from the prior year.

接下來，我將介紹我們第四季和全年的財務表現。我們第四季財務業績表現穩健。第四季營收為 3.38 億美元，年增 9%。非GAAP毛利率為30.9%。非GAAP營業收入達3,900萬美元，較去年成長16%；非GAAP營業利益率為11.6%，成長80個基點。非GAAP稀釋後每股盈餘為0.43美元，較上年成長18%。

Our fourth-quarter performance rounded out a strong fiscal year. For the full year, revenue grew 17% year over year. Non-GAAP gross margin remained steady at 31% and non-GAAP operating margin improved by 190 basis points to 12.2%. Non-GAAP diluted EPS was $1.90, an increase of 53% compared to fiscal 2024.

我們第四季的業績為強勁的財年畫下了圓滿的句點。全年營收年增17%。非GAAP毛利率維持穩定在31%，非GAAP營業利益率提高了190個基點，達到12.2%。非GAAP稀釋後每股盈餘為1.90美元，較2024財年成長53%。

We continue to see signs of broad AI adoption particularly within verticals such as financial services, energy, federal, and education. As we've noted previously, our expectation has been that the AI pilot systems deployed across industries in 2023 and 2024, could lay the groundwork for broader production scale rollouts in the years ahead. We're now beginning to see indications of this transition with early-stage corporate buildouts taking shape.

我們持續看到人工智慧被廣泛採用的跡象，尤其是在金融服務、能源、聯邦政府和教育等垂直領域。正如我們先前所指出的，我們一直期望在 2023 年和 2024 年在各行業部署的 AI 試點系統能夠為未來幾年更大規模的生產推廣奠定基礎。現在，隨著早期企業建設的逐步成形，我們已經開始看到這種轉變的跡象。

Notably, Penguin Solutions was recently selected by a Tier 1 US financial institution to manage an AI infrastructure deployment, the institution's first on-premise GenAI data center implementation. We believe this win reflects the growing confidence enterprises have in our ability to deliver scalable high-performance infrastructure, and we look forward to formalizing this engagement in due course.

值得一提的是，Penguin Solutions 最近被一家美國一級金融機構選中，負責管理人工智慧基礎設施部署，這是該機構首次在本地實施 GenAI 資料中心。我們相信，此次中標反映了企業對我們提供可擴展的高性能基礎設施的能力越來越有信心，我們期待在適當的時候正式確定這項合作關係。

At Penguin Solutions, we support customers in navigating the complexity of AI adoption by combining deep technical expertise in advanced cluster implementations with a comprehensive portfolio of hardware, software, and managed services. We collaborate with customers to design, deploy, and operate these environments with a focus on time to revenue performance, availability, and long-term reliability.

在 Penguin Solutions，我們透過將深厚的先進叢集實施技術專長與全面的硬體、軟體和託管服務組合相結合，幫助客戶應對人工智慧應用的複雜性。我們與客戶合作，設計、部署和營運這些環境，重點關注收入實現時間、可用性和長期可靠性。

Our solutions are primarily targeted at deployment serving Fortune 500 enterprises, educational institutions, government entities and systems integrators and neocloud service providers. While our go-to-market strategy has traditionally focused on direct customer relationships, we are actively investing in forming strategic partnerships that we believe can expand our reach and open new long-term growth opportunities.

我們的解決方案主要針對財富 500 強企業、教育機構、政府實體、系統整合商和新雲端服務供應商的部署。雖然我們傳統的市場進入策略專注於與客戶的直接關係，但我們正在積極投資建立策略合作夥伴關係，我們相信這可以擴大我們的業務範圍，並開闢新的長期成長機會。

Our foundation is built on over 25 years of experience in large-scale deployments beginning with our roots in high-performance computing or HPC. We believe this expertise gives us an advantage in integrating complex AI building blocks such as power and cooling systems, compute, memory, storage, and networking. This foundation enables us to deliver the kind of infrastructure that today's enterprise customers need to drive innovation, scale efficiently, and stay ahead of the curve in enterprise AI.

我們的基礎建立在超過 25 年的大規模部署經驗之上，而這一切都始於我們在高效能運算 (HPC) 領域的深耕。我們相信，這種專業知識使我們在整合複雜的 AI 建置模組（如電力和冷卻系統、運算、記憶體、儲存和網路）方面具有優勢。這項基礎使我們能夠提供當今企業客戶所需的各種基礎設施，從而推動創新、高效擴展，並在企業人工智慧領域保持領先地位。

I'd like to provide additional detail on our business segments. Advanced computing revenue for the fourth quarter of fiscal 2025 was $138 million, up 4% sequentially from Q3. For the full fiscal year, advanced computing revenue reached $648 million, reflecting 17% year-over-year growth.

我想就我們的業務板塊提供更多細節。2025 財年第四季高階計算營收為 1.38 億美元，比第三季成長 4%。整個財年，先進計算收入達到 6.48 億美元，年增 17%。

Within advanced computing, our HPC AI revenue from non-hyperscalers increased 75% year over year, highlighting progress on our customer diversification strategy. Since our last call, we completed the design, build, and deployment of Haien, one of South Korea’'s largest and most powerful GPU-as-a-service systems developed by SK Telecom for the Korea Ministry of Science and Technology as a key element in the country's sovereign AI initiative. We now manage the system on an ongoing basis.

在高階運算領域，我們來自非超大規模資料中心的 HPC AI 營收年增 75%，凸顯了我們在客戶多元化策略方面的進展。自上次通話以來，我們完成了 Haien 的設計、建造和部署。 Haien 是韓國最大的、功能最強大的 GPU 即服務系統之一，由 SK Telecom 為韓國科學技術部開發，是該國自主人工智慧計畫的關鍵組成部分。我們現在對該系統進行持續管理。

We also launched several new AI projects, including with a Fortune Global 500 multinational consumer products company, Fortune 100 federal systems integrator and a Fortune 50 financial institution. This last project is in addition to the win from a different Tier 1 financial institution that I mentioned earlier.

我們也啟動了幾個新的人工智慧項目，其中包括與一家財富全球 500 強跨國消費品公司、財富 100 強聯邦系統整合商和財富 50 強金融機構的合作項目。最後一個項目是繼我之前提到的另一家一級金融機構的訂單之後獲得的。

We're also pleased with the growth in our new customer opportunities. In fiscal 2025, pipeline, bookings, and revenue from new customers grew nicely, reflecting the ongoing demand for our expertise and solutions. As we've noted on prior calls, revenue in this segment can be lumpy with large deployments in one period, not necessarily reoccurring in the next.

我們對新客戶數量的成長也感到滿意。2025 財年，來自新客戶的銷售管道、訂單量和收入均實現了良好成長，反映出市場對我們的專業知識和解決方案的持續需求。正如我們在先前的電話會議中提到的，該領域的收入可能波動較大，在一個時期內會有大規模部署，但下一個時期不一定會再次出現。

That said, we remain encouraged by the level of customer interest in our solutions and the long-term growth potential of these relationships. Our core competency in successfully managing large-scale AI infrastructure buildouts helps customers accelerate their time to a live production environment. We believe our customers value our technology-agnostic approach, which allows us to create a unique overall solution that meets their specific AI infrastructure needs.

儘管如此，客戶對我們解決方案的興趣程度以及這些合作關係的長期成長潛力仍然令我們倍感鼓舞。我們在成功管理大規模人工智慧基礎設施建設方面的核心競爭力，可以幫助客戶加快進入即時生產環境的速度。我們相信客戶重視我們不拘泥於特定技術的做法，這使我們能夠打造獨特的整體解決方案，滿足他們特定的人工智慧基礎設施需求。

Beyond our hardware building blocks, we continue to invest in our Penguin ICE ClusterWare software, a platform that helps customers manage infrastructure assets. Post deployment, our Penguin Solution services organization can provide ongoing operational support to sustain the high performance and high availability of their systems.

除了硬體建構模組之外，我們還持續投資於 Penguin ICE ClusterWare 軟體，這是一個幫助客戶管理基礎設施資產的平台。部署完成後，我們的 Penguin Solution 服務機構可以提供持續的營運支持，以維持其係統的高效能和高可用性。

Our Integrated Memory segment with sales products under the SMART Modular brand, delivered $132 million in revenue for the fourth quarter and $464 million in revenue for the full fiscal year representing a 30% increase compared to fiscal 2024. This growth was driven by strong demand from customers in computing, networking, and telecommunications.

我們的整合式記憶體業務部門，以 SMART Modular 品牌銷售產品，第四季營收為 1.32 億美元，整個財年營收為 4.64 億美元，比 2024 財年成長了 30%。這一成長是由電腦、網路和電信領域客戶的強勁需求所推動的。

We are optimistic about our memory demand in the near term as large enterprises seek out higher performance and reliability memory solutions to support both traditional use cases and increasingly complex AI application. In line with this demand, we are seeing promising early interest in our Compute Express Link or CXL family of products. As customer qualification efforts continue to expand, we believe we are well positioned for growth as adoption of CXL scales.

我們對近期記憶體需求持樂觀態度，因為大型企業正在尋求更高效能和更高可靠性的記憶體解決方案，以支援傳統用例和日益複雜的 AI 應用。為了滿足這項需求，我們看到市場對我們的 Compute Express Link 或 CXL 系列產品表現出了濃厚的興趣。隨著客戶資質認證工作的不斷擴展，我們相信隨著 CXL 秤的普及，我們已經做好了充分的準備，迎接成長。

In memory, our R&D investments are focused on next-generation technologies. One key area is memory pooling, which has the potential to significantly expand bandwidth and improve memory capacities in GPU environments. We continue to invest in the design of SMART'S optical memory appliance or OMA, with initial product shipments targeted for late calendar 2026 to early 2027. This new offering will be designed to enable memory scaling of the industry's fastest high-bandwidth memory or HBM, which is today a limiting factor in AI cluster performance and efficiency.

在記憶體領域，我們的研發投資重點放在下一代技術上。其中一個關鍵領域是記憶體池化，它有可能大幅擴大頻寬並提高 GPU 環境中的記憶體容量。我們將繼續投資 SMART 的光儲存設備 (OMA) 的設計，首批產品預計將於 2026 年底至 2027 年初出貨。這項新服務旨在實現業界最快的高頻寬記憶體（HBM）的記憶體擴展，而這正是目前人工智慧叢集效能和效率的限制因素。

With a strong backlog, ongoing technology transitions such as DDR4 to DDR5 and a roadmap that includes innovations like CXL and OMA, we believe memory will be an important growth engine for Penguin Solutions.

憑藉強大的訂單儲備、持續的技術轉型（例如從 DDR4 到 DDR5）以及包含 CXL 和 OMA 等創新技術的路線圖，我們相信記憶體將成為 Penguin Solutions 的重要成長引擎。

Optimized LED under the Cree LED brand. Cree's fourth-quarter revenue came in at $67 million, an increase of 9% compared to the prior quarter. Full year revenue was $256 million, roughly flat year over year, reflecting a combination of secular and macroeconomic headwinds in the LED market. Despite these challenges, we achieved a 250 basis points improvement in non-GAAP operating margin in fiscal year 2025. As we move into fiscal 2026, Cree is focused on capturing market share, operating efficiently, protecting our intellectual property, and driving operating profit growth.

Cree LED品牌下的優化型LED。Cree 第四季營收為 6,700 萬美元，較上一季成長 9%。全年營收為 2.56 億美元，與上年基本持平，反映出 LED 市場面臨長期和宏觀經濟的不利因素。儘管面臨這些挑戰，我們在 2025 財年實現了非 GAAP 營業利潤率提高 250 個基點。進入 2026 財年，Cree 將專注於獲取市場份額、提高營運效率、保護智慧財產權並推動營業利潤成長。

Fiscal 2025 was a defining year for Penguin Solutions. We took meaningful steps to transform the company and sharpened our focus on becoming a leading provider of AI infrastructure solutions. We believe that these efforts have strengthened our foundation and positioned us well for long-term success.

2025財年是Penguin Solutions的關鍵一年。我們採取了切實有效的措施來改造公司，並更加專注於成為人工智慧基礎設施解決方案的領先供應商。我們相信，這些努力鞏固了我們的基礎，並為我們的長期成功奠定了良好的基礎。

Looking ahead to fiscal 2026, we believe we can sustain our growth momentum with the following strategic priorities: growing our enterprise customer base in AI infrastructure deployments; driving innovation across our hardware, software, and services portfolio to create sustainable differentiation; expanding our strategic partnerships to enhance Penguin's go-to-market efforts; operating with discipline and efficiency to position the company for long-term success; and further strengthening our balance sheet to support investments in scale and new capabilities.

展望 2026 財年，我們相信可以透過以下戰略重點保持成長勢頭：擴大我們在人工智慧基礎設施部署方面的企業客戶群；推動硬體、軟體和服務組合的創新，以創造可持續的差異化優勢；拓展戰略合作夥伴關係，以增強 Penguin 的市場推廣能力；以嚴謹高效的運營，為公司的長期戰略合作夥伴關係，以增強 Penguin 的市場推廣能力；以嚴謹高效的運營，為公司的長期戰略合作夥伴關係，以及進一步增強資產的能力。

In setting these priorities, our intention was to align with the long-term interest of our shareholders, customers, and employees.

在製定這些優先事項時，我們的目的是為了與股東、客戶和員工的長期利益保持一致。

In closing, I want to thank our global team for the dedication and performance in FY 2025. We delivered top line growth, improved profitability, strengthened our balance sheet, and expanded the Penguin Solutions customer base. We believe we are well positioned for future success in FY26 and beyond.

最後，我要感謝我們全球團隊在 2025 財政年度的奉獻與表現。我們實現了營收成長，提高了獲利能力，增強了資產負債表，並擴大了 Penguin Solutions 的客戶群。我們相信，我們已做好充分準備，迎接2026財年及以後的成功。

Let me stop and hand it over to Nate for a detailed review of 2025 financials and our outlook for FY 2026.

讓我停下來，把麥克風交給內特，讓他詳細回顧一下 2025 年的財務狀況以及我們對 2026 財年的展望。

Thanks, Mark. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP in our earnings release tables and in the investor materials available on our website.

謝謝你，馬克。我將重點介紹我們的非GAAP業績，這些業績已在我們的收益發布表格和我們網站上提供的投資者資料中與GAAP進行了核對。

Now let me turn to our fourth-quarter and full year results. In the quarter, total Penguin Solutions net sales were $338 million, up 9% year over year. Non-GAAP gross margin came in at 30.9%, which was flat year over year. Non-GAAP operating margin was 11.6%, up 0.8 percentage points versus last year, and non-GAAP diluted earnings per share were $0.43, up 18% from last year.

現在讓我來看看我們第四季和全年的業績。本季度，Penguin Solutions 的總淨銷售額為 3.38 億美元，年增 9%。非GAAP毛利率為30.9%，與去年同期持平。非GAAP營業利益率為11.6%，較去年成長0.8個百分點；非GAAP稀釋後每股盈餘為0.43美元，較去年成長18%。

For the full fiscal year 2025, total company net sales were $1.37 billion, up 17% year over year and aligned with the outlook we initially provided in April and better than the outlook we provided at the start of the fiscal year.

2025 財年全年，公司淨銷售額達 13.7 億美元，年增 17%，與我們 4 月最初給出的預期一致，並且優於本財年開始時給出的預期。

Full year non-GAAP EPS was $1.90, up 53% versus the prior year and better than the increased outlook we provided last quarter. In the fourth quarter, our overall services net sales totaled $63 million, up 5% versus the prior year. Product net sales were $275 million in the quarter, up 9% versus the prior year.

全年非GAAP每股盈餘為1.90美元，較上年成長53%，優於我們上季給予的上調預期。第四季度，我們的整體服務淨銷售額為 6,300 萬美元，比上年同期成長 5%。本季產品淨銷售額為 2.75 億美元，較上年同期成長 9%。

Net sales by business segment were as follows: in advanced computing, Q4 net sales were $138 million, which was 41% of our total net sales and down 7% year over year. For the full year, advanced computing delivered $648 million of net sales or 47% of total company net sales and up 17% year over year. Our strong full year advanced computing growth was driven by our HPC and AI business, which grew 34%. Notably, within our HPC AI business, product and services sales to our non-hyperscale customers were up 75% for the full fiscal year.

按業務部門劃分的淨銷售額如下：在先進計算領域，第四季淨銷售額為 1.38 億美元，占我們總淨銷售額的 41%，年減 7%。全年來看，先進計算業務的淨銷售額為 6.48 億美元，占公司總淨銷售額的 47%，較去年同期成長 17%。我們全年強勁的高階運算業務成長主要得益於高效能運算和人工智慧業務，該業務成長了 34%。值得注意的是，在我們的高效能運算人工智慧業務中，針對非超大規模客戶的產品和服務銷售額在整個財年成長了 75%。

For Integrated Memory, in Q4, net sales were $132 million, which was 39% of total company net sales and up 38% year over year. For the full year, memory net sales totaled $464 million or 34% of total net sales and up 30% year over year.

第四季度，整合記憶體業務淨銷售額為 1.32 億美元，占公司總淨銷售額的 39%，較去年同期成長 38%。全年來看，記憶體淨銷售額總計 4.64 億美元，佔總淨銷售額的 34%，較去年同期成長 30%。

And in Optimized LED, net sales were $67 million or 20% of total company net sales and up 2% year over year. For the full year, LED delivered $256 million of net sales or 19% of total company and down 1% versus the prior year.

在優化 LED 領域，淨銷售額為 6,700 萬美元，占公司總淨銷售額的 20%，較去年同期成長 2%。全年來看，LED 業務淨銷售額為 2.56 億美元，占公司總銷售額的 19%，比前一年下降 1%。

Non-GAAP gross margin for Penguin Solutions in the fourth quarter was 30.9%, flat year over year with margin pressure from a higher mix of integrated memory net sales offset by improved margin rate across all three business segments. Non-GAAP gross margin was down 0.8 percentage points sequentially with lower margin rates in advanced computing, partially offset by higher margin rates in both Integrated Memory and Optimized LED.

Penguin Solutions 第四季的非 GAAP 毛利率為 30.9%，與去年同期持平，整合記憶體淨銷售額佔比上升帶來的毛利率壓力被所有三個業務部門毛利率的提高所抵消。非GAAP毛利率環比下降0.8個百分點，其中高級計算業務的毛利率下降，但集成記憶體和優化LED業務的毛利率上升部分抵消了這一降幅。

For the full fiscal year, gross margins were 31%, in line with our prior outlook and down 0.9 percentage points year over year due to growth in our memory and AI hardware businesses which have lower than company average margins, but are addressing fast-growing market opportunities.

整個財年毛利率為 31%，與我們先前的預期一致，年減 0.9 個百分點，原因是我們的記憶體和人工智慧硬體業務的成長，這些業務的毛利率低於公司平均水平，但正在抓住快速增長的市場機會。

Non-GAAP operating expenses for the fourth quarter were $65 million, up 5% year over year and up 1% sequentially. Operating expenses as a percentage of net sales were down both year over year and quarter over quarter, driven by higher net sales volumes and modest spending increases. For the full fiscal year, non-GAAP operating expenses were $257 million, up 1% year over year and down 2.9 percentage points as a percent of net sales due primarily to strong top line growth and disciplined expense management.

第四季非GAAP營運費用為6,500萬美元，較去年同期成長5%，較上季成長1%。受淨銷售額成長和支出適度增加的推動，營業費用佔淨銷售額的百分比同比和環比均有所下降。整個財政年度，非GAAP營運費用為2.57億美元，年增1%，佔淨銷售額的百分比下降2.9個百分點，這主要得益於強勁的營收成長和嚴格的費用管理。

Q4 non-GAAP operating income was $39 million, up 16% year over year and up 2% versus last quarter. The combination of net sales growth and operating expense management translated into a 0.8 percentage points increase in operating margin versus Q4 last year. This is our fifth consecutive quarter of non-GAAP operating margin expansion year over year. For the full fiscal year, non-GAAP operating income was $168 million, up 39% year over year and non-GAAP operating margin improved 1.9 percentage points to 12.2% of net sales.

第四季非GAAP營業收入為3,900萬美元，較去年同期成長16%，較上季成長2%。淨銷售額成長和營運費用控制相結合，使得營業利潤率比去年第四季提高了0.8個百分點。這是我們連續第五個季度實現非GAAP營業利潤率年增。整個財年，非GAAP營業收入為1.68億美元，年增39%；非GAAP營業利益率提高1.9個百分點，達到淨銷售額的12.2%。

Non-GAAP diluted earnings per share for the fourth quarter were $0.43, up 18% versus the prior year. For the full year, non-GAAP diluted EPS was $1.90 up 53% versus the prior year and $0.05 better than the high end of our outlook provided in July.

第四季非GAAP稀釋後每股收益為0.43美元，較上年同期成長18%。全年來看，非GAAP稀釋後每股收益為1.90美元，比上年增長53%，比我們在7月給出的預期上限高出0.05美元。

Adjusted EBITDA for the fourth quarter was $43 million, up 11% year over year, and for the full year was $187 million, up 28% versus the prior year.

第四季調整後 EBITDA 為 4,300 萬美元，年增 11%；全年調整後 EBITDA 為 1.87 億美元，較去年同期成長 28%。

Turning to balance sheet highlights. For working capital, our net accounts receivable totaled $308 million compared to $252 million a year ago, with the increase driven by higher sales volumes and variations in sales linearity across the quarters. Days sales outstanding came in at 51 days, up from 49 days in the prior year quarter.

接下來來看資產負債表的重點內容。就營運資金而言，我們的淨應收帳款總額為 3.08 億美元，而去年同期為 2.52 億美元，成長主要受銷售量增加和各季度銷售線性變化的影響。應收帳款週轉天數為 51 天，高於去年同期的 49 天。

Inventory totaled $255 million at the end of the fourth quarter, up from $151 million at the end of last year due to higher sales volumes and order linearity. Days of inventory was 51 days up from 36 days a year ago, primarily due to the positioning of inventory for shipment early in Q1 FY26.

第四季末庫存總額為 2.55 億美元，高於去年年底的 1.51 億美元，原因是銷售量增加和訂單線性成長。庫存週轉天數從一年前的 36 天增加到 51 天，這主要是由於庫存被安排在 2026 財年第一季初發貨。

Accounts payable were $267 million at the end of the quarter, up from $182 million a year ago due primarily to higher sales volumes and the timing of purchases and payments. Days payable outstanding was 54 days compared to 43 days last year due to the timing of purchases and payments. Our cash conversion cycle was 49 days, an increase of 7 days compared to last year due to slower inventory turns resulting from materials positioned for shipment early next quarter.

本季末應付帳款為 2.67 億美元，高於去年同期的 1.82 億美元，主要原因是銷售量增加以及採購和付款的時間安排。由於採購和付款時間的變化，應付帳款週轉天數為 54 天，而去年為 43 天。由於部分物料已安排在下個季度初發貨，導致庫存週轉速度減慢，我們的現金週轉週期為 49 天，比去年增加了 7 天。

Consistent with past practice, days sales outstanding, days payables outstanding, and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $550 million and $453 million, respectively, in the fourth quarter. As a reminder, the difference between gross and net sales is primarily related to our memory businesses logistics services which are accounted for on an agent basis, meaning that we only recognize the net profit on logistics services as net sales.

與以往做法一致，應收帳款週轉天數、應付帳款週轉天數和存貨週轉天數均以銷售總額和銷售成本總額計算，第四季分別為 5.5 億美元和 4.53 億美元。需要提醒的是，毛銷售額和淨銷售額之間的差異主要與我們的儲存業務物流服務有關，這些服務是按代理方式核算的，這意味著我們只將物流服務的淨利潤確認為淨銷售額。

Cash, cash equivalents and short-term investments totaled $454 million at the end of the fourth quarter, up $64 million from the prior year and down $282 million sequentially. The year-over-year fluctuation was due primarily to proceeds from the issuance of preferred shares, cash generated by the business, and the repayment of our term loan in Q4. The sequential decline was primarily driven by the repayment of our term loan.

截至第四季末，現金、現金等價物和短期投資總額為 4.54 億美元，比上年同期增加 6,400 萬美元，比上一季減少 2.82 億美元。與去年同期相比的波動主要是由於發行優先股所得款項、業務產生的現金以及第四季度償還定期貸款所致。環比下降的主要原因是償還了定期貸款。

Fourth-quarter cash flows used by operating activities from continuing operations totaled $70 million compared to $12 million used by operating activities from continuing operations in the prior year quarter. The increased use of cash in the quarter versus last year was due primarily to investments in inventory to support shipments at the start of Q1 FY26.

第四季持續經營業務的經營活動所用的現金流量總計為 7,000 萬美元，而上年同期持續經營業務的經營活動所用的現金流量為 1,200 萬美元。與去年同期相比，本季現金使用量的增加主要是由於對庫存進行投資，以支持 2026 財年第一季初的貨物運輸。

For the full fiscal year 2025, operating cash flow from continuing operations was $113 million, an increase of 8% versus the prior fiscal year. We spent approximately $296,000 to repurchase 16,000 shares in the fourth quarter under our stock repurchase program. Since our initial stock repurchase authorization in April 2022, we have used a total of $113 million to repurchase 6.6 million shares through 2025.

2025 財年全年，持續經營產生的營運現金流為 1.13 億美元，較上一財年成長 8%。在第四季度，我們根據股票回購計畫花費了約 296,000 美元回購了 16,000 股股票。自 2022 年 4 月首次獲得股票回購授權以來，我們已累計使用 1.13 億美元回購了 660 萬股股票，回購期至 2025 年。

Earlier today, we announced that our Board has authorized a $75 million increase in our stock repurchase authorization, bringing our total remaining authorization to $112 million. As mentioned in our Q3 earnings call, in Q4, we completed a refinancing of our existing credit facility. We paid off the $300 million remaining on our term loan using $200 million of cash from our balance sheet and $100 million of borrowings from a new revolving credit facility.

今天早些時候，我們宣布董事會已批准將股票回購授權增加 7,500 萬美元，使我們剩餘的授權總額達到 1.12 億美元。正如我們在第三季財報電話會議上所提到的，第四季我們完成了現有信貸安排的再融資。我們用資產負債表上的 2 億美元現金和從新的循環信貸額度中藉入的 1 億美元，償還了剩餘的 3 億美元定期貸款。

This refinancing transaction significantly reduced our leverage, extended our debt maturities, and is expected to lower our debt service costs as we reduced our total gross debt by $200 million. Our net debt at the end of the fiscal year was $16 million.

此次再融資交易顯著降低了我們的槓桿率，延長了我們的債務到期日，預計還將降低我們的償債成本，因為我們將總債務減少了 2 億美元。截至本財年末，我們的淨債務為 1,600 萬美元。

For those of you tracking capital expenditures and depreciation, capital expenditures were $3 million in the fourth quarter and $9 million for the full year, and depreciation was $5 million for the quarter and $21 million for the full year.

對於那些關注資本支出和折舊的人來說，第四季度資本支出為 300 萬美元，全年資本支出為 900 萬美元；第四季折舊為 500 萬美元，全年折舊為 2,100 萬美元。

And now turning to our outlook. Coming off a strong fiscal year '25, we believe that our strategy and execution capabilities position us well for long-term profitable growth. For fiscal '26, we are initiating an outlook for net sales to grow 6%, plus or minus 10% versus the prior year. There are a few important assumptions to keep in mind with regard to this outlook.

現在讓我們展望一下未來。2025 財年表現強勁，我們相信，我們的策略和執行能力使我們能夠實現長期獲利成長。對於 2026 財年，我們預計淨銷售額將成長 6%，與上年相比上下浮動 10%。關於這種觀點，需要記住幾個重要的假設。

First, as previously disclosed in our annual and quarterly filings, we are in the process of winding down our Penguin Edge business, which is part of our Advanced Computing segment. We expect sales from these Penguin Edge products to essentially cease at the end of this calendar year and have included this assumption in our outlook. While this will result in the phaseout of some profitable business, Penguin Edge has become a smaller portion of our overall portfolio and in the long-term, we do not expect a material impact to our growth trajectory.

首先，正如我們先前在年度和季度文件中所揭露的那樣，我們正在逐步關閉 Penguin Edge 業務，該業務是我們高級運算部門的一部分。我們預計 Penguin Edge 產品的銷售將在今年年底基本停止，並且已將此假設納入我們的展望中。雖然這將導致一些獲利業務的逐步淘汰，但 Penguin Edge 在我們整體投資組合中所佔的比例已經縮小，從長遠來看，我們預計不會對我們的成長軌跡產生實質影響。

Second, we believe that we will continue to diversify our customer sales mix and we have assumed zero hardware sales in FY26 to hyperscale customers as we don't currently have line of sight to such business in this fiscal year. To be clear and importantly, we do expect our hyperscale services business to continue in FY26, and those sales are included in our outlook.

其次，我們相信我們將繼續實現客戶銷售組合的多元化，並且我們假設在 2026 財年向超大規模客戶銷售硬體的金額為零，因為我們目前無法預見本財年此類業務的發展前景。需要明確說明的是，我們預計超大規模服務業務將在 2026 財年繼續發展，這些銷售額已包含在我們的展望中。

The combined effect of these two assumptions in our FY26 outlook is a 14 percentage points unfavorable year-over-year impact to our total company net sales growth.

這兩個假設對我們 2026 財年的展望綜合起來，將對公司淨銷售額年增產生 14 個百分點的不利影響。

Last, you may notice that the net sales growth range in our outlook is wider than last year. While we entered this year with a stronger pipeline of AI compute opportunities than last year, we expect our sales volumes to be higher in the second half of the year than in the first half.

最後，您可能會注意到，我們預測的淨銷售額成長範圍比去年更廣。雖然今年年初我們的人工智慧計算機會儲備比去年更充足，但我們預計下半年的銷售額將高於上半年。

You will recall that in FY25, the opposite was true as we had a strong first half of hardware shipments to our large hyperscale customer. That shipment timing led to approximately 52% of our total company sales coming in the first half of fiscal 2025. By comparison for fiscal '26, the midpoint of our outlook assumes approximately 46% of our sales come in the first half of the year. So with our growing base of AI compute opportunities and our expectation of a more back-end loaded year, we felt a wider net sales outlook range was prudent to reflect a broader set of potential outcomes.

您可能還記得，在 2025 財年，情況恰恰相反，我們上半年向大型超大規模客戶交付了強勁的硬體。由於出貨時間安排的原因，我們公司 2025 財年上半年的總銷售額約占公司總銷售額的 52%。相較之下，對於 2026 財年，我們預測的中點假設我們約 46% 的銷售額來自上半年。因此，隨著人工智慧計算機會的不斷增長，以及我們對來年後期業務更加繁忙的預期，我們認為擴大淨銷售額預期範圍是謹慎的做法，以反映更廣泛的潛在結果。

With that said, our full year net sales outlook reflects the following by segment: for advanced computing, we expect full year net sales to change between minus 15% and plus 15% year over year. This outlook includes the Penguin Edge and hyperscale hardware sales impact mentioned earlier. For Memory, we expect net sales to grow between 10% and 20% year over year. And for LED, we expect net sales change between minus 5% and plus 5% year over year.

綜上所述，我們全年淨銷售額展望按業務板塊如下：對於高階計算業務，我們預期全年淨銷售額將年比變化在-15%至+15%之間。這項展望包含了前面提到的 Penguin Edge 和超大規模硬體銷售的影響。對於記憶體業務，我們預計淨銷售額將年增 10% 至 20%。至於 LED 產品，我們預期淨銷售額將年比變動在 -5% 到 +5% 之間。

Our non-GAAP gross margin outlook for the full year is 29.5%, plus or minus 1 percentage point. The decline in gross margin outlook versus FY25 is primarily due to the wind down of the high-margin Penguin Edge business as well as growth in lower-margin businesses, such as Memory and AI hardware.

我們對全年的非GAAP毛利率預期為29.5%，上下浮動1個百分點。與 2025 財年相比，毛利率預期下降的主要原因是高利潤率的 Penguin Edge 業務逐步停止，以及記憶體和人工智慧硬體等低利潤率業務的成長。

New AI customer wins typically begin with upfront hardware net sales at lower margin during the implementation phase, and we aim to follow those engagements with higher-margin recurring software and services sales. As a result, we anticipate some near-term gross margin pressure as we engage in initial infrastructure deployments, but we view these upfront investments as an important foundation for durable high-margin growth over time.

新人工智慧客戶的贏得通常始於實施階段利潤率較低的前期硬體淨銷售額，我們的目標是在這些合作之後，透過利潤率更高的經常性軟體和服務銷售來跟進。因此，我們預計在進行初步基礎設施部署時，短期內毛利率會面臨一些壓力，但我們認為這些前期投資是長期實現持久高利潤成長的重要基礎。

For non-GAAP operating expenses, we expect a full year total of $255 million, plus or minus $10 million. For non-GAAP full year diluted earnings per share, we expect approximately $2 plus or minus $0.25. Our FY26 non-GAAP diluted share count is expected to be approximately 55 million shares.

對於非GAAP營運費用，我們預計全年總額為2.55億美元，上下浮動1000萬美元。我們預計2026財年非GAAP攤薄後每股收益約2美元，上下浮動0.25美元。我們預計2026財年非GAAP攤薄後股份數量約為5,500萬股。

Due primarily to changes in the geographic mix of our earnings and benefits from our recently completed US redomiciliation, we are lowering our FY26 and long-term non-GAAP tax rate to 22% which reflects currently available information. While we expect to use this normalized non-GAAP tax rate throughout FY26 and beyond, the long-term non-GAAP tax rate may be subject to changes for a variety of reasons, including the rapidly evolving global and US tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations.

主要由於我們收益的地域組成發生變化，以及我們最近完成的美國重新註冊帶來的收益，我們將 2026 財年和長期非公認會計準則稅率下調至 22%，這反映了目前可獲得的資訊。雖然我們預計在 2026 財年及以後將使用此標準化的非 GAAP 稅率，但長期非 GAAP 稅率可能會因各種原因而發生變化，包括快速變化的全球和美國稅收環境、我們地域收益結構的重大變化或我們的策略或業務運營的變化。

Our outlook for fiscal year 2026 is based on the current environment, which contemplates, among other things, the global macroeconomic environment and ongoing supply chain constraints especially as they relate to our advanced computing and Optimized LED businesses. This includes extended lead times for certain components that are incorporated into our overall solutions impacting how quickly we can ramp existing and new customer projects.

我們對 2026 財年的展望是基於當前環境，其中考慮了全球宏觀經濟環境和持續的供應鏈限制，特別是與我們的先進計算和優化 LED 業務相關的限制。這包括我們整體解決方案中某些組件的交付週期延長，這會影響我們現有和新客戶專案的啟動速度。

Overall, we believe our focused execution, disciplined expense management, and balance sheet strength provide a strong foundation for sustained profitable growth. We expect these qualities to support our continued progress as we pursue opportunities to enhance long-term shareholder value. Please refer to the non-GAAP financial information section and the reconciliation of GAAP to non-GAAP measures tables in our earnings release and the investor materials on our website for further details.

總而言之，我們相信，我們專注的執行、嚴格的費用管理以及穩健的資產負債表，為持續獲利成長奠定了堅實的基礎。我們期望這些特質能支持我們持續進步，同時尋求提升股東長期價值的機會。有關更多詳細信息，請參閱我們盈利報告和網站上投資者資料中的非GAAP財務資訊部分以及GAAP與非GAAP指標的調節表。

With that, operator, we are ready for Q&A.

操作員，好了，我們準備進入問答環節。

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

（操作說明）凱文·卡西迪，羅森布拉特證券。

Thanks for letting me ask a question and congratulations on the strong fiscal year '25. Thank you for the information about your hyperscale customer. But can you say, is there a project over? And would you say that going forward, we should just take them out of the forecast or should -- are you still active in potential -- more hardware deployments?

謝謝您允許我提問，並祝賀您2025財年業績斐然。感謝您提供有關貴公司超大規模客戶的資訊。但是，你能說一個專案結束了嗎？那麼，您認為未來我們應該將它們從預測中剔除，還是應該——您是否仍然積極考慮——進行更多硬體部署？

Kevin, thanks for the question. We don't look at it like the project's over. We have ongoing services with the customer and still are in discussions for future development opportunities. It's just that in our outlook for the year, fiscal 2026, we don't anticipate any non-service revenue or systems hardware revenue in the year, but I'll let Nate comment.

凱文，謝謝你的提問。我們並不認為這個計畫已經結束了。我們目前正與該客戶提供服務，並仍在探討未來的發展機會。只是在我們對 2026 財年的展望中，我們預計該年度不會有任何非服務收入或系統硬體收入，但我還是讓 Nate 來評論吧。

Yes, that's right. I think last year, we entered the year with some visibility to some hardware shipments from the hyperscalers and it just wasn't the case this year. So coming into this year, we thought it made sense to just make the assumption that we wouldn't have any hardware revenue from hyperscalers this year. But as Mark said, we continue to have a very good relationship with them and the services revenues continue.

是的，沒錯。我認為去年年初，我們對超大規模資料中心的一些硬體出貨量還有一定的預期，但今年並非如此。因此，在今年伊始，我們認為理所當然地應該假設今年不會從超大規模資料中心獲得任何硬體收入。但正如馬克所說，我們與他們保持著非常好的關係，服務收入也持續成長。

Okay, great. And also exciting news with the SK Telecom and landing one client with that. And there was a lot of news last week about SK Telecom even being awarded with some business with OpenAI in Korea. Is there any participation availability for Penguin in that relationship?

好的，太好了。此外，SK Telecom也傳來令人振奮的消息，我們成功拿下了一個客戶。上週有很多新聞報導SK Telecom甚至獲得了OpenAI在韓國的一些業務。企鵝公司是否有機會參與這段合作關係？

That's something we can't address or talk to today, Kevin. What I would say is the referenced implementation in our prerecorded material was a great opportunity for the company. It's our first international deployment of significant scale and we went from order to go live in just about two months, and it was a significant validation of our capabilities, our rapid deployment framework.

凱文，這是我們今天無法討論或提及的話題。我想說的是，我們預錄資料中提到的實施方案對公司來說是一個絕佳的機會。這是我們首次進行大規模的國際部署，從下單到上線只花了大約兩個月時間，這充分驗證了我們的能力和快速部署框架。

And we really value the relationship with SK Telecom, but we're not able to comment on any future opportunities at this time.

我們非常重視與SK Telecom的合作關係，但目前我們無法對任何未來的合作機會發表評論。

Kevin, I'll just add to that. Last quarter, you saw in our filings when we initially booked the deal, it was for hardware. Since then, we've also added services as well. So it's great to see that as part of that transaction and the relationship with SK being strong.

凱文，我再補充一點。上個季度，正如您在我們的文件中看到的那樣，我們最初確認這筆交易時，是硬體相關的交易。此後，我們也增加了其他服務。所以很高興看到這是交易的一部分，並且與 SK 的關係也很牢固。

Okay. And maybe just to add on to that a little bit. In the filing, I think it was $34.6 million. Will that be recognized over the next couple of quarters? Or when does that get recognized?

好的。或許還可以再補充一點。在提交的文件中，我認為金額是 3,460 萬美元。未來幾個季度內，這一點會得到認可嗎？或者說，這種情況何時才能被認可？

So we recognize that portion in Q4, but we'll have more in FY26.

因此，我們在第四季度確認了這部分收入，但2026財年我們將獲得更多收入。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I wanted to just ask about the Penguin Edge and combined impact with hardware and revenue for next year. I think you mentioned a 14 percentage points headwind to revenue growth to the total company. When I do the math, I think that implies a 28 percentage points impact to Advanced Computing, is that the right way to think about it? How would you think about Advanced Computing growth next year, kind of ex these items?

我只想問一下 Penguin Edge 的情況，以及它與硬體和明年收入的綜合影響。我想你有提到過，公司整體營收成長面臨 14 個百分點的阻力。我計算了一下，我認為這對高階計算的影響為 28 個百分點，這種理解方式正確嗎？您認為明年高階計算領域的成長情況如何？例如，這些方面？

And could you just remind us why it kind of strategically makes sense to exit the Penguin Edge business, which I think was about 10% of the segment, but would love to hear your general thoughts there.

您能否提醒我們一下，為什麼退出 Penguin Edge 業務在策略上是合理的？我認為該業務約佔該細分市場的 10%，但我很想聽聽您的整體看法。

Thanks for the question, Michael. I'm going to answer the last part of your question first and then hand it over to Nate to talk about the financial impact and your question on impact of the other elements.

謝謝你的提問，麥可。我先回答你問題的最後一部分，然後把問題交給內特，讓他談談財務影響以及你關於其他因素影響的問題。

It really wasn't a decision that we could stay or not stay. We had two clients in our Penguin Edge business that made up a significant part of that business. And as we announced in our filings, we were going through some last time buys and we're winding down the business. And over time, we were just getting better visibility towards the end of our fiscal '25 to what the impact would be in '26.

這其實不是一個我們選擇留下來還是離開的決定。我們在 Penguin Edge 業務中有兩家客戶，這兩家客戶佔了我們業務的很大一部分。正如我們在文件中宣布的那樣，我們正在進行一些最後的收購，並且我們正在逐步結束這項業務。隨著時間的推移，到了 2025 財年末，我們對 2026 年的影響有了更清晰的認識。

So it wasn't really a choice of should we stay in it strategically or not, it was two large customers that we're winding down on a prior generation of a product and that they were not renewing.

所以，這並不是一個關於我們是否應該繼續從事該業務的戰略選擇，而是兩個大客戶正在逐步停止使用我們上一代產品，並且他們沒有續約。

Hey, Mike. And so I think on your math, you're roughly right. Advanced Computing is about 47% or 50% of total company sales. So that 14 points all sits within Advanced Computing, which means it's about 28% to 30% of Advanced Computing revenue from FY25.

嘿，麥克。所以我覺得根據你的計算，你大致上是對的。高階運算業務約占公司總銷售額的 47% 至 50%。因此，這 14 個百分點全部屬於高階計算領域，這意味著它佔 2025 財年高階計算收入的 28% 到 30%。

Great. And if I could just follow up, please. So if the underlying is growing closer to the 30% to 45%, could you just maybe talk about the key areas of momentum for advanced computing that you're seeing for next year? Is it just more of those customer wins that you talked about converting into revenue?

偉大的。如果可以的話，請再補充一點。如果基礎數據接近 30% 到 45%，您能否談談您認為明年先進運算領域的主要發展動力領域？是不是你之前提到的那些可以轉換成收入的客戶拓展專案？

And maybe just kind of expand a little bit more in terms of the wideness of the range. I know you had made some comments earlier during the call.

或許還可以稍微擴大一下範圍。我知道你之前在通話中說過一些話。

Sure. Let me take a shot at that one. When you think about our model, and we've talked about customer diversification for some time, we've done a pretty good job at the launching of go-to-market resources into a broader set of customers. And those target enterprise customers plus federal opportunities and those in the education sector, when you combine that into a target set of customers for us, we engage with these customers. We bring them the value proposition we have; we try to identify funded projects that would allow us to utilize our capabilities and helping accelerate our customers' AI implementation.

當然。讓我來嘗試解答。當你思考我們的模式，以及我們已經討論客戶多元化一段時間以來，我們在向更廣泛的客戶群推出市場推廣資源方面做得相當不錯。我們把這些目標企業客戶、聯邦政府機會以及教育領域的客戶結合起來，形成我們的目標客戶群，然後與這些客戶互動。我們為他們帶來我們的價值主張；我們努力尋找能夠讓我們發揮自身能力並幫助客戶加速人工智慧實施的資助項目。

Once we get that opportunity to bid on a proposal, or a request for proposal, we delivered that, and that starts the beginning of a pipeline opportunity, and our pipeline is growing. Now pipeline is not a booking, as we all know. But the pipeline opportunities are growing as our -- just the number of customers that we're engaged with. And so as you talk about the offset to some of these headwinds, we're continuing to add customers to the franchise and some really notable global brands in their respective industries.

一旦我們獲得投標機會，或收到投標邀請，我們就提交了投標書，這就開啟了我們的專案機會，我們的專案機會也不斷成長。我們都知道，管道傳輸並不等於預訂。但隨著我們接觸的客戶數量的增加，管道機會也在成長。因此，正如您所說的，為了抵消這些不利因素，我們正在繼續為特許經營店增加客戶，而一些在各自行業中非常知名的全球品牌也在不斷湧現。

And we're excited about the direction we're heading, and we're looking to convert those pipeline opportunities into bookings and eventually revenue.

我們對目前的發展方向感到興奮，並希望將這些潛在客戶轉化為實際訂單，最終獲利。

Yes. I mean, I think just building on what Mark said, I think it's part of our diversification of our customer base is what you're seeing reflected in the outlook. And as I mentioned in my prepared remarks, too, 75% growth in the HPC/AI business from non-hyperscalers, I think it's just a really positive that at point for us from FY25, and we think that we can continue to grow a very fast clip in those customers in FY26.

是的。我的意思是，我認為，正如馬克所說，我們客戶群多元化的一部分，正是你們在前景展望中看到的體現。正如我在準備好的演講稿中提到的，來自非超大規模資料中心的 HPC/AI 業務成長了 75%，我認為這對我們來說是一個非常積極的訊號，從 2025 財年開始，我們認為我們可以在 2026 財年繼續保持這些客戶業務的快速成長。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

I have a couple, and maybe I'll sort of give you both at the same time. You did mention a better second half compared to the first half. And maybe just if you can dive in towards giving you that visibility with some of your customers? And is it really more coming from Advanced Computing visibility? Or is it more memory-driven?

我有幾個，也許我會同時給你兩個。你確實提到下半場比上半場精彩。或許，如果你能深入挖掘，提升一些客戶對你的看法，效果會更好？而這真的更源自於高階運算的可見性嗎？或者它更依賴記憶體？

And then just specific to Memory, when you are guiding to 10% to 20% growth, just curious how much of that is maybe somewhat pricing driven, given sort of what's happened with the underlying commodities here? And what are the margin implications of what you're seeing on the commodity front -- you feed into your sort of overall systems on the Memory side?

然後，就記憶體業務而言，當您預測將成長10%到20%時，我很好奇其中有多少是受價格因素驅動的，考慮到目前大宗商品價格的走勢？那麼，您在商品方面看到的情況對利潤率有何影響？這些影響會如何影響您在記憶體方面的整體系統？

Sure. Let me take the Memory one first. So you're right, obviously, prices are starting to increase. And that affects a portion of our portfolio. It's not all of it. Important to keep in mind that we generally operate in Memory on a value-add basis, right? And so as Memory prices increase, we can generally pass along those price increases, but we don't get additional margin from that.

當然。我先來回答記憶力方面的問題。所以你說得對，物價顯然開始漲了。這會影響我們部分投資組合。並非全部。需要注意的是，我們在記憶體管理方面通常是以增值方式運作的，對吧？因此，隨著記憶體價格上漲，我們通常可以將這些價格上漲轉嫁給客戶，但我們無法從中獲得額外的利潤。

So you would see an increase in revenue, but you would see a decrease in margin rate or really no increase in profit dollars because we operate on this value-add basis.

因此，你會看到收入增加，但你會看到利潤率下降，或者利潤金額實際上不會增加，因為我們是按增值方式運營的。

I would say in terms of the outlook, listen, I think I put a little bit of price increase probably into the high end of the range for Memory, but not a lot. We'll see how things play out there. I think currently, we feel good about the backlog that we've been able to build from Memory going into Q1. And we have pretty good visibility, I'd say, into the first half on Memory.

就前景而言，我認為記憶體價格可能會略有上漲，但漲幅不會太大。我們拭目以待。我認為目前我們對第一季記憶體業務的訂單積壓情況感到滿意。我認為，我們對《記憶》這張專輯的前半部已經有了相當清晰的了解。

You mentioned the second half being stronger than the first half in our outlook. And mostly, that reflects the AI business. Mark mentioned about the strength of the pipeline and we haven't converted those into bookings yet. And so the outlook really reflects that, where we have a strong pipeline and some good opportunities, some of which we expect to convert into bookings, but they will be booked later in the first half into the second half and expect revenue in the second half of the year.

您提到，在我們看來，下​​半年的表現會比上半年更好。而且，這在很大程度上反映了人工智慧產業的現狀。馬克提到了潛在客戶的強勁勢頭，但我們還沒有將這些潛在客戶轉化為實際預訂。因此，前景確實反映了這一點，我們擁有強大的項目儲備和一些不錯的機會，我們預計其中一些機會將轉化為訂單，但這些訂單將在上半年晚些時候到下半年之間預訂，預計收入將在下半年產生。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

I have a couple, if I could. So just going back on the apples-to-apples revenue growth sort of when you back out -- back out the meta hardware and the Penguin Solutions -- or sorry, the Edge business. So is that to say, if it's a 14% impact year-over-year growth, is that to say that apples-to-apples, like on a pro forma basis, you'd really be guiding 20% growth? Should I think about it that way or am I totally off?

如果可以的話，我有幾個。所以，如果我們只專注於與自身業務相對的營收成長，排除掉元硬體和 Penguin Solutions，或抱歉，排除掉 Edge 業務，情況就會有所不同。所以，如果同比增長 14%，是不是意味著，在同等條件下（例如按備考基準），你實際上會預期增長 20%？我該這樣想嗎？還是我完全錯了？

Well, let me explain to you this way and see if it makes sense. The 14% of our revenue in FY25 came from the Penguin Edge business and the hardware from hyperscalers, right? So I haven't included that revenue in the FY26 outlook. So yes, if you wanted to remove that from FY25 and have apples-to-apples with FY26, you would have a calculated growth rate around 20%.

那我換個方式解釋給你聽聽，看看你能不能明白。2025 財年，我們 14% 的收入來自 Penguin Edge 業務和超大規模資料中心提供的硬件，對嗎？因此，我沒有將這部分收入計入 2026 財年的展望中。所以，如果你想從 2025 財年中剔除這一因素，並與 2026 財年進行公平比較，那麼計算出的增長率約為 20%。

It would be. I got it. And that's helpful, Nate. And then Nate, the 75% growth from non-hyperscale HPC/AI, can you give us a sense -- I mean, I guess you're giving us the bits we can back into that, I guess, is right, with the overall guide? Is that something we can back into or do we need sort of more parts?

這將是。我得到了它。那很有幫助，內特。然後，Nate，非超大規模 HPC/AI 的 75% 成長，你能給我們一些參考嗎？我的意思是，我想你給我們的訊息，我們可以把它反推到整體指導中，對嗎？這是我們可以倒回去完成的事情，還是我們需要更多零件？

You're talking about how much revenue would that generate?

您是指這能帶來多少收入嗎？

I guess. I think the comment was -- yes, I think the comment was in 2025 --

我猜也是。我認為那條評論是——是的，我認為那條評論是在2025年——

Yes. So looking at Advanced Computing and (inaudible) -- there's the AI business, HPC/AI business, there's Stratus and there's Penguin Edge. Focusing on the HPC/AI business, which is obviously our strategic focus, within that, you have sort of hyperscale business and non-hyperscale business and the non-hyperscale portion of that grew 75% in fiscal year '25. I'm just trying to zero really on that strategic focus area for us.

是的。所以，看看高級運算和（聽不清楚）——有人工智慧業務、高效能運算/人工智慧業務，有 Stratus，還有 Penguin Edge。專注於高效能運算/人工智慧業務，這顯然是我們的策略重點，其中又包含超大規模業務和非超大規模業務，而非超大規模業務在 2025 財年成長了 75%。我只是想真正確定我們公司的策略重點領域。

Totally. And I guess what I'm wondering is given the guide (inaudible) you've given us some different businesses for fiscal '26, are we able to back into what's implied for that growth in fiscal '26? Or is that something that we need more information to figure out [with 75%]?

完全。我想問的是，鑑於您給我們提供的 2026 財年不同業務的指導（聽不清楚），我們能否反推 2026 財年的成長情況？或者，這是否需要更多資訊才能確定？[有75%嗎？ ]

Yes, I think we're basically discussing a trend that happened in '25. And what we're suggesting is that with that focus, we're trying to leverage that and build off that to deliver on the plan for '26. I don't think there's an implied association with what happened in the report for the '25 outcome and into the '26 number.

是的，我認為我們基本上是在討論 2025 年出現的趨勢。我們建議，透過這種聚焦，我們正努力利用並以此為基礎，實現 2026 年的計畫。我不認為報告中發生的事情與 2025 年的結果以及 2026 年的數據之間有任何隱含的關聯。

Yes. Ananda, I think you can kind of get to a range with data that we've given you. But the other thing I would just add to that is most of the -- the guidance range mostly reflects opportunity in that HPC/AI space for non-hyperscale customers. So that's where we're seeing that pipeline build, right?

是的。阿南達，我認為根據我們提供的數據，你可以大致估算出一個範圍。但我還要補充一點，大部分指導範圍主要反映了非超大規模客戶在高效能運算/人工智慧領域的機會。所以，這就是我們看到管道建設的地方，對吧？

And so it's a wide range on Advanced Computing because of that. We have visibility to opportunities, but not visibility yet to the bookings. And so I left the range wider for Advanced Computing than I did on LED or Memory, which you see have tighter ranges on the revenue outlook.

因此，高階計算領域的研究範圍非常廣泛。我們能看到商機，但還看不到預訂狀況。因此，我為進階運算留出了比 LED 或記憶體更寬的範圍，而 LED 或記憶體的收入前景範圍則更窄。

And Mark -- actually Nate and Mark, like Nate sort of to the variance that's left in the bookings that drove -- describing the wider range. What would be, I guess, like what aspects of HPC/AI business, I guess, maybe what end markets or aspects would be the biggest add parts of the market that would sort of maybe drive some of the upside?

而馬克——實際上是內特和馬克，就像內特一樣，對預訂中留下的差異有所了解——描述了更廣泛的範圍。我想，HPC/AI 業務的哪些方面，或許是哪些終端市場或方面，會是市場中最具成長潛力的部分，推動市場上漲？

What I would say -- let me just -- I'll try to answer that. The market opportunities that we're seeing the most near-term customer engagements are in the financial sector. The federal sector, which includes both government and federal integrators, there are some education opportunities that are interesting, but also sovereign cloud opportunities. Those are the four that I think can drive us to a successful FY26.

我想說的是──讓我試著回答一下。我們看到，近期客戶參與度最高的市場機會來自金融領域。聯邦部門（包括政府和聯邦整合商）有一些有趣的教育機會，也有主權雲端機會。我認為這四點可以帶領我們走向2026財年的成功。

By the way, this is to fully answer, in addition to that, those markets, I think we mentioned in our script, we've had a new CRO start, Tony Frey, who came over from NetApp, and Tony has already brought on team members to target healthcare and other verticals organizationally to further enhance that. But in terms of '26 outlook, our pipeline reflects the sectors I talked about being, again financial education, federal integrators and government direct as well as sovereign cloud.

順便一提，為了全面解答這個問題，除了這些市場之外，我認為我們在腳本中提到過，我們新聘了一位首席營收官（CRO），Tony Frey，他之前在 NetApp 工作，Tony 已經招募了團隊成員，以在組織上瞄準醫療保健和其他垂直領域，從而進一步加強這方面的工作。但就 2026 年的展望而言，我們的專案儲備反映了我之前提到的產業，即金融教育、聯邦整合商和政府直接投資以及主權雲。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，市民。

Congrats on the strong close to the year and great to hear about Penguin's pivotal role in South Korea’s Sovereign AI plans. I just had one follow-up. Nate, it was great to hear you kind of call out that you were able to add the services revenue in such a short period of time after the initial hardware deal. And I think you guys have historically talked about hardware as you lead with the hardware and then services follow on.

恭喜你們以強勁的勢頭結束了這一年，很高興聽到企鵝演算法在韓國主權人工智慧計畫中發揮的關鍵作用。我剛剛還有一次後續跟進。內特，很高興聽到你提到，在最初的硬體交易之後，你們能夠在如此短的時間內增加服務收入。而且我認為你們歷來都是先談硬件，然後再談服務。

I'm just wondering, is it too large of a leap to make to say that in this instance, you were able to sort of accelerate the time to services from an initial hardware implementation? Is that something that you're seeing? Or is that just a one-off?

我只是想知道，如果說在這種情況下，你們能夠加快從初始硬體實現到提供服務的交付速度，這種說法是否過於武斷？你看到的是這種情況嗎？還是這只是個特例？

Well, I think it's -- we got to be careful and be clear here. The overall solution, and as it was commented in our recorded scripts, the overall solution contemplates hardware systems, software and services. And the timing of when the revenue gets recognized is different. And so the more hardware-oriented deals we take revenue credit on, that's normally upfront in any deployment.

嗯，我覺得──我們必須謹慎，把事情說清楚。整體解決方案，正如我們在錄製的腳本中評論的那樣，整體解決方案考慮了硬體系統、軟體和服務。而且，收入確認的時間也不同。因此，對於我們獲得更多以硬體為導向的交易，我們通常會在任何部署中預先獲得收入分成。

The software and services, bookings and revenue is typically ratified. So if we get a booking, that doesn't mean that we get the revenue upfront as you know. The revenue happens over the lifetime of an agreement.

軟體和服務、預訂和收入通常會得到批准。所以，即使我們接到訂單，也不代表我們就能立即獲得收入，您也知道這一點。收益是在協議有效期間內產生的。

And so in this case, like any case, once we install or deploy systems into a data center environment, for example, the hardware gets booked right away, relatively speaking. And we start the clock on software and services that are contracted to and that happens over time. So this wasn't that different than other deployments. It's just that we got both agreements within a certain time frame right after the other.

因此，在這種情況下，就像任何情況一樣，一旦我們將系統安裝或部署到資料中心環境中，硬體就會立即被佔用（相對而言）。我們會開始對已簽訂合約的軟體和服務進行計時，而這需要時間。所以這次部署和其他部署並沒有太大差別。只是我們剛好在一定時間內先後達成了這兩份協議。

I think also it's -- listen, each deal can be different than the next. But when we have our large hardware deployments, the value proposition for our services tends to be higher. And so we do tend to see good services attached to those large deployments, and that was the case with SK Telecom.

我覺得還有一點——聽著，每一筆交易都可能與下一筆交易不同。但是，當我們進行大規模硬體部署時，我們服務的價值主張往往會更高。因此，我們往往會看到優質的服務與這些大規模部署聯繫在一起，SK Telecom 就是這種情況。

Matt Calitri, Needham & Company.

Matt Calitri，Needham & Company。

There's obviously no shortage of conversation around AI. And lately, we've heard quite a bit of discourse around how CapEx and revenue seems to be rotating between just a few companies. And then this week, we've had reports out about AMD getting involved in chip shipments with OpenAI and another report today questioning the profitability of Oracle's GPU strategy.

顯然，關於人工智慧的討論從未間斷。最近，我們常聽到這樣的討論：資本支出和收入似乎在少數幾家公司之間不斷輪換。本週，我們又看到了 AMD 與 OpenAI 合作參與晶片出貨的報導，以及今天另一篇質疑 Oracle GPU 策略獲利能力的報導。

Just curious what your thoughts are on how buildouts are and [will] progress in this space and what you're seeing in the broader market?

我很好奇您對目前及未來該領域的建設進展有何看法，以及您在更廣泛的市場中觀察到的情況？

Well, implied in our earlier comments, Matt, is that we still think we're in the relatively early innings of broad enterprise rollouts. If I separate your questions to AMD and OpenAI in that announcement, I think that just goes to show that the capital dollars out building on future large language model training environments as well as inferencing implementations.

嗯，馬特，正如我們之前的評論所暗示的那樣，我們仍然認為我們仍處於大規模企業推廣的相對早期階段。如果我把你的問題分別向 AMD 和 OpenAI 提出，我認為這正好表明，資本投入將用於構建未來的大型語言模型訓練環境以及推理實現。

Again, it's still on the front end, the early end of the market opportunity there. Buoyed by enterprise adoption of AI, which is different than the earlier stages that were primarily large hyperscalers making significant investments in their training, we're seeing and we're starting to see a big pickup in terms of enterprise engagements and the pipeline growing there.

再次強調，這仍處於市場機會的早期階段。受企業對人工智慧的採用的推動（這與早期主要由大型超大規模企業進行大量投資進行訓練的階段不同），我們看到，而且我們開始看到企業參與度和相關業務管道正在大幅增長。

Now relative to your reference to the GPU gross margin announcement, I guess I would say when you have a lot of people selling the same thing, it tends to get commoditized pretty quickly. And I'm not commenting on today's announcement only. But if you look at the gross margin of the hardware-only companies that are the large OEMs in the business, their gross margins have been significantly impacted over time.

關於你提到的GPU毛利率公告，我想說的是，當很多人都在賣同樣的東西時，它很快就會變得商品化。我並非僅針對今天的公告發表評論。但如果你觀察一下那些只生產硬體的大型原始設備製造商（OEM）的毛利率，你會發現它們的毛利率隨著時間的推移受到了顯著影響。

And so that model is not, in my opinion, is not for everybody, for sure. I think it will get commoditized if you're selling the same basic underlying solution or chip in this case. So I think there are two different issues you raised. I definitely think the market is on the early stage of deployments, especially around the enterprise opportunity. And I think the announcement with AMD and OpenAI that was in the press this week, certainly, another good example of the CapEx spending.

所以，在我看來，這種模式絕對不適合所有人。我認為，如果銷售的都是相同的基本底層解決方案或晶片，那麼它最終會變得同質化。所以我覺得你提出了兩個不同的問題。我絕對認為市場仍處於部署的早期階段，尤其是在企業市場方面。我認為本週媒體報導的 AMD 和 OpenAI 的合作公告，無疑是資本支出方面的另一個很好的例子。

Today's announcement that you're referring to on the gross margin piece is something that we see when there's large hardware-only type environments and competitors.

您今天提到的關於毛利率的公告，是我們經常在大型純硬體環境和競爭對手中看到的現象。

That makes sense. Very helpful there, thank you. And then as the memory market seems to be heating up here and good commentary from you guys there and guidance there. How are you differentiating your offering there? Or to a certain extent, is it just a matter of who has availability to ship this stuff?

這很有道理。非常有用，謝謝。然後，隨著記憶體市場似乎逐漸升溫，再加上你們那邊的一些精彩評論和指導。你如何讓你的產品和服務在當地脫穎而出？或者在某種程度上，這只是誰有空運送這些東西的問題？

Well -- and Matt, I know you're relatively new to our story from Needham and thanks again for jumping on the call today. Our business is largely -- is differentiation because we buy our supply of memory silicon from the likes of SK Hynix and others. And we deliver a value add in terms of a system or subsystem level solution and we get margin above the industry gross margin for the commodity itself being the memory chip.

嗯——還有馬特，我知道你來自尼德姆，對我們的故事來說還比較新，再次感謝你今天參加電話會議。我們的業務很大程度上是差異化的，因為我們從 SK 海力士等公司購買儲存矽片。我們在系統或子系統級解決方案方面提供了增值，並且我們獲得的利潤高於內存晶片這種大宗商品的行業毛利率。

And so we differentiate ourselves both through design and firmware and software and performance reliability. And so those categories are elements of our differentiation allow us to charge more than the industry charges for the memory itself. And so it's largely a differentiation model. If we're not differentiating on the design wins, we're not going to get a lot of them.

因此，我們在設計、韌體、軟體和效能可靠性方面都實現了差異化。因此，這些類別是我們差異化優勢的體現，使我們能夠對記憶體本身收取比行業平均價格更高的費用。因此，這在很大程度上是一種差異化模型。如果我們不能在設計上做到差異化，我們就無法贏得很多項目。

Thank you for your questions, Matt. There are no additional questions waiting at this time. I would now like to pass the conference back to Mark Adams, CEO, for closing remarks.

謝謝你的提問，馬特。目前沒有其他問題待問。現在我謹將會議交還給執行長馬克·亞當斯，請他致閉幕詞。

Thank you, operator. Our Q4 and full year results validate that we are on the right path, helping our valued customers solve the complexity of AI infrastructure. Thank you all for joining today's call.

謝謝接線生。我們的第四季和全年業績證明我們走在正確的道路上，幫助我們尊貴的客戶解決人工智慧基礎設施的複雜性。感謝各位參加今天的電話會議。

That concludes today's call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。