Penguin Solutions Inc (PENG) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Penguin Solutions fourth quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Penguin Solutions 2026 會計年度第四季財報電話會議。（接線員指示）

I will now hand the conference over to Lana Adair, Investor Relations. Please go ahead.

現在我將把會議交給投資人關係部的 Lana Adair。請開始。

Thanks, everyone, for joining us. With me today are Kash Shaikh, Stephen Cumming, and Aaron Johnson. Our earnings materials are available on the Investor Relations section of our website, and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion today.

感謝各位加入。今天與我一同出席的有 Kash Shaikh、Stephen Cumming 以及 Aaron Johnson。我們的財報資料已公布於官網的投資人關係專區，建議各位查閱。另外，也請撥冗閱讀簡報內容，其中包含補充資訊，以配合我們今天的討論。

During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to our GAAP results. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our press release and accompanying slide presentation.

在本次電話會議中，除非另有說明，所有提及的財務衡量指標均為非 GAAP 財務指標。非 GAAP 指標不應被孤立看待，亦不應作為 GAAP 結果的替代或被視為優於 GAAP 結果。這些指標與最直接可比的 GAAP 指標之調節表，已載於我們的新聞稿及隨附的簡報投影片中。

Statements made during this call that relate to future results and events are forward-looking statements based on current beliefs and assumptions and are not guarantees of future performance. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our press release, our earnings call presentation, and our SEC filings. Except as required by applicable law, we assume no obligation to update our forward-looking statements.

本次電話會議中與未來結果及事件相關之陳述，屬於前瞻性陳述，係基於目前的信念與假設，並不保證未來表現。由於多項風險與不確定性，實際結果與事件可能與預期有重大差異；相關內容已於我們的新聞稿、財報電話會議簡報以及向 SEC 提交的文件中說明。除非適用法律另有要求，我們不承擔更新前瞻性陳述之義務。

Now I'll turn it over to Kash.

現在把時間交給 Kash。

Good afternoon, everyone, and thank you for joining Penguin Solutions fiscal 2026 fourth quarter and year-end earnings call.

各位下午好，感謝各位參加 Penguin Solutions 2026 會計年度第四季及全年財報電話會議。

Before we get into our results, I want to start with an important addition to our leadership team. Earlier today, we announced that Stephen Cumming has joined Penguin Solutions as our new Chief Financial Officer. Stephen is an experienced public company executive with a strong track record in financial leadership, operational scaling, and investor relations. We are pleased to welcome Stephen at an exciting time for Penguin, and investors will have the opportunity to get to know him in the coming months.

在進入業績之前，我想先分享一項對我們領導團隊的重要增補。今天稍早，我們宣布 Stephen Cumming 已加入 Penguin Solutions，擔任新任財務長（CFO）。Stephen 是具備豐富經驗的上市公司高階主管，在財務領導、營運規模化以及投資人關係方面有卓越的實績。我們很高興在 Penguin 令人振奮的時刻迎接 Stephen，投資人也將在未來幾個月有機會進一步認識他。

For today's call, Aaron Johnson, who has served as our Interim CFO since July, will walk you through our financial results and fiscal 2027 outlook as planned. I want to thank Aaron for his leadership during the transition, and I look forward to continuing to work with him as he returns to his role as Vice President of Finance and Accounting.

依照原先規劃，今天的電話會議將由自 7 月以來擔任代理財務長的 Aaron Johnson，帶各位回顧我們的財務結果以及 2027 會計年度展望。我也要感謝 Aaron 在交接期間的領導，並期待他回到財務與會計副總裁職務後，持續與他合作。

Now let's turn to our results. Our team delivered an exceptional quarter, capping off a very strong fiscal year. In Q4, we set company records for net sales, gross profit dollars, operating income, operating margin, net income, and adjusted EBITDA. Net sales were $567 million, up 68% year-over-year, and EPS was $1, up 133%, reflecting strong operating leverage that enabled EPS to grow faster than net sales. I would also like to thank our customers for their continued confidence in Penguin.

接下來談談我們的業績。我們的團隊交出卓越的一季，為非常強勁的會計年度畫下句點。在第四季，我們在淨銷售額、毛利金額、營業利益、營業利益率、淨利以及調整後 EBITDA 皆創下公司紀錄。淨銷售額為 5.67 億美元，年增 68%；每股盈餘（EPS）為 1 美元，年增 133%，反映出強勁的營運槓桿，使 EPS 成長速度快於淨銷售額。我也要感謝客戶持續對 Penguin 的信任。

Our AI-driven businesses continue to scale. In Q4, non-hyperscale AI infrastructure and integrated memory represented 78% of company net sales and grew 141% year-over-year. Our overall company performance accelerated meaningfully in the second half of fiscal 2026, following the launch of our AI Factory Platform strategy and increased focus on the data center market. We aligned the business more closely with strong AI-driven demand, increased investments in product innovation and accelerated go-to-market execution with a focus on neocloud and enterprise customers.

我們以 AI 驅動的業務持續擴張。在第四季，非超大規模（non-hyperscale）AI 基礎設施與整合式記憶體合計占公司淨銷售額的 78%，年增 141%。在我們推出 AI Factory Platform 策略並加大對資料中心市場的聚焦後，2026 會計年度下半年公司的整體表現明顯加速。我們讓業務更貼近強勁的 AI 驅動需求，加大產品創新投資，並加速市場推進（go-to-market）執行，重點鎖定 neocloud 與企業客戶。

The proof is in the results. After relatively flat year-over-year net sales in the first half, growth accelerated to 48% in Q3 and 68% in Q4, driving second half growth of 58%. Full year net sales were approximately $1.73 billion, up approximately 26% year-over-year. We also achieved record full year operating income. In AI infrastructure and Integrated Memory, bookings grew faster than net sales in the fourth quarter, and we ended fiscal 2026 with record company backlog and strong momentum heading into fiscal 2027.

成果反映在數字上。在上半年淨銷售額年增相對持平之後，成長在第三季加速至 48%、第四季加速至 68%，帶動下半年成長達 58%。全年淨銷售額約為 17.3 億美元，年增約 26%。我們也創下全年營業利益新高。在 AI 基礎設施與整合式記憶體方面，第四季訂單（bookings）成長快於淨銷售額；我們以創紀錄的公司在手訂單（backlog）結束 2026 會計年度，並以強勁動能邁入 2027 會計年度。

Based on our second half performance, bookings growth, continued strength of our memory business and, more importantly, accelerating demand from neocloud customers for our data center AI infrastructure solutions, we are increasing our fiscal 2027 growth outlook from the preliminary view we shared last quarter. We expect record fiscal 2027 net sales with EPS growth expected to outpace net sales growth as we continue to scale and drive operating leverage.

基於我們下半年的表現、訂單成長、記憶體業務的持續強勁，以及更重要的是 neocloud 客戶對我們資料中心 AI 基礎設施解決方案的需求正在加速，我們將 2027 會計年度的成長展望上調，高於上季所分享的初步看法。我們預期 2027 會計年度淨銷售額將創新高；隨著我們持續擴張並提升營運槓桿，EPS 成長預期將超越淨銷售額成長。

I'll walk through what we are seeing in the market before turning to the outlook. AI is becoming super intelligence, SI, as it continues to move from chatbot adviser to agentic operator, executing tasks and workflows with increasing autonomy. This shift is driving inference at scale and creating increasingly memory-intensive workloads. Inference is increasing demand across the entire data center stack. GPUs remain critical, but CPUs and conventional memory, including DRAM, must also scale.

在談展望之前，我先說明我們在市場上看到的趨勢。隨著 AI 持續從聊天機器人顧問轉變為具代理能力（agentic）的操作者，以更高的自主性執行任務與工作流程，AI 正在邁向超級智慧（Super Intelligence，SI）。這項轉變正在推動大規模推論（inference），並產生愈來愈高的記憶體密集型工作負載。推論正在帶動整個資料中心堆疊（stack）的需求上升。GPU 仍然關鍵，但 CPU 與傳統記憶體（包括 DRAM）也必須同步擴充。

We believe Penguin is well positioned to lead in this market opportunity at the intersection of data center AI infrastructure and memory solutions. We are seeing enterprise and AI native companies address these AI compute infrastructure needs in a variety of ways, primarily consuming AI infrastructure from neocloud providers and, in some cases, building their own on-premises AI factories. For persistent high utilization AI workloads such as inference, large enterprises are increasingly considering on-premises AI infrastructure, which can offer better token economics, data control, and performance.

我們相信 Penguin 在資料中心 AI 基礎設施與記憶體解決方案交會的市場機會中，具備領先的有利位置。我們看到企業與 AI 原生公司以多種方式滿足 AI 算力基礎設施需求，主要是向 neocloud 供應商採用 AI 基礎設施；在某些情況下，也會建置自有的地端（on-premises）AI 工廠。對於推論等需要長時間高使用率的 AI 工作負載，大型企業正愈來愈多地考慮採用地端 AI 基礎設施，因其可提供更佳的 token 經濟性、資料控管與效能。

Our Full-Stack AI Factory Platform combines five core elements with our partner ecosystem. First, ClusterWareAI operating system software for AI factories. Second, MemoryAI and Integrated Memory solutions. Third, GPU and CPU systems under our compute AI brand. Fourth, OriginAI factory architectures. And fifth, end-to-end design, build, deploy and manage services.

我們的全端（Full-Stack）AI Factory Platform 結合五大核心要素與合作夥伴生態系。第一，面向 AI 工廠的 ClusterWareAI 作業系統軟體。第二，MemoryAI 與整合式記憶體解決方案。第三，以我們 compute AI 品牌提供的 GPU 與 CPU 系統。第四，OriginAI 工廠架構。第五，端到端的設計、建置、部署與管理服務。

What sets our platform apart is its rare combination of OEM-like differentiated product innovations and end-to-end AI infrastructure systems integration capabilities. This allows us to serve as the single builder and operator of AI factories across the entire life cycle for our customers. Customers need more than hardware and assembly. This is particularly important for neocloud providers, where we have seen a recent surge in interest that we believe reflects strong product market fit for our full-stack platform. For neoclouds, we can serve as a single operating partner across the entire life cycle, helping customers meet service level agreements and generate revenue faster while they focus on securing additional offtakers and scaling their businesses.

我們平台的差異化在於罕見地同時具備類 OEM 等級的差異化產品創新，以及端到端 AI 基礎設施系統整合能力。這使我們能在整個生命週期中，作為客戶 AI 工廠的單一建置者與營運者。客戶需要的不只是硬體與組裝。這對 neocloud 供應商尤其重要；我們近期看到其興趣顯著升溫，我們相信這反映出我們全端平台具備強勁的產品市場契合度。對 neocloud 而言，我們可在整個生命週期中擔任單一營運合作夥伴，協助客戶達成服務水準協議（SLA）並更快創造營收，同時讓他們專注於爭取更多承購方（offtakers）並擴大其業務規模。

Let me now turn to our business results, starting with Advanced Computing. In Q4, Advanced Computing net sales totaled $154 million, representing 27% of company net sales and growing 11% year-over-year. Data center AI infrastructure growth within Advanced Computing, driven by our AI Factory Platform, was significantly stronger.

現在我來談談我們的業務成果，先從先進運算（Advanced Computing）開始。在第四季，先進運算淨銷售額合計為1.54億美元，占公司淨銷售額的27%，年增11%。在先進運算中，由我們的 AI Factory Platform 帶動的資料中心 AI 基礎設施成長顯著更強勁。

Non-hyperscale AI infrastructure net sales grew 99% year-over-year and represented 66% of Advanced Computing net sales, up from 60% in the prior year quarter. This growth more than offset continued runoff from other traditional businesses and reflects the ongoing shift in Advanced Computing toward data center AI infrastructure. During the quarter, we added six new AI infrastructure customers, including four neoclouds, a large quantitative trading firm, and an enterprise customer.

非超大規模（non-hyperscale）AI 基礎設施淨銷售額年增99%，占先進運算淨銷售額的66%，高於去年同期的60%。此成長不僅抵銷了其他傳統業務持續下滑的影響，也反映先進運算正持續轉向資料中心 AI 基礎設施。本季我們新增六位 AI 基礎設施客戶，包括四家新雲（neocloud）、一家大型量化交易公司，以及一家企業客戶。

We exited fiscal 2026 with strong momentum, and bookings have accelerated further entering fiscal 2027. Our land-and-expand model remains central to our go-to-market strategy. Successful initial deployments create opportunities to expand across our platform, including ClusterWareAI and multiyear managed services engagements that typically span three to five years.

我們在2026會計年度結束時動能強勁，而進入2027會計年度後，訂單（bookings）加速更為明顯。我們的「先落地、再擴張」（land-and-expand）模式仍是我們市場推進（go-to-market）策略的核心。成功的初始部署可創造在我們平台上擴張的機會，包括 ClusterWareAI 以及通常為期三到五年的多年期代管服務合作。

Across fiscal 2026, we added 17 new AI infrastructure customers, while 12 customers expanded their business with Penguin. We are seeing strong momentum with neocloud customers, including a neocloud backed by a leading South Korean technology company selected us to design, build, deploy and manage an NVIDIA GB300 NVL72-based platform with the initial deployment expected to support a broader GPU-as-a-Service expansion.

在2026會計年度，我們新增17位 AI 基礎設施客戶，同時有12位客戶擴大與 Penguin 的合作規模。我們在新雲客戶方面看到強勁動能，其中一家由南韓領先科技公司支持的新雲選擇我們設計、建置、部署並管理一個以 NVIDIA GB300 NVL72 為基礎的平台；預期初始部署將支援更廣泛的 GPU-as-a-Service 擴張。

A publicly traded neocloud provider that has more than $3 billion in signed multiyear AI infrastructure contracts selected Penguin for a multiyear engagement to provide AI infrastructure deployment and 24/7 operation services supported by ClusterWareAI, our AI Factory operating system software.

一家上市的新雲供應商，已簽署超過30億美元的多年期 AI 基礎設施合約，選擇 Penguin 進行多年期合作，由我們提供 AI 基礎設施部署與全年無休（24/7）營運服務，並由 ClusterWareAI（我們的 AI Factory 作業系統軟體）提供支援。

Lektra, a neocloud selected our Full-Stack AI Factory Platform to deploy and optimize distributed AI micro data centers powered by existing carbon-free energy. We provide validated reference designs, NVIDIA-based AI GPUs, and expert services with ClusterWareAI and support.

Lektra 這家新雲選擇我們的全堆疊 AI Factory Platform，用於部署並最佳化由既有無碳能源供電的分散式 AI 微型資料中心。我們提供經驗證的參考設計、基於 NVIDIA 的 AI GPU，以及搭配 ClusterWareAI 與支援服務的專業服務。

And for another neocloud provider with $10 billion in contracted compute from a leading AI lab, we were selected to deploy and operate a 36,000 GPU AI factory in Norway. This multiyear engagement demonstrates the scale of our platform and our ability to bring large-scale AI infrastructure into production.

此外，對於另一家新雲供應商，其已與一家領先 AI 實驗室簽訂100億美元的算力合約，我們獲選在挪威部署並營運一座擁有36,000顆 GPU 的 AI 工廠。這項多年期合作展現了我們平台的規模，以及將大規模 AI 基礎設施導入量產（production）的能力。

These engagements demonstrate an important evolution in our business. Customers are increasingly selecting Penguin as an end-to-end partner to design, deploy, optimize, and operate AI infrastructure.

這些合作案展現了我們業務的重要演進。客戶正日益選擇 Penguin 作為端到端合作夥伴，負責設計、部署、最佳化並營運 AI 基礎設施。

We also continued to advance ClusterWareAI with new agentic AI capabilities that automate AI factory operations, remediation, and infrastructure monitoring. Our AI Factory operations agent provides administrators with a natural language interface for operational insights. Put simply, administrators can now talk to their AI factory.

我們也持續推進 ClusterWareAI，新增可自動化 AI 工廠營運、修復（remediation）與基礎設施監控的代理式 AI（agentic AI）能力。我們的 AI Factory 營運代理可為管理員提供自然語言介面，以取得營運洞察。簡而言之，管理員現在可以直接和他們的 AI 工廠對話。

We are also an NVIDIA AI Factory Specialized Partner, an invitation-only designation that reflects the depth of our partnership with NVIDIA, which continues to strengthen and more than a decade of experience building and managing NVIDIA-based AI factories. Finally, we established a relationship with another AI hardware supplier to help expand supply availability and support growing demand.

我們同時也是 NVIDIA AI Factory Specialized Partner（僅受邀的專屬資格），此一認證反映我們與 NVIDIA 合作的深度；該合作關係持續強化，並且我們在建置與管理基於 NVIDIA 的 AI 工廠方面擁有超過十年的經驗。最後，我們也與另一家 AI 硬體供應商建立合作關係，以協助擴大供應可得性並支援持續成長的需求。

Now turning to Integrated Memory. Fourth quarter net sales reached a record $341 million, representing 60% of company net sales, up 158% year-over-year and 24% sequentially. In Q4 fiscal 2026, we added two new memory customer logos.

接著談整合式記憶體（Integrated Memory）。第四季淨銷售額達到創紀錄的3.41億美元，占公司淨銷售額的60%，年增158%，季增24%。在2026會計年度第四季，我們新增兩個記憶體客戶標誌（customer logos）。

Our land-and-expand strategy also continues to produce results. Across fiscal 2026, we added 15 new customers, while 29 existing customers expanded their business with us. We are seeing an increase in both volume and pricing.

我們的「先落地、再擴張」策略也持續帶來成果。在2026會計年度，我們新增15位新客戶，同時有29位既有客戶擴大與我們的合作。我們看到出貨量與價格均有所提升。

Our growth reflects strong data center demand driven by agentic AI, including increasing memory requirements from AI and inference workloads. While memory is a cyclical market, we believe AI is adding a structural demand driver, particularly for memory solutions in the data center.

我們的成長反映由代理式 AI（agentic AI）帶動的強勁資料中心需求，包括 AI 與推論（inference）工作負載對記憶體需求的提升。雖然記憶體屬於景氣循環市場，我們認為 AI 正在帶來結構性的需求驅動力，特別是資料中心的記憶體解決方案。

Penguin operates differently from a traditional commodity memory manufacturer. Our focus is primarily on data center solutions. Our engineering design, firmware development, advanced validation, negotiated pricing, and asset-light model are designed to deliver more resilient economics across memory cycles.

Penguin 的營運方式不同於傳統的大宗商品型記憶體製造商。我們的重點主要放在資料中心解決方案。我們的工程設計、韌體開發、先進驗證、議價能力，以及輕資產（asset-light）模式，旨在於記憶體景氣循環中提供更具韌性的經濟效益。

We continue to see strengthening bookings and pipeline for our CXL memory expansion products. A couple of proof points. In Q4, we secured business with a leading global AI server manufacturer whose platforms support large-scale AI training and inference. This win reinforces the strength of our memory portfolio for data center AI infrastructure. We also expanded our relationship with a leading next-generation AI infrastructure inference provider rapidly scaling AI inference deployments with our CXL memory expansion cards.

我們持續看到 CXL 記憶體擴充產品的訂單（bookings）與商機管線（pipeline）走強。舉幾個佐證。在第四季，我們取得一家全球領先 AI 伺服器製造商的業務，其平台支援大規模 AI 訓練與推論。此一勝出進一步強化我們在資料中心 AI 基礎設施領域的記憶體產品組合實力。我們也擴大與一家領先的次世代 AI 基礎設施推論供應商的合作；該客戶正快速擴張 AI 推論部署，並採用我們的 CXL 記憶體擴充卡。

Beyond our core memory business, we are developing new solutions designed to address the growing memory bottleneck in data center AI infrastructure. Our CXL-based large memory expansion cards and MemoryAI KV cache solution are designed to increase memory capacity and improve the economics of agentic AI and real-time inference.

除核心記憶體業務外，我們也在開發新解決方案，以因應資料中心 AI 基礎設施日益嚴重的記憶體瓶頸。我們基於 CXL 的大容量記憶體擴充卡，以及 MemoryAI KV cache 解決方案，旨在提升記憶體容量並改善代理式 AI 與即時推論的經濟效益。

Our MemoryAI road map also extends to future memory appliances, including photonic high-bandwidth memory solutions designed to expand GPU memory capacity and bandwidth. We are also developing a CXL AIC product line designed to repurpose installed DDR4 memory for AI infrastructure, helping customers extend asset life and lower the cost of scaling memory-intensive workloads.

我們的 MemoryAI 產品路線圖也延伸至未來的記憶體設備（appliances），包括光子（photonic）高頻寬記憶體解決方案，旨在擴充 GPU 記憶體容量與頻寬。我們也在開發 CXL AIC 產品線，旨在將已安裝的 DDR4 記憶體重新用於 AI 基礎設施，協助客戶延長資產使用年限並降低擴展記憶體密集型工作負載的成本。

Finally, we established a new supply arrangement with a leading memory supplier to support the growth of our data center AI infrastructure portfolio and strengthen our supply position. Together, these developments reinforce our long-term focus on data center memory and AI infrastructure.

最後，我們與一家領先的記憶體供應商建立新的供應安排，以支援我們資料中心 AI 基礎設施產品組合的成長並強化供應地位。綜合而言，這些進展再次印證我們對資料中心記憶體與 AI 基礎設施的長期聚焦。

Turning briefly to Optimized LED. Our LED business also performed well in the quarter with Q4 net sales totaling $72 million, up 7% year-over-year. Our strategic investment priorities remain focused on data center, AI infrastructure, and memory, while we continue to manage our LED business with discipline.

簡要談談最佳化 LED（Optimized LED）。我們的 LED 業務本季表現亦佳，第四季淨銷售額合計為7,200萬美元，年增7%。我們的策略性投資優先順序仍聚焦於資料中心、AI 基礎設施與記憶體，同時我們也持續以嚴謹的紀律管理 LED 業務。

As we enter fiscal 2027, our focus is not simply on capturing demand, it is on building a more repeatable and scalable operating model around that demand while keeping customer success at the center of everything we do.

進入2027會計年度，我們的重點不僅是掌握需求，更是在該需求之上建立更可重複、可擴展的營運模式，同時將客戶成功置於我們一切作為的核心。

As part of that, we are deploying agentic AI across our operations with a focus on measurable business outcomes. Our engineering teams are using agentic AI coding workflows to accelerate ClusterWareAI development, while AI-driven tools are helping compress product cycles and improve supply chain responsiveness.

為此，我們正將代理式 AI（agentic AI）導入各項營運，並聚焦於可衡量的業務成果。我們的工程團隊正使用代理式 AI 的程式碼開發工作流程，以加速 ClusterWareAI 的開發；同時，AI 驅動工具也在協助縮短產品週期並提升供應鏈反應速度。

With that, let me share our updated fiscal 2027 outlook. During our Q3 earnings call, we provided preliminary fiscal 2027 expectations for net sales and diluted EPS growth of approximately 30% year-over-year from the midpoint of our fiscal 2026 outlook.

接下來，我分享我們更新後的2027會計年度展望。在我們第三季財報電話會議中，我們提供了2027會計年度淨銷售額與稀釋後每股盈餘（diluted EPS）成長的初步預期：以2026會計年度展望中點為基準，年增約30%。

Based on our fourth quarter results and AI-driven demand, we are providing a fiscal 2027 outlook that exceeds that preliminary view for both net sales and diluted EPS. We expect our diluted EPS to grow faster than net sales due to our strong operating leverage. Aaron will provide the details in a moment.

根據我們第四季的業績以及 AI 驅動的需求，我們提供的 2027 會計年度展望在淨銷售額與稀釋每股盈餘（EPS）兩方面均高於先前的初步看法。由於我們強勁的營運槓桿，我們預期稀釋 EPS 的成長速度將快於淨銷售額。Aaron 稍後將提供細節。

Let me close with three observations. First, our strategy is working and growth is broadening. Our AI-driven businesses represented 78% of Q4 net sales and grew 141% year-over-year with Integrated Memory remaining strong and AI infrastructure now accelerating significantly.

最後我以三點觀察作結。第一，我們的策略正在奏效，成長動能正在擴大。我們的 AI 驅動業務占第四季淨銷售額的 78%，年增 141%；其中整合式記憶體（Integrated Memory）維持強勁，而 AI 基礎設施目前正顯著加速。

Second, strong operating leverage is driving profitable growth while enabling continued investment in innovation. EPS is growing faster than net sales, while we continue investing in differentiated products and capabilities.

第二，強勁的營運槓桿正在推動獲利性成長，同時也使我們得以持續投資創新。在我們持續投資差異化產品與能力的同時，EPS 的成長速度快於淨銷售額。

Third, we believe the value creation opportunity is durable and still in the early innings with our position at the intersection of AI infrastructure and memory combined with ClusterWareAI and services, creating a differentiated long-term advantage.

第三，我們相信價值創造的機會具備持久性，且仍處於早期階段；我們位於 AI 基礎設施與記憶體的交會點，並結合 ClusterWareAI 與服務，正在建立差異化的長期優勢。

I want to thank our team for their focus and execution throughout fiscal 2026 and for the strong momentum we carry into fiscal 2027.

我要感謝我們的團隊在 2026 會計年度全年的專注與執行力，以及我們帶入 2027 會計年度的強勁動能。

With that, I'll turn it over to Aaron to walk through the financials and our outlook.

接下來我把時間交給 Aaron，請他帶大家檢視財務表現與我們的展望。

Thank you, Kash. I'll begin with our fourth quarter and full year fiscal 2026 results and then turn to our outlook for fiscal 2027. In the fourth quarter, net sales and earnings per share exceeded our outlook, reflecting growing adoption of our AI infrastructure solutions and continued AI-driven demand for data center memory. Strong net sales growth, disciplined expense management, and improved profitability drove meaningful operating leverage.

謝謝你，Kash。我將先說明 2026 會計年度第四季與全年業績，接著談 2027 會計年度展望。第四季的淨銷售額與每股盈餘均優於我們的展望，反映市場對我們 AI 基礎設施解決方案的採用持續提升，以及 AI 驅動的資料中心記憶體需求延續。強勁的淨銷售額成長、嚴謹的費用管理與獲利能力改善，帶動了顯著的營運槓桿。

We set company records for net sales, gross profit dollars, operating income, operating margin, net income, and adjusted EBITDA. For the full year, we also set records for gross profit dollars and operating income.

我們在淨銷售額、毛利金額、營業利益、營業利益率、淨利以及調整後 EBITDA 方面皆創下公司紀錄。就全年而言，我們也在毛利金額與營業利益方面創下紀錄。

Starting with the fourth quarter, net sales were $567 million, up 68% year-over-year and up 18% sequentially. Gross margin was 28.8%, operating margin was 15.8%, and diluted earnings per share was $1, up 133% year-over-year.

先從第四季開始，淨銷售額為 5.67 億美元，年增 68%，季增 18%。毛利率為 28.8%，營業利益率為 15.8%，稀釋每股盈餘為 1 美元，年增 133%。

For the full year, net sales were $1.73 billion, up 26% versus fiscal 2025, while diluted earnings per share increased 51% to $2.87, roughly twice the rate of net sales growth, demonstrating the operating leverage in our model. Fourth quarter product net sales were $510 million or 90% of total company net sales, up 86% year-over-year. Services net sales were $57 million or 10% of total net sales, down 11% year-over-year, reflecting lower hyperscale services volumes, partially offset by growth in multiyear AI factory managed services.

就全年而言，淨銷售額為 17.3 億美元，較 2025 會計年度成長 26%；同時稀釋每股盈餘成長 51% 至 2.87 美元，約為淨銷售額成長率的兩倍，展現我們商業模式的營運槓桿。第四季產品淨銷售額為 5.10 億美元，占公司總淨銷售額的 90%，年增 86%。服務淨銷售額為 5,700 萬美元，占總淨銷售額的 10%，年減 11%，反映超大規模（hyperscale）服務量下降，但部分被多年期 AI 工廠代管服務的成長所抵銷。

Net sales by business segment were as follows: For Advanced Computing, fourth quarter net sales were $154 million, up 11% year-over-year and 12% sequentially. For the full year, Advanced Computing net sales were $559 million, down 14%, reflecting the wind down of Penguin Edge and lower hyperscale hardware sales.

各業務部門的淨銷售額如下：在先進運算（Advanced Computing）方面，第四季淨銷售額為 1.54 億美元，年增 11%，季增 12%。就全年而言，先進運算淨銷售額為 5.59 億美元，年減 14%，反映 Penguin Edge 業務逐步收尾以及超大規模硬體銷售下降。

Non-hyperscale AI infrastructure business grew 99% in the fourth quarter and represented 66% of segment net sales, while growing 72% for the year and reinforcing its position as the segment's primary growth driver. For Integrated Memory, fourth quarter record net sales were $341 million, representing 60% of total company net sales, up 158% year-over-year and 24% sequentially.

非超大規模的 AI 基礎設施業務在第四季成長 99%，占該部門淨銷售額的 66%；全年成長 72%，並鞏固其作為該部門主要成長動能來源的地位。在整合式記憶體（Integrated Memory）方面，第四季淨銷售額創新高達 3.41 億美元，占公司總淨銷售額的 60%，年增 158%，季增 24%。

For the full year, Integrated Memory net sales were $924 million, up 99% and represented 53% of total company net sales, up from 34% in fiscal 2025. The growth reflects strong demand for memory supporting AI-driven data center applications, consistent with our strategic focus on this market.

就全年而言，整合式記憶體淨銷售額為 9.24 億美元，成長 99%，占公司總淨銷售額的 53%，高於 2025 會計年度的 34%。此成長反映支援 AI 驅動資料中心應用的記憶體需求強勁，與我們對該市場的策略聚焦一致。

For Optimized LED, fourth quarter net sales were $72 million, representing 13% of total company net sales, up 7% year-over-year. For the full year, net sales were $249 million, down 3%. The business delivered improved profitability as we continue to execute with discipline and focus on profitable opportunities.

在最佳化 LED（Optimized LED）方面，第四季淨銷售額為 7,200 萬美元，占公司總淨銷售額的 13%，年增 7%。就全年而言，淨銷售額為 2.49 億美元，年減 3%。隨著我們持續以紀律執行並聚焦於具獲利性的機會，該業務的獲利能力有所改善。

Fourth quarter gross margin was 28.8%, up 70 basis points sequentially, supported by improved profitability in Integrated Memory, partially offset by lower Advanced Computing margins. Together with strong net sales growth, this drove record gross profit of $163 million, up 21% sequentially and 57% year-over-year.

第四季毛利率為 28.8%，季增 70 個基點，主要受整合式記憶體獲利能力改善所支撐，但部分被先進運算毛利率較低所抵銷。再加上強勁的淨銷售額成長，帶動毛利創紀錄達 1.63 億美元，季增 21%，年增 57%。

For the full year, gross profit reached a record $508 million. Gross margin was 29.3%, down 1.7 percentage points, primarily due to a greater contribution from AI infrastructure hardware even with stronger margins in Integrated Memory. The growth in gross profit dollars demonstrates the leverage generated by our increased scale.

就全年而言，毛利達到創紀錄的 5.08 億美元。毛利率為 29.3%，下滑 1.7 個百分點，主要因 AI 基礎設施硬體的貢獻占比提高，儘管整合式記憶體的毛利率更強。毛利金額的成長顯示我們規模擴大所帶來的槓桿效益。

Fourth quarter operating expenses were $73 million, up 4% sequentially and 13% year-over-year. The sequential increase primarily reflects higher incentive compensation associated with our strong financial results.

第四季營業費用為 7,300 萬美元，季增 4%，年增 13%。季增主要反映與我們強勁財務表現相關的較高獎勵性薪酬。

For the full year, operating expenses increased 4% to $267 million, well below our 26% growth in net sales. As a result, operating expenses declined by 3.4 percentage points as a percentage of net sales, reflecting a structural improvement in the scalability of our operating model. That combination of higher gross profit dollars and expense discipline drove record fourth quarter operating income of $90 million, up 39% sequentially and 129% year-over-year. With net sales growth significantly outpacing operating expense growth, operating margin expanded 2.4 percentage points sequentially and 4.2 percentage points year-over-year to 15.8%.

就全年而言，營業費用增加 4% 至 2.67 億美元，遠低於我們 26% 的淨銷售額成長。因此，營業費用占淨銷售額的比重下降 3.4 個百分點，反映我們營運模式可擴展性在結構上的改善。毛利金額提升與費用紀律的結合，帶動第四季營業利益創紀錄達 9,000 萬美元，季增 39%，年增 129%。由於淨銷售額成長顯著快於營業費用成長，營業利益率季增 2.4 個百分點、年增 4.2 個百分點至 15.8%。

For the full year, operating income reached a record $241 million, up 44%, with operating margin expanding 1.7 percentage points to 13.9%. These results demonstrate how scale and disciplined spending are translating growth into higher profitability.

就全年而言，營業利益達到創紀錄的 2.41 億美元，成長 44%，營業利益率擴大 1.7 個百分點至 13.9%。這些結果顯示規模效益與嚴謹支出正將成長轉化為更高的獲利能力。

Fourth quarter diluted earnings per share was $1, up 19% sequentially and 133% year-over-year. The sequential EPS growth rate trails our 39% operating income growth, reflecting a higher share count following our convertible notes offering. For the full fiscal year, diluted earnings per share were $2.87, up 51% and $0.22 above the high end of our July outlook.

第四季稀釋每股盈餘為 1 美元，季增 19%，年增 133%。EPS 的季增幅落後於營業利益 39% 的成長，反映我們發行可轉換公司債後股數增加。就 2026 會計年度全年而言，稀釋每股盈餘為 2.87 美元，成長 51%，且較我們 7 月展望區間上緣高出 0.22 美元。

Adjusted EBITDA was a record $93 million in the fourth quarter, up 115% year-over-year and 38% sequentially. Full year adjusted EBITDA was $256 million, up 37%.

第四季調整後 EBITDA 創紀錄達 9,300 萬美元，年增 115%，季增 38%。全年調整後 EBITDA 為 2.56 億美元，成長 37%。

Before I walk through working capital, a reminder that we calculate days sales outstanding, days payables outstanding and inventory days on a gross sales and gross cost of goods sold basis. Gross sales were $1.57 billion and gross cost of goods sold was $1.42 billion in the fourth quarter. The difference between gross and net sales relates primarily to our memory business' logistics services, which are accounted for on an agent basis.

在我說明營運資金之前，提醒一下：我們以總銷售額與銷貨成本總額為基礎計算應收帳款週轉天數（DSO）、應付帳款週轉天數（DPO）以及存貨天數。第四季總銷售額為 15.7 億美元，銷貨成本總額為 14.2 億美元。總銷售額與淨銷售額之間的差異，主要與我們記憶體業務的物流服務有關；該等服務以代理人基礎入帳。

Turning to working capital. Net accounts receivable increased to $796 million from $308 million a year ago, reflecting the growth in our memory business and the associated gross billings. Despite the higher balance, days sales outstanding improved to 46 days from 53 days last quarter and 51 days a year ago. We are managing these investments against customer deployment schedules and supply availability as we support growth.

接著談營運資金。應收帳款淨額由一年前的 3.08 億美元增加至 7.96 億美元，反映我們記憶體業務的成長以及相關的總開票金額增加。儘管餘額較高，應收帳款週轉天數（DSO）改善至 46 天，較上季的 53 天及一年前的 51 天下降。在支持成長的同時，我們會依據客戶部署時程與供應可得性來管理這些投資。

Inventory increased to $749 million from $255 million a year ago, reflecting purchases to support record backlog and expected customer deployments across our memory and AI infrastructure businesses as well as higher memory costs. Inventory days were 48, up from 42 last quarter as we positioned inventory against a record backlog and down from 51 a year ago.

存貨由一年前的 2.55 億美元增加至 7.49 億美元，反映為支援創紀錄的在手訂單與預期客戶在我們記憶體與 AI 基礎設施業務的部署而進行的採購，以及較高的記憶體成本。存貨天數為 48 天，較上季的 42 天上升，係因我們為因應創紀錄的在手訂單而配置存貨；較一年前的 51 天則下降。

Accounts payable increased to $817 million from $267 million a year ago, reflecting purchasing activity to support the growth of our memory and AI infrastructure businesses as well as higher memory costs. Days payable outstanding was 52, down from 62 last quarter and 54 a year ago, primarily reflecting the timing of purchases within the quarter.

應付帳款由一年前的 2.67 億美元增加至 8.17 億美元，反映為支援我們記憶體與 AI 基礎設施業務成長的採購活動，以及較高的記憶體成本。應付帳款週轉天數為 52 天，較上季的 62 天及一年前的 54 天下降，主要反映本季內採購時點的影響。

Our cash conversion cycle was 42 days compared with 33 days last quarter and 49 days a year ago. Funding growth efficiently and maintaining disciplined working capital management remain important priorities.

我們的現金轉換週期為 42 天，較上季的 33 天增加，但較一年前的 49 天下降。有效率地為成長提供資金並維持嚴謹的營運資金管理，仍是重要優先事項。

Moving to our broader capital structure. During the quarter, we completed a significantly oversubscribed $750 million 0% convertible note offering due in 2031, which we believe reflects strong investor confidence in our business and long-term strategy. The notes have an initial conversion price of approximately $116.70 per share, representing an approximately 50% premium to our share price at pricing. We also entered into capped call transactions designed to reduce potential dilution up to an initial cap price of approximately $175.05 per share.

接著談更廣泛的資本結構。本季我們完成一筆認購大幅超額的 7.5 億美元、2031 年到期的 0% 可轉換公司債發行，我們認為這反映投資人對我們業務與長期策略的高度信心。該票據的初始轉換價格約為每股 116.70 美元，較定價時股價溢價約 50%。我們亦進行上限買權（capped call）交易，旨在將潛在稀釋降低至初始上限價格約每股 175.05 美元。

Concurrently, we exchanged approximately $296 million principal amount of our 2029 and 2030 convertible notes for a combination of cash and shares of common stock and used a portion of the proceeds to fully repay the $100 million outstanding under our credit agreement. This disciplined and proactive approach extended our maturity profile and strengthened our capital structure, providing additional flexibility to invest behind our AI Factory Platform strategy and the growth opportunities ahead.

同時，我們以現金與普通股組合交換了約 2.96 億美元本金額的 2029 年與 2030 年可轉換公司債，並使用部分募集資金全額償還我們信貸協議項下尚未償還的 1 億美元。此一嚴謹且主動的作法延長了到期結構並強化資本結構，為我們在 AI Factory Platform 策略及未來成長機會上的投資提供更多彈性。

Following these actions, we ended the fourth quarter with cash and cash equivalents of $647 million. That is up $207 million from the third quarter and $193 million from a year ago.

在上述行動後，我們於第四季末的現金及約當現金為 6.47 億美元。較第三季增加 2.07 億美元，較一年前增加 1.93 億美元。

We remain focused on managing liquidity and the working capital required to support our growth. Cash used in operating activities was $163 million in the fourth quarter and $152 million for the full year, primarily reflecting working capital investments to support growth in our memory and AI infrastructure businesses. This compares with cash used of $70 million in the prior year quarter and cash provided of $113 million in fiscal 2025.

我們仍專注於管理流動性以及支援成長所需的營運資金。第四季營業活動使用現金為 1.63 億美元，全年為 1.52 億美元，主要反映為支援記憶體與 AI 基礎設施業務成長而進行的營運資金投資。相較之下，前一年度同季營業活動使用現金為 7,000 萬美元，而 2025 會計年度營業活動提供現金為 1.13 億美元。

We believe our capital structure and liquidity provide flexibility to fund this growth while improving working capital efficiency remains an important priority for fiscal 2027. Capital expenditures were $4 million in the quarter and $12 million for the year, well under 1% of net sales, with depreciation expense of $5 million and $20 million, respectively. Our asset-light model allows us to scale without significant capital spending, and we expect that to continue in fiscal 2027.

我們相信，我們的資本結構與流動性提供彈性以支應此成長，而提升營運資金效率仍是 2027 會計年度的重要優先事項。本季資本支出為 400 萬美元，全年為 1,200 萬美元，遠低於淨銷售額的 1%；折舊費用分別為 500 萬美元與 2,000 萬美元。我們的輕資產模式使我們能在不需大量資本支出的情況下擴張，我們預期在 2027 會計年度將持續如此。

Now turning to our outlook. We enter fiscal 2027 with strong momentum, supported by our second half performance, record backlog, bookings growth, continued integrated memory strength, and further acceleration in demand for our AI infrastructure business.

接著談我們的展望。在下半年表現、創紀錄的在手訂單、接單成長、整合式記憶體持續強勁，以及 AI 基礎設施業務需求進一步加速的支持下，我們以強勁動能進入 2027 會計年度。

We expect strong net sales growth to increase gross profit dollars while operating expenses grow at a considerably slower rate. That combination is expected to expand operating margin and drive diluted EPS growth that outpaces net sales growth.

我們預期淨銷售額將強勁成長，帶動毛利金額增加，同時營業費用的成長速度將顯著較慢。此一組合預期將擴大營業利益率，並推動稀釋後每股盈餘（EPS）成長，且其增速將超越淨銷售額成長。

For fiscal year 2027, we expect net sales to grow approximately 40% at the midpoint, plus or minus 10 percentage points or an increase of approximately $700 million to approximately $2.43 billion at the midpoint.

就 2027 會計年度而言，我們預期淨銷售額在中位數將成長約 40%，上下浮動 10 個百分點；或在中位數增加約 7 億美元至約 24.3 億美元。

Last quarter, we shared a preliminary view of approximately 30% growth from the midpoint of our then current fiscal 2026 outlook. Using that same fiscal 2026 outlook midpoint as the starting point, our current fiscal 2027 midpoint represents growth of approximately 45%. The range reflects different growth expectations across our businesses as well as variability in customer deployment schedules and the availability, lead times, and cost of certain products and components.

上季我們分享了初步看法：相較於當時 2026 會計年度展望的中位數，約有 30% 的成長。以同一個 2026 會計年度展望中位數作為起點，我們目前 2027 會計年度的中位數代表約 45% 的成長。該區間反映我們各業務不同的成長預期，以及客戶部署時程的變動性，並包含特定產品與零組件的可得性、交期與成本等因素。

Our record backlog, together with the demand we are seeing across the business provides a strong foundation for our fiscal 2027 growth expectations. At the same time, customer deployment schedules, product availability, and evolving memory market conditions could affect the mix and cadence of net sales throughout the year. We believe the range appropriately balances the opportunities ahead with these execution and market variables.

我們創紀錄的在手訂單，加上我們在整體業務所看到的需求，為 2027 會計年度的成長預期提供了堅實基礎。同時，客戶部署時程、產品可得性，以及記憶體市場狀況的演變，可能影響全年淨銷售額的組合與節奏。我們認為該區間在兼顧未來機會與這些執行及市場變數之間取得了適當平衡。

Looking at the net sales outlook by segment, for advanced computing, we expect full year net sales to grow approximately 40% at the midpoint, plus or minus 10 percentage points, driven by continued momentum in non-hyperscale AI infrastructure partially offset by the absence of edge sales and lower expected hyperscale sales.

按部門來看淨銷售額展望：在先進運算方面，我們預期全年淨銷售額在中位數將成長約 40%，上下浮動 10 個百分點，主要由非超大規模（non-hyperscale）AI 基礎設施的持續動能帶動，部分被邊緣（edge）銷售缺席以及預期超大規模（hyperscale）銷售較低所抵銷。

For integrated memory, we expect full year net sales to grow approximately 50% at the midpoint, plus or minus 10 percentage points driven by continued strong demand for memory supporting AI-driven data center applications. And for optimized LED, we expect full year net sales to be relatively flat year-over-year as we continue to manage the business with discipline. We expect full year gross margin of approximately 28%, plus or minus 2 percentage points.

在整合式記憶體方面，我們預期全年淨銷售額在中位數將成長約 50%，上下浮動 10 個百分點，主要由支援 AI 驅動資料中心應用的記憶體需求持續強勁所帶動。在最佳化 LED 方面，我們預期全年淨銷售額年對年大致持平，因我們將持續以嚴謹紀律管理該業務。我們預期全年毛利率約為 28%，上下浮動 2 個百分點。

Our outlook reflects the expected mix across our businesses, including the mix of hardware, software, and services as well as our current assumptions for memory pricing and costs. While these factors influence the gross margin rate, we expect net sales growth and scale to drive higher gross profit dollars.

我們的展望反映各業務預期的組合，包括硬體、軟體與服務的組合，以及我們目前對記憶體定價與成本的假設。雖然這些因素會影響毛利率水準，但我們預期淨銷售額成長與規模效益將帶動更高的毛利金額。

We expect full year operating expenses of approximately $275 million, plus or minus $10 million. Within that range, we are reallocating resources toward our highest return AI infrastructure and memory programs while holding total spending growth well below net sales growth. This disciplined investment approach, together with higher gross profit dollars, is expected to drive further operating margin expansion.

我們預期全年營業費用約為 2.75 億美元，上下浮動 1,000 萬美元。在此區間內，我們正將資源重新配置至報酬率最高的 AI 基礎設施與記憶體專案，同時將總支出成長控制在遠低於淨銷售額成長的水準。此一嚴謹的投資方式，加上更高的毛利金額，預期將推動營業利益率進一步擴張。

For the full year, we expect diluted earnings per share of approximately $4.45, plus or minus $0.70, representing growth of approximately 55% at the midpoint and exceeding our expected rate of net sales growth. The EPS outlook reflects higher gross profit dollars, disciplined operating expense growth, and further operating margin expansion. The range also allows for variability in the timing of large customer deployments as individual project schedules can shift between quarters. Our EPS outlook assumes a diluted share count of approximately 63 million shares and an effective tax rate of approximately 20%. We anticipate using this normalized rate throughout fiscal 2027, though it may change with our geographic earnings mix and developments in the global and US tax environment.

就全年而言，我們預期稀釋後每股盈餘約為 4.45 美元，上下浮動 0.70 美元；在中位數代表約 55% 的成長，且高於我們預期的淨銷售額成長率。EPS 展望反映更高的毛利金額、嚴謹的營業費用成長，以及營業利益率的進一步擴張。該區間亦納入大型客戶部署時點的變動性，因個別專案時程可能在季度間移動。我們的 EPS 展望假設稀釋後流通股數約為 6,300 萬股，且有效稅率約為 20%。我們預期在 2027 會計年度將採用此一常態化稅率，但其可能隨我們的地理獲利組合以及全球與美國稅務環境的變化而調整。

Our fiscal 2027 outlook is based on the current demand environment, backlog, customer deployment schedules, expected product mix, and our present assumptions regarding supply availability and costs. The timing of customer deployments and product availability may create variability between quarters, and certain components continue to have extended lead times that can affect project and shipment timing.

我們對2027會計年度的展望係基於目前的需求環境、在手訂單、客戶部署時程、預期的產品組合，以及我們目前對供應可得性與成本的假設。客戶部署與產品供應的時點可能造成各季度之間的波動，且部分零組件仍有較長的交期，可能影響專案與出貨時程。

Our outlook also incorporates current assumptions for memory supply and costs, which may evolve during the year, including the expected impact of new memory and AI infrastructure suppliers that strengthen our overall supply position and support growth. These factors may affect quarterly cadence and mix but are reflected in our full year planning assumptions.

我們的展望亦納入目前對記憶體供應與成本的假設；這些假設可能在年度期間演變，包括預期新記憶體與AI基礎設施供應商所帶來的影響，進一步強化我們整體供應地位並支持成長。這些因素可能影響季度節奏與組合，但已反映在我們全年規劃假設中。

Overall, our outlook reflects the momentum in our AI-driven businesses and the benefits of a more scalable operating model. We plan to invest selectively behind our highest return opportunities while maintaining expense discipline. Our objective is clear: convert strong net sales growth into higher gross profit dollars, operating margin expansion, and earnings growth that outpaces net sales growth.

整體而言，我們的展望反映了AI驅動業務的動能，以及更具可擴展性的營運模式所帶來的效益。我們計畫在最高報酬的機會上選擇性投資，同時維持費用紀律。我們的目標很明確：將強勁的淨銷售成長轉化為更高的毛利金額、營業利益率擴張，以及超越淨銷售成長的獲利成長。

Please refer to the non-GAAP financial information section and the reconciliation of GAAP to non-GAAP measures in our earnings release and the investor materials available on our website for additional detail.

更多細節請參閱我們新聞稿中的非GAAP財務資訊章節，以及GAAP與非GAAP衡量指標之調節表，並可至我們網站取得投資人資料。

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

接下來，接線員，我們準備開始問答。

(Operator Instructions) Katherine Murphy, Goldman Sachs.

(接線員指示) Katherine Murphy，高盛。

Very helpful to see the improved advanced computing segment guidance for 40% plus or minus 10% for fiscal 2027. I think last quarter, you had talked about mid-teens growth as being the preliminary starting point for your outlook there. My first question would be, can you help us think about what has improved in the last 90 days that allows you to take up your outlook for advanced computing?

看到你們將2027會計年度先進運算（advanced computing）部門指引上調至40%上下10%，非常有幫助。我記得上季你們提到，當時對該部門展望的初步起點大約是中十位數成長。我的第一個問題是：能否協助我們理解，過去90天內有哪些改善，使你們得以上調先進運算的展望？

And as a follow-up, as Penguin expands more into the neo cloud customer type, how does that change the unit economics relative to some of the enterprise customers and quant wins that you had in the first part of 2026? Is there more hardware? How do we think about the margin impact? Anything that you could share to help us from a modeling perspective would be helpful.

另外追問，隨著Penguin更進一步擴展到新型雲（neo cloud）客戶類型，與2026年上半年你們取得的一些企業客戶與量化（quant）案子相比，單位經濟（unit economics）會如何改變？硬體占比會更高嗎？我們該如何看待對毛利率的影響？若能分享任何有助於我們建模的資訊，將非常有幫助。

Thanks, Kat, for the questions. To your first question about our initial preliminary guidance last quarter in the mid-teens over to 40% advanced computing, mainly driven by AI infrastructure. So this is primarily the growth that we have seen since the last earnings announcement. The booking strength, we have booked more than we expected, and we have a very strong pipeline and as you heard, some of these bookings that I shared as examples, give us the confidence that our memory business strength continues and our AI infrastructure is further accelerating, which is really resulting into the increased guidance for AI infrastructure, driving advanced computing guidance and also increasing the guidance at the company level, primarily driven by AI infrastructure.

謝謝你，Kat，提出這些問題。針對第一個問題，關於我們上季初步指引從中十位數成長上調到先進運算40%，主要是由AI基礎設施所帶動。因此，這主要反映自上次財報公告以來我們所看到的成長。在接單力道方面，我們的接單超出預期，且管線非常強勁；如你所聽到的，我分享的一些接單案例讓我們更有信心：記憶體業務的強勁動能持續，AI基礎設施進一步加速，這確實帶動AI基礎設施指引上調，進而推升先進運算指引，也同時上調公司層級指引，主要同樣由AI基礎設施所驅動。

And on your question about neo clouds and unit economics. Unit economics are quite similar to our enterprise on-premise AI factory deployments. However, one of the things we have observed with the neo cloud customers, we have a pretty unique product market fit for these neo cloud customers. As in, we can provide them end-to-end build and operate their factories on their behalf, including procurement of the hardware, end-to-end designing the hardware, building the data center, and then taking on the management of the data centers, day 2 and beyond for up to three to five years, as I shared in some of the examples, along with our ClusterWare, which is really our differentiation in terms of how we deliver the services and, more importantly, meet the SLAs, which are really important for these neo cloud customers to be able to provide SLAs to their offtakers.

至於你問到新型雲與單位經濟。單位經濟與我們企業端在地端（on-premise）AI工廠部署相當類似。不過，我們觀察到的一點是：對這些新型雲客戶而言，我們有相當獨特的產品市場契合度（product-market fit）。也就是說，我們可以代表他們提供端到端的建置與營運其工廠，包括硬體採購、端到端硬體設計、資料中心建置，並在之後承接資料中心的管理（第二天起及之後），期限可達三到五年；如我在部分案例中所分享的，再加上我們的ClusterWare，這是我們在服務交付方式上的差異化，更重要的是能達成SLA，而這對新型雲客戶非常重要，因為他們需要對其承購方（offtakers）提供SLA。

But all in all, similar unit economics, further expansion, and pretty unique product market fit with neo cloud customers.

總體而言，單位經濟相近、持續擴張，且在新型雲客戶上具備相當獨特的產品市場契合度。

Sajal Dogra, Rosenblatt Securities.

Sajal Dogra，Rosenblatt Securities。

You're essentially front-running my bull case by a full year, so congrats. I guess for my question, on your previous outlook, your revenue growth and earnings growth was roughly in line but now you're finally showing operating leverage for next year. So I just want to understand what's changed versus 90 days ago that's allowed you to drive that earnings expansion? And I was wondering, like, is that all -- like is it -- how much of that is memory or are we finally seeing some margin expansion in advanced computing as well?

你們基本上把我看多的情境提前了一整年，所以恭喜。我的問題是：在你們先前的展望中，營收成長與獲利成長大致同步，但現在你們終於在明年展現了營運槓桿。我想了解，相較於90天前，究竟有哪些改變讓你們能推動這樣的獲利擴張？另外我也想問：這是否全部來自記憶體？還是我們也終於在先進運算看到一些毛利率擴張？

Sure. So Sajal, first of all, the outlook we've provided last quarter was more of a color and preliminary outlook than the actual outlook because it was sooner than we provide, right? As typically, we provide in Q4 earnings, the time frame where we are providing the update. So that was much more directional versus what we are providing is looking at all the aspects, and we have more visibility and more clarity, and also the confidence of operating in this new model where if you look at Q3, our EPS grew faster than net sales company level. And then same in Q4, net sales grew 68% versus the EPS growth of 13%.

好的。Sajal，首先，我們上季提供的展望更像是一些補充說明與初步方向，而非正式展望，因為時間點比我們通常提供展望的時點更早，對吧？一般而言，我們會在第四季財報時提供展望更新，也就是我們這次更新的時間框架。因此，上次比較偏方向性；而這次我們提供的是綜合考量各項面向後的結果，我們有更高的能見度與更清楚的掌握，也更有信心在這個新模式下營運——如果你看第三季，我們公司層級的EPS成長快於淨銷售成長。而第四季也是如此，淨銷售成長68%，相較之下EPS成長13%。

And the line of sight we have in terms of the bookings and then the conversion ratios and so on and so forth, we have much more clarity and it is much more of a formal outlook than the high-level color we provided directionally. So as we are closer, we have more visibility, and we have more confidence in continuing the model as we scale the business.

就我們在接單、轉換比率等方面的可視性而言，我們現在清楚得多；這也更像是一份正式展望，而不是我們先前以方向性方式提供的高層次補充說明。因此，隨著時間更接近，我們有更高的能見度，也更有信心在業務擴張時持續沿用這個模式。

And in terms of the margins at the segment level, we won't disclose the margins at the segment level. But I can tell you at the high level, memory continues to be strong, stronger than we expected, given the value we provide and the focus on the data center.

至於部門層級的毛利率，我們不會揭露部門層級毛利率。但我可以在高層次上說明：記憶體持續強勁，且比我們原先預期更強，這與我們所提供的價值以及對資料中心的聚焦有關。

Advanced computing overall has the advantage of the services and the software. However, as we increasingly have the wins where we have both hardware and the software, AI infrastructure may have some downward pressure but at the same time, the advantage of ClusterWare, software as well as the services, has a very high attach rate in general with these opportunities that I shared in the earnings call earlier and the rest of the pipeline we see. So that's at the high level, to give you an idea of how we are looking at the segment margins.

先進運算整體具備服務與軟體的優勢。不過，隨著我們愈來愈多取得同時包含硬體與軟體的案子，AI基礎設施可能會帶來一些向下的壓力；但同時，ClusterWare、軟體以及服務的優勢，在我先前財報電話會議中分享的這些機會以及我們看到的其餘管線中，通常都有非常高的附加率（attach rate）。以上是高層次的說明，讓你了解我們如何看待部門毛利率。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yes, really appreciate it. What are some of just sort of in keeping with Kash, Aaron, and Stephen welcome. The dynamics that are sort of underpinning sort of the -- not just the increase in the fiscal year '27 guide, but the acceleration of the growth rate, actually, across the key businesses. What are some of the mechanics that you're seeing out there in the marketplace that are leading to sort of increase neo cloud capture? What are you seeing, to the degree that you're able to discern, from commercial enterprise?

是的，非常感謝。延續Kash、Aaron與Stephen剛才的內容，歡迎加入。想請教一些支撐因素：不僅是2027會計年度指引上調，還包括關鍵業務整體成長率的加速。你們在市場上看到哪些運作機制（mechanics）正在推動新型雲（neo cloud）滲透率提升？在你們能夠辨識的範圍內，從商業企業端（commercial enterprise）你們又看到了什麼？

And would love to just get a little context, if it's worth providing, on the degree that we've the NVIDIA and Dell relationship are actually contributing to some of these dynamics at an increased pace.

也想請您稍微提供一些背景（若方便的話），說明我們與 NVIDIA 以及 Dell 的合作關係，在多大程度上正以更快的速度推動其中一些動態。

Sure, Ananda. So starting with the acceleration of the business, as I mentioned earlier, part of it is the increased visibility that we are seeing as well as the growth acceleration. We believe one of the competitive advantage we have is we are not a product company that is just providing the hardware and leaving at the doorstep of the customers, we actually worked with them much earlier in the cycle, get involved in their design based on the requirements they have, whether they are a large enterprise customer deploying an on-premise factory or a neo cloud provider and then work with them consultatively understanding their requirement to -- if it is a neo cloud provider, what is their SLAs, who are their customers, and how can we align the design to meet their requirements? So that consultative aspect and especially the fact that we've been doing it for more than two decades. That's an advantage.

當然，Ananda。關於業務加速，如我先前提到的，其中一部分來自於我們所看到的能見度提升以及成長加速。我們認為自身的一項競爭優勢在於：我們不是那種只提供硬體、把產品送到客戶門口就結束的產品公司；我們其實在更早的週期就與客戶合作，依據他們的需求參與設計——不論是大型企業客戶在部署自建（on-premise）的工廠，或是新型雲端（neo cloud）供應商——我們都會以顧問式方式與他們合作，理解其需求：如果是新型雲端供應商，他們的 SLA 是什麼、他們的客戶是誰、我們如何調整設計以符合其需求？這種顧問式的參與，尤其是我們已經做了二十多年。這就是一項優勢。

So our team was working with NVIDIA designing these clusters for more than a decade. So we have this advantage of understanding the architecture. The discussions are at the architecture level. We have the software, the ClusterWare that brings together all of these elements and makes it much more easier to build and manage these factories. And then end-to-end staying with them and helping them manage, as a part of our managed services, for them to get those outcomes when they are investing so much capital in these AI factories or data center is really a unique advantage as compared to the alternatives they have whether they go to product-only companies or services companies, there isn't a unique combination that we provide with our platform between the products we have and the services that we provide. So that's one of the advantage we are realizing is helping us.

因此，我們的團隊與 NVIDIA 合作設計這些叢集已經超過十年。我們因此具備理解架構的優勢。我們的討論是在架構層級進行。我們有軟體 ClusterWare，把所有這些要素整合在一起，讓建置與管理這些工廠變得更容易。此外，我們端到端地陪伴客戶，並透過我們的代管服務協助他們管理，讓他們在投入大量資本於這些 AI 工廠或資料中心時，能真正取得成果；相較於他們的其他選擇——不論是只做產品的公司或只做服務的公司——這是一項非常獨特的優勢，因為在我們的平台上，產品與服務形成了他們所沒有的獨特組合。因此，這是我們正在體現、並且正在幫助我們的一項優勢。

NVIDIA partnership is certainly helping us because we are -- we were recently nominated by NVIDIA as the AI Factory Specialized Partner. We are the -- one of the few handful of partners they have and this is really the experience working with them and all of the things our team is capable of between design, build, deploy, and manage helps us have that credibility. But again, when we get involved in these designs and we are having the white-boarding sessions with the customers to meet their requirement, that's a very unique, competitive advantage we have along with our products. So that's mainly for, obviously, AI infrastructure, which is accelerating.

與 NVIDIA 的合作夥伴關係確實在幫助我們，因為我們——我們最近被 NVIDIA 提名為 AI Factory Specialized Partner。我們是他們少數幾家合作夥伴之一，而這主要來自於我們與他們合作的經驗，以及我們團隊在設計、建置、部署與管理方面的能力，讓我們具備這樣的可信度。但再說一次，當我們參與這些設計、並與客戶進行白板討論（white-boarding sessions）以滿足其需求時，這加上我們的產品，構成了非常獨特的競爭優勢。所以這主要是針對——很明顯——正在加速的 AI 基礎設施。

In the Memory business, one of the things we have done since we launched our AI factory platform strategy midway through the fiscal 2026, we've been focusing more on the data centers for two reasons: one is the fact that while memory demand is high, everywhere in other segments, including the consumer segments, we believe that demand may still be just a demand and supply dynamics and maybe cyclical however, the demand in the data center for memory is driven by AI, especially with the agentic AI workloads, which are automating the workflow and creating, really, the productivity for the enterprises, that is going to sustain much longer.

在記憶體業務方面，自從我們在 2026 會計年度中期推出 AI 工廠平台策略以來，我們更聚焦於資料中心，原因有二：第一，雖然記憶體需求在各個領域（包括消費性市場）都很高，但我們認為那裡的需求可能仍主要是供需動態、也可能具有週期性；然而，資料中心的記憶體需求是由 AI 驅動的，特別是 agentic AI 工作負載，它們正在自動化工作流程，並真正為企業帶來生產力提升，這種需求將能維持更長時間。

And if anything, let's say, agentic AIs adopted in the enterprise is 10% because they are still getting the workflows defined and the tool is defined, for every 10% increase, that demand can double. And we continue to see that demand increasing for our memory products in the data center, so that positioning in the data center is another advantage, both in terms of increased demand as well as the durability of the demand for us.

而且如果以企業採用 agentic AI 來說，假設目前採用率是 10%，因為他們仍在定義工作流程、也在定義工具；那麼每提高 10%，需求就可能倍增。我們持續看到資料中心對我們記憶體產品的需求增加，因此在資料中心的定位對我們而言是另一項優勢，既體現在需求增加，也體現在需求的持久性。

So combine that with these two tailwinds we have, Memory business position in the data center solving memory issues, providing the solutions for OEMs, and now increasingly, providing forward-looking data center solutions such as CXL memory expansion cards. Those memory expansion cards are primarily for inference workloads and [they see] this CXL business taking up very strongly.

因此，把我們擁有的這兩股順風結合起來：記憶體業務在資料中心的定位——解決記憶體問題、為 OEM 提供解決方案——以及現在愈來愈多地提供前瞻性的資料中心解決方案，例如 CXL 記憶體擴充卡。這些記憶體擴充卡主要用於推論（inference）工作負載，而我們看到這項 CXL 業務成長非常強勁。

So the pipeline is increasing, bookings are increasing. So those newer solutions, data center-focus, inference-focus is another advantage for us as our differentiation and solving the inference challenges in the data center. So those are some of the things.

因此，管線在增加、訂單（bookings）在增加。這些較新的解決方案——聚焦資料中心、聚焦推論——也是我們的另一項優勢，作為我們的差異化，並用來解決資料中心的推論挑戰。以上是其中一些因素。

In addition to that, one more thing we are seeing is in general, going back to AI infrastructure. Within the enterprises, they are primarily using Neo cloud-as-a-Service for the AI infrastructure. However, in some cases, they are considering on-prem, especially large enterprises because of the fact that at scale when they are using inference applications, cost becomes a challenge. With -- especially with inference workloads. At that point, while they are getting the productivity, they are not seeing the ROI for the dollars they are investing and they consider on-prem factories and then we get involved, and they are looking to address their cost challenge. And they are also considering the open-weight models because that's another way for them to make the economics better as they are moving from a cloud-based service to on-premise. So these are some of the trends where we have a very unique fit between our Memory business as well as AI infrastructure business that is driving the growth for these two businesses.

除此之外，我們還看到另一件事，整體回到 AI 基礎設施來看。在企業端，他們主要使用新型雲端即服務（Neo cloud-as-a-Service）來取得 AI 基礎設施。然而在某些情況下，他們會考慮自建（on-prem），特別是大型企業，因為當規模放大、使用推論應用時，成本會成為挑戰。尤其是推論工作負載。在那個階段，雖然他們獲得了生產力提升，但就投入的金額而言，他們看不到相應的投資報酬率（ROI），因此會考慮自建工廠；接著我們就會介入，而他們希望解決成本挑戰。他們也在考慮開放權重（open-weight）模型，因為當他們從雲端服務轉向自建環境時，這也是改善經濟性的另一種方式。因此，這些趨勢使我們的記憶體業務與 AI 基礎設施業務之間形成非常獨特的契合度，並推動這兩項業務的成長。

Rustam Kanga, Citizens.

Rustam Kanga，Citizens。

Great. And congrats on a memorable close to the year with continued momentum in the AI infrastructure-driven business. Kash, you stated that the memory growth was a function of both price and volume. I believe last quarter, you made an interesting point that if you were to count the backlog that you couldn't ship because of supply constraints that, that split would be closer to even or even lean more towards volume. So I'm just curious how much of that backlog has started to convert here?

很好。也恭喜你們在年末交出令人印象深刻的成績，AI 基礎設施驅動的業務動能持續。Kash，你提到記憶體成長是價格與出貨量（volume）共同作用的結果。我記得上季你提過一個有趣的觀點：如果把因供應限制而無法出貨的積壓訂單（backlog）也算進去，那個拆分會更接近各半，甚至更偏向出貨量。所以我想了解，這些積壓訂單有多少已開始在本季轉化？

And then as you look ahead to next year, how are you thinking about that price versus volume mix in the Memory business, especially as you focus on new customers, primarily with data center solution use cases?

另外，展望明年，你如何看待記憶體業務中價格與出貨量的組合，特別是在你們聚焦新客戶、且主要以資料中心解決方案使用情境為主的情況下？

First of all, I want to give you the credit for remembering my comment. And you're right, that was what we observed last quarter, where the revenue was pretty strong record revenue for memory even though the backlog was as much as our revenue.

首先，我要稱讚你還記得我那段評論。你說得沒錯，那是我們上季的觀察：即使積壓訂單幾乎與我們的營收一樣多，記憶體營收仍然非常強勁，創下紀錄。

Fortunately, we are seeing the same trend continue. So as much as we had another record quarter for memory, our backlog, if any, is much higher than the revenue that we recognized in this quarter and the backlog now extend to at least four quarters, and it continues to strengthen, which is why we have the confidence to increase the outlook for the business.

幸運的是，我們看到同樣的趨勢仍在延續。因此，儘管本季記憶體又創下紀錄季度，我們的積壓訂單（若有的話）仍遠高於本季認列的營收，而且目前積壓訂單已延伸至少四個季度，並且持續增強，這也是為什麼我們有信心上調該業務的展望。

And it is, really, as I mentioned in the previous question that it's a function of data center-focused demand for our core Memory business as well as the new CXL-based products that we are developing had a very strong pipeline and demand because of inference taking off in the data centers.

而且，正如我在前一題提到的，這確實是資料中心導向的需求所致：一方面是我們核心記憶體業務的需求，另一方面是我們正在開發、以 CXL 為基礎的新產品，因為資料中心的推論需求起飛，帶來非常強勁的管線與需求。

Matthew Calitri, Needham & Company.

Matthew Calitri，Needham & Company。

Matt Calitri from Needham here. And great to see the strength to close the year here, including with some of those neo cloud wins you talked about. I'm wondering if you could give any more detail there on like when will these projects start and begin to like be recognized in the model and what the impact could be?

我是來自 Needham 的 Matt Calitri。很高興看到你們在年底展現出強勁的收官表現，包括你們提到的一些新型雲端（neo cloud）贏單。我想請問，你們能否就這些案子提供更多細節，例如這些專案何時會啟動、何時開始在模型中被認列，以及可能帶來的影響？

And also, like, is there anything specific to point to as to why you had so much success closing deals in the quarter? Or just like more broadly, like why now is the moment for this neo cloud opportunity?

另外，就像，你們在本季能夠成功結案這麼多交易，有沒有任何具體原因可以指出？或者更廣泛地說，為什麼現在會是這個新型雲端機會的時點？

Yes. So we are not sharing that level of details in terms of which project when, but I can tell you at the high level, most of these projects that I shared have already started as in we are managing their data centers or building their data centers. And some of them, we are in the process of procurement. So if they are not future, they are already happening.

是的。我們不會分享到那麼細的層級，例如是哪個專案在何時發生；但我可以在較高層次上說明，我剛分享的大多數專案其實都已經開始了，也就是我們正在管理他們的資料中心或為他們建置資料中心。其中一些，我們正處於採購流程中。所以這些不是未來的事，而是已經在進行中。

In fact, we were working on these projects for several months, even though some of it has accelerated into the bookings recently. We were working on these neo cloud opportunities, along with other enterprise opportunities which is why I was referring to neo cloud as a growth opportunity for us in the previous earnings announcement even if we were not in a position to share the details now that we have started working with them, and we are managing these factories, in some cases, and we are seeing increased bookings. That's why we are sharing more details, and we will continue to share more details around these neo cloud deployments.

事實上，我們已經在這些專案上投入了好幾個月，儘管其中一部分最近加速反映在接單（bookings）上。我們一直在推進這些新型雲端機會，同時也在推進其他企業級機會；這也是為什麼我在上一次財報公告中把新型雲端稱為我們的成長機會，即便當時我們還不便分享細節。現在我們已開始與他們合作，且在某些情況下我們正在管理這些工廠，並看到接單增加。因此我們才分享更多細節，並且會持續就這些新型雲端部署提供更多資訊。

But as I mentioned, one of the reason being the unique product market fit we have between the products we provide as well as our expertise in designing these AI factories or data centers, decade-long expertise, to be able to help them achieve their goals is it's a pretty unique competitive advantage we have in the market with these opportunities.

但如我所提，其中一個原因在於我們具備獨特的產品與市場契合度（product-market fit）：我們所提供的產品，以及我們在設計這些 AI 工廠或資料中心方面長達十年的專業能力，能協助他們達成目標；在市場上，面對這些機會，我們擁有相當獨特的競爭優勢。

Brian Chin, Stifel.

Brian Chin，Stifel。

Congratulations on the results, and thanks for letting us ask a question. Maybe kind of two parters here. Given that record backlog commentary coming into the fiscal year and the growth guide for computing, roughly how much of your fiscal '27 advanced computing revenue outlook is already in backlog?

恭喜你們的業績表現，也謝謝讓我們提問。我這裡可能有兩個部分。考量到你們在本財年開始時提到的創紀錄在手訂單（backlog），以及對運算（computing）的成長指引，大約有多少你們 2027 財年先進運算（advanced computing）營收展望已經包含在在手訂單中？

And then the other part of this question is obviously, really strong flow-through in terms of the model and the EPS -- non-GAAP EPS guide for next year. But on that really kind of low OpEx increase year-to-year, are you investing enough in terms of head count, retention areas to maybe kind of improve bandwidth and utilization and go after more projects? With the revenue growth, it seems like you have a lot of coverage maybe to invest even more.

然後這個問題的另一部分是，很明顯你們在模型上的流轉（flow-through）非常強勁，以及明年非 GAAP EPS 指引。但在營業費用（OpEx）年對年增幅很低的情況下，你們在人力、留才等方面的投資是否足夠，以便提升產能/帶寬與利用率並爭取更多專案？以營收成長來看，似乎你們有很大的空間可以投入更多。

Right. So let me address your first question. We are not sharing the details of how much of our backlog is covering the revenue. However, I can tell you at the high-level, it's pretty strong, pretty strong backlog across both, memory as well as AI infrastructure. That's what we'd referred to a record backlog.

好的。我先回答你的第一個問題。我們不會分享在手訂單覆蓋營收的具體比例。不過我可以在高層次上說，我們在記憶體以及 AI 基礎設施兩個領域的在手訂單都相當強勁。這就是我們所說的創紀錄在手訂單。

And in terms of your question about operating expenses. So when we say the strong operating leverage, it is really a function of the efficient operating model we have.

至於你關於營業費用的問題。當我們說營運槓桿很強，主要是因為我們擁有高效率的營運模式。

And when I say efficient operating model, to be specific, for example, for R&D, research and development, and our engineering. Predominantly 95%-plus of our engineering is in India, low-cost location which gives us an advantage to scale much more cost effectively.

我所說的高效率營運模式，具體來說，例如在研發（R&D）、研究與開發，以及我們的工程團隊方面。我們超過 95% 的工程人力主要在印度，屬於低成本地點，讓我們能以更具成本效益的方式擴張。

We also have our memory engineering in Taiwan, another cost-effective location. So even as we scale, our cost is very efficient as compared to other companies who may not have as much of a cost-efficient model.

我們也在台灣設有記憶體工程團隊，這也是另一個具成本效益的地點。因此即使我們擴張，相較於其他可能沒有如此高成本效率模式的公司，我們的成本仍然非常有效率。

And then our manufacturing is in Malaysia, all low-cost location even as the business scales, that's a fixed cost for us as we add that capacity and we have the capacity. So even if we add the capacity, the cost or the expenses don't increase linearly with that revenue.

另外，我們的製造在馬來西亞，這些都是低成本地點；即使業務擴張，當我們增加產能且具備產能時，對我們而言那是固定成本。因此即便我們增加產能，成本或費用也不會隨著營收線性增加。

We are also using AI pretty extensively in -- across the company. So for almost eight or nine months, we've had a lot of productivity gains. As an example, 100% of our software engineers wherever they are, are using code generation for -- so AI for code generation, which is helping us scale beyond what we can do in a traditional model. We are using AI in pretty much every functions, including finance, legal, and that is helping us scale much more effectively. So between building this model and locations that are in cost-effective location and scaling in those areas as well as using AI, it is a pretty efficient model.

我們也在公司各處相當廣泛地使用 AI。因此在過去大約八到九個月，我們獲得了大量的生產力提升。例如，我們 100% 的軟體工程師不論身在何處，都在使用程式碼生成——也就是用 AI 來做程式碼生成——這讓我們能夠超越傳統模式所能達到的擴張幅度。我們幾乎在每個職能都使用 AI，包括財務、法務，這幫助我們更有效率地擴張。因此，結合我們建立的這套模式、具成本效益的據點並在那些領域擴張，以及使用 AI，這是一個相當高效率的模式。

But to answer your questions, for sure, we are investing in innovation, which is why we are winning more. The products I mentioned, ClusterWareAI the differentiation, helping us win more CXL for the memory products is another advantage, and we will continue to invest more. So while the dollars may not seem to increase the productivity as well as the scale is increasing, based on our efficient model driving the operating leverage, which allows us to continue to deliver more profitability.

但為了回答你的問題，毫無疑問，我們正在投資創新，這也是我們能贏得更多案子的原因。我提到的產品，例如 ClusterWareAI 的差異化，正在幫助我們贏得更多；在記憶體產品方面，CXL 也是另一項優勢，而我們會持續加大投資。所以雖然費用金額看起來未必增加很多，但由於我們高效率的模式帶來生產力提升與規模擴張，進而形成營運槓桿，使我們能持續帶來更高的獲利能力。

And if you look at our operating profit is a record of $90 million, was a record last quarter, almost $64 million. And we continue to expect that while we will drive profitable growth but based on a scalable model, efficient model we have created, we can increasingly invest in innovation, and we will even though the productivity will continue to increase for the company.

如果你看我們的營業利益，本季創下 9,000 萬美元的紀錄；上一季也創下接近 6,400 萬美元的紀錄。我們也持續預期，在推動獲利性成長的同時，基於我們打造的可擴展且高效率的模式，我們能夠逐步加大對創新的投資；我們也會這麼做，即便公司的生產力仍將持續提升。

There will be no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有進一步的提問。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。