Quantum Corp (QMCO) 2023 Q4 法說會逐字稿

Greetings. Welcome to Quantum's Fourth Quarter and Fiscal Year 2023 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加昆騰第四季和 2023 財年財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Brian Cabrera, Quantum's Chief Administrative Officer. Thank you. You may begin.

我現在將會議交給量子公司首席行政官布萊恩‧卡布雷拉 (Brian Cabrera)。謝謝。你可以開始了。

Good morning, and thank you for joining today's conference call to discuss Quantum's fourth quarter and fiscal 2023 financial results. I'm Brian Cabrera, Quantum's Chief Administrative Officer. Speaking first today is Jamie Lerner, our Chairman and CEO; followed by Ken Gianella, our CFO. We'll then open the call to questions from analysts.

早安，感謝您參加今天的電話會議，討論昆騰第四季度和 2023 財年的財務業績。我是布萊恩‧卡布雷拉 (Brian Cabrera)，量子公司的首席行政官。今天首先發言的是我們的董事長兼執行長 Jamie Lerner；其次是我們的財務長 Ken Gianella。然後我們將開始接受分析師提問。

Some of our comments during the call today may include forward-looking statements. All statements other than statements of historical facts should be viewed as forward-looking, including any projections of revenue, margins, expenses, adjusted EBITDA, adjusted net income, cash flows or other financial, operational or performance topics. These statements involve known and unknown risks and uncertainties we've referred to as risk factors. Risk factors may cause our actual results to differ materially from our forecast.

我們在今天的電話會議上發表的一些評論可能包含前瞻性陳述。除歷史事實陳述外的所有陳述應被視為前瞻性陳述，包括對收入、利潤、費用、調整後 EBITDA、調整後淨利潤、現金流量或其他財務、營運或業績主題的任何預測。這些陳述涉及已知和未知的風險和不確定性，我們稱之為風險因素。風險因素可能導致我們的實際結果與我們的預測有重大差異。

For more information please refer to the detailed descriptions we provide about these and additional risk factors under the "Risk Factors" section in our 10-Qs and 10-K filed with the Securities and Exchange Commission. We do not intend to update or alter our forward-looking statements once they are issued, whether as a result of new information, future events or otherwise, except, of course, as we are required by applicable law.

如需了解更多信息，請參閱我們向美國證券交易委員會提交的 10-Q 和 10-K 中“風險因素”部分提供的有關這些風險因素和其他風險因素的詳細說明。我們不打算在前瞻性聲明發布後對其進行更新或更改，無論是由於新資訊、未來事件或其他原因，當然，適用法律要求的情況除外。

Please note that our press release and our financial statements we make during today's call and the management statements we make during today's call will include certain financial information in GAAP and non-GAAP measures. We include definitions and reconciliations of GAAP to non-GAAP items in our press release.

請注意，我們在今天的電話會議中發布的新聞稿和財務報表以及我們在今天的電話會議中發布的管理層聲明將包括按照公認會計原則和非公認會計原則衡量的某些財務資訊。我們在新聞稿中包含了 GAAP 與非 GAAP 項目的定義與調整。

Now I would like to turn the call over to our Chairman and CEO, Jamie Lerner. Jamie?

現在我想將電話轉給我們的董事長兼執行長 Jamie Lerner。傑米？

Thank you, Brian, and thank you all for joining us today. Earlier today, we announced our results for our fourth quarter and full fiscal 2023 with revenue results that exceeded the high end of guidance.

謝謝你，布萊恩，也謝謝大家今天加入我們。今天早些時候，我們公佈了第四季度和 2023 財年的業績，收入結果超出了指導上限。

We are pleased with the revenue results. We feel good about the supply chain, and we're excited about recent product launches, but we have work to do in fiscal year 2024 to improve our bottom line results. Today, Ken and I will walk through actions we have taken to strengthen our company and deliver adjusted EBITDA of at least $20 million, as we described in our press release.

我們對收入結果感到滿意。我們對供應鏈感覺良好，並且對最近的產品發布感到興奮，但我們在 2024 財年還有很多工作要做，以提高我們的利潤。今天，Ken 和我將介紹我們為增強公司實力並實現至少 2000 萬美元的調整後 EBITDA 所採取的行動，正如我們在新聞稿中所述。

Turning to Slide 3. Here is a brief overview of the results from the quarter and the full fiscal year. We finished the quarter with $105.3 million in revenue, above the high end of guidance and an increase of 10.7% year-over-year. Non-GAAP gross margin of 35.5%. Adjusted EBITDA of $1 million compared to $400,000 a year ago, driven by higher revenue and improved operating performance.

轉向投影片 3。本季我們的營收為 1.053 億美元，高於指導上限，年增 10.7%。非 GAAP 毛利率為 35.5%。由於營收增加和經營業績改善，調整後 EBITDA 為 100 萬美元，而去年同期為 40 萬美元。

For the full fiscal year 2023, we delivered revenue of $412.8 million, an increase of 10.7% year-over-year, primarily driven by strong demand from hyperscale customers and growth in our video surveillance business. Non-GAAP gross profit in fiscal 2023 was $147 million or 35.6% of revenue, primarily driven by a higher mix of low-margin hyperscaler business, along with inflationary cost pressures in our supply chain. And adjusted EBITDA in fiscal 2023 was $11.8 million.

2023 財年，我們營收 4.128 億美元，年增 10.7%，這主要是受到超大規模客戶的強勁需求和視訊監控業務成長的推動。 2023 財年的非 GAAP 毛利為 1.47 億美元，佔營收的 35.6%，這主要是由於低利潤超大規模業務的增加以及我們供應鏈中的通膨成本壓力所致。 2023 財政年度調整後 EBITDA 為 1,180 萬美元。

Now turning to Slide 4. I would like to share some operational insights from the quarter. We exceeded revenue and EBITDA guidance in fiscal Q4 based on another strong quarter of hyperscale sales, a sequential increase in royalty revenue and improved operational execution. We had an incredible year of hyperscale sales with 2x revenue growth versus the prior year. As we discussed, that segment is characterized by generally lower margins. So, the hyperscale business has had a strong influence on our revenue and margin mix profile.

現在轉向投影片 4。由於超大規模銷售又一個強勁的季度、特許權使用費收入的連續增長以及營運執行力的改善，我們在第四財季超出了收入和 EBITDA 指導。我們的超大規模銷售取得了令人難以置信的一年，收入比前一年增長了 2 倍。正如我們所討論的，該細分市場的特點是利潤率普遍較低。因此，超大規模業務對我們的營收和利潤率組合狀況產生了重大影響。

In addition to strong hyperscale sales, we are pleased with the progress we are seeing in our video surveillance business and improving our efforts to sell the full portfolio of products. We continue to see improving conditions internationally, and we are starting to realize the results of our transformation work, especially in the Americas.

除了強勁的超大規模銷售之外，我們對視訊監控業務所取得的進展以及我們銷售全產品組合的努力的改進感到高興。我們繼續看到國際情勢不斷改善，我們開始實現轉型工作的成果，特別是在美洲。

As an example, we are seeing a higher volume of large deals becoming a bigger component of our revenue mix in the pipeline. As part of the sales transformation, we are directly engaging in larger "Enterprise" deals, especially in areas of repatriation of data back on Premise from Cloud providers. We also are extremely encouraged that our end-to-end portfolio of products is gaining traction, supporting AI/ML projects and expanding deeper to other verticals.

舉例來說，我們看到越來越多的大型交易成為我們正在醞釀的收入組合的更大組成部分。作為銷售轉型的一部分，我們直接參與更大的「企業」交易，特別是在從雲端供應商將資料傳回本地的領域。我們也感到非常鼓舞的是，我們的端到端產品組合正在獲得關注，支援人工智慧/機器學習項目，並更深入地擴展到其他垂直領域。

An illustration of this was a large-scale deal we closed in the financial sector at one of the largest banks in Asia and a [Fortune 50] (corrected by company after the call) company.

一個例子就是我們在金融領域與亞洲最大的銀行之一和一家[財富 50 強]（由公司在電話會議後更正）公司完成的一項大規模交易。

We are also working on several OEM partnership opportunities with global technology providers. Just this past quarter, we secured an ActiveScale OEM win at a global provider of video streaming solutions that will add to our subscription ARR in fiscal year 2024.

我們也致力於與全球技術供應商建立多個 OEM 合作機會。就在上個季度，我們贏得了全球視訊串流解決方案供應商的 ActiveScale OEM，這將增加我們 2024 財年的訂閱 ARR。

Expanding our solution footprint at existing accounts is a key part of our strategy. It is also notable that in fiscal Q4, we are selected by a West Coast Major League Baseball team to provide AI-driven analytics for their video and image content. This team is an existing Quantum StorNext customer, and we were able to drive a broader engagement with them to help them catalog, analyze and enrich their content to drive better fan engagement. This is a perfect example of our end-to-end strategy coming together and represents the opportunity in front of us to move from storing data to analyzing, managing, and enriching it to drive improved business outcomes.

擴大現有客戶的解決方案涵蓋範圍是我們策略的關鍵部分。另外值得注意的是，在第四財季，西岸美國職棒大聯盟球隊選擇我們為其影片和影像內容提供人工智慧驅動的分析。團隊是 Quantum StorNext 的現有客戶，我們能夠推動與他們更廣泛的互動，幫助他們編目、分析和豐富其內容，從而提高粉絲參與度。這是我們端到端策略整合的完美例子，代表了我們面前的機會，從儲存數據轉向分析、管理和豐富數據，以推動改善業務成果。

These sales highlights are just an example of our sales transformation strategy. As we focus our execution to improve revenue mix, this includes growing Total Annual Recurring Revenue.

這些銷售亮點只是我們銷售轉型策略的一個例子。當我們專注於改善收入組合時，這包括不斷增長的年度經常性收入總額。

Another positive indicator in fiscal year 2023 was that we grew the subscription ARR by 81% year-over-year to $13.4 million in subscription ARR and over $22 million in TCV bookings. We anticipate our continued innovation will accelerate future growth of subscription ARR into new markets for us, such as the high-growth all-flash storage market.

2023 財年的另一個正面指標是，我們的訂閱 ARR 年成長 81%，達到 1,340 萬美元的訂閱 ARR，以及超過 2,200 萬美元的 TCV 預訂。我們預計，我們的持續創新將加速未來訂閱 ARR 的成長，進入新市場，例如高成長的全快閃儲存市場。

Driving improved operational efficiency is another part of our transformation. Our supply chain continues to stabilize and improve with greater parts availability and at lower costs, and we expect that to carry forward into fiscal year 2024.

提高營運效率是我們轉型的另一部分。我們的供應鏈持續穩定和改善，零件供應量更大，成本更低，我們預計這種情況將延續到 2024 財年。

Also, our focused efforts to improve working capital and decrease inventory, yielded positive results to further strengthen our company.

此外，我們專注於改善營運資金和減少庫存，取得了積極成果，進一步增強了我們的公司實力。

As we execute our strategy, it is important that we operate our company to drive profitable growth. To that end, we recently implemented a global efficiency plan and worked with our lenders to improve our strategic flexibility by securing additional liquidity through an upsizing of our existing debt. Ken will discuss these items in more detail during his prepared remarks.

在我們執行策略時，營運公司以推動獲利成長非常重要。為此，我們最近實施了一項全球效率計劃，並與貸款機構合作，透過擴大現有債務來確保額外的流動性，從而提高我們的策略靈活性。肯將在他準備好的演講中更詳細地討論這些項目。

Turning to Slide 5, I would like to give you an update on our product innovation progress. On April 3, we announced Myriad, a new all-flash storage platform for the enterprise. This is a huge milestone for the company and introduces a totally modern software design to one of the highest growth segments in storage right now. The initial reception has been incredible, starting with phenomenal press coverage and positive reception from industry analysts and experts. We then showcased Myriad at the NAB trade show, which is the largest broadcast trade show in the world, with an opportunity for us to meet with our customers in this space.

轉向投影片 5，我想向您介紹我們產品創新進展的最新情況。 4 月 3 日，我們發布了 Myriad，這是一款面向企業的全新全快閃儲存平台。這對公司來說是一個巨大的里程碑，並將完全現代化的軟體設計引入目前儲存領域成長最快的領域之一。最初的反響令人難以置信，首先是驚人的媒體報告以及行業分析師和專家的積極反響。然後，我們在 NAB 貿易展上展示了 Myriad，這是世界上最大的廣播貿易展，讓我們有機會與該領域的客戶見面。

The reception from our customers and partners has been outstanding. They were frankly blown away that Quantum has been able to develop an all-new software-defined storage platform to address this space. And the innovation was recognized by the industry with Myriad winning 3 industry awards, including this year's NAB Show Product of the Year.

我們的客戶和合作夥伴的接待非常出色。坦白說，他們對昆騰能夠開發出全新的軟體定義儲存平台來解決這一領域感到震驚。這項創新得到了業界的認可，Myriad 榮獲 3 項行業獎項，其中包括今年的 NAB Show 年度產品獎。

We also introduced the latest version of our Unified Surveillance Platform software at the ISC West Trade Show in March. The Unified Surveillance Platform is the culmination of our strategy to combine the best software innovation from Pivot3 with a totally modern software platform that can run on any hardware. The Unified Surveillance Platform has also been recognized with multiple industry awards and will be a key opportunity for us to build on the success we achieved in our video surveillance business this year.

我們也在三月的 ISC West 貿易展上推出了最新版本的統一監控平台軟體。統一監控平台是我們策略的巔峰之作，該策略將 Pivot3 的最佳軟體創新與可在任何硬體上運行的完全現代化的軟體平台相結合。統一監控平台也獲得了許多行業獎項，這將是我們在今年視訊監控業務取得成功的基礎上再接再厲的一個重要機會。

With the introduction of Myriad and the Unified Surveillance Platform, Quantum now offers end-to-end solutions for the world's biggest unstructured data workloads, including AI and machine learning, corporate video for entertainment, branding and communications, video surveillance, massive data lakes for archiving and digital preservation and data protection.

隨著Myriad 和統一監控平台的推出，昆騰現在為全球最大的非結構化資料工作負載提供端到端解決方案，包括人工智慧和機器學習、娛樂企業視訊、品牌和通訊、視訊監控、大量數據湖歸檔、數位保存和資料保護。

Only Quantum offers solutions that cover the entire data life cycle from high-speed ingest and processing through "forever" data archiving, along with AI-enabled data cataloging and monitoring software for managing and enriching unstructured data.

只有昆騰提供涵蓋整個資料生命週期的解決方案，從高速攝取和處理到「永久」資料歸檔，以及用於管理和豐富非結構化資料的人工智慧資料編目和監控軟體。

Now I'd like to turn it over to Ken to walk through our financial results in more detail. Ken?

現在我想請 Ken 更詳細地介紹我們的財務表現。肯？

Thank you, Jamie. Please turn to Slide 7, and I'll provide an overview of the financial results, starting with our fiscal fourth quarter.

謝謝你，傑米。請參閱投影片 7，我將概述從第四財季開始的財務表現。

As Jamie previously highlighted, strong operational execution in the fourth quarter of 2023 drove revenue above the high end of our guidance at $105.3 million. This was approximately an 11% increase year-over-year, representing our strongest fiscal fourth quarter since fiscal 2017.

正如 Jamie 先前所強調的那樣，2023 年第四季強勁的營運執行力推動收入超過我們指導的上限（1.053 億美元）。年比成長約 11%，是我們自 2017 財年以來最強勁的第四財季。

This growth was led by another strong quarter of secondary storage accounting for 42% of total revenue, up 1,000 basis points year-over-year on continued strong sales of hyperscalers.

這一增長是由二級存儲的另一個強勁季度帶動的，佔總收入的 42%，由於超大規模伺服器的持續強勁銷售，同比增長了 1,000 個基點。

Adjusted EBITDA in the fourth quarter was $1 million and above our guidance. This represents a 2.5x improvement compared with $400,000 in the prior year quarter, driven primarily by higher revenue.

第四季調整後 EBITDA 為 100 萬美元，高於我們的指引。與去年同期的 40 萬美元相比，成長了 2.5 倍，這主要是由於收入增加。

Now turning to Slide 8, I'll provide a breakdown of this quarter's revenue results and the year-over-year trends.

現在轉向幻燈片 8，我將提供本季收入結果和同比趨勢的細分。

Our presentation of revenue has been enhanced to better show the performance of our Primary and Secondary storage systems from both perpetual license and subscription delivery. Services on this slide is highlighted as our traditional Quantum Services only and does not include subscription.

我們對收入的表述進行了改進，以更好地展示我們的主儲存系統和輔助儲存系統在永久授權和訂閱交付方面的性能。此投影片上的服務僅突出顯示為我們的傳統量子服務，不包括訂閱。

Primary storage revenue was $14.4 million, down approximately 8% both year-on-year and sequentially. Secondary storage systems revenue increased 40% year-over-year and decreased 12% sequentially to $46 million or approximately 44% of total revenue. While our sales to hyperscale customers were down sequentially, the significant traction we have achieved in the hyperscale vertical continued with 62% year-over-year growth.

主儲存收入為 1,440 萬美元，年比和季減約 8%。二級儲存系統營收年增 40%，季減 12%，至 4,600 萬美元，約佔總收入的 44%。雖然我們對超大規模客戶的銷售額連續下降，但我們在超大規模垂直市場上取得的顯著牽引力持續保持，年增 62%。

Looking at our Services business revenue in the fourth quarter was $29.9 million, down approximately 6% over year due to a continued decline in support renewal revenue driven by end-of-service-life on our older tape product lines. We anticipate the declines in Services revenue to begin to level off in the first half of this fiscal year.

看看我們第四季的服務業務收入為 2,990 萬美元，年減約 6%，原因是我們舊磁帶產品線的使用壽命結束導致支援續約收入持續下降。我們預計服務收入的下降將在本財年上半年開始趨於穩定。

Next, in Devices and Media, while there was some sequential improvement, revenue was down approximately $600,000 or 5% year-over-year.

接下來，在設備和媒體領域，雖然環比有所改善，但收入比去年同期下降了約 60 萬美元，即 5%。

And finally, Royalties in the quarter increased sequentially and year-over-year to $4 million.

最後，本季的特許權使用費季增至 400 萬美元。

Moving to Slide 9, I want to provide a review of our Annual Recurring Revenue and Subscription metrics.

前往投影片 9，我想回顧我們的年度經常性收入和訂閱指標。

Total Annual Recurring Revenue, or ARR, for the full year 2023 was approximately 38% of our total revenue at $155.9 million, with the gross margin on the combined business being approximately 62%. As a company, we are focused on improving our total ARR by maximizing our Quantum Service opportunities to both our partners and customers globally, combined with our strategic shift to delivering more of our solutions via software and service subscriptions.

2023 年全年的年度經常性總收入 (ARR) 約為 1.559 億美元，佔總收入的 38%，合併後業務的毛利率約為 62%。作為一家公司，我們致力於透過最大限度地為全球合作夥伴和客戶提供量子服務機會，並結合我們透過軟體和服務訂閱提供更多解決方案的策略轉變，來提高我們的總 ARR。

Our Subscription offering is a strong proof point of the success of our business transition efforts. The Subscription portion of our total ARR increased approximately 81% year-over-year and approximately 20% sequentially in the fourth quarter to $13.4 million. Today, we have over 734 cumulative active customers with over 78% of our new software sales being subscription, up from only 25% in the prior year.

我們的訂閱產品是我們業務轉型努力成功的有力證明。第四季度，我們的總 ARR 中的訂閱部分年增約 81%，較上季成長約 20%，達到 1,340 萬美元。如今，我們累計擁有超過 734 個活躍客戶，超過 78% 的新軟體銷售額來自訂閱，而去年這一比例僅為 25%。

As a reminder, Quantum now has subscription offerings that span our full portfolio, with the exception of tape. Plus, we are very encouraged by the progress we are seeing in the renewal of initial subscriptions in early fiscal 2024.

提醒一下，昆騰現在提供涵蓋除磁帶之外的整個產品組合的訂閱產品。此外，我們對 2024 財年初初始訂閱續約方面所取得的進展感到非常鼓舞。

Now turning to Slide 10, let's review our fourth quarter GAAP results. GAAP gross margin for the fourth quarter was 30.2%, which reflected the unique product mix that we discussed last quarter as well as a $5.3 million nonrecurring inventory reserve adjustment caused by pandemic-driven excess and obsolescence of certain inventory due to legacy products being discontinued.

現在轉向幻燈片 10，讓我們回顧一下我們第四季度的 GAAP 結果。第四季的GAAP 毛利率為30.2%，這反映了我們上季度討論的獨特產品組合，以及由於流行病導致的遺留產品停產導致某些庫存過剩和過時而導致的530 萬美元的非經常性庫存儲備調整。

GAAP net loss in the fourth quarter was $13.6 million or a loss of $0.15 per share. The increase in loss per share was primarily due to the previously mentioned gross margin, and as anticipated, higher operating expenses.

第四季 GAAP 淨虧損為 1,360 萬美元，即每股虧損 0.15 美元。每股虧損增加主要是由於前面提到的毛利率以及預期的營運費用增加。

Now turning to Slide 11 for non-GAAP metrics. Non-GAAP gross margin for the fourth quarter was 35.5% compared with 38.4% in the prior year quarter and 36% sequentially. As previously mentioned, we had a large Life Sciences deal in Europe that was dilutive to gross margin, but a strategic account for us to grow long term.

現在轉向幻燈片 11 了解非 GAAP 指標。第四季非 GAAP 毛利率為 35.5%，去年同期為 38.4%，上一季為 36%。如前所述，我們在歐洲進行了一項大型生命科學交易，該交易稀釋了毛利率，但對我們來說是一個實現長期成長的策略帳戶。

Non-GAAP operating expenses were $37 million in the fourth quarter, which was flat year-over-year and an increase from the $34.5 million last quarter. The expected sequential increase was due to end-of-year commissions, seasonally higher payroll taxes and an increased investment in sales and marketing initiatives.

第四季非 GAAP 營運費用為 3,700 萬美元，與去年同期持平，較上季的 3,450 萬美元有所增加。預期的環比增長是由於年終佣金、季節性較高的工資稅以及銷售和行銷計劃投資的增加。

Non-GAAP adjusted net loss in the fourth quarter was $3.7 million or a $0.04 loss per share. And finally, adjusted EBITDA in the fourth quarter was $1 million and above our guidance.

第四季非 GAAP 調整後淨虧損為 370 萬美元，即每股虧損 0.04 美元。最後，第四季調整後的 EBITDA 為 100 萬美元，高於我們的指引。

Now turning to Slide 12, I'll provide brief highlights of our fiscal 2023 results. Full year 2023 total revenues increased $40 million or by approximately 11% to $412.8 million. Growth was driven by strong performance in secondary storage systems with our hyperscale customers.

現在轉向投影片 12，我將簡要介紹我們 2023 財年的業績。 2023 年全年總收入增加 4,000 萬美元，成長約 11%，達到 4.128 億美元。成長是由我們的超大規模客戶的二級儲存系統的強勁性能推動的。

For the full year [2023] (corrected by company after the call) adjusted EBITDA was essentially flat with the prior year at $11.8 million. This was largely a reflection of a higher mix of hyperscale business and supply chain-related headwinds in the first half of the year, which pressured gross margins. On the positive note, during the latter part of the fiscal year, supply chain headwinds and inflationary cost pressures began subsiding, and we anticipate this trend to continue into fiscal 2024.

[2023]全年（由公司在電話會議後更正）調整後的 EBITDA 與上一年基本持平，為 1180 萬美元。這在很大程度上反映了今年上半年超大規模業務和供應鏈相關不利因素的增多，這給毛利率帶來了壓力。從正面的方面來看，在本財年下半年，供應鏈阻力和通膨成本壓力開始消退，我們預計這一趨勢將持續到 2024 財年。

Moving to Slide 13 for a breakdown of fiscal year revenue results and the associated historical trends. Primary Storage revenue for the full year 2023 was $57.6 million compared to $60.7 million in the prior year. Exiting fiscal year 2023, we are seeing positive signs of recovery of our primary storage systems going forward due to increased market demand, the introduction of our Myriad platform and our multiple year investment in our U.S. and international sales teams.

請前往投影片 13，以了解財政年度收入結果和相關歷史趨勢的詳細資訊。 2023 年全年主儲存收入為 5,760 萬美元，而上一年為 6,070 萬美元。 2023 財年結束後，由於市場需求增加、Myriad 平台的推出以及我們對美國和國際銷售團隊的多年投資，我們的主儲存系統出現了復甦的積極跡象。

Secondary Storage systems revenue for the full year 2023 increased 48% or $175.5 million as we continue to see significant growth of our hyperscale business over the last 2 years. While we anticipate revenue in our secondary storage solutions to come down from fiscal 2023 levels, we expect our higher-margin DXI, ActiveScale Object Storage, and Scalar Tape Storage solutions, all to gain traction with large enterprise companies seeking a more affordable solution as repatriation of their data from cloud-based environments continues to accelerate.

由於我們在過去兩年中繼續看到超大規模業務的顯著成長，2023 年全年輔助儲存系統收入成長了 48%，即 1.755 億美元。雖然我們預計二級儲存解決方案的收入將從2023 財年的水平下降，但我們預計利潤率更高的DXI、ActiveScale 物件儲存和標量磁帶儲存解決方案都將受到大型企業公司的青睞，尋求更實惠的解決方案作為回流來自基於雲端的環境的數據繼續加速成長。

Next, looking at our traditional Quantum Services business, without subscriptions totaled $123.6 million in 2023. While end-of-life services on older tape products have impacted our services business over the last few years, we anticipate this stabilizing in the first half of fiscal year 2024. Total Devices and Media revenue for 2023 decreased to $42.4 million.

接下來，看看我們的傳統量子服務業務，到2023 年，沒有訂閱的業務總額將達到1.236 億美元。一情況將在本財年上半年趨於穩定。

And finally, total royalties for the full year were $13.7 million, primarily reflecting the transition to the latest generation and higher capacity LTO-9 node. We anticipate this to stabilize to an annualized royalty rate of approximately $11 million to $12 million going forward.

最後，全年特許權使用費總額為 1,370 萬美元，主要反映了向最新一代和更高容量的 LTO-9 節點的過渡。我們預計未來年化特許權使用費率將穩定在約 1,100 萬至 1,200 萬美元。

Now please turn to Slide 14 for an overview of debt and liquidity at the end of the quarter. Cash, cash equivalents and restricted cash at the end of the fourth quarter were approximately $26 million compared with $5.5 million 1 year ago, driven by proactive cash management and strong end of quarter collections. Outstanding debt split between term and our revolver was $91.4 million and our net debt position was $65.4 million. We anticipate our working capital will continue to improve, and we are pleased with the progress on our overall cash conversion metrics. Heading into next year, we believe it is important to create greater strategic flexibility and have a clear plan for improved profitability in fiscal year 2024.

現在請翻到投影片 14，了解本季末債務和流動性的概述。在積極的現金管理和強勁的季末收款的推動下，第四季末的現金、現金等價物和限制性現金約為 2,600 萬美元，而一年前為 550 萬美元。期限和我們的左輪手槍之間的未償債務分配為 9,140 萬美元，我們的淨債務部位為 6,540 萬美元。我們預計我們的營運資金將繼續改善，我們對整體現金轉換指標的進展感到滿意。進入明年，我們認為創造更大的策略靈活性並制定明確的計劃以提高 2024 財年的獲利能力非常重要。

As such -- turning to Slide 15, I'd like to start with an overview of actions we have taken subsequent to the end of the quarter. Recently, we proactively secured an additional $15 million of liquidity and received greater covenant flexibility from our current lenders to better position the company as we bring our recent product innovations to market.

因此，轉向投影片 15，我想先概述我們在本季末之後採取的行動。最近，我們主動獲得了 1500 萬美元的額外流動性，並從現有貸款機構獲得了更大的契約靈活性，以便在我們將最新產品創新推向市場時更好地定位公司。

As Jamie discussed, our path to improved profitability is focused execution on improving revenue mix and driving global efficiencies. Improving revenue mix is a key lever to expanding gross margin and our earnings. This includes getting back to growth in our Primary Storage Systems, not only in our existing markets, but expanding into new enterprise verticals with our Myriad solution. We are seeing pipeline increase in large enterprise opportunities, including repatriation of data from the cloud and expansion of Enterprise AI and Machine Learning programs.

正如傑米所討論的，我們提高獲利能力的途徑是將執行重點放在改善收入結構和提高全球效率上。改善收入結構是擴大毛利率和獲利的關鍵槓桿。這包括恢復我們的主儲存系統的成長，不僅在我們現有的市場，而且透過我們的 Myriad 解決方案擴展到新的企業垂直領域。我們看到大型企業機會的管道增加，包括從雲端匯回資料以及企業人工智慧和機器學習專案的擴展。

Equally important to driving improved revenue mix is the streamlining of our operations. While we have made progress over the last year, our work is not done. To that end, there are several self-help Global Efficiency Initiatives we are undertaking that I'd like to share with you.

對於推動改善收入結構同樣重要的是精簡我們的營運。儘管我們去年取得了進展，但我們的工作尚未完成。為此，我們正在實施幾項自助全球效率倡議，我想與您分享。

First, Improved Operational Efficiency. We are actively executing on several projects, including improving manufacturing and logistics productivity; clawing back inflationary impacts from the last couple of years with value engineering efforts combined with a continued focus on reduced travel and discretionary spend.

一是營運效率提升。我們正在積極執行多個項目，包括提高製造和物流生產力；透過價值工程工作以及持續關注減少差旅和可自由支配支出，彌補過去幾年的通膨影響。

Second is Leveraging Our Global Footprint. The goal is to expand our presence in focus areas, both domestically and internationally, including our growing international centers in Kuala Lumpur, Bangalore and Guadalajara. We believe investing more in focused locations will drive deeper collaboration, more effective processes, lower facility costs and create a more effective operation as we move forward as an organization. Third is a new Cost Reduction Initiative.

其次是利用我們的全球足跡。我們的目標是擴大我們在國內和國際重點領域的影響力，包括我們在吉隆坡、班加羅爾和瓜達拉哈拉不斷發展的國際中心。我們相信，在我們作為組織不斷前進的過程中，對重點地點進行更多投資將推動更深入的協作、更有效的流程、更低的設施成本並創造更有效的運作。第三是新的成本削減計劃。

Turning to Slide 16, let me provide some insight on these efforts. As we execute our vision and our strategy, it is important that we operate our company to drive profitable growth. To that end, we have begun a cost reduction action that will initially impact over 10% of our global workforce. We anticipate these actions will result in an annualized net savings of approximately $14 million fully realized exiting fiscal year '25. With a payback in less than 6 months, we anticipate a fiscal year 2024 non-GAAP P&L savings of approximately $7 million from our Q4 '23 exit run rate.

轉向投影片 16，讓我對這些努力提供一些見解。當我們執行我們的願景和策略時，我們經營公司以推動獲利成長非常重要。為此，我們已開始實施成本削減行動，最初將影響我們全球 10% 以上的員工隊伍。我們預計這些行動將在 25 財年完全實現年化淨節省約 1,400 萬美元。在不到 6 個月的時間內收回投資，我們預計 2024 財年非 GAAP 損益將比 23 年第 4 季的退出運行率節省約 700 萬美元。

As we move forward, we will continue to evaluate our performance, take measured actions as necessary, while balancing a strong customer experience and level of support that ensures we continue to deliver innovation and high quality of service to our customers.

隨著我們的前進，我們將繼續評估我們的績效，採取必要的謹慎行動，同時平衡強大的客戶體驗和支援水平，以確保我們繼續為客戶提供創新和高品質的服務。

Now to close out, please turn to Page 17, and I'll review the company's guidance for the first quarter and full fiscal year 2024. First, we anticipate total revenue in the first quarter to be $97 million, plus or minus $3 million.

現在結束了，請翻到第 17 頁，我將回顧該公司 2024 年第一季和整個財年的指導。

We expect non-GAAP adjusted net loss per share for the first quarter to be breakeven, plus or minus $0.02 per share based on an estimated 93.3 million shares outstanding. Adjusted EBITDA for the first quarter is expected to be approximately $1 million.

我們預計第一季非 GAAP 調整後每股淨虧損將達到損益平衡，根據估計的 9,330 萬股流通股計算，每股淨虧損正負 0.02 美元。第一季調整後 EBITDA 預計約 100 萬美元。

We also are introducing guidance for the full year 2024, with revenue expected to be $415 million, plus or minus $10 million; non-GAAP adjusted EPS of $0.01, plus or minus $0.10, and adjusted EBITDA is expected to be at least $20 million for the full year.

我們也推出了 2024 年全年的指導，收入預計為 4.15 億美元，上下浮動 1000 萬美元；非 GAAP 調整後每股收益為 0.01 美元，正負 0.10 美元，全年調整後 EBITDA 預計至少 2000 萬美元。

To add some color to our guidance, as I mentioned earlier, we do anticipate a decline in our Secondary Systems year-on-year due to declining Hyperscale business. We also anticipate those declines being replaced with an improving revenue mix of higher margin primary and secondary systems.

正如我之前提到的，為了為我們的指導增添一些色彩，我們確實預計由於超大規模業務的下降，我們的二級系統將比去年同期下降。我們也預計這些下降將被利潤率更高的主要和輔助系統的收入組合的改善所取代。

We foresee a stabilizing supply chain and decreasing inflationary environment, combined with our global efficiency initiatives, That at a minimum, drive our year-over-year improvement.

我們預期供應鏈將穩定，通膨環境將下降，再加上我們的全球效率舉措，這至少將推動我們的年比改善。

To be clear, the management team's expectation is to return the business to significantly higher earnings performance than our current outlook. We have a path and are working to accelerate our efforts through sales execution on growth and improved revenue mix, driving improved operational efficiencies, creating synergies and scale by leveraging our global footprint, and achieving our targeted cost reductions.

需要明確的是，管理團隊的期望是使業務恢復到明顯高於我們目前預期的獲利表現。我們有一條道路，並正在努力透過銷售執行成長和改善收入組合來加速我們的努力，提高營運效率，利用我們的全球足跡創造協同效應和規模，並實現我們的目標成本削減。

We covered a lot today, and before I hand it back to Jamie, I'd like to say, after my first quarter here at Quantum, I'm super excited to be here. The team is focused and extremely optimistic about our company, our transformation and we are excited about our future. I look forward to catching up with you all in the weeks and months ahead.

今天我們討論了很多內容，在我將其交還給 Jamie 之前，我想說，在 Quantum 的第一個季度之後，我非常高興能夠來到這裡。團隊對我們的公司、我們的轉型非常專注和非常樂觀，我們對我們的未來感到興奮。我期待在未來幾週和幾個月內與大家見面。

With that, I'll now hand the call back to Jamie for closing remarks.

現在，我將把電話轉回給傑米，讓其結束語。

Thanks, Ken. We're truly excited about the future. We finished the year with positive momentum and a major new product introduction in Myriad. We laid the foundation for end-to-end enterprise sales growth in the Americas and internationally. We see the supply chain stabilizing and inflationary pricing subsiding. We are executing on our transition to subscription ARR, and we have strengthened our company with increased strategic and capital flexibility to execute on the growth of the business.

謝謝，肯。我們對未來感到非常興奮。我們以積極的勢頭結束了這一年，並在 Myriad 中推出了重要的新產品。我們為美洲和國際範圍內的端到端企業銷售成長奠定了基礎。我們看到供應鏈趨於穩定，通膨定價正在消退。我們正在向訂閱式 ARR 過渡，我們透過提高策略和資本靈活性來加強我們的公司，以實現業務的成長。

We expect, these developments, combined with the global efficiency plan's cost improvements, will allow us to significantly increase earnings growth this year and continue our journey to elevating this company back to the kind of earnings potential we and our shareholders expect.

我們預計，這些進展，再加上全球效率計劃的成本改進，將使我們今年的盈利增長顯著增加，並繼續我們的努力，使該公司恢復到我們和股東所期望的盈利潛力。

With that, let's open it up for questions. Operator?

說到這裡，讓我們開始提問吧。操作員？

(Operator Instructions) Our first question is from George Iwanyc with Oppenheimer & Company.

（操作員說明）我們的第一個問題來自 Oppenheimer & Company 的 George Iwanyc。

Jamie, maybe you could expand a little bit about what you're seeing from a macro environment perspective? If you look at the various regions and verticals, are there any spots of weakness that you're still managing through?

Jamie，也許您可以從宏觀環境的角度擴展您所看到的情況？如果您觀察各個地區和垂直領域，是否存在您仍在克服的弱點？

Yes. I mean -- let me answer that across a couple of dimensions. Probably the first thing that is -- probably the first and most obvious thing is that the supply chain environment has changed drastically. Parts availability is -- it's almost -- almost everything is in an all clear state. We're not paying up charges to get things. And in some cases, we're even seeing parts and materials getting discounted to incentivize them to move more quickly as people have loaded up inventory.

是的。我的意思是──讓我從幾個維度來回答這個問題。可能第一件事是——可能第一個也是最明顯的事情是供應鏈環境發生了巨大變化。零件的可用性是——幾乎——幾乎一切都處於完全清晰的狀態。我們不會支付費用來獲得東西。在某些情況下，我們甚至看到零件和材料打折，以激勵他們在人們增加庫存時更快移動。

The other things that I'm seeing, I am seeing our hyperscale customers slow down a bit. I'm seeing them still buying, but I would say the rate slowing down a bit as they adjust their inventory levels and think about the outlook for their business or rethink that.

我看到的其他事情是，我們的超大規模客戶的速度有所放緩。我看到他們仍在購買，但我想說，隨著他們調整庫存水平並考慮或重新考慮業務前景，購買速度會有所放緩。

And I'm also seeing a newer trend, which is, I am seeing certain organizations bringing large amounts of data back from the cloud for a variety of reasons. Some of them are just pure cost savings. I think if they plan to leave data in -- or archive data for 20, 30 or 40 years, I don't think they're looking at paying a monthly bill for 40 years, and they're looking at ways to use their own IT resources to do that.

我還看到了一個新的趨勢，即我看到某些組織出於各種原因從雲端帶回大量資料。其中一些只是純粹的成本節省。我認為，如果他們計劃將資料保留或存檔 20 年、30 年或 40 年，我認為他們不會考慮支付 40 年的每月帳單，他們正在尋找使用他們的資料的方法。這一點。

I'm also seeing people doing that for security reasons and to have greater control over important data. So, I'm seeing a number of very large projects that involve just bringing data back from a variety of cloud and other outsourced models and bringing that under a company's own control.

我還看到人們這樣做是出於安全原因並更好地控制重要數據。因此，我看到許多非常大的項目，其中涉及從各種雲端和其他外包模型帶回數據，並將其置於公司自己的控制之下。

But in terms of the macro, I am not seeing in the segments we share -- that we serve, I'm not seeing large pullback. In the moviemaking business, I'm not seeing slowing down. Sports and entertainment, I'm not seeing a lot of slowdowns. I'm seeing most enterprises buying at a normal and healthy clip. I think most large enterprises view IT as something that's very strategic and I think they're protecting those budgets. I think people are looking at AI as an area to gain efficiency and be more strategic.

但就宏觀而言，我沒有看到我們共享的細分市場——我們所服務的細分市場，我沒有看到大幅回調。在電影製作行業，我並沒有看到放緩的跡象。體育和娛樂方面，我沒有看到太多放緩。我發現大多數企業的採購都是正常且健康的。我認為大多數大型企業都將 IT 視為非常具有戰略意義的東西，我認為他們正在保護這些預算。我認為人們將人工智慧視為一個提高效率和更具策略性的領域。

So, more and more investments in IT, and I think people are looking at other areas if they have to cut costs. But cutting IT -- I think people are trying to protect those investments because I think most companies compete with data, they compete with their access to data and their analysis of data.

因此，對 IT 的投資越來越多，我認為如果必須削減成本，人們正在考慮其他領域。但是削減IT——我認為人們正在努力保護這些投資，因為我認為大多數公司都在與資料競爭，他們與資料存取和資料分析競爭。

And maybe just to be clear on the hyperscale side, with the demand you're seeing. Have you fully worked through your backlog at this point? And are you kind of at a steady state on the shippable backlog level?

也許只是為了清楚超大規模方面以及您所看到的需求。現在您已經完全處理完積壓的工作了嗎？您的可交付積壓水準是否處於穩定狀態？

Yes. We're not giving the exact backlog level, but I can tell you it's about normalized for where we would be going year-over-year. The backlog that was super large, that we were working off of, that was mostly due to supply chain constraints, that we've worked through over the last couple of quarters. So, it's more back to normalized levels that we stated before is somewhere between the $10 million to $20 million range.

是的。我們沒有給出確切的積壓水平，但我可以告訴你，這已經是我們逐年發展的標準化水平。我們正在處理的積壓量非常大，這主要是由於供應鏈的限制，我們在過去幾季中已經解決了這個問題。因此，它更多地回到了我們之前所說的 1000 萬美元到 2000 萬美元範圍之間的正常水平。

And just finishing up with one last question for you, Ken. With the cost reduction activity that you're planning, is that mostly going to be taking place over the next several months and you get to an OpEx level that you see as being sustainable after the first quarter of the year?

肯，我剛結束了最後一個問題。根據您計劃的成本削減活動，這是否主要在接下來的幾個月內進行，並且您在今年第一季後達到了您認為可持續的營運支出水平？

Yes. It's going to happen really in -- over the next couple of weeks, the majority of it. And then we're going to see another slug coming in towards the back half of the year as we work through some international and regulatory locations. So, I think that when you think about the profile of it, we're going to see about $7 million of OpEx savings coming in, in this fiscal year based off of a Q4 '23 exit rate. And then we should see the other half of it coming in by the end of FY '25.

是的。這將在接下來的幾週內真正發生，大部分時間都是如此。然後，當我們在一些國際和監管地點開展工作時，我們將在今年下半年看到另一股鼻涕蟲的出現。因此，我認為，當您考慮其概況時，根據 23 年第 4 季的退出率，我們將在本財年看到約 700 萬美元的營運支出節省。然後我們應該會在 25 財年末看到另一半的收入。

Our next question is from Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley。

And guys, I just want to say thanks for the very granular transparency in the deck, really helpful. So, I'll just start with a revenue question. So clear on the trajectory overall with secondary storage customers at the hyperscale level, moderating their pace of purchase intensity, primary starting to pick up, not looking for explicit guidance, but if we look beyond fiscal first quarter, how does that dynamic play out in the fiscal second quarter, guys? Does that mean we could see revenue step down one more time before we start to reaccelerate? Or how do we weigh the different puts and takes that you're seeing in the business?

夥計們，我只想對甲板上非常細緻的透明度表示感謝，非常有幫助。那麼，我將從收入問題開始。超大規模二級儲存客戶的整體軌跡非常清晰，他們的購買強度正在放緩，初級儲存開始回升，而不是尋求明確的指導，但如果我們超越第一財季，這種動態將如何發揮作用夥計們，第二財季？這是否意味著我們可能會看到收入在開始重新加速之前再次下降？或者我們如何權衡您在業務中看到的不同看跌期權和看跌期權？

Yes. I mean, what we're trying to do, I hope it's somewhat obvious, we need to bring our margins up. And we bring our margins up based on the segments we sell to. So, if you think about a hyperscale sale that could be margins as low as 18%, whereas you look at federal government, sales could be as high as 70%. So that's a pretty big margin range. So, we're putting a lot of emphasis on our high-margin areas, software sales, North American sales, large enterprise sales, solution sales, and trying to bring down or turn the volume down a bit on our low-margin business, which are -- can be hyperscaler sales, certain OEM sales, tape media, things of that kind.

是的。我的意思是，我們正在努力做的事情，我希望這是顯而易見的，我們需要提高我們的利潤率。我們根據我們銷售的細分市場來提高利潤。因此，如果您考慮超大規模銷售，其利潤率可能低至 18%，而如果您考慮聯邦政府，則銷售額可能高達 70%。所以這是一個相當大的利潤範圍。因此，我們非常重視高利潤領域、軟體銷售、北美銷售、大型企業銷售、解決方案銷售，並試圖減少或減少我們低利潤業務的銷量，它們可以是超大規模銷售、某些OEM 銷售、磁帶媒體等等。

So, I don't think you're going to see -- or trying to avoid kind of -- any kind of upheaval where you see massive changes, but we're trying to bring down some of the lower-margin sales while bringing up the higher margin parts of our business. So, we're doing that through our channel incentives. We're doing that through our sales compensation plan. We're doing it through our marketing efforts. And what we're trying to do throughout this year is keep the revenue flat while bringing the revenues up significantly in our high-margin products.

所以，我認為你不會看到——或試圖避免——任何類型的巨變，你會看到巨大的變化，但我們正在努力降低一些利潤率較低的銷售額，同時帶來提高我們業務中利潤率較高的部分。因此，我們正在透過管道激勵來做到這一點。我們正在透過銷售補償計劃來做到這一點。我們正在透過行銷努力來做到這一點。今年我們努力做的就是保持收入持平，同時大幅提高高利潤產品的收入。

So, you see things like primary storage coming up as high as 25%. You see our enterprise sales coming up 25% to 30% as we bring down some of the larger pieces of our sales that are more -- I wouldn't call them completely empty calories, but they're certainly less nourishing than our higher-margin business. So, we're trying to manage that, so you won't see any big drops, but really shifting the mix towards higher-margin products and services.

因此，您會看到主儲存等內容的使用率高達 25%。你會看到我們的企業銷售額成長了25% 到30%，因為我們減少了銷售額中一些較大的部分，這些部分的熱量更多——我不會稱它們完全是空卡路里，但它們肯定不如我們的高級卡路里那麼有營養——保證金業務。因此，我們正在努力管理這一點，這樣你就不會看到任何大幅下降，而是真正將產品組合轉向利潤率更高的產品和服務。

Yes. And I'll just add on to that, Jamie, is that when you think about the services business over the last few years with the end-of-life runoff that we've seen, the team -- we had a change over there, and the team has done a great job of stemming the runoff there with finding ways to extend some of these product life -- product service life in some cases. And we do see that subsiding by the back half of the -- first half of this year. So, we should see going into the second half that stabilizing and potentially going back up. So, if you think about our services business, just the legacy Quantum service business, that carries anywhere from the high 50s to low 60s in margin. And so, preserving that and then growing that again is a key part of our total ARR strategy.

是的。傑米，我要補充一點的是，當你想到過去幾年的服務業務以及我們所看到的報廢徑流時，團隊 - 我們在那裡發生了變化，並且該團隊在阻止徑流方面做得很好，找到了延長其中一些產品壽命（在某些情況下是產品使用壽命）的方法。我們確實看到這種情況在今年上半年後半段有所減弱。因此，我們應該看到下半年情況會趨於穩定並有可能回升。因此，如果您考慮我們的服務業務，請僅考慮傳統的量子服務業務，其利潤率從 50 多美元到 60 多美元不等。因此，保留這一點然後再次成長是我們整體 ARR 策略的關鍵部分。

Nailed the first question and I anticipated the second one on services. So, moving on, talking a little bit further on OpEx. So, it sounds like with the different levers that the company has we'll be seeing $7 million of benefit this year. Is that mostly in the back half of the fiscal year to get to that $7 million, Ken, or would we see some of it as early as fiscal 2Q?

解決了第一個問題，我預計第二個問題是關於服務的。那麼，繼續，進一步討論營運支出。因此，聽起來，透過公司擁有的不同槓桿，我們今年將看到 700 萬美元的收益。 Ken，這主要是在本財年後半段才能達到 700 萬美元，還是我們最早會在財年第二季度看到其中的一部分？

It's ongoing right now. So, we started -- we had a lot of things going on this quarter, as you can see from our release, in order to get ourselves healthy and back in productivity mode. We have those elements going on right now. And so, we would expect to start seeing benefit of that in Q2 and then heading into the back end of the year to pick up the rest of the $7 million. So, I think you're going to see a little bit of health of that coming through in Q2 and the rest coming in Q3.

現在正在進行中。所以，我們開始 - 正如您從我們的發布中看到的那樣，本季度我們發生了很多事情，以便讓我們自己保持健康並恢復生產力模式。我們現在正在執行這些要素。因此，我們預計將在第二季開始看到這一點的好處，然後在今年年底獲得剩餘的 700 萬美元。因此，我認為您將在第二季度看到一些健康狀況，而其餘的則在第三季度出現。

One more model question and then on products. On the model side, helpful to see what you've done with debt and taking it up another $15 million to give you some operational flexibility. What does that mean for quarterly interest expense, Ken?

再問一個模型問題，然後是產品問題。在模型方面，有助於了解您在債務方面所做的事情，並另外籌集 1500 萬美元，為您提供一定的營運彈性。肯，這對季度利息支出意味著什麼？

We expect it to bump up a little bit, And, looking at what's in the marketplace today, I think that we worked with our existing lenders to get a very favorable deal for where we were at on a blended basis. Our debt only goes up 67 bps. So, I think it's a really good deal overall. So, we're only expecting to see a little bit more interest payment in the year.

我們預計它會略有上升，而且，看看當今市場上的情況，我認為我們與現有的貸方合作，在混合基礎上獲得了對我們所處位置非常有利的交易。我們的債務只增加了 67 個基點。所以，我認為總體而言這是一筆非常好的交易。因此，我們預計今年的利息支付會增加一點。

And then finally, back to you, Jamie. So, when Myriad was announced, we spoke and you were very excited about it. And then it was richly awarded at NAB, as you noted. What is your sales team hearing on potential Myriad uptake as we move through fiscal '23? And how are you thinking about potential revenue impacts to the business either in late fiscal '23 or fiscal '24 on more of a qualitative than quantitative basis perhaps at this point?

最後，回到你身邊，傑米。所以，當 Myriad 宣佈時，我們進行了交談，您對此感到非常興奮。正如您所指出的，它在 NAB 獲得了豐厚的獎勵。在我們進入 23 財年之際，您的銷售團隊對 Myriad 的潛在應用有何了解？您如何看待 23 財年末或 24 財年對業務的潛在收入影響，也許此時更多的是定性而不是定量？

Yes. So, as you said, we announced the product. We have put it in front of analysts and gotten a lot of praise around the product. We are now pitching it to customers and certain customers are starting to install it and run benchmark testing with it, run different use case testing, and we're extremely encouraged.

是的。因此，正如您所說，我們宣布了該產品。我們已將其擺在分析師面前，並獲得了對該產品的廣泛好評。我們現在正在向客戶推銷它，某些客戶開始安裝它並用它運行基準測試，運行不同的用例測試，我們深受鼓舞。

What we're learning is the product is very unique. It's much more modern than the products that we're competing against. So, it has many more capabilities in very modern AI and ML use cases. It has certain features and capabilities that make it very unique for AI and ML, especially, including integrated metadata tagging, and we're pretty encouraged.

我們了解到該產品非常獨特。它比我們競爭的產品要現代得多。因此，它在非常現代的人工智慧和機器學習用例中具有更多功能。它具有某些特性和功能，使其對於人工智慧和機器學習而言非常獨特，尤其是整合元資料標記，我們對此感到非常鼓舞。

And the other thing that we're really excited about and we may have underestimated, is that, every time we would sell Myriad as a high-speed analytics or a high-speed platform, it usually has a data lake that is a form of secondary storage where data waiting to be analyzed resides. And we're seeing that as, every time we sell Myriad, we expect to sell ActiveScale or ActiveScale Cold Storage as the data lake and then also sell management software that's moving data from the data lake into the high-speed analytics area and then back and doing metadata tagging, doing data classification, doing different forms of analysis.

另一件我們真正興奮但我們可能低估的事情是，每次我們將 Myriad 作為高速分析或高速平台出售時，它通常都有一個數據湖，它是一種形式等待分析的數據所在的輔助存儲。我們看到，每次出售 Myriad 時，我們都希望將 ActiveScale 或 ActiveScale Cold Storage 作為數據湖出售，然後還出售將數據從數據湖移動到高速分析區域然後再返回的管理軟體並進行元數據標記、數據分類、不同形式的分析。

And so, we're really seeing it evolve into where a Myriad sale would typically drag with it ActiveScale Cold Storage and likely also drag with it CatDV. So, it's almost like an analytic ecosystem that we would sell. So that's been really encouraging to see that develop. And in terms of looking forward, my best view into that is by watching the pipeline. And I would say it's the fastest-growing pipeline we have inside the company right now. So, I think it's -- as we suspected, it's the fastest-growing market in storage, and you can see it by its pipeline growth relative to other products.

因此，我們確實看到它演變成 Myriad 的銷售通常會拖累 ActiveScale Cold Storage，也可能拖累 CatDV。所以，它幾乎就像是我們要出售的分析生態系統。所以看到這種情況的發展真是令人鼓舞。就展望未來而言，我對此的最佳看法是觀察管道。我想說這是我們公司目前成長最快的管道。因此，我認為正如我們所懷疑的那樣，它是儲存領域成長最快的市場，您可以透過其相對於其他產品的管道成長來看到這一點。

So, we're pretty encouraged, but at the same time, it's a new product, and we've got to get it through its initial launch, get it through all of its trials and then get it moving in the market. But yes, it will have revenue impact this year. We've modeled it very conservatively until we start to see POs coming in, but there'll be revenue impact in this fiscal for sure.

所以，我們很受鼓舞，但同時，它是一個新產品，我們必須讓它通過最初的發布，通過所有的試驗，然後讓它進入市場。但是，是的，這將對今年的收入產生影響。在我們開始看到採購訂單到來之前，我們對其進行了非常保守的建模，但本財年的收入肯定會受到影響。

Our next question is from Eric Martinuzzi with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

Jamie, the cadence of business in Q4, given the success on the numbers, I would anticipate that you saw kind of a normal February up from January and March up from February. Is that how things played out?

傑米，第四季度的業務節奏，考慮到數字上的成功，我預計您會看到從一月到三月的正常二月。事情就是這樣發展的嗎？

Yes. Typically, January and February are very slow for us, especially in Europe. And then you really hit the buying season in March, and that's really what we saw. Things really accelerated in March for us. That always puts a lot of pressure on the supply chain, that's build and ship that quickly. And -- but yes, it -- slow January and very rapid March.

是的。通常，一月和二月對我們來說非常緩慢，尤其是在歐洲。然後，三月就真的迎來了購買季節，這正是我們所看到的。三月對我們來說事情確實加速了。這總是給供應鏈帶來很大的壓力，因為製造和運輸的速度很快。而且——但是，是的，一月緩慢而三月卻非常迅速。

Well, and to add to it, I mean, this was a fiscal Q4 we've had since 2017. So, if you look at the numbers that were coming through, a lot of that was aided by the improving supply chain. Also, that when these things came in, in March, historically, we had to just sit back on it and ---

嗯，補充一下，我的意思是，這是我們自 2017 年以來的第四財季。而且，從歷史上看，當這些事情在三月出現時，我們不得不袖手旁觀——

They go to backlog.

他們去積壓。

Yes, it goes straight to backlog. And so, with the loosening of the supply chain and our improved operational performance this quarter, we were able to get that out of that and that's why you saw the higher end beat.

是的，它直接進入積壓狀態。因此，隨著供應鏈的放鬆和本季營運績效的改善，我們能夠擺脫這一困境，這就是為什麼你看到高端的表現。

Yes, that was -- I mean, that was a big difference. I mean, 1 year ago, we'd order a product and it could be -- a simple product like a server, and it would be months to get a network card. And now we order a server and they can ship in like 2 days. And we get an order and servers can be at the customer site in 1 week to 2 weeks. It's just a very -- and not in all cases, but that wasn't even thinkable 1 year ago and now products are just shipping off the shelf, a lot like -- a lot more normalized, and that had a big impact.

是的，那是——我的意思是，這是一個很大的區別。我的意思是，一年前，我們訂購了一個產品，它可能是一個像伺服器這樣的簡單產品，而獲得一張網卡可能需要幾個月的時間。現在我們訂購了一台伺服器，他們可以在 2 天內出貨。我們收到訂單後，服務器可以在 1 週到 2 週內到達客戶現場。這只是一個非常 - 並非在所有情況下，但這在一年前甚至是不可想像的，現在產品剛剛從貨架上發貨，就像 - 更加標準化，這產生了很大的影響。

And then for -- the Q1 outlook is a little bit below where I was modeling. Anything that you saw in April or May regarding kind of the normal seasonality here? Did we have maybe a tough comp on the hyperscaler side from 1 year ago?

然後，第一季的前景略低於我建模的水平。您在四月或五月看到了關於這裡正常季節性的任何資訊嗎？一年前，我們在超大規模方面是否有一個艱難的競爭？

Yes. I think that's probably where you see things happening. The hyperscalers are -- it's a big part of our revenue, and it's slowing down a bit. And -- whereas 1 year to 2 years ago, we were the only company that had a hyperscaler tape offer. Now -- 2 other companies now offer something similar to us. And you can imagine through the supply chain pressures, the hyperscalers are -- want to be sourcing from multiple vendors to manage their risks. So, we're sharing some of that load with other players as well.

是的。我想這可能就是你所看到的事情發生的地方。超大規模企業是我們收入的很大一部分，但成長速度正在放緩。而且，在一兩年前，我們是唯一一家提供超大規模磁帶產品的公司。現在——另外兩家公司現在提供與我們類似的產品。你可以想像，透過供應鏈的壓力，超大規模企業希望從多個供應商採購來管理他們的風險。因此，我們也與其他玩家分擔了部分負荷。

Yes. In the investor deck online, we've tried to give a little bit more color when you look at the verticals of how we go at it. And so hyperscaler is going to be less of a mix when we look at this fiscal year. Obviously, that helps with the total rotation for margin as we talked about. But on the near quarters, that's going to be some pressure to the top line, but we would expect the margins to improve to offset that.

是的。在線上投資者平台中，當您查看我們的垂直方向時，我們試圖提供更多的色彩。因此，當我們回顧本財年時，超大規模的混合體將不再那麼複雜。顯然，正如我們所討論的，這有助於保證金的總輪換。但在最近幾個季度，這將對營收造成一些壓力，但我們預計利潤率將改善以抵消這種壓力。

And then on the -- you talked about gross margins rising from the -- it was -- 35.5% was the non-GAAP gross margin in Q4. What are you targeting by year-end?

然後，您談到毛利率從第四季的非 GAAP 毛利率上升到 35.5%。年底你的目標是什麼？

Well, for the full year in this mix, I'd love to see somewhere between 37% to 38% in total gross margins. And if you look at that, that's a number of things that are driving that. One is the improved mix that we have. Number two, as Jamie was saying, the overhead and the increased pricing from the inflationary pressures we saw for expediting goods and services. We expect that to come down pretty dramatically. But also our manufacturing organization. Eric is running that, and I think he's done a really great job of finding efficiencies within the total work and finding ways to bring our costs down from low-cost manufacturing. And so, I think you combine those 3 together, we're feeling really positive about the margin rotation this year.

嗯，在這個組合中，我希望看到全年的總毛利率在 37% 到 38% 之間。如果你仔細觀察一下，你會發現有很多因素在推動這一點。一是我們現有的改進組合。第二，正如傑米所說，我們看到加速商品和服務的通膨壓力帶來的管理費用和價格上漲。我們預計這一數字會大幅下降。還有我們的製造組織。艾瑞克（Eric）負責管理這個項目，我認為他在提高整個工作效率以及尋找透過低成本製造降低成本的方法方面做得非常出色。因此，我認為將這三者結合在一起，我們對今年的保證金輪換感到非常積極。

The second piece -- and I don't want to discount it, some of these actions that we're taking, this isn't just an OpEx action. There's things that we're doing within our margin profile to specifically within our services business. We really didn't do a good job of keeping pace with the runoff of revenue in that business, and we let the margins drop down to put a fine handle on it.

第二部分——我不想忽視它，我們正在採取的一些行動，這不僅僅是一項營運支出行動。我們正在我們的利潤率範圍內做一些事情，特別是在我們的服務業務中。我們確實沒有很好地跟上該業務收入的流失，因此我們讓利潤率下降以妥善處理它。

I think, again, with the leadership that Jamie put in there with Ross and the team, really excited about what Ross is doing in the products and services that we're going to be offering to customers for an uplift. That service mix change will also help us out. But then you look at what he's doing with New York. The synergies that we can get from globalization and moving or -- to lower cost regions to help service and maintain these product sets, that's going to get us to a much better margin position going forward.

我再次認為，在傑米與羅斯和團隊的領導下，我們對羅斯在我們將向客戶提供的產品和服務中所做的事情感到非常興奮。服務組合的改變也將幫助我們擺脫困境。但你看看他在紐約所做的事情。我們可以從全球化和遷移到成本較低的地區獲得協同效應，以幫助服務和維護這些產品集，這將使我們在未來獲得更好的利潤率。

And then last question is on the balance sheet. Obviously, you made the borrowing move after the close of the fiscal year. Do you have a pro-forma cash and debt balance maybe as of the end of May or whenever you took the loan out?

最後一個問題是關於資產負債表的。顯然，您是在財政年度結束後進行借款的。截至五月底或您取出貸款時，您是否有預計的現金和債務餘額？

I don't have that to give right now, but we can probably make that public. The way we carry forward -- because I didn't want to do a walk of what we actually did during this quarter. But if you think about the dollars taken down, it's probably plus or minus another $10 million.

我現在無法提供這些信息，但我們可能可以將其公開。我們前進的方式——因為我不想回顧我們在本季實際所做的事情。但如果你考慮一下所減少的美元，可能還要加減 1000 萬美元。

Our next question is from Nehal Chokshi with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Yes. So, with respect to the guidance, which I think is characterized as being down seasonally, but then you also talked about how you expect hyperscalers to be down year-over-year for you guys as well. So is it fair to say that you're expecting secondary storage to be the main component of your down Q-O-Q for the June Q?

是的。因此，就指導意見而言，我認為其特點是季節性下降，但您也談到了您預計超大規模企業也會逐年下降。那麼，可以公平地說，您預計二級儲存將成為 6 月季度環比下降的主要組成部分嗎？

Yes. Listen, if we categorize it with hyperscaler in secondary the way we do today, yes, secondary is going to be down Q-on-Q. But I think that we're expecting to see some improvement out of the primary business this quarter, which is going to help the cause. But also you're going to see services coming down slightly. As I said, it's going to be more towards the end of Q2 that you're going to see that stabilizing. So that's going to be down a little bit in the quarter too, but it's primarily the secondary portion of it that -- and the hyperscaler segment within that, that is the decrease.

是的。聽著，如果我們像今天那樣將其與超大規模進行分類，是的，二級將逐季度下降。但我認為我們預計本季的主要業務會有所改善，這將有助於這項事業。但您也會看到服務略有下降。正如我所說，到第二季末你就會看到這種穩定性。因此，本季這一數字也會略有下降，但這主要是其中的次要部分——以及其中的超大規模業務部分，即下降。

And given that the hyperscaler portion is relatively low calorie, why then -- and also given that the March Q had this negative impact from the dilutive lighthouse deal, I'm a little bit surprised to see the EBITDA guidance is to be effectively flattish Q-O-Q. Can you walk us through those dynamics there?

考慮到超大規模部分的熱量相對較低，為什麼呢？您能為我們介紹一下那裡的動態嗎？

Well, I think when we come into the quarter, we're looking this to be somewhere around that 36% to 37% gross margin. And again, all these things that we see movement on, there is still some mix of hyperscaler in there that is going to have an impact on the lower revenue number. So, it's purely just a number of going from $105 million down to to that $97 million range that we're in. But then you have to add on these actions that we're anticipating. We didn't just -- we didn't start them until this week. So I'm still carrying a little bit higher OpEx in the first 2 quarters, a little bit higher selling expenses in the first 2 months, I mean, I apologize -- in the first 2 months, including some higher sales and marketing in those first 2 months that is dragging that down.

嗯，我認為當我們進入本季時，我們預計毛利率約為 36% 至 37%。再說一遍，我們看到的所有這些事情都在發生變化，其中仍然存在一些超大規模的混合體，這將對較低的收入數字產生影響。所以，這純粹只是我們所處的從 1.05 億美元到 9700 萬美元範圍內的數字。我們不只是——我們直到本週才開始。因此，我在前2 季的營運支出仍然較高，前2 個月的銷售費用仍然較高，我的意思是，我很抱歉- 在前2 個月，包括這些領域的一些較高的銷售和行銷費用前兩個月拖累了這個狀況。

And can you guys size what your expectation is for the hyperscalers in terms of the year-over-year decline for fiscal '24?

你們能否根據 24 財年的年減來衡量你們對超大規模企業的預期？

We don't want to give the specific piece of it, but I can tell you it's going to be pretty significant drop year-over-year. It's probably be normalizing a little bit more towards what we did in '22 versus what we did number wise in '23.

我們不想透露具體內容，但我可以告訴你，同比下降將非常顯著。與我們在 23 年所做的數字相比，我們在 22 年所做的事情可能會更加正常化。

And then you did mention that you are seeing pipeline increase from large enterprises. That's really great to hear that. Can you give a little bit more detail as far as -- you gave workloads, but you didn't talk about the products that you're actually seeing for?

然後您確實提到您看到大型企業的管道增加。聽到這個消息真是太好了。您能否提供更多細節——您提供了工作負載，但沒有談論您實際需要的產品？

Yes. We're seeing a couple of things. One is, we're putting a lot of emphasis on backup and our DXI product, which is a deduplication and compression backup target. So, we're putting -- seeing a lot of large deals there. I think we said in our prepared remarks, we did north of a $10 million deal with a Fortune 50 bank with DXI. So seeing those kind of large deals come together is good to see in that business. It's probably our highest margin product.

是的。我們看到了一些事情。一是，我們非常重視備份和我們的 DXI 產品，它是重複資料刪除和壓縮備份目標。所以，我們在那裡看到了很多大額交易。我想我們在準備好的發言中說過，我們與一家財富 50 強銀行透過 DXI 達成了超過 1000 萬美元的交易。因此，在該行業中看到此類大型交易聚集在一起是一件好事。這可能是我們利潤率最高的產品。

The other business that is accelerating very quickly and a little bit unexpectedly is the ActiveScale Cold Storage product, which is essentially for storing enormous amounts of data for very long periods of time. And we're seeing people use this for storing movie and film footage. We're seeing people store video surveillance footage, autonomous vehicle footage, just anyone who had just large sums of data, the national labs, that they want to keep for long periods of time. So that offer has really begun accelerating. And we have probably over 10 deals in our pipeline that are over $5 million.

另一個正在快速且有點出乎意料地加速發展的業務是 ActiveScale Cold Storage 產品，該產品本質上是用於在很長一段時間內儲存大量資料。我們看到人們用它來儲存電影和電影片段。我們看到人們儲存視訊監控錄影、自動駕駛車輛錄影、任何擁有大量資料的人、國家實驗室，他們希望長期保存這些資料。所以這個提議確實開始加速。我們正在醞釀的交易可能超過 10 筆，金額超過 500 萬美元。

So they are large, large, usually north of 100 petabyte, often north of 500 petabytes data lakes. It's just enormous data repository. So that product is gaining a lot of traction. And then StorNext for non-media and entertainment use cases, analytic use cases, analyzing large amounts of unstructured data, being just a high-speed file system for unstructured data and also strengthen its traditional area of media and entertainment. So StorNext is also a key part of that. But those are the products we're really placing in the enterprise ActiveScale, StorNext and DXI.

因此它們非常大，通常超過 100 PB 資料湖，甚至超過 500 PB 資料湖。這只是一個龐大的資料儲存庫。因此該產品獲得了極大的關注。接著StorNext針對非媒體和娛樂用例，分析用例，分析大量非結構化數據，只是非結構化資料的高速檔案系統，也加強了其傳統的媒體和娛樂領域。所以 StorNext 也是其中的關鍵部分。但這些是我們真正放置在企業 ActiveScale、StorNext 和 DXI 中的產品。

Our next question is from John Fichthorn with Dialectic Capital.

我們的下一個問題來自辯證資本的約翰·費希索恩。

A lot of things sound good. And as we sit here, and yet it's hard to kind of parse some of that out in your numbers, and I think it's because you've got a lot of different moving parts in your business. You've got some things with bad margins that were growing and some things with good margins that weren't growing and a lot of that's now reversing in theory going forward. You've said some things like primary storage could be 25% this year. I didn't know whether that was 25% growth or 25% of revenues. I don't know --

很多事情聽起來都不錯。當我們坐在這裡時，很難從您的資料中解析出其中的一些內容，我認為這是因為您的業務中有很多不同的移動部分。有些利潤率較低的產品正在成長，而有些利潤率較高的產品卻沒有成長，而且從理論上講，其中許多現在都在逆轉。你說過一些東西，例如主存儲，今年可能會佔 25%。我不知道這是 25% 的成長還是 25% 的收入。我不知道 -

25% growth.

25% 的成長。

And I assume you're factoring Myriad into that, and so that is in the guidance for this year, maybe conservatively. So I guess my first comment -- you can comment on it, but it isn't necessarily intended to be a question is, it'd be great if you could, on the next quarter or next year, think about ways to -- if you're now focused on EBITDA over top line, which is what it sounds like you are effectively -- If you could break that out at a segment level so that we can really kind of analyze what you guys are looking at when you're driving the business so we can measure whether you're succeeding or not? Because it's very difficult to kind of look at the numbers now and know whether you're accomplishing your goals to a large degree. On the gross margin side, specifically -- yes, go ahead.

我假設你將 Myriad 考慮在內，所以這可能是保守的，在今年的指導中。所以我想我的第一條評論——你可以對此發表評論，但這不一定是一個問題，如果你能在下個季度或明年考慮如何——如果你現在專注於EBITDA 而不是營收，這聽起來像是你實際上所做的——如果你能在細分層面上打破這一點，這樣我們就可以真正分析你們在看什麼。因為現在很難透過查看這些數字來了解自己是否在很大程度上實現了目標。具體來說，在毛利率方面——是的，繼續吧。

No, I just want to comment that, I heard that feedback from you and others when we were talking about it, and I encourage folks to look at our investor deck that we put out there this quarter on top of our earnings deck. So we do give a little bit of a color breakout of the segments and the verticals of what we're doing in a little bit more detail to help with that rotational view. So, you just gave me a good in to do a little advertisement there to folks to go check out that investor deck.

不，我只是想評論一下，當我們談論這個問題時，我聽到了您和其他人的反饋，我鼓勵人們查看我們本季度在收益甲板上發布的投資者甲板。因此，我們確實對我們正在做的部分和垂直方向進行了一些顏色突破，更詳細一些，以幫助旋轉視圖。所以，你剛剛給了我一個機會，讓我在那裡做一個小廣告，讓人們去看看那個投資者平台。

I have not seen it. I was looking at your earnings deck here. But you mentioned for gross margins, the year-end, 37% to 38%, and you're kind of coming into the quarter 36% to 37%. I would have kind of expected a little bit more gross margin improvement. Did I hear that wrong? Or is that what the target is? And if so, why is it so anemic? And then further, like where do you think you can get to a gross margin, over what time period?

我還沒見過。我正在看你的收益表。但你提到年終毛利率為 37% 至 38%，進入季度毛利率為 36% 至 37%。我本來預計毛利率會提高。我是不是聽錯了？或者說這就是目標嗎？如果是這樣，為什麼這麼貧血？然後更進一步，例如您認為在什麼時間內可以達到毛利率？

Yes. So, part of this is -- and you said it at the top of your comments, was around the rotation and a lot of moving parts. So, we still have this declining services business that we have to work through. There's still a nice slug of hyperscale that is in there, that we're rotating out the hyperscale and we're rotating back in the primary and the secondary product sets that Jamie was talking about earlier. So, you have those 3 moving parts, all happening at the same time there, that as we take action going into the back half of the year with the cost savings that we're looking at, it's going to start rotating back up in a positive way.

是的。所以，其中一部分是——你在評論的頂部說過，是圍繞輪換和許多移動部件的。因此，我們仍然必須解決服務業務不斷下滑的問題。那裡仍然有一個很好的超大規模，我們正在輪換超大規模，我們正在輪換回到傑米之前談到的主要和次要產品集。因此，這 3 個活動部分同時發生，當我們在下半年採取行動並節省成本時，它將開始以積極的方式開始。

So, I think it's just a matter of mix and rotation back up to get to the higher levels. So, if we can start rotating and we get towards that higher end of the range, and we see more of the primary and secondary come on as we anticipate -- because the guidance I was giving was more on that midpoint. As we start rotating more towards the higher end, I would expect those numbers to rotate up more into the 38% to 39%, maybe starting to peak at 40% as we get that rotation.

所以，我認為這只是混合和輪換的問題，以達到更高的水平。因此，如果我們可以開始輪換，並且我們達到了範圍的較高端，我們就會看到更多的主要和次要的出現，正如我們預期的那樣——因為我給出的指導更多的是在中點。當我們開始更多地向高端輪換時，我預計這些數字會更多地輪換到 38% 到 39%，當我們進行輪換時，可能會開始達到 40% 的峰值。

So you said peak at 40%, and I just want to make sure you -- what you're saying is --

所以你說高峰是 40%，我只是想確定一下——你說的是——

I'm sorry, peaking at 40%. Looking at ---

抱歉，峰值為 40%。看著——

So you can start to see 40% at the end of this fiscal year is what you're hoping for?

那麼您可以開始看到本財年結束時 40% 是您所希望的嗎？

If we get to the higher end with the rotation of primary and Myriad starts picking up, absolutely. And I think again this is --

如果我們隨著主輪的輪換達到更高的水平，那麼 Myriad 絕對會開始回升。我再次認為這是——

And then longer term, what do you see yourself building towards with the gross margin? Like looking at -- I'm not looking for specific guidance for FY '25. But just kind of curious, you're focused on -- I mean, is the Myriad gross margin 60% and is the things you're growing into as opposed to moving away from, where do you see that gross margin getting to longer term business? What does the business look like?

從長遠來看，您認為毛利率的目標是什麼？就像看——我並不是在尋找 25 財年的具體指引。但只是有點好奇，你關注的是——我的意思是，Myriad 的毛利率是 60%，是你正在成長的東西，而不是遠離的東西，你認為毛利率會在哪裡變得更長期商業？該業務是什麼樣的？

Well, in that investor deck that we put out there, we restated kind of what we're going for those goals, right? We want to see 45% plus gross margin. In the primary business with Myriad alone, the margins in that business, and we think about the rotation, traditionally are high 40s, low 50s. With this Myriad product line coming on, we want to see that rotation continuing more into the 50s. The secondary business, once you pull out hyperscale, it's a pretty healthy business, right, especially with DXI as one of our largest margin products that we have out there. Those underlying products, that can be carrying mid-40s type of gross margin to it, too.

好吧，在我們發布的投資者資料中，我們重申了我們要實現這些目標的目標，對嗎？我們希望毛利率達到 45% 以上。僅在 Myriad 的主要業務中，該業務的利潤率以及我們考慮的輪換率，傳統上是 40 多美元，50 多美元低。隨著 Myriad 產品線的推出，我們希望看到這種輪換持續到 50 年代。第二個業務，一旦你推出超大規模業務，它就是一項相當健康的業務，對吧，特別是 DXI 作為我們現有的利潤率最高的產品之一。這些基礎產品也可以帶來 40 多歲左右的毛利率。

Getting services healthy. Service is dipping down in the mid- 50s, high 50s, not where we want it to be. That business can be up into the 60s also. The other piece that we really didn't talk about a lot, but we are really, really stressing, the amount of subscription and how we're rotating there. Going from 25% a year ago of new sales being subscription to over 78% of our sales being subscription-based now and looking at a 60-plus percent margin with that, that's an awesome rotation that the sales team is doing there and the great traction that we're seeing.

讓服務健康。服務在 50 年代中期下降，到 50 年代最高，不是我們想要的。這項業務也可以持續到 60 年代。另一件我們確實沒有談論太多的事情，但我們真的非常非常強調訂閱量以及我們如何在那裡輪換。從一年前 25% 的新銷售額來自訂閱，到現在超過 78% 的銷售額來自訂閱，並且利潤率高達 60% 以上，這是銷售團隊正在做的令人驚嘆的輪換，而且非常棒我們所看到的牽引力。

So, I guess, John, what I'm trying to say is, the proof points that we're driving and why we feel confident we can get back to the mid-40s is all in the rotation of the primary coming back, driving the subscription portion of that versus being a one-time sale and then getting services healthy again and having that be in the 60s. Those elements of those 3 things combined with the self-help of -- the lower cost of production, that's why we feel confident that the trends going out of '24 into '25, '26, et cetera, we can get back up into the 40s plus.

所以，我想，約翰，我想說的是，我們正在推動的證據以及為什麼我們有信心能夠回到 40 年代中期，這一切都在於初選的回歸，推動訂閱部分與一次性銷售然後讓服務再次健康並在60 年代相比。這三件事的要素與生產成本較低的自助相結合，這就是為什麼我們有信心，從 24 年到 25 年、26 年等的趨勢，我們可以回到過去40多歲。

So help me just -- last question -- drill down on this software subscription concept. It would seem like if you've seen the attach rate, I don't know what else to call it, go from, call it, 20s to 70s, that I would see a higher revenue jump than I have year-over-year. Look, the revenue growth is great. It's still a small number, though. And so, if I'm all of a sudden getting 70% of my sales with attaching to a software sale, why am I not seeing that a double-digit quarterly revenue number, for example? And where can that get to? So maybe flesh that out a little bit for us, if you would?

所以請幫我——最後一個問題——深入研究這個軟體訂閱概念。如果你看到了附加率，我不知道還能叫它什麼，從 20 年代到 70 年代，我會看到比去年同期更高的收入成長。你看，營收成長幅度很大。不過，這仍然是一個很小的數字。因此，如果我突然獲得 70% 的銷售額來自於軟體銷售，為什麼我看不到兩位數的季度收入數字？那能到哪裡呢？如果您願意的話，也許可以為我們充實一下這個內容？

Well, I want to break the 2 out as I was very specific on the new sales that were coming in. We still have a lot of legacy sales. So, think of it as a 40%-60% split, 40% being new sales to new customers. Those are coming through as subscription. Where the add-on to legacy customers that were already in perpetual, they tend to want to add on in perpetual. So, we got to get that rotation for both new and legacy into the subscription side, John. I don't know if that answers your question, but that's the data point.

好吧，我想把這兩者分開，因為我對即將到來的新銷售非常具體。因此，可以將其視為 40%-60% 的分配，其中 40% 是對新客戶的新銷售。這些都是透過訂閱來實現的。如果現有客戶已經是永久性的，那麼他們往往希望永久增加。因此，約翰，我們必須將新舊版本的輪換納入訂閱方。我不知道這是否能回答你的問題，但這就是數據點。

So it's the new sales as opposed to the legacy that is that -- So you're succeeding in new customers and new sales, they have now a very high attach rate. And as that blend increases versus legacy that will drive the growth?

所以，這是新的銷售，而不是傳統的銷售——所以你在新客戶和新銷售方面取得了成功，他們現在擁有非常高的附加率。隨著這種混合相對於傳統的增加將推動成長？

Spot on, John.

點對點，約翰。

This concludes our question-and-answer session. I would like to turn the conference back over to management for closing comments.

我們的問答環節到此結束。我想將會議轉回管理層以徵求結束意見。

All right. I'd like to thank everyone for attending today. And if you have further questions or want to speak to us directly, Ken and I are always available. Thank you, everyone.

好的。我要感謝大家今天出席。如果您還有其他問題或想直接與我們聯繫，肯和我隨時為您服務。謝謝大家。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。