Sandisk Corp (SNDK) 2025 Q3 法說會逐字稿

Hi there. Good day, and welcome to the Sandisk Technologies third quarter fiscal 2025 earnings conference call. On the call today, we have David Goeckeler, CEO; Luis Visoso, CFO; and Ivan Donaldson, Investor Relations VP. (Operator Instructions) Please note this event is being recorded.

你好呀。大家好，歡迎參加 Sandisk Technologies 2025 財年第三季財報電話會議。今天的電話會議由執行長 David Goeckeler 主持； Luis Visoso，財務長；以及投資者關係副總裁 Ivan Donaldson。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over. Please go ahead.

現在我想將會議交接完畢。請繼續。

Thank you very much for joining us today. Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties. These forward-looking statements include expectations for our technology and product portfolio, our business plans and performance, market trends and opportunities and our future financial results.

非常感謝您今天加入我們。在我們開始之前，請注意，今天的討論將包含基於管理層當前假設和期望的前瞻性陳述，這些陳述受各種風險和不確定性的影響。這些前瞻性陳述包括對我們的技術和產品組合、我們的業務計劃和業績、市場趨勢和機會以及我們未來財務表現的預期。

We assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. We will also make references to non-GAAP financial measures today.

我們不承擔更新這些聲明的義務。有關可能導致實際結果與預期存在重大差異的風險和不確定性的更多信息，請參閱我們最新的 10-K 表財務報告和向美國證券交易委員會提交的其他文件。今天我們也將參考非公認會計準則財務指標。

Reconciliations between the non-GAAP and comparable GAAP financial measures are included in written materials posted in the Investor Relations section of our website.

非公認會計準則 (non-GAAP) 和可比較公認會計準則 (GAAP) 財務指標之間的對帳包含在我們網站投資者關係部分發布的書面資料中。

Good afternoon, and welcome to Sandisk's third quarter earnings call. To start this call, I want to thank the Sandisk team for enabling a smooth transition to a stand-alone company and for delivering a strong quarter.

下午好，歡迎參加 Sandisk 第三季財報電話會議。首先，我要感謝 Sandisk 團隊，他們幫助公司順利過渡到獨立公司，並帶來了強勁的季度業績。

As discussed during our Analyst Day, our goal at Sandisk is to create value for our customers and shareholders and in doing so, reaffirm our leadership in the NAND market. We are leveraging our strengths in innovation, scale, agility and resilience and remain disciplined in managing the business to build sustainable, profitable and long-term growth. The strategy is working as intended even amid ongoing macroeconomic uncertainty.

正如我們在分析師日所討論的那樣，Sandisk 的目標是為我們的客戶和股東創造價值，並在此過程中重申我們在 NAND 市場的領導地位。我們利用在創新、規模、敏捷性和彈性方面的優勢，並在業務管理方面保持嚴謹，以實現可持續、盈利和長期的成長。即使在宏觀經濟持續不確定的情況下，該策略仍發揮預期的作用。

We believe that we are well positioned to capture the significant opportunity in front of us. We estimate that the NAND industry is poised for robust long-term growth, with demand expected to approach $100 billion by the end of the decade. We expect growth to be driven by the exponential expansion of data fueled in part by the deployment of artificial intelligence in cloud and edge applications as well as refresh cycles in PCs and mobile devices.

我們相信，我們已做好準備，抓住眼前的重大機會。我們估計 NAND 產業將實現強勁的長期成長，預計到 2020 年需求將接近 1,000 億美元。我們預計，成長將受到數據的迅猛擴張的推動，部分原因是雲端和邊緣應用中人工智慧的部署以及個人電腦和行動裝置的更新周期。

In data center, we continue to see strong capital investments and the emergence of new AI-driven workloads, which are fueling use cases for enterprise SSDs and expanding NAND's addressable market. In parallel, we have made structural changes to how we operate, increasing our focus on capital discipline and making a concentrated effort to drive higher returns on invested capital.

在資料中心，我們繼續看到強勁的資本投資和新的人工智慧驅動的工作負載的出現，這為企業 SSD 的使用提供了動力並擴大了 NAND 的潛在市場。同時，我們對營運方式進行了結構性變革，更加重視資本紀律，並集中精力提高投資資本的回報率。

Moving on to the third quarter results. We are pleased with our performance as we delivered revenue and EPS at the high end of our guidance ranges. For the quarter, we generated $1.7 billion in revenue, down 10% sequentially and down 1% year-over-year. Non-GAAP EPS was a loss of $0.30 per share, while cash and cash equivalents increased from $1.3 billion to $1.5 billion. Luis will dive deeper into our third quarter results in a few minutes.

繼續討論第三季的業績。我們對我們的業績感到滿意，因為我們實現的收入和每股盈餘都達到了預期範圍的高端。本季度，我們的營收為 17 億美元，季減 10%，年減 1%。非公認會計準則每股收益虧損 0.30 美元，而現金和現金等價物從 13 億美元增加到 15 億美元。幾分鐘後，路易斯將深入探討我們的第三季業績。

The key indicator I want to call out is pricing. For the quarter, ASPs were down high single digits, reflecting continued oversupply in the market. This was higher than our mid-single-digit decline expectation that we shared at our Analyst Day. To address this, we are extending our fab underutilization actions until supply and demand are balanced, and we see a sustainable recovery in pricing.

我想要指出的關鍵指標是定價。本季度，平均售價下降了個位數，反映出市場供應過剩的現象持續存在。這高於我們在分析師日分享的中等個位數下降預期。為了解決這個問題，我們正在延長晶圓廠利用率不足的措施，直到供需平衡，價格持續回升。

At the beginning of the fourth quarter, we announced and began implementing price increases for our customers. These price increases align with the expectation that we outlined during our Analyst Day, where we detailed our plan to reduce wafer production to align supply with demand and enable a sustainable level of pricing.

第四季初，我們宣布並開始對客戶實施漲價。這些價格上漲與我們在分析師日期間概述的預期一致，當時我們詳細說明了減少晶圓產量以使供應與需求保持一致並實現可持續定價水平的計劃。

Let's now move to technology and key business highlights. We continue to lead with innovation across all our markets and nowhere is that more evident than with the successful ramp of BiCS 8, our latest generation of NAND technology. We expect BiCS 8 to be integrated across a broad range of product lines and represent 10% of our bit shipments in the fourth quarter.

現在讓我們來討論技術和關鍵業務亮點。我們將繼續在所有市場中引領創新，而我們最新一代 NAND 技術 BiCS 8 的成功推出就是最明顯的證明。我們預計 BiCS 8 將整合到廣泛的產品線中，並佔第四季度我們出貨量的 10%。

Our TLC products are being qualified by customers for high-performance mobile and compute applications, while our two-terabit QLC die is in qualification with top cloud service providers for use in 128-terabyte and 256-terabyte capacity SSDs. These advancements are enabling better performance and improved energy efficiency.

我們的 TLC 產品已通過客戶認證，可用於高效能行動和運算應用，而我們的 2 TB QLC 晶片已通過頂級雲端服務供應商的認證，可用於 128 TB 和 256 TB 容量的 SSD。這些進步實現了更好的性能和更高的能源效率。

In client, we see three structural drivers of PC replacement. This includes the Windows 10 end-of-life, a post-pandemic PC refresh, and the emergence of AI-enabled PCs. As we begin mass production of our BiCS 8 client SSDs, we completed qualifications with several key global PC OEMs, with more expected this quarter.

在客戶端，我們看到了 PC 替換的三個結構性驅動因素。其中包括 Windows 10 的終止、疫情後 PC 的更新以及支援 AI 的 PC 的出現。隨著我們開始大規模生產 BiCS 8 用戶端 SSD，我們已完成與幾家全球主要 PC OEM 廠商的認證，預計本季將有更多廠商獲得認證。

We are also extending our leadership in automotive innovation, highlighted by our nomination as a Ford Supplier of the Year. We shipped the industry's first UFS 4.1 samples for autonomous driving where performance, reliability and power efficiency are critical. Development is underway with key partners and early samples are being used in the next-generation EV platforms and autonomous robotics. We expect to complete qualification in the coming months, paving the way for broader adoption in the next-generation automotive compute platforms, including advanced driver assistance systems and robotics, beginning in the second half of calendar year 2026.

我們也擴大了在汽車創新領域的領導地位，其中最突出的是，我們被提名為福特年度供應商。我們推出了業界首批用於自動駕駛的 UFS 4.1 樣品，其中性能、可靠性和功率效率至關重要。目前，該公司正與主要合作夥伴進行開發，早期樣品將用於下一代電動車平台和自動機器人。我們預計將在未來幾個月內完成認證，為從 2026 年下半年開始在下一代汽車計算平台（包括高級駕駛輔助系統和機器人技術）中的更廣泛應用鋪平道路。

In gaming, our latest SSD product has been exceptionally well received, winning multiple Editor's Choice awards from top PC and gaming publications globally. This quarter, we will also begin shipping our first PCIe Gen5 and Gen6 BiCS 8-enabled client SSDs, delivering power efficiency and performance for AI and gaming systems.

在遊戲領域，我們最新的 SSD 產品獲得了極高的評價，贏得了全球頂級 PC 和遊戲出版物的多個編輯選擇獎。本季度，我們也將開始發售首批支援 PCIe Gen5 和 Gen6 BiCS 8 的客戶端 SSD，為 AI 和遊戲系統提供電源效率和效能。

In consumer, we continue to lead the market with innovative products that define performance and reliability. We recently introduced several products, including our latest portable SSD and a new USB dual drive, each reinforcing our leadership in high-performance storage.

在消費領域，我們繼續以定義性能和可靠性的創新產品引領市場。我們最近推出了幾款產品，包括最新的便攜式 SSD 和新型 USB 雙驅動器，每款產品都鞏固了我們在高效能儲存領域的領導地位。

In cards, the launch of our professional-grade memory card fills a critical gap in our portfolio and strengthens our position in the ever-growing content creation segment. Another key achievement for our consumer business is the launch of our next-generation microSD Express card, featuring a co-branded 256-gigabyte card developed in partnership with Nintendo for the highly anticipated Switch two. This officially licensed product has been in development through close collaboration with Nintendo to ensure it delivers the next level speed and performance the new console requires.

在卡片方面，我們專業級記憶卡的推出填補了我們產品組合中的關鍵空白，並鞏固了我們在不斷增長的內容創作領域的地位。我們消費者業務的另一個重要成就是推出下一代 microSD Express 卡，該卡採用聯合品牌 256 GB 卡，與任天堂合作開發，用於備受期待的 Switch 2。這款官方授權產品是透過與任天堂密切合作開發的，以確保它能夠提供新遊戲機所需的更高速度和效能。

I am proud of the recognition our consumer products continue to receive, including the Red Dot Design Award, across all consumer storage categories and the Best of Show honor for a high-performance storage solution for our latest portable SSD at the NAB TV Tech 2025. These distinctions reflect the strength of our innovation engine and the exceptional work of our engineering and industrial design teams.

我對我們的消費產品不斷獲得的認可感到自豪，包括紅點設計獎、所有消費存儲類別的獎項，以及在 NAB TV Tech 2025 上憑藉我們最新的便攜式 SSD 的高性能存儲解決方案獲得的最佳展示榮譽。這些榮譽體現了我們創新引擎的強大以及工程和工業設計團隊的卓越工作。

In data center, we continue to see capital investments in the rapid growth of AI-driven workloads, which are expanding the use cases for enterprise SSDs and broadening NAND's addressable market. Analysts estimate cloud CapEx from the major hyperscale providers grew over 50% to approximately $240 billion in calendar year 2024, and that momentum is expected to continue into 2025, reaching approximately $330 billion, a 40% increase.

在資料中心，我們繼續看到對人工智慧驅動的工作負載快速成長的資本投資，這正在擴大企業 SSD 的用例並拓寬 NAND 的潛在市場。分析師估計，主要超大規模供應商的雲端運算資本支出在 2024 日曆年增長超過 50%，達到約 2,400 億美元，預計這一勢頭將持續到 2025 年，達到約 3,300 億美元，增幅為 40%。

Given this opportunity, we continue to increase our bit allocation to enterprise SSD applications, representing 12% of our bits this quarter, up from 8% in the same quarter of the prior year. And we expect to continue to make progress as we qualify our BiCS 8 products with cloud customers leveraging QLC and Gen5 and Gen6 PCIe solutions.

藉此機會，我們繼續增加企業級 SSD 應用的比特分配，佔本季比特的 12%，高於去年同期的 8%。隨著我們利用 QLC 和 Gen5 和 Gen6 PCIe 解決方案為雲端客戶提供合格的 BiCS 8 產品，我們期望繼續取得進展。

In summary, we continue to innovate to meet and exceed customer needs, reinforcing our performance and power efficiency advantage in the NAND market. At the China Flash Memory Summit, customers highlighted our leadership position, setting our best-in-class performance to power profile.

總之，我們不斷創新以滿足並超越客戶需求，鞏固我們在 NAND 市場的效能和功率效率優勢。在中國快閃記憶體峰會上，客戶強調了我們的領導地位，並確立了我們一流的性能與功率配置。

We were honored with the Product Innovation Award, a strong validation of our system-level execution and continued investment in innovation. Years of focused R&D have positioned us at the forefront of the market, and we are proud to be driving the next wave of advancement in flash memory.

我們很榮幸獲得產品創新獎，這是對我們系統級執行力和持續創新投資的有力證明。多年專注的研發使我們處於市場的前沿，我們很自豪能夠推動快閃記憶體的下一波進步。

With that, I'll turn the call over to Luis to dive deeper into our financial performance and guidance. Luis?

說完這些，我將把電話轉給路易斯，讓他更深入地探討我們的財務表現和指導。路易斯？

Thank you, David. Let me start by providing additional details on the third quarter. Revenue was $1.695 billion, down 10% sequentially and 1% year-over-year, and above our guidance range of $1.550 billion to $1.650 billion. Sequentially, bit shipments were down low single digits, while ASP was down high single digits.

謝謝你，大衛。首先，我來提供有關第三季的更多細節。營收為 16.95 億美元，比上一季下降 10%，比去年同期下降 1%，高於我們預期的 15.50 億美元至 16.50 億美元範圍。相比之下，位元出貨量下降了低個位數，而平均售價則下降了高個位數。

Client revenue was $927 million, down 10% sequentially. Consumer was $571 million, down 5% quarter-over-quarter. And cloud was $197 million, down 21% sequentially. Lower ASPs impacted revenue across all our segments, particularly the cloud.

客戶營收為 9.27 億美元，季減 10%。消費者業務為 5.71 億美元，季減 5%。雲端運算業務營收為 1.97 億美元，季減 21%。較低的平均售價影響了我們所有部門的收入，尤其是雲端運算部門。

Non-GAAP gross margin for the third quarter was 22.7%, within our guidance range of 21.5% to 23% as we continue to drive efficiency in our supply chain. During the quarter, our non-GAAP gross margin included headwinds of $24 million in underutilization charges and $29 million in fab start-up costs. Excluding these charges, our non-GAAP gross margin would have been 25.8%.

由於我們持續提高供應鏈效率，第三季非公認會計準則毛利率為 22.7%，在我們 21.5% 至 23% 的預期範圍內。在本季度，我們的非 GAAP 毛利率包括 2,400 萬美元的未充分利用費用和 2,900 萬美元的晶圓廠啟動成本。除去這些費用，我們的非公認會計準則毛利率將達到 25.8%。

Operating expenses were $383 million, better than our guidance range of $395 million to $405 million. Our performance reflects meaningful progress in identifying cost-saving opportunities even as we continue to invest in innovation.

營運費用為 3.83 億美元，高於我們 3.95 億美元至 4.05 億美元的指引範圍。我們的業績反映出，在我們繼續投資創新的同時，在發現節約成本機會方面取得了有意義的進展。

Non-GAAP EPS was a loss of $0.30 per share, at the high end of our guidance range of a loss between $0.45 and $0.30 per share. We closed the quarter with 145 million shares outstanding. Our cash and cash equivalents increased from $1.3 billion to $1.5 billion.

非公認會計準則每股虧損 0.30 美元，處於我們每股虧損 0.45 美元至 0.30 美元的指導範圍高端。本季結束時，我們的流通股數為 1.45 億股。我們的現金和現金等價物從 13 億美元增加到 15 億美元。

Our third quarter GAAP financials include $44 million in stock-based compensation, which is included in our cost of goods sold and operating expenses, and $9 million in business separation costs. This quarter, we evaluated our goodwill for potential impairment following a quantitative test in accordance with accounting standards and the engagement of valuation specialists. We concluded that the goodwill balance was impaired and recorded a noncash impairment charge of $1.830 billion. As a result, our quarter end goodwill balance was reduced to $5 billion.

我們的第三季 GAAP 財務數據包括 4,400 萬美元的股票薪酬（包含在我們的銷售成本和營運費用中）以及 900 萬美元的業務分離成本。本季度，我們根據會計準則的規定進行了定量測試，並聘請了評估專家，對商譽的潛在減損情況進行了評估。我們得出結論，商譽餘額已減損，並記錄了 18.3 億美元的非現金減損費用。結果，我們的季末商譽餘額減少至 50 億美元。

As we look ahead for the fourth quarter, we remain committed to disciplined approach as we carefully manage both operating and capital expenditures, ensuring that our supply aligns with demand and implementing price increases to support a sustainable business model.

展望第四季度，我們將繼續致力於嚴謹的作風，認真管理營運和資本支出，確保供應與需求保持一致，並提高價格以支持永續的商業模式。

Our key assumption in our guidance is that the current tariffs remain unchanged throughout the quarter. At present, there are no tariffs on our products, except for shipments from China to the US, which have tariffs of 27.5%. For perspective, approximately 20% of our products shipped to the United States and over 95% of that revenue is sourced from countries other than China. We're working with our customers and closely monitoring the global supply chain environment while leveraging our agility to ensure continued stable sourcing plans.

我們指導中的關鍵假設是當前關稅在整個季度保持不變。目前，我們的產品沒有關稅，但從中國到美國的貨物除外，該部分的關稅為 27.5%。從角度來看，我們的產品約有 20% 運往美國，且超過 95% 的收入來自中國以外的國家。我們正在與客戶合作，密切關注全球供應鏈環境，同時利用我們的靈活性來確保持續穩定的採購計畫。

We expect revenue for the fourth quarter of $1.750 billion to $1.850 billion. Sequentially, this assumes bit shipments to be flat and ASP to be up mid- to high single digits. While we are preparing for customers to be cautious, given the uncertain macro environment, there are positive signs, including strengthening of transactional markets and encouraging customer engagements. We expect demand to strengthen throughout the year. As David mentioned, we expect client growth driven by the Windows 10 end-of-life post-pandemic PC refresh cycle and emergence of AI-enabled PCs and recovery in the mobile market.

我們預計第四季營收為 17.50 億美元至 18.50 億美元。連續地，這假設比特出貨量保持平穩並且 ASP 上漲中高個位數。雖然我們做好了客戶謹慎的準備，但考慮到不確定的宏觀環境，也出現了積極的跡象，包括交易市場的加強和鼓勵客戶參與。我們預計全年需求將會增強。正如 David 所提到的，我們預計客戶成長將受到 Windows 10 停產、疫情後 PC 更新週期、支援 AI 的 PC 的出現以及行動市場的復甦的推動。

We continue to see content growth as new features and form factors spur demand. In cloud, customers digested inventories, yet fundamentals are strong as they continue to invest in infrastructure for AI.

隨著新功能和新形式刺激需求，我們繼續看到內容成長。在雲端運算領域，客戶消化了庫存，但由於他們繼續投資人工智慧基礎設施，基本面依然強勁。

We expect non-GAAP gross margin to be between 25.5% and 27%, which includes $55 million to $65 million in underutilization charges and approximately $50 million in fab start-up costs. These costs are only partially offset by cost savings. We expect non-GAAP operating expenses to be between $395 million and $405 million, non-GAAP interest and other income and expense to be between $45 million and $50 million and non-GAAP taxes to be between $22 million and $25 million. As a result, we expect non-GAAP EPS to be between a loss of $0.10 per share and a profit of $0.15 per share based on 146 million shares outstanding.

我們預計非 GAAP 毛利率將在 25.5% 至 27% 之間，其中包括 5,500 萬至 6,500 萬美元的未充分利用費用和約 5,000 萬美元的晶圓廠啟動成本。這些成本只能透過成本節省來部分抵銷。我們預計非公認會計準則營運費用在 3.95 億美元至 4.05 億美元之間，非公認會計準則利息和其他收入和支出在 4,500 萬美元至 5,000 萬美元之間，非公認會計準則稅收在 2,200 萬美元至 2,500 萬美元之間。因此，我們預計非 GAAP 每股盈餘將在每股虧損 0.10 美元至每股獲利 0.15 美元之間（基於 1.46 億股流通股）。

Looking forward to fiscal 2026, we're planning on bit growth in line with the market. We expect balanced supply and demand with increases in average selling prices. Our forecasted gross capital expenditures will be above our through-cycle target model of mid-teens percentage of revenue from our BiCS 8 investment. This will follow two years of capital investments well below our through-cycle target.

展望 2026 財年，我們計劃與市場同步成長。我們預計供需將平衡，平均售價將上漲。我們預測的總資本支出將高於我們的整個週期目標模型，即 BiCS 8 投資的收入佔比達到十五六個百分點。前兩年的資本投資遠低於我們的周期目標。

As discussed at our Investor Day, we're beginning to move away from providing explicit guidance on cost per bit. Industry cost reductions from technology migrations are reducing, and we believe continually providing this metric is counterproductive to the value proposition of our technology, which is delivering increasing performance, power efficiency and density.

正如我們在投資者日所討論的那樣，我們開始不再提供有關每比特成本的明確指導。技術遷移帶來的產業成本降低正在減少，我們認為持續提供此指標不利於我們技術的價值主張，因為該技術正在提供更高的效能、功率效率和密度。

With that, let me turn the call back to David.

說完這些，讓我把電話轉回給大衛。

Thanks, Luis. Let me wrap up, and then we'll open up for questions. We are pleased with the performance this quarter and our success in establishing Sandisk as a stand-alone company. These results reflect the strength of our execution and the alignment of our teams around clear strategic priorities.

謝謝，路易斯。讓我總結一下，然後我們開始提問。我們對本季的業績以及成功將 Sandisk 打造為獨立公司感到非常滿意。這些結果反映了我們的執行力以及我們的團隊圍繞著明確的策略重點的協調。

Looking ahead, we are confident that the combination of our industry-leading technology, return-focused investments and improving industry fundamentals position us to deliver long-term results consistent with our target through-cycle financial model. I'm proud of the team's accomplishments and excited about the future for our customers, employees and shareholders.

展望未來，我們相信，我們行業領先的技術、以回報為重點的投資和不斷改善的行業基本面相結合，使我們能夠實現與我們的目標全週期財務模型一致的長期業績。我為團隊的成就感到自豪，並對我們的客戶、員工和股東的未來感到興奮。

With that, let's now open the call for questions.

現在讓我們開始提問。

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）摩根士丹利的喬·摩爾。

Great, thank you. Congrats on first quarter as a stand-alone company. Can you talk about the supply/demand a little bit? You said that you sort of took additional supply side actions in the quarter. Give us some sense of magnitude there. And then just do you think that as we move into the second half that we could be fully utilized and that the market would rebalance? Or just how are you thinking about the longer-term view there?

太好了，謝謝。恭喜獨立公司第一季取得佳績。能稍微談談供需狀況嗎？您說過您在本季採取了額外的供應方面行動。給我們一些規模感。那麼您是否認為，隨著我們進入下半年，我們可以充分利用並且市場將重新平衡？或者您如何看待那裡的長期前景？

So I'll cover a little bit of that, and Luis can cover some of it. So first of all, Joe, great to hear from you. Thanks for the question. We still see an undersupplied market through the end of next year. I think we're just going through the kind of ups and downs of a very dynamic market here.

因此我將介紹一點這方面的內容，路易斯可以介紹一部分。首先，喬，很高興收到你的來信。謝謝你的提問。到明年年底，我們仍然看到市場供應不足。我認為我們正在經歷一個非常活躍的市場的起伏。

From my perspective, we talked about this back in December, we kind of went through a mid-cycle pause, I think we're coming out of that now. We talked about this at our Analyst Day that we expected pricing to start increasing in this quarter, and that's happening.

從我的角度來看，我們在 12 月就討論過這個問題，我們經歷了一個中期週期停頓，我想我們現在已經走出了這種停頓。我們在分析師日上談到了這一點，我們預計本季價格將開始上漲，而且這種情況正在發生。

I think, Joe, the underutilized -- so we do see the market getting stronger as we go throughout the year. We see supply for this calendar year mid-single digits. We see demand kind of low double digits. For next year, we see those pretty balanced, in the mid- to high teens but coming off of a low supply base, so we still see kind of a long-term undersupplied market. But of course, it's going to vary quarter-to-quarter.

喬，我認為，由於未充分利用——所以我們確實看到市場在全年中變得越來越強勁。我們認為今年的供應量將達到個位數的中位數。我們看到需求處於低兩位數水準。對於明年，我們預計產量將相當平衡，在中高水平，但由於供應基礎較低，因此我們仍然看到長期供應不足的市場。但當然，每季都會有所不同。

As far as our underutilization, I'll say a little bit about that. Luis can talk about it as well. He's very close to it. We just think it's a prudent move given the mid-cycle pause we came through, given where we're at on margins, just given what we're looking at. I think we're trying to balance out the market more directly now instead of going into big ups and downs.

至於我們的利用率不足，我會稍微談談。路易斯也可以談論這個。他已經非常接近這個目標了。我們只是認為，考慮到我們所經歷的周期中期停頓、考慮到我們所處的利潤率、考慮到我們所關注的情況，這是一個謹慎的舉措。我認為我們現在正試圖更直接地平衡市場，而不是陷入大的起伏。

And especially with the macro uncertainty risk, we thought it was the right move last quarter. I think that turned out to be a good call. But it is something we look at every week, right? And we can make a very dynamic decision. And we'll stay very close to it, look at all the data points we have, and we'll make the best decision for our shareholders of how to use the fab.

尤其是在宏觀不確定性風險的情況下，我們認為上個季度的舉措是正確的。我認為這是一個正確的決定。但這是我們每週都會看到的東西，對吧？我們可以做出非常動態的決定。我們將密切關注它，查看我們擁有的所有數據點，並為我們的股東做出如何使用晶圓廠的最佳決策。

Luis, do you want to add to that?

路易斯，你想補充嗎？

Yes. Maybe a few things to add, Joe, is, as David said, we're very optimistic on demand overall. We're seeing some unit growth, particularly on our client business. And particularly, the growth is coming from more content per unit as we look at this year and particularly as we forecast 2026, so we're very optimistic there. And as we've all seen, spending by the cloud providers is high as they continue to increase capacity and obviously, we benefit from some of that as well.

是的。喬，也許需要補充幾點，正如大衛所說，我們對整體需求非常樂觀。我們看到了一些單位成長，特別是在我們的客戶業務方面。特別是，從今年以及對 2026 年的預測來看，成長將來自於每單位內容的增加，因此我們對此非常樂觀。正如我們所看到的，隨著雲端供應商不斷增加容量，他們的支出很高，顯然，我們也從中受益。

On the supply side and on the utilization, I think the most important point is what David said, we're tracking this weekly, monthly. And what we want to do is make sure that we set up our structural capacity to the right level. So as we transition from BiCS 5 to BiCS 8, we're making sure we set up the right capacity so that we can be as close as possible to 100%. But it's important that we balance supply and demand. We have enough inventories to continue to serve the market, and we'll keep on tracking this very carefully.

在供應方面和利用率方面，我認為最重要的一點就是大衛所說的，我們每週、每月都會追蹤這一點。我們要做的是確保我們的結構能力達到正確的水平。因此，當我們從 BiCS 5 過渡到 BiCS 8 時，我們要確保設定正確的容量，以便盡可能接近 100%。但平衡供需很重要。我們有足夠的庫存來繼續服務市場，我們將繼續密切追蹤這一點。

Great. And for my follow-up, I think enterprise SSD sort of had a little bit of a digestion window in March. It seems like it's getting better to me, and I just wanted to see how you guys are seeing those trends. And are you guys still confident in your ramp, kind of getting to the levels of market share that you've described in that space over time?

偉大的。就我的後續情況而言，我認為企業級 SSD 在三月有一點消化期。在我看來，情況似乎正在好轉，我只是想看看你們是如何看待這些趨勢的。你們是否仍然對自己的成長有信心，隨著時間的推移，達到你們所描述的市場佔有率水平？

Yes. Joe, I think the demand has been pretty consistent. There's been a lot of volatility in pricing, quite frankly, in that part of the market, probably that's the most volatile part of the market on pricing. But we see continued good demand. We're very, very optimistic about the road map.

是的。喬，我認為需求一直都相當穩定。坦白說，該市場部分的價格波動很大，可能是市場價格波動最大的部分。但我們看到需求持續良好。我們對路線圖非常非常樂觀。

I think we've established ourselves well in that market. If I look FY24 to where we expect to end FY25, I see a tripling of that business from a revenue perspective, which lays a good foundation for us with qualifications and relationships with the right players.

我認為我們已經在那個市場上站穩了腳步。如果我將 24 財年展望到我們預計 25 財年結束時的情況，從收入角度來看，我看到該業務增長了兩倍，這為我們獲得資格並與合適的參與者建立關係奠定了良好的基礎。

And then as we talked about at our Analyst Day, we're moving into a period where we're going to have a new controller. We're going to have a new product in the storage side of that business. We have BiCS 8 coming, which is a great node for performance and power efficiency. So we think we've established the business well over the last couple of years. We've got qualifications in the right places.

然後，正如我們在分析師日上所討論的那樣，我們正進入一個擁有新控制器的時期。我們將在該業務的儲存方面推出一款新產品。我們即將推出 BiCS 8，它是效能和能源效率的絕佳節點。因此我們認為我們在過去幾年中已經很好地建立了業務。我們在正確的地方獲得了資格。

It's performing as expected. And then we feel like we're moving into a part of the portfolio where we're going to get stronger over the next couple of years quarter-by-quarter as we move forward. So I'm very happy and optimistic about that part of the business.

其表現符合預期。然後我們感覺我們正在進入投資組合的一部分，隨著我們前進，未來幾年我們將逐季度變得更加強大。所以我對該部分業務感到非常高興和樂觀。

Thank you.

謝謝。

C.J. Muse, Evercore.

C.J. Muse，Evercore。

Cantor Fitzgerald. May I say congrats again in your first quarter out.

康托·菲茨杰拉德。我可以再次祝賀你在第一季取得佳績。

Thank you, C.J.

謝謝你，C.J。

Yes. I guess maybe if we could drill down into gross margins, you talked about kind of taking utilization lower, yet you're still guiding up 355 bps sequentially. So could you help us kind of understand what the headwind is specifically into Q2 and how we should think about that headwind kind of unwinding through the calendar year?

是的。我想如果我們能夠深入研究毛利率，您談到了降低利用率，但您仍然指導毛利率連續上漲 355 個基點。那麼，您能否幫助我們了解第二季的具體逆風是什麼，以及我們應該如何看待全年逆風的消退？

Yes. We feel good about the progress we're making on gross margin overall, C.J. I think the headwinds are the two that we called out in our prepared remarks. One is this underutilization, right, of $55 million to $65 million, which really is the continuation of the decision we took earlier as we continue to play that out. So that's a big one.

是的。C.J.，我們對整體毛利率的進步感到滿意。我認為，我們在準備好的發言中提到的兩個不利因素是。一是未充分利用 5500 萬至 6500 萬美元，這實際上是我們之前做出的決定的延續，我們將繼續執行這一決定。所以這是一個大問題。

And I also called out the $50 million fab start-up cost. We think that start-up costs will be with us for a few more quarters and then they should go away. So that's kind of onetime cost that we have there, which will continue to impact us. But obviously, we benefit from the higher ASP, which is helping our gross margin overall.

我還提到了 5000 萬美元的晶圓廠啟動成本。我們認為啟動成本還會伴隨我們幾個季度，然後就會消失。所以這是我們的一次性成本，它將持續影響我們。但顯然，我們受益於更高的平均售價，這有助於提高我們的整體毛利率。

Perfect. And then maybe a focus on enterprise SSD and CapEx. And so you talked about the investment in BiCS 8. At the same time, we're seeing a concerted effort by some players in the industry pushing to 200-layer plus QLC and moving to [MLC] to really support kind of the AI enterprise SSD. So I guess, where are you in kind of that transition?

完美的。然後也許重點放在企業 SSD 和 CapEx。所以您談到了對 BiCS 8 的投資。同時，我們看到業內一些參與者正在齊心協力，推動 200 層以上的 QLC 並轉向 [MLC]，以真正支持 AI 企業 SSD。那我猜，您處於這種轉變的哪個階段？

And how do you go about bringing on kind of optimized capacity for the enterprise yet, at the same time, limiting bit growth. It seems to be in our form right now where we are in the cycle for NAND.

您如何為企業帶來最佳化容量，同時又限制位元成長？現在看來，我們正處於 NAND 週期。

Yes. I mean I think we manage that very closely. So it depends on the enterprise SSD. I think you're mainly talking about the storage, high-capacity 60 terabyte going to 128, going to 256 over the next year. Those are QLC BiCS 8.

是的。我的意思是，我認為我們對此管理得非常嚴格。所以這取決於企業級SSD。我認為您主要談論的是存儲，高容量 60TB 將在明年增加到 128TB，甚至 256TB。這些是 QLC BiCS 8。

I mean that's all part of the ramp of what we'll do this coming year. This quarter, we'll be like 10% BiCS 8. End of FY26 we'll be 40% to 50% BiCS 8. So that's that ramp happening. So I guess to say how do we go about that?

我的意思是，這都是我們明年要做的事情的一部分。本季度，我們的 BiCS 8 比例將達到 10%。到 2026 財年末，BiCS 8 的比例將達到 40% 至 50%。這就是正在發生的斜坡。那我想說我們該如何做呢？

We go about that very carefully to make sure that we don't just do just what you said, which is oversupply the market with bits as we go to higher layer count and more density per wafer as we go through that transition. We also structurally remove some capacity from the system as we go on the number of wafer starts to make sure we keep that in balance.

我們會非常謹慎地處理這個問題，以確保我們不會像您所說的那樣，隨著我們在轉型過程中向更高的層數和更高的每片晶圓密度發展，市場上會出現供應過剩的情況。隨著晶圓啟動數量的增加，我們也會在結構上從系統中移除一些容量，以確保保持平衡。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Also my congrats on the first quarter out of the gate. Kind of sticking with the gross margin, maybe thinking a little bit of a different way, it looks like if I adjust for some of these underutilization and start-up cost charges that your cost on a per bit basis was maybe more or less flattish sequentially this last quarter, and it looks like based on the guidance, again, with those charges considered, it looks like you're assuming maybe the cost improves, right? Your cost structure declines maybe in the low to mid-single digit on a bit basis this next quarter. So I guess my question is, how do we think about, as BiCS 8 matures, the cost down that you expect to see as we move out into the second half of the year and into '26?

我也對第一季的開局表示祝賀。堅持毛利率，也許換個角度思考，如果我調整一些未充分利用和啟動成本費用，那麼上個季度每位成本可能或多或少與上一季度持平，而且根據指導意見，考慮到這些費用，您似乎認為成本可能會有所改善，對嗎？下個季度，您的成本結構可能會略微下降到低到中等個位數。所以我想我的問題是，隨著 BiCS 8 的成熟，我們如何看待我們進入今年下半年和 26 年時預計會看到的成本下降？

Yes. I think we talked about this, Aaron. So first of all, thanks for the congratulations. We feel good about it. Our first quarter out. It's been a great two or three months here post separation. It's gone quick. So we talked about this in the script. We're going to start -- and we talked about it at our Analyst Day. We're going to start talking less about cost downs, and I'll give you some context on that because I think it's important.

是的。我想我們討論過這個，亞倫。首先，感謝您的祝賀。我們對此感覺很好。我們的第一季結束了。分開後，在這裡度過了美好的兩三個月。很快就過去了。所以我們在劇本中討論了這一點。我們將開始——我們在分析師日討論過這個問題。我們將開始減少談論降低成本，我會給你一些背景信息，因為我認為這很重要。

First of all, I think the whole structure of the industry of driving cost down, it's an important concept, mainly around expanding the TAM, I think in storage in general, having managed two different storage franchises, you drive the cost down, you expand the TAM. However, we talked about it, TAM is going to $100 billion. I think expanding the TAM is not really our issue as a company. It's like making sure we have the right profitability to drive all the capital investment required to support this demand. So we're more focused on the technology differentiation we have.

首先，我認為降低成本的整個產業結構是一個重要的概念，主要圍繞著擴大TAM，我認為在儲存領域，透過管理兩個不同的儲存特許經營權，你可以降低成本，擴大TAM。然而，我們討論過，TAM 將達到 1000 億美元。我認為擴大 TAM 並不是我們公司真正的問題。這就像確保我們擁有適當的獲利能力來推動滿足這一需求所需的所有資本投資。因此，我們更加關注我們擁有的技術差異化。

We feel very good about the R&D we do, performance, power, density, all these things we need in an AI world. Customers are really pushing us for more dense, higher IOPS-based enterprise SSD that requires an enormous amount of R&D investment. And so that's really where we want to put the focus.

我們對自己所做的研發感到非常滿意，性能、功率、密度以及人工智慧世界中我們需要的所有這些。客戶確實在敦促我們推出密度更高、基於更高 IOPS 的企業級 SSD，這需要大量的研發投入。所以這確實是我們想要關注的重點。

And then I'll also say the cost downs are, my observation over the last five years, they're more -- I'm not going to say unpredictable, they're less consistent is the right way to say it. Some quarters used to be you get pretty consistent cost downs as you move nodes and you drove yields higher. It just seems like over the last couple of years, they've been more -- a lot of quarters up and down. So it's hard to like just put a number out there for them. They're also getting harder to get.

然後我還要說的是，根據我過去五年的觀察，成本下降更加——我不會說不可預測，正確的說法是它們不太一致。在某些季度，隨著您移動節點並提高收益率，您會獲得相當持續的成本下降。似乎在過去的幾年裡，他們的表現經歷了許多起伏。因此很難直接給他們一個數字。它們也越來越難取得。

Quite frankly, as we get to these larger layer nodes, larger layer count nodes, you get more bits than you do cost downs, right, it's just the way it works. So that's really the third part is I think, for a long time, the kind of the approach to the industry was drive a new node, get more cost downs. And I think the last downturn showed that, that was like bringing a gasoline can to a fire because you get way more bits than you get cost downs.

坦白說，當我們獲得這些更大的層節點、更大的層數節點時，您獲得的位元數將比成本下降的位元數要多，對吧，這就是它的工作方式。所以，我認為，這實際上是第三部分，長期以來，業界採用的方法是推動新節點，進一步降低成本。我認為上次的經濟衰退表明了這一點，這就像是把汽油罐扔進火裡，因為你得到的零件比成本下降的要多得多。

So when you add that all up, we just want to focus on different parts of the business and kind of not talk so much about that. All that said, we will get some -- obviously, we'll get some cost downs out of BiCS 8, right? And we're just not going to forecast them on a quarter-by-quarter basis. But the way you're thinking about it is a reasonable way to think about it. Maybe a longer answer than you were looking for, but I appreciate you bearing with me. Thanks, Aaron.

所以當你把所有這些加起來時，我們只想專注於業務的不同部分，而不會談論太多。儘管如此，我們還是會得到一些——顯然，我們會從 BiCS 8 中獲得一些成本下降，對嗎？我們不會按季度進行預測。但您思考這個問題的方式是合理的。也許答案比您想要的還要長，但我感謝您的耐心。謝謝，亞倫。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

I was hoping you could address the outlook for NAND bit shipments in the June quarter and if you still anticipate NAND bit volume to grow low double digits this calendar year. And as you address that question, perhaps you can discuss the level of order visibility that you have across your various end markets.

我希望您能談談 6 月季度 NAND 比特出貨量的前景，以及您是否仍預計今年 NAND 比特出貨量將實現低兩位數成長。當您回答這個問題時，也許您可以討論一下您在各個終端市場的訂單可見度水平。

Yes. So for the June quarter, what we guided was flattish bits, right? Now if we look further out, when we were together at Analyst Day, we said we expected growth to be high single digits in the July through December semester, back end of 2025. And frankly, there is nothing that we see that leads us to change that view. We continue to feel optimistic about the growth in the business, particularly in the industry, and we talked about some of those drivers earlier in the call.

是的。那麼，對於 6 月季度，我們預測的業績是持平的，對嗎？現在，如果我們進一步展望未來，當我們在分析師日聚會時，我們表示，我們預計 2025 年末 7 月至 12 月學期的成長率將達到高個位數。坦白說，我們所看到的一切都沒有讓我們改變這種觀點。我們繼續對業務成長，特別是行業成長感到樂觀，我們在電話會議早些時候討論了其中的一些驅動因素。

We talked about client. We talked about PC. We talked about mobile. We talked about cloud. So we continue to feel good about the long-term growth in the industry. But for the June quarter, specifically, it's what we guided. We guided bits to be flattish and ASP to be going up.

我們談論了客戶。我們討論了 PC。我們討論了行動裝置。我們討論了雲。因此，我們繼續對該行業的長期成長感到樂觀。但具體到 6 月季度，這正是我們的預期。我們預計鑽頭價格將保持平穩，而平均售價將上漲。

Visibility across the market.

整個市場的可見性。

Visibility, so far is -- I mean, we talk to customers all the time, right? What we see across the market is good. There are pieces, the transactional markets, and you guys have access to a lot of that data. We're seeing prices moving up. We see the business moving.

到目前為止，可見性是——我的意思是，我們一直在與客戶交談，對嗎？我們看到整個市場的情況是好的。有各種各樣的數據，交易市場，你們可以存取其中的大量數據。我們看到價格正在上漲。我們看到業務正在進展。

We're making good progress across client and cloud. So we feel good about where things are so far as we start in the quarter, and that leads us to have confidence in the guide we're giving you.

我們在客戶端和雲端方面取得了良好的進展。因此，我們對本季度的進展感到滿意，這讓我們對我們給您的指南充滿信心。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Hey, thanks. It's just a quick question on the cloud side. I saw it's growing almost 100% year-on-year, I guess. But can you talk to how many enterprise hyperscale customers you have, how you're approaching that market? What are the milestones that you expect to hit?

嘿，謝謝。這只是雲端的一個簡單問題。我看到它同比增長了近 100%。但是您能否談談您有多少企業超大規模客戶，以及您如何進入該市場？您希望達到哪些里程碑？

Yes. We have multiple hyperscale customers, and we're really starting to expand out the channel business, especially the kind of qualification we talked about with NVIDIA a couple of quarters ago. That's now starting to really blossom with a lot of customers, a more broader set. So we feel good that we're playing at the biggest players and then the deeper into the ecosystem as AI pulls a lot of business in that part of the portfolio.

是的。我們擁有多個超大規模客戶，我們真正開始擴展通路業務，特別是幾個季度前我們與 NVIDIA 討論的那種資格。現在，這項業務開始真正蓬勃發展，客戶數量越來越多，客戶範圍也越來越廣。因此，我們很高興能夠與最大的參與者合作，然後深入生態系統，因為人工智慧在投資組合的這一部分吸引了大量業務。

Got it. And I think when you look at the SSD segment, a lot of this is still shipping on TLC, but you're starting to see QLC SSD pick up. Can you talk to how that ramp is going? Where is Sandisk on that road map in terms of qualification or ramping up shipments on QLC?

知道了。我認為，當您查看 SSD 部分時，其中許多仍在 TLC 上出貨，但您開始看到 QLC SSD 的普及。你能說說那個坡道怎麼樣了嗎？從 QLC 的資質認證或出貨量增加來看，Sandisk 在路線圖上處於什麼位置？

We talked about that a little bit at our Analyst Day, and it's still very consistent with that. We have the compute-focused TLC-based, very high performance PCIe Gen5 interface SSD that has been doing quite well at hyperscalers and throughout a broader set of customers. I think the number of qualifications there keeps increasing.

我們在分析師日上稍微討論了這一點，它仍然與此非常一致。我們擁有以運算為重點、基於 TLC 的高效能 PCIe Gen5 介面 SSD，在超大規模和更廣泛的客戶群中表現相當出色。我認為那裡的資格數量正在增加。

And then we've got the larger QLC-based storage-based enterprise SSD, 60 terabyte, going to 128 and then eventually 256 as we move through fiscal year '26. Qualifications are going well there, but what we're really excited about is we have a new architecture coming out in the next couple of quarters that we call Stargate, new ASIC clean sheet design and then with BiCS 8 QLC, and we just think that's going to be a dynamite project.

然後，我們得到了更大的基於 QLC 儲存的企業級 SSD，容量為 60TB，隨著 26 財年的發展，容量將增加至 128TB，最終達到 256TB。那裡的資格認證進展順利，但我們真正興奮的是，我們將在接下來的幾個季度推出新的架構，我們稱之為星際之門，新的 ASIC 乾淨紙張設計，然後是 BiCS 8 QLC，我們認為這將是一個轟動性的項目。

We'll have it in customers' hands here soon, and we expect that to go very well. So we're very optimistic about the portfolio, about the progress we've made and what's coming from a road map perspective.

我們很快就會把它送到客戶手中，我們期待一切進展順利。因此，我們對投資組合、我們所取得的進展以及從路線圖的角度來看未來前景非常樂觀。

Thank you.

謝謝。

Thank you.

謝謝。

Steven Fox, Fox Research.

史蒂文‧福克斯，福克斯研究公司。

Hey, good afternoon. I had two questions, if I could. First of all, I was curious about how we think about underutilization charges beyond this quarter, how quickly they sort of dissipate. And then just thinking about the full supply chain, you've mentioned that there's not a lot of direct exposure to tariffs at this point and even like it sounds like demand is holding up pretty well, too.

嘿，下午好。如果可以的話，我有兩個問題。首先，我很好奇我們如何看待本季之後的未充分利用費用，以及它們消散的速度有多快。然後考慮整個供應鏈，您提到目前直接受到關稅影響的程度並不大，甚至聽起來需求也保持得相當好。

But is there any other bottlenecks that you're worried about with your customers, where they're moving around supply chains or anything else that could either help you versus competition or maybe become sort of a pushout going forward?

但是，您是否擔心客戶在供應鏈或其他方面遇到的其他瓶頸，這些瓶頸可能會幫助您對抗競爭，或者可能成為未來的阻礙？

Yes. So I would say, first of all, on underutilization, our overall strategy is we would rather operate at 100% capacity, right? So we believe that this is a tactical thing we need to do, and I think it's the right thing to do at the right time. But over time, we need to get out of that, right? We want to have -- our structural capacity should be set up for the market that we're supporting, and that's how we want to operate.

是的。所以我想說，首先，關於未充分利用的問題，我們的整體策略是寧願以 100% 的產能運營，對嗎？因此，我們認為這是我們需要採取的戰術措施，而且我認為這是在正確的時間採取的正確措施。但隨著時間的推移，我們需要擺脫這種狀況，對嗎？我們希望－我們的結構能力應該針對我們所支持的市場而建立，這就是我們希望的運作方式。

So we'll be tracking this, as David said earlier, and we'll be adjusting over time. But our overall goal is to get 100% out of underutilization when we can, when supply and demand is balanced.

因此，正如大衛之前所說，我們會跟踪這一點，並隨著時間的推移進行調整。但我們的總體目標是，在供需平衡的情況下，盡可能實現 100% 的利用不足。

On your second question, we're good on tariffs, right, as we said, right? Only 20% of our products are shipped to the US and 95% of those products do not have any tariffs because they are sourced from countries outside of China. We don't see a lot of other bottlenecks in our supply chain. So the supply chain is run efficiently.

關於你的第二個問題，我們在關稅問題上做得很好，正如我們所說的那樣，對嗎？我們的產品只有 20% 運往美國，其中 95% 沒有任何關稅，因為它們來自中國以外的國家。我們的供應鏈中沒有發現很多其他瓶頸。因此供應鏈運作高效。

We have, as you know, front end comes 100% out of Japan from our JV. And we have several options on the back end, particularly Malaysia, and we do have a JV in China, which sources some of the countries as well. So we feel that the supply chain is operating efficiently and sourcing and supporting our products around the world.

如您所知，我們的前端產品 100% 來自日本合資企業。我們在後端有幾個選擇，特別是馬來西亞，我們在中國有一個合資企業，也從一些國家採購。因此，我們認為供應鏈正在有效運作，並在世界各地採購和支援我們的產品。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Thanks Steven.

謝謝史蒂文。

(Operator Instructions) Nam Kim, Arete Research.

（操作員指示） Nam Kim，Arete Research。

Hey, thank you. Thank you for taking my question. One more question on NAND pricing. Compared to a few months ago before tariff impact, the overall sentiment on price outlook seems to be more conservative. But you mentioned that you assume mid-, high single ASP built into your guidance this quarter. Is this mainly driven by transactional market or across the board? If you can give me any color on the OEM market, that would be great.

嘿，謝謝你。感謝您回答我的問題。關於 NAND 定價還有一個問題。與幾個月前關稅影響之前相比，對價格前景的整體情緒似乎更加保守。但您提到，您假設本季的指導包含了中高單一 ASP。這主要是由交易市場推動的還是全面推動的？如果您能為我提供有關 OEM 市場的任何信息，那就太好了。

And then if I can add one more question, since your fabs are all located in Japan, I just wonder how Japanese yen exchange rate against dollar impact your cost structure? Is there any framework to share with us for our modeling purpose?

然後，如果我可以再加一個問題，由於你們的晶圓廠都位於日本，我只是想知道日圓兌美元的匯率如何影響你們的成本結構？是否有任何框架可以與我們分享以用於建模目的？

Do you want to go ahead?

你想繼續嗎？

No, you go.

不，你走吧。

All right. So just a little bit on pricing. I mean, we have a lot of visibility as a company, right? We have a big consumer franchise. We have a good-sized channel business.

好的。只需稍微談一下定價。我的意思是，作為一家公司，我們的知名度很高，對吧？我們擁有龐大的消費者特許經營權。我們的通路業務規模相當大。

We sell to all the PC OEMs. We sell to all the hyperscalers and all the phone vendors. I think the turn in the market is across the board. We just see -- we've had conviction on this for a while. I think we were early in saying that we thought in the June quarter, we were going to see price increases.

我們向所有 PC OEM 銷售產品。我們的產品銷往所有超大規模企業和所有電話供應商。我認為市場的變化是全方位的。我們只是看到——我們對此已經有了堅定的信念。我認為我們很早就說過，我們認為在六月季度，我們將會看到價格上漲。

That's what we put out in our Analyst Day. And we took actions to help drive that. But really, it was looking across this entire kaleidoscope of information we have and talking to customers and understanding all the technology road maps that gave us the conviction in that.

這就是我們在分析師日上提出的內容。我們已採取行動來推動這一目標。但實際上，正是透過查看我們擁有的大量資訊、與客戶交談並了解所有技術路線圖，我們才對此深信不疑。

And of course, there's been a lot of macro issues, tariffs or whatever it happens to be, that's been things for the market to digest along the way, but when you still look at it, as I said, I think, in the first question, we still see an undersupplied market through the end of calendar year '26.

當然，還有很多宏觀問題，關稅或其他什麼問題，這些都是市場需要消化的事情，但當你仍然看待它時，正如我在第一個問題中所說的那樣，我認為，到 2026 年年底，我們仍然會看到市場供應不足。

And that's kind of because that's how far out we forecast at this point and we feel like we have enough data on. And so we've had a lot of conviction that we're moving into a better market. And then what we went through in the last couple of quarters was just a mid-cycle correction. And I think that's playing out.

這是因為這是我們目前的預測，而且我們覺得我們有足夠的數據。因此，我們堅信我們正在進入一個更好的市場。我們在過去幾季所經歷的只是一次週期中期的調整。我認為這正在發生。

So anyway, I hope that helps on the pricing side. And on the yen, I'll let Luis take that.

無論如何，我希望這對定價方面有所幫助。關於日元，我會讓路易斯來決定。

Yes. I mean, overall, our front end is clearly exposed to the yen, and we're somewhere around, whatever, JPY1.44 per dollar today. Now something to be very careful here as you do your models is there are two types of costs, right? There are costs which are yen-denominated, which I would say it's labor and a few other things. And there are other costs which are non-yen denominated even if they are coming from Japan.

是的。我的意思是，總體而言，我們的前端顯然受到日圓的影響，目前我們的匯率約為 1 美元兌 1.44 日圓。現在，當你建立模型時，需要非常小心的是，有兩種類型的成本，對嗎？有些成本是以日圓計價的，我想說的是勞動力和其他一些東西。還有一些成本即使來自日本也是非日圓計價的。

Think about equipment and CapEx and some of our materials, which we're importing from other countries. So they are part of the global economy, and therefore, they are dollar-based or they could be euro-based. So not necessarily all our cost that comes out of Japan is exposed to the yen in the same way. So we obviously track this very carefully, and we make sure that we are prepared to that. So we understand that piece. Does that make sense?

想想設備和資本支出以及我們從其他國家進口的一些材料。所以它們是全球經濟的一部分，因此它們以美元或歐元為基礎。因此，我們來自日本的所有成本並不一定都會以同樣的方式受到日圓的影響。因此，我們顯然會非常仔細地追蹤此事，並確保我們已做好準備。所以我們理解這一點。這樣有道理嗎？

Yes, thank you so much.

是的，非常感謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to David Goeckeler, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 David Goeckeler，請他做最後發言。

All right. Thanks for joining us on our first conference call as Sandisk -- or first earnings call. We appreciate your participation, all the great questions, and we look forward to talking to you throughout the quarter. Take care.

好的。感謝您參加 Sandisk 的第一次電話會議——或者說第一次收益電話會議。我們感謝您的參與和提出的所有重要問題，我們期待在整個季度與您交談。小心。

Thank you.

謝謝。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。