Sandisk Corp (SNDK) 2026 Q2 法說會逐字稿

Good day, and welcome to the Sandisk second quarter fiscal 2026 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Sandisk 2026 財年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Ivan Donaldson, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係主管伊凡唐納森。請繼續。

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. We assume no obligation to update these statements.

在開始之前，請注意，今天的討論將包含基於管理層當前假設和預期的前瞻性陳述，這些陳述受到各種風險和不確定性的影響。這些前瞻性聲明包括對我們的技術和產品組合、業務計劃和業績、市場趨勢和機會以及未來財務表現的預期。我們不承擔更新這些聲明的義務。

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

有關可能導致實際結果與預期結果存在重大差異的風險和不確定性的更多信息，請參閱我們的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件。今天我們也會提及非GAAP財務指標。非GAAP財務指標與可比較GAAP財務指標之間的調節表已包含在我們網站投資者關係部分發布的書面資料中。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Thanks, Ivan. Good afternoon, and thank you for joining Sandisk's fiscal second quarter earnings call. In the quarter, revenue was $3 billion, up 31% sequentially with non-GAAP earnings per share of $6.20. Artificial intelligence continues to drive a step change in demand with data center and edge workloads, expanding system complexity and storage content requirements. This shift, along with disciplined commercial actions and strategic capacity allocation, has strengthened our business results.

謝謝你，伊凡。下午好，感謝各位參加閃迪公司第二財季財報電話會議。本季營收達30億美元，季增31%，非GAAP每股收益為6.20美元。人工智慧持續推動資料中心和邊緣工作負載需求的變革，不斷增加系統複雜性和儲存內容需求。這一轉變，加上嚴謹的商業行動和策略性的產能配置，增強了我們的業務成果。

Let me frame the NAND industry's evolution before discussing our end markets. NAND is now recognized as indispensable to the world's storage needs, driving a foundational shift in how commercial relationships between suppliers and customers are structured. Supply certainty, longer planning horizons and multiyear commitments are increasingly essential to support structural demand that extends beyond the traditional cyclical model of our market.

在討論我們的終端市場之前，讓我先概述一下 NAND 產業的發展歷程。NAND 快閃記憶體如今已被公認為滿足全球儲存需求的不可或缺之物，從而從根本上改變了供應商和客戶之間的商業關係結構。供應確定性、更長的規劃週期和多年承諾對於支撐超越傳統市場週期模式的結構性需求而言，變得越來越重要。

As a result, we are engaged in discussions with customers to evolve from quarterly negotiations towards multiyear agreements with firmer commitments on supply and pricing, enabling better planning practices and more attractive returns. These changes would better align our planning cycles with customers' demand profiles to our mutual benefit.

因此，我們正在與客戶進行討論，以期從季度談判轉向多年協議，並在供應和定價方面做出更堅定的承諾，從而實現更好的規劃實踐和更具吸引力的回報。這些改變將使我們的規劃週期能更好地與客戶的需求情況保持一致，從而實現互利共贏。

Accordingly, our supply plans will continue to be designed around predictable long-term demand at current and forecasted market prices. These dynamics reveal the true value of our NAND technology and reinforce the need for continued innovation and disciplined execution. Our products are enabled by decades of sustained investment in R&D and innovation across NAND and system solutions, supported by substantial capital investments in world-class front-end and back-end manufacturing. As a result, we believe NAND is becoming a more durable, structurally attractive industry with higher average returns.

因此，我們的供應計劃將繼續圍繞當前和預測的市場價格下可預測的長期需求來製定。這些動態揭示了我們 NAND 技術的真正價值，並強調了持續創新和嚴謹執行的必要性。我們的產品得益於數十年來在 NAND 和系統解決方案方面的持續研發和創新投入，以及對世界一流的前端和後端製造的大量資本投入。因此，我們認為 NAND 正在成為一個更具持久性、結構更具吸引力、平均回報率更高的行業。

Turning to our end market highlights. During the quarter, we continued to execute against our road map, advancing next-generation product innovations and qualifications across the business, with key customer programs progressing on schedule. In data center, we are at the center of a broad expansion in AI infrastructure. Enterprise SSD demand is accelerating across the ecosystem as AI workload scale with inference in particular, driving a meaningful increase in NAND content per deployment. This momentum reflects deepening engagement with a wider range of customers building and deploying AI at scale, reshaping our data center business, which we expect to grow meaningfully in both the near and long term.

接下來，我們來看看終端市場的亮點。本季度，我們繼續按照路線圖執行，推動下一代產品創新和認證，關鍵客戶專案也按計畫進行。在資料中心領域，我們正處於人工智慧基礎設施大規模擴張的中心。隨著人工智慧工作負載（尤其是推理）的擴展，整個生態系統對企業級固態硬碟的需求正在加速成長，從而顯著增加了每次部署所需的 NAND 快閃記憶體容量。這一勢頭反映出我們與更廣泛的客戶群在構建和大規模部署人工智慧方面開展了更深入的合作，重塑了我們的數據中心業務，我們預計該業務在近期和長期內都將實現顯著增長。

We are seeing strong adoption across all types of AI infrastructure builders, including cloud hyperscalers, edge and enterprise data centers, OEMs and system integrators deploying AI at scale. Our technology has become a critical enabler of these deployments, delivering the performance characteristics required for optimized AI infrastructure. The breadth of customer adoption across the AI ecosystem underscores the strength of our technology and the depth of our product portfolio.

我們看到各種類型的 AI 基礎架構建構者都在大力採用 AI 技術，包括雲端超大規模企業、邊緣和企業資料中心、OEM 廠商和系統整合商，他們都在大規模部署 AI。我們的技術已成為這些部署的關鍵推動因素，提供了優化人工智慧基礎設施所需的效能特性。人工智慧生態系統中客戶的廣泛採用凸顯了我們技術的實力和產品組合的深度。

Within hyperscalers, we have completed qualification of our PCle Gen5 high-performance TLC drives and a second hyperscaler and are on track to complete qualification at additional hyperscalers over the coming quarters. With BICS8 TLC solutions soon thereafter. This product is driving significant revenue growth across our data center portfolio, which was up 64% sequentially. Our BICS8 QLC storage class product, code named Stargate, continues advancing through qualification with two major hyperscalers and is expected to begin shipping for revenue within the next several quarters, providing an additional tailwind for data center growth.

在超大規模資料中心領域，我們已經完成了 PCle Gen5 高效能 TLC 硬碟和第二個超大規模資料中心的認證，並且預計在未來幾季內完成其他超大規模資料中心的認證。隨後使用BICS8 TLC溶液。該產品推動了我們資料中心產品組合的顯著收入成長，較上季成長 64%。我們的 BICS8 QLC 儲存產品（代號 Stargate）正在通過兩家大型超大規模資料中心營運商的認證，預計將在未來幾季開始出貨並產生收入，這將為資料中心的成長提供額外的推動力。

In edge, demand meaningfully exceeded supply as replacement cycles and AI adoption across PCs and mobile devices drove richer configurations and higher storage content per device. In this allocation environment, we are partnered with key edge customers to prioritize their mission-critical needs and optimize product mix within our available supply ensuring the best long-term returns across our portfolio.

在邊緣運算領域，由於個人電腦和行動裝置的更換週期和人工智慧的普及，導致每台裝置的配置更加豐富，儲存內容更加豐富，因此需求明顯超過了供應。在這種分配環境下，我們與關鍵邊緣客戶合作，優先考慮他們的關鍵任務需求，並在我們現有的供應範圍內優化產品組合，從而確保我們整個產品組合獲得最佳的長期回報。

In Consumer, mix shifted toward premium products and higher value configurations, supporting storage content growth and profitability. We introduced a breakthrough in the USB form factor with the launch of our Sandisk Extreme fit, our smallest high-capacity USB-C flash drive. This breakthrough state product gives our customers a seamless and affordable way to significantly expand storage on their PCs and smartphones.

在消費領域，產品組合轉向高端產品和更高價值的配置，從而支持儲存內容的成長和獲利能力。我們推出了 Sandisk Extreme fit，這是我們最小的大容量 USB-C 隨身碟，在 USB 外形尺寸方面實現了突破。這款突破性的產品為我們的客戶提供了一種無縫且經濟實惠的方式，可顯著擴展其 PC 和智慧型手機的儲存空間。

We expanded key licensing initiatives with global household names, Crayola and FIFA bringing full circle, the commitments underscored last February with the debut of colorful Sandisk Crayola USB-C flash drives and officially licensed FIFA World Cup 2026 products. This strong momentum continued through the holidays with demand driven by targeted gaming-led initiatives, including our don't delete your games campaign.

我們擴大了與全球知名品牌 Crayola 和國際足總的關鍵授權合作，實現了圓滿合作。去年 2 月，我們推出了色彩繽紛的 Sandisk Crayola USB-C 隨身碟和 2026 年國際足總世界盃官方授權產品，進一步強調了這些承諾。這一強勁勢頭在假期期間得以延續，需求主要來自以遊戲為導向的定向舉措，包括我們的「不要刪除你的遊戲」活動。

At CES 2026, we introduced the Sandisk Optimus lineup, rebranding WD_BLACK and WD Blue NVMe SSDs to sharpen brand architecture and reinforce performance leadership. Together, these actions reflect our continued focus on driving demand through brand, innovation and disciplined go-to-market execution, reinforcing Sandisk's leadership across gaming, creator and everyday consumer segments. These wins across our end markets reflect the agility of our operations and the resilience of our broad portfolio.

在 CES 2026 上，我們推出了 Sandisk Optimus 產品線，將 WD_BLACK 和 WD Blue NVMe SSD 重新命名，以強化品牌架構並鞏固性能領先地位。這些舉措共同體現了我們持續專注於透過品牌、創新和嚴謹的市場推廣來推動需求，從而鞏固了 Sandisk 在遊戲、創作者和日常消費者領域的領先地位。我們在終端市場取得的這些成功，體現了我們營運的靈活性和我們廣泛產品組合的韌性。

Looking ahead, we continue to see customer demand well above supply beyond calendar year 2026, which requires careful allocation planning and alignment with our customers. We remain focused on disciplined execution through the BICS8 transition, supporting average long-term bit growth in the mid- to high teens, while maintaining our capital expenditure plan. We are working diligently to support customer demand while ensuring profitability supports the substantial R&D and capital investment required to deliver some of the world's most advanced semiconductor technologies.

展望未來，我們預計到 2026 年以後，客戶需求仍將遠遠超過供應，因此需要仔細規劃分配方案並與客戶保持一致。我們將繼續專注於在 BICS8 過渡期間嚴格執行，以支援平均長期位元成長在十幾到二十幾之間，同時維持我們的資本支出計劃。我們正努力滿足客戶需求，同時確保獲利能力能夠支援大量的研發和資本投資，這些投資對於交付世界上一些最先進的半導體技術至關重要。

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

接下來，我將把電話交給路易斯，讓他更深入探討我們的財務表現和展望。

Thank you, David. Before diving into the financials, I will provide a brief market overview. We believe that the NAND market is going through structural evolution catalyzed by AI. The evolution is more pronounced in data center, where data growth is accelerating as the temperature of data is rising, token intensity is accelerating and storage is a critical enabler for inference. As a result, NAND is an increasingly critical component of the AI infrastructure.

謝謝你，大衛。在深入分析財務數據之前，我將先提供一個簡短的市場概覽。我們認為，人工智慧正在催化NAND市場的結構性變革。這種演變在資料中心更為明顯，資料成長速度隨著資料溫度的升高而加快，令牌強度也在加快，儲存是推理的關鍵推動因素。因此，NAND 正在成為人工智慧基礎設施中越來越重要的組成部分。

Higher demand for NAND in data center impacts other markets, which are also growing as NAND flows to the most attractive markets. It is our view that this structural evolution is sustainable and should reduce cyclicality of our NAND business, creating higher average long-term margin terms.

資料中心對 NAND 快閃記憶體的需求不斷增長，帶動了其他市場的發展，因為 NAND 快閃記憶體正流向最具吸引力的市場。我們認為這種結構演變是可持續的，並且應該會降低我們 NAND 業務的周期性，從而創造更高的平均長期利潤率。

In the December quarter, we experienced a clear and significant improvement in market conditions across end markets. which led to higher pricing. During the quarter, we made strategic allocation decisions as demand for our products continues to exceed supply. The framework we use to allocate bits is to maximize value creation. We prioritized supply for our strategic customers, those who recognize the value we can create together.

在12月季度，我們發現各終端市場的市場狀況都有明顯顯著的改善，這導致了價格上漲。本季度，由於市場對我們產品的需求持續超過供應，我們做出了策略性資源分配決策。我們分配比特的框架是為了最大限度地創造價值。我們優先保障策略客戶的供應，這些客戶認可我們共同創造的價值。

These are the customers with whom we intend to build valuable partnerships, thus establishing sustainable multiyear business practices with high predictability of demand, returns and capital deployment. Given the strength of the market, we were unable to fulfill demand for our customers this quarter. We're evolving how we define strategic engagement, prioritize customers with multiyear supply frameworks and share planning commitments over transactional short-term demand signals.

我們計劃與這些客戶建立有價值的合作夥伴關係，從而建立可持續的多年業務實踐，並實現需求、回報和資本部署的高度可預測性。鑑於市場強勁，本季我們未能滿足客戶的需求。我們正在不斷改進策略合作的定義，優先考慮擁有多年供應框架的客戶，並分享規劃承諾，而不是交易性的短期需求訊號。

We continue to be prudent and are not changing our capital spending plans, which support mid- to high-teens bit growth through the big transition. Our investment posture remains focused on serving attractive sustained demand and healthy profitability levels. Any material increase in capital deployment will require high confidence that demand at attractive pricing levels is durable over a several year horizon with financial commitments.

我們將繼續保持謹慎，不會改變我們的資本支出計劃，該計劃將支持在重大轉型期間實現十幾到十幾個百分點的成長。我們的投資策略依然專注於滿足持續旺盛的需求和維持健康的獲利水準。任何大幅增加資本投入都需要高度確信，在未來幾年內，在具有吸引力的價格水平下，市場需求能夠持續存在，並且需要有相應的財務承諾。

In the current environment, we're committed to supplying our three end markets as we believe that diversification maximizes value creation. We plan to continue to build strategic relationships with a diversified customer mix within these markets, allowing us to have a deeper understanding of their long-term needs.

在當前環境下，我們致力於為三大終端市場提供產品，因為我們相信多元化能夠最大限度地創造價值。我們計劃繼續與這些市場中多元化的客戶群建立策略合作關係，從而更深入地了解他們的長期需求。

In the quarter, we continue to make progress with customers in establishing share commitments that improve the profitability of the business. Customer commitments and agreed commercial terms are the most effective mechanism to deliver supply certainty and return on invested capital predictability, allowing us to more prudently manage our capital-intensive business across geographies.

本季度，我們繼續與客戶建立股份承諾，從而提高業務盈利能力，並取得進展。客戶承諾和商定的商業條款是確保供應確定性和投資資本回報可預測性的最有效機制，使我們能夠更謹慎地管理我們在各個地區的資本密集型業務。

With that context, I will dive deeper into the quarter results. Revenue for the second quarter was $3,025 million, up 31% quarter over quarter and 61% year over year. This compares favorably to our guidance of $2,550 million to $2,650 million. The revenue over-delivery came from higher prices across segments, which strengthened during the quarter. Bids were up 22% year over year and low single digits quarter over quarter.

基於以上背景，我將深入分析本季業績。第二季營收為 30.25 億美元，季增 31%，年增 61%。這比我們先前預測的 25.5 億美元至 26.5 億美元要好得多。營收超額完成主要得益於各細分市場價格上漲，而價格在本季持續走強。投標價格年增 22%，季增個位數百分比。

In the second quarter, we saw strong sequential demand across all end markets. Edge revenue came in at $1,678 million, up 21% sequentially. Consumer came in at $907 million, up 39% quarter over quarter and data center came in at [$440 million], up 64% sequentially.

第二季度，所有終端市場的需求均呈現強勁的環比成長。Edge業務營收為16.78億美元，較上季成長21%。消費者業務收入達 9.07 億美元，季增 39%；資料中心業務收入達 4.4 億美元，季增 64%。

Our non-GAAP gross margin for the second quarter was 51.1% and up from 29.9% in the prior quarter. This compares favorably to our guidance of 41% to 43%. The gross margin over delivery came from higher pricing. Unit cost per dollars came in as expected, reinforcing margin improvements.

我們第二季的非GAAP毛利率為51.1%，高於上一季的29.9%。這比我們先前預測的 41% 至 43% 更為理想。交付後的毛利率高於市價，這是因為定價較高。單位成本（美元計）符合預期，進一步提升了利潤率。

In the second quarter, we incurred $24 million in start-up costs, excluding this cost, non-GAAP gross margin would have been 51.9%. Non-GAAP operating expenses for the second quarter were $413 million and represent 13.7% of revenue. This compares favorably to our guidance range of $450 million to $475 million, reflecting a nonrecurring benefit from changing how we manage new product introductions. As a result, non-GAAP operating margins at 37.5% are up from 10.6% in the prior quarter.

第二季度，我們產生了 2,400 萬美元的啟動成本，如果排除這筆成本，非 GAAP 毛利率將為 51.9%。第二季非GAAP營運費用為4.13億美元，佔營收的13.7%。這比我們先前預測的 4.5 億美元至 4.75 億美元範圍更有利，反映出改變我們管理新產品推出方式所帶來的非經常性收益。因此，非GAAP營業利益率為37.5%，高於上一季的10.6%。

Non-GAAP EPS for the second quarter was $6.20, up from $1.22 in the prior quarter. This compares favorably to our guidance range of $3 to $3.40. The non-GAAP EPS beat reflects higher-than-expected revenue and lower costs. Key GAAP to non-GAAP reconciliation items include $52 million in stock-based compensation net of taxes, which represents 1.7% of revenue and $93 million related to certain legal matters.

第二季非GAAP每股盈餘為6.20美元，高於上一季的1.22美元。這比我們先前預測的每股收益3美元至3.40美元的範圍更優。非GAAP每股收益超出預期反映了高於預期的收入和更低的成本。GAAP 與非 GAAP 關鍵調節項目包括扣除稅款後的 5,200 萬美元股票選擇權補償金（佔收入的 1.7%）和與某些法律事項相關的 9,300 萬美元。

Moving on to the balance sheet. We closed the quarter with $1,539 million in cash and cash equivalents and $603 million in debt. During the quarter, we paid an additional [$150 million] of debt and closed the quarter with a net cash position of $936 million.

接下來來看資產負債表。本季末，我們持有現金及現金等價物15.39億美元，負債6.03億美元。本季度，我們償還了額外的[1.5億美元]債務，季度末淨現金部位為9.36億美元。

Moving on to free cash flow. During the quarter, we generated $843 million in adjusted free cash flow, which represents a 27.9% free cash flow margin. This includes $1,019 million from operations, partially offset by $176 million from net cash capital spending. Our gross capital spending totaled $255 million and represent 8.4% of revenue. Earlier today, we announced that we have reached an agreement with Kioxia to extend the Yokkaichi joint venture through December 31, 2034.

接下來分析自由現金流。本季度，我們產生了 8.43 億美元的調整後自由現金流，自由現金流利潤率為 27.9%。其中包括來自營運的 10.19 億美元，部分被來自淨現金資本支出的 1.76 億美元所抵銷。我們的資本支出總額為 2.55 億美元，佔營收的 8.4%。今天早些時候，我們宣布已與鎧俠達成協議，將四日市合資企業的期限延長至 2034 年 12 月 31 日。

With this extension, the Yokkaichi and Kitakami JVs will have the same expiration date. Building on more than 25 years of partnership, we believe that the JV reflects the scale of our operations and the significant mutual value created over time. The JV enables both companies to design and manufacture the highest-performing lowest-cost NAND technology that powers the world's infrastructure.

透過此次延期，四日市合資企業和北上合資企業的到期日將相同。基於超過 25 年的合作關係，我們相信合資企業體現了我們業務的規模以及隨著時間的推移所創造的巨大共同價值。該合資企業使兩家公司能夠設計和製造性能最高、成本最低的 NAND 技術，為世界基礎設施提供動力。

As part of this extension, Sandisk agreed to pay for the manufacturing services that Kioxia will provide, enabling continued availability of product supply, a total of $1,165 million. This amount will be paid between calendar years 2026 and calendar year 2029. The cost will flow through our cost of goods sold over the next nine years.

作為此次延期的一部分，SanDisk 同意支付 Kioxia 將提供的製造服務費用，以確保產品供應的持續性，總計 11.65 億美元。這筆款項將在 2026 年至 2029 年期間支付。這項成本將在未來九年內計入我們的銷售成本。

Moving on to guidance. For the third quarter, we expect revenue between $4.4 billion and $4.8 billion. We anticipate the market to be more undersupplied than it was in the second quarter. We expect bids to be down mid-single digits due to a lower than historical seasonality as we benefit from accelerating strength in data centers. Our forecast for non-GAAP gross margin for the third quarter is between 65% and 67%.

接下來是指導部分。我們預計第三季營收將在 44 億美元至 48 億美元之間。我們預期市場供應短缺的情況將比第二季更加嚴重。由於資料中心業務的加速成長，我們預計季節性波動將低於歷史水平，因此投標價格將下降個位數中段。我們預測第三季非GAAP毛利率在65%至67%之間。

For the third quarter, we expect non-GAAP operating expenses between $450 million and $470 million. We expect non-GAAP interest and other expenses between $25 million and $30 million and non-GAAP tax expenses between $325 million and $375 million. We forecast non-GAAP EPS for the third quarter between $12 and $14 meaning 157 million fully diluted shares.

我們預計第三季非GAAP營運費用在4.5億美元至4.7億美元之間。我們預計非GAAP利息和其他費用在2500萬美元至3000萬美元之間，非GAAP稅收費用在3.25億美元至3.75億美元之間。我們預測第三季非GAAP每股收益在12美元至14美元之間，這意味著完全稀釋後的股份數量為1.57億股。

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

那麼，現在讓我把電話轉回給大衛。

Thank you, Luis. In summary, we continue to successfully navigate these early stages of a far-reaching evolution in our business. In addition to its central role in technology we use every day, PC, smartphone, tablets, the cloud, cars, gaming devices, robotics and on and on, NAND is a critical technology enabling the development and proliferation of artificial intelligence. For the first time, data center is expected to become the largest market for NAND in 2026, driven by some of the world's largest and well-capitalized technology companies. Fueled by the performance our technology delivers, customers across all our end markets are increasingly seeking business practices built around shared commitments and agreed, financially attractive terms aligned with our pre-existing supply plans.

謝謝你，路易斯。總而言之，我們正成功地應對公司業務深遠變革的早期階段。除了在我們日常使用的技術（如個人電腦、智慧型手機、平板電腦、雲端、汽車、遊戲設備、機器人等等）中發揮核心作用外，NAND 也是一項關鍵技術，能夠推動人工智慧的發展和普及。預計到 2026 年，資料中心將首次成為 NAND 快閃記憶體的最大市場，這主要得益於一些全球規模最大、資金最雄厚的科技公司的推動。由於我們技術帶來的卓越性能，我們所有終端市場的客戶都越來越希望與我們建立在共同承諾和達成一致的、具有財務吸引力的條款基礎上的商業模式，並與我們現有的供應計劃保持一致。

Our supply plans will remain aligned to such attractive, real and sustainable long-term demand. With this backdrop, margins are expected to reset at a structurally higher level, delivering fair returns on the substantial innovation and investment required. Our technology and product portfolios intersect these changing market dynamics at the perfect moment, positioning us to manage a balanced portfolio and deliver industry-leading financial performance.

我們的供應計劃將繼續與這種具有吸引力的、真實的和可持續的長期需求保持一致。在此背景下，利潤率有望重置在一個結構性更高的水平，從而為所需的重大創新和投資帶來合理的回報。我們的技術和產品組合恰逢其時地與這些不斷變化的市場動態相交，使我們能夠管理均衡的產品組合，並實現業界領先的財務表現。

With that, let's open up for questions.

那麼，接下來就是提問環節。

(Operator Instructions)

（操作說明）

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Congratulations on fantastic numbers today. Really great numbers, especially the third quarter guidance. So Clearly, what's happening is that prices are rebounding extremely unprecedented rates. I guess my question is going to Dave's comments at the beginning. How are you thinking about long-term agreements?

恭喜你今天取得了非常棒的成績。數據非常亮眼，尤其是第三季的業績預期。很明顯，目前的情況是物價正以前所未有的速度反彈。我想問的是關於戴夫在開頭發表的評論。您如何看待長期協議？

What -- obviously, there's close and comps in long-term agreements because long-term agreements lock in the prices. When prices are going up so fast, you actually don't want some of the long-term agreements, I guess. But I guess I'd just like to understand how you're thinking about that, how we should think about that in terms of your portion of agreements that are going longer term and how that may impact going forward, that would be great.

顯然，長期協議中會有接近的比較和可比較價格，因為長期協議會鎖定價格。我想，當價格上漲如此之快時，你實際上並不想要一些長期協議。但我很想了解您對此的看法，以及我們應該如何看待您在長期協議中所承擔的責任，以及這可能會對未來產生怎樣的影響，如果能得到您的解答就太好了。

And if you could also just touch on the supply-demand balance longer term if -- in this very, very huge, what seems to be quite a sharp undersupply situation at the moment, if there's any, any plans to be adding supply? Or how you think about? That would be also great.

另外，您能否也談談長期的供需平衡問題？在目前這種非常非常嚴重的供應不足的情況下，是否有任何增加供應的計劃？還是你怎麼想的？那也很好。

Thanks, Mark. Appreciate the comments. So let me say a few words about what's happening in the business, and then we'll move on to the LTA. So there's a number of things happening in the dynamics of our business that are contributing to the results you're seeing. So first of all, it starts with the portfolio and innovation our BICS8 node, which we've started ramping now and continue to ramp is just a fantastic node.

謝謝你，馬克。感謝大家的評論。那麼，讓我簡單談談公司目前的情況，然後我們再來討論LTA。因此，我們業務動態中發生的許多事情都促成了您所看到的結果。首先，要從我們的產品組合和創新說起，我們的 BICS8 節點，我們已經開始逐步擴大生產規模，並將繼續擴大生產規模，它是一款非常棒的節點。

The performance, the QLC performance, the 2-terabit (inaudible). There are a lot of things that just position us very, very well. Customers are responding very strongly to that fundamental NAND technology we're producing. By the way, I'll just note that we extended the JV, which we're very happy about, which that's going to continue for now another decade. That's enabling very strong enterprise SSD portfolio.

性能，QLC 性能，2 太比特（聽不見）。有很多因素讓我們處於非常非常有利的地位。客戶對我們生產的這項基礎性 NAND 技術反應非常強烈。順便提一下，我們延長了合資期限，對此我們非常高興，合資期限將再延長十年。這造就了非常強大的企業級固態硬碟產品組合。

This is something we've been driving for a while. I talked last quarter, we're going to see growth of that throughout the fiscal year. We saw, I think, 29% sequential growth in the first fiscal quarter. Now we just saw a 64% sequential growth in the second fiscal quarter, and I think you'll see that accelerate from here in the second half of the fiscal year.

這是我們一直以來都在努力的方向。我上個季度說過，我們將在本財年看到這種成長。我認為，我們在第一財季實現了 29% 的環比成長。我們剛剛看到第二財季環比成長了 64%，我認為從下半年開始，這一成長速度將會加快。

So that -- the third leg of kind of major business innovation is happening in the consumer business, quite frankly, a lot of new product introduction. This extreme fit product that we announced this year is really a breakthrough product. It's allows our customers to very seamlessly and affordably increase capacity -- storage capacity of their devices. It's kind of a bit of innovation in the USB space. You wouldn't think that would happen anymore, but it's not a removable product.

因此，第三大商業創新浪潮正在消費品產業興起，坦白說，這體現在大量新產品的推出。我們今年推出的這款極致貼合產品確實是一款突破性產品。它使我們的客戶能夠非常方便且經濟實惠地增加設備的儲存容量。這算是USB領域的一項創新。你可能覺得這種事不會再發生了，但它不是可拆卸的產品。

It's designed just to plug in and stay. You see our -- the agreements we're doing with people like FIFA, which could be the biggest event of this entire year. We have great co-branded products there. we look at our consumer business, we saw a 50% year over year growth in the consumer business, so really strong performance there.

它的設計理念就是即插即用。你看，我們正在與國際足總等機構達成協議，這可能是今年最大的事件。我們在那裡有很多很棒的聯名產品。我們來看消費者業務，發現消費者業務年增了50%，表現非常強勁。

This -- improving portfolio innovation-driven excellence in the product is allowing us to just have a better portfolio mix and if we look back over the last several quarters. We're literally able to trade out the lost margin business for now the highest margin business, and that provides a significant tailwind to the business as well. And then on top of all of that, you've got the supply-demand dynamics, which are pushing the entire market forward. So it's really a combination of all of these that's driving the business forward. It's not simply just pricing, although obviously, it's great to be in a strong pricing environment.

這——透過改進產品組合創新驅動的卓越性，使我們能夠擁有更好的產品組合，如果我們回顧過去幾個季度的情況。我們現在完全可以用利潤率最高的業務來置換利潤率較低的業務，這也為公司業務帶來了巨大的利好。除此之外，還有供需動態，這些因素都在推動整個市場向前發展。因此，正是所有這些因素的共同作用推動著業務向前發展。這不僅僅是價格問題，雖然顯然，身處價格有利的環境中是件好事。

Moving on to LTA's. I'll talk a little bit about this. And I know Luis will have some great comments about this as well. So as we reach points where we believe we're getting a more fair return for our technology, and customers, quite frankly, are looking for more supply assurance. I mean, one thing to note on the market right now, this is a completely demand-driven phenomenon, what's going on in the market.

接下來是LTA的。我來簡單談談這件事。我知道路易斯對此也會有一些精彩的評論。因此，當我們認為我們的技術獲得了更公平的回報，而客戶坦白說也希望獲得更多的供應保障時，情況就改變了。我的意思是，目前市場上的一點需要注意，這完全是一種需求驅動的現象，市場正在發生的一切都是由需求驅動的。

We've been very transparent for well over a year, what our supply plans are. We're investing heavily in this market. We're investing hundreds of millions of dollars of R&D to push the road map forward. We're investing billions of dollars of CapEx, and we've been very clear, we're going to drive mid-teens to high-teens bit growth on a sustained basis, which we think is a great, great market, and what's helping is we're just not getting enough visibility into what the demand side, what the demand really is. I mean if we look at data center, we've had three forecast cycles now.

一年多來，我們一直非常透明地公開我們的供應計劃。我們正在大力投資這個市場。我們投入數億美元用於研發，以推進該路線圖的實施。我們正在投入數十億美元的資本支出，而且我們已經非常明確地表示，我們將持續推動十幾到十幾的成長，我們認為這是一個非常棒的市場，而目前的情況是，我們對需求方面，也就是真正的需求情況，還沒有足夠的了解。我的意思是，如果我們看看資料中心，現在已經經歷了三個預測週期了。

Last quarter, we went from mid-20s to mid-40s percent growth in that market. Now we're looking at high 60% exabyte growth in that market for I think our customers realize this, especially in the data center market. Their numbers are big, what they're going to need in '26 '27, '28. We're even talking some of them about '29 and '30. They're doing their own planning, the amount of exabytes they're going to need are substantial.

上個季度，我們在該市場的成長率從 20% 左右提高到了 40% 左右。現在我們看到該市場將實現高達 60% 的 EB 級成長，我認為我們的客戶已經意識到了這一點，尤其是在資料中心市場。他們的數量很多，他們在 2026、2027、2028 年需要很多。我們甚至在和他們中的一些人談論 29 年和 30 年的事情。他們正在自行製定計劃，他們需要的EB級數據量相當可觀。

And so the long-term agreements are about coming up with a model where we can get confidence in supplying that level of demand on a sustained basis. For us, it's not about what demand is next quarter or the quarter after that. There's not much we can do about that, given the dynamics of our business. But we want to get the long-term growth rate, aligned behind where the long-term sustained demand is, to your point, at attractive financials.

因此，長期協議旨在建立一個模式，使我們能夠有信心持續滿足這種需求水準。對我們來說，重要的不是下一季或下個季度的需求情況。鑑於我們業務的動態，我們對此無能為力。但我們希望實現長期成長率，使其與長期持續需求保持一致，正如您所說，實現具有吸引力的財務狀況。

So let me turn it over to Luis with that.

那麼，接下來就交給路易斯吧。

Yeah. I mean, David covered most of it. What I would say, Mark, is we're seeing customers across end markets reach out to us and across geographies. So this is not just a few. We're really seeing a broad base, which is -- it's very interesting for us.

是的。我的意思是，大衛已經涵蓋了大部分內容。馬克，我想說的是，我們看到來自各個終端市場和不同地區的客戶都在聯繫我們。所以這並非少數幾個。我們看到用戶基礎非常廣泛，這對我們來說非常有趣。

And we're making significant progress. So we're making significant progress with several of our customers who are very -- who really want us to prioritize or assure supply, to David's point, they see that as a critical enabler for their business, and that's what they're looking for. Now to your point, we're being very thoughtful on how do we define a few metrics. One is the length of the agreement, the price at which we will transact, the quantities, how much of our business we want to put in there and any prepayment component of that. So we're being super thoughtful and this would be a value accretion -- should be value accretive and not the opposite.

我們取得了顯著進展。因此，我們正在與幾位非常希望我們優先考慮或確保供​​應的客戶取得重大進展，正如大衛所說，他們認為這是他們業務的關鍵推動因素，而這正是他們所尋求的。現在回到您剛才提到的問題，我們正在認真思考如何定義一些指標。一是協議期限，二是交易價格，三是數量，四是我們希望投入多少業務，以及任何預付款部分。所以我們考慮得非常周全，這將會增加價值——應該是增加價值，而不是相反。

Great. And any quick comments on how you're thinking about the price demand longer term? And any flexibility to add supply?

偉大的。您對長期價格需求有什麼看法？有什麼簡短的見解嗎？是否有增加供應的彈性？

Yeah. I mean, Mark, we've got our supply plans. We've been -- again, we've been very clear on what our CapEx plans are, what our bit growth plans are, that's what they are. It's about meeting our customers at that supply level and understanding how we allocate that. And then as we said, it's about -- all of us picking up our head and looking a little further out on the horizon as to what demand is really going to be in this market and what sustained demand is going to be.

是的。我的意思是，馬克，我們已經制定了供應計劃。我們已經——再說一遍，我們已經非常明確地說明了我們的資本支出計劃和我們的成長計劃，就是這樣。關鍵在於滿足客戶的供應需求，並了解我們如何分配這些資源。正如我們所說，關鍵在於——我們所有人都要抬起頭，把目光放得更長遠一些，看看這個市場真正的需求是什麼，以及持續的需求會是什麼。

We just really need to get out of this idea that this is a transactional market where we only get a strong signal a quarter at a time. I mean we get demand signals for our customers in all fairness on a yearly basis. But we really only transact that. We negotiate price every quarter. And that just makes it very, very difficult to increase any kind of spending because we just don't have visibility to the economics of it.

我們真的需要擺脫這種想法，即這是一個交易型市場，我們只能每季獲得一個強烈的訊號。我的意思是，公平地說，我們每年都會收到客戶的需求訊號。但我們實際上只進行這類交易。我們每季都會協商價格。這就使得增加任何類型的支出都非常非常困難，因為我們根本無法了解其經濟效益。

And again, especially as the market transitions to data center, I think the data center customers are more willing -- as Luis said, it's across all of them, but I think the data center customers, given their demand profiles and how big they're growing, quite frankly, are kind of a little more proactive in engaging in that conversation and really wanting to understand supply assurance several years out and how do we come up with a -- what are the business practices we can peron that?

而且，尤其是在市場向資料中心轉型之際，我認為資料中心客戶更願意——正如路易斯所說，這種情況在所有客戶中都有，但坦白說，考慮到資料中心客戶的需求情況以及他們不斷增長的規模，資料中心客戶在參與對話方面更加積極主動，他們真正想要了解未來幾年的供應保障，以及我們如何制定－我們可以採取哪些商業實踐來實現這一點？

And that's a -- as I said in the prepared remarks, that when I say we're early in this transition, that's where the early part is. I think the business practices are going to change, and I think that's all for the good. We got to get through those conversations over the next couple of quarters.

正如我在準備好的演講稿中所說，當我說我們正處於轉型初期時，我說的就是「初期」這個詞。我認為商業慣例將會改變，而且我認為這完全是好事。我們需要在接下來的幾個季度完成這些對話。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. At the Consumer Electronics Show, Jensen talked about this key value cash and gave some numbers in terms of, I think, terabytes per GPU, it seems like a pretty big market. Are you getting indications around that? Do you think there's we should take that as kind of straight math. Does everybody have different implementations and just the ramifications for what happens to data center NAND.

偉大的。在消費電子展上，Jensen 談到了現金這一關鍵價值，並給出了一些數字，我認為是以每 GPU TB 為單位，這似乎是一個相當大的市場。你收到這方面的跡象了嗎？你認為我們應該把它當作簡單的數學問題來看待嗎？每個人的實現方式都不同，這對資料中心 NAND 快閃記憶體會產生哪些影響？

Yeah, Joe, we're working through that right now. We're working through it with NVIDIA and kind of how they're thinking about it. And of course, then we'll work through it with our customers about how they're going to configure it in deployments. So it's still a bit early. I'll say a couple of things about it.

是的，喬，我們正在努力解決這個問題。我們正在與英偉達一起研究這個問題，以及他們對此的看法。當然，之後我們會與客戶一起探討如何在部署中進行設定。現在說這些還為時過早。關於這件事，我想說幾點。

First of all, none of that demand is in the numbers we're talking about, demand numbers at this point. I think it's a perfect example about how we all need to elaborate a little bit more on what future demand is going to be.

首先，這些需求都不在我們目前討論的需求數字之內。我認為這是一個很好的例子，說明我們都需要對未來的需求進行更詳細的闡述。

Secondly, our initial looks at it when we look at, let's say, '27 demand, we think that's roughly maybe 75 to 100 additional exabytes. And then a year after that, you can double that. So it is a significant amount of demand. And I think it is, again, just another example of -- NAND is just front and center in the AI architecture. That's very, very clear at this point, if it wasn't before.

其次，我們初步觀察，比如說，2027 年的需求，我們認為大約需要增加 75 到 100 艾字節。一年後，這個數字可以翻倍。所以這是一個相當大的需求量。我認為這再次證明了 NAND 在人工智慧架構中佔據核心地位。這一點現在非常非常清楚了，如果之前還不清楚的話。

The AI architecture is changing, right? And that's not a surprise. Any kind of technology that this profound and is being deployed at this much scale. We're going to continue to see innovation and evolution of the architecture. So we're going to stay very close to that.

人工智慧架構正在發生變化，對吧？這不足為奇。任何一種如此深遠且大規模部署的技術。我們將繼續看到架構的創新和演進。所以我們會非常接近這個目標。

NAND is just going to be a big part of that architecture. It's the most scalable storage -- semiconductor storage technology or most -- maybe the most scalable semicenter technology at all. And so we're looking at those configurations. It's very real demand. We're just trying to get our arms around it and then we'll put it in the numbers probably for the back half of this year going into '27 and '28.

NAND快閃記憶體將成為此架構的重要組成部分。它是最具可擴展性的儲存技術——半導體儲存技術，或者說是大多數半導體儲存技術——或許是最具可擴展性的半導體儲存技術。所以我們正在研究這些配置。這是非常真實的需求。我們正在努力了解情況，然後可能會在今年下半年以及 2027 年和 2028 年將其納入統計數據。

Great. And then as a follow-up, the Enterprise SSD opportunity, how does that break down between TLC and QLC at this point? And how is that changing forward?

偉大的。那麼，作為後續討論，企業級 SSD 市場目前在 TLC 和 QLC 之間是如何劃分的呢？那麼，這種情況未來又會如何改變呢？

I think we're roughly tracking the market right now. It's predominantly TLC. I would say it's tilted towards TLC, especially for us. And then we haven't launched our Stargate product yet for the storage-based QLC, it's in qualification. We'll start shipping that for revenue in the next couple of quarters, which we're excited about, providing another tailwind to growth to our data center portfolio. And that will up the mix of QLC. But at this point, I think the overall market in our portfolio is -- it's tilted towards TLC.

我認為我們目前大致符合市場趨勢。它主要是TLC。我覺得它更偏向TLC，尤其是對我們來說。而且，我們還沒有推出基於儲存的 QLC 的 Stargate 產品，它還在資格認證階段。我們將在接下來的幾個季度開始透過出貨來產生收入，我們對此感到非常興奮，這將為我們的資料中心產品組合的成長帶來另一個助力。這將提高 QLC 的含量。但就目前而言，我認為我們投資組合中的整體市場——它傾向於TLC。

Thank you. Great numbers.

謝謝。數據很棒。

Thanks, Joe. Appreciate it.

謝謝你，喬。非常感謝。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，坎托·菲茨傑拉德。

I guess first question, is there a way to quantify incremental demand for NAND related to AI infrastructure build-out? Not including KB cash, but we were mid- to high teens before. And I'm curious now based on your conversations with customers and the demand trends that you're seeing, where do you think the new demand growth CAGR is looking at '26, '27, '28?

我想問的第一個問題是，有沒有辦法量化與人工智慧基礎設施建立相關的 NAND 增量需求？不算 KB 現金，但我們之前是十幾到十幾美元。根據您與客戶的交流以及您觀察到的需求趨勢，我很好奇，您認為 2026 年、2027 年、2028 年的新需求成長複合年增長率 (CAGR) 將如何變化？

I think the best proxy we have for that right now is C.J, is just what we're seeing in exabyte demand in the data center. As I said earlier, I mean, two cycles ago, we were looking at call it, mid-20s exabyte growth in '26 for data center, last quarter, we were talking about we upped that to mid-40s given the CapEx cycle that went on. We're now looking at high-60s exabyte growth in data center as our forecast and that doesn't include any CapEx raises on this earnings cycle. So significant increase just quarter over quarter in demand. And we think most of all of that is driven by AI, obviously.

我認為目前最好的參考指標就是 C.J，它反映了我們在資料中心 EB 等級需求所看到的趨勢。正如我之前所說，我的意思是，兩個週期前，我們預計 2026 年資料中心將成長 20 多艾字節，上個季度，考慮到資本支出週期，我們把這個數字提高到了 40 多艾字節。我們目前預測資料中心將成長 60 多艾字節，而且這還不包括本財報週期內的任何資本支出成長。因此，僅一個季度的需求就出現了顯著增長。我們認為，這一切顯然都是由人工智慧驅動的。

Perfect. And then I guess, you paid down a considerable amount of debt in quarter, you only have $600 million outstanding, probably can pay that down this quarter. So curious, when you're in a completely cash position, how should we think about capital return, particularly around share repurchases over the coming quarters?

完美的。然後我想，你們上個季度償還了相當多的債務，現在只剩下 6 億美元未償債務，也許這個季度就能還清。所以很好奇，當您完全持有現金時，我們應該如何考慮資本回報，特別是未來幾季的股票回購？

Yeah. We feel very proud of the progress we've made reducing our debt. Remember, we started with $2 billion and it's coming down very, very quickly, $600 this quarter, and we'll continue to take that down. C.J, our priority is to continue to invest in the business as we have been winning and to build prudent cash reserve. This is a business where having cash on hand is helpful.

是的。我們為在減少債務方面取得的進展感到非常自豪。記住，我們最初的預算是 20 億美元，現在下降得非常非常快，本季只有 6 億美元，而且我們還會繼續下降。C.J，我們的首要任務是繼續投資於業務，因為我們一直都在取得成功，並建立穩健的現金儲備。在這個行業，手上有現金很有幫助。

We're not going to waste your cash, don't worry, but we're going to build prudent cash reserves, and we'll continue to reduce our debt. And at the right time, we'll continue to expand and give you an update. But so far, those are our priorities.

請放心，我們不會浪費您的資金，但我們會建立穩健的現金儲備，並繼續減少債務。時機成熟時，我們將繼續拓展業務，並向您提供最新進展。但就目前而言，這些都是我們的首要任務。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

First of all, on the supply side, I was wondering if you could give us a snapshot of the factory network across Yokkaichi and (inaudible) kind of where things stand now? I'm assuming utilizations are basically flat out. But as you think more tactically sort of beyond this year about the high-teens big growth outlook, how do you expect to sort of ramp your -- the overall kind of JV factory network over, say, the next, say, 18 months or so? And then maybe give us any kind of view on your view on the sort of industry greenfield capacity expansions that you see possible given some of the announcements of some of your competitors recently?

首先，關於供應方面，我想請您簡單介紹一下四日市的工廠網路情況，以及（聽不清楚）目前的情況？我估計產能利用率基本上已經達到飽和狀態。但從策略上考慮，展望今年之後十幾個百分點的大幅成長前景時，您預計如何在未來 18 個月左右的時間內擴大您的合資工廠網絡規模？那麼，鑑於近期一些競爭對手的公告，您能否談談您對行業內新建產能擴張的看法？

So first of all, we have -- as you said, we have two major sites, Yokkaichi and Kitakami. I think a big step forward this quarter is what we announced in extending the JV agreements around Yokkaichi to coincide with the agreements in Kitakami. So they now are all run through 2034. So that gives us really good supply assurance for the next nine years, and we'll keep talking about what happens after that. But this has just been an unbelievable relationship with Kioxia for decades now, and it's going to go on quite some time into the future. So we feel like we're in a really good position there.

首先，正如你所說，我們有兩個主要站點，分別是四日市和北上。我認為本季向前邁出的一大步是我們宣布將四日市週邊地區的合資協議延長至與北上地區的協議一致。所以它們現在都運行到2034年。這樣一來，未來九年的供應就有了很好的保障，之後的事情我們再來討論。但幾十年來，我們與鎧俠一直保持著令人難以置信的合作關係，而且這段關係還將持續相當長一段時間。所以我覺得我們在這方面處於非常有利的地位。

Look, we haven't had any underutilization in the fab for a couple of quarters now. We got past that a couple of quarters ago. There may be a little bit of the memory of some of the costs flowing through. I guess those were all last quarter. We're done.

你看，我們工廠已經連續幾季沒有產能利用不足的情況了。我們幾個季度前就克服了這個問題。可能會有一些費用方面的記憶殘留。我猜那些都是上個季度的。我們完成了。

So they're running at full capacity. Kitakami is where we're expanding. We just opened the K2 fab, and so we have additional space there. I think we've just JV, led by Kioxia, on this part, it has just done really good capacity planning and has good plans about how we're able to now expand into the Kitakami site as needed over the next many years. So we feel really good about how we're positioned there.

所以它們都在滿載運轉。我們正在北上地區進行擴張。我們剛剛啟用了 K2 工廠，所以那裡還有額外的空間。我認為我們剛成立了一個合資企業，由鎧俠（Kioxia）牽頭，負責這部分業務。該合資企業在產能規劃方面做得非常好，並且制定了很好的計劃，以便在未來幾年內根據需要將業務擴展到北上工廠。所以我們對目前所處的位置感到非常滿意。

As far as the rest of the industry, it's -- as you know, it's a long lead time. We see some announcements recently. I would consider those kind of normal course. We're all constantly building clean room space. As I talked earlier, this is a market on the supply side where we've been very consistent.

至於行業的其他方面，正如你所知，這是一個很長的準備時間。我們最近看到了一些公告。我認為這屬於正常情況。我們一直不斷地建造潔淨室空間。正如我之前所說，在這個供應端的市場中，我們一直保持著非常穩定的狀態。

We're going to grow bits in the mid- to high teens rate. We're going to do that through innovation. We're going to do that through -- that innovation is going to take additional clean room space. That's all in the plan. I would expect to see continued spending to meet that number, but we don't see anything that's out of the ordinary. And I think as all of us know, if you want to start building a new fab, you're talking years before you have that up and running and have production coming out of it. So just a little bit of how we see the market.

我們的成長率將達到十幾到二十幾個百分點。我們將透過創新來實現這一目標。我們將以這種方式實現這一目標——這項創新需要額外的無塵室空間。一切都在計劃之中。我預計會繼續投入資金以達到這個目標，但我們沒有看到任何異常情況。而且我想我們都知道，如果你想開始建造一座新的晶圓廠，你需要花費數年時間才能讓它投入運作並開始生產。以上就是我們對市場的一些看法。

And a final comment, all this is factored into our numbers when we talk about supply and demand.

最後補充一點，我們在談論供需關係時，所有這些因素都已納入我們的數據中。

And then maybe as a follow-up, could you maybe address -- clearly, you mentioned the qualification with another enterprise is the hyperscale customer. Exiting this calendar year, for example, how large do you expect your enterprise SSD exposure to be as a percentage of the total revenue?

然後，作為後續問題，您能否談談——顯然，您提到了另一家企業的資格認證，那就是超大規模客戶。例如，截至本年度末，您預計您的企業 SSD 支出佔總收入的百分比是多少？

Yeah. We're not going to put an exact number around that just yet. But I would say just stay tuned. I think we said this -- our business is going to continue to grow in this market. We've seen 29% sequential growth followed by 64% sequential growth without getting into too much detail, I think you're going to see a substantial step-up next quarter as well.

是的。我們暫時還無法給出確切的數字。但我建議大家敬請期待。我想我們之前說過—我們的業務將在這個市場繼續成長。我們已經看到了 29% 的環比增長，緊接著又看到了 64% 的環比增長。這裡就不贅述細節了，我認為下個季度還會大幅成長。

So we feel really good about where the portfolio is, like I said, the reception from customers and not just hyperscalers across the entire ecosystem of people that are building out AI infrastructure. The compute focused TLC product we have in the market is really driving that growth right now. we're going to see our BICS8 QLC product start shipping for revenue here in the next couple of quarters, which is going to be another tailwind for growth. And as we've talked about, the BICS8 QLC performance has been extremely well received. So we continue to see very high interest in that -- those products and work through the qualifications.

所以，正如我所說，我們對目前的投資組合感到非常滿意，客戶的反應也非常好，不僅僅是超大規模企業，而是整個構建人工智慧基礎設施的生態系統中的所有人都給予了積極評價。目前，我們市場上主打運算領域的TLC產品是推動成長的主要動力。我們的BICS8 QLC產品預計將在未來幾季開始出貨並產生收入，這將為成長帶來另一利好。正如我們之前討論過的，BICS8 QLC 的性能受到了非常熱烈的好評。因此，我們看到人們對這些產品以及通過資格認證的工作表現出了非常高的興趣。

And we'll look forward to continued growth, and it will be part of the balanced portfolio we always talk about of how we're going to allocate our supply into that part of the market. But we're excited about where we're at and where we're headed.

我們將期待持續成長，這將是我們一直在談論的平衡投資組合的一部分，我們將把我們的供應分配到該市場領域。但我們對現狀和未來發展方向都感到興奮。

Mehdi Hosseini, [SIG].

邁赫迪·侯賽尼[SIG]。

Yeah. Two follow-ups for me. And this is for the team. When I look at your guide for the March Q3 fiscal year, assuming low-single-digit bit growth, there is a big jump in ASP and blended. What I wanted to ask you is, how should we think about the mix that impacts the ASP. Obviously, as you scale your SSD, there is a higher premium there is more than bits and premium that you capture or economic value that you capture. Is there any way you can help you understand? Because just thinking about the ASP absolute may give us a wrong impression. So any help you can provide would be great. And then I have a follow-up.

是的。我還有兩點後續問題。這是獻給團隊的。當我查看你們 3 月發布的第三財年業績指南時，假設比特成長率為個位數，ASP 和混合銷售額將大幅成長。我想問的是，我們應該如何看待影響平均售價的組合因素。顯然，隨著 SSD 容量的擴大，其溢價也會更高，你獲得的不僅僅是比特數，還有溢價或經濟價值。有什麼辦法能讓我更能理解嗎？因為光是考慮平均售價絕對值可能會讓我們留下錯誤的印象。所以，如果您能提供任何幫助，我們將不勝感激。然後我還有一個後續問題。

Yeah. So the mix impact we have are less related to changes in our end markets and more related to the customers, right, and how we serve the market. So I talked a little bit about this in my prepared remarks. And what you've seen is, we're driving a better mix. We're partnering with those customers that value our relationship that value our products, and therefore, we're getting much better gross margin as a result of that. So there is a mix component in that, to your point, (inaudible) and will -- and there is some pricing as well. We believe the market. Go ahead -- sorry.

是的。因此，我們所受到的產品組合影響，與其說是與終端市場的變化有關，不如說是與客戶以及我們如何服務市場有關，對吧。所以我在事先準備好的發言稿中稍微談到了這一點。你們也看到了，我們正在努力實現更好的產品組合。我們與那些重視我們關係、重視我們產品的客戶建立了合作關係，因此，我們獲得了更高的毛利率。所以，正如你所說，這裡麵包含著混合因素，（聽不清楚）並且——也存在一些定價問題。我們相信市場。請繼續——抱歉。

I was just going to say, just a quick follow-up. Is there any mix breakout you can offer us so that we're not so fixated with the run and ASP trends?

我只是想補充一點。您能否提供一些突破性策略，讓我們不要過度關注股價和平均售價趨勢？

Yeah. I will provide that to you when we report next quarter. I don't have anything to share with you at this point on the guide, Mehdi.

是的。我會在下個季度財報發佈時提供給您。邁赫迪，目前關於這份指南我沒有什麼可以跟你分享的。

Okay. Great. And one question for David. Look, we're sitting here and there is increased shortage intensifying. You and your peers are involved in discussions for a multiyear contract.

好的。偉大的。還有一個問題要問大衛。你看，我們現在坐在這裡，而短缺問題卻在加劇。你和你的同事們正在參與一份多年期合約的討論。

And as you highlighted, these projects take several years building a fab and putting equipment is a very long process. Why isn't there a more urgency? Why aren't your customers, your customers' customers aren't willing to commit more? They're committing investment throughout the AI supply chain. But when it comes to memory or NAND, I don't get a sense of urgency, and it's going to wait until second half of this year, that means the shortage is going to intensify, unless the the SSD exabyte growth of 60%, maybe just a short lived.

正如你所強調的，這些項目需要數年時間才能建成工廠，而安裝設備是一個非常漫長的過程。為什麼沒有表現出更大的緊迫感？為什麼您的客戶以及您客戶的客戶不願意投入更多資金？他們正在對人工智慧供應鏈的各個環節進行投資。但就內存或 NAND 而言，我感覺不到緊迫性，而且這種情況要等到今年下半年才會出現，這意味著短缺將會加劇，除非 SSD 的 EB 級增長達到 60%，但這也許只是暫時的。

How can I reconcile the two?

我該如何調和這兩者？

I have lots of thoughts on that, Mehdi. I mean, first of all, I mean, I would argue that there actually is a fair amount of urgency and things are changing rather dramatically, rather quickly, right? I mean you're talking about a market that's operated, the way it's operated for arguably decades. And the way that market is operated is there's essentially been a quarterly auction for NAND that goes on that sets the price, and then we all talk about what the price was every quarter. And then on the supply side, we try to get it right on how much we supply and often get it wrong.

我對此有很多想法，邁赫迪。首先，我認為情況確實相當緊迫，而且變化相當劇烈、相當迅速，對吧？我的意思是，你談論的是一個已經以這種方式運作了幾十年的市場。這個市場的運作方式是，基本上每季都會進行一次 NAND 快閃記憶體的拍賣，以此來決定價格，然後我們每季都會討論價格是多少。而在供應方面，我們努力控制供應量，但常常出錯。

And when you get it wrong, the economics is just completely crater. And so we're trying to navigate out of that world. There's a lot of reasons why we're navigating out of that world. There's a lot of technology reasons and all kinds of stuff we talked about in the past, we can talk a lot about. But like to change behavior on something you've been doing for a decade and just wake up and within a quarter, it tied to completely change the business practices in an industry is almost like really, really hard to do.

一旦判斷失誤，經濟情勢就會徹底崩潰。所以我們正在努力擺脫那種情況。我們有很多原因要離開那個世界。這其中有很多技術面的原因，還有我們過去討論過的各種事情，我們可以繼續深入探討。但要改變你做了十年的事情的行為，然後一覺醒來，在一個季度內徹底改變一個行業的商業慣例，這幾乎是一件非常非常難的事情。

So -- but I do think it's happening. I do think that customers are starting to look -- like I said, they're starting to look further down the horizon especially on the data center. I don't think this can be underestimated. This idea that now data center is the largest market in NAND. I mean, this is a market that's been dominated by -- or not dominated.

所以——但我確實認為這件事正在發生。我確實認為客戶開始著眼於——就像我說的，他們開始著眼於更長遠的未來，尤其是在資料中心方面。我認為這不容低估。這種觀點認為，資料中心現在是 NAND 快閃記憶體最大的市場。我的意思是，這是一個一直被…主導的市場，或者說，這是一個尚未被…主導的市場。

But when the primary customers the Smartphone, PCs, what I talk about is I kind of view that as what's traditionally been the commodity NAND market. I hate that term, but that's what people think about it. The data center is not that market. Like the data center is not a commodity NAND market. The data center is NAND is a highly strategic product that's part of a very sophisticated AI architecture, and I need extraordinarily high performance, and I need innovation, and I need a specific enterprise SSD that fits my configuration is kind of way on the other side of, I just need the same product and I can plug in any one from five different suppliers.

但是，當主要客戶是智慧型手機、PC 時，我所說的，我認為它本質上就是傳統的 NAND 商品市場。我討厭這個說法，但人們就是這麼想的。資料中心並不是那個市場。就像資料中心不是商品化的NAND市場。資料中心使用 NAND 快閃記憶體是一種高度策略性的產品，它是非常複雜的 AI 架構的一部分，我需要極高的效能，我需要創新，我需要一款適合我配置的特定企業級 SSD，這與「我只需要同一款產品，我可以插入來自五個不同供應商的任意一款」的情況截然不同。

That's not -- so that market now becoming the primary market and especially the primary growth engine is really, I think, starting to challenge the business practices of the way the market has traditionally worked. And again, I'm actually quite optimistic that this is happening pretty quickly. Now we'll see how quickly. I mean do we actually get to the point where we're announcing contracts. We're not quite there yet.

並非如此——因此，這個市場現在成為主要市場，尤其是主要的成長引擎，我認為這確實開始挑戰市場傳統運作方式的商業慣例。而且，我真的相當樂觀，認為這件事進展得相當快。現在我們來看看速度如何。我的意思是，我們真的會走到宣布合約的那一步嗎？我們還沒完全達到目標。

We've got some that are coming along. But from my perspective, on a relative basis, it's going pretty quick for a market this big. We're talking $150 billion maybe this year for this big, this many players, this much business transacted every quarter to see it change as fast as it's changing, it's been remarkable, actually.

我們已經有一些進展順利了。但從我的角度來看，相對而言，對於如此龐大的市場來說，它的變化速度相當快。今年，如此龐大的市場規模，如此眾多的參與者，每個季度都有如此巨額的交易，而它的變化速度如此之快，這確實令人矚目。

(Operator Instructions)

（操作說明）

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

It's Ruplu filling in for Wamsi. Can I ask Luis a question. This quarter, OpEx came in lower. You said you had a benefit from how you're managing NPI. Can you just elaborate on that, what that benefit was? And can you talk about capital allocation plans? How much are you expecting to spend on HBF and data center expansion as well as any capital return plans or M&A plans?

是 Ruplu 代替 Wamsi 出場。我可以問路易斯一個問題嗎？本季營運支出有所下降。你說你從你管理新產品導入（NPI）的方式中受益。能詳細說明一下，那項好處是什麼嗎？能談談資本配置計畫嗎？您預計在 HBF 和資料中心擴建以及任何資本回報計劃或併購計劃上投入多少資金？

Yeah. So let me try to unpack the OpEx question because I thought maybe somebody was going to ask. So we made a recurring change to our -- to how we sell our products, right? And basically, we're now moving into charging for our qualification units. So in the past, we used to record costs as they were incurred, right? They were period cost. And this is the nonrecurring element, which is a gain of -- a onetime gain as we move from period cost into inventories as we're now selling this qualification units. Does that make sense?

是的。所以我想試著解釋一下營運支出（OpEx）的問題，因為我覺得可能有人會問到。所以我們對銷售產品的方式進行了持續性的改變，對吧？基本上，我們現在開始對資格認證單元收費了。所以過去我們都是以發生成本來記錄的，對吧？它們是期間成本。這是非經常性因素，即一次性收益，因為我們現在出售這些合格單元，而將期間成本轉為庫存成本。這樣說得通嗎？

Yeah, and that's clear.

是的，這一點很清楚。

So we're going to get an ongoing saving as we charge our customers for best qualification units, and there is a onetime benefit as we do the transition and we go through inventory.

因此，當我們向客戶收取符合最佳資格的產品費用時，我們將持續節省成本；同時，在進行過渡和清空庫存時，我們也會獲得一次性收益。

On the capital allocation question, as I said earlier, our capital allocation strategy is unchanged. We will continue to invest in the business, we will build prudent cash reserves, which are very helpful for this business, particularly given still where we are. We believe we need to continue to build our cash reserves, and we'll continue to reduce our debt. So we've gone from $2 billion to $650 million. So we're making great progress, and we'll continue to make progress there.

關於資本配置問題，如我之前所說，我們的資本配置策略並沒有改變。我們將繼續投資這項業務，我們將建立審慎的現金儲備，這對這項業務非常有幫助，尤其是在我們目前所處的階段。我們認為需要繼續增加現金儲備，並將繼續減少債務。所以我們從20億美元變成了6.5億美元。所以，我們取得了很大的進展，而且我們將繼續在這方面取得進展。

And we're fully funding the business. Now we're funding the business from a BICS8 transition, we're funding our OpEx, where we feel that we're properly funding the business itself.

我們正在全額資助這項業務。現在，我們透過 BICS8 過渡為業務提供資金，為營運支出提供資金，我們認為我們正在為業務本身提供適當的資金。

Are there any underutilization charges in the guide?

指南中是否有未充分利用費用的規定？

No. Not only guide and not all either.

不。不僅是指南，而且不是全部。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

David and Luis, awesome quarter here, just a phenomenal numbers. Just wondering on the 2026, '27, what you're looking at in terms of bit growth. And obviously, ASP pricing has been on a tear, but just wondering how the price trends have been across different segments from the data center to retail to consumer. If you can give us some color.

大衛和路易斯，這季表現太棒了，數據簡直驚人。想了解 2026 年、2027 年，你們對比特成長的預期如何。顯然，ASP定價一直在飆升，但我只是想知道從資料中心到零售再到消費者等不同細分市場的價格趨勢如何。如果你能給我們一些色彩就好了。

Yeah. So the bit growth that we're seeing across '27, '28, it's consistent with what we talked at the very beginning of February. We're still talking about mid- to high teens bids growth every single year, unless we see that, that demand is very sustainable and profitable. We're not going to change our assumptions. So still our planning is our plan of record is that kind of high teens number for bids growth year-over-year.

是的。因此，我們在 2027 年和 2028 年看到的位元成長，與我們在 2 月初討論的內容是一致的。除非我們看到這種需求非常可持續且有利可圖，否則我們仍然要等到每年十幾到二十幾的投標增長率才能實現。我們不會改變我們的假設。所以，我們目前的計畫仍然是，投標額比去年同期成長達到十幾個百分點。

On pricing across what we call end markets, it's very interesting, right? What you see is, prices are moving not identically, but pretty much at the same pace. We're seeing -- what happens is that NAND can flow to any market at the end of the day. So NAND will naturally flow to the markets that are most attractive. So when prices go up in data center, they do have an impact in other markets to give you an example, right? So that's what we're seeing across markets. Prices go up pretty much across the board.

就我們所謂的終端市場而言，定價問題非常有趣，對吧？你可以看到，價格走勢雖然不完全相同，但大致上以相同的速度進行。我們看到的情況是——最終 NAND 快閃記憶體可以流入任何市場。因此，NAND快閃記憶體自然會流向最具吸引力的市場。舉例來說，資料中心價格上漲確實會對其他市場產生影響，對吧？這就是我們在各個市場看到的現象。幾乎所有商品的價格都在上漲。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Congratulations for the very good quarter. Turning back to road map. I think you -- so now your data center mix has reached 15%, and now increasingly being attached to AI compute. So I think it's creating new requirements for performance. So are you -- can you update with us your production road map to meet with the new, I think there are SSDs, and you have engagements with the HPF so how those new products look like?

恭喜你們本季業績非常出色。返迴路線圖。我認為你——所以現在你的資料中心組合已經達到 15%，並且越來越多地與 AI 運算連結起來。所以我認為這對性能提出了新的要求。那麼，您能否向我們更新您的生產路線圖，以滿足新的需求？我想現在有固態硬碟（SSD），而且您與HPF也有合作，那麼這些新產品目前的狀況如何？

Yeah. So I think this is a very good example of the amount of innovation that's going on and being driven out of data center kind of what I was referring to before. So you're right. The -- what we call the compute focus, the TLC high-performance drive is what's been driving the portfolio at this point. As I said, we just saw a 64% sequential growth.

是的。所以我認為這是一個很好的例子，說明了資料中心正在發生的創新數量，以及由此產生的創新，這正是我之前提到的。你說得對。我們稱之為運算重點的TLC高性能硬碟，正是目前推動產品組合發展的動力。正如我所說，我們剛剛實現了 64% 的環比增長。

So we continue to see really strong pull for those high-performance products. As I said, we're -- we feel like we're extremely well positioned as we start to migrate those to BICS8. But there's a whole bunch of new innovation going on. As you said, there's -- I think the innovation engine is alive and well across the whole industry, which is how are we going to satisfy the demand for the storage of AI. Models get bigger, more tokens get generated, cashes get bigger.

因此，我們持續看到市場對這些高性能產品有著非常強勁的需求。正如我所說，我們——我們感覺我們已經做好了非常充分的準備，開始將這些系統遷移到 BICS8。但是，現在有許多新的創新正在發生。正如你所說，我認為整個產業的創新引擎依然活躍且運作良好，那就是我們將如何滿足人工智慧儲存的需求。模型規模越來越大，產生的代幣越來越多，現金也越來越多。

This is naturally saying where you start to think about NAND and its tremendous scaling properties. And you're right, there's a lot of innovation there. There's the high IOPS enterprise SSD, which is, of course, something you could imagine we're working on. we had our own ideas about this 2 years ago, and we talked about it at our Investor Day that we believe that there was a chance to rearchitect NAND to bring it into AI. We trademark that high-bandwidth flash.

這自然而然地引出了你開始思考 NAND 及其巨大的可擴展性的問題。你說得對，那裡有很多創新。當然，我們正在研發高IOPS的企業級固態硬碟。兩年前我們就有了這方面的想法，並在投資者日上討論過，我們認為有機會重新設計NAND閃存，將其應用於人工智慧領域。我們已將高頻寬快閃記憶體註冊為商標。

I think over the last year, that's become a more recognized path forward, and there's now lots of folks working on that, and we continue to work on it, by the way. We're very, very happy with the progress. We're deep in conversations with customers on use cases. We're designing the NAND dye. We're building the controller.

我認為在過去一年裡，這已經成為一條更受認可的發展道路，現在有很多人在為此努力，順便說一句，我們也將繼續為此努力。我們對目前的進展非常非常滿意。我們正與客戶深入探討使用案例。我們正在設計NAND染料。我們正在建立控制器。

So that continues to go forward. Obviously, we'll have more to say about it. as we go forward and plans firm up. But I think all of this is just an example of there is just tremendous opportunity for innovation as the AI architecture continues to scale. And it's just incredibly exciting that we are just in the very early innings of driving this technology and scaling it around the globe.

所以這件事會繼續向前推進。顯然，隨著計劃的推進和最終確定，我們會就此發表更多意見。但我認為，這一切都只是一個例子，說明隨著人工智慧架構的不斷擴展，創新蘊藏著巨大的機會。令人無比興奮的是，我們才剛開始推動這項技術的發展，並將其推廣到全球各地。

And we have the industry -- the technology industry may be large is like incredibly well positioned to do that. They're some of the most largest most capable technology companies in history, they're obviously putting an enormous amount of resources about how they drive this technology and scale it around the world at a very rapid pace. And I think that is incredibly exciting. I think this is going to go on. I think we're super early in this, and I think this is going to go on for a very long time.

而我們擁有這樣的產業——科技產業規模龐大，在這方面具有得天獨厚的優勢。它們是歷史上規模最大、能力最強的科技公司之一，顯然，它們投入了大量資源來推動這項技術的發展，並以非常快的速度將其推廣到世界各地。我覺得這太令人興奮了。我認為這件事還會繼續下去。我認為我們現在還處於非常早期的階段，而且我認為這種情況會持續很長時間。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

This is Michael (inaudible) on behalf of Aaron. I wanted to go back to the LTA discussion. Have you guys finalized any of these agreements yet? And if so, has partial or full prepayments been a part of I guess, any finalized agreements or -- is that something that we should expect to you kind of alluded to it.

我是麥可（聽不清楚），代表亞倫。我想回到LTA的討論上來。你們最後敲定這些協議了嗎？如果是這樣，部分或全部預付款是否已包含在最終協議中？或者──這是我們該期待的嗎？您似乎暗示過這一點。

Yeah. We've signed and closed one agreement so far. We're not disclosing the terms. There was a prepayment component of it, which we think is important in this type of agreement. But that's what I would say, Michael. So we have one and several in the queue.

是的。目前我們已經簽署並完成了一項協議。我們不會透露具體條款。其中包含預付款部分，我們認為這在此類協議中非常重要。但我會這麼說，麥可。所以我們現在有一個，還有幾個在排隊。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Great results here. The last quarter, I think you shared some thoughts on how you thought about the edge market, PCs, smartphones, maybe even the consumer market, just given the fact that memory is on allocation, people are talking about PC and smartphone units being down. Just how you're thinking about and what signals your customers, your OEM customers are providing to you regarding those markets and how that changes kind of your demand outlook through probably the back half of '26 and into '27 ?

結果非常棒。上個季度，我想你分享了一些你對邊緣運算市場、個人電腦、智慧型手機，甚至可能是消費市場的看法，因為記憶體分配有限，人們都在談論個人電腦和智慧型手機的銷售下降。您是如何看待這些市場的？您的客戶、您的OEM客戶向您發出了哪些訊號？這些訊號會如何影響您對2026年下半年到2027年的需求預期？

And if I can squeeze one in for Luis as well. Structurally, NAND is going through this dynamic where obviously highly strategic product. How are you thinking about your true cycle margins, gross margins, seems like that was quite a long time ago when you were hitting those levels. But how are you thinking about gross margins here structurally.

如果可以的話，我也想給路易斯加一個。從結構上看，NAND 正在經歷這種動態變化，這顯然是一種高度策略性的產品。您如何看待您的真實週期利潤率和毛利率？感覺您達到這些水準已經是很久以前的事了。但您是如何從結構上考慮毛利率的呢？

Okay. Thanks. So look, a couple of thoughts on this. First of all, on the consumer market. I'm going to -- we're very happy with where the consumer portfolio is.

好的。謝謝。所以，關於這個問題，我有幾點想法。首先，在消費市場方面。我打算——我們對目前的消費品組合非常滿意。

As I said, we just turned in over 50% year over year growth. I think the work we're doing there on how we're thinking about the branding, the innovation, the portfolio, that's been a long-term market for us. It will be a long-term market for us. We think we're able to drive value with the value of the Sandisk brand. So we think that's a great business and will continue to be and we'll continue to invest in it.

正如我所說，我們實現了超過 50% 的同比增長。我認為我們在那裡所做的工作，包括我們如何思考品牌、創新和產品組合，對我們來說一直是個長期的市場。這將是一個長期的市場。我們認為，憑藉閃迪品牌的價值，我們能夠創造價值。所以我們認為這是一個很棒的生意，而且會一直如此，我們會繼續投資它。

In some of the other markets, like Look, I think this is one of the things -- I was looking at the numbers, obviously, as we were preparing, if you look -- just look at '26, we've got PCs at 285 million units. I don't think we would have -- anybody would have picked that number at the beginning of the year. So just continued very strong results in these markets in unit growth, content growth across those markets. So Look, as we go into '26 -- or we're in '26 now, we're going to see some base effects of that of some declines in units I think we're still getting very strong signals from our customers in those markets of wanting supply. I mean, very strong signals on a continuous basis.

在其他一些市場，例如Look，我認為這是其中一件事——顯然，在我們準備的時候，我一直在關注這些數字，如果你看看——看看2026年，我們的個人電腦銷量達到了2.85億台。我不認為我們會——任何人在年初都會選擇這個數字。因此，這些市場在銷售成長和內容成長方面都持續取得了非常強勁的成績。所以你看，隨著我們進入 2026 年——或者說我們現在已經身處 2026 年——我們將會看到一些基本效應，即銷量下降。我認為我們仍然從這些市場的客戶那裡收到非常強烈的訊號，他們希望獲得供應。我的意思是，持續不斷的非常強烈的信號。

And we're working with them as closely as we can. I think in this in this period of the market, it's extremely important to stay close to our customers, and we're doing that. But you're going to get some base effects there on units. I mean there's been a lot of discussion on mix in the market. I just think that's normally how this market works.

我們正在盡可能密切地與他們合作。我認為在當前的市場環境下，與客戶保持密切聯繫至關重要，而我們正在這樣做。但你會在單位上獲得一些基礎效果。我的意思是，市場上有很多關於產品組合的討論。我覺得這才是這個市場通常的運作方式。

Of course, configurations are going to change as components change. Quite frankly, we saw it in '23, all of a sudden component, mix went way up because prices went way down. And all of a sudden, 1 terabyte drive became quite inexpensive and all of a sudden started showing up everywhere. And as the market goes a little bit in the other direction, you're going to see that change. I think that's just a natural way this market works.

當然，隨著組件的變化，配置也會隨之改變。坦白說，我們在 2023 年就看到了這種情況，突然之間，零件組合大幅增加，因為價格大幅下降。突然之間，1TB 的硬碟變得非常便宜，並且突然間到處都能看到它的身影。而當市場朝著另一個方向發展時，你就會看到這種改變。我認為這是這個市場運作的自然方式。

I don't think it's something to be overly concerned about. So those are still strong markets. Customer relationships are very good. I expect us to still be heavily engaged in those markets. We've had a strong edge presence for a long time, and we'll continue that.

我覺得這沒什麼好過度擔心的。所以這些市場依然強勁。客戶關係非常好。我預計我們仍將積極參與這些市場。我們長期以來一直擁有強大的優勢，我們將繼續保持這種優勢。

And just big picture, this is one of the reasons why I think this business is so valuable is because we just play across every single device, every single piece of technology touches -- we touch it or sell NAND into it. And now with just the AI deployments in the cloud and that market becoming the largest market in NAND is just changing the dynamics of the way this whole industry works.

從宏觀角度來看，我認為這項業務如此有價值的原因之一在於，我們涉足每一個設備，每一個技術——我們接觸它，或向它銷售 NAND 快閃記憶體。現在，隨著人工智慧在雲端的部署，以及該市場成為 NAND 快閃記憶體最大的市場，整個產業的運作方式正在改變。

And as we said in the prepared remarks, we've been we've invested an enormous amount of R&D over the last 25 years to get to where we are, and we have invested an enormous amount of capital to get to where we are that we can manufacture all this, front end and back end. And I think we're finally starting to get to the point where the value of that intellectual property, the value of that intensity is being recognized in our own results.

正如我們在準備好的發言稿中所說，在過去的 25 年裡，我們投入了大量的研發資金才達到今天的成就，我們也投入了大量的資金才達到今天的成就，使我們能夠生產所有這些產品，包括前端和後端。我認為我們終於開始意識到，這種智慧財產權的價值，這種強度的價值，正在我們自己的成果中得到認可。

Yeah. And I think the way I would answer your question about through-cycle margins is similar to where David left it, which is in a high CapEx, high R&D industry or company. Frankly, 35% is not where we would like to be, right? So we're not going to give you a new number today. But clearly, that's not where we want to be. What I'll tell you is this is the first quarter, right, that we are above 35% with 51%. We're guiding, call it, midpoint of 66%. So we're making progress and we're getting to a place where we believe we can justify the CapEx. We can justify the investments in R&D that the business requires.

是的。我認為，對於你提出的關於週期利潤率的問題，我的回答與 David 的回答類似，那就是在資本支出高、研發投入高的產業或公司。坦白說，35%並不是我們想要達到的目標，對吧？所以今天我們不會給你一個新的號碼。但很顯然，這不是我們想要達到的目標。我可以告訴你們的是，這是我們第一個季度，對吧，我們的佔比超過了 35%，達到了 51%。我們給的指導價，姑且稱之為 66% 的中點。所以我們正在取得進展，我們正逐漸達到一個我們認為可以證明資本支出合理的程度。我們可以證明公司在研發方面所需的投資是合理的。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

This is Matthew Payne on for Tom O'Malley. Just a quick one for me. Apologies if you mentioned it, just hopping around on the call. Wondering if you said the SSD percentage of total bids in the quarter.

這是馬修·佩恩代替湯姆·奧馬利解說。我只需要簡單回答一下。如果您已經提到過，我深表歉意，我只是在通話中隨意聊了幾句。我想知道你是不是說的是本季 SSD 競價佔總競價的百分比。

I don't think we said that, but it's like in that high-teens range.

我想我們沒說過，但大概在十幾歲左右。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I just want to talk about the model. Obviously, I mean, doubling sales over two quarters. I want to just make sure I understand how you're going to handle OpEx. I think the percentage of revenue is now in half, right? So are you going to accelerate the way you look at investing in R&D and then tax rate as well with the dramatically higher profitability is there anything to think about in terms of the tax rate. I think you were talking about it maybe going to 20% at some point. Is that sooner than later?

我只想談談這個模型。顯然，我的意思是，在兩個季度內銷售額翻了一番。我只是想確認一下我是否理解你們將如何處理營運支出。我認為現在的收入百分比已經減半了，對吧？那麼，隨著獲利能力的大幅提高，您是否會加快研發投資的步伐，同時稅率方面是否也需要考慮一些問題？我想你之前是說它可能會達到20%。那是不是比遲到更早？

Yeah. So in terms of OpEx, the first thing you should know is about 75% of our OpEx is R&D, right? So that's where we're putting our money. And why do we do that? Because this is a technology company where innovation is our lifeblood.

是的。所以就營運支出而言，您首先應該知道的是，我們大約 75% 的營運支出都用於研發，對吧？所以這就是我們投資的方向。我們為什麼要這樣做？因為這是一家科技公司，創新是我們的生命線。

So that's what we believe, and that's where we're putting our dollars. So you should not look at this quarter's OpEx as an indication of where we should be because that, as I mentioned earlier, it has a nonrecurring benefit. If you want to quantify that number is around $35 million. So you can use that number for your modeling.

這就是我們所相信的，也是我們投資的方向。因此，你不應該將本季的營運支出視為我們應該達到的目標的指標，因為正如我之前提到的，它帶來的收益是非經常性的。如果要量化這個數字，大約是 3500 萬美元。所以你可以把這個數字用來建模。

We think OpEx should not go significantly higher from where we is today. We believe that the run rate is healthy. We will always be looking at where we need to invest and make sure that we fund innovation. But we're also, on the other side, looking at efficiencies all the time. And how do we make sure that there is no waste in the system. So a long way of saying the level of spending we had last quarter, what we're guiding this quarter, those are kind of more sustainable levels for now.

我們認為營運支出不應比目前水準大幅上漲。我們認為目前的運行速度是健康的。我們將始終關注需要投資的領域，並確保為創新提供資金。但另一方面，我們也一直在關注效率問題。我們如何確保系統中不存在浪費？簡而言之，我們上個季度的支出水平，以及我們本季的預期支出水平，目前來看都是更永續的水平。

The tax rate is kind of interesting, right, because we had a lot of prior year losses, particularly accumulated in Malaysia, which we've consumed very quickly. Now that's what happens when you start generating profits. So I think you should see our tax rate to hover around -- a little bit above where it is today, maybe in the 14%, 15% kind of percent on an ongoing basis. That's what I would model for now.

稅率確實有點意思，對吧？因為我們前幾年有很多虧損，尤其是在馬來西亞累積的虧損，而這些虧損我們已經很快消化掉了。這就是開始獲利之後會發生的事。所以我認為我們的稅率應該會略高於目前的水平，可能會持續在 14% 到 15% 左右。這就是我現在想要效法的對象。

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

我們的問答環節到此結束。我謹將會議交還給大衛，請他作總結發言。

All right. Thanks, everybody, for joining us. We'll talk to you throughout the quarter. Have a great day. Thank you.

好的。謝謝大家的參與。我們將在整個季度與您保持聯繫。祝你有美好的一天。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。