希捷科技 (STX) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Seagate Technology Fiscal Second Quarter 2022 Financial Results Conference Call. My name is Brent, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎參加 Seagate Technology 2022 財年第二季度財務業績電話會議。我叫布倫特，今天我將擔任你們的協調員。 （操作員說明）作為提醒，正在錄製此會議以供重播。

At this time, I would like to turn the call over to Shanye Hudson, Senior Vice President, Investor Relations and Treasury. Please proceed, Shanye.

在這個時候，我想把電話轉給投資者關係和財政部高級副總裁 Shanye Hudson。請繼續，山野。

Thank you. Good afternoon, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We posted our earnings press release and detailed supplemental information for our December quarter fiscal 2022 results on the Investors section of our website.

謝謝你。大家下午好，歡迎參加今天的電話會議。希捷首席執行官戴夫·莫斯利 (Dave Mosley) 加入我的行列。和我們的首席財務官 Gianluca Romano。我們在我們網站的“投資者”部分發布了收益新聞稿和 2022 財年 12 月季度業績的詳細補充信息。

During today's call, we'll refer to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and included in our Form 8-K that was filed with the SEC. We've not reconciled certain non-GAAP outlook measures because material items that may impact these measures are out of our control and/or cannot be reasonably predicted. Therefore, a reconciliation to the corresponding GAAP measures is not available without unreasonable efforts.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 措施。非 GAAP 數據與我們網站上發布的收益新聞稿中的 GAAP 數據一致，並包含在我們向 SEC 提交的 8-K 表格中。我們沒有調整某些非公認會計原則的展望措施，因為可能影響這些措施的重大項目超出了我們的控制和/或無法合理預測。因此，如果沒有不合理的努力，就無法與相應的公認會計原則措施進行對賬。

Before we begin, I'd like to remind you that today's call contains forward-looking statements including our March quarter financial outlook and expectations about our financial performance, market demand, industry growth trends, planned product introductions, ability to ramp production, future growth opportunities, possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic and general market conditions.

在我們開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，包括我們 3 月季度的財務展望以及對我們的財務業績、市場需求、行業增長趨勢、計劃的產品介紹、提高生產能力、未來增長的預期機會、由 COVID-19 大流行和一般市場狀況導致的全球經濟狀況可能產生的影響。

These statements are based on management's current views and assumptions and information available to us as of today and should not be relied upon as of any subsequent date. Actual results may vary materially from today's statements. Information concerning our risks, uncertainties and other factors that could cause results to differ from these forward-looking statements are contained in our most recent Form 10-K and 10-Q filed with the SEC, our Form 8-K filed with the SEC today and the supplemental information posted on the Investors section of our website. As always, following our prepared remarks, we'll open the call up for questions.

這些陳述是基於管理層目前的觀點和假設以及我們截至今天可獲得的信息，不應依賴於任何後續日期。實際結果可能與今天的陳述大不相同。有關我們的風險、不確定性和其他可能導致結果與這些前瞻性陳述不同的因素的信息包含在我們最近向 SEC 提交的 10-K 和 10-Q 表格中，我們今天向 SEC 提交的 8-K 表格以及在我們網站的“投資者”部分發布的補充信息。與往常一樣，在我們準備好的評論之後，我們將打開電話提問。

Now I'll hand the call over to you, Dave.

現在我會把電話交給你，戴夫。

Thank you, Shanye, and hello to everyone joining us on today's call. Seagate ended calendar year 2021 on a high note, delivering another solid performance in the December quarter, highlighted by revenue of $3.12 billion, our best in over 6 years. And non-GAAP EPS of $2.41, representing the highest level in nearly a decade. This performance is all the more impressive in light of the supply chain disruptions and inflationary pressures we are experiencing today and further demonstrates the consistent execution, operational agility and sharp focus on expense discipline that we have displayed throughout the year.

謝謝你，山野，大家好，今天加入我們的電話。希捷以高調結束了 2021 日曆年，在 12 月季度再次取得了穩健的業績，其中收入為 31.2 億美元，是 6 年來最好的。非公認會計原則每股收益為 2.41 美元，是近十年來的最高水平。鑑於我們今天所經歷的供應鏈中斷和通貨膨脹壓力，這一表現更加令人印象深刻，並進一步證明了我們全年表現出的一貫執行、運營敏捷性和對費用紀律的高度關注。

To that point, in calendar year 2021, we achieved revenue of nearly $12 billion, up 18% compared with the prior calendar year. We expanded non-GAAP EPS by more than 75%, and we grew free cash flow by nearly 40%, truly an outstanding year of growth that shows we are capitalizing on the secular tailwinds driving long-term mass capacity storage demand. As we shared many times before, driving profitability and free cash flow generation remain 2 of Seagate's top priority and underpin our focus on enhancing value for our customers and shareholders.

至此，在 2021 日曆年，我們實現了近 120 億美元的收入，與上一日曆年相比增長了 18%。我們將非 GAAP 每股收益擴大了 75% 以上，自由現金流增長了近 40%，這是真正傑出的一年，表明我們正在利用推動長期大容量存儲需求的長期順風。正如我們之前多次分享的那樣，提高盈利能力和產生自由現金流仍然是希捷的首要任務 2，並鞏固了我們專注於為客戶和股東提高價值的重點。

Since the onset of the pandemic, we have consistently executed our product road map and made investments to deliver cost-efficient, higher capacity drives that offer business value for our customers while also enhancing Seagate's financial profile. We extended our proven common platform drive family from 16 to 18 and now to 20 terabytes and beyond. We also address cloud customers' performance needs through our industry-leading dual actuator technology. We've made these advancements while notably returning more than $4 billion to our shareholders through our quarterly dividend and share repurchase programs.

自大流行開始以來，我們一直在執行我們的產品路線圖並進行投資，以提供具有成本效益、更高容量的硬盤，為我們的客戶提供商業價值，同時提升希捷的財務狀況。我們將久經考驗的通用平台驅動器系列從 16 擴展到 18，現在擴展到 20 TB 甚至更大。我們還通過我們行業領先的雙執行器技術滿足雲客戶的性能需求。我們取得了這些進步，同時通過我們的季度股息和股票回購計劃向股東返還了超過 40 億美元。

Our execution and product momentum position Seagate to deliver a third consecutive calendar year of top line growth. We currently expect calendar year '22 revenue to increase 3% to 6% with further growth beyond, consistent with our long-term model range.

我們的執行力和產品動力使希捷實現了連續第三個日曆年的收入增長。我們目前預計 '22 日曆年的收入將增長 3% 至 6%，並進一步增長，這與我們的長期模型範圍一致。

Let me spend a few minutes discussing the current business environment. In the December quarter, we again generated record mass capacity revenue with growth led by demand from cloud customers. We achieved our highest ever cloud customer revenue, supported by sales of our 18 terabyte nearline products, which significantly increased quarter-over-quarter consistent with our plans.

讓我花幾分鐘時間討論一下當前的商業環境。在 12 月季度，我們再次創造了創紀錄的海量容量收入，增長主要來自云客戶的需求。我們實現了有史以來最高的雲客戶收入，這得益於我們 18 TB 近線產品的銷售，這與我們的計劃一致，環比顯著增長。

HDDs are a critical enabling technology for the growing data sphere. As we shared a year ago at our analyst event and our results demonstrate, HDDs have a well-established place in the data center ecosystem, and we do not expect that to change over the next decade or longer.

對於不斷增長的數據領域，HDD 是一項關鍵的支持技術。正如我們一年前在分析師活動中分享的那樣，我們的結果表明，HDD 在數據中心生態系統中佔有一席之地，我們預計在未來十年或更長時間內這種情況不會發生變化。

For the past couple of years, Seagate has been a beneficiary of increasing cloud data center investments to support remote work, remote education and the digital transformation trends that continue to take place. Analysts forecast another year of strong double-digit cloud CapEx growth in calendar 2022. Several powerful themes emerged from this year's CES conference that support our longer-term demand outlook. And underscore a clear business need to capture, access and analyze massive and growing volumes of data.

在過去的幾年裡，希捷一直受益於增加雲數據中心投資以支持遠程工作、遠程教育和持續發生的數字化轉型趨勢。分析師預測，2022 年雲資本支出將再次出現兩位數的強勁增長。今年的 CES 會議出現了幾個強有力的主題，支持我們的長期需求前景。並強調捕獲、訪問和分析海量且不斷增長的數據的明確業務需求。

New use cases highlight how data-intensive applications such as AI, autonomous vehicles or smart cities can improve business or social value and drive demand for mass capacity storage, both in the cloud and at the edge. We have previously shared how emerging use cases at the edge are driving meaningful opportunities within the VIA market. These applications utilize high-definition video and AI analytics to capture and extract data value.

新用例凸顯了人工智能、自動駕駛汽車或智慧城市等數據密集型應用程序如何提高商業或社會價值，並推動對雲和邊緣大容量存儲的需求。我們之前分享了邊緣新興用例如何在威盛市場推動有意義的機會。這些應用程序利用高清視頻和人工智能分析來捕獲和提取數據價值。

In the December quarter, sales of our VIA products remain healthy, and we expect the March quarter to be seasonally slower, consistent with historical trends. Longer term, we continue to forecast exabyte growth in the mid-teens, supported by expanding opportunities at the edge.

在 12 月季度，我們威盛產品的銷售保持健康，我們預計 3 月季度將季節性放緩，與歷史趨勢一致。從長遠來看，我們繼續預測 10 年中期的 EB 級增長，這得益於邊緣機會的擴大。

Moving to our other markets. Sequential growth from the cloud in the December quarter was somewhat counterbalanced by lower revenue in the enterprise, OEM and legacy PC markets that we attribute primarily to the COVID-related supply challenges that dominated broader industry headlines.

轉移到我們的其他市場。 12 月季度雲的連續增長在一定程度上被企業、OEM 和傳統 PC 市場的收入下降所抵消，我們主要將其歸因於與 COVID 相關的供應挑戰，這些挑戰佔據了更廣泛的行業頭條。

As we indicated last quarter, non-HDD component shortages are disrupting some of our enterprise and OEM customer shipment plans, which impact both mass capacity nearline and legacy mission-critical drives. We are mindful that these supply pressures and other COVID-related measures could further weigh on the typical March quarter seasonality that we anticipate in the VIA and legacy markets. However, customers are managing through the tight supply environment and expect conditions to ease over the next couple of quarters.

正如我們上個季度所指出的那樣，非 HDD 組件短缺正在擾亂我們的一些企業和 OEM 客戶的發貨計劃，這會影響大容量近線和傳統的關鍵任務驅動器。我們注意到，這些供應壓力和其他與 COVID 相關的措施可能會進一步影響我們在 VIA 和傳統市場中預期的典型 3 月季度季節性。然而，客戶正在通過緊張的供應環境進行管理，並預計未來幾個季度情況會有所緩解。

Seasonality and temporary constraints aside, the long-term mass capacity demand trends remain strong. In this environment, we remain focused on exercising capital discipline to align supply with demand and continue to engage with customers on their longer-term demand requirements to ensure that our production capacity plans align with their future ramp time lines. With lead times for high-capacity HDDs of 6 months or longer, an increasing portion of our nearline drive revenue is under long-term agreements with momentum to expand even further.

撇開季節性和暫時的限制不談，長期的大規模產能需求趨勢依然強勁。在這種環境下，我們仍然專注於實施資本紀律，以使供需保持一致，並繼續與客戶就他們的長期需求需求進行接觸，以確保我們的產能計劃與他們未來的產能計劃時間線保持一致。由於大容量 HDD 的交付週期為 6 個月或更長時間，我們的近線驅動器收入中越來越多的部分是根據長期協議簽訂的，並且有進一步擴大的勢頭。

We are executing our innovative mass capacity road map and cost reduction plans to offer a compelling value proposition for our customers that is also financially attractive for Seagate. We are ramping 20-terabyte drives, extending our common platform to a third generation. For a couple of quarters now, cloud data center customers have shown very strong pull for these drives.

我們正在執行我們創新的大規模產能路線圖和降低成本計劃，為我們的客戶提供極具吸引力的價值主張，這對希捷來說也具有財務吸引力。我們正在增加 20 TB 驅動器，將我們的通用平台擴展到第三代。幾個季度以來，雲數據中心客戶對這些驅動器表現出非常強大的吸引力。

The TCO value proposition for transitioning to higher capacity drives is compelling. Consider first that a move from 18 to 20 terabytes represents an 11% boost in storage capacity, and then layer on the savings realized across the data center buildout. At the system level, customers require less networking gear and other ancillary parts to support the same storage capacity. On both fronts, these gains translate to meaningful cost efficiencies, which may be further enhanced given the part shortages and inflationary pressures in today's market.

過渡到更高容量驅動器的 TCO 價值主張令人信服。首先考慮一下，從 18 TB 遷移到 20 TB 意味著存儲容量增加了 11%，然後再考慮在整個數據中心擴建過程中實現的節省。在系統級別，客戶需要更少的網絡設備和其他輔助部件來支持相同的存儲容量。在這兩個方面，這些收益轉化為有意義的成本效率，考慮到當今市場的零件短缺和通脹壓力，成本效率可能會進一步提高。

All indications point to a very steep production ramp for our 20-terabyte products with the potential of surpassing the record-setting ramp we saw for our 16-terabyte drives. As a result, we are using the seasonal slowdown in the March quarter to stage our factory operations to support strong 20-terabyte demand as the year unfolds. Our common platform approach helps to facilitate this process by enabling us to quickly transition and ramp new products into the market.

所有跡像都表明我們的 20 TB 產品的產量增長非常陡峭，有可能超過我們看到的 16 TB 驅動器創紀錄的產量增長。因此，我們正在利用 3 月季度的季節性放緩來安排我們的工廠運營，以支持隨著時間的推移而強勁的 20 TB 需求。我們的通用平台方法使我們能夠快速過渡並將新產品推向市場，從而有助於促進這一過程。

Our 20-terabyte drives highly leverage the head and media technology that power our 18-terabyte product family, making the production process well understood and haste in time to yield. This strategy also provides manufacturing flexibility and improves our overall cost efficiencies across the breadth of our common platform family, which currently spans 16 through 20 terabyte capacities for CMR products with some customers stretching to 22 terabytes using SMR feature sets.

我們的 20 TB 驅動器高度利用了為我們 18 TB 產品系列提供動力的磁頭和媒體技術，使生產過程得到很好的理解，並能及時生產。該策略還提供了製造靈活性並提高了我們在通用平台系列中的整體成本效率，目前 CMR 產品的容量跨越 16 到 20 TB，一些客戶使用 SMR 功能集擴展到 22 TB。

We are driving additional manufacturing and cost benefits by incorporating the same media and head technology to produce cost optimized drives, spanning capacities down to 2 terabyte drives.

我們通過採用相同的介質和磁頭技術來生產成本優化的驅動器，從而推動額外的製造和成本優勢，容量低至 2 TB 驅動器。

In addition to improving manufacturing flexibility, these cost optimized drives can require fewer heads and disks, which offset some of the near-term inflationary component pressures. In the December quarter, the revenue contribution from products using higher aerial density drives increased to nearly 40% of total HDD revenue.

除了提高製造靈活性外，這些成本優化的驅動器還需要更少的磁頭和磁盤，從而抵消了一些近期的通脹組件壓力。在 12 月季度，使用更高航空密度驅動器的產品的收入貢獻增加到 HDD 總收入的近 40%。

Wrapping up, we entered the March quarter amid a challenging supply environment. However, I remain optimistic for conditions to gradually improve. Importantly, our strong product portfolio and operational execution put Seagate in excellent position to deliver on our long-term revenue growth model and generate strong free cash flow in 2022 and beyond, underpinned by growing demand for mass capacity storage beyond 20 terabytes.

結束時，我們在充滿挑戰的供應環境中進入了三月季度。但是，我仍然樂觀地認為情況會逐漸改善。重要的是，我們強大的產品組合和運營執行使希捷處於有利地位，可以實現我們的長期收入增長模式，並在 2022 年及以後產生強勁的自由現金流，這得益於對超過 20 TB 的大容量存儲的需求不斷增長。

I'll now hand the call over to Gianluca to cover the financial results.

我現在將電話轉給 Gianluca 以涵蓋財務結果。

Thank you, Dave. Seagate continued to execute well and navigate a complex business environment to deliver a solid financial performance aligned with our expectations. In the December quarter, we grew revenue to $3.12 billion, up 19% year-over-year. Delivered non-GAAP operating margin of nearly 20%, up 520 basis points year-over-year and increased non-GAAP EPS to $2.41, up 87% year-over-year.

謝謝你，戴夫。希捷繼續出色地執行並駕馭複雜的業務環境，以提供符合我們預期的穩健財務業績。在 12 月季度，我們的收入增長至 31.2 億美元，同比增長 19%。實現非 GAAP 營業利潤率接近 20%，同比增長 520 個基點，非 GAAP 每股收益增加至 2.41 美元，同比增長 87%。

In our HDD drive business, we achieved the fifth consecutive quarter of record capacity shipments, totaling 163 exabytes, up 3% sequentially and up 26% year-on-year. Ongoing cloud demand for our nearline products supported mass capacity revenue of $2 billion, up 1% sequentially and up 25% compared with the prior year period. Shipments into the mass capacity market totaled 137 exabytes, up 4% sequentially and 41% year-over-year.

在我們的 HDD 驅動器業務中，我們連續第五個季度實現了創紀錄的容量出貨量，總計 163 EB，環比增長 3%，同比增長 26%。對我們近線產品的持續雲需求支撐了 20 億美元的海量容量收入，環比增長 1%，與去年同期相比增長 25%。大容量市場的出貨量總計 137 EB，環比增長 4%，同比增長 41%。

Nearline remains our fastest growing product segment with revenue outpacing the broader mass capacity business. In the December quarter, we increased shipment to 111 exabytes, up 4% sequentially and 56% year-on-year, supported by the ongoing cloud adoption of 18-terabyte drives as well as healthy demand for mid-capacity products from enterprise and OEM customers.

Nearline 仍然是我們增長最快的產品部門，其收入超過了更廣泛的大容量業務。在 12 月季度，我們將出貨量增加到 111 EB，環比增長 4%，同比增長 56%，這得益於 18 TB 驅動器的持續雲採用以及企業和 OEM 對中等容量產品的健康需求顧客。

Our 20-terabyte product family is growing strong customer interest, and we are continuing to scale 18 terabyte shipments while also preparing for an anticipated steep 20-terabyte ramp in the coming quarters to support demand.

我們的 20 TB 產品系列的客戶興趣日益濃厚，我們將繼續擴大 18 TB 的出貨量，同時也為未來幾個季度預期的 20 TB 急劇增長做準備，以支持需求。

Sales into the VIA markets remained healthy in the December quarter, following 2 quarters of rapid growth and near record revenue in September. We project a seasonal slowdown in the VIA market during the March quarter, but expect revenue to remain up on a year-over-year basis.

在經歷了兩個季度的快速增長和 9 月份接近創紀錄的收入之後，12 月份季度威盛市場的銷售保持健康。我們預計威盛市場在 3 月季度將出現季節性放緩，但預計收入將同比保持增長。

Within the legacy market, revenue came in at $775 million, down 7% sequentially and 15% year-over-year. Seasonal demand for consumer drives partially offset weaker-than-anticipated PC sales due in part to ongoing PC component shortages and lower mission-clinical sales. As we discussed last quarter, component shortages are also impacting sales in our system business as customers delay some ordered product deals due to constrained supply of nondrive components.

在傳統市場中，收入為 7.75 億美元，環比下降 7%，同比下降 15%。消費者硬盤的季節性需求部分抵消了弱於預期的 PC 銷售，部分原因是持續的 PC 組件短缺和任務臨床銷售下降。正如我們上個季度所討論的，組件短缺也影響了我們系統業務的銷售，因為客戶由於非驅動組件供應受限而推遲了一些訂購的產品交易。

Despite these headwinds, non-HDD revenue increased 17% sequentially and 48% year-over-year to a record $294 million, boosted by strong SSD demand. While we continue to face near-term supply challenges for both the system and SSD businesses, we remain confident in growing the non-HDD business in fiscal 2022, particularly for our system solution, where we see ongoing demand and continue to capture new customer logos.

儘管存在這些不利因素，但由於 SSD 需求強勁，非 HDD 收入環比增長 17%，同比增長 48%，達到創紀錄的 2.94 億美元。雖然我們繼續面臨系統和 SSD 業務的近期供應挑戰，但我們仍然有信心在 2022 財年發展非 HDD 業務，特別是對於我們的系統解決方案，我們看到持續的需求並繼續獲得新的客戶徽標.

Looking at our operational performance. Non-GAAP gross profit in the December quarter was $958 million. Our corresponding non-GAAP gross margin was 30.7%, down 30 basis points sequentially, but up nearly 400 basis points year-over-year. The ongoing transition to both higher capacity drives and cost-optimized products mostly offset higher freight and logistic costs and the less favorable product mix with a record non-HDD sales. Notably, HDD gross margin remain in the upper half of our long-term target range of 30% to 33%, flat with the prior quarter.

看看我們的運營業績。 12 月季度的非 GAAP 毛利潤為 9.58 億美元。我們相應的非美國通用會計準則毛利率為 30.7%，環比下降 30 個基點，但同比增長近 400 個基點。向更高容量驅動器和成本優化產品的持續過渡主要抵消了更高的貨運和物流成本以及不太有利的產品組合以及創紀錄的非 HDD 銷售。值得注意的是，HDD 毛利率保持在我們長期目標範圍 30% 至 33% 的上半部分，與上一季度持平。

We maintained relatively flat non-GAAP operating expenses at $337 million, lower than expected, reflecting our disciplined expense management and the timing of certain spending. We expect OpEx to be somewhat higher in the March quarter due to an increased R&D expenses and business travel. Our resulting non-GAAP operating income was $621 million, down 1% sequentially and up 61% year-on-year. Non-GAAP operating margin remained relatively flat with the prior quarter at 19.9% and at the top end of our long-term target range of 15% to 20% of revenue.

我們維持相對持平的非公認會計原則運營費用為 3.37 億美元，低於預期，反映了我們嚴格的費用管理和某些支出的時間安排。由於研發費用和商務旅行的增加，我們預計 3 月季度的運營支出會有所提高。我們由此產生的非 GAAP 營業收入為 6.21 億美元，環比下降 1%，同比增長 61%。非美國通用會計準則營業利潤率與上一季度保持相對持平，為 19.9%，處於我們長期目標範圍的上限，即佔收入的 15% 至 20%。

Based on diluted share count of approximately 225 million shares, non-GAAP EPS for the December quarter was $2.41, which is $0.06 above our guidance midpoint. We increased inventory by approximately $100 million with days inventory outstanding of 54 days to support the upcoming 20-terabyte product trend.

根據大約 2.25 億股的稀釋後股票數量，12 月季度的非公認會計原則每股收益為 2.41 美元，比我們的指導中點高 0.06 美元。我們將庫存增加了大約 1 億美元，未清庫存天數為 54 天，以支持即將到來的 20 TB 產品趨勢。

Capital expenditures were $95 million for the quarter, down 19% sequentially. For fiscal '22, we continue to forecast CapEx at the low end of our target range of 4% to 6% of revenue, which is sufficient to support our future product road map while maintaining alignment between near-term supply and demand. Free cash flow generation increased to $426 million, up 12% quarter-over-quarter and 36% year-over-year.

本季度資本支出為 9500 萬美元，環比下降 19%。對於 22 財年，我們繼續預測資本支出佔收入的 4% 至 6% 的目標範圍的低端，這足以支持我們未來的產品路線圖，同時保持近期供需之間的一致性。自由現金流產生增至 4.26 億美元，環比增長 12%，同比增長 36%。

We delivered strong performance in the December quarter and expect to improve free cash flow generation through the fiscal year, enabling us to continue to fund our strong capital return program. In the December quarter, we used $151 million for the quarterly dividend and $471 million to repurchase 5.1 million ordinary shares, exiting the quarter with 219 million shares outstanding and approximately $3.3 billion remaining in our authorization. We ended the December quarter with cash and cash equivalents of $1.5 billion. And total liquidity was approximately $3.3 billion, including our revolving credit facility.

我們在 12 月季度取得了強勁的業績，並預計將在整個財年改善自由現金流的產生，使我們能夠繼續為我們強大的資本回報計劃提供資金。在 12 月季度，我們使用了 1.51 億美元的季度股息和 4.71 億美元回購了 510 萬股普通股，本季度末有 2.19 億股流通在外，我們的授權剩餘約 33 億美元。我們以 15 億美元的現金和現金等價物結束了 12 月季度。總流動性約為 33 億美元，包括我們的循環信貸額度。

Adjusted EBITDA increased to $723 million in the quarter, our highest level in 7 years, and was $2.6 billion for the 12-month period ending in December. Total debt balance at the end of the quarter was $5.9 billion, and as we previously reported, we plan to repay $120 million in debt coming due in March.

本季度調整後 EBITDA 增至 7.23 億美元，為 7 年來的最高水平，截至 12 月的 12 個月期間為 26 億美元。本季度末的總債務餘額為 59 億美元，正如我們之前報導的那樣，我們計劃償還 3 月份到期的 1.2 億美元債務。

In summary, we delivered solid financial performance, maintaining our focus on driving profitability and free cash flow generation while navigating a dynamic business environment.

總而言之，我們實現了穩健的財務業績，在駕馭動態業務環境的同時，繼續專注於提高盈利能力和產生自由現金流。

Looking ahead to the March quarter, we expect a continuation of the healthy demand environment in the nearline market with anticipated seasonal decline in VIA and the legacy markets. As Dave noted, we are mindful of the ongoing impact related to corporate dynamics and will continue to manage through supply chain constraints and other inflationary pressures that we expect to persist through at least the fiscal year.

展望 3 月季度，我們預計近線市場的健康需求環境將持續，威盛和傳統市場預計會出現季節性下滑。正如戴夫指出的那樣，我們注意到與企業動態相關的持續影響，並將繼續通過供應鏈限制和我們預計至少會持續到本財年的其他通脹壓力進行管理。

We expect March quarter revenue to be in the range of $2.9 billion, plus or minus $150 million. We expect our operating margin to be impacted by COVID-related pressure, what I just discussed over the near term. However, we believe the structural changes in the industry combined with Seagate disciplined execution will support a higher operating margin over time.

我們預計 3 月季度的收入將在 29 億美元左右，上下浮動 1.5 億美元。我們預計我們的營業利潤率將受到與 COVID 相關的壓力的影響，我剛剛在短期內討論了這一點。然而，我們相信行業的結構性變化與希捷嚴格的執行相結合，將隨著時間的推移支持更高的運營利潤率。

As a result, we are raising our long-term target non-GAAP operating margin range to 18% to 22% of revenue compared with our prior range of 15% to 20% of revenue. With that in mind, we expect our March quarter non-GAAP operating margin to be at the lower end of our revised long-term range of 18% to 22% of revenue. And finally, we expect non-GAAP EPS to be in the range of $2, plus or minus $0.20.

因此，我們將非公認會計準則營業利潤率的長期目標範圍提高到收入的 18% 至 22%，而我們之前的範圍為收入的 15% 至 20%。考慮到這一點，我們預計 3 月季度非公認會計原則營業利潤率將處於我們修訂後的長期收入範圍 18% 至 22% 的下限。最後，我們預計非 GAAP 每股收益將在 2 美元上下 0.20 美元的範圍內。

Looking further ahead, ongoing demand for mass capacity storage, combined with our strong product pipeline, give us confidence to further raise our fiscal year 2022 revenue growth to be between 12% and 14%, up from our prior outlook in the low double-digit range.

展望未來，對大容量存儲的持續需求，加上我們強大的產品線，使我們有信心將 2022 財年的收入增長進一步提高到 12% 至 14% 之間，高於我們之前低兩位數的預期範圍。

I will now turn the call back to Dave for final comments.

我現在將電話轉回戴夫以徵求最終意見。

Thanks, Gianluca. I'm very proud of the results Seagate posted in the December quarter and also our ability to deliver consistent performance during this unique period of transitory issues. Through it all, the trends driving explosive growth in data remain powerful. Longer-term demand tailwinds that will push growth in mass capacity stores in 2022 and for years to come.

謝謝，吉安盧卡。我為希捷在 12 月季度發布的結果以及我們在這個獨特的暫時性問題期間提供一致性能的能力感到非常自豪。縱觀這一切，推動數據爆炸式增長的趨勢仍然很強大。長期需求順風將推動 2022 年和未來幾年大規模容量商店的增長。

Seagate has the right product portfolio, operational know-how and partnership focus to capture these opportunities and lend confidence in our ability to deliver on the annual growth targets we've outlined today as well as achieve strong profitability and cash generation to fund our robust capital returns program.

希捷擁有正確的產品組合、運營專業知識和合作重點，可以抓住這些機會，並增強我們對實現我們今天概述的年度增長目標的能力以及實現強勁盈利能力和現金產生以資助我們穩健資本的能力的信心返回程序。

Seagate has been a technology company, innovation leader for over 4 decades. We are now leading the industry into a new era of technology with HAMR and multiactuator drives. The industry has undergone a positive structural change with the transition of mass capacity markets. These innovations are the result of years of intense focus and significant investments that bring value to our customers and to their customers by unlocking the power of their data. We are focused on capturing an appropriate return to continue fueling our mass capacity innovation engine, which we believe is healthy for Seagate and for the industry at large.

過去 4 年，Seagate 一直是一家技術公司和創新領導者。現在，我們正在通過 HAMR 和多執行器驅動器引領行業進入一個新的技術時代。隨著大容量市場的轉變，該行業發生了積極的結構變化。這些創新是多年專注和重大投資的結果，通過釋放數據的力量，為我們的客戶和他們的客戶帶來價值。我們專注於獲得適當的回報，以繼續推動我們的大規模產能創新引擎，我們認為這對希捷和整個行業都是健康的。

In closing, I would like to thank our employees who deserve the credit for Seagate's outstanding performance this past year. We are a values-driven company, and last week, we published our third annual diversity, equity and inclusion report that captures the many ways we put our value of inclusion into action. Among the many positive measures in the report, I want to highlight an increase in the overall percentage of women in director and executive roles as well as an increase in minorities in our U.S. workforce. These are important areas of focus for the company and reflects positive progress in our efforts to build a more global, diverse and inclusive workforce, which we believe leads to better business sustainability. I would also like to thank our customers and suppliers for their continued support and our shareholders for their trust in Seagate.

最後，我要感謝我們的員工，他們在過去一年中希捷的出色表現值得稱讚。我們是一家以價值觀為導向的公司，上週，我們發布了第三份年度多元化、公平和包容性報告，該報告涵蓋了我們將包容性價值付諸行動的多種方式。在報告中的許多積極措施中，我想強調女性擔任董事和執行職務的總體比例增加，以及美國勞動力中少數族裔的增加。這些是公司關注的重要領域，反映了我們在努力建立更加全球化、多元化和包容性的員工隊伍方面取得的積極進展，我們相信這會帶來更好的業務可持續性。我還要感謝我們的客戶和供應商一直以來的支持以及我們的股東對希捷的信任。

Gianluca and I are now happy to take your questions.

Gianluca 和我現在很高興回答您的問題。

(Operator Instructions) Your first question comes from Wamsi Mohan with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Wamsi Mohan。

Dave, Gianluca, when you look at the gross margins that came in slightly down quarter-on-quarter, 30 basis points, can you talk about the moving pieces there, not just for this quarter, but as you think through gross margin trajectory in terms of both price and the very strong inflationary cost pressures that everyone seems to be absorbing? You guys have done a great job on a year-on-year basis, but how should we think about the next few quarters?

戴夫，吉安盧卡，當你看到毛利率環比略有下降 30 個基點時，你能談談那裡的變化嗎，不僅僅是本季度，而是你思考的毛利率軌跡價格和每個人似乎都在承受的非常強大的通脹成本壓力？你們每年都做得很好，但我們應該如何看待接下來的幾個季度？

(technical difficulty)

（技術難度）

Your first question comes from Wamsi Mohan with Bank of America.

您的第一個問題來自美國銀行的 Wamsi Mohan。

Dave, can you hear me?

戴夫，你能聽到我說話嗎？

Yes, I can hear you, Wamsi.

是的，我能聽到你的聲音，Wamsi。

Okay. Great. Dave, when you look at the gross margins coming in slightly down quarter-on-quarter, can you talk about the moving pieces there just in terms of price versus the inflationary pressures that we have seen over the last few quarters? You guys have done a great job on a year-on-year basis. But how should investors think through these moving pieces over the next few quarters?

好的。偉大的。戴夫，當你看到毛利率環比略有下降時，你能談談價格與我們在過去幾個季度看到的通脹壓力方面的變化嗎？你們每年都做得很好。但在接下來的幾個季度裡，投資者應該如何思考這些動人的因素呢？

Appreciate the question. We've tried hard, as you know, to be as predictable as we can. There are a lot of near-term margin headwinds that we described in the prepared remarks. We still remain focused on and as prescriptive as we can over time. We don't view that our current range is some kind of ceiling or anything like that, but there are near-term headwinds. And I'll ask Gianluca to illustrate with a few numbers here in just a second.

欣賞這個問題。如您所知，我們已經盡力做到可預測。我們在準備好的評論中描述了許多近期的利潤逆風。隨著時間的推移，我們仍然專注於並儘可能地規範。我們不認為我們目前的範圍是某種上限或類似的東西，但近期存在不利因素。我會請 Gianluca 在這裡用幾個數字來說明一下。

Big picture, what's going on in our industry is our drives are becoming more and more mass capacity, of course. And which means inside the drive, there's more heads, more disks, all the time. So I think for the last quarter, it grew yet again, and it probably will for the course of the next few years also.

從大局來看，我們行業正在發生的事情是，我們的驅動器正在變得越來越大容量，當然。這意味著在驅動器內部，始終有更多磁頭、更多磁盤。所以我認為在最後一個季度，它再次增長，並且可能在接下來的幾年中也會如此。

And so as we do that, those are long investments -- long-term investments and factories and the entire supply chain around heads and media. Those constituents of the BOM become more under our control, and I think it allows us to go drive for a little bit more predictable return on investment. But obviously, this is a challenging period. So Gianluca, do you want to highlight some of the challenges?

因此，當我們這樣做時，這些都是長期投資——長期投資和工廠以及圍繞頭部和媒體的整個供應鏈。 BOM 的這些組成部分變得更加受我們控制，我認為它使我們能夠推動更可預測的投資回報。但顯然，這是一個充滿挑戰的時期。 Gianluca，你想強調一些挑戰嗎？

Yes. I would say, first of all, the change quarter-over-quarter is mainly coming from mix. If you look at the hard disk drive gross margin, is completely flat to the prior quarter. So we don't have any change in profitability for the hard disk. We have increased a lot our non-hard disk revenue, mainly in the SSD part of the business, and that is driving some reduction in the overall gross margin. But of course, it was also very helpful at the revenue level and the free cash flow level.

是的。我想說，首先，環比變化主要來自混合。如果看硬盤驅動器的毛利率，與上一季度完全持平。所以我們對硬盤的盈利能力沒有任何變化。我們的非硬盤收入增加了很多，主要是 SSD 業務，這導致整體毛利率有所下降。但當然，它在收入層面和自由現金流層面也非常有幫助。

Now when you look inside the hard disk, mass capacity was at a record high, fairly close to September as we were expecting about 1% higher, but still a good record high. Legacy was sequentially down in mission-critical, but as you know, is a high gross margin segment. And was actually higher in consumer that is actually a lower gross margin segment. So there is a lot of mix going on into December. But finally, the reality is hard disk in total, was flat gross margin compared to September and the increase in the non-hard disk part was driving the slight decline at the company level.

現在，當您查看硬盤內部時，海量容量處於創紀錄的高位，與我們預期的 9 月份相當接近，大約高出 1%，但仍然是一個不錯的歷史新高。 Legacy 在關鍵任務方面依次下降，但如您所知，這是一個高毛利率的細分市場。並且實際上在消費者中更高，這實際上是一個較低的毛利率部分。因此，到 12 月會有很多變化。但最後，現實是硬盤整體，毛利率與 9 月份持平，非硬盤部分的增加推動了公司層面的小幅下滑。

Now when you go into the March quarter, where it's still a mix impact, it's a different kind of mix. This is more a seasonality impact. Some of the segments that will be seasonally low are fairly high gross margins like surveillance, like mission-critical. Other segments are actually fairly, let's say, not low but low at gross margin like consumer. And we also expect at this point, some decline in the SSD part of the revenue.

現在，當您進入三月季度時，仍然是混合影響，這是一種不同的混合。這更多是季節性影響。一些季節性較低的細分市場是相當高的毛利率，如監控，如關鍵任務。其他細分市場實際上是公平的，可以說，毛利率不低，但像消費者一樣低。而且我們也預計此時SSD部分的收入會有所下降。

So when you put all together, again, the mix is probably driving the gross margin in the March quarter, slightly down from the December quarter, but it's not coming from the business. It's coming mainly from the mix. As Dave was saying before, of course, we have also some cost increases, mainly in the freight and logistic cost. We thought 2 quarters ago to be at already the high level of the freight cost, but it continued to increase in September and again in December. This we expect to start declining in the next few months. But with our spending control, with the strong mass capacity business that we have, we have mainly offset those bad news coming from the cost leaving the mix impact, of course, impacting the total result.

因此，當你再次將所有因素放在一起時，這種組合可能會推動 3 月季度的毛利率，略低於 12 月季度，但這並不是來自業務。它主要來自混合。正如戴夫之前所說，當然，我們也有一些成本增加，主要是運費和物流成本。我們認為 2 個季度前的運費已經處於高位，但 9 月份繼續上漲，12 月份再次上漲。我們預計這將在未來幾個月內開始下降。但是通過我們的支出控制，以及我們擁有的強大的大規模產能業務，我們主要抵消了那些來自成本的壞消息，留下了混合影響，當然，影響了總體結果。

Your next question comes from the line of Karl Ackerman with Cowen and Company.

您的下一個問題來自與 Cowen and Company 的 Karl Ackerman。

Two questions, if I may. One is a follow-up to Wamsi's most recent question. But Gianluca, you spoke about non-HDD component shortages disrupting some of your enterprise customer shipment plans. If I may, are you referring to mission-critical here? Or is this weighted toward mass capacity? And I have a follow-up.

兩個問題，如果可以的話。一個是對Wamsi 最近的問題的跟進。但是 Gianluca，您談到非 HDD 組件短缺會擾亂您的一些企業客戶發貨計劃。如果可以的話，您是指這裡的關鍵任務嗎？或者這是否偏重於大規模容量？我有一個後續行動。

No, I would say the shortages, we have experienced in 2 parts of the business. One is the PC and one is a system solution.

不，我會說短缺，我們在業務的兩個部分都經歷過。一種是PC，一種是系統解決方案。

Understood. That's clear.

明白了。這很清楚。

So I think to break it down a little bit, Karl. There is some mission-critical and there is some nearline components to that, if that makes sense.

所以我想把它分解一下，卡爾。如果有意義的話，有一些關鍵任務和一些近線組件。

Great. I guess from an end demand perspective, to me, it sounds like most end markets may moderate in March, except for the nearline hard drives. But I was hoping you could discuss the visibility you have across your data center customers today for high-capacity drives, which some of these are -- some of these customers are sounding signing long-term agreements?

偉大的。我猜從終端需求的角度來看，在我看來，除了近線硬盤驅動器外，大多數終端市場可能會在 3 月放緩。但我希望你能討論一下你今天在數據中心客戶中對大容量驅動器的可見性，其中一些是——其中一些客戶正在簽署長期協議？

And then second, just the visibility in the trajectory you have for the remaining areas of your business as you contemplate that 3% to 6% growth for calendar 2022?

其次，當您考慮到 2022 年 3% 到 6% 的增長時，您對業務其餘領域的軌蹟的可見性？

Right. Good. So as we said in the prepared remarks, the 20-terabyte demand is quite strong. And so we're using this period, this quarter, to transition between whatever components that are flowing through that are 18 specific. There aren't very many because it's a leveraged platform to the 20s and really get staged for high growth on the 20s. And the visibility is very good for those products. I think the customer demand has been -- customers are quite receptive to that. They see a TCO benefit.

對。好的。因此，正如我們在準備好的評論中所說，20 TB 的需求相當強勁。因此，我們正在利用這個時期，本季度，在流經的任何 18 個特定組件之間進行轉換。數量不多，因為它是 20 年代的槓桿平台，並且真正為 20 年代的高增長上演。而且這些產品的可見度非常好。我認為客戶的需求是——客戶對此非常接受。他們看到了 TCO 的好處。

On all of the other markets we continue to watch and forecast and have, in some cases, we have very deep relationships with the customers that can also provide some level of confidence there as well. So in aggregate, I think it's going to be a very strong year for exabytes as well, and we'll translate that into revenue. There are some temporary problems that are going on right now because of supply chain issues that are affecting everyone. It's more affecting our demand than it is our supply, but we're mindful of that and paying attention to it. I think the demand picture for mass capacity data in particular remains strong.

在我們繼續觀察和預測的所有其他市場上，在某些情況下，我們與客戶有著非常深厚的關係，這也可以提供一定程度的信心。所以總的來說，我認為這對於艾字節來說也將是非常強勁的一年，我們會將其轉化為收入。由於影響每個人的供應鏈問題，目前正在發生一些暫時的問題。它對我們的需求的影響比對我們的供應的影響更大，但我們注意到並關注它。我認為特別是對海量容量數據的需求依然強勁。

Your next question comes from the line of Tim Arcuri with UBS.

您的下一個問題來自瑞銀集團的蒂姆·阿庫裡（Tim Arcuri）。

This is Jason Park on for Tim Arcuri. Our first question is how can we think about the June quarter if June is close to normal seasonal, which is usually flat or up a little than the implied second half of the calendar year has been pretty strong, like 53% of the year, which is about the strongest second half of the calendar year loading we have seen? So just wanted to ask what are the drivers there? And what gives you the confidence? Then I've got a quick follow-up.

這是蒂姆·阿庫裡（Tim Arcuri）的傑森·帕克（Jason Park）。我們的第一個問題是，如果 6 月接近正常的季節性，我們如何看待 6 月季度，這通常與日曆年隱含的下半年相當強勁（例如一年中的 53%）相比持平或上升一點，這大約是我們所見過的日曆年下半年最強勁的裝載量嗎？所以只是想問那裡的驅動程序是什麼？什麼給了你信心？然後我有一個快速跟進。

Right. I think you're on the right point, which is so if you look at the tale of the tape, we go back -- so when we entered this calendar year, we were talking about low -- sorry, high single digits for revenue. And then we said maybe low double digits. Now in these remarks, we said 12% to 14% and we're already more than halfway through the fiscal year. So exactly, you can start to look at Q4 and see that we are right now forecasting strength.

對。我認為你說的對.然後我們說可能是低兩位數。現在在這些評論中，我們說 12% 到 14%，我們已經過了本財年的一半。確切地說，您可以開始查看第四季度，看看我們現在正在預測實力。

Some of that's coming on the back of the 20 terabytes that I just talked about to the response to Karl. Some of it's also the transition to the cost optimized drives that we made reference to as we transition to that platform. We -- all the way from 2 terabytes, 8 terabytes, 10 terabytes, we can actually predict that market pretty well and have great conversations with customers there as well. So we feel fairly comfortable with that part of the guide. And then we talked about the entire calendar year as well as growing on top of last calendar year. So it's all baked into our forecast.

其中一些是在我剛剛談到對 Karl 的回應的 20 TB 的背後。其中一些也是我們在過渡到該平台時提到的成本優化驅動器的過渡。我們——從 2 TB、8 TB、10 TB 一路走來，我們實際上可以很好地預測這個市場，並與那裡的客戶進行很好的對話。因此，我們對指南的這一部分感到相當滿意。然後我們討論了整個日曆年以及在上一個日曆年的基礎上增長。所以這一切都納入了我們的預測。

Got it. And my follow-up question is on the demand in China. So we just wanted to gauge your level of concerns in China as we think most of the nearline business is direct rather than to a channel. But there are a lot of concerns about demand weakness there due to some of the problem restrictions. So my question is, what are you seeing from the hyperscalers in particular in China?

知道了。我的後續問題是關於中國的需求。因此，我們只是想衡量您在中國的擔憂程度，因為我們認為大多數近線業務都是直接的，而不是渠道。但由於一些問題限制，人們對那裡的需求疲軟有很多擔憂。所以我的問題是，你從中國的超大規模企業那裡看到了什麼？

There have been pockets of build-out that's been pushed out, largely because of other supply chain issues, not necessarily mass capacity issues. I think those investments are still planned. Now some of that push-out may be happening because of component shortages. It may also be happening because of prioritization of budgets into COVID measures or other things that the end customer is actually prioritizing. But we're not really that worried about it long term. We have great relationships with the OEMs. And I think -- and in the cloud service providers.

有一些擴建項目被推出，主要是因為其他供應鏈問題，不一定是大規模產能問題。我認為這些投資仍在計劃中。現在，由於組件短缺，其中一些可能正在發生。這也可能是因為預算優先考慮到 COVID 措施或最終客戶實際優先考慮的其他事情。但從長遠來看，我們並沒有那麼擔心。我們與原始設備製造商有著良好的關係。我認為 - 在雲服務提供商中。

And I think long term, I think these continued build-outs are going to come. Not just in China, but I would say for all of Asia, there's a lot of new applications that are coming online, lots of smart city applications. We're quite excited about it. So we see -- that's all baked into our revenue forecast that we just gave.

而且我認為從長遠來看，我認為這些持續的擴建將會到來。不僅在中國，我想說的是，對於整個亞洲，有很多新的應用程序正在上線，很多智慧城市應用程序。我們對此感到非常興奮。所以我們看到 - 這一切都融入了我們剛剛給出的收入預測。

Yes. I think we need to be careful on not confusing seasonality with lower demand. So when we go into the March quarter, our mass capacity -- part of our mass capacity will be impacted by seasonality, especially in the surveillance part of the business. But that is not because of a high level of inventory or unusual lower level of demand, it is a normal seasonality that we expect for that segment in the March quarter. And then in the June quarter, usually start to improve and get very strong in September and December.

是的。我認為我們需要小心不要將季節性與需求下降相混淆。因此，當我們進入三月季度時，我們的大規模產能——我們的部分大規模產能將受到季節性的影響，尤其是在業務的監控部分。但這並不是因為庫存水平高或需求異常低，這是我們預計該細分市場在 3 月季度的正常季節性。然後在 6 月季度，通常開始改善並在 9 月和 12 月變得非常強勁。

Your next question comes from the line of Tom O'Malley with Barclays.

您的下一個問題來自巴克萊銀行的 Tom O'Malley。

My question was related to the VIA business. You're describing some seasonality into March. But you made the comment on the call that from a revenue basis, it would be up year-over-year. Obviously, when you look at exabytes, March was extremely low for the business in terms of exabyte shipments in VIA. Can you just try to dial us in a little bit between those 2 field go posts there? When you look at what is traditional seasonality into that March quarter, what should that look like just because it's hard to get a gauge, given how weak March of '21 was?

我的問題與威盛業務有關。您正在描述三月份的一些季節性。但是你對電話發表評論說，從收入來看，它會同比增長。顯然，當您查看 EB 時，就 VIA 的 EB 出貨量而言，3 月份該業務的出貨量極低。你能試著在這兩個領域的帖子之間給我們打電話嗎？當您查看 3 月季度的傳統季節性時，考慮到 21 年 3 月的疲軟情況，僅僅因為很難獲得衡量標準，那應該是什麼樣子？

That's a great point, we compare it back to a year ago and I think anybody trying to forecast off of the pandemic kind of investment behaviors is going to be challenged. I would say that there's strength in smart city applications that are coming online.

這是一個很好的觀點，我們將其與一年前進行比較，我認為任何試圖預測大流行的投資行為的人都將受到挑戰。我想說的是，即將上線的智慧城市應用程序很強大。

In Q2, things could have been even a little bit better. It was clearly better year-over-year, but it could have been even a little bit better. I think to the earlier question, there are reasons to believe that some of those buildouts are getting pushed out. And unfortunately, the COVID pandemic is still with us and some of those priorities are still being made this quarter.

在第二季度，情況可能會好一些。顯然比去年更好，但它可能會更好一點。我認為對於前面的問題，有理由相信其中一些擴建項目正在被推出。不幸的是，COVID 大流行仍在我們身邊，其中一些優先事項仍在本季度製定。

We do forecast over time that the market should strengthen. And as we talked about mid-single digit -- or sorry, mid-double-digit growth in the VIA markets. I think it all depends on applications and then the economics of the investment that will have to be made across the breadth of the compound supply chain.

隨著時間的推移，我們確實預測市場應該會走強。正如我們談到威盛市場中個位數的增長——或者對不起，中位數的增長。我認為這完全取決於應用程序，然後是必須在整個複合供應鏈範圍內進行的投資的經濟性。

From our perspective, the demand for data products is quite strong in these markets. And so we should still see that growth and maybe even more as time goes on.

從我們的角度來看，這些市場對數據產品的需求相當強勁。因此，隨著時間的推移，我們仍然應該看到這種增長，甚至可能更多。

Okay. And then my follow-up was just on the inventory side. There's obviously an uptick. You mentioned in your prepared remarks that, that was mostly related to a buildup in 20T. Are there other parts of that inventory that are climbing just because of the supply dynamics of the market where your not shipping product? I think you mentioned also that some of that was actually demand related, and that could be because of componentry, et cetera. But can you just dive into that inventory number? Is it all the increase due to 20T? Or is there some other pieces in there as well? That would be helpful to under.

好的。然後我的跟進只是在庫存方面。明顯有上升趨勢。您在準備好的評論中提到，這主要與 20T 的積累有關。庫存的其他部分是否因為您未發貨產品的市場供應動態而攀升？我認為您還提到其中一些實際上與需求相關，這可能是因為組件等。但是你能深入了解那個庫存號碼嗎？都是因為20T的增加嗎？還是裡面還有其他的東西？這將有助於under。

Largely, it's the 20T. We're able to use those parts against a broader portfolio than just 20s, of course, we can go to 18s, 16s or all the way, like we talked about, some of the complements are very, very similar, down even further. So at the end of the cost optimized drive. So that's the way we think about it is that, yes, there's some inventory buildup going on right now. Some of that's just staging for bigger growth in subsequent quarters after this quarter. And the components are very usable across multiple families. So we're really not worried about the growth.

主要是20T。我們能夠將這些部分用於更廣泛的投資組合，而不僅僅是 20 年代，當然，我們可以去 18 年代、16 年代或一路，就像我們談到的那樣，一些互補品非常非常相似，甚至更進一步。因此，在成本優化驅動器結束時。所以這就是我們的想法，是的，現在有一些庫存增加。其中一些只是為了在本季度之後的後續季度實現更大的增長。這些組件非常適用於多個系列。所以我們真的不擔心增長。

In the last few quarters, we have built some strategic inventory, of course, to be a little protected by this supply chain situation, but not much in the December quarter. So I will say we have done it before. The increase that you have seen in the last 3 months is mainly related to the 20 terabyte trends.

在過去的幾個季度中，我們建立了一些戰略庫存，當然，為了受到這種供應鏈情況的一點保護，但在 12 月這個季度並沒有多少。所以我會說我們以前做過。您在過去 3 個月中看到的增長主要與 20 TB 的趨勢有關。

Your next question comes from the line of Katy Huberty with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Katy Huberty。

The March quarter revenue is typically down mid- to high single digits, which aligns perfectly with your guidance. In your prepared remarks, you did mention that supply pressures could put some additional pressure. And I wasn't sure whether that could be incremental to downside to the revenue guidance? Or if that's something that you had baked in for the March quarter?

3 月季度的收入通常會下降到中高個位數，這與您的指導完全一致。在你準備好的評論中，你確實提到供應壓力可能會帶來一些額外的壓力。而且我不確定這是否會增加收入指導的下行空間？或者，如果這是你在 3 月季度準備的東西？

And then just connected to that, the implied June revenue looks to be better than seasonal, up sort of 2% to 3%. Is that because you would expect some of these supply headwinds to resolve themselves as you go into June? And then I have a follow-up.

然後與此相關，隱含的 6 月收入看起來好於季節性收入，增長了 2% 到 3%。那是因為您預計這些供應逆風中的一些會在您進入 6 月時自行解決嗎？然後我有一個跟進。

Yes. Thanks, Katy. There are a number of different dynamics. And I think the latter part of your question first, yes. There are components that we've field will break free in the next few weeks. And so -- and yes, we've tried to bake that into our guide as much as we can for this quarter. There are some components that won't break free for quite some time, and you have to make sure that you're staging those well against your build plans. That goes maybe for our builds, but we're also trying to look at the broader tech ecosystem because we do know that there are customers, generally speaking, they are the smaller customers, but they've had trouble getting some of these complete kits.

是的。謝謝，凱蒂。有許多不同的動態。我認為你問題的後半部分首先是，是的。我們的一些組件將在接下來的幾週內釋放出來。所以 - 是的，我們已嘗試在本季度盡可能多地將其納入我們的指南。有一些組件在相當長的一段時間內都不會脫離，您必須確保根據您的構建計劃很好地安排這些組件。這可能適用於我們的構建，但我們也在嘗試著眼於更廣泛的技術生態系統，因為我們確實知道有客戶，一般來說，他們是較小的客戶，但他們在獲得其中一些完整的套件時遇到了麻煩.

And so all of this is tough for the customers right now. We're just trying mainly to help them get through the periods. There are some things that will get better near term, and there are some other things that are going to stay for a little bit longer.

所以現在所有這一切對客戶來說都是艱難的。我們只是想主要幫助他們度過這段時期。有些事情會在短期內變得更好，還有一些事情會持續一段時間。

Okay. That's helpful. And then maybe, Gianluca, if you can extend the discussion you had with Wamsi on gross margin into how we should think about the March quarter. Your revenue and EPS guide is really in line with the consensus. But on the gross margin line, consensus was I think you could hit north of 31%, which would be an improvement. Do you see the mix shift back towards HDDs helping you expand gross margin sequentially in March?

好的。這很有幫助。然後也許，Gianluca，如果您可以將您與 Wamsi 關於毛利率的討論擴展到我們應該如何考慮 3 月季度。您的收入和每股收益指南確實符合共識。但在毛利率線上，共識是我認為你可以達到 31% 以上，這將是一個進步。您是否看到混合轉向硬盤驅動器幫助您在 3 月份連續擴大毛利率？

Well, in March, the main impact will be coming from the mix and surveillance. VIA market, in general, is a very high gross margin segment. So we will have some impact from that business declining and also mission-critical. So when we look at seasonality and look at the segments that are really impacted are segments that are fairly high gross margin. Of course, the continued increase in our mass capacity. So in the cloud, in the nearline and the OEM part of the nearline, that is all positive. And I think we will continue to see improvement in our gross margin after the March quarter when we go into less seasonal part of the business and, of course, even stronger when you go into September and December. So there is an impact that is due to seasonality and is normal for this industry. I will not look that as unexpected.

嗯，在三月份，主要影響將來自混合和監視。一般來說，威盛市場是一個毛利率非常高的細分市場。因此，我們將受到業務下滑和關鍵任務的影響。因此，當我們查看季節性並查看真正受到影響的細分市場時，它們是毛利率相當高的細分市場。當然，我們的海量產能不斷增加。因此，在雲端、近線和近線的 OEM 部分，這都是積極的。而且我認為，當我們進入業務的季節性較少部分時，我們將繼續看到我們的毛利率在 3 月季度之後有所改善，當然，當您進入 9 月和 12 月時，我們的毛利率會更加強勁。因此，存在季節性影響，對於這個行業來說是正常的。我不會看起來那麼意外。

So gross margin sort of flat to down in March seasonally and then improvement off of that base?

因此，毛利率在 3 月份季節性持平到下降，然後從該基數有所改善？

Yes, let me see how we guided, yes.

是的，讓我看看我們是如何引導的，是的。

Yes. The best that we can drive gross margins is to continue to transition to more mass capacity products to get more of the constituents of the BOM into the drives that are heads and media.

是的。我們可以提高毛利率的最好方法是繼續過渡到更大容量的產品，以使 BOM 的更多成分進入磁頭和介質驅動器。

Your next question comes from the line of Mark Miller with The Benchmark Company.

您的下一個問題來自 Benchmark Company 的 Mark Miller。

Just was wondering, you mentioned that some of your nearline people were facing some supply constraints. What about your own supply of chips, is that holding up?

只是想知道，您提到您的一些近線人員面臨一些供應限制。你自己的芯片供應呢，這能堅持嗎？

Yes. I think we have deep partnerships with our suppliers, we've been with them for a long time. I think there are a lot of dynamics that smaller customers have that we try to help them with. And then from my perspective, there's a certain amount of volatility with that. But like I said before, stuff is becoming more predictable over time even if it might not be the level of what some of those customers want. So we're getting better visibility as time progresses.

是的。我認為我們與供應商有著深厚的合作夥伴關係，我們已經與他們合作了很長時間。我認為小客戶有很多動態，我們試圖幫助他們。然後從我的角度來看，這有一定的波動性。但正如我之前所說，隨著時間的推移，事情變得更加可預測，即使它可能不是其中一些客戶想要的水平。因此，隨著時間的推移，我們的能見度越來越高。

Is there anything -- you mentioned SSD sales. Anything else driving your other sales in terms of enterprise, there's been very strong growth over the last year?

有什麼 - 你提到SSD銷售。就企業而言，還有什麼其他因素推動了您的其他銷售，去年有非常強勁的增長嗎？

I do think there is demand for data out there on-prem and some of that's probably not being serviced, I mean, as well as it could be if there weren't some of the supply constraints, Mark. So yes, I think there's probably some underserved demand. But it may be part of other build-outs as well. It may have problem getting compute or they may have problem getting networks so they don't do the entire build-out. I think this is going to shake out over the next few months.

我確實認為存在對本地數據的需求，其中一些可能沒有得到服務，我的意思是，如果沒有一些供應限制，可能會出現這種情況，馬克。所以是的，我認為可能存在一些服務不足的需求。但它也可能是其他擴建的一部分。它可能在獲取計算方面有問題，或者他們在獲取網絡方面可能有問題，因此他們不會進行整個構建。我認為這將在接下來的幾個月內擺脫困境。

Next question comes from Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

I want to get your thoughts on nearline mix expectation for '22. And how we should think about the migration from 16 to 18 and then to 20, especially given your commentary that was focused on 20 terabyte. And I have a follow-up.

我想了解您對 22 年近線混合預期的看法。以及我們應該如何考慮從 16 到 18 再到 20 的遷移，特別是考慮到您的評論集中在 20 TB。我有一個後續行動。

Yes. Mehdi, we're largely transitioned to the platform that can actually give 18s or 20s if we wanted to or back to 16s, if we wanted to. So we mix according to what the customer demand is. We don't really build a theoretical mix.

是的。 Mehdi，我們基本上已經過渡到平台，如果我們願意，我們實際上可以提供 18 或 20 年代，或者回到 16 年代，如果我們願意。所以我們根據客戶的需求進行混合。我們並沒有真正建立一個理論組合。

So we're talking to customers. Some people aren't ready for transitions to 20s. Some people want to stay on 18. Some people want to stay on 16 and so we're here to serve them. The fact that we have these new platforms what are changes tweaks that were to this common platform will actually put us in a little bit better cost position. And I would say relative to the aggressive ramp that we made, we referenced in our prepared remarks, the 20-terabyte ramp is going to be a very, very aggressive ramp. So -- and that's what we're staging for in this quarter -- last quarter and this quarter. But that will be transitioning over to the next -- over the course of this calendar year to higher and higher bonds.

因此，我們正在與客戶交談。有些人還沒有準備好過渡到 20 多歲。有些人想留在 18 歲。有些人想留在 16 歲，所以我們在這里為他們服務。事實上，我們擁有這些新平台，對這個通用平台所做的更改調整實際上會讓我們處於更好的成本位置。我想說，相對於我們在準備好的評論中提到的激進的坡道，20 TB 的坡道將是一個非常非常激進的坡道。所以 - 這就是我們在本季度的準備工作 - 上個季度和本季度。但這將過渡到下一個 - 在本日曆年的過程中，債券會越來越高。

Got it. And then just going back to the gross margin topic. I understand the mix impact. You also highlighted material cost that has gone up. And I want to better understand how you're able to pass on that incremental cost to your customer. Would it be fair to say that there is a really unusual pricing dynamic for different products. And in that context, would you be able to pass on that incremental cost increase to customers?

知道了。然後回到毛利率話題。我理解混合的影響。您還強調了上漲的材料成本。我想更好地了解您如何能夠將增量成本轉嫁給您的客戶。公平地說，不同產品的定價動態真的很不尋常。在這種情況下，您能否將增加的成本轉嫁給客戶？

Yes. To be specific, most of the cost increases, we said not all, but most of them are freight and logistics related, especially when we don't or the customers don't predict the demand perfectly. And again, it's a very hard -- difficult world to get the right kits in the right place at the right time that everybody is trying. And then you have to pay the freight and logistics fees to get the stuff there as quickly as possible. That becomes problematic. We don't necessarily look first to pass that along. We work with our customers who are supply chain experts themselves to find ways to mitigate those costs because everybody really wants. That's in the spirit of partnership now in the supply chain.

是的。具體來說，大部分成本增加，我們說的不是全部，但大部分都是與貨運和物流相關的，尤其是當我們沒有或客戶沒有完美地預測需求時。再說一次，在每個人都在嘗試的正確時間將正確的工具包放在正確的位置是一個非常困難的世界。然後你必須支付運費和物流費才能盡快把東西送到那裡。這變得有問題。我們不一定首先要傳遞它。我們與本身就是供應鏈專家的客戶合作，尋找降低這些成本的方法，因為每個人都真正想要。這就是現在供應鏈中的合作精神。

There may be places where we will ultimately have to pass those costs along. And that will -- there's a time lag associated with that, of course, as we run the plays that we have. But from my perspective, we have deep discussions with our customers on this. They understand, and in some cases, they run massive supply chains themselves. They understand exactly what's going on. So we work together with them on it.

在某些地方，我們最終將不得不轉嫁這些成本。這將 - 當然，當我們運行我們擁有的劇本時，會有一個時間滯後。但從我的角度來看，我們與客戶就此進行了深入討論。他們了解，在某些情況下，他們自己經營著龐大的供應鏈。他們確切地了解正在發生的事情。所以我們和他們一起工作。

Yes. I would say that the favorable price environment is mainly related to the good alignment between supply and demand, not too much on transferring of cost from a supplier to the customer.

是的。我想說，有利的價格環境主要是與供需之間的良好協調有關，而不是過多地將成本從供應商轉移到客戶。

But most of our investments are going to head some media for mass capacity now. They're really long lead investment cycles and things like that. So that's what we're focused on.

但我們現在的大部分投資都將用於一些媒體的大規模容量。他們真的很長的領先投資週期和類似的東西。所以這就是我們所關注的。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

您的下一個問題來自德意志銀行的 Sidney Ho。

This is Jeff Rand on for Sid. How should we think about the trajectory of operating expenses as we go through calendar year 2022? I would assume you'll see an uptick in travel and labor costs, but perhaps a decline in some COVID safety costs.

這是 Sid 的 Jeff Rand。我們應該如何看待 2022 日曆年的運營費用軌跡？我假設您會看到旅行和勞動力成本上升，但某些 COVID 安全成本可能會下降。

It's a good question. I would say in the December quarter, OpEx came up a little bit lower than what we were expecting. Part of the reason is exactly what you were saying. We were not expecting the resurge of the COVID situation. So our travel was kind of limited again in the December quarter. We think this -- now will start -- this situation will start to improve possibly already in the March quarter and in the following quarters.

這是個好問題。我想說的是，在 12 月季度，OpEx 比我們預期的要低一點。部分原因正是你所說的。我們沒有預料到新冠疫情會捲土重來。所以我們的旅行在 12 月季度再次受到限制。我們認為這 - 現在將開始 - 這種情況可能已經在 3 月季度和接下來的幾個季度開始改善。

So probably our OpEx will increase a little bit through the calendar year, still in the range that we discussed last quarter between the $340 million and $350 million per quarter, which is right now what we expect.

因此，我們的運營支出可能會在整個日曆年中略有增加，仍然在我們上個季度討論的每季度 3.4 億美元到 3.5 億美元之間的範圍內，這正是我們現在的預期。

Great. And then on the nearline side, how do you think about your gross margins of your higher capacity drives as you continue to increase capacity? Should the 20 terabytes have a similar gross margin profile to the 18 terabyte when fully ramped?

偉大的。然後在近線方面，隨著您繼續增加容量，您如何看待更高容量驅動器的毛利率？ 20 TB 的毛利率是否應該與 18 TB 的毛利率相似？

Yes. I think there's opportunities, of course, to increase as we introduce any new technology node, whether it's 20 terabytes or the generations that come after it. A lot of that comes down to how fast can we get up the media and head yield curves and where our scrap bills are and things like that, but they're firmly under our control. So we transition according to what customers need. We transition according to how fast we can based on all of our internal metrics as well. And so I think there is opportunity to build that over time.

是的。當然，我認為隨著我們引入任何新技術節點，無論是 20 TB 還是之後的幾代，都有機會增加。這在很大程度上取決於我們能以多快的速度上升媒體和頭部收益率曲線，以及我們的廢品賬單在哪裡等等，但它們完全在我們的控制之下。所以我們根據客戶的需求進行過渡。我們也根據我們所有的內部指標根據我們能多快進行過渡。所以我認為隨著時間的推移有機會建立它。

Your next question comes from Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Yes, 2 quick ones, if I could. I guess one for each of you. Dave, any change over the last 90 days in your perspective on sort of nearline demand either in terms of -- and you guys just gave a growth outlook. But I guess, either in terms of length of cycle or punch of cycle, would love any context there. And then just a quick follow-up.

是的，如果可以的話，兩個快速的。我想你們每個人都有一個。戴夫，在過去 90 天裡，你對近線需求的看法有任何變化——你們只是給出了增長前景。但我想，無論是周期長度還是周期衝擊力，都會喜歡那裡的任何上下文。然後只是快速跟進。

Ananda, against the big backdrop, I think, no. Going -- at the start of the pandemic, we knew that work from home and much of the challenges that people had getting IT professionals to work on on-prem solutions. All that meant people pushed into the cloud. That -- the cloud is growing faster than we thought because of a lot of that push. I think -- and it's not just storage, of course, there's compute, there's network and there's other parts that are really stressing those businesses as well. But the storage will come.

阿難，在大背景下，我想，不。繼續 - 在大流行開始時，我們知道在家工作以及人們讓 IT 專業人員從事本地解決方案的許多挑戰。這一切意味著人們被推入雲端。那——由於大量的推動，雲的增長速度比我們想像的要快。我認為——當然不僅僅是存儲，還有計算、網絡以及其他真正給這些業務帶來壓力的部分。但是存儲會來。

And so we think it's been fairly predictable in the conversations with our customers about what kind of build-outs we want to do. we think there's more opportunities because the value of the data just gets better and better. So there hasn't -- even though there are temporary supply chain problems for a lot of people out there, I don't think there's been any real significant change shift in the mass capacity demand.

因此，我們認為在與客戶討論我們想要做什麼樣的擴建時，這是相當可預測的。我們認為有更多的機會，因為數據的價值越來越好。所以沒有——儘管對很多人來說存在暫時的供應鏈問題，但我認為大規模產能需求並沒有發生任何真正的重大變化。

Okay. That's super helpful. And then just a follow-up for Gianluca. Gianluca, you sort of made mention briefly of ASPs a few moments ago. Like can you just describe to us how you view ASPs? And you had mentioned sort of pretty aligned supply demand. Could you also just sneak in some context about your capacity situation? And do you need to put on more capacity to meet the demand as you go through the year?

好的。這非常有幫助。然後只是 Gianluca 的後續行動。 Gianluca，您剛才稍微提到了 ASP。您能否向我們描述一下您如何看待 ASP？你提到了某種相當一致的供需。您是否也可以在某些情況下偷偷了解您的容量情況？您是否需要增加產能以滿足這一年的需求？

Yes, Ananda. As you know, we are spending a relevant amount of CapEx every quarter. So the fact that the supply and demand are now very well aligned. It's not because we are not investing is because demand is strong. And we put in place the capacity that is needed and try not to put more than what is requested. Of course, because there is some seasonality through the year, there are quarters where that capacity is not exactly matching demand.

是的，阿難。如您所知，我們每個季度都會花費相關數量的資本支出。因此，供需現在非常吻合。這不是因為我們不投資，而是因為需求強勁。我們提供了所需的容量，並儘量不要超過要求的容量。當然，由於全年存在一定的季節性，有些季度的產能與需求不完全匹配。

But in general, part of our job is to estimate demand and define what is the CapEx that is needed to match the demand and satisfy our customer demand without putting capacity that is not needed. That is the main driver for the pricing. And in the last several quarters, as we have seen, the pricing environment has been much better than a year ago or 2 years ago. And we think this industry deserves an appropriate return follows a significant investment that we are making and the industry in general is making. And all the value that we deliver to support the mass capacity growth. And this is what we are driving for.

但總的來說，我們的部分工作是估計需求並定義滿足需求和滿足客戶需求所需的資本支出，而無需增加不需要的容量。這是定價的主要驅動力。正如我們所看到的，在過去幾個季度中，定價環境比一年前或兩年前要好得多。我們認為，在我們正在進行的重大投資以及整個行業正在進行的重大投資之後，這個行業應該得到適當的回報。以及我們為支持大規模產能增長而提供的所有價值。這就是我們的目標。

Your next question comes from the line of Patrick Ho with Stifel.

您的下一個問題來自 Patrick Ho 與 Stifel 的對話。

Dave, maybe first off, it seems like you're getting really good traction and adoption for the 20-terabyte drives over the next few quarters. Can you give us your thoughts on the HAMR drive, whether the common platform could potentially delay adoption of HAMR or is that still on track? And how is customer acceptance of the next-generation HAMR drives?

戴夫，也許首先，在接下來的幾個季度中，您似乎正在為 20 TB 驅動器獲得非常好的牽引力和採用率。您能否告訴我們您對 HAMR 驅動器的看法，通用平台是否可能會延遲 HAMR 的採用，或者是否仍在進行中？客戶對下一代 HAMR 驅動器的接受度如何？

Yes. Thanks. So the HAMR has always been planned to go into the common platform. There will have to be some changes specifically for that. Exactly to your point, we plan to continue to do customer evals. So the customers know exactly what kind of behaviors they'll get. There will be higher capacity drives when they ultimately come with HAMR too. Very happy with the progress actually on HAMR. So I think we said a couple of quarters ago, this is happening right now. We're in an intense product development, engaging with customers. They're partnering with us on it.

是的。謝謝。因此，HAMR 一直計劃進入通用平台。必須專門為此進行一些更改。完全符合您的觀點，我們計劃繼續進行客戶評估。所以客戶確切地知道他們會得到什麼樣的行為。當它們最終與 HAMR 一起出現時，將會有更高容量的驅動器。對 HAMR 的實際進展非常滿意。所以我想我們在幾個季度前說過，這正在發生。我們正在緊鑼密鼓地開發產品，與客戶互動。他們正在與我們合作。

As far as transition goes, exactly to your point, a lot of people know fab. They know that you have to take some stuff offline to replace it with other stuff. And we'll do that as we see the yields come up and the opportunity there. We'll have to work with the customers as well on their adoption profile. But we're in the middle of all those discussions right now.

就過渡而言，就您而言，很多人都知道晶圓廠。他們知道你必須讓一些東西離線才能用其他東西替換它。當我們看到收益率上升和機會出現時，我們就會這樣做。我們還必須與客戶合作，了解他們的採用情況。但我們現在正處於所有這些討論的中間。

Great. And as my follow-up question, maybe for Gianluca, in terms of the investments into the company. You've obviously invested a lot into HAMR and the common platform. Can you discuss some of the investments maybe on a big picture basis for stuff like your Lyve platform? How much investments are needed to kind of build up that business, additional solutions offerings that will come out of that platform over time? How much more do you need to invest as it relates to Lyve?

偉大的。作為我的後續問題，也許對於 Gianluca 來說，就對公司的投資而言。您顯然在 HAMR 和通用平台上投入了大量資金。您能否就您的 Lyve 平台之類的東西大體上討論一些投資？需要多少投資來建立該業務，隨著時間的推移，該平台將提供額外的解決方案產品？與 Lyve 相關，您還需要投資多少？

It's a very good question. The Lyve business is mainly based on hard disk, is a cloud storage that is based on hard disk. So it's not really requiring a lot of additional CapEx. It's part of what we use for our normal production that, depending from demand, we move between customer allocation and the internal need.

這是一個很好的問題。 Lyve業務主要是基於硬盤的，是基於硬盤的雲存儲。因此，它實際上並不需要大量額外的資本支出。這是我們用於正常生產的一部分，根據需求，我們在客戶分配和內部需求之間移動。

Yes. These aren't big investments, Patrick. But what I would say is that we constantly look for ways that we can develop go-to-market chains in particular that can use the products that we're making into -- in different ways. So think circularity and recycling the product and having outlets for product. There's a lot of opportunities that we have in our systems business and also inside of the Lyve platform, and we think about this as a way to help us not only construct channels that are economic great benefit to customers. But also ultimately help us manage the panoply of different parts issues that we're going to see in the world given our scale.

是的。這些都不是大投資，帕特里克。但我想說的是，我們一直在尋找可以開發上市鏈的方法，特別是可以以不同方式使用我們正在製作的產品的方法。因此，請考慮循環和回收產品並為產品提供出口。我們的系統業務和 Lyve 平台內部都有很多機會，我們認為這是一種幫助我們構建渠道的方式，不僅可以為客戶帶來巨大的經濟效益。但最終也幫助我們管理考慮到我們的規模，我們將在世界上看到的各種不同部分的問題。

Your final question comes from the line of Jim Suva with Citigroup.

您的最後一個問題來自花旗集團的 Jim Suva。

My question is on pricing of your products. It seems like the past -- geez, it must have been 2 years, has been much stronger than historical precedents for pricing. Do you foresee that happening? How much longer? Because you mentioned some of your components are going to be freed up here in the next few weeks. Then you mentioned some others are going to be elongated. So I'm just wondering for pricing how long do you think we'll be in this environment of much more historically stronger than what normal is?

我的問題是關於你們產品的定價。似乎過去了——天哪，一定是 2 年，比歷史上的定價先例要強大得多。你預見到這種情況會發生嗎？還要多久？因為你提到你的一些組件將在接下來的幾週內被釋放。然後你提到其他一些將被拉長。所以我只是想知道定價你認為我們會在這個歷史上比正常情況更強大的環境中持續多久？

Right. Jim, I think it's right to point out that if you look back 5 or 10 years ago when we had so many client server drives that were in our factories, very different environments than when you have mass capacity with really long lead times and things like that. So as we've transitioned over the last couple of years to the mass capacity, then we can actually say these are the investments we're making. These are the starts we're doing, and we can get working on long-term agreements and just predictability within the markets in that.

對。吉姆，我認為有必要指出，如果您回顧 5 或 10 年前，當我們的工廠中有如此多的客戶端服務器驅動器時，環境與您擁有大量容量和非常長的交貨時間之類的環境截然不同那。因此，當我們在過去幾年過渡到大規模生產時，我們實際上可以說這些是我們正在進行的投資。這些是我們正在做的開始，我們可以著手製定長期協議，並在市場內實現可預測性。

Of course, there can always be some disruption to the extent that there are more and more heads and media related that's under our control. If there are external piece parts, then like COVID has affected quite a number of suppliers of ours, but also customers and end markets, that's where things get a little bit more volatile. But I think if you -- from my perspective, generally speaking, as we go to more and more mass capacity drives as the drives have more heads and media in them, then things get a little bit more predictable because we have to get the return on investment.

當然，總會有一些混亂，因為有越來越多的負責人和媒體在我們的控制之下。如果有外部零件，那麼就像 COVID 一樣影響了我們的許多供應商，還有客戶和終端市場，這就是事情變得更加不穩定的地方。但我認為，如果你——從我的角度來看，一般來說，隨著我們使用越來越多的大容量驅動器，因為驅動器中有更多的磁頭和介質，那麼事情就會變得更加可預測，因為我們必須得到回報關於投資。

There are no further questions at this time. I will now turn the call back over to management for closing remarks.

目前沒有其他問題。我現在將電話轉回給管理層以結束髮言。

Thanks, Brent. As you can all see, calendar '22 is an outstanding year for Seagate, and we believe that our strong product and technology road map, combined with our ongoing solid execution position as well to capture secular growth opportunities for mass data infrastructure for years to come. I'd just like to once again thank our employees for their outstanding efforts and our customers and suppliers and investors for their continued support of Seagate. Thanks for joining us today.

謝謝，布倫特。如您所見，22 年日曆對希捷來說是傑出的一年，我們相信我們強大的產品和技術路線圖，加上我們持續穩固的執行地位，以及在未來幾年抓住海量數據基礎設施的長期增長機會.我想再次感謝我們的員工的傑出努力，以及我們的客戶、供應商和投資者對希捷的持續支持。感謝您今天加入我們。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。